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Analysis: On-chain data did not show large-scale selling by investors of cryptocurrency assets to participate in the SpaceX IPO

1 hours ago

On June 6, despite market chatter that some retail investors might offload Bitcoin to participate in SpaceX’s landmark $75 billion IPO, stablecoin flow data and on-chain metrics indicate no signs of large-scale fund exodus from the crypto sector. SpaceX’s IPO is valued at roughly $1.8 trillion, with up to 30% of shares allocated to retail investors via platforms including Robinhood, Fidelity, and Charles Schwab—far higher than the standard 10% individual investor allocation for traditional IPOs. Since the roadshow kicked off, subscription demand has outstripped the offering’s size. Data reveals USDT and USDC outflows have stayed within normal bounds since February, with no signs of abnormal redemptions or supply contraction. Conversely, on June 6, roughly 66,470 BTC and 2.49 million ETH saw net outflows from exchanges: a sign more investors are moving assets to private wallets, pointing to a buy-the-dip trend rather than mass cashing out. That said, on-chain data does not capture trading activity on platforms like Robinhood and Coinbase, so it will be necessary to wait for the relevant brokerages’ releases to confirm whether any crypto investors sold assets to subscribe to SpaceX shares. The most significant fund outflows right now stem from spot ETFs. As of June 3, U.S. Bitcoin spot ETFs have logged net outflows for 13 straight trading days, totaling roughly $4.4 billion in redemptions; Ethereum spot ETFs saw outflows for 17 consecutive days before returning to a slight net inflow. Per the roadmap, SpaceX is scheduled to price its IPO on June 11 and make its Nasdaq debut on June 12 under the stock ticker SPCX.
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Trump Criticizes Obama's Iran Nuclear Deal Again, Experts Say It Once Effectively Restricted Iran's Nuclear Program

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A leverage whale today increased its position by 93,300 ETH at $1,633, with a liquidation price of $1,356.

June 6 – Per EmberCN’s monitoring data, a crypto whale purchased $24 million worth of ETH just 20 minutes ago. Over a span of just over a day, the whale spent a total of $152 million in USDT to acquire 93,330 ETH at an average price of $1,633 per ETH. The whale’s total ETH holdings now reach 167,400 units, valued at $261 million overall. The liquidation price for these positions is set at $1,356, meaning the current ETH price is $200 above this threshold.

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Monad is planning to reduce the consensus block time to 300 milliseconds to accelerate the block confirmation speed.

June 6: The Monad development team at Category Labs has proposed MIP-12, which would shorten the network’s consensus vote pace from the current 400 milliseconds to 300 milliseconds—aimed at accelerating block confirmation speeds and improving consensus efficiency. The proposal includes multiple parameter adjustments: the transaction cap will be reduced from 5,000 to 3,750 transactions, the block proposal gas limit will drop from 200 million to 150 million, and the proposal byte limit will be lowered from 2 million bytes to 1.5 million bytes. To align with the faster block generation cadence, the block reward will also be cut from 25 MON per block to 18 MON. Category Labs clarified that these changes won’t impact client-side execution, but they require a hard fork to implement due to consensus layer parameter modifications. The proposal argues a faster voting pace will help secure a quorum more quickly, speeding up block formation. As of now, MIP-12 remains in the draft stage.

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ZachXBT publicly questioned Arthur Hayes: Loudly Bullish on WLD and Quickly Exited, Who Provided Exit Liquidity?

June 6: On-chain sleuth ZachXBT called out BitMEX co-founder Arthur Hayes for flip-flopping on his crypto takes and dumping tokens rapidly, questioning how much "exit liquidity" he racked up from his followers over the past few days. Prior to Worldcoin (WLD), Hayes had voiced bullish stances on tokens like NEAR, HYPE, and ZEC—then turned around to repeatedly hammer a strong bull case for WLD, setting a price target far above its current level. But he bailed on his WLD position quickly. Hayes clapped back, saying he just sold at market price to willing buyers per his trading targets. He added that if WLD’s price had kept climbing, folks would’ve written off his sell-off as a bad call, noting, “This time, my judgment just happened to land right.” ZachXBT then reposted Hayes’ old WLD bull comments, calling out his swift exit after hyping the token so publicly—sparking a wider community debate about crypto influencers’ market clout and the “exit liquidity” issue. For context, Hayes had

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AC: During the recent significant market correction, only approximately $50,000 in liquidations were triggered, much lower than the traditional LTV model.

June 6: SonicDAO co-founder Andre Cronje shared that during a sharp market pullback on derivatives platform FT (FlyingTulip), the protocol’s equity-based account borrowing model only saw roughly $50,000 in total liquidation volume. The platform’s use of net risk calculations (instead of a standard loan-to-value, or LTV, framework) paired with a soft liquidation mechanism meant the average liquidation per position was just $200 to $2,000. Cronje emphasized that under a traditional LTV-based lending system, liquidation volume during that same market turbulence would have been 10 to 20 times larger. He explained that the equity-based account model enables risk netting and cuts down on market impact through soft liquidations, delivering a borrowing experience that’s safer, less volatile, and involves smaller discounts compared to traditional alternatives.

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AI Security Emerges as the Darling of Venture Capitalists, Investors Bet on the "Public Utility of the AI Era"

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