SoSo Daily Jun 6 | Whale James Wynn: Aware that he has long lost control, but while wanting to recover losses, he also fears being ridiculed.
Crypto Market Update
Let's turn our attention to today's overall Crypto market situation.
As of 12 PM Hong Kong time on June 6, 2025, according to sosovalue, the total market cap of the crypto market stands at 3.36 trillion US dollars, witnessing a decrease of 3.48% compared to yesterday; the total trading volume is 144.29 billion US dollars, marking an increase of 58.1% from the previous day.
Cryptocurrency Market Update - June 6, 2025
According to sosovalue, the price of $BTC is 103,930 USD, a decrease of 0.858% from yesterday. The market cap of $BTC is 2.07 trillion USD, accounting for 61.6% of the total market cap; $BTC's 24-hour trading volume is 44.74 billion USD, making up 31% of the total trading volume.
The price of $ETH is 2,476.1 USD, down 5.06% from yesterday; the market cap of $ETH is 298.91 billion USD, representing 8.91% of the total market cap; $ETH's 24-hour trading volume is 29.58 billion USD, comprising 20.5% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 70.51% of the total cryptocurrency market cap, and their combined trading volumes constitute 51.5% of the total trading volume.
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is CUDIS. As of 12:00 today, its market cap is 28.81M, with a coin price of 0.11641 USD, witnessing a 24-hour increase of 133%.
The second is sudoswap. As of 12:00 today, its coin price is 0.076780 USD, with a 24-hour increase of 47.7%.
The third is Retard Finder Coin. As of 12:00 today, its coin price is 0.012380 USD, showing a 24-hour increase of 39.6%.
In fourth place is Streamflow. As of 12:00 today, its coin price is 0.11152 USD, with a 24-hour rise of 37.1%.
In fifth place is Department Of Government Efficiency. As of 12:00 today, its coin price is 0.016950 USD, increasing by 24.3% over the last 24 hours.
Moving on, let's take a look at the sector performance in crypto market.
According to sosovalue, out of 16 sectors, 1 is up and 15 are down. Notably, Meme, Layer2, and $ETH sectors are worth mentioning.
Meme sector has fallen 4.59% relative to the UTC 0 time, led by declines in dino (-18.1%), TERMINUS (-17.5%), and STRUMP (-17.2%).
Layer2 sector has decreased 4.83% relative to UTC 0, with corn (-16.5%), stx (-11.9%), and lrc (-11%) leading the drop.
$ETH sector has fallen 5.02%, with $eth (-5.02%) leading the decline.
Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:ChainCatcher reports that whale James Wynn posted on social media stating that he only started participating in perpetual contract trading in March of this year. Before that, he had never traded seriously and at most just speculated on MEME coins. In just one month, he rolled over 3 million USD to 100 million USD, then lost it all within a week on HyperLiquid. At the time, he was just messing around, but since on-chain data is public, hundreds of thousands were watching his account's dramatic rises and falls, so he decided to let loose. Later, things gradually got out of control. He realized that this was essentially gambling; he wanted to recover his losses but was also afraid of being mocked for "not being able to keep 100 million despite making it," so he sank deeper. The numbers flickering on the screen became a virtual game, and greed completely took over.
Next news:
According to SoSoValue data, Bitcoin spot ETF saw a total net outflow of 278.44M USD yesterday (Eastern Time, June 5th).
The Bitcoin Spot ETF with the highest net outflow yesterday was Ark Invest and 21Shares's ETF ARKB, with a daily net outflow of 102.03M USD, and the total historical net inflow of ARKB currently stands at 2.41B USD.
The second highest was Fidelity's ETF FBTC, with a daily net outflow of 80.17M USD, and the total historical net inflow of FBTC currently stands at 11.42B USD.
As of the time of publication, the total net asset value of Bitcoin Spot ETFs is 122.98B USD, with an ETF net asset ratio (market capitalization relative to the total Bitcoin market cap) of 6.16%. The historical cumulative net inflow has reached 44.29B USD.
Source: https://sosovalue.com/zh/assets/etf/us-btc-spot
Next news:
According to ChainCatcher, Ogle (@cryptoogle), an advisor for the Trump family’s crypto project World Liberty Fi, posted on the X platform stating: "Why do people still not understand that Meme coins and World Liberty Fi are completely different? In any case, hedging is indeed necessary during uncertain times."
Additionally, Ogle confirmed that the Trump Organization, WLFI, Trump Media & Technology Group, and the Meme coin TRUMP are all independent entities. Although there is speculation about connections among them, this does not change the fact that these entities operate independently.
Previously reported, according to monitoring by LookonChain, WLFI advisor @cryptogle deposited 1 million USDC into Hyperliquid 5 hours ago and shorted TRUMP with 10x leverage, with a liquidation price of $12.49.
Next news:ChainCatcher news: The Hong Kong Special Administrative Region Government today (June 6) published the "Stablecoins Ordinance (Commencement Date) Notice" in the Gazette, designating August 1, 2025, as the commencement date for the "Stablecoins Ordinance" (Chapter 656) (the "Ordinance"). Paul Chan Mo-po, Secretary for Financial Services and the Treasury, stated: "Once the Ordinance comes into effect, the licensing regime will provide appropriate regulation for related stablecoin activities, marking a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem."
Next news:
On June 6, according to data from SoSoValue, the crypto market recorded its third consecutive day of declines, with sector-wide losses ranging from 2% to 8%. Bitcoin ($BTC) fell 2.95%, briefly retreating to around $100,000. Ethereum ($ETH) dropped 7.23%, at one point falling below $2,400. Additionally, the Meme sector fell 8.04%, with OFFICIAL TRUMP (TRUMP) and Pepe (PEPE) down 10.00% and 10.68%, respectively, while Fartcoin (FARTCOIN) defied the trend, rising 8.34%.
In other sectors, the PayFi sector fell 4.25% over the past 24 hours, with Keeta (KTA)—which had previously seen significant gains—dropping 14.05%. The CeFi sector declined 4.45%, with Hyperliquid (HYPE) down 5.71%. The Layer1 sector dropped 4.59%, with Cardano (ADA) and Sui (SUI) down 6.39% and 7.35%, respectively. The DeFi sector declined 6.03%, with Chainlink (LINK) and Aave (AAVE) down 6.29% and 8.20%. The Layer2 sector fell 7.03%, led by Arbitrum (ARB), which dropped 9.46%.
Crypto sector indices reflecting historical performance showed 24-hour losses of 8.07% for ssiMeme, 6.98% for ssiLayer2, and 6.96% for ssiNFT.
Next news:According to ChainCatcher, Binance is the first platform to launch fly.trade (FLY), with trading starting at 21:00 (UTC+8) on June 6, 2025. Eligible users who have at least 223 Alpha points can claim an airdrop of 88 FLY tokens on the Alpha event page once trading opens. Please note that claiming the airdrop will consume 15 Alpha points. Users need to complete the claim within 24 hours after the claim opens; otherwise, it will be considered a forfeiture of the airdrop.
Next news:According to ChainCatcher, based on monitoring by Onchain Lens, during the market downturn, Abraxas Capital currently has unrealized profits exceeding 55 million USD from short positions on $BTC, $ETH, SOL, HYPE, and SUI on HyperLiquid, involving 2 wallets.
Next news:
ChainCatcher reports that according to official information, the UK financial regulator has proposed lifting the ban on retail investors purchasing exchange-traded products related to cryptocurrencies, aiming to enhance competitiveness in response to the recovering US crypto market under Trump's leadership.
The UK's Financial Conduct Authority (FCA) stated that this change means that existing exchange-traded notes linked to tokens such as Bitcoin and Ethereum can be sold to retail buyers, provided the trading occurs on FCA-approved platforms. Last year, regulators allowed these products to be traded on venues like the London Stock Exchange, but only for professional investors.
Next news:According to ChainCatcher, Trump Media (DJT) has submitted a registration statement (S-3) to the U.S. Securities and Exchange Commission (SEC), planning a private placement of 2.30 billion USD. This is a continuation of the previously announced Bitcoin accumulation plan. On May 27, Trump Media announced a private placement of 2.50 billion USD, with participation from 50 institutional investors.
Next news:According to ChainCatcher, citing Decrypt, Greg Solano, CEO of Yuga Labs, the creator of Bored Ape Yacht Club, has proposed abolishing the Ape Coin DAO. The plan involves transferring its assets and responsibilities to a newly established Yuga entity called Ape Co, thereby terminating all governance rights of APE holders. Solano criticized the DAO for inefficiency and resource wastage, stating "It needs to stop." If the proposal is approved, the DAO will be completely dissolved, all pending proposals will be voided, and Ape Co will take the lead in the development of Ape Chain, BAYC, and Otherside projects.
Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.