Ndax Wealth: Market Report June 3

Bitcoin slipped to a two-month low near $67,000 USD on persistent ETF outflows, while U.S. equities extended their streak with the S&P 500's ninth consecutive weekly gain. Long-end Treasury yields continued to push higher, and oil held a geopolitical risk premium tied to Middle East developments.

Bitcoin's correction: Bitcoin slipped to roughly $67,000 USD by midweek, its lowest in two months, with $2.4 billion USD of U.S. spot ETF outflows in May marking the largest monthly withdrawal since late 2025. Bitcoin-related search activity continued to trend lower.

Beneath the surface, Bitcoin dominance declined while select altcoins outperformed. XRP ETFs saw strong inflows in May, Hyperliquid's HYPE token continued to attract attention with a fresh new all-time high, and Strategy disclosed its first Bitcoin sale since 2022, liquidating 32 BTC to fund preferred stock dividend obligations.

What to watch: Whether ETF flows stabilize after one of the year's biggest outflow stretches, this week's U.S. macro calendar, and continued stablecoin commentary from both the Fed and the ECB.

The balance: U.S. activity remains firm in services and labor markets, while inflation stays elevated enough to limit near-term easing expectations. Rising energy prices and Middle East developments are reinforcing the higher-for-longer view.

On the calendar: ISM Services, ADP employment, weekly jobless claims, and Friday's Non-Farm Payrolls report. For policymakers, growth has not slowed enough to justify easier policy, while inflation has not moderated enough to warrant a more accommodative stance. 

Nine and counting: The S&P 500 logged its ninth consecutive weekly gain, with the Nasdaq and Dow also at new highs despite rising geopolitical uncertainty, elevated oil, and higher long-term rates. AI infrastructure spending remains the dominant driver, with strong reports from Nvidia, Dell, Marvell, and HPE.

Beneath the surface, leadership remains highly concentrated in a small group of AI-related names. The upcoming employment report and energy market developments are among the more closely watched near-term catalysts for whether breadth expands. 

Rates and the dollar: U.S. Treasury yields continued to move higher, with long-dated yields at multi-year highs on persistent inflation, resilient growth, and rising fiscal deficits. The dollar remained supported, while gold traded in a balanced range.

Oil in focus: Crude prices continued to reflect a geopolitical risk premium tied to Middle East developments and supply route uncertainty. 

• CME launches 24/7 crypto futures trading, with more than $50 million USD traded during its first weekend. (CME Group)
• Strategy discloses its first-ever Bitcoin sale, liquidating 32 BTC to fund preferred stock dividend obligations. (CoinDesk)
• Fed Governor Christopher Waller says global stablecoin adoption could extend the reach of U.S. monetary policy. (Bloomberg)
• The ECB warns that stablecoins pose risks to financial stability and continues to prioritize a digital euro. (Bloomberg) 

With Bitcoin at a two-month low, equities at fresh record highs, and major economic data releases this week, conditions remain selective across asset classes. Whether you're looking to add exposure or manage risk, our OTC desk can help you move efficiently. Please reach out any time for more information about trading or available services.