Bitcoin (BTC) sees a cascading sell-off, with a temporary quote of around $66,878 as of June 3. The U.S. Securities and Exchange Commission (SEC) released a draft strategy plan: to provide a regulatory foundation for digital assets, clearly defining the division of authority with the Commodity Futures Trading Commission (CFTC). A UK House of Lords committee urges the country’s central bank to reconsider proposed restrictions on stablecoin holdings.
Macro Events & Crypto Market Hotspots
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The U.S. Securities and Exchange Commission (SEC) released the draft of its “2026-2030 Fiscal Year Strategic Plan” and is seeking public comments. The goals proposed in the draft include “providing a solid regulatory foundation for digital assets and distributed ledger technology through rational, consistent, and principle-clear approaches.” The document states that a modernized framework will also ensure that custody, trading, and staking services can operate under appropriate regulation, avoiding duplicate or conflicting requirements, while clarifying jurisdictional issues between the SEC and the Commodity Futures Trading Commission. This coordination aims to ensure that the crypto market has clear, principle-based, regulation-grounded rules of the game, maintaining the highest level of investor protection while promoting innovation. In addition, the document proposes that the agency will be able to use artificial intelligence and blockchain technology responsibly to further improve regulation, reduce costs, and unlock new efficiencies.
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According to CoinDesk, the UK House of Lords Financial Services Regulatory Committee, in its latest report, called on the Bank of England to reconsider the proposed stablecoin holding limits. The committee suggests that rather than imposing holding caps in advance, it would be better to monitor market growth and only implement limits when financial stability risks are clearly needed. The Bank of England previously proposed a holding limit of 20,000 pounds for individuals for each type of stablecoin, and 10,000,000 pounds for companies. The report also raises doubts about reserve-asset rules and says this could have a major impact on the commercial viability of stablecoin issuers in the UK. The Bank of England’s deputy governor last month acknowledged that the proposed holding caps and reserve requirements are “overly conservative,” and said it is studying other ways to manage risks brought by stablecoins.
News Flashes
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New York Department of Financial Services and the European Banking Authority jointly oversee stablecoins
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The U.S. SEC releases a draft strategy plan: provide a regulatory foundation for digital assets, clarifying the division of jurisdiction with the CFTC
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The U.S. CFTC adjusts its personnel structure to respond to crypto regulation, planning to hire up to 100 people this year
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Grayscale Hyperliquid staking ETF will begin trading on June 4
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K33: As funds chase AI stocks, Bitcoin faces a “rollercoaster summer”
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Huang Licheng faces 7 more liquidations within two days, just went long on 400 ETH with 25x leverage
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UK House of Lords committee urges the country’s central bank to reconsider stablecoin holding limits
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Crypto derivatives trading volume drops to the lowest since the end of 2023, signaling opportunities in the U.S. perpetual contracts market
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Bitwise CIO: Crypto is undergoing a painful transformation from momentum trading to “contrarian bets”
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Tom Lee’s prediction: As corporate validators take over network control, Ethereum price will reach $250,000
Market Overview
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Latest Bitcoin update: <a data-currency='BTC' href='/futures/USDT/BTC_USDT'>$BTC cascading sell-off, temporarily around $66,878, with $859 million liquidated over the past 24 hours, main liquidation targets are long positions;
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On June 2, the three major U.S. stock indexes closed slightly higher. The S&P 500 rose for nine consecutive trading days, matching the longest winning streak since 1995. The AI boom boosted semiconductor and server stocks, but the stalemate in U.S.-Iran talks and rising oil prices offset part of the gains. The Dow Jones Industrial Average rose 228.91 points, up 0.5%, to close at 51,307.79, setting a record high again; the S&P 500 rose 9.94 points, up 0.1%, to close at 7,609.90; the Nasdaq rose 7.09 points, up 0.03%, to close at 27,093.90. The Philadelphia Semiconductor Index surged 5.9%, and has now rebounded more than 90% from this year’s March low. This is also the first time since February 2017 that all three major indexes have hit consecutive record closing highs for five straight trading days.
(Source: Gate)
- In the Gate BTC/USDT liquidation map, taking the current 67,004.90 USDT as reference: if it falls to around $66,836, the cumulative amount liquidated for long positions exceeds $36.11 million; if it rises to around $68,216, the cumulative amount liquidated for short positions exceeds $106 million. The liquidation amount for shorts is significantly higher than for longs. It’s recommended to manage leverage levels reasonably to avoid triggering large-scale liquidations due to market fluctuations.
(Source: Coinglass)
- Within the past 24 hours, BTC spot inflows were $4.19 billion, outflows were $4.61 billion, for net outflows of $420 million.
(Source: Coinglass)
- Within the past 24 hours, net outflows in contracts such as $ZEC, $LAB, $CL, $BZ, $MSTR led the way, presenting trading opportunities.
Selected Views from X KOLs
Phyrex Ni (@Phyrex_Ni): “Actually, $BTC ’s price action doesn’t make me too uncomfortable. I’ve always been a steadfast holder of Bitcoin. What’s happening with the recent drop is mainly some investors venting their dissatisfaction with MSTR. For me, it’s a good thing. Instead of thinking all the time about whether MSTR will sell BTC, it’s better to let that assumption be shattered. Michael could sell at any time—maybe in the next quarter he’ll sell more BTC too.”
“This kind of sell-off driven purely by emotions—personally, I believe the market will gradually repair itself. Even though this is BTC’s ‘independent move,’ it’s not because of core issues with BTC, and it’s not because BTC’s liquidity is being questioned. In essence, there’s no difference between BTC at $60,000 and BTC at $80,000. Give investors some time to figure it out themselves.”
“The U.S. and Iran are still sworn enemies who keep acting like friends. I don’t even know what to say. Today Trump again denied reports that communication between the U.S. and Iran has stopped, calling it fake news. He said negotiations are continuing every day, including in recent days. He also reiterated that Iran must reach an agreement, and Iran itself has also said it is ready to reopen the Strait of Hormuz.”
“I looked at the price of WTI: it’s up, but Brent hasn’t risen much. The current spread between WTI and Brent is only a little more than $2, which should be coming from greater pressure in the U.S., but globally, it doesn’t seem like the U.S. and Iran will have major issues that would prevent peace from being maintained.”
“Back to the Bitcoin data: over the past two days, investor sentiment really has become tense because MSTR sold $BTC . But most of these investors are short-term investors. Long-term investors don’t bet Bitcoin’s future on a single commercial company. I believe this kind of panic-driven emotional selling will self-correct in the market.”
“However, it’s true—today is the highest single-day turnover I’ve seen recently. The turnover amount itself already shows that a lot of short-term investors have started panicking.”
Outlook for Today
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Eurozone April producer price index (year-over-year); prior value: 2.1%
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U.S. May ADP employment change (thousands); prior value: 109.0
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U.S. April durable goods orders revised value (month-over-month rate); prior value: 7.9%
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U.S. last week EIA crude oil inventory change (ten thousand barrels) (to 0529); prior value: -332.7
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Remarks by Bank of Japan Governor Kazuo Ueda
