Market Highlights
- Trump Media applied to launch the Truth Social Bitcoin ETF via Yorkville.
- Nasdaq files to expand the Hashdex Nasdaq Crypto Index US ETF (NCIQ).
- Tether and Bitfinex moved 25,812 BTC as part of pre-funding for Twenty One Capital.
- Ethereum Foundation unveiled a strategy to reduce spending to 5% of assets by 2030.
- Webus filed with the U.S. SEC to establish a US$300 million XRP treasury.
Markets Overview
Markets gained throughout the week on positive U.S. non-farm payroll data (+139,000 for May) and the unemployment rate holding steady at 4.2%.
President Trump used the jobs data to call on the U.S. Federal Reserve to lower interest rates by a full percentage point. The Fed’s next rate decision is on June 18.
U.S.-China trade talks are progressing. Treasury Secretary Scott Bessent and two U.S. officials will meet with representatives from China on Monday, June 9. It follows President Trump speaking directly with Xi Jinping this week as tensions rose again.
Despite some upside in TradFi markets this week, the public feud between President Trump and Tesla CEO Elon Musk over the administration’s tax bill, plus ongoing trade uncertainty, led to mid-week risk-off sentiment.
Weekly performance: S&P 500 +1.5%, Dow Jones +1.2%, Nasdaq +2.2%.
Looking ahead:
- U.S. core CPI on June 11.
- U.S. preliminary University of Michigan consumer sentiment on June 13.
Crypto Market Sector Performance
Most sectors saw minor gains this week, while a few saw losses.
- Smart contract platform: Fantom (+55.2%) gained the blockchain designed to build dApps has gained since its May 10 migration to Sonic.
- Bitcoin Ecosystem: Stacks (-10.8%) declined presumably due to a US$8.3 million hack on the Alex Protocol, a bitcoin DeFi platform.
Bitcoin (BTC)
- Opened the week at US$105,697, sold off and then recovered to surpass US$110,000 (+5.2% on the week).
- President Trump and Elon Musk’s public feud contributed to a 5.2% decline on June 5 as crypto liquidations reached over US$800 million.
- US$56.5 million outflows from bitcoin asset investment products this week.
JPMorgan announced plans to accept shares in crypto exchange-traded funds (ETFs), such as BlackRock’s iShares Bitcoin Trust ETF (IBIT), as loan collateral. A source also revealed the bank may soon consider crypto holdings when assessing clients’ net worth and liquid assets.
Tether and Bitfinex have moved 25,812 BTC, worth US$2.7 billion, as part of the pre-funding for Twenty One Capital’s initial convert and equity raise. Twenty One Capital will be launched through a SPAC merger with Cantor Equity Partners, whose share price gained 7% on the news of the BTC moves.
Grant Cardone, CEO of Cardone Capital, announced the 10X Miami River Bitcoin Fund. The fund’s “anchor asset” is a 346-unit property on the Miami River. Monthly income generated from the property will be allocated to buy bitcoin. It’s Cardone’s fourth investment vehicle that combines real estate and bitcoin.
Republican Texas House of Representatives member Brandon Gill failed to report two bitcoin purchases within the 45-day reporting window set out in the Stop Trading on Congressional Knowledge (STOCK) Act. The failure to report raised fresh criticism over policymakers investing in crypto, especially since the fine for violating the STOCK Act is only US$200.
In bitcoin buying news:
- Semler Scientific bought 185 BTC in May and June to date, bringing its holdings to 4,450 BTC.
- Metaplanet announced a US$5.3 billion capital raise to buy more BTC. IT currently holds 8,888 BTC.
- Reitar Logtech, a Nasdaq-listed firm, plans to purchase US$1.5 billion worth of BTC.
- Strategy increased its perpetual Stride preferred stock (STRD) offering to US$1 billion. The firm also bought US$75 million worth of BTC this week.
- Know Labs, a health tech firm, announced it will buy 1,000 BTC for its corporate treasury as fintech investor Greg Kidd acquires a controlling share of the company.
- K Wave Media, a Korean entertainment firm, announced that it will use a “significant portion” of its US$500 million stock sale to fund BTC purchases.
Past performance is not a reliable indicator of future results.
Ethereum (ETH)
- Opened the week at US$2,540. (+4.2% on the week)
- Sold off to a weekly low of US$2,384 on June 5.
- US$296.4 million inflows into Ethereum ETFs this week.
In his speech at ETHGlobal Prague 2025 last week, Ethereum co-founder Vitalik Buterin stated that the layer-1 network should scale tenfold over the coming year to address its challenges.
The Ethereum Foundation unveiled a new treasury strategy aimed at reducing annual spending from 15% to 5% of assets by 2030. The plan includes investing the network’s treasury in DeFi protocols and implementing a rule-based approach to converting ETH holdings into cash when necessary.
Circle’s successful IPO could be bullish for Ethereum. Over half of USDC’s circulating supply is on the Ethereum network, despite the stablecoin being available across over 40 networks. According to analysts, as USDC usage grows, it will provide more liquidity for DeFi and encourage developers to build on Ethereum.
Past performance is not a reliable indicator of future results.
Altcoins
That’s so Raven
- Ravencoin (RVN) gained 62.6%. The token gained on its June 5 Upbit listing.
DeFi gains
- UMA (UMA) gained 51.2%. The open-source protocol that secures Polymarket and other networks gained on news of the deal between Polymarket and X to offer in-platform prediction markets.
Smart contract
- ICON (ICX) gained 33%. The cross-chain network has seen gains since it announced its migration to Soda Xchange (SODAX) in the coming months.
- Internet Computer (ICP) gained 20.6%. The network that aims to replace traditional internet infrastructure gained on Caffeine, a new AI-powered development platform that supports ICP’s development and its June 9 Bitunix listing.
Computer says yes
- Tellor Tributes (TRB) gained 25.6%. The decentralised oracle protocol built on its recent gains, presumably due to strong technical price action and recent speaking engagements.
Past performance is not a reliable indicator of future results.
Crypto ETF News
Digital asset investment products saw US$224 million inflows this week, led by Ethereum ETFs. The pace of inflows slowed due to persistent trade uncertainty and investors awaiting an indication from the Federal Reserve on its interest rate trajectory.
In altcoins, Sui saw US$1.1 million inflows, while XRP had its third week of outflows.
Trump Media and Technology Group filed an application with the U.S. Securities and Exchange Commission (SEC) to launch the Truth Social Bitcoin ETF. The ETF will hold BTC directly and offer shares to investors.
The Nasdaq filed with the U.S. SEC to expand the Hashdex Nasdaq Crypto Index US ETF (NCIQ) from five to nine digital assets. If approved, the index would add XRP, Solana (SOL), Cardano (ADA), and Stellar (XLM).
Other crypto news
- Circle launched its IPO on June 5, raising US$1.1 billion through the sale of 34 million shares at US$31 each. The stock surged 168% on its first day and closed at US$83.23, which gave Circle a market capitalisation of $18.4 billion. This marks one of the strongest U.S. IPO debuts in recent years, outperforming listings from Meta, Robinhood, and Airbnb. Crypto exchange, Gemini, announced it’s going public within 24 hours of Circle’s IPO.
- Webus, a China-based travel booking company listed on the Nasdaq, filed with the U.S. SEC to inform the agency of its plans to establish a US$300 million XRP treasury. Investment advisory Samara Alpha Management will facilitate the addition of XRP to Webus’s balance sheet.
- House Democrats convened a "minority day" hearing on June 6 to discuss their concerns over the CLARITY Act. They argued that the bill's provisions could create regulatory loopholes, allowing traditional finance firms to bypass existing oversight by completing capital raises and other activities on blockchain networks. Financial Services Committee member Maxine Waters (D-CA) reiterated that Republicans are refusing to include language that would prohibit President Trump from engaging in or profiting from crypto activities while in office.
- The California State Assembly unanimously passed Assembly Bill 1052 on June 4. The bill would allow the state to take custody of unclaimed cryptocurrency holdings from centralised exchanges after three years of inactivity. The bill states that cryptocurrencies must still be retrievable by the original owners, even if they are taken into government custody. Critics argue that the bill undermines the privacy-focused ethos of cryptocurrencies. The legislation will proceed to the California Senate for debate and vote.
- Hong Kong’s Securities and Futures Commission (SFC) is planning to introduce digital asset derivatives trading for professional investors. Qualifying assets will also receive tax concessions to attract FinTech companies’ operations to Hong Kong. It follows recent SFC approvals for staking services and virtual asset ETFs.
Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. Past performance is not a reliable indicator of future results. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.
from Caleb & Brown Cryptocurrency Brokerage.
