TL;DR

Circle’s NYSE debut, $983M liquidations as BTC drops, U.S. stablecoin bill nears passage.

Highlights

• Circle’s USDC issuer closed its NYSE debut at $83.23 after a $1.1B IPO, 25x oversubscribed 1.
• Over $983M in crypto liquidations in 24 hours as Bitcoin fell to $100,426; 227,636 traders affected 2.
• Hong Kong SFC to legalize crypto derivatives trading for professional investors; Q1 derivatives volume hit $21T 3.
• U.S. Senate expected to pass the GENIUS Act, establishing a federal stablecoin regulatory framework 4.
• MicroStrategy upsized its STRD preferred stock offering to $1B to buy more Bitcoin , with no debt or dilution 5.
• Metaplanet to raise $5.4B in Japan, targeting 210,000 BTC (1% of supply) by 2027 6.
• UK FCA proposes lifting ban on retail crypto ETNs; consultation open through July 31 7.
• BlackRock ’s iShares Ethereum Trust accumulated 214,000 ETH ; Bitcoin ETFs saw net outflows this week, Ethereum ETFs net inflows 14.
• Gemini confidentially filed for a U.S. IPO, following Circle’s public debut 11.
• Ethereum staking demand topped 340,000 ETH queued, with a 6-day activation delay and record 17M active addresses 12.
• Singapore MAS requires all crypto firms to obtain DTSP licenses by June 30, 2025, raising compliance barriers 17.
• $2.1B in crypto stolen YTD; PumpFun meme token platform saw over 300,000 wallets lose money in June 13.

Commentary

The crypto market is navigating a volatile environment marked by large-scale institutional moves, regulatory shifts, and significant price swings. Circle’s NYSE debut 1 and Gemini ’s confidential IPO filing 11 highlight renewed public market interest in digital asset firms, even as the sector contends with sharp deleveraging—over $983M in liquidations in 24 hours, triggered by Bitcoin ’s drop to $100,426 and double-digit altcoin losses 2.

Institutional strategies remain in focus. MicroStrategy ’s $1B preferred stock raise (no debt or dilution) 5 and Metaplanet’s $5.4B equity issuance to target 210,000 BTC 6 underscore the ongoing trend of corporates using Bitcoin as a treasury asset. Meanwhile, BlackRock ’s continued ETH accumulation and ETF flow data show persistent institutional demand for Ethereum , even as Bitcoin ETF flows turned negative this week 14.

Regulatory clarity is advancing in several jurisdictions. The GENIUS Act’s expected passage could provide a U.S. federal framework for stablecoins 4, while Hong Kong’s move to legalize crypto derivatives for professionals 3 and the UK’s proposal to lift the retail ETN ban 7 signal broader institutional and retail access. Singapore’s DTSP licensing deadline, however, tightens the regulatory environment and may limit service provider options in Asia 17.

On-chain activity remains robust. Ethereum staking demand hit yearly highs, with a 6-day queue and record active addresses, following positive SEC guidance 12. However, security risks persist: $2.1B has been stolen in 2025, and platforms like PumpFun have seen widespread user losses, highlighting ongoing operational and risk management challenges for traders 13.

Traders should monitor ETF flows, regulatory milestones (GENIUS Act 4, UK ETN consultation 7, Singapore DTSP deadline 17), and large corporate treasury actions for directional signals. Volatility remains high, and risk management is essential amid rapid market swings and evolving compliance standards.