Home/Guide/Market Insights/Others/MEXC Daily News (June 17) | Bitcoin Rebounds to $106,000 Amid Fed Policy Moves and Geopolitical Risks
MEXC Daily News (June 17) | Bitcoin Rebounds to $106,000 Amid Fed Policy Moves and Geopolitical Risks
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1. Market Overview
Bitcoin (BTC) has reclaimed the $106,000 level, wiping out excessive leverage built up after last week’s 7% pullback. Since mid-May, BTC’s daily chart has shown a recurring pattern: sharp liquidity sweeps trigger significant declines, attracting value buyers, only for macro-driven panic to erase weekly gains and reset the trend.
If bulls manage to break out, $110,000 stands as a key resistance level. However, the last three attempts have failed due to macroeconomic uncertainty. Markets are now closely watching the upcoming Federal Reserve meeting, where a rate hike pause is expected. At the same time, escalating geopolitical tensions between Iran and Israel have heightened inflation concerns and weighed on risk assets, contributing to BTC’s recent decline. Technically, the current rebound remains within the same failed breakout structure, reducing the likelihood of a successful bullish breakout.
For more information on cryptocurrency prices and macroeconomic trends, visit MEXC Market.
2. ndustry Data Analysis
2.1 Glassnode: Bitcoin 25 Delta Skew Flips, Indicating Strong Risk Aversion
Glassnode tweeted that “Bitcoin's 25 Delta Skew has flipped over the past week, signaling strong risk-off sentiment in the market. The 1-week skew jumped from -2.6% to +10.1%, while the 1-month skew rose from -2.2% to +4.9%, approaching levels seen prior to the ‘Liberation Day’ rally. This suggests that traders are increasingly hedging or speculating on downside risks.”
3. Industry Analyst Insights
3.1 Analyst: Market Is in a Consolidation and Bottom-Building Phase Ahead of the Next Bull Run
On June 16, CryptoQuant analyst Axel Adler Jr. wrote:"In December 2024, when Bitcoin (BTC) was trading between $98,000 and $100,000, the daily average stablecoin (USDT and USDC) inflow into all centralized exchanges (CEXs) reached a record high of $131 billion. By June, this figure had declined to $70 billion per day — $5 billion below the 365-day average of $75 billion, and $61 billion below the peak level."
"This indicates a sustained slowdown in liquidity inflows to exchanges compared to the beginning of the year, although current levels remain significantly higher than during the early stages of the bull market. The decline reflects a natural cooling of market overheating, while Bitcoin holding above $100,000 suggests that market participants are inclined to hold rather than sell. At present, we are in a phase of consolidation and bottom-building ahead of the next major price movement."
4. Industry News
4.1 JPMorgan Files Trademark for "JPMD," Signaling Potential Stablecoin Services
JPMorgan has recently filed a trademark application for "JPMD" with the United States Patent and Trademark Office (USPTO). The filing covers a broad range of crypto-related services, including digital asset trading, exchange, transfer, clearing, and payment processing. According to The Wall Street Journal, JPMorgan may be exploring the launch of a stablecoin in collaboration with other major financial institutions such as Bank of America and Wells Fargo, aiming to accelerate domestic and cross-border payments.
4.2 U.S. Senate to Hold Final Vote on GENIUS Act on June 18 at 4:30 AM
According to crypto journalist Eleanor Terrett and the Senate Cloakroom, the U.S. Senate is scheduled to hold a final vote on the GENIUS Act (S.1582) at 4:30 AM Beijing time on June 18 (4:30 PM EDT on June 17). The bill has completed its amendment process and, if passed, will proceed to the House of Representatives for consideration. This will be the final round of voting for the bill in the Senate.
5. Market Highlights
5.1 Polyhedra Releases Preliminary Incident Report: Crash Triggered by On-Chain Coordinated Liquidity Attack
According to an official statement from Polyhedra, the ZKJ token plunged over 85% on June 15 due to a chain reaction triggered by a coordinated on-chain liquidity attack. The initial investigation revealed that several addresses made large withdrawals on PancakeSwap and quickly dumped ZKJ, causing severe price imbalance in the KOGE/ZKJ liquidity pool. Simultaneously, Wintermute transferred approximately 3.39 million ZKJ tokens to centralized exchanges (CEXs) in a short timeframe, adding further sell pressure.
This led to over $94 million in forced liquidations on CEXs, causing a cascading price drop. Polyhedra stated that the team did not sell any ZKJ tokens and only participated in liquidity provision. A more detailed analysis will be released in due course.
Additionally, Polyhedra CEO Tiancheng Xie responded to user questions on X (formerly Twitter), stating that the company “will conduct more buybacks,” is currently assessing market conditions, and “must remain vigilant against future financial attacks.”
5.2 CoinShares Files for Spot Solana ETF with U.S. SEC
European digital asset manager CoinShares has filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Solana ETF (SOL ETF). The filing comes less than a week after seven other firms, including 21Shares and Bitwise, updated their own applications for similar products. Bloomberg senior ETF analyst Eric Balchunas previously estimated a 70% chance of approval for such products within this year.
5.3 Eric Trump Denies Involvement in Tron’s "Reverse Merger" Listing
Eric Trump, the second son of former President Donald Trump, took to social media to clarify that "I am a huge fan of Tron and have great admiration for Justin Sun—he's a good friend of mine and an iconic figure in the crypto space. That said, the following information is inaccurate—I am not holding any public position in this company."
The company in question is Tron Inc., the new entity formed by Tron’s reverse merger with SRM Entertainment, a Nasdaq-listed company. Earlier reports from The Financial Times, citing sources familiar with the matter, suggested that Eric Trump was expected to hold a position in the new firm.
5.4 U.S. SEC Confirms Receipt of Truth Social’s Spot Bitcoin ETF Application
According to market sources, the U.S. SEC has confirmed the receipt of an application for a spot Bitcoin ETF from Truth Social, the social media platform owned by Donald Trump.
6. Project Updates
1）OGN DAO to Repurchase Over $3 Million Worth of OGN Tokens.
2）Truth Social Files Registration Statement for Bitcoin and Ethereum ETFs with U.S. SEC.
3）SPK Genesis Token’s Total Supply Set at 10 Billion, 2% of Binance HODLer Airdrop Allocated.
4）Backpack Founder: Access System Rebuilt to Expand Chain Support for Trading Platform.
5）pump.fun and Its Founder’s X Account Frozen.
6）Jupiter DAO Members Criticize Project Team for Excessive Voting Power, Undermining Decentralization.
7）FLock.io: gmFLOCK Staking Volume Surpasses 56.59 Million Tokens, Reaching 30% of Circulating Supply.
8）SoSoValue Launches Its Incubated High-Performance Trading Chain SoDEX, Testnet White-List Registration Now Open.
7. Project Funding Updates
1）PrismaX Raises $11 Million in Funding, with Backing from a16z Crypto and CSX.
2）Crypto Wallet Provider PlutoPe Completes ₹50 Million Pre-Seed Funding, Led by Manit Gupta.
3）Institutional Staking Platform Colossus Digital Raises €1 Million in Funding from SBI Ven Capital.