Global Crypto Assets Market Trends: Macroeconomic Favourable Information Drives Bitcoin to Break Through $106,000

Market Observation

The macro environment is showing a positive shift. The easing of tensions in the Middle East has boosted market risk appetite, with oil prices falling back to pre-conflict levels and gold briefly dropping below the $3,300 mark. The Federal Reserve Chairman signaled key insights during a congressional hearing: while not explicitly ruling out the possibility of a rate cut in July, he emphasized the need for more data to assess the impact of tariffs on inflation, suggesting it is more likely to wait until the September meeting to decide on a policy shift. This statement was interpreted by the market as dovish tendencies, combined with the reduction of geopolitical risks, driving a significant rise in U.S. stocks — the Nasdaq 100 reached an all-time high, the Dow surged by 500 points in a single day, and U.S. Treasury yields declined alongside the dollar.

In terms of regulation, a large crypto assets trading platform is seeking approval from the US SEC to launch tokenized stock trading services. Tokenized stocks allow for T+0 settlement, low thresholds, lower costs, and round-the-clock trading. If the plan is approved, the platform will leverage blockchain technology to enter the stock trading field, further blurring the lines between traditional brokerages and crypto platforms. In addition, the new management of the SEC has shifted its regulatory attitude towards the crypto industry, not only withdrawing lawsuits against several crypto companies but also establishing a crypto working group to formulate regulations for digital assets.

Bitcoin broke through $106,000 under macro favourable information, but its performance has been relatively restrained. The founder of 10x Research stated that the 13% increase in Bitcoin year-to-date contrasts with over $63 billion in fund inflows, reflecting the market's caution towards structural changes. According to analyst Murphy, the chip concentration within 5% of the current Bitcoin spot price has reached 14.5%. He pointed out that once the concentration exceeds 15%, the market may experience significant volatility.

On the Ethereum side, a trading platform experienced a large-scale withdrawal of funds on June 23, with over 4,000 BTC and 61,000 ETH flowing out of the platform. This indicates that trader sentiment may be shifting from short-term speculation to long-term holding strategies. Swissblock's analysis further points out that as the capital rotation pattern shifts from Bitcoin to Ethereum, ETH may see a significant rise, with its profit supply ratio far lower than that of Bitcoin, indicating a potential for catch-up growth.

In the market, several emerging tokens have attracted attention. The market capitalization of $solami once reached 12 million USD but has fallen to 5.3 million; $ACID quickly reached a market cap of 18 million USD with the concept of "cross-Web2 and Web3 smart agents"; $TECH reached a maximum market cap of 3.4 million USD and is currently at 1.45 million USD.

In addition, traditional financial institutions are accelerating their actions in the crypto space. The US company Nano Labs announced the acquisition of BNB as a strategic reserve through a $500 million convertible bond, driving its stock price to surge by 150% in a single day. The Hong Kong market has also made breakthrough progress, as a certain Chinese-funded brokerage obtained a comprehensive virtual asset license, becoming the first Chinese-funded brokerage to provide mainstream coin trading services. This news stimulated its Hong Kong stock price to achieve an intraday increase of over 100%.

Key Data (as of June 25, 12:00 HKT)

• Bitcoin: $106,202 (Year-to-date +13.61%), Daily Spot Trading Volume $27.86 billion
• Ethereum: $2,429.84 (Year-to-date -27.09%), daily spot trading volume is $15.253 billion
• Fear and Greed Index: 48 (Neutral)
• Average GAS: BTC: 1.05 sat/vB ETH: 3.12 Gwei
• Market Share: BTC 64.6%, ETH 9.0%
• 24-hour BTC long-short ratio: 1.0751
• Sector Performance: AI down 3.45%; NFT sector down 2.83%
• 24-hour liquidation data: A total of 79,735 people globally were liquidated, with a total liquidation amount of 187 million USD.

ETF Flows (As of June 24)

• Bitcoin ETF: +$589 million (net inflow for 11 consecutive days)
• Ethereum ETF: +$71,237,900

Today's Outlook

• The H contract and Alpha trading on a certain trading platform are scheduled to open on June 25 at 17:30 and 17:00 respectively.
• The Kroma L2 network will close on June 26, and $KRO needs to be migrated to Ethereum.
• The Chairman of the Federal Reserve will testify before the Senate Banking, Housing, and Urban Affairs Committee on the semiannual monetary policy report (June 25, 22:00)
• Multiple tokens will be unlocked soon, including Venom, AltLayer, IOTA, Velo, Blast, and Undeads Games.

Top 500 Market Cap Largest Gains

NEM (XEM) rose 59.74%, Banana For Scale (BANANAS31) rose 42.31%, Pundi AI (PUNDIAI) rose 21.51%, Maple Finance (SYRUP) rose 18.45%, Apu Apustaja (APU) rose 15.91%.

Hot News

• "Three battles ETH 100% win rate giant whale" has once again increased its short position in ETH during the early hours, currently valuing the position at 122 million USD.
• SharpLink Gaming increased its holdings by 12,207 ETH with an investment of $30.67 million, raising its total holdings to 188,478 coins.
• Nano Labs announced a $500 million convertible note private placement for BNB strategic reserves, with stock prices rising over 150%.
• ProCap invested $387 million to acquire 3724 Bitcoins
• The government of Texas, USA will allocate 10 million dollars for the purchase of Bitcoin.
• Trump calls on the Federal Reserve Chairman again: interest rates should be cut by at least 2 to 3 percentage points.
• Celestia co-founder: has over $100 million in capital reserves, sufficient to support operations for more than 6 years.