Of Omkar Godbole (all times one unless otherwise stated)
Cryptocurrency Bull Run has stopped since Bitcoin (BTC) hit a record high over $ 110,000 last month. However, business admission continues at a brisk pace.
Shares in Norway-based Crypto Exchange Norwegian Block Exchange rose over 100% early today after the company revealed the purchase of six BTC, worth $ 633K at current prices, plans to increase stock to 10 BTC at the end of the month.
The NASDAQ-listed Classover Holdings Inc, an educational technology company with a current market value of $ 63 million, has entered into a Supplementary Agreement with Solana Growth Ventures LLC for up to $ 500 million in senior-proofed convertible notes. According to investing.com, up to 80% of the proceeds will be awarded to buy Solana’s native token Sol.
Ripple’s Enterprise-Grade Stablecoin RLUSD ensured regulatory approval from Dubai Financial Services Authority, which opened doors for stableecoin to support the Dubai Land Department’s blockchain initiative to tokenize Real Estate Title Greisings at XRP Ledger.
In other news, Robinhood completed a $ 200 million acquisition for the entire cash of the Luxembourg-based Crypto Exchange Bitstamp and expanded its footprints in Europe.
Speaking of market activity, US-listed Spot Bitcoin ETFs saw a net outflow of $ 268 million on Monday, marking the third consecutive outflow day. Options tied to Blackrock’s Spot Bitcoin ETF (Ibit) continued to show a bias for put settings, indicating downward fears, according to Data Source Market Chameleon. Ethereum Spot ETFs recorded a net flow of $ 78.17 million that extended their line to 11 consecutive days, according to Farside Investors.
In traditional markets, the Japanese Yen slid in the Asian hours after an ex-bank of Japan official that the central bank would stop taking the amount of its Japanese government bond purchases in a plan for the next financial year where officials are gathered this month.
The dollar index continued to remain under pressure on growing trade uncertainty and rising bond market concerns over the US deficit. Monday’s ISM Making Surveys provided a negative surprise and punctured the American resistance story.
According to Ing, the focus today will be in April’s Jolts report, where job openings and redundancies will be in the limelight. Durable item orders are also expected to have taken a hit in April. “Another round of soft data, especially in the labor market, can push the dollar back to its lower April,” Ing said.
Meanwhile, newsletter Service Londoncryptoclub Aptos Labs CEO Avery Ching’s testimony marked a US hearing on the “future of digital assets”, led by the Agricultural Committee. Stay aware!
What to look at
- Crypto
- June 3 at. 13: Shannon Hard Fork Network upgrade is activated on Pocket Network (POKT).
- June 4, 7 p.m. 10: US House Financial Services Committee holds a consultation on “American innovation and the future of digital assets: from plan to a functional framework.” Livestream -link.
- June 6: SIA (SC) is set to activate Phase 1 of its V2 Hard Fork, the biggest upgrade in the history of the project. Phase 2 will be activated on July 6.
- June 9 at. 13.00: US SEC CRYPTO TASK FORCE ROUNDTABLE ON “DEFI AND THE AMERICAN SPIRIT”
- June 10, 7 p.m. 10: US House Final Services Committee Hearing for Markup of various measures, including the Bill on Crypto -Market Structure, ie. Digital Asset Market Clarity (Clarity) Act.
- June 16 (Market Open): 21Shares performs 3-for-1 Share Split for Ark 21Shares Bitcoin Etf (Arkb); Ticker and NAV remain unchanged.
- Macro
- June 3: South Koreans will vote to elect a new president after the outflow of Yoon Suk Yeol, which was dismissed after a short statement of martial arts in December 2024.
- June 3, 7 p.m. 10: US Bureau of Labor Statistics releases April labor market data.
- Job openings est. 7.10 m vs. Prev. 7.192m
- Jobs ending earlier. 3,332m
- June 3 at. 13: Federal Reserve -Governor Lisa D. Cook gives a talk about financial prospects on the Peter McColough series of international economy in New York. Livestream -link.
- June 4 at. 12:01: American import tasks on steel and aluminum increase from 25% to 50%.
- June 4 at. 9:45am: S&P Global Releases (Final) May Us Data On Manufacturing and Services Activity.
- Composed PMI est. 52.1 vs. Prev. 50.6
- Services PMI est. 52.3 vs. Prev. 50.8
- June 4, 7 p.m. 10: Institute for Supply Management (ISM) releases May US Services Sector Data.
- Services PMI est. Est. 52 vs. Prev. 51.6
- Earnings (Estimates based on Factset -Data)
Token -events
- Management votes and calls
- Unlock
- June 5: Ethena (ENA) to lock 2.95% of its circulating supply worth $ 67.99 million.
- June 12: APTOS (APT) to lock 1.79% of its circulating supply worth $ 55.53 million.
- June 13: Immutable (IMX) to lock 1.33% of its circulating supply worth $ 14.02 million.
- June 15: Starknet (Strk) to lock 3.79% of its circulating supply worth $ 17.87 million.
- June 15: SEI (SEI) to lock 1.04% of its circulating supply worth $ 11.16 million.
- Token launches
- June 16: Consulted Deadline to Umatic Stmatic As part of Lido on Polygon’s sunset process ends.
- June 26: Coinbase for Delist Helium Mobile (Mobile), Render (RNDR), Ribbon Finance (RBN), & Synapse (Vision)
Conferences
Token Talk
By Oliver Knight
- Sky (formerly Makerdao) rolled out its stack feature on Wednesday and received $ 553 million in deposits.
- These depositors currently receive 16.48% APY on their deposits, although the figure was 38.3% in the hours following launch.
- The yield is rewarded in the USDS stableecoins and is based on the protocol’s performance. Dividends are also tied to the Sky Savings Rate (SSR), which reflects the protocol’s operational income.
- The Sky -Token also experienced a period of upward and rose 16% from $ 0.065 to $ 0.074 in the last 24 hours.
- However, trade volume remains rather muted at $ 7 million – indicating that a large part of the proprietors are inserting and not trading, paving the way for a lack of sales pressure.
Derivatives Location
- Hype, Pepe, ETH, BNB and Ton have seen the most increase in the open interest of eternal futures in the last 24 hours.
- BTC’s late Friday recovery from $ 103,600 to over $ 106k was characterized by a decrease in the open interest of eternal futures. Divergensen, combined with low stain volumes, raises questions about the sustainability of gain.
- Open interest in CME futures has dropped to 153.6K BTC from the recent height of 162K BTC, with the annual one month’s basis that withdraws to 6.5% in a sign of break in institutional demand. ETH base has also withdrawn to 8.7% from the recent heights above 10%.
- On the derivative, a clear call or a bullish options that are only in the expiry of March 2021 are seen, according to risk transfers traced by amber data. ETH settings are a little more optimistic about price prospects.
Market movements
- BTC has risen 0.33% from 1 p.m. 16 A Monday to $ 105,291.98 (24 hours: -0.78%)
- ETH has risen 3.03% to $ 2,618.49 (24 hours: +5.29%)
- Coindesk 20 has risen 1.71% at 3,117.05 (24 hours: +2.92%)
- Ether Cesr Composite Staking Rate has increased by 4 bps of 3.01%
- BTC financing rate is at 0.0054% (5,9010% annual) on Binance
- DXY has increased by 0.21% at 98.91
- Gold has risen 0.37% of $ 3,383.20/oz
- Silver is down 0.38% to $ 34.43/oz
- Nikkei 225 closed unchanged at 37,446.81
- Hang bed closed +1.53% at 23,512.49
- FTSE has dropped 0.11% at 8,764.75
- Euro Stoxx 50 is down 0.19% at 5,345.17
- Djia closed Monday unchanged at 42,305.48
- S&P 500 CLOSED +0.41% at 5,935.94
- Nasdaq closed +0.67% at 19,242.61
- S&P/TSX Composite Index Closed +0.82% at 26,389.00
- S&P 40 Latin America closed +0.52% at 2,567.88
- US 10-year-old Treasury is down 3 bps at 4.42%
- E-MINI S&P 500 Futures are down 0.39% at 5,924.00
- E-MINI NASDAQ-100 futures rose 0.34% at 21,461.25
- E-mini dow jones industrial average index futures is down 0.37% at 42,219.00
Bitcoin statistics
- BTC Dominance: 64.05 (-0.31%)
- Ethereum to Bitcoin ratio: 0.02484 (0.89%)
- Hashrate (Seven-Day Sliding Average): 922 EH/S
- Hashprice (Spot): $ 51.3
- Total fees: 4.77 BTC / $ 500.036
- CME Futures Open Interest: 145,560 BTC
- BTC priced in gold: 31.1 oz
- BTC VS GOLD MARKET CAP: 8.81%
Technical analysis
- The Ether-Bitcoin ratio has carved a symmetrical triangle identified by the two converging trend lines, indicating unwillingness among bulls and bears to lead the price.
- Such patterns typically set the stage for the next leg higher.
Crypto shares
- Strategy (MSTR): CLOSED MONDAY OF $ 372.27 ( +0.87%), +0.69% to $ 374.85 on the market
- COINBASE GLOBAL (COIN): CLOSED TO $ 246.72 ( +0.04%), +0.8% TO $ 248.70
- Galaxy Digital Holdings (GLXY): Closed to C $ 25.40 (+1.93%)
- Mara Holdings (Mara): Closed to $ 14.36 ( +1.7%), +0.63% to $ 14.45
- Riot Platforms (Riot): Closed to $ 8.48 ( +5.08%), +0.59% to $ 8.53
- Core Scientific (Corz): Closed to $ 10.93 (+2.63%), -0.37% to $ 10.89
- CLEANSPARK (CLSK): CLOSED TO $ 8.61 (-0.23%), +0.46% TO $ 8.65
- COINSHARES VALKYRIE BITCOIN MINERS ETF (WGMI): CLOSED TO $ 17.2 (+4.43%)
- Semler Scientific (SMLR): Closed to $ 35.59 (-11.03%), +0.42% to $ 35.74
- Exodus Movement (2.
Etf is flowing
SPOT BTC ETFS
- Daily Net Tream: -$ 267.5 million
- Cumulative net streams: 44.08 billion dollars
- Collected BTC holdings ~ 1.20 million
SPOT ETH ETFS
- Daily Net Tream: $ 78.2 million
- Cumulative net streams: 3.14 billion dollars
- Collected ETH holdings ~ 3.66 million
Source: Father’s page -Investors
Flows overnight
Today’s chart
- The diagram shows that the US trade times now account for less than 45% of the total spot market activity in BTC, ETH and sun.
- Meanwhile, the share of the Asian trading lessons has risen.
While you were asleep
- The US share of Bitcoin, Ether and Solana Trading Volume falls below 45% as Asia catches up (Coindesk): Asian hours now account for a larger proportion of BTC, ETH and SOL trade, even when Global Spot Volume remains muted despite Bitcoin’s 40% rally since the beginning of April.
- Coinbase moves to bring Oregon Securities Suit to Federal Jurisdiction (Coindesk): Coinbase slams Oregon’s lawsuit as a ‘regulatory land grip’ accusing state law lawyer of trying to override federal crypto guidelines.
- The Blockchain group buys nearly $ 70 million. Bitcoin, which increases the total holdings to 1,471 BTC (Coindesk): Blockchain Group (Altbg), listed on Euronext Growth Paris and known as Europe’s first Bitcoin Treasury Company, bought 624 BTC for approx. 60.2 million euros ($ 68.8 million).
- The US growth forecast cut sharply by the OECD when Trump -Teaching Sour Global Outlook (CNBC): They cut their 2025 US growth forecast to 1.6% from 2.2% and projected only 1.5% for 2026; Global growth is expected to slowly to 2.9% this year and next.
- Russia and Ukraine Ratchet Up War while trying to show Trump that they want peace (The Wall Street Journal): Russia and Ukraine met for only one hour Monday in Istanbul and only agreed to a prisoner exchange, while sitting meaningful steps towards peace despite growing pressure from Trump.
- Donald Trump says Iran has to end all uranium enrichment as part of the Nuclear Deal (Financial Times): Trump publicly rejected his envoy reported offers to allow low -level enrichment for civil use, aggravating confusion over US terms such as nuclear conversations with Iran Enter week eight.
In ether
