The Daily Breakdown takes a closer look at the crypto market, as not all names struggled like Bitcoin and Ethereum did.
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What’s Happening?
The Dow, Nasdaq 100, and S&P 500 all hit record highs yesterday, with all three indexes gaining for the seventh time in the past eight sessions. Oil is holding around $90 a barrel as Middle East peace talks drag on, while gold has seemingly found a foothold near $4,500. As for crypto? That’s been a different story.
⚡ Crypto Corner
Bitcoin is off to a tough start this month, slipping about 3% yesterday and falling more than 5% so far in June as it breaks below $70K for the first time in almost two months. Ethereum is holding up better, down just over 1% so far this month, although both BTC and ETH finished lower in May.
However, excluding BTC and ETH, the crypto space actually eked out a slight gain in May, rising 3.9%. Some of the top gainers for the month included Injective (+91%), Near Protocol (+79%), Stellar (+64%), Akash Network (+54%), Jito (+46%), Ondo (+39%), Render (+24%), Sei (+19%), and Basic Attention Token (+18%).
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The Setup — ICE
Intercontinental Exchange is best known for owning and operating major exchanges and data businesses like the New York Stock Exchange (NYSE), although it operates other key units within the financial space.
With its recent dip, shares are pulling back to the key $140 to $145 zone, which has been support since 2024. Bulls are hoping that this area again buoys the stock. If that’s not the case though, bearish momentum could continue. For what it’s worth, peers like Cboe Global Markets and CME Group have been under pressure too.
Options
As of June 2nd, the options with the highest open interest for ICE stock — meaning the contracts with the largest open positions in the options market — were the June $150 puts, followed by the January 2027 $160 calls.
Investors who are bullish could consider calls or call spreads as one way to speculate on further upside, while bearish investors could consider puts or put spreads to speculate on a further move to the downside. For options traders, it may be advantageous to have adequate time until the option’s expiration.
To learn more about options, consider visiting the eToro Academy.
What Wall Street’s Watching
MRVL
Marvell shares are surging roughly 20% after Nvidia CEO Jensen Huang predicted the chipmaker could be the next company to reach a $1 trillion valuation, citing the arrival of “useful AI.” Nvidia owns a $2 billion stake in Marvell, which is benefiting from booming demand for AI chips, networking and data-center infrastructure. Dig into the fundamentals for MRVL.
GOOGL
Alphabet is raising $80 billion through equity offerings and a Berkshire Hathaway investment to help fund its robust AI spending, including infrastructure for its in-house TPU chips. The move is rare for a company of Google’s size, but reflects how costly the AI race has become — with Alphabet’s capex potentially reaching $300 billion next year. The consensus price target on GOOGL is $428.
HPE
HPE is soaring after the company forecast stronger-than-expected annual sales growth, citing booming AI demand for servers and networking. Revenue jumped 40% last quarter, while profit and its full-year earnings outlook topped estimates. Shares were up 94% as of yesterday’s close, but are set for more record highs this morning. Check out the charts for HPE.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.