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Due to the impact of the attack by 25352384443 on Iran, 60314393366 has surged significantly, while US stock index futures and the cryptocurrency market have seen widespread declines. #BTC dropped to around 102,600 USD at its lowest. According to CoinAnk data, in the past 24 hours, the total liquidation amount in the cryptocurrency market reached 1.013 billion USD, of which the liquidation amount for long positions was about 937 million USD, and for short positions was about 75.5489 million USD. The liquidation amount for BTC was 419 million USD, and the liquidation amount for #ETH was about 215 million USD.
The impact of the upgrade on the financial market shows typical characteristics of geopolitical risk transmission, and it also reflects the intensification of the divergence between safe-haven assets and risk assets. Israel's military actions against Iran have triggered panic, causing gold, as a traditional safe-haven asset, to rise sharply contrary to market trends, continuing the historical pattern of 'buying gold in chaotic times' during Middle Eastern conflicts. Meanwhile, US stock index futures have broadly declined, reflecting investors' selling behavior towards risk assets, consistent with the market reaction logic of the US stock market's single-day drop of 475 points during the Iranian attack on Israel in April 2024.
Bitcoin has plummeted, with a total liquidation of 1.013 billion USD across the network, of which long positions accounted for 92.4%, highlighting the fragility of leveraged funds in sudden geopolitical events. This phenomenon resonates with the historical case of the cryptocurrency market experiencing a single-day liquidation of 966 million USD during the Middle Eastern conflict in April 2024, indicating that the cryptocurrency market has not yet detached from its high-risk speculative nature. It is noteworthy that the imbalance in the liquidation ratio (with long positions exceeding 90%) reflects the majority of investors misjudging the safe-haven function, resulting in an actual trend that diverges from traditional safe-haven assets like gold.
Although some studies advocate that Bitcoin possesses 'digital gold' attributes, this event once again verifies that in the face of sudden geopolitical crises, cryptocurrencies are more susceptible to liquidity squeezes and leveraged liquidations, amplifying volatility, and their safe-haven function remains unstable. The current divergence in the trends of gold and cryptocurrencies essentially reflects the risk pricing differences between traditional safe-haven mechanisms and emerging assets, and investors are advised to be wary of asset mismatch risks in geopolitical risks.

#ETH Data Analysis: CoinAnk data shows that the weighted funding rate for futures contracts #以太坊 is close to 0.01%, and the annualized rate has surged to 13.7%, the highest level since the beginning of the year. This is seen by the market as a positive signal that may stimulate inflows into Ethereum #etf . However, the open interest in derivatives is nearing last year's historical peak, indicating that the current price increase is mainly driven by leveraged futures trading rather than spot demand. In contrast, Bitcoin remains primarily driven by spot, while Ethereum's trend shows a clear divergence. At the same time, the surge in call option purchases and the gamma hedging effect have intensified price gap risks, raising market vulnerability and making it more sensitive to short-term fluctuations.
High funding rates reflect excessive market optimism, but the accumulation of leverage may amplify volatility risks. Historical experience shows that similar situations are susceptible to macro events, such as changes in Federal Reserve policy or geopolitical tensions, leading to a chain of liquidations. Regarding the impact on the crypto market, inflows into Ethereum ETFs are expected to boost confidence and prices. Standard Chartered Bank predicts this could push ETH up to $8,000, but if the derivatives-led rally reverses, it will affect the entire market, particularly impacting the altcoin ecosystem and exacerbating overall volatility. In the long term, ETF approvals may enhance institutional participation, promoting market legitimization, but the current fragile state requires caution against short-term pullback risks.

In the past month, traditional assets such as the #股票 fund experienced a net outflow of 5.9 billion dollars, and the #黄金 ETF fund also saw a rare outflow of funds for the first time in 15 months. According to CoinAnk data, the global #加密ETF fund performed well, attracting over 7 billion dollars in net inflows across nearly 300 funds, pushing the overall asset management scale to a historical high of 167 billion dollars. This marks an important milestone for the cryptocurrency market. It highlights that investors are viewing crypto assets as a strategic tool for a diversified investment portfolio, rather than merely as high-risk speculative products, reflecting a hedge against the weakness of the dollar and global economic uncertainty. This shift in funding reveals that cryptocurrency is gradually becoming a mainstream allocation. We believe the inflow trend will continue but stabilize, indicating an increase in market maturity, which helps enhance the appeal of crypto assets as an inflation hedge. For the crypto market, this phenomenon may accelerate institutional capital entry, improving overall liquidity and price stability, but high volatility and regulatory uncertainty still pose risks, and attention should be paid to short-term fluctuations that may arise from policy changes.

In the past week, the cryptocurrency market was categorized by concept sectors, with only #BSC achieving a net inflow of funds, while Launchpool, RWA, fan tokens, Storage, and BRC20 experienced relatively small outflows.
According to CoinAnk data, in the last 7 days, the following are the top-performing tokens based on price increase (selected from the top 200 by market capitalization), with tokens like #rvn , #Titan , AB, #ICX , and #SPX standing out. This week, strong tokens should continue to be a priority for trading opportunities.

Key macro events and major forecasts and interpretations for the crypto market this week.
CoinAnk data shows:
June 9: #特朗普 : Meetings will be held in London with Chinese representatives;
The U.S. Senate may vote as early as June 9 #GENIUS稳定币法 ;
The U.S. SEC will hold a roundtable on cryptocurrency themes;
June 10: The U.S. House of Representatives plans to review the crypto market structure bill #Clarity Act;
June 11: The U.S. will release May #cpi data at 20:30.

We believe that the current macro situation presents characteristics of a dual game of policy and data:
Intensified geopolitical and policy overlap: Trump plans to hold high-level meetings between China and the U.S. in London, coinciding with the acceleration of U.S. Congress in advancing crypto asset legislation (GENIUS Stablecoin Bill Senate vote, CLARITY Bill House review), reflecting the strategic intent of coordinated advancement of digital financial regulation and trade policy. The SEC's simultaneous holding of a roundtable on cryptocurrency themes highlights the proactive involvement of regulatory agencies in emerging financial forms.
Inflation data as a market watershed: The May CPI forecast shows an overall inflation year-on-year slight increase to 2.4%, with core inflation remaining at 2.8%, suggesting a potential stagnation of the deflation process. The Cleveland Fed model indicates that core goods inflation may peak this autumn, but the "suspension of reciprocal tariffs" has revised down and delayed peak forecasts compared to earlier. This data will directly test the market's optimistic expectations for interest rate cuts; if actual data exceeds expectations, it may trigger a reassessment of monetary policy paths.
Market sentiment is structurally differentiated: Although U.S. stocks hit a three-month high (led by tech stocks), equity funds have seen three consecutive weeks of outflows, reflecting investors locking in profits amid policy uncertainty. Gold has experienced increased volatility but closed higher, with central banks increasing their holdings (such as China increasing holdings for seven consecutive months) and geopolitical risks still providing support. Trump's renewed pressure on the Federal Reserve to cut rates by 100 basis points highlights the tension between political forces and monetary authorities.
This week's core variable lies in the interaction between CPI actual data and legislative progress: if inflation rises above expectations, it may strengthen the #美联储 wait-and-see stance and exacerbate asset volatility; meanwhile, progress on crypto legislation relates to the global competitiveness reshaping of the U.S. dollar stablecoin.

#APT , STRK, IMX and other tokens will see a large unlock this week, Coinank data shows:
Aptos (APT) will unlock approximately 11.31 million tokens at 12:00 PM on June 12, accounting for 1.79% of the current circulation, valued at approximately $52.7 million;
Starknet (#strk ) will unlock approximately 127 million tokens at 8:00 AM on June 15, accounting for 3.79% of the current circulation, valued at approximately $16.6 million;
Immutable (#IMX ) will unlock approximately 24.52 million tokens at 8:00 AM on June 13, accounting for 1.33% of the current circulation, valued at approximately $12.8 million;
Movement (#Move ) will unlock approximately 50 million tokens at 8:00 PM on June 9, accounting for 1.96% of the current circulation, valued at approximately $7.1 million;
BounceBit (#BB ) will unlock approximately 42.89 million tokens at 8:00 AM on June 12, accounting for 10.47% of the current circulation, valued at approximately $4.6 million;
Delysium (AGI) will unlock approximately 69.03 million tokens at 8:00 AM on June 11, accounting for 4.00% of the current circulation, valued at approximately $3.8 million;
Onyxcoin (XCN) will unlock approximately 296 million tokens at 8:00 AM on June 15, accounting for 0.88% of the current circulation, valued at approximately $4.3 million;
Cookie DAO (COOKIE) will unlock approximately 13.88 million tokens at 8:00 AM on June 13, accounting for 2.54% of the current circulation, valued at approximately $2.9 million;

This unlocking event involves multiple altcoins, with a total value exceeding $80 million, which may exert downward pressure on the market in the short term. APT, STRK, and IMX are key targets for unlocking; although their newly added supply accounts for a low circulation ratio (APT 1.79%, STRK 3.79%, IMX 1.33%), historical data indicates that such events are often viewed as 'bearish signals', as early investors may sell off to cash out, exacerbating market volatility. For example, Starknet's STRK unlock was alleviated due to schedule adjustments, but this release of 127 million tokens may still suppress upward price movement. Additionally, tokens like BB have a higher unlock ratio (e.g., BB reaches 10.47%), which poses more significant risk and may trigger localized selling pressure. From a macro perspective, the overall token unlock volume in June is substantial (evidence shows over $650 million), coupled with the current lack of liquidity in altcoins, investors need to be cautious of short-term pullback risks and pay attention to the market's absorption capacity post-unlock. It is recommended to monitor real-time price changes and avoid chasing high prices.

The current miner's holding index has fallen to a historical low range of 0.49. Combined with the latest buy signal triggered by the Hash Ribbons indicator, it points to the market clearing process nearing completion. This indicator effectively captures the turning points of miner operational pressure by monitoring the cross changes between the 30-day and 60-day moving averages of hash power. Historical data shows that its signals are often accompanied by significant price recovery cycles.
CoinAnk data shows that after the total network hash power broke the peak of #BTC , some miners passively reduced their Bitcoin reserves due to surging operational costs, creating short-term market selling pressure. However, historical patterns indicate that such sales driven by miner pressure often correspond to the formation of long-term market bottom areas.
From a market impact perspective, while short-term miner selling exacerbates liquidity pressure, it essentially represents a release of passive supply. When sustained high hash power operation leads to the exit of inefficient miners, the overall mining cost structure is optimized, thus solidifying market bottom support. Historical cases show (such as a 260% increase after the indicator triggered in 2019), the Hash Ribbons buy signal often leads the initiation of a new upward trend. The current stage reflects both the short-term pain of miners under pressure and highlights the positive signal of market supply-demand rebalancing— as inefficient capacity clears out, combined with the holding index hitting bottom and the resonance of on-chain indicators, the crypto market may be nurturing an important allocation opportunity.

The US spot ETF #BTC saw a net outflow of $267.64 million on Monday this week, a net inflow of $375 million on Tuesday, and a net inflow of $87.03 million on Wednesday, according to CoinAnk data. Last week, the Bitcoin spot trading volume was $86,495,475,955, with a net outflow of $157 million for the week.
We believe that at the beginning of June, the US Bitcoin spot ETF exhibited significant differentiation, reflecting adjustments in institutional investor strategies and changes in market sentiment. Although BlackRock's IBIT maintained its leading position with a net inflow of $584 million for the week, the overall market began to experience net outflows ($157 million last week, $267 million on Monday this week), while the inflows on Tuesday and Wednesday showed a volatile trend, indicating an increased risk aversion among short-term funds.
BlackRock's IBIT has achieved a total historical net inflow of $48.57 billion, and its continued ability to attract capital is attributed to low fees (0.12%-0.25%) and the demand for institutional fund allocation, especially as internal increases in holdings of IBIT by BlackRock's funds have strengthened market confidence. However, compared to the high inflow of $842 million in previous weeks, the recent slowdown in growth may suggest that some investors are taking profits at high Bitcoin prices.
Grayscale achieved a net inflow of $19.81 million through its BTC Mini Trust, possibly related to its reduction in fees (from 1.5% to 0.3%) and product structure adjustments, but this scale is far from sufficient to reverse the long-term outflow trend of GBTC (historical net outflow exceeding $18.8 billion). In contrast, Ark Invest's ARKB experienced a net outflow of $282 million for the week, highlighting the vulnerability of small and medium-sized institutional ETFs during liquidity tightening periods, as their high fees (0.21%) and shrinking market share have exacerbated fund outflow.
It is worth noting that the flow of ETF funds forms a negative feedback loop with Bitcoin prices. The current continuous net outflow may reflect a repricing of market expectations regarding the Federal Reserve's monetary policy or may be related to regulatory dynamics (such as the SEC tightening custody reviews). If the macro environment does not improve, the pressure of capital outflow in the short term may further suppress Bitcoin prices, prompting investors to turn to more cost-effective leading ETF products.

In the past week, due to the overall decline of the market, the cryptocurrency market, divided by concept sectors, saw net capital inflows in sectors such as the #ARB itrum ecosystem, Optimism ecosystem, and Binance Smart Chain, while Launchpool and fan tokens experienced relatively small outflows.
According to CoinAnk data, in the past 7 days, the ranking of token price increases is as follows (selected from the top 200 by market capitalization): #MASK , #zen , #SPX , #IOTX and AB among other tokens showed relatively high increases. This week, strong tokens should continue to be prioritized for trading opportunities.

In the past week, due to the overall decline in the market, the crypto market, categorized by concept sectors, saw net inflows in the #ARB itrum ecosystem, Optimism ecosystem, and Binance Smart Chain, while Launchpool and fan tokens experienced smaller outflows.
According to CoinAnk data, in the past 7 days, the following are the top gainers among cryptocurrencies (selected from the top 200 by market capitalization): #MASK , #zen , #SPX , #IOTX , and AB, among others, which have shown relatively strong gains. This week, trading opportunities for strong cryptocurrencies can continue to be prioritized.

This Week's Highlights:
June 5th: #SEC will host an asset management emerging trends conference, with representatives from institutions such as BlackRock participating;
June 6th: The United States will release the May seasonally adjusted #非农就业数据 and unemployment rate data.
From June 2nd to June 8th, numerous Federal Reserve officials will deliver speeches.
CoinAnk data shows that, from the perspective of market dynamics and the macro environment, a series of events in early June 2025 may impact the cryptocurrency market in the following ways:
Structural Impact of Regulatory and Institutional Movements: The asset management conference hosted by the SEC on June 5th, involving traditional institutions such as BlackRock, could boost market confidence if it releases positive signals regarding crypto assets; however, if it emphasizes stricter compliance, it may suppress speculative sentiment. The SEC's previous decision-making attitude towards ETF physical redemption remains a key variable.
Macroeconomic Data Dominates Market Sentiment: The May non-farm employment data and the intensive speeches by Federal Reserve officials to be released on June 6th are core variables. If non-farm employment exceeds expectations (such as 272,000 people in May 2024), it may strengthen the expectation of the Federal Reserve postponing interest rate cuts, leading to a stronger dollar and #BTC risk assets being under pressure. Conversely, if the data is weak (such as the unemployment rate rising above 4%), it may alleviate liquidity tightening concerns, which is beneficial to the crypto market. In addition, if the statements of Federal Reserve officials are inclined to be "hawkish," it will further amplify market fluctuations.
Comprehensive Impact: Short-term project benefits may trigger local market trends, but the overall direction of the market still depends on macroeconomic data and policy expectations. Investors should be wary of violent fluctuations before and after the release of non-farm data and pay attention to whether the SEC meeting releases signals of a clear regulatory framework, which may provide key support for medium and long-term capital inflows into the crypto market.

This week's large token unlock data;
This week, #ENA , #eigen , TAIKO, etc. will see a one-time large token unlock. According to Coinank data, among them:
Ethena (ENA) will unlock approximately 40.63 million tokens at 3 PM on June 2, accounting for 0.70% of the current circulation, valued at approximately $12.5 million;
Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens at 3 AM on June 4, accounting for 0.42% of the current circulation, valued at approximately $1.7 million;
Cetus Protocol (CETUS) will unlock approximately 8.33 million tokens at 8 AM on June 4, accounting for 1.15% of the current circulation, valued at approximately $1.1 million;
IOTA (IOTA) will unlock approximately 8.63 million tokens at 8 AM on June 4, accounting for 0.23% of the current circulation, valued at approximately $1.6 million;
Taiko (TAIKO) will unlock approximately 81.55 million tokens at 8 PM on June 5, accounting for 69.37% of the current circulation, valued at approximately $46.9 million;
Spectral (SPEC) will unlock approximately 3.62 million tokens at 8 AM on June 6, accounting for 17.57% of the current circulation, valued at approximately $3.7 million;
Neon (NEON) will unlock approximately 53.91 million tokens at 8 AM on June 7, accounting for 22.51% of the current circulation, valued at approximately $6.1 million.
In June, there will be more than $2.7 billion in tokens unlocked, primarily from #sui ($206.33 million), #zro ($64.29 million), and #APT ($58.52 million).

We believe that the large unlock events of multiple tokens this week need to be evaluated in conjunction with market supply and demand and the project's fundamentals. Firstly, Taiko (TAIKO) has the most prominent unlock scale, with 81.55 million tokens released, accounting for 69.37% of the current circulation, valued at approximately $46.9 million. Such a high proportion of circulation flooding into the market at once may trigger significant selling pressure, especially since its ecological applications have not yet fully formed, and there is a lack of sufficient demand to absorb it in the short term, posing a high risk of price decline. Secondly, although Ethena (ENA) has an unlock ratio of only 0.7%, based on historical data, its token economy has structural contradictions: the protocol relies on token incentives to maintain the stablecoin USDe's scale, but ENA itself lacks a practical income distribution mechanism, leading to inflationary pressure and insufficient value support. In addition, both Neon (NEON) and Spectral (SPEC) have unlock ratios exceeding 15%, while their market capitalization is relatively small, and market liquidity is low, which may amplify price volatility.