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Jeff Yan, co-founder of Hyperliquid, recently stated in the VALR podcast that one of the biggest challenges currently facing the cryptocurrency and fintech sectors is the failure to attract enough top entrepreneurial talent.Jeff Yan believes that, influenced by factors such as the AI boom and social prestige, many of the best young people are unclear about which fields they should engage in to create the most value, resulting in very few choosing to enter the cryptocurrency industry.He stated that reconstructing the financial system from first principles and transforming academic theories into scalable market designs is a highly meaningful endeavor, and he urged young entrepreneurs not to focus solely on the surface value of things but to concentrate on the real problems facing the world and participate in the development and innovation of on-chain finance.

According to Jinshi, renowned economist Nouriel Roubini warned that inflation remains the biggest risk facing the market. Factors driving inflation include geopolitical tensions, de-globalization, and increased government spending. He stated that if the U.S. Consumer Price Index (CPI) reaches 5% - 6%, the yield on the 10-year U.S. Treasury bond could be "close to" 8%, which would be the highest level since 1994, a significant increase from the current level of about 4.58%.

Bitget's head of Greater China, Xie Jiayin, posted on the X platform stating that the AUM of rToken has reached 115 million USD in 5 weeks since its launch, and pointed out that "many teams overlook the core demands of Wall Street institutions when dealing with RWA: risk control convenience and capital utilization."Xie Jiayin emphasized that the biggest underlying driving force of rToken is the unified account mechanism, which truly realizes "simultaneous operation and unified risk control" of crypto assets and US stock assets. In extreme market conditions, users can use unrealized gains from US stocks to supplement their crypto positions, or use long-term holdings in the crypto space as leverage to unlock more trading opportunities, breaking the asset isolation between traditional crypto exchanges and US stock brokers.

According to The Block, JPMorgan analysts pointed out that Strategy's recent sell-off of Bitcoin and its BTC monetization plan may bring temporary selling pressure, but it is not the main structural risk for Bitcoin. The greater risk lies in blockchain applications (including payments, clearing, RWA, etc.) increasingly shifting towards bank-built or regulatory-friendly permissioned chains and unified ledgers, rather than public chains.If tokenized deposits, SWIFT blockchain projects, central bank digital currencies, etc., are implemented within traditional financial infrastructure, and settlements adopt more private or delayed netting models, the activity, liquidity, and capital flow of public chains and tokens may be weakened, and the demand for stablecoins may also be partially replaced by bank tokenized deposits, thereby suppressing Bitcoin's performance. Analysts stated that a hybrid architecture, favorable regulation for public chain stablecoins, or a strengthened "digital gold" narrative may correct the above judgment.

According to a post by the cryptocurrency venture capital fund Pantera Capital, Hyperliquid's potential addressable market size is approximately $100 trillion in nominal daily trading volume, which includes about $200 billion in 0DTE options and leveraged ETF trading, around $2 trillion in commodity derivatives trading, and approximately $8 trillion in foreign exchange derivatives trading, which is currently almost entirely off-chain.Pantera stated that if Hyperliquid can consistently capture a low single-digit share of the aforementioned comprehensive trading volume, its revenue potential could reach up to five times the current level. It is estimated that if the HIP-3 market is calculated at an annualized nominal trading volume of $36.5 trillion and captures a 1% market share, under the assumption of a 2 basis points comprehensive fee rate and a 50% Hyperliquid economic split, Hyperliquid could generate approximately $3.7 billion in revenue.However, Pantera also pointed out that regulation is the biggest risk facing Hyperliquid. Perpetual contracts are not yet fully open in the United States, and if the U.S. pushes for the legalization of related products and launches regulated platforms in the future, Hyperliquid may face more intense competition, and some U.S. user trading volume may also shift to compliant venues. Pantera also believes that Hyperliquid may eventually launch a regulated version for the U.S. market, similar to other platforms.

According to DefiLlama data, Kalshi's trading volume in June reached nearly $9.4 billion, setting a new historical high, a significant increase from about $5.3 billion in May. Polymarket International's trading volume during the same period also rose from about $3.5 billion to approximately $4.3 billion. The 2026 FIFA World Cup will kick off on June 11, expanding to 48 teams for the first time, and according to CNBC, it has become the biggest driving force behind June's prediction market trading. Trading activity during the knockout stage is particularly active; as of the time of writing, the Round of 16 match between Canada and Morocco generated over $48 million in trading volume on Kalshi, and over $26.8 million on Polymarket.Meanwhile, prediction markets in the United States face ongoing legal and regulatory disputes, with nearly a dozen states taking action against Kalshi and Polymarket. CFTC Chairman Selig has accused the states of illegal enforcement actions against federally regulated exchanges. In Europe, ESMA reminded companies last Friday that many event contracts may be subject to existing binary options restrictions.

Michael Saylor stated that the biggest evolution of Bitcoin in the next decade will come from fewer changes at the protocol layer and a greater role in other areas. He believes that the foundational layer of Bitcoin will become more solid, capital markets will continue to deepen, applications will expand, institutions will enter, and the world will build on Bitcoin. Bitcoin is not a tech stock, a payment company, or a software platform competing to add features, but a monetary network whose purpose is not to act quickly and disrupt things, but to move slowly and remain unbroken.Saylor indicated that Bitcoin has won the first important battle, and the world is increasingly understanding that Bitcoin is digital capital, possessing attributes such as scarcity, durability, portability, divisibility, programmability, and global transferability. The strongest version of Bitcoin is not to "replace all payment rails," but to become a neutral, global, scarce asset around which capital, credit, and commerce are organized. The foundational layer is not optimized for coffee payments, but designed for final settlement, reserve assets, collateral settlement, and ultimate ownership transfer.He believes that the four-year cycle of Bitcoin is still important, but no longer the dominant model. In the next decade, Bitcoin's price movements will be driven less by miner issuance and more by capital flows from ETFs, corporate treasuries, sovereign reserves, bank credit, derivatives, insurance, collateral, and global savings. Halving will tighten supply, while capital flows will determine the growth trajectory. Digital credit will accelerate Bitcoin adoption, connecting Bitcoin capital with the broader financial system.Saylor stated that the main question in the next decade is not whether Bitcoin can survive, but whether economic exposure is still connected to real Bitcoin or if too much "paper Bitcoin" is being formed. Custodial transparency, proof of reserves, risk management, capital structure, and counterparty risk will all become important.He expects that by 2036, Bitcoin will be more widely held, more deeply institutionalized, more politically significant, and become an important collateral asset in the digital credit market; while the foundational protocol itself may change less than everything built around it.

According to Coindesk, former 21Shares co-founder Ophelia Snyder stated that there is a significant communication misalignment between the crypto industry and traditional finance regarding the issue of tokenization.Snyder pointed out that current discussions mostly focus on the settlement speed of blockchain and the ability to transfer assets, but overlook the operational processes from trade execution to final settlement. She believes that tokenization projects are feasible in small-scale tests, but face enormous challenges in supporting the massive flow of funds in the U.S. capital markets.The main difficulties include: how to integrate tokenized assets into existing ledger systems, compliance processes, and regulatory reporting frameworks, as well as how to adjust the risk management framework to accommodate round-the-clock trading. Additionally, many third-party software solutions relied upon by financial institutions have yet to support blockchain-native transactions.She stated that the real challenges will become apparent when institutions incorporate tokenized infrastructure into their core business pathways. The industry is still in the pilot phase, and there is still a long way to go before large-scale implementation.

ZeroTier CEO Andrew Gault stated that the potential threat of quantum computing to the Bitcoin industry may not be limited to the security of wallet private keys; encrypted communication and authentication data between institutions also face long-term risks.

According to The Block, Geoffrey Kendrick, the global head of digital asset research at Standard Chartered Bank, stated that the total scale of on-chain tokenized assets is expected to reach $4 trillion by the end of 2028, with stablecoins and real-world assets (RWA) each accounting for $2 trillion. Standard Chartered believes that DeFi protocols with mature risk control systems and scalability will be the main beneficiaries of this trend, while the advancement of the U.S. Clarity Act may become an important catalyst for accelerating the on-chain transition of traditional finance.Kendrick pointed out that the core advantage of DeFi lies in "composability." In an on-chain environment, the same asset can simultaneously earn yields, serve as collateral, and maintain liquidity, which the traditional financial system cannot achieve with similar efficiency. He stated that this structural advantage means "1+1=3." Standard Chartered cited BlackRock's tokenized U.S. Treasury fund BUIDL as an example, noting that the product not only yields about 4% from U.S. Treasuries but can also be converted into sBUIDL for use in lending protocol collateral and serves as a reserve asset for products like Ethena USDtb and Ondo OUSG.The report also noted that the current scale of off-chain assets is still about 1,000 times that of on-chain assets, and the tokenization of institutional-grade assets may become the core source of growth for the next phase of the industry. Regarding institutional adoption, Standard Chartered mentioned that Aave's asset scale once matched that of the 38th largest bank in the U.S., and the current daily trading volume of on-chain stablecoin lending has reached $1.5 billion to $2 billion.At the same time, the Bitcoin lending product developed in collaboration between Coinbase and Morpho currently has a loan scale of about $1.75 billion, covering approximately 22,000 borrowers, indicating that traditional financial institutions are gradually using DeFi as underlying infrastructure.

According to monitoring by Hyperinsight, ZEC surged again this morning, with the price on Hyperliquid currently reported at $618, a 24-hour increase of 8%. The biggest beneficiary of this round of market activity is on-chain trader Loracle, whose long position has continued to expand with the market, reaching a floating profit of $7.7 million as of the time of writing.It is reported that this position was opened on April 24 with 10x leverage, when the price of ZEC was only around $340. Since then, the position has been continuously rolled over and increased, with the long position gradually pushed up to $20.7 million, at an average price of $387, making it the largest long position on-chain for ZEC, with no profit-taking yet.

According to DL News citing DefiLlama data, cryptocurrency startups raised nearly $5 billion in the first quarter of 2026, a year-on-year decrease of 16%. However, the investment ecosystem continues to evolve, with funding shifting significantly from speculative tokens to practical sectors such as payments and trading infrastructure. Among them, the prediction market sector leads with over $1.7 billion, while payments and trading infrastructure attracted $735 million and $423 million, respectively. Top non-crypto institutions such as Sequoia Capital, Founders Fund, Bain Capital, and Alibaba are also accelerating their entry.The top ten financing projects in Q1 are as follows: • Kalshi: $1 billion, valuation of $22 billion, led by Coatue Management, CFTC-regulated prediction market leader • Polymarket: $600 million, investment from Intercontinental Exchange (ICE), leading decentralized prediction market platform • Rain: $250 million Series C, valuation of nearly $2 billion, led by Iconiq Capital, stablecoin payment infrastructure • BitGo: $213 million, NYSE IPO, valuation of over $2 billion, crypto custody institution • Flying Tulip: $206 million, public token sale, led by DeFi architect Andre Cronje, integrating trading/lending/insurance • Whop: $200 million, Tether.