Market Overview
On June 3, 2025, Bitcoin (BTC) held above $105,000, trading at approximately $105,452 and registering a 0.6% increase over the prior 24 hours . Ethereum (ETH) led the advance, soaring 5% to $2,616 amid substantial institutional inflows, further narrowing the gap between centralized exchange order books and DeFi lending rates. Other tier-1 tokens also outperformed, with Solana (SOL), XRP, Dogecoin (DOGE), and Cardano (ADA) gaining between 1.5% and 3% . Binance Coin (BNB) climbed roughly 2% to $585, while Polkadot (DOT) edged up 2.2% to $28, contributing to a total market capitalization near $3 trillion. Trading volumes remained robust, with the sector’s 24-hour volume estimated above $300 billion, highlighting sustained liquidity. Notably, Bitcoin encountered selling pressure upon approaching the $108,300–$110,000 resistance range, a zone where profit-taking has historically intensified. Ethereum’s month-to-date gains of approximately 40% also raised discussions around short-term overextension, even as institutional accumulation persisted.
Crypto Market Sentiment
Investor sentiment on June 3 skewed bullish, as the Crypto Fear & Greed Index remained in the “Greed” territory at 59, up from 56 a week ago . A reading of 59 indicates heightened optimism, with market participants more inclined to deploy capital into digital assets amid the ongoing rally. High trading volumes and positive on-chain metrics further reinforced bullish bias, although technical analysts cautioned that extended “Greed” phases can precede short-term pullbacks. Bitcoin dominance stood at approximately 61.8%, suggesting that while Bitcoin retained the largest market share, altcoins were capitalizing on sector strength to outperform on a percentage basis. Social media chatter and Google Trends data for keywords like “buy Bitcoin” and “Ethereum institutional buying” also spiked, reflecting growing public and retail interest. However, as Bitcoin neared the $108,000 resistance zone, some analysts flagged signs of waning momentum, advising traders to watch order-book depth and on-chain activity for early signs of reversal.
Key Developments
1. Institutional Inflows Drive Ethereum’s Rally
On June 3, Ethereum’s price jumped by 5% to $2,616, underpinned by meaningful institutional accumulation through both OTC desks and centralized exchanges. Reports indicated that U.S.-based family offices and Asia-domiciled quantitative funds were purchasing ETH in size, taking advantage of narrowed spreads between centralized exchanges and DeFi borrowing rates. These inflows were part of a broader narrative anticipating protocol upgrades—such as Pectra—that aim to enhance staking yields and network throughput, further boosting institutional confidence in Ethereum’s long-term fundamentals.
2. Robinhood Completes Bitstamp Acquisition
Robinhood officially closed its acquisition of Bitstamp on June 3, integrating Bitstamp’s European and Asian regulatory licenses with Robinhood’s existing retail-focused platform. The deal positions Robinhood to expand into institutional crypto services, leveraging Bitstamp’s “best-in-class” custody infrastructure to onboard hedge funds, family offices, and corporate treasury teams. Industry commentators noted that this consolidation could trigger additional M&A activity among smaller spot exchanges struggling to compete on security, compliance, and capital requirements. The acquisition underscores the trend of mainstream fintech firms deepening ties to digital assets, reflecting accelerated institutional adoption since the U.S. spot Bitcoin ETF launches in Q1 2025.
3. Circle Raises IPO Price Range
Circle, the issuer of the USDC stablecoin, amended its IPO price range on June 3, targeting a valuation near $13 billion—up from its initial $10 billion projection. Regulatory filings revealed that Circle aims to list on the NYSE under “CIRC” by late Q2 2025, leveraging robust demand from institutional investors seeking stablecoin exposure amid surging DeFi and cross-border payment volumes. Analysts highlighted that Circle’s daily reserve attestations—now exceeding $45 billion in liquid assets—bolstered investor confidence despite heightened regulatory scrutiny. Should Circle proceed as planned, it would rank among the largest pure-play Web3 financial services firms, potentially setting benchmarks for other digital asset issuers eyeing public markets.
4. Trump Media Files Bitcoin ETF Registration
On June 3, NYSE Arca submitted a Form 19b-4 filing with the SEC to list the Truth Social Bitcoin ETF, a product backed by Trump Media and Technology Group (TMTG). The proposed ETF, set to trade under a Truth Social ticker on NYSE Arca, would mirror spot Bitcoin performance in a structure tailored for retail and institutional investors. This filing follows a February 2025 initiative in which TMTG trademarked multiple Bitcoin-related investment products, signaling an escalating push by the Trump organization into mainstream crypto offerings. Market observers noted that a Trump-branded ETF could leverage Truth Social’s roughly 45 million monthly active users for cross-promotion, though legal and reputational headwinds might temper enthusiasm.
5. U.S. Tariffs and Macro-Economic Backdrop
Amid crypto gains, President Donald Trump signed an executive order on June 3 imposing 50% tariffs on imported steel and aluminum from major trading partners, effective at midnight Eastern Time. Although equity markets exhibited muted initial reactions, crypto traders monitored U.S. bond yields—which rose by 5 basis points—anticipating potential Fed tightening in response to inflationary pressures. Historically, elevated real yields have correlated negatively with risk assets, prompting on-chain analysts to scrutinize whether Bitcoin would decouple from traditional markets or succumb to broader risk-off flows.