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Crypto Market Weekly Report: Bitcoin Pullback and U.S. Economic Data
Recently, the crypto market has experienced a significant pullback, with the Bitcoin price dropping from a high of $63,800 at the beginning of the week to around $53,500 by Friday, a decline of over 16%. Nevertheless, the US Bitcoin spot ETF continues to maintain a net inflow, with a total net inflow of $238 million for the week, primarily from a product of a well-known asset management company.
In terms of US economic data, non-farm payrolls increased by 206,000 in June, slightly above the market expectation of 190,000. The unemployment rate rose slightly to 4.1%, higher than the expected and previous value of 4%. This data has again boosted the market's expectations that the Federal Reserve may start cutting interest rates in September, with the current market expecting the probability of a rate cut in September to have risen to 71.8%.
In terms of regulation, a well-known stablecoin issuer has announced that it has received full approval from the Monetary Authority of Singapore to operate under the upcoming

A mini gaming platform is collaborating with the Dogecoin ecosystem to launch Doge-themed mini-games that blend internet culture and interactive entertainment. The partnership aims to create a sustainable gaming ecosystem, promote Doge culture and digital asset ownership, and broaden the user base through multi-platform integration.

The situation in the Middle East has suddenly escalated, causing the crypto market to fall.
Late Thursday night, Israel launched airstrikes against Iran, causing turmoil in global financial markets, with risk assets facing a sell-off, and the price of Bitcoin subsequently falling.
The impact of this event on investors' assets is mainly reflected in three aspects:
First, after the airstrike news broke, Bitcoin fell by 5% in Friday's early trading, dropping to $102,900.
Secondly, the escalating tensions in the Middle East have driven safe-haven funds into the gold market, causing spot gold prices to soar to $3,429.
Finally, the U.S. government stated that it is closely monitoring the developments, while oil and stock futures prices have also declined.
Israel's airstrike targeting Iranian military objectives has heightened tensions in the Middle East, leading to a widespread sell-off of risk assets. Data shows that the world's largest cryptocurrency, Bitcoin, fell from a 24-hour high of $108,500 to $102,900, with a decline exceeding

PayFi, as a new concept in Web3 payment finance, aims to enhance the time value of money and address real-world needs. Despite facing compliance and technical challenges, with the acceleration of Blockchain compliance processes, PayFi is expected to become a key bridge connecting Web2 and Web3, driving the development of the huge potential in the payment market.

Privacy and Identification: Multiple Dilemmas under zk-SNARKs Technology
The application of zk-SNARKs technology in digital identification systems has become mainstream, with various digital identification projects based on zk-SNARKs being developed to provide user-friendly solutions. These solutions allow users to prove their identity without disclosing identity details. Recently, the number of World ID users adopting biometric technology and protecting privacy through zk-SNARKs has surpassed 10 million.
On the surface, the widespread application of zk-SNARKs technology in the digital identification field seems to be a significant victory for the concept of decentralized acceleration (d/acc). It can protect internet services such as social media and voting systems from witch attacks and bot manipulation without sacrificing privacy. However, the reality is not so simple; identity systems based on zk-SNARKs still carry some risks. This article will explore the following points:
- zk-SNARKs packaging has solved many

Bittensor is a decentralized machine learning network designed to reshape AI algorithm platforms through a fair incentive mechanism, addressing the issues of data centralization. It utilizes a unique subnet architecture and intelligence proof mechanism, supporting network participants to exchange AI capabilities, with over 100,000 accounts already established. The future development potential is immense, but it also faces project quality and profit risks.

The application of encryption assets in equity trading: potential risks and legal considerations
Recently, many people have inquired about the possibility of using Bitcoin, Ethereum, or mainstream stablecoins as consideration for equity transactions of domestic companies. This idea has its merits, especially in large transactions, as it can effectively reduce costs and simplify cross-border capital flows. However, this practice also carries multiple legal and commercial risks. This article will analyze the potential legal risks of using encryption assets as consideration for equity transactions based on practical experience, for reference.
1. Contract Validity Risk
In September 2021, a notice jointly issued by multiple national departments clearly stated that virtual currencies do not have the status of legal tender and should not be used as circulating currency in the market. The notice also emphasized that participating in virtual currency investment transactions carries legal risks and may be deemed to violate public order and good morals.
Therefore, if the equity trading contract uses encryption as consideration and is subject to Chinese law.

This article explores how Web3 marketing executives can leverage narrative science to construct effective project narratives, emphasizing market analysis, differentiation strategies, and target user needs. Through layered storytelling and cultural identification, the goal is to achieve "first" or "unique" status in the industry. Successful cases demonstrate how to translate these principles into tangible results.

Web3 projects face risks due to false advertising by bad actors, making it easy for investors to be deceived. To address this, security companies provide risk assessment and fund tracking services, comprehensively analyzing project risks and assisting investors in tracking the flow of funds to enhance asset security. Investors should carefully select projects and, if they encounter stolen funds, promptly contact a professional team for assistance.

Virtual Asset Spot ETF: A New Chapter for Hong Kong's Financial Market
Bitcoin ETF seeks balance amid intertwined market expectations and doubts. The bullish narrative drives BTC to break through previous highs, while long-term investors take profits leading to a price correction, which aligns with the operational logic of commodity markets.
From the perspective of the commodity structure, the key issues and disagreements regarding Bitcoin/Ethereum Spot ETF in the future include:
1. Regulatory and product situation of Bitcoin/Ethereum ETFs in Hong Kong;
2. The anchoring of global Bitcoin/Ethereum ETF trading volume, becoming the only spot delivery opportunity in the world;
3. The game between traditional finance and the virtual asset market, sources of funds and their potential, and the layout of institutions.
Regulatory Attitude: Quick Approval vs Cautious Observation
Different jurisdictions have varying attitudes towards virtual asset ETFs, reflecting the differences in regulatory systems. The European market (including Canada) relies on centralized decision-making, while the US E

The article discusses the motivations and challenges of the integration of Traditional Financial Institutions with Web3, particularly focusing on the application and future trends of asset tokenization (RWA). Despite facing issues such as inadequate infrastructure and compliance, traditional institutions must recognize the importance of RWA, build dedicated teams, and cultivate interdisciplinary talents to promote the efficient circulation of financial assets on-chain and facilitate the development of Web3.

Centralized Exchange faces changes, and research among Chinese-speaking users shows that nearly 80% have increased their investments.
The Centralized Exchange ( CEX ) is undergoing an unprecedented industry shift. On one hand, the industry faces numerous challenges such as the weakening of the token listing effect, frequent security incidents, and an escalating trust crisis; on the other hand, innovative Decentralized Exchanges ( DEX ) are continuously eating away at market share. As the core user group of CEX, the behavioral preferences of Chinese-speaking users will directly impact the evolution of the industry landscape.
A recent survey conducted among Chinese-speaking users collected 715 valid questionnaires, revealing users' current usage status and future expectations regarding Centralized Exchanges.
Demographic Overview of the Surveyed Population
- Nearly 75% of respondents are professionals in the cryptocurrency field.
- Investment Experience: Less than 1 year accounts for 48.7%, 1-3 years accounts for 25.6%, more than 3 years accounts for 25.7%
- Nearly half of the respondents invest less than 10% of their income in cryptocurrencies each month, with 13.3% investing.

Analysis and Prospects of the Token Economic Model of the Friend.Tech Social Platform
Summary
Friend.Tech, as a representative application in the SocialFi field, quickly gained widespread attention after its launch in August 2023. The platform allows opinion leaders (KOL) to tokenize and trade their social influence. This report provides an in-depth analysis of the token economic model of Friend.Tech and finds:
1. The Token price is rising exponentially, bringing considerable profits to KOLs, but at the same time limiting the size of the fanbase. 99.94% of accounts hold Tokens in the range of 0-100, with prices generally below 4 ETH.
2. The rigid pricing mechanism has led to a sharp decline in the trading volume of high-priced tokens. The average daily trading frequency was only 7 times on the first day, and has since remained at 1 time or less. The future prospects for sustained revenue under the current model are unclear.
3. The obvious arbitrage opportunities attracted a large

Weekly Market Highlights Review [6.3 - 6.7]: Pump.Fun issue coin and Analysis of South Korea's New Policies
This week, the cryptocurrency market is generally in a state of fluctuating search for direction, primarily characterized by rebounds and declines. On the positive side, a certain trading platform's ecosystem token experienced a widespread increase due to a liquidity promotion activity, and the phone conversation between Trump and Xi Jinping revealed a direction for peace talks. Additionally, Circle's listing performed well under the stablecoin policy; on the negative side, the focus is mainly on steel tariffs and the Trump-Musk feud on Friday, while interest rate cuts have yet to materialize. This article will focus on Pump.Fun issuing coin, as well as cryptocurrency policies in South Korea and Singapore.
1. Pump.Fun issue coin
On June 4, it was reported that Pump.fun plans to conduct a $1 billion token sale at a valuation of $4 billion, targeting both public and private investors, and may issue the tokens within the next two weeks. This news quickly sparked widespread discussion in the market.

Ripple Launches RLUSD: A Deep Dive into the Reshaping of the Stablecoin Market Landscape and Compliance Transformation
The New York Department of Financial Services (NYDFS) is about to approve the issuance of a new stablecoin RLUSD by the cross-border payment company Ripple Labs. This news has once again made Ripple the focus of global attention, especially ahead of the product's official launch on December 4th. The approval of RLUSD not only allows Ripple to legally provide services in New York but also further expands its influence in the regulated digital financial market, making it an important player in the stablecoin ecosystem. This move signals that Ripple will directly compete with well-known stablecoin issuers in the United States, highlighting its ambitions and strategic layout in the global payment and fintech sectors. The launch of RLUSD can be seen as a key step for Ripple in deepening its global payment network strategy, not only responding to market demand but also...

The competition among meme coin launch platforms in the Solana ecosystem is becoming increasingly fierce. PumpSwap attracts users with its zero migration fees and high liquidity, while LaunchLab responds to challenges through customized issuance and depth liquidity. Both have their own characteristics, providing diverse options for users and project parties, and promoting technological innovation and market development.

At the beginning of 2025, the Crypto Assets market has fallen into a sluggish state.
The fate of Bitcoin seems closely tied to the key price level of $100,000. Earlier this week, Bitcoin broke through the $100,000 mark, and the market once believed this would signal the start of a new upward trend. However, this optimism lasted for only two days. On Tuesday during the U.S. trading session, the price of Bitcoin plummeted significantly, reaching a low of $92,600 during the session, a nearly 10% drop from Monday's high of over $102,000, with the current quote at $94,212.
The decline of Bitcoin has triggered a chain reaction in the entire Crypto Assets market. Ethereum has fallen back to $3300, Solana has dropped below $200, and other altcoins have generally decreased by about 10%. Some tokens favored by institutions, such as Cardano, RNDR, and Aptos, have seen even larger declines. This wave of decline has even affected the US stock market, with the stock prices of several well-known Crypto Assets mining companies.

Trump Launches Smartphone T1: A New Fusion of Politics and Business
On June 16, 2025, Trump announced the launch of the mobile communication brand Trump Mobile and released the first smartphone T1 along with the "The 47 Plan" communication package. Trump emphasized that Trump Mobile would use "Made in America" phones and services, and provide services such as roadside assistance and unlimited texting. The launch of the T1 phone sparked widespread attention and discussion.
This is not Trump's first foray into merchandise sales. Previously, he sold hats, T-shirts, and other products on e-commerce platforms with good sales performance. The launch of a smartphone seems to be a new attempt at his "traffic monetization" business system.
The release of the T1 phone coincides with the 10th anniversary of Trump's first presidential campaign, and its political symbolism is self-evident. This is not just a product launch, but also a "

Algorand aims to lead in the RWA (Real World Asset tokenization) space through technological upgrades and ecosystem building. Measures such as the release of AlgoKit 2.0, upgrading the Consensus Mechanism, and implementing a P2P Gossip network enhance network performance and security. Global hackathon events and the addition of a new Chief Marketing Officer will promote developer collaboration, helping Algorand become the top public chain in RWA and drive large-scale Blockchain applications.