Bitcoin (BTC) continues to weaken and fall, temporarily around $62,900. Bitmine follows Strategy’s financing model by issuing preferred shares with an annual dividend yield of 9.5%. In May, the number of monthly crypto VC deals dropped to about 50, the lowest level since before 2021.
Macro Events & Crypto Market Hotspots
1、According to a CoinDesk report, Bitmine, an Ethereum treasury company owned by Tom Lee, is now emulating Strategy’s financing model by issuing preferred shares to seek new sources of funding. Based on documents Bitmine submitted to the U.S. Securities and Exchange Commission (SEC), the company will issue 3 million shares of Class A perpetual preferred stock with a par value of $100 per share, an annual dividend yield of 9.5%, with dividends paid weekly in cash. The preferred shares are intended to be listed on the New York Stock Exchange under the ticker BMNP, with a plan to raise up to $300 million.
Over the past year, Bitmine has accumulated more than 5.3 million ETH (valued at about $10 billion), accounting for roughly 4.5% of the circulating supply of ETH, and is currently sitting on an unrealized loss of about $9 billion.
2、According to a The Block report, the number of monthly crypto VC deals in May fell to about 50, the lowest level since before 2021. Both of the two historically most active categories—Infrastructure and Crypto Financial Services—are near multi-year lows. Investors’ attention has structurally shifted to AI, and the crypto sector has not generated early opportunities of the scale seen during the 2021 and 2024 cycles.
Even though trading volume has slowed, total financing has not declined significantly in parallel. This suggests the market is consolidating rather than shrinking across the board. For developers, the level of competitive intensity in the current environment is far lower than during previous boom periods; projects that can demonstrate clear utility and growth momentum face the least competition in the past few years. Whether deal volume rebounds in the second half of the year depends on whether new tracks beyond predicted markets and financial infrastructure can spark investors’ confidence.
News Updates
1、Stablecoin apxUSD depegs and drops 4.6% to $0.94, due to a contraction in collateral value
2、braxas Capital continues trimming holdings by 1,469 BTC, and in the past day has accumulated more than 2,469 BTC sold
3、The 116.3 BTC that Mt. Gox moved the day before has been transferred to the Bitstamp exchange yesterday
4、Charles Schwab launches 24/7 crypto futures trading services covering BTC, ETH, SOL, and XRP futures
5、Charles Schwab executives: Bitcoin didn’t crash because of Saylor, but because it lost its lead in momentum trades
6、Bitmine emulates Strategy’s financing model, issuing preferred shares with an annual dividend yield of 9.5%
7、Monthly crypto VC deal count drops to the lowest level in five years
8、U.S. House passes a resolution limiting Trump’s power to wage war against Iran
9、SpaceX’s official IPO offering price is set at $135, valuing it at $1.77 trillion
Market Performance
1、Bitcoin latest news: <a data-currency='BTC' href='/futures/USDT/BTC_USDT'>$BTC continues to see weak downside, temporarily around $62,900. In the past 24 hours, $622 million was liquidated, with the main liquidations being long positions;
2、All three major U.S. stock indexes fell on June 3, with the S&P 500 ending its nine-day winning streak. Rising tensions in the Middle East pushed up oil prices, triggering inflation concerns; investors seized the opportunity to take profits. Bitcoin has fallen for four straight days, and the crypto market has become the casualty of this AI frenzy. The Dow Jones Industrial Average fell by 620.72 points, down 1.2%, closing at 50,687.07; the S&P 500 fell by 56.10 points, down 0.7%, closing at 7,553.72; the Nasdaq fell by 239.92 points, down 0.9%, closing at 26,853.98.
（Source: Gate）
3、In the Gate BTC/USDT liquidation map, using the current 63,170.20 USDT as the reference: if it drops to around $62,096, the total amount of long positions liquidated would exceed $13.92 billion; if it rises to around $68,216, the total amount of short positions liquidated would exceed $388 million. The liquidation amount for shorts is significantly higher than for longs. It is recommended to reasonably control leverage levels and avoid triggering large-scale liquidations amid market fluctuations.
（Source: Coinglass）
4、Within the past 24 hours, BTC spot inflows were $3.8 billion, outflows were $3.96 billion, for net outflows of $160 million.
（Source: Coinglass）
5、In the past 24 hours, contract net outflows led for $ZEC, $WLD, $LAB, $SNDK, $OPN , and others, presenting trading opportunities.
Selected Views from X KOL
Phyrex Ni（@Phyrex_Ni）：「Today, a friend asked me if I can buy the dip at $BTC . My answer is that the low-price dip plan I think is executable right now is a two-coin wealth management approach—for example, setting the price around a 5% drop and averaging in in batches would be more appropriate. Of course, if you’re very familiar with options, you can also sell PUTs. I can’t know where the bottom is, but I think gradually buying in batches at lower prices from now on is possible.»
「I’m not worried about Bitcoin’s issue. Even though it has refreshed the lowest price in the past two months, this drop this time is more driven by emotional selling. And when U.S. stocks continuously break through, funds do shift from crypto assets—but based on spot ETF data, this portion of funds isn’t that much. Traditional investors leaving isn’t panic.»
「Macro and politics should still be the main issues for now. The U.S. and Iran are still tangled over their agreement. Just now, Trump again said a peace agreement could be signed within the next week, and Iran is already very close to signing the peace documents. But we all know Trump always likes to announce unilateral victory, so I think the next one to two weeks still have a chance of further twists and turns.»
「But it should be that full clearance—or at least a clear passage through the Strait of Hormuz—isn’t far off. Every time there are reversals, the market tends to reprice and raise WTI’s price. But from what we see now, this rebound isn’t that strong; at minimum, the market still expects the Hormuz issue can be resolved.»
「Coming back to Bitcoin’s data, yesterday was the highest turnover time I’ve seen. Today, even though the price keeps falling, the turnover rate has started to decline. Investors’ panic sentiment is beginning to improve. Of course, the current turnover is still fairly high, so the possibility that $BTC keeps sliding remains. It still needs to wait for the market to self-repair.»
「But judging from various data, the panic is mainly among short-term investors. Earlier investors are still holding positions and there hasn’t been a large amount of exiting.»
Outlook for Today
1、Eurozone April retail sales (month-over-month), previous value -0.1%
2、U.S. initial jobless claims, seasonally adjusted, for the week ending (in thousands) (to 0530), previous value 215
3、ECB President Lagarde delivers remarks
4、Bank of England Governor Bailey delivers remarks at the Investment Association meeting
