Crypto Market Trends: The LABUBU auction craze revives old Meme coins, can Bitcoin hold the $105,000 mark? CPI data and US Treasury auction become the focus.

1. Market Observation

At 20:30 tonight and 1:00 AM tomorrow, the US May CPI data and a $39 billion 10-year Treasury auction will be released one after another, attracting high market attention. Economists expect a month-on-month increase of 0.2% in CPI, but investors are concerned that tariffs may push inflation levels higher. At the same time, the demand for the 10-year Treasury auction is also closely watched, especially against the backdrop of current trade policy uncertainties, with market worries that foreign buyers may reduce their participation. If the CPI data exceeds expectations and the Treasury auction performs poorly, it could deal a double blow to the bond market, leading to a sharp rise in yields. Recently, the US Treasury market has seen little volatility, but this data and auction result may become a catalyst to wake up the market. Analysts point out that inflation data may directly affect auction demand, and investors are closely monitoring related performance to assess changes in market sentiment. In addition, the market has largely ruled out the possibility of an interest rate cut at the June or July FOMC meetings, with expectations for a 0.25% cut only in September.

As major global economies accelerate the improvement of regulatory frameworks for crypto assets, the market is undergoing a profound reconstruction of its value system. Some analyses suggest that the U.S. "GENIUS Act" requires stablecoin reserve assets to be 100% pegged to the U.S. dollar or U.S. Treasury bonds and to be audited regularly, pushing the market capitalization of mainstream stablecoins to exceed $280 billion; the EU's MiCA Act promotes industry centralization; and Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, an IPO of a stablecoin issuer has attracted widespread attention in the market, with its valuation once soaring to $24 billion, reflecting strong investor confidence in compliant crypto financial infrastructure. Meanwhile, crypto concept stocks are experiencing a surge in investment, with a certain trading platform's stock price maintaining high fluctuations from late May to early June, peaking at $271.95 on May 22.

Bitcoin recently successfully broke through $110,000. From a technical perspective, after surpassing $106,737, the Bitcoin price is currently consolidating below the key resistance level of $110,668. If it breaks through $110,700, it may further rise to $112,700 or even $115,103. According to an analysis agency, Bitcoin has broken the short-term downtrend and formed a bullish breakout pattern. Even though this week's CPI data may bring some upward pressure, as long as the Bitcoin price remains above $105,075, the bullish trend remains valid. Meanwhile, Ethereum is gradually becoming the market focus, with its implied volatility rising. The short-term options volatility has reached over 70%, and bullish sentiment in the options market has significantly increased. Some analysts have stated that ETH needs to break through the $2,800-$3,000 resistance area to start the next round of increases, and if it breaks the $2,800 resistance, the ETH price may rise to $3,400-$3,500.

Recently, the market sentiment for Labubu has been continuously high, with the mint green first-generation LABUBU toy selling for a sky-high price of 1.08 million RMB. The market capitalization of the meme $Labubu has surged from yesterday's 19.51 million USD to today's 44 million USD. The on-chain market has overall warmed up, with the old MEME coin $AURA skyrocketing from a market cap of 1 million USD to 50 million USD last night. A certain ecosystem's Useless has reached a new high, with the price increasing tenfold within a week, and the market cap surpassing 50 million USD this morning. It is worth noting that a well-known investor has been closely following HYPE recently, and its market cap has now exceeded SUI, with the coin price breaking 42 USD, continuing to set new historical highs.

2. Key Data (as of June 11, 12:00 HKT)

• Bitcoin: $109,642 (Year-to-date +17.09%), Daily spot trading volume $34.456 billion

• Ethereum: $2,789.39 (Year-to-date -16.28%), daily spot trading volume is $35.099 billion

• Fear and Greed Index: 65 (Greed)

• Average GAS: BTC: 3.52 sat/vB ETH: 3.28 Gwei

• Market Share: BTC 63.2%, ETH 9.8%

• Trading volume ranking of a certain platform in 24 hours: POKT, AXL, ETH, XRP, BTC

• 24-hour BTC long-short ratio: 0.9354

• Sector fluctuations: DeFi up 4.92%; L2 up 3.36%

• 24-hour liquidation data: A total of 106,468 people were liquidated globally, with a total liquidation amount of 320 million dollars, including 58.91 million dollars in BTC liquidations, 127 million dollars in ETH liquidations, and 14.5487 million dollars in SOL liquidations.

• Mid to long-term trend channel in BTC: upper channel line (108021.70 USD), lower channel line (105882.66 USD)

• Medium to long-term trend channel for ETH: Upper channel line (2642.28 USD), lower channel line (2589.95 USD)

Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or repeatedly passes through the cost range in the short term, it indicates a bottoming or topping state.

3. ETF Flow (as of June 10)

• Bitcoin ETF: +$431 million

• Ethereum ETF: +125 million (net inflow for 17 consecutive days)

4. Today's Outlook

• Certain wallet exclusively launches TGE Phase 22 with MEET48 (IDOL)

• A certain trading platform will delist the USDT perpetual contracts for X, BSV, BR, GUN, and SWELL on June 12.

• Delysium (AGI) will unlock approximately 69.03 million tokens today, which is 4.00% of the current circulating supply, worth about 3.8 million USD.

• io.net (IO) will unlock approximately 3.22 million tokens today, which is 1.98% of the current circulating supply, worth about $2.5 million.

• Aptos(APT) will unlock approximately 11.31 million tokens on June 12, accounting for 1.79% of the current circulation, worth about 52.7 million USD.

• BounceBit (BB) will unlock approximately 42.89 million tokens on June 12, accounting for 10.47% of the current circulation, worth about 4.6 million US dollars.

• US May Non-seasonally Adjusted CPI Year-on-Year (June 11, 20:30): Previous value 2.30%, Forecast value 2.5%

• US May seasonally adjusted CPI month-on-month (June 11, 20:30): Previous value 0.20%, forecast value 0.2%

Top 500 market cap biggest gains today: Axelar (AXL) up 46.45%, Rocket Pool (RPL) up 28.30%, HarryPotterObamaSonic10Inu (BITCOIN) up 22.30%, Defi App (HOME) up 20.98%, Pocket Network (POKT) up 20.82%.

5. Hot News

• US regulators require the spot Solana ETF applicants to update their S-1 filings, analysts expect approval within four months.

• Ethereum spot ETF had a total net inflow of $125 million yesterday, continuing a 17-day net inflow.

• Nasdaq has submitted a listing application for the 21Shares SUI ETF to U.S. regulators.

• Abraxas Capital has withdrawn a total of 44,612 ETH from centralized exchanges in the past 14 hours, worth $123 million.

• A research institution report: The rise of Bitcoin is not due to speculative frenzy; funds are avoiding the housing and automotive markets and turning to BTC.

• Michael Saylor: Bitcoin will no longer experience bear markets, and the price will reach 1 million dollars per coin.

• The Blockchain Group has been approved to launch a financing plan of 11 billion euros to accelerate its Bitcoin purchasing strategy.

• A certain cryptocurrency company announced an update to its investment policy to include Bitcoin and other digital assets.

• "20x long BTC whale" has increased its position to 405 million USD.

• A well-known investor has a floating profit of 6.5 million USD on HYPE long positions and has started to gradually take profits.

• A certain wallet exclusively launches TGE Phase 22 for MEET48 (IDOL)

• ZK Nation: Approximately 760 million ZK will be unlocked in June, and from July, approximately 167 million ZK will be unlocked each month until June 2028.

• A trading platform will list AXL on the Korean won and USDT markets.