Crypto Market Overview
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BTC (-1.59% | Current Price: 62,911 USDT): Over the past 24 hours, the U.S. stock market faced a sharp sell-off in the AI sector, with the Nasdaq Composite falling 2.2%. The probability of a 25 bps Fed rate hike in July rose to 34.2%, the U.S. Dollar Index rebounded to 101.37, and the 10-year U.S. Treasury yield remained around 4.46%, putting broad pressure on risk assets. BTC traded lower after opening higher, falling from the intraday high of 64,271 USDT to a low of 61,932 USDT before staging a technical rebound, currently stabilizing around 62,911 USDT. From a moving average perspective, MA5 and MA10 remain below MA30, forming a weak bearish structure, while price continues to trade below MA30 with limited bullish momentum. EMA12 remains under pressure from EMA26, and short-term moving averages have yet to stabilize. For MACD, both DIF and Signal remain below the zero line, but the histogram has turned positive for three consecutive bars and continues to expand, suggesting that bearish momentum may be weakening at the margin. Regarding Bollinger Bands, BTC is trading at a relatively elevated position between the middle and upper bands, with bandwidth narrowing. The lower band near 62,025 USDT represents a key short-term support level; a breakdown could lead to further downside. BTC ETFs recorded net outflows of $68.3 million on June 22, indicating more cautious institutional demand.
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ETH (-3.09% | Current Price: 1,670 USDT): ETH significantly underperformed BTC during the day, falling sharply from an intraday high of 1,736 USDT to a low of 1,635 USDT, and is currently consolidating around 1,670 USDT. From a moving average perspective, MA5 and MA10 have both failed to break above MA30, maintaining an overall bearish structure, with price under pressure below MA30. EMA12 remains below EMA26, although the gap between the two has narrowed slightly without forming a bullish crossover. On MACD, both DIF and Signal remain below the zero line, while the histogram has turned positive for three consecutive bars and gradually expanded, showing early signs of improving short-term momentum. Bollinger Bands show ETH trading slightly above the middle band, with bandwidth remaining relatively wide. The lower band near 1,635 USDT corresponds to the intraday low and serves as key support, while the upper band near 1,695 USDT represents short-term resistance.
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Altcoins: Over the past 24 hours, major assets such as BTC and ETH led market declines, while public chain tokens and AI-related tokens broadly came under pressure. However, a small number of tokens, including DeXe (DEXE), Popcat (POPCAT), and Bedrock (BR), posted notable gains driven by short-term capital rotation and sector rotation, becoming rare structural bright spots in the market. The Crypto Fear & Greed Index stands at 23, remaining in the “Extreme Fear” zone. Total market liquidations reached $650 million over the past 24 hours, with long positions accounting for more than 90% of liquidations. Market sentiment remains deeply bearish, and a short-term rebound requires stronger macro catalysts.
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Macro: On June 23, the S&P 500 Index fell 1.44% to 7,365.46 points; the Dow Jones Industrial Average declined 0.09% to 51,666.84 points; and the Nasdaq Composite dropped 2.21% to 25,587.04 points. As of June 24, 01:36 AM (UTC), spot gold was trading at $4,102.08 per ounce, down 0.20% over the past 24 hours.
Trending Tokens
DEXE DeXe (+29.17%, Circulating Market Cap: $2.136 Billion)
According to Gate market data, DEXE is currently trading at $23.21, up 29.17% over the past 24 hours. DeXe is a decentralized trading ecosystem that provides DeFi users with services including social trading, asset management, and DAO governance. Its native token DEXE is primarily used for protocol governance and incentive distribution.
This rally was not driven by fundamental developments, but rather triggered by a large-scale short squeeze caused by extreme funding rate divergence across exchanges. A significant arbitrage gap of approximately 203% APR formed between large short positions on one exchange and long positions on another. Combined with relatively limited liquidity in the DEXE market, the continued price increase forced short sellers to liquidate, creating a positive feedback loop that further accelerated the rally.
POPCAT Popcat (+20.93%, Circulating Market Cap: $43.54 Million)
According to Gate market data, POPCAT is currently trading at $0.05289, up 20.93% over the past 24 hours. Popcat is a cat-themed Meme token on the Solana blockchain, known for its strong community culture and viral spread. It is considered one of the representative assets in Solana’s cat-themed Meme sector and is among the deepest-liquidity Meme tokens on Solana alongside BONK and WIF.
This rebound was mainly driven by sector rotation within Solana’s Meme token ecosystem. Analysts believe POPCAT benefits from its “first-mover” positioning, allowing it to attract risk-seeking capital earlier during periods when the broader market remains weak.
BR Bedrock (+17.74%, Circulating Market Cap: $36.68 Million)
According to Gate market data, BR is currently trading at $0.168, up 17.74% over the past 24 hours. Bedrock is a multi-asset liquid restaking protocol launched in collaboration with blockchain infrastructure company RockX. It provides non-custodial solutions, enabling cross-chain liquidity and staking rewards, while the veBR mechanism grants governance rights to token holders.
BR experienced intraday volatility of up to 51.3%, with its gains showing strong idiosyncratic momentum despite the broader BTC decline. Analysts noted that BR’s rally was driven by a combination of community trading signals and the liquidity premium of small-cap tokens, with some capital seeking excess returns through speculation in the mid- and small-cap restaking sector. BR has gained approximately 19.5% over the past seven days, but short-term overbought signals are becoming increasingly apparent, with investors needing to remain cautious of sharp pullback risks caused by limited liquidity.
Alpha Insights
U.S. AI Sector Faces a “Black Tuesday” as Micron and SanDisk Drop Over 13%, Crypto Stocks Also Under Pressure
On June 24, all three major U.S. stock indexes declined, with the Dow Jones Industrial Average down 0.09%, the S&P 500 falling 1.4%, and the Nasdaq Composite dropping 2.2%. Technology and AI-related sectors led the decline. Among memory stocks, Micron Technology (MU) fell 13.18%, SanDisk (SNDK) dropped 13.64%, and Western Digital (WDC) declined 8.45%. In optical components, AAOI fell 13.89%, Coherent (COHR) dropped 10.4%, and Marvell (MRVL) declined 9.36%. Among the “Magnificent Seven,” Nvidia (NVDA) fell 4.13%, Tesla (TSLA) dropped 5.79%, and Oracle (ORCL) declined 5.66%. Crypto-related stocks also moved lower, with MicroStrategy (MSTR) down 5.13% and Coinbase (COIN) down 4.04%.
The broad sell-off in AI-related stocks reflects growing market concerns over the return cycle of AI infrastructure investments, intensifying valuation compression pressure across memory and optical module sectors. For the crypto market, the systemic pullback in U.S. risk assets directly weakened the rebound momentum of BTC and ETH, while also making institutional investors more cautious toward BTC ETF inflows. In the short term, the correlation between BTC and major technology stocks is likely to remain elevated, and investors should consider reducing crypto leverage exposure amid heightened volatility in U.S. equities.
$650 Million Liquidated Across the Market in 24 Hours, Long Positions Dominated as Deleveraging Continues
According to Coinglass data, total crypto futures liquidations reached $650 million over the past 24 hours, including $585 million in long-position liquidations and only $65.16 million in short-position liquidations, with long positions accounting for approximately 90% of total liquidations. During the same period, the S&P 500 implied volatility index also rose to 19.63, increasing by around 14% during the trading session. Although still within a normal range, the move indicates a significant rise in market volatility expectations. On-chain data also showed that the address associated with well-known trader “Maji Brother” Huang Licheng had its long positions liquidated seven times over the past 10 hours, while he continued holding 1,100 ETH in long positions with 25x leverage, resulting in an unrealized loss of $36,000.
The large-scale liquidation of long positions indicates that excessive bullish leverage accumulated previously has been forcibly cleared, although the deleveraging process may continue in the short term. At this stage, rebound rallies often lack sustainability. A more solid market bottom is likely to require volatility indicators to return to a reasonable range and ETF flows to resume consistent net inflows. Investors should prioritize position management and risk control rather than aggressively chasing longs during periods of extreme fear.
July Fed Rate Hike Probability Rises to 34.2%, EU MiCA Transition Ends as Crypto Regulation Enters a New Phase
According to the latest data from the CME FedWatch tool, the probability of the Federal Reserve keeping rates unchanged in July stands at 65.8%, while the probability of a 25 bps rate hike has increased to 34.2%, reflecting stronger market expectations for a more hawkish Fed stance. On the same day, the Bank of Japan’s June policy meeting minutes showed a hawkish tone, with multiple policymakers indicating that further rate hikes would be appropriate, while some argued that policy rates should move more quickly toward the neutral level of around 2%. As a result, the Japanese yen gained short-term support, with USD/JPY retreating toward the 160 level. Meanwhile, the European Securities and Markets Authority (ESMA) formally urged unauthorized crypto asset service providers to orderly exit the market as the MiCA transition period concluded, marking a new stage for crypto regulatory compliance in Europe.
The combination of hawkish signals from multiple major central banks and rising rate hike expectations is likely to continue suppressing expectations for liquidity expansion in crypto markets in the short term. The conclusion of the MiCA transition period means that compliance requirements in the European market have officially increased. Some smaller exchanges and token issuers may face operational pressure, while in the long term, the regulatory shift could accelerate the industry’s move toward greater standardization. However, in the short term, it may also create market friction and liquidity fragmentation.
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Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
