Spot ETF flow data for June 12 showed net inflows into Bitcoin and XRP products, while Ethereum funds posted net outflows. BTC: +$85.9M; ETH: $4.9M; SOL: $0; XRP: +$2M.

U.S. President Donald Trump again said a "final deal" with Iran is "imminent"—his 38th such declaration, according to the author—triggering another headline-driven risk rally across global markets. U.S. equities finished sharply higher. The Dow Jones Industrial Average rose 1.90%, the S&P 500 gained 1.73%, and the Nasdaq jumped 3.42%. Crypto-linked stocks also outperformed, with Coinbase (COIN) up 4.99% and Robinhood (HOOD) rising 7.40%. Asia opened with a strong bid. South Korea's KOSPI opened up 519.25 points, or 6.69%, at 8,283.2 and briefly triggered a circuit breaker before extending gains to as much as 8%. Japan's Nikkei 225 opened 880.53 points higher, up 1.37% at 65,097.80. In commodities, oil dropped 4.3% while gold rebounded 3.1%. With the U.S.–Israel–Iran conflict entering its fourth month, markets—especially U.S. stocks—are increasingly pricing in a best-case path, including a potential end to the war. Recent sessions have been dominated by "news-driven" upside moves. Trump's comments revive the "TACO" trade Reports late last night and early this morning said Trump first called off a planned strike and bombing operation against Iran. He later posted that negotiations had been submitted to and approved by Iran's highest leadership, and that both the broad framework and detailed terms had been agreed by parties including the United States, Israel, Saudi Arabia, the UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, and Egypt. Iran and Israel later denied the claim, but markets traded as if the announcement was credible. Trump also said an "excellent agreement" had been reached, documents are in final drafting, and the deal could be finalized and signed in the coming days. He added the signing may take place in Europe as soon as this weekend, with Vice President Vance attending. Trump further said that once Iran signs, the Strait of Hormuz will open. Despite repeated delays—Trump acknowledged talks "have taken too long"—investors have, for now, chosen to buy the optimism. U.S. CPI: headline heats up, core cools; rate-hike fears fade Wednesday's U.S. May CPI report showed: - CPI (seasonally adjusted, m/m): 0.5% (consensus 0.50%, prior 0.60%) - Core CPI (seasonally adjusted, m/m): 0.2% (consensus 0.30%, prior 0.40%) - CPI (not seasonally adjusted, y/y): 4.2% (consensus 4.20%, prior 3.80%), the highest since April 2023 - Core CPI (not seasonally adjusted, y/y): 2.9% (consensus 2.90%, prior 2.80%), the highest since September 2025 Analysts said inflation has moved back into the "4%-handle," with war-related price spikes likely behind. The third straight month of a sharp CPI increase points to mounting pressure on households, with more consumers potentially dipping into savings to cover costs. After the release, the market-implied probability of the Federal Reserve holding rates steady in June rose to 96.3%, easing earlier concerns about additional tightening. Trump reacted with a high-profile quip: "I love inflation." With core inflation coming in softer than expected, traders also scaled back expectations for a Fed rate hike later this year. Seema Shah, Chief Global Strategist at Principal Asset Management, said headline inflation remains uncomfortably near 4%, but the softer core reading reduces pressure. She added that energy has been a key driver while housing costs have moderated, and the absence of clear second-round effects gives the Fed room to stay patient. Bank of America analyst Afonso Borges described the post-CPI move led by short-dated Treasuries as "logical," arguing the data lowers the risk of a rate hike later this year. Japan, Korea: dip-buying on leverage; BOJ rate path in focus Attention is also on Japan and South Korea, where equities rebounded after two sessions of declines. Yonhap News Agency reported that after a two-day correction in the KOSPI driven by negative cues from U.S. markets and a sharp drop in semiconductor shares, overdraft balances at major commercial banks rose by more than 600 billion Korean won (about RMB 2.67 billion). Analysts said the increase suggests retail investors used overdraft credit as leveraged dip-buying in anticipation of a rebound. Nikkei reported that the Bank of Japan is expected to raise its short-term policy rate from 0.75% to 1.0% at its June 15–16 meeting, which would mark the highest policy rate since 1995. USD/JPY rose 0.2% on the day to 160.168. BofA analyst Shusuke Yamada said a hawkish BOJ decision next week could support the yen, while noting that markets have already priced in much of the expected hike. Risks ahead: war uncertainty, correction warnings, and a major liquidity test Despite today's rally on Trump-driven headlines, several indicators suggest investors remain only cautiously bullish, with growing warnings about a deeper pullback. Ali Akbar Dareini of the Tehran Strategic Research Center said Trump's announcement of canceled strikes does not represent a meaningful change. From Iran's perspective, the United States would need to take confidence-building steps before talks or nuclear discussions can move forward—and those steps have not been taken. Iran has reiterated it will not compromise under coercion. Barclays: technicals and sentiment look stretched Alex Altmann, Head of Global Equity Strategy at Barclays, issued a rare cautious note, saying a combination of technical overbought conditions, overheated sentiment, and macro pressures has pushed him to a short-term bearish view on U.S. equities. He sees the market partway through a structural correction and flagged a widening gap between retail sentiment and macro reality. Altmann said the S&P 500 could face a 6%–7% correction. The latest American Association of Individual Investors (AAII) sentiment survey showed the share of bearish investors jumping to 47.7% over the past week, close to this year's high of 52% (March 18) and well above the historical average of 31%. Other firms have also turned more cautious. BofA Securities has warned that an increasing number of bearish signals suggest U.S. stocks may be nearing a peak. In a June 5 report, Savita Subramanian's strategy team wrote that roughly 70% of bear-market signals have been triggered, consistent with historical patterns near market tops. The team said 17 of 20 valuation metrics show statistically significant overvaluation, with eight above tech-bubble levels. They also pointed to the sharp outperformance of high P/E stocks versus low-valuation names as a sign of speculative excess, and noted that within tech, the performance spread between the top and bottom quintiles is the widest since February 2000. That view has been publicly challenged by "New Stock God" Serenity, who argued BofA's bearishness should be treated cautiously because spikes in negative news can coincide with institutions seeking liquidity. In Korea, June 10 data showed put open interest on the KOSPI 200 Index rising sharply relative to calls. By the prior close, the protective-put to speculative-call ratio was nearing 2.5-to-1, the highest in five years, a level only briefly seen in past episodes. Separately, Korean retail investors sold more than 1 trillion KRW in overseas stocks in the first week of June, which some interpret as a possible shift back toward domestic equities. SpaceX IPO frenzy and the liquidity question Market attention is also fixed on SpaceX's upcoming U.S. IPO. The latest reports said retail subscriptions have exceeded $100 billion. With SpaceX targeting $75 billion in fundraising and allocating 30% of shares to individual investors, retail demand alone is more than four times the available allocation. Short-seller and investment manager Jim Chanos said investors are buying into narratives rather than realistic profit outlooks, arguing SpaceX's valuation multiples are far above Tesla's (TSLA.O). Institutional demand has also surged. Franklin Templeton and the sovereign wealth funds of Saudi Arabia and Kuwait are among those reported to have joined the order book, with foreign media saying multiple institutions placed orders of around $10 billion or more. Two days ago, total demand was already said to exceed $250 billion, nearly four times the $75 billion target. Based on current momentum, the oversubscription ratio could rise to as much as 10x ahead of the official listing this Friday. Tom Lee, Bitmine board chair known as a "Wall Street Oracle," said investors are selling existing holdings to raise cash for the IPO, intensifying the capital diversion effect and potentially contributing to recent softness in U.S. equities. Christophe Boucher, CIO at ABN Amro Investment Solutions (a Rabobank subsidiary), compared buying into the SpaceX IPO to buying crypto roughly 15 years ago: investors could lose everything, or see outsized gains. Despite liquidity concerns, market sources said S&P Dow Jones Indices believes SpaceX could qualify for fast inclusion in certain indices, which would make it a major new force in U.S. equities. Bottom line Global markets remain hostage to a mix of liquidity conditions, domestic policy signals, and geopolitical swings tied to the Israel–Iran conflict. Near term, traders are also watching for potential headline-driven whipsaws tied to Trump's repeated cycles of intimidation and optimism. Source notes: Mentions of BitPush Twitter/Telegram, subscriptions, original link, and a general disclaimer stating the article reflects the author's views and does not constitute investment advice.

CME Group is seeking approval to bring round-the-clock oil futures trading to the US regulated markets, and the Commodity Futures Trading Commission is still weighing the request. The exchange said June 11 it plans to introduce a new West Texas Intermediate crude oil futures contract built for 24/7 trading, alongside a similar always-on gold futures product. CME is targeting an Aug. 30 start date for the oil contract, subject to CFTC clearance. The gold product is scheduled to launch sooner, with 24/7 trading set to begin July 26. Under the proposal, the new WTI contract would be sized at 10 barrels, about one-tenth of CME's existing Micro WTI futures. CME's current WTI futures already trade nearly around the clock during the week, pausing briefly each day. The new contract would remove that daily break to enable continuous trading. The CFTC has not signaled publicly that it plans to reject the filing, but the review remains in progress. The push comes as regulators face growing questions about crypto-native venues. In May, CME and rival ICE urged US regulators to take a closer look at platforms such as Hyperliquid, which offers 24/7 perpetual contracts tied to commodities including oil outside the traditional exchange rulebook. CME and ICE have pointed to market-manipulation risks, arguing that anonymous trading models can allow large positions without the identity checks and position-reporting obligations required on regulated exchanges. Extending commodity trading to true 24/7 hours also raises operational and risk concerns. Clearing and settlement routines, margin processes, and risk controls were built around daily pauses. Moving to continuous trading requires exchanges to show they can run those systems without creating new vulnerabilities. CME's smaller contract size is designed to broaden participation and potentially improve liquidity across time zones by appealing to retail traders and smaller institutions. For investors, 24/7 oil futures would change how quickly the market can respond to news. Events that move crude prices often occur outside US hours, and traders today may have to wait for markets to reopen or turn to less regulated alternatives. The July 26 gold launch will be the first test. A smooth rollout could strengthen the case for approving the August oil contract.

Data tracked by Trader T show interest-rate swaps pricing in a single 25-basis-point Federal Reserve rate increase by January 2027, implying a 100% probability. The repricing comes as U.S. core inflation picked up slightly last month, crude oil slipped below $85 a barrel, and President Donald Trump said progress had been made toward a peace agreement with Iran. HSBC Securities rate strategist Dhiraj Narula said signs the Strait of Hormuz could reopen, combined with softer oil prices, have pushed out expectations for when rate hikes may resume.

SpaceX entered the public markets on June 12, 2026, debuting on the Nasdaq under the ticker SPCX. The company priced its IPO at $135 a share; the stock climbed as high as about $176 in early trading, lifting SpaceX's market capitalization above $2 trillion and, by reports, close to $2.1 trillion—roughly a 19% first-day gain. The offering raised about $75 billion, making it the largest initial public offering in history by multiple measures. Based on the offering price alone, the initial valuation was estimated at $1.77 trillion to $1.8 trillion. Financially, SpaceX reported approximately $19 billion in revenue for the prior year and remains unprofitable. At the debut pricing levels, investors are effectively valuing the company at more than 100 times revenue despite the lack of net profitability. In parallel with its launch and satellite businesses, SpaceX has been expanding AI and cloud-service capabilities, including collaborations tied to Google's Gemini and Anthropic. Ahead of the IPO, prediction markets had broadly pointed to a $2 trillion debut-day valuation as the most likely scenario. Crypto-native forecasting platforms showed strong conviction that the shares would clear that mark during the first trading session. A separate detail in the IPO disclosures also drew attention from crypto investors: SpaceX holds about 18,712 BTC, valued near $1.45 billion at the time of filing. That Bitcoin position amounts to less than 0.1% of a $2 trillion market cap, but it still means institutional investors buying SPCX gain indirect Bitcoin exposure, even if only marginal. The company's valuation and growth outlook now hinge on several execution points: Starlink's ability to keep scaling, Starship reaching reliable operations, and AI/cloud initiatives converting into meaningful revenue. With Musk's large stake in a company now valued north of $2 trillion—alongside his holdings in Tesla and other ventures—speculation is also resurfacing over whether he could become the world's first trillionaire.

Coinbase said about $4.4 billion in USDC was transferred to the Coinbase Hyperliquid deployer, setting a new record for the largest USDC transfer.

Nvidia's Blackwell platform is posting a step-change in inference efficiency versus the prior Hopper generation, according to a new benchmark focused on agentic workloads. Results from AgentPerf indicate Blackwell systems can support 20 times more AI agents per megawatt than Hopper—meaning the electricity that previously powered one agent on Hopper-class hardware could now run roughly 20 on Blackwell. AgentPerf was introduced by Artificial Analysis as AAAgentPerf in March 2026. The benchmark is designed to reflect real-world agent performance, including concurrent users per accelerator and efficiency per rack. The 20x agents-per-megawatt result is consistent with other published efficiency claims. SemiAnalysis InferenceX reported in February 2026 that Blackwell's GB300 NVL72 configuration can deliver up to 50x higher throughput per megawatt compared with Hopper, alongside a 35x reduction in cost per token for complex workloads such as agentic reasoning. Several architectural shifts underpin the gain. Blackwell supports FP4 precision, a second-generation Transformer Engine, and updated NVLink designs intended to increase intra-system GPU communication speeds. Power draw per GPU is higher—about 1,200 to 1,400 watts for Blackwell versus roughly 700W for the H100—so the efficiency jump reflects substantially more work per watt, not lower per-chip consumption. Nvidia CEO Jensen Huang highlighted the trend in late 2025, pointing to inference and agentic AI as key drivers as Blackwell sales outpaced expectations. With data centers increasingly constrained by available power, a 20x improvement in agents per megawatt implies materially more deployment capacity without new power infrastructure, reshaping the unit economics for running AI agents. For investors, efficiency gains on the order of 20x to 50x in a single generation can expand the total addressable market by making previously uneconomic applications viable. The cited 35x reduction in cost per token improves the feasibility of scaled use cases such as personalized financial advisory tools, real-time supply chain optimization, and autonomous customer service. Some observers have attempted to link Nvidia's AI infrastructure leadership to AI-associated crypto tokens such as TAO, NEAR, ICP, and RNDR. No direct connection between those tokens and AgentPerf or Blackwell's performance claims has been established. Competition remains intense as AMD, Intel, and a growing set of custom-silicon startups target the inference market. Still, a 20x edge in agents per megawatt represents a substantial lead in a metric that data-center operators increasingly prioritize.

BlockBeats reported that SpaceX opened for trading on Nasdaq on June 13 and rallied in its first session, pushing its market capitalization above $2 trillion. The debut was widely seen as smoother than expected. Trading kicked off late Friday morning, with shares spending most of the day up 15% to 30% versus Thursday's offering price and showing relatively modest swings. By the close, SpaceX was changing hands around $161, up 19%, placing it as the sixth-largest U.S. company by market value. The final settlement price has not yet been confirmed. More than 500 million shares traded, translating to roughly $80 billion in turnover. Some market watchers had warned that a wave of new listings after a long IPO drought could pressure broader performance as Anthropic and OpenAI gear up for blockbuster public offerings. Instead, sentiment remained upbeat across both institutional investors and Musk's retail following. "SpaceX didn't just break records for the size of its fundraising—it left other major companies far behind. It's impressive that, with an initial valuation already nearing $2 trillion, it was able to add so much market value so quickly," said Dan Coatsworth, head of markets at AJ Bell.

ME News reported that as of June 13 (UTC+8), 24-hour trading volume reached $3.379 billion. Trading was concentrated in equities (40.54%) and indices (34.53%). Funding rates were positive across all underlying assets. CL crude oil posted an 8-hour funding rate of 0.7%, signaling comparatively higher costs to hold long positions. The five most-traded assets were SPCX, XYZ100, CL, SP500, and BRENTOIL. (Source: D Pro)