Crypto Market Overview

• BTC (+0.11% | Current Price: 105,696 USDT): Yesterday, BTC ETFs saw a net inflow of $375 million, with BlackRock’s IBIT inflow of $58 million, Fidelity’s FBTC inflow of $136 million, and ARK’s ARKB inflow of $139 million. Despite strong ETF inflows, BTC continues to exhibit narrow fluctuations, and short-term trends may remain primarily sideways.
• ETH (+1.29% | Current Price: 2,637 USDT): ETH has shown relative strength, receiving support at the middle band of the daily Bollinger Bands, with resistance at $2,700. Today, the ETH/BTC exchange rate has slightly increased, currently at 0.025; ETH’s market share is 9.5%, consistent with yesterday. Yesterday, ETH ETFs saw a net inflow of $109 million, with BlackRock’s ETHA inflow of $76.9 million, Fidelity’s FETH inflow of $20.8 million, and other ETH ETFs seeing minor inflows. Over the past 12 trading days, ETH ETFs have attracted $744 million in inflows.
• Altcoins: Mixed performance with a lack of collective narrative in the market. The Fear and Greed Index is currently at 57, indicating a relatively rational market state.
• Macro: U.S. Stocks closed higher yesterday, with the S&P 500 up 0.58% at 5,970.37 points; the Dow Jones increased by 0.51% to 42,519.64 points; and the Nasdaq rose by 0.81% to 19,398.96 points. As of June 4th, 12:00 AM (UTC+8), the spot price of gold is reported at $3,367.42 per ounce, with a 24-hour increase of 0.39%.

Trending Tokens

ME Magic Eden (+24.92%, Market Cap: $325 Million)

According to Gate data, ME is currently priced at $1.068, with a 24-hour increase of 24.92%, leading the altcoin market. ME’s current market cap is $325 million, ranking 178th in the entire market.

This morning, Magic Eden officially announced its collaboration with the TRUMP Meme coin to launch a TRUMP cryptocurrency wallet, confirmed by the official X account of the TRUMP Meme coin. ME surged over 30%, reaching a short-term price high of $1.16.

Subsequently, Donald Trump Jr., co-founder of WLFI, clarified in a post that “the Trump Organization has no connection with this wallet product (developed in collaboration with Magic Eden and TRUMP Meme). Eric Trump and I are unaware of this. Please continue to follow the team’s ongoing efforts with World Liberty Financial, which will soon launch our official wallet.” As a result of this news, ME briefly fell over 10%.

As of the time of this writing, there are no further updates regarding Magic Eden or the Trump cryptocurrency team.

ANIME Animecoin (+13.35%, Market Cap: $175 Million)

According to Gate data, the ANIME token is currently priced at $0.308, with a 24-hour increase of 13.35%, having risen for four consecutive days. ANIME’s current market cap is $175 million, ranking 262nd in the entire market.

Animecoin is a cryptocurrency project focused on anime culture and the creator economy, aiming to support anime content creation, distribution, and fan interaction through blockchain technology. Its ecosystem typically includes an NFT marketplace, a decentralized funding platform, and community-driven creative incentive mechanisms, encouraging direct connections between anime artists and fans. ANIME tokens are used for payments, tipping, and governance voting within the ecosystem, helping creators monetize content and enhance user engagement. When launched, ANIME airdropped a large number of tokens to the well-known NFT project Azuki.

The future performance of ANIME tokens will depend on the development of the Animecoin ecosystem, user growth, and the actual integration with the anime industry. If the project can continue to attract quality creators and launch appealing NFT or content platforms, ANIME is likely to carve out a space in the Web3 ACG sector. Additionally, as interest in Web3 content platforms grows in Japan and Asia, Animecoin may gain broader recognition and liquidity through IP collaborations or cross-industry marketing.

HYPE Hyperliquid (+2.64%, Market Cap: $12.34 Billion)

According to Gate data, the HYPE token is currently priced at $36.92, with a 24-hour increase of 2.64%, just a step away from its historical high of $39.7. HYPE has increased by 84.56% over the past month, performing the best among the top 50 tokens by market cap. Currently, HYPE’s market cap stands at $12.34 billion, ranking 11th in the entire market. According to Defillama, Hyperliquid’s trading volume over the past 30 days reached $246.1 billion, accounting for about 65% of the total market trading volume during the same period.

According to an official announcement, 100% of Hyperliquid’s platform revenue is used to buy back and burn HYPE, creating a closed loop of increasing trading volume, enhanced buyback efforts, and improved token scarcity. The current high-activity trading ecosystem is accelerating this cycle; if the momentum continues, the amount of HYPE burned is expected to reach historical peaks, becoming a key driver for breaking previous highs.

Current data indicates that Hyperliquid’s leading position and economic mechanisms have formed a self-reinforcing flywheel. Short-term value is driven by buyback intensity, while medium to long-term value is anchored in ecological penetration capability. If the current growth momentum is maintained, HYPE may enter the top 10 by market cap in the entire market.

Alpha Insights

contributed to the meme coin craze over the past year. Currently, Pump.fun’s official team has not responded to this.

As a key platform driving the meme coin trend in the past year, Pump.fun’s token issuance is not only topical but also possesses strong market appeal. Once the token issuance news is confirmed, it is bound to attract market attention quickly, especially in a speculative environment where large amounts of funds may flow out of other projects and into this one, seeking short-term arbitrage opportunities. In the current liquidity-sensitive market environment, Pump.fun’s token issuance is likely to become the focal event for the next round of capital accumulation, potentially creating a “drain effect” that could exert pressure on smaller projects.

Falcon Finance Stablecoin Supply Exceeds $500 Million

Official news states that the synthetic dollar protocol Falcon Finance has announced that its synthetic dollar USDf’s total supply has surpassed $500 million. As Falcon approaches full public testing, market demand for this multifunctional asset continues to grow. According to data from Falcon Finance’s official website, the total supply of USDf, pegged to the dollar, has exceeded $529 million, with the current TVL reported at $589 million.

Falcon Finance demonstrates strong growth momentum and a clear value proposition. Users can over-collateralize BTC, ETH, and stablecoins to generate USDf, and can further stake it as interest-bearing tokens sUSDf, with the current annual yield nearing 10%. The yield sources include funding rate arbitrage and cross-exchange price difference arbitrage. Additionally, market news suggests that Falcon Finance may introduce a governance token in the future, likely incentivizing more market users to participate deeply.

Falcon’s profit model relies on market arbitrage opportunities; if market volatility decreases or similar protocols increase, profit margins may narrow. Meanwhile, the current global regulatory frameworks for stablecoins have not been fully implemented. If the U.S. suggests concentrating reserve assets in government bonds, it may limit Falcon’s current strategy emphasizing collateral diversity. In summary, with high yields and compliant operations, Falcon is expected to expand its user base during the public testing phase; however, its success in the medium to long term will depend on the impact of regulatory policies on the collateral model and whether multi-chain deployments can effectively expand its market footprint.

Gate Launchpool

• Project: Sophon Network
• Token: SOPH
• Subscription Deadline: Until June 8, 2025, 8:00 PM (UTC+8)
• Participation Method: Stake BTC, GT, or SOPH to receive for free
• Total Airdrop Amount: 24 million SOPH

Project Introduction

Sophon Network is a blockchain platform built with ZK Stack technology, focusing on entertainment applications and aiming to make complex blockchain technology “invisible.” Its name comes from the particle-level supercomputer “Sophon” in the sci-fi novel “The Three-Body Problem,” symbolizing powerful computing serving ordinary users like an invisible force.


References:

• Gate, https://www.gate.io/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• CoinGecko, https://www.coingecko.com/categories
• Investing, https://investing.com/
• Gate, https://www.gate.com/zh/launchpool/SOPH?pid=308

Gate Research is a comprehensive platform offering in-depth blockchain and cryptocurrency research, including technical analysis, market reviews, trend forecasts, and macroeconomic insights.

Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.