Cryptoasset Market Maintains Sentiment Despite Disappointing US Economic Data
US economic indicators like ADP Employment and ISM index were lower than expected, however, risk asset markets, including cryptoassets, remained stable. President Trump criticized the Fed for not reducing interest rates timely and proposed permanently removing the national debt limit. The Finance Minister announced the "Big Beautiful Bill" plan, aiming to completely exempt taxes for production and R&D centers, expected to be voted on by Congress on July 4.
Major Financial Institutions Accelerate Cryptoasset-Related Activities
JPMorgan Chase first approved using cryptoasset ETFs as collateral for retail, trading, and asset management sectors, recognizing the actual net value of cryptoassets. This marks an important milestone, helping to legitimize digital asset positions in traditional markets. Public companies like K Wave Media and Treasure Global have also announced asset allocation to cryptoassets, demonstrating the continuing growing attractiveness of this field.
Capitalization and Capital Flows Enhance Cryptoasset Ecosystem Strength
Circle Internet Financial filed an IPO with a valuation of 7.6 to 8.1 billion USD, showing explosive growth ambitions. On June 4, BTC and ETH spot ETFs recorded net capital flows of 87 million USD and 57 million USD respectively. Although growth slowed compared to May, the capital flow structure remains solid.
Technical Developments and Market Sentiment Indicate Price Increase Expectations
ETH continues to test the 200-day moving average, while the ETH/BTC rate is close to 0.025, reflecting ETH's relative market strength. Demand for BTC Call Options at the actual price of 130,000 USD maturing in September is increasing, suggesting investors expect a breakthrough to new peak levels, driving speculation and risk position optimization in the cryptoasset derivative market.
