Summary
gm, Circle's IPO on the NYSE stands out as a watershed moment. The USDC issuer's shares soared 167% above their initial offering price, reflecting strong institutional demand with the offering being 25 times oversubscribed. Meanwhile, JPMorgan announced plans to accept crypto ETFs, starting with BlackRock's iShares Bitcoin Trust, as collateral for loans, further legitimizing digital assets in traditional finance. These institutional advancements occurred against a backdrop of market correction, with Bitcoin dipping below $103,000 amid macroeconomic concerns related to trade tensions and weak employment data, while the tokenized real world asset (RWA) market continues its impressive growth, expanding 260% in 2025 to exceed $23 billion in valuation.

News Headlines
🔐 Ukrainian Police Arrest Alleged Cryptojacker

  • Ukrainian authorities have arrested a 35-year-old man for allegedly breaching over 5,000 accounts of an international hosting company to mine cryptocurrency since 2018.
  • The accused reportedly caused losses estimated at over $4.4 million and faces charges that could lead to a prison sentence of up to 15 years.

💱 Chinese Company Webus Announces $300 Million XRP Treasury Plan

  • Nasdaq-listed travel booking firm Webus International Ltd. has filed plans with the SEC to establish a $300 million treasury in XRP, partnering with investment advisor Samara Alpha Management to accumulate the cryptocurrency.
  • The company intends to leverage blockchain technology to enhance cross-border settlements and improve transparency in its services, joining the growing trend of public companies incorporating cryptocurrencies into their treasury strategies.

🚗 Uber Exploring Stablecoin Integration to Reduce Global Transfer Costs

  • Uber CEO Dara Khosrowshahi revealed the company is in the "study phase" of potentially incorporating stablecoins into its operations to reduce costs associated with moving money globally across its platforms.
  • Khosrowshahi emphasized stablecoins' practical benefits over traditional cryptocurrencies, highlighting their potential as efficient payment mechanisms that could optimize Uber's international money transfer operations while maintaining value stability.

📱 Safe Launches New Unit Focused on Enterprise Ethereum Wallets

  • Safe (formerly Gnosis Safe) has established Safe Labs, a new subsidiary dedicated to developing enterprise-grade self-custody solutions using their smart contract wallet infrastructure, which currently secures around $60 billion in assets.
  • Led by Rahul Rumalla, the unit will focus on addressing security concerns like blind signing by utilizing Safe Smart Accounts and improving collaboration with hardware wallet manufacturers to enhance transaction security for businesses managing on-chain assets.

🔄 Ethereum Reclaims DeFi Market Share as Bots Drive $480B Stablecoin Volume

  • Ethereum is experiencing a DeFi renaissance in 2025, with automated bots facilitating a record $480 billion in stablecoin transfers within the Ethereum mainnet in May, marking a reversal of the previous trend where liquidity migrated to rival blockchains.
  • The resurgence is attributed to lower transaction fees in early 2025, resulting in an 11% increase in Ethereum's stablecoin market capitalization, though analyst Illia Otychenko warns that addressing liquidity fragmentation across network layers is crucial for maintaining momentum.

Market Metrics

Fundraising & VC
1. Circle (IPO, $1.10B) - Platform for global stablecoin finance
2. Momentum (Strategic, $100M) - Central liquidity engine for the Move ecosystem on Sui
3. HeyElsa (Undisclosed, $3M) - Composable layer for crypto AI agents

Regulatory
🏛️ Brian Quintenz Nomination for CFTC Chair Advances

  • The Senate Agriculture Committee will consider former CFTC commissioner Brian Quintenz's nomination for chair on June 10, four months after his nomination by President Trump.
  • If confirmed, Quintenz could lead a significant overhaul of CFTC leadership, potentially shifting toward policies more favorable to the digital asset industry.

🔍 California Passes Bill on Unclaimed Crypto Assets

  • California's Assembly unanimously passed AB-1052, allowing the state to seize idle crypto from exchanges if accounts remain inactive for three years.
  • Unlike traditional unclaimed property, crypto assets would not be liquidated but held in their original form, with the law expected to take effect on July 1, 2026.

🌏 Hong Kong Opens Door to Crypto Derivatives

  • Hong Kong's Securities and Futures Commission will allow trading of crypto derivatives for professional investors, aiming to enhance the city's position in the global digital asset market.
  • The initiative includes tax concessions for virtual assets to attract major international fintech companies, following recent approvals of staking services and virtual asset ETFs.

🔒 Crypto.com Sues Nevada Gaming Control Board

  • Crypto.com has filed a lawsuit against the Nevada Gaming Control Board after the regulator blocked its derivatives trading related to sporting events.
  • The exchange argues that it's regulated federally by the CFTC and not subject to Nevada's gaming laws, seeking an injunction against the state's enforcement actions.

🚫 US Authorities Seize Dark Web Marketplace Assets

  • US authorities have seized 145 domains and cryptocurrency linked to BidenCash, a dark web marketplace that sold over 15 million stolen credit cards and personal data.
  • The platform, which had over 117,000 users and facilitated more than $17 million in revenue, was dismantled as part of broader efforts to combat cybercriminal networks.

Technical Analysis
Bitcoin - Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency has broken down through support at points 104000. This predicts a further decline. The short term momentum of the currency is strongly negative, with RSI below 30. This indicates increasing pessimism among investors and further decline for Bitcoin. However, particularly in big stocks, low RSI may be a sign that the stock is oversold and that there is a chance for a reaction upwards. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum shows strong development within a rising trend channel in the short term. Rising trends indicate that the currency experiences positive development and that buy interest among investors is increasing. The currency has broken down through support at points 2500. This predicts a further decline. In case of positive reactions, there will now be resistance at points 2500. Volume has previously been high at price tops and low at price bottoms. This strengthens the trend. The currency is overall assessed as technically neutral for the short term.