Author: 行政

All 32 of America’s largest banks made it through the Federal Reserve’s annual stress test on June 24. This year’s scenario was unusually brutal: the Fed asked them to imagine unemployment climbing to 10%, commercial real estate prices falling 39%, home prices dropping 30%, and roughly $708 billion in losses landing across the group all at once, and even with all of that piled on, the banks came out the other side still holding enough capital to keep lending and keep paying their shareholders.Here’s where it gets a little strange, though. For all the attention this exercise tends to draw,…

GnosisDAO’s GIP-151 passed with 215% of the required quorum, 49 votes representing a voting weight roughly 2.15 times the 75,000 GNO minimum threshold.The proposal authorized a one-time pro rata treasury redemption, allowing GNO holders to surrender tokens in exchange for a proportional share of liquid treasury assets. A passed governance vote on a treasury of this size redefines what governance tokens can be used for.Until now, a governance token’s value rested on a stack of soft arguments, such as control over protocol direction, fee switches that might get activated, and treasury grants that might boost network growth.When a DAO can…

The Bank of England has dropped the piece of its stablecoin plan that the industry hated most, the proposed £20,000 limit on how much sterling stablecoin any one person could hold, along with the £10 million ceiling for businesses. In their place, the central bank’s June 22 policy statement set a single £40 billion cap on how much of each systemic sterling stablecoin can exist in the UK, and loosened the reserve rules so issuers can finally earn a decent yield on the money backing their coins.Households and companies can now hold as much of a regulated pound stablecoin as…

The European Union’s Markets in Crypto-Assets (MiCA) has triggered a fight among licensed crypto exchanges to capture users and deposits from platforms that may no longer be allowed to serve the bloc.The new regulation, which is set to take full effect on July 1, hardens the line between firms with bloc-wide authorization and those still operating under legacy national regimes.Exchanges without approval face restrictions on serving customers, forcing users to decide whether to move assets to licensed platforms, withdraw to self-custody, or wait for wind-down instructions.As a result, several licensed crypto trading platforms are scrambling to turn that uncertainty into growth…

Over the past six weeks, investors have pulled roughly $5.94 billion from US spot Bitcoin ETFs, marking the longest unbroken run of weekly outflows since these funds first opened for business in 2024. Galaxy Research puts the worst 30-day stretch at $6.35 billion through June 20.Bitcoin has been sliding right alongside those redemptions, and after a hot inflation print on Thursday, it dropped to a 21-month low near $58,000 before steadying around $59,000, which leaves it roughly 53% below the $126,080 record it set last October.Despite the enormous outflows, the thing to pay attention to isn’t the selling itself, but…

Four long-dormant Ethereum wallets have turned ETH’s latest drawdown into a cleaner test of buyer conviction.The wallets received 37,602 ETH about eight years ago and have remained quiet amid much larger unrealized gains. They have now moved 33,623 ETH, worth roughly $52.5 million, according to Lookonchain, at an average price of around $1,560. ETH was trading near $1,575 at the time.The sale puts a sharper edge on Ethereum’s weakness. Long-term holders who sat through prior bull-market exits are now supplying the market at levels well below peak-cycle prices, which shifts the question from whale behavior to absorption. ETH’s next recovery needs…

Bitcoin is trading just above $60,000 right now, and the network’s estimated all-in cost to produce a single coin is near $84,300, so the gap between the two is roughly a quarter, leaving mining underwater on a full-cost basis across much of the network.For years, the assumption was that this simply couldn’t happen, that production cost set a hard floor under the price, the thinking being that Bitcoin miners would switch off and the market would catch itself well before Bitcoin price fell that far below what it costs to make a coin. And yet the price has now spent…

Strategy, the Bitcoin treasury and enterprise software company formerly known as MicroStrategy, has spent years turning public markets into a funding engine for Bitcoin purchases. That model helped make the company the world’s largest corporate holder of the digital asset.Now, the securities used to power that strategy are flashing stress.The pressure is centered on STRC, Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, a key funding instrument designed to trade near a stated amount of $100.Instead, STRC fell to a record low near $71 on Friday before recovering to about $75, leaving it roughly 25% below par and raising…

Bitcoin enters the weekend near $60,000 after sticky inflation, heavy ETF outflows, and a failed defense of the $59,000-$62,000 zone. The May PCE print gave the market a reason to sell, but the real damage came from positioning.Core PCE came in at 3.4% year over year, above the Fed’s 2% target but broadly in line with economists’ expectations.The June 26 options expiry is the structurally heavier event, with Deribit data showing over $10.6 billion in BTC options expiring, with roughly 80% of that open interest out of the money and max pain sitting in the low $70,000s.With BTC trading near…

Banks across the US, the UK, and Europe finally have a legal path to issue stablecoins, custody Bitcoin, and settle tokenized funds, yet the capital rulebook that governs it all still treats a Bitcoin position as something close to a guaranteed loss.Under the Basel Committee’s cryptoasset standard, which has been live in member jurisdictions since January 1, 2026, unbacked crypto is in the most punitive bucket in the whole framework, carrying a 1,250% risk weight. Once you push that through Basel’s 8% minimum, you end up with a bank holding capital equal to its full exposure, a dollar of equity set aside for…