The Blockchain Bulletin, June 16: 170 Hyperliquid Users Earned Over $10 Million

Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we unravel and dig out our latest insights that hit the heart of the market in the past 24 hours.

Michael Saylor, chair of Strategy, discussed with Pakistan’s top official regarding national Bitcoin policy. In a clip shared online, he praised the country’s untapped potential and voiced his desire to serve as a crypto advisor. Meeting with Finance Minister Muhammad Aurangzeb and Crypto Minister Bilal Bin Saqib, Saylor emphasized how Bitcoin could revolutionize Pakistan’s financial system. His words sparked pride and hope across the local crypto community.

Crypto analyst DeFi_Mochi revealed that 170 Hyperliquid users have profited in excess of $10 million in lifetime profits. Currently, 1,589 wallets possess over $1 million in cumulative gains. However, many of these traders boast ROIs below 200%, in contrast to the order and magnitude of their initial capital.

Metaplanet Has Accumulated 10K BTC

While the nation was framing the strategy, Metaplanet Inc. reached a key milestone by accumulating 10,000 BTC after purchasing 1,112 new bitcoins for $117.2 million at an average price of $105,435. The company disclosed that it funded this purchase via the 18th round of zero-coupon bonds, raising $210 million through EVO FUND. This aggressive capital market approach highlights its long-term commitment to Bitcoin and positions Metaplanet as one of the most Bitcoin-heavy firms globally.

Regulatory Updates

Eros Biondini, a member of Brazil’s Chamber of Deputies, has submitted a new draft bill that aims to abolish taxation on cryptocurrencies. The proposal specifically shields long-term Bitcoin holders who use it as a store of value. The lawmaker has turned to social media to rally public support, urging citizens to “fight against the taxation of cryptoassets in Brazil.” If passed, this could set a precedent across Latin America.

Furthermore,  Investors are closely tracking the U.S. Federal Reserve’s June 17–18 meeting for clues on future interest rate decisions. The current rate of 4.25%–4.50% remains a focal point, but recent global instability and mild inflation could prompt a shift. Analysts believe the Fed may lower borrowing costs by September. Markets are particularly sensitive after Israel’s recent strike on Iran’s nuclear site spiked oil prices, briefly increasing global uncertainty.

Related: Polkadot Eyes Bitcoin Reserve With tBTC Liquidity Proposal

Market Overview

On June 16th, Bitcoin closed at $106,657.65, gaining 1.04% after dipping to $104,977.24 and peaking at $107,263.36. It held above the key Fibonacci 0.5 level at $106,170.90, supported by an upward trendline active since April. BTC now approaches major resistance at $111,917.37, with Fibonacci targets at $115,043.45 and $119,020.01. Support remains firm at $100,424.43, keeping the bullish outlook intact as momentum builds.

As of press, Bitcoin rose 1.09% in the past 24 hours, and has reached $107,446.67, according to CoinMarketCap data. Its market cap now stands at $2.13 trillion, while trading volume surged 34.85% to $53.43 billion.

On the same accord, the market shows signs of cautious upward movement based on Bitcoin and Ethereum’s current performance. Ethereum climbed 0.81% to $2,595.75, showing a similar recovery pattern after a sharp dip below $2,550. Both assets posted notable 24-hour trading volume increases, suggesting renewed investor interest. 

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