Crypto Market

BTC and ETH Market Insight

Despite CPI coming in below expectations and the Fed maintaining a hawkish stance, the market responded positively at first but then saw downward pressure later. Following this, PPI also fell short of expectations, leading to further downward pressure on BTC. On Thursday, U.S. spot bitcoin ETFs experienced $226 million in net outflows. Overall, the market experienced volatile and mostly downward price action. During a Senate hearing, Gensler confirmed that spot Ethereum ETFs would be approved during the summer.

Options Market

A lower-than-expected CPI briefly lifted the market - BTC rose above 70k and ETH above 3.65k respectively. The optimism was quickly dented by a hawkish FOMC - BTC tumbled to 67k and ETH to 3.5k after FOMC. The suppressed realised volatility spiked on the move and the front-end implied volatility increased with revived front-end gamma demand. Front-end skew also moved higher towards puts. The ETH/BTC volatility spread widened at the front due to bigger pullback from ETH but narrowed at the back due to ETF launch delays.

Altcoins and Blockchain News

• According to Dune data, the total revenue of the decentralized social protocol Farcaster has surpassed $1.79 million, with over 500,000 accounts.

• According to Farside Investors data, the cumulative net outflow of the U.S. Bitcoin spot ETF last week was $580.6 million, with GBTC experiencing a net outflow of $274 million and BlackRock IBIT experiencing a net inflow of $41.6 million.

• According to official sources, the zkRollup-based Ethereum Layer 2 network, Taiko, has launched its Trailblazers incentive program for Season 1, distributing a total of 12 million TKO tokens this season.

• Bloomberg ETF analyst Eric Balchunas posted on social media that the Bloomberg analyst team has moved up the launch date of the Ethereum spot ETF to July 2.

• According to an official announcement, Binance will support the merger of FET, OCEAN, and AGIX into the plan called Artificial Superintelligence (ASI). The specific exchange ratios are as follows: 1 FET = 1 ASI; 1 OCEAN = 0.433226 ASI; 1 AGIX = 0.433350 ASI.

• SyncSwap and iZUMi Finance confirmed that the 100% ZK token airdrop they received will be redistributed to users. BNB Chain and Binance Labs have announced the launch of the BNB Incubation Alliance (BIA), an incubator aimed at supporting and accelerating the development of early-stage blockchain projects through a series of global activities.

• The presale meme project CULT, announced by Milady founder @CharlotteFang77, has declared a sell-out, raising a total of 5,861.8 ETH, approximately $20.45 million.

• On June 11, Binance Labs announced an investment in Zircuit, with the specific amount undisclosed.

Marco

The major indexes ended mostly higher for the week, with the S&P 500 and the Nasdaq reaching new territory: the DJIA lost -0.5%, the S&P 500 added +1.6%, and the NASDAQ +3.2%. The Fed signals for one rate cut in 2024, and the inflation is expected to moderate over the next 2-3 years.