Ray Dalio Warns AI Bubble Will Eventually Burst

SpaceX announced its IPO underwriters on June 3, and JPMorgan is notably absent from the list. But bearish investors and some JPMorgan senior executives see this as a rare opportunity. Insiders report that hedge funds which skipped SpaceX’s IPO are reaching out to JPMorgan to inquire about shorting SpaceX shares after the company’s market debut. As the largest U.S. investment bank not involved in SpaceX’s IPO, JPMorgan now holds a unique advantageous position to arrange these trades. A total of 23 banks are part of SpaceX’s IPO, covering most of Wall Street’s major firms. SpaceX’s IPO is scheduled for June 12, with the stock ticker SPCX. The company set its initial public offering (IPO) price at $135 per share, plans to issue roughly 5.556 billion shares, and aims to raise up to $75 billion—valuing SpaceX at around $1.75 trillion. If successful, it would rank among the largest IPO projects in global capital market history. Currently on Trade.xyz, SPCX’s pre-IPO price is listed at

June 3 – Israel is continuing to disrupt U.S.-Iran talks, putting on an outward show of support for the negotiations while never halting its own provocative actions. The Israel Defense Forces (IDF) Chief of General Staff just announced the IDF will not cease fire in Lebanon, noting the military operates proactively to take action against all threats it faces. This stance contradicts earlier remarks from Israeli Prime Minister Benjamin Netanyahu, who said, “Trump and I agree on the core issues related to Iran. We occasionally have tactical disagreements, but we will work through them. My relationship with Trump hasn’t changed—he’s Israel’s ‘greatest friend’ in the White House.” President Trump has recently pushed for a swift U.S.-Iran ceasefire deal, and today he acknowledged having an “angry” conversation with Netanyahu. Prior to this, rumors circulated that during a call with Netanyahu, Trump vented strong dissatisfaction over Israel’s military escalation in Lebanon and demanded the

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.