Hong Kong Gold Industry Group (02623.HK) issued a clarification announcement addressing an online article about the company’s 10-year development strategy plan. According to Jin10, the company said the net profit target mentioned in the article was not based on any expected or estimated financial performance for any financial period, and it does not constitute a profit forecast under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The company added that achieving the net profit target is subject to a wide range of factors, some of which may be beyond the group’s control, and it said it cannot guarantee the target will be met.

Bitcoin has fallen below its 200-day moving average for the first time since 2023 — a technical development that has historically marked some of the best buying opportunities in the cryptocurrency's history, even as the current fundamental backdrop makes a straightforward recovery more complicated than prior instances. Prices have fallen to approximately $63,000 — down more than 14% in a single week and 21% over the past four weeks — following a sequence of negative catalysts that includes Strategy's first Bitcoin sale in nearly four years, a record 13-day ETF outflow streak, fresh US-Iran military strikes, and a blowout US payrolls report that cemented Federal Reserve rate hike expectations for year-end. What the 200-day moving average signal means The 200-day moving average is widely regarded by traders as the "ultimate trendsetter" in financial markets. It represents the average closing price of an asset over the past 200 trading days, smoothing out daily volatility to reveal the underlying long-term trajectory. Assets trading above their 200-day MA are considered to be in a long-term uptrend. Assets trading below it are in a long-term downtrend — or transitioning between the two. For Bitcoin specifically, the historical record of breaks below the 200-day MA is instructive. The last time Bitcoin fell below this level was in 2023 — and that break preceded a recovery that eventually carried Bitcoin to its October 2025 all-time high of approximately $125,000. Prior instances in 2020 and 2022 similarly saw Bitcoin break below the 200-day MA during periods of peak fear before staging meaningful recoveries. The pattern is consistent enough that many long-term Bitcoin investors treat 200-day MA breaks as structural buying opportunities rather than reasons to sell — with the caveat that timing the entry within a period of elevated volatility below the MA remains challenging. What is different this time: the AI trade The historical precedent is bullish. The current environment introduces a variable that did not exist in prior 200-day MA break episodes at the same intensity: the AI capital rotation. Bitcoin is currently competing directly with the AI trade for institutional and retail investment dollars — and AI is winning. Google launched an $80 billion capital raise for AI infrastructure. Nvidia's Jensen Huang called Marvell Technology the next trillion-dollar company, sending its stock up 18%. SoftBank surged 11% on its OpenAI and Arm holdings. The S&P 500 was on course for ten consecutive weeks of gains before Friday's payrolls data introduced rate hike pressure. Against that backdrop, Bitcoin has a narrative problem. "AI is sexy, and bitcoin is so two years ago," as the analysis bluntly frames it. The institutional capital that drove Bitcoin's 2024 and 2025 bull run — much of it routed through spot ETFs — has found a competing destination that is currently delivering superior returns with mainstream cultural momentum behind it. Strategy's sale: financially immaterial, psychologically devastating The single most damaging event for Bitcoin sentiment this cycle was Strategy's disclosure of selling 32 Bitcoin for $2.5 million — a figure so small relative to the company's $58 billion Bitcoin holding that it is mathematically irrelevant. The damage was entirely psychological. Michael Saylor built one of the most powerful narratives in Bitcoin's institutional history on the premise that Bitcoin should never be sold — that every dip was a buying opportunity and that holding through volatility was the defining discipline of the serious Bitcoin investor. The moment that narrative cracked, even for 32 coins, the market responded as if the entire thesis was under review. Saylor's "never sell" vow had become load-bearing infrastructure for Bitcoin's institutional bull case — and its removal, however small the actual sale, sent a shockwave through crypto sentiment that the data clearly captured. The Bottom Line Bitcoin below its 200-day moving average for the first time since 2023 is historically a constructive long-term signal. The prior instances of this setup all eventually resolved in Bitcoin's favor with significant upside from the break point. The question for investors right now is not whether Bitcoin recovers — it historically always has from these levels — but how long the AI capital rotation, the Strategy narrative damage, and the hawkish Fed backdrop can keep the recovery deferred. If history rhymes, the current 200-day MA break is closer to an opportunity than a warning. If the AI trade continues to absorb institutional capital at the current pace, the historical playbook may take longer to play out than prior cycles suggest, according to Yahoo Finance.  

Crypto markets are closing out their worst week since July 2024 with Bitcoin down nearly 15% since Monday and Ether plunging more than 17% — the second-largest cryptocurrency now approaching the $1,420 level that served as its April 2025 bottom before a four-month rally to record highs. A break below that level would open the door to 2022 bear market territory, when Ether traded below $900. Bitcoin was trading around $61,000 at the time of writing, having touched lows near $60,789 — a level that places the February cycle low of $60,000 within immediate striking distance. The Binance liquidation heatmap identifies $60,900 as a core BTC liquidation level to monitor if prices continue to decline. The week's damage: every major metric deteriorating The scale of the weekly deterioration is comprehensive. Bitcoin's 14.5% decline and Ether's 17%+ drop rank among the sharpest weekly losses since the July 2024 selloff. Spot trading volume fell to $679 billion in April — the lowest monthly level since October 2023 — indicating a structural lack of demand rather than temporary volatility, according to CryptoQuant. The broader altcoin market suffered deep losses throughout the week, with Friday's session particularly brutal. $1.2 billion in crypto positions were liquidated in the past 24 hours alone, with a 76% to 24% split between longs and shorts. Bitcoin liquidations led at $364 million, followed by Ether at $291 million and Zcash at $107 million. Zcash crashes 30% on exploit disclosure — Hayes sells entire position One of Friday's worst performers was Zcash, which tumbled more than 30% after a security researcher disclosed an exploit in its shielded pool that could have allowed the minting of unlimited ZEC tokens completely undetected. Shielded Labs published a detailed disclosure confirming the now-patched vulnerability — but the revelation that such a flaw existed for four years without detection shook confidence across the entire privacy coin sector. Monero fell 12% and Dash dropped 9% in sympathy. The losses were compounded by BitMEX founder Arthur Hayes disclosing on X that his firm had sold its entire ZEC allocation — a high-profile institutional exit that accelerated the selling. Cardano slumps as Hoskinson steps away Cardano fell more than 10% after founder Charles Hoskinson announced he was "taking a break" following public warnings about ecosystem failures. ADA is now trading below $0.16 — a sharp decline that illustrates how founder-related sentiment shocks can overwhelm any amount of underlying technical progress. Hoskinson's departure announcement arrived at the worst possible moment for a token already under pressure from the broad market selloff. Why it's happening: AI rotation, strategy sales, and macro Strategy Executive Chairman Michael Saylor attributed the week's crypto decline to capital rotation driven by a series of artificial intelligence IPOs in the US — consistent with the broader narrative of institutional capital flowing from digital assets into AI infrastructure at an accelerating pace. Google's $80 billion capital raise, Broadcom's initial disappointing chip forecast followed by broader AI sector volatility, and the continuing flood of money into AI stocks have all pulled institutional attention and capital away from crypto. Friday's blowout payrolls report — 172,000 jobs added against an 85,000 forecast — added another layer of macro pressure by cementing bets on Federal Reserve rate hikes by December 2026. Treasury yields jumped, the dollar strengthened, and equity markets fell as rate expectations repriced sharply higher. Derivatives: from mild improvement to clear deleveraging The derivatives picture confirms that this week's selloff is structural rather than temporary. Bitcoin open interest dropped 15% to $17 billion, with funding rates flipping from positive to negative or flat across multiple venues. At Deribit, the annualized funding rate dropped to negative 15% — a notable reversal from the prior positive regime. The three-month annualized basis fell to 2.7% from 2.9% last week, confirming reduced institutional risk appetite. Options positioning has turned unambiguously defensive. The put-to-call volume ratio has reached a 50-50 split over the past 24 hours, abandoning the prior call-heavy tilt. The one-week 25-delta skew more than doubled to 27% from 13% a week ago — a sharp escalation in demand for downside protection that signals professional traders are paying significant premiums to hedge against further declines. Front-end implied volatility has climbed to 47, confirming sustained fear in the options market. AI tokens reverse, but oversold RSI offers a glimmer AI tokens that had outperformed on Monday gave back their gains, with FET, NEAR, and TAO each falling 4% to 6% on Friday. The thematic rotation that briefly supported those tokens proved short-lived as the broader selling pressure overwhelmed sector-specific narratives. The one reason for cautious optimism heading into the weekend: the average RSI across all crypto pairs has dropped into oversold territory according to CoinGlass data. Historical oversold readings at comparable levels — February 2026, November 2025, August 2024 — have preceded relief bounces. Whether this week's oversold extreme translates into a weekend recovery or simply marks another step in a deeper decline will depend primarily on how markets process Friday's hot payrolls report and whether Bitcoin can defend the $60,000 level that Monarq Asset Management's CIO Sam Gaer warned could trigger a decline to $45,000 if broken. Ether's critical level: $1,420 Ether's approach to $1,420 deserves specific attention. That level marked the exact bottom of Ether's April 2025 selloff, from which it staged a four-month rally to record highs. It is therefore both a technical support level and a psychological anchor for longer-term holders who remember what followed the last time ETH traded here. A sustained hold above $1,420 would keep Ether within its post-2022 recovery structure. A close below it would be a significant technical breakdown — bringing the 2022 bear market range, where Ether traded below $900, back into the conversation as a realistic scenario if macro conditions do not improve.

BitMine, an Ethereum treasury company, said it has increased the size of its Series A perpetual preferred stock offering to 3.5 million shares from 3.0 million shares, priced at $80 per share with a 9.5% dividend rate. According to Foresight News, the company expects net proceeds of about $273.8 million and plans to close the transaction on June 10. BitMine said the funds will be used to increase holdings of ETH and other digital assets, expand staking and validator infrastructure including its MAVAN network, and make strategic investments. The company has applied to list the preferred stock on the New York Stock Exchange under the ticker symbol “BMNP.”

Santiment data covering May 21 through June 4 reveals a textbook example of crowd sentiment working against traders. Peak bullishness hit on May 22, when Bitcoin was near its period high of $78,000. Peak bearishness arrived on June 3, when Bitcoin was near its lows. The crowd was most confident at the top and most fearful at the bottom — precisely the inverse of where conviction historically pays. Bitcoin was trading near $62,400 at the time of writing, down approximately 20% from the late-May peak. Sentiment is not a timing tool — but the pattern of peak conviction at highs and peak fear at lows is a reliable contrarian indicator that the worst of the selling may be closer to over than beginning. The ETF outflow streaks are over — but barely US spot Bitcoin ETFs ended their record 13-day, $4.4 billion outflow streak on Thursday with a net inflow of $3.05 million. Spot Ether ETFs ended their parallel 17-session outflow streak on the same day with $19.30 million flowing entirely into BlackRock's ETHA. The numbers deserve honest framing. A $3 million Bitcoin ETF inflow ending a streak that drained $4.4 billion is not a regime change. It is a pause — potentially meaningful as a directional signal, but far too small in absolute terms to suggest that the institutional selling that has defined May has reversed. The ETF channel that powered Bitcoin's recovery from $60,000 to $83,000 needs consistent inflows measured in hundreds of millions, not single days of single-digit millions, before it can be called a genuine recovery catalyst. Friday's payrolls report: the binary catalyst All of the above sets the stage for Friday's 8:30 AM ET nonfarm payrolls release — the single most important scheduled event for crypto markets since the FOMC minutes failed to deliver a dovish surprise two weeks ago. The logic is binary. A soft payrolls print — below expectations — revives Federal Reserve rate cut expectations under new Chair Kevin Warsh and likely takes risk assets including Bitcoin back up, potentially accelerating the ETF flow reversal that Thursday's tiny inflow hinted at. A hot print — above expectations — extends the rate hike narrative, adds further pressure to an already stressed market, and could push Bitcoin toward the $60,000 round number that multiple analysts have identified as the next critical test. Watch how Bitcoin behaves at $60,000 if it gets tested before or alongside the data. That level — the February cycle low — carries both technical and psychological significance. A clean defense of $60,000 on a hot payrolls print would be a powerful signal of underlying demand. A break below it would validate the $45,000 scenario that Monarq Asset Management's CIO Sam Gaer laid out earlier this week. The macro backdrop: AI momentum is cracking The broader macro environment that has sustained the equity-crypto divergence is showing its first signs of stress. The AI investment boom that drove global equities to record highs has stalled following Broadcom's chip forecast falling short of expectations — casting doubt on the linear AI demand growth narrative that has been one of the primary arguments for continued equity outperformance over crypto. South Korea's KOSPI fell 4.7% on the development. The Korean won and Indonesia's rupiah hit multiyear lows as capital fled emerging Asian markets — a risk-off signal that extends well beyond crypto. If AI momentum continues to fade from its recent peak, the structural divergence between record equity markets and Bitcoin at two-month lows may begin to narrow — though the direction of convergence remains uncertain. What's trending Zcash plummeted 38% after Shielded Labs disclosed a major bug that went undetected for four years — a vulnerability that, if exploited, could have allowed an attacker to create an unlimited number of counterfeit ZEC tokens completely undetected. The disclosure, now patched, represents one of the most significant privacy coin security revelations of the cycle and arrived at the worst possible time for a token that had already given back most of its earlier 2026 gains. JPMorgan, Bank of America, and Citi announced plans to build a shared tokenized deposit network by the first half of 2027, designed to protect major bank deposits from the competitive threat posed by stablecoins. The initiative represents the most significant collective blockchain commitment from US megabanks to date and validates the stablecoin competition narrative that has been building throughout 2026. The signal to watch: Bitcoin dominance versus altcoins Bitcoin has underperformed an index of altcoins excluding the top ten tokens for several consecutive weeks, with the ratio recently testing a resistance level that has held for over a year. If declines in Zcash, Hyperliquid, and NEAR continue, the Bitcoin dominance ratio is likely to drop further — suggesting that altcoin weakness may accelerate relative to Bitcoin even from current levels. In a market where everything is falling, relative performance matters.

Mystiko's $XZK token faced a steep decline in value following its exchange debut, despite strong initial community support and a successful funding round.