coin

CryptoQuant analyst Axel Adler Jr. stated that Bitcoin's realized market cap 30-day change rate has dropped to -1.1%, marking the first time since mid-March that capital outflow has reached this level. From a peak of approximately $1.087 trillion in mid-May, the realized market cap has decreased by about $12 billion to $1.075 trillion. The contraction rate has significantly accelerated: on June 1, this metric was -0.15%, and by June 8, it had fallen to -1.1%. During the same period, the BTC price dropped from $82,000 to $63,000, a decline of 23%. The current outflow rate is comparable to the beginning of the capitulation in March, when this metric reached -2.4%, indicating that there is still room for deterioration.The aSOPR 30-day moving average has been below 1 for 13 consecutive days since it fell below 1 on May 28, currently at 0.987, indicating an average loss of about 1.3% per transaction. The long-term aSOPR being below 1 is a classic sign of weak hands being flushed out, with sellers still dominating until it rises back to 1. The combination of these two indicators defines the capitulation phase: capital is flowing out of the network, driven by loss-induced selling.

Gate released the Private Wealth Management Report for May 2026. The crypto market continued its adjustment trend in May, influenced by rising geopolitical uncertainties and declining risk appetite. BTC fell approximately 2.9% during the month, while ETH dropped over 11%, with overall performance weaker than traditional risk assets during the same period. Against the backdrop of increased market volatility, Gate's private wealth quantitative strategies demonstrated strong resilience. Data shows that the net value of quantitative funds overall rebounded in May, with 90% of strategies recording positive returns. Among them, the "Interstellar Hedge (USDT)" cumulative return rate increased to 18.6%, with all 23 cycles within the statistical range achieving profitability, maintaining a win rate of 100%. Meanwhile, the drawdown levels of the USDT and BTC strategies continued to remain low, with overall risk control performance better than the market benchmark.At the same time, AI-related investments continued to be an important driver of growth. On the macro level, inflation remains a key variable affecting market expectations, with the market generally expecting the June FOMC meeting to maintain the current interest rate level. On the other hand, as the supporting details of the GENIUS Act gradually take effect, the regulatory framework for stablecoins is transitioning from policy framework to actual implementation, bringing more certainty to the digital asset industry.

According to CoinDesk, Bitcoin and gold fell simultaneously as the market bets on rising interest rates pressuring non-yielding assets. Bitcoin dropped about 7% this week, while gold fell below $4,200 per ounce.The rebound was mainly driven by short covering, with over $500 million in bearish bets liquidated in the past week, while spot demand has not yet returned significantly. Traders are focusing on Wednesday's U.S. inflation data and the policy stance of the new Federal Reserve Chairman Kevin Warsh. If inflation remains high, it could prompt interest rates to stay elevated, further pressuring risk assets. The rare simultaneous decline of Bitcoin and gold undermines their rationale as macro hedging tools.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $77.4378 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3908 million, bringing the historical total net inflow of BTC to $2.275 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF IBIT, with a single-day net outflow of $61.6422 million, and the historical total net inflow of IBIT has reached $62.175 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.583 billion, with an ETF net asset ratio (the market value as a percentage of Bitcoin's total market value) of 6.23%, and the historical cumulative net inflow has reached $53.772 billion.

Grayscale Research Director Zach Pandl released a research report stating that, based on multiple on-chain valuation indicators, Bitcoin's current price is below its long-term average, indicating that it is undervalued, but the degree of undervaluation is not as significant as in previous cycle lows such as after the FTX collapse.

Renowned trader Killa (@KillaXBT) updated his market outlook, stating that if Bitcoin holds the quarterly low of $60,037, it may rebound to the quarterly opening price of $68,185; if it fails to hold, it points to the CME gap at $54,111.Additionally, the next potential support below is the July 2024 low of $49,302. Killa, a quantitative trader focused on BTC, predicted the peak of this bull market in May 2025 and has over 180,000 followers on the X platform. In mid-April, he shorted Bitcoin at $74,688.

According to SoSoValue data, yesterday (Eastern Time June 9), the total net outflow of Bitcoin spot ETFs was $77.4378 million.The Bitcoin spot ETF with the highest single-day net inflow yesterday was Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3908 million. Currently, the historical total net inflow of BTC has reached $2.275 billion.The Bitcoin spot ETF with the highest single-day net outflow yesterday was Blackrock ETF IBIT, with a single-day net outflow of $61.6422 million. Currently, the historical total net inflow of IBIT has reached $62.175 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.583 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.23%. The historical cumulative net inflow has reached $53.772 billion.

According to Globenewswire, the Nasdaq-listed Bitcoin mining company Keel Infrastructure (formerly Bitfarms) has completed the issuance of $458 million in convertible preferred notes, with a coupon rate of 1.25%, maturing in 2032, and an initial conversion price of approximately $7.41 (a 25% premium over the closing price on June 4). Part of the raised funds will be used to purchase capped call options to hedge against dilution risk at the time of note conversion.Keel stated that the existing liquidity is expected to be sufficient to develop the Panther Creek, Sharon, and Moses Lake projects through leasing, and this fundraising will enhance the company's flexibility for general corporate purposes such as long-term equipment deposits or collateral for data center project letters of credit.

Zach Pandl, the head of research at Grayscale, stated that on-chain valuation metrics indicate that Bitcoin is currently undervalued, but it has not reached the cheapness of previous cycle bottoms. He noted that this bear market may be shallower than past ones due to the smaller gains in the previous bull market, along with improvements in market structure such as ETP availability, wealth platform deployment, and institutional adoption.Zach believes investors can focus on two major short-term catalysts: the progress of the Senate's "Clarity Act" and whether leveraged Bitcoin holders can stabilize their balance sheets. He remains optimistic about the "Clarity Act," but predicts that market signals show a low probability of the bill passing. Pandl believes the current price levels provide long-term investors with an opportunity to accumulate positions in batches, while short-term traders may wait for developments on the bill.

The Bitcoin Layer2 network Botanix announced that it will gradually shut down, and users need to withdraw Bitcoin and other assets before July 9. The team summarized several lessons: the current market demand for Bitcoin programmability is not yet mature; token issuance strategies generally perform poorly; most DeFi users prefer the WBTC solution on Ethereum; on-chain economics is concentrating towards centralized platforms like Hyperliquid and Robinhood; users mainly use Bitcoin for value storage rather than high-frequency trading, making it difficult for network fee revenue to cover infrastructure costs.Botanix stated that rather than continuing to invest without generating new insights, it is better to stop while there are still resources. After July 9, the remaining Bitcoin will be uniformly reclaimed by the validators of the Botanix network's Federation, and other assets will be unrecoverable.

American venture capitalist and billionaire Tim Draper posted on the X platform that he believes the banking system will be breached before quantum computing has the capability to break blockchain. Draper stated that Bitcoin is safer than the dollars in bank accounts. Even if there are issues with blockchain, full node operators can roll back to the last secure block, and the network can continue to operate, whereas dollars and banks do not have this option. He predicts that as retailers begin to accept Bitcoin, it will eventually completely replace the dollar.

According to on-chain analyst Ai Yi's monitoring, the giant whales short-selling ETH by borrowing coins have begun to take profits. From June 8 to June 9, they cumulatively pledged 132 million stablecoins and sold 35,000 ETH at an average price of $1,672.Two hours ago, they withdrew 7,000 ETH from Binance for the first time and repaid an Aave loan, realizing a profit of $190,000, with 28,000 ETH still outstanding.

According to Onchain Lens monitoring, a wallet withdrew 100,000 HYPE from Coinbase, worth 5.9 million dollars, possibly belonging to bizyugo.hl (@bizyugo).

Zhao Changpeng posted on platform X, stating: "Bitcoin won't 'die' for too long. Don't panic."

According to Coinglass data, if Bitcoin falls below $60,000, the cumulative long liquidation intensity on mainstream CEX will reach $823 million. Conversely, if Bitcoin breaks above $64,000, the cumulative short liquidation intensity on mainstream CEX will reach $981 million.The liquidation chart does not show the exact number of contracts pending liquidation or the exact value of contracts being liquidated. The bars on the liquidation chart actually represent the significance of each liquidation cluster relative to nearby liquidation clusters, that is, the intensity. Therefore, the liquidation chart shows to what extent the underlying price reaching a certain position will be affected. A higher "liquidation bar" indicates that once the price reaches that point, there will be a stronger reaction due to liquidity waves.

According to monitoring by Catcher Predict, in the prediction market Polymarket for the event "Bitcoin breaks on June 9," the "yes" option in the sub-market "62,000" experienced a sharp fluctuation in winning probability, dropping from 86.75% an hour ago to the current 66% (a fluctuation of 20.75%). Please note the impact of related breaking news.

According to CoinDesk, Wall Street brokerage Bernstein released a research report indicating that the main driver of Bitcoin's price weakness in 2026 is a slowdown in capital flows, rather than the market's concerns about the threat of quantum computing.The report shows that this year, Bitcoin treasury companies and ETFs attracted approximately $12 billion in inflows, a significant decrease from $60 billion in 2025; ETFs recorded about $2.6 billion in net outflows based on an asset scale of $75 billion, with new demand primarily coming from corporate buyers represented by Strategy (MSTR). Bernstein analysts attribute the slowdown in funds to a large influx of retail investors into AI-related assets, with this year's strongest performance in the crypto market concentrated in tokenized stocks and commodities.Nevertheless, analysts believe that the scale of ETF outflows remains moderate, and the structure of Bitcoin investors has shifted from being dominated by retail investors to a more diverse group including ETFs, corporate treasuries, wealth management platforms, pension funds, and sovereign investors, resulting in a healthier market structure, with the long-term value storage logic remaining intact.

According to Bitcoin News, Strive CEO Matt Cole stated that the depreciation of fiat currency will continue to accumulate over time, and in this context, there is no better scarce digital commodity than Bitcoin.

According to the latest weekly report from Gate Ventures, the market has shown a significant cooling of risk appetite under the influence of strong economic data and ongoing inflationary pressures, with global growth assets generally under pressure.The cryptocurrency market has also pulled back, with BTC down 14.4% for the week and ETH down 15.7%. The total market capitalization of cryptocurrencies has decreased by 12.5%, and market sentiment has dropped to the "extreme fear" range. In terms of capital flow, the spot BTC ETF saw a net outflow of $1.72 billion in a single week, setting a record for the largest weekly outflow in history; the spot ETH ETF experienced a net outflow of $168.2 million during the same period, indicating that institutional funds are becoming more cautious in the short term.In terms of industry development, Mastercard announced the expansion of stablecoin settlement applications in its global payment network, supporting various compliant stablecoins for round-the-clock settlements in payment scenarios, further promoting the integration of stablecoins into mainstream financial infrastructure.In terms of investment and financing, three financing transactions were disclosed last week, with the infrastructure sector continuing to dominate. Among them, the digital asset derivatives infrastructure project SignalPlus completed a $50 million financing, demonstrating that market funds are still focused on underlying infrastructure and long-term application scenario development.Overall, the market is temporarily disturbed by macro factors, but stablecoin payments and infrastructure development remain important directions for industry growth.

According to Nikkei News, Japan's three major banks plan to jointly issue a stablecoin pegged to fiat currency within the fiscal year 2026, and have established a consultation mechanism to promote the application and operational design in real transaction scenarios. Sumitomo Mitsui Banking Corporation, Mizuho Bank, and Mitsubishi UFJ Bank are expected to soon sign a basic agreement. Since November 2025, the three banks have been conducting joint empirical experiments under the guidance of the Financial Services Agency (FSA) in Japan to prepare for the joint issuance of the stablecoin. In the future, this consultation committee will continue to promote the practical application and commercialization design of the stablecoin in conjunction with relevant laws and regulations and market development trends.