According to PANews, despite U.S. ADP employment and ISM data falling short of expectations, risk assets have remained stable. U.S. President Donald Trump criticized the Federal Reserve for not cutting interest rates promptly and proposed the permanent removal of the debt ceiling. The Treasury Secretary announced the "Big Beautiful Bill" plan, which aims to provide a 100% tax deduction for manufacturing and research centers. Congress is set to vote on the related bill on July 4.
JPMorgan Chase has approved cryptocurrency ETFs as collateral for loans in its retail, trading, and wealth management businesses, marking the first formal recognition of the net asset value of crypto assets. Publicly traded companies K Wave Media and Treasure Global have announced their allocation of crypto assets. Circle Internet Financial has filed for an IPO, with a valuation between $7.6 billion and $8.1 billion.
On June 4, spot BTC and ETH ETFs saw net inflows of $87 million and $57 million, respectively, indicating a slowdown compared to May but maintaining structural stability. ETH continues to test the 200-day moving average, and the ETH/BTC exchange rate remains strong at around 0.025. Demand for $130,000 BTC call options expiring in September has increased, reflecting heightened market expectations for surpassing previous highs.
