Uncategorized
Crypto Daybook Americas: Bitcoin, Jolted by Trump-Musk Clash, Rebounds Before Jobs Data

By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin (BTC) and the wider cryptocurrency market recovered from overnight lows, with monero (XMR), XRP and SUI leading the bounce ahead of the pivotal U.S. nonfarm payrolls report, which is expected to show a slowdown in hiring in May.
«In the short term, weak data may support BTC to continue the rebound. The market is concerned about Friday’s non-farm payrolls report, if it again shows that the labor market cooling, will strengthen the year rate cut expectations,» analysts at Bitunix said in an email.
Other analysts expressed concerns about the public spat between President Donald Trump and his one-time ally and billionaire tech entrepreneur Elon Musk over tax reforms and their impact on fiscal deficit.
«A public clash between Elon Musk and Donald Trump shook investor confidence, highlighting fractures within political and business leadership,» said Valentin Fournier, lead research analyst at BRN. «Traditional markets held relatively steady (−0.5%), but crypto saw a sharp reaction, with $830M in liquidations as leveraged traders got wiped out.»
Fournier suggested maintaining a cautious, low-exposure stance, expecting sideways or further downside action over the weekend. «Any near-term rebound will need a fundamental catalyst to be sustained,» he noted.
More buoyantly, USDC issuer Circle’s shares surged 168% on their first day of NYSE trading to close at $83.23 from the IPO price of $31, lifting the market cap to $18.5 billion. The stock saw a trading volume of over 47.8 million shares, according to the exchange. The debut, however, revived memories of Coinbase’s listing in April 2021, which marked an interim bitcoin market top.
The number of large open interest holders of CME bitcoin futures reached an all-time high of 217 as of the end of May, signaling increased institutional participation. Uber CEO Dara Khosrowshahi said that the company is in the “study phase” of potentially using stablecoins as a payment method.
In traditional markets, the U.S. Treasury called on the Bank of Japan to hike rates to stall the weakness in the yen, a currency that’s seen as a haven from risk. Stay alert!
What to Watch
- Crypto
- June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project’s history. Phase 2 is scheduled for activation on July 6.
- June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on «DeFi and the American Spirit»
- June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
- June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
- June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged.
- June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM) and benchmarked to Nasdaq indices.
- Macro
- June 6, 8:30 a.m.: Statistics Canada releases May employment data.
- Unemployment Rate Est. 7% vs. Prev. 6.9%
- Employment Change Est. -15K vs. Prev. 7.4K
- June 6, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases May employment data.
- Non Farm Payrolls Est. 130K vs. Prev. 177K
- Unemployment Rate Est. 4.2% vs. Prev. 4.2%
- Government Payrolls Prev. 10K
- Manufacturing Payrolls Est. -1K vs. Prev. -1K
- June 8, 9:30 p.m.: The National Bureau of Statistics of China releases May consumer and producer price inflation data.
- Inflation Rate MoM Prev. 0.1%
- Inflation Rate YoY Prev. -0.1%
- PPI YoY Prev. -2.7%
- June 6, 8:30 a.m.: Statistics Canada releases May employment data.
- Earnings (Estimates based on FactSet data)
- None in the near future.
Token Events
- Governance votes & calls
- Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers, and improve tools for liquidity providers and traders. Voting ends June 6.
- ApeCoin DAO is discussing scrapping the decentralized autonomous organization and launching ApeCo to “supercharge the APE ecosystem.”
- Optimism DAO is voting to approve eligibility criteria for the Milestones and Metrics (M&M) Council in Seasons 8 and 9, introducing a model where members are selected “based on competencies rather than elections.” Voting ends June 11.
- June 6, 12 p.m.: Livepeer to host an Open Ecosystem Call on Discord.
- June 10, 10 a.m.: Ether.fi to host an analyst call followed by a Q&A session.
- June 11, 7 a.m.: Cronos Labs lead Mirko Zhao to participate in a community Ask Me Anything (AMA) session.
- Unlocks
- June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $52.25 million.
- June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $12.39 million.
- June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $16.34 million.
- June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.31 million.
- June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $31.01 million.
- June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $40.78 million.
- June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $11.53 million.
- Token Launches
- June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends
- June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN).
Conferences
The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight.
- Day 5 of 6: SXSW London
- Day 3 of 3 Non Fungible Conference (Lisbon)
- Day 2 of 2: 2025 Crypto Valley Conference (Zug, Switzerland)
- June 14: Incrypted Crypto Conference 2025 (Kyiv)
- June 19-21: BTC Prague 2025
- June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
- June 26-27: Istanbul Blockchain Week
Token Talk
By Shaurya Malwa
- Yuga Labs CEO Greg Solano proposed dissolving the ApeCoin DAO and transferring its assets to a new entity to be called ApeCo.
- Solano criticized the DAO for inefficiency, saying the proposal aims to streamline operations to focus on high-impact projects.
- A formal vote is required to approve the transition, which would end the current NFT-focused governance structure.
- Elsewere, Fartcoin jumped 12% as Coinbase added the token to its its listing roadmap, signaling potential future trading on the crypto exchange.
- Trading volume hitting a record $400 million, pushing FARTCOIN into the top-100 by market capitalization and one of the few tokens in the green in an otherwise red market.
- Fartcoin, known for its humorous origins and cult following, allows users to earn tokens by submitting themed memes or jokes.
Derivatives Positioning
- Perpetual funding rates for bitcoin have flipped to marginally negative, indicating a bias for shorts. Ether funding rates remain mildly positive.
- HYPE, AAVE, BCH, SOL and DOGE have seen an increase in open interest.
- On Deribit, near-term uncertainty is reflected in skew, with puts costlier than calls through the 13th June expiry.
- Subsequent expiries show demand for calls.
- Block flows on the OTC network Paradigm featured long positions in June puts and demand for strangles, or volatility bullish strategies.
Market Movements
- BTC is up 3.14% from 4 p.m. ET Thursday at $103,738.42 (24hrs: -0.79%)
- ETH is unchanged at $2,607.45 (24hrs: -1.02%)
- CoinDesk 20 is unchanged at 3,086.55 (24hrs: +0.81%)
- Ether CESR Composite Staking Rate is up 1 bps at 3.06%
- BTC funding rate is at -0.0044% (-4.8279% annualized) on Binance
- DXY is up 0.22% at 98.96
- Gold futures are up 0.12% at $3,379.10
- Silver futures are up 1.21% at $36.24
- Nikkei 225 closed up 0.5% at 37,741.61
- Hang Seng closed down 0.48% at 23,792.54
- FTSE is up 0.13% at 8,822.93
- Euro Stoxx 50 is unchanged at 5,409.99
- DJIA closed on Thursday down 0.25% at 42,319.74
- S&P 500 closed down 0.53% at 5,939.30
- Nasdaq Composite closed down 0.83% at 19,298.45
- S&P/TSX Composite closed up 0.05% at 26,342.29
- S&P 40 Latin America closed up 0.58% at 2,575.32
- U.S. 10-Year Treasury rate is unchanged at 4.4%
- E-mini S&P 500 futures are up 0.46% at 5,973.50
- E-mini Nasdaq-100 futures are up 0.49% at 21,687.00
- E-mini Dow Jones Industrial Average Index are up 0.37% at 42,526.00
Bitcoin Stats
- BTC Dominance: 64.64 (0.13%)
- Ethereum to bitcoin ratio: 0.02385 (0.25%)
- Hashrate (seven-day moving average): 883 EH/s
- Hashprice (spot): $51.89
- Total Fees: 4.87 BTC / $505,169
- CME Futures Open Interest: 145,460 BTC
- BTC priced in gold: 30.6 oz
- BTC vs gold market cap: 8.68%
Technical Analysis
- XRP’s BTC-denominated price is falling and the descent has taken the shape of a falling wedge pattern, characterized by two converging trendlines connecting highs and low.
- The convergence indicates that the selling pressure is slowly weakening.
- A breakout from the wedge would confirm a bull reversal higher and renewed XRP outperformance relative to bitcoin.
Crypto Equities
Strategy (MSTR): closed on Thursday at $368.79 (-2.46%), +1.67% at $374.94 in pre-market
Coinbase Global (COIN): closed at $244.2 (-4.61%), +2.04% at $249.19
Circle (CRCL): closed at $83.23 (+168.48%), +15.22% at $95.11
Galaxy Digital Holdings (GLXY): closed at C$26.12 (-4.98%)
MARA Holdings (MARA): closed at $14.88 (-5.04%), +1.75% at $15.14
Riot Platforms (RIOT): closed at $8.99 (-5.37%), +2.45% at $9.21
Core Scientific (CORZ): closed at $11.93 (-5.02%), unchanged in pre-market
CleanSpark (CLSK): closed at $9.02 (-5.35%), +2.0% at $9.20
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.2 (-5.16%)
Semler Scientific (SMLR): closed at $32.64 (-8.72%), +2.02% at $33.30
Exodus Movement (EXOD): closed at $26.13 (-2.97%), unchanged in pre-market
ETF Flows
Spot BTC ETFs
- Daily net flow: -$278.4 million
- Cumulative net flows: $44.27 billion
- Total BTC holdings ~ 1.20 million
Spot ETH ETFs
- Daily net flow: $11.3 million
- Cumulative net flows: $3.32 billion
- Total ETH holdings ~ 3.76 million
Source: Farside Investors
Overnight Flows
Chart of the Day
- Open interest in ETH futures listed on the CME has pulled back to 1.04 millon ETH from 1.17 millon on May 27.
- The decline indicates that the institutional momentum behind ether has weakened.
While You Were Sleeping
- The Mounting Pressure on Bond Markets (Financial Times): Amanda Stitt of T. Rowe Price says weakening investor demand is driving up long-term borrowing costs, forcing governments to confront debt sustainability risks and rethink future public spending.
- Ether Trader Bets Millions on ETH Blasting Above $3.4K by June-End (CoinDesk): The trader paid a premium of over $2 million to purchase a total of 61,000 contracts of June-end expiry ether call options at strikes $3,200 and $3,400, said Deribit.
- Bitopro Confirms $11M Hack, Taiwan Crypto Exchange Says It Has Replenished Lost Funds (CoinDesk): The exchange said it swiftly restored stolen funds, secured assets in new wallets and will disclose updated hot wallet addresses while a third-party probe examines the breach.
- Yuga Labs Proposes Scrapping ApeCoin DAO, Launching ApeCo (CoinDesk): CEO Greg Solano called for a governance overhaul, citing inefficiencies and pushing to replace the DAO with a more agile entity focused on impactful development.
- India’s Central Bank Beats Market Expectations to Deliver Outsized Rate Cut of 50 Points (CNBC): Governor Sanjay Malhotra cited easing inflation and subdued growth as the bank delivered its steepest rate cut in nearly three years and shifted to a neutral stance.
- Golden Dome Missile Shield Project Turns Space Into Arena of Armed Confrontation — Ryabkov (TASS): Russian Deputy Foreign Minister Sergey Ryabkov warned that U.S. militarization of space risks global instability and urged negotiations on the Prevention of an Arms Race in Outer Space treaty (PAROS).
In the Ether
Uncategorized
Bitcoin Holds Above $105K Despite Donald Trump’s Threats Against Elon Musk

Bitcoin BTC held firm above $105,000 on Saturday despite an unusually combative and personal escalation in the Trump-Musk feud that could rattle traditional markets next week.
On Saturday, in a phone interview with NBC News, President Trump warned that there would be “serious consequences” if Elon Musk financially backed Democratic candidates running against Republicans who support the GOP’s budget bill. “If he does, he’ll have to pay the consequences for that,” Trump said, adding later, “He’ll have to pay very serious consequences if he does that.”
Trump, who has often boasted of past support from Musk, firmly dismissed the idea of mending ties. “No,” he said when asked whether he wished to repair the relationship. “I would assume so, yeah,” he added when asked if the rift was permanent.
Despite the intensifying feud between two of the most influential figures in U.S. politics and technology, Bitcoin remained unfazed. The cryptocurrency held onto earlier gains and continues to trade near weekly highs. The market’s composure suggests that traders may increasingly view BTC as a hedge against institutional dysfunction, or at least as an asset insulated from the partisan fallout that tends to impact equities more directly.
Technical Analysis Highlights
- BTC traded in a 24-hour range of $1,162 (1.13%), from a low of $104,624 to a high of $105,786, according to CoinDesk Research’s technical analysis model.
- Strong support formed at $104,800, where above-average volume confirmed buyer interest.
- Resistance at $105,200 was broken and has since flipped into a short-term support zone.
- Volume peaked at 378 BTC during key breakout moments, especially around 13:43–13:46 and 13:53.
- A short consolidation occurred between $104,300–$104,600 before the final surge to near highs.
- An ascending price channel remains intact, showing bullish structure despite intermittent pullbacks.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Uncategorized
Ether Holds Steady Above $2,500 as ETF Demand Signals Institutional Confidence

Ether ETH has rebounded firmly from key support near $2,460, recovering losses and stabilizing above the $2,500 threshold amid broader market volatility.
The rally follows a higher low formation backed by above-average volume, signaling growing market confidence.
Institutional participation appears to be reinforcing the trend, with BlackRock’s ETHA ETF reporting $492 million in net inflows last week.
Total holdings now exceed $4.84 billion, reinforcing long-term bullish sentiment even as price action remains sensitive to geopolitical developments.
Traders are watching to see if ETH can challenge resistance in the $2,520–$2,530 range.
Technical Analysis Highlights
- ETH traded within a $72 range over 24 hours, from a low of $2,460.35 to a high of $2,532.41.
- A key support zone formed at $2,460–$2,470, where ETH bounced on strong volume during midnight hours.
- Final hour surge reached $2,515.11, backed by 5,919 ETH in volume.
- Higher low structure established with interim support at $2,485 and resistance at $2,503.
- Final retracement held support at $2,507, with price consolidating around $2,510 into the close.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Uncategorized
Coinbase, BiT Global End Legal Fight Over WBTC Delisting

Coinbase and BiT Global have reached a legal settlement that ended their dispute over the delisting of BiT Global’s wrapped bitcoin (wBTC) token on Coinbase.
According to a joint court filing, BiT Global has agreed to dismiss its lawsuit against the crypto exchange with prejudice, meaning the case cannot be brought again in the future. The filing notes that both companies will cover their own legal expenses.
BiT Global had filed the lawsuit last year in the Northern District of California after Coinbase delisted the token over what it said was “unacceptable risk” that the tokenized BTC would “fall into the hands of Justin Sun.”
Sun became affiliated with wBTC in August last year through a partnership, prompting Coinbase to question BiT Global about his role. Sun, a Chinese-born crypto billionaire, has nevertheless been supporting the token, with World Liberty Financial dropping its cbBTC for wBTC after he joined as an advisor.
The suit alleged the exchange’s decision was unjustified and harmed the token’s liquidity and reputation while favoring Coinbase’s competing asset cbBTC. Coinbase launched cbBTC just two months before announcing it was delisting wBTC.
The dismissal does not disclose any settlement terms beyond the cost arrangement.
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