Crypto Market Dynamics: The LABUBU Effect Promotes the Revival of Established Meme Coins, Can BTC Hold the $105,000 Threshold?

1. Market Overview

The U.S. Consumer Price Index for May will be released at 20:30 tonight and at 1:00 AM the next day, along with the results of a $39 billion ten-year Treasury auction, which the market is highly focused on. Economists expect a month-on-month increase of 0.2% in CPI, but investors are concerned that tariffs may push inflation levels higher. At the same time, the demand for the ten-year Treasury auction has also become a focal point, especially against the backdrop of current trade policy uncertainty, with the market worried that foreign buyers may reduce their participation. If the CPI data exceeds expectations and the Treasury auction performs poorly, it could have a double impact on the bond market, leading to a sharp rise in yields.

Recently, as major global economies accelerate the improvement of the encryption asset regulatory framework, the market is undergoing a profound reconstruction of its value system. An analyst believes that the U.S. "GENIUS Act" requires stablecoin reserve assets to be 100% pegged to the U.S. dollar or U.S. Treasury bonds and to be audited regularly, which has driven the market capitalization of mainstream stablecoins to exceed $280 billion; the EU's MiCA Act promotes industry centralization; Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, an IPO of a stablecoin issuance company has attracted widespread attention in the market, with its valuation once soaring to $24 billion, reflecting strong investor confidence in compliant encryption financial infrastructure.

Bitcoin recently broke through $110,000. From a technical perspective, after breaking through $106,737, the Bitcoin price is currently consolidating below the key resistance level of $110,668. If it breaks through $110,700, it may rise further to $112,700 or even $115,103. According to a certain analysis agency, Bitcoin has broken the short-term downward trend and formed a bullish breakout pattern. Even though this week's CPI data may bring some upward pressure, as long as the Bitcoin price remains above $105,075, the bullish trend remains valid.

![HashKey Trading Moment: LABUBU's sky-high auction drives the revival of old Meme coins, can BTC hold the support level of $105,000? CPI data and US Treasury auctions become market focus](https://img-cdn.gateio.im/webp-social/moments-4fd5d60786895c3830cfb807c59f3197.webp01

At the same time, Ethereum is gradually becoming the market focus, with its implied volatility rising, and short-term option volatility exceeding 70%. The bullish sentiment in the options market has significantly increased. An industry expert stated that ETH needs to break through the resistance zone of $2800-$3000 to start the next round of increases. If it breaks the $2800 resistance, ETH prices could rise to $3400-$3500.

Recently, the Labubu market sentiment has been continuously high, with the mint green first-generation LABUBU toy selling for a sky-high price of 1.08 million RMB. The market capitalization of the meme $Labubu soared from 19.51 million USD yesterday to 44 million USD today. The on-chain market is overall warming up, as the old MEME coin $AURA surged from a market cap of 1 million USD to 50 million USD last night. A certain ecosystem's Useless set a new high, with a price increase of 10 times within a week, and its market cap broke 50 million USD this morning. It is worth noting that a certain well-known figure has been optimistic about HYPE recently, and its market cap has now surpassed SUI, with the coin price breaking 42 USD, continuously setting new historical highs.

2. Key Data (as of June 11, 12:00)

• Bitcoin: $109,642 (Year-to-date +17.09%), daily spot trading volume $34.456 billion
• Ethereum: $2,789.39 (Year-to-date -16.28%), daily spot trading volume is $35.099 billion
• Fear and Greed Index: 65 (Greed)
• Average GAS: BTC: 3.52 sat/vB ETH: 3.28 Gwei
• Market share: BTC 63.2%, ETH 9.8%
• 24-hour BTC long-short ratio: 0.9354
• Sector fluctuations: DeFi increased by 4.92%; L2 increased by 3.36%
• 24-hour liquidation data: A total of 106,468 people were liquidated globally, with a total liquidation amount of 320 million dollars, including 58.91 million dollars in BTC liquidations, 127 million dollars in ETH liquidations, and 14.5487 million dollars in SOL liquidations.
• BTC medium to long-term trend channel: upper channel line (108021.70 USD), lower channel line (105882.66 USD)
• ETH Medium to Long-term Trend Channel: Upper line of the channel (2642.28 USD), Lower line of the channel (2589.95 USD)

![HashKey Trading Moment: The sky-high auction of LABUBU drives the revival of old Meme coins. Can BTC hold the support level of $105,000? CPI data and US bond auctions become the market focus])https://img-cdn.gateio.im/webp-social/moments-4e66808c014e8251db8c00ed5bb68bde.webp(

3. ETF Flows (As of June 10)

• Bitcoin ETF: +431 million USD
• Ethereum ETF: +125 million (17 consecutive days of net inflow)

4. Today's Outlook

• A certain wallet's exclusive TGE phase 22 launches MEET48 (IDOL)
• A certain trading platform will delist the USDT perpetual contracts for X, BSV, BR, GUN, and SWELL on June 12.
• Delysium (AGI) will unlock approximately 69.03 million tokens today, accounting for 4.00% of the current circulation, valued at around $3.8 million.
• io.net (IO) will unlock approximately 3.22 million tokens today, which is 1.98% of the current circulation, valued at about 2.5 million dollars.
• Aptos)APT will unlock approximately 11.31 million tokens on June 12, representing 1.79% of the current circulation, worth about 52.7 million USD.
• BounceBit (BB) will unlock approximately 42.89 million tokens on June 12, accounting for 10.47% of the current circulation, valued at approximately 4.6 million USD.
• US May unadjusted CPI year-on-year (June 11, 20:30): Previous value 2.30%, Forecast value 2.5%
• US May seasonally adjusted CPI MoM (June 11, 20:30): Previous value 0.20%, Forecast value 0.2%

Top 500 market cap largest gains today: Axelar (AXL) up 46.45%, Rocket Pool (RPL) up 28.30%, HarryPotterObamaSonic10Inu (BITCOIN) up 22.30%, Defi App (HOME) up 20.98%, Pocket Network (POKT) up 20.82%.

5. Hot News

• The U.S. Securities and Exchange Commission requires the spot Solana ETF issuing applicants to update their S-1 filings, and analysts expect approval within four months.
• Ethereum spot ETF saw a total net inflow of 125 million USD yesterday, continuing a net inflow for 17 days.
• Nasdaq has submitted a listing application for the 21Shares SUI ETF to the U.S. Securities and Exchange Commission.
• Abraxas Capital has withdrawn a total of 44,612 ETH from centralized exchanges in the past 14 hours, worth $123 million.
• A report from an institution: The rise of Bitcoin is not a speculative frenzy; funds are shifting from the real estate and automotive markets to BTC.
• A certain well-known person: BTC will no longer experience a bear market, and the price will reach 1 million dollars per coin.
• The Blockchain Group has been approved to launch a financing plan of 11 billion euros to accelerate its BTC purchasing strategy.
• A certain digital asset company announced an update to its investment policy to include BTC and other digital assets.
• "20x long BTC whale" has increased its position to $405 million.
• A well-known figure has a floating profit of 6.5 million USD on HYPE long positions and has begun to gradually take profits.
• A certain wallet's exclusive TGE Phase 22 launches MEET48 (IDOL)
• ZK Nation: Approximately 760 million ZK will be unlocked in June, and from July onwards, approximately 167 million ZK will be unlocked each month until June 2028.
• A certain trading platform will launch AXL in the KRW and USDT markets.