TL;DR

BlackRock pivots to Ethereum; Bitcoin ETFs see outflows; JPMorgan to accept Bitcoin ETF collateral.

Highlights

• BlackRock rotates $420M from Bitcoin to Ethereum as ETH outperforms; ETH/BTC up 30%, Ethereum ETFs see $321M inflows vs. $1.23B outflows from Bitcoin ETFs 1.
• Bitcoin pulls back 8% from ATH near $112K amid $500M/hour realized profits; whales reduce exposure, retail demand softens, long-term holders accumulate 40,000 BTC 2.
• JPMorgan to accept Bitcoin ETF shares as collateral for loans; SEC Chair confirms banks to custody Bitcoin, deepening Wall Street’s crypto integration 34.
• US Bitcoin ETFs see $1.2B outflows, then $375M inflow; Ethereum ETFs log 12 straight days of inflows ($109.5M on June 3); rotation from gold to crypto ETFs continues 5.
• MoonPay secures NY BitLicense and Money Transmitter License, enabling direct crypto services nationwide, including via Venmo, PayPal, and Apple Pay 6.
• Pump.fun raises $1B at $4B valuation on Solana , extracting $738M in fees; Solana price dips, memecoin sector faces liquidity shifts, speculation over a Pump.fun chain 7.
• Trump to launch branded crypto wallet with Magic Eden, offering $1M in $TRUMP token rewards; $TRUMP memecoin rises 8.
• Hyperliquid now drives 25–30% of perpetuals market share and 80% of DeFi perp DEX volume; Binance US lists HYPE at $37.72 919.
• Circle upsizes IPO to $7.2B, with BlackRock taking a 10% stake; strong institutional demand amid stablecoin legislation momentum 10.
• Tether launches XAUt0, a gold-backed stablecoin on TON using LayerZero, expanding cross-chain gold asset access 11.
• Ripple’s RLUSD stablecoin approved by Dubai DFSA and NYDFS, expanding enterprise and DeFi use cases 12.
• U.S. Senate’s GENIUS Act stablecoin bill delayed by unrelated credit card amendments; no vote expected this week 13.
• South Korea elects Lee Jae-myung as president, pledging to legalize spot crypto ETFs and allow pension Bitcoin investment; initial crypto market reaction muted 14.
• Sberbank and Moscow Exchange launch Bitcoin-linked bonds and futures for qualified investors, expanding Russia’s regulated crypto offerings 15.
• Stablecoin supply surpasses $250B; Binance holds 59% of reserves and leads $180B in inflows; DeFi lending and stablecoin TVL surge 16.
• Bitcoin-backed loans on Coinbase /Morpho surpass $500M; onchain borrowing hits $24B ATH, DeFi lending volumes rebound 17.
• California Assembly passes bill to allow Bitcoin payments for state services (pilot in 2026) and advances bill to seize idle digital assets 20.

Commentary

Institutional positioning is driving market structure this week. BlackRock’s rotation from Bitcoin to Ethereum is reflected in ETF flows and a sharp rise in the ETH/BTC pair, with Ethereum ETFs attracting steady inflows while Bitcoin ETFs see profit-taking and outflows 15. Bitcoin’s 8% pullback from all-time highs is accompanied by significant realized profits and whale selling, but long-term holders continue to add, indicating a transition phase rather than a wholesale exit 2. Retail demand remains subdued, and on-chain activity is muted 2.

Wall Street’s engagement continues to deepen: JPMorgan will accept Bitcoin ETF shares as loan collateral, and the SEC has confirmed that banks will soon custody Bitcoin 34. Circle ’s upsized IPO and BlackRock ’s 10% stake, alongside MoonPay’s regulatory clearance for nationwide crypto services, highlight growing institutional and fintech infrastructure for both retail and professional users 610. These developments are likely to further legitimize crypto assets and could drive additional liquidity into the system.

DeFi and stablecoin markets remain robust. Stablecoin supply has surged past $250B, with Binance leading inflows and reserves 16. Lending and onchain borrowing are at all-time highs, with Coinbase /Morpho and Spark Finance driving activity 17. Hyperliquid’s dominance in DeFi perpetuals and the US listing of HYPE signal continued migration of trading activity from centralized to decentralized venues 919. New product launches—Tether’s gold-backed XAUt0, Ripple’s RLUSD, and Trump’s branded wallet—underscore ongoing innovation and competition in both institutional and retail segments 81112.

Regulatory developments are mixed. The U.S. Senate’s GENIUS Act is stalled, but state-level (California) and international (South Korea, Russia, Dubai) initiatives are advancing crypto integration, signaling a fragmented but generally positive regulatory trajectory 13141520. Pump.fun’s $1B Solana raise and the shifting memecoin landscape highlight ongoing volatility and liquidity shifts at the DApp layer 7.

Traders should watch ETF flows, ETH/BTC dynamics, and the impact of new institutional lending and custody products. DeFi and stablecoin metrics, along with regulatory headlines, remain key for gauging sentiment and liquidity. Volatility around major token sales, listings, and new onramps may present both risks and opportunities.