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According to Svmuu, a key on-chain indicator for Bitcoin, the Market Value to Realized Value Z-Score (MVRV Z-Score), is approaching the typical threshold seen at historical bear market bottoms. This metric measures the deviation of Bitcoin's market price from its realized value (the average cost of each coin since its last on-chain transaction), helping investors determine whether the asset is overvalued or undervalued.
Data shows that the current MVRV Z-Score stands at 0.24, approaching the upper boundary of the green zone historically considered the "accumulation range" (around 0 and below). Historically, the bottom of every major bear market has occurred when this indicator touched or briefly dipped into the green zone: during the first major crash in 2011-2012, in 2014, at the end of 2018, and in the second half of 2022, each time paving the way for a subsequent bull run.
However, the absolute bottom has not yet been confirmed. On-chain data shows that the Short-Term Holder MVRV (STH-MVRV) is 0.84, while the Long-Term Holder MVRV (LTH-MVRV) remains as high as 1.29, indicating that long-term holders still possess substantial unrealized profits. Historically, when the MVRV of short-term and long-term holders converge, a cyclical bottom tends to form (as was the case in 2015, 2019, and 2022).
Although it is difficult to precisely predict the market bottom, after the hundreds of billions of dollars in sell-offs last week, conditions that have historically signaled a rebound are gradually emerging. This suggests that the Bitcoin bear market may be approaching its end, and investors can monitor on-chain MVRV indicators and changes in holder behavior to identify potential buying opportunities. (CoinDesk)

Svmuureports that during the visit of Lao leader Thongloun Sisoulith to China, the People's Bank of China and the Bank of the Lao PDR renewed the bilateral local currency swap agreement between the Chinese Yuan and the Lao Kip, and also renewed the Memorandum of Understanding on strengthening cooperation in financial innovation, digital payments, and legal digital currencies. The documents aim to consolidate local currency liquidity arrangements between the two central banks, advance cooperation in areas such as digital payments and central bank digital currencies, and serve the economic and trade exchanges and cross-border settlement needs between China and Laos. (Jinshi)

Svmuu News According to the official announcement, OKX will officially launch the USD-margined X-Contracts (X-Perp) on the web, App, and API from 15:00 to 17:15 (UTC+8) on June 9, 2026:
AAPLUSD UM (X-Perp) trading opening time: June 9, 2026, 15:00 (UTC+8)
AMZNUSD UM (X-Perp) trading opening time: June 9, 2026, 15:15 (UTC+8)
GOOGLUSD UM (X-Perp) trading opening time: June 9, 2026, 15:30 (UTC+8)
METAUSD UM (X-Perp) trading opening time: June 9, 2026, 15:45 (UTC+8)
MSFTUSD UM (X-Perp) trading opening time: June 9, 2026, 16:15 (UTC+8)
NVDAUSD UM (X-Perp) trading opening time: June 9, 2026, 16:30 (UTC+8)
TSLAUSD UM (X-Perp) trading opening time: June 9, 2026, 16:45 (UTC+8)
QQQUSD UM (X-Perp) trading opening time: June 9, 2026, 17:00 (UTC+8)
SPYUSD UM (X-Perp) trading opening time: June 9, 2026, 17:15 (UTC+8)

Svmuu reported that the UK Financial Conduct Authority (FCA) has proposed allowing authorized investment funds (including UCITS schemes and most non-UCITS retail schemes) to allocate up to 10% of their assets to crypto Exchange Traded Notes (ETNs). This proposal is included in the FCA's Consultation Paper 52, with a five-week public and institutional comment period ending on July 13.
The FCA stated that this move aims to bridge the regulatory gap between individual retail investors and authorized funds. Since the FCA lifted its four-year retail ban on crypto ETNs in August 2025, individual investors have been able to invest directly in ETNs, but funds had remained subject to an "effective ban." The FCA emphasized that the 10% limit is intentionally set, and exceeding this threshold could force a fund to be reclassified as a restricted mass-market investment product, impacting its retail fund status.
Under the proposal, professional and qualified investor schemes are not subject to the cap; long-term asset funds and non-UCITS retail schemes operating as alternative investment funds are excluded. The FCA noted that cryptocurrencies do not align with the investment objectives of these funds.
On the industry side, the Investment Association supports the proposal, believing that gaining exposure to crypto assets through regulated listed products is manageable in terms of risk, and that the 10% cap helps manage fund risk. Fund managers will need to ensure that holdings are consistent with the fund's disclosed investment objectives and risk profile, and disclose significant crypto ETN holdings.
The FCA emphasized that it is not currently considering allowing authorized funds to hold crypto assets directly for investment purposes, and will decide after evaluating the impact of the upcoming crypto asset regulatory regime and client asset protection rules. (The Block)

Svmuu News The United Nations Development Programme (UNDP) has officially announced the establishment of a Blockchain Advisory Panel to promote the application of this technology in global development and public services. Panel members include the foundations of seven major public chains: Algorand, Arbitrum, Avalanche, Cardano, Ethereum, Stellar, and Sui, as well as industry institutions such as Kraken and Cointelegraph. This initiative signifies a deepening collaboration between the UN system and the blockchain industry, which will focus on directions such as financial inclusion, identity verification, supply chain traceability, and sustainable development to explore the practical value of digital technologies. (Cointelegraph)

Bitfinex Alpha's latest report indicates that Bitcoin has entered a deeper correction phase, dropping to a low of $59,200 on June 5, a cumulative 53% decline from its all-time high in October 2025. This decline is primarily driven by record outflows from spot ETFs, derivative deleveraging, and sustained pressure from a high-interest-rate macroeconomic environment. The yield on the 10-year US Treasury note currently remains above 4.45%, further dampening market expectations for a Fed rate cut.
On-chain and fund flow data suggest the current market is closer to a "distribution phase" than "panic selling." The spot Cumulative Volume Delta (CVD) has turned significantly negative after strong accumulation from April to May, indicating that recent buyers are steadily exiting. Meanwhile, the cost basis for short-term holders has fallen below the True Market Mean of $77,800, meaning a large number of new investors are in unrealized loss positions, creating significant selling pressure for any potential rebound. As the price approaches the overall realized cost basis of around $53,900, the characteristic of reducing positions on bounces is becoming more pronounced.
At the macro level, the US economy continues to grow, but inflation is eroding real household income. The job market remains robust, with job openings hitting a nearly two-year high and continued job creation exceeding replacement levels. Sectors such as healthcare, manufacturing, construction, and leisure and hospitality are all expanding. However, inflation is expected to continue outpacing wage growth, leading to a decline in real purchasing power and presenting the Fed with a more complex balance between maintaining employment and controlling inflation.
The key driver of current market trends has shifted to real yields. Driven by rising energy prices and geopolitical risks, inflation expectations are heating up, pushing both nominal and real yields on US Treasuries higher. Higher real yields increase the opportunity cost of holding non-yielding assets, prompting investors to reassess their allocation to risk assets. Bitcoin has been the first to feel the impact, with US spot ETFs experiencing their largest outflows since launch. The market has also shifted from betting on rate cuts to pricing in the risk of "higher for longer" interest rates. Bitfinex Alpha believes that, in the current phase, the trajectory of real yields has become the most important variable influencing performance in both traditional financial and digital asset markets.
Despite short-term pressure, the institutionalization process continues. The report notes that Securitize's approval to list on the New York Stock Exchange signals that tokenization infrastructure is further integrating into the traditional financial system. Concurrently, the US GENIUS Act is advancing a regulatory framework for stablecoins, bringing issuers under compliance requirements similar to those for traditional financial institutions. The institutional market for Bitcoin is also maturing; both ETF outflows and Strategy's balance sheet adjustments appear more like routine asset allocation behavior rather than a sign of waning institutional confidence. Overall, digital assets are gradually being absorbed into the mainstream financial system and are subject to the same macroeconomic environment, regulatory frameworks, and capital allocation logic as traditional assets.

Svmuu News The UK Labour Party has formally written to Nigel Farage, leader of Reform UK, accusing him of "avoiding legitimate scrutiny" regarding a £5 million (approximately $6.7 million) donation from Tether shareholder and billionaire Christopher Harborne in 2024.
Harborne holds approximately 12% of Tether shares and is worth around $24.4 billion. Labour Party Chair Anna Turley stated that Farage should provide a clear public explanation to the public about the use of these funds and related circumstances, rather than continuing to evade questions from the media and regulatory bodies.
Currently, the UK Parliamentary Commissioner for Standards has launched a formal investigation into the matter to assess whether the funds were used for political activities. UK Prime Minister Keir Starmer has also publicly questioned why Farage has kept this donation hidden for an extended period.
Data shows that Harborne has donated a total of approximately £12 million ($16 million) to Reform UK, including the largest single personal political donation in modern UK political history. Additionally, BitMEX co-founder Ben Delo donated £4 million to the party in the first quarter of 2026, making Reform UK one of the most well-funded political parties in the UK. (Decrypt)

According to SoSoValue data, during last week's trading days (June 1 to June 5, Eastern Time), Ethereum spot ETFs saw net outflows of $173 million.
The Ethereum spot ETF with the largest net outflow last week was Blackrock's ETF ETHA, with a weekly net outflow of $125 million. The total historical net inflow for ETHA now stands at $11.31 billion. Next was Fidelity's ETF FETH, with a weekly net outflow of $26.4459 million, and its total historical net inflow currently stands at $2.13 billion.
The Ethereum spot ETF with the largest net inflow last week was Blackrock's ETF ETHB, with a weekly net inflow of $3.026 million. The total historical net inflow for ETHB now stands at $534 million.
As of press time, the total net asset value of Ethereum spot ETFs is $8.59 billion, the ETF net asset ratio (market cap relative to Ethereum's total market cap) is 4.44%, and the historical cumulative net inflow has reached $11.20 billion.