Market Turmoil & Bitcoin Retreat

• Bitcoin dropped around 4% overnight, falling below $103,000 amid heightened geopolitical tension following Israel’s strike on Iran. It stabilized near $105,000 later, but the broader crypto market saw significant losses: Ether down ~7%, XRP ~3–5%, and Solana nearly 9%—a stark reminder that crypto remains a risk asset, not a safe haven like gold, which rose ~1.1% reuters.com+3tradingview.com+3cryptopotato.com+3barrons.com+1barrons.com+1.
• Total crypto market cap slumped from ~$3.47 trillion to around $3.22 trillion barrons.com. Liquidation pressure remains elevated—with over $1 billion liquidated and about $84 million in long positions near the $102K–$104K range still intact cryptopotato.com+5coindesk.com+5fxstreet.com+5.

Institutional Interest & Regulation Shifts

• Stablecoins and IPO activity remain hot topic. Circle’s USDC IPO and renewed bank/retailer interest reflect institutional momentum. Galaxy Digital’s CEO Mike Novogratz says lawmakers are progressing on bipartisan stablecoin bills like the GENIUS and CLARITY Acts to ensure reserve backing and clear regulatory lanesbarrons.com.
• White House “Crypto Czar” David Sacks credits President Trump’s pro-crypto philosophy—stemmed from personal legal battles—for boosting industry morale. Meanwhile, stablecoin and broader crypto bills advance in Congress axios.com.

Crypto Investment Vehicles Launching

• Anthony “Pomp” Pompliano is preparing to launch ProCapBTC, a $750 million SPAC-backed vehicle to acquire Bitcoin, positioning himself at the helm of this new investment firm ft.com+1tradingview.com+1.
• Crypto hedge funds saw strong gains in May: Tephra Digital +11% for the month (7% YTD), while Pythagoras’s Alpha Long Biased delivered +15.8% fnlondon.com.

Market Outlook & Analysis

• Analysts warn Bitcoin “risks retesting $100K” if support around $104K fails, noting bearish signals on the chartsbarrons.com+4thecryptobasic.com+4coindesk.com+4.
• Despite recent pullback, some view this as a consolidation phase that often precedes another move higher—especially in light of potential Fed policy shifts after the Fed’s next meeting tradingview.com.

Summary: Key Takeaways