#NasdaqETFUpdate On June 10, HTX Research researcher Chloe (@ChloeTalk1) in the HTX DeepThink column suggested that the Consumer Price Index (CPI) data for May, which is set to be published this week, along with the auction of $22 billion in 30-year U.S. bonds, could become a key point in determining the short-term trend of the crypto market.

The market expects the core CPI to rise by 2.9% year-on-year; if inflation is higher than expected, it could dampen expectations for interest rate cuts in September and cause asset volatility. At the same time, due to the expanding budget deficit and policy uncertainty, demand for long-term bonds is under pressure. If the subscription for U.S. bonds is poor, it could exacerbate the tight liquidity situation, dragging down risk assets.

The options market is signaling defensiveness, with Bitcoin's implied volatility rising to 48%, and the Put/Call ratio increasing to 0.68, indicating a growing demand for bearish protection. Among them, put options for BTC with a strike price of $105,000 expiring on June 14 are trading actively.

Chain data shows the market is 'strong on the inside, weak on the outside', with the 'realized market cap ratio' of long-term holders rising to 0.45. Tokens are stable at the bottom, but active addresses are declining, and frontier liquidity is trending weak, as the market still awaits clearer macro signals.