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BlockBeats News, June 6th, Tether announced that it has appointed a new independent director to the board of Bitcoin reserve company Twenty One Capital (XXI) to fill the previous vacancy in the audit committee. The company stated that this appointment complies with the independence requirements of the U.S. SEC Securities Exchange Act Rule 10A-3 and NYSE listing rules. This vacancy arose after Tether's acquisition of XXI shares held by Softbank Group on May 20th. Following the termination of the governance agreement between the two parties, Softbank's appointed director resigned, one of whom was a member of the audit committee. According to reports, Twenty One Capital currently holds over 43,500 Bitcoins and is positioned as a vertically integrated Bitcoin company with business operations covering Bitcoin mining, asset reserves, capital markets, and financial services. Tether CEO Paolo Ardoino stated that XXI is in the process of building one of the most significant Bitcoin enterprises globally. Therefore, the company's priority is to ensure that the board has an independent oversight mechanism in compliance with SEC and NYSE requirements to match its robust balance sheet.

On June 6, Sonic co-founder Andre Cronje stated that during the first significant market correction experienced by the derivatives platform FT (FlyingTulip), the equity account lending model resulted in only about $50,000 in liquidation. This is significantly lower than traditional loan-to-value (LTV) models due to the use of net risk calculations instead of discounted collateral models, along with the effectiveness of a soft liquidation mechanism, which resulted in an average liquidation amount of only $200 to $2,000 per transaction. Andre Cronje noted that if a traditional LTV-based lending system had been used, the liquidation scale during this market volatility could have increased by 10 to 20 times. He emphasized that the equity account model enables net risk management and reduces market impact through the soft liquidation mechanism, leading to a safer, lower volatility, and reduced discount loss lending experience.

BlockBeats News, June 6th, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin flows and on-chain data show that there is currently no sign of large-scale fund outflows from the crypto market. The SpaceX IPO is valued at approximately $1.8 trillion, with up to 30% of the shares allocated to retail investors through platforms such as an exchange, significantly higher than the typical 10% allocation to individual investors in traditional IPOs. Following the start of the roadshow, the demand for subscriptions has exceeded the issuance size. Data shows that the outflows of USDT and USDC remain within normal ranges since February, with no signs of abnormal redemptions or supply contraction. On the contrary, on June 6th, around 66,470 BTC and 2.49 million ETH were net outflows from exchanges, indicating that more investors are moving assets to private wallets, showing a buy-the-dip signal rather than a mass cash-out. However, on-chain data cannot reflect the trading activity of users within platforms such as an exchange, so it is still necessary to wait for relevant brokerages to release data to determine if any crypto investors have sold assets to subscribe to SpaceX shares. The most significant outflows of funds currently come from spot ETFs. Data shows that as of June 3rd, the US Bitcoin spot ETF has seen net outflows for 13 consecutive trading days, totaling around $4.4 billion in redemptions; the Ethereum spot ETF has experienced fund outflows for 17 consecutive trading days before returning to a slight net inflow. According to the plan, SpaceX is set to complete pricing on June 11th and will debut on the Nasdaq on June 12th under the stock ticker symbol SPCX.