ASXN Daily 04-06-2025
Market Updates
Macro, Regulation and Markets
MoonPay secured New York’s BitLicense on 4 June 2025, allowing it to provide direct crypto on- and off-ramp services in all 50 US states. The firm already holds money-transmitter licences across the country and says nationwide coverage will accelerate its retail payments push. [source]
Exchanges and Listings
Rails, a perps-only hybrid exchange backed by Kraken and Slow Ventures, went live in the United States on 4 June 2025 after raising 14M in seed funding. The venue uses an off-chain matching engine with on-chain settlement and is positioning itself as a compliant alternative to defunct FTX. [source] [source]
Raises
Pumpfun is reportedly launching a 1B token sale at a 4B fully diluted valuation, inviting public and private investors ahead of an expected launch within two weeks. Co-founder Alon had previously denied that the platform would issue a token, and details of the distribution mechanism remain unclear. [source]
Crypto credit protocol 3Jane raised 5M in a Paradigm-led seed round to build unsecured on-chain lending infrastructure for institutional traders. [source]
Bitcoin
Marathon Holdings mined 950 BTC in May 2025, its largest monthly output on record, after winning a record number of blocks. The company held the entire haul, reinforcing its status as the second-largest Bitcoin treasury among listed miners. [source] [source]
Medical-device maker Semler Scientific bought an additional 185 BTC for 20M on 4 June 2025, lifting its holdings to 4,449 BTC worth nearly 500M. The firm adopted Bitcoin as its primary treasury reserve asset in May. [source] [source]
Developments
Donald Trump Jr said on 3 June 2025 that the Trump Organization is not involved with the TRUMP Wallet trading on markets and revealed plans for an official wallet being built with World Liberty Financial. Eric Trump added that he will pursue legal action against projects using the family name without approval, and the @trumpwalletapp account on X has since been suspended. [source] [source]
Berachain, an EVM-compatible L1, detailed its “Bectra” upgrade on 4 June 2025, adopting elements of Ethereum’s forthcoming Pectra release to add account abstraction, smart-contract wallets and native restaking ahead of mainnet launch. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 03 Jun 2025 is +$375.1M.
Breakdown:
IBIT: +$58.0M
FBTC: +$136.8M
BITB: +$14.5M
ARKB: +$139.9M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: +$18.8M
BTCW: $0.0M
GBTC: $0.0M
BTC: +$7.1M
Total net daily flow: +$375.1M
Total cumulative flows to date: $45,117.3M
ETH ETF
ETH ETFs total net daily flow for 03 Jun 2025 is +$109.5M.
Breakdown:
ETHA: +$77.1M
FETH: +$21.0M
ETHW: $0.0M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: +$3.0M
ETHE: $0.0M
ETH: +$8.4M
Total net daily flow: +$109.5M
Total cumulative flows to date: $13,613.6M
Sector Returns
Top Performing Sectors
Ethereum DeFi sector is up +2.40% over the past 24 hours (RPL +14.62%, MKR +7.53%, AAVE +3.37%).
Dino sector is up +1.84% over the past day (XRP +2.09%, BCH -0.59%, BSV +0.04%).
AI sector has risen +1.69% in the past 24 hours (AKT +6.10%, FET +5.15%, AR +2.28%).
Worst Performing Sectors
Hyperliquid Ecosystem sector is down -3.74% over the past 24 hours (PURR -5.52%, HFUN +1.51%, VIRTUAL -1.92%).
Privacy sector is down -3.11% over the past day (XMR -3.55%, ZEC +0.10%).
NFT sector has fallen -2.78% over the past 24 hours (CULT -5.99%, PENGU -4.14%, BLUR +0.99%).
Token Returns
Top Performing Tokens
ARB (L2) is up +27.55% in the past 24 hours.
RPL (Ethereum DeFi) is up +14.62% in the past 24 hours.
UMA (Oracle) is up +7.94% in the past 24 hours.
MKR (Ethereum DeFi) is up +7.53% in the past 24 hours.
AKT (AI) has risen +6.10% in the past 24 hours.
Worst Performing Tokens
FART (Memecoin) is down -9.81% in the past 24 hours.
SEND (Sui DeFi) is down -9.10% in the past 24 hours.
GRIFF (Agent) is down -6.69% in the past 24 hours.
CULT (NFT) is down -5.99% in the past 24 hours.
PUPS (Bitcoin Ecosystem) has fallen -5.87% in the past 24 hours.
Protocol Updates
Dual Governance 101: Explainer
Protocol: Lido
Date: 2025-06-04 13:32:50
Link: https://blog.lido.fi/dual-governance-101-explainer/
Description: Lido posted an explainer on its proposed dual governance model, outlining how stETH holders could veto or delay protocol changes and detailing the planned rollout timeline and safeguards.
SIP-3 Update: Sei Moves Toward EVM-Only Architecture
Protocol: Sei
Date: 2025-06-02 20:00:00
Link: https://blog.sei.io/sip-3-update-sei-moves-toward-evm-only-architecture/
Description: Sei posted an update on SIP-3 confirming strong community support to transition to an EVM-only architecture, phasing out CosmWasm and native Cosmos transactions to streamline developer experience and network performance.
Governance
Updating the OpCo Foundation’s Operational Capability
Protocol: Arbitrum Foundation
Date: 2025-06-03 14:31:15
Link: https://forum.arbitrum.foundation/t/updating-the-opco-foundation-s-operational-capability/29388
Description: karpatkey proposed updates to the OpCo Foundation’s operational capabilities, including revised governance processes and resource allocations.
Fund the Drift Incentive Fund
Protocol: Drift
Date: 2025-06-03 22:04:51
Link: https://driftgov.discourse.group/t/fund-the-drift-incentive-fund/223
Description: namanc proposed allocating additional funds to the Drift Incentive Fund to support user growth and liquidity rewards.
Across UMA Voting Committee – Renewal Proposal - V2
Protocol: Across
Date: 2025-06-04 05:06:22
Link: https://forum.across.to/t/across-uma-voting-committee-renewal-proposal-v2/2066
Description: mlx4 submitted version 2 of the Across UMA Voting Committee renewal proposal, detailing mandate changes and budget requirements.
CIP-Draft: Distributing COW rewards on mainnet for all chains
Protocol: CoW Protocol
Date: 2025-06-03 22:15:11
Link: https://forum.cow.fi/t/cip-draft-distributing-cow-rewards-on-mainnet-for-all-chains/3042
Description: notsoformal drafted a CIP to distribute COW rewards on mainnet across all supported chains, outlining mechanics and implementation steps.
Epoch 4 Update to Inertia VIP
Protocol: Initia
Date: 2025-06-02 08:42:39
Link: https://forum.initia.xyz/t/epoch-4-update-to-inertia-vip/258
Description: Inertia provided an Epoch 4 update to the Inertia VIP programme, covering performance metrics and forthcoming adjustments.
Epoch X [Rollup] VIP Update
Protocol: Initia
Date: 2025-06-04 06:54:55
Link: https://forum.initia.xyz/t/epoch-x-rollup-vip-update/263
Description: 0xjessie shared a VIP update for Epoch X Rollup, summarizing milestone progress and next steps for the initiative.
Disclaimer:
The information and services above are not intended to and shall not be used as investment advice.
You should consult with financial advisors before acting on any of the information and services. ASXN and ASXN staff are not investment advisors, do not represent or advise clients in any matter and are not bound by the professional responsibilities and duties of a financial advisor.
Nothing in the information and service, nor any receipt or use of such information or services, shall be construed or relied on as advertising or soliciting to provide any financial services.