Key Market Insights for June 25th, how much did you miss?

Top News

1. Hong Kong Monetary Authority Chief: First Batch of Stablecoins Will Focus on Cross-Border Trade and Web3 Applications

2. Hong Kong Stock Exchange Up Over 190%, Approved to Provide Cryptocurrency Trading Services

3. Sahara AI Reveals SAHARA Tokenomics, 8.15% Airdrop Ratio

4. Humanity Protocol Now Open for Airdrop Claiming

5. Insider: Top Brokerages like Guotai Junan Utilize HashKey Exchange's Omnibus Service for Crypto Trading

Trending Topics

Source: Overheard on CT (tg: @overheardonct), Kaito

KAITO: Today, discussions about KAITO mainly revolved around the significant airdrop rewards distributed by Magic Newton, which has become a hot topic in the community. Many users expressed surprise and gratitude, with some even stating that this airdrop has covered their entire KAITO investment cost. Simultaneously, the potential of the KAITO ecosystem is attracting more attention, including staking rewards, the introduction of an on-chain reputation system, and KAITO's empowerment of projects like NOYA and Hana Network. The community is also actively participating in leaderboard competitions to explore more opportunities within the KAITO ecosystem.

SEI: SEI has garnered widespread attention due to its strong performance and strategic positioning. As one of the standout projects this quarter, SEI saw a 59% increase in the second quarter. Circle currently holds the most tokens on its balance sheet, with SEI, and Wyoming has chosen SEI as the infrastructure for its stablecoin pilot program. SEI's share in the Web3 gaming market continues to expand, and it ranks high in blockchain technology assessments. The filing for an SEI ETF and its key role in the stablecoin narrative have further heightened market interest.

NEWTON: Today's discussion about NEWTON is focused on the large-scale airdrop of the $NEWT token, which has sparked widespread attention in the crypto community. Many users have expressed their gratitude to Magic Newton and KaitoAI, with many sharing their earnings from the airdrop and their subsequent spending experiences. However, some users have questioned the eligibility criteria and distribution process, with some claiming they were not identified in the leaderboard snapshot and therefore missed out on the rewards they were supposed to receive. This discussion has also highlighted NEWTON's integration path and future potential in the KAITO ecosystem.

APT: Today, the discussion around APT mainly focused on the new project Shelby developed by Aptos Labs in collaboration with Jump Crypto—a decentralized hot storage network aimed at providing a real-time, highly liquid, chain-agnostic data storage solution for Web3. Shelby is considered a significant breakthrough in blockchain infrastructure development, and Aptos has once again gained attention, with its performance and scalability advantages becoming the main points of discussion. Additionally, the deep partnership with Jump Crypto and the potential for Aptos to narrow the gap with Solana have also become key talking points in the market.

Featured Articles

1. "Guotai Junan's Soaring 190%, Is the Hong Kong Stock Market Welcoming the 'Coin Stock' Trend?"

On June 25th, Guotai Junan International's stock price surged by 80% at the opening and soared by over 190% intraday, becoming one of the strongest performing Hong Kong stocks of the day. Behind the stock price surge is the traditional financial brokerage's high-profile entry into the coin stock race, with the company today announcing approval from the Hong Kong Securities and Futures Commission to officially enter the cryptocurrency trading service. Coupled with multiple Hong Kong-listed companies previously allocating assets to Bitcoin and Ethereum, as well as the upcoming implementation of the "Stablecoin Regulation," the Hong Kong stock market is quietly ushering in a "coin stock craze."

2. "WoodSis Swaps COIN, Is Coinbase About to Be 'Price Discovered'?"

While the surge of CRCL reflects long-term optimism for stablecoin payment rails, Coin, as the underlying settlement ecosystem, the intersection of on-chain networks, and user-side traffic, seems to be closer to the "essence" of this narrative. Moreover, Coinbase is also one of Circle's largest shareholders, holding about 50% of the latter's shares. With the combination of these "advantages," is Coinbase undervalued in terms of its worth?

On-chain Data

On-chain Fund Flow for the Week of June 25