HashKey Trading Time: LABUBU's sky-high auction drives the recovery of old Meme coins. Can BTC maintain the support level of $105,000? CPI data and US Treasury auctions become the focus of the market

1. Market observation

Keywords: LABUBU, ETH, BTC

The US Consumer Price Index (CPI) data for May and the $39 billion 10-year Treasury auction will be released at 20:30 tonight and 1:00 the next morning, respectively, and the market is paying close attention to this. Economists expect the CPI to increase by 0.2% month-on-month, but investors are concerned that tariffs may push up inflation levels. At the same time, demand for the 10-year Treasury auction has also become a focus, especially in the context of lingering trade policy uncertainty, and the market is worried that foreign buyers may reduce participation. If the CPI data exceeds expectations and the Treasury auction performs poorly, it may form a double blow to the bond market, causing yields to rise sharply. Recently, the US Treasury market has been less volatile, but the combination of this CPI data and auction results may become a catalyst to wake up the market. Analysts pointed out that inflation data may have a direct impact on auction demand, and investors are closely watching the relevant performance to assess changes in market sentiment. In addition, the market has partially or completely ruled out the possibility of a rate cut at the June or July FOMC meeting. Data from CME Group's FedWatch tool shows that there is only an expectation of a 0.25% rate cut in September.

As major economies around the world accelerate the improvement of the regulatory framework for crypto assets, the market is undergoing a profound reconstruction of the value system. Jeffrey Ding, chief analyst at HashKey Group, believes that the US GENIUS Act requires that stablecoin reserve assets be 100% anchored to the US dollar or US bonds and audited regularly, pushing the market value of mainstream stablecoins such as USDC and USDT to exceed US$280 billion; the EU MiCA Act promotes industry concentration; Hong Kong has formed a unique advantage through the "dual track" regulatory model. Recently, Circle's IPO has attracted widespread attention in the market, and its valuation once climbed to US$24 billion, reflecting investors' strong confidence in compliant crypto financial infrastructure. At the same time, crypto concept stocks ushered in an investment boom. Coinbase maintained high volatility from the end of May to the beginning of June, reaching a high of US$271.95 on May 22.

Bitcoin has successfully broken through $110,000 recently. From a technical point of view, after breaking through $106,737, the price of Bitcoin is currently consolidating below the key resistance level of $110,668. If it breaks through $110,700, it may rise further to $112,700 or even $115,103. According to Matrixport analysis, Bitcoin has broken through the short-term downward trend and formed a bullish breakout pattern. Even though this week's CPI data may bring some upward pressure, as long as the price of Bitcoin remains above $105,075, the bullish trend remains valid. At the same time, Ethereum has gradually become the focus of the market, with its implied volatility rising, short-term option volatility reaching more than 70%, and bullish sentiment in the options market has significantly increased. Michael van de Poppe, founder of MN Capital, said that ETH needs to break through the $2,800-3,000 resistance zone to start the next round of increases. It is expected that if the $2,800 resistance is broken, the price of ETH may rise to $3,400-3,500.

Recently, the market sentiment of Labubu has continued to rise. The mint-colored first-generation LABUBU trendy toy was sold at a sky-high price of 1.08 million RMB, and the market value of the same-name Meme $Labubu soared from yesterday's 19.51 million US dollars to today's 44 million US dollars. The overall market on the chain has warmed up. Last night, the market value of the old MEME coin $AURA soared from 1 million US dollars to 50 million US dollars. Useless in the Bonk ecosystem hit a new high, with a 10-fold increase in price within a week and a market value of over 50 million US dollars this morning. It is worth noting that Arthur Hayes has been calling for HYPE recently. Its market value has now exceeded SUI, and the coin price has exceeded 42 US dollars to set a new record high.

2. Key data (as of 12:00 HKT on June 11)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars, GMGN)

Bitcoin : $109,642 (+17.09% YTD), daily spot volume $34.456 billion
Ethereum : $2,789.39 (-16.28% YTD), with daily spot volume of $35.099 billion
Fear of Greed Index : 65 (Greed)
Average GAS : BTC: 3.52 sat/vB ETH: 3.28 Gwei
Market share : BTC 63.2%, ETH 9.8%
Upbit 24-hour trading volume ranking : POKT, AXL, ETH, XRP, BTC
24-hour BTC long-short ratio : 0.9354
Sector gains and losses : DeFi up 4.92%; L2 up 3.36%
24-hour liquidation data : A total of 106,468 people were liquidated worldwide, with a total liquidation amount of US$320 million, including BTC liquidation of US$58.91 million, ETH liquidation of US$127 million, and SOL liquidation of US$14.5487 million
BTC medium and long-term trend channel : upper channel line ($108021.70), lower channel line ($105882.66)
ETH medium and long-term trend channel : upper channel line ($2642.28), lower channel line ($2589.95)

*Note: When the price is higher than the upper and lower edges, it is a medium- to long-term bullish trend; otherwise, it is a bearish trend. When the price passes through the cost range repeatedly within the range or in the short term, it is a bottoming or topping state.

3. ETF flows (as of June 10)

Bitcoin ETF: +$431 million
Ethereum ETF: +125 million (17 consecutive days of net inflow)

4. Today’s Outlook

Binance Wallet Exclusive TGE 22nd Edition Launches MEET48 (IDOL)
OKX will delist USDT perpetual contracts for X, BSV, BR, GUN, and SWELL on June 12
Delysium (AGI) will unlock approximately 69.03 million tokens today, accounting for 4.00% of the current circulation, worth approximately $3.8 million
io.net (IO) will unlock about 3.22 million tokens today, accounting for 1.98% of the current circulation, worth about $2.5 million
Aptos (APT) will unlock approximately 11.31 million tokens on June 12, accounting for 1.79% of the current circulation and worth approximately US$52.7 million.
BounceBit (BB) will unlock approximately 42.89 million tokens on June 12, accounting for 10.47% of the current circulation and worth approximately $4.6 million.
U.S. May unadjusted CPI annual rate (20:30, June 11): previous value 2.30%, forecast value 2.5%
U.S. May seasonally adjusted CPI monthly rate (20:30, June 11): previous value 0.20%, forecast value 0.2%

The biggest gainers in the top 500 by market value today : Axelar (AXL) rose 46.45%, Rocket Pool (RPL) rose 28.30%, HarryPotterObamaSonic10Inu (BITCOIN) rose 22.30%, Defi App (HOME) rose 20.98%, and Pocket Network (POKT) rose 20.82%.

5. Hot News

The US SEC requires the applicant for the Solana spot ETF to update the S-1 document. Analysts expect it to be approved within four months

This article is supported by HashKey, the largest licensed virtual asset exchange in Hong Kong and the most trusted crypto asset fiat currency portal in Asia. HashKey Exchange is committed to defining new benchmarks for virtual asset exchanges in terms of compliance, fund security, and platform security.