Market Dynamics and Outlook: The regulatory framework for encryption assets is accelerating improvement, BTC breaks through 110,000 USD

Market Observation

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

As major global economies accelerate the improvement of regulatory frameworks for encryption assets, the market is undergoing a profound restructuring of its value system. The U.S. GENIUS Act requires that stablecoin reserve assets be 100% pegged to the U.S. dollar or U.S. Treasury bonds and undergo regular audits, driving the market capitalization of mainstream stablecoins to exceed $280 billion; the EU MiCA Act promotes industry centralization; and Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, an IPO from a well-known company has attracted widespread market attention, with its valuation once soaring to $24 billion, reflecting investors' strong confidence in compliant encryption financial infrastructure.

Bitcoin has recently successfully broken 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 further rise to $112,700 or even $115,103. According to a certain analysis agency, Bitcoin has broken through the short-term downtrend and formed a bullish breakout pattern. Even if 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.

Meanwhile, Ethereum is gradually becoming the market focus, with its implied volatility rising, short-term option volatility reaching over 70%, and bullish sentiment in the options market significantly strengthening. A senior analyst stated that ETH needs to break through the resistance zone of $2800-$3000 to start the next round of increase, and it is expected that if it breaks through the $2800 resistance, the ETH price may rise to $3400-$3500.

Recently, the market sentiment for Labubu has been continuously high. The mint green first-generation LABUBU toy was sold for a sky-high price of 1.08 million RMB, and the market value of the meme $Labubu surged from 19.51 million USD yesterday to 44 million USD today. The overall on-chain market has warmed up, with the old MEME coin $AURA skyrocketing from a market value of 1 million USD to 50 million USD last night. The Useless in a certain ecosystem has reached a new high, with a price increase of 10 times within a week, and the market value exceeding 50 million USD this morning. It is worth noting that a well-known investor has recently been optimistic about HYPE, and its market value has now surpassed SUI, with the coin price breaking 42 USD to create a new historical high.

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

• 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 of $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, including $58.91 million in BTC liquidations, $127 million in ETH liquidations, and $14.5487 million 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 channel line (2642.28 USD), lower channel line (2589.95 USD)

ETF Flows (as of June 10)

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

Today's Outlook

• A certain wallet exclusively launches TGE Phase 22 with MEET48 (IDOL)
• A certain trading platform will delist 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 approximately 3.8 million USD.
• io.net (IO) will unlock approximately 3.22 million tokens today, which is 1.98% of the current circulation, worth about 2.5 million dollars.
• Aptos(APT) will unlock approximately 11.31 million tokens on June 12, which accounts for 1.79% of the current circulating supply, valued at about 52.7 million USD.
• BounceBit (BB) will unlock approximately 42.89 million tokens on June 12, accounting for 10.47% of the current circulating supply, valued at approximately 4.6 million USD.
• U.S. May unadjusted CPI year-on-year (June 11, 20:30): Previous value 2.30%, Forecast value 2.5%
• U.S. May seasonally adjusted CPI MoM (June 11, 20:30): Previous value 0.20%, Forecast value 0.2%

Top 500 market cap gainers 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%.

Hot News

• The US SEC requires the issuer of the spot Solana ETF application to update the S-1 filing, and analysts expect approval within four months.
• The total net inflow of the Ethereum spot ETF yesterday was $125 million, continuing a net inflow for 17 days.
• Nasdaq has submitted a listing application for the 21Shares SUI ETF to the SEC.
• Abraxas Capital has withdrawn a total of 44,612 ETH from CEX in the last 14 hours, worth $123 million.
• A report from a research institution: The rise of Bitcoin is not a speculative frenzy; funds are shifting from the housing and automotive markets to BTC.
• A well-known investor: Bitcoin will no longer see a bear market, and the price will reach $1 million per coin.
• The Blockchain Group has been approved to launch a financing plan of 11 billion euros to accelerate its BTC purchase strategy.
• A trading platform 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.
• An investor 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 issue 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 exchange will list AXL on the KRW and USDT markets.