Bitcoin (BTC) and the wider cryptocurrency market recovered from overnight lows, with monero (XMR), XRP and SUI leading the bounce ahead of the pivotal U.S. nonfarm payrolls report, which is expected to show a slowdown in hiring in May.

June 6, 2025

 
 
 

What to know:

 

By Omkar Godbole (All times ET unless indicated otherwise)

 

Bitcoin (BTC) and the wider cryptocurrency market recovered from overnight lows, with monero (XMR), XRP and SUI leading the bounce ahead of the pivotal U.S. nonfarm payrolls report, which is expected to show a slowdown in hiring in May.

"In the short term, weak data may support BTC to continue the rebound. The market is concerned about Friday's non-farm payrolls report, if it again shows that the labor market cooling, will strengthen the year rate cut expectations," analysts at Bitunix said in an email.

 

Other analysts expressed concerns about the public spat between President Donald Trump and his one-time ally and billionaire tech entrepreneur Elon Musk over tax reforms and their impact on fiscal deficit.

 

"A public clash between Elon Musk and Donald Trump shook investor confidence, highlighting fractures within political and business leadership," said Valentin Fournier, lead research analyst at BRN. "Traditional markets held relatively steady (−0.5%), but crypto saw a sharp reaction, with $830M in liquidations as leveraged traders got wiped out."

 

Fournier suggested maintaining a cautious, low-exposure stance, expecting sideways or further downside action over the weekend. "Any near-term rebound will need a fundamental catalyst to be sustained," he noted.

 

More buoyantly, USDC issuer Circle's shares surged 168% on their first day of NYSE trading to close at $83.23 from the IPO price of $31, lifting the market cap to $18.5 billion. The stock saw a trading volume of over 47.8 million shares, according to the exchange. The debut, however, revived memories of Coinbase's listing in April 2021, which marked an interim bitcoin market top.

 

The number of large open interest holders of CME bitcoin futures reached an all-time high of 217 as of the end of May, signaling increased institutional participation. Uber CEO Dara Khosrowshahi said that the company is in the “study phase” of potentially using stablecoins as a payment method.

 

In traditional markets, the U.S. Treasury called on the Bank of Japan to hike rates to stall the weakness in the yen, a currency that's seen as a haven from risk. Stay alert!

 

Overnight Flows

 

What to Watch

Crypto:

  • June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project’s history. Phase 2 is scheduled for activation on July 6.
  • June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on "DeFi and the American Spirit"
  • June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
  • June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
  • June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged.
  • June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM) and benchmarked to Nasdaq indices.

Macro

  • June 6, 8:30 a.m.: Statistics Canada releases May employment data.
    • Unemployment Rate Est. 7% vs. Prev. 6.9%
    • Employment Change Est. -15K vs. Prev. 7.4K
  • June 6, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases May employment data.
    • Non Farm Payrolls Est. 130K vs. Prev. 177K
    • Unemployment Rate Est. 4.2% vs. Prev. 4.2%
    • Government Payrolls Prev. 10K
    • Manufacturing Payrolls Est. -1K vs. Prev. -1K
  • June 8, 9:30 p.m.: The National Bureau of Statistics of China releases May consumer and producer price inflation data.
    • Inflation Rate MoM Prev. 0.1%
    • Inflation Rate YoY Prev. -0.1%
    • PPI YoY Prev. -2.7%

Earnings (Estimates based on FactSet data)

  • None in the near future.

 

Token Events

Governance Votes & Calls

  • Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers, and improve tools for liquidity providers and traders. Voting ends June 6.
  • ApeCoin DAO is discussing scrapping the decentralized autonomous organization and launching ApeCo to “supercharge the APE ecosystem.”
  • Optimism DAO is voting to approve eligibility criteria for the Milestones and Metrics (M&M) Council in Seasons 8 and 9, introducing a model where members are selected “based on competencies rather than elections.” Voting ends June 11.
  • June 6, 12 p.m.: Livepeer to host an Open Ecosystem Call on Discord.
  • June 10, 10 a.m.: Ether.fi to host an analyst call followed by a Q&A session.
  • June 11, 7 a.m.: Cronos Labs lead Mirko Zhao to participate in a community Ask Me Anything (AMA) session.

Unlocks

  • June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $52.25 million.
  • June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $12.39 million.
  • June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $16.34 million.
  • June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.31 million.
  • June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $31.01 million.
  • June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $40.78 million.
  • June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $11.53 million.

Token Launches

  • June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends
  • June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN).
 

Conferences

The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight.

  • Day 5 of 6: SXSW London
  • Day 3 of 3 Non Fungible Conference (Lisbon)
  • Day 2 of 2: 2025 Crypto Valley Conference (Zug, Switzerland)
  • June 14: Incrypted Crypto Conference 2025 (Kyiv)
  • June 19-21: BTC Prague 2025
  • June 25-26: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
  • June 26-27: Istanbul Blockchain Week

Crypto's Most Influential Event returns in 2026.