Trump and Musk exchange fire from afar, the crypto market experiences significant fluctuation.

The public dispute between Trump and Musk has triggered market fluctuations, stemming from their fundamental differences in economic policy, particularly regarding related legislation and tariff policies. Although Musk's tone has softened recently, the market has been severely impacted: the stock price of a certain automotive manufacturer plummeted 14.26% to $284.7, with a single-day market value loss of $153 billion. It is estimated that this turmoil has caused Musk's personal wealth to shrink by $27 billion to $388 billion. At the same time, Trump-related media technology groups fell by 8%, with the market value of the related cryptocurrencies they hold evaporating by about $1 billion.

The initial jobless claims released on Thursday unexpectedly surged to an eight-month high, pushing U.S. Treasury yields down to a nearly one-month low, leading the market to shift its expectations for the first rate cut from October to September. Although the Federal Reserve is likely to maintain interest rates this month, the upcoming non-farm payroll report could completely change the direction of interest rates. Under the dual pressures of high inflation and economic slowdown, a policy shift requires more data support. The interest rate swap market shows that the probability of a rate cut in September has soared to 90%, with a 50 basis points cut fully priced in for the year.

At the same time, the political changes in South Korea may bring new opportunities for the crypto market. After a landslide victory, Democratic Party candidate Lee Jae-myung vowed to position virtual assets as key to national financial reform, promoting legislation for tokenized securities, the legalization of virtual asset spot ETFs, and the establishment of a Korean won-pegged stablecoin system, even directing the allocation of the national pension fund, worth $884 billion, to crypto assets. However, some analysts have expressed concerns about the South Korean market, pointing out that previous trust crises and stringent compliance requirements will test the Lee Jae-myung government's ability to balance regulation with market vitality.

Bitcoin fell to around $100,000 this morning, nearing the support level of the 50-day moving average at $100,295. Analysts pointed out that if Friday's U.S. employment report shows a slowdown in labor market growth, Bitcoin could rise to the range of $120,000 to $125,000; conversely, if the data is strong, the price may retreat to around $95,000. A trading platform noted that the trading of call options expiring in September with a strike price of $130,000 shows that some investors still have expectations for the third quarter. Renowned investor Tim Draper remains firm in his prediction that Bitcoin could reach $250,000 this year, believing that trade agreements, the upcoming regulatory framework, and the development of Web3 applications will drive Bitcoin prices higher. He pointed out that major banks are incorporating Bitcoin into their product systems, and even financial institutions that have long resisted are planning to allow their trading and wealth management clients to use certain assets linked to encryption as collateral for loans.

Ethereum fell below $2400 this morning. Crypto trader Eugene stated that he has gone long on ETH at the current price and set a stop-loss below this morning's low of $2380. However, a research institution remains optimistic about Ethereum, having announced on the evening of June 5 that it purchased 61,000 bullish options for Ethereum on a certain platform, with strike prices of $3200 and $3400, respectively. It is reported that the total premium paid for this trade exceeded $2 million.

In the crypto market, the dispute between Trump and Musk has also led to the emergence of multiple related theme tokens, with the main related cryptocurrencies dropping by 10%. A whale on a trading platform, James Wynn, also became a victim of this dispute, as he was forcibly liquidated of 379 Bitcoins at 1 AM. Subsequently, he chose to actively clear his remaining positions, resulting in a total loss of $2.9 million from this long Bitcoin trade. It is worth noting that two weeks ago, Wynn had once made a profit of $87 million, but now his cumulative losses have reached $20.5 million, with account funds remaining at $700,000.

In addition, stablecoin issuer Circle successfully entered the US market, with its stock price soaring nearly 170% on the first day of its IPO, reaching as high as $103.75 during intraday trading, far exceeding the issue price of $31. This success will encourage more encryption companies to advance their listing plans, including several well-known trading platforms and blockchain companies.

Key Data (As of June 6, 13:00 HKT)

• Bitcoin: $102,942 (Year-to-date +10.1%), daily spot trading volume $42.877 billion
• Ethereum: $2,458.58 (Year-to-date -26.29%), Daily spot trading volume is $27.835 billion
• Fear and Greed Index: 46 (Fear)
• Average GAS: BTC: 1.49 sat/vB ETH: 3.25 Gwei
• Market Share: BTC 63.7%, ETH 9.2%
• 24-hour BTC Long/Short Ratio: 0.9623
• Sector Fluctuation: The altcoin market has declined for 3 consecutive days, L2 down 5.89%; Meme down 5.67%
• 24-hour liquidation data: A total of 225,036 people globally have been liquidated, with a total liquidation amount of $980 million, including $341 million in BTC liquidations, $285 million in ETH liquidations, and $27.1169 million in DOGE liquidations.
• BTC Medium to Long-Term Trend Channel: Upper Line of the Channel (105735.13 USD), Lower Line of the Channel (103641.36 USD)
• ETH Medium to Long-term Trend Channel: Upper Line of the Channel (2569.60 USD), Lower Line of the Channel (2518.72 USD)

ETF Flows (As of June 5)

• Bitcoin ETF: -$278 million
• Ethereum ETF: +11.2587 million (14 consecutive days of net inflow)

Today's Outlook

• The platform Alpha will launch fly.trade (FLY)
• A certain platform will delist 5 spot trading pairs including ACX/FDUSD and IDEX/FDUSD on June 6.
• Avalanche launches the Codebase Incubator Season 4, applications will close on June 6.
• Spectral (SPEC) will unlock approximately 3.62 million tokens at 8 AM on June 6, which accounts for 17.57% of the current circulating supply, valued at about 3.7 million USD.
• Neon (NEON) will unlock approximately 53.91 million tokens at 8 AM on June 7, which accounts for 22.51% of the current circulating supply, valued at approximately $6.1 million.
• US unemployment rate for May (June 6, 20:30): actual to be announced / previous value 4.20% / expected 4.20%
• The seasonally adjusted non-farm employment population in the US for May is ( million on June 6 at 20:30: Actual to be announced / Previous value 17.7 / Expected 13

Top 500 market cap biggest gains today: Ravencoin (RVN) up 36.77%, Central African Republic Meme (CAR) up 19.06%, Fartcoin (FARTCOIN) up 18.08%, Lagrange (LA) up 11.56%, Ultima (ULTIMA) up 9.36%.

Hot News

• Abraxas Capital has made a profit of over 55 million USD from shorting multiple currencies.
• Yuga Labs proposed to dissolve the ApeCoin DAO, intending for the new entity ApeCo to take over the ecosystem.
• US stock market close: All three major indexes fell, with Tesla dropping 14.26%.
• Circle's first day of trading rose by 167.35%, with a closing price of $82.88
• The total value of Bitcoin holdings by listed companies is close to $85 billion, more than doubling within a year.
• Origin Protocol: 100% of the protocol revenue will be directly allocated to OGN stakers.
• The number of initial jobless claims in the U.S. for the week ending May 31 was 247,000, higher than expected.
• Beijing police have pioneered a mechanism for the disposal of tokens involved in cases: selling through a compliant exchange in Hong Kong and remitting to the national treasury.
• Skate announced its tokenomics: the total initial issuance is 1 billion tokens, with 10% allocated for the initial airdrop.
• A certain platform report: The RWA market size will surge by over 260% in the first half of 2025, with clear regulations driving industry development.
• The Central Bank of Russia plans to allow businesses to purchase foreign stablecoins.
• A trading platform: $3.8 billion in BTC options and ETH options are about to expire, with call options dominating.
• A certain platform has included BIFI, FIS, KMD, and MDT in the "monitoring label" list.