Crypto Morning Brief: Binance to halt services for certain EU customers; Hyperliquid responds to inclusion on MAS’ warning list
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Crypto Morning Brief: Binance to halt services for certain EU customers; Hyperliquid responds to inclusion on MAS’ warning list
Bitmine restaked 160,480 ETH, bringing its total staked amount to 4.88 million ETH.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday’s Market Highlights
Kraken in Talks to Acquire 15% Stake in Aave for $385 Million
According to CoinDesk, cryptocurrency exchange Kraken is negotiating to acquire a 15% stake in decentralized finance (DeFi) lending protocol Aave, valuing the deal at $385 million. Per related documents, Kraken plans to exchange 35,000 ETH for 250,000 AAVE tokens and the corresponding equity stake—an investment of approximately $71 million—and the transaction may seek co-investment partners.
This investment comes during Aave’s rebuilding phase following the April KelpDAO vulnerability incident. Although Aave itself was not directly attacked, it faced an estimated $190–$230 million in bad debt and over $8 billion in fund outflows due to associated risks. Sources indicate that this transaction is one of several initiatives by Kraken’s parent company, Payward, to diversify its portfolio and expand its involvement in DeFi ahead of a potential IPO.
U.S. Government May Lift Restrictions on Anthropic’s Fable 5 Model as Early as Next Week
On June 27, Axios reported—citing informed sources—that the U.S. government is nearing approval to restore access to Anthropic’s Fable 5 model. The model had been suspended for roughly 15 days due to security concerns raised by U.S. authorities.
Sources say restrictions could be lifted as early as next week. Another source added that communications between the U.S. government and Anthropic are expected to continue through this weekend, with the company likely to reopen Fable 5 access shortly.
Earlier, the U.S. Department of Commerce approved Anthropic’s restoration of Mythos 5 access for select trusted users.
According to Semafor, U.S. Commerce Secretary Howard Lutnick wrote to Anthropic stating that the company has collaborated with the U.S. government to address risks associated with both Mythos 5 and Fable 5, and that “significant progress” has been made.
The report notes that Anthropic has also committed to continuing cooperation with the U.S. government on model releases, industry standard-setting, and related governance frameworks.
Aave Founder Responds to Payward Acquisition Report: “AAVE Will Not Be Sold at a 30% Discount”
Per The Block, Aave founder Stani Kulechov responded to reports about Payward’s proposed $385 million acquisition of a 15% stake in Aave, stating: “AAVE will not be sold at a 30% discount.” He clarified that Aave Labs does hold some AAVE tokens and has discussed direct or indirect transactions with multiple parties via long-term collaboration arrangements—but emphasized that the reporting on this matter is inaccurate.
Kulechov further noted that Aave’s current annualized revenue stands at approximately $134 million, with all protocol and Aave-branded product revenues flowing entirely to the Aave DAO and AAVE token holders. The team is also designing “Aavenomics 3.0,” which includes an automated buyback mechanism.
Previous report: Kraken in talks to acquire 15% stake in Aave for $385 million.
Sharplink Resumes ETH Accumulation After 8-Month Pause, Receives 5,000 ETH from FalconX 6 Hours Ago
Chain analyst Ember (@EmberCN) observed that Sharplink—a treasury management firm focused on Ethereum—resumed ETH accumulation today after an eight-month pause, receiving 5,000 ETH from FalconX six hours ago, valued at approximately $7.85 million.
Sharplink currently holds 876,000 ETH, worth roughly $1.37 billion at current prices, with an average acquisition cost of $3,609 per ETH. Its unrealized loss stands at approximately $1.789 billion, representing a 56% drawdown.
Earlier, Bitmine, Sharplink, and Joseph Lubin jointly launched Ethlabs, a non-profit organization supporting Ethereum development, on June 23.
Binance to Halt Services for Certain EU Customers Next Week Due to Lack of MiCA License
According to the Financial Times, Binance will cease serving certain European Union customers next week due to its failure to obtain a license under the EU’s Markets in Crypto-Assets (MiCA) regulation. It has already notified customers in Poland, Italy, Spain, and France to withdraw their funds.
Hyperliquid Responds to Inclusion on MAS Investor Alert List: No Ban or Violation Determination Involved
Per official statement, Hyperliquid confirmed its inclusion on the Monetary Authority of Singapore’s (MAS) Investor Alert List (IAL). Hyperliquid clarified that inclusion on the IAL does not constitute a ban, enforcement action, or determination of misconduct; rather, the list serves to alert investors that certain entities may be mistakenly perceived by the public as licensed, authorized, or regulated by MAS.
Hyperliquid emphasized that it operates as a permissionless infrastructure, has never claimed MAS licensing or authorization, and that its network operations remain unchanged. Users retain full self-custody of assets, and trades continue to settle transparently on-chain. Hyperliquid added that it remains committed to constructive dialogue with global regulators and institutional participants to support the development of clearer, more robust regulatory frameworks for on-chain finance.
Michael Saylor: Strategy Will Remain Bitcoin-Centric and Long-Term Value-Oriented Amid Market Volatility
Michael Saylor stated that market volatility is testing various capital structures, yet Strategy will continue anchoring its approach in Bitcoin, maintaining prudent capital allocation, prioritizing credit quality, and executing toward long-term value creation. He expressed gratitude to investors and reaffirmed the company’s commitment to conducting business transparently and resolutely.
CryptoQuant CEO: From a Traditional Cycle Perspective, Bitcoin May Not Yet Be Near This Cycle’s Bottom
Ki Young Ju, CEO of crypto analytics firm CryptoQuant, stated that it remains uncertain whether Bitcoin has reached the bottom of this cycle. Based on log-scale chart analysis, he noted that, according to traditional cycle patterns, Bitcoin’s current price still appears far from the bottom zone.
He further explained that risk-reward ratios typically improve markedly as price approaches investors’ cost basis—and historically, Bitcoin has touched its realized price in every major cycle. If this fails to occur in the current cycle, it may signal structural differences in market composition relative to prior cycles.
Bitmine Restakes 160,480 ETH, Bringing Total Staked ETH to 4.88 Million
Per Lookonchain monitoring, Bitmine restaked 160,480 ETH—worth approximately $248.7 million at current prices. Bitmine’s cumulative staked ETH now totals 4.88 million, valued at roughly $7.56 billion, representing 86% of its total holdings.
Apple Lobbies Trump Administration to Permit Purchase of CXMT DRAM Chips
According to the Financial Times, Apple is lobbying the Trump administration to approve procurement of DRAM chips produced by Chinese manufacturer CXMT (ChangXin Memory Technologies).
The report states that Apple seeks regulatory clearance to integrate CXMT into its memory chip supply chain. Currently, U.S. export and supply-chain restrictions on China’s semiconductor industry subject such purchases to heightened policy scrutiny.
If ultimately approved, CXMT could further expand its influence across the international consumer electronics supply chain—and become another key case study in the broader U.S.-China technology and semiconductor policy contest.
Today’s Market Overview
Recommended Reading
Research Report Analysis: AI Compute Demand Ignites “Multiplier Effect” for Specialty Gases—Golden Window Opens for Domestic Substitution of Electronic Specialty Gases
https://www.techflowpost.com/article/32242
Guosen Securities released a deep-dive report on electronic specialty gases and bulk electronic gases on June 26. The report states that surging AI compute demand is propelling electronic gases into a phase of multiplicative growth. Due to China’s export controls on high-purity tungsten, Japanese supplies of tungsten hexafluoride (WF6) have been cut off—creating a substitution opportunity for domestic firms. Demand and market share are expanding simultaneously, presenting leading electronic gas enterprises with a historic opportunity for simultaneous volume and price growth.
The Collapse of “Old Man Stocks” Valuation: The Death of a Generation’s Valuation Framework
https://www.techflowpost.com/article/32241
On September 19, 2014, Alibaba listed on the New York Stock Exchange, closing its first trading day at $93.89. That day, Alibaba’s market cap stood at $231 billion—exceeding the combined market caps of Oracle and Intel. On June 25, 2026, Alibaba closed at $95.07. Between those two numbers lies a full twelve years. Meanwhile, Meituan closed at HK$65.45—below its HK$69 IPO price set in June 2018. Pinduoduo hovered near $79, returning to levels last seen in June 2020. Tencent’s P/E ratio compressed to 12x—nearly halved from its ten-year historical average of 25.7x.
As for younger Chinese internet companies: Bilibili plunged from a peak of $156 to $18—a 89% drawdown; Kuaishou fell from HK$417—the high point on its first trading day post-HK IPO—to HK$44, wiping out nearly 90% of its market cap; iQiyi, Zhihu, Douyu, and Huya each suffered drawdowns ranging from 85% to 98%.
An entire generation of Chinese internet assets has undergone collective valuation reset. What framework is the market using to price these companies—or has the framework itself died?
From ZKsync to Chain Launch and Rapid Shutdown: One L2 Founder’s Year
https://www.techflowpost.com/article/32235
Seb, founder of Sophon and formerly ZKsync’s DeFi lead, raised $70 million one year ago and built his own chain using ZK Stack. On June 25, he announced shutting down that chain and migrating to Base—a consumer-facing app platform built on OP Stack.
The SOPH token has fallen 94% from its all-time high, with a market cap below $20 million. Sophon is not alone: Over the past two months, L2 projects including Zero Network, Syndicate Labs, Everclear, and Redstone have shut down in rapid succession—while the top three L2 chains now control roughly 75% of the market share. In the bear market’s L2 elimination race, the competition has shifted from “whose tech is better?” to “whose chain has users?”
Multicoin Capital Sets $319 Target Price for HYPE, Says It Has Aggressively Accumulated
https://www.techflowpost.com/article/32231
Crypto VC Multicoin Capital published a report asserting that HYPE is severely undervalued, setting a baseline 2028 target price of $319—over 400% upside from its current ~$63 level. The firm disclosed that it began “aggressively accumulating” HYPE in February and now holds it as one of its hedge fund’s largest positions. Multicoin’s core thesis: The market currently prices Hyperliquid as a fast-growing perpetual DEX—but it is evolving into an “everything exchange.”
Interview with Market Analyst: ORACLE Forms Epic Head-and-Shoulders Bottom—Current Pullback Represents Final Buying Opportunity
https://www.techflowpost.com/article/32230
Analyst Thomas Hughes argues that although large-cap tech firms and AI infrastructure companies have taken on roughly $750 billion in new debt over the past 18 months, their accumulated backlog of signed orders now totals approximately $2.1 trillion—roughly three times the size of that debt. Thus, what currently alarms markets as “burning cash” is effectively pre-investment to fulfill already-contracted demand. Hughes judges that meaningful revenue recognition will likely only begin appearing in late 2027 or early 2028, when the first wave of AI data centers comes online—meaning volatility will persist over the coming quarters, but the long-term upward trajectory for large-cap tech stocks and core infrastructure companies remains intact.
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