After a period of calm, Bitcoin plummeted somewhat sharply last week and dipped below $66,000 on June 18. The downward tendency continued, pushing the price below $65,000. According to CryptoQuant, declining stablecoin token issues, ongoing withdrawals from crypto ETFs, and miner capitulation drove market volatility. Although there was a fall, investor gains stayed robust, with 87% of Bitcoin under profit.
By buying an additional 12,000 Bitcoin on June 20 and investing $786 million at an average price of $65,883 per BTC, MicroStrategy took advantage of the market downturn. This deed highlights the company’s long-term confidence in Bitcoin.
A few altcoins have demonstrated resistance to the general market drop. Pendle (PENDLE) climbed 17% the week before June 22, with approximately $1 billion in market capitalization. Toncoin (TON) also performed well in the face of broader market challenges.
Notwithstanding doubts about its techniques and Sybil screening measures, Zksync issued 3.67 billion tokens. On June 17, Binance mentioned the token. Soon after the airdrop, almost 41% of the top addresses sold off their allocation.
Bitcoin ETF Outflows And New Listings Amid Regulatory Changes
Spot Bitcoin ETF products had notable outflows last week: $145.9 million on June 17 and $152.4 million on June 18. By June 21, this generates a total negative net flow of around $545 million and cumulative net inflows of less than $15 billion. Conversely, VanEck was permitted to create Australia’s first spot Bitcoin ETF while asset manager 3iQ listed the Solana Fund (QSOL) on Canada’s Toronto Stock Exchange.
New regulations have South Korean authorities attentively reviewing the more than 600 asset offerings on many exchanges. Confirming a seed investment of $4.7 million, Fidelity Investments revised its S-1 filings for a spot Ethereum ETF with the SEC in the United States. Presenting further evidence against Terra founder Do Kwon, authorities in South Korea claimed fraudulent activity aiming to confuse investors.
Binance’s woes continued this week. North Dakota denied Binance’s operating license following former CEO Changpeng Zhao’s conviction and imprisonment. For violating anti-money laundering regulations, Binance paid India $2.2 million in fines. In view of AML violation allegations, U.S. lawmakers French Hill and Chrissy Houlahan also visited Binance employee Tigran Gambaryan in a Nigerian prison to promote his release.
Positively for the Ethereum community, the US. SEC ceased debating whether some Ethereum sales qualified as unregistered securities. Consensys is still debating with the SEC whether MetaMask’s user interface tools, Swapping and Staking, qualify as securities.
Stablecoins stole the show this week. On June 17, Tether announced its intentions to launch a new asset class backed by gold. To prepare for MiCA’s upcoming stablecoin regulations, Uphold ceased supporting USDT and other “unauthorized” stablecoins immediately.
Another accusation came from a U.S. campaign advertising alleging Tether of funds laundering and wrongdoing. The Australian National Australia Bank canceled its stablecoin project.
This week’s events emphasize the dynamic character of the Bitcoin market with major movements by big companies like MicroStrategy, changing regulatory settings, and the constant relevance of stablecoins in the ecosystem.
