Peter Schiff: USDT Market Cap Will Eventually Surpass Bitcoin, BTC Finds Support Around $61,000 Short Term

On June 4, U.S. stock market KOL Herman Jin (@ShanghaoJin) commented on social media about Broadcom (ticker: AVGO), which posted a 13.78% drop in after-hours trading. Jin, a former Asia Fixed Income, Currencies & Commodities (FICC) CEO and Managing Director at Goldman Sachs with over 18 years at the bank’s Hong Kong office (starting around 2008), called this adjustment a “temporary pain.” He noted that the market currently has very low tolerance for such moves, but stressed that the fundamentals of key AVGO suppliers remain positive, making this not a systemic issue. However, he also sounded a cautionary note about risks: AVGO failed to exceed market expectations (it did not raise its full-year AI chip guidance), yet the stock still plummeted sharply. This sell-off has exposed a critical vulnerability in the entire AI supply chain—even small shifts in investor expectations can trigger drastic price swings across the sector. According to a prior BlockBeats report, Broadcom’s below-for

June 4, According to a New York Times report, even if the U.S. eventually reaches a peace deal with Iran, it could still take a long time for normal shipping to resume through the Strait of Hormuz. Major security risks and surging war insurance costs mean global energy trade is unlikely to rebound to pre-crisis levels anytime soon. The U.S., Canada, Brazil, Kazakhstan, Venezuela, and other oil-producing nations are ramping up crude oil output. The U.S. Strategic Petroleum Reserve (SPR) is continuing to release stockpiles to ease supply shortages. At the same time, Saudi Arabia and the United Arab Emirates are diverting some of the transport demand that once relied on the Strait of Hormuz via onshore oil pipelines. Still, the Gulf region’s economy is facing intense pressure. Qatar’s liquefied natural gas (LNG) exports are heavily dependent on the Strait of Hormuz; the International Monetary Fund (IMF) projects its economy could shrink by roughly 9% this year. Overall economic growth f

June 4th, analyst Maartunn cited CryptoQuant data indicating the Bitcoin fund market premium has hit -5.9%—a two-year low. This means Bitcoin ETFs such as IBIT and GBTC are currently trading at a 5.9% discount to their Net Asset Value (NAV), reflecting a significant weakening in market demand for exposure to these funds relative to the value of their underlying holdings.

On June 4, tech funding publication Tech Funding News reported that San Francisco-based AI startup Lassie has closed a $35 million Series A funding round led by Andreessen Horowitz (a16z), pushing the company’s total raised capital to $47 million. Participating in the round as additional investors are notable tech entrepreneurs and investors including Rahul Vohra, Zach Perret, and Taavet Hinrikus. Founded by ex-Robinhood product manager Steijn Pelle and former Superhuman Head of Product Frédéric Renken, Lassie specializes in an AI agent designed to fully handle back-office administrative work for small and medium-sized businesses (SMBs)—such as dental clinics—instead of functioning as a secondary auxiliary tool. The platform automates key tasks including insurance claims, accounting reconciliation, payment verification, and data entry. Following the funding, a16z partner Alex Rampell will take a seat on Lassie’s board of directors.

June 4 – CryptoQuant founder Ki Young Ju shared on social media today that Bitcoin’s price is exactly where it stood two years ago, but one key metric has shifted noticeably. The cohort of Bitcoin holders who entered this cycle between 6 months and 2 years ago now makes up 53% of the asset’s realized market capitalization, up from just 15% two years prior. Ju also noted that in Bitcoin’s last cycle, the market bottomed when this same holder group’s proportion hit 68%. A related trend: short-term Bitcoin holders are gradually transitioning into long-term holders.

On June 4, Hyperinsight monitoring reported that Abraxas Capital—the primary short seller on the Hyperliquid platform—shorted HYPE through two addresses, locking in a profit of $9.2 million solely from funding rate settlements. Across all its short positions (including BTC, ETH, and other cryptocurrencies), the firm has accumulated a total profit of $33.83 million via funding rate settlements, with its current total short position size standing at roughly $141 million. It is noted that Abraxas Capital began building its large short positions back in May last year, and was once the largest whale in contract funding activity on Hyperliquid. Its short positions peaked at $920 million, generating a total profit of $301 million over the entire period. Related addresses: 0x5b5d51203a0f9079f8aeb098a6523a13F298C060 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36