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BlockBeats News, June 6th. The first May non-farm payroll report from the Washington Age came in well above expectations, making a near-term rate cut highly unlikely. Market consensus has shifted to expecting a rate hike, with CME's FedWatch tool indicating a probability of over 67% for a Fed rate hike by December this year. The U.S. stock market suffered a heavy blow, led by AI and semiconductor stocks. According to data from Bitget, the U.S. stock market closed on Friday with the Dow Jones Industrial Average down 1.35%, the S&P 500 down 2.65% (ending a 9-week winning streak), and the Nasdaq down 4.18%. Notably, the S&P 500 marked its largest single-day decline since October 2025, and the Nasdaq saw its biggest single-day drop since April 2025. Most semiconductor stocks fell, with the Philadelphia Semiconductor Index plunging by 10% at the close, marking the largest single-day drop since April 2025. Nvidia fell over 6%, TSMC dropped by 6.68%, Broadcom fell by nearly 8%, and Intel dropped by over 11%. Bonds, gold, and cryptocurrencies were not spared. The yield on the 10-year U.S. Treasury note rose by 7 basis points to 4.54%. Spot gold fell by around 3.5%, breaking below $4320 per ounce and erasing all gains for the year. In the cryptocurrency space, according to an exchange market data, Bitcoin briefly fell below $60,000, marking the first time it has dropped below this level since October 2024. It is currently trading at $61,268, with a 24-hour decline of 3.3%. Ethereum dropped below $1600, with the current price at $1593, representing a 24-hour decline of 9.46%. Over the past 24 hours, there have been liquidations totaling $1.829 billion, including $1.457 billion in long liquidations and $0.372 billion in short liquidations. In a midterm election year, June is historically the worst-performing month for the U.S. stock market, often referred to as the traditional "June curse." Investors widely anticipate the market may soon enter a short-term consolidation phase. Furthermore, looking at historical returns, Bitcoin's performance in June has been lackluster. Since 2013, Bitcoin has, on average, seen a return of -0.14% in June, second only to September's -3.08%, making it the second-worst month of the year in terms of performance. The median return is 2.2%, weaker than most months overall. Earlier, Bank of America warned that the current structure of the U.S. stock market bears striking similarities to the late-stage of the 2000 dot-com bubble, urging investors to be cautious of risks in the late bull market and gradually shift to defensive positioning. Data shows that while the S&P 500 hit a historic closing high on the last trading day of May, only 20 constituent stocks simultaneously refreshed their all-time highs, with the majority concentrated in AI and semiconductor-related sectors. In March 2000, at the peak of the dot-com bubble, only about 20 stocks hit new highs as well.

BlockBeats News, June 6th. According to Alternative data, today's cryptocurrency Fear and Greed Index is 12, indicating that the market remains in a state of "extreme fear." Note: The Fear Index has a range of 0-100 and includes the following indicators: Volatility (25%) + Market Volume (25%) + Social Media Hype (15%) + Market Surveys (15%) + Bitcoin's Dominance (10%) + Google Trends Analysis (10%).

On June 6, according to monitoring data from Farside Investors, Grayscale GBTC experienced a net outflow of $60.8 million yesterday.