PA Daily | The U.S. Senate voted to advance the procedural motion for the "Too Big to Fail" bill; Binance Alpha has launched Rekt (REKT), with an airdrop participation threshold of 170 points.

Today's News Reminder:

1. The U.S. Senate voted to advance a procedural motion for the "Big and Beautiful" bill.

2. Binance Alpha launches Rekt (REKT), at least 170 Binance Alpha points users can participate in the airdrop.

3. Macroeconomic Outlook for Next Week: Non-Farm Payrolls Coming, Trump Continues to "Manipulate" the Entire Market

4. Vitalik: Zero-knowledge proof identity still carries risks

5. Coinbase has been selected for Time magazine's 2025 list of "The 100 Most Influential Companies in the World".

6.a16z transferred 100,000 COMP to Coinbase Prime again 8 hours ago, with a total of 400,000 transferred out in the last 21 hours.

7. Report: The RWA market size grew by 85% year-on-year to $24 billion, becoming the second fastest-growing sector after stablecoins.

8. Report: 75 cryptocurrency theft cases in the first half of the year resulted in $2.1 billion stolen, surpassing the record set in the first half of 2022.

Regulation/Macro

Macroeconomic Outlook for Next Week: Non-Farm Payrolls Approaching, Trump Continues to "Toy" with the Entire Market

At the beginning of this week, the dollar rose briefly due to news of U.S. intervention in the Israel-Hamas conflict, but with the signing of the ceasefire agreement, market sentiment improved, and the dollar gave back all its gains, even briefly falling below 97, hitting a new low since March 2022. Looking ahead to next week, traders will closely watch the U.S. PMI data and the non-farm payroll report, which will be announced early on Thursday due to the holiday. Here are the key points that the market will focus on in the new week:

Monday 21:45, US June Chicago PMI;

On Monday at 22:00, Atlanta Fed President Bostic will give a speech on the outlook for the U.S. economy;

Tuesday at 01:00, Chicago Federal Reserve President Goolsbee will deliver a speech;

Tuesday at 21:30, Federal Reserve Chairman Powell will participate in a panel discussion;

Tuesday 22:00, US June ISM Manufacturing PMI, May JOLTs Job Openings, May Construction Spending MoM;

Thursday 20:30, the number of initial jobless claims in the U.S. for the week ending June 21, June unemployment rate, seasonally adjusted non-farm payroll for June, and May trade balance;

Thursday 21:45, U.S. June S&P Global Services PMI Final;

On Thursday at 23:00, Atlanta Fed President Bostic will speak on U.S. monetary policy.

For the June non-farm payroll report, the market expects the unemployment rate to remain unchanged at 4.2%, with job gains declining from the previous increase of 139,000 to 129,000. Other labor market data, such as the May JOLTs job openings data, will be released next Tuesday, while the June ADP private employment report will be published next Wednesday. If next week's ISM data also paints a similar picture, investors may scale back their rate cut bets, especially if the non-farm payroll data continues to show a strong labor market performance. As the market gradually adjusts to the idea that the Federal Reserve may maintain patience before resuming rate cuts, the dollar may rebound.

The U.S. Senate voted to advance the procedural motion for the "Big and Beautiful" bill.

According to reports from the Financial Associated Press, on June 28 local time, the U.S. Senate passed a procedural motion by a vote of 51 to 49. This motion aims to advance the large-scale tax and spending bill referred to by U.S. President Trump as "big and beautiful." After the procedural vote passed in the U.S. Senate, the likelihood of the bill's passage in the coming days increased. It is reported that after this procedural motion is passed, the large-scale tax and spending bill will go through readings, debates, amendment voting, and a final vote, which is expected to take several days, with the goal of being sent to the U.S. President for signature before July 4.

In the early morning of May 22 local time, the U.S. House of Representatives, controlled by Republicans, narrowly passed a large-scale tax and spending bill with a vote of 215 in favor and 214 against, submitting it for Senate review. The bill contains multiple provisions, spanning over 1,000 pages, primarily focusing on tax cuts and spending reductions. The legislation will extend the corporate and individual tax cuts enacted by Trump during his first term in 2017, provide new tax breaks for tips, auto loans, and more, while increasing defense spending and allocating more funds to combat illegal immigration.

The U.S. non-farm payroll report for June will be released early next week.

According to Jinshi reports, due to the influence of the U.S. Independence Day holiday, the U.S. June non-farm payroll report will be released early on July 3rd (Thursday) at 20:30. On that day, U.S. stocks and CME stock index futures trading will close early. On July 4th, U.S. stocks will be closed for one day, and CME's gold, silver, crude oil, foreign exchange, and stock index futures contracts will end trading early at 01:00 Beijing time on the 5th.

opinion

Vitalik: Zero-knowledge proof identity verification still carries risks

Ethereum co-founder Vitalik Buterin published an article titled "Is there still a risk even if digital identity is ZK-wrapped?", in which he pointed out: ZK-wrapping solves many important problems, but zero-knowledge proof identification still carries risks. These risks do not seem to relate to biometrics, and most of the risks (privacy leakage, susceptibility to coercion, errors) stem from the attempt to maintain the attribute of "one person, one identity."

Another extreme is using "proof of wealth" to conduct anti-witch hunts, but this is insufficient in too many use cases, so something "like an ID" is needed. The theoretical ideal situation is to be between the two, which is difficult to achieve in practice, but the correct "multi-identity" is close to the goal and is therefore the best realistic solution. Multi-identity can be explicit (for example, based on social graphs) or implicit (various types of zero-knowledge proofs, where no single type of market share can approach 100%).

Musk: AI and robotics technology will lead to economic surplus and massive growth within 10 years.

According to Jinshi reports, Musk stated: I do believe that artificial intelligence and robotics will lead to economic surplus and massive growth within the next 10 years.

10x Research: Despite the strong upward trend in Coinbase's stock price, its valuation is too high.

bullish, also above the 30-day moving average

OneKey founder strikes again at Resupply: still has not seen actions such as reporting, tracing hackers, etc., but instead points the finger at the victim users.

OneKey founder Yishi tweeted again to criticize Resupply for mishandling the vulnerability incident. He stated: "So far, I haven't seen Resupply take any action to alert or track down the hacker, not even bothering to put on a show of asking the hacker to return the stolen funds, instead, they have turned their attention directly to the victim users. Their first reaction after being rug pulled was to reach into the users' pockets to take money, extend the unlock period, prevent withdrawals, and various insults towards users in the community, kicking people out, muting, and racial discrimination... After so many years in DeFi, it really opened my eyes, you guys are something else." Yu Xian, founder of Slow Mist, also replied that the only on-chain address that the attacker called out was "beggar", and the project party is known to be the first in history that did not call out or express a reward.

Previously, Resupply was hacked, resulting in approximately 10 million dollars in bad debts of reUSD. OneKey founder Wang Yishi criticized Resupply for mishandling the vulnerability incident.

Arkham: The profits from BlackRock's Bitcoin ETF have surpassed those of any other ETF under its management.

Arkham stated on platform X that BlackRock has currently earned more profit from its Bitcoin exchange-traded fund than from any of its other ETFs. Analysis shows that the profitability of IBIT even surpasses that of BlackRock's SPX500 ETF IVV, which, despite having an asset scale ten times that of IBIT, does not yield high profits.

Project Updates

Binance Alpha launches Rekt (REKT), at least 170 Binance Alpha points users can participate in the airdrop.

Binance Alpha announces the launch of Rekt (REKT). Eligible Binance users can use their Binance Alpha points to claim 140,230,000 REKT tokens airdrop on the Alpha event page within 24 hours after the trading starts. The Binance Alpha airdrop will be on a first-come, first-served basis: Users holding at least 170 Binance Alpha points can participate in the airdrop, on a first-come, first-served basis, until the airdrop pool is exhausted or the event ends.

Claiming the airdrop will consume 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours, otherwise it will be considered a forfeiture of the airdrop.

Coinbase has been selected for Time magazine's 2025 list of "The 100 Most Influential Companies in the World".

TIME magazine has published the "Top 100 Most Influential Companies in the World" list for 2025, and Coinbase has successfully made the cut. TIME wrote:

Since last fall, Coinbase, the largest cryptocurrency exchange in the United States, has seen its revenue soar to over $2 billion. Fueled by the surge of enthusiasm for cryptocurrency following President Trump's election victory, traders and investors have flocked to the platform. During that election, Coinbase led a massive lobbying effort to make cryptocurrency a voting issue. Today, the company became the first cryptocurrency stock to be included in the S&P 500 index in May and has become a key driver of cryptocurrency industry policy efforts in Washington, D.C. If favorable legislation for the industry is passed, Coinbase will become a larger hub for cryptocurrency activity in the U.S. However, Coinbase is not without its problems: prominent blockchain investigators have accused Coinbase of failing to address security vulnerabilities, resulting in users losing hundreds of millions of dollars annually due to scams. Reports indicate that the U.S. Securities and Exchange Commission (SEC) is investigating whether the company misreported user numbers in past disclosures. Nevertheless, Coinbase is still seeking to expand, having spent $2.9 billion in May to acquire the Dubai-based cryptocurrency derivatives exchange Deribit.

The Iranian cryptocurrency exchange Nobitex will begin to gradually restore the display of user wallet balances.

The Iranian cryptocurrency exchange Nobitex tweeted that it will begin to restore the display of user wallet balances in phases. This process is being carried out gradually, starting with verified users, initially focusing on spot wallets, and then extending to other types of wallets. In addition, the identity verification process that began two days ago is a prerequisite for accessing the wallet. If you are temporarily unable to view your wallet balance, please wait for your account verification to be completed. As stated in previous announcements, this process is expected to be completed by mid-week. However, depending on technical conditions and the need for further security checks, the timeline may change or be delayed.

According to previous reports, the Iranian exchange Nobitex suffered a total loss of approximately $81.7 million across Tron, EVM, and BTC chains.

Important Data

Arthur Hayes deposited 2,468,000 ETHFI into CEX in the past 5 hours, making a profit of 1.02 million USD.

According to on-chain analyst Yu Jin's monitoring, Arthur Hayes, co-founder of BitMEX, deposited 2,468,000 ETHFI (worth approximately $2.21 million) into Binance in the past 5 hours, making a profit of $1.02 million. His tactic of "buying first, selling later" has proven effective time and again.

a16z transferred 100,000 COMP to Coinbase Prime again 8 hours ago, with a total of 400,000 transferred out in the last 21 hours.

According to on-chain analyst Yu Jin's monitoring, the a16z address transferred another 100,000 COMP (approximately $4.58 million) to Coinbase Prime 8 hours ago. In total, the a16z address has transferred out 400,000 COMP ($18.33 million) in the last 21 hours, which is 4% of the total COMP supply. After transferring out these 400,000 COMP, the on-chain address still holds 400,000 COMP.

In the past 7 days, the NFT trading volume increased by 8.17% compared to the previous period, reaching 125.1 million USD, with the Ethereum network trading volume rising by 31.77%.

CryptoSlam data shows that the NFT market has shown signs of recovery in the past week, with trading volume increasing by 8.17% to reach $125.1 million. Market participation metrics remain stable, with the number of NFT buyers unchanged at 1,061,348 (maintaining a growth rate of 50.56%), while the number of NFT sellers increased by 8.09% to 38,494. The number of NFT transactions increased by 1.82% to 1,717,339.

The Immutable network transaction volume reached 33.3 million USD, an increase of 15.34% compared to the previous week; Ethereum network transaction volume reached 25.6 million USD, up 31.77%. Polygon network transaction volume was 16.5 million USD, down 29.42%. Mythos Chain network transaction volume was 14 million USD, down 1.29%. The number of buyers on most blockchains has increased, with Polygon leading with a growth rate of 35.63%, followed by Bitcoin (23.22%) and Mythos Chain (19.32%).

This week's high-value transactions include:

• CryptoPunks #1831 was sold for 150 ETH (389,846 USD)
• CryptoPunks #9778 was sold for 150 ETH (377,958 USD)
• CryptoPunks #4868 was sold for 76.5 ETH (201,933 USD)
• CryptoPunks #5586 sold for 70.07 ETH ($185,292)
• CryptoPunks #7516 was sold for 60 ETH (158,378 USD)

Report: In the first half of the year, 75 cases of cryptocurrency theft resulted in $2.1 billion being stolen, surpassing the record set in the first half of 2022.

The latest TRM cryptocurrency crime report shows a surge in cryptocurrency thefts in the first half of 2025, with at least 75 attacks resulting in over $2.1 billion stolen, nearly matching the total for 2024 and exceeding the record set in the first half of 2022. However, the report indicates that the $1.5 billion Bybit hack that occurred in February accounted for nearly 70% of the total losses. Aside from the massive losses in February, January, April, May, and June were the only four months where losses exceeded $100 million. Only March had losses below $100 million.

The report summarized: "In the first half of 2025, crimes committed by groups related to North Korea accounted for $1.6 billion of the total stolen funds, approximately 70% of all stolen funds." Meanwhile, the TRM team found that in the first half of 2025, infrastructure attacks such as private key and mnemonic phrase theft or front-end intrusions accounted for over 80% of the stolen funds. On the other hand, protocol vulnerabilities accounted for 12%, highlighting the persistent vulnerabilities in DeFi smart contracts.

Report: The RWA market size grew by 85% year-on-year to $24 billion, becoming the second fastest-growing sector after stablecoins.

According to the Redstone report, the tokenization of risk assets (RWA) surged from $5 billion in 2022 to over $24 billion by June 2025 (a growth of 380%), making it the second fastest-growing area in the cryptocurrency sector after stablecoins. Industry forecasts suggest that by 2030 to 2034, between 10% and 30% of global assets could be tokenized.

Asset tokenization has transitioned from experimental pilots to large-scale institutional adoption in 2024-2025. By December 2024, the market size for tokenized real-world assets reaches $15.2 billion (excluding stablecoins) and continues to grow, surpassing $24 billion by June 2025, representing an 85% year-on-year increase. As of June 2025, private credit has become the largest area of RWA tokenization, with a scale of $14 billion, indicating institutional demand for blockchain-native credit markets.

Report: 27% of South Koreans aged 20-50 hold cryptocurrency, and 70% are interested in expanding their investment.

According to a new report published by the Hanwha Financial Research Institute titled "Investment Trends in Virtual Assets for the 2050 Generation", over a quarter (27%) of South Koreans aged 20 to 50 currently own digital assets, with cryptocurrency investments accounting for 14% of their total financial portfolio. The study shows that interest in cryptocurrency varies across different age groups. The participation rate is highest among those in their 40s at 31%, followed by those in their 30s at 28%, and those over 50 at 25%. 78% of respondents over 50 indicated that they use cryptocurrency as a way to accumulate funds, while 53% stated that they are investing in cryptocurrency to prepare for retirement. Nowadays, an increasing number of respondents view growth potential, investment diversification, and structured savings plans as primary motivations for investment.

At the same time, 70% of respondents expressed interest in expanding their cryptocurrency investments in the future. 42% of respondents indicated they would be willing to increase their investment if traditional financial institutions played a larger role in the cryptocurrency market; 35% of respondents believe that stronger legal protections are a key factor in boosting confidence.

Investment models are also becoming increasingly mature. The proportion of investors who make regular purchases has risen from 10% to 34%, while the proportion of medium-term traders has increased from 26% to 47%, and the proportion of short-term traders has seen a slight decline. The way investors obtain information is also changing. Reports indicate that investors' reliance on word of mouth has decreased, while the use of official exchanges and analytical platforms has increased.

Bitcoin remains the preferred choice, with 60% of investors holding Bitcoin. However, as experience grows, many are beginning to diversify their investments, turning to altcoins or stablecoins. A prominent pain point is the restriction on cryptocurrency exchanges being associated with multiple bank accounts. 70% of investors stated that they would choose their primary bank if this regulation were relaxed.