Weekly preview | SEC will make a decision on the physical redemption applications of two Bitcoin and Ethereum spot ETFs; YZi Labs launches offline global incubation program EASY Residency

Important news:

• Cetus plans to hold a Space conference on June 2 to share the hacker attack and recovery progress
• Kraken starts paying FTX creditors, international customers’ funds will be distributed on June 2
• YZi Labs will launch the offline global incubation program EASY Residency on June 2
• Ethena (ENA) will unlock approximately 40.63 million tokens at 3:00 pm Beijing time on June 2, accounting for 0.70% of the current circulation and worth approximately US$12.5 million.
• SEC postpones decision on physical redemption applications for WisdomTree and VanEck Bitcoin and Ethereum spot ETFs until June 3
• South Korea’s presidential election will be held on June 3, and 16 million crypto voters may influence key election situations
• The U.S. House Financial Services Committee will hold a second full hearing on June 4 regarding the structure of the crypto market and stablecoin regulation legislation.
• The U.S. SEC Cryptocurrency Working Group will hold a public roundtable on "DeFi and the American Spirit" on June 6
• Fly (formerly Magpie Protocol) will conduct a FLY token TGE on June 6

June 2

Project dynamics:

Cetus plans to hold a Space conference on June 2 to share the hacker attack and recovery progress

Cetus Protocol, a decentralized exchange in the Sui ecosystem that was previously hacked, posted on the X platform that after the on-chain vote was approved, the funds previously isolated on Sui have now been safely transferred to a multi-signature trust wallet managed by Cetus, Sui Foundation and OtterSec, and are now officially entering the next stage of the recovery process. In order to keep the community informed and actively participate, a Space meeting is tentatively scheduled for June 2 to review the hacker attack in detail and share the recovery progress.

OKX Wallet will open EDGEN airdrop claims on June 2

OKX Wallet has opened EDGEN airdrop query and will start to receive it on June 2. Users can connect through the OKX Wallet App or plug-in. It is reported that LayerEdge is a decentralized network that improves the capacity of Bitcoin block space through ZK and BitVM technology, so that each layer can be secure on the Bitcoin network and truly realize Bitcoin Rollups. OKX Wallet is the industry-leading one-stop Web3 portal, which now supports more than 130 popular public chains.

YZi Labs will launch the offline global incubation program EASY Residency on June 2

YZi Labs announced the launch of EASY Residency, a 10-week offline global incubation program, focusing on Web3, AI and healthcare, aiming to remove distractions and provide a focused entrepreneurial environment for the top 1% of founders who have the courage to solve difficult problems. The program will be launched in Silicon Valley, California on June 2, 2025 and end on August 10, when a Demo Day will be held. The 10-20 selected teams will present their product results to well-known venture capital firms in the industry and obtain potential investment opportunities. The mentor lineup includes industry leaders such as Binance co-founder CZ and Ethereum co-founder Vitalik Buterin, who will provide long-term guidance and support to entrepreneurs. Applications are currently open and will close at 23:59 (GMT-7) on May 21.

Token unlocking:

Ethena (ENA) will unlock approximately 40.63 million tokens at 3:00 pm Beijing time on June 2, accounting for 0.70% of the current circulation and worth approximately US$12.5 million.

Staika (STIK) will unlock approximately 1.57 million tokens at 8:00 am Beijing time on June 2, worth approximately $1.4 million

June 3

Policy supervision:

South Korea’s presidential election will be held on June 3, and 16 million crypto voters may influence key election situations

South Korea's presidential election is imminent on June 3. The ruling party and the opposition party agree on traditional investment-related bills. Winning the votes of virtual asset investors will be crucial to winning the presidential election. The number of virtual asset investors in South Korea is estimated to be 16 million, accounting for about 36% of the number of voters (about 44.25 million) in the 22nd general election held on April 10 last year. Candidates from various parties have proposed policies related to virtual assets. The Democratic Party of Korea has pledged to promote the Basic Law on Digital Assets, and the National Power Party has proposed seven major policies, including relaxing institutional investment restrictions and allowing ETF trading. Industry insiders said that due to the strong demand of investors for policy relaxation, the voting orientation of virtual asset investors will have an important impact on the election.

SEC postpones decision on physical redemption applications for WisdomTree and VanEck Bitcoin and Ethereum spot ETFs until June 3

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on physical subscriptions and redemptions for WisdomTree and VanEck’s spot Bitcoin and Ethereum ETFs until June 3, 2025. Physical subscriptions involve the direct exchange of underlying assets, such as Bitcoin and Ethereum, rather than cash. NYSE Arca and Cboe BZX are the exchanges associated with these proposals.

Policy supervision:

The U.S. House Financial Services Committee will hold a second full hearing on June 4 regarding the structure of the crypto market and stablecoin regulation legislation.

The legislative process of the US Congress on crypto market structure and stablecoin regulation has entered the sprint stage. French Hill, chairman of the House Financial Services Committee, announced that the second full hearing will be held on June 4, and the bill will be reviewed on June 10. The August 4 legislative deadline set by President Trump is less than 70 days away, but the industry is skeptical about whether the market structure bill can be passed in time.

At the same time, the SEC crypto working group has held 104 meetings with the industry, continued to promote the exploration of regulatory paths, and communicated with projects such as Ripple on regulatory clarity and the "safe harbor" mechanism. In terms of stablecoin legislation, the GENIUS Act may be sent to the House of Representatives after passing the Senate and then to the President for signature, and is expected to be implemented before the market structure bill. Congress is in recess this week, and some pro-crypto lawmakers and officials will attend the Bitcoin Conference in Las Vegas. The meeting will include Vice President JD Vance, Senators Lummis and Hagerty, Michael Saylor, and members of the Trump family.

Project dynamics:

BlackRock plans to buy about 10% of Circle's IPO, which will be priced on June 4

BlackRock, the world's largest asset manager, plans to buy about 10% of Circle Internet Group's initial public offering (IPO). Circle and its shareholders (including CEO Jeremy Allaire) plan to raise up to $624 million through the IPO, and Ark Invest has expressed interest in subscribing to $150 million of shares. Circle's USDC stablecoin is currently 90% held in reserves by a government money market fund managed by BlackRock, which had a size of $53.5 billion as of May 22. The IPO pricing will be determined on June 4, and the current subscription demand has exceeded the issuance volume by several times.

Token unlocking:

Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8:00 am Beijing time on June 4, accounting for 1.15% of the current circulation and worth approximately US$1.1 million.

Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3:00 am Beijing time on June 4, accounting for 0.42% of the current circulation, with a value of approximately US$1.7 million.

IOTA (IOTA) will unlock about 8.63 million tokens at 8:00 am Beijing time on June 4, accounting for 0.23% of the current circulation and worth about $1.6 million.

June 5

Macroeconomics:

At 2 a.m., the Federal Reserve released the Beige Book on economic conditions.

Project dynamics:

OKX Wallet will stop supporting Runes trading market on June 5

OKX Wallet will stop supporting the Runes trading market on June 5, 2025. After the product is offline, the listing and delisting functions will be closed simultaneously, and all unfinished orders will be cleared. In addition, after the Runes trading market is offline, the wallet still supports Runes asset display and transfer operations, and the trading and transfer functions of other assets in the wallet will not be affected.

Project dynamics:

FBI: AML Bitcoin scam victims must submit materials before June 5

The U.S. Department of Justice and the Federal Bureau of Investigation (FBI) jointly called on victims of cryptocurrency scams related to AML Bitcoin founder Rowland Marcus Andrade to submit reporting forms before June 5, 2025 in order to receive possible compensation. Last week, the FBI San Francisco Branch and the U.S. Attorney's Office for the Northern District of California issued a notice emphasizing the urgency of identifying victims of digital asset fraud such as AML Bitcoin. The FBI urged victims to fill out a short form, saying that it would no longer accept it after the deadline. The FBI also stated that it is obliged to identify victims of federal crimes, and victims may receive compensation and other services, and the submitted information will be strictly confidential. Andrade was convicted of wire fraud and money laundering for falsely representing the characteristics of cryptocurrency, defrauding investors of millions of dollars from 2014 to 2019. The authorities called on the public to share information to identify and support other victims.

Token unlocking:

Taiko (TAIKO) will unlock approximately 81.55 million tokens at 8:00 pm Beijing time on June 5, accounting for 69.37% of the current circulation, with a value of approximately US$46.9 million.

June 6

At 1:30 a.m., Harker, 2026 FOMC voting member and President of the Philadelphia Fed, delivered a speech on the economic outlook.

Policy supervision:

The U.S. SEC Cryptocurrency Working Group will hold a public roundtable on "DeFi and the American Spirit" on June 6

Project dynamics:

Fly (formerly Magpie Protocol) will conduct a FLY token TGE on June 6

The decentralized liquidity aggregation protocol Fly (formerly Magpie Protocol) announced that it will conduct a TGE (token generation event) for the $FLY token on June 6. Users who participate in the Fjord Foundry sale can receive a 150% allocation reward by choosing to receive the locked token xFLY. Earlier news, the liquidity aggregation protocol Magpie Protocol completed a $3 million seed round of financing, led by Jump Crypto and others .

Avalanche launches Codebase Incubator Season 4, applications close on June 6

According to Avalanche's official website, its official Web3 incubator project Codebase has opened applications for the fourth season, with a deadline of June 6. This season focuses on product market landing and is suitable for startup teams that already have prototypes and focus on building native Avalanche applications. Selected candidates will receive investment, mentor guidance and offline training opportunities to help accelerate product growth, and finally participate in the project roadshow on December 9.

June 7

Token unlocking:

Neon (NEON) will unlock approximately 53.91 million tokens at 8:00 am Beijing time on June 7, accounting for 22.51% of the current circulation, with a value of approximately US$6.1 million.

June 8

Project dynamics:

ICO platform Buidlpad will officially launch Sahara AI community distribution on June 8

According to the announcement of Buidlpad, the platform will officially launch the $SAHARA token community subscription and distribution plan of Sahara AI, "the world's first AI native full-stack blockchain platform" on June 8. The total amount of this round of community distribution is 8.5 million US dollars, using the subscription + proportional distribution model. Participants need to complete KYC certification, X account binding and join the official Discord in advance. All accounts will be subject to anti-witch and brushing review mechanisms.

Specific time to be determined

Project dynamics:

Mirage mainnet will be launched next week

According to official news from Mirage Protocol, the project has completed $1.6 million in financing, aiming to build a modular financial protocol based on the Move language. Its core products include the yield-based stablecoin mUSD and a low-cost, high-liquidity perpetual contract platform. Investors include Robot Ventures, Selini Capital, Native Crypto, Echo, Ambush Capital, etc. Angel investors include Mo Shaikh, co-founder of Aptos, and NB, founder of Nightly. The protocol is built on the Aptos and Movement ecosystems, and the mainnet is expected to be launched next week.

dYdX: Surge Season 2 Completed, Rewards to Be Distributed Next Week

dYdX announced on the X platform that the second season of Surge has been completed and the third season has officially started. The rewards for the second season are planned to be distributed to the wallets of eligible users next week. It is reported that dYdX Surge adopts a monthly points ranking mechanism, and the rewards will be distributed according to the points ranking, with a total monthly prize pool of US$2.2 million.

Michael Saylor releases Tracker information again, and may disclose BTC increase information next week

Michael Saylor released Tracker information again, and may disclose BTC holdings information next week. He said: "Orange is my preferred color."