Spark (SPK) price has corrected by over 17% in the past 24 hours, but some metrics suggest the sell-off may be easing.
While weekly gains still stand at 200%, several technical and on-chain indicators hint at a possible second leg of the rally if one key resistance is breached.
Exchange Outflows Suggest Selling Might be Slowing Down
One of the first signs that sellers might be backing off is the recent drop in exchange balances. In the last 24 hours, SPK exchange holdings fell by 5.33%, or nearly 21 million tokens. That suggests fewer tokens are available for immediate sale.
Spark (SPK) price and increasing exchange outflows: Nansen
At the same time, the top 100 wallets increased their holdings by 0.3%, pushing their combined balance to 9.97 billion SPK. Whales have also entered the mix, courtesy of a small 0.08% uptick in buying interest.
This shift implies that most whales may have already completed their profit-taking, creating a setup where fresh selling could dry up unless the price drops further.
Metrics Signal a Potential Short Squeeze Above $0.13
Spark (SPK) price is hovering around $0.11, but a breakout above $0.13 could trigger a powerful short squeeze. The reason lies in how traders are positioned across leveraged products and what the liquidation map reveals.
The map shows dense clusters of short liquidation levels beginning at $0.11, thickening between $0.13 and $0.17. These clusters are where high-leverage short positions (25x to 50x) are most likely to get liquidated. If SPK climbs into this range, these liquidations can create a chain reaction of forced buying, pushing the price even higher.
Open interest supports this possibility. It has dropped from $190 million to $83.6 million in recent days, a 60% decline, but remains elevated. This suggests many traders are still active in the market, and a large portion are likely holding shorts (per the liquidation map). That sets the stage for a liquidation-driven rally if key resistances break.
Together, these indicators, liquidation clusters above $0.13 and still-high open interest, point toward the possibility of a breakout that traps late bears. If $0.13 gives way, Spark (SPK) could ignite another leg higher, driven not just by fresh demand but by shorts forced to buy back.
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Spark (SPK) Eyes The Key Breakout Zone
On the 4-hour chart, the 0.236 Fibonacci extension level lies at $0.13, the same level where intense liquidation triggers begin. Above that, resistance sits at $0.15 and $0.17, with a potential extension to $0.202 if the breakout accelerates.
Do note that the $0.15 resistance didn’t hold much weight during the past rally, but $0.17 did offer considerable resistance as Spark (SPK) attempted another move.
If the SPK price clears $0.13 with momentum, short liquidations could fuel a rapid 70% move toward the $0.17 zone. However, a dip under $0.09, a key support zone, and even the retracement level used to draw the Fib extension would invalidate the bullish hypothesis.
Several ecosystems will make headlines this week as part of the top crypto news list. Knowing about these events in advance can help traders and investors position their portfolios strategically to capitalize on the expected price movement.
Based on crypto’s adage to buy the rumor and sell the news situation or event, traders and investors can front-run the following events this week.
The Bitcoin Act Bill to Buy 1 Million BTC
The BITCOIN Act of 2025 is the top crypto news story this week. Introduced by Senator Cynthia Lummis, the bill proposes the US Treasury acquire 1 million Bitcoin (BTC) over five years to establish a Strategic Bitcoin Reserve, mirroring the scale of US gold reserves.
“Sen Lummis says Trump backs Bitcoin act—bill to buy 1M BTC hits floor next week,” Crypto Goos reported.
Reintroduced in March 2025, the bill gained traction after President Trump’s executive order supporting a federal Bitcoin reserve. The act mandates secure, decentralized storage across the US, with a 20-year minimum holding period and transparency via proof-of-reserve (PoR) audits.
Funding would come from Federal Reserve (Fed) remittances and revaluing gold certificates. While Trump’s backing boosts momentum, passage remains uncertain due to legislative hurdles and debates over fiscal impact.
If passed, it could position Bitcoin as a formal reserve asset, potentially driving a price surge. It would also reinforce US financial leadership.
“By codifying this effort into law, we can ensure that our nation leverages digital assets to strengthen our financial future while maintaining its global leadership,” Senator Lummis said in a statement.
As of this writing, Bitcoin traded for $105,082, up by 0.69% in the last 24 hours.
Infinex’s Airdrop for KAITO Stakers
Another top crypto news story this week concerns Infinex. The multi-chain crypto platform announced a significant airdrop for KAITO stakers.
“For those of you staking KAITO, the airdrop will occur next week. We recommend you have your Genesis NFTs in the same wallet as your sKAITO, as the snapshot will happen soon,” Infinex wrote in a post.
The airdrop follows a $6 million token distribution in May 2025, which propelled Infinex to the top spot on Kaito’s sentiment rankings, with trading volume surging 320% to $18 million within hours.
KAITO, an AI-driven crypto analytics platform, rewards user engagement, and this crypto airdrop targets its stakers, offering tokens to boost ecosystem participation.
Infinex’s non-custodial wallet supports EVM chains and Solana, integrating staking and trading with a user-friendly interface. The airdrop aims to drive liquidity and attract speculators, though historical data suggests potential post-airdrop price volatility.
Infinex Wallet Adding Avalanche Support
Beyond crypto airdrops for KAITO stakers, Infinex will also add support for the Avalanche blockchain, expanding its multi-chain wallet capabilities.
“We have received proof of patron from Emin Gün Sirer. Avalanche incoming on Infinex next week,” wrote Infinex Kain.avax.
Emin Gün Sirer is the founder and CEO of Ava Labs and developed the Avalanche Consensus protocol underlying the Avalanche blockchain platform.
Avalanche’s high-throughput, low-latency network will enable Infinex users to trade, stake, and bridge assets seamlessly, tapping into Avalanche’s DeFi and NFT ecosystems.
Meanwhile, Infinex’s passkey-based security and gas-free transactions aim to simplify the user experience and compete with centralized exchanges (CEXs).
The integration could drive trading volume in AVAX and related tokens, with Infinex’s prior $6 million airdrop showing 320% volume spikes. Staking opportunities may also extend to Avalanche assets, attracting yield farmers.
Traders should monitor AVAX price action and Infinex’s token (INF) for potential volatility post-launch.
Ethereum’s New Initiative with Base
Also among the top crypto news this week, Ethereum is expected to announce a new initiative in collaboration with Base, Coinbase’s layer-2 scaling solution.
Base, built by Coinbase, enhances Ethereum’s scalability with low-cost, fast transactions while maintaining security. The initiative may focus on advancing DeFi or NFT ecosystems, given Base’s integration with Ethereum’s mainnet.
“Next week, in collaboration with Base and Ethereum, we are pushing a new initiative (for the culture). So look out for that,” Ethereum.org wrote on May 30.
The collaboration could involve new dApps, staking enhancements, or cross-chain interoperability, building on Base’s support for Optimism’s tech stack. This aligns with Ethereum’s broader push to improve user experience and reduce gas fees, potentially boosting adoption.
World Computer Summit
Another top crypto news this week concerns the World Computer Summit, starting Wednesday, June 3, hosted by DFINITY Foundation in Zurich, Switzerland.
Posts on X suggest that the event will feature major announcements and decentralized computing. It celebrates the fourth anniversary of the Internet Computer Protocol (ICP).
“What is the World Computer Summit 2025? It’s a global gathering of builders, thinkers, visionaries reimagining the internet for a decentralized world. Held in Zurich on June 3, it marks 4 years of the Internet Computer Protocol,” wrote Miss Knighty, a popular user on X.
The summit could reveal advancements in Web3, AI, and blockchain interoperability. Projects like Internet Computer (ICP) may unveil updates on decentralized AI or global compute networks, given their focus on a “World Computer” vision.
Internet Computer (ICP) price performance. Source: BeInCrypto
Past summits have driven market activity, with tokens like ICP seeing surges post-announcements. As of this writing, ICP traded for $4.93, up nearly 1% in the last 24 hours.
$46 Million TAIKO Unlock
Meanwhile, with key token unlocks to watch this week, the Ethereum-based L2 scaling solution, Taiko, will unlock $46 million worth of TAIKO tokens on June 5. This unlock will constitute over 69% of its circulating supply.
Taiko’s total supply is 1 billion, with 241 million tokens currently circulating. The unlock of 21.84 million tokens, valued at $42 million in August 2024, suggests a rising token price. With 81.55 million TAIKO tokens unlocked on Thursday, volatility is expected, especially if recipients cash in for early gains.
NotabThesens will be allocated to investors, protocol guild airdrop, and Taiko Labs, constituting the core team.
Pi Network is planning to unlock 188 million tokens in March, making them accessible to over 1 million users. This is a substantially larger user pool than most months. Yet, it may not increase selling pressure as demand for PI continues to surge.
However, the project’s community is also acting aggressively over social media, review-bombing Binance for its perceived listing delays. A Binance community vote overwhelmingly supports Pi, but the listing hasn’t gone live yet, prompting intense backlash.
Pi Network Prepares for Big Unlock
Pi Network is one of the most hyped crypto projects in recent times. Since its mainnet launch on February 20, PI surged nearly 100%, hitting a peak of $2.99 before seeing corrections. At the same time, it’s gaining recognition from the wider community despite earlier criticism.
CoinMarketCap’s community sentiment shows that 91% of its users are bullish on Pi, as the firm is planning to unlock 188 million tokens to over 1.1 million users this month.
ExplorePi data shows that there are currently more than 11.5 million Pioneer accounts. However, 7.25 million (63%) accounts lock PI for three years, and 1.6 million accounts (14%) lock PI for one year.
Therefore, the selling pressure on Pi Network may not take effect immediately, even with this massive user pool.
Nonetheless, Pi Network is also ruffling more than a few feathers. Recently, Binance hosted a community vote on whether or not to list PI tokens, and its users were overwhelmingly in favor.
Despite the votes, Binance is yet to list PI, and several users are not taking this lightly. Pi fans have review-bombed its Google reviews. Without directly mentioning the project, the exchange responded to these comments:
“Before listing cryptocurrencies, Binance will check and consider many factors including liquidity and trading volume in the market,” Binance claimed. Although the exchange didn’t directly reference Pi Network, it commented on several Pi-centric 1 star ratings on Play Store.
Many (but not all) of these reviews and responses took place on Asia-based servers, where the project is the most popular. Recently, the Vietnamese government issued a warning about Pi Network, and Bybit CEO Ben Zhou reminded his users that China issued similar warnings years prior.
Regardless, Pi Network seems to have a huge community of enthusiastic supporters. Although some of its fans are getting a reputation for their hostility and defensiveness on social media, the project remains resilient to the current market conditions.
Leading altcoin Ethereum broke below its narrow consolidation range on Friday, marking the beginning of a sustained downtrend poised to continue into the new week. The altcoin dipped below $2,300 for the first time in a month, as the tensions between the US, Israel, and Iran escalated yesterday.
The breakdown has triggered a surge in sell-side pressure across the Ethereum futures market, raising concerns of a deeper decline ahead.
Ethereum Bears Tighten Grip
The bearish bias against ETH is reflected by its taker buy/sell ratio, which has consistently posted negative values since Friday. At press time, this stands at 0.93 per CryptoQuant, indicating that sell orders dominate buy orders across the ETH futures market.
An asset’s taker buy-sell ratio measures the ratio between the buy and sell volumes in its futures market. Values above one indicate more buy than sell volume, while values below one suggest that more futures traders are selling their holdings.
The steady dip in ETH’s taker buy/sell ratio over the past few days points to a climbing sell-off among futures traders. This mounting sell-side pressure confirms weakening sentiment and could accelerate price declines if it continues.
In addition, ETH remains significantly below its 20-day Exponential Moving Average (EMA), which shows the bearish sentiment surrounding the asset. At press time, this key moving average forms dynamic resistance above ETH’s price of $2,497.
The 20-day EMA measures an asset’s average price over the past 20 trading days, giving weight to recent prices. When the price falls below the 20-day EMA, it signals short-term bearish momentum and suggests sellers are in control.
This further confirms the weakening bullish structure around ETH, as the asset struggles to reclaim short-term trend support.
Will Ethereum Hold the Line?
ETH currently trades at $2,272, noting a 6% decline amid the broader market’s pullback of the past 24 hours. With climbing sell pressure across its spot and futures market, ETH risks pulling toward the support at $2,185.
If this support fails, ETH’s price could plummet further to $2,027.
