US stocks rise across the board, Ethereum continues to fluctuate, possibly replicating the mid-2021 market trend

Market Overview

U.S. stocks rose across the board on Tuesday, with technology stocks performing particularly well. The Dow Jones Industrial Average rose for the fourth consecutive trading day, and a certain tech giant's market value once again surpassed that of another tech giant, reclaiming its position as the world's most valuable publicly traded company, with a current market value of $3.45 trillion. Hong Kong stocks related to stablecoins continued to strengthen, with many related companies seeing their stock prices surge.

Economists at ING predict that the Federal Reserve may delay interest rate cuts until December, but may choose to implement a significant cut of 50 basis points at that time. They believe that the impact of tariffs on inflation will be one-time and will not have a lasting effect on the economy. In addition, the OECD has significantly lowered its growth forecast for the U.S. economy to 1.6% and warned that the trade policies of a certain political figure are dragging down global economic development. Investors are closely watching the May employment report set to be released this Friday to assess the state of the economy.

An analyst stated that 2025 will be a key turning point for generative AI, transitioning from technological breakthroughs to widespread applications. Currently, AI is mainly 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 by optimizing market-making strategies and other methods. Additionally, building AI-powered Web3 infrastructure, such as smart contract security audits and digital content assetization, will promote the collaborative development of AI and the Web3 ecosystem.

The volatility in the Bitcoin market has intensified, showing a short-term trend of fluctuating upward. Both Poland and South Korea have elected presidents who support cryptocurrencies. Despite the favorable market news, the price of Bitcoin has not seen a significant increase. The head of digital asset research at a certain bank has issued a warning that currently 61 listed companies hold a total of 673,800 Bitcoins, accounting for 3.2% of the total supply. If the price of Bitcoin falls below these companies' average purchase price by 22%, it could trigger forced sell-offs. Referring to the case in 2022 where a company sold 7,202 Bitcoins when the price was 22% below the cost price, if Bitcoin drops below $90,000, about half of the companies' holdings may face loss risks. This indicates that although the trend of corporate holdings has increased buying pressure, it has also buried potential risks of sell-offs.

Ethereum has been relatively stable, oscillating around $2600 for 25 days. The US Ethereum ETF has been continuously increasing its holdings for 12 days, with an asset management company holding approximately $4 billion in ETH through the ETF. Analysis shows that Ethereum may be facing a crucial turning point, facing a choice between upward or downward movement. On-chain data indicates that a suspected whale or institution has purchased 108,278 Ethereum (approximately $283 million) through OTC methods. An OTC wallet on a certain platform has withdrawn 89,000 ETH (approximately $234 million) from exchanges in the past 12 hours, and subsequently transferred a total of 108,278 ETH to a specific address. An analyst pointed out that Ethereum is working hard to establish $2500 as a support level and solidify its position as the low point of the $2500-$4000 macro range. The current trend is similar to a certain position in mid-2021, and if successful, Ethereum may enter a new round of range-bound trading.

A research institution pointed out that despite Bitcoin continuously refreshing its historical highs and attracting institutional funds, the altcoin market has stagnated, with ongoing token unlocks and a lack of new narratives becoming constraints 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 date has not been confirmed, the platform's social media accounts suggest it may go live in two weeks, which could put pressure on the entire Solana ecosystem due to potential capital outflows. Notably, early this morning, there were reports that a political figure would launch a branded crypto wallet and trading application, encouraging supporters to purchase meme coins. This news caused a temporary surge of 40% in a certain platform's tokens. However, related parties later denied any association with the project, leading to a nearly 20% pullback from the peak.

Key Data

• 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 of $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 Performance: AI down 2.1%; Meme down 1.67%
• 24-hour liquidation data: A total of 68,138 people globally were liquidated, with a total liquidation amount of $148 million, including $25.52 million in BTC liquidations, $35.96 million in Ether liquidations, and $8.75 million in SOL liquidations.
• BTC Medium to Long-term Trend Channel: Upper boundary line (106908.13 USD), Lower boundary line (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 through the cost range in the short term, 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 certain platform will launch Lagrange (LA)
• A trading platform will delist multiple perpetual contracts on June 5.
• Multiple projects will undergo token unlocking.
• The ADP employment figures and initial jobless claims for May in the United States will be released.

Top 500 Market Cap Largest Gains

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%.

Hot News

• Ethereum spot ETF saw a net inflow of $109 million yesterday, marking the 12th consecutive day of net inflows.
• It is suspected that a certain institution purchased 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.
• A certain project party transferred 150 million tokens, with 20 million of them sent to a specific address.
• A Spanish coffee chain plans to invest over $1.1 billion to purchase Bitcoin, transforming into a "Bitcoin-first" company.
• A political figure's family denies involvement in a specific wallet project, and the relevant platform responds that it is an official collaboration.
• Company CEO: Sold off cryptocurrency at the end of last year, making a profit of 570 million yuan, of which 80% was distributed as dividends to shareholders.
• A stablecoin issuer transferred over 37,000 BTC to a specific institution, worth nearly $4 billion.
• A certain project's airdrop will launch in June, with 25% released immediately and the remaining 75% unlocked linearly in the form of NFTs.
• The CEO of a certain project has stepped down, and a former executive from a certain trading platform has taken over.
• A certain company plans to issue 2.5 million preferred shares to increase its holdings of Bitcoin.
• Insider: A certain project intends to raise $1 billion through a token sale, with a valuation of $4 billion.
• Ethereum co-founder claims to be in talks with sovereign wealth funds for infrastructure collaboration