In the past hour, total liquidations across the network reached $15.52 million, with $7.93 million from long positions, with $7.60 million from short positions. BTC liquidation $5.21 million, ETH liquidation $6.40 million.

According to Lebanese state media, Israel launched an attack on Lebanon after both sides agreed to a conditional ceasefire. (Jin Shi)

According to Huoxun Finance, Coinbase announced that trading of the SpaceX Pre-IPO perpetual contract SPCX-PERP will be available on or after 14:00 (UTC+8) on June 4, 2026. The market will be open for trading in regions where liquidity conditions are met and local regulations are supported.

According to an official announcement, Coinbase announced that trading of the SpaceX Pre-IPO perpetual contract SPCX-PERP will be launched on or after 14:00 (UTC+8) on June 4, 2026. The market will be open for trading in regions where liquidity conditions are met and local regulations are supported.

On June 3rd, Odaily Planet Daily reported that Bitmine, Tom Lee's Ethereum treasury company, announced a plan to publicly issue 9.50% of its perpetual preferred stock, raising $300 million, with dividends paid weekly in cash. Previously, at the end of May, Strategy sold 32 Bitcoins for approximately $2.5 million—its first sale in four years—to pay preferred stock dividends. However, this news triggered a market crash: Bitcoin fell below $65,000, dropping more than 14% in two trading days. These two events point to a common predicament for DAT companies: once mNAV (market capitalization/net worth of cryptocurrency, i.e., how much the market is willing to pay for every $1 of a company's cryptocurrency) fell below 1, the channel for equity issuance and financing effectively closed. Dividends and debt are rigid expenditures, forcing companies to sell cryptocurrency to repay them, which in turn exacerbates selling pressure—creating a downward spiral. Currently, Strategy and Bitmine have mNAVs of 0.82 and 0.80, respectively. SoSoValue researchers believe that the current Bitcoin cycle's funding was driven by two engines: first, DAT companies borrowing money to buy cryptocurrencies, and then continuous net inflows into spot ETFs. Now, both engines have stalled—SoSoValue's ETF and Crypto-Stock dashboards show that BTC spot ETFs have experienced net outflows for 12 consecutive days, with a cumulative net outflow of nearly $4 billion; ETH spot ETFs have experienced net outflows for 16 consecutive days, with a cumulative net outflow of approximately $800 million; and the DAT camp, led by Strategy and Bitmine, has collectively fallen below mNAV. With both major sources of incremental funds drying up simultaneously, whether the DAT companies' crisis represents the bottom of this crypto cycle remains to be seen.