US Stock Futures Dive Further

May 31 — JPMorgan Chase CEO Jamie Dimon is sounding the alarm over the U.S. crypto market structure bill, the CLARITY Act, warning that if stablecoin issuers are allowed to offer returns similar to bank deposit interest without proper regulatory protections, the model could ultimately "blow up." Dimon pointed out the legislation would let crypto companies offer returns akin to deposit rates via stablecoin accounts—a setup lacking sufficient safeguards that the banking sector won’t accept. “I’m not worried about stablecoins themselves, but if this were to happen, I wouldn’t be involved, and it will eventually blow up,” he said. The CLARITY Act aims to clarify the U.S. crypto industry’s regulatory framework and outline responsibilities for various regulatory agencies. Earlier, Patrick Witt, director of the U.S. Digital Asset Advisory Committee, noted the Trump administration plans to move the bill through by July 4. However, Polymarket data shows the probability of the CLARITY Act

On Friday, May 31, the Hyperliquid ETF notched a record single-day net inflow of $29.6 million. The breakdown of this total is as follows: BHYP recorded a net inflow of $20.1 million, while THYP posted a net inflow of $9.5 million. The fund has now logged net inflows for 13 consecutive trading days, bringing its cumulative total inflows to $136 million. This continuous flow of funds has boosted HYPE’s performance. Per HTX market data, HYPE has surged over 70% in the past 30 days and is currently trading at $68.3.

May 31: MiniMax Group Inc. announced its board of directors has approved exploring a preliminary proposal to issue Renminbi-denominated shares. The effort may involve entering into agreements with professional advisors and consulting relevant securities or other regulatory agencies. The company has already engaged professional advisors to guide it in meeting listing requirements for the Sci-Tech Innovation Board and has signed an advisory agreement. The issuance of Renminbi-denominated shares is contingent on market conditions and obtaining all necessary regulatory approvals.

### FLASH: May 31 Bitcoin Market Update Selling pressure on Bitcoin spot ETFs continues to mount. Following a $12.6 billion net outflow last week, Bitcoin spot ETFs saw another $14.2 billion in net outflows this week, briefly pulling BTC down to $72,500. However, on-chain and market data show some funds are starting to buy the dip around $70,000. Spot market buying has absorbed a portion of the selling pressure and provided price support, though buying volume remains insufficient to reverse the current downtrend. Derivatives market data adds that traders added roughly $300 million in long leveraged positions in the $73,000 to $74,000 range, signaling some investors are betting on a price rebound. Additionally, the order book depth ratio has turned positive, meaning the market views BTC as attractive below $75,000. To push Bitcoin back into an uptrend, the market still needs new catalysts, including progress in the U.S.-Iran peace agreement, a reversal of spot ETF net outflow

May 31: According to CME’s FedWatch data, there’s a 51.8% probability the Fed will keep interest rates unchanged through December, while the chance of a cumulative 25-basis-point rate cut is merely 0.2%. Odds of a Fed rate hike this year have dropped to 48%, broken down as: 37.9% likelihood of a cumulative 25-basis-point increase, 9.2% for a 50-basis-point hike, and 0.9% probability of a 75-basis-point cumulative rise.

May 31: The probability that Bitcoin will hit $100,000 this year, as priced by prediction market Polymarket, has fallen to 33% — down from 49% on May 10. Separately, Polymarket currently places a 56% chance of BTC reaching $90,000 by year’s end, while the odds of it dropping to $50,000 stand at 42%.