Jun 5, 2025

BTC market share rises as investors avoid risky assets

Industry landscape

YZi Labs (formerly Binance Labs) has announced an investment in hardware wallet company OneKey, promoting global crypto asset self-custody security.
AI infrastructure startup OpenAI has launched a deep integration feature on ChatGPT, supporting real-time access to internal data sources.
The US SEC has delayed its review of the SUI spot ETF application submitted by Canary Capital, while accepting the application from 21Shares, marking the fund's entry into the regulatory review stage.
The US California Assembly has passed the AB-1052 bill, proposing that unclaimed crypto assets after three years be transferred to state custody.
According to The Block, the review of the Digital Asset Market Clarity (CLARITY) Act has been obstructed due to concerns over congressional conflicts of interest raised by Trump's memecoin and wallet during the CLARITY Act hearings.
Listed company Treasure Global has launched a $100 million digital asset financial strategy to strengthen its digital infrastructure and support the rollout of its AI consumer intelligence platform.

Exchange updates

Binance Alpha has added PepeFork (POKT) and Caila (CA).
Coinbase International has launched SOPH/USDT perpetual contracts and listed Ethena (ENA) to its asset roadmap.

Mainstream data observations

ETH core liquidation positions:

Long positions at $2,588 with a liquidation amount of $363 million.

Short positions at $2,664.3 with a liquidation amount of $581 million.

The current Ethereum price is $2,624.1, with significant liquidation pressure on short positions and large liquidation amounts around $2,670, making it a key price point to monitor.

Total stablecoin market cap: $249.72 B

The total market cap saw a slight increase today. USDT increased by $200.28 M, USDC increased by $185.57 M, and USDe increased by $47.44 M.

BTC market share: 64.14%

TOTAL 3 market cap: $850.2 B

BTC market share saw a slight increase, indicating that the market is temporarily avoiding high-risk assets and returning to BTC for risk aversion, placing it in a defensive structure.

Bitcoin MVRV-Z score: 2.43

MVRV is the ratio of the minimum market value (current market cap) to the realized value (the total value of all BTC at their last movement). The market is currently in a neutral-to-rational state, with reduced volatility within a consolidation zone.

Bitcoin BVIV score: 43.62

The BVIV score is in the neutral range. BTC has entered a stable consolidation range; traders will likely reduce swing-trading frequency, focus on key support/pressure levels, and await clearer direction before taking further action.

[Market rating]

BTC fell to $104,181 last night before rebounding and is currently fluctuating narrowly around $105,000, entering a consolidation range. Positive information related to cryptocurrency legislation has supported Bitcoin’s price. The current bull/bear sentiment score is 85 (Bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

Emerging projects

Token	Mixie	Moolah	Janitor
Description	The core narrative revolves around game creation, blending community co-creation and immersive world-building. By leveraging AI tools, it lowers the creation threshold and forms a central point of communication. The CEO is Matthew Morgan, who is also an advisor to the World Freedom Foundation.	The builder beaver serves as the cultural medium, a name uncovered through ListaDAO's loan audit, and the beaver has also received tracking and responses from ListaDAO.	The narrative centers around the "BNB Chain AI Guardians," with the concept of an MCP-driven crypto intelligence system, combining AI and on-chain analysis as a selling point. The tweet does not specify the meaning of MCP, raising suspicions of an attempt to capitalize on the AI hype. Some comments hint at a highly concentrated distribution of tokens.
Price	$0.02464	$0.0007113	$0.015970
Market Cap（$)	24.64 million	7.11 million	15.97 million
Token Holders	6218	2347	2692

Token	MON3Y	DTR	DR
Description	A private, offline digital cash payment system that enables a cash-like, trace-free, peer-to-peer transaction experience. The narrative integrates concepts such as zero-knowledge proofs and other technologies.	DEX, designed to lower the learning curve of DeFi for the general public. Users holding SDTR will automatically reduce transaction fees and enhance economic incentives within the platform.	Combining AI-powered medical anthropomorphic imagery with cryptocurrency analysis tools, the humorous "Cyber Doctor" character provides token auditing, trend forecasting, and anti-fraud services.
Price	$0.007435	$0.001430	$0.001194
Market Cap（$)	7.43 million	1.43 million	1.19 million
Token Holders	2115	1422	3942

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