Crypto Market Overview
-
BTC (-0.44% | Current Price: 63,359.2 USDT)：BTC fell as low as $59,129.2 during this correction before rebounding sharply and reclaiming the $63,000 level. It is currently consolidating around $63,359. Overall, BTC has entered a technical recovery phase following the steep decline. Short-term market sentiment has improved noticeably compared to earlier levels, although overhead selling pressure remains due to a previously established high-volume trading zone. From a technical perspective, the MA5 and MA10 have recovered to around $63,500, with price action fluctuating around these short-term moving averages. Meanwhile, the MA30 stands at $62,791 and continues to trend upward, providing support for the medium-term trend. The previous decline was accompanied by concentrated trading volume, suggesting a significant flush-out of panic selling at lower levels. Recently, volume has moderated, indicating that the market is awaiting confirmation of its next directional move. In the short term, the $63,800–$64,200 range represents the primary resistance zone. A breakout above this area on strong volume could open the door for a move toward $65,000 and potentially higher levels. Conversely, if buying momentum weakens, BTC may retrace to the $62,800–$62,300 region to retest support.
-
ETH (-0.59% | Current Price: 1,663.14 USDT)：ETH previously dropped to a low of $1,505.26 before recovering alongside the broader market to around $1,660. However, its rebound has been relatively moderate, and the overall structure remains one of weak-range consolidation. Following the rapid decline, ETH has entered a recovery and consolidation phase. Although the price has moved back above the MA30, it has yet to break through short-term moving average resistance decisively, indicating that bullish confidence remains fragile. Technically, the MA5 and MA10 are positioned at approximately $1,672.56 and $1,672.93, respectively, both slightly above the current price, while the MA30 sits at $1,654.29 and provides support from below. This places ETH in a narrowing range characterized by support beneath and resistance overhead, with a decisive move likely requiring a volume-driven breakout. In the near term, the $1,675–$1,700 range serves as the primary resistance zone. A breakout supported by increased volume could allow ETH to advance toward $1,740. On the downside, if the rally loses momentum, traders should monitor support around $1,640 and the key psychological level of $1,600.
-
Altcoins: Most major altcoins maintained modest gains, with overall market sentiment remaining predominantly "Neutral" or "Buy." The Fear & Greed Index stands at 18 today, still in the Extreme Fear zone, but showing an improvement compared to yesterday.
-
Macro: On June 11, the S&P 500 rose 1.75% to 7,394.30, the Dow Jones Industrial Average gained 1.86% to 50,848.75, and the Nasdaq Composite climbed 2.54% to 25,809.66. As of 10:00 AM (UTC+8) on June 12, spot gold was trading at $4,213.20 per ounce, up 2.46% on the day.
Trending Tokens
VELVET — Velvet Capital (+87.59%, Circulating Market Cap: $404.63 Million)
According to Gate market data, VELVET is currently trading at $1.74751, up 87.59% in the past 24 hours. Velvet Capital is a DeFi platform focused on on-chain asset management and portfolio strategy execution, aiming to help users build, manage, and distribute crypto asset strategies more efficiently. Through a composable strategy framework and on-chain execution capabilities, the project seeks to provide a more transparent and efficient digital asset management experience.
The main reasons for VELVET's rise over the past 24 hours are as follows: On one hand, as overall market risk appetite recovered, capital began flowing back into small- and mid-cap projects with DeFi asset management narratives, significantly increasing VELVET's trading activity. On the other hand, sectors related to on-chain strategies, asset allocation, and yield management have recently regained attention, increasing short-term trading demand for the project. Driven by both capital inflows and improving sentiment, VELVET recorded a substantial gain.
MCTP — MCTP (+80.70%, Circulating Market Cap: $43.85 Million)
According to Gate market data, MCTP is currently trading at $0.04279, up 80.70% over the past 24 hours. MCTP is a developing crypto asset project that has recently seen a notable increase in both community attention and market trading activity. As market preference for highly volatile small-cap assets has recovered, MCTP has attracted more short-term capital, driving strong price performance.
The main reasons for MCTP's rise over the past 24 hours are as follows: During the current market rebound, investors' willingness to speculate on low-market-cap, high-volatility assets has increased significantly, bringing more short-term trading attention and capital to MCTP. At the same time, against the backdrop of improving overall sentiment, both trading volume and turnover increased, further amplifying price volatility and making it one of the day's top-performing tokens.
SKYAI — SkyAI (+54.15%, Circulating Market Cap: $269.27 Million)
According to Gate market data, SKYAI is currently trading at $0.27080, up 54.15% in the past 24 hours. SkyAI is a crypto project with an AI-related narrative, focusing on the integration of artificial intelligence and on-chain application scenarios. As the AI sector continues to attract market attention, related tokens are more likely to receive additional capital allocation during periods of improving market sentiment, making SKYAI one of the more active performers recently.
The main reasons for SKYAI's rise over the past 24 hours are as follows: First, the AI concept remains one of the narratives most capable of attracting widespread market attention, making related assets generally more responsive during market recoveries. Second, SKYAI's trading volume has increased significantly recently, indicating continued inflows of short-term capital. Driven by both the AI narrative and stronger trading activity, SKYAI achieved a notable daily gain.
Alpha Insights
SpaceX IPO Priced at $135; Gate Supports Pre-IPO Trading
SpaceX has set its IPO offering price at $135 per share. The fundraising size reaches $75 billion, with a fully diluted valuation of approximately $1.8 trillion. The company will begin trading on Nasdaq under the ticker SPCX. This has become a highly anticipated technology IPO event and has once again ignited global investor enthusiasm around aerospace, AI, and growth assets. At the same time, Gate has launched support for SpaceX Pre-IPO-related trading, providing users with an entry point for early positioning and price discovery around this popular technology stock theme.
From a market significance perspective, a mega IPO like SpaceX will not only attract attention from traditional capital markets but may also further boost narratives around on-chain Pre-IPO assets, RWAs, and related derivative trading. As demand grows for exposure to "unlisted star companies," the early price discovery and risk hedging tools offered by trading platforms around such assets may become a new source of user traffic.
World Cup Momentum Increases; Gate Supports Prediction Market Trading
As the 2026 World Cup officially begins, prediction markets surrounding match results, advancement paths, and championship outcomes are rapidly gaining popularity. Prediction markets aggregate participants' expectations about future events through pricing mechanisms and combine characteristics of trading, information discovery, and event-driven speculation. For users, these products not only provide a new way to participate in globally popular events but also create closer links between sports events and on-chain trading scenarios.
Gate now supports prediction market trading, providing users with more direct tools for expressing opinions and speculating on prices around global events such as the World Cup. Such markets typically feature short cycles, high frequency, and strong sentiment-driven characteristics, making them suitable for event-driven capital participation. However, they also involve greater volatility, so users should still pay attention to position management and understanding market rules.
Citibank Launches Tokenized Equity Product, Opening a New Gateway to Private Markets
According to CoinDesk, Citibank has launched a blockchain-based product called Digital Depositary Receipts, which attempts to bring private company equity into an on-chain circulation system through digital depositary receipts, providing wealth management clients and institutional investors with a new path into private markets. The solution essentially uses blockchain technology to connect traditional private equity with digital asset infrastructure, improving asset accessibility and distribution efficiency within a compliant framework.
This move once again demonstrates that traditional financial institutions are viewing tokenization as an important tool for connecting non-standard assets with a broader investor base. If major banks continue to promote similar products, the tokenization of private equity, Pre-IPO shares, and other traditional assets may accelerate further, providing stronger institutional endorsement and narrative support for the RWA sector.
References
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
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.
