The cryptocurrency market has experienced another round of minor declines. Most of the top 100 cryptocurrencies registered a nearly 0.1% drop over the past 24 hours, contributing to a total market capitalization decline of 4.5%, which now stands at $3.39 trillion. Additionally, total trading volume has fallen to $73.7 billion, marking the lowest figure in several weeks.
In summary:
- The cryptocurrency market has encountered another small dip;
- Market sentiment is shifting towards a neutral stance;
- Bitcoin may experience a pullback to the $74,500 mark before embarking on another significant bull run;
- Analysts underscore growing institutional interest in cryptocurrencies, particularly in Bitcoin (BTC) and Ethereum (ETH);
- U.S. Bitcoin spot ETFs recorded outflows, whereas spot ETH ETFs saw inflows;
- The market is currently in a delicate position, highly sensitive to macroeconomic factors.
Crypto Winners & Losers
Among the top 10 cryptocurrencies by market capitalization, only four showed positive movement, with just one registering an increase exceeding 0.5%. Bitcoin (BTC) is among those barely moving, gaining 0.2% to reach a price of $104,884.
Ethereum (ETH) saw a decline of 1.2%, marking the steepest drop among the top coins, and is now trading at $2,494. Like Bitcoin, most of the other red coins remained relatively unchanged.
In contrast, TRON (TRX) emerged as the leading performer within its category, climbing 1% to a price of $0.2714.
Approximately 20 coins from the top 100 have recorded increases in price over the past day, with Flare (FLR) standing out as the biggest gainer, up 9.4% and currently trading at $0.01925.
On the downside, Bittensor (TAO) suffered the most in this category, with a decrease of 7.1%, bringing its price down to $406.2.
Additionally, Tron has recently secured a partnership with Rumble Cloud to enhance its data storage capabilities.
.@justinsuntron joined @chrispavlovski and @matt_kohrs on @rumblevideo to discuss #TRON’s recent strategic collaboration with @rumblecloud and the shared values across both platforms. pic.twitter.com/O7tu0tFMEL
— TRON DAO (@trondao) May 29, 2025
Furthermore, Bitcoin has settled more than $2.9 trillion on-chain according to a report from Glassnode and CME for the first half of 2025. The report emphasized that “Bitcoin’s role as a global settlement layer remains robust, with trillions transferred on-chain and its transactional utility intact,” despite the ongoing price volatility.
BTC May Drop to $88,000 Before Running to $136,000
John Glover, Chief Investment Officer of Ledn, anticipates a notable pullback for Bitcoin, suggesting a potential drop to $88,000, and even as low as $74,500. However, he foresees a robust rebound that could elevate Bitcoin to new all-time highs following this correction.
“While this perspective might be unpopular and somewhat contrarian, I believe we are currently witnessing a short-term topping pattern for BTCUSD. We have likely completed wave (i) of Wave 5,” Glover remarked.
According to Glover, a retreat to the $88,000 to $93,000 range serves as a target for wave (ii) before the anticipated upward momentum resumes. He views this as a corrective phase that “should unfold in mid-to-late summer.”
He also noted that wave (ii) can retrace entirely the previous wave, suggesting that revisiting the $74,500 low of Wave IV remains a possibility. Nonetheless, Glover maintains expectations for a rally towards the $133,000-$136,000 range by year-end or early next year.
Dom Harz, Co-Founder of Layer-2 BOB, supports Glover’s outlook, highlighting the increased institutional interest in Bitcoin. He noted that the number of publicly traded companies holding Bitcoin in their treasuries has surged from 89 in April to 113, indicating a significant phase of institutional adoption.
Disclosure: https://t.co/bqFEEQMRcT
— Metaplanet Inc. (@Metaplanet_JP) June 2, 2025
“Following last year’s unprecedented ETF approvals, the focus has shifted from whether institutions will engage with Bitcoin to how they will fully leverage its potential,” Harz explained. “Bitcoin has transitioned from being a niche asset favored by tech-savvy retail investors to a staple for global institutions. The impending utility phase of Bitcoin is especially exciting.”
He further emphasized that Bitcoin decentralized finance (DeFi) is central to this evolution, enabling holders of all sizes to utilize Bitcoin in yield-generating protocols, thereby unlocking greater utility. “Institutions will not solely want to hold Bitcoin; they will aim to put it to work, further propelling the development of Bitcoin DeFi technologies that will materialize this next chapter,” Harz stated.
Levels & Events to Watch Next
Currently, Bitcoin is trading at $104,884, down from $105,816 on Friday and the intraday peak of $105,804. The cryptocurrency is also 6.2% lower than its all-time high of $111,814, reached just ten days ago. Over recent hours, Bitcoin has remained mostly around the $105,000 mark.
However, several key support levels have been breached in recent days.
Additionally, the Fear and Greed Index has continued to decline, now situated at 57, indicating a swing to neutral sentiment. This shift from extreme greed to a more cautious stance reflects the declining prices that have stirred fears in the market.
Meanwhile, as of May 30, U.S. Bitcoin spot exchange-traded funds (ETFs) experienced a significant net outflow of $616.22 million. Notably, even BlackRock recorded a net outflow of $430.82 million, while U.S. Ethereum spot ETFs witnessed inflows totaling $70.24 million, all attributed to BlackRock.
Dom Harz also pointed out that institutional investors remain very active, with the Japanese firm Metaplanet purchasing an additional 1,088 BTC at an average price of $108,600 per coin. To date, Metaplanet has invested approximately $118 million in Bitcoin, bringing its total holdings to 8,888 BTC.
JUST IN: SharpLink Gaming raises $425M to kick off an ETH Treasury strategy.
Most of the #RWA tokens are built on $ETH
Institutions are waking up. pic.twitter.com/F1s5hbCcVs
— Real World Asset Watchlist (@RWAwatchlist_) May 27, 2025
SharpLink Gaming also announced a significant $48 million investment in Ethereum, as they plan to raise $425 million in a private funding round, with a majority earmarked for their ETH treasury.
Furthermore, Paris Saint-Germain has publicly declared that it holds Bitcoin on its balance sheet, establishing itself as a prominent sports club that utilizes BTC as part of its treasury strategy.
JUST IN: European soccer giant Paris Saint Germain announces they adopted a #Bitcoin treasury reserve pic.twitter.com/nGeq7bUyBJ
— Bitcoin Magazine (@BitcoinMagazine) May 29, 2025
However, the sector faces ongoing regulatory challenges, as the U.S. Securities and Exchange Commission (SEC) has contested the proposed structures for Solana and Ether staked exchange-traded funds (ETFs), asserting that these products may not conform to existing regulations.
Quick FAQ
Why did crypto move against stocks today?
On this day, the crypto market experienced a decline while the stock market presented a mixed scenario. The S&P 500 dipped by 0.0081%, the Nasdaq-100 fell by 0.11%, and the Dow Jones Industrial Average edged up 0.13%. The stock market reacted positively to Nvidia’s profits; however, overall gains remained limited. Ongoing trade war concerns, exacerbated by unpredictable statements from U.S. President Donald Trump, have contributed to an atmosphere of economic instability and uncertainty.
Is this dip sustainable?
While the market appears to be consolidating, analysts do not foresee an imminent bearish reversal. Yet, anxiety is beginning to seep into the crypto space, and macroeconomic factors such as interest rates and liquidity continue to have the potential to either elevate or depress prices.
The post Why Is Crypto Down Today? – June 2, 2025 appeared first on Finance Newso.
