According to BlockBeats, RWA trading platform MSX began spot trading of the SpaceX U.S. stock token, SPCX.M, on June 13. Market data shows SPCX.M climbed to an intraday peak of $176.52 and was last changing hands at $166.85, roughly 40% above its PreIPO subscription price of $119.138. MSX said the start of spot trading also marks the completion of share distribution for user subscriptions made during the PreIPO phase. The project's PreIPO valuation was $1.38 trillion, with an early locked-in offer price set at $119.138. SPCX.M is MSX's latest core PreIPO asset following Cerebras (CBRS.M), completing the full cycle of early subscription, listing, and share distribution.

U.S. President Donald Trump again said a "final deal" with Iran is "imminent"—his 38th such declaration, according to the author—triggering another headline-driven risk rally across global markets. U.S. equities finished sharply higher. The Dow Jones Industrial Average rose 1.90%, the S&P 500 gained 1.73%, and the Nasdaq jumped 3.42%. Crypto-linked stocks also outperformed, with Coinbase (COIN) up 4.99% and Robinhood (HOOD) rising 7.40%. Asia opened with a strong bid. South Korea's KOSPI opened up 519.25 points, or 6.69%, at 8,283.2 and briefly triggered a circuit breaker before extending gains to as much as 8%. Japan's Nikkei 225 opened 880.53 points higher, up 1.37% at 65,097.80. In commodities, oil dropped 4.3% while gold rebounded 3.1%. With the U.S.–Israel–Iran conflict entering its fourth month, markets—especially U.S. stocks—are increasingly pricing in a best-case path, including a potential end to the war. Recent sessions have been dominated by "news-driven" upside moves. Trump's comments revive the "TACO" trade Reports late last night and early this morning said Trump first called off a planned strike and bombing operation against Iran. He later posted that negotiations had been submitted to and approved by Iran's highest leadership, and that both the broad framework and detailed terms had been agreed by parties including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt. Iran and Israel later denied the claim, but markets traded as if the announcement was credible. Trump also said an "excellent agreement" had been reached, documents are in final drafting, and the deal could be finalized and signed in the coming days. He added the signing may take place in Europe as soon as this weekend, with Vice President Vance attending. Trump further said that once Iran signs, the Strait of Hormuz will open. Despite repeated delays—Trump acknowledged talks "have taken too long"—investors have, for now, chosen to buy the optimism. U.S. CPI: headline heats up, core cools; rate-hike fears fade Wednesday's U.S. May CPI report showed: - CPI (seasonally adjusted, m/m): 0.5% (consensus 0.50%, prior 0.60%) - Core CPI (seasonally adjusted, m/m): 0.2% (consensus 0.30%, prior 0.40%) - CPI (not seasonally adjusted, y/y): 4.2% (consensus 4.20%, prior 3.80%), the highest since April 2023 - Core CPI (not seasonally adjusted, y/y): 2.9% (consensus 2.90%, prior 2.80%), the highest since September 2025 Analysts said inflation has moved back into the "4%-handle," with war-related price spikes likely behind. The third straight month of a sharp CPI increase points to mounting pressure on households, with more consumers potentially dipping into savings to cover costs. After the release, the market-implied probability of the Federal Reserve holding rates steady in June rose to 96.3%, easing earlier concerns about additional tightening. Trump reacted with a high-profile quip: "I love inflation." With core inflation coming in softer than expected, traders also scaled back expectations for a Fed rate hike later this year. Seema Shah, Chief Global Strategist at Principal Asset Management, said headline inflation remains uncomfortably near 4%, but the softer core reading reduces pressure. She added that energy has been a key driver while housing costs have moderated, and the absence of clear second-round effects gives the Fed room to stay patient. Bank of America analyst Afonso Borges described the post-CPI move led by short-dated Treasuries as "logical," arguing the data lowers the risk of a rate hike later this year. Japan, Korea: dip-buying on leverage; BOJ rate path in focus Attention is also on Japan and South Korea, where equities rebounded after two sessions of declines. Yonhap News Agency reported that after a two-day correction in the KOSPI driven by negative cues from U.S. markets and a sharp drop in semiconductor shares, overdraft balances at major commercial banks rose by more than 600 billion Korean won (about RMB 2.67 billion). Analysts said the increase suggests retail investors used overdraft credit as leveraged dip-buying in anticipation of a rebound. Nikkei reported that the Bank of Japan is expected to raise its short-term policy rate from 0.75% to 1.0% at its June 15–16 meeting, which would mark the highest policy rate since 1995. USD/JPY rose 0.2% on the day to 160.168. BofA analyst Shusuke Yamada said a hawkish BOJ decision next week could support the yen, while noting that markets have already priced in much of the expected hike. Risks ahead: war uncertainty, correction warnings, and a major liquidity test Despite today's rally on Trump-driven headlines, several indicators suggest investors remain only cautiously bullish, with growing warnings about a deeper pullback. Ali Akbar Dareini of the Tehran Strategic Research Center said Trump's announcement of canceled strikes does not represent a meaningful change. From Iran's perspective, the United States would need to take confidence-building steps before talks or nuclear discussions can move forward—and those steps have not been taken. Iran has reiterated it will not compromise under coercion. Barclays: technicals and sentiment look stretched Alex Altmann, Head of Global Equity Strategy at Barclays, issued a rare cautious note, saying a combination of technical overbought conditions, overheated sentiment, and macro pressures has pushed him to a short-term bearish view on U.S. equities. He sees the market partway through a structural correction and flagged a widening gap between retail sentiment and macro reality. Altmann said the S&P 500 could face a 6%–7% correction. The latest American Association of Individual Investors (AAII) sentiment survey showed the share of bearish investors jumping to 47.7% over the past week, close to this year's high of 52% (March 18) and well above the historical average of 31%. Other firms have also turned more cautious. BofA Securities has warned that an increasing number of bearish signals suggest U.S. stocks may be nearing a peak. In a June 5 report, Savita Subramanian's strategy team wrote that roughly 70% of bear-market signals have been triggered, consistent with historical patterns near market tops. The team said 17 of 20 valuation metrics show statistically significant overvaluation, with eight above tech-bubble levels. They also pointed to the sharp outperformance of high P/E stocks versus low-valuation names as a sign of speculative excess, and noted that within tech, the performance spread between the top and bottom quintiles is the widest since February 2000. That view has been publicly challenged by "New Stock God" Serenity, who argued BofA's bearishness should be treated cautiously because spikes in negative news can coincide with institutions seeking liquidity. In Korea, June 10 data showed put open interest on the KOSPI 200 Index rising sharply relative to calls. By the prior close, the protective-put to speculative-call ratio was nearing 2.5-to-1, the highest in five years, a level only briefly seen in past episodes. Separately, Korean retail investors sold more than 1 trillion KRW in overseas stocks in the first week of June, which some interpret as a possible shift back toward domestic equities. SpaceX IPO frenzy and the liquidity question Market attention is also fixed on SpaceX's upcoming U.S. IPO. The latest reports said retail subscriptions have exceeded $100 billion. With SpaceX targeting $75 billion in fundraising and allocating 30% of shares to individual investors, retail demand alone is more than four times the available allocation. Short-seller and investment manager Jim Chanos said investors are buying into narratives rather than realistic profit outlooks, arguing SpaceX's valuation multiples are far above Tesla's (TSLA.O). Institutional demand has also surged. Franklin Templeton and the sovereign wealth funds of Saudi Arabia and Kuwait are among those reported to have joined the order book, with foreign media saying multiple institutions placed orders of around $10 billion or more. Two days ago, total demand was already said to exceed $250 billion, nearly four times the $75 billion target. Based on current momentum, the oversubscription ratio could rise to as much as 10x ahead of the official listing this Friday. Tom Lee, Bitmine board chair known as a "Wall Street Oracle," said investors are selling existing holdings to raise cash for the IPO, intensifying the capital diversion effect and potentially contributing to recent softness in U.S. equities. Christophe Boucher, CIO at ABN Amro Investment Solutions (a Rabobank subsidiary), compared buying into the SpaceX IPO to buying crypto roughly 15 years ago: investors could lose everything, or see outsized gains. Despite liquidity concerns, market sources said S&P Dow Jones Indices believes SpaceX could qualify for fast inclusion in certain indices, which would make it a major new force in U.S. equities. Bottom line Global markets remain hostage to a mix of liquidity conditions, domestic policy signals, and geopolitical swings tied to the Israel–Iran conflict. Near term, traders are also watching for potential headline-driven whipsaws tied to Trump's repeated cycles of intimidation and optimism. Source notes: Mentions of BitPush Twitter/Telegram, subscriptions, original link, and a general disclaimer stating the article reflects the author's views and does not constitute investment advice.

Galaxy Digital research cited by Cointelegraph says Bitcoin's cycle lows may form at higher price levels than in past bear markets as speculative activity cools. The report flags a potential bottoming zone between $62,000 and Bitcoin's actual price of $53,600. Alex Thorn, Galaxy's research director, reviewed major peaks and troughs across Bitcoin's history and said the four-year cycle remains closely aligned with the asset's long-term price pattern. The study also finds peak-to-trough drawdowns have progressively compressed, easing from early declines of 85% and 84% to 77% in 2022 and 51% in 2026.

The U.S. Securities and Exchange Commission has proposed rolling back two longstanding provisions of Regulation NMS that shape how U.S. equity orders are routed and quotations are displayed. The initiative is pitched as a cleanup of legacy market mechanics, though it could also carry indirect implications for tokenized equities. What the SEC is proposing The agency is seeking to rescind Rule 611, known as the Order Protection (Trade-Through) Rule, and Rule 610(e), which restricts locked and crossed quotations. Adopted in 2005, Rule 611 generally limits trading venues from executing trades at prices inferior to protected quotes displayed on other venues. Rule 610(e) governs situations where bids and offers across venues produce locked or crossed markets. The SEC argues that, after two decades of market evolution, the rules have contributed to "unintended complexity." It says removing them would simplify equity market structure, reduce trading complexity, and lower costs. Estimated savings and process The SEC estimates annual cost savings of about $54.2 million to $77 million for exchanges, alternative trading systems (ATSs), broker-dealers, and OTC market makers, citing reduced compliance, monitoring, and order-routing infrastructure costs. The proposal will be published in the Federal Register and will be subject to a 60-day public comment period. It is not final and could be revised or withdrawn depending on feedback. Why digital-asset market structure is paying attention The SEC did not present the proposal as a crypto or tokenization initiative. Still, digital-asset market-structure observers are watching closely because tokenized equities and real-world-asset platforms ultimately must operate within the U.S. securities framework. Onchain trading models, particularly automated market makers (AMMs) that trade against liquidity pools using pricing formulas, typically do not route each order to check the national best bid and offer the way traditional venues do. Under a strict trade-through regime, that mismatch can create compliance tension if a tokenized-stock AMM executes at prices that diverge from protected quotes on other venues. In theory, removing rigid per-trade routing requirements could make it easier to design blockchain-based equity trading systems that fit within regulatory constraints. The SEC's stated motivation, though, is simplification and cost reduction in traditional markets$not building a tokenization framework. Key caveats Repealing these Reg NMS rules would not automatically legalize tokenized stocks or eliminate other regulatory hurdles. Exchanges, broker-dealers, ATSs, custody providers, and tokenized-asset platforms would still need to comply with a range of securities-law obligations. Other exchange-level rules and FINRA requirements may also need updates, and changes to Regulation NMS alone would not remove every barrier. Bottom line The SEC's proposal represents a meaningful rethink of legacy U.S. equity market plumbing. While not a crypto rulemaking and not an endorsement of tokenized equities, it could indirectly reduce certain structural frictions for onchain trading models. The public has 60 days to comment. Source: U.S. Securities and Exchange Commission (SEC Newsroom proposal).

On-chain analyst Ember (@EmberCN) reported that an ETH futures-focused whale completed eight round-trip trades over about two and a half days, holding each position for roughly 1–2 hours before exiting. The account recorded seven profitable trades and one loss, translating to an 87% win rate. With an initial principal of $3 million, the balance rose to $6.67 million, delivering $3.67 million in net profit, up 122%.

Brazil's Chamber of Deputies Committee on Finance and Taxation (CFT) has approved Bill PL 5819/2025, empowering courts to order the freezing of assets held by suspects at cryptocurrency exchanges and banks, according to Livecoins. Approved on June 10 local time, the proposal would also raise prison terms for cyber fraud to six to ten years, up from four to eight years, with sentences increased by one-third when organized crime is involved. The bill also allows preventive detention when there is a risk of flight or when losses exceed 100 minimum wages. Next, the measure heads to the Constitution and Justice Committee (CCJ) and still requires approval in full sessions of both chambers.

Galaxy Research said in a June 13 report that the latest Bitcoin cycle peak did not display the usual speculative excess, suggesting the eventual low may be less severe than in past bear markets. The firm sees a potential bottoming area between $62,000 and the network's realized price of $53,600. Alex Thorn, Galaxy's head of research, reviewed historical cycle tops and bottoms and said Bitcoin's four-year rhythm continues to track long-established timing patterns. He noted that peak-to-trough drawdowns have narrowed over time: the earliest cycles fell 85% and 84%, the 2022 cycle dropped 77%, and the 2026 cycle is down 51%. Thorn argued that the October 2025 peak looked notably different from prior cycle tops. Only two of 11 commonly used top signals were triggered, and the closely watched Pi Cycle Top indicator failed to flash for the first time. Bitcoin's MVRV ratio peaked at 2.29, below the 2.93 to 5.91 range seen at previous cycle highs. The report said several key bottoming signals have not yet appeared. Only four of 13 bottom indicators have triggered so far, and most of the stronger signals remain absent. Historically, cycle lows formed roughly 12 to 13 months after a peak; the current drawdown has lasted about eight months. Using the current realized cost basis of $53,600, Galaxy's base-case estimate places the bottom in a $40,000 to $46,000 range. A deeper 'washout' scenario points to $30,000 to $37,000, while a shallower decline could keep Bitcoin near $51,000 to $54,000. CryptoQuant data shows BTC is trading in valuation zones historically associated with major bear-market lows. Bitcoin was recently near $59,000, about 9% above the $53,600 realized price. On the demand side, CryptoQuant reported that combined speculative futures demand and apparent spot demand fell by 652,000 BTC over the past week, the largest weekly drop since January 2022. The firm's one-year demand indicator has also turned negative, indicating fewer BTC buyers than a year ago.

Ethereum remained under pressure this year as both chart signals and network fundamentals deteriorated. ETH changed hands around $1,665 on Friday, about 50% below its yearly high and near its lowest level since April 2025, keeping downside risks in focus. Chart setup points to further downside ETH has fallen to $1,665, and the decline could extend in the coming weeks or months. On the chart, the token appears to have formed an inverted cup-and-handle formation, a bearish continuation pattern. The upper boundary sits near $2,455 and the lower boundary near $1,800, implying a pattern height of $655. Using the standard projection method, subtracting that height from the cup's lower side yields a target around $1,155. A break below that area would leave room for a move toward the psychological $1,000 level. Other technical factors also lean bearish. ETH is gradually developing a bearish pennant and is currently trading in the triangle portion of the formation. The token has also stayed below the 50-day and 100-day exponential moving averages; bulls would need a move back above those levels to confirm a rebound. Spot ETH ETF outflows persist A key headwind has been continued selling in U.S. spot Ethereum ETFs. Data show spot ETH ETFs saw more than $15 million of net outflows on Thursday, extending a daily streak that began on June 9. The funds have recorded outflows for five consecutive weeks, taking monthly withdrawals to more than $183 million. May was also weak, with more than $540 million of net outflows. Year-to-date outflows have climbed past $1 billion. BlackRock's iShares Ethereum ETF (ETHA) holds more than $4.7 billion in net assets, while Grayscale's ETH and ETHE stand at $1.47 billion and $1.31 billion, respectively. Staking inflows offer a rare bright spot One supportive datapoint is rising staking activity. Over the past 30 days, investors added more than 834,000 ETH worth over $1 billion to staking pools. The increase is likely tied to ongoing staking activity from Tom Lee's BitMine. Fundamentals losing momentum in DeFi, DEX and RWA Beyond price action, Ethereum's fundamentals have cooled versus prior months and years. While its market share remains significant, its role across several crypto segments has been slipping, weighing on fee generation. Total value locked (TVL) has fallen to $37 billion from about $95 billion a few months ago. Lido's TVL is down 25% over the past 30 days. Aave, Spark, EigenCloud, Morpho, Ether.fi and Grove Finance have each dropped more than 20% over the same period. In decentralized exchange activity, Ethereum has been overtaken by Hyperliquid. Hyperliquid processed more than $240 billion in volume over the past 30 days, compared with $37 billion on Ethereum during that timeframe. A similar slowdown is visible in real-world asset (RWA) tokenization. The value of distributed assets on Ethereum declined 7% over the past 30 days to just over $16 billion. The weaker activity is showing up in fees. Network fees totaled $5.59 million so far this month, down from $16 million last month. Monthly fees have trended lower since peaking at $41 million in October last year.

Brazil's Chamber of Deputies Committee on Finance and Taxation (CFT) has approved a bill aimed at curbing cyber fraud, including provisions that would allow authorities to freeze cryptocurrency balances held by individuals under police investigation, ME News reported on June 13 (UTC+8). The proposal would amend relevant sections of the Criminal Code to raise penalties for cybercrime. Offenses carried out via social media or phone calls would face tougher punishment, while convictions for cyberattacks would carry prison terms of 6 to 10 years, up from the current 4 to 8 years. Under the bill, judges would be empowered to freeze suspects' assets held on Bitcoin exchanges and in bank accounts. Preventive measures outlined in the text also include freezing physical assets and restricting access to payment systems. The bill now moves to the Committee on Constitution and Justice (CCJ) for review, with the process expected to conclude in the coming days. (Source: ChainCatcher)