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BlockBeats News, June 11th, Glassnode released its market weekly report stating that Bitcoin continues to exhibit characteristics of a late-stage correction, with recent buyers facing significant losses, realized losses remaining high, and several key demand sources experiencing a sharp decline. The Bitcoin price dropping to around $60,000 triggered a significant deleveraging event, clearing a large number of speculative positions in the market. While this helped reset the leverage levels, spot demand has not yet shown substantial recovery. The options market continues to maintain a defensive posture, with high implied volatility indicating strong demand for downside protection, and traders holding positions concentrated around the current spot level. Additionally, with declining institutional participation and a slowdown in corporate treasury accumulation, these data points suggest that risk appetite remains subdued. Overall, the market appears to be further moving into a surrender phase. Although leverage has been mostly reset and valuation metrics have reached historical lows, the demand response typically associated with the market's long-term lows has not yet materialized.

BlockBeats News, June 11th. A transnational scam case in Ohio, USA, where individuals impersonated Middle Eastern royalty, was recently sentenced. The two masterminds were sentenced to 24 years and 23 years in prison, respectively, and were ordered to pay approximately $21.2 million in restitution. In the case, 42-year-old Zubair Al-Zubair and 31-year-old Muzammil Al-Zubair were accused of long-term impersonation of Middle Eastern royal family members and hedge fund managers, conducting scams under the guise of "government cooperation + cryptocurrency mining investment," and gaining trust through fabricated identities and official relationships. The investigation revealed that the two individuals bribed local officials to obtain titles such as "International Economic Advisor," further enhancing the credibility of their projects. One of the main victims was a Chinese cryptocurrency investor. It was disclosed that the investor had been involved in Bitcoin mining in Sichuan in earlier years, then went to the United States for development. In Ohio, the investor was introduced to a fraudulent mining project, where he invested cash and equipment, resulting in a total loss of nearly $18 million (approximately 130 million RMB). During the scam, victims were asked to pay millions of dollars and purchase mining equipment, some of which was later transferred and sold at low prices. The case was eventually exposed when another victim reported it to the police, who then launched an investigation to trace the funds. During sentencing, the judge pointed out that the two individuals used false identities and a luxurious lifestyle to carry out systematic fraud, severely damaging the reputation of local public institutions. Former municipal officials who assisted in the scam were also sentenced.

BlockBeats News, June 11th, according to on-chain analysis firm LookIntoBitcoin, multiple large entities have been accumulating Bitcoin recently, with funds flowing out from exchanges and custody services. In a recent development, the whale address bc1q2q has moved 2,341 BTC out of an exchange in the past 5 days, amounting to approximately $144.68 million. Additionally, three newly created wallet addresses have collectively withdrawn 737.7 BTC from BitGo, totaling around $45.6 million.