Crypto Market Overview
- BTC (-6.04% | $66,799): Over the past 24 hours, BTC remained under significant downward pressure. After reaching an intraday high of $74,408, the asset came under heavy selling following the sharp escalation of the U.S.–Iran military conflict and bearish developments including Strategy’s reported BTC sales, eventually falling to a low of $66,194.4, down approximately 6.04%. The current MA5 stands at around $67,046, MA10 at $67,210, MA20 at $68,338, and MA50 at $70,494. BTC has fallen below all four moving averages, with the gap between short- and medium-term averages continuing to widen, indicating a clear bearish trend. A daily MACD death cross has formed, and the expanding negative histogram suggests strong downside momentum. RSI (14) is hovering between 28 and 32, entering oversold territory, although oversold conditions may persist amid extremely bearish sentiment. ADX is around 42, confirming a strong downward trend. Spot Bitcoin ETF flows have also weakened, recording a net outflow of $483.8 million on June 1, with multiple days of net outflows over the past two weeks. Key support lies in the $66,000–$66,200 range. A decisive break below this level could open the door toward $64,000–$65,000. Resistance is located at $67,046 (MA5) and $68,338 (MA20). Unless tensions in the Middle East ease materially, BTC’s rebound potential may remain limited.
- ETH (-6.48% | $1,860.2): ETH reached an intraday high of $2,046 before following the broader market sharply lower, touching a low of $1,839.47 and posting a daily decline of approximately 6.48%. From a technical perspective, MA5 is around $1,881, MA10 at $1,899, MA20 at $1,942, and MA50 at $1,969. ETH is trading below all major moving averages, with a clearly bearish structure in place. Any short-term recovery would first need to reclaim the MA5 level. The MACD death cross remains intact, with the negative histogram continuing to expand, indicating strong bearish momentum. RSI (14) is between 27 and 30, while ADX is around 44, signaling a strong trend environment. CCI is near -180, reflecting deeply oversold conditions. Immediate support is located at $1,839, with the next key support zone between $1,800 and $1,820. Resistance levels are found at $1,881 (MA5) and $1,942 (MA20). The liquidation risk associated with a large leveraged ETH long position has increased downside tail risk, and investors should closely monitor the possibility of cascading liquidations below $1,617.
- Altcoins: Over the past 24 hours, the crypto market experienced a broad-based decline, with approximately 90% of tokens posting losses. BTC fell nearly 7% at its lowest point, ETH declined more than 6%, and SOL dropped over 10%. The sell-off was primarily driven by escalating U.S.–Iran military tensions and panic triggered by reports of Strategy selling BTC. The Crypto Fear & Greed Index fell to 26, firmly within the “Fear” zone and significantly below its recent average of around 45 (Neutral), indicating a sharp deterioration in short-term investor confidence and a notably bearish market sentiment.
- Macro: On June 2, the S&P 500 rose 0.13% to close at 7,609.78, while the Dow Jones Industrial Average gained 0.45% to 51,307.79. The Nasdaq Composite edged up 0.03%, ending the session at 27,093.90. As of 2:42 AM (UTC) on June 3, spot gold was trading at $4,479.37 per ounce, down 0.19% over the past 24 hours.
Trending Tokens
MYX Finance (MYX) (+16.31%, Circulating Market Cap: $86 million)
According to Gate market data, MYX is currently trading at $0.3358, up 16.31% over the past 24 hours, with an intraday high of $0.383 and a low of $0.2828. MYX Finance is a non-custodial decentralized derivatives exchange built on BNB Chain, enabling on-chain perpetual futures trading for any token with an AMM market.
Despite the broader market downturn, MYX posted strong gains for two key reasons. First, sharp declines in BTC and ETH significantly boosted derivatives trading activity, increasing market attention on the DeFi derivatives sector. As a perpetual futures protocol, MYX Finance directly benefits from expectations of higher protocol revenue driven by increased trading volumes. Second, growing concerns surrounding the liquidation risk of Hyperliquid’s largest ETH long position have renewed investor focus on on-chain derivatives infrastructure, resulting in capital inflows into competing protocols such as MYX.
ZCash (ZEC) (+16.56%, Circulating Market Cap: $8.96 billion)
According to Gate market data, ZEC is currently trading at $626.91, up 16.56% over the past 24 hours, with an intraday high of $644.16 and a low of $531.25. ZCash is the first blockchain system to implement zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), enabling fully private transactions while maintaining a decentralized network.
ZEC’s sharp outperformance appears closely linked to geopolitical developments. The escalation of the U.S.–Iran military conflict has significantly increased uncertainty across the Middle East's financial system. Meanwhile, several major Iranian crypto exchanges have reportedly been sanctioned by the U.S. Treasury's Office of Foreign Assets Control (OFAC), limiting access to fiat on- and off-ramps for many Iranian users. Against this backdrop, privacy-focused cryptocurrencies—particularly ZEC—have emerged as preferred tools for preserving financial privacy and safeguarding assets. The sanctions announcement has also renewed market interest in crypto assets as stores of value during periods of geopolitical stress, driving substantial capital inflows into the privacy sector.
Ethena (ENA) (+5.64%, Circulating Market Cap: $1.3 billion)
According to Gate market data, ENA is currently trading at $0.09154, up 5.64% over the past 24 hours, with an intraday high of $0.10124 and a low of $0.0816. Ethena is an Ethereum-based synthetic dollar protocol that provides a crypto-native stablecoin solution independent of the traditional banking system. Its flagship product, USDe, offers users dollar-denominated yield opportunities through a blockchain-native savings mechanism.
ENA has been one of the most resilient assets during the market-wide sell-off, primarily due to strong strategic backing from a major industry player. On June 3, Coinbase Ventures announced its first public-market purchase of ENA tokens and entered into a strategic partnership with Ethena. The development further strengthens Ethena’s competitive position within the on-chain stablecoin sector and has provided a significant boost to investor confidence.
Alpha Insights
SpaceX Reportedly Plans IPO Next Week at $135 per Share, Targeting a $1.75 Trillion Valuation
On June 3, sources familiar with the matter revealed that Elon Musk’s space exploration company, SpaceX, is planning a landmark IPO next week, targeting a valuation of approximately $1.75 trillion. The company is expected to issue 555.6 million shares at a price of $135 per share, potentially raising as much as $75 billion while selling less than 5% of its equity.
Earlier this year, SpaceX was valued at approximately $1.25 trillion following its acquisition of AI company xAI. The proposed IPO valuation therefore represents an increase of roughly $500 billion, setting a new record for the largest technology IPO in history. Goldman Sachs CEO David Solomon stated that sufficient liquidity exists within the financial system to absorb large-scale public offerings. Following the IPO, Musk’s SpaceX holdings will reportedly be subject to a 366-day lock-up period.
The SpaceX IPO represents a major event for global technology capital markets and could have complex implications for the crypto sector. On one hand, a $75 billion equity offering may attract substantial global liquidity, potentially creating a short-term liquidity drain from risk assets, including cryptocurrencies, and adding pressure to an already weak market environment. On the other hand, renewed validation of high valuations across Musk-related ventures could help revive enthusiasm surrounding technology and AI narratives. If the IPO proceeds successfully, broader market risk appetite may recover over the medium term. Investors should closely monitor the official IPO filing timeline and subscription demand, both of which may provide important signals regarding future liquidity flows.
Coinbase Ventures Establishes First ENA Position as Ethena Announces Strategic Partnership with Coinbase
On June 3, decentralized finance protocol Ethena announced a strategic partnership with Coinbase aimed at accelerating the adoption of on-chain financial and savings products across a user base exceeding 100 million. The first growth initiative under the partnership is expected to launch next week.
As a key signal of commitment, Coinbase Ventures completed its first public-market purchase of ENA tokens, marking the venture arm’s inaugural direct investment in the asset. The partnership will also focus on deeper integration within the USDC ecosystem and the development of additional on-chain financial products, with the shared objective of expanding crypto-financial infrastructure and mainstream adoption.
Ethena’s flagship synthetic dollar product, USDe, is currently one of the largest yield-bearing stablecoins in the industry. Its innovative delta-neutral hedging mechanism has gained broad recognition across the digital asset sector.
Coinbase Ventures’ direct purchase of ENA represents one of the strongest forms of institutional endorsement for the Ethena ecosystem. Strategic investments of this nature often attract both retail and institutional capital. ENA’s ability to generate gains of approximately 5% despite a broad market sell-off reflects this dynamic. From a medium-term perspective, the partnership is expected to significantly enhance Ethena’s distribution channels, potentially driving substantial growth in the total value locked (TVL) of USDe and related savings products.
Escalating U.S.–Iran Military Conflict Triggers Sharp Crypto Market Sell-Off
On June 3, tensions in the Middle East escalated dramatically. U.S. Central Command stated that American forces successfully intercepted multiple Iranian ballistic missiles and drones while conducting what it described as a “defensive strike” against a military command facility on Iran’s Qeshm Island.
Earlier, U.S. forces reportedly disabled an oil tanker bound for an Iranian port using a Hellfire missile in the Arabian Gulf, marking the sixth commercial vessel rendered inoperable since maritime interdiction measures began on April 13. In response, Iran’s Islamic Revolutionary Guard Corps launched missiles toward U.S. military installations in Kuwait and Bahrain. The U.S. naval facility at Juffair and the headquarters of the U.S. Fifth Fleet were reportedly targeted, while airports across Bahrain, Kuwait, and the United Arab Emirates temporarily suspended operations.
At the same time, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against four major Iranian cryptocurrency platforms. Global energy markets reacted immediately, with WTI crude oil futures rising more than 1% to $94.81 per barrel and Brent crude advancing to $96.84 per barrel.
The latest escalation has become the primary external catalyst behind today’s sharp decline in digital asset markets. BTC briefly fell below $66,200, recording an intraday drawdown of nearly 7%, while ETH dropped more than 6% and SOL declined over 10%. Crypto-related equities also came under pressure, with Strategy (MSTR) falling 9.15%.
As investors continue to assess geopolitical uncertainty in the Middle East, the market is simultaneously facing additional selling pressure from Strategy’s reported BTC sales. Until greater clarity emerges, market participants should closely monitor whether BTC can maintain support within the $66,000–$66,200 range and whether ceasefire negotiations between the United States and Iran show any meaningful progress.
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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.
