6.21 AI Daily Report Crypto Assets Industry Changes: OpenAI's Transformation Controversy, Regulatory Reforms, and Market Trends

1. Headlines

1. The conspiracy theory that OpenAI has shifted from non-profit to for-profit.

A lengthy report of 50,000 words reveals the inside story of OpenAI's transformation from a non-profit research lab into a profit-driven giant. The report points out that OpenAI is deliberately completing this fundamental shift, and CEO Altman has a long-standing pattern of inconsistent words and actions, manipulating information, and evading oversight. His personal investments are also deeply intertwined with the company's business.

The report cites a large number of internal emails and meeting records, revealing that OpenAI began contemplating a transformation plan as early as 2018. At that time, OpenAI was facing a funding shortage, and Altman began engaging with venture capital funds, ultimately securing $1 billion in financing. Subsequently, OpenAI gradually abandoned its original intention of "benefiting humanity" and shifted its focus to profit models.

Analysts point out that OpenAI's transformation reflects the development dilemma of the AI industry. On one hand, training large AI models requires massive financial investment; on the other hand, AI companies find it difficult to seek a balance between public welfare and profit. OpenAI's case may trigger internal reflections and discussions on the ethics of AI development within the industry.

2. The Hong Kong stablecoin regulations pave the legal way for offshore RMB stablecoins.

Morgan Stanley's latest report indicates that the stablecoin regulations in Hong Kong have paved the first legal path for offshore renminbi stablecoins. Supported by a deep offshore liquidity pool of approximately 1 trillion yuan in Hong Kong, offshore renminbi stablecoins will validate practical use cases for cross-border settlements while avoiding violations of mainland capital controls or impacting onshore financial stability.

The report suggests that the development of the renminbi stablecoin should be regarded as a potential component of the cross-border renminbi settlement infrastructure, which includes renminbi swap agreements, the renminbi cross-border interbank payment system, and the global renminbi clearing service network.

Analysis indicates that the development of offshore RMB stablecoins will contribute to the financial opening up of the mainland and the internationalization process of the RMB. Once offshore RMB stablecoins gain recognition, it will be beneficial in attracting more overseas institutions to participate in RMB pricing and trading, thereby enhancing the status of the RMB in the international monetary system.

3. Bitcoin breaks through $105,000, mainstream exchanges' short position liquidation scale reaches $1.231 billion

According to the data, if Bitcoin breaks through $105,000, the cumulative short liquidation intensity on mainstream cryptocurrency exchanges will reach $1.231 billion. Conversely, if Bitcoin falls below $102,000, the cumulative long liquidation intensity on mainstream exchanges will reach $800 million.

The price of Bitcoin has been hovering around $100,000 for some time, and investors are divided on the market trend. Bulls believe that the imminent approval of the Bitcoin ETF, along with the continuous influx of institutional investors, will bring a new bull market for Bitcoin; bears, on the other hand, are worried about the deteriorating macroeconomic situation, making it difficult for Bitcoin to escape a calamity.

Analysts say that whether Bitcoin's price can break through $105,000 is crucial. Once it breaks through, it will trigger a large-scale short position liquidation, further driving up Bitcoin's price; conversely, it may exacerbate a bear market. Overall, there is still considerable uncertainty in Bitcoin's medium-term trend.

4. Alpha airdrop Redbrick token Hold 251 points to receive

According to official news, the Redbrick(BRIC) trading will start on June 21 at 18:00. Eligible users can use Alpha points to claim 900 BRIC tokens airdrop on the event page.

Phase One ( first 18 hours ): Users holding at least 251 Alpha points can claim. Phase Two ( after 6 hours ): Users holding at least 226 Alpha points can participate, first come first served, until the airdrop pool is exhausted. Claiming the airdrop will consume 15 Alpha points.

Redbrick is a user-generated content-based metaverse platform where everyone can create and entertain freely. It provides land builders and 3D studios, and has created a token economy model to fairly reward the value of creations.

This airdrop event aims to promote the Redbrick project and attract users to join its ecosystem. Analysis suggests that token airdrops help quickly accumulate a user base, but the project team needs to continuously innovate in subsequent operations to provide users with quality content and experiences.

5. Cryptocurrency scams exposed, multiple venture capital firms and whales affected, losses exceeding 50 million dollars.

A case involving an over-the-counter trading scam related to various cryptocurrencies such as SUI, NEAR, Axelar, and SEI has been exposed, with the amount defrauded exceeding 50 million dollars, affecting venture capitalists, opinion leaders, and large investors.

The scam operated through Telegram groups for several months. Initially, it built trust by fulfilling promises, then it turned into a Ponzi scheme, ultimately collapsing. The leading party, Aza Ventures, claims that its core trader "Source 1" is the founder of a certain project, possibly of Indian nationality.

Analysis indicates that this incident has once again sounded the alarm for the risks of crypto investment. Due to a lack of regulation, there are still many gray areas in the crypto space, and investors need to be particularly cautious. At the same time, the incident also reflects that the internal review mechanisms for the authenticity and credibility of projects within the industry are still insufficient.

In the future, it is necessary to establish a more standardized and transparent operating model in the cryptocurrency field, strengthen investor education, and improve risk prevention mechanisms in order to truly mature.

2. Industry News

1. Bitcoin prices will remain volatile in the short term, but the long-term outlook is positive.

Bitcoin has seen a slight decline of 0.9% in price over the past 24 hours, currently reported at $103,264. Despite the possibility of continued fluctuations in the short term, analysts generally believe the long-term outlook is positive.

Bloomberg analysts Eric Balchunas and James Seyffart have raised the probability of approval for most spot crypto ETFs to 90% or higher. They believe that the positive interactions with the U.S. Securities and Exchange Commission ( SEC ) are an important signal. However, the exact approval or launch timeline remains uncertain, potentially within the next month or two, or it may have to wait until after October.

Meanwhile, Circle's stock price surged by 20.39%, closing at $240.28, reaching a new high since its listing. Its daily trading volume also hit a record high of 89.52 million shares. Circle's USDC stablecoin plays an important role in the crypto market, and its performance reflects the strong interest of institutional investors in stablecoins.

Overall, although the price of Bitcoin may continue to fluctuate in the short term, the increasingly open attitude of regulators towards cryptocurrencies, the continued influx of institutional investors, and the application prospects of stablecoins in payments and settlements will provide strong support for Bitcoin's long-term growth. However, investors still need to remain vigilant against potential systemic risks and geopolitical risks.

2. The activity on the Ethereum chain continues to grow, and the possibility of the price breaking through 3000 USD is increasing.

The price of Ethereum has slightly decreased in the past 24 hours, but on-chain activity continues to grow, which may pave the way for its price to break through $3000.

Data shows that Ethereum adds 800,000 to 1,000,000 new wallets each week, a 33% increase compared to 2024. The large number of new wallets being created reflects a rise in user activity, even though prices are currently consolidating. This network growth is consistent with the increasing adoption of second-layer scaling solutions and decentralized applications.

At the same time, institutions such as Uniswap and Morpho are collaborating to develop a security and governance framework called WeSOC, aimed at enhancing the security and collaboration of DeFi. This initiative will further enhance the attractiveness of the Ethereum ecosystem.

Analysts believe that the current market pattern of Ethereum is similar to the cycle of 2017, suggesting that prices may experience significant breakthroughs. Factors such as increased regulatory transparency and growing institutional interest could drive this surge. However, in the short term, the $3350 level remains an important resistance level that needs to be broken.

Overall, the continuous increase in activity on the Ethereum chain, the growing interest of institutions in DeFi, and the improvement of the regulatory environment will create favorable conditions for its price to break through $3000. However, investors should also be cautious of potential risk factors such as technical risks and competitive risks.

3. The performance of altcoins is diverging, with Shiba Inu and others being highly sought after.

Against the backdrop of an overall downturn in the cryptocurrency market, altcoins show significant differentiation. Popular altcoins like Shiba Inu and Pepe Coin continue to rise in price, while Dogecoin and others are experiencing declines.

Shiba Inu Coin has seen a price increase of 4% in the past 7 days, with a burn rate skyrocketing by 3484%, bringing new vitality to this "Dogecoin". Meanwhile, the chart setup for Pepe Coin also shows bullish signs. Analysts believe that, with supply constraints in place, the demand for both tokens remains, indicating potential for further price increases in the short term.

In contrast, Dogecoin has fallen nearly 3% in the past 7 days. According to data from CoinMarketCap, the trading volume of Dogecoin has also declined. Analysts point out that this may reflect a waning interest from investors in this cryptocurrency.

Overall, the altcoin market has shown clear differentiation, with some popular tokens still in high demand, while others are facing pressure from declining demand. Investors need to have an in-depth understanding of the fundamentals of individual tokens and closely monitor their on-chain data to seize potential opportunities and risks.

4. XRP's on-chain activity has declined, with regulatory disputes being the main reason.

Although the price of XRP has remained relatively stable in the range of $2.05 to $2.33 over the past 30 days, its on-chain activity has seen a significant decline, with the number of new addresses and active wallets both decreasing sharply.

Analysts believe that this is mainly due to the regulatory dispute between XRP and the SEC. The long-term uncertainty has intensified investors' fatigue, leading to a decline in user participation. If this trend cannot be reversed, XRP may face pressure for price adjustment.

At the same time, the NVT ratio of XRP (, the network value to transaction volume ratio ), has soared above 280, far exceeding the historical average. This indicates that XRP may be overvalued, with the price increase outpacing the growth in network usage.

However, some analysts hold an optimistic view on XRP. They believe that once the regulatory disputes are resolved, the price of XRP will see a significant increase. In addition, the demand for XRP from institutional investors is also continuously growing, which lays the foundation for its long-term value growth.

Overall, XRP is currently facing dual pressure from declining on-chain activity and regulatory uncertainty. However, if the regulatory disputes can be resolved, there is still significant upside potential for its price. Investors need to closely monitor regulatory developments and assess the risk-reward ratio.

5. The cryptocurrency market is under short-term pressure, with geopolitical risks being the main reason.

The cryptocurrency market is under some pressure today, mainly due to geopolitical risks. The escalating tensions between Israel and Iran have dampened investor sentiment.

The prices of major cryptocurrencies such as Ethereum have declined, and trading volumes and investor activity have also decreased. The derivatives market shows that investors are adopting defensive strategies to guard against potential downside risks.

Analysts point out that geopolitical risks are the main factors currently affecting the cryptocurrency market. The global market is in a cautious state, and traders expect volatility that may arise from geopolitical risks.

At the same time, the Bitcoin futures premium has fallen to a three-month low, reflecting a strengthening bearish sentiment. Although institutional demand remains strong, economic pressures and global tensions have increased traders' uncertainty.

However, some analysts believe that the current decline may just be a short-term adjustment. Once geopolitical risks ease, the cryptocurrency market is expected to regain upward momentum. They advise investors to remain patient and seize potential buying opportunities.

Overall, geopolitical risks are currently the main adverse factors affecting the cryptocurrency market, and investor sentiment has been somewhat impacted. However, as long as the risks are alleviated, the cryptocurrency market is still expected to regain upward momentum. Investors need to closely monitor changes in risks and prudently grasp the risk-reward ratio.

3. Project News

1. Sui ecosystem Cetus was attacked by hackers, resulting in a loss of $223 million.

Sui is an emerging blockchain developed by Mysten Labs, aiming to provide high performance and scalability. Cetus is the first decentralized exchange launched in the Sui ecosystem.

On June 20, Cetus suffered a hacker attack, losing up to $223 million in crypto assets. The attackers exploited a vulnerability in the Cetus smart contract to transfer a large amount of funds to their wallet address. This is one of the largest hacking incidents in the history of the cryptocurrency sector.

The Sui community decided through voting that the Sui Foundation will recover the stolen funds through forced transfer. Although this approach is efficient, it has also sparked controversy regarding the principle of decentralization. Some argue that forcing the transfer of assets through node consensus violates the concept of decentralization and lays the groundwork for potential authoritarian intervention in the future.

Cryptocurrency analysts point out that this incident highlights the deficiencies in security and compliance of DeFi projects, indicating the need to establish a more comprehensive governance framework. At the same time, it also reflects that the Sui ecosystem is still in its early stages and carries significant risks.

2. WeSOC: Building a Safe and Compliant Framework for the Ethereum Ecosystem Institutions

Large institutions in the Ethereum ecosystem, such as Uniswap Labs, Morpho, Maple, and Kiln, have collaborated with security companies Cantina and Secureum to jointly launch WeSOC—a new security and compliance framework.

WeSOC aims to enhance the security and compliance of DeFi by providing a structured approach for institutions and organizations to assess the "maturity" of projects. The framework includes a self-assessment tool to measure the readiness of institutional collaboration, as well as a set of project "maturity levels" to determine whether a project is ready for use by major institutions.

The launch of this framework reflects that the Ethereum ecosystem is developing towards specialization and institutionalization. As regulations become increasingly stringent, DeFi projects need to improve transparency and governance levels to gain the trust and recognition of institutions.

Analysts believe that WeSOC provides a standardized compliance path for DeFi projects, which helps attract more institutional capital into the cryptocurrency space. However, there are also some controversies, such as whether it will restrict the innovation of projects and who will establish and enforce these standards.

3. The Solana ecosystem continues to gain momentum, with new projects emerging continuously.

Solana is one of the most outstanding public chains in this cryptocurrency cycle. During the TOKEN2049 conference, the Solana ecosystem demonstrated strong development momentum and vibrant innovative vitality.

On one hand, well-known projects in the Solana ecosystem such as Pyth, Wormhole, and Drift continue to advance, injecting new momentum into the ecosystem. On the other hand, a large number of emerging projects are also constantly emerging, such as Cub, FlashTrade, SonicSVM, and Solayer, which are bringing more innovative applications to the Solana ecosystem.

The proportion of fresh blood in the Solana community has reached 50%, reflecting the unwavering enthusiasm of developers for this ecosystem. Emerging from the low point, the Solana community has become more resilient and powerful.

Analysts believe that the sustained development of the Solana ecosystem relies on its advantages of high performance and low cost. In the future, Solana is expected to occupy an important position in areas such as DeFi, NFT, and GameFi. However, some opinions suggest that the Solana ecosystem is already close to saturation and lacks truly killer applications.

4. AI+We has become a new hotspot, with innovative applications continuously emerging.

At the TOKEN2049 conference, the combination of AI and We has become a hot topic. More and more entrepreneurs and investors are starting to pay attention to this emerging track.

Some traditional AI companies have begun to shift to the Web3 field, such as Gensyn and Hyperbolic, which focus on AI computing power; Schelling AI represents an attempt at a comprehensive transformation from Web2 to Web3; Title.xyz is dedicated to consumer-grade applications like AI art generation.

At the same time, there are different opinions within the industry. Some investors believe that currently 98% of AI+We applications are "Meme" concepts and are difficult to generate real user value. However, others are optimistic about the prospects of the combination of AI and cryptocurrency, believing that a "Ethereum-level" AI project may emerge in the future.

Analysts point out that AI+We does have some speculative components, but it also harbors tremendous innovative potential. AI technology can bring smarter and more efficient application scenarios to We, while blockchain provides a decentralized infrastructure for AI. The combination of the two is bound to trigger industry transformation.

Overall, AI+We is still in its early stages and needs time for validation. However, this sector is attracting more and more resource investment, and the future looks promising.

4. Economic Dynamics

1. The divergence among Federal Reserve officials is increasing, with disagreements over the impact of tariffs and the timing of interest rate cuts.

Economic background: The US economy maintains moderate growth in the first half of 2025, but inflation remains high and the unemployment rate has also increased. The latest data shows that the annualized GDP growth rate for the first quarter is 2.4%, the inflation rate for May is 5.1%, and the unemployment rate is 4.2%. Nevertheless, the Federal Reserve still expects to start lowering interest rates later this year.

Important events: The new economic forecasts released by the Federal Reserve this week show that there are disagreements among policymakers regarding the impact of tariffs and the timing of interest rate cuts. Of the 19 officials, 7 believe that a rate cut is not needed this year, 8 expect two rate cuts, 2 expect one rate cut, and another 2 expect three rate cuts. This contrasts with investors' expectations of a 25 basis point rate cut by the Federal Reserve at the meetings in September and December.

Market reaction: The market's reaction to the internal divisions within the Federal Reserve is cautious. Investors are concerned that if policymakers cannot reach a consensus on the impact of tariffs and the timing of interest rate cuts, it will further exacerbate market uncertainty. U.S. stocks edged lower on Thursday, with the S&P 500 index falling by 0.4%.

Expert Opinions: Goldman Sachs chief economist Jan Hatzius stated: "The divisions within the Federal Reserve have intensified, reflecting differing judgments on the impact of tariffs. If tariff measures continue to escalate, inflationary pressures may further increase, thereby delaying the interest rate cut."

Citigroup global market strategist Steven Wynyard believes: "The divergence in interest rate cut expectations may exacerbate market volatility. Investors need to closely monitor the Federal Reserve's policy signals and adjust their investment strategies accordingly."

2. Progress has been made in trade negotiations between Europe and the United States, but tariff issues remain unresolved.

Economic Background: The European economy showed signs of weakness in the first half of 2025, with an annualized GDP growth rate of only 0.9% in the first quarter. The inflation rate eased after reaching a high of 5.6% in March, dropping to 4.8% in May. The unemployment rate hovers around 4.7%. The European Central Bank hinted at a possible interest rate hike later this year to combat inflationary pressures.

Important Event: According to reports, the United States and the European Union seem poised to reach an agreement on several non-tariff trade issues, covering areas from deforestation rules to the treatment of American tech companies in Europe. However, the fate of the tariffs that both sides are about to implement remains unclear.

Market Reaction: The market reacted positively to news of progress in trade negotiations. Major European stock indices rose on Thursday, with the German DAX index up 0.8% and the French CAC40 index up 0.6%. However, investors remain cautious about the uncertainty surrounding tariff issues.

Expert Opinion: David Folkerts-Landau, chief economist for Europe at Deutsche Bank, stated: "The easing of trade tensions will benefit the recovery of economic confidence in Europe, but the resolution of tariff issues is key. If both sides cannot reach an agreement on tariff issues, it may still have a negative impact on the economy."

Rafael Boswijk, a global economist at Rabobank, believes: "The improvement of trade relations between Europe and the United States will inject a shot of adrenaline into the global economy. However, trade frictions have not been completely eliminated, and investors need to remain vigilant."

3. Asian central banks join the interest rate cut trend, with inflation pressure and economic slowdown being the main reasons.

Economic Background: The economic growth of major Asian economies is expected to slow down in the first half of 2025, with increasing inflationary pressures. China's GDP grew by 5.2% year-on-year in the first quarter, and the inflation rate in May was 3.8%; Japan's annualized GDP growth rate in the first quarter was 0.7%, and the inflation rate in May was 3.1%.

Important Events: The central banks of Switzerland, Sweden, and Norway announced a 25 basis point interest rate cut within 24 hours, attracting market attention. Previously, the central banks of Australia, New Zealand, and South Korea had also cut rates in succession. Analysts believe that the Asian central banks are joining the wave of rate cuts mainly to address inflation pressures and economic slowdown.

Market reaction: Asian stock markets generally rose on Thursday, with investors responding positively to central bank interest rate cuts. The Nikkei 225 index rose by 1.2%, the Korea Composite Index rose by 0.9%, and the Straits Times Index in Singapore rose by 0.7%.

Expert Opinion: Citigroup's Asia economist Chen Jianmin said: "Asian central banks are cutting interest rates to ease inflationary pressures and also to help boost economic growth momentum. However, if the global economy slows further, the Asian economy will also find it difficult to remain unaffected."

Goldman Sachs Asian economist Song Chao Wu believes: "The pace of interest rate cuts by Asian central banks may continue, as inflationary pressures and the risks of economic slowdown remain persistent. However, overly accommodative monetary policy may also bring new risks, and the pros and cons need to be weighed."

5. Regulation & Policy

1. The US and Europe are nearing the conclusion of several non-tariff trade agreements.

Policy Background: The United States and the European Union have long had differences over trade issues, and both sides have been negotiating on several non-tariff trade matters. The achievement of this agreement is expected to ease trade tensions between the two parties and lay the foundation for future trade relations.

Policy content: According to informed sources, a draft of a "reciprocal trade agreement" distributed by the U.S. Trade Representative's Office lists a series of preliminary agreements on specific trade issues, including the EU's Digital Markets Act, carbon border taxes, shipbuilding, and more. The agreement appears to be close to a final version, but changes may still occur in the coming weeks.

Market Reaction: The market reacted positively to the conclusion of this agreement. Once officially in effect, it will provide a fairer competitive environment for American companies in the European market, which is conducive to promoting bilateral trade and investment. However, some analysts are concerned that the agreement may have an impact on certain industries.

Expert Opinion: James Baxter, a senior researcher at the American Enterprise Institute, stated: "This agreement brings new opportunities for US-EU trade relations, but there are also some potential risks. Companies need to closely monitor the specifics of the agreement and assess its impact on their business."

2. Thailand plans to ease regulations on cryptocurrency exchanges.

Policy Background: The Thai government has been working to promote the development of the cryptocurrency industry and formulate relevant regulatory policies. The proposed regulatory easing aims to attract more cryptocurrency businesses to establish operations in Thailand, enhancing Thailand's competitiveness in this field.

Policy Content: According to reports, the Securities and Exchange Commission of Thailand is seeking public feedback on the proposed update to the local digital exchange cryptocurrency asset listing framework. Under the new framework, cryptocurrency exchanges will be allowed to issue their own tokens on their platforms.

Market Reaction: Once this policy is implemented, it will bring new development opportunities to Thailand's cryptocurrency industry. Exchanges can attract more users and liquidity by issuing their own tokens, thereby increasing competitiveness. However, some are concerned that overly lenient regulation may pose risks.

Expert Opinion: Krungthai Digital Asset Company's CEO Surapong Rangsri stated: "This new policy will help promote the development of Thailand's cryptocurrency ecosystem. However, regulators also need to establish corresponding risk control measures to ensure the healthy development of the market."

3. The UK Financial Conduct Authority has released a discussion paper on the regulation of crypto assets.

Policy Background: The UK government has been promoting a legislative plan for the regulation of crypto assets, aimed at building a secure, competitive, and sustainable ecosystem for the crypto industry. The release of this discussion paper is an important step in implementing this plan.

Policy Content: The UK's Financial Conduct Authority published a discussion paper titled "Regulating Cryptoasset Activities" in May 2025, proposing to expand the regulatory scope from current anti-money laundering rules to activities such as operating cryptoasset trading platforms, intermediary services, and lending. The paper suggests measures to balance innovation with risk, strengthen market integrity, and enhance consumer protection.

Market Reaction: The release of this discussion paper has garnered widespread attention from industry insiders. On one hand, a clearer regulatory framework helps strengthen market order and boost investor confidence; on the other hand, there are concerns that excessive regulation may stifle innovation.

Expert Opinion: Arnold Graham, the chairman of the UK Crypto Asset Association, stated: "We welcome discussions by regulators on the regulation of crypto assets, as this will help create a favorable environment for the industry's development. However, we also hope that regulation can maintain a moderate level of flexibility to adapt to this rapidly evolving field."