Trading Desk Insights
BTC’s breakout above $110,000 is reigniting market momentum, as evidenced by the resurgence in ETF inflows. Since the open on Monday, we’ve seen a steady uptick in open interest, trading volume, and funding rates across the board. A sharp move at 5pm ET yesterday triggered over $100 million in short liquidations, pushing total liquidations above $460 million in the past 24 hours. Despite the aggressive spot rally, implied and realized volatility remain surprisingly subdued.
ETH and DeFi names led overnight, with ETH rallying more than 10% off yesterday’s lows boosted in part by supportive remarks from SEC Chair Atkins, who noted regulators should not "automatically fear the future" and instead aim to “accommodate onchain financial systems.” The statement unleashed a bid across major DeFi tokens AAVE, UNI, CRV, and HYPE all posted double-digit gains.
Looking ahead, Wednesday’s U.S. CPI print and developments from the U.S.-China trade talks in London could set the tone for the next leg. Fed Funds futures now price a 55% chance of a September rate cut and just 15% for July; upcoming data could materially shift that curve.
On the institutional front, BlackRock’s IBIT just became the fastest ETF in history to cross $70 billion in AUM reaching the mark in 341 days, crushing the previous record set by GLD at 1,691 days. IBIT also recorded $2.7 billion in volume Monday, ranking sixth among all ETFs by trading volume.
In Europe, Société Générale’s crypto arm, SG Forge, announced plans to launch a dollar-pegged stablecoin USDCV on Ethereum and Solana, with trading expected to begin in early July.
Lastly, BitcoinTreasuries.net reports that 126 publicly traded companies now hold BTC on their balance sheets, up from 104 last month. Combined holdings now exceed 819,000 BTC, highlighting a clear and growing trend of corporate adoption.
The News Room
SEC Chair Paul Atkins Backs DeFi, Rejects Forced Intermediaries
At a June 9 “DeFi and the American Spirit” roundtable, SEC Chair Paul Atkins emphasized that self‑custody is “a foundational American value” and urged regulators to avoid imposing forced intermediaries on blockchain users. He argued that DeFi embodies private property rights and market competition via peer‑to‑peer validation, contrasting his stance with the previous administration’s enforcement-heavy posture. Atkins also called for formal rulemaking through congressional authority—including an “innovation exemption”—to clarify treatment of staking and wallet software without relying solely on informal guidance
ProShares and Bitwise Race to Launch CRCL‑Based ETFs
Both ProShares and Bitwise filed SEC preliminary prospectuses on June 6 for new ETFs tied to Circle’s CRCL equity, aiming for an August debut. ProShares seeks to offer a 2× leveraged “Ultra CRCL” fund using derivatives, while Bitwise proposes a covered‑call Income Strategy ETF that sells options on its CRCL holdings. These filings come amid CRCL’s strong performance—trading north of $117—and face final approval steps including exchange listing and derivative exemptions
BlackRock’s IBIT Rockets to $70 B in 341 Days—5× Faster Than GLD
BlackRock’s iShares Bitcoin Trust (IBIT) surpassed $70 billion in assets on June 6, setting a record as the fastest ETF to reach that milestone in just 341 trading days—nearly five times quicker than the SPDR Gold Shares (GLD) benchmark. With IBIT now holding about 662,707 BTC (roughly 20% of publicly custodied Bitcoin), its AUM dwarfs other major spot‑BTC ETFs like FBTC’s $21.3 B and Grayscale’s GBTC at $19.3B. The fund’s dominance signals institutional trust in spot Bitcoin ETFs, even as private firms prepare billions in corporate BTC accumulation
Crypto Charts
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