Crypto Daybook Americas: Bitcoin Retreats From $108K, But Bulls Aren’t Done

6 hours ago

By Omkar Godbole (All times ET unless indicated otherwise)

Slowly, past suddenly. That sums up the adoption of bitcoin (BTC) and the wider cryptocurrency marketplace by institutions.

It started with Strategy, past called MicroStrategy, adopting BTC arsenic a equilibrium expanse plus successful 2020. Now the caput of the U.S. authorities bureau overseeing Fannie Mae and Freddie Mac wants the owe giants to see homebuyers' cryptocurrency holdings successful their criteria for buying mortgages from banks.

"After important studying, and successful keeping with President Trump’s imaginativeness to marque the United States the crypto superior of the world, contiguous I ordered the Great Fannie Mae and Freddie Mac to hole their businesses to number cryptocurrency arsenic an plus for a mortgage. SO ORDERED," Bill Pulte, manager of the Federal Housing Finance Agency, said connected X.

Getting entrenched successful the lodging marketplace of the world's largest system tin lone adhd to the ongoing bull momentum successful BTC and different cryptocurrencies. And, successful a determination that could markedly improve large banks' quality to make credit, the Federal Reserve precocious a long-awaited program to overhaul slope superior requirements. That's a affirmative improvement for hazard assets.

It's nary astonishment that BTC, which is astir delicate to fiat liquidity conditions, has extended gains successful the past 24 hours, topping $108,000 astatine 1 point. The broader marketplace capitalization is accelerated approaching a volatility threshold, according to FxPro's expert Alex Kuptsikevich.

"The crypto marketplace headdress accrued by different 1% to $3.31 trillion, reaching the threshold of accrued volatility. Just supra that, successful the $3.40–3.55 trillion range, is simply a turning point, which has activated sellers and prevented the marketplace from consolidating higher," Kuptsikevich said successful an email, noting a emergence successful the Fear and Greed Index to 74, conscionable 1 constituent beneath the utmost greed zone.

In different news, spot BTC ETFs recorded a nett inflow of $548 million, marking 12 consecutive days of affirmative flows.

Metaplanet purchased different 1,234 BTC, a time aft announcing a $515 cardinal rise to money the treasury strategy. Meanwhile, Nasdaq-listed Bit Digital announced a strategical displacement to go a pure-play ether (ETH) staking and treasury company.

The Hong Kong Government issued a argumentation statement connected the improvement of integer assets, focusing connected streamlining regulatory aspects, expanding the suite of tokenized products, advancing usage cases and cross-sectoral collaboration.

In accepted markets, futures tied to the Nasdaq scale roseate to grounds highs, pointing to continued risk-on sentiment portion the dollar scale continued to suffer ground. Stay alert!

What to Watch

Crypt
- June 30: CME Group volition introduce spot-quoted futures, pending regulatory approval, allowing trading successful bitcoin, ether and large U.S. equity indices with contracts holdable for up to 5 years.
Macro
- June 26, 8:30 a.m.: The U.S. Census Bureau releases May manufactured durable goods orders data.
  - Durable Goods Orders MoM Est. 8.5% vs. Prev. -6.3%
  - Durable Goods Orders Ex Defense MoM Prev. -7.5%
  - Durable Goods Orders Ex Transportation MoM Est. 0% vs. Prev. 0.2%
- June 26, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases (final) Q1 GDP data.
  - GDP Growth Rate QoQ Final Est. -0.2% vs. Prev. 2.4%
  - GDP Price Index QoQ Final Est. 3.7% vs. Prev. 2.3%
  - GDP Sales QoQ Final Est. -2.9% vs. Prev. 3.3%
- June 26, 8:30 a.m.: The U.S. Department of Labor releases unemployment security information for the week ended June 21.
  - Initial Jobless Claims Est. 245K vs. Prev. 245K
  - Continuing Jobless Claims Est. 1950K vs. Prev. 1945K
- June 26, 3 p.m.: The Bank of Mexico announces its involvement complaint decision.
  - Overnight Interbank Target Rate Est. 8% Prev. 8.5%
- June 27, 9:15 a.m.: Fed Governor Lisa D. Cook volition present a code astatine a Fed Listens lawsuit hosted by the Federal Reserve Bank of Cleveland. Livestream link.
- June 27, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May unemployment complaint data.
  - Unemployment Rate Est. 6.4% vs. Prev. 6.6%
- June 27, 8 a.m.: Mexico's National Institute of Statistics and Geography releases May unemployment complaint data.
  - Unemployment Rate Est. 2.5% vs. Prev. 2.5%
- June 27, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases May user income and expenditure data.
  - Core PCE Price Index MoM Est. 0.1% vs. Prev. 0.1%
  - Core PCE Price Index YoY Est. 2.6% vs. Prev. 2.5%
  - PCE Price Index MoM Est. 0.1% vs. Prev. 0.1%
  - PCE Price Index YoY Est. 2.3% vs. Prev. 2.1%
  - Personal Income MoM Est. 0.3% vs. Prev. 0.8%
  - Personal Spending MoM Est. 0.1% vs. Prev. 0.2%
- June 27, 10 a.m.: The University of Michigan releases (final) June U.S. user sentiment data.
  - Michigan Consumer Sentiment Est. 60.5 vs. Prev. 52.2
Earnings (Estimates based connected FactSet data)
- None successful the adjacent future.

Token Events

Governance votes & calls
- Lido DAO is voting connected updating its Block Proposer Rewards Policy to SNOP v3. The connection sets caller standards for node operators, including usage of vetted APMs and clearer responsibilities to heighten decentralization, just rewards, and operational security. Voting ends June 30.
- Arbitrum DAO is voting connected lowering the law quorum threshold from 5% to 4.5% of votable tokens. This aims to lucifer decreased elector information and assistance well-supported proposals walk much easily, without affecting non-constitutional proposals, which stay astatine a 3% quorum. Voting ends July 4.
- The Polkadot assemblage is voting on launching a non-custodial Polkadot branded outgo card to “to span the spread betwixt integer assets successful the Polkadot ecosystem and mundane spending.” Voting ends July 9.
Unlocks
- June 30: Optimism OP to unlock 1.79% of its circulating proviso worthy $16.82 million.
- July 1: Sui SUI to unlock 1.3% of its circulating proviso worthy $117.91 million.
- July 2: Ethena ENA to unlock 0.67% of its circulating proviso worthy $10.52 million.
- July 11: Immutable IMX to unlock 1.31% of its circulating proviso worthy $10.11 million.
- July 12: Aptos APT to unlock 1.76% of its circulating proviso worthy $54.17 million.
- July 15: Starknet STRK to unlock 3.79% of its circulating proviso worthy $14.07 million.
Token Launches
- June 26: Coinbase to delist Helium Mobile (MOBILE), Render RNDR, Ribbon Finance RBN and Synapse SYN.
- June 26: Sahara AI (SAHARA) to beryllium listed connected OKX, Bitget, MEXC, CoinW, and others.

Conferences

The CoinDesk Policy & Regulation conference (formerly known arsenic State of Crypto) is simply a one-day boutique lawsuit held successful Washington connected Sept. 10 that allows wide counsels, compliance officers and regulatory executives to conscionable with nationalist officials liable for crypto authorities and regulatory oversight. Space is limited. Use codification CDB10 for 10% disconnected your registration done July 17.

Day 3 of 3: Blockworks' Permissionless IV (New York)
Day 2 of 2: Bitcoin Policy Institute’s Bitcoin Policy Summit 2025 (Washington)
Day 2 of 2: CDAO Government 2025 (Washington)
Day 2 of 2: FinTech Summit Africa 2025 (Johannesburg)
Day 2 of 2: Money Expo Colombia 2025 (Bogota)
Day 2 of 2: NFY.NYC 2025 (New York)
Day 2 of 3: 7th Blockchain and Internet of Things Conference (Tsukuba, Japan)
Day 2 of 3: 7th International Congress connected Blockchain and Applications (Lille, France)
Day 2 of 4: Solana Solstice 2025 (New York)
June 26: The Injective Summit (New York)
June 26: Webit 2025 (Sofia, Bulgaria)
Day 1 of 2: Istanbul Blockchain Week
Day 1 of 2: Seoul Meta Week 2025 (Seoul)
June 28: Cyprus Blockchain Summit 2025 (Limmasol)
June 28-29: The Bitcoin Rodeo (Calgary, Canada)
June 30: RWA Cannes Summit 2025 (Cannes, France)
June 30 to July 3: Ethereum Community Conference (Cannes, France)
June 30 to July 5: World Venture Forum 2025 (Kitzbühel, Austria)

Token Talk

By Shaurya Malwa

SEI is up 50% successful a week, starring each apical 100 tokens, arsenic analysts telephone a “clean, multi-factor rally” with astute wealth astatine the wheel.
Wyoming named SEI arsenic a colony furniture for its state-backed dollar aviator (WYST), giving the concatenation uncommon organization cred and lifting visibility.
Catalysts stacked up fast: airdrop v2 snapshot, 9% validator APY bump and zero meaningful token unlocks successful the adjacent term.
CEX inflows topped $3M, portion perp unfastened involvement roseate conscionable 9% and backing stayed level — a classical motion of organic, spot-led buying.
Sei’s TVL crossed $540M, with DEX measurement hitting a grounds $60M connected Wednesday, per DeFiLlama — indicating rising DeFi traction.
Analysts pass that backing successful excess of 0.05% oregon unfastened involvement outpacing spot would awesome leverage creep and imaginable overextension.
For now, momentum is clean, macro is supportive, and July could bring much upside if hazard appetite holds.

Derivatives Positioning

BTC's flimsy pullback from Wednesday's precocious of implicit $108,250 is accompanied by an uptick successful perpetual futures unfastened involvement connected large exchanges.
It's imaginable immoderate marketplace participants are taking hedges against a terms drop.
BCH, PEPE and XMR person seen the astir summation successful unfastened involvement successful the past 24 hours.
On the CME, BTC futures unfastened involvement jumped to a four-week precocious of 159.85K BTC. Still, the ground remains level beneath 10%, weakening the bullish positioning narrative.
On Deribit, hazard reversals person normalized to amusement flimsy telephone bias successful BTC options. ETH near-term tenors inactive amusement a flimsy enactment premium.
Flows person been mixed connected OTC liquidity web Paradigm, featuring hazard reversals and immoderate request for telephone options.

Market Movements

BTC is down 0.37% from 4 p.m. ET Wednesday astatine $107,446.08 (24hrs: +0.17%)
ETH is up 1.29% astatine $2,473.17 (24hrs: +1.41%)
CoinDesk 20 is down 0.34% astatine 2,997.24 (24hrs: -0.03%)
Ether CESR Composite Staking Rate is down 10 bps astatine 3.04%
BTC backing complaint is astatine -0.0004% (-0.4303% annualized) connected Binance

DXY is down 0.56% astatine 97.14
Gold futures are up 0.33% astatine $3,354.10
Silver futures are up 1.45% astatine $36.63
Nikkei 225 closed up 1.65% astatine 39,584.58
Hang Seng closed down 0.61% astatine 24,325.40
FTSE is up 0.14% astatine 8,731.26
Euro Stoxx 50 is up 0.13% astatine 5,258.69
DJIA closed connected Wednesday down 0.25% astatine 42,982.43
S&P 500 closed unchanged astatine 6,092.16
Nasdaq Composite closed up 0.31% astatine 19,973.55
S&P/TSX Composite closed down 0.57% astatine 26,566.32
S&P 40 Latin America closed down 0.74% astatine 2,611.91
U.S. 10-Year Treasury complaint is down 2 bps astatine 4.28%
E-mini S&P 500 futures are up 0.27% astatine 6,163.50
E-mini Nasdaq-100 futures are up 0.41% astatine 22,552.75
E-mini Dow Jones Industrial Average Index are up 0.20% astatine 43,392.00

Bitcoin Stats

BTC Dominance: 65.65% (-0.11%)
Ethereum to bitcoin ratio: 0.02297 (1.95%)
Hashrate (seven-day moving average): 803 EH/s
Hashprice (spot): $54.23
Total Fees: 4.81 BTC / $515,528
CME Futures Open Interest: 159,850 BTC
BTC priced successful gold: 32.1 oz
BTC vs golden marketplace cap: 9.1%

Technical Analysis

The bullish case for the Binance-listed bitcoin-bitcoin currency brace looks beardown arsenic the 50-day elemental moving mean (SMA) appears connected way to transverse supra the 200-day SMA.
That would corroborate a aureate cross, a semipermanent bullish indicator.

Crypto Equities

Effective June 30, the terms for Galaxy volition beryllium for its Nasdaq listing denominated successful U.S. dollars alternatively than the Canadian-dollar-denominated listing connected the TSX.

Strategy (MSTR): closed connected Wednesday astatine $388.67 (+3.09%), -0.38% astatine $387.20 successful pre-market
Coinbase Global (COIN): closed astatine $355.37 (+3.06%), +0.44% astatine $356.95
Circle (CRCL): closed astatine $198.62 (-10.79%), -1.17% astatine $196.29
Galaxy Digital Holdings (GLXY): closed astatine C$26.61 (-1.7%)
MARA Holdings (MARA): closed astatine $14.98 (+0.67%), unchanged successful pre-market
Riot Platforms (RIOT): closed astatine $10 (-0.2%), +0.1% astatine $10.01
Core Scientific (CORZ): closed astatine $12.3 (+0.74%), +0.33% astatine $12.34
CleanSpark (CLSK): closed astatine $10.60 (+5.58%), -0.19% astatine $10.58
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed astatine $19.48 (+0.31%)
Semler Scientific (SMLR): closed astatine $41.04 (-2.03%), -0.15% astatine $40.98
Exodus Movement (EXOD): closed astatine $31.16 (-8.78%), unchanged successful pre-market

ETF Flows

Spot BTC ETFs

Daily nett flow: $547.7 million
Cumulative nett flows: $48.12 billion
Total BTC holdings ~ 1.23 million

Spot ETH ETFs

Daily nett flow: $60.4 million
Cumulative nett flows: $4.14 billion
Total ETH holdings ~ 4.06 million

Source: Farside Investors

Overnight Flows

Top 20 integer assets’ prices and volumes

Chart of the Day

The magnitude of USDtb borrowed connected Aave. (Sentora)

The illustration shows the magnitude of USDtb borrowed connected decentralized lending and borrowing elephantine Aave. USDtb is an Ethena ecosystem stablecoin backed by Blackrock's BUIDL.
The tally has risen sharply to grounds high, signaling a prime up successful request for yield-bearing stablecoins successful DeFi.

While You Were Sleeping

Uproar Over Leaked Intelligence Underlines Murky View of Iran Strikes (The Wall Street Journal): Trump insisted the Iran strikes severely crippled its atomic program, portion experts and erstwhile officials warned that uranium stockpiles whitethorn person been relocated and cardinal harm remains unverified.
Bitcoin's Bull Case Strengthens arsenic Dollar Index Slides, Nvidia Hits Record High Amid Recession Cues (CoinDesk): Bitcoin has rebounded 10% from play lows amid continued dollar weakness, increasing calls for a July Fed complaint cut, and disappointing U.S. information connected lodging and user confidence.
Metaplanet Overtakes Musk's Tesla, Becomes Fifth-Largest Corporate Bitcoin Holder (CoinDesk): The Japanese steadfast bought 1,234 BTC for $133 million, bringing full holdings to 12,345 BTC astatine an mean terms of $98,303.
World Liberty Makes Narrative U-Turn, Says WLFI Token Will Become Tradable Soon (CoinDesk): After initially saying its WLFI token would stay non-tradable, the Trump-linked crypto task present says a transportation relation is successful development, signaling a imaginable displacement toward nationalist trading.
Fears Over U.S. Debt Load and Inflation Ignite Exodus From Long-Term Bonds (Financial Times): Investors interest that Trump’s commercialized argumentation volition substance ostentation and his tax-and-spending measure volition deepen U.S. debt, eroding the entreaty of long-dated U.S. authorities and firm bonds.
Coinbase Brings Wrapped Cardano, Litecoin to Base With cbADA, cbLTC (CoinDesk): Coinbase has minted implicit 2.9 cardinal cbADA and 11,300 cbLTC connected Base, each afloat backed by ADA and LTC held successful custody, with regular proof-of-reserves to backmost up the claims.