U.S. stocks rise across the board, Ethereum continues to fluctuate, possibly resembling mid-2021 trends.

Market Overview

U.S. stocks rose broadly on Tuesday, with the tech sector performing remarkably well. The Dow Jones Industrial Average increased for the fourth consecutive trading day, and Nvidia's market capitalization surpassed that of Microsoft, reclaiming its position as the world's most valuable publicly traded company, currently valued at $3.45 trillion. Hong Kong stocks related to stablecoins continued to show strength, with Lianyi Rong Technology rising 16%, China Everbright Holdings up over 14%, and Lianlian Digital increasing by over 5%. The significant rise in China Everbright Holdings' stock price is primarily attributed to its joint investment with IDG Capital in the stablecoin issuer Circle in 2016, becoming a key global strategic shareholder, while Circle's recent application for a U.S. IPO acted as a catalyst.

Economists at ING Group predict that the Federal Reserve may delay interest rate cuts until December, but may choose to cut rates significantly by 50 basis points at that time. He believes that the impact of tariffs on inflation will be one-off and will not have a lasting effect on the economy. The OECD has significantly downgraded its growth forecast for the U.S. economy to 1.6% and warned that Trump's trade policies are dragging down global economic development. Investors are closely watching the employment report for May, which is set to be released this Friday, to assess the state of the economy.

Analysts have indicated that 2025 will be a critical turning point for generative AI, transitioning from technological breakthroughs to widespread applications. Currently, AI is primarily used in the financial sector for traditional asset management and quantitative trading, but in the future, it is expected to better adapt to the digital asset market through optimized market-making strategies. Furthermore, building AI-enabled Web3 infrastructure, such as smart contract security audits and digital content assetization, will promote the synergistic development of AI and the Web3 ecosystem.

The Bitcoin market is experiencing increased volatility, showing a short-term upward fluctuation. Both Poland and South Korea have elected presidents supportive of cryptocurrencies, Karol Nawrocki and Lee Jae-myung. Despite the generally positive market news, Bitcoin prices have not seen a significant increase. The head of digital asset research at a certain bank warned that currently, 61 listed companies collectively hold 673,800 Bitcoins, accounting for 3.2% of the total supply. If Bitcoin prices fall below 22% of these companies' average purchase price, it may trigger forced sell-offs. Referring to a case in 2022 where a mining company sold 7,202 Bitcoins when prices dropped below 22% of the cost price, if Bitcoin falls below $90,000, approximately half of the companies' holdings may face the risk of losses. This indicates that, although the surge in corporate holdings has increased buying pressure, it has also laid the groundwork for potential sell-off risks.

Ethereum has shown relative stability, oscillating around $2600 for 25 days. The US Ethereum ETF has increased its holdings for 12 consecutive days, with a certain asset management company owning approximately $4 billion in ETH through the ETF. Analysis indicates that Ethereum may be approaching a critical turning point, facing a choice between upward or downward movement. On-chain data shows that a suspected whale or institution purchased 108,278 Ether (approximately $283 million) through OTC methods. An OTC wallet of a certain digital asset company withdrew 89,000 ETH (approximately $234 million) from exchanges in the past 12 hours and then transferred a total of 108,278 ETH to a specific address. Some analysts point out that Ethereum is striving to establish $2500 as a support level and to solidify it as the low end of the $2500-4000 macro range. The current trend is similar to a certain period in mid-2021; if successful, Ethereum may enter a new round of range-bound trading.

Some research institutions point out that despite Bitcoin continuously setting historical highs attracting institutional funds, the altcoin market has stalled, with ongoing token unlocks and a lack of new narratives becoming hindrances to development. Solana tokens have recently performed poorly, oscillating around $150. Its meme coin platform plans to raise $1 billion through token sales, with a valuation of $4 billion. Although the official release time has not been confirmed, the platform's social media accounts hint that it may go live within two weeks, which could lead to outflow pressure on the entire Solana ecosystem. Notably, early this morning, there were reports that Trump would launch a branded crypto wallet and trading app to encourage supporters to purchase meme coins, which caused a temporary 40% surge in a certain NFT trading platform's token. However, the Trump family later denied any association with the project, causing the token to retract nearly 20% from its high.

Key Data (as of June 4, 12:00 HKT)

• Bitcoin: $105,723 (Year-to-date +12.73%), Daily Spot Trading Volume $25.243 billion
• Ethereum: $2,616.39 (Year-to-date -21.69%), daily spot trading volume is $14.58 billion
• Fear and Greed Index: 57 (Neutral)
• Average GAS: BTC: 2.63 sat/vB ETH: 4.36 Gwei
• Market Share: BTC 63.1%, Ether 9.6%
• 24-hour BTC long-short ratio: 1.0247
• Sector changes: AI down 2.1%; Meme down 1.67%
• 24-hour liquidation data: A total of 68,138 people were liquidated globally, with a total liquidation amount of 148 million USD, of which BTC liquidations amounted to 25.52 million USD, ETH liquidations amounted to 35.96 million USD, and SOL liquidations amounted to 8.75 million USD.
• BTC Medium to Long-Term Trend Channel: Upper Line of the Channel (106908.13 USD), Lower Line of the Channel (104791.13 USD)
• ETH medium to long-term trend channel: upper channel line (2588.05 USD), lower channel line (2536.80 USD)

Note: When the price is above the upper and lower bounds, it indicates a medium- to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates short-term through the cost range, it indicates a bottoming or topping state.

ETF Flows (as of June 3)

• Bitcoin ETF: +$378 million (ending a 3-day outflow)
• Ethereum ETF: +$109 million (net inflow for 12 consecutive days)

Today's Outlook

• A trading platform will launch Lagrange (LA)
• A trading platform will delist multiple perpetual contracts on June 5.
• Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens on June 4th at 8 AM, which is 1.15% of the current circulating supply, valued at around $1.1 million.
• Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3 AM on June 4th, which is 0.42% of the current circulating supply, valued at around 1.7 million USD.
• IOTA (IOTA) will unlock approximately 8.63 million tokens on June 4 at 8 AM, which is 0.23% of the current circulation, worth about $1.6 million.
• Taiko (TAIKO) will unlock approximately 81.55 million tokens at 8 PM on June 5th, which is 69.37% of the current circulating supply, valued at approximately 46.9 million USD.

The ADP employment figure for the US in May is ( million (June 4, 20:15)

• Actual: Pending release / Previous value: 6.2 / Expected: 11

The number of initial jobless claims in the U.S. for the week ending May 31 was ) million ( (June 5 at 20:30).

• Actual: To be announced / Previous value: 24 / Expected: 23.5

Top 500 market cap gains today: 0×0.ai (0×0) up 67.69%, Acet (ACT) up 28.59%, Alchemist AI (ALCH) up 23.39%, Magic Eden (ME) up 22.03%, Animecoin (ANIME) up 21.70%.

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Hot News

• Ethereum spot ETF saw a net inflow of $109 million yesterday, marking the 12th consecutive day of net inflows.
• A certain institution is suspected of purchasing over 100,000 ETH through OTC and now holds nearly 140,000 ETH.
• A certain asset management company's Bitcoin spot ETF has entered the top 25 ETFs in the United States, with assets reaching 72.4 billion USD in just 1.4 years since its establishment.
• The MELANIA project team transferred 150 million tokens, and sent 20 million of them to the Wintermute address.
• Spanish coffee chain Vanadi plans to invest over $1.1 billion to purchase Bitcoin, transforming into a "Bitcoin-first" company.
• The Trump family denies involvement in the $TRUMP wallet project, while a certain NFT trading platform claims it is an official collaboration.
• Meitu CEO: Cleared cryptocurrency holdings at the end of last year, gaining 570 million yuan, of which 80% was distributed as dividends to shareholders.
• A trading platform will launch Lagrange )LA(
• A stablecoin company transferred over 37,000 BTC to Twenty One Capital, worth nearly $4 billion.
• Sonic airdrop will start in June, with 25% released immediately and the remaining 75% unlocked linearly in the form of NFTs.
• Morph CEO Cecilia Hsueh stepped down, and former executive Colin Goltra from a trading platform took over.
• Strategy plans to issue 2.5 million shares of "Stride" preferred stock to increase its Bitcoin holdings.
• Sources: Pump.fun plans to raise $1 billion through a token sale, with a valuation of $4 billion.
• Ethereum co-founder Joe Lubin stated that he is in discussions with sovereign wealth funds for infrastructure collaboration.

![HashKey Trading Moment: US stocks closed higher across the board, Ethereum has been fluctuating for 25 days, possibly replicating the mid-2021 market trend])https://img-cdn.gateio.im/webp-social/moments-444a6a46015208c65ca79c69ecc7ef5c.webp(