according to @pandajackson42 data panel, on June 28th, Binance Alpha trading volume recorded 469 million US dollars, still at a low level.

10x Research released a report stating that its return model indicates that although Coinbase's stock price trend is strong, its valuation is too high. The report also analyzed the reasons for Coinbase's rise:

whale trader James Wynn tweeted a screenshot of his 40x Bitcoin short position, holding a total of 13.91 Bitcoins with a total value of approximately 1.49 million US dollars, currently floating profit of about 1124 US dollars.

REX Shares, an ETF provider, has responded to feedback from the US Securities and Exchange Commission and is set to launch the first-ever Solana staking exchange-traded fund soon, according to analysts. Analyst Eric Balchunas mentioned that Rex has updated its prospectus and is on track for an imminent launch. The SEC seems to be comfortable with the unique ETF structure of REX Shares, including its c-corp business structure, which was previously questioned. The way REX Shares structured their Solana staking ETF proposal is considered very rare in the ETF world, bypassing the standard filing process. Analysts believe that the SEC's comments have been addressed, with REX Shares confirming that they are ready to launch the staked crypto ETF in the US.

Minsheng Securities released a research report stating that stablecoins may not save the US dollar credit from fire and water in the short term at least. The difference between stablecoins and gold is that, first, their supply may also get out of control, lacking an objective constraint mechanism; second, they are not globally recognized as reliable reserve assets. The main view of Minsheng Securities is that the growth of stablecoin market value mainly comes from the speculative, investment, or hedging demand for digital assets, as well as the increasing demand for participating in international trade settlement. Perhaps time can solve the problem, but at least in recent years, stablecoins have not truly stabilized the US dollar.

China Galaxy Securities released the outlook for major asset classes in the second half of 2025: (1) Gold: COMEX gold prices may steadily break through $3300 per ounce, with the possibility of even impacting $3500 per ounce in extreme risk scenarios. (2) Crude oil: If geopolitical tensions continue to escalate in the third quarter, along with transportation bottlenecks and the seasonal peak demand impact, it is not ruled out that WTI oil prices could reach $75 per barrel; in the fourth quarter, as demand weakens and OPEC+ resumes increasing supply, WTI oil prices are expected to return to around $60 per barrel.

Shinpei Okuno, the head of strategy at Metaplanet Capital, clarified on X platform that the company never intended to borrow money from banks from the beginning, as no bank would provide loans using Bitcoin as collateral. At the same time, Metaplanet's financial operation method does not generate cash flow risk (i.e. the risk of having to sell Bitcoin), but depends on the daily price of Bitcoin (hence, equity financing is currently the main source of funds for the company).

 Li Bo, Vice President of the International Monetary Fund (IMF) and former Deputy Governor of the Central Bank, stated today during the summer Davos that there are currently a large number of experiments and explorations in digital currency or stablecoin regulation worldwide. Whether in the United States, Europe, or Asia, many countries are working to establish appropriate legal and regulatory frameworks for stablecoins, but there are still many issues to be resolved. In this process, two core issues are particularly crucial: first, whether stablecoins belong to currency or financial assets? Because the legal and regulatory requirements for the two are completely different; second, if stablecoins are classified as currency, what level of currency do they belong to? Is it broad money M2, or cash-like M0? Different categories of currency require different regulatory systems, including the construction of mechanisms such as anti-money laundering.

a survey conducted by the investment management company of French Foreign Trade Bank showed that the US Treasury market turmoil has become the primary risk. 85% of the interviewed strategists believed that this is a moderately to highly concerning issue. Two-thirds (62%) of European strategists believe that US Treasury investments are no longer as safe as they used to be, while only one-quarter (24%) of US strategists share the same view.

according to the official announcement, Binance Wallet will launch Codatta TGE, with a subscription time from 19:00 to 21:00 on June 25, 2025 (Beijing time). Users with Alpha points greater than or equal to 218 can participate in this Pre-TGE activity through the Alpha activity page. Participating in this activity will consume 10 points.

according to official sources, Humanity Protocol has announced the opening of airdrop applications.

President Trump said at the NATO Hague Summit that "Iran's nuclear program has regressed by decades." Trump said that Iran wants to restore relations with the United States, "I think we will eventually establish relations with Iran." Trump said that Iran does not need enriched uranium. Trump also said that the US strike on Iran "ended the war." When asked if the US would launch another attack if Iran rebuilt its nuclear enrichment program, Trump said "definitely."

 RWA stablecoin yield protocol R2 announced that the final testnet was officially launched at 15:00 on June 25th, Beijing time, with a test period expected to last about two months. The current phase already supports Ethereum Sepolia network interaction, and the Wormhole cross-chain bridge function will be launched around July 11th, followed by the opening of multi-chain interaction functionality.This round of testing will focus on verifying core functions such as sR2USD automatic compound staking, R2 Token simulated claiming, full-chain exit mechanism, and cross-chain bridge, in preparation for the mainnet launch.R2 is building an interest-bearing stablecoin protocol that allows everyone to earn institutional-level real-world asset returns. Users deposit USDC or USDT, and the platform allocates funds to RWA strategies in different regions, while charging a small management fee and performance fee.

 as an official sponsor, appeared at ETHMilan 2025 held in Milan, Italy. As one of the largest Web3 summits in Europe, this conference attracted over 1000 participants, bringing together developers, institutional representatives, and opinion leaders from around the world. Attendees included Alessandro Mazza, Marco Monaco from TAC, and Stefano Rossi from PwC Italia, among others, who engaged in in-depth discussions on key topics such as DeFi, DAO, and Ethereum scalability.

Tether is currently the second largest shareholder after Exor NV, the largest shareholder of Juventus. Exor is the investment company of the Italian billionaire Agnelli family, which has been in charge of this football club for over a century. According to a statement from Tether, Tether is also seeking a seat on the Juventus board of directors.

total number of transactions on the decentralized social media network MetaSo in the Bitcoin ecosystem has exceeded 100 million, reaching 106,438,248 transactions at the time of writing. According to data from the MetaBlock browser, the daily average number of transactions on MetaSo has remained stable at around 5 million, demonstrating strong user activity and ecosystem stickiness.

Hong Kong stock market closed, and Guotai Junan International (01788.HK) increased by 195.16%, temporarily reported at 3.670 Hong Kong dollars.

Kathleen Brooks, an analyst at the EU financial broker XTB, stated in a report that after the ceasefire was announced between Israel and Iran, stock investors prefer technology and artificial intelligence related stocks over defense stocks. The 7 leading technology stocks - Apple, Amazon, Alphabet, Microsoft, Meta, Nvidia, and Tesla, also known as the "Magnificent 7", are expected to continue to rise. Brooks said: "As the market focuses on artificial intelligence trading again, these 7 companies are likely to lead the US stock market higher."

Hong Kong Securities and Futures Commission released the "2024-25 Annual Report", which pointed out: As of May, the net capital inflow of the Hong Kong Stock Connect exceeded 4.35 trillion Hong Kong dollars. The Hong Kong Securities and Futures Commission approved the first three tokenized currency market funds in the Asia-Pacific region that allow retail investors to invest in the last quarter, taking an important step towards the scale development of the tokenized market. By the end of March, the total value of assets under management of these funds reached 736 million Hong Kong dollars.

according to the data of the Hong Kong stock market, as of the close of trading today, the turnover of 6 Hong Kong virtual asset ETFs was 15.5995 million Hong Kong dollars, including: Huaxia Bitcoin ETF (3042.HK) with a turnover of 10.59 million Hong Kong dollars, Huaxia Ethereum ETF (3046.HK) with a turnover of 2.23 million Hong Kong dollars, CSOP Bitcoin ETF (3439.HK) with a turnover of 0.8721 million Hong Kong dollars, CSOP Ethereum ETF (3179.HK) with a turnover of 0.4645 million Hong Kong dollars, Foresight HashKey Bitcoin ETF (3008.HK) with a turnover of 0.9764 million Hong Kong dollars, and Foresight HashKey Ethereum ETF (3009.HK) with a turnover of 0.4666 million Hong Kong dollars.