Crypto Daybook: Bitcoin Stagnates Below $110K While Altcoins Surge

Overview

You are reading the Crypto Daybook Americas, your daily briefing on the overnight movements in the cryptocurrency market and what to expect ahead. This newsletter will arrive in your inbox at 7 a.m. ET each morning.

Bitcoin Market Overview

Bitcoin (BTC) is trading below the $110,000 mark, currently valued at approximately $109,412.64, marking a 2% increase over the last 24 hours. Despite remaining just shy of a recent all-time high, it has been underperforming relative to the broader cryptocurrency market, as indicated by the CoinDesk 20 Index, which saw a growth rate of 3.4% and Ethereum (ETH) increasing by over 6%.

Bitcoin treasury-holding companies are a significant driver of momentum. The number of publicly listed firms holding bitcoin reached 126, representing a 22% increase in 30 days, collectively possessing around 819,000 BTC.

Institutional Interest in Bitcoin

Analysis from Matthew Sigel of VanEck highlights substantial institutional support for Bitcoin, showcasing a potential capital-raising ability of $76 billion among various companies. Notably, BlackRock’s iShares Bitcoin Trust became the quickest fund to surpass $70 billion in assets under management, reaching this milestone in just 341 days.

Market Sentiment

Recent commentary from QCP Capital noted low implied volatility and a trend of restrained price action for Bitcoin, indicating a need for a notable price break—either below $100,000 or above $110,000—to rekindle broader market interest. Upcoming U.S. Consumer Price Index (CPI) data and developments in U.S.-China trade discussions could potentially influence market direction.

Key Events

June 10, 10 a.m.: U.S. House Subcommittee hearing on the Digital Asset Market Clarity (CLARITY) Act.
June 12, 10 a.m.: Coinbase hosts its State of Crypto Summit 2025 in New York.
June 16: 21Shares conducts a three-for-one share split for its Bitcoin ETF.

Be on the lookout for changes amid altcoins, which continue to exhibit strong performance in the market.

Image Bitcoin bulls remain cautious as altcoins gain traction.