Bitget UEX Daily Report | Coherent and Marvell Technology Continue Rising; Cryptocurrencies Accelerate Decline, Bitcoin Plunges 6%; Broadcom and CrowdStrike Earnings Reports Due
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Bitget UEX Daily Report | Coherent and Marvell Technology Continue Rising; Cryptocurrencies Accelerate Decline, Bitcoin Plunges 6%; Broadcom and CrowdStrike Earnings Reports Due
The overall market is in a phase where policy, geopolitical, and technological narratives intersect—cautious in the short term, yet long-term structural trends remain unchanged.
Navigating Web3 tides with focused insights
I. Top News Highlights
Federal Reserve Updates: Fed Chair Kevin Warsh issued a memo to staff at the outset of his four-year term, pledging to uphold core traditions while advancing pragmatic reforms. Fed Governor Harkam emphasized that if inflationary pressures persist, policy may need to pivot rapidly—including considering further rate hikes. The April JOLTS job openings rose to 7.62 million, significantly exceeding expectations, underscoring labor market resilience and reinforcing tightening expectations. Market Impact: Strengthens the anti-inflation policy path; bullish for the US dollar in the short term but increases equity market volatility risk.
Global Commodities: An ECB report shows gold’s share of global central bank reserves rose to 27% by end-2025—surpassing U.S. Treasuries (22%) for the first time. Gold prices have nearly doubled over the past two years, briefly breaking above $5,500/oz in January. Market Impact: Sustained central bank buying provides structural support; the traditional dominance of U.S. Treasuries is challenged; gold’s safe-haven attributes are further accentuated—especially amid geopolitical tensions.
Macroeconomic Policy: President Trump signed an executive order on artificial intelligence to advance cutting-edge AI innovation and security, establishing classified benchmarking protocols—granting government access to frontier models prior to public release—and strengthening cyber defenses. The Iranian Revolutionary Guard claimed an attack on the U.S. Fifth Fleet headquarters; the U.S. military responded with strikes on Iran’s Qeshm Island. Trump stated dialogue remains ongoing. Market Impact: AI policy boosts tech sector confidence; geopolitical conflict pushes up energy costs and intensifies risk aversion.
II. Market Recap
Commodities & FX Performance
- Spot Gold: –0.33%, currently ~$4,471/oz.
- Spot Silver: –0.78%, currently ~$74.50/oz.
- WTI Crude Oil: +1.1%, currently ~$94.76/bbl.
- Brent Crude Oil: +1.03%, currently ~$97.04/bbl.
- U.S. Dollar Index: +0.03%, modestly stronger at 99.239.
Drivers Analysis: Escalating Middle East geopolitical tensions lifted crude oil’s risk premium, supporting higher prices; gold and silver corrected due to partial profit-taking and a slightly stronger dollar; the dollar index was supported by hawkish Fed commentary and safe-haven demand, remaining in a cautious, range-bound pattern.
Cryptocurrency Performance
- BTC: –6.18%, trading near $66,930.
- ETH: –6.71%, trading near $1,870.
- Total Crypto Market Cap: –4.9%, now at ~$2.4 trillion.
- Liquidations: Total 24H liquidations exceeded $1.78 billion, with long positions accounting for 15.97%.
- Bitget BTC/USDT Liquidation Map: Near the current price of ~$66,841, there is virtually no buffer zone for long liquidations. In contrast, significant high-leverage short liquidity is clustered around $69,300, $70,500, and $71,000—making upward “short squeezes” more likely in the near term. The $70,500–$71,500 range is the densest liquidation zone. If BTC sustains above $68,500, acceleration toward $70,000+ becomes possible. Conversely, downside long liquidation volume is comparatively small, reducing near-term downward momentum. Cumulative short-side liquidation leverage on the right side exceeds $2.5 billion—far surpassing left-side long liquidation volume. This extreme imbalance often signals market participants’ preference for an initial upward liquidity sweep, followed by rapid pullbacks—a classic “squeeze-then-consolidate” structure.
- Spot ETF Net Flows: BTC spot ETFs recorded net outflows for 10 consecutive days; yesterday’s outflow totaled $130 million.
- BTC Spot Flows: Yesterday saw sustained outflows of $422 million, reflecting pronounced net selling pressure.
U.S. Equity Index Performance
- Dow Jones Industrial Average: +0.45%, closing at 51,307.79—new record highs.
- S&P 500: +0.13%, closing at 7,609.90—the first close above 7,600.
- Nasdaq Composite: +0.03%, closing at 27,093.90—AI enthusiasm offset geopolitical concerns.
Tech Giants’ Updates
- Microsoft (MSFT): –4.17%, at $441.31—profit-taking post-Build AI announcements.
- Alphabet (GOOGL): –3.86%, at $361.84.
- Amazon (AMZN): –1.81%, at $256.52.
- Meta (META): –0.47%, at $597.63.
- NVIDIA (NVDA): –0.69%, at $222.82.
- Apple (AAPL): +2.90%, at $315.20.
- Tesla (TSLA): +1.89%, at $423.74. Key driver: Persistent AI enthusiasm, though some leaders saw profit-taking; overall performance remains driven by policy and tech themes.
Sector Spotlight: Optical Communications — Strong Gains
- Key Stocks: Marvell Technology (MRVL) surged >30%; Coherent (COHR) rose >17%.
- Catalysts: Surging AI data center infrastructure demand, robust orders for 800G/1.6T high-speed optical modules and optical interconnect components from hyperscalers. Companies like Coherent benefit from a second wave of optical innovation driven by AI scale-out; data center communications revenue share has risen notably. Long-term market expectations for AI compute network upgrades are driving sector re-rating. In the near term, the sector’s outperformance vs. broader markets reflects investor confidence in the sustainability of AI capex.
III. In-Depth U.S. Equity Analysis
1. Microsoft – Build Conference AI Launch Overview: At its June 2 Build 2026 Developer Conference, Microsoft unveiled Web IQ as foundational search infrastructure for the AI agent era—positioned as “Bing for agents.” It also launched the Microsoft IQ context layer (including Work IQ, Fabric IQ, and Foundry IQ), a new AI assistant named Scout, and the Majorana 2 quantum chip (targeting practical quantum computing by 2029). These initiatives aim to empower developers to deploy autonomous agent systems on Windows PCs while enhancing enterprise AI governance and real-time web grounding. Market Interpretation: Analysts widely view this launch as further cementing Microsoft’s leadership in the enterprise AI ecosystem—particularly Web IQ’s breakthroughs in speed and model-agnosticism, which significantly lower agent inference costs. Short-term price correction stems largely from profit-taking and heightened sensitivity to geopolitical risks; however, analysts remain optimistic, viewing this as a pivotal step in Microsoft’s evolution from chatbot to actionable, asynchronous “colleague.” Investment Insight: The long-term AI agent narrative continues gaining traction. Investors should monitor adoption and monetization rates within Microsoft Cloud and the Copilot ecosystem—suitable for long-term strategic allocation.
2. Broadcom – Upcoming Earnings Report Overview: Broadcom (AVGO) will release its Q2 FY2026 results after U.S. market hours. Market focus centers on AI semiconductor revenue performance, massive custom accelerator demand, and guidance for H2. The company has already raised its full-year AI revenue forecast and pledged substantial financing support for partners such as Anthropic. Market Interpretation: Wall Street analysts project Q2 revenue of ~$22 billion (+47% YoY), with AI-related revenue potentially exceeding 30% of total. Most institutions see Broadcom—as the “second-largest AI franchise after NVIDIA”—continuing to benefit from hyperscaler capex via its networking chips and custom ASICs. If AI revenue exceeds $5 billion and forward guidance is strong, broader semiconductor sector sentiment could lift; conversely, disappointment may trigger near-term pullbacks. Investment Insight: This earnings report serves as a key barometer for AI hardware demand. Focus closely on quarter-on-quarter AI revenue growth and progress with new customers—positive surprises could open further valuation upside.
3. Marvell Technology – NVIDIA CEO Endorses AI Connectivity Overview: At Computex on June 2, NVIDIA CEO Jensen Huang publicly hailed Marvell Technology (MRVL) as a “potential next trillion-dollar company,” highlighting its critical role in AI data center high-speed interconnects, photonics, and custom silicon solutions. MRVL’s stock surged >32% that day, closing at $290.79. Recently, the company completed its acquisition of Celestial AI, strengthening its photonic fabric technology, and benefits from robust demand for 800G/1.6T optical modules in AI data center clusters. Market Interpretation: Analysts believe Marvell holds a unique position in solving AI network bottlenecks, with its partnership with NVIDIA further solidifying its leadership. Multiple investment banks have raised their price targets, viewing Marvell as a key beneficiary of the second wave of AI infrastructure expansion—data center business now accounts for 76% of revenue, with strong growth in custom ASICs and optical products. While near-term gains may invite profit-taking, long-term AI capex trends support an optimistic outlook. Investment Insight: Monitor progress in optical interconnect and custom chip deployment—ideal for investors bullish on long-term AI infrastructure expansion; offers diversification within the semiconductor sector.
IV. Cryptocurrency Project Updates
1. According to Decrypt, the New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) have entered into a cooperation agreement to jointly regulate stablecoins. A 22-page Memorandum of Understanding details procedures designed to facilitate regulatory coordination and confidential information exchange related to the $314 billion stablecoin industry. NYDFS stated the initiative aims to strengthen oversight, identify market trends and risks, and promote market integrity.
2. On-chain analyst Wu Jin reported that crypto asset management firm Abraxas Capital sold 1,000 BTC ($67.49 million) during last night’s market dip, accelerating BTC’s decline. Seven hours earlier, Abraxas transferred 1,000 BTC to Kraken, then subsequently withdrew $52.72 million in stablecoins (including USDC and USDT) from Kraken.
3. According to CoinDesk, Vetle Lunde, Head of Research at K33 Research, noted that as capital flows into AI stocks, Bitcoin faces a “volatile summer.” Bitcoin’s weakness reflects waning institutional demand, heavy ETF outflows, and growing fragility in derivatives markets. The consensus view is that opportunity cost for holding Bitcoin has become prohibitively high against surging AI-linked assets. Capital diversion is evident: Bitcoin has failed to reclaim its 200-day moving average, while the Nasdaq and S&P 500 continue making new highs. Investors are also eyeing potential IPOs from companies like SpaceX and Anthropic, further draining crypto market liquidity. K33 previously viewed Bitcoin’s February drop to ~$60,000 as the cycle’s deepest correction—but now warns that leveraged long positions are accumulating in a weakening market, posing potential sell-side pressure. Lunde added that external capital is reluctant to enter, while existing holders are trimming exposure—pointing to a volatile summer ahead.
4. Coinbase Ventures announced on Tuesday it has invested in Ethena by purchasing ENA tokens on the open market. The two firms also announced a strategic partnership to jointly develop on-chain financial and savings products.
5. Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered Bank, commented that Strategy’s recent sale of 32 BTC may mark the beginning of a new phase where Ethereum outperforms Bitcoin. Kendrick noted that although the sale size was “minimal,” ETH/BTC registered one of its largest rallies in years against the backdrop of BTC’s same-day decline. He forecasts ETH/BTC rising to ~0.040 by year-end—currently ~0.028.
V. Today’s Market Calendar
Key Events Ahead
June 3 (Wednesday)
- Major U.S. Earnings: Broadcom (AVGO) and CrowdStrike (CRWD) report after-market hours ★★★★★ (AI hardware & cybersecurity heavyweights).
- COMPUTEX underway + Microsoft Build continues—AI theme remains a key catalyst.
June 4 (Thursday)
- SpaceX begins IPO roadshow: One of the most anticipated historic IPOs—market sentiment may receive a boost.
- COMPUTEX continues—AI compute, PC, and supply chain developments under close watch.
- Earnings: Ciena (CIEN) pre-market; Planet Labs (PL) after-market.
- New Listing: Quantinuum (QNT) officially debuts on U.S. exchanges (quantum computing theme).
June 5 (Friday)
- U.S. May Nonfarm Payrolls (NFP): Market expects ~115K–130K jobs added, unemployment rate ~4.2%, and average hourly earnings growth—a key inflation indicator. ★★★★★
Institutional Views: Leading investment banks broadly agree AI remains the core driver for U.S. equities; tech stock resilience has pushed indices to new highs, yet geopolitical tensions and inflationary pressures pose dual risks. Gold’s enhanced status as a reserve asset underscores rising safe-haven demand, while the crypto market faces near-term headwinds from ETF outflows and leveraged liquidations. Hawkish Fed commentary reinforces the dollar. Investors are advised to maintain balanced, quality-focused allocations—balancing growth and defense—amid heightened volatility. Overall, markets sit at the intersection of policy, geopolitics, and tech narratives: cautious in the near term, but long-term structural trends remain intact.
Disclaimer: The above content was compiled via AI-powered search and verified manually prior to publication. It does not constitute any investment advice. Data herein may contain unavoidable inaccuracies; please rely on real-time market data for decision-making.
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