Crypto Market

BTC and ETH Market Insight

BlackRock's Bitcoin ETF $IBIT, has surpassed GBTC to become the world's largest. Additionally, BlackRock's latest filing suggests a potential launch of an Ethereum ETF in July. During this bull run, many market participants are being shaken out due to factors such as transactions between the Mt.Gox wallets. The increasing amount of short-term FUD during these times will have a greater impact, directly linked to the rising leverage in these markets.

Options Market

The implied volatility has settled further post ETH ETF approval - front-end IV dropped as the realised volatility quickly reverted to sub 50 handle. The implied volatility for 1-month expiry and onward, however, remain relatively high for ETH as the market is awaiting the ETF flow to roll in. The call skew also indicates a more bullish sentiment on ETH when the ETF inflow kicks in. Skew for BTC shows a less bullish view as the market narrative has shifted. ETH/BTC spot spread remained high but has stabilised around 0.056 level since the rally.

Altcoins and Blockchain News

• According to monitoring by HODL15Capital, as of May 31, global Bitcoin ETFs held a total of 1,005,767 Bitcoins, a record high with a value of over US$68 billion.

• ether.fi will launch the second round of StakingFrens Mystery Box on June 3.

• According to Etherscan data, the issuance of USDe, a stable currency issued by Ethena Labs, has reached 3,002,494,436.

• DefiLlama data shows that as of June 1, Uniswap front-end transaction fees exceeded $35 million. An increase of $5 million in the past ten days.

• Velocore released a vulnerability incident analysis report, which revealed that the hacker attack caused a loss of approximately US$6.8 million in ETH.

• According to L2BEAT data, Linea TVL reached US$1.2 billion, an increase of 10.82% in 7 days.

• Token Unlocks data shows that next week, GAL, HFT and other tokens will be unlocked at one time, with a total unlock  value of more than 12 million US dollars.

• According to CryptoSlam data, the NFT transaction volume on the Ethereum chain in the past seven days was approximately US$37.02 million, a month-on-month decrease of 12.19%.

Marco

The major indexes ended lower over the holiday-shortened week, but rounded out a month of gains: the DJIA lost -1.0%, the S&P 500 -0.5%, and the NASDAQ -1.1%. The major focus for the year is still on the timing of a potential Fed rate cut.