US Stock Market Alt Season The current “altcoin season” in the crypto market presents an awkward contrast when compared to the stock market. Reflecting on the past two and a half years, the wealth creation effect on crypto has been underwhelming. Beyond Bitcoin, very few altcoins have outperformed stocks like NVIDIA, not to mention other high-flyers such as $PLTR, $APP, or crypto-linked equities like $COIN, $MSTR, and $HOOD.

Short-term speculative spikes are meaningless—what. What truly matters is an asset’s ability to recover and sustain value after corrections. Yet, many crypto tokens (and even some of today’s hot crypto-related stocks) surge briefly only to fade permanently.

From an investment perspective, returns alone are insufficient; durability and predictability are equally critical.

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Stablecoins

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JD Coin Chain CEO: JD Worldwide Hong Kong & Macau Station to Support Stablecoin Payments

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Coinbase CEO: Stablecoins are the Viral Flywheel for Crypto User Onboarding

三、Market Highlights

⚠️ Reminder: Meme tokens are very volatile and not backed by fundamentals. Prices are driven by sentiment and may drop to zero. Please stay rational and assess your own risk before investing.

📰Daily Market Insights

1.U.S. Senate Votes to Approve the “GENIUS Stablecoin Act”

2.JPMorgan to Pilot Deposit Token (JPMD) on the Base Network

3.pump.fun and Its Founder’s Official X Account Are Now Unbanned

4.VanEck Solana Spot ETF with Code VSOL Listed on DTCC Official Website

5.Coinbase Seeking SEC Approval to Offer Stock Trading Services on Blockchain

Other Hot Topics

100,000 Users Exit: Those Who Lost Money in Binance Alpha

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After the flash crashes of $ZKJ and $KOGE, activity on Binance Alpha has seen a significant decline. According to Dune data, the number of Alpha trading users plummeted from a peak of 233,000 on June 12 to 195,000 on June 15 — a sharp drop of nearly 40,000 users in just three days. As of today, the number of users actually making trades on the platform has further decreased to 70,000, revealing a cliff-like drop in user enthusiasm and participation. Meanwhile, the marginal cost of point farming has risen substantially, and the cost-effectiveness of the Alpha game is rapidly deteriorating.

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Reviewing the $ZKJ and $KOGE Flash Crashes

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The flash crashes of $ZKJ and $KOGE may have been a long-planned rug pull 🔪.Three key addresses targeted the massive wash-traded volumes and liquidity of these two tokens under the Binance Alpha campaign. Tonight, by applying dual pressure — withdrawing large amounts of liquidity and continuous selling — they triggered the successive collapse of both $ZKJ and $KOGE, leaving no survivors.

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Daily report

2025-6-17 Report

📅 June 11, 2025｜Crypto Research Brief

⛱️ Before We Begin

Cryptocurrencies involve uncertainty and risk. You may lose your entire principal.

This report is for sharing purposes only and does not constitute investment advice. Please make investment decisions rationally.

一、Indicators

📊The Market

Currencies: 17,411

Exchanges: 1,292

Total Market Cap: US$3391 B 3.7%📉

24-Hour Trading Volume: US$117.9 B

BTC 61.7% ETH 9.0%

Gas: 0.3 GWEI

Altcoin Season Index: 18

Fear & Greed Index:48

（Data sourced from CoinGecko）

🧭Stablecoin Metrics

Market Cap of USD-Pegged Stablecoins: $261.6 B

🔥Liquidation Map

二、SEC&ETF&Policy & Macro Analysis

BTC ETF

ETH ETF

🏙️Macroeconomic Overview

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