Bitcoin (BTC) continues to weaken and drop further, temporarily trading around $71,310 as of June 2. A disclosure from Strategy last week about selling 32 BTC sparked controversy around a prediction pool on the Polymarket platform with trading volume exceeding $20 million. Dogecoin received support from Paxos, driving wider adoption at the institutional level.
Macro Events & Crypto Hotspots
1、According to The Block, Strategy’s disclosure last week about selling 32 BTC triggered controversy over a prediction pool on the Polymarket platform with trading volume exceeding $20 million. The question for this market is whether Strategy would sell its Bitcoin holdings before May 31. On Monday, Strategy disclosed in an SEC filing that it sold 32 BTC between May 26 and May 31 to distribute as preferred stock dividends, marking the first reported sale of Bitcoin since December 2022. The disclosure sparked heated debate among market participants. The side arguing “yes” pointed out that the filing clearly shows the sale occurred before the deadline; the other side believed that at the time the market closed, the information had not yet been public, and under the rules it should be judged as “no.”
The market has been ruled “no” twice in succession, but after each ruling someone has filed a dispute; currently, the market is in the final review stage. Polymarket updated the page with a note stating that confirmation obtained outside the market time window does not qualify, seemingly supporting the “no” side. The core of this type of dispute is whether the result of a prediction market should be based on the actual time when the event occurred or the time when evidence became public.
2、According to CoinTelegraph, the corporate arm of the Dogecoin Foundation has partnered with Paxos to integrate Dogecoin into its brokerage and custody infrastructure, which could broaden access to this kind of digital currency through regulated financial channels.
According to a press release issued on Monday, Dogecoin (DOGE) will be launched via Paxos’s brokerage and custody platform, enabling the company’s fintech, payments, and institutional clients to assess its support for this kind of digital currency. In the custody infrastructure, this could broaden access to this type of digital currency through regulated financial channels. Paxos provides crypto infrastructure for multiple large fintech and brokerage platforms, including PayPal, Venmo, Interactive Brokers, and Mercado Libre.
News Updates
1、Zama: The court has lifted the freeze on Zama’s cUSDC contract
2、CME Group launches 24/7 crypto futures and options trading; the first weekend trading volume is about $50 million
3、edgeX: EDGE token shows abnormal price volatility; investigating the cause
4、Robot AI data training company Mecka AI completes $60 million in financing; Framework Ventures leads the round
5、Grayscale Hyperliquid ETF sets management fees at 0.29%, lower than Bitwise and 21Shares
6、Strategy Bitcoin sale timing sparks a controversy over a Polymarket prediction pool with trading volume exceeding $20 million
7、TON restarts the Gram token brand; Telegram CEO says the network is “returning to its roots”
8、Trump says the U.S. and Iran may reach an agreement within a week to extend the ceasefire and reopen the Strait of Hormuz
Market Performance
1、Latest on Bitcoin: $BTC continues to weaken and fall further, temporarily at about $71,310; over the past 24 hours, liquidations totaled $286 million, with long liquidations leading;
2、All four major U.S. stock indexes continued to set new highs on June 1. The S&P 500 rose for the eighth consecutive trading day, marking the longest winning streak since May 2025. After NVIDIA announced new products, its stock price surged; the AI rally drove the uptrend. Investors are also closely watching the progress of U.S.-Iran peace talks. The market believes the Iran war could be resolved through diplomatic channels. The Dow Jones Industrial Average closed up 46.42 points, a gain of 0.09%, at 51,078.88; the S&P 500 rose 19.90 points, up 0.26%, to 7,599.96; the Nasdaq rose 114.19 points, up 0.42%, to 27,086.81.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 71,275 USDT as the reference: if it drops to around $70,702, the cumulative amount of long liquidations would exceed $316 million; if it rises to around $73,383, the cumulative amount of short liquidations would exceed $2.07 billion. The short liquidation amount is significantly higher than the long side. It is recommended to control leverage levels reasonably to avoid triggering large-scale liquidations when market conditions change.
（Source: Coinglass）
4、Over the past 24 hours, BTC spot inflows were $2.86 billion, outflows were $3.07 billion, resulting in net outflows of $210 million.
（Source: Coinglass）
5、Over the past 24 hours, net outflows in contracts led for $LAB, $HYPE, $H, $XAU, $BZ , and others, indicating trading opportunities exist.
Selected Views from X KOLs
Phyrex Ni（@Phyrex_Ni）：「The first working day of June is another knockout again, and it’s again coming from the U.S. and Iran. The two countries continue to tug at the limits. You say there have been no talks—both sides are still talking, but when you ask about the progress, both sides are denying it. The纠缠 showed up over the weekend, and on Monday they were still纠缠, all the way until early morning when Trump said the talks with the Islamic Republic of Iran are continuing, and they’re moving forward at a fast pace。」
「But Iran’s announcement is that the U.S.-backed Israel’s actions in Lebanon and Gaza will strengthen the resolve of the resistance axis. Other fronts could be activated. The traffic through the Strait of Mandeb could stay in line with the situation in the Strait of Hormuz. That means it’s still ‘fight if someone disagrees.’ Honestly, I’m really tired of it.»
「Even though there’s all kinds of dissatisfaction, the trades still have to be done. Today, while the market is rising, I pulled the price of CLUSDT to $93.1. The liquidation price is still above $120. Currently it’s a small profit. Luckily, the funding rate is very low right now. I’ve held the position for a week; instead, I actually made a bit of money from the funding rate. It feels like the more the U.S. and Iran tug at each other, the more it shows that the current negotiations should have reached extremely detailed terms.»
「Let’s keep watching for now. As long as it’s not really a return to the war posture, the rise in oil prices is very likely just temporary.»
「Back to the Bitcoin data: today, because $MSTR sold 32 $BTC , investors’ sentiment has somewhat fallen apart. After all, MSTR holds so much BTC, and the market worries that if MSTR starts to sell BTC (倾售), Bitcoin’s price may not hold steady.»
「Precisely because of this, Bitcoin exploded with a relatively bigger surge in interest; the market turnover rate increased significantly. Of course, it’s still mainly short-term investors—there hasn’t been an obvious pattern of selling from earlier investors.»
Outlook for Today
1、Eurozone May preliminary consumer price index (month-on-month); previous value 1.0%
2、Eurozone May preliminary consumer price index (year-on-year); previous value 3.0%
3、Minneapolis Fed President Kashkari speaks
4、Cleveland Fed President Mester speaks on monetary policy
5、Bank of England Governor Bailey attends a hearing in the House of Lords
