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Quick Take Kalshi has recently received cease and desist notices from gaming regulators in Nevada and New Jersey that seek to stop the prediction marketplace from offering contracts related to sports events and argue only state-licensed organizations can offer sports gambling. Kalshi sued the agencies in response, arguing that as a CFTC-regulated exchange, it is exclusively regulated by the federal government, and the Commodity Exchange Act preempts state law.
Web3 still hasn’t gone mainstream — but Ice Open Network is making decentralized tech feel as simple and seamless as Web2.
Quick Take Daily exchange volumes have dropped from a $126 billion post-election peak to $35 billion, returning to pre-election levels amid market uncertainty. The following is an excerpt from The Block’s Data and Insights newsletter.
Quick Take The FTX estate is set to begin repaying its creditor claims over $50,000 in value on May 30. Creditor repayments could take time given a large volume of likely fraudulent claims, one of FTX’s bankruptcy attorneys said, according to a Bloomberg report. The cryptocurrency claims are valued as of the bankruptcy petition date, November 11, 2022; the price of BTC is currently 5x higher than that value.
- 18:37Today's On-Chain Fund Flow: Base Net Inflow of $7.6 MillionAccording to Artemis data, today's net inflow for Base is 7.6 million USD, and Ethereum's net inflow is 3.9 million USD; Polygon PoS has a net outflow of 10.7 million USD, and Unichain has a net outflow of 3.1 million USD.
- 18:37An address purchased 1.19 million BULLA tokens with 340 BNB after 3 months of inactivityAccording to lookonchain monitoring, the wallet address "0xfa64" withdrew 340 BNB (approximately $218,000) from the trading platform after being dormant for 3 months, to purchase 1.19 million BULLA tokens.
- 18:36Macro Outlook for Next Week: CPI Data to Test Fed's Patience Again, Gold to Receive Directional SignalAccording to Jinshi reports, this week, major U.S. stock indices closed higher, with the S&P 500 index hitting a more than three-month high on Friday. The Dow Jones index also rose to a three-month high. A better-than-expected non-farm payroll report eased market concerns about the economy, while Tesla (TSLA.O) rebounded from Thursday's sharp decline, and tech stocks continued to rise. However, as of June 4, U.S. stock funds experienced outflows for the third consecutive week due to ongoing concerns about U.S. trade policy. In commodities, gold prices saw significant declines on Thursday and Friday but still recorded an overall increase for the week, closing at $3,311.68 per ounce. Notably, despite the slightly better-than-expected increase in U.S. non-farm payrolls in May, Trump once again pressured the Federal Reserve on social media, urging a 100 basis point rate cut. Here are the key points the market will focus on in the new week: Monday 09:30, China's May CPI year-on-year; Monday 22:00, U.S. April wholesale sales month-on-month; Monday 23:00, U.S. May New York Fed 1-year inflation expectations; Tuesday, to be determined, China's May M2 money supply year-on-year; Tuesday 14:00, UK April three-month ILO unemployment rate, May unemployment rate, May jobless claims; Tuesday 15:10, ECB Governing Council member Villeroy speaks; Tuesday 18:00, U.S. May NFIB small business optimism index; Wednesday 20:30, U.S. May CPI data; Wednesday 22:30, U.S. EIA crude oil inventories, Cushing crude oil inventories, strategic petroleum reserve inventories for the week ending June 6; Thursday 14:00, UK April three-month GDP month-on-month, manufacturing output month-on-month; Thursday 14:00, UK April seasonally adjusted goods trade balance, industrial output month-on-month; Thursday 20:30, U.S. initial jobless claims for the week ending June 7, U.S. May PPI; Friday 14:00, Germany May CPI month-on-month final value; Friday 14:00, France May CPI month-on-month final value; Friday 22:00, U.S. June one-year inflation rate preliminary value, U.S. June University of Michigan consumer sentiment index preliminary value. The U.S. May CPI report to be released next Wednesday will test the market's optimism about rate cuts, as it may show a stall in the recent trend of declining inflation. In other economic data, the UK will release its three-month employment report ending in April next Tuesday, with the market watching for signs of more layoffs.