Trading Desk Insights
BTC has reclaimed bullish momentum, breaking above its 20-day moving average and now trading just 4% shy of all-time highs. ETH, meanwhile, remains rangebound between $2,300 and $2,800, with ETHBTC similarly locked in a tight 15% band since mid-May.
In the derivatives space, BTC option open interest on Deribit stands at $32.9 billion. Calls continue to dominate with 200,000 contracts vs. 110,000 puts, reflecting strong appetite for upside. The standout strike for the June 27 expiry is the $120,000 call, with $685 million in notional, underscoring bullish sentiment.
Macro focus turns to inflation data this week, with CPI due Wednesday and PPI on Thursday. Markets will be watching closely for any signal that recent tariff adjustments are filtering into consumer and producer prices.
On the ETF front, ETH spot ETFs have notched 15 consecutive days of inflows, pushing cumulative totals to record highs. In contrast, BTC spot ETFs, which peaked in late May, have since seen over $1 billion in outflows. Notably, 13F filings show that investment advisors now hold 20% of all BTC ETF assets, overtaking other investor categories.
Elsewhere, BlackRock issued a note cautioning that quantum computing could pose a threat to Bitcoin’s cryptography. Michael Saylor quickly responded, emphasizing Bitcoin’s capacity to upgrade its protocol when needed. On the corporate side, Strategy disclosed another $110 million BTC buy last week.
Geopolitics remain in focus as U.S. and Chinese trade officials meet in London. Both sides have agreed to temporary tariff rollbacks to keep discussions alive, but fundamental disagreements persist. Meanwhile, Apple kicks off its 2025 WWDC on Monday, with the stock under pressure down over 18% year-to-date.
The News Room
Bitcoin community divided over Core devs’ transaction relay statement
A joint statement from 31 Bitcoin Core developers on June 6 defended the decision to remove the 80‑byte data limit on transaction relays, citing support for censorship resistance and economic signal via the fee market. Supporters argue the move enables freedom for legitimate use cases, while critics—including Samson Mow and Luke Dashjr—warn it opens the door to spam and undermines the network’s original financial purpose.
Strategy’s Michael Saylor calls quantum computing threats to Bitcoin a marketing myth
Michael Saylor dismissed the notion that quantum computing poses an immediate threat to Bitcoin, calling it “mainly marketing” by promoters of quantum-themed tokens. He emphasized that major firms like Google or Microsoft wouldn’t release quantum machines capable of breaking modern cryptography and pointed out that Bitcoin can adapt via software upgrades if needed. While acknowledging that quantum-safe measures are being explored, Saylor reinforced that current risks—like phishing—remain far more pressing.
Crypto ETF inflows climb to $11 b in 7 weeks with Ethereum leading amid US policy uncertainty
Over the past seven weeks, crypto ETFs have attracted approximately $11 b in net inflows, with $224 m added last week, according to CoinShares. Ethereum-focused funds led the charge, drawing in $1.5 b total—$295 m last week alone—marking its strongest inflow streak since November. In contrast, Bitcoin and XRP ETFs saw outflows, attributed to cautious investor sentiment due to looming U.S. monetary policy uncertainty
Crypto Charts
ETF Flow
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