Trading Desk Insights
Bitcoin surged to $105,910 following news of a phone call between Trump and Xi. While the move briefly pushed BTC above the key $105K resistance level, it remains below its 20 day moving average. Liquidity is concentrated between $104,600 and $105,200, with strong bid interest near $104,800. A drop below $104,500 could lead to sharper downside due to limited support beneath.
Circle is moving ahead with its $6.9 billion IPO, set to list under the ticker CRCL on the NYSE. This marks the largest crypto listing since Coinbase in 2021 and is reportedly 25 times oversubscribed. The strong demand signals growing interest from traditional finance and could help accelerate progress on stablecoin regulation.
Ethereum followed the rally, reaching $2,634 and now trades nearly 100 percent above its 2025 lows. Still, ETH to BTC remains capped at the 0.0290 resistance, keeping altcoin momentum in check. Solana is down more than 10 percent this week after Pump Fun revealed token plans at a $4 billion valuation. Most users saw modest losses last month, and an airdrop is rumored but not confirmed.
ETF flows turned negative, with BTC funds seeing $197 million in outflows and ETH losing $16.2 million, ending a two week streak of inflows. Volatility remains low, and traders are closely watching ETF activity and liquidity clusters for directional cues.
In macro, US private payrolls added just 37,000 jobs in May compared to 111,000 expected. Initial jobless claims were revised up to 239,000, while Challenger Gray reported 93,816 job cuts last month, up 47 percent year over year. The European Central Bank cut rates for the eighth time, and markets are fully pricing in a US Federal Reserve rate cut by September. All eyes are now on Friday’s nonfarm payrolls report.
The News Room
Circle’s $6.9B IPO Marks Biggest Crypto Listing Since Coinbase
Circle is preparing for a high-profile IPO, aiming to list its Class A common shares on the NYSE under the ticker $CRCL, marking the most significant crypto-related public offering since Coinbase ($COIN) in 2021. The offering has attracted massive demand, reportedly 25x oversubscribed. As of June 4, Circle raised an additional $1.1 billion through an expanded offering, selling 34 million shares at $31 each, valuing the stablecoin issuer at $6.9 billion. However, Circle’s profitability remains tied to US Treasury bill yields, and with potential Fed rate cuts on the horizon, the company could face revenue headwinds. While higher interest rates drive stronger profits, aggressive rate cuts could push Circle into unprofitability.
JPMorgan Plans to Offer Clients Financing Against Bitcoin/Crypto ETFs
JPMorgan is set to roll out a new lending service that lets clients use crypto ETF holdings, starting with BlackRock’s iShares Bitcoin Trust, as collateral for loans. The bank will also take into account customers’ crypto assets when evaluating their overall financial standing, much like they do with equities, property, or collectibles. This initiative will be available to clients around the world and reflects both rising demand from investors and a shift toward more favorable regulations in the crypto space.
California Moves to Claim Dormant Crypto After 3 Years of Inactivity
California has advanced a new bill, AB 1052, which passed unanimously in the State Assembly and is now moving to the Senate. The legislation would allow the state to take control of crypto assets held on centralized exchanges if an account shows no activity for three years. This isn’t tied to hacks or fraud, just user inactivity. Officials say the assets will be held, not sold, but critics are skeptical, pointing to the state’s history with seized property. If passed, the law would affect anyone holding crypto on custodial platforms who fails to log in or make a move within that timeframe.
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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.
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