Core Viewpoint - Bitcoin has broken out of its previous trading range, reaching over $123,000, driven by favorable policies and significant capital inflows [1][2] Group 1: Market Dynamics - The recent surge in Bitcoin's price is attributed to a combination of policy support, including the upcoming stablecoin legislation and relaxed regulatory stances allowing banks to offer digital asset custody services [1] - A short squeeze has led to billions in liquidated short positions, contributing to a 15% increase in Bitcoin's price over the past week [1][4] - Institutional investors and companies are heavily accumulating Bitcoin, with record low outflows from exchanges indicating a lack of sellers to meet demand [4][5] Group 2: Institutional Involvement - Over $2.7 billion flowed into U.S. Bitcoin ETFs last week, marking one of the highest weekly inflows since their launch in January 2024 [5][7] - BlackRock's iShares Bitcoin Trust has surpassed $85 billion in market value, with predictions of reaching $100 billion soon [5] - New companies are entering the market, raising funds to purchase cryptocurrencies, indicating a shift towards institutional participation in the current bull market [7] Group 3: Future Outlook - Analysts predict Bitcoin could reach $150,000 soon, with some suggesting a potential target of $250,000 by year-end [4] - The demand for Bitcoin futures remains strong, with open interest reaching a record $86.3 billion, reflecting bullish sentiment among traders [7][8] - Despite the positive momentum, there are concerns about market vulnerabilities, particularly related to geopolitical tensions and potential shifts in risk appetite on Wall Street [8]

Group 1 - Morgan Stanley raised the target price for Tencent Music from $16.5 to $18 per share while maintaining an "Overweight" rating, factoring in increased advertising and album sales revenue [2] - South Korean retail investors sold over $1 billion in U.S. stocks in May, marking the first net sell-off since Trump's election victory last year, while Japanese retail investors also sold approximately $1.66 million in U.S. ETFs, the largest reduction since April 2023 [2] - Starbucks China clarified that its core coffee products were not included in the recent price cuts, addressing concerns over its pricing strategy [3] Group 2 - Tesla faced downgrades from two Wall Street firms to "Neutral," highlighting short-term uncertainties and risks associated with Elon Musk's political activities, which may impact demand for new vehicles due to the expiration of electric vehicle tax credits [3] - Barclays is reportedly planning to cut over 200 jobs in its investment banking division as part of CEO C.S. Venkatakrishnan's strategy to improve profitability [3] Group 3 - TSMC reported May sales of NT$320.516 billion, a year-on-year increase of 39.6%, but a month-on-month decrease of 8.3%. Cumulatively, sales from January to May reached NT$1.509337 trillion, up 42.6% year-on-year [4]

Group 1 - The core idea of the news is that Truth Social has submitted an application to launch a Bitcoin ETF associated with Trump's media company, marking a significant move into the cryptocurrency space [1][3] - The Bitcoin ETF, named Truth Social Bitcoin ETF, aims to track Bitcoin prices and provide investors with easier access to Bitcoin exposure without directly holding the asset [3] - The application is part of a broader strategy by Trump's media company to enter the digital asset market, which includes a partnership with Crypto.com to launch a range of digital asset products pending regulatory approval [3][4] Group 2 - The planned products will include a basket of cryptocurrencies, such as Bitcoin and Crypto.com's native token, combined with traditional securities, all branded under Trump's media company [4] - Since its debut in January 2024, Bitcoin spot ETFs have gained popularity, attracting billions in investments, with total assets in this category exceeding $130 billion [4] - BlackRock's iShares Bitcoin Trust (IBIT) holds the largest share of this market, with nearly $69 billion in assets, making it the largest digital asset management company globally [4]