By James Van Straten (All times ET unless indicated otherwise)
Bitcoin
treasury-holding companies continue to be a significant driver of momentum as the largest cryptocurrency by market cap trades just below the $110,000 mark, up 2% in the past 24 hours, and just 2% short of the record high it set last month.
Even so, it’s underperforming the broader market, as measured by the CoinDesk 20 Index, which has gained 3.4%, and ether
, which is more than 6% higher, according to CoinDesk data.
According to BitcoinTreasuries.net, the number of publicly listed companies holding bitcoin as a treasury asset has risen to 126, that’s growth of 22 in just 30 days. Collectively, then own some 819,000 BTC, up 3.25% in the same period.
Analysis from Matthew Sigel, the head of digital assets research at VanEck, underscores the growing institutional firepower aimed at bitcoin. He highlights that the combined capital-raising potential of companies such as Strategy (MSTR), Cantor Equity Partners (CEP), Asset Entities (ASST), Semler Scientific (SMLR), Kindly (NAKA), and Trump Media & Technology Group (DJT) amounts to $76 billion.
That amount represents 56% of the assets under management (AUM) of all bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months.
Here’s another Illustration of institutional backing: BlackRock’s iShares Bitcoin Trust (IBIT) became the fastest fund to surpass $70 billion in AUM, achieving the milestone in just 341 days. That eclipses the record held by SPDR Gold Shares (GLD), which took 1,691 days, according to Bloomberg ETF analyst Eric Balchunas. On Monday alone, IBIT saw $2.7 billion in trading volume, placing it sixth among all ETFs by daily volume.
Still, institutions aren’t the only influence. A recent Telegram note from QCP Capital pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as mid-year approaches.
A clean break below $100,000 or above $110,000 is needed to “reawaken broader market interest,” it wrote.
Meantime, U.S. CPI, due Wednesday, and any news from the U.S.-China trade talks in London may help provide a stronger direction to the market. Stay alert!
- Crypto
- June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act.
- June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
- June 12, 10 a.m.: Coinbase’s State of Crypto Summit 2025 (New York). Livestream link.
- June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged.
- June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM) and benchmarked to Nasdaq indices.
- Macro
- June 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May consumer price inflation data.
- Inflation Rate MoM Prev. 0.43%
- Inflation Rate YoY Prev. 5.53%
- June 11, 8:30 a.m.: The U.S. Bureau of Labor Statistics (BLS) releases May consumer price inflation data.
- Core Inflation Rate MoM Est. 0.3% vs. Prev. 0.2%
- Core Inflation Rate YoY Est. 2.9% vs. Prev. 2.8%
- Inflation Rate MoM Est. 0.2% vs. Prev. 0.2%
- Inflation Rate YoY Est. 2.5% vs. Prev. 2.3%
- June 12, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases May producer price inflation data.
- Core PPI MoM Est. 0.3% vs. Prev. -0.4%
- Core PPI YoY Est. 3.1% vs. Prev. 3.1%
- PPI MoM Est. 0.2% vs. Prev. -0.5%
- PPI YoY Est. 2.6% vs. Prev. 2.4%
- June 12, 3 p.m.: Argentina’s National Institute of Statistics and Census releases May inflation data.
- Inflation Rate MoM Prev. 2.8%
- Inflation Rate YoY Prev. 47.3%
- June 10, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May consumer price inflation data.
- Earnings (Estimates based on FactSet data)
Token Events
- Governance votes & calls
- Unlocks
- June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $53.61 million.
- June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $12.82 million.
- June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $16.90 million.
- June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.59 million.
- June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $32.21 million.
- June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $41.25 million.
- June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $10.88 million.
- Token Launches
- June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon’s sunsetting process ends
- June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN).
Conferences
The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight.
Token Talk
By Oliver Knight
- The SEC announced special exemptions for DeFi projects on Monday, prompting the tokens of of aave (AAVE) and uniswap (UNI) to jump by around 16%.
- Ether (ETH), meanwhile, increased by 7.3% as daily trading volume more than doubled to $26.5 billion.
- A breakout for ETH above the $2,650 level of resistance would open a path towards $4,000, where it briefly traded in December before surrendering those gains in February.
- CoinMarketCap’s altcoin season index has ticked up from 18 to 29 out of a maximum 100 since the turn of the month, suggesting that traders are focusing on the altcoin market instead of bitcoion, even though BTC was dominant throughout the recent cycle.
- Bitcoin has risen by 32% since March, but has been outperformed by a large portion of altcoins including HYPE, SUI and ETH, which are up between 42% and 200% respectively over the same period.
Derivatives Positioning
- Bitcoin options open interest (OI) rose to a June high of $44.33B, led by Deribit at $35.24B, followed by CME ($3.5B) and OKX ($3.24B), according to Coinglass data.
- The BTC options-to-futures OI ratio stood at 57.6%, reflecting strong demand for optionality relative to directional exposure.
- Traders continue to lean bullish with a put/call ratio of 0.57 on Deribit.
- The 140K strike leads in notional terms with $1.79B, while the 27 June expiry dominates the curve with $13.7B in total notional value. The top traded instruments include 120K and 150K calls expiring June and August.
- Futures open interest momentum remains positive across BTC, AXL and altcoins.
- AXL’s OI has surged over 800% in the past 24 hours, Velo data shows.
- BTC funding rates on Deribit reached 36.1% APR, with similarly elevated levels on Hyperliquid (27.5%) and Bybit (11%), highlighting persistent long-side demand.
- On Binance, liquidation leverage rose sharply to $129.3M near the $106.6K price level, reflecting a cluster of open interest that could be wiped out if prices pull back to that zone, according to Coinglass.
- Over the past 24 hours, actual BTC liquidations totalled $170.74M, dominated by short liquidations of $160.93M, signaling aggressive forced buying as the price surged through key levels.
Market Movements
- BTC is up 0.71% from 4 p.m. ET Monday at $109,535.95 (24hrs: +2.14%)
- ETH is up 3.92% at $2,692.82 (24hrs: +6.18%)
- CoinDesk 20 is up 1.52% at 3,210.97 (24hrs: +3.21%)
- Ether CESR Composite Staking Rate is up 14 bps at 3.08%
- BTC funding rate is at 0.01% (10.95% annualized) on Binance
- DXY is up 0.21% at 99.15
- Gold futures are down 0.13% at $3,350.60
- Silver futures are down 0.44% at $36.63
- Nikkei 225 closed up 0.32% at 38,211.51
- Hang Seng closed unchanged at 24,162.87
- FTSE is up 0.32% at 8,860.46
- Euro Stoxx 50 is down 0.32% at 5,404.14
- DJIA closed on Monday unchanged at 42,761.76
- S&P 500 closed unchanged at 6,005.88
- Nasdaq Composite closed up 0.31% at 19,591.24
- S&P/TSX Composite closed down 0.20% at 26,375.80
- S&P 40 Latin America closed down 0.38% at 2,574.85
- U.S. 10-Year Treasury rate is down 3 bps at 4.45%
- E-mini S&P 500 futures are unchanged at 6,006.50
- E-mini Nasdaq-100 futures are unchanged at 21,805.50
- E-mini Dow Jones Industrial Average Index are down 0.16% at 42,728.00
Bitcoin Stats
- BTC Dominance: 64.53 (-0.18%)
- Ethereum to bitcoin ratio: 0.02445 (+0.99%)
- Hashrate (seven-day moving average): 878 EH/s
- Hashprice (spot): $54.72
- Total Fees: 5.00 BTC / $535,990
- CME Futures Open Interest: 151,915
- BTC priced in gold: 32.7 oz
- BTC vs gold market cap: 9.27%
Technical Analysis
- After trading into the weekly orderblock, Solana has reclaimed the 50-day exponential moving average and 100-day EMA on the daily time frame.
- The price is currently capped by the 50-day measure on the weekly time frame. A decisive break and hold above this level could open the door for a move back toward the prior range highs between $170 and $180.
- In the event of a pullback, bulls will want to see a higher low form, with the weekly order block continuing to hold as a strong support zone.
Crypto Equities
- Strategy (MSTR): closed on Monday at $392.12 (+4.71%), +0.64% at $394.61 in pre-market
- Coinbase Global (COIN): closed at $256.63 (+2.13%), +0.34% at $257.49
- Circle (CRCL): closed at $115.25 (+7.01%), +3.44% at $119.27
- Galaxy Digital Holdings (GLXY): closed at C$28.58 (+4.31%)
- MARA Holdings (MARA): closed at $16.27 (+3.11%), unchanged in pre-market
- Riot Platforms (RIOT): closed at $10.12 (+2.74%), +0.3% at $10.15
- Core Scientific (CORZ): closed at $12.71 (+4.27%), +1.57% at $12.91
- CleanSpark (CLSK): closed at $10.12 (+3.37%), +0.2% at $10.14
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $20.16 (+3.01%)
- Semler Scientific (SMLR): closed at $33.99 (+3.06%)
- Exodus Movement (EXOD): closed at $29.01 (+0.52%), +0.24% at $29.08
ETF Flows
Spot BTC ETFs
- Daily net flows: $386.2 million
- Cumulative net flows: $44.61 billion
- Total BTC holdings ~1.2 million
Spot ETH ETFs
- Daily net flows: $52.7 million
- Cumulative net flows: $3.4 billion
- Total ETH holdings ~3.79 million
Source: Farside Investors
Overnight Flows
Chart of the Day
- The total stablecoins market cap surpasses $250 billion for the first time.
While You Were Sleeping
In the Ether
