$BTC June 5 Cryptocurrency Market Consolidation Briefing

BTC current price around $62,800, oscillating and weakening intraday, approximately 2.6% decline over 24 hours, ETH plummeted 7.3% to $1,660, over 90% of altcoins in the market are down, total liquidation across the network exceeded $1.6 billion in a single day, market is in extreme fear zone. Previously 13 consecutive days of net outflows in US stocks, BTC spot ETF saw a slight net inflow of $3 million today, ending a prolonged redemption cycle, but overall institutional willingness to enter remains low, Coinbase Bitcoin premium has been negative for 18 consecutive days. Regarding specific tokens, ZEC plummeted 38% in a single day due to underlying security vulnerabilities; well-known investors liquidated all ZEC holdings; Cardano dropped 16% following negative comments from the founder, only a few small tokens surged against the trend. On industry and regulation, the US House of Representatives plans to implement a crypto taxation bill; several US banks are preparing tokenized deposit networks; Hong Kong Securities and Futures Commission is discussing opening crypto derivatives to professional investors; a16z liquidated a large amount of HYPE, whales transferred SOL en masse to exchanges, raising concerns about selling pressure.