Crypto Market

BTC and ETH Market Insight

The U.S. core PCE rates aligned with expectations, and the probability of a rate cut in July has further decreased to 22%. U.S. stock market plummeted after President Trump says China has violated their trade deal with the US. After an initial breakout, BTC's price briefly retreated to $107k before settling around $104k for the remainder of the week. To maintain upward momentum as the price increases, greater buy-side demand is needed to absorb the distributed coins. Ethereum spot ETFs experienced a total net inflow of $70.24 million on Friday, recording ten straight days of inflows.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

According to Glassnode, BTC options open interest has soared from $20.4 billion to a record $46.2 billion, a $25.8 billion increase that exceeds futures market growth. This surge reflects a maturing investor base using options for more advanced risk management and trading strategies. ETH has led the recent rally, and a comparison between ETH and BTC term structures reveals that the options market is still expecting significant price movements in ETH.

Altcoins and Blockchain News

• Metaplanet purchased an additional 1,088 Bitcoins, bringing their total holdings to 8,888.
• Tether CEO: The company holds over 100,000 Bitcoins and 50 tons of gold.
  Security agency: The Nervos cross-chain bridge Force Bridge is suspected of being attacked, with losses around $3 million.
• Ethereum upgrade "Glamsterdam" is open for proposals, expected to launch in 2026.
• Data: Decentralized exchanges accounted for 25% of global spot trading volume in May, setting a record high.
• Data: Tokens like ENA, TAIKO, and NEON will see significant unlocks next week, with TAIKO unlocking valued at approximately $46.9 million.
• The total market value of stablecoins surpassed $250 billion, with USDT holding the largest share.
• Cetus plans to complete a full recovery and restart in about a week.
• Hong Kong's "Stablecoin Ordinance" has officially become law, with the licensing system expected to be implemented within the year.

Macro

The major benchmarks rebounded for the holiday-shortened week: the DJIA added +1.6%, the S&P 500 +1.9%, and the Nasdaq +2.0%. The Chinese closed lower for the week with the uncertainty on the trade war: the Shanghai Composite Index lost 0.03%, the CSI 300 -1.08% and the Hang Seng index -1.32%.