Markets saw a double dose of stronger-than-expected data tonight, with both ADP and ISM beating forecasts and keeping risk appetite supported. Are you leaning risk-on, looking to short #Gold, or staying on the sidelines?

$VOO has become the first exchange-traded fund to top $1 trillion in assets under management, underscoring the pace of inflows into passive U.S. equity exposure. The milestone comes even as the S&P 500 is up 11% year to date and hovering near record highs. The move adds to evidence that buy-and-hold indexing continues to draw capital through virtually every bout of market turbulence.

BIG: The U.S. Treasury is expected to buy back $12.5 billion of its own debt this week.

Trezor and semiconductor developer Tropic Square have disclosed a hardware vulnerability affecting the TROPIC01 secure element after Ledger Donjon, Ledger's white-hat security team, identified an exploit during a controlled laboratory audit. Trezor said the issue does not endanger Safe 7 wallets or user funds. Ledger Donjon reported in January 2026 that it was able to carry out a laser fault-injection attack against TROPIC01 in lab conditions. Researchers said the technique allowed them to extract certain chip secrets and bypass firmware signature checks. Tropic Square later found an additional exploitation method that could reveal another secret linked to PIN-related functions. Because the weakness is at the hardware level, it cannot be resolved through a standard remote firmware update. Trezor said Safe 7 was designed with three independent security layers, and the vulnerability affects only one of them. The device combines TROPIC01 with OPTIGA Trust M and an STM32U5 microcontroller, separating duties such as PIN verification, device authenticity, and wallet creation. Trezor and Tropic Square said a compromise of TROPIC01 alone does not provide access to PINs, wallets, or funds. "Because the Trezor Safe 7 was built with multiple independent security layers, a vulnerability in TROPIC01 does not put user funds at risk," CEO Matej Žák said. Trezor added that users do not need to take any action. The disclosure offers an unusual level of transparency into cross-vendor security testing in the hardware wallet market. Ledger Donjon has previously audited Trezor devices and published research on physical attack vectors. Tropic Square markets TROPIC01 as an "open and auditable" secure element, aiming to enable broader scrutiny of hardware that is often evaluated under NDA. The episode reinforces that open testing can surface weaknesses before malicious actors do, and that real-world device security depends on the overall architecture rather than any single component. Chip-level vulnerabilities remain a key risk for custody devices. Recent reports have also flagged physical-attack exposure in products using chips such as the ESP32 and various microcontrollers. User guidance remains unchanged: purchase hardware wallets only from official channels, keep firmware updated, store recovery phrases offline and safeguard them carefully, and avoid devices that show signs of physical tampering. Trezor and Tropic Square said they chose public disclosure after reviewing Ledger Donjon's findings, highlighting the role of independent audits and layered security in modern hardware wallets.

Microsoft says it has identified a malware campaign aimed at developers via two compromised npm packages that masqueraded as legitimate tools while quietly stealing sensitive data, including cryptocurrency wallet credentials. Microsoft Threat Intelligence reported that utilsterminal@3.2.1 and loggeractive@3.2.1 delivered a remote access trojan (RAT) capable of capturing keystrokes, screenshots, login credentials, and crypto-related information from infected machines. With npm among the world's largest software registries, the company warned that tainted dependencies can spread broadly when developers install packages without realizing they've been altered. The operation is especially concerning for crypto users and blockchain teams, since developer endpoints often hold browser wallets, API keys, cloud access tokens, and source code tied to digital-asset projects. Access to those resources can enable wallet theft, infrastructure compromise, or interference with automated trading systems. Microsoft added that the attackers used Hugging Face repositories as part of their data-exfiltration workflow, blending outbound traffic into a trusted AI platform to make the activity harder to spot through standard monitoring. The case underscores a wider shift toward software supply-chain attacks, where threat actors compromise widely used development tools and libraries to reach large numbers of downstream targets rather than pursuing victims one by one. Security researchers have previously documented similar efforts across npm, PyPI, and Rust ecosystems, with malicious packages seeking wallet credentials, SSH keys, and cloud credentials. These incidents typically target endpoints and user devices rather than exploiting weaknesses in blockchain protocols or breaking cryptographic protections. Microsoft recommended auditing installed packages, removing suspicious dependencies, rotating any potentially exposed credentials, and monitoring wallets for unauthorized transactions. Security specialists also advise keeping seed phrases offline and verifying third-party software sources before installation.

Bitwise Chief Investment Officer Matt Hougan says today's "brutal" crypto market is no longer the market's "belle of the ball," arguing that digital assets are increasingly being treated as a contrarian trade rather than a momentum play. In a recent memo, Hougan outlined three forces shaping the backdrop. First, he said crypto is struggling to draw fresh enthusiasm as prices stay under pressure and momentum fades. Year to date, Bitcoin is down 24%, while Ethereum has fallen 36%, Solana 40%, and XRP 32%. Exchange-traded funds have also seen outflows, and spot trading volumes have slid to their lowest levels in years. Hougan tied part of the softness to investors' growing focus on artificial-intelligence-related opportunities, spanning AI stocks, robotics companies, and private firms such as SpaceX. He noted the Nasdaq-100 is up 43% year over year. With AI dominating risk appetite, Hougan said crypto is shifting from an excitement-driven momentum trade into a contrarian bet that demands patience, a long-term horizon, and attention to fundamentals. He said that helps explain why investors are placing more emphasis on revenue and favoring projects with clearer fundamentals, citing Hyperliquid as an example. In his view, crypto isn't going away, but it is changing which investors participate and which projects get rewarded. Hougan's second headwind is regulatory uncertainty around the Clarity Act, a proposed U.S. market-structure bill aimed at creating a comprehensive framework for cryptocurrencies. While the legislation recently cleared a hurdle in the Senate, Hougan pointed to prediction market Polymarket, which currently puts the odds of approval before year-end at 55%. He added that Washington insiders he spoke with pegged the chances much lower, in a 5% to 30% range. Hougan said the uncertainty is keeping institutions on the sidelines: they can either deploy capital into fast-rising AI-related assets or allocate to crypto while risking a major regulatory setback. He argued large-cap crypto is unlikely to sustain a rally until the policy overhang is resolved. He also said the resolution matters more than the outcome, because crypto can adapt whether the bill passes or fails, but struggles to thrive while uncertainty persists. Stepping back, Hougan said this drawdown looks different from past crypto bear markets. Instead of rotating into Bitcoin, he sees flows moving into smaller, less established tokens with "credible fundamentals." He highlighted one-month gains of 73% for Hyperliquid, 50% for Zcash, and 44% for Stellar, even as larger assets declined. Hougan said the rotation underscores the market's growing focus on fundamentals and suggested crypto may be "closer to the end of this winter than the beginning," while warning the next few weeks could still be "painful." Not everyone agrees. Analyst Doctor Profit has repeatedly warned the worst may still be ahead, expecting Bitcoin to enter a capitulation phase below $60,000 and ultimately bottom in the $40,000–$50,000 range between September and October 2026. CryptoQuant CEO Ki Young Ju has also cautioned that the current bear market could stretch into early 2027. The post "Crypto Is No Longer the 'Belle of the Ball,' Warns Bitwise's Matt Hougan" appeared first on CryptoPotato.

Venture capital activity in the crypto sector has fallen to its lowest level in five years, reflecting a marked shift in investor behavior. Backers are screening opportunities more rigorously and focusing capital on fewer, higher-conviction deals.

ALERT: U.S. homeowners are withdrawing listings at the fastest pace since 2020, as higher mortgage rates and softer buyer demand pressure the housing market.

Nvidia CEO Jensen Huang on June 2 at Computex called Marvell Technology a potential "next trillion-dollar company," a comment that sent Marvell shares up about 33% in one session—the biggest one-day jump on record. The rally added roughly $56 billion to Marvell's market capitalization, lifting it above $250 billion. The move came as prominent investor Michael Burry cautioned that Nvidia faces concentrated demand and underappreciated financing risks tied to the broader AI buildout. Huang appeared unexpectedly during Marvell CEO Matt Murphy's keynote in Taipei, spending around 10 minutes on stage. He highlighted Marvell's networking and connectivity chips as critical infrastructure for data centers, where AI workloads are distributed across thousands of connected processors that need to move data at high speed. The endorsement followed Nvidia's roughly $2 billion equity investment in Marvell, a deal that links Marvell's custom accelerators and optical networking capabilities to Nvidia's AI factory architecture. Bullish investors argue that after compute and memory, connectivity is emerging as the next bottleneck in AI systems. Marvell supplies switches, optical components, and custom silicon that tie together large clusters, and its data-center segment now accounts for most of its revenue. Valuation remains a sticking point for skeptics, who also point to intense competition from Broadcom in networking silicon. CNBC reported Huang's "next trillion-dollar" remark. A single comment does not change fundamentals, but traders often treat Huang's views as market-moving. Analysts have also remained broadly positive on Nvidia, reflecting continued confidence in the wider AI trade. Burry, known for "The Big Short," has taken a more cautious stance. His firm, Scion Asset Management, bought put options tied to one million Nvidia shares. He has flagged customer concentration as a key risk, noting that Nvidia's top three customers account for 64% of accounts receivable, up from 56% the prior quarter and about 33% in 2020. Burry also characterized much of the current spending cycle as a temporary benchmarking phase he calls a tokenmaxxing bubble. In his view, demand appears durable today but could fade. "The conditions for an aggressive fall are as strong as they have been in the history of the stock," he said. His caution aligns with broader bubble warnings and a recent increase in bearish positioning in chip stocks. One focus is leverage that may be embedded across the system. A Moody's report in February estimated that Microsoft, Amazon, Alphabet, Meta, and Oracle have $662 billion in future data-center lease commitments not yet reflected on their balance sheets—about 113% of the five companies' adjusted debt, according to Moody's. Those obligations translate into cash outlays once leases commence. Additional signals have reinforced the cautious tone. Reports of falling H200 rental prices have raised questions about near-term GPU demand.