Cryptocurrency Market Analysis [June 10]

Cryptocurrency Market Report (as of June 10, 2026)

1. Movements of major cryptocurrencies today and market sentiment

The current cryptocurrency market is broadly under strong selling pressure, with sharp price movements continuing around the leading coins.

While traditional markets such as the US stock market and gold have been on a steady rise, the cryptocurrency market has shown limited upside or a tendency to decline, not performing well in comparison.

However, recently the cryptocurrency market has fallen further in tandem with the plunges in gold and stock markets, and since Trump’s inauguration, Bitcoin’s performance has fallen by more than 50%, placing it in a very challenging phase compared with other financial assets.

Nevertheless, the fundamentals are not necessarily bad. Regulation, an increase in Bitcoin-holding companies, and the broader adoption of blockchain are steadily expanding. In the downtrend, focus on the next major trend and selectively pick coins. This is an equally important phase, as you can buy more units at lower prices than during upward periods.

Bitcoin (BTC)

The price is around $61,000 (more precise market rate around $61,035). In the last 24 hours there has been a slight rise of about +0.5%, showing a temporary resistance to decline, butcompared with the same day of last week, it has fallen significantly by about 8% to 9%. There was a moment when the Fear & Greed Index indicated $63,349, butoverall it remains dragged by a bearish trend.

Ethereum (ETH)

The price is around $1,620 (precise rate around $1,621). The 24-hour range is a small movement of about +0.2% to 0.3%, butweek-over-week it has declined by about 13%, signaling a significantly more severe correction than Bitcoin.

Other major altcoins (top by market cap)

Most major altcoins are also in a broad downtrend. BNB around $583, XRP around $1.10, Solana (SOL) around $63.5,and these top-market-cap coins have fallen by about 8% to 15% versus last week.

Overall market capitalization and sentiment

The total market capitalization of the crypto assets market is currently around $2.1 trillion. This represents a decline of about 2% to 3% in the last 24 hours, indicating net outflows from the market.

Investor sentimentThe Fear & Greed Index is a strikingly low 8, indicating Extreme Fear in the market. Sentiment is completely dominated by bearishness.

2. Movements since last week (around June 3 to June 10) and detailed summary

Since the start of June, the cryptocurrency market has experienced a harsh path with red in the early part of the month.

Ethereum trend

Ethereum has shown higher volatility and taken even bigger hits than Bitcoin. From the high of around $1,900–$2,000, it briefly dropped to the late $1,500s (with a temporary low around $1,560). The week’s decline exceeds 13%, warning investors of a bear-market-like danger similar to 2022.

Flow of market-wide funds

Behind the decline are macroeconomic factors such as renewed inflation fears in the US and the delayed timing of rate cuts by the Federal Reserve. As risk assets sold off, the cryptocurrency market followed suit in a broad market sell-off.

Behind the scenes, however, interesting movements are observed. Large 'whales' are accumulating during Bitcoin's dip into the $60,000–$61,000 price range, seeing it as a buying opportunity.However, currently, the pressure from retail investors selling in panic is very strong, outweighing support from large buyers.

3. Key factors and important news shaking the market

The current bear market results from a complex mix of macroeconomics, traditional finance (stocks and bonds), and the rise of AI sectors, among other factors.

Macro economy, inflation pressure, and the crash of traditional finance

The US CPI exceeded market expectations, and May’s employment data came in at 172,000, well above the expected 80,000. The result of a "too-strong labor market" has completely shattered expectations for Fed rate cuts and instead raised expectations for higher rates and a higher-for-longer stance.This pushes the US 10-year yield above 4.5% and the 30-year yield above 5%, creating a challenging environment for non-yielding assets like cryptocurrency and gold.In fact, even gold as a safe asset has been sold off, dropping to around $4,200 and testing the 200-day moving average for the first time in about two and a half years since late March.

Moreover, in the US stock market, influenced by statements from Trump, the S&P 500 saw its worst drawdown in 2026 (weekly -2.64%, the 10th consecutive negative week). The tech-heavy Nasdaq fell 4.18% for its worst day since April 2025. In particular, the overbought semiconductor sector sold off sharply, with the SOXX index dropping 10%—the largest plunge since the Covid crash in March 2020. Individual stocks also fell: Broadcom down 8%, Marvel down 16% (negated by inclusion in the S&P 500), Micron down 13%, Intel and AMD down 11%—a broad collapse. This global risk-off environment directly impacts the cryptocurrency market.The sell-off in semiconductors accelerated, with the electronics index SOXX dropping 10%. This marks a severe drop not seen since the March 2020 pandemic shock. The broad market weakness fed into crypto.

Liquidity absorption from large AI-related IPOs such as SpaceX

One of the major factors draining crypto funds is the planned listing of SpaceX in mid-June.SpaceX’s mega-IPO (new public offering) is anticipated.

SpaceX IPO overview: ticker SPCX, price $135 per share, fundraising around $75B, estimated company value between $1.7T and over $2T—a historic mega-deal.

Goldman Sachs reportedly predicts SpaceX AI-related revenue could expand 100x by 2030, as per FT. However, this forecast is based on optimistic market assumptions, and concerns remain about profitability and execution of Elon Musk's xAI project.

This mega-IPO is viewed as a strong liquidity siphon from crypto markets. SpaceX is linked to Elon Musk, and its investor base overlaps heavily with crypto holders (risk-tolerant, tech-enthusiast investors). As a result, there are observations of crypto investors selling some crypto to raise cash to participate in SpaceX’s IPO.BNP Paribas predicts this movement could shift about $50B from crypto to equities.

Arthur Hayes, former BitMEX executive, outlines a macro theory: an AI bubble comprising around $1.5T of AI-related debt and mega IPOs, plus rising oil prices, could squeeze BTC liquidity and threaten a bear market in crypto..

Maelstrom, led by Hayes, has shifted its equity portfolio away from crypto-related positions toward American energy producers, warning that “Bitcoin cannot resume an upward trajectory until the AI bubble bursts (after the liquidity cycle rebounds post-bubble).” Jeff Parker also notes that investors funneling money into hot private AI investments like SpaceX and Anthropic could trigger BTC selling.

However, in terms of the integration of traditional finance and DeFi, there are also developments. Ondo Finance plans to offer SPCXon, tokenizing SpaceX stock on-chain as a bridging step. In the short term, it’s a source of outflow, but many experts see it as a temporary event and expect liquidity to return to the crypto market after the IPO ends.

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(This reportstarted in 2016 and has consistently delivered market-leading insights)