Trump and Musk Fall Out Over “Big Beautiful Bill” — Crypto Responds with a Downturn

2025-06-07 23:34

Hotcoin 研究院

2025-06-07 23:34

来源链接

订阅此专栏

收藏此文章

Trump and Musk Fall Out Over “Big Beautiful Bill” — Crypto Responds with a Downturn

Cryptocurrency Market Performance

The current total cryptocurrency market capitalization stands at $3.34 trillion, with BTC dominance at 61.55%, totaling $2.06 trillion. The market cap of stablecoins is $249.1 billion, marking a 0.72% increase over the past 7 days, with USDT accounting for 62.05%.

BTC: Range-bound this week, current price: $103,655
ETH: Also range-bound, current price: $2,481

Among the top 200 projects on CoinMarketCap, only a few have posted gains while most have declined. Notable 7-day gainers include:

SKY: +10%
LA: +183.83%
MASK: +47.53%
ANIME: +37.33%

ETF flows:

U.S. Bitcoin Spot ETFs: $130.8 million net outflow
U.S. Ethereum Spot ETFs: $280.8 million net inflow

The Fear & Greed Index on June 6 stood at 46, down from last week, indicating a neutral sentiment for the 7-day period.

Market Forecast

This week saw continued stablecoin minting. Bitcoin spot ETFs in the U.S. experienced net outflows for a second week, while Ethereum spot ETFs saw net inflows. Both BTC and ETH remained range-bound. The RSI index is 49.59, indicating neutrality. The Altcoin Season Index is at 18.

U.S. May non-farm payroll data came in higher than expected, while the ADP private payrolls reported the lowest increase since March 2023. The sentiment remains neutral.

The probability of a 25 bps Fed rate cut in June is only 2.6%, with expectations that rate cuts will start in Q3 2025. The market shows a contrast between listed companies accumulating BTC and profit-takers/ETF sellers offloading.

Unless major events or new liquidity injections occur, BTC is expected to consolidate between $100K and $105K next week. Developments in the Trump-Musk relationship are worth watching.

Weekly Highlights

June 2: At the ETHGlobal Prague summit, Ethereum founder Vitalik Buterin stated that Ethereum Layer 1 scalability will increase 10x within a year, after which it will “pause before the next leap.”
June 3: The U.S. SEC seeks public comment on a proposal to allow WisdomTree Bitcoin Fund to offer in-kind creation and redemption.
June 3: South Korea’s JTBC TV reports that Lee Jae-myung wins the presidency. He supports crypto spot ETFs and has proposed a KRW-backed stablecoin.
June 4: Trump’s social media platform Truth Social submits a Bitcoin ETF application.
June 4: Joe Lubin, Ethereum co-founder and Consensys CEO, says they are negotiating with a major sovereign wealth fund and bank from a powerful nation about building on Ethereum.
June 4: Donald Trump Jr. clarified that the Trump Group has no ties to the Magic Eden & TRUMP Meme wallet project, and that their official wallet (World Liberty Financial) is launching soon.
June 5: Stablecoin issuer Circle completes IPO on NYSE at $31/share, raising $1.1 billion, surpassing expectations. Ticker: CRCL. USDC is the second-largest stablecoin in the U.S.
June 5: YZi Labs announces an investment in OneKey, an open-source hardware wallet focused on crypto asset security.
June 5: According to the Fed’s Beige Book, U.S. economic activity declined slightly, hiring slowed, and there’s growing concern over tariff-driven price increases. Inflation is rising moderately, but many firms expect faster future cost growth.
June 5: According to the Wall Street Journal, after Musk criticized the GOP’s large tax and spending bill, Trump became impatient. Musk was also displeased with Trump rescinding a NASA leadership nomination for an ally. A senior White House official said Trump was confused by Musk’s increased criticism after months of close cooperation, catching advisors off guard.

Macroeconomic Highlights

June 4: U.S. May ADP employment increased by 37,000, the lowest since March 2023 (expected: 110,000).
June 5: The ECB cut the deposit facility rate by 25 bps to 2%, its seventh consecutive rate cut.
June 6: CME FedWatch Tool shows a 97.4% chance of no rate change in June; only 2.6% chance of a 25bps cut.
June 6: U.S. May non-farm payrolls increased by 139,000 (expected: 130,000); April revised down from 177,000 to 147,000.
June 7: China’s gold reserves rose by 60,000 ounces (1.86 tons) to 73.83 million ounces (approx. 2,296.37 tons) — the 7th consecutive monthly increase.

ETF Stats

Between June 2–6:

U.S. Bitcoin Spot ETFs saw $130.8 million net outflows
GBTC total outflow: $23.208 billion, current holdings: $19.327 billion
IBIT (BlackRock) current holdings: $69.137 billion
Total U.S. Bitcoin spot ETF AUM: $128.868 billion
U.S. Ethereum Spot ETFs: $280.8 million net inflow

Looking Ahead

Upcoming Events

NFT NYC 2026: June 23–25, 2025 (New York, USA)
Permissionless IV: June 24–26, 2025 (New York, USA)
EthCC 8: June 30 — July 3, 2025 (Cannes, France)
IVS2025 KYOTO: July 2–4, 2025 (Kyoto, Japan)
OpenLedger China Tour (Hong Kong stop): June 13, 6:30–9:30 PM. Will also visit Shanghai, Hangzhou, Shenzhen, and Chengdu.

Project Updates

Skate, a cross-VM blockchain, announced its promo video and launch date (June 9) on X, possibly hinting at a TGE date.
Upside, a social prediction market in the Base ecosystem, plans to launch on June 10.

Key Events

Circle froze 58 million USDT tied to the Libra scandal. Burwick Law has filed for a temporary restraining order in the Southern District of New York. Preliminary injunction hearing set for June 9.
U.S. House Financial Services Committee Chairman French Hill has scheduled a review of the House crypto market structure bill on June 10.

Token Unlocks

GMT: Unlocks 85.97 million tokens (~$4.33M) on June 9, 1.43% of supply
VANA: Unlocks 14.8 million tokens (~$94.48M) on June 12, 12.33% of supply
IMX (Immutable): Unlocks 24.52 million tokens (~$12.72M) on June 13, 1.23% of supply
STRK (Starknet): Unlocks 163 million tokens (~$21.59M) on June 15, 1.63% of supply
SEI: Unlocks 224 million tokens (~$42.61M) on June 15, 2.25% of supply
ZEN (Horizen): Unlocks 810,000 tokens (~$8.28M) on June 15, 3.89% of supply

About Us

Hotcoin Research is your trusted source for professional crypto insights and strategic analysis. Our three-pillar framework — trend analysis, value discovery, and real-time tracking — integrates deep research, multi-angle project evaluation, and continuous market monitoring.

We deliver timely, actionable insights tailored to investors of all levels through our biweekly Hot Coin Selection Live Strategy Sessions and daily Blockchain Headlines.

Backed by advanced analytics and a robust industry network, we equip newcomers with foundational knowledge and support institutional players in identifying high-potential opportunities. At Hotcoin Research, we help you stay ahead in the fast-evolving world of Web3, turning data into confident decisions.

Risk Disclaimer

The cryptocurrency market is highly volatile and subject to rapid changes. All investments carry risk. We strongly encourage investors to stay informed, assess market dynamics carefully, and implement sound risk management strategies to protect their assets.