The crypto assets market shows strong recovery momentum, with Bitcoin breaking through $106,000.

The macro environment is showing a positive turnaround. The geopolitical tensions in the Middle East have eased, boosting market risk appetite, with crude oil prices retreating to pre-conflict levels and gold prices also experiencing a correction. Against this backdrop, the Federal Reserve Chairman released some key signals during a congressional hearing: while he did not explicitly rule out the possibility of a rate cut in July, he emphasized the need for more data to assess the impact of tariffs on inflation, suggesting it is more likely to wait until the September meeting to decide on a policy shift. He stated that if inflationary pressures are controlled, he would consider a rate cut earlier, but the current strong economy does not require hasty action, while also noting that uncertainty around tariffs is the main reason for delaying a rate cut. This statement was interpreted by the market as dovish, combined with the decrease in geopolitical risks, leading to a broad surge in U.S. stocks—the Nasdaq 100 reached a historic high, and the Dow Jones soared 500 points in a single day, while U.S. Treasury yields fell in tandem with the dollar.

Regarding regulation, analysts have indicated that a certain crypto assets trading platform is seeking approval from U.S. regulators to launch tokenized stock trading services. Tokenized stocks can achieve T+0 settlement, lower thresholds, lower costs, and round-the-clock trading. If the plan is approved, the platform will leverage blockchain technology to enter the stock trading sector, further blurring the lines between traditional brokerages and crypto platforms, challenging the status of traditional internet brokerages. In addition, after the new management took office, the U.S. regulators' attitude toward the crypto industry has shifted, as they not only withdrew lawsuits against several crypto companies but also established a crypto working group to formulate digital asset regulations. Analysts believe that the U.S. may gradually accept tokenized stock services in the future, paving the way for the application of blockchain technology in traditional stock trading.

Bitcoin broke through $106,000 under macro favorable conditions, but its performance was relatively restrained. A founder of a research institution indicated that the 13% increase in Bitcoin since the beginning of the year contrasts with over $63 billion in capital inflow, reflecting the market's caution regarding structural changes. Analysts have observed that the concentration of chips within a 5% range of the current spot price of Bitcoin has reached 14.5%. He pointed out that once the concentration exceeds 15%, the market may experience significant volatility. From a technical analysis perspective, several analysts have given similar forecasts for Bitcoin's short-term trend, believing that the price may consolidate at the current level, and if it breaks through $107,000, it is likely to reach $110,000; otherwise, it may fall back below $102,000.

Regarding Ethereum, some analysts have indicated that a certain trading platform experienced a large-scale fund withdrawal on June 23, with over 4,000 BTC and 61,000 ETH flowing out of the platform. This suggests that trader sentiment may have shifted from short-term speculation to a long-term holding strategy. Further analysis points out that as the capital rotation pattern shifts from Bitcoin to Ethereum, ETH may see a significant increase, as its profit supply ratio is far lower than that of Bitcoin, indicating a potential for catch-up growth. However, some analysts hold a different view, believing that the ETH price has failed to break through $3,000 for over 20 consecutive weeks, which has damaged market confidence, and it faces fierce competition from other public chains, making it difficult to return to levels above $3,000 in the short term.

In the market, an official public chain's interaction with KOLs led to a rapid rise and subsequent drop in the market value of related Meme coins; a project claimed to be developed by a team under an AI foundation quickly reached a market value of 18 million dollars based on the concept of "cross-Web2 and Web3 smart agents"; another token project originating from an internet meme also once surpassed a market value of 3 million dollars.

In addition, traditional financial institutions are accelerating their moves into the encryption field. A US stock company announced the acquisition of a public chain token as a strategic reserve through a $500 million convertible bond, driving its stock price to soar by 150% in a single day. The Hong Kong market also saw breakthrough progress, with a brokerage firm obtaining a comprehensive virtual asset license, becoming the first Chinese-funded brokerage to provide trading services for mainstream coins. This news stimulated its Hong Kong stock price, which saw an intraday increase of over 100%, also driving up the stock prices of related companies.

Key Data (as of June 25, 12:00 HKT)

• Bitcoin: $106,202 (Year-to-date +13.61%), Daily spot trading volume $27.86 billion
• Ethereum: $2,429.84 (Year-to-date -27.09%), daily spot trading volume is $15.253 billion
• Fear and Greed Index: 48 (Neutral)
• Average GAS: BTC: 1.05 sat/vB ETH: 3.12 Gwei
• Market share: BTC 64.6%, ETH 9.0%
• 24-hour BTC long-short ratio: 1.0751
• Sector fluctuations: AI down 3.45%; NFT sector down 2.83%
• 24-hour liquidation data: A total of 79,735 people were liquidated globally, with a total liquidation amount of 187 million USD, including BTC liquidations of 34.3663 million USD and ETH liquidations of 68.176 million USD.

Today's Outlook

• A trading platform will open H contracts and Alpha trading on June 25.
• The Kroma L2 network will shut down on June 26, and the related tokens need to be migrated to Ethereum.
• A certain trading platform will launch a new project on June 26.
• The Federal Reserve Chairman will testify before the Senate Banking, Housing, and Urban Affairs Committee on the semiannual monetary policy report (June 25, 22:00)
• Multiple projects will unlock tokens soon, including Venom, AltLayer, IOTA, Velo, Blast, and Undeads Games.

Hot News

• A large trader has increased their short position in ETH again, with the current position valued at $122 million.
• SharpLink Gaming increased its holdings by 12,207 ETH, bringing the total holdings to 188,478.
• A publicly listed company announced a private placement of $500 million in convertible notes to purchase a certain public chain coin as a strategic reserve.
• The Texas state government in the United States will allocate $10 million for purchasing Bitcoin.
• Trump calls for interest rate cuts of at least 2 to 3 percentage points
• A trading platform will launch trading pairs for a new project.
• Celestia co-founder stated that it has over $100 million in reserves, sufficient to support operations for more than 6 years.