Trading Desk Insights
We’ll spare you the drama of the Trump–Elon feud and cut to the chase. Musk lashed out at the president’s flagship tax and spending bill, labeling it a “disgusting abomination,” likely in response to the omission of EV incentives. Trump didn’t hold back either, firing back with personal jabs. The market didn’t like the noise. Tesla shares slid sharply during the back-and-forth, shaving $152 billion off its market cap and dragging it back below the $1T mark.
The broader fallout spilled into crypto markets. The public spat dented investor confidence, triggering over $800M in liquidations as leveraged longs got washed out. BTC tumbled 5% to a low of $100,300 before bouncing back to trade near $105,000. Open interest has almost fully recovered starting last night. On the institutional front, CME Bitcoin futures saw large open interest holders hit a record high of 217 at the end of May, underscoring growing tradfi exposure to crypto. Key support sits at $100,000 and $95,500, while a breakout above $106,000, aligned with the 20-day moving average, is needed to flip the short-term bias bullish. Funding rates remain slightly negative across some platforms but are edging toward neutral.
Meanwhile, macro chatter continues to swirl around U.S. debt. The ceiling has now been raised to $36 trillion, but many view it as a short-term patch on deeper structural issues. Confidence in U.S. fiscal policy is eroding—fueling momentum behind alternatives like BTC and gold.
Elsewhere, risk assets caught a bid Friday after the May nonfarm payrolls report beat expectations. Payrolls rose by 139,000 vs. the 125,000 forecast, though April was revised down to 147,000. The unemployment rate held steady at 4.2%. While earlier data hinted at a potential slowdown, Friday’s release helped temper recession fears ahead of the Fed’s June 17–18 policy meeting.
The News Room
Circle stock price skyrockets 234% in less than 30 minutes causing multiple trading halts
Circle's stock (CRCL) made a dramatic debut on the New York Stock Exchange, surging 234% within 30 minutes of trading on June 5, 2025. The stock peaked at $103.75, triggering multiple trading halts due to volatility, before closing at $83.23. This performance followed an IPO priced at $31 per share, raising over $1 billion. Circle's strong market entry underscores growing investor confidence in stablecoins and digital assets.
Uber eyes stablecoins for faster settlements, lower FX costs for global operations
Uber is exploring the use of dollar-pegged stablecoins to streamline its global operations. CEO Dara Khosrowshahi announced at the Bloomberg Tech conference that blockchain-based tokens could enable faster settlements and reduce foreign exchange costs, enhancing efficiency in Uber's international transactions.
FCA clears path for UK retail crypto ETF trading
The UK's Financial Conduct Authority (FCA) is considering lifting its ban on crypto exchange-traded notes (ETNs) for retail investors. This move would allow individual investors to access crypto-linked securities, previously restricted to professionals due to risk concerns. While the FCA maintains its ban on crypto derivatives for retail traders, the proposed change reflects a shift towards a more open stance on crypto investments, aiming to balance risk with innovation.
Crypto Charts
ETF Flow
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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