Weekly Market Insight: June Week 2

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Market Updates

09 Jun 2025

Headline News

Bitcoin traded sideways last week, fluctuating between $103,000 and $107,000, before sharply dropping to near $100,000 following a public fallout between Elon Musk and Donald Trump over Trump’s proposed tax bill. However, tensions between the two influential figures quickly subsided, and Bitcoin rebounded above the $104,000 level by Friday.

Macro-Outlook

President Trump expressed optimism after a trade call with Chinese President Xi. Secretary Bessent and others will meet with China representatives on June 9.
The US ISM manufacturing PMI decreased to 48.5 in May, lower than the market expectation of 49.5. Additionally, the services PMI also decreased to 49.9 in May, well below the market expectation of 52.
The JOLTs job openings increased to 7.391 million, well above market expectation of 7.1 million.
The US non-farm payrolls increased by 139K in May, slowdown from April's downwardly revised 147K, but above forecasts of 130K. The unemployment rate held steady at 4.2% in May. The number of unemployed increased and employment dropped sharply in May, but the decline in participation rate and employment population ratio offsetting the imbalance.
The ECB cut the key interest rate by 25bps, from 2.4% and 2.65% to 2.15% and 2.4%.

Upcoming Economic Calendar including,

Wednesday, June 11, 8:30pm: The US Inflation Rate in May
Thursday, June 12, 8:30pm: The US PPI in May
Friday, June 13, 10:00pm: The University of Michigan Preliminary Consumer Sentiment for June

Weekly-Cryptos-Overview

Strategy announced plans to launch an initial public offering of STRD Stocks, targeting to raise $250 million. STRD Stock is entitled to receive non-culmulative dividends at a rate per annum equal to 10%, non-convertible, and callable if outstanding stock is less than 25% or certain tax events occur.
Tether announced an undisclosed investment in Orionx crypto exchange to expand services across Latin America. Tether also launched Layer Zero OFT standard tokenised gold, XAUt0, on TON. Tether also announced a strategic investment in Shiga Digital, an Afican blockchain financial firm, offering OTC, treasury management, cross-border payment services using USDT.
USDC stablecoin issuer, Cicle, has been listed on the New York Stock Exchange. The stock price increased by 247% in 2 trading days above its IPO price of $31.
Deutsche Bank plans to integrate or issue stablecoin for enhancing payment efficiency.
Apple, X, Airbnb and Google are reportedly in discussion to integrate stablecoins into their operation to reduce transaction costs and cross-border payment efficiency.
Uber announced plans to support cryptocurrencies in its payment system.
Robinhood announced it has completed the $200 million acquisition of Bitstamp.
JPMorgan plans to accept IBIT as loan collateral for its trading and wealth management clients.
Gemini crypto exchange filed Form-S1 for its IPO with the US SEC.
The UK FCA announced lifting a ban on crypto ETNs, which previously only available to institutional investors, for retail investors.

Layer 1 and Layer 2s

The Ethereum Foundation introduced Protocol, a new structure for the foundation R&D teams. The new structure streamlines into three teams, Layer-1 scaling, Layer-2 scaling and UX improvement.
Solana released Solana App Kit, an open-source kit to build iOS and Android mobile apps on Solana.
Arbitrum launched Trailblazer 2.0, a $1 million funding program for developers to integrate Vibekit, a new Arbitrum-native MCP agent framework.
Aurora launched Aurora Cloud Console Marketplace, providing ready-to-use full-stack integration on identity, compute, AI tools, oracles etc to Virtual Chain. Virtual Chain is an appchain powered by Aurora engine as a smart contract on NEAR blockchain.
Plume launched Plume Genesis, users can now bridge to Plume mainnet to participate in various RWA yield opportunities and PLUME staking.
Bitfinex introduced Stable, a new Layer-1 with USDT as gas token and transfer of USDT is free. Testnet is now live.

Dapps

Aave launched the new Umbrella upgrade, introducing aToken staking to cover deficit in case of a shortfall event and receiving rewards for providing protection.
World Liberty Finance launched $1 million in rewards for the USD1 x BNB Chain Liquidity Drive campaign, aiming to increase USD1 adoption and liquidity on BNB Chain.
Maple Finance partnered with Kamino to onboard syrupUSDC to Solana and integrated into Mutiply, Lend and Liquidity yield strategies on Kamino platform.
Morpho launched Auto Deleverage, helping borrowers to automatically reduce the loan size to avoid liquidation and save on the liquidation cost.
Sky announced that SKY stakers are now eligible for USDS rewards, with approximately 15% APY. $570 million or 26% of SKY token has been staked.
Euler introduced Frontier, a template for new stablecoin to gain adoption by utilising an isolated lending market with EulerSwap integrated and enjoys boosted incentives.
Magic Eden partnered with The Official Trump team to launch $TRUMP Wallet. However, the initiative was later discontinued. World Liberty Financial instead plans to launch the official wallet.
GMX launched GMX Express on Arbitrum and Avalanche, introducing frictionless trading experience even during high network congestion, USDC for gas, "One-Click Trading" feature for gas-less and no pop-ips trading.
InfiniFi, the fractional reserve yield vault protocol, is live on the mainnet. The protocol has attracted more than $17 million TVL in less than a week, offering approximately 7% on Senior Tranche stablecoin yield.
Covalent introduced Sub-Second Data Co-Processor, processing verifiable and readable blockchain data to traders, agents, or dApps under a second.
Polymarket partnered with X to be the official prediction market platform.

Upcoming Alpha and Governance

Defi App is expected to launch its HOME token on June 10.
Huma Finance is expected to open for the Huma 2.0 deposit on June 11, enabling HUMA stakers to participate in its payment liquidity pool based on the amount of HUMA staked.
Velora (previously ParaSwap) proposed introducing an auto-compounding feature in staking, auto swapping full or partial ETH reward to PSP. The protocol token launched an incentive campaign from June 4 to July 2 ahead of its token rebranding from PSP to VLR.
Virtuals' Agent Commerce Protocol (ACP) is expected to launch in June. It is an open standard that enables secure, verifiable and efficient commerce between AI agents.
Origin Protocol is voting to allocate DAO treasury assets to buyback OGN and redistribute to OGN stakers. The buyback is expected to start on July 4.
Consensys, the team behind Metamask, revealed the team is in discussion with sovereign wealth funds and banks to build infrastructure within the Ethereum ecosystem.
Pump.fun is reportedly planning to raise $1 billion through token sale at $4 billion valuation.
Apecoin proposed to sunset the ApeCoin DAO and transfers the assets and responsibilities to ApeCo, a new entity established by Yuga Labs, for more efficient and faster product development and capital deployment.
Across is voting to cease ACX emission to wstETH/ACX LP on Balancer and ACX LP, redirecting the incentive to LPs with higher utilisation by ACX Emissions Committee instead.
Frax Finance is exploring to be listed on the US stock market via SPAC, and establishing a FRAX treasury strategy with the company.

Token Unlock

IO token unlocked on June 11, amount representing 1.92% of the token supply.
APT token unlocked on June 12, amount representing 1.79% of the token supply.
IMX token unlocked on June 13, amount representing 1.33% of the token supply.
BB token unlocked on June 13, amount representing 10.92% of the token supply.
STRK token unlocked on June 15, amount representing 3.81% of the token supply.
VANA token unlocked on June 16, amount representing 16.8% of the token supply.
ZK token unlocked on June 17, amount representing 21% of the token supply.
ZRO token unlocked on June 20, amount representing 22.2% of the token supply.
LISTA token unlocked on June 20, amount representing 19.3% of the token supply.
MELANIA token unlocked on June 20, amount representing 5.64% of the token supply.
PLUME token unlocked on June 21, amount representing 4.44% of the token supply.
INIT token unlocked on June 24, amount representing 1.67% of the token supply.
SOPH token unlocked on June 28, amount representing 1.25% of the token supply.

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