Preface:
Bitcoin and Ethereum have respectively decreased by 2.41% and 1.49% in the last 24 hours, with the ETH/BTC rate remaining at 0.05. The crypto market fear & greed index stands at 75, indicating greed.

Recent Spotlight

The recent top performer is Notcoin. It has surged by 42.1% in the last 24 hours and 300% over the past week, reaching a market capitalization of $1.81 billion. Notcoin is a click-to-earn game based on the TON blockchain, attracting users with its simple gameplay mechanics and promises of actual cryptocurrency rewards. In the game, players periodically click a token icon and capture rockets to accelerate upgrades. It also features team collaboration, point leagues, energy management, and referral rewards. Additionally, Notcoin offers an earn system where players can gain Notcoin by completing ad tasks. Players can use various boosts to speed up token collection, such as full energy boosts and multi-click boosts. Since its launch on January 1, 2024, it has gained immense popularity, with over 30 million participants and an average of 5 million daily active users, making it the fifth-ranked channel on Telegram by data.

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The Word on the Street

On June 3, the US stock market experienced a sudden shock, with several stocks exhibiting unusual price movements and nearly 100% drops. Berkshire Hathaway Class A shares dropped 99.97% to $185.10; Barrick Gold fell 98.54% to $0.25; Newscorp Power fell 98.51% to $0.13. The New York Stock Exchange reported investigating a technical issue that caused the circuit breaker mechanism to fail to function correctly, affecting the normal display of stock prices.

Spot Bitcoin ETF Flows

Yesterday saw significant inflows into FBIT and ARKB funds. The US BTC spot ETF market had a net inflow of $2.0955 billion in May. The recent rebound in BTC prices is mainly due to weaker-than-expected US manufacturing data, which reignited debates over whether the Federal Reserve will cut rates in September. Rate cut expectations have risen from 49% a week ago to 59%. Despite BTC struggling to break through $72,000, a Bitfinex analyst stated, “After Bitcoin reached an all-time high of $73,666 in March, long-term holders (LTH) sold off significant amounts of BTC, increasing supply and leading to a period of price adjustment and consolidation. It now appears that this adjustment phase is coming to an end.” Over the past month, Bitcoin exchange reserves have been declining while new addresses have been increasing, which is seen as a positive trend as it reduces available supply.

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Project Upgrade

Uniswap has partnered with Across Protocol to introduce a new standard, ERC-7683, aimed at improving cross-chain transactions by reducing liquidity fragmentation. This standard proposes a “universal network” to facilitate cross-chain swaps, providing a more unified framework that can lower gas fees and simplify the process for liquidity providers facilitating transactions. The plan addresses the increasing challenge of liquidity fragmentation across Layer 1 and Layer 2 networks. While cross-chain products are expected to eliminate complexity, relay fragmentation can lead to unreliable and unpredictable user experiences in terms of cost and time. The proposed ERC-7683 standard aims to improve user experience by increasing the consistency of outcomes.