ASXN Daily 03-06-2025
Market Updates
Macro, Regulation and Markets
Circle has increased the size and price range of its forthcoming NYSE initial public offering, signalling strong demand ahead of the stablecoin issuer’s US listing. [source]
Exchanges and Listings
Binance US will add spot trading for Hyperliquid’s HYPE token, with the launch date to be confirmed; Binance Futures listed a HYPEUSDT perpetual contract on 30 May 2025. [source]
Robinhood has closed its $200M cash acquisition of Luxembourg-based exchange Bitstamp, bringing services for more than 5,000 institutional and 50,000 retail clients across Europe, the UK and Asia under its brand; the deal matches terms announced in June 2024 and follows Robinhood’s $179M takeover of Canada’s WonderFi on 13 May 2025. [source]
Binance will list USDT-margined perpetuals for PUFFER and PORT3 with leverage up to 50x; Puffer provides Ethereum restaking and roll-up tooling, while Port3 offers an AI data layer for trading strategies. [source]
Raises
Tether has made an undisclosed strategic investment in Chile-based exchange Orionx to accelerate its expansion across Latin America. [source]
Ethereum
On 2 Jun 2025 the Ethereum Foundation rebadged its “Protocol Research & Development” group as a slimmer “Protocol” unit and laid off an unspecified number of staff, consolidating teams under a single core R&D banner. The reorganized unit will pursue three priorities: scaling the L1 base, expanding blobspace to cut rollup data costs, and improving wallet and general UX. Leaders say the leaner structure and tighter oversight should speed delivery of upgrades, ease L1 congestion, and lower onboarding friction for developers and users. The change is effective immediately, and the Protocol team now stewards post-Pectra roadmap work for the rest of 2025. [source]
Bitcoin
Nasdaq-listed Reitar Logtech said it plans to buy up to $1.5B of Bitcoin for its treasury, becoming the latest public company to adopt the asset as a reserve. [source]
Tether and affiliated exchange Bitfinex transferred 40,000 BTC (about $2.7B) to Swiss asset manager Twenty One Capital as part of treasury reallocation. [source]
Strategy Corp. plans to issue 2.5M “Stride” preferred shares to finance further Bitcoin purchases, continuing its aggressive accumulation strategy. [source]
Norway-based K33 Group executed its first Bitcoin purchase under a new treasury policy adopted on 3 June 2025. [source]
Solana
Education platform Classover, listed on Nasdaq, is seeking to raise up to $500M to build a Solana-denominated treasury for future operations. [source]
Developments
Sonic Labs has opened all seasons of its 200M S token airdrop to US residents, positioning itself among the first projects to structure a nationwide compliant distribution. [source]
Paradigm introduced Orbital, an AMM that extends concentrated-liquidity concepts from two-asset pools to n-asset stablecoin pools of up to roughly 10K tokens by drawing nested spherical “tick” orbits around the $1 price point. The design uses an n-dimensional sphere invariant so trades stay path-independent and LPs can choose bespoke risk/return profiles while still covering de-peg scenarios, and simulations in the paper show higher capital efficiency near $1 than both Uniswap V3 and Curve. The authors note that total stablecoin capitalization has just passed $250B, underlining demand for deeper multi-stable liquidity, and invite feedback and implementation collaboration; no deployment timeline is specified yet. A comparative efficiency chart versus existing AMMs would add value. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 02 Jun 2025 is –$267.5M.
Breakdown:
IBIT: –$130.4M
FBTC: –$50.1M
BITB: +$3.4M
ARKB: –$73.9M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: $0.0M
BTCW: $0.0M
GBTC: –$16.5M
BTC: $0.0M
Total net daily flow: –$267.5M
Total cumulative flows to date: $44,742.2M
ETH ETF
ETH ETFs total net daily flow for 02 Jun 2025 is +$78.2M.
Breakdown:
ETHA: +$48.4M
FETH: +$29.8M
ETHW: $0.0M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: $0.0M
ETH: $0.0M
Total net daily flow: +$78.2M
Total cumulative flows to date: $13,504.1M
Sector Returns
Top Performing Sectors
Hyperliquid Ecosystem sector is up 13.65% over the past 24 hours (PURR 16.04%, HFUN 6.09%).
Ethereum DeFi sector is up 3.66% over the past day (EIGEN 9.58%, MKR 8.50%).
Memecoin sector has risen 3.65% in the past 24 hours (SPX 10.39%, WIF 8.53%).
Worst Performing Sectors
Agent sector is down 4.54% over the past 24 hours (VIRTUAL -4.92%, AIXBT -2.55%).
Sui DeFi sector is down 1.57% over the past day (SEND -7.62%, DEEP -1.28%).
Oracle sector has fallen 0.08% over the past 24 hours (LINK 0.07%, PYTH 0.10%).
Token Returns
Top Performing Tokens
MPL (RWA) is up 17.21% in the past 24 hours.
STX (Bitcoin Ecosystem) is up 16.57% in the past 24 hours.
PURR (Hyperliquid Ecosystem) is up 16.04% in the past 24 hours.
SPX (Memecoin) is up 10.39% in the past 24 hours.
EIGEN (Ethereum DeFi) has risen 9.58% in the past 24 hours.
Worst Performing Tokens
BONK (Memecoin) is down 9.74% in the past 24 hours.
SEND (Sui DeFi) is down 7.62% in the past 24 hours.
PUPS (Bitcoin Ecosystem) is down 7.32% in the past 24 hours.
RAY (Solana DeFi) is down 5.28% in the past 24 hours.
VIRTUAL (Agent) has fallen 4.92% in the past 24 hours.
Protocol Updates
RWAs on Arbitrum
Protocol: Arbitrum
Date: 2025-06-02 15:49:00
Link: https://blog.arbitrum.io/rwas-on-arbitrum-2/
Description: Bessie Liu posted about how real-world assets are being deployed on Arbitrum, highlighting existing integrations and future development opportunities.
Gearbox on BNB: Lending, Leverage and Loans
Protocol: Gearbox
Date: 2025-06-02 16:50:08
Link: https://blog.gearbox.fi/gearbox-on-bnb-lending-leverage-and-loans/
Description: Mugglesect posted about Gearbox’s deployment on BNB Chain, outlining its lending pools, leverage mechanics, and loan features.
Bi-weekly update, 03 June 2025
Protocol: Rocket Pool
Date: 2025-06-02 15:11:12
Link: https://medium.com/rocket-pool/bi-weekly-update-03-june-2025-a24fb2738615
Description: Maverick posted Rocket Pool’s bi-weekly progress report, summarising recent development milestones, community updates, and node-operator statistics.
Governance
[Non Constitutional] Proposal to direct the Arbitrum Foundation to implement an extended version of EIP-7907. And for the DAO to ratify its deployment on Arbitrum One
Protocol: Arbitrum Foundation
Date: 2025-06-02 14:55:00
Description: cp0x proposed directing the Arbitrum Foundation to deploy an extended version of EIP-7907 on Arbitrum One and seek DAO ratification.
Increase caps on Euler Unichain vaults
Protocol: Euler Finance
Date: 2025-06-03 12:22:53
Link: https://forum.euler.finance/t/increase-caps-on-euler-unichain-vaults/1424
Description: Objective proposed raising caps on several Euler Unichain vaults to accommodate higher demand.
Accelerate CRS to meet elastic demand efficiently in Euler DAO markets
Protocol: Euler Finance
Date: 2025-06-02 14:01:42
Description: Gauntlet proposed accelerating the CRS mechanism to better match elastic demand in Euler DAO markets.
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