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June 4 data shows monthly venture capital (VC) funding in the crypto industry dipped to roughly 50 deals in May, marking a new low dating back to the period before the 2021 bull run. Back then, the entire crypto ecosystem was a fraction of its current size. Per the accompanying chart, a contraction in deal volume is visible across nearly every crypto sub-sector. Of those, the two historically busiest segments—crypto infrastructure and digital asset financial services—are now clinging near multi-year lows. This trend is driven by a mix of interconnected factors. For one, investors have gradually shifted their focus toward artificial intelligence (AI), leading to a steady outflow of capital and market attention from crypto startups. For another, unlike the 2021 and 2024 market cycles, crypto hasn’t churned out enough compelling early-stage projects lately, pushing VC firms to become increasingly cautious with their investments.

June 4 — Per Ashes Monitor, Ethereum (ETH) has dipped below $1,800, triggering a roughly $58 million unrealized paper loss for Hyperliquid’s single largest ETH long position holder. The trader opened a 120,000 ETH long position at an average entry price of $2,261. To avoid liquidation, they added $11 million in USDC as collateral over the past 24 hours, lowering their liquidation price from $1,617 to $1,506.

As of June 4th, market data reveals a rare trend in this recent market downturn: Bitcoin’s loss percentage has outpaced that of altcoins. Over the past 10 days, Bitcoin Dominance (BTC.D) has fallen by 4.85%, now standing at 57.77%. Altcoin Dominance (OTHERS.D), meanwhile, has risen 14.68% during the same period, currently at 8.69%.

On June 4, Chain.info reported that Mt. Gox transferred a total of 116.3 BTC from its cold wallet to a hot wallet on June 3 (the day prior), and deposited the full amount into Bitstamp exchange, equivalent to roughly $8.25 million.

On June 4, the People's Bank of China (PBoC) conducted open market operations with a reverse repo volume of zero. This followed the maturity of 101.3 billion yuan worth of 7-day reverse repos today, which led to a net withdrawal of 101.3 billion yuan from the market. (Sina Finance)

June 4 — According to crypto asset management firm ChainInfo, Abraxas Capital offloaded 1,469 BTC (about $98.45 million). After transferring those BTC to Kraken, the firm withdrew $22.71 million in USDC. In just over a day, Abraxas has sold a total of 2,469 BTC worth roughly $166 million, at an average price of $67,210 per BTC.