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- #Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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#GateRedBullRacingTour# - 📢 Gate releases its latest Reserve Audit Report!
💰 Total reserves: $10.453B
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Gate Research Institute: Truth Social plans to launch dual ETF for BTC and ETH | Well-known project Infini announces the cessation of Infini Card services
Crypto Market Overview
Hot Tokens on Juejin
PENDLE Pendle (+7.17%, circulating market cap 1.142 billion USD)
According to Gate.io market data, the current price of PENDLE token is $4.03, with a 24-hour increase of 7.17%. The current circulating market value of PENDLE is $1.142 billion.
Pendle is a protocol that allows for the tokenization of future yield trading on AMM systems. Its purpose is to enable users to obtain yield-generating assets and have the opportunity to generate additional yields while locking in future yields in advance, all while providing traders with direct access to future yield streams without the need for underlying collateral.
The PENDLE token has continuously risen since March, recently experiencing a slight pullback, but this has not disrupted the upward trend. In the industry, with the GENIUS Act promoting clearer regulation of stablecoins, this sector is entering a phase of rapid growth. Against this backdrop, the DeFi protocol Pendle has emerged as a key asset for capturing the trend of stablecoin yields. Currently, Pendle accounts for about 30% of the stablecoin yield market, with over 80% of the TVL being in stablecoins, and this shift will bring trend-based benefits to PENDLE.
ZKJ Polyhedra Network* (+25.52%, circulating market value 419 million dollars)*
According to Gate's market data, the current price of the ZKJ token is $0.4337, with a 24-hour increase of 25.52%. The current circulating market value of ZKJ is $419 million.
Polyhedra Network's mission is to provide the fastest zero-knowledge (ZK) proofs for the Web3 industry, aiming to become the underlying infrastructure for the entire ecosystem. The team has designed and implemented many cutting-edge ZK protocols. Their flagship invention is zkBridge, which will change the way blockchains interoperate. To date, zkBridge has facilitated over 20 million cross-chain transactions across more than 25 Layer-1 and Layer-2 blockchain networks, demonstrating their commitment to the scalability and interoperability of Web3.
The ZKJ token has recently experienced a sharp decline due to a sell-off event, putting pressure on market sentiment. This morning, the project's co-founder announced a buyback plan, significantly boosting market confidence and driving a rapid price rebound. However, the current volatility of ZKJ remains high, and uncertainty is increasing in the short term. Investors are advised to respond cautiously and manage their leverage levels reasonably to mitigate potential risks from sharp fluctuations.
HYPE Hyperliquid* (+3.19%, circulating market cap 42.749 billion USD)*
According to Gate.io market data, the current price of the HYPE token is $43.02, with a 24-hour increase of 3.19%, and the current circulating market value of HYPE is $42.749 billion.
Hyperliquid is a high-performance L1 optimized from the ground up. Its vision is to establish a fully on-chain open financial system that allows user-built applications to interface with high-performance native components, all without compromising the end-user experience. The performance of Hyperliquid L1 is sufficient to run an entire permissionless financial application ecosystem—every order, cancellation, transaction, and settlement occurs transparently on-chain with block delays of less than 1 second.
The HYPE token has recently reached an all-time high, mainly benefiting from the strong fundamental support of the Hyperliquid platform, including high trading volume, low transaction fees, and its optimized Layer 1 blockchain architecture. At the same time, the successful airdrop strategy and continuous token buyback mechanism effectively enhance market confidence, combined with the current speculative frenzy and the overall positive trend in the DEX track, jointly driving up prices. Looking ahead, attention must still be paid to changes in the competitive landscape within the track and the potential impact of overall market fluctuations on its valuation.
Alpha Interpretation
Backpack Founder: The access system has been rebuilt to expand the chain support for the trading platform.
Backpack founder Armani Ferrante tweeted that his team has rebuilt the access system to expand the chain support for the trading platform. The first update includes support for USDC and ETH assets on Arbitrum. In the coming days and weeks, the team will add deposit and withdrawal features for more chains.
This marks an important step for the platform in expanding to a multi-chain ecosystem. Ferrante stated that in the coming days to weeks, they will quickly add deposit and withdrawal support for more chains and open user feedback to optimize the integration of unsupported networks. This initiative aims to enhance user experience, reduce transaction costs, and strengthen Backpack's competitiveness in the decentralized finance space. From user reactions, there has been positive feedback regarding support for Arbitrum, but there are also expectations for the rapid onboarding of more chains. Overall, this update reflects Backpack's commitment to multi-chain interoperability and a user-friendly strategic direction.
Truth Social plans to launch a dual ETF for BTC and ETH
Trump's social media platform Truth Social submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) on June 16, proposing the launch of the "Truth Social Bitcoin and Ethereum ETF (B.T.)", issued by Yorkville America Digital, with Crypto.com serving as the custodian and liquidity provider, and plans to list on NYSE Arca. The fund intends to allocate 75% Bitcoin and 25% Ethereum, providing investors with a simplified dual-currency exposure, marking its further layout in the crypto financial sector.
This move follows the single Bitcoin ETF application submitted by Truth Social, highlighting the Trump family's ongoing bet on encryption assets. Combined with its political influence and brand effect, if this product is approved, it is expected to attract significant market attention and may accelerate the mainstream adoption of encryption assets.
On the other hand, the ETF still needs to be approved by the SEC through the 19b-4 form, a process that may take up to 240 days, and there are regulatory uncertainties and competitive pressures from traditional institutions. Meanwhile, Trump Media recently established a Bitcoin reserve through a $250 million financing, intensifying its encryption strategy, but its stock price (DJT) has recently dropped by about 2%, reflecting the market's cautious attitude towards its expansion path. The involvement of political factors may also trigger stricter scrutiny and volatility risks, which investors should continue to monitor.
The well-known project Infini announced the cessation of Infini Card services.
Infini officially announced on June 17 the termination of all Infini Card services, including Global Card, Lite Card, and Tech Card, effective immediately, with all usage and new user applications suspended. This move reflects Infini's strategic adjustment to its business structure in light of high compliance costs and thin profit pressure. Although the payment card business has been terminated, the platform's core functions such as recharge, withdrawal, and Earn earnings continue to operate normally, and user asset security remains unaffected.
To properly handle this adjustment, Infini promises to automatically refund the actual card opening fees paid by affected users (excluding discounts) within an estimated 10 working days, without any additional action required; refunds in transit will be returned to the account balance within 5–21 working days, and overdue orders will continue to be followed up. This arrangement reflects the platform's basic commitment to safeguarding user rights.
Overall, the termination of Infini Card has triggered short-term trust fluctuations in the market. The crypto payment card business aimed at the end consumer generally faces a triple dilemma of high compliance, high operational complexity, and low profit margins under the traditional financial regulatory environment, making it difficult to sustain. Infini will subsequently focus on core areas such as wealth management, and the termination of the card business also exposes the structural bottlenecks of crypto payments in the real financial system. Users have expressed varying degrees of disappointment over the termination of the card service. Whether the platform can stabilize market confidence through an efficient, transparent refund process and a clear communication mechanism will be a key point in rebuilding user trust.
Gate Launchpool
New Investment Details
Project Introduction
KAI: Sangokushi Taisen - Battle of Three Kingdoms is a new concept blockchain strategy masterpiece created in collaboration with the classic SEGA "Sangokushi Taisen" IP and blockchain technology pioneer double jump.tokyo. As a well-known IP that has received high praise in the Asian market, the project will introduce SGC (referred to in the game as "SGCP (Points)"), which serves both governance and utility functions. Players can earn SGCP through PvP battles to purchase more card packs or trade in the in-game market, further enriching gameplay and strategic depth.
References:
[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and crypto market research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate shall not be liable for any losses or damages resulting from such investment decisions.