The recent bypass of established congressional rules during a key bill passage has ignited concerns over legislative transparency and its ripple effects on crypto market stability. This unprecedented procedural maneuver
Crypto markets experienced significant turbulence as liquidations surpassed $1 billion, with Bitcoin price reacting sharply ahead of key options expiry and US jobs data releases. Major altcoins followed Bitcoin’s downward
Summary Ethereum had a rough beginning of 2025 - failing to reach new all-time highs, while Bitcoin smashed through its own ATH multiple times. ETH/BTC is a great cryptocurrency spread for a crypto trader to spot relative performance, provide a direction for which crypto to choose, and track the appetite for altcoins. ETH/BTC rising helped altcoin bull runs in the past cycle - something that many crypto traders have been awaiting and is yet to materialize again. By Elior Manier Ethereum ( ETH-USD ) had a rough beginning of 2025 - failing to reach new all-time highs, while Bitcoin ( BTC-USD ) smashed through its own ATH multiple times. Solana ( SOL-USD ), providing a cheaper alternative to ETH services, also held stronger than the Ether throughout the latter part of 2024 and beginning 2025. ETH performance is key to the overall crypto market performance; the past Altcoin cycles have always been led by ETH performance over BTC. ETH/BTC is a great cryptocurrency spread for a crypto trader to spot relative performance, provide a direction for which crypto to choose, and track the appetite for altcoins. Through this crypto market update, you will see how ETH/BTC rising helped altcoin bull runs in the past cycle, something that many crypto traders have been awaiting and is yet to materialize again. ETH/BTC and its Correlation to total Market Performance ETH/BTC and Total Crypto Market Cap, 2017 to End 2021 (Source: TradingView) This 2017-2021 chart of ETH/BTC contains essential information about understanding the crypto market. Through 1 and 2, we observe how the first bull run in ETH and ETH/BTC led to the 2017 total crypto market bull run - taking the market cap from $20-30B average to highs of $620B in November 2017. Number 3 on the chart shows how a drop in ETH/BTC leads to a significant cooldown of the crypto market, going back towards a total market cap between $100 and $250B from 2018 to the end of 2020. From end-2020 to the end of 2021, number 4 shows the same correlation of ETH/BTC and crypto markets rallying. This Covid-era bull run introduced crypto for an ever-bigger number of investors, and led to the flurry of altcoins and cryptocurrency projects such as Doge, Avax, Solana. The crypto market cap went from $300B to $2.86T, and this level only got reached again in November 2024. Finally, number 5 shows similarly to number 3 how the drop in market cap correlates with a drop in the ETH/BTC spread. ETH/BTC from 2020 to Today ETH/BTC and Bitcoin, 2020 to June 5, 2025 (Source: TradingView) We take a closer look at the 2021 Bull Run and how the December 2021 top in ETH/BTC led again a significant correction in the crypto market. 2023 was all about Bitcoin Dominance as its rally from $14,475 to its record highs of $112,030 left Ethereum and all other altcoins lagging. We are seeing a breakout from the descent that started at the same level as the 2020 ETH/BTC bullish breakout - we will see if the spread continues upward and if it generates another bull run for altcoins. ETH Daily Chart ETH Daily Chart, June 5, 2025 (Source: TradingView) ETH had a consequent rally after a significant drop between $4,000 highs in December 2024 to $1,363 lows in April 2025. Prices are consolidating between $2,300 and $2,600. The key is to see if Bitcoin prices that are also stagnating above the $100,000 Mark leads to rallies in other cryptos as the same phenomenon happened in past bull cycles. Levels to watch: Support Zones: S1: 2,385 to 2,525 S2: 2,035 to 2,167 S3: 1,700 to 1,825 Resistance Zones: R1: 2,600 to 2,750 R2: 3,225 to 3,363 R3: 3,660 to 3,800 ETH 4H Chart ETH 4H Chart, June 5, 2025 (Source: TradingView) Safe Trades! Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
In an incredible event of fortune and timing, a lone Bitcoin miner has successfully mined a whole block all by themselves, with no help from a mining pool or a sponsor like a bank or corporation. They earned a reward of 3.151 BTC, a windfall presently worth over $330,000. These underdog events shine a light on the resilient decentralization of the Bitcoin network, even if some may now use that phrase as a euphemism for its security flaws. In the early morning hours, a rare event took place that caught the crypto community’s eye and kicked off discussions about whether solo mining is a feasible option these days, given that the mining landscape seems dominated by industrial-scale mining operations. A One-in-a-Million Moment The block, officially mined at 4:48:18 a.m. UTC, was verified as valid and included in the Bitcoin blockchain. The total reward of 3.151 BTC consisted of the standard extbf{3.125 BTC block subsidy}, plus an additional extbf{0.026 BTC in transaction fees} amounting to roughly $2,761. The block itself measured 1.66 megabytes in size and included a standard assortment of transactions. This achievement was accomplished by a solo miner even while the Bitcoin network’s total hashrate was over 600 exahashes per second. Most of the computational work that was assembled from the many mining operations that were running at that time was directed towards solving the puzzles that, when solved, would produce valid Bitcoin blocks. The odds of a single miner successfully completing one of those puzzles and finding a valid block were, of course, exceedingly low. **Bitcoin Miner Hits the Jackpot!** Solo CK mined block 899,826 on June 5, 2025, scoring 3.151 BTC (~$330,386)! Here's the breakdown: • Mined at 4:48:18 a.m. UTC • Reward: 3.125 BTC subsidy + 0.026 BTC fees ($2,761) • Block size: 1.66 MB pic.twitter.com/vJuQoh4YAW — Ahmed Osman (@Ahmedot2Osman) June 5, 2025 Though the exact hardware used by the miner remains unspecified, the consensus among experts is that the conditions—successful mining, that is—would necessitate powerful rigs like the Antminer S21 or WhatsMiner M60, both well-regarded for not just their efficiency, but their sheer output of hash power. Even so, elite equipment alone doesn’t tip the scales toward success; the miner has to have a significant chunk of the global hasrate under his influence. Why Solo Mining Is Rare — and Risky In the domain of Bitcoin mining, the majority of players opt to associate themselves with mining pools, for instance, F2Pool, AntPool, or ViaBTC. These mining assemble the computational might of thousands of miners, dishing out smaller, consistent rewards instead of the solitary, do-or-die nature of mining all by oneself. Mining alone means doing everything a miner must do to find a block and then submitting that block to the network. If a solo miner finds a block, the reward is theirs and theirs alone. Obviously, this is a tremendous payday. And for us to even talk about it here, it must happen in the real world. So, let’s look at what it takes to mine alone, and after that, we’ll consider what it means to have a real-life payday scenario. These infrequent solo victories do happen, though, as demonstrated by the most recent case of a miner using Solo CK, a known solo mining pool that still preserves the spirit of decentralized mining by enabling individuals to point their hardware toward block discovery without profit sharing. A Testament to Bitcoin’s Decentralization Even though industrial mining farms and large, centralized pools of hashing power are on the rise, the occasional story of a successful solo Bitcoin miner is a powerful reminder that the Bitcoin network’s decentralized architecture is alive and well. This is a story of a successful solo Bitcoin miner. By “successful,” I mean this individual consistently brings in Bitcoin rewards (“mined” a few himself, but has “earned” quite a few more through participating in the Bitcoin network). By “network,” I mean the assemblage of many computers all over the planet, doing many computations. By “decentralized architecture,” I mean a system of many nodes by which no one node, or set of nodes, can control the whole system. The miner’s triumph has unleashed torrents of excitement and admiration throughout online spaces. It also resurrects a vital discussion: even in a massively parallel, technologically state-of-the-art mining world, Bitcoin remains a theoretically level playing field. It is yet to be seen whether more people will be encouraged to take a stab at solo mining. But this moment serves as evidence that the solo mining dream is not dead. It’s just incredibly hard. The global mining landscape is evolving rapidly. This makes it all the more crucial to illuminate why Bitcoin inspires and captivates people all around the world. It’s not simply about the cash that’s involved. It’s about the very ethos of this network: permissionless participation and decentralized opportunity. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Last month, CoinDesk reported that big money is becoming increasingly bullish on ether ETH, with price charts indicating a potential rally above $3,000. New evidence has now emerged, supporting those claims. On Thursday, a trader paid a premium of over $2 million to purchase a total of 61,000 contracts of June-end expiry ether call options at strikes $3,200 and $3,400, according to data source crypto options exchange Deribit. Theoretically, the $3,200 call is a bet that ether's price will rise from the current $2,460 to over $3,200 by the end of the month. The purchase of the $3,400 call indicates expectations for a move above that level. In other words, the trader anticipates a price surge of over 30% in three weeks. A call option gives the purchaser the right but not the obligation to buy the underlying asset at a predetermined price at a later date. A call buyer is implicitly bullish on the market and pays a premium for the asymmetric upside exposure. The premium paid, in this case, $2 million, is the maximum amount the buyer stands to lose in case the market doesn't rise as expected. Stars align for bulls The bullish flow is consistent with the renewed optimism among some analysts about ether's price prospects. According to Youwei Yang, Ph.D., chief economist at BIT Mining, protocol upgrades, institutional moves, and anticipation around new financial products have all come together to restore investor confidence in ether. Ether's parent blockchain, Ethereum, recently implemented the Pectra upgrade to enhance scalability, validator flexibility, and user experience, introducing key features like EIP-7702 to enable regular wallets to leverage smart contract capabilities. "The Pectra upgrade , which went live on May 7, has been a key turning point. By raising the validator cap from 32 to 2,048 ETH and doubling blob throughput, Ethereum took a major step forward in both staking efficiency and Layer-2 scalability," Yang said in an email to CoinDesk. "It’s a clear signal that the network is serious about scaling and improving its core infrastructure. That’s the kind of technical progress that brings not just developers, but also users and capital, back into the ecosystem," Yang added. Yang cited SharpLink Gaming’s announcement that it would move $425 million into Ethereum as a treasury reserve asbold endorsement of ether as the corporate Treasury asset. "It reminds us of the early wave of Bitcoin treasury adoption by corporates, and it could be just the beginning of something similar for ETH," Yang noted. Lastly, speaking of institutional adoption, speculation has been circulating that U.S. regulators will soon approve a spot ether ETF with a staking mechanism, opening doors for institutions to take exposure to both the price and the staking yield, a feature missing in BTC ETFs. Read more: Ether Favored Over Bitcoin by Big Money, Here Are 3 Clues That Point to ETH Bias in Crypto Market
The on-chain Bitcoin metrics are showing once more that they are pleased with what they see—that hefty investors and little ones are both accumulating again in the face of a network that is waking up from its slumber and starting to do all sorts of things halt and signal traffic on the blockchain. After a slight divergence in the direction of the wallets, the balance making up the distribution cohort has fallen off, and it seems like the path of least resistance with Bitcoin is up, back over the $100,000 mark. The renewed on-chain interaction is feeding the engine of market optimism. Meanwhile, the institutional flows into spot bitcoin ETFs seem to have stabilized. BlackRock’s fund in particular has captured the attention of investors. Wallet Activity Signals Growing Market Confidence On-chain analytics data show us that all main wallet groups are in accumulation mode right now. The main event, though, is taking place at two very different ends of the spectrum: We have wallets that hold less than 1 BTC, and we have wallets that hold between 10 and 100 BTC. Both of these groups have hit an accumulation score of 1.0—basically the highest score you can get—and it indicates that they are both very widespread and also doing some pretty well-synchronized buying. This development shows a strong contrast with prior weeks, in which it seemed that bigger investors were cutting back on their exposure or remaining on the sidelines in response to the presence of market uncertainty. This renewed activity now seems to imply that these larger holders are either positioning for a potential breakout or, more probably, expressing confidence that Bitcoin’s current levels are a buying opportunity. What is especially remarkable is that accumulation is not confined to whales. Lesser retail holders are also amassing a considerable amount and showing very strong buying behavior. This, most often, is a signal that these small retail holders are long-term holders and is also a signal that grassroots adoption is taking place. On-Chain Activity Hits Multi-Month Highs Momentum is building in the network activity of Bitcoin, with multiple metrics registering their most robust performances in months. The most recent day for which we have data, May 29, saw over 556,830 new Bitcoin wallets created—no day since December 2, 2023, has been even close to that in terms of sheer amount. And the reason I find this most interesting is because (now, I’m going to speak more generally about all cryptocurrencies, not just Bitcoin) a growing number of wallet-holders is a very good sign for the overall health of a cryptocurrency’s ecosystem. After briefly leaning toward distribution, the largest $BTC holders are now back in accumulation. All wallet cohorts show varying degrees of buying, with the strongest activity in the 10–100 #BTC and $BTC groups, both reaching a score of 1.0 – the highest possible. pic.twitter.com/hndK1F92qk — glassnode (@glassnode) June 5, 2025 Adding to the feel-good factor, June 2 saw 241,360 BTC move across the blockchain—the most coins sent since December 8, 2024. We typically don’t like to draw too many conclusions from single days, but this is a sizeable figure and could indicate that the Bitcoin network is seeing an uptick in user activity—whether trading, transferring, or otherwise moving assets around. Although price often rules market sentiment, these developments really show what direction the network is headed in. If they’re building a price bottom, then user and developer activity is much more desirable than just the network being used temporarily for price speculation. A close watch is being kept by investors because rising on-chain engagement, with prices being relatively stable, can often be a hint of an underlying build-up of momentum that precedes breakout movements—upward or downward. Institutional Flows Remain Focused on BlackRock’s ETF Even with the overall uncertainty of the traditional markets, the sector of Bitcoin ETFs available for direct investment is attracting a not-too-shabby amount of institutional inflows. As of June 4, the combined net inflow across all U.S. spot Bitcoin ETFs was $86.92 million. Even ETF skeptics like Bloomberg’s James Seyffart have been warming up to the idea that, in 2023, the Bitcoin ETF sector has the look of a legitimate business. Interestingly, on the day, the only fund to see a net inflow was BlackRock’s iShares Bitcoin Trust (IBIT). Others either stayed even or experienced slight outflows. Continued preference for IBIT further consolidates BlackRock’s presence in the Bitcoin ETF space and also is a nice little shot of credibility for the digital asset sector. The net positive flows coming back—concentrated in just one issuer, it must be noted—signal that institutional investors aren’t pulling back entirely. They’re still in the market but seem to be doing a more refined, selective kind of allocation. And when you see selective allocation by big, smart money, it’s usually to what’s perceived as the safest and most credible holdings. With Bitcoin holding steady at just below $105,000, renewed wallet accumulation, record highs in on-chain activity, and an ETF flow that can only be described as resilient combine to present an intricate but optimistic look for the market. We are in a period right now, however, where the market has not yet broken out and up decisively. Consequently, it seems wise to stay vigilant, perhaps even bearish for now, until we do see that break. But from where we sit, the combination of these various factors likely means the market has a good shot at getting up and over, rather than back down under, the $100,000 line with Bitcoin. How long it takes and how close we edge up to the actual line figure before the breakout occurs is the present mystery. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
A late-night Twitter spat between President Donald Trump and Elon Musk sparked fresh uncertainty in global markets, sending major cryptocurrencies tumbling and wiping out nearly $1 billion in leveraged bets. Bitcoin BTC dropped below $101,000 overnight before bouncing modestly, with DOGE and ADA among the worst hit, down over 6% each in the past 24 hours. The CoinDesk 20 Index, which tracks the largest crypto assets, shed over 5%. Data from CoinGlass shows that traders lost $988 million in liquidations — of which $888 million were long positions — indicative of a wipeout in bullish positions. Exchanges like Bybit and Binance saw the biggest hits, with Bybit alone accounting for nearly $354 million in liquidations. The liquidations largely hit major tokens, with bitcoin leading the pack at over $342 million liquidated in the past 24 hours, according to CoinGlass data. Ether ETH followed with $286 million, reflecting the sharp sell-offs across the broader market. Other tokens like Solana's SOL and Dogecoin DOGE saw $51 million and $27 million liquidated, respectively, as altcoin traders found themselves on the wrong side of the sudden downturn. XRP XRP wasn’t spared either, with $23 million in positions wiped out. The data also shows that high-leverage plays on memecoins, such as 1000PEPE, added to the volatility, as traders rushed to exit. Liquidations to the forced closure of a trader's leveraged position when they can no longer meet the margin requirements. This typically occurs when the price of the underlying asset moves against their position, causing them to lose a large portion, or all, of their initial investment. A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction. The sell-off comes as Trump accused Musk of going “crazy” and threatened to terminate government contracts with his companies, while Musk lashed back by linking Trump to Jeffrey Epstein’s files. The clash overshadowed what had been a mostly bullish trend for crypto markets in recent weeks, intensifying a profit-taking bout from the start of this week.
Why is California treating Bitcoin like a forgotten bank account?
The Trump Media and Technology Group (TMTG) formally registered its Truth Social Bitcoin and Ethereum ETF as a domestic business trust in Nevada, hinting at a dual asset focus in the future. The TMTG has yet to file official documents with the Securities and Exchange Commission. However, the Nevada registration may be the legal foundation for a potential spot or futures-based crypto ETF under the Truth Social brand. TMTG registered its Truth Social Bitcoin ETF first According to Nevada’s public business records filed on June 3, Trump’s media company registered its Truth Social Bitcoin ETF. Shortly after, NYSE Arca submitted Form 19b-4 to the SEC on behalf of Florida-based Yorkville America Digital, requesting approval to list and trade shares of the ETF. Per the filing, Yorkville America Digital will manage the ETF’s operations and the fund listed on NYSE Arca on approval. Later, on June 5, Yorkville America Digital filed an S-1 registration statement with the commission for the Bitcoin fund. On the same day, the TMTG registered its Truth Social Bitcoin and Ethereum ETF in Nevada. The ETF offers exposure to Bitcoin and Ethereum, the two leading crypto assets by market cap, and thus may draw in a number of investors. Some have speculated that the fund could eventually include spot- and futures-based investments. Critics, however, believe the company’s crypto assets, if approved, will not offer long-term stability. Dave Nadig, an independent ETF expert, remarked, “I think it’s extraordinarily unlikely that products like [Truth Social Bitcoin ETF] gain long-term assets.” The media company’s growing interest in ETF coincides with the increasing optimism over Bitcoin, which has traded above $100,000 in the last few weeks. In May, the media company also said it planned to raise $1.5 billion in equity and another $1 billion in convertible notes for a “bitcoin treasury.” Addressing a BTC conference in Las Vegas one week later, Eric and Donald Trump Jr. touted cryptocurrencies as a cheaper, faster, and transparent alternative to fiat currency. Trump Jr added that crypto is now a “huge part” of all they do. He later distanced himself and his family from a Trump-themed Bitcoin trading app, saying the Trump Organization had nothing to do with the project. Nonetheless, the Trump family’s World Liberty Financial is set to introduce a crypto wallet soon. TMTG DJT shares fell 8% on Thursday after Trump and Musk’s fallout. Meanwhile, TMTG shares under the ticker DJT dropped 8% Thursday after President Donald Trump’s fallout with billionaire Elon Musk. Their feud began with their difference over a tax and spending bill. Later, the president openly declared that he would cut off all government contracts with Musk-owned companies, while Musk suggested he should be impeached on his social media platform X. Since then, in just a few hours, Tesla lost about $150 billion and closed down 14.3% on Thursday. Jamie Cox, Managing Partner at Harris Financial Group, commented on their fallout: Billionaire spats rarely have any lasting impacts on markets, but this fallout was more than predictable. At some point, there was bound to be some divergence in priorities that led to a split between Trump and Musk. Jamie Cox Mark Malek, Chief Investment Officer at Siebert Financial, also argued that the public is more worried about how the Senate will “skinny down this big beautiful bill.” than the potential deficit. He found it surprising that Elon is now a driving force behind people’s sudden interest in fiscal deficit. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
A public fallout between Donald Trump and Elon Musk has rattled financial markets, sending Tesla stock tumbling and dragging the crypto sector into a broad risk-off retreat. The rift came to a head on June 5 during a White House meeting with the German chancellor, where Trump voiced his displeasure with Musk , who until recently had been one of his closest advisers. “I’m very disappointed in Elon,” Trump said. “I’ve helped Elon a lot.” Musk wasted no time responding. In a pointed post on X, he accused Trump of ingratitude and fired back, “Without me, Trump would have lost the election.” The exchange marked a dramatic unraveling of their once-powerful alliance, built during Trump’s second term. Musk Swipe at Trump Adds Fuel to Market Volatility Tensions escalated further when Musk replied “Yes” to a post on X calling for Trump’s impeachment . The remark drew immediate attention, although any such effort is considered politically impossible, as Republicans currently hold majorities in both chambers of Congress. Yes https://t.co/rqRsX8B4Hg — Elon Musk (@elonmusk) June 5, 2025 Markets quickly reflected the fallout. Bitcoin dipped to $100,783 on Thursday before recovering above $102,700. Over $324m have been liquidated in Bitcoin longs in the last 24 hours, according to Coinglass data . The broader crypto market fell nearly 5% during the same time. The $TRUMP meme coin, which had surged during the peak of their alliance, slid 10%. Analysts say Musk’s influence in the crypto space, combined with the political uncertainty, has introduced fresh instability into an already volatile market. Tesla Plunges as Rift With Trump Threatens Federal Support Tesla shares, meanwhile, suffered a sharper decline. The stock closed 14% lower on Thursday and has fallen 16% since Musk began attacking Trump’s domestic policy bill last week. The market was hit hard by the Trump and Musk issues. But in fact, the impact of these issue is unlikely to have a significant impact on the crypto market. Just, whales used this issue to liquidate their long positions. NASDAQ fell due to Tesla, and this impact may not be… — CW (@CW8900) June 6, 2025 It now trades roughly 33% below where it stood on Inauguration Day, showing growing fears that the feud could jeopardize billions in federal subsidies and contracts vital to Tesla’s long-term prospects. Until recently, Musk had served as a key informal adviser to Trump, helping shape major policy decisions and frequently representing the administration abroad. His sudden departure from that inner circle has left a noticeable void in tech-policy alignment, with markets now unsure of how the administration will proceed on key issues such as electric vehicles and space infrastructure. Adding to the uncertainty, Musk has hinted at launching a new political movement altogether. That possibility, along with the risk of a regulatory reversal or funding pullback, has left investors bracing for a more hostile environment. And that’s not just for Tesla, but for the broader tech and crypto sectors that have often moved in tandem with Musk’s influence. The clash has become more than a political sideshow. It is a rare case of personality-driven politics colliding with market fundamentals. For now, both crypto and Tesla appear firmly caught in the crossfire. The post Trump vs Musk: Crypto Market Turns Red, Tesla Closes 14% Lower appeared first on Cryptonews .