Weekly Rollup - June 30, 2026

Market highlights

• Crypto's sell off continued on ETF outflows and risk-off sentiment.
• Strategy's STRC stock fell to an all-time low of US$71.25 on June 26.
• US$10.6 billion in bitcoin options expired on June 26, deepening the sell off.
• The US Senate passed a bill banning a U.S. Federal Reserve CBDC until 2030.
• Securitize is set to list on the NYSE under the ticker SECZ following its SPAC merger.
• South Korean officials met with the US SEC to align on crypto regulation.

Macro market overview

Risk assets were mixed this week as market participants rotated out of technology stocks into other sectors. Megacap tech stocks, including Nvidia and Alphabet, declined by more than 8%, while Apple, Amazon and Meta lost more than 4%. SpaceX has also sold off 17% since its June 12 market debut. Like previous tech sell-offs in recent times, the capital rotation out of tech and AI came due to concern around CAPEX spend. Further conflict in the Middle East throughout the week presumably added to risk-off sentiment.

U.S. stock futures gained into the new week on news that Washington and Tehran agreed to stop their respective attacks ahead of peace talks resuming this week. Despite the continued tensions, oil declined throughout the week, now priced around US$70 per barrel.

In economic data, the flash manufacturing and services PMI updates came in mixed. France's updates were above forecast, while Germany's services PMI came in under forecast at 46.8. Similarly, the U.K. reported below forecast updates, and the U.S. came in over forecast for manufacturing at 55.7. Also in the U.S., the core personal consumption expenditures price index came in on forecast at 0.3% for May. And U.S. final gross domestic product for the quarter ending March 30, 2026 came in above forecast at 2.1%, indicating that inflation is steady and production remains resilient despite recent uncertainties.

This week, market participants will presumably monitor developments in the Middle East, the U.S. ISM manufacturing PMI update, and the non-farm employment change for June. Plus, U.S. Federal Reserve Chair Kevin Warsh speaks on July 1.

Weekly performance: S&P 500 -2%, Dow Jones +0.6%, Nasdaq -4.6%.

Looking ahead:

• U.S. Federal Reserve Chair Kevin Warsh speaks - July 1
• U.S. ISM manufacturing PMI - July 2
• U.S. non-farm employment change - July 2

Crypto Market Performance

Market Cap: $2.08T (+1.81%)

All sectors saw declines this week on continued risk-off sentiment. As the sell pressure continued throughout Friday, June 26, over US$1.1 billion in leveraged crypto positions were liquidated, of which US$875 million were longs. The crypto fear and greed index has declined to extreme fear at 16.

Bitcoin (BTC)

• Opened the week at US$63,237 and declined to a 21-month low of US$58,035 on Thursday, June 25 on Middle East tensions, continued exchange-traded fund (ETF) outflows, and the subsequent risk-off sentiment. On Friday, June 26, US$10.6 billion of BTC options expired, with 80% of contracts worthless. Bitcoin is now trading around US$60,250 (-6.4% 7D).
• BTC dominance ranged between 58.5% and 59.1% this week.
• Bitcoin investment products saw outflows of almost US$1.8 billion.

Strategy's flagship preferred stock, Stretch (STRC), declined to a new all-time low of US$71.25 on June 26, slipping further from its par value of US$100, raising questions about how the company is allocating its capital. Strategy stock also fell to a 52-week low of US$94.13 this week. Company Chair Michael Saylor said the company remains focused on "disciplined capital allocation, credit quality, and long-term value creation."

Also this week, Strategy authorised management to sell up to US$1.25 billion worth of bitcoin under its new Digital Credit Capital Framework. The proceeds could replenish cash reserves, fund dividends and interest payments, or support share buybacks, marking a notable shift from executive chairman Michael Saylor's long-standing commitment to never sell the company's bitcoin holdings. The firm didn't accumulate any bitcoin this week.

Past performance is not a reliable indicator of future results.

Ethereum (ETH)

• Opened the week at US$1,705 and declined to a weekly low of US$1,510 on Friday, June 26 due to risk-off sentiment caused by the Middle East conflict and ETF outflows. Ethereum is now trading around US$1,610 (-6.6% 7D).
• Ethereum dominance ranged between 9.1% and 9.6% this week.
• Ethereum-focused funds saw outflows of US$270 million.

Ethereum layer-2 network Base resumed normal operations after a more than two-hour outage caused by a block production issue ahead of its Beryl upgrade. No user funds were affected, and developers identified the fault while continuing with the planned network upgrade to enhance stablecoin and tokenised asset functionality.

In Ethereum buying news:

• BitMine bought 27,084 ETH (US$43 million) and was added to the Russell 1000 Index on June 26. The company now holds 5.7 million ETH, or around 4.7% of supply.

Past performance is not a reliable indicator of future results.

Altcoins

The altcoin season index is currently 52, which is altcoin season.

Aave a good time

• Aave gained 21.6%. The DeFi lender made gains on the news that crypto exchange Kraken is reportedly in talks to acquire a 15% stake at a US$385 million valuation. Plus, Standard Chartered released a crypto forecast stating that Aave could gain 50x to be worth US$3,500 by the end of 2030.

Jito's got SOL

• Jito gained 11.9%. The liquid staking and maximal extractable value protocol on the Solana network gained on renewed investor interest in Solana as several major projects launched, including the rollout of gasless swaps. Jito has been expanding its own infrastructure too, with three new products enabling a wider range of applications.

On-chain lending

• XRP declined by 6.3% despite XRP creator, Ripple, opening testing of the XRPL Lending Protocol, a proposed upgrade that would add native lending and credit functionality to the XRP Ledger. If approved, institutions could borrow, lend and deploy tokenised real-world assets on-chain.

OTC fire sale

• Worldcoin declined by 32.1%. The WLD token fell to a record low of US$0.24 after the World Foundation completed a US$65 million over-the-counter token sale. While US$25 million of the sale is locked up for six months, WLD holders remain concerned about increased supply and a major token unlock scheduled for July.

Crypto ETF News

Digital asset investment products saw outflows of US$2 billion as risk-off sentiment continued this week.

In altcoins, Solana saw outflows of US$1.9 million, while XRP and HYPE saw inflows of US$38.6 million and US$111.4 million, respectively.

Other crypto news

• The US Senate passed a bipartisan housing bill containing a provision banning the Federal Reserve from issuing a central bank digital currency until the end of 2030. However, President Trump later postponed signing the bill, demanding Congress first pass the SAVE America Act. If President Trump vetoes the bill, it will need a supermajority of two-thirds of both chambers in order for it to pass.
• The US Supreme Court ruled that President Donald Trump can dismiss U.S. Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission commissioners at will, ending a 91-year precedent protecting independent regulators. The decision gives the White House greater influence over crypto oversight and could complicate negotiations on the Clarity Act, as Democrats seek bipartisan regulatory representation.
• South Korean officials met with the US Securities and Exchange Commission's (SEC) crypto task force to discuss aligning digital asset regulations, including stablecoins, tokenised securities and custody rules. The talks follow recent domestic crypto scandals, underscoring Seoul's push to strengthen oversight while maintaining compatibility with evolving US regulatory frameworks.
• BlackRock-backed tokenisation firm Securitize is set to list on the NYSE under the ticker SECZ following its SPAC merger. The debut, expected this week, will test investor appetite for tokenisation-focused businesses as Wall Street accelerates efforts to bring real-world assets and traditional securities on-chain. The U.S. SEC is still considering how it will apply an innovation exemption for tokenised stocks after delaying its decision in May.
• Crypto custody and infrastructure firm BitGo is cutting nearly 15% of its workforce as it pivots toward AI-powered infrastructure, stablecoins, trading and settlement services. CEO Mike Belshe described the layoffs as a one-time move, joining a broader wave of crypto and tech firms restructuring their operations around AI.
• The UK Financial Conduct Authority finalised its crypto rulebook, bringing crypto firms fully under FCA oversight from October 2027. The rules reduce proposed stablecoin issuer capital requirements from 2% to 1% as the UK looks to remain competitive while strengthening consumer protection.