1.Overview

• Elon Musk publicly breaks ties with Donald Trump; Tesla stock plummets.
• Circle officially debuts on the New York Stock Exchange, soaring 170% on its first trading day.
• Hong Kong’s “Stablecoin Ordinance” will take effect on August 1, introducing a licensing regime for stablecoin activities.
• Crypto market extends losses: BTC fell to $100,000 this morning, ETH dropped below $2,400.

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2. Global Macro & Policy Outlook

Today’s Key Events

• U.S. May Unemployment Rate – Previous: 4.20%
• U.S. May Nonfarm Payrolls (seasonally adjusted) – Previous: 177K

Major Macro Developments

1. Musk vs. Trump: Public Fallout Sends Tesla Stock into Freefall

   On June 5, Tesla stock plunged 14.26% to close at $284.7, wiping out about $153 billion in market value—falling below the trillion-dollar threshold and marking its worst single-day drop ever. The plunge came after an escalating public feud between Tesla CEO Elon Musk and U.S. President Donald Trump. Musk criticized the “Big & Beautiful” Act backed by Trump, particularly the removal of EV subsidies. Trump called Musk “insane” and threatened to terminate government contracts with his companies. Musk retaliated by calling for Trump’s impeachment and announced plans for SpaceX to phase out its Dragon spacecraft. Musk also alleged on social media that Trump’s name appeared in the Jeffrey Epstein case files.

1. Xi-Biden Call: Economic Dialogue Gains Ground
   
   According to Chinese state media, Presidents Xi Jinping and Joe Biden held a phone call on June 5, during which Xi stated that both sides should leverage the economic and trade consultation mechanism established in Geneva. This was welcomed globally and demonstrated that dialogue and cooperation are the only correct paths forward. China expressed sincerity while maintaining its principles.

2. Hong Kong to Enforce Stablecoin Regulation from August 1
   
   Per an official government notice, Hong Kong’s “Stablecoin Ordinance” (Chapter 656) will come into effect on August 1, 2025. The legislation will establish a licensing framework for stablecoin-related activities. The Financial Secretary confirmed that professional investors can access designated unlicensed stablecoins. Secretary for Financial Services and the Treasury, Christopher Hui, noted this marks a key milestone for the development of Hong Kong’s stablecoin and digital asset ecosystem. The Hong Kong Monetary Authority has concluded consultations covering AML and other compliance issues.

3. U.S. Jobless Claims Hit 8-Month High
   
   Initial jobless claims for the week ending May 31 rose to 247,000, higher than expected and the highest since October 2024. Continuing claims rose to 1.904 million for the second week in a row, reflecting growing difficulty in re-employment.

4. Circle’s IPO Surges Nearly 170% on Day One
   
   Stablecoin giant Circle Internet Group Inc. (CRCL) surged 122% at open to $69 per share, far exceeding its IPO price of $31. Shares peaked at $103.75 during the session and closed up 167.35% at $82.88.

5. U.S. Senate Republicans Push to Include Crypto in Tax Bill
   
   According to Semafor, Senator Cynthia Lummis is pushing to include crypto-related clauses in the GOP’s tax and spending bill. The proposal would expand the “wash sale rule” to crypto transactions, potentially generating billions in tax revenue. It also seeks to exempt Bitcoin miners from reporting gains or losses. Co-authored with Senator Kirsten Gillibrand, the proposal has been submitted to Senate Finance Chair Mike Crapo. If passed, it would form the first systematic crypto tax framework in the U.S.

6. Trump Media Group Launches $2.3B Bitcoin Reserve Plan
   
   On June 6, Trump Media Group (Nasdaq, NYSE Texas: DJT) filed an S-3 registration statement with the SEC, involving $2.3 billion in debt and equity subscriptions from ~50 investors—one of the largest Bitcoin reserve announcements by a public firm. The filing includes resale registration for ~56 million shares and 29 million convertible bonds, as well as a shelf registration for future M&A and capital raises.

Traditional Markets Recap

Dow -0.25%, S&P 500 -0.53%, Nasdaq -0.83%. Europe’s STOXX 600 rose 0.16%.
Silver rallied to a 13-year high; copper hit a two-month peak.
Tesla (TSLA.O) -14.26%, Trump Media Group (DJT) -8.04%, Apple (AAPL.O) and Nvidia (NVDA.O) both fell over 1%.

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3. Crypto Market Snapshot

1. Spot Performance of Major Coins

(as of June 6, 2025, 11:00 AM)

2. Futures Capital Flow Analysis

According to Coinglass, BTC, ETH, SOL, BNB, XRP, SUI, and TRUMP saw the largest net outflows in futures contracts over the past 24 hours, potentially offering trading opportunities.

3. Bitcoin Liquidation Map

As of June 6, Coinglass data shows:

• If BTC breaks below $100,000, long liquidations across major CEXs could hit $690 million.
• If BTC surpasses $103,000, short liquidations may reach $1.65 billion.
  Leverage should be managed carefully to avoid cascading liquidations during market volatility.

4. Bitcoin Long/Short Ratio

As of 11:00 AM, Coinglass data reports BTC’s long/short ratio at 0.6861, with longs at 40.69% and shorts at 59.31%.

5. Total Liquidations

In the past 24 hours, total liquidations reached $980 million.

• Long liquidations: $889 million
• Short liquidations: $91.3 million
• Total liquidated traders: 226,867 globally

4. Blockchain Headlines

• Circle (CRCL) surged 167.35% on its first day of trading, closing at $82.88.
• Public companies now hold nearly $85 billion worth of Bitcoin—doubling year-over-year.
• Circle CEO confirms the company’s official NYSE listing.
• Pump.fun calls on Musk to launch a token to rival TRUMP coin.
• Sui partners with Dubai’s VARA to foster Web3 innovation and regulatory integration in the Middle East.
• Ethereum’s weekly active address count hit a record high.
• An independent miner mined a BTC block via hashpower rental, earning $330,000 in rewards.

5. Institutional Insights · Daily Picks

• Opinion: Musk has alienated both U.S. political parties; his main aim is eliminating the fiscal deficit.
• Greeks.live: Market saw the largest-ever crypto options block trade—suggesting strong bullish sentiment for BTC in Q3.
• Trend Research: Maintains bullish stance on ETH, buying 61,000 ETH call options on Deribit.
• Institutions: ECB’s expected rate cut may strain Trump’s ties with Fed Chair Jerome Powell.

6. BTCC Exclusive Market Commentary

As of early June 6, BTC fell nearly 4% to a low of $100,500 before rebounding to around $102,900.

BTCC analyst Kevin commented:

“Short-term technical indicators such as a MACD golden cross and rising RSI show that the rebound momentum is still intact. A wide Bollinger Band indicates elevated volatility. If BTC can break above $103,000, a test of the $105,000 resistance is likely. However, long-term holder profit-taking, declining retail participation, and the political clash between Trump and Musk continue to weigh on sentiment. After the short-term rebound, downside risks remain, and further pullbacks cannot be ruled out.”

Risk Warning: The above content is for informational purposes only and does not constitute investment advice. Cryptocurrency trading involves risk. Please manage your positions carefully.

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