Crypto Market Watch: Bitcoin Approaches Historical Highs Over the Weekend, Meme Coin Frenzy Resurfaces

Market Overview

Bitcoin broke through $108,500 in a low liquidity environment over the weekend, just a step away from the historical weekly closing high of $109,000. The core question currently being focused on by the market is whether Bitcoin has enough momentum to break through this key level and maintain its upward trend. Some analysts point out that the 15-minute chart shows a bullish structure with "higher lows", emphasizing that "selling pressure is gradually dissipating"; others believe that the MACD indicator has formed a golden cross, suggesting that "bulls are still in control of the short-term trend".

However, there are also viewpoints analyzing that if the historical halving cycle of Bitcoin repeats, Bitcoin may reach a bull market peak in September or October 2025. The market is currently entering the final phase of the bull market, with only 2-3 months left. Bitcoin needs to stand back on the accumulation range high point of 104400 USD, while the multi-week downtrend line for this range is at 104881 USD. Looking back at 2024, Bitcoin accelerated its rise for 260 days before the halving and set a historical high, but then went through a long adjustment period, slowing the cycle rhythm. Although the recent cycle has slowed down, it is believed that once Bitcoin enters a rapid rising phase, it may quickly make up for this "extended cycle."

Ethereum outperformed Bitcoin, with the weekly closing price surpassing $2500, and a 7-day increase of 12.23%. On-chain data shows a potential bullish trend, with more and more traders believing that the ETH price may reach $3000 in the near future. The Ethereum ecosystem also welcomes a long-awaited resurgence, with ARB rising 17.4% due to news that the Arbitrum team developers will participate in a certain conference.

Meme Coin Craze

Moonshot launched the Meme coin creation tool Moonshot Create on Friday night. Since its launch, the platform has listed several Meme coins. Among them, the market caps of $MONKEPHONE, $MOONCOIN, and $RICH are currently hovering around $7 million, while $MOONCAT has the highest market cap at $3.11 million, currently standing at $1.68 million. In contrast, $PEMDAS, $JAMIE, and $CUMSHOT have performed poorly since their listing on the platform, with current market caps all below $1 million.

In addition, some projects have also emerged with independent markets, among which $MORI has risen for four consecutive days since its launch, reaching a market cap of up to 155 million USD, currently at 132 million USD. Meanwhile, $USELESS has continuously broken new highs since June 5, with a nearly month-long increase of 1729.7%, and its market cap has surpassed 200 million USD today, with some well-known crypto KOLs expressing optimism about it.

Key Data

• Bitcoin: $108,379 (Year-to-date +15.67%), Daily Spot Trading Volume $17.277 billion
• Ethereum: $2,500.45 (Year-to-date -25.2%), daily spot trading volume is $10.456 billion
• Fear and Greed Index: 52 (Neutral)
• Market share: BTC 64.7%, ETH 9.1%
• 24-hour BTC long-short ratio: 0.9739
• Sector changes: L2 up 4.28%; NFT sector up 3.44%
• 24-hour liquidation data: A total of 80,868 people were liquidated globally, with a total liquidation amount of 201 million USD, including BTC liquidations of 63.3483 million USD, ETH liquidations of 41.5813 million USD, and SOL liquidations of 9.1646 million USD.

ETF Capital Flows

• Bitcoin ETF: +$501 million (14 days of net inflow continued)
• Ethereum ETF: +$7,744,720

Important Events Today

• A certain wallet will launch NodeOps on June 30th (NODE)
• Zama will launch the testnet on July 1.
• The U.S. Senate is voting on a certain bill (June 30, 21:00)
• Major central bank governors hold a panel discussion (July 1, 21:30)
• Multiple projects will welcome token unlocks, including Optimism (OP), Kamino (KMNO), Across Protocol (ACX)), and Sui (SUI), etc.

Market Highlights

• Data shows that tokens such as SUI, ENA, and OP will see significant unlocks, with SUI unlocking a value of approximately 122.8 million dollars.
• The report shows that 27% of South Koreans aged 20-50 hold cryptocurrencies, and 70% are interested in expanding their investments.
• The RWA market size grew by 85% year-on-year to $24 billion, becoming the second fastest growing sector after stablecoins.
• An institution has increased its Bitcoin holdings for 9 consecutive weeks, with a total increase of approximately 107,139 coins.
• Arthur Hayes deposited 2,468,000 ETHFI into a certain exchange, making a profit of $1.02 million.
• The chairman of the U.S. Digital Asset Financial Advisory Committee stated that the allocation of cryptocurrencies in a portfolio could increase to 10-40%.