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## Crypto Daily Digest: Bitcoin broke through $71,000, facing volatility and selling pressure; Shibarium developers warned against counterfeit TREAT tokens
First, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 4, Grayscale Bitcoin spot ETFs (GBTC) received an inflow of $28.2 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) had an inflow was $378.7 million, Bitwise Bitcoin spot ETF (BITB) had an inflow was $61 million, and ARK 21Shares Bitcoin spot ETF (ARKB) had an inflow was $138.7 million.

**Bitcoin prices hit $71,000, with imminent volatility and seller pressure**
In the past 24 hours, Bitcoin briefly broke through the $71,000 mark, resulting in a short liquidation amount exceeding $20 million. The current trading price of Bitcoin is approximately $70,853.01, which has increased by over 3% in the past 24 hours. The total amount of Bitcoin positions liquidated reached $27 million, while the broader crypto market suffered over $87 million in liquidation during the same period.

Tuesday's Glassnode market report shows seller pressure from long-term Bitcoin holders (holding Bitcoin for 3 months to 3 years) is increasing. The report suggests that if prices rise, the motivation for these holders to sell more supply will increase, thereby increasing their unrealized profits.

Glassnode also pointed out that the price of Bitcoin has rebounded to over $68,000 in the past 24 hours, leaving only 0.03% of long-term holders in a loss making state. Analysts say that soaring prices have forced most short-term holders to regain unrealized profits.

After a relatively stable period over the past week, it is expected that the price volatility of Bitcoin will intensify.

**Shibarium developers warned against counterfeit TREAT tokens**
On June 2, Shibarium team member and developer Da Vinci issued a warning to the community, stating that malicious activity on the internet led to the release of counterfeit TREAT tokens. DaVinci reminds investors and community members that the TREAT tokens currently on the market are unrelated to the real tokens developed by the Shibarium team. Malicious actors also used official shib.io addresses in their online posts to add legitimacy to fake tokens.

The CoinGecko page also warned that this token is not related to <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> and its upcoming Layer 3 blockchain, reminding investors to conduct due diligence before trading tokens.

The real TREAT token has yet to be issued, it is one of the five tokens in the Shibarium ecosystem, with the other three being Shiba Inu, BONE, LEASH, and SHI stablecoins. TREAT tokens are mainly used as reward tokens to distribute rewards from the Shiba Lands metaverse and Shiba Eternity card games. They will also be used to help balance the developing SHI stablecoins. In addition, TREAT will also support Shibarium's privacy layer, allowing users to gain higher anonymity on the chain.

**Modular blockchain Avail received $43 million in Series A financing, it is expected that the mainnet will be launched soon**
The modular blockchain project Avail, which was separated from <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> last year, is building a rollup-centric infrastructure and has raised $43 million in Series A financing before its release on the mainnet.

On Tuesday, Avail stated that this financing round is jointly led by Peter Thiel's Founders Fund, Dragonfly, and Cyber Fund. Other investors include SevenX Ventures, Figment Capital, Nomad Capital, and Chapter One. Many investors, such as Founders Fund and Dragonfly, are long-term supporters of Avail and have increased their investment in this project.

Avail's Series A financing was conducted three months after the company raised $27 million in seed capital in February. Co-founder Anurag Arjun stated in an interview with The Block that this financing brings Avail's total financing amount to $75 million, including $5 million in pre-seed financing.

Arjun revealed that Series A financing adopts a combination of SAFE (Simple Agreements for Future Equity) and SAFT (Simple Agreement for Future Tokens) and officially ended last week. However, he refused to comment on the valuation. Sources say Avail had a fully diluted valuation of hundreds of millions of dollars during its seed round financing in February.

At present, Avail DA is in the incentive testingnet stage. During peak periods, it reportedly has 310 validators, creates nearly 110,000 accounts, and processes 116 million transactions. Arjun stated that the Avail DA mainnet is expected to launch together with AVAIL tokens in the coming weeks.

## Market Trends: BTC approached its historical high, Altcoins generally rose
BTC broke through $71,000, approaching a historic high. This indicates that the demand for Bitcoin remains strong, possibly driven by continuous net inflows of Bitcoin spot ETFs.

ETH broke through $3,800, showing strong upward momentum. The increase in ETH may be related to the continuous expansion of its ecosystem and the progress of Layer 2 solutions.

Altcoins generally rose: This is usually a signal of optimistic market sentiment, as investors turn to higher-risk Altcoins after profiting from mainstream currencies.
### Macroeconomics
The US dollar index declined: A weakening US dollar usually benefits the crypto market as cryptocurrencies are seen as assets to hedge against US dollar depreciation.

US stock market rose: The rise in the stock market and improvement in employment data have raised market expectations for interest rate cuts, which may further push investors into the risk asset market, including cryptocurrencies.
### Market Hotspots:
BTC ecosystem projects saw a general increase: projects such as CKB, STX, ORDI, and PUPS have significantly increased, demonstrating market confidence in the Bitcoin ecosystem. In particular, the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> layer2 project STRK has announced the expansion to the BTC Layer 2 track, which may bring more innovation and applications.

<a href="/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> and its ecosystem projects: BNB broke through $700, reaching a historic high, driving the growth of ecosystem projects such as CAKE, XVS, and BAKE. The sharp rise of UNI and the announcement of its official account have also attracted great attention from the market, which may be related to its settlement with the US SEC, which will be a major positive.

TON ecosystem: The significant increase in TON and NOT has driven the rise of ecosystem Meme coin FISH, demonstrating investor confidence in the TON ecosystem. FISH's market cap is only 1% of NOT, but its intraday increase exceeds 100%, indicating the market's high-risk preference for small cap tokens.

The strong performance of the current crypto market is mainly due to the rising prices of Bitcoin and Ethereum, improved market liquidity, and support from the macroeconomic environment. In addition, the concentrated outbreak of market hotspots, such as the performance of BTC ecosystem projects and BNB chain ecosystem projects, has also brought more investment opportunities to the market.

## Macro: Labor market data is weak, with US stocks closing slightly higher; Asian stock markets rose due to expectations of interest rate cuts; India becomes the focus
On Tuesday, June 4, Reuters reported that the US stock market closed slightly. The latest data showing a slowdown in US economic growth and weak labor market data have further supported the Federal Reserve's expectation of interest rate cuts.

Monday's data showed that US manufacturing activity slowed down for the second consecutive month in May. The data released on Tuesday showed that job vacancies in the United States fell to their lowest level in over three years in April, easing labor market tension and supporting the Federal Reserve's expectation of interest rate cuts this year. After the release of the report, the yield of US treasury bond bonds declined. The non farm employment data for May will be released on Friday.

Technology stocks represented by companies such as Amazon, Alphabet, Nvidia, and Microsoft closed higher after falling in the early trading session.

In the currency market, the US dollar stabilized on Wednesday as traders reduced their high-risk bets in emerging markets while waiting for Canadian interest rate decisions and US service industry data. In early Asian trading, the Japanese yen fell 0.2% to 155.27 and hovered at 168.74 against the euro. Previously, the euro rose 1% against the US dollar overnight, marking its largest monthly increase.

Wednesday's data also showed that Japan's real wages fell for the 25th consecutive month in April as inflation exceeded nominal wage growth. The Japanese yen is the worst-performing G10 currency this year, and the Deputy Governor of the Bank of Japan has stated that the central bank must be "highly vigilant" about the potential impact of a weak yen on the economy and inflation.

On Wednesday, June 5, Asian stock markets rose. The weakening of the US labor market has strengthened market expectations for the Federal Reserve's interest rate cut in September, while the US dollar remains stable. Investors' concerns about the cooling of the US economy have suppressed risk appetite, and Asia's focus has shifted towards the situation in India.

Indian election results show that Indian Prime Minister Narendra Modi's victory was lower than expected, leading to a decline in the Indian stock market and a depreciation of the rupee. Because this is the first time in ten years that the Indian People's Party led by Modi has lost a parliamentary majority, it needs to rely on regional allies to fight for the seats needed to govern the world's largest democratic country. This has led to uncertainty in economic policy predictions, including driving investment led growth, which has always been the cornerstone of Modi's government.

The MSCI Asia Pacific stock index rose 0.24%, while the Nikkei index fell 0.8%, as the yen approached a two-week high.

The Chinese stock market fluctuated, with a private sector survey released on Wednesday showing that the growth rate of China's service industry activity in May was the fastest in 10 months, and the number of personnel increased for the first time since January, indicating that the service industry will continue to recover in the second quarter. The blue chip Shanghai and Shenzhen 300 Index showed little change in the early trading session, while the Hong Kong Hang Seng Index rose 1%.

The S&P Global Service Purchasing Managers Index (PMI) rose from 52.5 in April to 54.0, marking the 17th consecutive month of expansion and the fastest growth rate since July 2023.

Regarding commodities, oil prices in Asia fell slightly in the early trading session. An industry report showed an increase in US crude oil and fuel inventories, exacerbating market concerns about demand. Brent crude oil futures fell 0.1% to $77.47 per barrel, while West Texas Intermediate crude oil futures in the United States fell $0.12 to $73.16 per barrel.

The price of gold rose 0.09% to $2,330 per ounce.



<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Bitcoin prices hit $71000, with volatility and seller pressure looming_ Shibarium developers warned against counterfeit TREAT tokens.

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Daily News | BTC Broke Through $71K, Altcoins Generally Rose; Shibarium Developers Warned Against Counterfeit TREATs; Blockchain Avail Received $43M in Series A Financing