ArkStream Alpha Daily | 06/12 Hotspot Selection 1. Is the "coin + stock" linkage effect weakening? @Fetch_ai announced a Treasury Deal, and its related stock $TRNR surged 50% in pre-market trading, but fell back to around 10% after the market opened. Although ATW Partners and DWF Labs co-invested $55 million, the market reaction was below expectations, indicating that the "coin-stock Treasury Deal" model is starting to fail, and the speculation window is closing. 2. Solana spot ETF may be approved as early as July? Staking mechanism becomes a highlight The SEC has requested the Solana ETF issuer to submit a revised S-1 filing, which may be approved in 3-5 weeks at the earliest. Key updates include physical redemption and staking mechanisms, and the SEC is open to ETFs with "staking." This also explains the sudden surge of $JTO yesterday, as the largest staking platform for Solana, @jito_sol is clearly a direct beneficiary of this SOL ETF narrative. 3. Silhouette does privacy trading, but Hyperliquid may not buy it @silhouette_ex, with a focus on supporting Hyperliquid's privacy trading, aims to achieve privacy matching and settlement using TEE technology, but has not yet involved position privacy. The two co-founders, stent and chandler, have some prior experience in privacy technology, raising $3M in the Pre Seed round, led by RockawayX, which has invested in several well-known projects (Morpho, RISC Zero), with participation from Amber, echo, and others. From their Twitter account and tweets, there is no sign of official support from Hyperliquid, which may relate to Jeff's previous emphasis that transparency benefits the execution power of large trades. Therefore, Silhouette's privacy trading solution is unlikely to gain support from Hyperliquid and seems more like an unofficial privacy entry, which may even be disabled by Hyperliquid in the future. Welcome to discuss and add.