On the first trading day of June, the crypto market was under pressure overall. Following escalating tensions between the US and Iran, market sentiment weakened, with Bitcoin and Ethereum continuing their May declines. Major assets generally opened lower, but derivatives data did not show a significant deterioration in risk appetite.
ETFs continue to see outflows
Bitcoin briefly fell to around $72,700, closing lower in 6 of the past 7 trading days. Bitcoin has fallen 3.5% in May, contrasting sharply with its historical average May gain of 7.4%. The US spot Bitcoin ETF has seen net outflows for 10 consecutive trading days, totaling $2.97 billion.
However, sentiment in the futures market has improved slightly. BTC open interest is approximately $19.5 billion, roughly unchanged from a week ago. Funding rates on multiple trading platforms remain positive, with the three-month annualized basis rising to 2.8%, up from 2.2% a week ago, indicating a stabilization in institutional risk appetite.
The liquidation focused on BTC and ETH.
Options positions remain mildly bullish. In the past 24 hours, call option trading volume exceeded put option trading volume, and implied volatility has rebounded from multi-month lows. Coinglass data shows that total clearing volume across the network in the past 24 hours was approximately $282 million, with approximately $59 million in ETH and approximately $48 million in BTC.
In terms of sectors, DeFi assets saw the largest declines. The CoinDesk DeFi Select index fell 2.6%, with all component tokens declining. ONDO fell 2.8% on the day, bringing its cumulative decline to 17% since the unexpected death of its founder, Nathan Allman, last week.
XLM led the gains among major tokens.
Unlike the broader market decline, Hyperliquid's platform token HYPE continued its upward trend, rising for five consecutive days to reach $73.94, a new all-time high. The report noted that newly launched ETFs based on the token are attracting inflows; these products only began trading last month.
XLM became the best-performing mainstream token of the day. Driven by news that the DTCC had chosen the Stellar network to integrate its tokenized securities platform, XLM surged 40.4% to $0.2862 within 24 hours, pushing its market capitalization above $9.6 billion. CoinGlass data shows that XLM perpetual contract open interest increased to approximately $361 million, with spot trading volume around $2.3 billion, indicating that the rise was accompanied by new funds entering the market.
Additional information:According to information released on May 27, DTCC plans to connect its tokenized securities platform to the Stellar network in the first half of 2027. The report states that production testing for the project is targeted for July of this year, with a wider rollout expected in October.
