Opinion: Bitcoin Bear Market Bottom 'Surrender' Sell-Off Signal Yet to Emerge

June 2nd: HTX market data shows Bitcoin fell below $69,000, currently trading at $68,979, with a 4.35% decrease over the past 24 hours.

June 2 — Canadian publicly traded company SOL Strategies announced Tuesday it has completed its previously disclosed acquisition of Houdini Swap, a $18 million transaction structured via a combination of cash and SOL Strategies common stock. Houdini Swap is a privacy-focused, non-custodial cross-chain transaction aggregation platform. To date, it has processed roughly $2.5 billion in total cross-chain exchange volume, and is projected to generate more than $13 million in revenue by 2025 through partnerships with 32 exchanges. SOL Strategies noted the acquisition strengthens its position in the Solana ecosystem. Beyond its existing validator infrastructure and liquidity staking businesses, the company has now added a nearly three-year-old trading operation with consistent revenue growth and significant transaction volume, expanding its digital asset infrastructure footprint. The deal was first announced on May 4, 2026, and has now been formally finalized.

June 2nd, per Coinglass data: If Bitcoin dips below $67,000, total long liquidations across major centralized crypto exchanges (CEXs) will hit $776 million. Conversely, if Bitcoin surges past $71,000, total short liquidations on these leading CEXs will reach $903 million. BlockBeats Note: Liquidation charts don’t display exact contract counts or their precise liquidation values. The bars on these charts represent the "strength" of each liquidation cluster—their relative importance compared to neighboring clusters. This means the chart shows how sharply the underlying asset’s price will react when it hits a specific level. A higher liquidation bar signals that reaching that price point will trigger a more intense price move due to a liquidity cascade effect.

June 2 – Iranian media reported Tuesday that the Strait of Hormuz’s vessel passage permit application system has been fully opened, allowing global ship owners and captains to submit transit requests 24/7. According to the reports, ship operators can file their applications through an electronic system set up by the strait’s managing authority. Once approved, vessels will receive official passage permits.

On June 2, SpaceX is pushing the banks underwriting its upcoming initial public offering (IPO) to agree to a record-low underwriting fee, according to market sources. The company is in talks with its IPO underwriters to secure a rate of less than 0.75%. Even with the reduced fee, the banks involved could still generate roughly $500 million in revenue from the offering.

On June 2, Federal Reserve official Harker noted that holding interest rates steady is the appropriate move at this time. If high inflation persists, a larger adjustment may be necessary. Should the inflation trend fail to cool down, the Fed might need to take action promptly. (FX168)