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Risk assets slid on Monday, kicking off June on a weaker footing as global trade tensions flared. China hit back at U.S. accusations of breaching a temporary trade deal, instead pointing the finger at Washington for failing to hold up its end, especially after the Trump administration tightened export curbs on semiconductors and chemicals and began revoking visas for Chinese students. Talks between the world’s two largest economies appear to be unraveling, setting the stage for tariff tensions to dominate the macro landscape in June. Keep an eye on key policy deadlines looming July 8.
Over in crypto, Bitcoin continues to drift sideways, stuck in the $103,000–$106,000 band since Thursday, with little spark across the broader market. Notably, BlackRock’s spot BTC ETF (IBIT) saw a sharp $431 million outflow on Friday, snapping a 33-day inflow streak. Total BTC spot ETF outflows over the last two sessions have now hit $963 million, ending a 10-day run of consistent inflows.
On the technical front, BTC has been pinned below its 20-day moving average since Friday and just broke beneath the rising trend channel that’s been in play since the April lows, raising the risk of a broader trend reversal. Bulls need a clean break above $106,000 to reclaim momentum, while key support sits down near the $97,000–$99,000 zone.
There’s also plenty of chatter around the U.S. dollar. Bank of America is flagging the risk of further dollar softness this summer, following its 9% slide year-to-date, as trade policy headwinds and ballooning debt levels weigh on sentiment. A weaker greenback could be a tailwind for dollar-denominated plays like gold and Bitcoin.
In equities, the S&P 500 wrapped up May with a strong +6% gain, its best monthly showing since November 2023. Lastly, Metaplanet made headlines by scooping up another 1,088 BTC (valued at $118 million), pushing its total stack to over $930 million.
The News Room
SEC Commissioner Hester Peirce on Memecoin Regulation
SEC Commissioner Hester Peirce emphasized that investors in memecoins should not expect protection from the SEC, as most memecoins do not fall under the agency's regulatory purview. She highlighted that these tokens are generally not considered securities, and thus, the SEC lacks authority over them. Peirce's remarks suggest that oversight of memecoins may require new legislation or fall under the jurisdiction of other regulatory bodies like the Commodity Futures Trading Commission (CFTC).
Bitcoin Whale's $100 Million Loss on Hyperliquid Exchange
A prominent trader known as James Wynn suffered a $100 million loss on the Hyperliquid decentralized exchange after Bitcoin's price fell below $105,000. Wynn had previously opened a 40x leveraged long position worth approximately $830 million at an entry price of $105,033. The sudden market downturn, influenced by new U.S. tariff announcements, led to the liquidation of his position, underscoring the risks associated with high-leverage crypto trading.
Jamie Dimon Questions U.S. Dollar's Reserve Currency Status
At the Reagan National Economic Forum, JPMorgan CEO Jamie Dimon expressed concerns about the U.S. dollar's future as the world's reserve currency. He warned that internal issues such as excessive government spending, regulatory inefficiencies, and political dysfunction pose greater threats than external adversaries like China. Dimon emphasized the need for the U.S. to address these domestic challenges promptly to maintain its economic and military leadership on the global stage.
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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.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
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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