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South Korea's Gangwon Provincial Police Agency is investigating domestic users of the prediction market platform Polymarket on gambling charges, Digital Asset reported. This marks the first confirmed formal investigation in the country into gambling allegations related to the use of such platforms.

Sui is adding a confidential transfers feature, co-founder and Chief Product Officer Adeniyi Abiodun announced on X. He explained that the main challenge for privacy cryptocurrencies is not hiding transaction amounts but ensuring no one can mint new tokens without authorization while the supply remains protected. Abiodun stated that Sui addresses this by narrowing its cryptographic verification to a single element: "range proofs" for the transfer amount. He stressed that the principle of asset supply conservation is embedded within the protocol's structure itself, rather than relying on individual proofs, making unauthorized issuance structurally impossible. The announcement follows a past incident where a bug in Zcash's (ZEC) Orchard protocol allowed for unauthorized token issuance, drawing significant community attention.

Whale Alert reported that 250 million USDC has been minted at the USDC Treasury.

The Spot Cumulative Volume Delta (CVD) chart offers an order book analysis for the BTC/USDT spot pair. The top section displays a Volume Heatmap, while the bottom shows the CVD. - The Volume Heatmap tracks trading volume at specific price levels. The background color brightens when the price lingers in a particular range or experiences significant movement. These brighter areas can potentially act as support or resistance. - The CVD indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. The yellow line tracks orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.

Bithumb has announced that it will temporarily suspend deposits and withdrawals for Pocket Network (POKT) starting at 10:00 a.m. UTC on June 9 to support an upcoming network upgrade.

The Altcoin Season Index from crypto data platform CoinMarketCap has fallen 12 points from yesterday to 45. The index is calculated by comparing the price performance of the top 100 coins by market capitalization, excluding stablecoins and wrapped coins, against Bitcoin. An 'altcoin season' is declared if 75% of these coins have outperformed Bitcoin over the past 90 days; otherwise, it is considered a 'bitcoin season.' A score closer to 100 is indicative of an altcoin season.

Professional investors, including hedge funds, securities firms, and investment advisors, reduced their spot Bitcoin ETF holdings by 17% in the first quarter, selling approximately 52,000 BTC, Cointelegraph reported, citing an analysis from CoinShares. These investors decreased their total holdings from 313,000 BTC to 261,000 BTC. Among them, hedge funds cut their holdings by 39% and securities firms by 53%. Investment advisors, who held the largest amount, reduced their positions by a more modest 5.9%. In contrast, banks more than doubled their holdings during the same period, adding 7,800 BTC. Bitcoin's price fell by about 22% in the first quarter, at one point dropping below $60,000. CoinShares noted that despite market volatility, regulators have been working to clarify supervisory jurisdiction between the U.S. SEC and the CFTC, and proposals regarding the handling of cryptocurrency in retirement accounts have also been addressed. The firm added that the regulatory foundation for crypto has recently been improving and that BTC adoption among traditional financial institutions is spreading. The market is now focused on the potential passage of the CLARITY Act, which is expected to face a Senate vote as early as August.

Noted Bitcoin critic Peter Schiff, CEO of Euro Pacific Capital, has cited MicroStrategy's unrealized losses on its BTC holdings to question the rationale for the average person to invest in the cryptocurrency. In a post on X, Schiff described MicroStrategy as both the biggest buyer and the biggest loser in Bitcoin, noting that despite accumulating the asset for over five years, the company currently holds an unrealized loss of $12 billion. He questioned why anyone would invest if "even a genius" like MicroStrategy founder Michael Saylor is unable to profit from it. Schiff added that even if Bitcoin's price were to return to $20,000, it would still be too much to pay for a worthless asset, warning investors not to be fooled by the logic that an 84% decline from its peak represents a buying opportunity.

MicroStrategy (MSTR) is facing a triple threat from falling Bitcoin prices, its own stock value, and the price of its preferred stock (STRC), putting the financing structure that has supported its Bitcoin purchases under severe pressure, Bloomberg reported. The company's strategy was founded on the idea of raising funds to buy BTC with no intention of selling. While this model worked smoothly when Bitcoin was rising, it has come under strain over time as the structure grew more complex, the report noted. Bloomberg highlighted that although MicroStrategy's recent sale of BTC was small, it marked the first time the company had broken its core principle of permanent holding since late 2022, fueling market skepticism. The firm is now in a dilemma, struggling to protect all stakeholders from the combined pressures of rising dividend burdens, shareholder value dilution, and a weakening asset accumulation narrative, the report explained. Jeff Dorman, Chief Investment Officer at Arca, predicted that it would be difficult to protect all stakeholders if Bitcoin does not rebound before MicroStrategy's cash reserves are depleted. He suggested that the most drastic option would be to suspend the preferred stock dividend.

The U.S. dollar to South Korean won exchange rate has surpassed 1,545, continuing to set new all-time highs. The rate is currently trading at 1,546.98 won, up 0.91% from yesterday.

A new wallet, starting with the address 0x115, has withdrawn $3.43 million worth of 币安人生 tokens from Binance, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as an intention to hold. The address now holds a total of 11 million 币安人生.

Terry Duffy, CEO of the world's largest futures exchange operator CME Group, has expressed deep concern over perpetual futures contracts recently approved by U.S. regulators, Bloomberg reported. He argued that these products offer little real utility to institutional investors while exposing retail investors to excessive risk. Duffy added that he does not want to see individuals who misunderstand these products face potential bankruptcy, comparing the current speculative frenzy to 2007, just before the financial crisis. The U.S. Commodity Futures Trading Commission (CFTC) had previously approved the first perpetual futures contracts linked to cryptocurrency prices. Exchange operators, including CME and Intercontinental Exchange (ICE), are reportedly pressuring authorities to sanction Hyperliquid (HYPE), a platform that has popularized these products.

HYPE spot ETFs saw a total net inflow of $12.14 million on June 4, according to data from SoSoValue. The day also marked the debut of Grayscale's HYPE Staking ETF (HYPG), bringing the total number of HYPE spot ETFs to three. Bitwise's BHYP recorded a net inflow of $7.45 million, while 21Shares' THYP saw no net flows. The total cumulative net inflow for all HYPE spot ETFs has now reached $151.66 million.

Baek Seon-hee, a lawmaker from South Korea's Rebuilding Korea Party, proposed an amendment to the Act on the Protection of Virtual Asset Users on June 4. The move follows a large-scale Bitcoin mispayment incident at a domestic crypto exchange earlier this year. According to The Herald Business, the proposed amendment would require virtual asset service providers to establish and operate an information processing system that links actual asset balances with internal ledgers in real-time. The bill also mandates a feature to automatically restrict or halt transactions in the event of abnormalities, such as balance discrepancies or unusual large-scale transfers.

An address associated with crypto investment firm Multicoin Capital, starting with 0xD4d5, has transferred 56.11 million ENA to Galaxy Digital and BitGo, Onchain Lens reported. The tokens are worth $5.28 million (8.1 billion won).

The U.S. House Ways and Means Committee plans to unveil seven cryptocurrency tax bills as early as today, Bloomberg reported. The proposed legislation addresses key issues, including the timing of taxation for mining and staking rewards, a capital gains tax exemption for certain stablecoin transactions, and the application of wash sale rules to digital assets to align them with securities. According to the report, Committee Chairman Jason Smith has prioritized establishing a clear tax framework, even amid controversy surrounding the CLARITY Act. The committee led the effort with input from the Treasury Department and others, and discussions are ongoing to secure support ahead of a hearing scheduled for next Tuesday.

Arjun Sethi, co-CEO of crypto exchange Kraken, has agreed to acquire Wyoming-based Summit National Bank for $5.5 million, according to a post on X by Bank Reg Blog. The bank's parent company is currently undergoing bankruptcy proceedings, and the acquisition is subject to approval by a bankruptcy court. Meanwhile, Kraken's parent company, Payward, is preparing for an initial public offering (IPO), having filed an application with the U.S. SEC last November.

Major U.S. banks including JPMorgan, Bank of America, Citigroup, and Wells Fargo are pushing to build a deposit token network for real-time payments, with a target launch in the first half of 2027, The Wall Street Journal reported. The move is a response to the expansion of crypto companies and stablecoins. The new network, which will be operated by the bank-owned payments company The Clearing House, is designed to connect existing payment systems with crypto infrastructure. The report noted that banks favor deposit tokens over stablecoins because they are essentially regulated bank deposits on a blockchain, allowing them to maintain their current regulatory frameworks and credit risk profiles. While banks may issue stablecoins in the future if demand is sufficient, some have questioned their utility beyond cross-border payments.

A whale address starting with 0x293, which had been dormant for three years, has sold 10,000 ETH worth $17.72 million, according to Onchain Lens.

An anonymous, newly created address starting with 0xc0f5C withdrew 170,000 HYPE, worth $10.9 million, from Coinbase seven hours ago, Onchain Lens reported. Withdrawals from exchanges are typically interpreted as a sign of intent to hold.

South Korean virtual asset service providers will be tasked with managing their own anti-money laundering risks for crypto transfers of 10 million won (approx. $7,300) or more with overseas exchanges or personal wallets, instead of being required to uniformly report such transactions to financial authorities. The decision was reportedly made by South Korea's Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, after it met with exchange representatives yesterday to gather industry feedback on proposed amendments to the enforcement decree of the Act on Reporting and Using Specified Financial Transaction Information, according to SBS News.

The Korea Exchange has triggered a sell-side sidecar after the KOSPI index fell by more than 5%.

According to crypto options exchange Deribit, Bitcoin options worth $1.594 billion are set to expire at 8:00 a.m. UTC today, June 5. The put/call ratio is 0.55, and the max pain price—the price at which the largest number of options buyers would lose their premiums—is $71,000. Additionally, Ethereum options valued at $269.8 million will expire at the same time. The put/call ratio for these options is 0.93, with a max pain price of $2,000.

The Fear & Greed Index from cryptocurrency data provider CoinMarketCap has fallen three points from yesterday to 20, keeping the market in a state of fear. The index indicates extreme market fear as it approaches 0 and extreme optimism as it approaches 100. CoinMarketCap's index is calculated based on factors including the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives market data such as put/call ratios, the Stablecoin Supply Ratio (SSR), and the company's own search data.

Bloomberg ETF analyst Eric Balchunas stated that the narrative around Bitcoin needs a reset. He argued for reducing expressions like "baby boomers will buy it" and instead emphasizing that Bitcoin is the best hedge against the devaluation of fiat currency.