Tariffs Increase to 50% as Bitcoin ETF Volumes Reach Record Highs
The U.S. trade tensions escalated as President Trump announced a tariff increase on imported aluminum and steel from 25% to 50%, leading to broad market risk aversion. Bitcoin has fluctuated between $103,000 and $106,000 with limited activity in the crypto market. Notably, BlackRock's spot bitcoin ETF saw an outflow of $430 million.
- Tariff tensions expected to dominate discussions through June.
- Bitcoin could remain rangebound, with critical levels at $100k and $110k.
- Spot BTC ETF trading volume now exceeds 40% of total volume.
- On-chain data shows increased profit-taking behavior among traders.
- Japan’s Metaplanet acquired an additional 1,088 BTC.
- Elon Musk introduced a new chat platform featuring Bitcoin-like encryption.
- Binance's CEO suggested developing a perpetual-focused decentralized exchange.
Macro indicators include:
- June 4: U.S. tariffs on aluminum and steel increase to 50%.
- Upcoming Federal Reserve speeches and labor market data releases are key events to watch.
Market Overview
- BTC price remained steady at $104,642.17.
- ETH fell to $2,480.24.
- Gold rose to $3,372.00/oz.
- DXY decreased by 0.51% to 98.82.
Technical Insights
- Gold is attempting to break above previous resistance levels.
- A successful breakout may positively influence Bitcoin prices.
ETF Flows
- Daily net flow for spot BTC ETFs reached $616.1 million.
- Cumulative net flows for spot ETH ETFs totaled $70.2 million.