Crypto Market Update: LABUBU Auction Frenzy Triggers Meme Coin Rebound, Can BTC Hold $105,000?

Today's focus in the crypto market is on the U.S. May CPI data and the ten-year Treasury auction. Economists expect the CPI to grow by 0.2% month-on-month, but there are concerns that inflation may be higher than expected. At the same time, demand for the Treasury auction is also under scrutiny, especially against the backdrop of current trade policy uncertainty. If the CPI data exceeds expectations and the Treasury auction performs poorly, it could deal a double blow to the bond market, pushing up yields. Analysts point out that inflation data may directly affect auction demand, and investors are closely monitoring related performances to assess changes in market sentiment. The market currently expects a 0.25% rate cut may only occur in September.

As the global encryption regulatory framework gradually improves, the market is undergoing a reconstruction of its value system. Recently, the market capitalization of stablecoins surpassed $280 billion, reflecting investors' confidence in compliant encryption infrastructure. At the same time, crypto concept stocks are also in high demand, with a certain trading platform's stock price maintaining a high level of volatility at the end of May.

Bitcoin recently broke through 110,000 USD and is currently consolidating below 110,668 USD. Analysts believe that as long as the price remains above 105,075 USD, the bullish trend remains valid. Ethereum is also gradually becoming the focus, with a clear bullish sentiment in the options market. Analysts expect that if ETH breaks through the 2800 USD resistance, the price may rise to 3400-3500 USD.

![HashKey Trading Moment: LABUBU's Sky-High Auction Drives Old Meme Coins Revitalization, Can BTC Hold the $105,000 Support Level? CPI Data and US Treasury Auctions Become Market Focus](https://img-cdn.gateio.im/webp-social/moments-4fd5d60786895c3830cfb807c59f3197.webp01

The Labubu market continues to be hot, driving a surge in related Meme coins. The on-chain market has generally warmed up, with several well-known Meme coins experiencing explosive growth. It is worth noting that a certain celebrity has recently mentioned HYPE frequently, and its market capitalization has now surpassed SUI, with the coin price hitting an all-time high.

Key Data ) as of June 11 12:00 1928374656574839201

• Bitcoin: $109,642 ( Year-to-date +17.09% ), Daily trading volume $34.456 billion
• Ethereum: $2,789.39 ( Year-to-date -16.28% ), Daily trading volume $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 Gains: DeFi +4.92%, L2 +3.36%
• 24-hour liquidation: 106,468 people liquidated, total amount 320 million USD

ETF Capital Flow ( as of June 10 )

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

Important Events Today

• US May CPI data released
• A certain trading platform will delist the USDT perpetual contracts of multiple coins.
• Unlocking of multiple project tokens

Market Performance

Today's top 500 market cap biggest gains: 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%.

Hot News

• US regulators require updates to the spot Solana ETF application documents
• Ethereum spot ETF continues to have a net inflow for 17 days
• A certain institution withdrew a large amount of Ethereum to CEX
• The analysis report states that the rise of BTC is not speculative, with funds shifting from the real estate market and car market.
• Many prominent figures are optimistic about the long-term prospects of BTC.
• A certain group has been approved to initiate a large-scale financing plan to accelerate BTC purchases.
• Multiple institutions have updated their investment policies to include Bitcoin and other digital assets.
• Large long positions continue to expand
• A certain project announced a token unlocking plan.