PCE Meets Expectations, but Tech Selloff Caps Risk Appetite as BTC Fails to Reclaim $60,000
🔍 Key Insights
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📊 Market Overview
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Although the U.S. May PCE inflation data came in higher than the previous reading, it was broadly in line with expectations and below the market’s worst-case fears. Combined with lower gasoline prices, concerns over further inflation acceleration eased. The 2-year U.S. Treasury yield fell 2 basis points to 4.13%, while ongoing concerns over potential energy supply disruptions pushed WTI crude oil up 2.6%. Strong earnings from Micron lifted semiconductor stocks, but price hikes by tech giants such as Apple and Microsoft weighed on sentiment, resulting in a mixed equity market. The S&P 500 ended nearly flat, while the Nasdaq fell 0.46%. In crypto, BTC remained in a weak consolidation pattern. After plunging to around $58,000, Bitcoin staged a technical rebound, but upside momentum continued to fade, with the price slipping back to around $59,400. The market remains in a short-term recovery phase following the selloff, with investors maintaining a cautious stance.
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BTC: $59,792 (-2.11%); ETH: $1,567 (-3.37%); NASDAQ: 25,358.60 (-0.46%); S&P 500: 7,357.49 (-0.01%); Fear & Greed Index: 13 (prev. 12) (Data as of 2026-06-26 00:00 UTC)
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🧠 Market Insights
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Hyperliquid widened its lead as the highest-revenue on-chain application, generating $871 million in protocol revenue over the past 12 months, followed by Pump.fun and PancakeSwap. Valuation multiples remain highly polarized—Uniswap trades at roughly 37x revenue, while Pump.fun and PancakeSwap are valued at only around 1x—highlighting the market's distinct pricing frameworks for trading infrastructure versus application-layer protocols. On the product side, Uniswap launched a no-code token auction tool powered by a Continuous Clearing Auction (CCA) mechanism to reduce front-running and lower token issuance barriers. It also partnered with Spark to launch the stablecoin exchange system "FX Layer." Among standout projects, BAS and SYN gained over 15% and 23%, respectively, driven by unusual trading activity and growing options market interest. Story rebranded to DATA Foundation, shifting its focus to AI training data and launching the on-chain data platform Trace, with IP tokens migrating 1:1 to the new DATA token, sending DATA up more than 26%. Meanwhile, M experienced an 80% intraday crash before rebounding sharply, underscoring the extreme volatility of speculative assets.
Macroeconomy
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U.S.–Iran Relations: On Thursday, Iran's Revolutionary Guard attacked a Singapore-flagged cargo ship in the Strait of Hormuz, damaging the vessel's bridge but causing no casualties, testing the durability of last week's U.S.–Iran ceasefire agreement.
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Core PCE inflation rose 3.4% YoY in May, in line with expectations and marking the highest level since October 2023. Headline PCE accelerated to 4.1% YoY, the highest in more than three years.
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Final Q1 annualized GDP growth was revised up to 2.1% from the previous estimate of 1.6%.
Industry Developments
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Squid introduced its native token QUID, with a public sale scheduled for June 30.
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Circle and Nomura plan to launch stablecoin settlement services in Japan in 2027.
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Berachain will implement its PoL Next upgrade on July 7, with the BGT token to be deprecated.
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Ripple and SBI Holdings officially launched the RLUSD stablecoin in Japan.
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SharpLink raised approximately $75 million through the sale of 10.01 million common shares and warrants, with proceeds allocated to ETH accumulation and share buybacks.
Alpha Project Performance
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BAS: Strong price and volume breakout pushed the token above $0.50, with daily trading volume increasing nearly fivefold and the token gaining over 15%.
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SYN: Continued its strong momentum following the launch of its options market, rising more than 23% on the day and nearly tripling over the past week.
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DATA: Story rebranded to DATA Foundation, shifting its business toward AI training data while launching the on-chain data registration and auditing platform Trace. Existing IP tokens will migrate 1:1 into DATA, driving the token up more than 26%.
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UNI: Uniswap launched its no-code token auction tool, while Spark and Uniswap jointly introduced the stablecoin exchange system FX Layer. UNI briefly rose around 2% before retreating alongside the broader market.
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M: After plunging more than 80% intraday to around $0.50, the token staged a sharp rebound and ended the day up over 39%.
This Week's Outlook
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June 26: Multiple Federal Reserve officials, including John Williams, are scheduled to speak following the June FOMC meeting; SAHARA token unlock (16.62% of circulating supply, approximately $7.48 million).
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TBD: Further developments in U.S.–Iran relations.
