Daily market data review and trend analysis, produced by PANews.
Macro Market
U.S. stocks suffered a major blow on Friday, as a strong U.S. jobs report in May instantly fueled expectations of an interest rate hike. The Nasdaq Composite Index plunged 4.18% in a single day, marking its biggest drop since April 2025; the S&P 500 Index fell 2.64%, failing to achieve its ten-week winning streak; and the Dow Jones Industrial Average was also not spared, falling under pressure along with a broad sell-off in technology stocks.
Just as the new Federal Reserve Chairman Warsh was about to chair his first policy meeting, Trump exerted tremendous political pressure on him, stating bluntly that "there is no reason to raise interest rates" and accusing the rate hike of punishing and stifling the country's success. However, Cleveland Fed President Beth Hammack warned that high inflation was a greater threat, and that if recent trends continued, action might be needed soon. Meanwhile, Treasury Secretary Bessant called for waiting for the impact of the war on inflation to become "clearer."
From June 7th to June 8th, Israel and Iran engaged in their first direct missile exchange since the April ceasefire agreement took effect. Israel not only struck central and western Iran but also raided the Karen Petrochemical Company. Despite Trump's strong calls for a ceasefire to facilitate a new 60-day agreement, the conflict continues to escalate. Stimulated by this, Brent crude surged 5%, WTI crude jumped 4.6% to $96 per barrel, and gold fell below $4,300 to its lowest level since March 23rd.
Asian stocks fell across the board, with Japanese stocks closing down about 4.7% on Monday, retreating to near the 64,000 mark. Furthermore, the Japanese government revised its first-quarter annualized economic growth rate down to 1.8% from the initial 2.1%, with weak corporate capital expenditure being the main drag on economic growth. South Korean stocks, dominated by technology stocks, were hit hard by expectations of a Federal Reserve interest rate hike triggered by strong US employment data. The South Korean KOSPI index fell more than 8.8% at one point during the day, triggering a circuit breaker, and ultimately closed down 8.29%. The A-share market fluctuated throughout the day, with the Shanghai Composite Index falling 1.7% and dropping below 4,000 points, the Shenzhen Component Index falling 3.22%, the ChiNext Index falling 3.69%, and the STAR Market 50 Index falling 4.30%. CPO concept stocks and semiconductor chip stocks performed poorly, with Huilv Ecology hitting the daily limit down, and Dongwei Semiconductor and Hongwei Technology falling by more than 10%.
AI and the Stock Market
The aftershocks triggered by the sell-off in US tech stocks are relentlessly tearing apart the psychological defenses of overvalued assets globally. Fears of rising interest rates pushing up financing costs have devastated South Korea's two chip giants, Samsung Electronics and SK Hynix, with Samsung Electronics plunging 10.18% and SK Hynix falling 7.68%. The extreme declines have even driven South Korean retail investors who leveraged their positions with fully leased margin to the brink of margin calls.
Despite the dismal market conditions, "new stock god" Serenity remained unusually calm. He pointed out that the declines in Nvidia (down 6.2%), Micron Technology (down 13.25%), and Palantir (down 22.02%) were just normal market adjustments. Broadcom has already projected AI demand to 2028, and the underlying logic of AI infrastructure is rock solid.
Amid the panic, top tech giants and political figures personally stepped in to bolster the AI narrative. Nvidia CEO Jensen Huang announced a multi-year partnership with SK Hynix for AI memory chips, promising a "significant increase" in procurement this year, stating that this presents an excellent opportunity to buy stocks at bargain prices. South Korean President Lee Jae-myung also strongly voiced his support on the first anniversary of his inauguration, emphasizing that the South Korean stock market is still severely undervalued and that all citizens will benefit from a stock market rally.
Capital is rapidly shifting its attention to sectors with higher certainty and greater liquidity. Renowned trader Eugene publicly announced his exit from the crypto market last Sunday, shifting his focus entirely to US stocks, believing the stock market currently offers a far greater risk-reward ratio than cryptocurrencies. Meanwhile, SpaceX's epic IPO this week, along with the anticipated listings of OpenAI and Anthropic, and Oracle's earnings release, are frantically draining liquidity from global risk markets.
Bitcoin price
Bitcoin fell below the $60,000 low set on February 6th last Saturday, nearly breaking below $59,000. Currently, Bitcoin is hovering around the 200-week moving average (approximately $62,000), which has become a key support level. On-chain data shows extremely oversold signals, with the RSI plummeting to 15.5, its lowest level since the March 2020 crash, and the MVRV ratio dropping to a historical low of 1.2. However, heavy selling pressure remains, with numerous sell orders firmly suppressing the key resistance level of $65,000, indicating an epic battle between bulls and bears.
Bearish view
The bearish camp believes that Bitcoin is facing the dual deadly threats of severe capital drain from tech giant IPOs and institutional leverage defaults. Once it breaks through key support, it will trigger an immeasurable abyss-like collapse.
DWF co-founder Andrei Grachev expressed extreme concern that BitMine and Strategy could trigger the largest market crash in crypto history, questioning whether the market is prepared for a drop to $10,000 to $20,000.
Eugene: The risks of Strategy (MSTR) and Michael Saylor are only just beginning to emerge. As long as the strong correlation between MSTR and Bitcoin remains unbroken, Bitcoin has no value for going long.
Greg Cipolaro, Global Head of Research at NYDIG: The crash was the result of a confluence of disasters, including the massive drain on liquidity from AI and technology IPOs (SpaceX, OpenAI), the security threat of quantum computing, the US government's seizure of $1 billion in Iranian assets, and the huge psychological blow from Strategy's BTC sell-off.
Gilmo: Strategy is burdened with $17.44 billion in unrealized losses, and if the price of the coin continues to be depressed, it will face a dividend bill of up to $1.5 billion per year, which will create an irreversible death spiral.
CryptoQuant analyst Axel Adler Jr: The price has fallen below the cost price of $76,000 for short-term holders, with a net loss of $7 billion in 7 days. It is currently repeatedly testing $62,000, and $54,000 may be the final line of defense in this round.
Ali Charts: If Bitcoin's defenses crumble, it will face the 300-week SMA ($55,000) and the 400-week SMA ($42,500).
CGT Trader: Although there is a short liquidation zone between $64,000 and $66,000, the lower timeframe structure is severely bearish, and a continued downward plunge is the most likely scenario.
CryptoCache: Higher timeframes suggest this may just be a short-term dip to the $63,000 to $64,000 liquidity level before continuing to decline. Retail investors who went long over the weekend were too aggressive.
bullish view
The bullish camp firmly believes that the current despair and on-chain indicators have perfectly replicated the characteristics of every super bottom in history, and that the short-term panic is the golden opportunity to welcome an epic rebound.
Glassnode co-founder Rafael: Bitcoin has entered a valuation cluster area where the historical cycle bottomed out, and the bottom area is likely to fall between $46,000 and $54,000. It has now touched the 200-week moving average of $61,700. Historically, the time when it fell below this median MVRV was only 7%.
Cointelegraph: The RSI has dropped to 15.5, an extremely oversold condition similar to that of 2020 and February 2026. As long as it holds above $60,000, it is expected to rebound strongly to $70,600 in the coming weeks.
Scott Melker: The risk-reward ratio for short-term holders has fallen to a record low, 5.3 million long-term tokens are underwater, and market sentiment reached "extreme despair" on June 3, perfectly synchronized with the price, which usually means the bottom is in sight.
CrypNuevo: Prices have returned to the lows of the 4-month range. The 25% plunge in 4 weeks has wiped out all long positions. Extreme oversold conditions will trigger a strong rebound, targeting the range high of $80,000.
Analyst Killa: This cycle is strikingly similar to 2022. Although it consolidated at the top of $108,000 and trapped a lot of money, the deviation was more aggressive after sweeping the low of $74,000. Once the shakeout is complete, the next major cycle will begin, and you must buy firmly at this moment.
AlphaBTC: The market is undergoing a brutal liquidity hunt. Although it will fluctuate between $62,000 and $65,000 over the next week, the next high will definitely be aimed at $68,000 to $69,000.
Key data (as of 13:00 HKT on June 8)
(Data source: Coinglass, Upbit, SoSoValue, CryptoBubbles)
Bitcoin spot ETFs saw net outflows of $1.72 billion last week, the second-highest on record.
Ethereum spot ETF: Net outflow of $174 million last week.
HYPE Spot ETF: Net inflow of $16.6451 million last week
XRP Spot ETF: Net inflow of $2.62 million last week
Fear of Greed Index: 8 (Extreme Fear)
Upbit 24-hour trading volume rankings: WLD, XRP, BTC, ETH, XLM
Sector Performance: The crypto market generally rebounded, with GameFi and NFT sectors leading the gains, rising by over 25%.
24-hour liquidation data: A total of 105,931 people worldwide were liquidated, with a total liquidation amount of $631 million, including $297 million in BTC liquidations, $188 million in ETH liquidations, and $16.71 million in ZEC liquidations.
Today's Outlook
Binance Futures will launch 8 USDT-margined TradFi perpetual contracts on June 8th.
Coinbase will launch its first batch of perpetual stock index futures on June 8.
CME Group plans to launch Nasdaq Crypto Index futures on June 8.
Apple announced that WWDC26 will be held from June 8th to 12th, focusing on AI and developer tools.
Ondo's perpetual contract platform, Ondo Perps, will launch on June 9th.
HumidiFi (WET) will unlock approximately 256 million tokens, worth about $14.5 million, on June 9th.
Zhipu and Minimax are expected to be included in the Hang Seng TECH Index at 9:30 on June 8.
The top 100 cryptocurrencies by market capitalization with the largest gains today are: BEAT up 112%, SIREN up 40%, NEAR up 12.5%, DEXE up 11.7%, and ZEC up 8.5%.
