In this week’s recap, we highlight MicroStrategy’s acquisition of 12,000 additional Bitcoin (BTC), the U.S. Securities and Exchange Commission (SEC) concluding its probe into Ethereum (ETH), and the growing focus on stablecoins.
Bitcoin Slumps
On June 18, Bitcoin fell below the $66,000 mark after a period of consolidation, continuing to decline throughout the week and dropping below $65,000. CryptoQuant attributed this market turbulence to a combination of miner capitulation, sustained crypto ETF outflows, and reduced issuance of stablecoin tokens. Despite the downturn, 87% of Bitcoin’s circulating supply remains profitable. However, altcoins such as Pendle (PENDLE) and Toncoin (TON) defied the trend, with Pendle surging 17% and its market cap nearing $1 billion.
MicroStrategy Increases Bitcoin Holdings
Taking advantage of the market dip, MicroStrategy purchased nearly 12,000 additional Bitcoin on June 20 for $786 million, at an average price of $65,883 per BTC.
Zksync Airdrop
Zksync launched an airdrop of 3.67 billion tokens, listed on Binance on June 17. Despite controversy over its procedures and Sybil filtering measures, more than 41% of top addresses sold off their allocations shortly after the distribution.
Spot Bitcoin ETFs Record Outflows
Spot Bitcoin ETF products experienced sustained outflows last week, with $145.9 million on June 17 and $152.4 million on June 18. This resulted in a cumulative negative net flow of over $544 million by June 21. Despite this, VanEck received approval from Australia’s securities exchange AXS to launch the country’s first spot Bitcoin ETF. Meanwhile, asset manager 3iQ filed to list the first-ever Solana ETP, Solana Fund (QSOL), on Canada’s Toronto Stock Exchange.
Global Regulatory Developments
South Korean authorities are reviewing listings of over 600 assets across multiple exchanges due to new regulations. Additionally, prosecutors in South Korea presented new evidence against Terra founder Do Kwon, alleging fake transactions to deceive investors. Fidelity Investments amended its S-1 filings for a spot Ethereum ETF with the SEC, confirming a seed investment of $4.7 million.
Binance’s Regulatory Woes
In the U.S., North Dakota revoked Binance’s operational license following the conviction and sentencing of former CEO Changpeng Zhao. Binance also faced a $2.2 million fine in India for violating anti-money laundering provisions. U.S. lawmakers French Hill and Chrissy Houlahan visited Binance employee and U.S. citizen Tigran Gambaryan in a Nigerian prison, advocating for his release over AML charges.
US SEC Closes Probe on Ethereum
The U.S. SEC closed its investigation into whether certain Ethereum sales constituted unregistered securities offerings. However, Consensys continues to contest the agency’s stance on user interface offerings for functionalities like Swapping and Staking on MetaMask.
Stablecoins Take Center Stage as MiCA Looms
Stablecoins were a major focus this week. Tether announced plans to launch a new asset class backed by gold on June 17. Meanwhile, Uphold discontinued support for USDT and other “unauthorized” stablecoins in anticipation of MiCA’s upcoming stablecoin regulations. Tether faced accusations of money laundering and corruption from a U.S. campaign ad, and the National Australia Bank closed its stablecoin project last week.
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