Bitcoin (BTC) continues to weaken and fall further, temporarily around $61,850 as of June 10. The U.S. House of Representatives holds a hearing on a crypto tax bill, with lawmakers from both parties questioning details of the draft. Kalshi will require some prediction market participants to disclose employer information to help prevent insider trading.
Macro Events & Crypto Market Highlights
1、According to CoinDesk, the U.S. House Committee on Ways and Means will hold hearings on multiple crypto tax bills. Lawmakers from both parties have questioned the details of the draft, and no consensus has been reached yet. The bill aims to address tax filing burdens for crypto users, including tax exemptions for small transactions and removing double taxation on mining and staking rewards (taxed once when received and again when sold). Committee Chair Jason Smith said that if Americans want to pay with stablecoins, they should be able to enjoy the same convenience as credit cards or cash, without having to deal with cumbersome tax documents. However, the hearing has raised multiple concerns. Mike Kaercher, Deputy Director of the Tax Law Center at New York University, pointed out that the tax deferral provisions for mining and staking could be abused, and taxpayers might permanently evade taxes through specific business structures. Democratic lawmakers have expressed serious concern.
Jason Somensatto, Policy Director at Coin Center, and Lawrence Zlatkin, Vice President of Tax at Coinbase, emphasized in testimony that current tax laws impose excessively high compliance burdens on crypto users that are disproportionate to the amount of tax owed. Kevin Wysocki, Policy Director at Anchorage Digital, said that regulatory clarity and tax clarity complement each other. The Senate has not made substantial progress on the crypto tax bill yet, and with this congressional session nearing its end, there is little time left to push for passage.
2、According to the Wall Street Journal, Kalshi plans to require users of certain prediction markets to disclose employer information to help prevent insider trading and market manipulation. Users participating in sensitive markets—including those related to company performance and national security (including the Iran war)—must submit an online form explaining their work unit. Kalshi typically does not verify this information; it investigates and requests employment proof only when suspicious activity is found.
The report shows that in Q1 2026, Kalshi has filed more than 20 tip reports with the CFTC and the Department of Justice, involving former Congressman George Santos and accounts related to military spouses. Some of these accounts made accurate bets in the days before the former president of Venezuela was arrested, raising suspicions that non-public information was used.
News Updates
1、Russia’s State Duma passes a crypto-asset tax reform bill at first reading
2、Humanity: Working on a recovery plan for affected users and offering a bounty of 1 million USDT to gather leads
3、Tim Draper: Bitcoin is safer than bank deposits; the banking system may face quantum risk earlier
4、SpaceX IPO demand exceeds $250 billion; oversubscription is about four times
5、Robinhood Securities approved to become an IPO underwriter and plans to do “disruptive” innovation
6、Ondo’s perpetual contract platform Ondo Perps under Ondo launches a public test version
7、Kalshi will require some prediction market participants to disclose employer information to help prevent insider trading
8、The U.S. House holds a hearing on a crypto tax bill, with lawmakers from both parties questioning the draft’s details
9、Anthropic releases a public version of Mythos without internet security features, “Claude Fable 5”
10、U.S. military begins retaliatory strikes against Iran
Market Trend
1、Latest on Bitcoin: $BTC continues to weaken and fall further, temporarily around $61,850; over the past 24 hours, $116 million has been liquidated, with long positions as the main liquidated side;
2、U.S. stocks saw sharp swings on June 9. The S&P 500 Index once plunged by more than 2% intraday, but ultimately recovered most of its losses. Technology stocks again came under pressure. Trump said it is necessary to respond to the incident in which Iran shot down a U.S. military helicopter, and selling pressure also intensified in the afternoon. The S&P 500 Index fell 19.08 points, down 0.3%, to close at 7,386.65; the Nasdaq fell 250.84 points, down 1%, to close at 25,678.82; the Dow Jones Industrial Average rose 86.10 points, up 0.2%, to close at 50,872.11.
(Source: Gate)
3、In the Gate BTC/USDT liquidation map, taking the current 61,843.50 USDT as the reference point: if it drops to around $61,175, the cumulative amount of long position liquidation would exceed $109 million; if it rises to around $62,373, the cumulative amount of short position liquidation would exceed $92.01 million. The amount of liquidation on the short side is lower than on the long side. It is recommended to reasonably control leverage ratios and avoid triggering large-scale liquidations amid market fluctuations.
(Source: Coinglass)
4、Over the past 24 hours, BTC spot inflows were $1.12 billion, outflows were $1.13 billion, for net outflows of $100 million.
(Source: Coinglass)
5、Over the past 24 hours, net outflows led in contract trading for $BEAT, $ZEC, $VELVET, $H, $XRP , etc., with trading opportunities present.
Selected Views from X KOL
Phyrex Ni (@Phyrex_Ni): “Yesterday I was still talking about increasing pressure from funding rate hikes. Today CLUSDT’s price has dropped to the lowest at $85. This time I didn’t dare to get greedy. Basically, $85 was the line I set. This time when it reached there, I closed 75% of the empty position, leaving 25% to see if anything miraculous happens on Wednesday. Honestly, I’m not really believing in miracles anymore. But profits are already close to 80%, so it doesn’t matter. Holding a little to see is fine too.”
“After this closing, I also withdrew all the margin. This position basically amounts to giving it up. If it bounces again, I will short again for the fourth time, still starting from $90. I’ve always believed that high-priced oil is a disaster for the whole world. Keeping the Strait of Hormuz open is just a matter of time.”
“Even though I think so, time isn’t very abundant, especially for Trump. Wednesday is when the May CPI data will be released. Today’s drop is very likely driven by pessimistic expectations for tomorrow’s CPI data—investors’ risk-hedging sentiment. If Trump still can’t reach an agreement with Iran to open the Strait of Hormuz before he announces it tomorrow, then the market will definitely expect that rate cuts in 2026 are impossible. The probabilities of rate hikes and recession will increase.”
“I wonder if, when he dreams at midnight, Trump will regret that he went to do something about Iran when he had nothing to do with it. And three months later, he still can’t wrap it up.”
“Back to the Bitcoin data: things are improving. Even though today’s drop is larger, investors’ turnover rate is actually lower, indicating that more investors are gradually coming out of the shadow of this selloff. But tomorrow is CPI data, and I think there’s a pretty good chance the data will exceed expectations. Trump probably won’t help much either, so the rest is up to $BTC himself.”
Outlook for Today
1、China’s M2 money supply at end of May (year-over-year), prior value 8.6%
2、China’s foreign exchange reserves at end of May (in billions of USD), prior value 3410.55
3、U.S. May unadjusted core CPI (year-over-year), prior value 2.8%
4、U.S. May unadjusted CPI (year-over-year), prior value 3.8%
5、Canada overnight target interest rate, prior value 2.25%
6、U.S. EIA crude oil inventory change last week (ten thousand barrels) (through 0605), prior value -797.4
7、Bank of Canada releases interest rate decision
8、Bank of Canada Governor Macklem and Senior Deputy Governor Rogers hold a monetary policy press conference
