😬 Will Bitcoin Crash After Historical Crashout Day?

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GM, Jim Cramer spoke of this.

After yesterday’s events, maybe it’s time to officially declare June 5th National Crashout Day. Musk called Trump a pedophile who will cause a recession, while Peter Shiff confirmed he’s not only retarded but also… well, read for yourself.

By the way, regarding a recession in the US, NFP data just came out, confirming that there have been almost no changes in the job market. Recession talk might be FUD, although this data picture looks slightly different. Nevertheless, this also means Powell is not motivated to cut rates, so go figure.

Let’s see if we get a continuation of the Aspengers Musk saga today, but more importantly, how will BTC behave? For now, we’re in the midst of a bounce. One might even call it a crashout day V-reversal.

Nevertheless, as it stands here, we’re back in the good old $103-107k range. I wish I had a crystal ball to tell you where the breakout leads us next, but I can only say there’s still some more downside potential leading into the second week of June.

For what it’s worth, bottoms usually form around massive liquidation events, and we certainly experienced that yesterday, when $285m was liquidated from the crypto market in 60 minutes.

Also, I’m starting to see the 2021 fractals pop up more and more, while the altcoin index sits at very oversold lows. I can’t tell you if this is the bottom or not, but I am fairly certain long-term buyers with conviction and patience can succeed from here. Good luck.

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The important bits.

• Sophon is now live on DeBridge, bridge here

• INIFINIT features their AI breakdowns for DeFi, try it out here

• Mira Network hosts spaces today explaining their plans, tune in here

• Ionet partners with Flashback Labs, learn about the first Privacy AI Training here

• Synthetix is launching the first perps DEX on Ethereum Mainnet, try it out here

• HYPE spot trading is now live on Binance, full announcement here

• RedStone launches a private credit fund tokenized by Securitize, details here

• Hyperliquid announces pre-compiles coming to mainnet, more details here

• Dinero’s LST is now live on Plume, read announcement here

Even more important bits.

• Ross Ulbricht's $31m BTC donation suspected to come from Silk Road successor

• Metaplanet just dropped a $5.4B plan to fuel its Bitcoin buying spree

• USDC issuer Circle made its public debut on the NYSE, opening at $69

• Galaxy Digital report addresses Bitcoin Treasury debt concerns, read here

Charts and stats of the day.

• Onchain analytics show Trump’s team shorting TRUMP

• Binance chain volumes are going up with certain charts printing massive gains

• USDC issuer Circle stock rises 200% to $94.41 from $31 IPO price

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INIT/USDT 4H Binance Log Chart

Bitcoin broke down last night, and it looked like the head and shoulders might send lower, but today’s buyback has been very strong. It’s back above $104k resistance as of right now. In light of that, I’m feeling more comfortable looking for alt setups, and the Initia chart looks bottomy here.

Price is sitting near the VWAP value area low and on point of control volume profile support. A logical target from here would the VWAP median line at around 0.80c. Depending on how we get there, we might also paint a nice W bottom, opening up the possibility of a return to the highs.

Come by the Lucky Luke Discord channel for comments, to roast my picks or to pump your own bags. All banter is welcome any time!

Solana smart-money movements looking pretty random today, with POTUS taking up inflows caused by yesterday’s Elon/Trump drama.

Ethererum smart-money flows showing interest in MOG and ENA, both of which are clear leaders for whenever the next leg-up for ETH comes.

OpenServ: Building the engine for aApps

We all know AI agents are going nowhere, and once alts are back in action, the AI narrative should come back with a vengeance. Let’s check on OpenServ today:

OpenServ is basically building the plumbing for AI agents: a layer that lets developers deploy, coordinate, and scale autonomous agents across Web2 and Web3. With a chain-agnostic SDK, advanced memory architecture, and modular integration systems, it solves one of the biggest headaches in AI: fragmentation.

Think of OpenServ as the bridge between fragmented agent frameworks like ElizaOS (TypeScript) and Arc’s Rig (Rust), allowing builders to focus on logic, not low-level plumbing.

Oh, and it’s powered by the SERV token, which has a burn-and-reward model that scales with usage. Definitely not financial advice here, but once the AI narrative hits again, I’m on the watch for this one.

If you want to look deeper into this one, go no further than our recent blocmates breakdown article here, and don’t miss the founder’s feature below.

• Vitalik World (ERC20 token launcher)

• Liminal (Hyperliquid DeFi) - Reward quests are now live

• BlockHunters (Crypto natives collective) - Releases a Berachain Documentary

To save you doom scrolling.

What a timeline.

Here’s a weekend farewell and a recommended reading from our good friend Hoeem, who thinks the true bull run hasn’t even started yet.

Enjoy the Hopium and see you all on Monday.

stay safe homies,

Hix0n 🫡