Crypto Market Overview

• BTC (-2.75% | Current Price: 102,126 USDT): BTC briefly dipped to around $100,500 this morning and found support near the lower band of the daily Bollinger Bands. The short-term trend calls for cautious optimism. BTC’s market dominance stands at 63.9%, marking a new four-year high. Yesterday, BTC ETFs saw outflows totaling $292 million. ARK’s ARKB recorded $102 million in outflows, Fidelity’s FBTC saw $80.17 million withdrawn, and BlackRock’s IBIT posted $13.9 million in outflows. According to official statistics, BlackRock currently holds 662,707 BTC.
• ETH (-7.29% | Current Price: 2,429 USDT): ETH saw a sharp drop, breaking below the middle band of the daily Bollinger Bands. The ETH/BTC ratio fell below 0.024 today, and ETH’s market dominance has declined to 9.2%. Yesterday’s ETH ETFs saw net outflows of $23.4 million. BlackRock’s ETHA recorded inflows of $76.9 million, while Fidelity’s FETH experienced $23.4 million in outflows. This ends ETH ETFs’ streak of 13 consecutive trading days with net inflows.
• Altcoins: The market broadly declined, with many altcoins retracing to recent lows. The Fear & Greed Index currently stands at 45, indicating further cooling of market sentiment.
• Macro: U.S. stock markets closed lower across the board yesterday. The S&P 500 fell 0.53% to 5,939.30; the Dow Jones dropped 0.25% to 42,319.74; and the Nasdaq slid 0.83% to 19,298.45. Tesla dropped 14.26%, losing $153 billion in market cap—the largest single-day value loss in its history. As of June 6, 12:00 AM (UTC+8), spot gold is priced at $3,362.54 per ounce, up 0.39% over 24 hours.

Trending Tokens

RVN Ravencoin (+32.35% | Market Cap: $219M)

According to Gate.io, RVN is trading at $0.0144, with a 24-hour gain of 32.35%. It ranks #183 by market cap. The sharp surge is likely due to Upbit’s announcement of listing RVN/KRW trading pairs. RVN’s intraday volatility approached 100%, with current gains narrowing to around 30%.

Launched in 2018, Ravencoin is an open-source blockchain optimized from Bitcoin’s code and uses a Proof-of-Work consensus. It simplifies asset issuance, allowing users to mint tokens representing real or virtual assets (e.g., stocks, collectibles, game items) with minimal RVN. The network also supports messaging, asset naming, and token traceability, making it suitable for various decentralized applications. With a philosophy rooted in fair distribution and no ICO or pre-mining, it appeals to decentralization and privacy advocates.

FARTCOIN (+11.26% | Market Cap: $1.044B)

FARTCOIN is currently priced at $1.044, up 11.26% in the past 24 hours. It ranks #68 by market cap and remains in a broader downtrend.

The price rebounded over 20% from an intraday low of $0.86 following Coinbase’s announcement to list FARTCOIN earlier today.

Created via Pump.fun, FARTCOIN is an experimental project originating from the AI chatbot “Truth Terminal.” It parodies crypto culture with a humorous “fart” theme. Unlike Bitcoin or Ethereum, its value stems from its absurdity and strong community culture rather than technical innovation.

Despite its ongoing downtrend, its high market cap and strong community presence show its relevance in the AI meme token space. Price movement will likely depend on community activity, social media buzz, and platform support. If it can maintain attention and attract new users, short-term upside remains possible. However, its volatility and speculative nature require cautious investing, as sentiment swings can heavily impact prices.

HUMA Huma Finance (+7.36% | Market Cap: $72.6M)

HUMA is currently priced at $0.0417, up 7.36% over the last 24 hours, demonstrating resilience in a declining altcoin market. It ranks #419 by market cap.

Huma Finance is a decentralized PayFi protocol built around future income streams like salaries, invoices, and remittances. By tokenizing real-world receivables, it bridges TradFi and DeFi, offering on-chain credit without crypto collateral. As of 2025, it has surpassed $4.5B in cumulative on-chain volume, with over $100M in active liquidity.
Despite solid fundamentals, HUMA’s price has underperformed, down over 60% from its May 26 high of $0.112.

While the token has shown a downtrend since launch, its relative strength amid market corrections suggests some capital support. As a narrative centered on real-world income and DeFi credit, its fundamentals could gradually provide long-term price support—especially if real-world applications like payroll and invoicing continue to scale.
Short-term price movements remain driven by sentiment, but should HUMA hold current support levels and its protocol metrics improve, a short-term rebound may be possible. Investors should watch for network activity and new partnerships.

Alpha Insights

Circle Shares Surge 168.48% on Debut, Trading Volume Hits $3.94B

According to Yahoo Finance, Circle surged 168.48% on its IPO debut, closing at $83.23 with a trading volume of 47.109 million shares (approx. $3.94B). The stock triggered upward circuit breakers twice, peaking at $103.75 intraday.

Circle priced its IPO at $31 per share, above its expected $24–26 range, raising $1.1B with a $6.2B valuation. The planned offering of 24 million shares expanded to over 34 million due to demand.

Circle, issuer of USDC—the second-largest USD stablecoin—becomes the first publicly listed stablecoin issuer globally, marking a milestone for the crypto industry. Alongside a few others, like Marathon Holdings and Riot Platforms, it’s one of the only crypto-native firms trading publicly.

This marks Circle’s second IPO attempt and reflects its improved regulatory and business maturity. With growing regulatory clarity in the U.S.—especially around stablecoins—Circle is positioned to benefit from the expected legislation this summer.

The stablecoin sector is projected to grow 10x over the next five years, potentially unlocking a multi-trillion-dollar market. Circle’s first-mover advantage could solidify its leadership in this space.

Musk vs. Trump Clash Sends Shockwaves Through Stocks and Crypto

On June 5, Tesla CEO Elon Musk and U.S. President Donald Trump engaged in a fierce public spat on X. Trump threatened to cut government subsidies and contracts to Musk’s businesses. Musk responded by alleging Trump’s appearance in Epstein-related files, hinting at possible involvement in the “Lolita Island” scandal.

The incident went viral, drawing intense public scrutiny. Tesla shares plunged over 14% in after-hours trading, wiping out $153B in market cap—the largest single-day loss in company history. Musk’s 12.8% stake in Tesla lost over $19.5B in value.

The crypto market also slumped in parallel, with BTC briefly dropping to $104,000. Coinglass data shows $968M in total liquidations in the last 24 hours—$880M of which were long positions.

The event underscores how political uncertainty can ripple through both traditional and crypto markets. Risk-off sentiment is rising, and further asset price volatility may follow, depending on political developments.

83.4% of Creators on Pump.fun Earns Less Than $1,000

According to Solanafloor, since Pump.fun introduced creator revenue sharing on May 12, most creators have earned modest sums, with total collective earnings exceeding $3.07M.
Out of 3,566 creators, 83.4% have made under $1,000—34.9% under $100 and 48.5% between $100–$1,000. Only 13.7% earned $1,000–$5,000, and just 1.8% exceeded $5,000. Pump.fun reportedly plans to raise $1B via token sales, aiming for a $4B valuation. The token will be offered to both public and private investors.

If achieved, this would make Pump.fun one of crypto’s latest unicorn startups, thanks to its massive influence in the meme coin boom over the past year. No official comment from Pump.fun has been made yet.

As the main catalyst for the meme coin frenzy, a token launch by Pump.fun is expected to attract major attention. In the current liquidity-sensitive market, such an event could trigger a capital “siphoning effect,” drawing funds away from smaller projects. The token’s launch is likely to become a major focal point in the next market cycle.

Gate Launchpool

• Project: LayerEdge
• Token: EDGEN
• Subscription Time: Until June 9, 2025, 20:00 (UTC+8)
• Participation Method: Stake BTC, ETH, or GT to receive for free
• Total Airdrop Amount: 7,500,000 EDGEN

Project Introduction

LayerEdge is an AI financial analysis platform aiming to become the “Bloomberg Terminal” of Web3. With support from several top institutions, Edgen helps users extract trading insights from on-chain data, social sentiment, and market fundamentals through its self-developed EDGM decision model, achieving information advantages. The platform offers four core functionalities: search, token radar, crowd insights, and smart networking, constructing a “Cognition-as-a-Service” closed-loop system. User behavior data can feed back into AI learning, creating a positive feedback loop. Additionally, LayerEdge has launched the Edgentic Marketplace, supporting customized AI investment tools, enabling ordinary users to have quasi-quantitative trading capabilities.


References:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Gate, https://www.gate.com/zh/launchpool/EDGEN?pid=311

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.