Cryptocurrency Market Dynamics: The Resurgence of Classic Meme Coins, Can BTC Hold the Key Support at $105,000?

Market Observation

At 20:30 tonight and 1:00 AM the next day, the U.S. May Consumer Price Index (CPI) data and the results of the $39 billion ten-year Treasury auction will be announced, which the market is highly focused on. 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, the demand for the ten-year Treasury auction has also become a focal point, especially against the backdrop of current uncertainties in trade policy, with market worries that foreign buyers may reduce their participation. If the CPI data exceeds expectations and the Treasury auction performs poorly, it could create a double blow to the bond market, leading to a sharp rise in yields.

Recently, the US Treasury market has experienced relatively small fluctuations, but the combination of this CPI data and auction results may serve as a catalyst to awaken the market. Analysts point out that inflation data may have a direct impact on auction demand, and investors are closely monitoring related performances to assess changes in market sentiment. Furthermore, the market has partially or completely ruled out the possibility of a rate cut at the June or July FOMC meetings. The CME Group's FedWatch tool indicates that there is only an expectation of a 0.25% rate cut in September.

As major global economies accelerate the improvement of regulatory frameworks for encryption assets, the market is undergoing a profound restructuring of its value system. An industry analyst believes that the U.S. legislation requires stablecoin reserve assets to be 100% pegged to the U.S. dollar or U.S. Treasuries and undergo regular audits, which has driven the market capitalization of mainstream stablecoins to exceed $280 billion; the EU MiCA legislation promotes industry centralization; and Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, the IPO of a well-known company has attracted widespread attention in the market, with its valuation peaking at $24 billion, reflecting investors' strong confidence in compliant encryption financial infrastructure. Meanwhile, encryption concept stocks are experiencing an investment boom, with a trading platform maintaining high volatility from late May to early June, and reaching a peak of $271.95 on May 22.

Bitcoin has recently successfully broken through $110,000. From a technical perspective, after breaking through $106,737, the Bitcoin price is currently consolidating below the key resistance level of $110,668. If it breaks through $110,700, it may further rise to $112,700 or even $115,103. According to an analysis by a certain agency, Bitcoin has broken through the short-term downward trend, forming a bullish breakout pattern. Even if this week's CPI data may bring some upward pressure, as long as the Bitcoin price remains above $105,075, the bullish trend remains valid.

![HashKey Trading Moment: The high-priced auction of LABUBU drives the revival of old Meme coins, can BTC stabilize at the support level of $105,000? CPI data and U.S. Treasury auction become the market focus](https://img-cdn.gateio.im/webp-social/moments-4fd5d60786895c3830cfb807c59f3197.webp01

At the same time, Ethereum has gradually become the market focus, with its implied volatility rising and short-term options volatility exceeding 70%. The bullish sentiment in the options market has significantly increased. A market analyst stated that ETH needs to break through the resistance zone of $2800-$3000 to trigger the next round of increase, and it is expected that if it breaks the $2800 resistance, the ETH price could rise to $3400-$3500.

Recently, the market sentiment for LABUBU has been continuously high, with its mint green first-generation trendy toy selling for a sky-high price of 1.08 million RMB. The market cap of the eponymous Meme coin skyrocketed from 19.51 million USD yesterday to 44 million USD today. The overall on-chain market has warmed up, with the old MEME coin AURA surging from a market cap of 1 million USD to 50 million USD last night. Useless in the Bonk ecosystem set a new high, with a price increase of 10 times within a week, and its market cap surpassed 50 million USD this morning. It is worth noting that a well-known investor has recently been optimistic about HYPE, which currently has a market cap exceeding SUI, and the coin price broke 42 USD, setting a new historical high.

Key Data (As of June 11, 12:00)

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

Note: When the price is above the upper and lower bounds, it indicates a medium to long-term bullish trend; conversely, it indicates a bearish trend. When the price is within the range or fluctuates through the cost range in the short term, it indicates a bottoming or topping state.

![HashKey Trading Moment: The sky-high auction of LABUBU drives the revival of old Meme coins, can BTC hold steady at the $105,000 support level? CPI data and U.S. bond auctions become the market focus])https://img-cdn.gateio.im/webp-social/moments-4e66808c014e8251db8c00ed5bb68bde.webp(

ETF Flow (as of June 10)

• Bitcoin ETF: +431 million USD
• Ethereum ETF: +125 million (net inflow for 17 consecutive days)

Today's Preview

• A certain wallet's exclusive TGE phase 22 launches MEET48 (IDOL)
• A certain trading platform will delist the 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 about 3.8 million USD.
• io.net (IO) will unlock approximately 3.22 million tokens today, which is 1.98% of the current circulation, worth about 2.5 million dollars.
• Aptos)APT) will unlock approximately 11.31 million tokens on June 12, accounting for 1.79% of the current circulation, valued at about 52.7 million USD.
• BounceBit (BB) will unlock approximately 42.89 million tokens on June 12, accounting for 10.47% of the current circulating supply, valued at about 4.6 million US dollars.
• US May Non-Seasonally Adjusted CPI Year-on-Year (June 11, 20:30): Previous Value 2.30%, Forecast Value 2.5%
• US May Seasonally Adjusted CPI Monthly Rate (June 11, 20:30): Previous Value 0.20%, Forecast Value 0.2%

Top 500 market cap biggest gainers today: Axelar (AXL) up 46.45%, Rocket Pool (RPL) up 28.30%, HarryPotterObamaSonic10Inu (BITCOIN) up 22.30%, Defi App (HOME) up 20.98%, Pocket Network (POKT) up 20.82%.

![HashKey Trading Moment: LABUBU's sky-high auction drives the revival of old Meme coins. Can BTC stand firm at the $105,000 support level? CPI data and US Treasury auction become the market focus](https://img-cdn.gateio.im/webp-social/moments-3484f6c2a24ab3e1208628f055de2129.webp(

Hot News

• The US SEC requires the issuers of the spot Solana ETF to update the S-1 filing, and analysts expect it to be approved within four months.
• Ethereum spot ETF had a total net inflow of $125 million yesterday, with a continuous net inflow for 17 days.
• Nasdaq has submitted a listing application for the 21Shares SUI ETF to the SEC.
• Abraxas Capital has withdrawn a total of 44,612 ETH from centralized exchanges in the past 14 hours, worth $123 million.
• A report from a research institution: The rise of Bitcoin is not a speculative frenzy, as funds shift from the real estate and automotive markets to BTC.
• A well-known investor: Bitcoin will no longer experience bear markets, and the price will reach 1 million dollars per coin.
• The Blockchain Group has been approved to launch a financing plan of 11 billion euros to accelerate its BTC acquisition strategy.
• A certain company announced an update to its investment policy to include BTC and other digital assets.
• "The whale that goes long on BTC with 20x leverage" has expanded its position to $405 million.
• An investor has a floating profit of 6.5 million USD on the HYPE long position and has begun to gradually take profits.
• A certain wallet exclusively launches TGE Phase 22 for MEET48 (IDOL)
• ZK Nation: Approximately 760 million ZK will be unlocked in June, and starting from July, approximately 167 million ZK will be unlocked each month until June 2028.
• A certain trading platform will launch AXL on the KRW, USDT market.