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Messari released the "TON Q1 2026 Report," which shows that despite a 26.4% drop in the price of TON during the quarter, the overall TON ecosystem remains resilient, supported by Telegram's large user base. Among them, revenue from Telegram products settled through Fragment decreased by 20.3% quarter-on-quarter to $88.5 million, while recurring revenues such as Premium subscriptions and advertising only fell by 10.5%, performing better than non-recurring businesses like Stars.Data shows that driven by the demand for on-chain products such as Telegram usernames, numbers, and Gifts, the market share of TON NFTs in the cross-chain market increased by 130.4% quarter-on-quarter, reaching 35.5%. In terms of DeFi, the total value locked (TVL) in USD terms decreased by 34.9% quarter-on-quarter, but in TON terms, it only fell by 11.6%. The average daily transfer amount of USDT dropped by 32.5% to $7.7 million, although the average daily number of transfers remained around 73,600, indicating that peer-to-peer Telegram transfers and Mini App payments are replacing large DeFi transactions.In terms of user activity, the number of daily active addresses on TON decreased by 8.8% quarter-on-quarter to 90,800, indicating no significant new user growth in the first quarter. However, the number of transactions per address increased from 19.2 to 21, reflecting enhanced engagement among existing users.After the end of the first quarter, the "Make TON Great Again (MTONGA)" initiative launched by TON has completed four out of seven measures, including the launch of Catchain 2 for sub-second finality, reducing transaction fees by about six times, and making Telegram the largest validator of TON, with a current staking size of 2.2 million TON. Messari states that the second quarter will be a key observation period to test whether infrastructure upgrades can drive a large-scale conversion of Telegram's broader user base into active users on the TON chain.

After experiencing a significant sell-off last week, an important on-chain metric for Bitcoin—MVRV Z-Score—is approaching the historical bear market bottom region, indicating that market prices are gradually aligning with on-chain realized value, and the worst phase of the decline may be nearing its end. Data shows that the current Bitcoin MVRV Z-Score is 0.24, close to the zero axis, which is historically regarded as the "green accumulation zone." During past bear markets in 2011-2012, 2014, 2018, and 2022, this metric bottomed out near zero or briefly dipped below zero before starting a new upward cycle.The MVRV Z-Score measures the deviation between Bitcoin's current market value and its realized value. When market prices are significantly above the realized value, it indicates that Bitcoin is relatively expensive; conversely, when prices are close to or below the realized value, it suggests that the market has entered an undervalued area. However, analysts believe that the market may not have formed an absolute bottom yet. On-chain data shows that the short-term holder MVRV (STH-MVRV) is currently at 0.84, while the long-term holder MVRV (LTH-MVRV) remains as high as 1.29, and neither has converged like during the bear market bottoms of 2015, 2019, and 2022. This indicates that long-term holders still retain significant unrealized profits, and the market may still need to undergo further adjustments to form a typical bear market bottom.However, after the cryptocurrency market evaporated hundreds of billions in market value last week, several historical signals indicating market recovery have begun to emerge.

The United Nations Development Programme (UNDP) recently announced the establishment of the Blockchain Advisory Group (BAG) during the Proof of Talk 2026 in Paris, focusing on optimizing public systems and governance through blockchain technology. The first meeting was chaired by UNDP Deputy Administrator Xu Haoliang, with the initial in-depth topic being inclusive finance and digital finance, discussing obstacles such as fragmented payment systems, limited digital identities, insufficient interoperability, and institutional readiness, while assessing how blockchain can complement existing digital public infrastructure to enhance financial accessibility, efficiency, and transparency.BAG plans to hold two meetings each year to promote cooperation with the blockchain ecosystem around themes such as digital governance and public trust, legal identity and inclusive societies, digital financial services, climate and traceable accountability, digital labor and the future of work. Current members include 26 institutions such as the Ethereum Foundation, Filecoin Foundation, Stellar Development Foundation, Algorand Foundation, Arbitrum Foundation, Celo Foundation, Web3 Foundation, and Kraken.

According to Whale Alert monitoring, USDC Treasury has minted an additional 250 million USDC on the Solana chain.

Bybit announced the official launch of its on-chain US stock IPO subscription product, Bybit IPO Express, and partnered with xStocks to introduce the first phase of the SpaceX tokenized IPO subscription service.It is reported that this product is open to eligible Bybit VIP and Pro users, allowing users to subscribe to stock assets at the issue price directly in the primary market without the need to open a traditional brokerage account. The tokenized SpaceX shares issued this time are fully backed by xStocks, pegged 1:1 to real equity, and comply with institutional-level regulatory standards.The specific timeline for the SpaceX tokenized subscription is as follows:Registration and subscription period: June 7 to June 11Quota phase: June 11 to June 12Spot trading launch: June 12The official statement indicated that the Bybit platform will continue to expand its on-chain US stock and RWA ecosystem in the future to provide more diversified investment opportunities.

Syscoin posted on platform X to provide the community with a preliminary update regarding the recent cross-chain bridge security incident involving 5 billion SYS tokens. The bridging service has been suspended, and the team is investigating and fixing the validation issues. The attacker exploited a validation vulnerability in the cross-chain bridge process to create unauthorized SYS outputs on the UTXO side.The affected funds have been transferred and split, and the team is tracking and coordinating with exchanges and ecosystem partners to prevent the contaminated UTXOs from being deposited, traded, or further distributed. The team has identified a fix and advises users not to interact with the cross-chain bridge until it is restored.

According to on-chain analyst Yu Jin's monitoring, the Binance Life dealer (Garrett Jin's whale entity) has continued to purchase 4.2 million Binance Life (3.67 million USD) on-chain in the past 24 hours. Currently, it holds 288 million Binance Life on-chain (236 million USD, accounting for 28.8% of the total), of which 61.09 million (42.77 million USD) were purchased in the past week at a price of 0.7 USD.

According to official news, the AI native trading platform WaterX on the Sui blockchain completed its first round of SpaceX (SPCX) Pre-IPO quota sales on May 27 last week, using a first-come, first-served basis, and sold out completely within 50 minutes. This is the first real private placement market company's Pre-IPO quota sale on the Sui blockchain. The first round was quickly filled, showing strong demand for scarce assets in the market. This means that private placement market assets are becoming a new category that this public chain can support within the Sui ecosystem. Subsequent rounds and assets will be announced through WaterX's official channels.WaterX is an AI native trading platform built on Sui, integrating three major engines: perpetual contracts, prediction markets, and tokenized RWA. Recently, WaterX announced its selection for the Sui Foundation Moonshots Program. The WaterX prediction market will also officially launch soon, covering all FIFA World Cup event markets in its first wave. To celebrate the launch, WaterX is simultaneously launching the "2026 World Cup Blind Box" event: users can choose a supported team and invite friends to join, and on the launch day, they can open the World Cup exclusive blind box.

According to monitoring by Whale Alert, USDC Treasury has just minted 250 million USDC on the Solana chain.

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show that there are currently no signs of large-scale capital withdrawal from the crypto market.This SpaceX IPO is valued at approximately $1.8 trillion, allocating up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the traditional IPO's allocation of about 10% to individual investors. After the roadshow began, subscription demand has exceeded the issuance scale.Data shows that the outflow of USDT and USDC remains within the normal range since February this year, with no abnormal redemptions or supply contractions. In contrast, on June 6, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, indicating that more investors are transferring assets to private wallets, showing signs of buying the dip rather than concentrated cashing out.However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX stock still requires waiting for relevant brokers to release subsequent data.Currently, the most significant capital outflows are coming from spot ETFs. Data shows that as of June 3, U.S. spot Bitcoin ETFs have experienced net outflows for 13 consecutive trading days, with total redemptions of approximately $4.4 billion; spot Ethereum ETFs have seen capital outflows for 17 consecutive trading days before returning to slight net inflows.According to the plan, SpaceX will complete pricing on June 11 and will be listed on Nasdaq under the stock code SPCX on June 12.

According to Jinshi reports, U.S. President Trump stated that he would not mind whether Federal Reserve Chairman Waller lowers interest rates.

According to Ember Monitoring, on-chain ETH leveraged whales have begun liquidation. A total of 15,042 ETH has been liquidated to repay 22,150,000 USDT.

According to Whale Alert monitoring, at 23:59 Beijing time on June 5, USDC Treasury minted an additional 250 million USDC on the Solana chain.

According to Globenewswire, Blockchain Digital Infrastructure, a developer and operator of digital infrastructure listed on the US stock market, announced plans to issue 33,333,334 shares of common stock, priced at $1.65 per share, raising approximately $55,000,000 in total.The funds will be used to support the construction of AI hosting and high-performance computing digital infrastructure, capital expenditures, and general corporate purposes to support business growth.

According to the THORChain blog, ZEC has been added to the THORChain launch queue, but due to a recently disclosed vulnerability in Zcash that affects the normal use of integrators, THORChain needs to complete a code modification in the Bifrost module before proceeding.The development team stated that the modification is very minor but must be completed before the launch of ZEC. Currently, Monero (XMR) is expected to launch at the end of this month, with ZEC following afterward.

B.AI announced a partnership with Chainbase to jointly build underlying infrastructure. B.AI promotes a financial infrastructure centered around intelligent agents, while Chainbase constructs the access layer AgentKey (AgentKey.app) for unified access to web, social, and on-chain data. B.AI understands that the biggest bottleneck for AI intelligent agents is not intelligence, but access permissions. The two will work together to open a complete channel for web, social, on-chain data, and financial services, allowing intelligent agents to operate freely in the real world, truly possessing greater access permissions and stronger autonomy, becoming more capable AI intelligent agents.

According to Whale Alert monitoring, at 10:06 Beijing time, USDC Treasury minted an additional 250 million USDC on the Solana chain.

According to TenArmorAlert monitoring, the BY token on the BSC chain was attacked, resulting in a loss of approximately $88,400.

According to The Block, blockchain analytics company Chainalysis has released a latest report indicating that as the gray market peptide industry scales surpasses an annualized $100 million, leading suppliers are accelerating the adoption of Bitcoin and stablecoins as primary settlement tools.In Q1 2026, cryptocurrency inflows into the industry reached $32 million, a month-on-month surge of 159%. Due to traditional banks and credit card payment channels generally imposing bans on prescription-grade compounds and unregulated substances, a large number of Chinese chemical manufacturers are turning to cryptocurrency to complete transactions, with high-value orders particularly favoring stablecoins to avoid price volatility risks.