Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

June 13. A bearish signal has emerged in the ETH futures market. Per data, the annualized funding rate for ETH perpetual futures flipped negative on June 5, meaning short traders are paying a premium to hold their positions. ETH has slumped 30% over the past five weeks, yet long traders still aren’t willing to ramp up their risk exposure. Total open interest for ETH futures is down 30% from a month ago, hitting a 13-month low. Adding to the pessimism: U.S. Ethereum spot ETFs saw a net outflow of $323 million in the last two weeks, signaling weak institutional demand. On-chain activity is also under strain. Ethereum’s total value locked (TVL) has fallen 33% to $37.5 billion over the past two months, and May’s DApp revenue dropped 43% compared to the prior six months—typically a sign of slowing network fees and weaker ETH utility demand. But staking demand tells a different story, standing in stark contrast to the derivatives market’s gloom. Right now, the wait time for ETH staking vali

June 13 – Zcash founder Zooko Wilcox released a statement thanking Anthropic for helping protect Zcash users. Anthropic, acting on Shielded Labs’ request, conducted a security audit of the Zcash protocol using Mythos, finding no additional critical vulnerabilities. Shielded Labs and other teams are advancing further security enhancements, with future updates planned.

June 13 — According to Onchain Lens monitoring, a crypto whale opened a 5x-leveraged long position for 54,986 SPCX, worth an estimated $9.09 million. The whale also holds a 25x-leveraged short position on 320.74 BTC, valued at roughly $20.4 million, with an unrealized gain of more than $1.18 million.

June 13 update: The cryptocurrency Fear & Greed Index, as tracked by Alternative Data, came in at 13 today—up from yesterday’s reading of 12—meaning the market’s “extreme fear” sentiment has eased slightly. Quick note: The index runs on a 0–100 scale, with readings calculated using six weighted metrics: Volatility (25%), Market Trading Volume (25%), Social Media Hype (15%), Market Surveys (15%), Bitcoin Dominance (10%), and Google Trends Analysis (10%).

June 13 — A new Galaxy Research analysis suggests Bitcoin’s current cycle low won’t plummet as steeply as in past bear markets, thanks to a lack of extreme speculative signals at the cycle’s recent peak. The firm pegs Bitcoin’s potential bottom between $62,000 and its network realized price of $53,600. Galaxy Research director Alex Thorn emphasized Bitcoin’s iconic four-year cycle is still sticking to historical timing, while peak-to-bottom declines have narrowed steadily over time: early cycles saw drops of 85% and 84%, followed by a 77% decline in 2022, and a projected 51% drop for the upcoming cycle. Thorn notes Bitcoin’s October 2025 peak is an anomaly compared to prior cycle tops: only 2 of 11 traditional top indicators triggered here, including a first-time failure of the widely tracked Pi Cycle Top indicator. The BTC peak MVRV ratio hit 2.29, well below the prior cycle’s range of 2.93 to 5.91. That said, key bottom signals haven’t materialized yet. Just 4 of 13 bottom indicat

June 13 — On-chain analyst Wu Jinyu notes a notable ETH whale has exclusively traded ETH over the past 2.5 days, completing 8 total transactions. The whale opened both long and short positions, with each position lasting only 1 to 2 hours. Seven of the 8 trades turned profitable, delivering an 87% win rate for the address. Over this period, the wallet grew its principal from $3 million to $6.67 million, netting $3.67 million in total profit for an approximate 122% return on investment (ROI).