Bitcoin Nears $100K as Institutional ETF Holdings Dip and Trump-Musk Feud Roils Crypto Markets
The cryptocurrency market is experiencing a whirlwind of activity as Bitcoin (BTC) flirts with the $100,000 mark while institutional ETF holdings see their first quarterly decline. Meanwhile, a highly publicized feud between former President Donald Trump and tech billionaire Elon Musk has injected fresh volatility into an already turbulent market. Below, we break down the latest developments shaping the crypto landscape.
Bitcoin Bulls Defend Key $95.6K Support Amid Profit-Taking
According to a June 5 report by Glassnode, Bitcoin faces selling pressure as long-term holders cash in on gains. After dipping below $103,700, BTC’s next critical support level sits at $95,600. If this level holds, analysts suggest the bullish momentum could remain intact. However, a breach below this threshold may signal further downside risk.
The report highlights that veteran investors are securing profits, contributing to short-term price fluctuations. Despite this, Bitcoin’s resilience near the psychological $100,000 mark keeps traders cautiously optimistic.
Institutional Bitcoin ETF Holdings Decline for the First Time
A recent CoinShares report reveals that institutional Bitcoin ETF holdings have recorded their first quarterly drop. However, the decline was primarily driven by price depreciation rather than outright selling pressure. This suggests that while institutional exposure has decreased in dollar terms, many investors are holding rather than liquidating positions.
The dip in ETF holdings coincides with broader market uncertainty, including regulatory developments and macroeconomic factors influencing investor sentiment.
Trump-Musk Feud Escalates, Adding Market Volatility
A public spat between Donald Trump and Elon Musk has spilled over into the crypto markets, exacerbating existing instability. The feud reportedly began over disagreements on GOP tax policies but quickly escalated into personal attacks played out on social media.
This clash has contributed to heightened market anxiety, with some traders speculating that the high-profile dispute could influence investor confidence in crypto assets tied to either figure—such as Trump-themed meme coins or Musk-favored tokens like Dogecoin (DOGE).
Trump’s Crypto Wallet Goes Dark After Legal Pushback
Adding to the drama, a crypto wallet linked to Trump’s meme coin venture has gone offline following a cease-and-desist order from his sons, who plan to launch a competing product. The wallet was initially promoted by Trump’s business partners but faced immediate backlash from within his own camp.
Solana Faces Pressure as Pump.fun Launches New Token
The Solana (SOL) price dipped 3% in 24 hours, raising questions about whether the newly launched token from Pump.fun could divert attention from SOL. While some speculate that Pump.fun’s token might compete with Solana’s ecosystem dominance, others argue that SOL’s established infrastructure will keep it resilient.
Meanwhile, Maple Finance has expanded to Solana via Chainlink’s Cross-Chain Interoperability Protocol (CCIP), enabling seamless transfers between Ethereum Virtual Machine (EVM) and Solana Virtual Machine (SVM) ecosystems. This development could bolster Solana’s DeFi presence despite short-term price fluctuations.
Maker (MKR) Whales Stake Big Despite 5% Price Dip
Despite a recent 5% decline in Maker’s (MKR) price, on-chain data reveals that whales continue staking significant amounts of SKY tokens. Additionally, MKR has broken above a key trendline resistance on its weekly chart, suggesting potential bullish momentum ahead.
With 60% of MKR holders still in profit, the token remains an intriguing asset for long-term investors despite short-term volatility.
Senate Stablecoin Bill Gains Bipartisan Support
In regulatory news, Democratic lawmaker Senator Ruben Gallego indicated that the upcoming stablecoin bill is likely to receive strong bipartisan backing. He noted that Republicans have incorporated many Democratic amendments into the proposal, signaling rare cooperation on crypto legislation.
If passed, the bill could provide much-needed clarity for stablecoin issuers and users alike—potentially stabilizing a sector that has faced scrutiny following high-profile collapses like TerraUSD (UST).
CoinPoker Launches Rake-Free High Stakes Championship
For crypto gaming enthusiasts, CoinPoker has announced its Mid Stakes Cash Game World Championship running from June 1–28. The event features rake-free 500NL tables and offers players a chance to win prizes including:
- A $15,000 Rolex watch
- $10,000 in cash rewards
- Five weekly VIP seats worth $1,000 each
The tournament underscores the growing intersection between crypto and online gaming—a sector gaining traction among blockchain-savvy users.
Conclusion: A Market at a Crossroads
Bitcoin’s push toward $100K remains precarious as veteran holders take profits and institutional ETF exposure wanes. Meanwhile, external factors—such as the Trump-Musk feud and regulatory developments—continue injecting uncertainty into an already volatile market.
Key takeaways:
- Bitcoin must hold $95,600 support to maintain bullish momentum.
- Institutional ETF outflows stem from price drops rather than mass sell-offs.
- High-profile disputes and regulatory shifts are influencing short-term sentiment.
- Altcoins like Solana and Maker face mixed signals amid ecosystem expansions and whale activity.
As always, traders should stay informed and exercise caution in these unpredictable conditions.
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