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6/25
18:38
Svmuu News: Multicoin released a report stating that the market has severely undervalued Hyperliquid’s native token, HYPE, and believes it still has more than 400% upside potential in the coming years. The firm projects that, under a base-case scenario, the price of HYPE could reach approximately $319 by 2028.
Multicoin believes that the market currently views Hyperliquid too narrowly as a rapidly growing decentralized perpetual futures exchange, but in reality, it is evolving into an “Everything Exchange” covering multiple assets and trading scenarios.
The report states that, based on the current price of approximately $63, HYPE is significantly undervalued. Multicoin projects that by 2028, Hyperliquid’s annualized earnings could reach approximately $8 billion; valuing the company at a 20x earnings multiple would correspond to a HYPE price of about $319.
Multicoin also disclosed that it has been actively buying HYPE since February of this year, and HYPE has now become one of the largest holdings in its liquidity hedge fund. Recently, driven by positive factors such as ETF inflows, strong protocol revenue, and an aggressive buyback program, HYPE broke through $76 to hit an all-time high. It subsequently retreated along with the broader market and was trading at approximately $62.47 as of Thursday afternoon.
18:32
Svmuu News: Sophon, which has raised a total of $70 million in funding, announced that it will shut down its proprietary Layer 2 blockchain and migrate to Base, shifting its future focus to the development of consumer-grade applications. Sophon stated that continuing to invest millions of dollars annually to maintain its own blockchain is no longer justifiable.
Sophon co-founder Sebastien said the project’s assessment is that true value lies not in “who operates the underlying infrastructure,” but in the products built on top of it. Therefore, Sophon will no longer maintain the infrastructure and will instead concentrate its resources on the application layer.
Reportedly, Sophon previously spent approximately $3.4 million annually on blockchain maintenance, covering expenses such as chain infrastructure, RaaS, data, analytics, and development tools. After shutting down its proprietary chain, the company expects to reduce annual expenses by about $3 million, thereby extending its funding runway and allocating more capital to application development.
17:52
Svmuu News: According to OKX data, BTC has rebounded and broken through the 60,000 USDT mark, currently trading at 60,011.7 USDT, with the 24-hour decline narrowing to 1.7%.
13:01
Svmuu News: According to an official announcement, Binance will automatically settle and delist the USDⓈ-MIPUSDT and IPUSDC perpetual contracts on June 28, 2026, at 09:00 (UTC) to support the Story (IP) rebranding initiative.Users must close their positions before this time to avoid automatic liquidation. Starting at 08:30 (UTC) on June 28, 2026, users will no longer be able to place new non-position-reduction orders. A separate announcement will be made regarding the launch of new contracts.
12:47
Svmuu News: Apple is undertaking one of the largest overhauls in its history to its Mac chip strategy, preparing to skip directly to a new generation of chips focused on AI capabilities for its next-generation flagship processors. According to sources familiar with the matter, the company is currently in the M5 series phase and plans to launch a base-model M6 processor for entry-level Macs as early as this year.
However, sources indicate that Apple will, in an unprecedented move, skip the high-end versions of this chip. The company plans to launch Pro and Max versions as part of the next-generation M7 chip series in 2027, which will feature more powerful computing and graphics processing capabilities. Apple is taking this unusual step to accelerate the rollout of technology originally scheduled for a later release. The move is expected to meet the market’s growing demand for on-device AI capabilities and graphics-intensive software. (Jin Shi)
12:27
Svmuu News: Apple (AAPL.O) shares fell 6%, marking their biggest drop since April 2025. (Jin Shi)
12:21
Svmuu News: SpaceX (SPCX.O) credit derivatives began trading following the company’s first bond issuance. (Bloomberg)
12:02
Svmuu News: Adam, a macro researcher at Greeks.live, posted on X: “Tomorrow is the quarterly settlement. Bitcoin has fallen below $60,000. As seen on the Gex chart, $60,000 is clearly the price level with the largest open interest, but at the same time, significant accumulation is beginning at $58,000 and $59,000 as well.Risk is building in the market, but institutions and large traders have not yet continued to bet on a decline; they are simply waiting for the settlement.”
11:54
Svmuu News: According to an official announcement, Coinbase will list Cap (CAP).
11:46
Svmuu News: TD Cowen analysts say that if SpaceX is unable to reach a network-sharing agreement, it may accelerate the expansion of its wireless business by acquiring T-Mobile. The existing partnership between T-Mobile and Starlink aligns strategically. While this scenario is purely speculative, it highlights the growing competitive pressure SpaceX is facing in the telecommunications industry. (Jin Shi)
11:30
Svmuu News UBS Analysts stated in a research report that Micron’s long-term contracts with customers are robust enough to weather any market downturns for at least the next few years.Investors may worry that these contracts could be undermined if the market slows, but the minimum prices are set low enough that it won’t be until 2029 at the earliest—and more likely 2030—before sufficient supply comes online to break the price floor and prompt customers to consider defaulting.
UBSAnalysts note that Micron has also received cash prepayments from customers, which could ultimately total close to $40 billion to $50 billion—a solid buffer against potential contract breaches should conditions deteriorate. (Jin Shi)
11:24
Svmuu News: According to Gate data, New York gold futures rose above $4,050 per ounce, up 1.03% on the day. Spot gold rose by about $30 in the short term, briefly breaking through $4,040 per ounce, up 0.98% on the day.
11:18
Svmuu News: According to Onchain Lens, two newly created wallets—possibly belonging to the same whale—deposited $8 million into Hyperliquid to open a 20x leveraged long position on Bitcoin. The position currently holds 400 BTC, with a value of $23.5 million.
11:08
Svmuu News: The stablecoin apxUSD, backed by STRC and other preferred shares, has fallen to approximately $0.78, a 22% decline. As Bitcoin briefly dipped below $60,000, the decline in collateral value caused the stablecoin to lose its peg.
11:05
Svmuu News: The blockchain IP project Story Protocol has announced its rebranding as the DATA Foundation, shifting its business focus from general intellectual property (IP) infrastructure to an AI training data network to address the rapidly growing demand for “licensable, traceable training data.”
This transition coincides with the launch of a new product, Trace, an on-chain AI training data registration and auditing system that generates verifiable on-chain “contribution certificates” for each data set. These certificates record the source, licensing terms, user consent, and payment information, helping AI model trainers verify data compliance and traceability. (The Block)
11:01
Svmuu News: S&P Global Energy reported on the 25th that a total of 78 vessels transited the Strait of Hormuz on the 24th, setting a record for the highest single-day transit volume since the outbreak of hostilities in Iran. The average daily number of vessels transiting the Strait of Hormuz this month has recovered to approximately 57% of pre-conflict levels.
The report noted that as of the 24th, a cumulative total of 551 vessels had transited the Strait of Hormuz this month, making it likely to be the month with the highest transit volume since the outbreak of hostilities. The report noted that vessels that have recently departed the Strait of Hormuz include not only those that had been stranded for a long time due to the conflict but also those that entered the strait recently, reflecting initial signs of normalization in shipping activity.
However, it remains to be seen whether the rebound in traffic through the Strait will be sustained, and relevant agreements still need to be further consolidated and implemented. (Xinhua News Agency)
10:59
Svmuu News: Jiang Zhuoer posted on X, stating that Strategy’s preferred stock, STRC, has significantly decoupled from its underlying asset, dropping to a low of approximately $73, reflecting a temporary wave of panic among U.S. stock market investors regarding Bitcoin (BTC)-related assets.Concerns about “systemic risk” (such as FUD) have been amplified in the market. Theoretically, Strategy could still raise funds by issuing additional common stock; however, in an environment where mNAV is less than 1, such an issuance would result in a decrease in the number of coins per share, constituting a “dilutive financing method” and thus considered a high-cost operation.
Jiang Zhuo’er added that Strategy has utilized this financing method multiple times over the past three weeks: in the first two weeks, part of the funds was used to purchase approximately 1,500 BTC, while in the third week, although the scale of the share issuance expanded, the volume of BTC purchased dropped to about 520 BTC, with most of the funds used to maintain STRC dividend payments.Based on this, it can be concluded that the company’s short-term strategy has clearly shifted toward “prioritizing STRC interest payments,” implying that the pace of BTC accumulation may slow significantly in the coming months or even halt temporarily.However, STRC is essentially preferred stock rather than a debt instrument, and there is no mandatory liquidation mechanism; Strategy’s overall debt-to-equity ratio is approximately 10%, and as long as BTC does not enter a prolonged, deep bear market, the probability of a “sudden default” is low.
10:57
Svmuu News: Arkham published an analysis noting that Strategy’s preferred stock, STRC, has clearly decoupled from its par value. It is currently trading at approximately $76.20, representing a discount of about 25% from its $100 par value. STRC is a perpetual preferred stock with an annualized dividend yield of approximately 11.5%. A total of approximately 104.89 million shares have been issued, corresponding to an annual dividend cost of about $1.2 billion. As of this Monday, Strategy held approximately $1.4 billion in reserve funds on its balance sheet.
Unlike the Terra (LUNA) mechanism, Strategy and its founder, Michael Saylor, do not face the structural risk of “forced liquidation.” The price of STRC reflects market expectations regarding the sustainability of future dividends rather than a forced liquidation mechanism. STRC dividend payments are not legally mandatory; therefore, if the financing environment deteriorates, the company may choose to suspend dividends, thereby avoiding a structural collapse similar to a “death spiral.”
The current decline in STRC is believed to stem primarily from market concerns regarding future financing capacity, the sustainability of dividends, and the opportunity cost of capital, rather than an immediate liquidity crisis.
Arkham noted that this mechanism does not directly threaten Strategy’s survival; however, in the long term, if high dividends rely on continuous capital market financing, it could affect the appeal of MicroStrategy’s common stock ($MSTR) to new investors.
10:49
Svmuu News: Iran has proposed charging tolls to its Gulf neighbors for passage through the Strait of Hormuz. Iran estimates that the Strait of Hormuz could generate $40 billion in revenue annually. (WSJ)
10:47
Svmuu News: According to on-chain analyst Yu Jin, following tonight’s decline in the crypto market, positions held by several ETH lending whales that are nearing the liquidation threshold are at risk of liquidation. The liquidation price for the first tier is $1,472, involving 72,700 ETH worth $114 million; The second liquidation tier has a trigger price of $1,355, involving 167,600 ETH held by whales who purchased ETH earlier this month, valued at $263 million; The third liquidation tier has a trigger price of $1,160, involving 120,000 ETH long positions held by Hyperliquid’s largest long position holder, valued at $188 million.

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