Daily market key data review and trend analysis, produced by PANews.

Macroeconomic Market

The three major U.S. stock indices rose amid the AI frenzy, with the S&P 500 index slightly up 0.13% to 7609.90 points, marking the longest nine-day winning streak since 1995. The Dow Jones Industrial Average climbed 0.45% to 51307.79 points, reaching a new historic high, and the Nasdaq index rose slightly by 0.03% to 27093.90 points.

As the South Korean stock market is closed for holidays, the Japanese stock market opened high and continued to rise, with the Nikkei 225 index surging 2.7% to break the 68000 mark, and companies like Panasonic, Sony Technology, and Tokyo Electronic collectively soared over 6%. This is primarily due to the Japanese cabinet approving an additional budget plan of 3.1 trillion yen to address the subsidy crisis, with Finance Minister Katsunobu Kato stating that this measure aims to minimize financial risks from the Middle East and is ready to intervene in the foreign exchange market at any time.

AI and the Stock Market

Capital is crazily flowing into every corner of AI infrastructure, with Goldman Sachs stating that this week's large-scale capital fundraising in the tech sector is the Absolute catalyst for the market. Funds are flooding into the “hardware store” of data center construction, with the Philadelphia Semiconductor Index surging nearly 5.9% in one day, rebounding over 90% from the lows in March this year. Traditional companies on the AI ecosystem are being re-evaluated, with Dell, Caterpillar, and others benefiting significantly.

On June 2, Marvell Technology (Marvell) became the center of attention, soaring 32.52% in one day, setting a record for the largest single-day increase ever. Jensen Huang made an appearance with Marvell CEO Matthew Murphy at the Taipei Computex exhibition, publicly predicting that Marvell is expected to become “the next trillion-dollar company,” reaffirming Nvidia's strategic vision from March when it invested $2 billion in the company. Following closely, Hewlett Packard Enterprise (HPE) jumped 19.5% due to a significantly better-than-expected Q2 financial report, announcing that its long-term financial goals will be achieved two years ahead of schedule.

At the same time, the AI capital-absorbing effect has dragged down other sectors. Alphabet announced plans to raise $80 billion through stock sales to cope with massive AI expansion, which even includes investments from Berkshire Hathaway, but its stock price fell 3.9% under this burden. The Software and Services Index crashed 3.3% in the same day, with Microsoft and Amazon down 4.17% and 3.9%, respectively. Goldman Sachs analysts stated that the expansion of AI has accelerated the replacement of traditional software, putting pressure on related sectors.

Since the CFTC approved Bitcoin perpetual futures to go live on regulated exchanges on May 29, major U.S. traditional exchange stocks have experienced continuous significant declines. The Chicago Board Options Exchange (CBOE) fell more than 17% this week, the Chicago Mercantile Exchange (CME) fell nearly 9%, and Nasdaq (NDAQ) dropped 5%, all targeting the largest weekly decline since 2020.

Bitcoin Market

Bitcoin's price has completely decoupled from the soaring tech stocks, plummeting 6.5% in a single day and briefly falling below 60,000, creating a new low in recent months. The direct trigger for this flash crash was the unprecedented disclosure by Strategy, which has maintained a “buy only” strategy, revealing its first-ever reduction of 32 Bitcoins (cash out $2.5 million) to pay for its perpetual preferred stock STRC's cash dividends, a signal that directly broke the market's belief barriers.

Meanwhile, negative news continued to flood in, with Mt. Gox transferring 10,300 BTC (approximately $731 million) to a new wallet after two months, and Abraxas Capital dumping 1,000 BTC in a decline, along with nearly $4 billion flowing out of the spot ETF for 12 consecutive days, collectively intensifying market pressure.

Currently, Bitcoin's monthly line has retreated to the key EMA50 support level ($65,906). Considering that the monthly closing prices from February to May have consistently held above this support level, most traders regard $65,000 as the near-term hard bottom for this round of liquidations.

Bearish Views

Under the dual pressures of limited macro liquidity and intensified siphoning by AI, Bitcoin is facing multiple valuation corrections due to institutional demand exhaustion and breaking of key technical trends.

• Bloomberg analyst Sid Verma: Bitcoin is losing an asset competition, awkwardly stuck in the middle ground. It is neither the best safe-haven asset (inflation hedge falling to gold) nor the best growth asset (growth pursuit losing to AI), and even internally in crypto, it is losing to stablecoins and infrastructure linked to real adoption rates.

• K33 Research Head of Research Vetle Lunde: Due to funding's mad chase for AI stocks, the opportunity cost of holding Bitcoin has become too high, leading it to face a “volatile summer.” The substantial outflow from ETFs and the failure to recover the 200-day moving average reveal weakened institutional demand, while the potential IPOs of SpaceX and Anthropic will further divert funds from the crypto market.

• Bitwise Chief Investment Officer Matt Hougan: Against the backdrop of the Nasdaq soaring, cryptocurrencies are going through a painful transformation from momentum trading to “contrarian bets,” with AI siphoning all market attention.

• Bloomberg Odd Lots editor Joe Weisenthal: Extending the judgment of the crypto winter to twelve, bluntly stating this is the worst winter ever. The industry has lost the narrative of “it's still early,” and the completion of institutional adoption has led to the loss of new momentum. The AI boom has both siphoned funds and attention, and squeezed energy, putting pressure on miners, while major holders like Strategy have also shifted from buyers to sellers.

• CryptoFrog: Falling below $70,000 triggered a significant downward plunge. Prices are expected to drop to $65,000 before witnessing a short-term rebound; if this level is lost, prices could continue to plunge to new bear market lows between $52,000 and $48,000.

• Super฿ro: If the previous low of $65,000 is lost, a withdrawal test around $61,000 will occur. Since this is a break from the rising channel rather than a bear flag, once close to the low, the market will hear roaring bearish calls for $50,000 or even $30,000.

• EliZ: BlackRock is frantically selling Bitcoin, reinforcing the notion that the market is driven by liquidity rather than investor sentiment. If this selling pressure continues, it could evolve into a phase aimed at creating panic and pulling back funds.

Bullish Views

The current market's deep correction has entered a high-density buy support range, with local technical indicators hitting bottom and continuous accumulation by contrarian institutions laying the groundwork for a strong rebound in the short term.

• Santiment Intelligence: The divergence between whale selling and retail buying is intensifying. Once the behaviors of these two major groups reverse, it will be the best signal for bottom fishing.

• KillaXBT: I have placed long-term buy orders at $65,500. The market still has a 3 to 4 month bottom-seeking window before finding the true bottom, and I will continue to increase spot holdings at these levels, and when BTC reaches $65,000, I will close 25% of my last short position opened at $77,800.

• Astronomer: Firmly predicting a price rebound before reaching the $65,000 area, which will be able to safeguard that rebound and gradually build a bottom. In terms of trading execution, it is necessary to wait for a clear rebound of at least 7.12% on the daily chart before calmly entering during subsequent 0.5x Fibonacci retracement, to limit the panic and pressure of blindly bottom fishing.

• Skew: The continuous spot selling since $74,000 seems more like risk hedging, but currently, the depth of spot buy orders has reached the highest level since February 5, with huge demand clusters around $65,000 and $60,000, which may easily trigger local exhaustion and bring relief in a rebound.

• Altcoin Sherpa: Bitcoin has reached the 200-week EMA moving average, $65,000 is an extremely interesting area, believing a rebound will arrive soon.

• Strive (Matt Cole): Choosing to increase positions against the trend during last week's strategic selling in the market, announcing the purchase of 2,500 Bitcoins at a total price of $185.2 million, with an average cost of $74,092 per coin, currently holding a total of 19,000 coins.

Key Data (as of June 3, 1:00 PM HKT)

(Data source: Coinglass, Upbit, SoSoValue, CryptoBubbles)

• Bitcoin Spot ETF: -$519 million, continuing 12 days of net outflow

• Ethereum Spot ETF: -$90.148 million, continuing 16 days of net outflow

• HYPE Spot ETF: +$3.149 million

• SOL Spot ETF: +$6.499 million

• Fear and Greed Index: 11 (Extreme Fear)

• Upbit 24-hour trading volume ranking: BTC, XRP, SLX, ETH, XLM

• Sector Performance: Both BTC and ETH dropped over 6%, only the RWA sector rose against the trend

24-hour liquidation data: A total of 278,986 people were liquidated globally, with a total liquidation amount of $1.856 billion, including $898 million for BTC, $482 million for ETH, and $90.7 million for SOL.

Today's Outlook

• Binance will stop supporting the deposit and withdrawal of certain network-specified tokens (DODO, HFT, etc.) on June 3

• Grayscale Hyperliquid Staking ETF will begin trading on June 4

• Binance will open securities lending (FPSL) services starting June 4

• Based Foundation: Season 3 token automatic distribution, users who have not signed relevant terms must complete it by June 4

• On-chain open-source software platform tea Protocol will launch TGE at Aerodrome on June 4

• TSMC annual shareholder meeting, Nvidia 2026 shareholder annual meeting (June 4)

• U.S. initial jobless claims for the week of May 30 (10,000): Expected 21.4, previous value 21.5 (June 4, 20:30)

The largest gains among the top 100 coins by market value today: Lighter up 19.3%, Ondo up 17.4%, DeXe up 17.4%, Ethena up 13.8%, Zcash up 11.6%.

Hot News

• Strive disclosed its accumulation of 2,500 Bitcoins from May 23 to June 1, bringing total holdings to 19,000

• Anchorage affiliated wallet staked 55,600 ETH to Eth2.0, worth over $100 million

• Bitmine added 25,000 ETH through BitGo in the early morning, totaling approximately $47.98 million

• Abraxas Capital sold 1,000 BTC last night, subsequently withdrawing 52.72 million stablecoins from Kraken

• Microsoft launched seven new models at the Build conference, covering inference, code, images, and more

• Coinbase has made a public market purchase of ENA, investing in Ethena and announcing a new partnership

• U.S. exchange operators dropped due to concerns over perpetual futures risk, with CBOE global markets dropping 9%

• Former U.S. presidential candidate Andrew Yang's telecom company Noble Mobile acquires crypto wireless operator Helium Mobile

• Strategy’s stock price dropped over 10% in the day, currently reported at about $134.5

• Tiger International: Starting June 12, suspend all new opening and adding positions for existing investor accounts in all varieties in China

• MoneyGram has launched a dollar stablecoin MGUSD on the Stellar blockchain

• Jensen Huang mentioned that most stocks' annual increases have exceeded 100%

• Cobie's associated address has accumulated 20 million LDO and transferred to multiple exchanges, approximately valued at $658 million

• Mt. Gox transferred 10,300 BTC to a new wallet after two months, amounting to approximately $731 million

• Citron Research founder Andrew Left was convicted of securities fraud, facing over 20 years imprisonment

• Fenbushi Capital affiliated address is suspected of selling 11,101 ETH, if sold it would incur a loss of $11.79 million

• CME Group launched 24/7 cryptocurrency futures and options trading, with the first weekend's transaction volume around $50 million

• Strategy's Bitcoin sale timing triggered over $20 million in trading volume prediction pool controversy on Polymarket

• Ondo Finance will launch the RWA perpetual contract platform Ondo Perps, going live in a few weeks

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。