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- Jamie Dimon Goes After Coinbase
Jamie Dimon Goes After Coinbase
PLUS: US Perps Just Got the Green Light
Welcome back to The Warmup.
Happy Monday, this is you interviewing for a job after being up $2,000,000 on Fartcoin and not selling.
Here’s what we’re watching:
Market Snapshot
Jamie Dimon Goes After Coinbase
BTC Breakdown Test
US Perps Just Got the Green Light
Calendar
Market: Risk assets are under pressure as the dollar strengthens and volatility rises. Bitcoin remains above key support, but short-term momentum has weakened.
Jamie Dimon Goes After Coinbase
What’s going on:
Jamie Dimon is going after Brian Armstrong over the Clarity Act.
The fight is about stablecoin rewards. Coinbase wants to preserve an exception that lets platforms offer activity-based rewards on stablecoin balances.
Dimon says that looks too much like deposit yield, which could threaten banks by pulling money away from traditional accounts.
The Clarity Act is now heading toward a Senate floor vote, with odds around 56% of passing this year.
What it means:
This is becoming one of crypto’s biggest regulatory battles.
If Coinbase wins, stablecoin platforms could offer more rewards and compete directly with banks.
If Dimon wins, stablecoin yield could get heavily restricted.
Either way, the fight shows one thing clearly:
Stablecoins are no longer a crypto side quest. They’re coming for the core banking business.
BTC Breakdown Test
What’s going on:
BTC has broken below the key $72K support zone and is now trading around $71.4K.
The breakdown confirms short-term weakness, and bulls need to reclaim $72K quickly to avoid a deeper move lower.
Key levels we’re watching:
Support: $71K → current area where buyers may step in
Resistance: $72K–$73K → key zone bulls need to reclaim
Bounce target: $74K+ if support holds and momentum returns
Breakdown risk: Loss of $71K opens the door to $70K
Directional Bias: Neutral to bearish
Price remains below the 4H 200 EMA ($76K), keeping the broader trend tilted lower. Until BTC reclaims lost support, rallies should be treated cautiously.
What we’re waiting for:
Strong reaction from the $71K area
Bullish reclaim of $72K
Higher lows on lower timeframes
Volume confirmation before considering fresh longs
BTC is sitting at a critical decision point. A reclaim of $72K could turn this into a liquidity sweep, but failure to hold $71K likely sends price toward the psychological $70K level.
US Perps Just Got the Green Light
What’s going on:
The CFTC approved the first Bitcoin perpetual contract on a US-regulated exchange.
KalshiEX’s BTCPERP will trade 24/7, settle in cash, and use funding tied to spot prices.
The CFTC also cleared a path for Coinbase to offer eligible US customers access to offshore options and perps through Deribit.
Markets reacted fast.
What it means:
Coinbase jumped 4%, Robinhood ripped 11%, and Hyperliquid surged 30%+ to a new ATH near $73.50.
Legal US perps could unlock one of crypto’s biggest trading markets.
Yes, this brings more competition. But it also legitimizes the entire category.
And for now, the market is treating Hyperliquid as the main winner.
 | AAVE: |
 | MSTR: |
 | HYPE: |
Key Events this Week
Major token unlocks:
Ethena (ENA): ~$3.5M unlock on Jun 2 (~0.5% of supply)
Hyperliquid (HYPE): ~$720M unlock on Jun 6 (~2.5% of supply)
Macroeconomic data calendar:
Mon (Jun 1):
May ISM Manufacturing PMI: Measures factory activity → reading above 50 signals expansion, below 50 suggests contraction.
Tue (Jun 2):
April JOLTS Job Openings: Tracks labor demand → higher openings suggest a strong jobs market, falling openings can signal cooling.
Wed (Jun 3):
May ISM Non-Manufacturing PMI: Measures services-sector activity → important because services drive most of the US economy.
Thu (Jun 4):
Initial Jobless Claims: Weekly unemployment claims → rising claims suggest labor market weakness, falling claims show resilience.
Fri (Jun 5):
May Jobs Report: Key labor market update → payroll growth, unemployment, and wage data help shape Fed expectations.
Should stablecoins be allowed to offer yield-like rewards? |
The best investments often look completely broken before the market finally realizes they were just misunderstood.
The framework is to look for assets everyone has left for dead, but where the underlying signals still show life: insider conviction, strong product usage, overlooked growth, or a major catalyst hiding under the surface.
That applies to both small-cap tech and crypto, where volatility can make great assets look uninvestable right before they reprice violently higher.
In other words, the opportunity is not in chasing what already looks obvious, but in spotting the thing everyone thinks is dead before the story changes.
— The Warmup Team
Always do your own research. This newsletter is supplemental material to help educate readers as they make their own decisions. Projects mentioned here are provided to give a potential early-mover advantage.