TL;DR

Israel-Iran conflict triggers $1B crypto liquidations; BlackRock buys $283M BTC; ZKJ/KOGE crash.

Highlights

• Israel’s airstrikes on Iran triggered over $1B in crypto liquidations; Polymarket odds predicted escalation1.
• BlackRock bought $283M in Bitcoin as U.S. spot Bitcoin ETFs added 12,700 BTC last week2.
• ZKJ and KOGE tokens crashed over 60% on Binance Alpha, causing $99M in liquidations and scrutiny of DeFi liquidity3.
• Grayscale updated all seven spot Solana ETF filings to include staking after SEC request; 92% approval odds per Polymarket4.
• Vietnam passed a law to legalize crypto trading and custody from 2026, aiming for regulatory clarity5.
• Bybit to launch Solana-based DEX ‘Byreal’ on June 307 and added USDT-settled CFDs on 78 U.S. stocks, gold , and forex10.
• Ethereum overtook Solana in daily fees and DEX volume for the first time since 2024; Solana on-chain activity remains high8.
• Visa and Mastercard shares fell as U.S. retailers consider stablecoin payment alternatives, but analysts see limited near-term impact9.
• Mexico City cyber police warned of AI deepfake scams linked to $4.6B in crypto fraud losses in 202411.
• Trump’s financial disclosure showed $57M in 2024 crypto income and large governance token holdings12.
• Saylor hinted at another MicroStrategy Bitcoin purchase, reiterating calls for sovereign BTC accumulation13.
• Global equities and crypto fell, oil surged on Israel-Iran escalation; traders watching for further fallout17.

Commentary

Geopolitical risk dominated crypto markets as Israel’s strikes on Iran led to rapid deleveraging and over $1 billion in liquidations, with both Bitcoin and altcoins sharply lower1. Polymarket’s accurate prediction of the conflict, and reports of pre-event trading activity, highlight the increasing role of on-chain prediction markets in risk assessment and the need for closer monitoring of market integrity1.

Institutional demand for Bitcoin remains robust despite volatility. BlackRock’s $283 million BTC purchase and strong ETF inflows point to continued traditional finance participation, even as retail and altcoin markets faced outsized drawdowns2. Meanwhile, the collapse of ZKJ and KOGE on Binance Alpha exposed vulnerabilities in DeFi token liquidity and governance, reinforcing the need for improved transparency and risk controls around new token launches3.

Layer 1 competition is shifting. Ethereum reclaimed leadership in daily fees and DEX volume, though Solana ’s ecosystem remains active with institutional accumulation, high user activity, and anticipation around ETF approval and airdrops84. Grayscale’s updated Solana ETF filings and Bybit’s upcoming Solana-based DEX further support this trend47. Bybit’s expansion into USDT-settled CFDs on U.S. equities, gold , and forex signals growing convergence of crypto and traditional markets10.

Regulatory and security developments are also in focus. Vietnam’s move to legalize crypto from 2026 creates new opportunities in Southeast Asia5, while AI-driven scams and deepfake fraud continue to pose material risks for users and platforms globally11. On the policy front, President Trump’s financial disclosure underscores the increasing intersection of crypto with U.S. politics and business12, while Saylor’s signals of another MicroStrategy buy keep attention on potential whale moves13.

Traders should watch for further geopolitical developments, ETF and institutional flows, DeFi market structure risks, and evolving regulatory signals in Asia and the U.S.17.