Arthur Hayes: I bet that Bitcoin will surpass $110,000 before retracing to $76,500

On June 8, the U.S. Treasury Department announced plans to lift its Treasury General Account (TGA) balance to roughly $900 billion by the end of June, and reach $1 trillion by the end of July. Analysts point out that replenishing the TGA will drain liquidity from the broader financial system. Currently, the Federal Reserve’s Reverse Repurchase Agreement (RRP) balance has tumbled from a 2022 peak of over $2.5 trillion to less than $100 billion. This trend may lead to more Treasury debt issuance or further drawdowns of bank reserves, putting pressure on risk assets including Bitcoin.

June 8: South Korean Stock Market Opens With 8% Plunge, Sparks Trading Halt As of June 8 morning, the South Korean stock market opened sharply down 8%, triggering a trading halt. SK Hynix’s current price is 1,904,000 South Korean won (approximately $1,226.23). That said, the traditional finance (TradFi) market did not face a trading halt. On trade.xyz, SK Hynix rebounded right after the trading pause and is now trading at $1,241. On Binance, it’s valued at $1,254.74.

On June 8, a South Korean exchange triggered a circuit breaker after the KOSPI index fell 8%, halting trading for 20 minutes.

June 8: Overnight, Iran fired multiple missiles at Israel in retaliation for Israeli military actions in Lebanon. This marks Iran’s first direct missile strike since the April 8 ceasefire. U.S.-Iran negotiations have hit another roadblock, with former President Donald Trump emerging as their most vocal critic. Trump advised Iran, “You’ve already launched your missiles—that’s more than enough. It’s time to return to the negotiating table and reach a deal.” He added that he plans to call Israeli Prime Minister Benjamin Netanyahu immediately to urge him “not to retaliate.” Separately, Nvidia moved quickly to announce a multi-year technology partnership with South Korea’s SK Hynix ahead of the Seoul stock market’s opening bell. However, market analysts noted the deal announcement lacked specific details and binding commitments, raising doubts about the partnership’s sincerity. The market did not respond positively to the so-called “positive” news. Data from Bitget shows the South Korean s

June 8: A South Korean exchange has triggered the temporary trading halt mechanism for the Kosdaq market. After a 6% decline in Kosdaq 150 index futures, program trading was suspended for five minutes.

According to Bitget, on Monday, June 8, the Nikkei 225 Index opened 604.51 points lower, a 0.91% decline, to 65,983.61 points. South Korea’s KOSPI Index also opened sharply lower that same day, falling 120.21 points, or 1.47%, to 8,040.38 points on June 8.