May CPI in 30 minutes:

Consensus:
—MoM: 0.1%
—YoY: 3.4%
—Core MoM: 0.3%
—Core YoY: 3.5%

May CPI:

MoM: 0% [Est. 0.1%, Prev. 0.3%]
YoY: 3.3% [Est. 3.4%, Prev. 3.4%]
Core MoM: 0.2% [Est. 0.3%, Prev. 0.3%]
Core YoY: 3.4% [Est. 3.5%, Prev. 3.6%]

Terraform Labs agreed to pay $4.47 billion to resolve a civil lawsuit filed by the SEC following the firm’s 2022 collapse: BBG

FOMC in 30 minutes:

—Fed is expected to leave interest rates unchanged.
—After today's CPI, Market now fully pricing in two rate cuts.
—Fed's Dot plot rate forecasts will be main event - will 2024 median projection of 3 cuts get trimmed to 1 or 2? Market expects 2 cuts down from 3.
—The distribution of dots will be more important than the cuts forecast for some.
—Market also focused on how dovish [hawkish?] Powell will be.

FED LEAVES RATES UNCHANGED

—Fed Raise 2024 inflation Forecast to 2.6% from 2.4%.
—Fed dot plot shows just 1 rate cut in 2024 vs 3.

The distribution of the dots is much narrower than the previous one —7 vs 8, in line with the market forecast.

Fed's dot plot breakdown:
-4 saw no cuts
-7 saw 1 cut
-8 saw 2 cuts

MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes: link

—MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin.

—Also, MicroStrategy to Redeem $650M of 2025 Convertible Notes and Settle All Conversion Requests in Shares: link

Gary Gensler told Senator Bill Hagerty he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*: Eleanor Terrett

[Approval for ETFs to start Trading]

Changpeng Zhao aka CZ, Former CEO of Binance owns 94M $BNB tokens [$56.6B] or 64% of the total 147.5M $BNB tokens in circulation according to Forbes.

*Binance owns 71% of the BNB supply — CZ has 90% equity stake in Binance.

*Binance Co-Founder, Yi He:

Mathematics is not the specialty of this Forbes reporter. 4.

*Cobie:

He doesn’t need to ever sell it with the high FDV launches plus launchpools dividends ponzi

Spot ETH ETF S-1 forms are expected to approved by July 2nd: Bloomberg ETF Analyst Erich Balchunas

Note: Previous estimate was July 4th so, not a big jump but etfs are likely to be approved in the next 30 days according to all these reports.

[ETH ETF issuers needs approval on the S-1 forms to begin trading]

The Week Ahead:

Macro:
—BoE Interest Rate Decision on 20
—U.S. Initial Jobless Claims on 20

Crypto:
—Tether will unveil its new class of digital assets products on 17
—Ethena to provide more details on tokenomics, staking and pools on 17
—Layerzero [TGE?] announcement on 20

Unlocks:
—$ID: $39m [18%]
—$PIXEL: $17m [7%]

Tether Announces Launch of Alloy by Tether: A New Digital Asset Backed by Tether Gold: link

—Alloy by Tether introduces a novel category of digital assets known as 'tethered assets', designed to closely track real-world assets. Their first offering, aUSD₮, aims to mirror the US dollar's value by being over-collateralized with Tether's gold-backed XAU₮ token supported by real physical gold stored in Switzerland.

SEC'S HEAD OF CRYPTO ASSET AND CYBER UNIT LEAVES AGENCY AFTER NINE YEARS: TheBlock

DeepSeek-Coder-V2: The First Open Source Model That Beats GPT4-Turbo, Claude3-Opus, Gemini-1.5 Pro, Codestral in Coding and Math: link

> 128K context length.
> Comes with two sizes: 230B (also with API access) and 16B.
> Available on Hugging Face.

—DeepSeek is funded by a top Chinese quant hedge fund called High-Flyer quant, which have delivered 13% annual returns since 2017 in the China's turbulent domestic stock markets: link

Coinbase announce pre-launch markets on Coinbase International Exchange and Coinbase Advanced to allow users to trade perpetual futures contracts on tokens that have not launched yet: link

$ENA Tokenomics Update: link

> $ENA restaking pools within Symbiotic to secure the Ethena Chain.

> Generalized $ENA restaking is being introduced, initially to secure cross-chain $USDe transfers via LayerZero.

> The Ethena Chain will utilize $USDe as the gas token, with $ENA providing security across DEXs, lending, derivatives, and infrastructure solutions.

> From June 17th, users must lock 50% of newly vested $ENA or risk forfeiting unvested tokens to aligned users who do lock. ⚠️

Ref link

DOJ & FTC sues Adobe for hiding termination fees and making it difficult to cancel subnoscriptions.

Aave’s Stani Kulechov seeks $50m for Lens Protocol at $500m valuation: link

> Stani Kulechov is pitching Lens Protocol to US venture firms.

Coinbase will list EIGEN-PERP on pre-launch market on June 18.

Argentina: The Next El Salvador?

> Argentina is collaborating with El Salvador to develop crypto-friendly regulations.

> Argentina considering El Salvador-style mega-prisons to tackle crime.

> Worldcoin is increasing investments in Argentina to make it a regional hub.

> A Pro-Bitcoin President.

> Like El Salvador, Argentina may allow people to voluntarily choose between currencies.