Report dated June 10, 2025.
After the US market opened yesterday, it continued the rebound momentum from last Friday, reaching a new high since the trade war began.
The leading stablecoin Circle's stock price has also hit a new high, triggering FOMO sentiment in the US stock market.
Bitcoin has also followed the US stocks to break through the $110,000 mark, with Ethereum rising to $2,700, and the ETH/BTC exchange rate strengthening, leading to a wave of altcoin rallies.
This wave of increase is mainly due to significant progress in China-US tariff negotiations, igniting market sentiment, with the fear and greed index returning to 64, back in the greedy phase.
Currently, the market's focus is on China-US trade negotiations.
Good news emerged as the London talks began, with China partially relaxing rare earth exports and the US also easing restrictions on key technology exports.
Although the final results are not yet out, the market has already expressed optimistic sentiment through rising prices, and negotiations will continue tomorrow.
On the other hand, the feud between Trump and Musk has also temporarily come to a pause, and the two are no longer entangled.
However, Trump has stirred up new trouble. His hardline stance on illegal immigration has sparked protests in Los Angeles, and the National Guard was deployed locally to suppress them, resulting in numerous arrests.
This angered the Mayor of Los Angeles and the Governor of California, who filed lawsuits against Trump for deploying the Guard without consent, and the California Attorney General also initiated litigation against the federal government.
As usual, Trump has stood firm, threatening to arrest the governor. Indeed, Trump remains the biggest uncertainty factor.
June 14 is Kingless Day, which can focus on whether the conflict will escalate further and whether it will trigger risk aversion in the market.
Fortunately, this turmoil has not temporarily dragged down the market, with Bitcoin and US stocks still performing strongly. Everyone's optimistic expectations for China-US negotiations have stabilized market sentiment.
From the data, although Bitcoin has surpassed $110,000, the turnover rate and trading volume have not significantly increased, indicating that the rise is not due to a surge in buying, but rather a decrease in selling.
Exchange supply data also shows that most investors believe Bitcoin will continue to rise.
MicroStrategy spent another $110 million last week to buy 1,405 Bitcoins at an average price of about $105,000.
Recently, they have been increasing their positions weekly, providing some support for Bitcoin's price.
As of June 8, they held 582,000 coins, with a total cost of $40.79 billion, and an average purchase price of $70,000.
This company has truly taken financing to the extreme, hoarding coins with other people's money, no wonder many companies are following suit.
From a support level perspective, $93,000 to $98,000 remains the strongest support level. Even if Bitcoin breaks above $110,000, this portion of investors has not exited the market.
As long as investors in this range do not take significant actions, it is difficult for Bitcoin to see large-scale selling without negative news.
From a liquidity perspective, on-site funds have decreased by $200 million, totaling $253.7 billion.
USDT's market cap is $154.76 billion, with inflows from Asia and Europe paused on Monday, and trading volume slightly increased.
USDC's market cap decreased by $14.4 million, with slight outflows from the US market and a small increase in trading volume.
Inflows from Asia and Europe have paused, possibly due to favorable negotiations diverting to Asian stock markets.
Funds flowing out of the US may be due to the US stock market's demands, especially the continued breakout of Circle.
Overall, optimistic expectations for China-US tariff negotiations have boosted market sentiment, but everyone is still cautiously optimistic, and attention should be focused on the outcomes of the subsequent negotiations.
