Crypto Market Pulse - June 3, 2024

LAST WEEK RECAP:

• U.S. PCE increased 0.3% MoM and 2.7% YoY, both in line with estimates.
• U.S. core PCE increased by 0.2% MoM, the same as estimated but lower than the previous 0.3%; the annual rate is 2.8%, which aligns with the estimate.
• Blackrock filed an updated S1 for its spot ETH ETF to SEC.
• Bloomberg analyst Eric Balchunas called the updated S-1 a “good sign,” adding that a launch by the end of June was “a legit possibility.”
• US BTC ETFs recorded 14 consecutive days of inflows.
• Upbit listed Bounce, StarGate, and BEAM.
• Mt. Gox moved nearly 107K BTC as part of the repayment part but with no immediate selling pressure.
• Japanese crypto exchange DMM Bitcoin was hacked — 4,502.9 BTC ($305 million) stolen.
• Biden vetoed bill (overturning SAB121) that allows highly regulated financial firms to hold Bitcoin and crypto.

LEGACY MARKETS – DXY

DXY is still trading within the large 100-106 range. As long as it doesn't break out over the 106-108 area, crypto and equities should have fairly good odds to keep on trending.

LEGACY MARKETS – VIX

VIX has seen a little rally last week. It's always important to keep it on the radar. For now, it’s more likely to stay in the range of 12-14.

BTC WEEKLY VIEW

BTC is still in consolidation on ATHs. Within the large consolidation, we now have a small compression right under the highs. This usually leads to volatility up or down, and it will likely happen sooner rather than later.

ETH WEEKLY VIEW

It's the same thing for ETH consolidation right under resistance. With the relative strength now in ETH/BTC, a break over 4K again will likely lead ETH to ATHs.

ETH/BTC

ETH/BTC is consolidating right on the downtrend angle. With everything going in ETH's favor at the moment, it's likely we will see trend continuation.

TOTAL3 USD MARKET STRENGTH

Alts are slowly rotating upwards. They will likely accelerate once ETH and BTC confirm actual breakouts instead of current consolidations just under the highs.

TOTAL3 BTC MARKET STRENGTH

TOTAL3/BTC is still working on rotating the downtrend relatively to BTC. With ETH now outperforming on the likelihood of ETF approval, it's only a matter of time before this also starts running.

SUMMARY

• Expect volatility to pick up on BTC and ETH this week.
• Altcoins are heating up again with BTC and ETH close to a breakout.

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post is prepared by Kairon Labs Traders: Joshua van de Kerckhove and Patrick Li.

Edited by: Marianne Dasal