The U.S. Senate Banking Committee Advances the "Financial Transparency and Regulatory Compliance Act"

On June 4, Drift Protocol laid out its top immediate priorities: relaunching its platform and restoring revenue-generating capabilities to speed up the recovery of user funds. Once back online, the platform will target becoming Solana’s largest USDT perpetual swap trading venue, with all related earnings set aside for a dedicated user compensation fund. The protocol noted that it has made meaningful progress on the relaunch thanks to strategic support from Tether and other partners. To strengthen security, Drift has appointed Noah Prince—former engineering lead at Helium Protocol—as its new protocol lead, responsible for protocol restructuring and security system overhauls. Additionally, team members from Gauntlet have joined the relaunch effort to provide risk management and treasury design support, including liquidation engine audits, funding rate optimization, market parameter adjustments, and ongoing risk monitoring. Drift has also engaged cybersecurity firm Mandiant to conduct a

On June 4, monitoring from Onchain Lens revealed that a crypto whale re-entered the market after four months of dormancy: it lent out 10 million USDT and purchased 5,589 ETH at an average price of approximately $1,789 per ETH.

June 4 — Per Alternative Data, today’s cryptocurrency Fear & Greed Index comes in at 12, a slight uptick from yesterday’s 11, leaving the market firmly stuck in “Extreme Fear” territory. There’s no sign of growing panic even as Bitcoin continues its ongoing decline. Note: The index runs on a 0–100 scale, and draws from six weighted metrics: Volatility (25%), Market Volume (25%), Social Media Sentiment (15%), Market Surveys (15%), Bitcoin Dominance (10%), and Google Trends Analysis (10%).

June 4: BitMEX co-founder Arthur Hayes has once again touted Worldcoin (WLD), stating that anyone shorting the token should prepare to suffer losses. Calling WLD a meme coin, Hayes predicts it’s set to "moon" (skyrocket), with its ties to the AI concept being the core catalyst. He advised investors to set aside rational mindsets or mean reversion analysis, noting that failing to do so would cause them to miss the upcoming primary uptrend. Per HTX market data, WLD is currently trading at $0.5243, marking a 33.04% gain over the past 24 hours.

June 4 data shows monthly venture capital (VC) funding in the crypto industry dipped to roughly 50 deals in May, marking a new low dating back to the period before the 2021 bull run. Back then, the entire crypto ecosystem was a fraction of its current size. Per the accompanying chart, a contraction in deal volume is visible across nearly every crypto sub-sector. Of those, the two historically busiest segments—crypto infrastructure and digital asset financial services—are now clinging near multi-year lows. This trend is driven by a mix of interconnected factors. For one, investors have gradually shifted their focus toward artificial intelligence (AI), leading to a steady outflow of capital and market attention from crypto startups. For another, unlike the 2021 and 2024 market cycles, crypto hasn’t churned out enough compelling early-stage projects lately, pushing VC firms to become increasingly cautious with their investments.

June 4 — Per Ashes Monitor, Ethereum (ETH) has dipped below $1,800, triggering a roughly $58 million unrealized paper loss for Hyperliquid’s single largest ETH long position holder. The trader opened a 120,000 ETH long position at an average entry price of $2,261. To avoid liquidation, they added $11 million in USDC as collateral over the past 24 hours, lowering their liquidation price from $1,617 to $1,506.