E-mini Nasdaq-100 (NDX) futures saw a more than 1% increase on Tuesday, coming close to the record high of $22,425 reached on December 17. This uptrend could be encouraging for bitcoin...
Read moreE-mini Nasdaq-100 (NDX) futures saw a more than 1% increase on Tuesday, coming close to the record high of $22,425 reached on December 17. This uptrend could be encouraging for bitcoin BTC bulls, as both NDX and BTC typically move in a similar direction.
In addition, the daily chart of NDX futures recently showed a bullish golden cross, indicating that the 50-day simple moving average (SMA) has crossed above the 200-day line. A golden cross suggests that the short-term trend is performing better than the broader momentum and could potentially signal a significant uptrend.
According to analysis from CNBC, the golden cross has historically been a reliable indicator for futures, with the index experiencing a rise over 70% of the time after its appearance. In fact, the index surged by 34% to 18,328 within a year after the last golden cross appeared on March 13, 2023.
It is worth noting that bitcoin’s rally has stalled above $100,000 after forming a golden cross on May 23. The indicator based on moving averages has shown a mixed track record in predicting price trends in the bitcoin market.
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Read moreGood Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. As Asia begins its trading day, bitcoin BTC is trading above $104,500 and has been relatively flat on the day with negligible market movement despite a possible looming war in the Middle East. Analysts are debating whether the crypto market’s current stillness is a sign of strength or if something more precarious is afoot.
Three new reports this week from CryptoQuant, Glassnode, and trading firm Flowdesk all point to low volatility, tight price action, and subdued on-chain activity. CryptoQuant has issued a warning that BTC could soon revisit $92,000 support or even fall as low as $81,000. Other reports see the same signals and arrive at different conclusions.
In its weekly on-chain update, Glassnode acknowledges that the Bitcoin blockchain is “quiet,” with transaction counts down, fees minimal, and miner revenue subdued. The derivatives market now dwarfs on-chain activity, with futures and options volumes regularly exceeding spot volumes.
Market maker and trading firm Flowdesk describes the market as “coiled.” While altcoin flows are thinning and market-making volumes are flat, there is a surge in tokenized assets and stablecoin growth.
A new report from Presto Research argues that Crypto Treasury Companies (CTCs) are a new form of financial engineering with less risk than many investors assume. Strategy and Metaplanet, two CTCs, have shown that BTC’s volatility can be used to their advantage.
Semler Scientific has unveiled an aggressive bitcoin accumulation roadmap, aiming to own 105,000 BTC by the end of 2027. The California-based medical device maker plans to use a mix of equity raises, debt financing, and operational cash flow to achieve this goal.
Market Movements:
– BTC: Bitcoin remains stuck below $105K despite strong ETF inflows, signs of institutional accumulation offset by short-term bearish momentum and macro volatility.
– ETH: Ethereum found support at $2,490 after a high-volume selloff broke key levels, consolidating in a tight range amid geopolitical tensions and macro uncertainty.
– Gold: Gold hovered near $3,366 on Thursday amid escalating geopolitical tensions; platinum retreated after hitting a near 10-year high.
– Nikkei 225: Japan’s Nikkei 225 opened 0.24% higher Friday as Asia-Pacific markets mostly rose.
Elsewhere in Crypto:
– Visa Expands Stablecoin Reach in Europe, Middle East and Africa
– Why Pro-Israel Group’s $90M Crypto Hack Could Be a Hammer Blow for Iran’s Regime
– Solana Will Flip Ethereum, Anthony Scaramucci Predicts
Tags:AIbitcoinbtcCircleCoinbaseCryptoDonald TrumpETHEUFinancegoldIranIsraelJapanmemecoinS&P 500solanaTariffsTradingtrillionTrumpUSUSDCXRP
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Read moreWelcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis.
South Korea has long been known for its outsized influence on altcoin markets, from the XRP mania that drove a 400% rally last year to the present-day obsession with a token that proudly calls itself USELESS.
The USELESS phenomenon has ties to South Korean KOLs, Bradley Park, a Seoul-based analyst with DNTV Research, shared in an interview.
At the center of everything is Yeomyung, a Korean KOL and liquidity provider who aped into USELESS early, held through a 50% drawdown, and is now sitting on serious paper gains.
Park noted that his early conviction has inspired copy-trading among Korean retail investors. Even wallets tied to insiders on Solana’s Jupiter JUP are holding. The rise of USELESS reflects a broader evolution in Korean market behavior.
Another character in this story is Bonk Guy, an early promoter of BONK, who reappeared to tweet enthusiastically about USELESS after the price rebounded, though some Korean traders, including Park, have questioned his sincerity.
Park pointed to the rise of Hyperliquid, Kaia, and now Solana-based memecoins like USELESS as evidence that Korea is no longer a secondary market.
While XRP’s rally was underpinned by legal clarity in the U.S., USELESS feels like a reflection of where attention and exhaustion are flowing in today’s market, Park said.
With no roadmap, no utility, and no pretense of building something bigger, it taps into a kind of memetic disillusionment: a collective shrug at traditional crypto promises, and an ironic bet on nothingness that appears to be more honest than many tokens claiming to change the world.
President Donald Trump on Tuesday endorsed the GENIUS Act in a Truth Social post following its bipartisan passage in the Senate, calling it a major step toward U.S. leadership in the digital asset sector.
Trump urged the House of Representatives to pass the bill “lightning fast” and without amendments, stating it should be sent to his desk with “no delays, no add-ons.”
The message signals strong executive support for the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which introduces reserve and compliance requirements for dollar-backed stablecoin issuers.
Trump framed the legislation as key to enabling “massive investment” and “big innovation,” positioning the U.S. as a global leader in digital assets.
While the bill passed the Senate with significant bipartisan backing, its fate in the House remains uncertain.
Democratic lawmakers are weighing potential amendments, including stricter oversight for foreign-issued tokens and limitations on potential issuers.
However, the bill isn’t without its critics. In a recent CoinDesk editorial, Georgetown University finance professor James J. Angel argues that the GENIUS Act is a flawed piece of legislation.
Coinbase unveiled Coinbase Payments on Wednesday, a new merchant-focused payments stack built on its Ethereum layer-2 network Base.
The product allows global ecommerce platforms like Shopify to accept USDC 24/7 without needing blockchain expertise, using tools like a gasless stablecoin checkout, an ecommerce API engine, and an onchain payments protocol.
Coinbase said the system is designed to replicate traditional payment rails while lowering costs and offering always-on settlement.
It also deepens its partnership with USDC issuer Circle, whose shares jumped 25% on the news, while Coinbase rallied 16%.
Coinbase says stablecoins processed $30 trillion in transactions last year, tripling from the year prior.
The GENIUS Act, a crucial piece of U.S. stablecoin regulation, is set to be voted on this week with the expectation that it will become law in the coming months, according...
Read moreThe GENIUS Act, a crucial piece of U.S. stablecoin regulation, is set to be voted on this week with the expectation that it will become law in the coming months, according to a research report from Wall Street broker Bernstein. Stablecoins are cryptocurrencies that are tied to another asset, such as the U.S. dollar or gold, and play a significant role in cryptocurrency markets, serving as a payment infrastructure and facilitating international money transfers.
Once the act is passed, Bernstein predicts that “stablecoins will transition from being the money rail of crypto to the money rail of the internet.” The act, officially known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, aims to bring stablecoin innovation back to the country and provide an advantage to U.S. regulated issuers. It mandates federal regulation for stablecoins with a market cap exceeding $10 billion, with the possibility of state regulation if it aligns with federal guidelines.
The bill treats stablecoins as digital cash and aims to promote broader mainstream adoption for payments beyond using these cryptocurrencies solely for settling digital assets. The GENIUS Act also restricts non-financial public companies from becoming stablecoin issuers, which could impact companies like Amazon and Walmart that were reportedly considering using stablecoins.
If e-commerce and tech platforms wish to utilize these cryptocurrencies, they will likely need to collaborate with regulated U.S. issuers instead of issuing their own stablecoins. Overall, the industry is expected to see stablecoins becoming more mainstream in 2025 after regulatory progress in the United States.
A recent report from investment bank JPMorgan suggests that expectations of a more favorable regulatory environment in the U.S. are prompting an increase in crypto companies looking to go public and...
Read moreA recent report from investment bank JPMorgan suggests that expectations of a more favorable regulatory environment in the U.S. are prompting an increase in crypto companies looking to go public and a rise in venture capital funding. The progress of the GENIUS Act in the Senate is seen as a key factor in creating a clearer and more supportive regulatory landscape for the crypto industry.
According to the analysts at JPMorgan, the anticipation of a more crypto-friendly regulatory environment in the U.S. is encouraging activities such as IPOs and VC funding in the industry. The GENIUS Act, which mandates federal regulation for stablecoins with a market cap over $10 billion, is playing a significant role in shaping this regulatory framework.
Stablecoins, which are cryptocurrencies pegged to other assets like the U.S. dollar or gold, play a crucial role in the crypto market and are widely used for international money transfers. The number of crypto IPOs this year has already matched the pace seen during the bull market of 2021, with companies like Ripple, Kraken, Consenys, and Bullish (owned by CoinDesk) reportedly preparing for IPOs.
JPMorgan also notes that venture capital funding in the crypto industry has exceeded levels seen in recent years, indicating growing interest and investment in the space. IPOs provide an opportunity for crypto investors to diversify their digital asset portfolios beyond bitcoin and ether, enabling them to explore opportunities in blockchain infrastructure, payments, custody, and tokenization.
Overall, the outlook for the crypto industry in the U.S. appears positive, with regulatory developments such as the GENIUS Act driving increased activity and investment in the sector.
Welcome to Asia Morning Briefing! As Asia starts its trading day, major cryptocurrencies are facing a downturn due to market uncertainty following an Israeli attack on Iran. Israel’s military carried out...
Read moreWelcome to Asia Morning Briefing! As Asia starts its trading day, major cryptocurrencies are facing a downturn due to market uncertainty following an Israeli attack on Iran.
Israel’s military carried out multiple airstrikes against Iranian nuclear facilities early Friday Hong Kong time, causing BTC and ETH prices to drop. Despite this, ETH is still up almost 40% in the last three months, outperforming bitcoin and the CoinDesk 20 index, according to CoinMarketCap.
Market observers are monitoring investors’ risk appetite, with a focus on ETH’s rally as an indicator of interest in altcoins. Ethereum’s recent dominance surge, along with a drop in BTC dominance, signals a shift towards alternative sectors like DeFi, modular infrastructure, and decentralized AI.
Institutional interest in ETH remains strong, with spot ETH ETFs attracting over $1.25 billion since mid-May. This could pave the way for a sustained altcoin rally, especially if ETH continues to anchor liquidity in emerging ecosystems.
In other news, MAS recently enforced a ban on offshore exchanges operating in Singapore solely for foreign clients. This move was anticipated, as MAS had been hinting at tighter regulations since 2023.
Additionally, Quranium has introduced the QSafe Wallet, a quantum-secure wallet designed to protect digital assets from quantum computing threats. Built with post-quantum encryption, the wallet supports various cryptocurrencies and aims to preempt potential quantum breaches.
Market Movements:
– Bitcoin is down 4.7% to $103.3K due to geopolitical tensions from the Israeli attack on Iran.
– ETH remains under pressure, trading within a descending channel.
– Gold surged over 3% to $3,426.95.
– Japan’s Nikkei 225 and Topix fell after the Israeli military strike.
– The S&P 500 rose 0.38% on Thursday.
For more on the latest in crypto, be sure to check out the articles linked below:
– ‘Attack of the Clones’: Coinbase Raises Alarm on Risks With Bitcoin Treasury Model (Decrypt)
– Galaxy’s Novogratz suggests Bitcoin hits $1 million if adoption trend persists (The Block)
Let’s see how these market movements play out in the coming days.
Tags:AIAmericabitcoinBlackrockbtcChinaCoinbaseCryptoETHEUgoldsolanaStrategyTelegramTradingTrumpTrump MediaUS
By James Van Straten (All times ET unless indicated otherwise) Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000...
Read moreBy James Van Straten (All times ET unless indicated otherwise)
Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000 mark, showing a 2% increase in the past 24 hours and standing just 2% away from its previous record high set last month.
Despite this, Bitcoin is lagging behind the broader market, as indicated by the CoinDesk 20 Index, which has grown by 3.4%, and Ethereum (ETH), which has surged by over 6%, according to CoinDesk data.
As per BitcoinTreasuries.net, the number of publicly listed companies holding Bitcoin as a treasury asset has climbed to 126, marking a growth of 22 within a month. Together, these companies possess approximately 819,000 BTC, representing a 3.25% increase during the same timeframe.
Insights from Matthew Sigel, who serves as the head of digital assets research at VanEck, emphasize the escalating institutional interest in Bitcoin. He highlights that companies such as Strategy (MSTR), Cantor Equity Partners (CEP), Asset Entities (ASST), Semler Scientific (SMLR), Kindly (NAKA), and Trump Media & Technology Group (DJT) have a combined capital-raising potential of $76 billion. This sum accounts for 56% of the assets under management of all Bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months.
Further displaying institutional support, BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a significant milestone by becoming the fastest fund to exceed $70 billion in assets under management, achieving this feat in just 341 days. This surpasses the previous record held by SPDR Gold Shares (GLD) which took 1,691 days. IBIT experienced $2.7 billion in trading volume on Monday alone, positioning it as the sixth highest in daily volume among all ETFs.
However, institutional influence is not the only factor impacting Bitcoin. A recent Telegram note from QCP Capital pointed out one-year lows in implied volatility and a trend of subdued price action, highlighting that Bitcoin has been “stuck in a tight range” as the middle of the year approaches. The note mentions that a decisive break below $100,000 or above $110,000 is necessary to reignite broader market interest.
Looking ahead, U.S. Consumer Price Index (CPI) data set to release on Wednesday and any updates from the U.S.-China trade discussions in London may provide clearer market direction. It’s advised to stay vigilant!
In the realm of cryptocurrency, some key events to watch include:
– June 10: U.S. House Financial Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act.
– June 11: Stratis (STRAX) activates a mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
– June 12: Coinbase’s State of Crypto Summit 2025 (New York). Livestream link available.
– June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB), with ticker and NAV remaining unchanged.
– June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator.
Stay informed and watch out for these upcoming events in the crypto space.
Tags:AIAmazonAmericabitcoinbtcCEOChinaCircleCoinbaseCryptoETHEUFinancegoldIncomeJapanlibraMicrostrategymileiS&P 500StocksStrategyTelegramTradingTrumpTrump MediaUS
Good Morning, Asia. Here’s what’s making news in the markets: Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and...
Read moreWelcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.
The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.
A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.
A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”
Even so, QCP warned that recent macro developments had failed to spark directional conviction.
“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”
That context makes the current move all the more surprising.
Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research’s technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.
The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.
The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.
Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.
“Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”
There’s currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking
While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what’s interesting is that it originates predominantly from institutional investors.
“We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” she noted.
Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both “massive” and “underappreciated.”
“I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.
Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.
This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.
“EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.
Ultimately, Schmiedt said, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.
As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.
While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.
By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.
That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.
Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.
ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.
CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.
Last month, we delved into how bond market activity is casting doubt on the stability of the U.S. government’s financial strength, shaking up the long-held belief in fiscal stability. Now, tech...
Read moreLast month, we delved into how bond market activity is casting doubt on the stability of the U.S. government’s financial strength, shaking up the long-held belief in fiscal stability.
Now, tech billionaire Elon Musk has sounded the alarm on Twitter regarding President Donald Trump’s significant tax bill, which could increase the fiscal deficit by $2.4 trillion over a decade.
This comes amid mounting concerns that investors are shifting away from U.S. assets towards alternative options like bitcoin and gold. As of FY 2024, the fiscal deficit stood at $1.8 trillion, while the national debt now sits at a staggering $36 trillion, with annual interest payments totaling $1.13 trillion.
Musk’s public declaration of fiscal worry could catalyze a further move away from U.S. assets. Corporate adoption of bitcoin and other tokens like XRP has been on the rise, potentially fueled by these concerns.
Additionally, investors troubled by the government’s fiscal condition may demand higher inflation-adjusted yields to lend money. This could keep yields elevated, adding complexity to the fiscal situation and economic growth prospects.
In theory, the government has been bankrupt for years, as evidenced by continuous increases to the debt ceiling. The current debt limit stands at a whopping $36 trillion, suggesting a facade of control over the country’s financial health.
Bitcoin believers have long warned of the fragility of the debt-based fiat system, advocating for a rethink of traditional monetary models. With government debt surpassing 100% of GDP in advanced economies, the ability of debt-based fiat money to spur growth is diminishing.
Economist Russel Napier suggests that governments may resort to higher inflation levels to reduce debt-to-GDP ratios in order to manage their debt burden. This could drive increased interest in assets like bitcoin and gold.
Alternatively, curtailing fiscal spending could be the key to decreasing debt ratios and reviving the effectiveness of the debt-based fiat system in promoting growth.
If governments fail to address growing debt concerns, the era of debt-based fiat currency could be in jeopardy, potentially leading to a broader exploration of alternative financial systems like blockchain and cryptocurrencies.
The future remains uncertain, but the evolving financial landscape is set to provide interesting developments in the coming years.
Tags:AIAmericaBinancebitcoinBlackrockbtcCoinbaseCryptoElon MuskETHEUEuropeFinancegoldJapanMicrostrategyStrategyTariffsTradingTrumpUSWashington
The recent TACO tease, implying “Trump Always Chickens Out” on tariffs, likely didn’t go down well with the President, who raised the stakes in the ongoing trade war on Friday, leading...
Read moreThe recent TACO tease, implying “Trump Always Chickens Out” on tariffs, likely didn’t go down well with the President, who raised the stakes in the ongoing trade war on Friday, leading to broad-based risk aversion.
On Friday, Trump said that on June 4, the U.S. tariffs on imported aluminum and steel would go from 25% to 50%, triggering a broad-based risk-off move across global markets. Bitcoin has since traded in the range of $103,000-$106,000, with little to no excitement in the broader crypto market. Notably, BlackRock’s spot bitcoin ETF (IBIT) registered an outflow of $430 million, ending a prolonged inflows streak.
“Tariff tensions will likely dominate the macro narrative through June, with meaningful policy deadlines only kicking in from 8 July. In the absence of fresh catalysts, BTC could remain rangebound, with the $100k and $110k levels critical to watch given their status as strikes with the highest month-end open interest,” Singapore-based trading firm QCP Capital said.
ETFs are becoming increasingly important to the market. Data shared by FalconX’s David Lawant shows that the cumulative trading volume in the 11 spot BTC ETFs listed in the U.S. is now well over 40% of the spot volume. The data supports the “Bitcoin ETFs are the new marginal buyer” hypothesis, according to Bitwise’s Head of Research – Europe, Andre Dragosch.
Meanwhile, on-chain data tracked by Glassnode showed a drop in momentum buyers alongside a sharp rise in profit takers last week. “This trend often shows near local tops, as traders begin locking in gains instead of building exposure,” Glassnode said.
High-stakes crypto trader James Wynn opened a fresh BTC long trade with 40x leverage and a liquidation price of $104,580, according to blockchain sleuth Lookonchain.
In other news, Japan’s “MicroStrategy” Metaplanet announced an additional purchase of 1,088 BTC, and billionaire entrepreneur Elon Musk announced a new XChat with Bitcoin-like encryption.
Binance’s founder CZ said on X that now might be a good time to develop a dark pool-style perpetual-focused decentralized exchange, noting that real-time order visibility can lead to MEV attacks and malicious liquidations.
In traditional markets, gold looked to break out of its recent consolidation, hinting at the next leg higher as Bank of America and Morgan Stanley forecast continued dollar weakness. Friday’s U.S. nonfarm payrolls release will be closely watched for signs of labor market weakness. Stay Alert!
What to Watch
Crypto
June 3, 1 p.m.: The Shannon hard fork network upgrade will get activated on the Pocket Network (POKT).
June 4, 10 a.m.: U.S. House Financial Services Committee will hold a hearing on “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” Livestream link.
June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project’s history. Phase 2 will get activated on July 6.
June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on “DeFi and the American Spirit”
June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
Macro
June 2, 1 p.m.: Federal Reserve Chair Jerome H. Powell will deliver a speech at the Federal Reserve Board’s International Finance Division 75th Anniversary Conference in Washington. Livestream link.
June 2, 9:45 a.m.: S&P Global releases (Final) May U.S. Manufacturing PMI data. Manufacturing PMI Est. 52.3 vs. Prev. 50.2
June 2, 10 a.m.: The Institute for Supply Management (ISM) releases May Manufacturing PMI. Manufacturing PMI Est. 49.5 vs. Prev. 48.7
June 3: South Koreans will vote to choose a new president following the ouster of Yoon Suk Yeol, who was dismissed after briefly declaring martial law in December 2024.
June 3, 10 a.m.: The U.S. Bureau of Labor Statistics releases April U.S. labor market data. Job Openings Est. 7.10M vs. Prev. 7.192M Job Quits Prev. 3.332M
June 3, 1 p.m.: Federal Reserve Governor Lisa D. Cook will deliver a speech on economic outlook at the Peter McColough Series on International Economics in New York. Livestream link.
June 4, 12:01 a.m.: U.S. tariffs on imported steel and aluminum will increase from 25% to 50%, according to a Friday evening Truth Social post by President Trump.
Earnings (Estimates based on FactSet data)
None in the near future.
Token Events
Governance votes & calls
Sui DAO is voting on moving to recover approximately $220 million in funds stolen from the Cetus Protocol hack via a protocol upgrade. Voting ends June 3.
Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers, and improve tools for LPs and traders. Voting ends June 6.
June 4, 6:30 p.m.: Synthetix to host a community call.
June 10, 10 a.m.: Ether.fi to host an analyst call followed by a Q&A session.
Unlocks
June 5: Ethena (ENA) to unlock 0.7% of its circulating supply worth $14.18 million.
June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $57.11 million.
June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $13.24 million.
June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $17.11 million.
June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.64 million.
Token Launches
June 3: Bondex (BDXN) to be listed on Binance, Bybit, Coinlist, and others.
June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends.
June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN).
Conferences
Day 1 of 6: SXSW London
June 3: World Computer Summit 2025 (Zurich)
June 3-5: Money20/20 Europe 2025 (Amsterdam)
June 4-6: Non Fungible Conference (Lisbon)
June 5-6: 2025 Crypto Valley Conference (Zug, Switzerland)
June 19-21: BTC Prague 2025
June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
June 26-27: Istanbul Blockchain Week
Token Talk
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Derivatives Positioning
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Technical Analysis
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