ETH ecosystem tokens are seeing a recovery
Mainstream data observations
BTC core liquidation positions:
Long positions at $107,953 with a liquidation amount of $1.254 billion.
Short positions at $110,114 with a liquidation amount of $1.869 billion.
The current BTC price: $107,745. The short position liquidation intensity is high and concentrated, with strong liquidation pressure around $110,000.
ETH core liquidation positions:
Long positions at $2,792.2 with a liquidation amount of $341 million.
Short positions at $2,800.5 with a liquidation amount of $255 million.
The current Ethereum price: $2,754; the long position liquidation intensity is high, with significant liquidation amounts around $2,730, making it a key price point to monitor.
Total stablecoin market cap: $247.256 billion
The total market cap saw a slight decrease on May 29. USDC decreased by $99.71 million, with a 0.20% decrease on Ethereum and a 0.3% decrease on Solana.
BTC market share: 63.51%
TOTAL 3 Market Cap: $898.77 billion
BTC's market share has decreased again, while TOTAL3's market cap has slightly increased. It briefly surpassed 900B on May 29, reaching a high of 906.78B before a retracement. This indicates that the market might be entering a rotation phase, so we will monitor any significant rise in individual altcoins.
Current core miner shutdown price: $60,447
Miner shutdown coin prices are currently below BTC's price. The average shutdown price for mainstream mining rigs is $60,000, which can be used as a key price point for observation.
Bitcoin MVRV-Z score: 2.62
MVRV is the ratio of the minimum market value (current market cap) to realized value (the total value of all BTC at their last movement). The MVRV-Z score has not yet formed a top signal, but we need to watch for trend reversals or volume changes.
Bitcoin BVIV score: 46.80
The BVIV score reached above 47 early this morning before retracing, with a low of 46.20. It is currently fluctuating below 47, indicating short-term market speculation. This phase is more suitable for day traders employing small-range strategies.
[Market rating]
On the morning of May 29, the price dropped below $107,000, reaching a low of $106,800, and then rebounded to a high of $108,133. It is currently fluctuating below $108,000. We will focus on the performance of altcoins, as a sector rotation may occur. The current bull/bear sentiment score is 90 (Bullish).
[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]
Market overview
BTC is consolidating in a sideways trend, following the drop in US stock markets after opening, with the lowest point reaching 106,769. ETH, on the other hand, has shown strong performance with signs of a second wave of upward movement. On the daily chart, the ETH/BTC exchange rate broke through the key daily MA140 level at 0.02483, and the upper edge of the core consolidation zone at 2750 was breached. If ETH maintains this level, it is expected to continue rising towards 3000. BTC's market dominance has decreased to 63.47%, and altcoins, especially ETH ecosystem tokens, are seeing a recovery. After ETH's breakout, Solana is expected to follow suit, potentially leading to market rotation.
Macro overview
On May 28, the US International Trade Court blocked the "Liberation Day" tariffs from taking effect, ruling that Donald Trump's decision to impose comprehensive tariffs based on trade deficits violated the law, as it was an overreach of his authority under the International Emergency Economic Powers Act. This suspension of Trump's tariff policy caused a sharp surge in US stock futures, a drop in gold prices, and a rebound in cryptocurrencies, leading to a further improvement in market sentiment. Since the implementation of the tariff negotiations, real progress has been limited, but the tariffs have significantly raised costs for small businesses in the US, leading to many bankruptcies. The federal court's suspension of these trade measures serves as a challenge and a counterattack to Trump's executive overreach, reflecting the system of checks and balances.
Key events
- According to Time Magazine, Elon Musk has announced that he will be stepping down from his role in the Trump administration's cost-cutting office, citing disagreements over the president’s sweeping new spending bill.
- According to Decrypt, stablecoin issuer Circle has frozen two Solana wallet addresses related to the Libra token team, involving about 58 million USDC, due to a legal dispute over the memecoin Libra.
- According to The Block, US Labor Department has retracted Biden-era guidance against crypto in retirement plans, returning to a neutral stance.
- Elon Musk has tweeted that xAI hasn’t signed a transaction agreement with Telegram.
- Bitcoin spot ETF saw net inflows of $385 million on May 28, marking the ninth consecutive day of inflows.
Hot projects
Exchange updates
- Bitget has launched the SOPH/USDT perpetual contract with up to 20x leverage, and Bitget Onchain has launched the Solana ecosystem's memecoins OLIVIA and Trenches.
- Binance Wallet has announced that the Binance Alpha Earn Hub has gone live, Binance Alpha has launched Sophon (SOPH) with a circulating market cap of $239 million, and Binance has launched the MERL/USDT perpetual contract with up to 50x leverage, while users with 195 Alpha points can claim a 1,250 SOPH airdrop, and the next TGE project will be Reddio (RDO).
- OKX has launched the SOPH/USDT perpetual contract with up to 50x leverage and will delist 11 spot trading pairs, including ZERO, IQ, and SAMO, on June 4.
- Bybit has launched AO Token (AO).
Industry landscape
- Stablecoin company Conduit has completed a $36 million Series A funding round, led by Dragonfly Capital.
- Messaging platform Telegram is raising $1.5 billion through bond issuance, with investments from BlackRock, Mubadala, and Citadel expected.
Emerging projects
Hyperliquid smart money tracking
The signals are neutral to bullish: BTC, PEPE, SPX, and ENA show positive reversals across multiple addresses, indicating that smart money has partially recovered and increased positions.
Weak tokens continue to decline: Launchcoin and TURBO have not stopped falling, with losses expanding. If no stabilization occurs on May 30, further liquidation may trigger.
There are signs that smart money is shifting towards riskier assets. The market is in a "post-panic correction rebound" phase, but has not yet launched a full-scale rally. The market will possibly monitor if the capital flow from PEPE and BTC spreads to other narrative tokens.
Other opportunities
On-chain DeFi mining yield products:
Risk: Users should exercise caution when investing and conduct their own research.
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