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According to market news, after the release of significantly better-than-expected non-farm data on Friday, market expectations for the Federal Reserve to raise interest rates within the year surged, causing spot gold to plummet sharply, nearly erasing all gains for the year, and marking a fourth consecutive week of declines. Silver's overall trend mirrored that of gold but with slightly stronger volatility, closing down 9.85% for the week. The U.S. dollar index, buoyed by the better-than-expected non-farm data, rose significantly to just above the 100 mark. Following the non-farm data on Friday, U.S. tech stocks suffered heavy losses. On that day, the Dow Jones Industrial Average closed down 1.35%, the S&P 500 index fell 2.65%, marking the largest single-day decline since October 2025; the Nasdaq dropped 4.18%, the largest single-day decline since April 2025. Goldman Sachs believes that the current market sentiment is clearly more greedy than fearful. Deutsche Bank pointed out that the market is highly sensitive to any negative news involving Iran.Here are the key points the market will focus on in the new week (all times are in Beijing time): Monday 23:00, U.S. May New York Fed 1-year inflation expectations; Tuesday 14:00, Germany April seasonally adjusted industrial production month-on-month, April seasonally adjusted trade balance; Tuesday 18:00, U.S. May NFIB Small Business Confidence Index; Tuesday 20:15, U.S. ADP employment change for the week ending May 23; Wednesday 20:30, U.S. May unadjusted CPI, May seasonally adjusted CPI/core CPI month-on-month; Wednesday 21:45, Bank of Canada announces interest rate decision; Thursday 20:15, European Central Bank announces interest rate decision; Thursday 20:30, U.S. initial jobless claims for the week ending June 6, May PPI year-on-year/month-on-month; Friday 14:00, Germany May CPI month-on-month final value; Friday 14:45, France May CPI month-on-month final value; Friday 22:00, U.S. June 1-year inflation expectations preliminary value, June University of Michigan Consumer Confidence Index preliminary value.In the coming week, the market will face a series of important events, but the most anticipated remains the potential initial public offering (IPO) of SpaceX. According to current arrangements, this transaction may kick off on Friday, and if it proceeds, it is expected to have a significant impact on overall market sentiment, although the specific direction is still difficult to determine. Besides SpaceX, the Apple Worldwide Developers Conference, earnings reports, and TSMC's May sales data may also become important factors influencing market volatility. Next week, U.S. stocks will enter a relatively calm phase of earnings season; although the overall number of reports is not large, heavyweight tech companies Oracle and Adobe will take the stage one after another, becoming the focus of the market.

Core contributors of the Zcash ecosystem, ZODL, announced that they are collaborating with Tachyon, Valar Group, Zcash Foundation, and Shielded Labs to propose a new network upgrade plan and privacy pool called Ironwood.Ironwood will be built on the existing Orchard protocol and will further enhance security through formal verification and additional independent audits.

According to CoinDesk, security engineer Taylor Hornby, who discovered a serious vulnerability in Zcash using the Anthropic Opus 4.8 AI model, stated that Monero (XMR) has been added to the audit queue, and more privacy coin projects will undergo security reviews in the future.Hornby previously discovered a critical vulnerability in the Zcash Orchard privacy pool on May 29, which had gone unnoticed since May 2022 and could theoretically allow attackers to create unlimited undetectable fake ZEC. The development team at Shielded Labs completed an emergency fix before June 1 and subsequently disclosed the details of the vulnerability. As a result of the incident, ZEC dropped by as much as 38% within 24 hours after the news broke, with the market concerned that attackers may have exploited the vulnerability to steal funds from the privacy pool without leaving on-chain traces.Hornby stated that he was commissioned by the nonprofit organization Shielded Labs in April of this year to identify protocol vulnerabilities before attackers could exploit them. Although he had the means to profit from the vulnerability, he chose to report the issue to the development team, stating that "such betrayal is unacceptable." Additionally, Hornby plans to apply for funding from the Zcash community to support subsequent security research efforts.

Regarding BTC briefly dropping below $60,000, Coinbase CEO Brian Armstrong stated on the X platform, "Many people still believe or feel that a drop in Bitcoin means a drop in cryptocurrency. However, derivatives, perpetual contracts, stablecoins, prediction markets, and more are all on the rise.Cryptocurrency involves various fields of finance, and now it covers a broader scope than Bitcoin. It will take some time for people to truly understand this. Of course, Bitcoin will perform excellently in the future and will remain as important as ever; this is just one of the many cycles we are experiencing."

Dragonfly partner Haseeb tweeted to clarify the recently fixed vulnerability in Zcash. He stated that if the vulnerability had been exploited before the fix (although the probability is extremely low), it would manifest as the privacy pool minting false ZEC. Attackers would need to sell quickly, but since the market primarily trades transparent ZEC, they cannot directly sell the unmasked privacy ZEC on mainstream exchanges. Therefore, the losses would mainly be borne by users holding privacy ZEC, with almost no impact on holders of transparent ZEC and price discovery.Haseeb emphasized that the Zcash team will introduce a new turnstile mechanism and a brand new privacy pool in the next upgrade to verify that the privacy pool has not been inflated. He also has high hopes for formal verification technology, believing it is an important path for enhancing software security across the industry in the future, especially crucial for privacy protocols.

The General Office of the State Council has released guiding opinions on strengthening regulation, preventing risks, and promoting the high-quality development of private equity investment funds. The opinions mention adhering to goal-oriented and problem-oriented approaches, addressing issues such as the need to improve the access mechanism for the private equity fund industry, inadequate regulation, incomplete systems, insufficient coordination and cooperation among ministries, central and local governments, the failure to implement the responsibilities of some government investment funds and state-owned enterprise investment fund contributors, and the use of some private equity funds as tools for illegal activities, new forms of corruption, and hidden corruption. A system and long-term mechanism for strengthening regulation and preventing risks will be established to promote the development of the industry in a standardized manner and enhance it during development.Uphold functional positioning, coordinate the overall layout, optimize increments, revitalize existing resources, support the excellent and limit the inferior, improve quality and efficiency, and strictly prohibit private equity funds from engaging in illegal activities such as lending and disguised debt. Adhere to classified regulation, implementing "one policy for one category" regulation based on different dimensions such as contributor entities and product types. Insist on regulating both legal and illegal entities, with strict regulation for legal institutions, resolute prohibition of illegal institutions, and severe crackdowns on illegal activities.Promote the revision of the Securities Investment Fund Law. Push for the issuance of judicial documents related to criminal cases involving private equity funds. Formulate regulations for the supervision of private equity fund managers, information disclosure, fundraising, and mandatory custody rules. Introduce standardized arrangements for private equity fund betting agreements. Fully establish a regulatory system for private equity funds that is primarily based on administrative regulation and supplemented by self-regulation.

According to the official announcement, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority have published a joint consultation summary regarding the amendments to the over-the-counter derivatives trading regulations under the Clearing Rules. In light of the broad market support, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority will proceed with the legislative process to introduce the proposed amendments to the Clearing Rules, with plans to implement the relevant amendments starting from March 1, 2027 (the proposed start date for the new calculation period).

On May 29, 2026, Taylor Hornby discovered a critical forgery vulnerability in the Zcash Orchard funding pool. Taylor Hornby reported the vulnerability to the Zcash Open Development Lab, and all parties collaborated to complete the fix on June 2. This vulnerability could be exploited to secretly create an unlimited number of forged ZEC within Zcash Orchard. Due to the privacy features of Orchard, it is impossible to cryptographically prove whether the vulnerability was exploited before the fix was deployed. The vulnerability had existed since the activation of Orchard in May 2022, until an emergency fix was deployed on June 1, 2026.With the assistance of AI tools, Taylor Hornby wrote a complete exploit and generated unlimited and undetectable forged ZEC in a local testing environment. Currently, Shielded Labs is collaborating with other Zcash developers to explore network upgrade proposals that would allow anyone to verify the integrity of Zcash's supply.

The cryptocurrency market experienced a new round of selling and liquidation on Thursday, with Bitcoin briefly dropping to $61,300 before rebounding to $64,680, currently reporting around $62,500. Over the past two days, the total market leverage liquidation scale was about $3 billion. Data shows that in the past 24 hours, futures trading volume rose to $305 billion, but open interest fell by 8.5% to $111.4 billion, indicating that the market is primarily deleveraging rather than adding new positions.Bitcoin's open interest fell from yesterday's historical high of over 800,000 BTC to 766,000 BTC. Investors seem to be leaving the cryptocurrency market and turning towards AI narratives in traditional markets. The derivatives market has clearly shifted to a bearish stance. The skew of BTC and ETH put options has strengthened, showing that investors are willing to pay higher premiums for downside protection. The nominal open interest of BTC put options with a strike price of $60,000 on Deribit exceeds $1 billion, while the most actively traded options contracts in the past 24 hours were the $55,000 put options.Altcoins have seen deeper declines, with NEAR, ZEC, JUP, DASH, ENA, and FET all dropping over 10%, and HYPE falling 12% after reaching a new high this week. The subsequent performance of altcoins largely depends on whether Bitcoin can hold above $60,000; if it falls below this level, it may trigger more liquidations and put greater pressure on trading pairs with weaker liquidity.

Aleo released the privacy stablecoin white paper "Stablecoin Privacy," stating that the privacy layer is the key infrastructure missing for blockchain payment rails to be adopted by mainstream institutions. Aleo indicated that as the GENIUS Act provides opportunities for the widespread adoption of stablecoins, the issue of permanently public transaction information on public blockchains may still hinder institutions from using stablecoins in scenarios such as payroll, fund management, and vendor payments.Aleo claims that existing solutions do not adequately meet the needs of institutions in terms of privacy protection and risk management. The white paper proposes a permissionless private stablecoin architecture based on Aleo, which introduces programmable risk mitigation mechanisms while protecting transaction privacy through zero-knowledge technology and programmable smart contracts, allowing institutions to conduct private transactions without sacrificing compliance and risk control.It is reported that the team members behind this white paper have long been dedicated to research at the intersection of cryptography, policy, and financial systems. Aleo's Global Policy Director Yaya J. Fanusie, member of the Crypto Innovation Council and former Global Financial Crimes Compliance Officer at Coinbase Valerie-Leila Jaber, and cryptographer and Johns Hopkins University Computer Science Professor Matthew Green possess rare practical experience in private payments, financial regulation, and zero-knowledge cryptography.

According to official news, the Gate stock derivatives section will be launched on June 4 at 14:00 (UTC+8) with the first offerings of NOW (Now), CRM (Salesforce), ONDS (Ondas), LUNR (Intuitive Machines), RDW (Redwire), URNM (Sprott Uranium Miners ETF), XLE (S&P Energy Sector ETF), and ADBE (Adobe) perpetual contract trading (settled in USDT), supporting 1-20 times leverage.

According to The Block, Securitize announced the launch of Hamilton Lane's Senior Credit Opportunities Fund (HLSCOPE) on the TRON blockchain through its compliant tokenization structure, becoming the first Securitize asset issued on TRON. HLSCOPE provides qualified investors with on-chain exposure to Hamilton Lane's opportunity senior credit perpetual fund, relying on TRON's over 383 million accounts, approximately 90 billion dollars in circulating stablecoins, and high-frequency settlement network.

According to market data, SK Hynix, which had been driven higher by AI concepts, saw a sharp decline in early trading today, with a drop of over 10% within 3 hours.Against the backdrop of intensified market bullish and bearish battles, Bitget has launched stock derivatives for three Korean stocks: SAMSUNG (Samsung Electronics), SKHYNIX (SK Hynix), and HYUNDAI (Hyundai Motor), covering popular sectors such as semiconductor storage, consumer electronics, and autonomous driving.The aforementioned contracts are all settled in USDT, supporting up to 20 times leverage, helping investors flexibly seize opportunities. For more details, please refer to the official Bitget platform.

Solana's official announcement "Building Fully On-Chain Perpetual Contracts on Solana" aims to vigorously promote the ecological construction of fully on-chain perpetual contracts (Perps) in the future, with the goal of making Solana the world's strongest on-chain financial derivatives infrastructure. Currently, the trading volume of crypto derivatives is mainly concentrated on centralized trading platforms or hybrid models that rely on off-chain matching engines, which Solana believes is a transitional phase. It hopes to make a truly fully on-chain derivatives market a reality through the characteristics of high-performance blockchain—where all processes such as order submission, price updates, matching, and clearing are completed on-chain, while maintaining institutional-level speed and low costs.The Solana Foundation will provide funding, technical support, and resource allocation, focusing on supporting projects that meet the following criteria: fully on-chain execution, price discovery based on real bilateral liquidity (rather than purely pool pricing), Solana priority with revenue flowing back on-chain, teams with derivatives experience, and core code being open source. It also welcomes the co-construction of surrounding infrastructure such as front ends, aggregators, vaults, and market-making tools.

According to official news, the Gate stock derivatives section will launch on June 2 at 14:00 (UTC+8) with perpetual contract trading for SKHYNIX, SAMSUNG, and HYUNDAI (settled in USDT), supporting 1-20 times leverage.

According to BBX data, yesterday global giant listed companies experienced a historic turning point in the operation of digital asset treasury and compliance derivatives infrastructure, with the following core dynamics:Strategy's historic first sale of Bitcoin: Strategy Inc. (NASDAQ: $MSTR) officially disclosed that from May 26 to May 31, the company sold 32 BTC, with net proceeds of approximately $2.5 million (average net $77,135), to pay its preferred stock dividends. This marks the company's first sale of its held Bitcoin since establishing its Bitcoin treasury strategy in August 2020. After this adjustment, its remaining holdings are 843,706 BTC, with a total cost of $6.387 billion, average $75,699.CME officially announces the launch of 24/7 crypto futures and options: CME Group Inc. (NASDAQ: $CME) officially announced today (June 1) that its crypto futures and options officially launched 24/7 trading starting May 29. In the first weekend, over 7,200 contracts were recorded across the network, with a nominal value of $50 million, and Bitcoin volatility futures (BVI) launched simultaneously. Data reveals that the nominal trading volume of its crypto derivatives reached $30 trillion for the entire year of 2025, while the average daily trading volume from 2026 to date has surged by 46% year-on-year.Capital B continues to buy spot: French-listed company Capital B confirmed yesterday that its treasury has recently increased its holdings by 4 more Bitcoins, steadily raising its total holdings to 3,139 BTC.

According to official news, the Gate stock derivatives section will launch on June 1 at 14:00 (UTC+8) with the perpetual contract trading (settled in USDT) for NVO (Novo Nordisk), NOK (Nokia), ASTS (AST SpaceMobile), AAOI (Applied Optoelectronics), INFQ (Infleqtion), and CRWD (CrowdStrike), supporting 1-20 times leverage.

According to BBX data, the global competition between crypto compliance infrastructure and traditional financial capital entered a heated stage yesterday, with brokerage giants and old money on Wall Street clashing over the advancement of legislation. The core dynamics are as follows:Coinbase receives CFTC 16-page no-action letter authorization: Coinbase Global, Inc. (NASDAQ: $COIN) officially announced that the Commodity Futures Trading Commission (CFTC) has issued a 16-page "no-action letter" to its subsidiary CFM. This authorizes CFM to officially offer perpetual contracts and options for "digital commodities" such as BTC, ETH, SOL, and DOGE to U.S. institutional clients through the foreign exchange Deribit FZE, which it previously acquired for $2.9 billion. The letter also allows clients to directly transfer digital assets and stablecoins to Deribit FZE as collateral.Dimon publicly declares war on the CLARITY Act: Jamie Dimon, CEO of JPMorgan Chase & Co. (NYSE: $JPM), publicly expressed strong opposition to the CLARITY Act currently advancing in the Senate during a Fox Business program. Dimon warned that the act allows crypto companies to pay users "yield rewards" in stablecoins, effectively bypassing the capital and compliance standards of traditional banking. He formed a coalition with the American Bankers Association, publicly committing to "fight to the end" against this legislation.

According to CoinDesk, digital asset management company Grayscale pointed out in its latest report that the decentralized trading platform Hyperliquid is rapidly evolving from a cryptocurrency perpetual contract exchange into a blockchain financial infrastructure platform, and may even challenge traditional derivatives trading and exchange systems in the future, growing into a "financial services giant."The report shows that Hyperliquid is expected to achieve approximately $800 million in revenue by 2025, with an annual perpetual contract trading volume of about $2.9 trillion and an open interest size of around $7 billion, occupying a significant share of the cryptocurrency derivatives market. Grayscale believes that the platform is no longer limited to cryptocurrency trading but is expanding into tokenized stocks, commodities, and prediction markets through the HIP-3 and HIP-4 systems, gradually building an all-weather on-chain trading infrastructure.FalconX also pointed out in another report that Hyperliquid is competing with traditional derivatives exchanges such as CME Group and prediction market platforms like Kalshi and Polymarket, making progress in new markets such as Pre-IPO. The report also emphasizes that regulation remains a key variable. Although Hyperliquid currently restricts access for U.S. users, as the regulatory framework becomes clearer and institutions like Coinbase, Robinhood, and Kraken explore perpetual contract products, this sector may welcome broader growth opportunities in the future.