1. Overview

• Nasdaq has submitted a proposal to the U.S. SEC to include XRP, SOL, ADA, and XLM in its crypto index.
• The U.S. Treasury will auction a series of government bonds this week, with the 30-year bond drawing particular attention.
• Tokens such as APT, STRK, and IMX are scheduled for major unlocks, with the APT unlock valued at approximately $52.7 million.
• Data shows that spot trading volume on centralized exchanges (CEXs) has fallen to a five-year low, indicating a market shift toward accumulation.
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2.Macro & Policy Outlook

Today’s Key Events

• U.S. May New York Fed Inflation Expectations (Previous: 0.60%)
• U.S. SEC to host a roundtable discussion on “DeFi and the American Spirit”

Major Macro Events

1. U.S. Treasury to Auction Government Bonds This Week, 30-Year Bond in Focus
   The U.S. Treasury will auction a series of government bonds this week. On Tuesday, it will auction $58 billion in 3-year Treasuries; on Wednesday, $39 billion in 10-year Treasuries; and on Thursday, $22 billion in 30-year Treasuries.
   Analysts warn that if the 30-year auction once again exhibits a poor tail and weak bid-to-cover ratio, the U.S. bond market could face significant pressure.
2. China-U.S. Trade Delegations to Meet in the U.K.
   According to the Chinese Ministry of Foreign Affairs, at the invitation of the British government, He Lifeng — member of the CPC Politburo and Vice Premier of the State Council — will visit the U.K. from June 8 to 13.
   During the visit, He Lifeng will meet with U.S. Treasury Under Secretary Bessent, Commerce Secretary Lutnick, and U.S. Trade Representative Greer.
3. U.S. Nonfarm Payrolls Beat Expectations
   Data released last Friday shows that U.S. nonfarm payrolls increased by 139,000 in May, exceeding the expected 126,000. The unemployment rate held steady at 4.2%, in line with forecasts.
   However, the April figure was revised down from 177,000 to 147,000, and March from 185,000 to 120,000.
   Following the release, traders lowered expectations for two Fed rate cuts this year, and U.S. Treasury yields rebounded.
   “Fed Watcher” Nick Timiraos noted that a slowdown in hiring may not indicate economic weakness and could allow the Fed to hold rates steady through the summer.
4. Trump Again Pressures the Fed: Calls for 100-Basis-Point Rate Cut
   On June 6, Donald Trump posted that the Fed’s “Mr. Too Late” (referring to Chair Jerome Powell) is a disaster and suggested an immediate 100-basis-point rate cut.
   He stated that if inflation returns, rate hikes can be used to counter it — “it’s very simple.” Trump also revealed he is considering candidates for the next Fed Chair, with former Fed Governor Kevin Warsh reportedly receiving strong consideration.
5. Trump Declares His Relationship with Musk Is Over
   On June 7, President Trump said in a phone interview with NBC that his relationship with Tesla CEO Elon Musk is “over.”
   Amid recent public disputes, Musk had posted on social media suggesting a connection between Trump and the Epstein case — a post that has since been deleted.
   On June 6, aboard Air Force One, Trump told reporters he was too busy to think about Elon and simply wished him well. Hours later, Musk responded to the video clip on X with a one-word reply: “Same.”
6. Nasdaq Files to Add XRP, SOL, and ADA to Its Crypto Index
   According to Cryptotimes on June 9, Nasdaq filed a rule change proposal with the U.S. SEC on June 7, seeking to include XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) in its crypto index benchmark.
   The adjustment involves the Hashdex Nasdaq Crypto Index ETF (NCIQ), expanding its benchmark from the Nasdaq Crypto US Settlement Price Index (NCIUS) to the broader Nasdaq Crypto Index (NCI), which will include nine tokens.

Traditional Asset Correlation

On Friday, the S&P 500 rose 1.02%, the Dow Jones gained 1.04%, and the Nasdaq climbed 1.20%. Tesla surged over 7% intraday and closed up more than 3%.

On Monday morning (June 9), spot gold fell below $3,300. As of 10:00 HKT, gold was trading at $3,294/oz, down 0.46% intraday.

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3.Crypto Market Snapshot

1. Spot Performance of Major Cryptocurrencies

(As of 11:00 HKT, June 9, 2025)

     2.Contract Capital Flow Analysis

     According to Coinglass data, over the past 24 hours, contract trading for ETH, MASK, DOGE, LPT, PEPE, and SUI has seen the most significant net outflows, potentially signaling trading opportunities.

    3.Bitcoin Liquidation Map

    As of June 9, Coinglass data shows that with BTC priced at $105,395, if Bitcoin drops below $104,000, the cumulative long liquidation pressure across major CEXs will reach $1.05 billion.
    Conversely, if BTC breaks above $107,000, the cumulative short liquidation pressure will reach $630 million.
    It is advised to manage leverage prudently to avoid large-scale liquidations during market fluctuations.

    4.Bitcoin Long/Short Ratio

    According to Coinglass data, as of 14:00 HKT on June 9, the global Bitcoin long/short ratio stands at 1.34, with 57.28% of traders holding long positions and 42.72% holding short positions.

     5.On-chain Monitoring

     On June 9, Onchain Lens reported that trader James Wynn once again closed his 40x BTC short position, incurring a loss of $174.18. He has now opened a new 40x BTC long position.
     It appears that whenever James opens a position, the market tends to move in the opposite direction.
     Also on June 9, Lookonchain reported that trader 0x11e1 turned $171,000 into $9.3 million in just three months through a KTA trade. Three months ago, the trader spent 91.5 ETH (worth $171,000 at the time) to purchase 6.02 million KTA tokens, which are now worth $9.3 million.

4.Blockchain Headlines

• Data Shows Spot Trading Volume on CEXs Has Fallen to a Five-Year Low, Market Shifts Toward Accumulation
• Michael Saylor Downplays the Threat of Quantum Computing to Bitcoin
• Biometric Identity Project World to Launch Operations in London on June 12
• Bitcoin Network Transaction Activity Drops to Lowest Level Since October 2023
• Dormant Whale Deposits 4,949.63 ETH (Approx. $12.54 Million) to Exchange After Four Years
• Tokenization Drives Over $18 Billion in Dubai Real Estate Sales in May
• Bitcoin Investor “Taihuttu Family” Distributes Seed Phrases Across Four Continents to Guard Against Kidnapping Risks
• APT, STRK, IMX and Other Tokens Set for Major Unlocks, with APT’s Unlock Valued at Around $52.7 Million
• Movement (MOVE) to Unlock Around 50 Million Tokens at 8:00 PM on June 9, Equal to 1.96% of Circulating Supply, Valued at Around $7.1 Million

5.Institutional Insights · Daily Picks

10x Research: The next move in Bitcoin may set the tone for the entire summer market. Research shows that funding rates, trend breakouts, and counter-positioning are aligning in a way not seen for months, forming a high-confidence signal. At the same time, Ethereum fundamentals are quietly weakening, while certain altcoins are beginning to show signs of activity.

Citi: The Fed is expected to cut rates by 75 basis points this year. On June 9, Citi stated that — following the release of the nonfarm payroll report — it now expects the Fed to cut rates by a total of 75 basis points this year, with 25-basis-point cuts in September, October, and December. The Fed is also expected to cut another 50 basis points cumulatively in January and March 2026.

Airwallex: Stablecoins are still far from replacing traditional cross-border payments. In practical settlement scenarios, if stablecoins need to be converted into fiat currency, the actual cost savings may fall short of expectations — and in some cases, could even exceed costs in the traditional interbank FX market.

Glassnode: BTC currently sits between two key price thresholds: $114,800 and $83,200. With Bitcoin recently trading near all-time highs, the Short-Term Holder Cost Basis has become a key reference indicator. It currently stands at $97,100, with standard deviation thresholds at $114,800 (+1σ) and $83,200 (–1σ). A breakout or breakdown from this range could define the next major market move.

Galaxy: Concerns over debt risks among Bitcoin finance firms are overstated — most liabilities mature more than two years from now. Galaxy notes that the total size of these companies’ debt is not significant, and the bulk of the liabilities won’t come due for over two years.

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6.BTCC Exclusive Market Analysis

On June 9, Bitcoin remained range-bound around $105,000, with short-term direction still unclear. Technically, narrowing Bollinger Bands and weakening MACD momentum are also consistent with this consolidation phase.

If a small-scale inverse head-and-shoulders pattern forms and breaks above the neckline, it would strengthen the rebound confirmation signal.

Structurally, price action remains in a mid-phase consolidation of a broader rebound wave. Subsequent moves will likely be influenced by a combination of policy signals and market liquidity conditions. Investors are advised to remain patient and closely monitor this week’s U.S. Treasury auctions and any Fed commentary, which may shape overall risk sentiment.

Trading Strategy:Short-term traders may focus on support at $105,000 and resistance between $106,800 and $108,000.Mid-term investors may view any pullback as a healthy correction and continue deploying capital in tranches on dips.Overall structure remains biased toward range-bound bullish consolidation.

Risk Warning: The above content is for reference only and does not constitute any investment advice or trading recommendation. The market involves risks. Please trade cautiously and manage your risk exposure properly.

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