Crypto Market

BTC and ETH Market Insight

This week's CPI and PPI data were slightly bullish, but rate cuts in June seem unlikely. The SEC Chair announced that DeFi platforms would be exempt from regulatory constraints. Solana ETFs could be approved within 3 to 5 weeks. After rebounding from the $101k, Bitcoin continued its ascent towards its all-time high earlier this week. Crypto majors are seeing significant declines amid the fallout from Israel's attack on Iran. BTC held above the psychologically crucial $100k level, indicating strong investor confidence.

Upcoming Macro Calendar - Source: Trading Economics

Options Market

The cryptocurrency market continued its robust recovery from the previous week, with BTC reaching $110,000 and ETH breaking through $2,800 early in the week. However, escalating geopolitical tensions between Israel and Iran triggered a brief selloff, causing a spike in front-end implied volatility that quickly subsided as prices stabilized. Market skew shifted to favour puts further on the front, signaling cautious sentiment. ETH's 7-day realized volatility significantly outpaced BTC's, maintaining a premium of over 35 volatility points. The ETH/BTC pair tested the 0.026 level but closed the week nearly unchanged at around 0.024.

Altcoins and Blockchain News

• Invesco and Galaxy jointly register Solana spot ETF trust.
• Trump submits the first financial report of his term, revealing $57 million in income through his family's cryptocurrency company.
• ARK Invest purchases nearly 4.5 million shares of Circle stock on its first day, valued at approximately $373 million.
• Binance Alpha changes airdrop rules, to be distributed in two phases starting June 19.
• a16z leads $33 million seed round for Yupp to build a decentralized AI evaluation platform.
• US SEC approves Trump Media & Technology Group's Bitcoin treasury agreement registration statement.
• Strategy plans to raise approximately $1 billion through a preferred stock offering to increase its Bitcoin holdings.
• Gemini has submitted a draft registration statement to the U.S. SEC for an IPO.
• South Korea's ruling party proposes legislation to allow the issuance of stablecoins.
• BlackRock's spot Bitcoin ETF becomes the fastest fund to surpass $70 billion in AUM, breaking gold's previous record.

Macro

The major indices closed lower for the week: the DJIA lost 1.3%, the S&P 500 -0.4%, and the Nasdaq -0.6%. The Chinese closed slightly lower for a quiet week: the Shanghai Composite Index lost 0.25%, the CSI 300 -0.25% and the Hang Seng index added +0.42%.