Bitcoin (BTC) rebounded from this week’s low, with a temporary quote around $63,430 as of June 12. The U.S. Securities and Exchange Commission (SEC) has proposed to repeal Rule 611 under Reg NMS, and Galaxy Digital research chief Alex Thorn said this would clear obstacles for tokenized stocks. Fidelity’s Bitcoin Premium exchange-traded fund (ETF) BITA is expected to launch within a week.
Macro Events & Crypto Hotspots
1、According to an SEC official website announcement, the agency has proposed to repeal Rule 611 and Rule 610(e) of the “New Market System Rules.” Galaxy Digital research chief Alex Thorn said in a post on X that the SEC has proposed to repeal Reg NMS Rule 611 (the order protection rule) and Reg NMS Rule 610(e) (lock/cross-market trading restrictions). Rule 611 requires each trading venue to prevent executions at prices worse than the protected quotations displayed on other exchanges, and is a core rule in the U.S. stock market structure since 2005.
Alex Thorn said Rule 611 is one of the biggest obstacles to trading tokenized stocks in DeFi. Automated market makers cannot comply with this rule; any liquidity pool for a tokenized stock would continuously violate it, effectively constituting an illegal trading venue. After repealing Rule 611, the replacement is the “best execution” principle, which applies at the broker level. It is a rules-based framework rather than a per-trade review, so it can be compatible with automated market makers. Alex Thorn said this is part of the SEC’s “crypto plans,” by first removing the most difficult market structure obstacle, and then handling venue registration issues through “innovative exemptions.”
2、Bloomberg ETF analyst Eric Balchunas revealed that BlackRock has filed an 8-A registration statement for its Bitcoin Premium ETF (iShares Bitcoin Premium ETF). This step typically means a formal launch within a week. The ETF trading ticker is BITA. Highly anticipated as a follow-up after BlackRock’s spot Bitcoin ETF IBIT, it has not yet disclosed its management fee, which is expected to be 38 basis points.
BITA is a fund that adopts a covered call option strategy. While holding Bitcoin, it earns premiums by selling covered call options and distributes the income to investors, thereby converting Bitcoin volatility into investment returns.
News Roundup
1、FIDD, the stablecoin arm under Fidelity, chooses Uniswap as its liquidity infrastructure
2、Bloomberg analyst: BlackRock’s Bitcoin premium yield ETF BITA may be launched within a week
3、Trump halts attacks on Iran and says a peace agreement will be signed “in the next few days”; Iran responds: “Not concluded yet”
4、U.S. SEC proposes to repeal Reg NMS Rule 611, potentially clearing obstacles for tokenized stocks
5、LG Electronics is launching a new blockchain based on Arbitrum for ad targeting and sales, etc.
6、JPMorgan: the “fiat devaluation hedge trading” trend continues to cool off; Bitcoin is especially clearly affected
7、Strike founder: the current Bitcoin price reflects the real state of the global liquidity crisis
8、Avalanche treasury company AVAT is officially listed on Nasdaq
9、NFTfi, an NFT-collateralized lending platform, will shut down its frontend website before August 31
Market Performance
1、Latest on Bitcoin: <a data-currency='BTC' href='/trade/BTC_USDT'>$BTC rebounded from this week’s low, temporarily quoted around $63,430. In the past 24 hours, liquidations totaled $78.74 million, with the main liquidations coming from long positions;
2、U.S. stocks surged on June 11. After President Trump escalated threats regarding the Iran conflict, he also announced the cancellation of planned airstrikes against Iran. The news drove major indexes to extend their upward momentum. The S&P 500 index logged its biggest gain in more than two months, and the Philadelphia Semiconductor Index jumped nearly 8% more. All three major U.S. stock indexes recorded their largest single-day gains since April 8, when the U.S. and Iran reached a temporary ceasefire agreement. The Dow Jones Industrial Average closed up 929.97 points, or 1.86%, at 50,848.75. The S&P 500 rose 127.31 points, or 1.75%, to 7,394.30. The Nasdaq rose 640.16 points, or 2.54%, to 25,809.66.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 63,671.10 USDT as reference: if it drops to around $62,262, the cumulative liquidation amount for long positions exceeds $285 million; if it rises to around $64,153, the cumulative liquidation amount for short positions exceeds $167 million. The liquidation amount on the bearish side is significantly lower than on the bullish side. It is recommended to reasonably control leverage ratios to avoid triggering large-scale liquidations during market fluctuations.
（Source: Coinglass）
4、In the past 24 hours, BTC spot inflows were $1.12 billion, outflows were $1.13 billion, resulting in net outflows of $10 million.
（Source: Coinglass）
5、In the past 24 hours, contract trading net outflows led among $BTC, $ETH, $SOL, $BEAT, $SNDK , etc., creating potential trading opportunities.
Selected Views from X KOLs
Phyrex Ni（@Phyrex_Ni）：「Today is truly dramatic. In the evening it was still going to be a no-holds-barred fight, and by the early morning there would be a contract to sign. I don’t know whether it can actually be signed, but the market believes it. And honestly, it’s interesting—yes, Trump’s tough talk makes the market believe; when Trump’s TACO talk happens, the market relaxes. Trump says he won, and the market believes. Yet Iran still doesn’t loosen on Hormuz, and the market is still believing.]
「So you can’t fully trust the information; you still have to trust your own judgment, especially in a situation like this. The Strait of Hormuz is no longer just a problem for the United States. More than 150 countries or regions worldwide are affected by high oil prices. The root source is the Strait of Hormuz. Even Iran can’t block indefinitely without limits. If it drags on, the U.S. may end up becoming the “righteous” side.」
「Whether it will bounce back and forth is hard to say right now, but Iran’s time is indeed running short. You can see it from the WTI price trend. Now, Iran’s hardline oil-price rebound is very limited. Instead, every time Trump announces victory, the oil price drops more. This isn’t because people believe Trump more, but because they want the blockade of the Strait of Hormuz to end sooner.」
「Coming back to the Bitcoin data, actually I’m not worried about $BTC ’s price. Mainly because since entering the $60,000 range, it has happened twice already: investors’ buying sentiment has been extremely high. While you can’t say that $60,000 is definitely the bottom, investors do want to buy at this level and they sell very little. Even occasionally, it manages to go against the script compared to U.S. stocks.」
「Even if U.S. stocks pull back, Bitcoin can still manage a slight rise. On one hand, BTC has fallen much more relative to U.S. stocks. On the other hand, after falling to this level, the bubble in BTC is actually smaller.」
What to Watch Today
1、China May-end M2 money supply (year-on-year), prior value 8.6%
2、China May-end foreign exchange reserves (US$ billions), prior value 3410.55
3、UK April goods trade balance (GBP millions), prior value -27218
4、UK April industrial production (year-on-year), prior value 0.0%
5、France May CPI (month-on-month) final value, prior value 0.1%
6、U.S. June University of Michigan consumer sentiment index initial reading, prior value 44.8
