Major cryptocurrencies declined sharply on Friday, with the total crypto market cap falling 3.77% to $3.18 trillion.&nbsp;Bitcoin&nbsp;(CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) maintained a 63.7% dominance, while Ethereum (CRYPTO: ETH) held a&nbsp;9.2% market share.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.00 p.m. ET)</td></tr><tr><td>Bitcoin </td><td>-2.78%</td><td>$102,148</td></tr><tr><td>Ethereum </td><td>-7.18%</td><td>$2,435</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>-9.14%</td><td>$0.1726</td></tr></tbody></table></figure>



What Happened: The selloff coincided with an <a href="https://www.benzinga.com/trading-ideas/movers/25/06/45805173/musk-vs-trump-tesla-suffers-record-152b-one-day-crash-as-ceo-warns-tariffs-will-cause-a-recession">escalating public dispute</a> between President Donald Trump and Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk that has rattled both traditional and digital asset markets. 



Tesla shares plunged 14.3% on Thursday as Trump threatened to terminate billions in government contracts and subsidies for Musk&#8217;s companies, including Tesla and SpaceX.



The feud began when Musk criticized Trump&#8217;s spending bill as a &#8220;massive, outrageous, pork-filled Congressional abomination&#8221; on social media. Musk departed his role as senior adviser at the Department of Government Efficiency just days before the public confrontation escalated.



The Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based OFFICIAL TRUMP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">TRUMP</a>) memecoin dropped 9.75% to $9.82 amid the political tensions. Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114634138406622995">posted</a> an article on Truth Social on Thursday claiming his memecoin&#8217;s performance represents &#8220;the ultimate measure of his success as President.&#8221;



<figure class="wp-block-image aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="628" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-1024x628.png" alt="" class="wp-image-940584" style="width:466px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-1024x628.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-300x184.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77-768x471.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05233651/image-77.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



Massive liquidations swept crypto markets as 226,781 traders were liquidated in the past 24 hours, totaling $979.88 million in forced position closures. The liquidation wave suggests that overleveraged positions were squeezed as volatility spiked.



The CMC Crypto Fear and Greed Index registered 46, indicating neutral sentiment, down from 55 yesterday and 61 last week when markets showed greed. 



Traditional markets showed mixed signals ahead of the May jobs report on Friday. U.S. stock futures stabilized on Thursday with S&amp;P 500 Index Futures at 5,954.25, up 0.14%, Dow Jones Industrial Average Index Futures at 42,464.00, gaining 0.22%, and Nasdaq-100 Futures at 21,581.00, down 0.0058%. 



Thursday&#8217;s regular session saw the Dow Jones Industrial Average tracked by SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) close at 42,319.74, down 0.25%, the S&amp;P 500 tracked by SPDR S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) at 5,939.30, declining 0.53%, and the Nasdaq-100 tracked by Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) at 21,547.43, dropping 0.80%.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 11.00 p.m. ET)</td></tr><tr><td>Fartcoin (FARTCOIN)</td><td>+13.98%</td><td>$1.04</td></tr><tr><td>Tron (TRX)</td><td>+1.36%&nbsp;</td><td>$0.2764</td></tr><tr><td>DeXe (DEXE)</td><td>+0.57%</td><td>$9.75</td></tr></tbody></table></figure>



See Also: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45763054/bitcoin-ethereum-dogecoin-slip-as-investors-anticipate-trump-jinping-call-too-early-for-an-eth-top-this-analyst-says-3000-is-on-target">Bitcoin&#8217;s Moonshot: Can MicroStrategy And Coinbase Keep Riding The Crypto Wave?</a>



Analyst Notes:&nbsp;Blockchain analytics firm Santiment reported three massive Bitcoin transactions on June 1st and 2nd that correlated with crypto&#8217;s local top when BTC attempted to bounce above $107,000. 



The transfers included a $14.11 billion movement of 130,010 BTC, a $9.41 billion transfer of 78,647 BTC, and a $2.36 billion movement of 22,531 BTC. The $44.03 billion in total transaction volume indicated &#8220;a massive amount of polarization&#8221; among large holders.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f4ca; Blockchain data indicates that 3 massive Bitcoin transactions on June 1st and 2nd correlated with crypto&#39;s local top when <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>&#39;s market value was attempting to bounce back above $107K. $44.03B worth of transaction volume was present on the Bitcoin blockchain, indicating a… <a href="https://t.co/7FDexozitu">pic.twitter.com/7FDexozitu</a>&mdash; Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1930744118520721700?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/25/06/45803114/if-you-invested-1000-in-bitcoin-when-chamath-palihapitiya-had-his-best-call-of-all-time-heres-how-much-youd-have-now">If You Invested $1,000 In Bitcoin When Chamath Palihapitiya Had His &#8216;Best Call Of All Time,&#8217; Here&#8217;s How Much You&#8217;d Have Now</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Shutterstock

Bitcoin, Ethereum, Dogecoin Drop As Crypto Market Loses $124 Billion Amid Trump-Musk Feud And Mass Liquidations

The crypto market is under pressure as macro headwinds resurface. The ADP employment report indicates a slowdown in hiring, and renewed tariff uncertainty is <a href="https://www.benzinga.com/markets/economic-data/25/06/45768817/us-private-sector-hiring-slows-the-most-in-2-years-powell-must-now-lower-the-rate-trump-says">shaking investor sentiment</a>.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$102,185.84</td><td>-2.6%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,537.69</td><td>-3.3%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$146.23</td><td>-6.1%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>&nbsp;$2.13</td><td>-4%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1747</td><td>-8.1%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001258</td><td>-5.2%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows large transaction volume decreasing by 11.3%, with daily active addresses falling by 14.6%. Transactions greater than $100,000 are down from 11,969 to 11,237 in a single day. Exchanges netflows are down by 87.6%.</li>



<li>Coinglass data reports that 114,092 traders were liquidated in the past 24 hours, with a total liquidation value of $334.11 million.</li>



<li>Glassnode data <a href="https://x.com/glassnode/status/1930535675721380091">shows</a> Bitcoin&#8217;s largest holders have shifted back to accumulation after a brief distribution phase. All wallet cohorts are buying, with the most aggressive accumulation seen in the 10–100 BTC and sub-1 BTC groups, both hitting the maximum accumulation score of 1.0.</li>
</ul>



Notable Developments:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45800399/circle-surges-to-69-in-nyse-debut-raising-1-1b-as-investors-bet-on-stablecoins-going-mainstream">Circle Surges To $69 In NYSE Debut, Raising $1.1B As Investors Bet On Stablecoins Going Mainstream</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45800186/bitcoin-stock-strategy-buy-or-sell-what-technicals-reveal-for-michael-saylors-mstr">Bitcoin Stock Strategy— Buy Or Sell? What Technicals Reveal For Michael Saylor&#8217;s MSTR?</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45797385/bitcoin-becomes-corporate-treasury-favorite-eth-sol-xrp-far-behind-report">Bitcoin Becomes Corporate Treasury Favorite, ETH, SOL, XRP Far Behind: Report</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45790623/bitcoin-at-105000-bull-market-correction-or-bear-market-beginning">Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?</a></li>



<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45788564/bitcoin-bull-run-on-the-brink-as-long-term-holders-accelerate-profit-taking-report">Bitcoin Bull Run On The Brink As Long-Term Holders Accelerate Profit-Taking: Report</a></li>



<li><a href="https://www.benzinga.com/etfs/sector-etfs/25/06/45779722/global-x-debuts-covered-call-bitcoin-etf-aims-to-keep-volatility-in-check">Global X Debuts Covered Call Bitcoin ETF, Aims To Keep Volatility In Check</a></li>
</ul>



Top Losers:



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Jupiter (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">JUP</a>)</td><td>$0.4610</td><td>-14.5%</td></tr><tr><td>Raydium (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">RAY</a>)</td><td>$2.06</td><td>-12.6%</td></tr><tr><td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td><td>$0.00001078&nbsp;&nbsp;</td><td>-11.9%</td></tr></tbody></table></figure>



Trader Notes: Crypto trader Kevin has been warning for weeks that Bitcoin is in a critical danger zone below $106,800. He urges traders to avoid overanalyzing and instead approach the market with maximum caution. This is not the time for false optimism, he stressed.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">I have been warning everyone for weeks. Nothing should come as a surprise here. There was no point in over analyzing. It is a very simple layout here for <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> anything under the 106.8K level is danger zone and should be treated with maximum caution. I know it is not popular to… <a href="https://t.co/Eh8WOYlieY">pic.twitter.com/Eh8WOYlieY</a>&mdash; Kevin (@Kev_Capital_TA) <a href="https://twitter.com/Kev_Capital_TA/status/1930690365457313885?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In a follow-up post, Kevin <a href="https://x.com/Kev_Capital_TA/status/1930693984512348488">outlined</a> two scenarios: 



Bearish case: A breakdown below $100,000–$103,000 could trigger a ~5% drop, aligning with the 0.5 Fib level and the daily super trend.



Bullish case: A reclaim of $106,800 would likely mark a scary but healthy retest, signaling a recovery.



He also flagged a key warning that multiple daily closes below $829 billion on Total 3 (altcoin market cap excluding BTC and ETH) would confirm a broader altcoin breakdown.



Crypto chart analyst Ali Martinez pointed out that Bitcoin's MVRV Ratio has slipped below its 200-day SMA, historically a sign of growing bearish momentum and elevated downside risk.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The MVRV Ratio just crossed below its 200-day SMA, a bearish signal that could point to further downside pressure for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. <a href="https://t.co/WQoewqd3m8">pic.twitter.com/WQoewqd3m8</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1930666425548444009?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Adding to the cautious tone, Rekt Capital <a href="https://x.com/rektcapital/status/1930687890880651632">noted</a> Bitcoin is now in a transitional phase, attempting a post-breakout retest of its re-accumulation range. Successfully holding this zone would confirm the shift into a new Price Discovery Uptrend (Phase 2). However, volatile deviations could occur before confirmation.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45798988/could-bitcoin-plummet-to-90000-soon">Could Bitcoin Plummet To $90,000 Soon?</a></li>
</ul>



Photo Courtesy: Yalcin Sonat On Shutterstock.com

Bitcoin, Ethereum, XRP, Dogecoin Dip Due To Macro Uncertainty – Bearish Signals Flash For BTC

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rally in 2025 has been nothing short of stratospheric, with <a href="https://www.benzinga.com/crypto">the flagship crypto</a> blowing past the $100,000 mark and dreams of $200,000 swirling in the digital air. 



While bulls are eyeing the moon, two publicly traded names &#8211; MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) and Coinbase Global Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) &#8211; are catching serious wind from the crypto updraft. But can they stay aloft, or are they flying too close to the sun?



<h2 class="wp-block-heading">MicroStrategy: Saylor's Billion-Dollar Crypto Binge</h2>



Michael Saylor has turned MicroStrategy from a business intelligence firm into a full-throttle Bitcoin proxy. With a stash of 580,250 BTC now worth $40.6 billion, the company's fate is fused to the price of Bitcoin. The latest move? 



A cool $427 million plowed into 4,020 more coins at $106,000 each. Forget quarterly reports &#8211; MSTR&#8217;s main KPI is BTC/USD.



The math is as wild as the strategy: if Bitcoin hits $150,000, MSTR could touch $2,000 per share. At $200,000? Expect targets of $3,500 and a Saylor victory lap. But there's turbulence too. 



When BTC dipped in late 2024, MSTR shed 30% in days. With short interest ballooning past $10 billion and critics warning the market cap now dwarfs Coinbase despite a fraction of its revenue, the stock looks less like a rocket and more like a loaded powder keg.



Read Also: <a href="https://www.benzinga.com/markets/offerings/25/06/45785682/chamath-palihapitiya-says-circle-ipo-valued-at-7-billion-means-its-a-genius-buy-for-coinbase-heres-why" target="_blank" rel="noreferrer noopener">Chamath Palihapitiya Says Circle IPO Valued At $7 Billion Means It&#8217;s A &#8216;Genius&#8217; Buy For Coinbase, Here&#8217;s Why</a>



<h2 class="wp-block-heading">Coinbase: The Middleman Minting Money</h2>



Coinbase, on the other hand, is the infrastructure play &#8211; less glam, more grit. It isn't chasing Bitcoin highs with treasury funds, but instead cashing in on trading fees, ETF custodianship, and its expanding Base blockchain. It's the backstage pass to the crypto show.



When Trump's pro-crypto win sent BTC flying, COIN popped 36%. A modest January bump followed Bitcoin's 2% move. Analysts like the stability. With a <a href="https://www.benzinga.com/quote/COIN/analyst-ratings">consensus Buy rating</a> and growing ETF ties &#8211; $15 billion AUM inflows and counting &#8211; Coinbase is well-positioned for the long haul. Its $1 billion buyback announced last year is a cherry on top.



Still, Coinbase&#8217;s minimal Bitcoin holdings draw jabs from purists. But while MicroStrategy swings for home runs, Coinbase is playing the long game &#8211; consistent, diversified, and quietly raking in the chips.



<h2 class="wp-block-heading">Final Byte</h2>



Bitcoin's surge is minting winners &#8211; and MicroStrategy and Coinbase are riding different boards on the same crypto wave. 



One's a high-wire act with billions in BTC on the line. The other? A steady surfboarder cashing in on every wave.



Whether Bitcoin touches $200,000 or hits an air pocket, these two remain at the epicenter of crypto's most electrifying moment.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45798988/could-bitcoin-plummet-to-90000-soon">Could Bitcoin Plummet To $90,000 Soon?</a></li>
</ul>



Photo: Shutterstock

Bitcoin's Moonshot: Can MicroStrategy And Coinbase Keep Riding The Crypto Wave?

At the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) 2025 Conference, a panel of experts outlined how the U.S. could build and fund a <a href="https://www.benzinga.com/cannabis/25/05/45692508/trump-administration-eyes-strategic-bitcoin-reserve-as-part-of-us-market-infrastructure-overhaul">Strategic Bitcoin Reserve</a>, echoing moves traditionally made in gold, oil and other critical resources.



What Happened: Matthew Pines of the Bitcoin Policy Institute <a href="https://www.youtube.com/watch?v=uGFNrmDE8Xw">explained</a> that a recent executive order by President Trump directed the Commerce and Treasury departments to identify "budget-neutral" ways to acquire more Bitcoin, without additional cost to taxpayers. 



The order also prevents the sale of any currently held Bitcoin, while authorizing the consolidation of other digital assets under federal control.



Pines emphasized that the U.S. already controls a substantial Bitcoin holding between 30% and 40% of the total circulating supply, far surpassing its share of above-ground gold, which sits around 8% to 10%. 



This, he said, gives the U.S. a 3x-to-4x asymmetric advantage over geopolitical rivals like China.



VanEck's Matthew Sigel backed the idea of a Bitcoin reserve by pointing out America's long-standing history of stockpiling scarce strategic assets from gold, silver, and oil to more niche stores like rare earths, helium, and even cheese. 



He highlighted that at least nine countries now mine Bitcoin with government backing, including Pakistan, making it strategically sound for the U.S. to lead rather than lag in this space.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45794906/bitcoins-bull-run-hasnt-even-begun-sounds-crazy-but-one-key-trigger-could-spark-parabolic-gains-says-trader">Bitcoin&#8217;s Bull Run Hasn&#8217;t Even Begun? Sounds Crazy, But One Key Trigger Could Spark Parabolic Gains, Says Trader</a>



Why It Matters: The panel laid out three possible pathways to fund a U.S. Bitcoin reserve:



<ul class="wp-block-list">
<li>Symbolic Acquisitions: Funded by "couch cushion money" from existing seized crypto assets, this path would reinforce commitment without large capital outlays.</li>



<li>Material Acquisitions: Funded through small allocations from sources like tariff revenues or profits from Fannie Mae and Freddie Mac privatization, estimated to generate hundreds of millions to a few billion dollars.</li>



<li>Strategic Acquisitions: The most ambitious path. Pines argued that the U.S. would need an additional 200,000–400,000 Bitcoin to claim the status of sovereign Bitcoin superpower, on top of the roughly 100,000 BTC it already controls with clear title.</li>
</ul>



Two funding mechanisms could support such a move &#8211;&nbsp; Exchange Stabilization Fund (ESF) and Gold Certificate Revaluation. With $39 billion in unencumbered capital, the ESF grants the Treasury Secretary the power to deal in gold, foreign exchange, and other securities, which could be structured to include Bitcoin.



Fred Thiel of Marathon Digital noted that the U.S. still values its gold reserves at just $35/oz, despite current market prices well above $2,000/oz. 



Revaluing this could unlock over $800 billion into the Treasury General Account, potentially funding large-scale digital asset acquisitions.



Read Next:



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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45798988/could-bitcoin-plummet-to-90000-soon">Could Bitcoin Plummet To $90,000 Soon?</a></li>
</ul>



Image: Shutterstock

3 Ways How The Strategic Bitcoin Reserve Could Be Funded

Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) made a powerful entrance onto the New York Stock Exchange on Thursday, with shares of the stablecoin issuer (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRCL#NYSE">CRCL</a>) opening at $69, more than double <a href="https://www.benzinga.com/markets/offerings/25/06/45785682/chamath-palihapitiya-says-circle-ipo-valued-at-7-billion-means-its-a-genius-buy-for-coinbase-heres-why">its $31 IPO price</a>.



The company raised approximately $1.1 billion through the sale of 34 million shares, securing a valuation of $6.9 billion and marking a major milestone after a previously unsuccessful public listing attempt via SPAC in 2021.



The timing of Circle's debut comes amid broader market uncertainty. 



As earnings season concludes, a majority of companies have offered cautious guidance, suggesting continued pressure on U.S. equities in the near term. 



Despite that backdrop, Circle&#8217;s business model has positioned it to benefit from a growing demand for digital dollars.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45788564/bitcoin-bull-run-on-the-brink-as-long-term-holders-accelerate-profit-taking-report">Bitcoin Bull Run On The Brink As Long-Term Holders Accelerate Profit-Taking: Report</a>



At the heart of the company's operations is USDC, a dollar-backed stablecoin increasingly used in digital payments, cross-border transfers, and corporate treasury management. 



That demand has accelerated in 2025, partly fueled by improving regulatory clarity in the U.S. which is expected to strengthen the legitimacy and utility of stablecoins within traditional finance.



A recent report from Deutsche Bank supports this outlook, suggesting stablecoins are nearing mainstream adoption. 



The bank highlighted their role in reinforcing the global dominance of the U.S. dollar and improving efficiency in international finance.



Circle's public listing is seen by some analysts as more than just a tech IPO, it reflects a broader market belief that stablecoins are evolving into foundational tools for the global financial system.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45777944/jpmorgan-to-accept-crypto-linked-etfs-as-loan-collateral">JPMorgan To Accept Crypto-Linked ETFs As Loan Collateral</a></li>
</ul>

Circle Surges To $69 In NYSE Debut, Raising $1.1B As Investors Bet On Stablecoins Going Mainstream

Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), a stock popularized as a proxy for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), received mixed signals from key technical indicators Thursday.



What happened: According to the market analytics platform TradingView, the simple and exponential moving averages across and above the 30-day timeframe <a href="https://in.tradingview.com/symbols/NASDAQ-MSTR/technicals/">produced </a>a &#8220;Buy&#8221; signal for the stock.



A moving average calculates the average price of a financial instrument over a specific period. If the price is above the moving average, the trend is upward. If the price is below the moving average, the trend is downward. Traders use moving averages to identify entry and exit points.



Moreover, the Bull Bear Power indicator, which measures the strength of buyers and sellers, also signaled &#8220;Buy.&#8221;&nbsp;



See Also:<a href="https://www.benzinga.com/25/04/44621245/gold-backed-cryptos-match-yellow-metals-highs-following-trumps-liberation-day-shock"> </a><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">Forget Dollars: Willy Woo Says Bitcoin Will Be Priced Against Global GDP — &#8216;Gold Used To Be That Money, BTC Is The Challenger&#8217;</a>



InvestXOS, an investment-focused X account, said MSTR was building "serious momentum" with a potential cup and handle formation on the daily chart.



"If it somehow runs past $400 psychological level, we might see a huge, huge b/o," the analyst said, projecting potential price targets at $541, $566 and $582.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">MicroStrategy <a href="https://twitter.com/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSTR</a> is getting some serious momentum here with this potential cup &amp; handle formation on daily chart&#8230;. if it somehow runs pass 400 psychological level, we might see a huge huge b/o&#8230;. measured move points to 541 566 582 IF b/o does happen&#8230;. <a href="https://t.co/aIvHbWFiKf">pic.twitter.com/aIvHbWFiKf</a>&mdash; InvestXOS (@InvestXOS) <a href="https://twitter.com/InvestXOS/status/1930396429257695608?ref_src=twsrc%5Etfw">June 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The momentum indicators, however, painted a different story. The Moving Average Convergence Divergence indicator, which plots the relationship between two moving averages—typically a 12-day and a 26-day exponential moving average—flashed "Sell" for MSTR.



Meanwhile, the Relative Strength Index indicator used for spotting overbought or oversold conditions showed a ‘Neutral&#8217; reading for the stock.



On the derivative front, MSTR's Put/Call Ratio was 0.85 as of this writing,&nbsp; <a href="https://fintel.io/sopt/us/mstr">according </a>to Fintel, indicating that bullish bets outnumbered bearish bets.



Why It Matters: Strategy has been at the forefront of Bitcoin's corporate adoption, holding a BTC stockpile worth more than $60.8 billion as of this writing,&nbsp;<a href="https://bitcointreasuries.net/" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to bitcointreasuries.net. 



The stock has seen significant volatility in the last eight months or so. &nbsp;Strategy&#8217;s <a href="https://in.benzinga.com/crypto/cryptocurrency/25/06/45722106/strategy-and-metaplanet-deepen-bitcoin-exposure-with-over-190-million-in-fresh-buys-amid-105k-market-level#:~:text=treasury%20reserve%20asset.-,Strategy%20Inc.,billion%20at%20current%20market%20prices.">corporate strategy of using debt and equity</a> to accumulate Bitcoin makes it highly sensitive to the apex cryptocurrency&#8217;s price swings.&nbsp;



Price Action:&nbsp; At the time of writing, BTC was exchanging hands at $104,905.99, up 0.88% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;



Shares of Strategy were up 0.41% in pre-market trading after closing 2.41% lower at $378.10 during Wednesday's regular trading session.



MSTR demonstrated a very high momentum score—a measure of the stock's relative strength based on its price movement patterns and volatility over multiple timeframes—as of this writing. Want to see which stocks outperformed MSTR in this metric? Visit <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge Stock Rankings</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="447" height="186" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05060907/Screenshot-2025-06-05-153848.png" alt="" class="wp-image-939506" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05060907/Screenshot-2025-06-05-153848.png 447w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/05060907/Screenshot-2025-06-05-153848-300x125.png 300w" sizes="(max-width: 447px) 100vw, 447px" /></a></figure>



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45739199/american-politicians-dont-believe-bitcoin-can-co-exist-peacefully-with-the-dollar-says-this-popular-btc-maximalist-heres-why">American Politicians Don&#8217;t Believe Bitcoin Can &#8216;Co-Exist Peacefully&#8217; With The Dollar, Says This Popular BTC Maximalist: Here&#8217;s Why</a></li>
</ul>



Photo courtesy: PJ McDonnell / Shutterstock

Bitcoin Stock Strategy— Buy Or Sell? What Technicals Reveal For Michael Saylor's MSTR?

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) recent price consolidation is raising alarms about whether the $100,000 <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45790623/bitcoin-at-105000-bull-market-correction-or-bear-market-beginning">support level will hold</a>. 



What Happened: In an <a href="https://www.youtube.com/watch?v=G10hBqONoXg">episode</a> of the Technical Roundup podcast, pseudonymous trader DonAlt explained that while the monthly chart remains strongly bullish, the daily timeframe is looking shaky. 



While Bitcoin&#8217;s monthly chart remains &#8220;ragingly bullish&#8221; with strong support between $94,000-$102,000, the daily timeframe shows more concerning patterns. 



He pointed to a false breakout above resistance that's since been rejected, adding, the daily is a little bit choppy, if not leaning slightly bearish.



DonAlt considers $100,000 a clear line in the sand: If you're bullish, you've got a clean invalidation at $100,000. If it breaks, I think we're looking at a fast trip to $90,000 again.



Despite short-term caution on Bitcoin, DonAlt expressed renewed optimism on Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), calling the recent breakout "sexy" after months of lagging behind.



ETH has reclaimed key support on the ETH/BTC pair and bounced ~8–10%, suggesting growing momentum. He expects a rotation out of altcoins like Solana into ETH, noting ETH has outperformed peers for six to seven consecutive weeks.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45790623/bitcoin-at-105000-bull-market-correction-or-bear-market-beginning">Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?</a>



What's Next: Looking ahead, DonAlt warned about potential risks from leveraged corporate Bitcoin positions, particularly Strategy&#8217;s aggressive accumulation strategy.



&#8220;The moment that that starts unraveling like Bitcoin is going to go down like 50%ish I think at least,&#8221; he cautioned, though he believes &#8220;we&#8217;re not there yet.&#8221;



The trader has adjusted his strategy for this cycle, taking profits gradually rather than attempting to time a perfect exit. 



&#8220;I&#8217;m not young enough anymore to stay up and look at the chart 24/7 just to make sure that I get the top,&#8221; he admitted, describing his more conservative approach as allowing him to &#8220;go on a vacation for a week&#8221; and not care about market movements.



What's Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45789332/bitcoin-ethereum-xrp-dogecoin-dip-but-trader-says-everythings-going-according-to-plan">Bitcoin, Ethereum, XRP, Dogecoin Dip, But Trader Says Everything&#8217;s Going According to Plan</a></li>
</ul>



Image: Shutterstock

Could Bitcoin Plummet To $90,000 Soon?

A growing number of publicly traded companies are turning to Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) as <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45641767/strategy-metaplanet-continue-bitcoin-treasury-push-but-the-pace-is-slowing">a treasury reserve asset</a>, with total corporate holdings surging to more than 809,000 BTC by the end of May 2025, according to Binance's latest monthly market report.



What Happened: While favorable U.S. accounting changes and the surge in <a href="https://www.benzinga.com/money/best-spot-bitcoin-etfs">spot Bitcoin ETF inflows</a> have fueled this trend, Binance analysts caution that the rising dependency on crypto holdings could create systemic risks if prices reverse.



"More than 25 new public companies disclosed BTC holdings in May," the report states, adding that "cumulative BTC holdings by public companies rose to a new all-time high of 809,555 BTC." 



That marks a dramatic jump from the roughly 312,000 BTC held by corporates just a year ago.



The trend is being driven by multiple catalysts: improved regulatory clarity in the U.S., fair-value accounting updates effective this year, and strong performance of ETFs like BlackRock's iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), which alone holds over 305,000 BTC. 



"Accounting rule changes implemented in 2025 allowed U.S. firms to measure digital assets at fair value, removing impairment restrictions," the Binance report notes.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45791691/bitcoin-adoption-makes-2025-a-watershed-year-for-crypto-bitwise-ceo-hunter-horsley-says">Bitcoin Adoption Makes 2025 A &#8216;Watershed Year&#8217; For Crypto, Bitwise CEO Hunter Horsley Says</a>



Why It Matters: But the surge in treasury allocation to Bitcoin is also creating valuation challenges.



"We observed that most of the public companies have seen positive equity price action following the announcements, especially when compared to those who had already disclosed," the report states. "However, most of these names trade at a significant premium to their reported BTC holdings."



Binance analysts warned that as corporate equity valuations become increasingly correlated with Bitcoin prices, "a sharp reversal in BTC price can negatively impact their balance sheets and increase downside volatility."



The report also highlights the expanding scope of corporate crypto adoption, noting that some firms have begun to include Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>), and XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) in their treasuries.



However, Bitcoin remains the dominant asset: "Bitcoin holdings accounted for more than 94.6% of the total corporate crypto holdings."



Binance analysts the trend to continue, projecting: "We expect corporate BTC holdings to grow past 1M BTC before the end of 2026, with tech firms, asset managers, and ETFs as the primary contributors."



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45790623/bitcoin-at-105000-bull-market-correction-or-bear-market-beginning">Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?</a></li>
</ul>



Image: Shutterstock

Bitcoin Becomes Corporate Treasury Favorite, ETH, SOL, XRP Far Behind: Report

Bitcoin continues to captivate investors as a decentralized asset that challenges conventional financial logic. Unlike traditional investments-stocks tied to earnings, oil driven by supply and demand, or fiat currencies backed by governments- Bitcoin operates in a league of its own. Increasingly referred to as "digital gold" in recent times, it shares traits with the precious metal: scarcity, independence from centralized control, and a role as a store of value. In 2025, as global markets grapple with economic uncertainty, Bitcoin's allure is stronger than ever. But what drives its value, and where is it headed? Let's dive in.



<h2 class="wp-block-heading">Bitcoin as Digital Gold: A Modern Parallel</h2>



Bitcoin's comparison to gold isn't just hype. With a capped supply of 21 million coins, it mirrors gold's finite nature, offering a hedge against inflation and currency devaluation. In an era of rising global debt and stagnant monetary policies, investors are turning to assets that preserve wealth outside traditional systems. Bitcoin's blockchain ensures transparency and security, qualities fiat currencies can't always guarantee. For many, it's a safeguard in turbulent times-much like gold has been for centuries.



Yet, Bitcoin isn't a carbon copy of gold. Its price volatility-capable of double-digit swings in a week-contrasts with gold's steadier moves. Sure, this scares off some people, but Bitcoin's long-term growth, charged by recovery from past crashes, still keeps optimists engaged. Today in 2025, institutional adoption via ETFs and corporate balance sheets is solidifying Bitcoin&#8217;s status as a portfolio diversifier.



<h2 class="wp-block-heading">ETFs: Bridging Crypto and Traditional Investing</h2>



For those wary of crypto wallets, Bitcoin ETFs provide a simpler path. Funds like ProShares Bitcoin Strategy ETF (BITO) let investors bet on Bitcoin's rise, while ProShares Short Bitcoin Strategy ETF (BITI) offers a way to profit from declines-all through familiar brokerage accounts. BITO has climbed 15% year-to-date in 2025, reflecting Bitcoin's upward momentum, while BITI has dropped 12%, signaling weaker interest in bearish bets. Both ETFs have seen a surge in trading volume, underscoring growing investor appetite for crypto exposure. Backed by giants like BlackRock, these ETFs track Bitcoin futures, not the coin itself, introducing risks like tracking errors. Still, their accessibility is a game-changer, drawing mainstream capital into crypto.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="390" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122349/1-1-1024x390.jpg" alt="" class="wp-image-13942" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122349/1-1-1024x390.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122349/1-1-300x114.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122349/1-1-768x292.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122349/1-1.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Price Outlook: $125,000 on the Horizon?</h2>



Bold forecasts peg Bitcoin at $125,000 by the end of 2025, a target supported by historical patterns and current momentum. The 2024 halving, which slashed mining rewards, typically sparks bull runs, and this cycle is no exception. BITO's 15% gain this year aligns with this optimism, reflecting Bitcoin's underlying strength. Add in a U.S. administration friendly to crypto-led by Donald Trump-and growing ETF options, and the case for new highs strengthens. However, risks linger: a global downturn or regulatory hurdles could derail this rally.



<a href="https://nftevening.com/bitcoin-mining-cost/">Mining costs</a> also play a role. Today, according to various expert estimates, producing one Bitcoin costs between $35,000 in energy-cheap regions and $65,000 elsewhere, driven by electricity and equipment expenses. This "floor" loosely supports prices, though sentiment and demand ultimately rule.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="386" src="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122413/2-1024x386.jpg" alt="" class="wp-image-13943" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122413/2-1024x386.jpg 1024w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122413/2-300x113.jpg 300w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122413/2-768x289.jpg 768w,https://contributor-assets.benzinga.com/wp-content/uploads/2025/06/05122413/2.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h2 class="wp-block-heading">Bitcoin's Future: A Global Asset?</h2>



As central banks test <a href="https://www.atlanticcouncil.org/cbdctracker/">digital currencies</a> and inflation erodes fiat trust, Bitcoin's role as a borderless, censorship-resistant asset grows. Nations like El Salvador lead the charge, and others may follow. For investors, it's a speculative yet intriguing bet- digital gold for the digital age. Whether it hits $125,000 or stumbles, Bitcoin's journey remains one to watch.

Bitcoin In 2025: Digital Gold For Uncertain Times?

Despite Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) impressive climb from $16,000 to $110,000, some analysts believe the real <a href="https://www.benzinga.com/money/bitcoin-price-prediction">bull market is yet to begin.</a>



What Happened: In a detailed June 4 <a href="https://x.com/crypthoem/status/1930316443368710379">post</a> on X, crypto trader Hoeem suggests the rally so far has been driven more by institutional flows than euphoric retail speculation, a hallmark of true crypto bull cycles.



Hoeem points to the absence of broad macro liquidity, which he believes is essential for explosive, retail-driven upside. 



Drawing on research by Jesse Eckel, he references 11 &#8220;liquidity rings of power&#8221;, factors like rate cuts, quantitative easing, and fiscal stimulus, which were all active in past bull markets (2013, 2017, 2021). Today, most of these remain dormant.



A potential 12th &#8220;ring&#8221;, economic pain, is typically what forces policymakers to flip these switches. 



While some stress signals exist (e.g., weakening industrial jobs data), they haven't yet triggered the scale of intervention needed to catalyze a full-blown liquidity boom.



Key macro indicators such as M2 money supply growth and ISM PMI remain muted, reinforcing Hoeem's view that the bull market is &#8220;still loading.&#8221; Until liquidity flows freely, he expects a slow grind higher rather than a euphoric rally.



Hoeem noted that the market may grind higher, but the real speculative mania awaits a macroeconomic trigger. Until the liquidity "rings" are fully activated, the bull market is still loading.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45790623/bitcoin-at-105000-bull-market-correction-or-bear-market-beginning">Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?</a>



Why It Matters: Echoing this restrained optimism, trader CryptoCon <a href="https://x.com/CryptoCon_/status/1930291636405166102">flagged</a> a rare &#8220;Super Signal&#8221; for Bitcoin, triggered when trading volume plunges to historic lows inside a bull market. This is the lowest volume reading since 2014, a setup that has historically preceded major uptrends:



<ul class="wp-block-list">
<li>2012 &amp; 2016: Preceded full bull markets.</li>



<li>October 2023: Kicked off a 200% move through March 2024.</li>
</ul>



With no blow-off top yet and volume still deeply compressed, CryptoCon believes this signals the next leg up may be imminent, provided macro conditions align.



What's Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45789332/bitcoin-ethereum-xrp-dogecoin-dip-but-trader-says-everythings-going-according-to-plan">Bitcoin, Ethereum, XRP, Dogecoin Dip, But Trader Says Everything&#8217;s Going According to Plan</a></li>
</ul>



Image: Shutterstock

Bitcoin's Bull Run Hasn't Even Begun? Sounds Crazy, But One Key Trigger Could Spark Parabolic Gains, Says Trader

Solana's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) recent price action has traders eyeing it as a potential buying opportunity, but many are anticipating a further dip to secure a <a href="https://www.benzinga.com/money/solana-price-prediction">more favorable entry</a>. 



What Happened: Crypto trader Crypto Chase is closely monitoring Solana, aiming for a better entry after trimming his previous position in the $150s. 



He's now <a href="https://x.com/Crypto_Chase/status/1930411508179116369">watching</a> for a pullback into the low $140s, ideally triggered by a Bitcoin dip to $102,000, to re-enter.



Chase <a href="https://x.com/Crypto_Chase/status/1930542147670798460">noted</a> that recent slow climbs into support zones, like the grind into $158 and $150, lacked conviction. 



As a result, he's either taken partial profits or remained on the sidelines, preferring aggressive, liquidity-driven moves for confident re-entry.



His stop levels are now <a href="https://x.com/Crypto_Chase/status/1930448100310823059">set</a> in the mid-$120s, and he continues to stress the importance of risk management, patient scaling, and waiting for high-probability setups.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Market Cap</td><td>24-Hour Trend</td><td>7-Day Trend</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$152.67</td><td>$80 billion</td><td>-2.3%&nbsp;</td><td>-11.5%&nbsp;</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$105,030.44</td><td>$2.08 trillion</td><td>-0.2%</td><td>-3.3%&nbsp;</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,618.55&nbsp;</td><td>$316.1 billion</td><td>-0.7%&nbsp;</td><td>-3.6%&nbsp;</td></tr></tbody></table></figure>



Trader Notes: Crypto trader Cas Abbe Cas Abbe believes Solana has not yet peaked this cycle. He sees the recent breakout and support/resistance flip as mirroring Q3 2023&#8217;s setup, right before a 5x move.



While the market cap is now higher, he still expects a 2x–3x gain, projecting a potential cycle top between $400 and $500.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> hasn&#39;t peaked for this cycle. It had a breakout last month, and now just doing S/R flip. This is very similar to what happened in Q3 2023, before SOL pulled 5x within a few months. This time the MCap is much bigger, so a 2x-3x move seems highly likely. I think <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SOL</a> will… <a href="https://t.co/4Qbowz4C96">pic.twitter.com/4Qbowz4C96</a>&mdash; Cas Abbé (@cas_abbe) <a href="https://twitter.com/cas_abbe/status/1930335899881222638?ref_src=twsrc%5Etfw">June 4, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Community News: Classover Holdings, a live online learning platform, has <a href="https://www.cointribune.com/en/crypto-classover-engages-500-million-to-build-a-strategic-reserve-in-solana/">entered</a> a $500 million convertible note agreement with Solana Growth Ventures. 



The funds are intended to build a Solana-based treasury reserve, reflecting growing institutional confidence in the Solana ecosystem.



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45789332/bitcoin-ethereum-xrp-dogecoin-dip-but-trader-says-everythings-going-according-to-plan">Bitcoin, Ethereum, XRP, Dogecoin Dip, But Trader Says Everything&#8217;s Going According to Plan</a></li>
</ul>



Image: Shutterstock

Solana Around $150: Can It Outperform ETH, XRP Once Again?

The previous article I wrote on Benzinga.com, &#8220;The Quantum Threat To Cryptocurrency: Why We Need To Act Now,&#8221; focused on the systemic vulnerabilities facing digital assets in a post-quantum world. Today, we shift the focus toward a promising line of defense that is gaining traction among researchers and early adopters: the XMSS protocol (eXtended Merkle Signature Scheme).



All Bitcoin investors face an emerging risk from quantum computers, a technology that could potentially break current cryptographic protections. It's crucial for all crypto investors to start pressuring wallet providers now to adopt quantum-safe solutions before it's too late.



What makes XMSS different



XMSS is a hash-based, quantum-resistant signature scheme approved by the U.S. National Institute of Standards and Technology (NIST). Unlike the elliptic curve digital signature algorithm (ECDSA) used by Bitcoin and Ethereum, XMSS is designed to withstand attacks from quantum computers, specifically Shor&#8217;s algorithm, which could otherwise reverse-engineer private keys from public addresses.



While protocols like Bitcoin and Ethereum remain quantum-vulnerable, quantum-safe wallets could provide a bridge to a safer future by protecting assets at the storage level.



Wallets like Ledger, MetaMask, and Trezor: Why haven&#8217;t they adopted an XMSS type protocol yet?



Despite the urgent need, major wallet providers have not yet implemented XMSS or any post-quantum signature scheme. The reasons vary:



<ul class="wp-block-list">
<li>Backward Compatibility:&nbsp;Integrating XMSS requires significant protocol and architecture changes. It's not just a firmware update; it affects address generation and validation.</li>



<li>Standardization Lag:&nbsp;Although NIST has endorsed several quantum-safe algorithms, wallet providers are waiting for broader adoption and testing before risking a premature integration. That takes some to assess.</li>



<li>User Experience:&nbsp;XMSS and similar protocols often involve one-time-use keys or limited signature counts, which complicate UX and wallet design.</li>
</ul>



What XMSS would actually protect



Assuming Ledger adopts XMSS (or another quantum-safe algorithm) for its wallets, Bitcoin would only be&nbsp;partially protected. &nbsp;Here's why;



What XMSS adoption by Ledger does protect:



<ul class="wp-block-list">
<li>New transactions made after quantum-safe support is added and to new XMSS-protected addresses will be safer.</li>



<li>Private keys would no longer be vulnerable to quantum attacks like Shor's algorithm, assuming proper use.</li>
</ul>



What XMSS alone does not protect:



<ul class="wp-block-list">
<li>BTC sitting in older ECDSA-based addresses will still be vulnerable unless users proactively move them. That challenge is huge as many legacy addresses have owners that may have died, or the passkeys are lost etc</li>



<li>Even with wallet-side protection, the Bitcoin protocol itself must eventually migrate to a quantum-safe scheme to eliminate network-wide risks.</li>
</ul>



Example:



<ul class="wp-block-list">
<li>BTC held in old ECDSA address: Not protected</li>



<li>BTC moved to XMSS-based Ledger address: Protected</li>



<li>Protocol (e.g., Bitcoin) not upgraded : Partial protection only</li>
</ul>



Summary Table



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Scenario</td><td>Quantum-Safe?</td></tr><tr><td>BTC in old address</td><td>&nbsp;No</td></tr><tr><td>BTC moved to XMSS address</td><td>&nbsp;Yes</td></tr><tr><td>BTC in XMSS address, protocol not upgraded</td><td>&nbsp;Partial</td></tr></tbody></table></figure>



Implications for stablecoins and Layer 1 protocols



Quantum vulnerabilities aren't just a Bitcoin problem. Stablecoins like USDC and USDT rely on Ethereum, which uses similar cryptographic primitives. In a quantum attack scenario:



<ul class="wp-block-list">
<li>Smart contracts&nbsp;holding stablecoins could potentially be compromised.</li>



<li>Bridges&nbsp;and Layer 2s using ECDSA could be entry points for attackers.</li>
</ul>



Unless these chains and their wallets adopt quantum-safe signatures, even funds "safely" stored in cold wallets may be at risk.



The Urgency to Act



The transition to quantum-safe cryptography won't happen overnight and will occur in some form of staging based on how proactive developers are and investors to protect their asset.



Proactive measures like adopting XMSS in wallets give users a chance to secure their assets&nbsp;before&nbsp;quantum computers become commercially viable.



The crypto market has shown resilience through regulatory battles, exchange hacks, and protocol bugs. But quantum risk is different. It's a ticking clock.



&#x2A;&#x2A;



See more about crypto risk management at <a href="https://cryptoflowzone.com/" title="https://cryptoflowzone.com/">https://cryptoflowzone.com/</a> Disclosure: The author holds Bitcoin (BTC).



&#x2A;&#x2A;

The Quantum Threat To Crypto: Why The XMSS Protocol May Be The Industry's Lifeline

Bitwise CEO Hunter Horsley says 2025 marks a "watershed year" for crypto as regulatory clarity, <a href="https://www.benzinga.com/25/05/45521682/bitcoin-soars-to-105125-amid-institutional-investments-x-founder-proposes-btc-rebrand">institutional adoption</a> and mainstream political support converge to reshape the investment landscape for digital assets.



What Happened: Speaking with <a href="https://www.youtube.com/watch?v=tt4_KY8MvxY">CNBC</a> at the Bitcoin Conference 2025, Horsley emphasized that the most significant overhang on crypto markets, regulatory uncertainty, has flipped from a headwind into a tailwind.



"2025 is a watershed year… it's absolutely the beginning of a new chapter for the space," he said, pointing to regulatory support from the White House, Congress, and financial regulators as a turning point.



For years, ambiguity from U.S. regulators prevented institutional investors from meaningfully participating in crypto. "It's finally an asset class that they can engage in," Horsley said. 



The result: mainstream investors are now entering the space in force. In Q1 alone, 190 new wealth firms invested in Bitwise products for the first time.



This changing backdrop has fueled Bitcoin's latest all-time high near $112,000, but Horsley argues the real significance lies beneath the surface. 



"The biggest risk of the space has been removed," he said, referring to the resolution of regulatory uncertainty. With that barrier gone, he believes the opportunity for institutional capital deployment is just beginning.



That optimism is supported by Bitwise's own growth. 



The firm manages over $12 billion in assets across ETFs, hedge funds, and crypto income products. 



Horsley also pointed to recent milestones, such as a $600 billion wealth manager approving Bitwise's Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) ETFs, as evidence that regulated institutions are moving in.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45777944/jpmorgan-to-accept-crypto-linked-etfs-as-loan-collateral">JPMorgan To Accept Crypto-Linked ETFs As Loan Collateral</a>



What&#8217;s Next: Looking ahead, <a href="https://www.benzinga.com/25/05/45560419/trumps-crypto-czar-david-sacks-foresees-stablecoin-bill-generating-trillions-for-us-treasury-practically-overnight">stablecoin legislation is on the horizon</a>.



The Senate's advancement of the bipartisan Genius Act signals growing alignment in Washington, and Horsley says lawmakers are now actively responding to constituent demand. 



"100 million Americans want to see Bitcoin and crypto flourish in America," he said, noting that regulatory clarity is essential and not optional for mass adoption.



Horsley also echoed Bitwise CIO Matt Hougan's view that stablecoin regulation could be the most important development in crypto's history. 



While the approval of spot Bitcoin ETFs in January 2024 was transformative, Horsley believes clear legal frameworks are what will ultimately mainstream the asset class.



He compared the current moment to the early days of the iPhone: underappreciated at first, but quickly becoming indispensable once adopted. 



"People are going to be surprised when they start seeing Bitcoin at companies that are not crypto companies," he said.



Bitwise and UTXO Management recently projected over $400 billion in institutional inflows into Bitcoin by the end of 2026. 



Horsley attributes this to the sheer size of traditional capital markets, which until recently had no path to crypto exposure. 



"98% of all Bitcoin that will ever exist has already been mined, and yet 98% of all the capital in the capital markets does not yet own any crypto," he said.



As wealth firms shift from 1% allocations toward 5% or more, Horsley believes the coming wave of capital could exceed most expectations. 



"It's not the old school Bitcoin anymore," he said. "You're going to see financial institutions, banks, and tech companies all building services and launching products."



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45775027/pump-funs-1b-token-plan-risks-undermining-solana-defi-fueling-meme-coin-scams-experts-warn">Pump.fun&#8217;s $1B Token Plan Risks Undermining Solana DeFi, Fueling Meme Coin Scams, Experts Warn</a></li>
</ul>



Image: Shutterstock

Bitcoin Adoption Makes 2025 A 'Watershed Year' For Crypto, Bitwise CEO Hunter Horsley Says

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) has entered its <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45772932/bitcoins-post-golden-cross-correction-playing-out-benjamin-cowen-flags-signs-of-q3-weakness">first meaningful correction</a> in nearly two months, falling from an all-time high of $111,880 amid rising macroeconomic uncertainty and unprecedented leverage in derivatives markets.



What Happened: The pullback marks a pivotal moment for investors, as mounting sell pressure, profit-taking by seasoned holders and surging options activity point to elevated volatility ahead.



The correction coincides with rising macroeconomic risk and increasingly aggressive positioning in the derivatives market.



One of the key catalysts was a surprise legal decision in the United States, where the Court of Appeals temporarily halted a ruling against government-imposed tariffs. 



The move triggered a spike in 30-year Treasury yields above 5%, prompting a broad sell-off across risk assets, including cryptocurrencies.



Bitcoin&#8217;s options market reflects this nervousness. 



Open interest on BTC options reached a record $49.4 billion, <a href="https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-thi-truong-day-bien-dong-dang-cho-phia-truoc/">according</a> to Bitfinex Alpha, highlighting increased institutional activity and growing demand for both speculation and downside protection following the recent all-time high.



Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45767539/anthony-scaramucci-says-sam-bankman-frieds-25-year-sentence-is-too-steep">Anthony Scaramucci Says Sam Bankman-Fried&#8217;s 25-Year Sentence Is &#8216;Too Steep&#8217;</a>



Why It Matters: On-chain metrics add further cause for caution.



The Relative Unrealised Profit index has exceeded +2 standard deviations, a level historically associated with short-term market tops and intraday volatility. 



According to Bitfinex analysts, this reflects a market entering an overheated phase, driven in part by profit-taking from long-term holders.



Broader macroeconomic indicators are also flashing warnings. U.S. consumer spending declined sharply in April, with households prioritizing savings amid concerns over inflation and future tariff-related costs. 



Imports fell nearly 20% in the same month, shrinking the trade deficit by 46%, yet corporate inventories and capital goods orders remained weak, signaling reduced investment appetite.



Labor market data is no more reassuring. Jobless claims are now at their highest levels since 2021, and corporate earnings fell in the first quarter. 



Business confidence has slipped, and hiring plans are being scaled back. 



Even a temporary trade truce between the U.S. and China has failed to restore lasting confidence.



Despite the pullback, crypto adoption continues to gain momentum in traditional finance. 



Meme-stock giant GameStop (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) allocated $513 million to Bitcoin as part of a strategic diversification move. 



While notable, the decision has sparked concern among investors about the firm's limited crypto expertise and the volatility of the asset class.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45757170/trump-branded-crypto-wallet-sparks-controversy-trump-family-denies-involvement">Trump-Branded Crypto Wallet Sparks Controversy, Trump Family Denies Involvement</a></li>
</ul>



Image: Shutterstock

Bitcoin At $105,000: Bull Market Correction Or Bear Market Beginning?

Major cryptocurrencies are dipping on Thursday morning as market participants wait for an announced phone call between President Donald Trump and China&#8217;s president Xi Jinping.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>$104,698</td><td>-1%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>$2,598.74</td><td>-1.4%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>$151.9</td><td>-2.9%</td></tr><tr><td>XRP (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>)</td><td>$2.20</td><td>-2.5%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>$0.1886</td><td>-3.5%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>$0.00001277</td><td>-2%</td></tr></tbody></table></figure>



Notable Statistics:



<ul class="wp-block-list">
<li>IntoTheBlock data shows Bitcoin and Ethereum large transaction volume decreased 11.3% and 17.8%. Daily active addresses went down by 14.6% and 5.5%, respectively.</li>



<li>Coinglass data shows 93,731 traders were liquidated in the past 24 hours for $229.60 million.</li>



<li>SoSoValue data shows net inflows of $86.9 million into spot Bitcoin ETFs. Spot Ethereum ETFs saw net inflows of $56.98 million.</li>
</ul>



Trader Notes: Crypto trader Jelle notes that Bitcoin is consolidating between key EMAs and holding local support, exactly as expected. He anticipates more sideways action before a breakout to the upside.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is still compressing between the EMAs, on top of local support. Going exactly as planned so far. Give me a couple more days of chop, drive everyone insane &#8211; and then we send it higher once more. <a href="https://t.co/h3p1Be11qA">pic.twitter.com/h3p1Be11qA</a>&mdash; Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1930498102235914682?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Michael van de Poppe <a href="https://x.com/CryptoMichNL/status/1930508420672528517">sees</a> a potential liquidity sweep coming, predicting Bitcoin could dip below recent lows to flush weak hands before reversing sharply and setting the stage for a stronger upward move. 



On Solana, More Crypto Online <a href="https://x.com/Morecryptoonl/status/1930561465334759860">says</a> the altcoin remains in a corrective phase, struggling below the $164.50 resistance. The next support to watch is $143.50, and a confirmed 5-wave impulse is needed to flip the bias back to bullish.



Meanwhile, Kong Trading stated that Ethereum <a href="https://x.com/KongBTC/status/1930567522904051792">continues</a> to look attractive amid consistent ETH ETF inflows.



For Dogecoin, Trader Tardigrade highlights a historical pattern where DOGE/BTC makes lower lows while DOGE trends upward, a signal that has preceded every major DOGE pump. That setup appears to be repeating now..



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Before each massive <a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> PUMP, the <a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> / <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> pair forms lower lows while <a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> trends upward on the weekly chart. This signal has appeared again, suggesting a massive pump is ahead &#x1f680; <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> <a href="https://t.co/jf4P3MdIUS">pic.twitter.com/jf4P3MdIUS</a>&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1930549669203247506?ref_src=twsrc%5Etfw">June 5, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45778599/bitcoin-stuck-at-105000-what-does-technical-analysis-say">Bitcoin Stuck At $105,000: What Does Technical Analysis Say?</a></li>
</ul>



Image: Shutterstock

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