Bitwise CIO: US Stocks, Crypto Down in Tandem Possibly Due to Mega IPO

June 6 — According to market data, the daily Relative Strength Index (RSI) for the ETH/USDT trading pair on Binance currently sits at 13.29, registering its all-time low and exceeding levels seen during the on-chain cascading liquidation period in June 2022. For BTC/USDT on the same exchange, the daily RSI now stands at 15.41, which has surpassed the 16.15 reading recorded during the 2011 major crash. This places Bitcoin’s daily RSI at the same level as March 2020, and second only to the November 2018 figure.

On June 6, U.S. stocks extended their intraday decline during trading. Bitget data showed the Nasdaq 100 Index’s losses widened to 3%, while the S&P 500 Index dropped 1.7%. Spot gold plummeted more than 3% intraday, trading at $4,330 per ounce and hitting its lowest level since March 24. Separately, HTX reported that Bitcoin dipped below the $60,000 mark for the first time since October 2024.

June 6 (CNN) — A senior Iranian official told CNN Friday that a potential peace deal between the U.S. and Iran hinges on the Trump administration agreeing to unfreeze $240 billion in Iranian assets. He also warned that if the U.S. resumes military action, it will be “embarking on a dark path.” An advisor to Iran’s Supreme Leader stated in a CNN interview: “Negotiations have hit an impasse, and Trump must break this deadlock. The ball is now in Trump’s court.” Iran is demanding the immediate release of $120 billion in frozen funds once a temporary agreement is signed with the U.S., with another $120 billion to be unfrozen in a later phase. U.S. officials are concerned that releasing funds at this stage would erode a key leverage against the Iranian regime. The advisor referred to the asset release as a confidence-building measure, saying that if the Trump administration moves forward with this step, it would “open a new chapter for the future of Iran and the U.S.” He also warned that

On June 6th, a cryptocurrency contract whale first outlined 10 major goals and disclosed a 4x long position on Bitcoin. A screenshot related to the trade shows the entry price was $60,153.8, with a total position size of 2,835 BTC.

According to HTX market data, Bitcoin fell below the $60,000 mark on June 6, currently trading at $59,842, with a 0.99% decrease over the past 24 hours.

On June 6th, Etherscan data shows an on-chain leveraged ETH whale began liquidating positions. So far, the whale has offloaded 15,042 ETH to repay 22.15 million USDT.