Binance Wallet: The market is expected to undergo a system upgrade tomorrow, with an estimated duration of 1 hour

June 3rd update: Bankless co-founder David Hoffman revealed that after liquidating all of his Ethereum (ETH) holdings, he put around 50% of the proceeds toward purchasing VVV, NEAR, ZEC, and HYPE. The remaining 50% he held in cash to use for gradual dollar-cost averaging (DCA), and that entire cash reserve has already been deployed to buy LIT. Earlier on May 21, Hoffman announced he’d fully liquidated his entire ETH stake—explaining in a later detailed post that the move wasn’t impulsive. The "ETH is money" grand narrative hasn’t failed, he clarified; it’s just been fully priced in and carried to its logical conclusion. The Ethereum network’s valuation is now commensurate with its current accomplishments, meaning the ETH asset itself is unlikely to experience a meaningful reprice—whether upward or downward. Hoffman remains extremely bullish on the Ethereum ecosystem’s future success, though he noted those wins will barely register in ETH’s price.

June 3: The European Union’s Markets in Crypto-Assets (MiCA) regulation’s transitional period will conclude on July 1, 2026. The European Securities and Markets Authority (ESMA) has announced that crypto-asset service providers not fully authorized under MiCA by that deadline—even those whose authorization applications are still under review—will be barred from serving EU customers. These providers must initiate business shutdowns and customer transition plans immediately. France’s financial regulator, the Autorité des marchés financiers (AMF), has warned that offering unauthorized crypto services may constitute a criminal offense. Germany has required relevant entities to complete their MiCA authorization processes by June 30 at the latest. A large share of European users are still using crypto platforms that lack MiCA authorization.

June 3 — Kalshi, a prediction market platform modeled after PredictIt, has officially launched cash-settled Bitcoin perpetual futures contracts. The contracts support 24/7 trading and utilize a funding rate mechanism pegged to Bitcoin’s spot price.

On June 3rd, Coinbob Popular Address Monitor (https://t.me/Coinbob_track_CN) reported that the largest BTC short position holder on Hyperliquid—an Ethereum address named "pension-usdt.eth"—has taken profits on its position: it closed a 1,400 BTC short worth ~$93.86 million, netting a $3.32 million profit. Immediately after, the trader opened a 3x leveraged short position on 50,000 ETH, valued at approximately $92.68 million, and currently holding an unrealized profit of ~$1.07 million. This trader now has 21 consecutive winning trades, with total profits exceeding $36 million. Notably, the initial BTC short was opened on April 1st and was not reduced at all over the period. Last night marked the first time this BTC trade flipped from a loss to profit, with an average entry price of ~$69,423; the position had previously topped $100 million in value. The trader's Ethereum address is: 0x0ddf9bae2af4b874b96d287a5ad42eb47138a902.

June 3rd — An official announcement from WLFI states that USD1 will be deployed on the MOVA Chain, with an initial scale of $1 billion. This move is not just a simple stablecoin issuance or liquidity access initiative; it’s a comprehensive, end-to-end strategy focused on stablecoin assets, institutional-grade settlement networks, and infrastructure tailored for the post-quantum security era. Within this framework, USD1 will function as the asset and liquidity layer connecting to the MOVA ecosystem, while MOVA will provide the institutional-grade, post-quantum on-chain settlement infrastructure. MOVA highlighted that as stablecoin use cases expand beyond trading liquidity to encompass payments, clearing, real-world asset (RWA) integration, cross-border settlements, and institutional finance, the next phase of stablecoin infrastructure competition won’t be determined solely by liquidity. Instead, it will rely far more on the underlying network’s security, compliance capabilities, scalab

June 3rd: Ray Dalio, founder of Bridgewater Associates, told Bloomberg TV in an interview today that the artificial intelligence (AI) bubble will eventually burst. Dalio has repeatedly noted in the past that the current AI frenzy is in the early stages of forming a bubble, displaying all the classic traits: sky-high valuations, rampant speculation, and paper wealth that far outpaces actual monetary value—parallel to the 2000 dot-com bubble. Even so, he stressed that a bubble popping would not erase AI’s long-term, revolutionary value. Most AI-linked companies may struggle to survive, but the underlying technology will continue to reshape the world. Dalio advised investors not to rush to exit their positions; instead, they should keep an eye out for potential bubble-bursting triggers like the Federal Reserve tightening monetary policy, and stay cautious while maintaining a diversified portfolio.