Jun 6, 2025

Traders are cautious amid Trump and Musk news

Industry landscape

The Hong Kong government has announced that the Stablecoin Ordinance will be effective on August 1, 2025.
AI infrastructure startup OpenAI has launched an AI academy in India to deepen local education and industry collaboration.
Trump’s media company has submitted Bitcoin vault plan registration documents, raising $2.3 billion from 50 investors.
According to CoinDesk, US Democratic Senator Ruben Gallego has stated that the 2025 Stablecoin National Innovation Guidance Act (GENIUS Act) is expected to gain significant bipartisan support in the Senate, with the final vote likely to take place as early as next week.
Uber CEO Dara Khosrowshahi has stated that the company is exploring using stablecoins as a payment method to reduce cross-border payment costs.
USDT issuer Tether has announced a strategic investment in the African blockchain financial platform Shiga Digital.
According to digital news platform Semafor, US Wyoming Republican Senator Cynthia Lummis is pushing to add provisions to her party's tax and spending bill to reform how the US taxes cryptocurrencies.
Donald Trump's Truth Social has filed with the US SEC a Form S-1 for their upcoming Truth Social Bitcoin ETF.

Exchange updates

Coinbase has included Fartcoin (FARTCOIN) and Subsquid (SQD) in its listing roadmap.
Binance Alpha and Futures will launch Skate (SKATE) on June 9, with Binance Alpha adding CUDIS (CUDIS) and Binance Futures launching the LA/USDT perpetual contract with up to 50x leverage.

Mainstream data observations

BTC core liquidation positions:

Long positions at $99,883 with a liquidation amount of $1.745 billion.

Short positions at $105,067 with a liquidation amount of $2.728 billion.

The current BTC price is $102,980, with significant liquidation pressure on short positions, which are more concentrated. Strong liquidation pressure exists around $105,000.

ETH core liquidation positions:

Long positions at $2,398 with a liquidation amount of $637 million.

Short positions at $2,518 with a liquidation amount of $874 million.

The current Ethereum price is $2,454.2, with strong liquidation pressure on short positions and significant liquidation amounts around $2,550. This is a key price point to monitor.

Total stablecoin market cap: $249.15B

The total market cap saw a slight increase on June 6.

USDT increased by $118.32M, while USDC decreased by $ 540.81 M.

BTC market share: 64.57%

Total 3 market cap: $826.01B

BTC market share saw a slight increase, indicating further risk aversion in the market. Funds are flowing back to BTC, showing a shift in market risk appetite.

Bitcoin MVRV-Z score: 2.40

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). Speculator enthusiasm has decreased, but the market is still in a neutral-to-overvalued zone. It's important to focus on profit-taking and risk management, rather than blindly adding positions.

Bitcoin BVIV score: 43.48

The BVIV score is in a converging volatility range. The market may be brewing a new trend, but caution is advised as the score may rise, potentially increasing BTC's volatility.

[Market rating]

On the morning of June 6, BTC dipped again, reaching a low of $100,400. After breaking below $101,000, it rebounded, but the upward momentum is weaker compared to recent fluctuations. The potential support level is around $100,300, and BTC is currently fluctuating near $103,000. News about Trump has impacted market sentiment, along with expectations of interest rate cuts. Moving forward, focus on macroeconomic data and whether BTC can return above $105,000. If it can, a cautious bullish outlook remains. The market rating score on June 6 is 65 (Neutral to cautiously bullish)

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

Emerging projects

Token	KBBB	MUSK	GIZA
Description	KILL BIG BEAUTIFUL BILL A "Kill Bill" version featuring the images of Elon Musk and Donald Trump.	The concept is based on the recent public feud between Musk and Trump, with the token also representing Musk.	Giza is dedicated to creating and running autonomous AI agents, focusing on optimizing DeFi strategies. Its current flagship product is ARMA, a stablecoin yield agent with an APY of around 10%.
Price	$0.02619	$0.006825	$0.3884
Market Cap（$)	26.2 million	6.8 million	28 million
Token Holders	16505	9827	21018

Token	TROLL	KITTY	AAA
Description	Ramirez's original comic sarcastically mocks internet trolls who harass others for their own amusement; however, this image has been widely adopted by trolls themselves.	A memecoin on Solana, the concept may be inspired by Labubu, capitalizing on the Hello Kitty IP, with web-based trading.	Focused on providing centralized automated market makers, liquidity management, and other related functions.
Price	$0.01587	$0.002922	$0.3175
Market Cap（$)	15.9 million	2.9 million	3.6 million
Token Holders	17077	4449	7093

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