BTCC Crypto Daily (June 5) | First Stablecoin IPO Imminent, Weak U.S. ADP Data, Crypto Market Sinks

1. Overview

• Stablecoin giant Circle is set to go public on the New York Stock Exchange (NYSE) on June 5, marking the first IPO in the stablecoin sector, with an expected fundraising size of $1.1 billion.

• The U.S. May ADP employment data posted the smallest increase since March 2023, missing expectations. Trump urged Fed Chair Powell to cut rates immediately.

• The Federal Reserve’s Beige Book signaled economic pessimism, with the word “tariff” mentioned 122 times.

• The overall crypto market declined, with Meme coins and DeFi tokens leading losses. ETH showed relative resilience.

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2. Global Macro & Policy Outlook

Key Events Today

• U.S. Initial Jobless Claims (week ending May 31) will be released today; previous reading: 240K.

• The SEC will host an Emerging Trends in Asset Management Conference today, with participation from institutions such as BlackRock.

Major Macro Headlines

1. Trump: Debt Ceiling Should Be Abolished to Avoid Economic Disaster
   Trump wrote on social media: “After many years, I finally agree with Senator Warren on something: The debt ceiling should be entirely abolished. It is too dangerous to leave it in the hands of politicians. Even if it may have catastrophic consequences for our nation—and even the world—some politicians still try to exploit it for political gain.”
2. First Stablecoin IPO: Circle to List on NYSE on June 5
   Circle, issuer of USDC, will go public today on the NYSE under the ticker “CRCL” at $31 per share, above the original range of $24–26. The IPO raised $1.1 billion with a valuation of $6.2 billion. Initially planning to issue 24 million shares, demand pushed the offering to over 34 million. This milestone coincides with U.S. lawmakers advancing stablecoin regulatory legislation.
3. Fed’s Beige Book: Economic Outlook Gloomy, “Tariff” Mentioned 122 Times
   The Beige Book released on June 5 reported that the U.S. economy slowed modestly over the past six weeks. Hiring weakened, and both consumers and businesses were concerned about tariff-induced price hikes. Inflation was described as “modestly increasing”, but many businesses expected faster future cost increases. “Tariff” appeared 122 times, up from 107 in April.
4. JPMorgan to Accept Bitcoin ETFs as Loan Collateral
   JPMorgan plans to allow clients to use crypto-backed ETFs, such as IBIT (iShares Bitcoin Trust), as collateral for loans. The service is expected to roll out in the coming weeks and may expand to include more crypto ETFs.
5. U.S. May ADP Data Falls Short of Expectations
   Only 37K private jobs were added in May, well below forecasts of 114K and April’s 62K—the smallest gain since March 2023. The data renewed concerns over a potential recession, prompting Trump to again pressure the Fed for immediate rate cuts. U.S. Treasury yields dropped sharply.
6. BlackRock Bitcoin ETF Debuts in Moscow, Ranks Among Top 25 ETFs Globally
   Moscow Exchange (MOEX) launched futures contracts tied to BlackRock’s IBIT, making it one of the world’s top 25 ETFs by AUM. MOEX will introduce qualification tests starting June 23.
7. Trump-Losing Patience with Musk as Tensions Escalate
   After Musk criticized the GOP’s spending bill, Trump reportedly became frustrated. Musk was also upset by Trump’s withdrawal of a key NASA nominee. A White House official said senior advisors were caught off guard by Musk’s growing attacks after months of close cooperation.

Traditional Market Summary

• S&P 500: +0.01%
• Dow Jones: -0.22%
• Nasdaq: +0.32%
• USD weakens, gold up 0.71% to $3,375.89/oz

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3. Crypto Market Tracker

1. Spot Performance of Major Cryptos

As of 11:00 AM, June 5, 2025

2. Futures Capital Flow Analysis

According to Coinglass, in the past 24 hours, net outflows were seen in BTC, ETH, DOGE, SOL, PEPE, XRP, and WIF contracts, indicating potential short-term trading opportunities.

3. Bitcoin Liquidation Heatmap

At a BTC price of $104,921, if BTC drops below $103,000, long liquidation pressure across major CEXs could reach $1.36 billion.

If BTC breaks above $106,000, short liquidation may trigger $530 million.

Risk management is advised, especially with leverage.

4. BTC Long/Short Ratio

As of 11:00 AM (via Coinglass):

• Longs: 49.05%
• Shorts: 50.95%
• Long/Short Ratio: 0.9627

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4. Blockchain Headlines

• Ethereum Foundation announces new financial strategy, aiming to reduce annual expenses to 5% of reserves within 5 years.
• Over 50M Americans now hold Bitcoin, averaging over $11K per holder, surpassing gold.
• BlackRock adds ~545 BTC (worth $57M+) to holdings.
• Treasure Global launches $100M digital asset treasury strategy.
• Semler Scientific purchases 185 BTC for $20M.
• K Wave Media (South Korea) plans to issue $500M in common stock to support BTC reserves.
• CUDIS: Airdrop claim starts tomorrow; TGE circulation = 24.75% of total supply.
• Taiko (TAIKO) to unlock 81.55M tokens, 69.37% of circulating supply ($46.9M value).

5. Institutional Insights · Daily Picks

• 10x Research: ETH’s resilience exceeds expectations, approaching critical technical breakout.
• Consensys: Ethereum poised to become the backbone of global finance.
• Matrixport: Korea’s crypto market activity remains muted despite President Lee’s pro-crypto reforms.
• Sygnum Bank: BTC liquidity squeeze may set stage for upward price movement.
• World Economic Forum (WEF): Blockchain + AI could drive DePIN market to $3.5T by 2028.
• Analysts: ECB likely to cut rates today, with more cuts to follow.

6. BTCC Exclusive Market Commentary

On June 5, BTC hovered around $105,000, currently trading at $104,570, down 0.8% intraday.

BTCC analyst Harvey notes: Technically, BTC remains in a bearish consolidation phase.
4H MACD leans bearish, RSI sits near 45, signaling indecision.Watch support at $104,000 — a breakdown could lead to deeper correction.

On the macro front, ongoing U.S. debt ceiling debates, a dovish Fed Beige Book, and weak employment data are weighing on sentiment.BTC is at a crossroads between technical uncertainty and macro headwinds.

Risk Disclaimer: 

The above content is for informational purposes only and does not constitute investment advice. Please exercise caution and proper risk management in all trading decisions.

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