Last week (May 27-June 2), BTC was affected by the BTC 2025 conference and stabilized after four consecutive declines. Since the BTC 2025 conference opened in Las Vegas on May 27, BTC rose to $110,718 in the short term, and then turned to fall. At 11:00 on May 31, it hit a low of $103,068.55, a weekly decline of 6.9%. BTC then rebounded moderately, returning to above $104,000, with a moderate increase in trading volume, and currently stabilized around $105,184.
ETH showed a typical M-shaped trend during the same period. It hit highs twice during the conference, reaching a high of $2,788 on May 29, and then fell below $2,500 due to weakening momentum, and fell to a low of $2,468.56, with a maximum volatility of 11.45%. ETH has now steadily recovered to around $2,613 (Binance spot, June 3, 18:00).
U.S. stocks have regained their upward momentum due to the easing of tariffs. In May, the Nasdaq rose nearly 1% and the SP 500 rose more than 6%, marking the best monthly performance since November 2023. At the close of June 2, the Dow Jones Industrial Average rose 0.08%, the SP rose 0.41%, and the Nasdaq rose 0.67%.
Market Interpretation
BTC spot ETF outflows expand, while ETH spot ETF attracts funds against the trend
Last week, the US BTC spot ETF had a net outflow of $144 million, with ARKB, FBTC, and GBTC being the main withdrawal channels. In contrast, the ETH spot ETF had a net inflow of $285 million, with BlackRock ETHA accounting for more than 70%.
In terms of regulation, the SEC questioned the compliance of the ETH and SOL pledged ETFs filed by REX, and WisdomTrees XRP ETF entered the review process. The sentiment in the derivatives market tended to be cautious, IBIT call option positions decreased, and the short-term wait-and-see atmosphere heated up.
Japanese government bond yields hit a new high, BTC becomes a new global safe-haven option
In May, the yield on Japans 40-year government bonds soared to 3.5%, a record high, highlighting sovereign credit concerns. During the same period, BTC broke through $112,000 to a record high, and safe-haven funds accelerated into the crypto market. The demand for bond auctions plummeted and the system was under pressure. BTC was regarded as a new type of government bond by some institutions due to its fixed supply and decentralized properties. The US BTC ETF received more than $900 million in inflows in a single day. The Czech Central Bank and the Trump administration both released signals that they would include it in their reserves, and the status of BTC continued to improve.
US senior officials expressed their stance on loosening crypto regulation, and spot ETF trading volume exploded
At the BTC 2025 conference, US Vice President JD Vance proposed the national strategic status of crypto assets, promising to simplify supervision, support ETF legalization, and reduce industry law enforcement barriers. After the statement was released, the weekly trading volume of BTC spot ETF hit a new high for the year, reflecting that the policy benefits have been quickly priced in by the market. Subsequent regulatory details and the pace of policy implementation are expected to become the core variables of the market trend.
South Koreas presidential election triggers expectations of crypto structural adjustments
The South Korean election is approaching on June 3. As the worlds third largest crypto market, South Koreas daily trading volume exceeds $5.4 billion and there are nearly 10 million active users. If the tax reform is implemented ahead of schedule after the election, it may suppress local trading volume. Previous examples show that the trading volume in the Indian and Indonesian markets has dropped by more than 60% after high taxes. The main candidates unanimously support the BTC spot ETF, and the probability of short-term promotion has increased. Institutional differences such as stablecoins and bank cooperation still exist. It is recommended that project parties pay close attention to the policy trends of the new government and dynamically adjust their strategies.
As geopolitical changes intensify, mainstream and altcoins are under pressure to adjust
The US International Trade Court partially revoked the tariff ruling, strengthening the markets sensitivity to geopolitical and policy risks. XRP and TON were dominated by macro risk aversion. On May 30, both pulled back by more than 6%. XRP fell below the $2.14 support, resulting in the liquidation of nearly $30 million long positions. Although Ripple launched a new report on cross-border payments and increased practical applications, short-term fluctuations are still dominated by macro, and XRP is currently range-bound and consolidating at a low level.
Market Hotspots
High-leverage on-chain liquidation becomes a hot topic in public opinion, and the derivatives mechanism causes controversy
During the Dragon Boat Festival, the high-leverage BTC long orders of on-chain trader James Wynn were liquidated continuously, which attracted a lot of attention. His 40x leveraged positions, real-time liquidation price disclosure and community crowdfunding attracted great attention to the Hyperliquid platform. The platforms on-chain capital flow and account interaction are transparent, and community public opinion focuses on script-like operations and marketing attributes. At the same time, Binance founder CZ discussed the dark pool perp DEX model, believing that on-chain transparency is not good for high-leverage players, and the markets attention to decentralized derivatives trading continues to increase.
Trump Media Group builds BTC position, may become the largest coin holder in US stocks
Trump Media Group has completed $2.44 billion in financing and plans to use $2.32 billion to purchase BTC. If successful, the company will surpass MicroStrategy and become the largest listed company in the U.S. in terms of BTC holdings. BTC holdings are accelerating their penetration into the mainstream financial reporting system.
PSG increases BTC reserves, sports capital collectively embraces cryptocurrencies
Paris Saint-Germain (PSG) announced that it has included BTC in its financial reserves in 2024, and its innovation department, PSG Labs, has also promoted crypto investment and project incubation. The club uses the BTC strategy to get closer to 550 million young fans around the world, showing that the trend of non-financial entities allocating digital assets is heating up, and sports capital is fully embracing the crypto track.
The UK is advancing a regulatory framework for stablecoins, with implementation expected in 2026
The UK FCA released a draft of stablecoin and custody regulation in early June, proposing core requirements such as full high-liquidity asset support, mandatory par redemption, and custodian responsibility. It is currently in the public consultation period and is scheduled to be officially implemented in 2026. The regulatory path and flexibility will affect the future layout of compliance projects and market assessment.
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