BTC (-2.75% | Current Price 102,126 USDT): This morning, BTC briefly dropped to around 100,500 USD, finding support at the lower band of the daily Bollinger Bands. The short-term market trend needs cautious optimism. BTC's market share is currently reported at 63.9%, reaching a nearly four-year high. Yesterday, BTC ETFs saw an outflow of 292 million USD, including 102 million USD from Ark ARKB, 80.17 million USD from Fidelity FBTC, and 13.9 million USD from BlackRock IBIT. According to official statistics, BlackRock currently holds 662,707 bitcoins.
ETH (-7.29% 丨 Current price 2,429 USDT): ETH fell sharply, directly below the middle band of the daily Bollinger Bands. Today, the ETH/BTC exchange rate fell below 0.024, and the market share of ETH fell to 9.2%. Yesterday's ETH ETF saw a net outflow of $23.4 million, with BlackRock ETHA inflows of $76.9 million and Fidelity FETH outflows of $23.4 million. The record of 13 consecutive business days of net inflows for ETH ETFs was interrupted.
Altcoins: The market has generally declined, and some altcoins have already dropped back to their lows in this round. The fear and greed index today reports at 45, indicating a further cooling of market sentiment.
Macro: The three major U.S. stock indexes closed down collectively yesterday, of which the S&P 500 fell 0.53% to 5,939.30 points; The Dow Jones fell 0.25% to 42,319.74; The Nasdaq fell 0.83% to 19,298.45. Among them, Tesla fell 14.26%, and its market value shrank by $153 billion, the largest one-day decline in the history of market capitalization. As of 12:00 AM (UTC+8) on June 6, the price of spot gold per ounce is tentatively trading at $3,362.54, up 0.39% in 24H.
Popular Tokens on Juejin
RVN Raven (+32.35%, circulating market cap 219 million USD)
According to Gate.io market data, the current price of the RVN token is 0.0144 USD, with a 24-hour increase of 32.35%. The current circulating market cap of RVN is 219 million USD, ranking 183rd in the entire crypto market.
According to the latest market dynamics, the short-term surge in RVN prices may be influenced by Upbit's announcement of listing the RVN token against the Korean Won. The daily volatility of RVN once approached 100%, and the current increase has narrowed to around 30%.
Ravencoin is an open-source blockchain project that was launched in 2018 and is optimized based on Bitcoin Code with a proof-of-work (PoW) mechanism. The biggest feature of Ravencoin is that it simplifies the asset issuance process, allowing users to create tokens that represent real or virtual assets, such as stocks, collectibles, in-game items, etc., with only a small amount of RVN (its native token). In addition, the Ravencoin network supports features such as messaging, asset naming, and token traceability, making it suitable for a variety of decentralized application scenarios. Its development philosophy emphasizes fair distribution, no pre-mining and no ICO, which is closer to the early spirit of Bitcoin and is favored by some proponents of decentralization and privacy protection.
FARTCOIN Fartcoin (+11.26%, circulating market value 1.044 billion USD)
According to Gate.io market data, the current price of FARTCOIN token is 1.044 USD, with a 24-hour increase of 11.26%. FARTCOIN currently has a circulating market capitalization of 1.044 billion USD, ranking 68th in the entire market. FARTCOIN itself is in a downtrend on the daily chart, possibly influenced by Coinbase's announcement this morning to list FARTCOIN, rebounding more than 20% from the intraday low of 0.86 USD.
FARTCOIN is an experimental project originating from the AI chatbot Truth Terminal, created through the token issuance platform Pump.fun, aimed at transforming the prank theme of "farting" into a community celebration in the crypto world. Unlike technical cryptocurrencies such as Bitcoin or Ethereum, the core value of FARTCOIN is not technological innovation, but rather its absurd sense of humor and vibrant community culture.
Although it is still in an overall downtrend, strong community consensus and high market capitalization rankings indicate that FARTCOIN has a certain influence in the AI Meme track. The future price trend will highly depend on community activity, social media dissemination, and platform support. If FARTCOIN can continue to generate topics and attract new users, there is still room for short-term growth. However, as a non-technology-driven project, its volatility and speculation are also high, and investors should remain cautious, paying attention to the dominant role of sentiment changes on prices.
HUMA Huma Finance (+7.36%, circulating market cap 72.6 million USD)
According to Gate.io market data, the current price of the HUMA token is $0.0417, with a 24-hour increase of 7.36%, showing relatively strong performance in the generally declining crypto market. HUMA currently has a circulating market cap of $72.6 million, ranking 419th in the overall market.
Huma Finance is a decentralized PayFi protocol based on future revenue streams such as salaries, invoices, cross-border remittances. It bridges the gap between traditional finance and DeFi by tokenizing real-world accounts receivable, allowing users to access on-chain credit without collateralizing crypto assets. As of 2025, its cumulative on-chain trading volume has exceeded $4.5 billion, and its active liquidity has exceeded $100 million. Despite this, the HUMA token has performed relatively poorly. Since hitting a high of $0.112 on May 26, HUMA has been on a downward trajectory and is now down more than 60% from its price high.
Despite the overall downward trend of the HUMA token since its launch, it has shown resilience against recent market corrections, indicating a certain level of capital support. As a PayFi protocol that connects real income streams with DeFi, the on-chain credit model represented by Huma Finance has strong narrative potential. If the application of real-world assets such as salaries and invoices continues to expand in the future, its fundamentals are expected to gradually materialize, providing medium to long-term support for the token price. In the short term, market sentiment still dominates price fluctuations, but if it can maintain the current support range and accompanied by further growth in protocol data, HUMA is likely to see a phase of rebound. Investors should focus on on-chain activity and the implementation of new partnerships.
Alpha Interpretation
Circle's first day increase was 168.48%, with a transaction volume of 3.941 billion USD.
According to Yahoo website, Circle rose 168.48% on the first day of listing, closing at $83.23, with a volume of 47.109 million shares, or about $3.941 billion, on the day. On the first trading day, Circle's stock price opened twice and triggered a rising circuit breaker, hitting an intraday high of $103.75. Previously, Circle completed its IPO at $31 per share, exceeding its original pricing range of $24-26, raising $1.1 billion and valuing the IPO at $6.2 billion. The IPO was originally planned to issue 24 million shares, but it expanded to more than 34 million shares due to a surge in demand. USDC, issued by Circle, is the second-largest dollar stablecoin, and its listing comes at a time when U.S. lawmakers are pushing for a stablecoin regulatory bill.
Circle officially listed on the U.S. stock market, becoming the world's first publicly traded encryption stablecoin company, which is a milestone in the entire crypto market. Aside from a few mining companies like Marathon Holdings and Riot Platforms, Circle is also one of the few pure encryption business publicly listed companies. This listing marks its second attempt to enter the capital market after an earlier effort, indicating a significant improvement in its regulatory compliance and business model maturity.
With the increasingly clear regulatory support from the US government, especially with the expectation that stablecoin legislation will be implemented this summer, stablecoins are becoming a key area promoted by policy. As the market demand for compliant stablecoins grows, it is expected that this sector will achieve a tenfold growth in the next five years, creating a new market space worth trillions of dollars, with Circle as a pioneer likely to benefit first.
Musk and Trump clash, U.S. stocks and the crypto market plummet.
On the evening of June 5th, Tesla CEO Elon Musk and U.S. President Donald Trump had a heated dispute on the social media platform X. Trump publicly stated that he was considering terminating government subsidies and contracts for Musk's businesses, while Musk accused him of appearing in Epstein-related documents, implying that he may be involved in the "Lolita Island" scandal. The incident quickly escalated, attracting significant attention from the market.
As a result, Tesla's stock price plummeted more than 14% that night, with a market value evaporating by $153 billion, marking the largest single-day drop in the company's history. The market value of Musk's 12.8% stake in Tesla also shrank by over $19.5 billion. Meanwhile, the crypto market also experienced a pullback, with Bitcoin briefly dropping to $104,000. According to Coinglass data, the total liquidation amount across the network in the past 24 hours reached $968 million, with long positions accounting for over 90%.
Overall, this event highlights the impact of macro political uncertainty on the correlation between traditional stock markets and the crypto market. As investors' risk appetite declines, market sentiment becomes cautious, and it is necessary to continue to pay attention to the marginal effects of the evolution of related political events on asset prices.
Pump.fun platform's creator revenue sharing of 83.4% is less than 1,000 dollars.
According to data disclosed by Solanafloor, since the introduction of creator revenue sharing on May 12 Pump.fun, most creators on the platform have limited income, and so far creators have collectively earned more than $3.07 million. Of the 3,566 creators counted, 83.4% earned less than $1,000, with 34.9% earning less than $100 and 48.5% earning between $100 and $1,000. 13.7% of creators earn between $1,000 and $5,000, while only 1.8% earn more than $5,000.
Previously, the market reported that Pump.fun plans to raise $1 billion through a token sale. The token offering will be valued at $4 billion, the sources said. It added that the token will be sold to both public and private investors. If the valuation reaches $4 billion, Pump.fun will be the latest "unicorn" startup in the crypto space, thanks to the meme coin boom it has sparked over the past year. At the moment Pump.fun officials have not responded to this.
As a key platform that has driven the meme coin boom in the past year, Pump.fun Coin is not only topical, but also has strong market appeal. Once the news of the token issuance lands, it is bound to quickly attract the attention of the market, especially in an environment of high speculative sentiment, where a large amount of money may flow out of other projects and pour into the project in search of short-term arbitrage opportunities. In the current liquidity-sensitive market environment, the issuance of Pump.fun coins is likely to become the core event of the next round of capital gathering, triggering a "pumping effect" in the short term, causing certain pressure on small and medium-sized projects.
Gate Launchpool
New Listing Details
Subscription Project: LayerEdge
Token Name: EDGEN
New listing time: Until June 9, 2025, 20:00 (UTC+8)
Participation method: Stake BTC, ETH, or GT to receive for free.
Total amount of airdrop: 7,500,000 EDGEN
Project Introduction
LayerEdge is an AI financial analytics platform that aims to become the "Bloomberg Terminal" of Web3. With the support of a number of top institutions, Edgen helps users extract trading insights from on-chain data, social sentiment and market fundamentals through its self-developed EDGM decision-making model to achieve information advantage. The platform provides four core functions, including search, token radar, crowd insights, and intelligent network, to build a "cognition-as-a-service" closed-loop system. The user's behavior data can be fed back into AI learning, forming a positive cycle. In addition, LayerEdge has also launched the Edgentic Marketplace, which supports customized AI investment tools, so that ordinary users can also have quantitative trading capabilities.
Reference Materials:
[Gate Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer
Investing in the crypto market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. [Gate]http://gate.com/( does not take responsibility for any losses or damages resulting from such investment decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Gate Research Institute: Circle's first-day rise exceeded 160%｜Musk and Trump clash
Crypto Market Overview
Popular Tokens on Juejin
RVN Raven (+32.35%, circulating market cap 219 million USD)
According to Gate.io market data, the current price of the RVN token is 0.0144 USD, with a 24-hour increase of 32.35%. The current circulating market cap of RVN is 219 million USD, ranking 183rd in the entire crypto market.
According to the latest market dynamics, the short-term surge in RVN prices may be influenced by Upbit's announcement of listing the RVN token against the Korean Won. The daily volatility of RVN once approached 100%, and the current increase has narrowed to around 30%.
Ravencoin is an open-source blockchain project that was launched in 2018 and is optimized based on Bitcoin Code with a proof-of-work (PoW) mechanism. The biggest feature of Ravencoin is that it simplifies the asset issuance process, allowing users to create tokens that represent real or virtual assets, such as stocks, collectibles, in-game items, etc., with only a small amount of RVN (its native token). In addition, the Ravencoin network supports features such as messaging, asset naming, and token traceability, making it suitable for a variety of decentralized application scenarios. Its development philosophy emphasizes fair distribution, no pre-mining and no ICO, which is closer to the early spirit of Bitcoin and is favored by some proponents of decentralization and privacy protection.
FARTCOIN Fartcoin (+11.26%, circulating market value 1.044 billion USD)
According to Gate.io market data, the current price of FARTCOIN token is 1.044 USD, with a 24-hour increase of 11.26%. FARTCOIN currently has a circulating market capitalization of 1.044 billion USD, ranking 68th in the entire market. FARTCOIN itself is in a downtrend on the daily chart, possibly influenced by Coinbase's announcement this morning to list FARTCOIN, rebounding more than 20% from the intraday low of 0.86 USD.
FARTCOIN is an experimental project originating from the AI chatbot Truth Terminal, created through the token issuance platform Pump.fun, aimed at transforming the prank theme of "farting" into a community celebration in the crypto world. Unlike technical cryptocurrencies such as Bitcoin or Ethereum, the core value of FARTCOIN is not technological innovation, but rather its absurd sense of humor and vibrant community culture.
Although it is still in an overall downtrend, strong community consensus and high market capitalization rankings indicate that FARTCOIN has a certain influence in the AI Meme track. The future price trend will highly depend on community activity, social media dissemination, and platform support. If FARTCOIN can continue to generate topics and attract new users, there is still room for short-term growth. However, as a non-technology-driven project, its volatility and speculation are also high, and investors should remain cautious, paying attention to the dominant role of sentiment changes on prices.
HUMA Huma Finance (+7.36%, circulating market cap 72.6 million USD)
According to Gate.io market data, the current price of the HUMA token is $0.0417, with a 24-hour increase of 7.36%, showing relatively strong performance in the generally declining crypto market. HUMA currently has a circulating market cap of $72.6 million, ranking 419th in the overall market.
Huma Finance is a decentralized PayFi protocol based on future revenue streams such as salaries, invoices, cross-border remittances. It bridges the gap between traditional finance and DeFi by tokenizing real-world accounts receivable, allowing users to access on-chain credit without collateralizing crypto assets. As of 2025, its cumulative on-chain trading volume has exceeded $4.5 billion, and its active liquidity has exceeded $100 million. Despite this, the HUMA token has performed relatively poorly. Since hitting a high of $0.112 on May 26, HUMA has been on a downward trajectory and is now down more than 60% from its price high.
Despite the overall downward trend of the HUMA token since its launch, it has shown resilience against recent market corrections, indicating a certain level of capital support. As a PayFi protocol that connects real income streams with DeFi, the on-chain credit model represented by Huma Finance has strong narrative potential. If the application of real-world assets such as salaries and invoices continues to expand in the future, its fundamentals are expected to gradually materialize, providing medium to long-term support for the token price. In the short term, market sentiment still dominates price fluctuations, but if it can maintain the current support range and accompanied by further growth in protocol data, HUMA is likely to see a phase of rebound. Investors should focus on on-chain activity and the implementation of new partnerships.
Alpha Interpretation
Circle's first day increase was 168.48%, with a transaction volume of 3.941 billion USD.
According to Yahoo website, Circle rose 168.48% on the first day of listing, closing at $83.23, with a volume of 47.109 million shares, or about $3.941 billion, on the day. On the first trading day, Circle's stock price opened twice and triggered a rising circuit breaker, hitting an intraday high of $103.75. Previously, Circle completed its IPO at $31 per share, exceeding its original pricing range of $24-26, raising $1.1 billion and valuing the IPO at $6.2 billion. The IPO was originally planned to issue 24 million shares, but it expanded to more than 34 million shares due to a surge in demand. USDC, issued by Circle, is the second-largest dollar stablecoin, and its listing comes at a time when U.S. lawmakers are pushing for a stablecoin regulatory bill.
Circle officially listed on the U.S. stock market, becoming the world's first publicly traded encryption stablecoin company, which is a milestone in the entire crypto market. Aside from a few mining companies like Marathon Holdings and Riot Platforms, Circle is also one of the few pure encryption business publicly listed companies. This listing marks its second attempt to enter the capital market after an earlier effort, indicating a significant improvement in its regulatory compliance and business model maturity.
With the increasingly clear regulatory support from the US government, especially with the expectation that stablecoin legislation will be implemented this summer, stablecoins are becoming a key area promoted by policy. As the market demand for compliant stablecoins grows, it is expected that this sector will achieve a tenfold growth in the next five years, creating a new market space worth trillions of dollars, with Circle as a pioneer likely to benefit first.
Musk and Trump clash, U.S. stocks and the crypto market plummet.
On the evening of June 5th, Tesla CEO Elon Musk and U.S. President Donald Trump had a heated dispute on the social media platform X. Trump publicly stated that he was considering terminating government subsidies and contracts for Musk's businesses, while Musk accused him of appearing in Epstein-related documents, implying that he may be involved in the "Lolita Island" scandal. The incident quickly escalated, attracting significant attention from the market.
As a result, Tesla's stock price plummeted more than 14% that night, with a market value evaporating by $153 billion, marking the largest single-day drop in the company's history. The market value of Musk's 12.8% stake in Tesla also shrank by over $19.5 billion. Meanwhile, the crypto market also experienced a pullback, with Bitcoin briefly dropping to $104,000. According to Coinglass data, the total liquidation amount across the network in the past 24 hours reached $968 million, with long positions accounting for over 90%.
Overall, this event highlights the impact of macro political uncertainty on the correlation between traditional stock markets and the crypto market. As investors' risk appetite declines, market sentiment becomes cautious, and it is necessary to continue to pay attention to the marginal effects of the evolution of related political events on asset prices.
Pump.fun platform's creator revenue sharing of 83.4% is less than 1,000 dollars.
According to data disclosed by Solanafloor, since the introduction of creator revenue sharing on May 12 Pump.fun, most creators on the platform have limited income, and so far creators have collectively earned more than $3.07 million. Of the 3,566 creators counted, 83.4% earned less than $1,000, with 34.9% earning less than $100 and 48.5% earning between $100 and $1,000. 13.7% of creators earn between $1,000 and $5,000, while only 1.8% earn more than $5,000.
Previously, the market reported that Pump.fun plans to raise $1 billion through a token sale. The token offering will be valued at $4 billion, the sources said. It added that the token will be sold to both public and private investors. If the valuation reaches $4 billion, Pump.fun will be the latest "unicorn" startup in the crypto space, thanks to the meme coin boom it has sparked over the past year. At the moment Pump.fun officials have not responded to this.
As a key platform that has driven the meme coin boom in the past year, Pump.fun Coin is not only topical, but also has strong market appeal. Once the news of the token issuance lands, it is bound to quickly attract the attention of the market, especially in an environment of high speculative sentiment, where a large amount of money may flow out of other projects and pour into the project in search of short-term arbitrage opportunities. In the current liquidity-sensitive market environment, the issuance of Pump.fun coins is likely to become the core event of the next round of capital gathering, triggering a "pumping effect" in the short term, causing certain pressure on small and medium-sized projects.
Gate Launchpool
New Listing Details
Project Introduction
LayerEdge is an AI financial analytics platform that aims to become the "Bloomberg Terminal" of Web3. With the support of a number of top institutions, Edgen helps users extract trading insights from on-chain data, social sentiment and market fundamentals through its self-developed EDGM decision-making model to achieve information advantage. The platform provides four core functions, including search, token radar, crowd insights, and intelligent network, to build a "cognition-as-a-service" closed-loop system. The user's behavior data can be fed back into AI learning, forming a positive cycle. In addition, LayerEdge has also launched the Edgentic Marketplace, which supports customized AI investment tools, so that ordinary users can also have quantitative trading capabilities.
Reference Materials:
[Gate Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the crypto market involves high risks. It is recommended that users conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. [Gate]http://gate.com/( does not take responsibility for any losses or damages resulting from such investment decisions.