Crypto Bites | Recap 10062025
Hi fams,
Today, we're witnessing monumental growth in institutional adoption, a flurry of stablecoin regulatory moves, and strong bullish indicators for Bitcoin and Ethereum. Let's break it down.
Spot Bitcoin ETFs Set to Shatter Records
Less than 18 months since their launch, US spot Bitcoin ETFs are on the cusp of hitting a staggering $1 trillion in cumulative trading volume. This incredible milestone underscores the immense institutional interest and liquidity flowing into the crypto market. BlackRock's IBIT fund continues to dominate, holding a whopping 79% market share in terms of trading volume. This rapid ascent solidifies Bitcoin's position as a legitimate and accessible asset class for traditional investors.
Stablecoins Take Center Stage: Regulation and Innovation Abound
The stablecoin landscape is buzzing with activity, both from a regulatory and innovation perspective:
Societe Generale Enters the Stablecoin Arena: French banking giant Societe Generale is gearing up to launch a USD-pegged stablecoin, USD CoinVertible (USDCV), on both Ethereum and Solana. This could mark a significant first for a major European bank, signaling growing institutional comfort with digital assets. USDCV will be issued via SG-Forge with BNY Mellon providing custody, and notably, aims to comply with Europe's stringent MiCA regulations as an Electronic-Money Token. This move highlights the increasing mainstream adoption and regulatory acceptance of dollar-pegged stablecoins in a market now exceeding $250 billion.
South Korea Proposes Comprehensive Stablecoin Licensing: Following global trends, South Korean lawmaker Min Byeong-deok has put forth a Digital Asset Basic Act. This comprehensive crypto bill includes a stablecoin licensing regime, requiring issuers to hold substantial owner's capital and aligning with the president's goal to promote a Korean won-based stablecoin market. The legislation aims to define digital assets legally, establish a Digital Asset Committee, and penalize unfair market practices, positioning South Korea as a leader in a regulated crypto environment.
US Senate Poised for GENIUS Stablecoin Bill Vote: Across the Pacific, the US Senate is scheduled for a pivotal vote this Wednesday, June 11th, on the GENIUS Act, a bipartisan bill designed to regulate stablecoins. With bipartisan support, the bill requires stablecoins to be fully backed by U.S. dollars or liquid assets and mandates annual audits for larger issuers. If passed, this legislation could be the first comprehensive crypto regulation in the U.S. by summer 2025, paving the way for greater clarity and stability in the market.
Plasma Aims to Be the Stablecoin Hub: Beyond regulation, innovation is also driving the stablecoin narrative. Plasma, a new, USDT-centric blockchain, is launching on mainnet in Q2 2025. Funded by Tether/Bitfinex, Plasma aims to create a highly efficient and secure platform for stablecoin payments, offering features like zero-fee USDT transfers and Bitcoin-anchored security. This pragmatic approach seeks to unify stablecoin activity and support DeFi services, particularly catering to the global dollar market outside traditional banking.
Bitcoin and Ethereum Show Strong Bullish Signals
Amidst these developments, the major cryptocurrencies are flashing bullish signals:
Bitcoin Climbs Above $110K: After a recent dip, Bitcoin surged over 3.7% to $110,100, nearing its all-time high. This "peaceful rally" suggests steady higher highs and lows, with over $110 million in short positions liquidated within an hour, indicating a strong upward momentum. While facing potential sell pressure from long-term holders, analysts note Bitcoin is on steadier footing, awaiting macroeconomic catalysts like upcoming U.S.-China trade talks and CPI data.
Ethereum Poised for "Biggest Breakout Ever": Prominent analyst Axel Bitblaze believes Ethereum is on the verge of its biggest breakout ever, citing four key catalysts.
BlackRock's Aggressive Accumulation: Since May 9, 2025, BlackRock has accumulated 269,000 ETH (roughly $673.4 million) without selling a single coin, mirroring their influential accumulation of Bitcoin prior to its price surge.
Surging Network Activity: Ethereum's network saw 42 million transactions last month, the highest since May 2021, with daily active addresses reaching a six-month high of 440,000, reflecting growing DeFi and stablecoin usage.
Oversold ETH/BTC Ratio: The ETH/BTC ratio has hit a six-year low, and its weekly RSI is at a record low, suggesting ETH is oversold and ripe for a reversal. This pair has already recovered 30% in the past month, providing early confirmation.
Institutional Demand: Recent news of SharpLink Gaming raising nearly half a billion dollars to purchase ETH further underscores significant institutional interest. Based on these factors, Bitblaze boldly predicts ETH could reach $9,000 by early 2026.
A Nod to Self-Custody and a Trump-Backed DeFi Play
In a notable shift, SEC Chair Paul Atkins has signaled a more open stance on self-custody, calling it a "foundational American value." This marks a departure from previous regulatory approaches and suggests potential evolution in U.S. crypto regulation to better support self-custody and DeFi innovation.
Finally, in a curious development, World Liberty Financial, the purported DeFi project backed by the Trump family, borrowed $7.5 million in USDT from DeFi lender Aave. The funds are being used to boost its USD1 stablecoin, with on-chain records showing $52 million in wrapped ETH, wrapped BTC, and Lido staked ETH tokens as collateral. This move highlights the increasingly diverse and sometimes unexpected participants in the DeFi space.
That's all for today's crypto recap! Stay tuned for more updates as the market continues to evolve at a rapid pace.