- Bitcoin holds above $105,000 in early week trading across Asia, though signals of “overheating” appear.
- Trader James Wynn faces complete liquidation after losing more than $17 million on leveraged trades.
- Brazilian fintech Méliuz plans to invest $78 million in bitcoin but sees shares drop 8% on the announcement.
- New York City comptroller rejects Mayor Adams’ proposal to issue bitcoin-backed municipal bonds.
Bitcoin traded above $105,000 as Asia’s business week opened, with trading volumes low and prices moving just 0.4% over the weekend. According to a new CryptoQuant report, several on-chain indicators suggest that the bitcoin market may be reaching a short-term peak.
The report states that bitcoin demand has risen to 229,000 BTC over the last 30 days, nearing the December 2024 high of 279,000 BTC. Balances held by large investors, often called “whales,” grew by 2.8%, a rate that typically indicates slower accumulation.
CryptoQuant identified $120,000 as the next significant resistance level, where unrealized profits would reach 40%—a mark that historically coincides with local price tops.
CryptoQuant’s Bull Score Index remains high at 80, implying strong bullish momentum. However, the combination of increasing profit margins and demand growth suggests traders could see a period of consolidation before further gains.
Elsewhere, trader James Wynn was fully liquidated, ending with $23 after losses totaling more than $17 million, according to CoinDesk. Wynn has drawn attention for high-risk bets on bitcoin and smaller tokens, including a $1.25 billion long position on bitcoin that lost over $37 million due to recent price drops tied to geopolitical events. An account associated with Wynn wrote on X,
“I’ll run it back, I always do. And I’ll enjoy doing it. I like playing the game. I took a large and calculated bet at making billions.”
In Brazil, fintech firm Méliuz said it would raise up to $78 million through a public share offering, with all funds set aside for bitcoin purchases.
The company’s share price dropped by more than 8% after the news. Méliuz has over 30 million users and currently holds 320.2 BTC, having already converted 10% of its cash reserves into bitcoin.
The new offering includes 17 million shares, possibly up to 51 million, and investors will receive subscription warrants. Trades for these warrants will start June 16, with final settlement and issuance by June 18.
In the U.S., New York City Comptroller Brad Lander dismissed Mayor Eric Adams’ proposal for bitcoin-backed municipal bonds, calling the plan “legally dubious and fiscally irresponsible.” Lander warned the idea would conflict with federal and city finance regulations and could damage the city’s credit standing.
Mayor Adams, who has backed crypto initiatives since his term began, promoted “BitBond” at a bitcoin conference in Las Vegas.
Market movements showed Bitcoin recovering rapidly from $103,813 to over $105,305 on strong trading volume. Ethereum rebounded from $2,472 to $2,527. Gold gained 0.6% to $3,312 per ounce. Japan’s Nikkei 225 dropped 0.89% following recent tariff announcements, and S&P 500 futures dipped as U.S. markets began June.
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