1. CFTC Approves First Domestic Crypto Perpetual Contracts in the U.S.: On May 29, Coinbase and Kalshi were the first to be approved, with perpetual contracts having no expiration date and up to 40 times leverage, marking a formal acceptance of high-risk derivatives trading models by U.S. regulators.
2. U.S. Re-examines the Seizure of 127,271 BTC: The largest Bitcoin seizure case in U.S. history by the Department of Justice triggers a new round of scrutiny regarding global crypto fraud, human trafficking, and organized crime.
3. U.S. Seizes $1 Billion in Crypto Assets from Iran: The U.S. Treasury announced the freezing of over 20 Iranian crypto accounts and the seizure of approximately $1 billion in digital assets, raising widespread doubts about the "decentralized" nature of cryptocurrencies.
4. Regulatory Legislation Warning: Senator Cynthia Lummis warns that if the window for the Clarity Act is missed, major crypto legislation in the U.S. may be postponed until 2030.
5. CME BTC Trading Fully 24/7: The old CME gap logic is no longer applicable; price blank zones will be viewed as liquidity accumulation and quick breakout areas.
6. ETF Funds Continue to Flow Out: The Bitcoin spot ETF lost $2.3 billion in May alone, and the Ethereum spot ETF has seen funds flow out for 10 consecutive days, maintaining a 7-year low ETH/BTC exchange rate.

II. Market Impact of Events

- Regulatory Aspect: The approval of domestic perpetual contracts is a long-term positive for the development of the U.S. crypto market, but short-term market reaction is muted; legislative delays increase medium- to long-term regulatory uncertainty.
- Geopolitical: The successful seizure of Iranian crypto assets by the U.S. breaks the myth that "cryptocurrencies can evade sanctions," which may lead more countries to strengthen regulation of crypto assets.
- Funding Aspect: Institutional funds continue to withdraw, with Jane Street reducing its Bitcoin ETF holdings by approximately 70% in the first quarter, Goldman Sachs cutting its holdings by 10%, and Harvard University's endowment fully liquidating its Ethereum ETF.
- Market Sentiment: The crypto fear and greed index has lingered in the "extreme fear" range for several days, with approximately $191 million liquidated across the whole network in the past 24 hours, of which over $100 million was from bearish short positions being closed.

Bitcoin (BTC):
- Daily: The EMA15/30 moving averages are arranged downwards, and the MACD green bars slightly shrink, with downward momentum weakening but not completely reversing; the lower Bollinger band supports $72,400, while the upper band pressures $81,100.
- 4-Hour: Entering a low-range consolidation phase, with prices oscillating near EMA15/30, and MACD red bars continue to expand, indicating a release of short-term rebound momentum; Bollinger bands have contracted and flattened, with upper band pressure at $74,150 and lower band support at $73,060.

Ethereum (ETH):

- A breakout below the $2,000 psychological level occurred in the early morning, with intraday rebounds being largely weak tests and struggling to quickly reclaim $2,030.
- RSI indicator is weak, with a bearish setup on the hourly chart, indicating significant short-term weakness.
- Strong support at $1,960, key support at $1,900; resistance at $2,030 and $2,080.

Contract Trading Strategy
The current market is in a weak consolidation pattern, with strong wait-and-see sentiment and no clear reversal signals appearing. It is recommended to trade in small positions for quick entry and exit, with strict stop-loss settings.

Bitcoin (BTC) Strategy
- Long Position: Open a light long position when prices retreat to the $73,200-$72,700 range, with a stop-loss at $72,200 and a target of $74,500-$75,000.
- Short Position: Open a short position when prices rebound to the $74,500-$75,000 range, with a stop-loss at $75,500 and a target of $73,500-$73,000.
- Key Levels: If it effectively breaks below $72,400, it could target the $70,000 mark; if it breaks above $75,000, it may trend up towards $78,000.

Ethereum (ETH) Strategy
- Short Position Priority: Open a short position when prices rebound to the $2,020-$2,050 range, with a stop-loss above $2,080 and a target of $1,960-$1,900.
- Long Position Cautiously: Only consider a light long position after a rapid rebound when the price effectively breaks below $1,960 and stabilizes above $1,980, with a stop-loss at $1,940.
- Key Levels: If it effectively breaks below $1,900, it will open further downside space, targeting $1,825.

Risk Warning
1. The Federal Reserve will hold a monetary policy meeting on June 16-17, with increasing expectations for interest rate hikes; market fluctuations before the meeting should be monitored.
2. The current derivatives market still has a high number of open contracts; after sentiment reverses, there may be a sharp liquidation event for both longs and shorts.
3. Geopolitical tensions are high, and any unexpected news could trigger significant market volatility.

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