
Iran suspends talks, BTC crashes below $70K
Iran officially halted all indirect US negotiations on June 1, citing Israeli operations in Lebanon — triggering Brent crude to whipsaw between $91 and $97, and BTC to crash to $68,507 (−4.23%), its first sub-$70K close since April 8. The near-term Iran peace deal curve sits near-zero (Jun 7: 5.5%), but new Aug–Oct windows emerged as markets price Q3–Q4 2026 as the most plausible diplomatic window. The BTC ETF outflow streak hit Day 11 at a cumulative −$3.45B (IBIT alone shed $440M June 1), while Strategy's first BTC sale since 2022 sparked a $130M UMA dispute. Zero-cuts 2026 holds at 68.7% as ISM Manufacturing hit a four-year high of 54.0; Warsh enters Day 11 of post-inauguration silence with the FOMC blackout starting June 6.

Coverage window: June 1, 14:34 ET → June 2, 14:00 ET (~23.5 hours)
Iran officially suspended all indirect US negotiations on June 1, citing Israel's continued military operations in Lebanon as a violation of ceasefire preconditions. 1 The halt triggered a cascade: Brent crude swung from $91 to $97 and back to $94 in 36 hours, the near-term Iran peace deal curve collapsed again, and BTC — already under pressure from a record 11-day ETF outflow streak — fell to $68,507 (-4.23%), its first sub-$70,000 close since April 8. 2
Three separate market clusters all moved in the same direction in the past 24 hours. The shared driver: Iran risk re-priced upward just as the crypto market was already stretched on a multi-week outflow streak and a symbolically significant sell.
This window at a glance
| Market | Current prob | 24h change | 24h volume | Key catalyst |
|---|---|---|---|---|
| US x Iran peace deal — Jun 7 | 5.5% | −0pp | $3.29M | Iran halts talks; near-zero pricing |
| US x Iran peace deal — Jun 15 | 13.5% | −0pp | $1.69M | Same |
| US x Iran peace deal — Jun 30 | 25.5% | +3pp | $529K | Modest recovery on sell-off |
| US x Iran peace deal — Dec 31 | 73.5% | +3pp | $234K | Long-end recovery |
| Iran ceasefire extension — Jun 3 | 3.15% | −1.35pp | $324K | 24h to expiry |
| Iran ceasefire extension — Jun 30 | 56.0% | +3.5pp | $236K | Best-performing Iran market |
| Iranian regime fall — Jun 30 | 2.75% | +1.05pp | $905K | Elevated vol, no catalyst found |
| Fed zero cuts in 2026 | 68.7% | −0.15pp | $181K | ISM 54.0 beat, stable |
| BTC spot | $68,507 | −4.23% | $55.2B | 3-pronged selloff |
| BTC ETF net flow — Day 11 (Jun 1) | −$483.8M | streak: 11 days | — | IBIT −$440.3M |
| MSTR "sells BTC by May 31" (UMA) | ~12¢ YES | — | $130.1M 24h | BTC crash; UMA vote pending |
| Brent crude | $94.29 | −$2.13 vs Jun 1 peak | — | Iran reviews US proposal |
| Fear & Greed Index | 23 (Extreme Fear) | −6 vs Jun 1 | — | BTC crash |
Iran: talks suspended, but the long end of the curve is recovering
The sequence that drove June 1's market moves: on May 30, Trump revised the MoU (memorandum of understanding) draft that US envoys had negotiated — requesting changes to the terms governing Iran's highly enriched uranium stockpile and Hormuz reopening language. 3 On June 1, Iran responded through IRGC-linked Tasnim News Agency:
"Given the continuation of the Zionist regime's crimes in Lebanon and considering that Lebanon was one of the preconditions for the ceasefire and that this ceasefire has now been violated on all fronts, including Lebanon, the Iranian negotiating team is stopping 'talks and exchange of texts through a mediator.'" 1
The Institute for the Study of War (ISW) assessed that IRGC commander Ahmad Vahidi's faction, which favors the current stalemate to preserve leverage over Hormuz and the nuclear program, drove the suspension decision — not the Lebanon pretext. 4 ISW's read: Iran is attempting to separate the US and Israel by blaming Lebanon, but the actual negotiating deadlock has been over HEU and Hormuz control for weeks.
Trump's public response on the same day:
"Iran really wants to make a deal, and it will be a good one for the U.S.A. Just sit back and relax, it will all work out well in the end — It always does!" 5
He also told ABC News the full deal could be done "over the next week" and told NBC he hadn't been informed Iran halted talks. 6 That gap between the Tasnim announcement and Trump's same-day commentary — simultaneous contradictory signals from the two sides — has become standard operating procedure in this negotiation and may explain why prediction markets are discounting Trump's verbal optimism heavily.
The weekend's military exchange added context: May 31 saw Iran down a US MQ-1 Predator drone (CENTCOM said in international airspace), CENTCOM retaliate with fighter strikes on radar and drone control sites on Qeshm Island and at Goruk, and Iran fire two ballistic missiles at US forces in Kuwait — both intercepted with no US casualties reported. 7 On June 1, UKMTO reported a civilian cargo vessel (MSC Sariska V, Panama flag) was hit near Iraq's Umm Qasr port by an unidentified projectile, followed by a second drone-caused explosion and fire that the crew extinguished.
Peace deal term structure (as of June 2, 14:09 UTC)
| Deadline | Current YES% | 24h change | 24h volume | Total vol |
|---|---|---|---|---|
| Jun 7 | 5.5% | flat | $3.29M | ~$9M |
| Jun 15 | 13.5% | flat | $1.69M | ~$7M |
| Jun 30 | 25.5% | +3pp | $529K | ~$17M |
| Jul 31 | 38.5% | +2pp | $443K | ~$4M |
| Aug 31 (new) | 50.5% | N/A | $18.8K | $18.8K |
| Oct 31 (new) | 66.0% | N/A | $21.6K | $21.6K |
| Dec 31 | 73.5% | +3pp | $234K | ~$7M |
Two new market windows — August 31 and October 31 — were created on June 1 (about 18 hours after the suspension announcement), both by the same deployer address. 8 Their initial pricing — 50.5% and 66.0% respectively — implies whoever created them believes the Q3–Q4 2026 window is the most likely diplomatic breakthrough zone. The June 6–7 window is effectively priced as dead (5.5%), and June 15 at 13.5% is barely alive. But the long end recovered 3pp today on the same day Iran suspended talks — meaning there's a camp of buyers who read "halt" as a negotiating tactic rather than a terminal event.
The ceasefire extension (US announces new Iran agreement by date) curve shows the same split: Jun 3 at 3.15% (market closes in under 24 hours, fully priced as NO), Jun 30 at 56% (+3.5pp, the best-performing Iran market today). 9
The Iranian regime fall by June 30 market drew $905K in 24-hour volume — unusually high for a market sitting at 2.75% probability with no reported domestic catalyst (no new protests, leadership health reports, or military pressure escalation inside Iran). 10 The most plausible explanation: large-money geopolitical tail hedges (someone is buying cheap insurance against an extreme scenario). Netanyahu declared the Iranian regime "doomed to fall" on June 2, which may have contributed. 11
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Tradeable setups:
- Jun 30 ceasefire extension at 56¢ YES is the signal watch. It gained 3.5pp today — the only Iran market that's a genuine two-way bet at current prices. At 56%, the market says a 44% chance exists that the US does NOT announce a new deal or extension by June 30. That's not a tail risk; it's a coin flip. A confirmed resumption of talks (which Iran's Mehr News Agency suggested was under active consideration as of June 2) would push this toward 65–70%; another week of silence pushes it back toward 45%.
- Short Jun 7 peace deal YES at 5.5¢: No scheduled negotiating session. Trump's "next week" optimism has not translated into confirmed meetings in three previous weekly deadline cycles. Realistic base: sub-3% by Thursday.
- Oil hedge via Brent: Brent closed at $94.29 on June 2, down from Monday's $96.42 spike but still up from last week's $91 draft-deal lows. 12 Ian Lyngen, head of US rates strategy at BMO Capital Markets, described the current market stance as "content to lean into the assumption that the US and Iran are on the brink of a deal." 13 If Iran's active review of the US proposal turns into another refusal — Brent back toward $97–$100. If it turns into a resumption of talks — back toward $91.
BTC: three-pronged selloff hits $68,507, derivatives still stretched
Bitcoin closed at $68,507 on June 2 — down 4.23% in 24 hours, its first sub-$70,000 close since April 8. 14 The Fear & Greed Index fell to 23 (Extreme Fear), down from 29 on June 1 and 28 on May 31. 15 The 24-hour liquidation total was $800M, with long positions accounting for $681M (85%). 16
James Butterfill, head of research at CoinShares, said the cushioning effect of US crypto legislation progress had been "overwhelmed" by Iran-driven risk-off sentiment. 17 Sean McNulty, derivatives lead at FalconX Asia-Pacific, described a confirmed weekly close below $70,000 as a "structural shift rather than a headline reaction."
Three catalysts converged:
1. ETF outflow streak hits Day 11, −$483.8M. June 1 recorded the single worst daily outflow of the current streak: BlackRock IBIT alone shed −$440.3M — 91% of the day's total. Fidelity FBTC contributed −$37.3M, ARK ARKB −$12.3M. Morgan Stanley MSBT was the lone inflow at +$6.1M. The 11-day cumulative now stands at approximately $3.45 billion — the largest redemption streak since spot BTC ETFs launched in January 2024. 17 Capital is rotating to AI equities: Nvidia closed +6% on June 1, and the S&P 500 hit a fresh all-time high above 7,600 — crypto and equities diverging sharply. 2
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2. Iran geopolitical risk-off. The June 1 news flow was a direct headwind. Antonio Di Giacomo, senior market analyst at XS.com, noted that "recent exchanges of attacks and lack of meaningful progress toward a peace agreement have increased risk aversion. Traditional safe-haven assets benefit while volatile instruments like cryptocurrencies face heightened selling pressure." 2
3. Strategy's symbolic confidence breach. Strategy (formerly MicroStrategy; ticker MSTR) disclosed in a June 1 SEC Form 8-K that it sold 32 BTC between May 26–31 at an average price of $77,135, generating approximately $2.5M in proceeds to fund dividends on its STRC perpetual preferred stock. 18 This was the company's first BTC sale since December 2022. At 0.004% of total holdings, the dollar amount is immaterial. What matters is the break: the "never sell" narrative has anchored MSTR's premium to net asset value (NAV) since 2020, and the NAV premium was already at roughly 1:1 going into this week. MSTR stock fell 6% on June 1 and an additional 3%+ in pre-market trading June 2. 19
Tom Lee, chairman of Bitmine Immersion, pushed back: the sale is "classic bottom behavior" — minor sales from key holders at market lows have historically preceded recoveries. 20 Standard Chartered's Geoffrey Kendrick used the MSTR sale to argue that ETH treasury companies have an advantage — they can generate staking income without asset sales — and sees the ETH-BTC ratio reaching 0.04 by year-end (implying 40% ETH outperformance). For context, ETH traded flat at $1,966 (+0.02%) on the same day BTC fell 4.23%.
Additional amplifiers: BTC derivatives open interest sits at 773,000 BTC (near record), funding rates at 10% annualized (leveraged longs paying to hold), and the Coinbase Premium Index near −100 (institutional spot buyers absent). 21 Mt. Gox also moved 10,422.65 BTC (~$739M at current prices) to a new wallet at 04:47 UTC June 2, with 116 BTC routed to its hot wallet — a pattern consistent with previous pre-distribution administrative moves. Mt. Gox still holds approximately 34,504 BTC (~$2.43B) with a Tokyo court repayment deadline of October 31, 2026. 22

The $79M Polymarket UMA dispute
The Polymarket market "MicroStrategy sells any Bitcoin by May 31, 2026?" surged to #1 on the platform with $130.1M in 24-hour volume, displacing the World Cup Cape Verde match ($10.8M yesterday) by 12× — as BTC crashed through $69,000. 23 The market has $179.5M in lifetime volume and $89.5M open interest. Current pricing: NO at 99.15%.
The dispute centers on timing: Strategy sold the BTC on May 26–31, but didn't file the 8-K until June 1 — one day after the contract's deadline. Polymarket's bulletin argued no publicly available information confirmed the sale within the market's timeframe. Yes-side bettors disputed twice; it's now before UMA token-holders for a vote expected to conclude June 2–3.
Eric Conner, founder of EthHub, said: "UMA's token-voting model is structurally broken. Whales weaponize ambiguous rules to resolve Polymarket markets incorrectly and save their own positions." 24 A Wall Street Journal investigation (May 2026) found that over 60% of active UMA voters had live Polymarket accounts, and approximately 1 in 5 disputed markets had voters with financial stakes in the outcome.
Tradeable setups:
- Watch Day 12 ETF flow (June 2 data, available after ~21:00 UTC June 2). The streak's trajectory is the most actionable BTC signal. If June 2 comes in below −$100M, the structural selling case stays intact. If it reverses positive, or even decelerates significantly, the 11-day narrative breaks. IBIT's daily flow drives the headline number — it accounted for 91% of yesterday's outflow.
- Near-term BTC support: $68,700 and the $68K–$69K zone. Trader Ardi (X/@ardi) identified $68,700 as the next major liquidity pivot. Material Indicators flagged the $68K–$69K range as the Q2 Timescapes support band: "If bulls lose that range — pack your bags for Bearadise." Matt Weller, global head of research at StoneX, said "the near-term bias will remain to the downside as long as it remains below the 100-day MA around $74K." 25
- ETH vs. BTC spread trade. ETH outperformed BTC by 4.25 percentage points in the past 24 hours (ETH flat vs. BTC −4.23%). If the MSTR/ETF pressure is BTC-specific rather than broad crypto selloff, the ETH-BTC ratio could widen. Standard Chartered's 0.04 target by year-end is the benchmark.
- MSTR UMA resolution — watch, don't trade. The dispute window closes June 2–3. If UMA resolves YES (more likely to be validated since the sale factually occurred), the $79M in outstanding contracts settle and the market closes. The informative long-dated signal is the adjacent "MicroStrategy sells BTC by ___" market — which already trades in the high-80s percentage range, implying the market expects further sales regardless of this dispute outcome.
Fed: zero-cuts holds at 68.7%, Warsh enters Day 11 of silence
The Polymarket zero-cuts 2026 market moved −0.15pp to 68.7% — essentially unchanged on the day. One cut: 18.5% (+1.0pp). Two cuts: 6.5% (−1.0pp). The 24-hour volume was $181K — active positioning, but no dramatic repricing. 26
The stable Polymarket reading contrasts with a more aggressive shift in derivatives markets. Seeking Alpha's Samuel Smith noted that money markets are pricing a greater-than-50% probability of at least one 25bp hike before year-end — with cut probability completely priced out. Polymarket and money markets are thus reading the same data differently: Polymarket says "no cuts," money markets say "the next move is a hike."
The macro inputs: ISM Manufacturing PMI for May came in at 54.0 — a four-year high, beating the consensus of 53.0, with the New Orders index at 56.8 and the Prices Paid index still at 82.1 (extreme territory even after a 2.5pp drop from April). 27 Notably, 42% of manufacturing sector comments directly cited the Iran conflict's effect on supply chains. One transportation equipment manufacturer said the "Iran conflict [was] starting to directly and negatively impact cost of supply chain." 27 Oliver Allen, senior US economist at Pantheon Macroeconomics, cautioned that the strength may partly reflect pre-emptive inventory building — "a durability of this manufacturing upturn remains in doubt." 27
Fed Chair Kevin Warsh is now Day 11 of post-inauguration silence — he has not appeared on the Federal Reserve's 2026 speeches page and has issued no public monetary policy statements since his May 22 swearing-in. 28 The FOMC blackout begins June 6, leaving four calendar days for Warsh to speak before going dark until the June 17–18 meeting. Warsh has previously stated he believes the neutral rate (r*) is closer to 3.5–4%, compared with the current FOMC dot plot's 2.5% — which would imply the current 4.25–4.50% fed funds rate is only mildly restrictive. Capital Street FX Research noted that the 30-year Treasury's refusal to sustain below 5% (it closed above 5% for the first time since 2007) is consistent with markets already pricing Warsh's higher-r* framework.
JOLTS job openings data for April was published June 2 (US market time), providing the last labor market read before Friday's May non-farm payrolls (June 5). That data was not available at this writing window (UTC 14:00); the payrolls number Friday remains the most actionable macro data point before the FOMC blackout begins.
Tradeable setups:
- Hold zero-cuts YES at 68.7¢. The combination of ISM 54.0, Prices Paid 82.1, Brent at $94+, and PCE already at 3.8% (April data) makes a 2026 cut politically and analytically difficult for any Fed chair. The 30-day grind from ~56% to 68.7% has had no meaningful reversal; a dovish inflection would need a sharp jobs miss Friday or a major oil price collapse tied to a surprise Iran deal.
- Monitor Warsh's June 2–5 communication window. Any Warsh statement citing elevated inflation or acknowledging a higher r* pushes zero-cuts toward 72–73%. Even implicit hawkishness in a non-policy speech carries unusually high signal value given the 11-day vacuum. His first FOMC meeting (June 17–18) is the real policy moment, but the pre-blackout window sets the directional expectation.
Platform signals and regulation
Comer probe: three days to the June 5 deadline
House Oversight Committee Chair James Comer (R-KY) set a June 5 deadline requiring Polymarket and Kalshi to submit documents on their KYC (know-your-customer) procedures, geo-blocking controls, and suspicious transaction identification systems. 29 As of June 2, no documents have leaked — the June 3–5 window is typically when pre-deadline disclosure begins. Seven Democratic lawmakers separately wrote to Comer urging subpoenas.
The deeper compliance story: Polymarket has started blocking known VPN IP ranges — freezing accounts and funds for VPN users — after the CFTC filed insider trading charges against Google engineer Michele Spagnuolo ("AlphaRaccoon") on May 27 for allegedly using non-public Google Year in Search data to earn ~$1.2M on Polymarket. 30 Kalshi hired former FBI white-collar crime intelligence analyst Tyler Neff to lead market surveillance; Kalshi has flagged 400+ suspicious trades in 2026 — more than double its full-year 2025 count.
Colin Lynch, a prediction market analyst at Gaming America, said: "The libertarian-information-market vocabulary that prediction market operators used to defend themselves in 2024 is still in circulation, but the operational reality on the largest platforms now looks much closer to that of a traditional exchange than to a permissionless protocol." 30
State legal calendar: three court deadlines this week
Three prediction market court deadlines fall between June 3–5: Connecticut's motion to dismiss CFTC's lawsuit (June 3), Ohio's response brief in Kalshi's Sixth Circuit appeal (June 4), and Kalshi's response to the Ho-Chunk Nation's amended complaint (June 5). 31 Illinois passed a FY2027 budget this week levying a 1.75% transaction tax on "exchange wagers" (prediction market contracts), rising to 3.5% above 5 million transactions — inserting prediction markets into state sports betting regulation while the CFTC continues suing states that attempt to do exactly that. 32
Forbes legal analyst Daniel Wallach argued this week that the major-questions doctrine — requiring clear congressional authorization for agencies taking over large regulated industries — is the strongest tool states have against CFTC jurisdiction. He wrote: "The CFTC's unheralded and transformative expansion of its regulatory authority to encompass sports gambling — a multi-billion-dollar industry that has historically been regulated by the states — hits on all the key elements of the major-questions doctrine." 33
Institutional infrastructure: Wintermute + Galaxy
Wintermute, with annual trading volume around $3.5 trillion, officially entered prediction market making this week — providing continuous two-sided liquidity on Polymarket and Kalshi. 34 Galaxy Digital (the crypto-focused financial services firm) set up an OTC prediction market derivatives desk through its swap dealer subsidiary Galaxy Derivatives. Its first trade was a $10M event swap with hedge fund Arcaon on whether the CLARITY Act (the pending US crypto regulatory legislation) passes Congress. 35
Jake Ostrovskis, Wintermute's OTC trading head, said: "Prediction markets have the demand profile of a major asset class but the liquidity profile of an early-stage one." 34
Sports/esports note: Sports and esports markets held 34 of the top-40 slots (85.0%) for a second consecutive day — matching the record set June 1. CS2 (Counter-Strike 2) debuted on Polymarket this cycle via three IEM Cologne Major Stage 1 match markets, generating $2.1M combined 24h volume — the platform's first-ever CS2 esports event. 23
Watchlist — next 72 hours
| Date / time | Event | Signal | Threshold |
|---|---|---|---|
| Jun 2 (~21:00 UTC) | BTC ETF Day 12 flow data | 11-day streak, −$3.45B cumulative | Below −$100M = streak continues; flat / positive = potential inflection |
| Jun 3 (ET deadline) | Iran ceasefire extension — Jun 3 | 3.15% YES | Near-certain NO resolution; monitors any surprise US move |
| Jun 3 | Iran: Connecticut motion to dismiss CFTC suit | — | First state court ruling on CFTC exclusive jurisdiction |
| Jun 4 | Ohio response brief, Kalshi 6th Circuit appeal | — | Key test of swap-contract jurisdiction argument |
| Jun 2–5 | Warsh public statement window | Day 11 silence | Hike language → zero-cuts toward 72–73%; dovish signal → back below 65% |
| Jun 5 | May non-farm payrolls | — | Weak jobs = cut narrative revives; strong = zero-cuts toward 72–73% |
| Jun 5 | Comer document deadline — Kalshi/Polymarket | — | Pre-deadline leak window Jun 3–5 |
| Jun 6 | FOMC blackout begins | — | Warsh window closes until June 18 |
| Jun 7 | US x Iran peace deal — Jun 7 | 5.5% YES | Next term-structure checkpoint |
| Jun 7 | Iran ceasefire extension — Jun 7 | 12.5% YES | Whether it collapses further toward Jun 3's 3.15% |
| Jun 17–18 | FOMC meeting | — | Warsh's first policy statement |
The structural read for this window: Iran's June calendar is priced out, but the Q3–Q4 long end is still alive and even recovering. Brent is moving in a tight $91–$97 band that tracks each Iran negotiation signal in near-real time — that band is the clearest observable leading indicator ahead of Polymarket's peace deal markets. BTC's three-way pressure (Iran risk-off + ETF exodus + MSTR confidence break) is concentrated in near-term catalysts; the JOLTS data, Friday's payrolls, and Warsh's communication window each offer a potential reset. Zero-cuts at 68.7% is the single most stable prediction market position in this volatile window — the inputs (ISM 54, PCE 3.8%, Brent $94+) all point the same direction.
Cover image: USS Pinckney missile destroyer on Strait of Hormuz patrol, U.S. Central Command photo (government work, free to use). 7
参考来源
- 1NPR: Iran halts talks with U.S. over Israeli actions in Lebanon
- 2Bloomberg via Yahoo: Bitcoin tumbles below $70,000 for first time in two months
- 3Axios: Trump requests edits to Iran deal his envoys negotiated
- 4ISW: Iran Update Special Report, June 1, 2026
- 5NPR: Iran halts talks with U.S.
- 6Yeni Şafak (AA): Trump expects Iran deal to reopen Hormuz within week
- 7Stars and Stripes: Iran suspends US talks, threatens continued Hormuz closure
- 8Polymarket Gamma API: US x Iran permanent peace deal by
- 9Polymarket Gamma API: US announces new Iran agreement/ceasefire extension by
- 10Polymarket Gamma API: Will the Iranian regime fall by June 30?
- 11@Polymarket: Netanyahu declares the Iranian regime is "doomed to fall"
- 12Reuters: Oil falls more than 1% as Iran reviews proposed US agreement
- 13Bloomberg via Swissinfo: Stocks halt rally as traders weigh US-Iran signals
- 14CoinGecko: BTC/ETH/SOL prices
- 15Alternative.me: Fear & Greed Index
- 16Cointelegraph: Bitcoin price falls under $70K as crypto markets liquidate $800M
- 17CoinDesk: Bitcoin's biggest ETF selloff yet
- 18CoinDesk: Strategy sold bitcoin in late May
- 19TradingKey: Bitcoin loses 70,000 mark
- 20CoinDesk: Tom Lee calls Strategy's bitcoin sale classic 'bottom behavior'
- 21CoinDesk: Bitcoin derivatives markets flashing warning signs
- 22CoinDesk: Mt. Gox moves 10,422 bitcoin worth $739 million
- 23Polymarket Gamma API: Top 40 markets by 24h volume
- 24The Defiant: $60M Polymarket dispute over Strategy's May Bitcoin sale
- 25Forex.com: Bitcoin forecast: BTC/USD slips below $72K
- 26Polymarket: How many Fed rate cuts in 2026?
- 27Reuters: US manufacturing activity at four-year high
- 28Federal Reserve: 2026 Speeches
- 29AOL/CBS News: House lawmakers launch insider trading probe into Kalshi and Polymarket
- 30Gaming America: Prediction market compliance tightens
- 31Gambling Insider: Prediction market deadlines lead gambling stories this week
- 32Gambling Insider: Illinois budget creates prediction market tax
- 33Forbes: Major-questions doctrine could shift focus in prediction market cases
- 34CoinMarketCap Academy: Wintermute enters prediction markets
- 35Bloomberg Law: Galaxy Digital sets up prediction market OTC derivatives desk
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