Key Takeaways
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Macroeconomic Environment: Weak U.S. economic data and rising rate-cut expectations dominated market sentiment, resulting in mixed performance across U.S. equities. The ISM Non-Manufacturing PMI and ADP employment figures disappointed, fueling concerns over an economic slowdown. Traders ramped up bets on rate cuts, with markets now expecting two rate cuts by the Fed this year, driving U.S. Treasury yields lower. In response to the deteriorating data, Donald Trump renewed pressure on the Fed, urging Chair Jerome Powell to cut rates swiftly.
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Crypto Market: The crypto market remained in a consolidation phase, with ETH outperforming. Lacking major bullish catalysts, Bitcoin continued to trade in a narrow range between $104,000 and $106,500. Meanwhile, ETH ETFs recorded 12 consecutive days of net inflows, boosting ETH/BTC, which surged 1.22% on the day, signaling market resilience. The current market is still characterized by structural divergence, with BTC trading sideways while ETH stands out due to continued capital inflows.
- Today’s Outlook: European Central Bank to announce latest interest rate decision. Germany–U.S. summit. TAIKO unlock event: circulating supply increases by 69.37%, worth approximately $46.9 million
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,970.82 | +0.01% |
| NASDAQ | 19,460.49 | +0.32% |
| BTC | 104,689.10 | -0.64% |
| ETH | 2,607.36 | +0.56% |
Crypto Fear & Greed Index: 57 (down from 62 a day earlier) — Greed
Macro Economy
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U.S. May ADP Employment: +37,000 (vs. expected 110,000)
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U.S. May ISM Non-Manufacturing PMI: 49.9 (vs. expected 52)
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U.S. May S&P Global Services PMI Final: 53.7 (vs. expected 52.3)
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Trump: "Debt ceiling should be abolished entirely to avoid economic disaster"
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Trump: Fed Chair Powell, whom he dubbed "Mr. Too Late," must cut rates now
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FHFA Director: Powell must act immediately on rate cuts
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Fed Beige Book: Slight decline in economic activity; tariffs exert upward pressure on costs and prices
Industry Highlights
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California legislature unanimously passed a Bitcoin payment bill
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Circle’s IPO oversubscribed by over 25x; pricing set at $31 per share, targeting $1.1 billion in funding
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Nearly 45% of VC-backed crypto projects have shut down
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The Blockchain Group to seek shareholder approval for a €10 billion capital raise to bolster BTC reserves
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JPMorgan to allow clients to use Bitcoin ETFs as collateral for loans
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K Wave Media, a Nasdaq-listed Korean firm, to sell $500 million in stock to fund BTC-based financial strategy
Project Highlights
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Trending Tokens: TRB, LPT, POKT
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CAKE: Added to Coinbase’s listing roadmap
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B: BUILDon and WLF to sponsor a $1 million liquidity incentive program for BSC
Weekly Outlook
- June 6: U.S. May Non-Farm Payrolls and Unemployment Rate. U.S. SEC Crypto Task Force to host a public roundtable on “DeFi and the American Spirit”.
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