On June 3, the crypto market felt like a roller coaster: BTC dropped below 104K and then rebounded, stablecoin legislation was tightening, and Wynn was scripting on X, with Woo reminding 'liquidation season' not to get too carried away. The market felt like an unstable teenager, swinging from greed to fear. Everyone inside is asking: is this a reshuffle or a plunder? Let's count today's highlights and see who is the main character and who is just an extra.
📊【Performance of three major cryptocurrencies: ETF enthusiasm meets geopolitical cold air】
📉 Bitcoin (BTC): Jumping back and forth between risk aversion and speculation
Reported at $105,664.98, down about 0.4%. The stock market's rise should be a good sign, but with the escalating Russia-Ukraine situation and Trump waving the tariff flag again, sentiment instantly 'cold-started.' Charts show BTC hovering around the 105K edge, as if waiting for the director to shout 'action.'
Comment: "BTC's current state is like a neutral journalist on the battlefield—no taking sides, but can get shot at any moment."
📉 Ethereum (ETH): ETF just ignited enthusiasm, profit-taking immediately doused it.
Reported at $2,615.62, down about 0.53%. Just the day before, it soared past 2600 due to ETF news, but today it immediately 'turned back to safety.' The graph clearly shows a 'run when it rises' rhythm, with funds switching faster than Layer2.
Comment: "ETH's trend tells us, the narrative peaks in five minutes, but it takes three hours to give back."
🔄 Binance Coin (BNB): Slipped with the broader market and then stood up by itself.
Reported at $667.90, down about 0.38%. There is no main storyline or negative catalysts, it all relies on market sentiment pull. Technical indicators show 'stable yet sleepy,' but it has not yet escaped short-term weakness.
Comment: "BNB is like the nice guy in the office—when the storm comes, he gets knocked down first, but nobody helps him, and he gets back up by himself."
Below is the content of the crypto market's continuous drama.
💣【Wynn's online survival: a life-or-death situation with 40x leverage】
The leverage king of the crypto world, James Wynn, continues the 'birth of an actor' on June 3: On June 2, he just said to pause perpetual contracts, then immediately opened a 40x leveraged BTC long with 945 coins, valued at about $100 million, entry price at $105,890, liquidation price at $103,622. BTC once plummeted to just $20 away from the liquidation price, and the market collectively watched this 'life-or-death lead role' on-chain.
Subsequently, he made a high-profile statement on X, claiming to 'combat market manipulation,' and received some community responses, injecting funds into the Hyperliquid account, slightly adjusting the liquidation price from $103,632 to $103,610. BTC rebounded slightly, and his position was temporarily stabilized.
However, the drama isn't over yet. Sharp-eyed community members noticed he still had a large amount of untapped funds on KuCoin, raising suspicions. The founder of Wintermute even hinted that all this could be a 'very successful marketing script.' Wynn also had back-and-forth exchanges with CZ on X, ending with CZ's remark, 'You can't even afford one BNB,' directly topping today's drama scene.
Comment: "Wynn's latest move is like a suspense movie; the main character not only has a script but also surrounding Easter eggs. Is it a rescue or a setup? Audience, please take your seats, and prepare your snacks."
🌍【Trump's economic remarks, crypto market gets a bit of indirect buff】
Trump also made statements on the Truth platform, claiming the U.S. economy is 'growing rapidly.' Although he didn't mention any specific cryptocurrencies, this overall optimistic sentiment always seems to 'fan the flames' on risk assets. The USD1 stablecoin project he supported previously and the concept of a national reserve for crypto assets also gave BTC, XRP, and SOL a boost.
Comment: "Trump's words, the dream of the crypto world. Believing it is one thing; being able to hype it up is the first productive force."
💥【Stablecoin regulation is on the way: GENIUS bill may vote this week】
The GENIUS bill in the U.S. is expected to vote on June 9, focusing on 'licensed stablecoins,' aiming to make stablecoins as regulated as banks—issuing coins must be backed by U.S. Treasury bonds, and the backend must be real-name verified. This marks the upcoming 'regulatory coming-of-age ceremony' for stablecoins. Hong Kong has already taken the lead in legislation, with a consistent goal: shedding the 'black market' label and aligning with financial standards.
At the same time, Wang Yongli, deputy governor of the People's Bank of China, publicly expressed concerns about the rapid expansion of dollar stablecoins, worrying about its impact on global financial balance and China's digital currency strategy. Regulation + geopolitical issues, the stablecoin track is increasingly resembling a tug-of-war between national teams.
Comment: "Stablecoins are moving from wild growth to licensed regulation; the stage has expanded, but the rules of the game have changed."
🧨【Woo warns: liquidation season is ongoing】
Well-known trader Willy Woo commented: "Currently is liquidation season; leveraged players need to be cautious." Bitcoin showed short-term weakness, with $210 million liquidated in 24 hours and trading volume exceeding $230 billion, making the market feel like a spring bed. The Greed Index reached 64, indicating growing greed, and Woo stepped in to ring the alarm, fearing that people might think we are still in the early stages of a bull market.
Comment: "Leverage is like a hormone; it can surge or explode. Woo's reminder is like a glass of ice water, splashed on the heads of hot-blooded traders."
🪙【Circle pushing for IPO, Ethereum reorganizing】
Circle plans to ride the wave of regulation to push for an IPO, and Guangfa Securities even predicts that this wave will encourage more institutions to follow suit, officially setting sail for the 'great voyage' of the stablecoin market. Stripe and Visa are also not falling behind, trying to integrate stablecoins into payment systems, with Web3 payments advancing toward the goal of being 'usable by anyone.'
Meanwhile, the Ethereum Foundation announced the reorganization of its core R&D team into 'Protocol,' focusing on base layer expansion, data availability (blobspace), and user experience. The goal is simple: make Ethereum smooth to use, easy to modify, and sound not complicated.
Comment: "One is going for an IPO, another for optimization, one is attracting funds, and one is building roads—ETH and Circle are laying the groundwork for the next bull market."
🧾 Brief summary:
On June 3, the crypto market seemed like a multi-threaded script:
Stablecoin legislation is pushing the industry from 'the underworld to the temple';
Wynn is struggling on the edge of high leverage, stirring market sentiment;
Woo watched coldly, warning the market not to get too carried away;
Circle, Stripe, and Ethereum are building roads behind the scenes.
The market hasn't shown much movement, but the narrative is brewing. BTC is rolling around the 104K-106K channel, as if warming up for a new episode. Bull market? Not so fast. This might just be the first act of the script.
