Daily Market Report #753 It’s Tuesday. June is two days old and already feels heavy. Strategy may sell BTC if it is accretive to shareholders. Base had an upgrade bug that killed state updates for 30+ hours. They been talking a lot about the peace but I don’t see peace yet. Gold $4,517. Silver $75.79. Oil jumped back to $93.77 on the strikes. The Iran war is reportedly adding $450 to US energy bills. S&P at a fresh all-time high of 7,599. Japan and Korea at records too. Stocks are heading toward 1929 valuation multiples. US workers’ share of output is at the lowest level since 1947. Corporate profits are at the highest level since 1950. This is the same thing I keep saying about Europe, just the American version. Over there they want to tax investors into consumers. Over here the machine makes more than ever and gives the people running it less than at any point in 80 years. The asset owners win. Everyone working for a wage loses ground. And then people wonder why crypto exists in the first place. This week brings PMI and jobs data. Bitcoin tagged $70,120 overnight before bouncing to $70,690, down 3.7%. Dominance 56.5%. Fear & Greed back to 23, extreme fear. $409M in BTC longs liquidated overnight. 96% on the long side. BTC ETFs are on a record 10-day outflow streak. BlackRock’s IBIT alone saw $1.41B leave in May. Strategy now says it may sell BTC if accretive to shareholders. Saylor has been the never-sell guy. The infinite bid. The diamond hands the whole market leaned on. Now Strategy is putting selling on the table for the first time, while Saylor separately hints at a new buy as the STRC vote nears. If even Saylor is quietly leaving the door open to selling, the whole MicroStrategy-as-permanent-buyer thesis has a crack in it. And then the FBI seized over $8B in crypto, the largest seizure ever. Circle froze $12.6M of USDC. The EU wants to KYC your wallet at every exchange. The ECB wants a digital euro to replace stablecoins. Now the FBI seizes $8B. This is the entire argument for self-custody and privacy in one month of headlines. Ethereum $1,994, basically flat while Bitcoin dumped 3.7%. That relative strength is worth noting. BitMine now holds 5.42M ETH worth over $10.8B, 4.49% of total supply. They keep buying into the worst tape of the year. Solana $80.32, down 1.8%. TVL down 2.2%, outflows accelerating. Toly is backing the fee-burn SIMD-547, a real economic change to the chain. SUI unlock hit yesterday, and the chart absorbed it about how you would expect in a down tape. XRP $1.28, down 3.1%. Lost $1.30. Ondo CEO Ian De Bode says Ondo Perps, the first perps platform built for real-world assets, goes live within weeks. BNB $686, down 1.5%, holding up best of the majors. Binance launched US stock trading. The TradFi perps plus US stocks rollout is making BNB the everything-app play while everyone stares at Hyperliquid. Hyperliquid $73.82, up 1.2%. New all-time high again, green while the whole market bled red. Record $29.6M single-day ETF inflow, 0.2% of supply absorbed in one day. The US approved the first perp for Kalshi. KNTQ surged 70% as a HYPE staking play. PURR is signalling a GameStop-style gamma squeeze within 60 days. I faded this. 3% of my portfolio when it should have been 70%. The single best trade of the cycle was sitting right in front of me, in my own universe, and I sized it like an afterthought. Watching HYPE print a new high every day while Bitcoin falls out of the top 10 global assets is the most expensive lesson I learned this year. Chainlink $8.95, down 1.6%. DTCC officially confirmed Stellar for tokenization. Integrations everywhere, token under $9. Monero $349, down 2.6%. Zcash $566. Zcash holds the privacy lead while Monero bleeds. And after the month we just had, EU AML, Circle freeze, FBI seizure, privacy is not a narrative anymore. It is the logical hedge against the direction every government is openly moving. NEAR up 16% overnight on the Universal Send confidential payments launch, a real privacy product shipping at exactly the right moment. Base had an upgrade bug that killed state updates for 30+ hours, and the 7-day withdrawal delay hid the failure the whole time. This is Coinbase’s chain. The one marketed as institutional-grade infrastructure for global finance. Gravity Bridge halted after a $5.4M exploit. Gnosis got exploited through a co-founder. We keep telling institutions crypto is ready for their money, and then the flagship L2 fails for over a day. Kevin O’Leary says the next big thing is whichever chain lands at least one S&P 500 company across all 11 sectors. Samani said Web3 is dead and all we have left is DeFi and DePIN. Memecoins exhausted. NFTs dead. The only things with real usage are financial primitives and infrastructure. Anthropic confidentially filed with the SEC for an IPO. SpaceX is reportedly close behind. Anthropic and SpaceX rushing to go public right now could be the AI trade’s version of Trump launching a memecoin. Both happen at peak euphoria. Both let early insiders sell to retail that missed the private rounds. The most hyped private names in the world filing to IPO exactly when the sector is most euphoric looks more like a top than a bottom. You pull in everyone who FOMO, pump the AI sector on FOMO, validate sky-high private valuations in public markets, and then everyone is left staring at real earnings and real share supply once the dust settles. When smart money starts selling to the retail, you do not want to be the retail. Apollo’s chief economist still sees no sign of AI job losses, the counter-narrative nobody wants to hear in either direction. What are you watching right now?
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