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According to CoinDesk, NYDIG's Global Research Director Greg Cipolaro stated that the decline in Bitcoin does not have a single cause, but is due to multiple overlapping factors. The AI sector continues to siphon funds from the crypto market, and investors are preparing for large tech IPOs such as SpaceX, OpenAI, and Anthropic, with institutions needing to raise cash or reduce existing positions.The U.S. Treasury Secretary claimed to have seized approximately $1 billion in Iranian-related crypto assets, raising concerns about government intervention in the digital asset market. Quantum computing threats have once again become a focal point, and Strategy's sale of 32 BTC, while negligible on the supply side, has a greater psychological impact.Cipolaro pointed out that on-chain indicators show that several metrics are approaching historical bottom levels, with the MVRV ratio dropping to 1.2 and the proportion of profitable supply recently falling below 50%. However, the current 53% drawdown is far lower than the previous cycle's levels of 75%-90%, and it has only been 242 days since the peak. This suggests that either institutions have fundamentally changed Bitcoin's cyclical behavior, or the market has not yet truly entered a capitulation phase.

According to CoinDesk, Ethereum co-founder and ConsenSys CEO Joe Lubin stated that the recent controversies surrounding budget cuts at the Ethereum Foundation (EF), employee departures, and leadership adjustments do not indicate that the organization is in crisis, but rather represent a necessary evolution in its development process.The Ethereum Foundation should focus on maintaining the core technology and values of the network, preserving a "trustworthy neutrality" position, while responsibilities such as ecological expansion, institutional collaboration, and commercial promotion should be undertaken by other organizations to avoid potential conflicts of interest between protocol development and commercial interests.In response to external doubts about the direction of the foundation's reforms, Lubin noted that many criticisms stem from misunderstandings of the foundation's role. He pointed out that the Ethereum Foundation is promoting further separation between protocol governance and commercial operations, and the future Ethereum ecosystem will not be dominated by a single entity, but rather multiple organizations will take on ecological construction responsibilities in different areas, collectively driving network development. This model differs from some blockchain projects that concentrate protocol development and business strategy within the same entity, aligning more closely with Ethereum's decentralized development philosophy.Regarding market views that "Ethereum is declining," Lubin denied this. He stated that in recent years, artificial intelligence has replaced the cryptocurrency industry as the most关注的技术叙事 in the capital market, leading to a shift in funding and investment focus, but this does not mean that Ethereum has lost its competitiveness.On the contrary, after years of scaling and infrastructure development, Ethereum is gradually becoming capable of supporting the next wave of large-scale adoption and is expected to usher in a new growth cycle in the future.

Regarding BTC briefly dropping below $60,000, Coinbase CEO Brian Armstrong stated on the X platform, "Many people still believe or feel that a drop in Bitcoin means a drop in cryptocurrency. However, derivatives, perpetual contracts, stablecoins, prediction markets, and more are all on the rise.Cryptocurrency involves various fields of finance, and now it covers a broader scope than Bitcoin. It will take some time for people to truly understand this. Of course, Bitcoin will perform excellently in the future and will remain as important as ever; this is just one of the many cycles we are experiencing."

According to Gate market data, the Dow Jones Industrial Average closed down 695.15 points on June 5 (Friday), a decrease of 1.35%, closing at 50,866.78 points; the S&P 500 closed down 200.63 points, a decrease of 2.65%, closing at 7,383.68 points; the Nasdaq Composite closed down 1,121.53 points, a decrease of 4.18%, closing at 25,709.43 points.

According to Gate market data, the US stock market continues to decline, with the Nasdaq Composite Index down 3%; Tesla (TSLA.O) fell more than 5% during the day.

According to Gate market data, the Nasdaq 100 index has widened its decline to 2.5%.

After the US stock market opened, the cryptocurrency market accelerated its decline, with Bitcoin falling below $61,000 and Ethereum briefly dropping below $1,600. According to Coinglass data, nearly $160 million was liquidated across the network in the last hour, with long positions accounting for $156 million, and nearly $1.238 billion liquidated across the network in the last 24 hours. A total of 260,647 people were liquidated globally, with the largest single liquidation occurring on Binance - BTCUSDT, valued at $13.3164 million.

According to Gate market data, the three major U.S. stock indices continued to decline, with the S&P 500 index's drop expanding to 1%, the Nasdaq down 1.6%, and the Dow down 0.3%.

The full text of Nick Begich's Strategic Bitcoin Reserve bill has now been published online.

According to Gate market data, the euro against the US dollar (EUR/USD) has fallen below 1.16, with a daily decline of 0.08%.

According to Gate market data, after the release of non-farm data, S&P 500 and Nasdaq 100 futures extended their decline.

According to CoinDesk, Deribit Chief Commercial Officer Jean-David Péquignot stated that $60,000 is a key structural threshold for Bitcoin. Over the past year, a large amount of institutional funds (including ETF buyers, large holders, and short-term speculators) have bought Bitcoin in the $60,000 to $67,000 range. If the price continues to decline, unrealized losses will increase, and holding costs will rise, especially against the backdrop of rising AI stocks, which may prompt panic selling among investors. The open interest of put options with a strike price of $60,000 on Deribit has a notional value of over $1.2 billion.As Bitcoin approaches $60,000, market makers face Gamma risk from shorting put options and will be forced to sell spot or futures to balance their books, accelerating the decline. In addition, there is still excessive leveraged long positions in the system, and a drop below $60,000 could trigger more liquidations, creating a chain reaction.

According to Gate market data, ZEC is currently priced at $257, with a 24-hour decline of 56.8%.

According to HTX market data, SOL has fallen below 65 USD, currently priced at 65 USD, with a 24-hour decline of 8.66%.

According to SoSoValue data, the cryptocurrency market sector has generally declined, with the DeFi sector dropping 9.16% in 24 hours. Within the sector, Hyperliquid (HYPE), which had previously set historical records, corrected by 9.15%, and LAB (LAB) fell by 37.47%, but DeXe (DEXE) rose against the trend by 14.58%.However, the GameFi and NFT sectors remained relatively strong, rising by 0.49% and 1.38%, respectively. Within the GameFi sector, Audiera (BEAT) surged by 20.27%, and within the NFT sector, APENFT (NFT) increased by 0.15%. Additionally, Bitcoin (BTC) rebounded slightly by 1.33%, breaking through $63,000; Ethereum (ETH) continued to decline by 0.92%, falling below $1,800.In other sectors, the CeFi sector dropped 1.37% in 24 hours, with Cronos (CRO) rising by 0.12%; the PayFi sector fell by 1.55%, while Telcoin (TEL) rose by 24.29%; the Meme sector decreased by 2.01%, but Siren (SIREN) increased by 28.48%; the Layer1 sector fell by 4.1%, with Humanity (H) remaining relatively strong, rising by 3.9%; the Layer2 sector declined by 5.59%, and Starknet (STRK) surged by 3.48% during the day.The cryptocurrency sector index reflecting historical market trends shows that the ssiSocialFi, ssiAI, and ssiDePIN indices fell by 8.9%, 8.4%, and 7.49%, respectively.

According to BBX data, Bitcoin fell to a new low of $61,300 this year yesterday, putting pressure on the cryptocurrency sector. Key signals have emerged from institutions and the legislative level, with the core dynamics as follows:Michael Saylor, founder of Strategy, Inc. (NASDAQ: $MSTR), publicly stated on June 4 that the current decline in Bitcoin is not due to a deterioration in BTC fundamentals, but rather a "phase rotation" of capital from Bitcoin to AI stocks, SpaceX IPO, and other emerging assets—"Bitcoin is not broken; it’s just temporarily not the main character in the momentum trade." Saylor also reiterated his position of continued accumulation. Previously, Strategy spent approximately $2.01 billion (average price $80,985) to acquire 24,869 BTC in the week from May 11 to 17, bringing their total holdings to 843,738 BTC with a total cost of about $63.87 billion (average price $75,700); currently, BTC has fallen below the cost line of $12,300, and all of the company's holdings are in a state of unrealized loss, but management has not publicly indicated any intention to reduce their positions.JPMorgan Chase & Co. (NYSE: $JPM) reported by CoinDesk on June 4 warned in its latest research report that the legislative time window for the CLARITY Act to be voted on by the full Senate is "rapidly narrowing." The wording discrepancies in the stablecoin yield provisions have evolved into the most critical unresolved obstacle for the bill—banks insist on retaining restrictions on "passive income," while the cryptocurrency industry strives for "activity incentive space." If a compromise cannot be reached between the two parties within this month, the timeline for the Senate to complete a 60-vote approval before July 4 will be completely invalidated; the report also pointed out that the capital siphoning effect from the SpaceX IPO and AI stocks has further suppressed institutions' willingness to allocate to BTC in the short term.

The KOSPI index in South Korea has fallen by 5%, with Samsung down 6.5% and SK Hynix down over 8%. Nasdaq futures are down nearly 1%, and large chip stocks are broadly down in after-hours trading.The Korea Exchange has activated the KOSPI circuit breaker due to a 5% drop in KOSPI 200 futures, pausing programmatic trading for 5 minutes.

According to Gate market data, the Nasdaq has recently dropped by 0.12%, narrowing the decline.

Strategy founder Michael Saylor stated that the capital markets are providing funding for AI infrastructure on an unprecedented scale, with approximately $400 billion raised in the past six months. Saylor pointed out that since May 14, there has been about $4 billion in outflows from Bitcoin ETFs, putting pressure on BTC prices. However, he believes this is a rotation of capital rather than damage to Bitcoin itself. Saylor stated, "Volatility creates opportunity."

According to Gate market data, the Nasdaq 100 index futures have widened their decline, reaching an intraday low, with the current drop at 1.43%.