ArkStream Alpha Daily | 06/12 Hot spots 1. Is the "currency + stock" linkage effect marginally weakened? @Fetch_ai announced Treasury Deal, and its related stock, $TRNR, rose 50% in pre-market trading, but fell back to around 10% after the open. Although ATW Partners and DWF Labs invested a total of $55 million, the market reaction was not as expected, indicating that the "Treasury Deal" model is starting to fail and the speculation window is closing. 2. Will the Solana spot ETF be approved as soon as July? The staking mechanism has become a bright spot The SEC requires Solana ETF issuers to file a revised S-1 filing, which could be approved as soon as 3-5 weeks. The update focuses on physical redemption and staking, and the SEC is open to "staking" ETFs. This also explains the sudden surge of $JTO yesterday, as Solana's No. 1 staking platform, @jito_sol is clearly a direct beneficiary of this wave of SOL ETF narrative. 3. Silhouette makes privacy deals, but Hyperliquid doesn't necessarily buy it @silhouette_ex, the main feature is to support Hyperliquid's privacy transactions, and the implementation scheme is to use TEE technology to achieve privacy matching and settlement, but it does not involve position privacy for the time being. The two co-creators of the team, stent and chandler, have some precipitation and accumulation in privacy technology, Pre Seed has raised 3M in a round, and the lead investor is RockawayX, which has invested in many well-known projects (Morpho, RISC Zero), and the investors include Amber, echo, etc. The lack of official support for Hyperliquid can be seen in his Twitter account and tweets, which may be related to Jeff's previous emphasis on transparency for the execution of large transactions. As a result, Silhouette's privacy transaction solution is more difficult to obtain Hyperliquid support, and is more like an unofficially supported privacy entry point, and may even be disabled by Hyperliquid in the future. Discussion and additions are welcome.