Weekly Rollup - June 24, 2026

Market highlights

• Despite bitcoin trading around 50% below its ATH, network activity is increasing.
• Bitcoin miner Hive Digital Technologies secured a US$220 million to expand its AI business.
• The Ethereum Foundation cut 54 roles and cut its budget 40% amid broad restructure.
• Ripple received preliminary approval under the EU’s MiCA Regulation.
• Hyperliquid gained to a new ATH on strong ETF inflows and network activity.
• Franklin Templeton filed for two novel ETFs that invest dividend income into BTC exposure.

Macro market overview

Risk assets finished last week with small gains as developments in a U.S.-Iran peace deal and hawkish U.S. Federal Reserve saw market participants reduce risk throughout the week before gains were made into the weekend. A roadmap was agreed for a final U.S.-Iran deal to be reached within 60 days. Discussions are ongoing, and U.S. futures declined into the new week as President Trump threatened strikes if Hezbollah continues attacking Israel. Risk assets declined when markets opened, with the Nasdaq declining by almost 1.8% on Tuesday, June 23 on a sell-off in semiconductor stocks and a resurgence of concern around the CAPEX spend required for AI infrastructure development.

On June 17, the U.S. Federal Open Market Committee (FOMC) left rates on hold at 3.75%. In his first speech as Chair of the Federal Reserve, Kevin Warsh signalled the FOMC has a hawkish stance looking to the remainder of 2026, with almost half of FOMC members expecting at least one rate hike before year-end. Some commentators say Warsh’s hawkish tone is reminiscent of former Chair Paul Volcker in the 1980s, who was heavily focused on bringing down inflation to drive long-term economic growth. Across U.S. Treasuries, the 2-year yield gained throughout the week to 4.2%. The 10-year yield and 30-year yield each declined to almost 4.5% and 4.9%, respectively. CME’s Fed Watch tool notes the likelihood of rates staying on hold at the FOMC’s July 29 meeting is 63.7%.

Amongst other central banks, the U.K., Australia and Switzerland each left their interest rates on hold at 3.75%, 4.35% and 0%, respectively. The Bank of Japan raised their interest rate to 1%, the highest in thirty years, in response to rising inflation.

This week, market participants will presumably monitor developments in U.S.-Iran peace talks and the U.S. core personal consumption expenditures (PCE) price index (the Fed’s preferred inflation gauge). Flash manufacturing and services PMI updates are expected this week, too.

Weekly performance: S&P 500 +0.9%, Dow Jones +0.7%, Nasdaq +2.4%.

Looking ahead:

• Flash manufacturing and services PMI (France, Germany, U.K., U.S.) - Tuesday, June 23
• U.S. core PCE price index - Thursday, June 25

Crypto Market Performance

Market Cap: $2.15T (-3.36%)

Sector performance was mixed this week, with financials and smart contract platforms seeing gains, while other sectors declined. The declines are presumably due to broader risk-off sentiment caused by geopolitical uncertainty and the Fed’s hawkish outlook. The crypto fear and greed index remained in fear territory this week at 20.

Bitcoin (BTC)

• Opened the week at US$65,713, declined to a weekly low of U$62,178 on Thursday, June 18 on uncertainty in the Middle East and a hawkish Fed. Bitcoin is trading around US$62,700 (-4.5% 7D) to start the new week.
• BTC dominance ranged between 58.7% and 59.4% this week.
• Bitcoin investment products saw outflows of US$252.3 million.

Despite bitcoin trading around 50% below its all-time high relative to network activity, on-chain metrics are strengthening. Analysts point to rising active addresses, transaction volumes and network usage as signs of growing fundamental demand, even as price action deviates from historical adoption curves. Current network activity is only 7% below its September 2024 all-time high.

Asset manager Strive says recent weakness in Strategy’s STRC preferred shares was driven by leveraged investors being forced to unwind positions rather than deteriorating fundamentals. The firm argues liquidation pressure created a temporary dislocation, rather than a structural shift in STRC’s broader bitcoin-focused treasury strategy. STRC fell to an all-time low of US$82.53 on June 18.

Bitcoin miner Hive Digital Technologies secured a US$220 million deal to expand its AI and high-performance computing business, marking a significant diversification beyond crypto mining. The company plans to repurpose its existing infrastructure and capitalise on growing demand for AI computing services.

In bitcoin buying news:

• Strategy brought 520 BTC (US$35 million), bringing its total holdings to 847,363 BTC at an average purchase price of US$75,651.

Past performance is not a reliable indicator of future performance.

Ethereum (ETH)

• Opened the week at US$1,724, declined to a weekly low of US$1,670 on Thursday, June 18 on global-macro uncertainty, and largely stagnated sideways for the remainder of the week. Ethereum is now trading around US$1,670 (-7% 7D).
• Ethereum dominance ranged between 9.3% and 9.7% this week.
• Ethereum-focused funds saw outflows of US$10 million.

Hsiao-Wei Wang, co-director of the Ethereum Foundation, stepped down this week. It comes as the Ethereum Foundation announced it’s eliminating 54 of its roles and cut its budget by 40%. Ethereum co-founder, Vitalik Buterin, says the restructure to leaner operations will require “grand sacrifices,” such as changes to client development, institutional work, and the annual Ethereum conference, Devcon.

BitMine, SharpLink and Ethereum co-founder Joe Lubin have joined forces to fund Ethlabs, a new non-profit Ethereum research group. Ethlabs aims to accelerate institutional adoption, improve Ethereum infrastructure, and help position Ethereum as the global settlement layer for finance and AI-driven applications.

In Ethereum buying news:

• BitMine bought 52,203 ETH (US$92 million). The company now holds almost 5.7 million ETH, worth US$10 billion and equating to 4.7% of supply.

Past performance is not a reliable indicator of future performance.

Altcoins

The altcoin season index is currently 45, which is bitcoin season.

Whale of a time

• Aerodrome Finance gained 8.1%. The decentralised exchange (DEX) and central liquidity hub for the Base network gained as small-scale whales increased buying activity when AERO declined to US$0.42 throughout the week. Plus, futures open interest increased, with the majority being long positions. AERO is now trading around US$0.50

Ripple effect

• XRP declined by 8.8%, despite Ripple nearing a payments network rollout spanning 30 countries after receiving preliminary approval under the EU’s Markets in Crypto-Assets Regulation (MiCA). The approval would allow Ripple to expand regulated cross-border payment services across Europe, strengthening its position in the growing market for blockchain-based international settlements and digital asset infrastructure.

UNIcorn

• Uniswap declined by 11.3% after surging more than 20% when Standard Chartered initiated coverage with a US$100 price target by 2030, citing the rapid growth of tokenised assets and DeFi. The rally was also fuelled by Uniswap’s expansion into tokenised stock trading, strengthening its position as key infrastructure for on-chain financial markets.

HYPEd up

• Hyperliquid declined by 15.4%, despite the DEX reaching a new all-time high of US$76.85 on Tuesday, June 16. The gains came due to Hyperliquid exchange-traded funds (ETFs) attracting nearly US$172 million in net inflows since launching in May and consistently growing network activity. HYPE has since declined by around 15%, presumably due to profit taking and risk-off sentiment.

Crypto ETF News

Digital asset investment products saw outflows of US$244.6million on uncertainty over Middle East tensions and the Fed’s hawkish outlook.

In altcoins, Solana, XRP and HYPE saw inflows of US$7 million, US$12.7 million, and US$28 million, respectively.

BlackRock launched the iShares Bitcoin Premium Income ETF (BITA), a bitcoin ETF that generates monthly income by selling call options on up to 35% of its holdings. Investors receive a projected mid-to-high teens annual yield but sacrifice some upside, retaining roughly 70% of bitcoin's gains.

Franklin Templeton filed for two novel ETFs that would automatically invest dividend income from US equities into bitcoin exposure. The products aim to blend traditional income-generating stocks with long-term bitcoin accumulation, offering investors a passive way to increase crypto exposure without committing additional capital.

Other crypto news

• The U.S. Federal Reserve released its stablecoin oversight framework this week. The framework outlines how U.S.-based crypto firms will need to implement AML/KYC processes. Former Fed Chair, Jerome Powell, backed the framework, signalling continued support for regulated digital-dollar innovation. And new Federal Reserve Chair Kevin Warsh abstained from the vote, highlighting ongoing debate over the appropriate regulatory approach to stablecoins and their role within the broader financial system.
• Illinois approved a first-of-its-kind 0.2% tax on cryptocurrency transactions, due to take effect in 2027. Critics argue the levy, which will be applied to transaction value rather than profits, is the most punitive crypto tax in the US, warning it could drive exchanges, investors and innovation out of the state. The tax is expected to generate around US$60 million annually in revenue.
• US lawmakers reached a compromise housing bill that includes a ban on the issuance of a US central bank digital currency (CBDC) until 2030. The measure, backed by crypto advocates concerned about government surveillance and financial control, was attached to the 21st Century ROAD to Housing Act to improve its chances of passage.
• CME Group is reportedly considering legal action against the Commodity Futures Trading Commission (CFTC) over the approval of bitcoin perpetual futures contracts. The Group’s outgoing CEO, Terry Duffy, argued that perpetual futures are legally swaps under the Dodd-Frank Act, which means they are subject to different clearing, reporting and trading-venue rules. The CFTC approved Kalshi to offer bitcoin perpetual futures in May.
• European crypto firms are facing mounting pressure as the transition period for the EU’s Markets in Crypto-Assets Regulation (MiCA) nears its end. Companies that have not secured MiCA licences risk losing access to key markets, while regulators intensify oversight. Industry participants warn the shift could trigger consolidation, compliance challenges and disruption for firms unprepared for the new regime, which starts on July 1.
• The Bank of England has softened its proposed stablecoin regime, replacing strict holding caps with a £40 billion threshold that would trigger closer supervision. The change aims to balance financial stability concerns with innovation, giving stablecoin issuers greater flexibility to grow in the UK market.
• Ireland strengthened oversight of cryptocurrency activities under a new financial crime action plan aimed at combating money laundering, fraud and illicit finance. The measures increase scrutiny of crypto service providers and align the country’s regulatory framework with broader European efforts to improve transparency and consumer protection.