- Market Commentary: Over the past 24 hours, BTC remained under strong downward pressure, falling approximately 6.04%, as markets reacted to the sharp escalation of the U.S.–Iran military conflict and bearish developments including reports of BTC sales by Strategy. Meanwhile, liquidation risks surrounding a large ETH long position have increased downside tail risks, with the $1,800 level serving as a key support area to watch.
- Trending Tokens: MYX gained more than 16%, benefiting from a surge in derivatives trading activity and growing market attention toward on-chain perpetual futures protocols. ZEC also rallied sharply as escalating U.S.–Iran tensions and related sanctions boosted demand for privacy-focused assets, attracting safe-haven capital inflows. ENA outperformed the broader market after receiving a boost from Coinbase Ventures’ first public-market purchase of the token and a newly announced strategic partnership with Ethena.
- Alpha Insights: SpaceX is reportedly planning an IPO next week, with shares priced at $135 and a target valuation of $1.75 trillion. Coinbase Ventures has established its first position in ENA, while Ethena has entered into a strategic partnership with Coinbase. Meanwhile, the U.S.–Iran military conflict continues to intensify, with the U.S. Treasury sanctioning four major Iranian crypto platforms. Rising geopolitical tensions have pushed oil prices higher and triggered a broad sell-off across the crypto market.
Discover more details today → Gate Research: Crypto Market Tumbles, SpaceX IPO Prices at $135 per Share
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Gate Team
June 3, 2026
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