Bitcoin briefly surged past $110,000 following reports of progress in U.S.-China trade talks from London, but then retreated, leaving it largely unchanged over 24 hours. Meanwhile, the CoinDesk 20 index grew 2%, indicating a shift toward altcoins.
The tentative trade agreement, pending approval from Presidents Trump and Xi Jinping, may be dampening bitcoin’s rally and boosting demand for altcoins.
Global markets reacted with mixed results: Asian equities rose, with Hong Kong’s Hang Seng index up 0.8%, while European stocks climbed less than 0.2%. U.S. futures moved lower. Deutsche Bank strategist Jim Reid noted markets are growing accustomed to persistent uncertainty.
Investor attention turns to fresh U.S. inflation data. The Consumer Price Index (CPI) report, due later today, is expected to show a 0.3% increase in core inflation for May, lifting the annual rate to 2.9%. Producer price data due tomorrow is also forecast to rise.
Ether (ETH) has shown notable strength among altcoins. Options data reveal rising trader optimism, with increased front-end volatility and more call options favored, according to hedge fund QCP Capital. Ether ETFs have recorded $450 million in inflows this month, signaling growing investor interest.
The Ethereum blockchain’s expanding role in tokenizing real-world assets supports its appeal. QCP Capital analysts highlight macroeconomic factors such as the GENIUS Act’s progress in the U.S. Senate and renewed IPO discussions for Circle, suggesting Ethereum’s infrastructure may experience significant growth.
The CPI report will likely dominate market sentiment. Higher-than-expected inflation could raise concerns about persistent price pressures, reducing prospects for Federal Reserve interest-rate cuts and encouraging hedges like gold. Conversely, cooler inflation data might fuel further gains in risk assets including cryptocurrencies.
Upcoming Crypto and Economic Events
- June 11, 7 a.m. ET: Stratis (STRAX) activates mainnet hard fork enabling Masternode Staking.
- June 12, 10 a.m. ET: Coinbase hosts State of Crypto Summit 2025 in New York (livestream available).
- June 16: 21Shares executes 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB).
- June 16: Brazil’s B3 exchange launches USD-settled Ether and Solana futures contracts.
- June 11, 8:30 a.m. ET: U.S. Bureau of Labor Statistics releases May CPI data.
- June 12, 8:30 a.m. ET: Producer Price Inflation data due.
- June 12, 3 p.m. ET: Argentina releases May inflation figures.
Market Highlights
- Bitcoin is down 0.03% over 24 hours, trading near $109,259.
- Ether rose 2.5% to approximately $2,760 in 24 hours.
- Ether’s derivatives market saw over $111 billion in contract volume over 24 hours, surpassing Bitcoin’s $87.5 billion.
- Open interest in Bitcoin options reached $36 billion, with a bullish skew; Ether options open interest rose to $6.6 billion, showing even stronger bullish sentiment.
- Futures open interest across major exchanges hit $57.5 billion, the highest since January.
- 24-hour liquidations totaled $310.7 million, led by Ether at $125.7 million, indicating higher trader turnover.
Technical Outlook
Ether remains the strongest among top coins, recently breaking above $2,800 but still trading below supply resistance. A pullback near $2,650 could offer a buying opportunity ahead of today’s CPI release.
Crypto Stocks & ETFs
- Major crypto-related equities saw mixed moves, with Coinbase (COIN) down 0.66%, Galaxy Digital (GLXY) down 4.3%, and Riot Platforms (RIOT) rising 3.26%.
- Spot Bitcoin ETFs recorded a daily net inflow of $431 million, reaching cumulative flows of $45 billion.
- Spot Ether ETFs had daily inflows of $125 million, totaling $3.52 billion.
Token Unlocks & Launches
- June 12–17: Several tokens including Aptos (APT), Immutable (IMX), and ZKsync (ZK) will unlock portions of their circulating supply.
- June 16: Deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting.
- June 26: Coinbase will delist Helium Mobile, Render, Ribbon Finance, and Synapse tokens.
Outlook
Analyst Eric Balchunas forecasts an “altcoin ETF summer” with expected approval of ETFs for coins like Solana, Litecoin, and XRP, supported by growing altcoin market strength.
Traders should monitor the U.S. CPI report closely, as inflation data will strongly influence cryptocurrency and broader market trends in the near term.