Good Morning,

Here's a quick preview of today’s content: Robinhood’s event proves the company is going deep into crypto in way like never before, Germany’s largest banking group adds crypto services, Circle stock starts to drop after its historic IPO, the first Solana ETF in the US sets to launch this week, and so much more.

Happy Tuesday - Let’s dive in.

Market Snapshot

• Bitcoin posts a solid +7% weekly gain to $107,550, maintaining above key support levels as institutional accumulation continues

  • The crypto market finds itself at a critical juncture as June draws to a close, with the Federal Reserve maintaining rates at 4.25-4.5% and oil prices continuing to slide as fears subsided about the possibility that supply could be hurt by attacks on infrastructure or disruptions to shipping lanes

• Ethereum bounces +12.2% to $2,474, finally breaking above its 50-day EMA after weeks of consolidation

• Solana is the star performer in the top 10 by market cap with a +16.5% weekly spike

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Robinhood kicked off the 'To Catch A Token' event that announced massive updates to the platform including stock tokens, a layer 2 blockchain, perpetual future trading, staking, and a whole lot more - the must read rundown here

• Germany's largest savings bank financial group will allow private customers to trade Bitcoin and other cryptocurrencies by 2026, in partnership with DekaBank (BM)

• Trump’s 'Big Beautiful Bill' may get a 'Hail Mary' Bitcoin tax exemption (DC)

• Rex-Osprey to launch 'first-ever staked crypto ETF in the US' for trading on Wednesday (TB)

• Aptos Labs CEO and co-founder Avery Ching joins CFTC Digital Asset Markets Subcommittee (TB)

• Kazakhstan’s National Bank has announced plans to establish a state Bitcoin and crypto reserve (BM)

• Ledger faces backlash over ending Nano S hardware wallet support (BW)

• World Liberty Financial has a mobile app ‘in the works’ (BW)

• Eightcap is now offering a contract for difference 'CFD' based on the CoinDesk 20 Index (CD)

• BlackRock's spot Bitcoin ETF $IBIT snaps a four-week decline in trading volumes (CD)

• Bitcoin has now been in a bull market for 952 days, on track to be the second longest on record (BW)

• JP Morgan analysts penciled in a price target of $80 for Circle shares along with an ‘underweight’ rating (DC)

• Barclays joins list of UK banks restricting credit card crypto buys (DC)

• Bitcoin mining difficulty sees biggest drop since 2021 China ban amid hashrate slump (TB)

• The shareholders of Spanish based 'Vanadi Coffee', approved a plan that could see the firm acquire as much as €1 billion in Bitcoin as part of a treasury strategy (TB)

• Top financial advisor Ric Edelman recommends 40% crypto allocation for aggressive Investors (TD)

Venture Capital

• Anthony Pompliano’s crypto venture makes its first purchase with $386M in Bitcoin (CT)

• Strategy Acquires $531.9B in Bitcoin and now holds 597,325 BTC (BM)

• Japan’s Metaplanet acquires 1,005 more BTC with total holdings reaching 13,350 BTC (BM)

Launches

• 'DeFi-first' layer-2 blockchain Katana has successfully launched its mainnet after receiving $232 million in pre-deposits (CD)

Regulation

• US Supreme Court will not review IRS case involving Coinbase user data (CT)

• The Bank of Korea suspended its central bank digital currency project (CD)

Cybersecurity

• Spanish police have arrested five people in connection with a "crypto investment fraud ring" that laundered almost $540M (DC)

Extra Reads

• Bitcoin treasury companies are all the rage, these days - Are Bitcoin Treasury Companies Ponzi Schemes?

• If Institutions Are Buying Why Isn’t The Bitcoin Price Going Up? - A full breakdown of what will be needed for the price to surge further

Chart of the Day

By analyzing HODL Waves data for 1-5 year bands, we can quantify long-term holder profit-taking. Over the past three months, more than 240,000 BTC from these older bands has been distributed to the market, nearly a quarter-million BTC in net outflows.

This selling has largely counterbalanced institutional accumulation. Given that daily miner issuance still adds another ~450 BTC to the market, we see why price has struggled to break higher: the market is in a state of supply-demand equilibrium. (BM)

Meme Dump

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