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A New GBP-pegged Stablecoin, FTX Making Chess Moves, and More!
Markets are doing slightly better than the last 7 days; the crypto market gained 11% capitalization, with Bitcoin jumping 4.7% and Ethereum 9.4% since last Tuesday. The market sentiment is kept at the edge of its seat as speculators compare the liquidity crisis accumulating on the likes of BlockFi, Celsius, and other DeFi platforms to the financial crisis in 2008. On the brighter side of the tunnel, Bank of England’s Deputy Governor Jon Cunliffe said that crypto projects that survive these trying times in the industry could become the tech companies of the future; aligning with other bullish sentiments that deem the market crash as healthy to infiltrate the strong projects from the weaklings.
Figure 1: More VC Money in Digital Assets since Last Market Crash
Source: PitchBook, Bloomberg
Key Takeaways
• Cardano lobbies for software-enabled self-regulation for the cryptoassets industry• Data indicates nearing a market bottom
• Tether to launch GBP-pegged stablecoin
• KPMG kicks off collaboration hub in the metaverse
• Solana unveils web3-focused Android phone
Weekly Returns
The returns of the top five cryptoassets over the last week were as follows — BTC (1.7%), ETH (6.8%), BNB (6.86%), ADA(2.59%), XRP (9.39%)
Time frame: 21 to 27 June
Media Coverage
Our CEO and co-founder Hany Rashwan went live on CoinDesk TV on Monday to discuss market conditions. “As an ETF provider, we had the ability to create a number of new shares, as new investors come in, we’re in an all-time high in terms of number of shares, now the prices have obviously depressed but that shows an incredible amount of new investors and inflows,” Hany told CoinDesk TV. You can watch the full segment here.
On another note, 21Shares’ co-founder and president Ophelia Snyder got featured on Bein Crypto. The article reads: Many larger firms may also lack the technical expertise necessary to confidently deal with crypto assets. ”The level of technical detail you need is quite high,” said Ophelia. ”That reality disproportionately benefits specialized firms.”
Last but not least, our last newsletter was featured on Finanzen.ch and Bond Guide in German. If you want to switch to the German newsletter, click here.
News
Morgan Creek Digital and FTX Compete Over Acquiring Crypto Lender BlockFi
What happened?
On June 21st, BlockFi’s CEO Zac Prince announced on Twitter that his company signed a term sheet with FTX to secure a $250M revolving credit facility to provide access to capital that further bolsters the crypto lender’s balance sheet and platform strength. The proceeds of the credit facility were intended to be contractually subordinate to all client balances across all account types (BIA, BPY and loan collateral) and will be used as needed.
Three days later, news circulated that FTX in talks to acquire stake in BlockFi, nudging cryptocurrency investment firm Morgan Creek Digital to roll up its sleeves and raise $250M from investors to purchase a majority stake in crypto lender.
Why does it matter?
The downfall of prices that took a sharp turn in May had a domino effect on crypto exchanges and DeFi platform, namely BlockFi, which lost almost 80% of its valuation. There are four reasons this story matters:
- The credit line agreement gives FTX the option to buy BlockFi at allegedly zero price.
- This would effectively wipe out all of BlockFi’s existing equity shareholders, including management and employees with stock options, as well as all equity investors in the company’s previous venture rounds.
- However, FTX’s agreement was the only emergency financing option offered to BlockFi that would not subordinate client assets to the rescuer.
- Unless BlockFi went with FTX, its depositors would have had to wait in line behind the new lender to be repaid.
This is a further testament that the bear market is a battleground to test crypto projects in the space and thicken the skin of those who remain. The $250M revolving credit facility sets an example for bigger crypto companies to collaborate with younger projects to enhance accessibility of crypto markets.
Now with Morgan Creek wanting in on the deal, the trend is crystal clear that extreme market conditions have tempted companies to help younger projects amid times of fear, uncertainty, and doubt, while also getting in on the benefits that would be collected in the not-so-near future.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
- Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
- Bitcoin price technical analysis: Where are the liquidation levels?
- What are real-world assets and why do we need tokenization?
Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
Strategy (formerly MicroStrategy) has amassed a staggering $43 billion in Bitcoin, positioning itself at the forefront of the corporate “reserve race.” Under the leadership of Bitcoin maximalist Michael Saylor, the company now boasts an $84 billion market cap. But with such an aggressive strategy, how sustainable is its approach—and what risks lie ahead? We break it down in today’s analysis.
Bitcoin price technical analysis: Where are the liquidation levels?
A drop below $72,000 could flush longs, while a breakout above $90,000 may squeeze shorts. One key positive indicator is that Bitcoin continues to print higher lows since March 10, which preserves a bullish market structure in our view. Dive into our technical analysis.
What are real-world assets and why do we need tokenization?
Imagine owning a slice of a skyscraper or a piece of fine art with just a few clicks. Tokenization, the act of converting ownership rights to real-world assets (RWAs) into tradable tokens, has surpassed $10 billion in on-chain value, unlocking global 24/7 access to once-exclusive markets with liquidity, efficiency, and yield. Find out how it works.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
Since President Trump appointed Mark Uyeda as acting SEC chair two months ago, many investigations into crypto businesses have been dropped, as the SEC moves away from regulation by enforcement and works to create a framework for digital assets. As regulations become clearer and news flow turns more positive, crypto prices—which dropped sharply this week—should begin to better reflect the new regulatory landscape in the US.
We believe this regulatory shift could ultimately help trigger the next leg of the current bull run, as investors better understand the significance of regulatory clarity and seek to acquire bitcoin and altcoins at what we believe are currently very favorable levels.
Market Highlights
SEC Dismisses Crypto Enforcement Actions
The SEC dropped its enforcement actions against crypto-related companies Kraken, Consensys, and Cumberland DRW.
This indicates a shift in SEC’s regulatory approach, favoring clearer guidelines over enforcement actions. Such a pivot could foster a more predictable environment, encouraging innovation within the sector.
Banks to Engage in Crypto Activities
The FDIC has rescinded previous guidelines which prevented financial institutions from engaging with crypto activities without prior sign-off.
By removing bureaucratic hurdles, banks may more readily offer crypto-related services, potentially leading to broader adoption and integration of digital assets.
Bitcoin ETFs Inflow Streak Surpassed $1 Billion
US spot Bitcoin ETFs have recorded a 10-day inflow streak exceeding $1 billion marking the longest such streak in 2025.
This underscores growing institutional and retail investor confidence in Bitcoin as an asset class that helps increase market stability and possibly paving the way for the approval of other crypto-based financial products.
Market Metrics
All NCITM constituents had negative performance last week, with XRP (-10.8%) and UNI (-10.7%) seeing the steepest declines. ETH also experienced a sharp drop (-9.1%), contributing to NCITM’s underperformance relative to BTC (-2.9%). The NCITM -4.2% decline reflects a broader risk-off sentiment in the crypto market, as investors reassess their positions amid ongoing macroeconomic uncertainties.
NCITM (-4.2%) extended its underperformance last week, deepening year-to-date losses. Traditional indices like the S&P 500 (-1.5%) and Nasdaq 100 (-2.4%) saw smaller declines. The gap between crypto and other risk assets continues to widen, while gold has emerged as the top performer in 2025, gaining nearly 20% amid ongoing macroeconomic uncertainties. This trend highlights a growing risk-off sentiment, with investors shifting toward defensive assets and away from high-volatility investments.
Michael Saylor’s bold Bitcoin bet and Strategy’s risk analysis
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