Weekly Recap: MicroStrategy, BTC, ETH, Stablecoin Spotlight. Pendle Spiked 17% Leading to June 22
Today’s Edition Highlights
- MicroStrategy buys 12,000 more Bitcoin (BTC)
- U.S. SEC closes its probe on Ethereum (ETH)
- Stablecoins take center stage
Bitcoin Slumps
Bitcoin initially dropped below the $66,000 level on June 18 after several days of consolidation. This downward pressure persisted, leading to a further collapse below $65,000.
CryptoQuant reported that the market turbulence was likely triggered by a mix of three factors:
- Capitulation by miners
- Sustained crypto ETF outflows
- Reduced issuance of stablecoin tokens
Despite the market downturn, 87% of Bitcoin’s circulating supply remained in profit.
Altcoins Shine
Altcoins like Pendle (PENDLE) and Toncoin (TON) bucked the overall market trend. Pendle spiked 17% in the week leading to June 22, with its market cap soaring to $968 million, aiming to hit the $1 billion mark.
MicroStrategy’s Strategic Move
MicroStrategy seized the downturn to increase its Bitcoin holdings. The firm purchased 12,000 more BTC for $786 million on June 20, at an average price of $65,883 per BTC.
Zksync Airdrop
Despite controversy and concerns regarding its procedures, Zksync distributed 3.67 billion tokens. Following the airdrop, over 41% of the top addresses sold off all their allocations shortly after.
Spot Bitcoin ETFs Record Outflows
Spot Bitcoin ETF products faced sustained outflows. These products saw:
- $145.9 million outflows on June 17
- $152.4 million outflows on June 18
These outflows resulted in a cumulative negative net flow of over $544 million in the five days leading to June 21.
International Developments
In Australia, VanEck received approval from the AXS to launch the first spot Bitcoin ETF in the country.
In Canada, asset manager 3iQ filed to list the first-ever Solana ETP on the Toronto Stock Exchange.
Global Regulatory Developments
South Korea
South Korean authorities are reviewing listings of over 600 assets across multiple exchanges due to new regulations. Prosecutors provided fresh evidence that Terra founder Do Kwon used fake transactions to deceive investors.
USA
Fidelity Investments updated its filings with the SEC for a spot Ethereum ETF, confirming a seed investment of $4.7 million.
Binance’s Challenges
Binance faced regulatory challenges in the U.S. and India:
- North Dakota rescinded its operational license after the former CEO Changpeng Zhao was convicted.
- India imposed a $2.2 million fine for violating anti-money laundering rules.
- U.S. lawmakers visited a Binance employee, advocating for his release from a Nigerian prison.
US SEC Closes Probe on Ethereum
In a win for the Ethereum community, the U.S. SEC closed its investigation into whether certain sales of Ethereum were unregistered securities offerings. However, Consensys continues its legal battle over functionalities like Swapping and Staking on MetaMask.
Stablecoins Take Center Stage
Stablecoins were in the spotlight this week:
- Tether plans to launch a new asset class backed by Gold.
- Uphold discontinued support for USDT and other “unauthorized” stablecoins ahead of MiCA regulations.
- Tether faced accusations in a U.S. campaign ad of money laundering and corruption.
- National Australia Bank closed its stablecoin project.
By providing a simplified version and focusing on key events, this recap ensures that even those less familiar with cryptocurrency can stay informed.
