Weekly Update: 13th of June
What happened between the 30th of May and the 6th of June?
- Ethereum ETF inflows continue with 18 consecutive days of inflow, reflecting growing institutional confidence. Read more
- U.S. Senate advances GENIUS stablecoin Act with 68‑30 vote, paving the way to final passage and clarity for the industry. Read more
- Circle’s successful IPO sparks new interest, causing Bullish to file their IPO, and with rumours going around that Gemini will follow. Read more
- Volatility increases as Trump–Musk cools down, China and the US come to an agreement, and Israël attacks Iran. Read more
Ethereum ETF inflows keep up momentum
Ethereum spot ETFs have attracted continuous inflows for four weeks, with 97,800 ETH acquired and assets nearly matching the February 2024 peak (3.81 mln ETH). Last week alone saw $295.4 mln in new capital, equating to 10.5 % of ETH assets under management. This week we saw the growth continue with significant buys for BlackRock’s ETF. On Wednesday and Thursday the holdings grew with $125 million and $240 million, respectively. The evidence of growing institutional confidence keeps growing.
Senate Advances GENIUS Act with 68‑30 Vote
On June 11, the US Senate invoked cloture with a 68‑30 vote on the GENIUS Act, clearing the way for a final vote . The legislation would enforce full reserve backing, audits, and transparency for major stablecoin issuers, earning bipartisan support despite prior concerns over loopholes linked to Trump interests. The final Senate floor vote is expected in the coming days before the bill moves to the House.
Circle’s successful IPO sparks IPO wave
The crypto sector is seeing a wave of IPOs: Circle's debut soared to $116.66, nearly four times its IPO price. This week, trading platform Bullish submitted its IPO filing, signaling its next growth move. Meanwhile, rumors suggest that Gemini, founded by the Winklevoss twins, is preparing for its own public offering—marking escalating institutional integration across the crypto landscape.
Volatility increases amidst macroeconomic tensions
Bitcoin initially rallied toward all-time highs following easing tensions between Trump and Musk and renewed optimism over a US‑China trade deal. While the public feud initially pressured the market, BTC quickly reclaimed ground, staying mostly above $105k during the turbulence. With Trump confirming a near-final trade agreement in London, Bitcoin surged nearly 4%, approaching its ATH around $111.8k. However, in the night from Thursday on Friday, Israël attacked Iran, causing Bitcoin to correct to $103K as investors derisked their positions.
In other digital assets news
- Payment provider Stripe acquires crypto firm Privy that helps companies build crypto wallets.
- GameStop plans to raise another $1.75B for potential Bitcoin purchases for its reserves.
- Jack Ma (Alibaba) plans to get a stablecoin license with his company Ant International in Singapore and Hong Kong.
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