📉 1. Major Market Volatility

1. Bitcoin Plummets to the $100,000 Mark

Due to the public conflict between Musk and Trump, Bitcoin has fallen below the critical support level of $105,000, with a minimum of $100,400, and a drop of over 4% within 24 hours. The market is concerned that if Trump is re-elected, he may strengthen cryptocurrency regulations, triggering panic selling.

Chain reaction: On-chain data shows miners are concentrating their BTC withdrawals, with over $130 million in liquidations in the derivatives market within 24 hours; net inflows of stablecoins (USDT, USDC) surge, indicating increased risk aversion among investors.

2. Ethereum ETF Attracts Strong Capital, BTC Funds Diversion

BlackRock's Ethereum ETF saw a net inflow of $73.18 million in one day, while most Bitcoin ETFs (excluding BlackRock) experienced net outflows. The structural migration of funds exacerbates the adjustment pressure on BTC.

3. Silver Surges, Gold Under Pressure

Trump escalates steel and aluminum tariffs to 50%, triggering a surge in safe-haven demand for silver, with COMEX silver futures rising 3.31% to $35.795 per ounce; gold falls 0.68% to $3,376. Goldman Sachs points out that programmatic trading and bullish bets on options are driving silver prices higher in the short term.

⚖️ 2. Policy and Regulatory Dynamics

1. The new Federal Reserve regulatory chair takes office, and cryptocurrency policies may shift.

Michelle Bowman has been promoted to Vice Chair of Financial Regulation at the Federal Reserve, proposing to lower the capital requirement for banks holding cryptocurrency assets, which may accelerate Wall Street's layout of custody services. However, consumer organizations warn that her 'deregulation' tendency may increase systemic risks.

2. Diverging Progress on Stablecoins between China and the US

United States: Circle (the issuer of USDC) debuts as the 'first stablecoin stock' on the NYSE, skyrocketing 168% on its first day, with a market value surpassing $25 billion.

China: JD.com’s stablecoin enters the second phase of sandbox testing, focusing on verifying cross-border payments (cost-saving + second-level settlement), investment transactions, etc., working closely with regulators to promote compliance.

🏢 3. Corporate and Institutional Movements

1. Musk and Trump's Conflict Escalates

Trump claims Musk has 'lost his mind' and threatens to terminate his government subsidies; Musk retorts, 'He can't win the election without me.' The conflict stems from the tax reform bill rescinding the electric vehicle mandate, with Tesla's stock price plummeting 14% in one day before slightly rebounding by 5.4%.

2. Traditional Giants Accelerate Entry

JPMorgan increased its stake in Meituan to 5.32%, optimistic about the improvement in Hong Kong stock liquidity; Hong Kong Stock Exchange data shows that the average daily trading volume increased by 120% year-on-year in the first five months before 2025.

Honor is recruiting talent for robot development, laying out embodied intelligent large models; Huawei and Xiaopeng jointly release AR-HUD technology, with Hongmeng Smart Travel weekly sales breaking 12,000 units.

📊 4. Institutional Views and Market Outlook

1. Cryptocurrency

Short-term: CITIC Securities points out that the stablecoin legislative process is favorable for the medium to long-term market, but certainty regarding Trump’s policies is needed.

Operational advice: If Bitcoin holds the $100,000 support, it can be accumulated; if it breaks above $105,950, then chase the rise; monitor ETH at the $2,800 resistance level.

2. Precious Metals

US Bank is bullish on silver reaching $40 (driven by industrial demand + green energy), while gold may reach $4,000 by the end of the year (supported by geopolitical risks).

3. Macroeconomic Environment

The European Central Bank cuts interest rates by 25 basis points to 2%, with JPMorgan predicting funds may flow from the US to Europe; ahead of the Federal Reserve’s June interest rate decision, better-than-expected non-farm payroll data lowers the probability of a rate cut.

💎 Summary of Key Signals

| Sector | Event | Impact Direction |

| Political Risk | Trump vs Musk Conflict | Panic Selling in the Crypto Market |

| Regulatory Policy | Federal Reserve's Bowman Takes Office | Easing of Bank's Crypto Business |

| Capital Flow | ETH ETF Attracts Capital vs BTC Outflow | Increasing ETH/BTC Divergence |

| Stablecoin | Circle's Listing Skyrockets, JD's Sandbox Testing | Acceleration of Industry Compliance |

Investors are advised to closely monitor the US stablecoin bill vote on June 10 and the Federal Reserve's interest rate decision on June 19, controlling leverage to avoid volatility in the short term, and focusing on ETF capital flows and technological innovations (such as Layer 2, AI integration) in the long term.