● This week, the market is focusing on the US May non-farm payrolls data and the ECB's interest rate decision
According to Wu, the annual rate of the core PCE price index in the United States in April was 2.8% last week, the same as last month, and the attitude of Fed officials was neutral. This week, the focus is on the US non-farm payrolls data in May and the ECB's interest rate decision. If the US labor market continues to slow, it will further support the prospect of the Fed's interest rate cut. The market generally expects the ECB to cut interest rates first.
Last week, the Fed's Beige Book showed that consumers were resistant to rising prices and the overall outlook was more pessimistic. Fed President Bostic said he did not think there would be a rate cut in July, but would be open to it if the data supported it, and would cut rates if it was appropriate in September.
Williams said that he does not think that interest rates will be raised, but will be lowered at some point. The current monetary policy is restrictive and inflation will be close to 2% next year. Logan said that it is too early to consider a rate cut. The key events this week include the May manufacturing PMI of China, the United States, France, Germany, the United Kingdom, and the Eurozone, the ADP employment in the United States in May, the interest rate decision of the Central Bank of Canada to June 5, the main refinancing rate of the European Central Bank in the Eurozone to June 6, the number of initial jobless claims in the United States for the week ending June 1, the unemployment rate in the United States in May, and the seasonally adjusted non-farm payrolls in the United States in May.
● This week, GAL, HFT and other tokens will be unlocked at once, with a total value of approximately US$12 million
According to PANews, Token Unlocks data shows that this week, GAL, HFT and other tokens will be unlocked at one time, with a total value of more than 12 million US dollars. Among them, Liquity (LQTY) will unlock about 657,000 tokens at 8:00 am on June 5th, Eastern Time, with a value of about 760,000 US dollars; Galxe (GAL) will unlock about 2.03 million tokens at the same time, with a value of about 7.4 million US dollars; Euler (EUL) will unlock about 60,000 tokens at 1:14 am on June 7th, Beijing Time, with a value of about 290,000 US dollars; Hashflow (HFT) will unlock about 13.62 million tokens at 8:00 pm on June 7th, with a value of about 4 million US dollars.
● Since the US approved the Ethereum ETF application, more than $30 billion of Ethereum has been withdrawn from exchanges
According to PANews, since the United States approved the Ethereum ETF19b-4 application on May 23, more than $3 billion worth of Ethereum has been withdrawn from centralized crypto exchanges (CEX), indicating that a potential supply crunch is imminent.
According to CryptoQuant, the amount of Ethereum on exchanges fell by about 797,000, or $3.02 billion, from May 23 to June 2. Lower exchange reserves mean fewer tokens are available for sale as investors move their tokens into self-custody for purposes other than immediate sale.
Glassnode data shared by BTC-ECHO analyst Leon Waidmann shows that the percentage of Ethereum’s circulating supply held by exchanges is also at its lowest level in years, at just 10.6%.
● In May, BTC miners’ income decreased by 46% month-on-month, while ETH stakers’ income increased by 4.1%
According to Wu, data from The Block showed that due to the fourth halving, BTC miners' revenue decreased by 46% month-on-month to US$963 million in May, while ETH stakers' revenue increased by 4.1% to US$267 million. A total of 26,747 ETH were destroyed in the same month. Since the implementation of EIP-1559 in early August 2021, a total of 4.3 million ETH have been destroyed, about US$12.11 billion. In addition, the monthly transaction volume of the NFT market on Ethereum fell by 27.8% to US$344 million.
● Nigeria is the country most interested in Bitcoin, followed by El Salvador
According to Odaily Planet Daily, Google Trends statistics show that Nigeria has become the country with the most interest in Bitcoin, and El Salvador is second. Regions with low security levels, low bank penetration and a high proportion of millennials are more likely to adopt Bitcoin as a trusted means of storing value and convenient payment. The Nigerian government has recently taken some actions to try to solve economic difficulties and prevent currency collapse. In May 2024, the Nigerian government began preparing to introduce new regulations to ban P2P transactions of national currency and cryptocurrency.
● Velocore released a vulnerability incident analysis report, snapshots have been taken and appropriate compensation will be made
According to Odaily Planet Daily, Velocore released a vulnerability incident analysis report, which pointed out that the incident is unlikely to spread to other protocols, so other users of Linea and zkSync can rest assured. Velocore is investigating and tracking down the hacker, while trying to conduct on-chain negotiations and requesting various protocols and CEXs to cooperate in investigating the attacker's activities. For affected users, Velocore has completed a snapshot before the incident. Once operations are resumed, Velocore will implement an appropriate compensation plan.
