Truth Social plans to launch a dual ETF for Bitcoin (BTC) and Ethereum (ETH), while Infini announces the cessation of Infini Card services. BTC rebounds to 107,125 USDT, ETH remains in consolidation, and altcoins show mixed performance. Tokens like PENDLE, ZKJ, and HYPE perform well, with DeFi and blockchain gaming sectors continuing to heat up. Backpack expands multi-chain support, and KAI Battle of Three Kingdoms is actively launching new projects.

Cryptocurrency Market Overview

Popular Token Mining

PENDLE Pendle (+7.17%, circulating market cap of $1.142 billion) According to Gate's market data, the current price of PENDLE token is $4.03, with a 24-hour increase of 7.17%, and a circulating market cap of $1.142 billion. Pendle is a protocol that allows tokenized future yield trading on AMM systems. Its goal is to enable users to acquire yield-generating assets and have the opportunity to generate additional yields, while pre-locking future yields and providing traders direct access to future yield streams without the need for underlying collateral. The PENDLE token has been on a continuous rise since March, with a slight recent pullback that has not disrupted the upward trend. In the industry, with the GENIUS Act promoting clearer regulation of stablecoins, this sector is entering a rapid growth phase. Against this backdrop, the DeFi protocol Pendle stands out as a key asset for capturing stablecoin yield trends. Currently, Pendle occupies about 30% of the stablecoin yield market, with over 80% of the TVL in stablecoins, and this shift will bring trend-based benefits to PENDLE.

ZKJ Polyhedra Network (+25.52%, circulating market cap of $419 million) According to Gate's market data, the current price of ZKJ token is $0.4337, with a 24-hour increase of 25.52%, and a circulating market cap of $419 million. The mission of Polyhedra Network is to provide the fastest zero-knowledge (ZK) proofs for the Web3 industry, aiming to become the underlying infrastructure for the entire ecosystem. The team has designed and implemented many cutting-edge ZK protocols. Their flagship invention is zkBridge, which will change the way blockchains interoperate. To date, zkBridge has facilitated over 20 million cross-chain transactions across more than 25 Layer-1 and Layer-2 blockchain networks, demonstrating their commitment to scalability and interoperability in Web3. The ZKJ token recently experienced a sharp decline due to a sell-off event, putting market sentiment under pressure. This morning, the project's co-founder announced a buyback plan, significantly boosting market confidence and driving a rapid price rebound. However, ZKJ remains highly volatile, and uncertainty is increasing in the short term, suggesting that investors should respond cautiously and manage leverage levels to mitigate potential risks from sharp fluctuations.

HYPE Hyperliquid (+3.19%, circulating market cap of $42.749 billion) According to Gate's market data, the current price of HYPE token is $43.02, with a 24-hour increase of 3.19%, and a circulating market cap of $42.749 billion. Hyperliquid is a high-performance L1 optimized from the ground up. Its vision is to establish a fully on-chain open financial system, allowing user-built applications to interface with high-performance native components, all without affecting the end-user experience. The performance of Hyperliquid L1 is sufficient to run an entire ecosystem of permissionless financial applications—every order, cancellation, transaction, and settlement occurs transparently on-chain, with block delays of less than one second. The HYPE token recently reached an all-time high, primarily benefiting from the strong fundamental support of the Hyperliquid platform, including high trading volume, low transaction fees, and its optimized Layer 1 blockchain architecture. Additionally, successful airdrop strategies and ongoing token buyback mechanisms effectively enhance market confidence, combined with the current speculative frenzy and the overall positive trend in the DEX sector, driving price increases. Looking ahead, attention should still be paid to changes in the competitive landscape within the sector and the potential impact of overall market volatility on its valuation.

Alpha Interpretation

Backpack Founder: Access System Rebuilt to Expand Chain Support for Trading Platform Backpack founder Armani Ferrante tweeted that his team has rebuilt the access system to expand the chain support for the trading platform. The first update includes support for USDC and ETH assets on Arbitrum. In the coming days and weeks, the team will add deposit and withdrawal functions for more chains. This marks an important step towards expanding the platform into a multi-chain ecosystem. Ferrante stated that in the coming days to weeks, they will quickly add deposit and withdrawal support for more chains and open user feedback to optimize integration for unsupported networks. This initiative aims to enhance user experience, reduce transaction costs, and strengthen Backpack's competitiveness in the decentralized finance space. User feedback has been positive regarding Arbitrum support, but there is also anticipation for rapid access to more chains. Overall, this update reflects Backpack's commitment to multi-chain interoperability and a user-friendly strategic direction.

Truth Social plans to launch a dual ETF for BTC and ETH Trump’s social platform Truth Social submitted an S-1 form to the U.S. Securities and Exchange Commission (SEC) on June 16, proposing to launch the "Truth Social Bitcoin and Ethereum ETF (B.T.)", issued by Yorkville America Digital, with Crypto.com serving as the custodian and liquidity provider, planning to list on NYSE Arca. The fund intends to adopt a 75% Bitcoin and 25% Ethereum asset allocation, providing investors with a simplified dual-coin exposure, marking its further layout in the crypto finance sector. This move follows Truth Social's previous application for a single Bitcoin ETF, highlighting the Trump family's continued bet on crypto assets. Given its political influence and brand effect, if this product is approved, it is expected to attract significant market attention and may accelerate the mainstream adoption of crypto assets. On the other hand, this ETF still needs to go through the SEC's 19b-4 form approval, a process that could take up to 240 days, and there are regulatory uncertainties and competitive pressures from traditional institutions. Meanwhile, Trump Media recently established a Bitcoin reserve through $250 million in financing, doubling down on its crypto strategy, but its stock price (DJT) has recently dropped about 2%, reflecting the market's cautious stance on its expansion path. The involvement of political factors may also trigger stricter scrutiny and volatility risks, which investors should continue to monitor.

Well-known project Infini announces the cessation of Infini Card services Infini officially announced on June 17 the termination of all Infini Card services, including Global Card, Lite Card, and Tech Card, with immediate effect on usage and new user applications. This move reflects Infini's strategic adjustment to its business structure under high compliance costs and thin profit pressures. Although the payment card business is terminated, the platform's core functions such as recharge, withdrawal, and Earn yield remain operational, and user asset security is unaffected. To properly handle this adjustment, Infini promises to automatically refund affected users the actual card opening fees paid (excluding discounts), expected to be returned within 10 working days without additional action; refunds in transit will be returned to account balances within 5-21 working days, and overdue orders will continue to be followed up. This arrangement reflects the platform's commitment to basic user rights protection. Overall, the discontinuation of Infini Card has also triggered short-term trust fluctuations in the market, as consumer-facing crypto payment card businesses generally face the triple dilemma of high compliance, high operational complexity, and low profit margins under traditional financial regulatory environments, making sustainability difficult. Infini will thereafter focus on core directions such as wealth management, and the termination of card services also exposes structural bottlenecks of crypto payments within the real financial system. Users have expressed varying degrees of disappointment over the termination of card services, and whether the platform can stabilize market confidence through efficient, transparent refund processes and clear communication mechanisms will be a key point in rebuilding user trust.

Related: Arthur Hayes: New stablecoin IPOs should be treated like "hot potatoes"

Original article: “Truth Social Plans to Launch BTC and ETH Dual ETF | Well-Known Project Infini Announces Cessation of Infini Card Services”

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