HashKey Trading Time: LABUBU's sky-high auction drives the recovery of old Meme coins. Can BTC maintain the support level of $105,000? CPI data and US Treasury auctions become the focus of the market

1. Market Observation

Keywords: LABUBU, ETH, BTC

The US May Consumer Price Index (CPI) data and a $39 billion 10-year Treasury bond auction will be released tonight at 20:30 and early morning at 1:00, with the market highly focused on these events. Economists predict a month-on-month CPI increase of 0.2%, but investors are concerned that tariffs might push inflation higher. Meanwhile, the demand for 10-year Treasury bond auction has become a focal point, especially under the ongoing uncertainty of trade policies, with market concerns about potential reduced participation by foreign buyers. If CPI data exceeds expectations and the bond auction performs poorly, it could deliver a double blow to the bond market, causing yields to rise sharply. Recently, the US bond market has been relatively stable, but this combination of CPI data and auction results may serve as a market catalyst. Analysts point out that inflation data could directly impact auction demand, and investors are closely monitoring performance to assess market sentiment changes. Additionally, the market has partially or fully ruled out the possibility of rate cuts in the June or July FOMC meetings, with CME Group's FedWatch tool indicating only a 0.25% rate cut expectation in September.

As major global economies accelerate the improvement of crypto asset regulatory frameworks, the market is experiencing a profound restructuring of its value system. Jeffrey Ding, Chief Analyst at HashKey Group, believes that the US GENIUS Act requires stablecoins to have 100% reserve assets anchored to US dollars or US Treasury bonds with regular audits, driving mainstream stablecoins like USDC and USDT to exceed $280 billion in market cap; the EU MiCA Act promotes industry centralization; Hong Kong has formed a unique advantage through a "dual-track" regulatory model. Recently, Circle's IPO has attracted widespread market attention, with its valuation once climbing to $24 billion, reflecting investors' strong confidence in compliant crypto financial infrastructure. Simultaneously, crypto concept stocks have seen an investment boom, with Coinbase maintaining a high position from late May to early June, reaching a high of $271.95 on May 22.

Bitcoin recently successfully broke through $110,000. From a technical perspective, after breaking $106,737, Bitcoin is currently consolidating below the key resistance level of $110,668. If it breaks through $110,700, it could further rise to $112,700 or even $115,103. According to Matrixport, Bitcoin has broken through the short-term downward trend, forming a bullish breakthrough pattern. Even if this week's CPI data might bring some upward pressure, the bullish trend remains valid as long as Bitcoin's price stays above $105,075. Meanwhile, Ethereum is gradually becoming a market focus, with its implied volatility rising, and short-term option volatility reaching over 70%, showing significantly increased bullish sentiment in the options market. Michael van de Poppe, founder of MN Capital, states that ETH needs to break through the $2,800-$3,000 resistance zone to initiate the next rally, predicting that if it breaks the $2,800 resistance, ETH's price could rise to $3,400-$3,500.

Recently, Labubu market sentiment has remained high, with a mint-colored first-generation LABUBU toy selling for a sky-high price of 1.08 million yuan. The meme $Labubu's market cap soared from $19.51 million yesterday to $44 million today. The on-chain market is generally recovering, with $AURA surging from a $1 million market cap to $50 million last night. Useless in the Bonk ecosystem hit a new high, with its price growing 10-fold in a week and its market cap breaking $50 million this morning. Notably, Arthur Hayes has been shilling HYPE, and its market cap now exceeds SUI, with the coin price breaking $42 and creating a new all-time high.

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