Analysis: Bitcoin Exchange Reserve Hits Fresh Low, Indicating Whales and Institutions Are Continuously Accumulating for the Long Term

On June 1st, based on Coinglass data, the total open interest of Bitcoin futures contracts on the network amounts to 687,740 BTC (approximately $72.03 billion). Among them, the open interest of CME's Bitcoin contract is 158,310 BTC (approximately $16.56 billion), ranking first; the open interest of Binance's Bitcoin contract is 118,690 BTC (approximately $12.43 billion), ranking second.

On June 1st, based on monitoring, Moonshot launched the Solana-based token LOUD, and its market value currently stands at $11.6 million.

On June 1st, according to CoinGecko data, within the past 24 hours, Upbit's trading volume reached 14.89 billion US dollars. The WCT/KRW trading pair accounted for 20.27% of the volume and ranked first in the Korean won market. The rest of the top five are: POKT, XRP, SNT, and BTC.

On June 1st, according to Yonhap News Agency, South Korean financial and political insiders disclosed that the Tokenized Securities Act (amendments to the Capital Market Act and the Electronic Securities Act) currently under review in the South Korean National Assembly is very likely to be passed after the South Korean presidential election. South Korean presidential candidates Lee Jae-myung and Yoon Seok-youl have both pledged during their campaigns to accelerate the policy for tokenized securities legislation. The legalization of tokenized securities was reached by consensus between the ruling and opposition parties during the 21st National Assembly. However, external factors such as a parliamentary deadlock prevented its passage.

On June 1st, US Treasury Secretary Yellen declared that the US will never be in default on its debts. (FX168)

On June 1st, the TON Core Development Team announced that block production has been resumed. A hotfix has been issued, and it was sufficient to update only a few mainnet validators to restore block production. This issue was associated with an error in the processing of the main chain's scheduling queue. The TON Core Development Team will release a technical report on this incident at a later time.