Jun 4, 2025

BTC holds steady as sentiment outruns price

Industry landscape

The US SEC Crypto Task Force has held talks with representatives of CoinShares International Limited and its legal counsel, Chapman & Cutler LLP, to discuss the regulatory challenges of launching crypto asset exchange-traded products (ETPs) in the US.
According to Reuters, Trump's social platform, Truth Social, has submitted a Bitcoin ETF application.
US Senator Bill Hagerty has tweeted that the GENIUS Act aims to advance the US's payment systems to 21st-century standards.
AI infrastructure startup OpenAI has tweeted that it is opening the memory feature of ChatGPT to free users.
The US Senate will hold a hearing on June 11 to review Brian Quintenz's nomination as Chairman of the CFTC.
Spanish coffee chain Vanadi is planning to invest over $1.1 billion in Bitcoin, aiming to transition into a 'Bitcoin-first' company.
On-chain gaming startup Launcher Capital has completed a $4 million seed round, led by a16z CSX.

Exchange updates

Binance Alpha has launched Zircuit (ZRC), requiring 211 Alpha points to claim, and has listed Lagrange (LA).
Bitget has launched the second year of its Anti-Scam Month, a global initiative to spread crypto security awareness.
According to CoinDesk, Coinbase has filed a petition in federal court to take over a lawsuit in Oregon regarding its alleged sale of unregistered securities, claiming that the state's Department of Justice has overstepped its authority and interfered with the federal crypto regulation process.

Mainstream data observations

BTC core liquidation positions:

Long positions at $104,392 with a liquidation amount of $1.034 billion.

Short positions at $107,632 with a liquidation amount of $1.584 billion

The current BTC price is $105,361, with significant liquidation pressure on short positions and concentrated distribution. Strong liquidation pressure is observed around $107,500.

ETH core liquidation positions:

Long positions at $2,582.5 with a liquidation amount of $363 million.

Short positions at $2,669.5 with a liquidation amount of $696 million

The current Ethereum price is $2,629.8, with significant liquidation pressure on short positions and large liquidation amounts around $2,670, making it a key price point to monitor.

Total stablecoin market cap: $249.67B

The total market cap saw a slight increase today. USDT increased by $215.84M, USDC increased by $265.56M, and USDe increased by $84.84 M.

BTC market share: 64.01%

TOTAL 3 market cap: $861.56B

BTC market share saw a slight decrease, but BTC market share remains above 64%, with the TOTAL3 market cap showing a slight increase.

Bitcoin MVRV-Z score: 2.46

MVRV is the ratio of the minimum market value (current market cap) to the realized value (the total value of all BTC at their last movement). The market valuation is currently in the moderately overvalued range, with a relatively optimistic market sentiment.

Bitcoin BVIV score: 43.99

The BVIV score dropped to a recent low and then rebounded. Caution is needed as further increases in the BVIV score could lead to higher volatility.

[Market rating]

BTC is still fluctuating narrowly around $105,000. The likelihood of large price swings is low, but caution is needed for the risk of further declines. Key news to monitor is the US Federal Reserve's meeting results in mid-June. The current bull/bear sentiment score is 85 (Bullish).

[0-40 Bearish; 40-50 Cautiously Bearish; 50-70 Neutral; 70-80 Cautiously Bullish; 80-100 Bullish]

Emerging projects

Token	BALL	MAMO	GIZA
Description	Lottery-type tokens, for every 10,000 SBALL tokens held, users receive one lottery ticket. A portion of the prize pool comes from funds generated by users purchasing tokens, and the transaction volume can be continuously monitored.	Mamo aims to provide a simple and transparent tool to help users track, manage, and grow their crypto assets, issued by Virtuals Protocol.	Giza is dedicated to creating and operating autonomous AI agents focused on optimizing cross-DeFi strategies. Its current flagship product is ARMA, a stablecoin yield agent with an APY of approximately 10%.
Price	$0.005822	$0.06556	$0.2883
Market Cap（$)	5.8 million	1.97 million	20.5 million
Token Holders	13,588	6,901	21,213

Token	HODL	LC	noice
Description	The project simplifies application development and token issuance, emphasizing that "every app token is tied to an actual product."	Set in the SHIB ecosystem, the project builds an anti-rug narrative and a community war culture, reinforcing the memecoin identity through an "invasive" expansion strategy. It integrates the combative culture of the crypto community, shaping a grassroots uprising against mainstream projects with collective identity.	This is a cryptocurrency project based on the Farcaster platform. Its core function is to allow users to earn cryptocurrency tips through social interactions on Farcaster, such as receiving likes, tracking, commenting, or quoting.
Price	$0.01246	$0.003730	$0.0001562
市值 (美元)	12.4 million	3.4 million	10.9 million
Token Holders	16994	8170	11271

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