Key Takeaways
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Macro Environment: Before the U.S. market opened, the Trump administration’s “steel tariffs” rapidly escalated global trade tensions. Geopolitical risks also spiked due to the weekend’s Russia-Ukraine conflict. Following the release of a weak U.S. ISM Manufacturing Index, market sentiment deteriorated, and major U.S. stock indices hit daily lows. However, markets rebounded after direct talks between Russia and Ukraine concluded, and the White House indicated that U.S.-China leaders might hold a meeting this week.
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Crypto Market: Bitcoin mirrored U.S. stock indices with an intraday V-shaped rebound, fluctuating between $103,000 and $106,000. The ETH/BTC exchange rate surged with the market rebound, outperforming BTC. On the news front, SharpLink announced $1.5 billion in funding for ETH strategic reserves, while the Ethereum Foundation reorganized its structure—potentially boosting investor confidence in ETH. As a result, ETH rose 2.67% on the day and led a broad altcoin rally. Ethereum ecosystem projects such as ENA, PEPE, ARB, and AAVE were among the top gainers, driving the market rebound.
- Today’s Outlook: South Korea presidential election: 16 million crypto voters may influence key outcomes.
Main Asset Changes
| Index | Value | % Change |
| S&P 500 | 5,935.95 | +0.41% |
| NASDAQ | 19,242.61 | +0.67% |
| BTC | 105,841.80 | +0.19% |
| ETH | 2,607.03 | +2.67% |
Crypto Fear & Greed Index: 64 (unchanged from 24 hours ago), classified as Greed
Macro Economy
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U.S. Deputy Treasury Secretary: Some agreements may be reached by July 9
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Trump demands all countries submit their “best offers” by Wednesday
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U.S. May ISM Manufacturing PMI at 48.5, below previous reading and expectations
Industry Highlights
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Singapore MAS: Unlicensed crypto service providers must stop offering services to overseas clients by the end of the month
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The U.S. Senate may vote on the GENIUS Act this week
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Strategy purchased 705 BTC last week for $75.1 million, at an average price of $106,495 per BTC
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Strategy plans to issue 2.5 million “Stride” preferred shares to fund its Bitcoin strategy
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Ethereum Foundation has restructured its core development team and rebranded to “Protocol,” focusing on three strategic goals: expanding the mainnet (L1), enhancing data scalability (Blob expansion), and improving user experience (UX). The move aims to accelerate zkEVM and Layer 2 development, enhancing Ethereum’s scalability, verifiability, and censorship resistance
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Metaplanet acquired an additional 1,088 BTC, bringing its total holdings to 8,888 BTC
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CoinShares: Net inflows into digital asset investment products totaled $286 million last week
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SharpLink Gaming completed a $425 million private funding round, led by Consensys. Proceeds will be used to purchase ETH, which will serve as its primary treasury reserve asset
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Robinhood completed a $200 million acquisition of crypto exchange Bitstamp
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Kraken has begun distributing funds to FTX creditors
Project Highlights
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Trending Tokens: LAUNCHCOIN, SYRUP, SPX
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ETH/BTC rebound fueled a broad altcoin rally, with Ethereum ecosystem tokens (ENA, PEPE, ARB, AAVE) leading the gains
Weekly Outlook
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June 4: Second hearing on crypto market structure and stablecoin regulatory legislation; U.S. May ISM Non-Manufacturing Index
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June 5: Federal Reserve Beige Book release; OKX Wallet to suspend support for Runes marketplace; TAIKO unlocks 69.37% of its circulating supply, valued at ~$46.9 million; U.S.-Germany summit; ECB announces latest interest rate decision
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June 6: U.S. May Non-Farm Payrolls and Unemployment Rate; SEC’s Crypto Working Group to hold “DeFi and the American Spirit” public roundtable
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