Crypto Morning Brief: The Federal Reserve held interest rates steady for the fourth consecutive time; S&P Global Ratings assigned SpaceX a “BBB” credit rating.
TechFlow Selected TechFlow Selected
Crypto Morning Brief: The Federal Reserve held interest rates steady for the fourth consecutive time; S&P Global Ratings assigned SpaceX a “BBB” credit rating.
Kalshi’s annualized revenue has surpassed $2 billion, and it has initiated preliminary discussions with investment banks regarding its IPO.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
S&P Assigns SpaceX a “BBB” Credit Rating with Stable Outlook
On June 19, S&P Global Ratings assigned SpaceX (SPCX.O) a BBB credit rating. S&P noted that SpaceX’s launch and connectivity businesses are performing solidly, but this strength is offset by the company’s massive capital requirements and uncertainties surrounding its AI initiatives.
S&P stated: “This rating does not incorporate SpaceX’s long-term plans—including lunar landings, Mars missions, building data centers in space, or constructing a large semiconductor fabrication plant in Texas—because most of these initiatives remain unquantifiable at present and therefore fall outside our rating scope. That said, we note that if these plans advance, they may require long-term financing in the future.” S&P also assigned a stable outlook, projecting that despite SpaceX’s extensive investment plans, its adjusted leverage ratio will remain below 2.0x.
Fed Holds Rates Steady for Fourth Consecutive Time This Year
According to CCTV News, on June 17, the U.S. Federal Reserve announced it would maintain the federal funds rate target range unchanged at 3.5%–3.75%. This marks the fourth consecutive time this year that the Fed has held rates steady—a decision broadly aligned with market expectations.
The Summary of Economic Projections (SEP), released alongside the decision, shows Fed officials raised their median projection for the federal funds rate in 2026 from 3.4% in March to 3.8%, signaling expectations of rate hikes this year. The SEP also revised upward its median forecast for 2025 personal consumption expenditures (PCE) inflation—from 2.7% in March to 3.6%—and its median forecast for core PCE inflation from 2.7% to 3.3%. Meanwhile, the Fed lowered its 2025 U.S. GDP growth forecast from 2.4% to 2.2%.
On June 17, Federal Reserve Chair Kevin Warsh, speaking at his first press conference since assuming leadership of the central bank, emphasized policymakers’ commitment to “achieving price stability.” He acknowledged that inflation has remained significantly above the Fed’s 2% target, adding: “Persistently high prices impose a burden on American households.”
Anthropic Releases Phase Two of Project Fetch: Claude Opus 4.7 Achieves 10x Speedup in Robot Tasks
On June 19, Anthropic unveiled results from Phase Two of “Project Fetch,” evaluating the enhanced capabilities of its latest model in real-world robotic operations. Conducted in August 2025, the experiment tasked non-robotics-expert Anthropic employees with completing a series of complex tasks using off-the-shelf quadruped robots. Performance was compared between two conditions: “assisted by Claude models” versus “human-only reliance on internet resources.” Under fully autonomous operation using the newest model, Claude Opus 4.7, average task completion speed across all successfully executed tasks significantly surpassed that of the human team—by at least 10x.
Anthropic stressed that this advancement stems not from robotics-specific training, but rather from broad improvements in general-purpose large model capabilities. It further observed that AI is transitioning from “assisting humans in using tools” toward an early stage of “directly operating physical tools”—a trajectory analogous to the earlier evolution toward agent-based programming in software engineering.
Kalshi’s Annualized Revenue Surpasses $2 Billion; Early IPO Discussions Underway
According to The Information, on June 19, prediction market platform Kalshi reported annualized revenue exceeding $2 billion and has initiated preliminary, informal discussions with multiple investment banks regarding a potential initial public offering (IPO).
Franklin Templeton Files SEC Application for ETFs Reinvesting Stock Dividends into Bitcoin
On June 19, Franklin Templeton submitted applications to the U.S. Securities and Exchange Commission (SEC) for two new ETFs designed to reinvest stock dividends into Bitcoin: the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF. If approved, the funds are expected to become effective as early as September 1, 2026.
Both ETFs will track VettaFi’s US Large-Cap 500 Bitcoin DRIP Index and related innovation indices, with an initial allocation of 95% U.S. large-cap equities and 5% Bitcoin. During quarterly rebalancing, if Bitcoin’s weight exceeds 5%, it will be reduced to 4.5%; Bitcoin exposure will be capped at 20%. Bitcoin exposure will be achieved via spot Bitcoin ETPs, futures, options, and other instruments.
Musk: China’s AI Reaching “Fable-Level” Utility by Q1 Next Year Would Be Remarkable
On June 19, following Elon Musk’s earlier comment suggesting China’s AI might reach “Fable-level” capability “as early as Q1,” Tong Jie, founder of Zhipu AI, responded, “It won’t take that long.” Musk then clarified: “That may hold true on benchmark tests—but if judged by real-world utility, achieving Fable-level performance even by Q1 next year would be truly impressive.” He added that Anthropic is rightly prioritizing maximization of *useful* intelligence—an attribute not captured by benchmarks but clearly reflected in revenue generation.
Earlier, Musk had stated: “China’s AI may reach Fable-level capability as early as Q1 next year.”
Fidelity Launches Stablecoin Reserve Management Fund
According to CoinDesk, on June 18, Fidelity Investments launched the Fidelity Reserves Digital Fund—a money market fund tailored for stablecoin issuers and institutional investors to manage reserve assets compliant with the GENIUS Act. The Act requires payment stablecoin issuers to hold reserves in cash, short-term U.S. Treasuries, and qualified government money market funds.
The fund will invest exclusively in highly liquid instruments, including U.S. Treasury securities maturing in 93 days or less, cash, and overnight repurchase agreements. With the current stablecoin market valued at approximately $32 billion, industry forecasts cited by State Street project expansion to $1.9–4 trillion by 2030 amid growing institutional adoption. State Street has already launched a similar product, as traditional asset managers accelerate efforts to capture this potentially multi-trillion-dollar market.
CME Plans Lawsuit Against U.S. CFTC Over Perpetual Futures Approval
On June 18, Terrence Duffy, outgoing CEO of CME Group, announced the exchange intends to file suit against the U.S. Commodity Futures Trading Commission (CFTC) on Thursday, challenging the regulator’s approval of Kalshi’s Bitcoin perpetual futures product.
Duffy argued that perpetual futures should be classified as swap contracts under the Dodd-Frank Act framework—not standard futures contracts—forming the legal basis for CME’s anticipated lawsuit. He further asserted that CME holds exclusive licensing rights over relevant benchmark providers, meaning any product referencing those benchmarks—including perpetual contracts—should require CME’s involvement.
Prior to the lawsuit announcement, Kalshi had expanded its approved perpetual futures product to additional cryptocurrencies. The CFTC has not yet issued a formal response.
Hong Kong Exchanges and Clearing (HKEX) and HKMA Launch Pilot Program for Digital Payments in Post-Trading-Hours Derivatives Settlement
On June 18, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) jointly announced a pilot program to explore new digital payment solutions for derivatives trading during post-market hours. The initiative aims to enhance Hong Kong’s capital markets infrastructure and meet rising demand for extended-hours trading. Specifically, HKEX and the HKMA are studying the use of “e-HKD”—a wholesale central bank digital currency (CBDC) operating 24/7—for posting margin in derivatives transactions after banking hours. This would strengthen risk management outside regular banking hours while preserving existing operational workflows.
Tether to Phase Out aUSDT, Focus Future Efforts on Core Products Including XAUT
On June 18, Tether announced—following evaluation of user activity, market demand, and overall corporate strategic priorities—that it will phase out support for the Alloy by Tether platform and its aUSDT stablecoin. Effective immediately, the platform will disable new position openings and new aUSDT minting. Existing users may redeem aUSDT for gold-backed stablecoin XAU₮ within the next three months.
Beginning September 17, 2026, users who have not completed redemption will no longer be able to withdraw XAU₮ via the platform. Tether stated it will redirect resources toward XAU₮ and other core products within its ecosystem.
Market Data
Recommended Reading
STRC Hits All-Time Low: Saylor’s Perpetual Motion Machine Stalls
https://www.techflowpost.com/article/32128
STRC’s plunge to an all-time low signals more than just the failure of Michael Saylor’s high-yield preferred stock financing vehicle—it exposes the fragility of the Bitcoin treasury company model during bear markets. When Bitcoin prices decline, preferred shares trade at steep discounts, and equity issuance channels close, the previously self-reinforcing cycle of funding-driven Bitcoin purchases reverses. Companies may even need to sell Bitcoin to cover dividend payments. What the market truly fears isn’t whether Strategy Inc. collapses—but whether the faith underpinning this “perpetual Bitcoin-buying machine” is beginning to crack.
Reforming the Fed: Warsh Can’t Wait
https://www.techflowpost.com/article/32122
The real significance of Warsh’s first Federal Open Market Committee (FOMC) meeting wasn’t the decision to hold rates steady—it was the official launch of comprehensive reforms to the Fed’s decision-making framework, communication protocols, and inflation modeling. While issuing the shortest-ever policy statement to downplay forward guidance, Warsh delegated core issues—including inflation frameworks, the dot plot, and data architecture—to five dedicated working groups. For markets, the biggest near-term risk is no longer whether the Fed hikes or cuts—but that the Fed itself is rewriting its own rulebook, implying significantly higher policy uncertainty than in recent years.
Intel CEO Lip-Bu Tan’s First Podcast Interview: “5–10 Years, 10x Growth”—Betting on Advanced Packaging, Glass Substrates, and Lab-Grown Diamonds
https://www.techflowpost.com/article/32130
While everyone focuses on AI chips and GPUs, Intel CEO Lip-Bu Tan is betting on another path. In his first in-depth podcast interview since taking the helm, Tan outlined a goal of achieving 10x growth over the next 5–10 years—and pivoted Intel’s strategic focus away from chasing leading-edge process nodes alone, toward advanced packaging, glass substrates, gallium nitride, silicon carbide, and even lab-grown diamonds. He also discussed how Agent AI is reviving CPU demand, Intel’s collaboration with Musk on the Terafab project, and the long-term roadmap for Intel Foundry. At a time when Moore’s Law approaches physical limits, this interview reveals not only Intel’s revival blueprint—but also the next frontier of AI infrastructure competition.
Ethereum Q1 2026 Review: On-Chain Activity Hits Record High, Tokenized Assets Lead Industry
https://www.techflowpost.com/article/32125
The most striking paradox this quarter: Ethereum’s Layer-1 mainnet achieved record-high on-chain usage—while network transaction fees simultaneously declined. Ethereum has proactively pursued network scaling, deliberately sacrificing short-term fee revenue. Its long-term logic is clear: cheaper block space unlocks massive latent demand, ultimately driving sustainable growth in total network revenue.
15%–25% Annualized Yield: BlackRock’s Bitcoin Yield ETF—Opportunity or Illusion?
https://www.techflowpost.com/article/32124
BlackRock is transforming Bitcoin into a “yield-bearing asset.” Its newly launched Bitcoin yield ETF, BITA, generates up to 15%–25% annualized returns by selling covered call options—though investors must forgo some upside potential. As institutions move beyond simply holding Bitcoin to extracting cash flows from it, a critical question emerges: Is this innovative product a gateway for broader traditional capital inflows—or a yield illusion wrapped in financial engineering? In this article, we dissect BITA’s operational mechanics and its potential long-term implications for Bitcoin’s price trajectory.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
