Crypto Market Reacts to Major Institutional Moves and Whale Activity

Important news includes Circle, the issuer of the USDC stablecoin, planning an IPO with a valuation of up to $7.2 billion. The U.S. Senate has begun discussions on a bill to create a strategic reserve of 1 million BTC. Michael Saylor and MicroStrategy announced the issuance of new Series A Perpetual STRD shares to raise additional funds for purchasing BTC. The DEXE token saw a 40% drop, triggering mass liquidations exceeding $8.6 million within an hour. Market prices show BTC at $103,000 and ETH at $2,800, with the cryptocurrency market pausing its correction after Bitcoin retreated from $106,000. There is potential support in the zone of $101,460–$103,000, with a probability of recovery to $110,000. Whale activity includes a large transfer of 18,812 BTC (~$2 billion) from Tether, operated by Jack Mallers’ Twenty One Capital, and a transfer of 7,000 BTC ($730 million) from Bitfinex to an unknown wallet, as reported by Whale Alert. Other observations reveal that mentions of BTC in social media remain predominantly bullish (1.3 to 1), and ETH is even more positive (3 to 1), according to Santiment data. Additionally, on June 5, token unlockings for TAIKO worth $46 million, constituting 69% of the circulating supply, are expected.