Crypto Market Focus: CPI Data and US Treasury Auction Draw Attention, Can Bitcoin Hold the $105,000 Support?

Market Observation

At 20:30 tonight and 1:00 AM the next day, the US May CPI data and the $39 billion 10-year Treasury auction will be released one after another, attracting significant market attention. Economists expect the CPI to grow by 0.2% month-on-month, but investors are concerned that tariffs may drive up inflation levels. Meanwhile, the demand for the 10-year Treasury auction is also in focus, especially against the backdrop of current trade policy uncertainty, with market worries that foreign buyers may reduce participation. If the CPI data exceeds expectations and the Treasury auction performs poorly, it could create a double blow to the bond market, causing yields to rise sharply.

Recently, the U.S. bond market has shown little volatility, but the recent CPI data and auction results may become catalysts to awaken the market. Analysts point out that inflation data could directly affect auction demand, and investors are closely following relevant performances to assess changes in market sentiment. In addition, the market has largely ruled out the possibility of interest rate cuts at the June or July FOMC meetings, with CME Group data indicating only a 0.25% rate cut expectation in September.

As major economies around the world accelerate the improvement of regulatory frameworks for crypto assets, the market is undergoing a profound reconstruction of its value system. Some analysts believe that the U.S. "GENIUS Act" requires stablecoin reserve assets to be 100% pegged to the U.S. dollar or U.S. Treasury bonds and audited regularly, pushing the market capitalization of mainstream stablecoins to exceed $280 billion; the EU MiCA Act promotes industry centralization; and Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, an IPO by a stablecoin issuer has attracted widespread attention in the market, with its valuation once soaring to $24 billion, reflecting investors' strong confidence in compliant crypto financial infrastructure. At the same time, crypto concept stocks have ushered in an investment boom, with the stock price of a trading platform maintaining high volatility from late May to early June.

Bitcoin recently broke through $110,000. From a technical perspective, after breaking through $106,737, the price is currently consolidating below $110,668. If it breaks through $110,700, it may further rise to $112,700 or even $115,103. Some analysts believe that Bitcoin has broken through the short-term downtrend, forming a bullish breakout pattern. Even though this week's CPI data may bring upward pressure, as long as the price remains above $105,075, the bullish trend remains valid.

![HashKey Trading Moment: LABUBU's Sky-High Auction Boosts the Revival of Old Meme Coins, Can BTC Stand Firm at the $105,000 Support Level? CPI Data and U.S. Treasury Auctions Become Market Focus](https://img-cdn.gateio.im/webp-social/moments-4fd5d60786895c3830cfb807c59f3197.webp01

Ethereum is gradually becoming the focus of the market, with its implied volatility rising, and the short-term options volatility exceeding 70%. The bullish sentiment in the options market has significantly strengthened. Analysts indicate that ETH needs to break through the resistance zone of $2800-$3000 to initiate the next round of upward movement. It is expected that if it breaks through the $2800 resistance, the price could rise to $3400-$3500.

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

Key Data (as of June 11, 12:00 HKT)

• 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: $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 volume ranking on a certain trading platform for 24 hours: POKT, AXL, ETH, XRP, BTC
• 24-hour BTC long/short ratio: 0.9354
• Sector performance: DeFi increased by 4.92%; L2 increased by 3.36%
• 24-hour liquidation data: A total of 106,468 people were liquidated globally, with a total liquidation amount of 320 million dollars, including 58.91 million dollars in BTC liquidations, 127 million dollars in ETH liquidations, and 14.5487 million dollars in SOL liquidations.
• BTC medium to long-term trend channel: upper line (108021.70 USD), lower line (105882.66 USD)
• ETH medium to long-term trend channel: upper line (2642.28 USD), lower 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 repeatedly passes through the cost range in the short term, it indicates a bottoming or topping state.

![HashKey Trading Moment: LABUBU's sky-high auction drives the revival of old Meme coins. Can BTC hold the support level of $105,000? CPI data and US Treasury 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 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, which is 4.00% of the current circulating supply, valued at around 3.8 million USD.
• io.net (IO) will unlock approximately 3.22 million tokens today, which is 1.98% of the current circulation, valued at about 2.5 million USD.
• Aptos)APT will unlock approximately 11.31 million tokens on June 12, accounting for 1.79% of the current circulation, valued at around 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 approximately 4.6 million dollars.
• US May unadjusted CPI year-on-year (June 11, 20:30): Previous value 2.30%, Forecast value 2.5%
• US May seasonally adjusted CPI month-on-month (June 11, 20:30): Previous value 0.20%, Forecast value 0.2%

Today's top 500 market cap biggest gainers: 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%.

Hot News

• US regulators have requested that the issuers of the spot Solana ETF update their S-1 filings, and analysts expect approval within four months.
• Ethereum spot ETF had a total net inflow of 125 million dollars yesterday, continuing a 17-day net inflow.
• Nasdaq has submitted a listing application for the 21Shares SUI ETF to US regulators.
• A certain investment institution 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 due to speculative fervor; funds are shifting from the housing and automotive markets to BTC.
• A well-known investor: Bitcoin will no longer experience a bear market, and the price will reach $1 million per coin.
• A blockchain group has been approved to launch a financing plan of 11 billion euros to accelerate its Bitcoin purchasing strategy.
• A certain crypto trading platform announced updates to its investment policy to include Bitcoin and other digital assets.
• "20x long BTC whale" has increased its position to $405 million.
• An investor has a floating profit of 6.5 million USD on a 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 from July onwards, approximately 167 million ZK will be unlocked each month until June 2028.
• A certain trading platform will launch AXL on the KRW and USDT markets.

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