U.S. equity markets closed higher Thursday, with the Dow Jones (+0.24%), S&P 500 (+0.38%), and Nasdaq (+0.24%) advancing after May inflation came in softer than expected at 0.1% month-on-month and 2.4% annually. However, risk sentiment turned sharply negative in early Friday trading as tensions rose in the Middle East, triggering a regional crisis that rattled global markets. Oil surged over 9% to a five-month high near $74.43 a barrel—its biggest jump in more than three years—while spot gold rose 1.3% to $3,429.51 as investors sought safe havens. Treasuries gained, with the U.S. 10-year yield slipping to 4.34%, and the Bloomberg Dollar Index rebounded 0.4%. Crypto markets sold off heavily, with Bitcoin falling 3.63% (1d) to $103,900 and Ether tumbling 9.7% (1d) to $2,500, dragging the global digital asset market cap down 4.5% to $3.23 trillion. Market watchers say attention is now fixed on the risk of broader geopolitical escalation.
- U.S. spot Bitcoin ETFs added $86.31 million in net inflows on June 12, marking a sharp decline from the $164.57 million recorded the previous day. BlackRock’s IBIT led with $288.33 million in inflows, lifting its cumulative total to $49.53 billion and assets to $72.00 billion. Grayscale’s GBTC saw a modest $5.89 million inflow, while Fidelity’s FBTC posted the largest outflow at $197.19 million. ARKB also recorded outflows of $10.73 million. Total trading volume across the 12 ETFs rose to $2.85 billion, with collective net assets slipping to $130.26 billion.
- U.S. spot Ether ETFs saw $112.36 million in net inflows on June 12, down from $240.29 million the previous day, as markets pulled back. BlackRock’s ETHA led with $101.53 million in inflows, pushing its cumulative total to $5.24 billion and net assets to $4.50 billion, despite a 4.32% price drop. Fidelity’s FETH followed with $10.83 million, while no other fund recorded flows. Trading volumes across all ETFs totaled $503.99 million, with combined net assets falling to $10.76 billion.
- The Securities and Exchange Commission said on Thursday that it was “withdrawing certain notices of proposed rulemaking” that were issued between March 2022 and November 2023 under former Chair Gary Gensler. They have now withdrawn over a dozen proposed rules, including two crypto-related rules targeting decentralized finance and digital asset custody.
- Alchemy Pay is preparing to launch 55 US tokenized ETFs and stocks on multiple networks, including Solana, through Backed’s xStocks, significantly expanding blockchain-based access to traditional financial instruments.
- USDT issuer Tether buys 32% stake in Canada’s Elemental Altus Royalties with the aim to “integrate long-term, stable assets such as gold and Bitcoin in its ecosystem.”
- Binance has launched full access in Syria, allowing locals to trade at least 300 tokens including Bitcoin, XRP, and Toncoin, significantly expanding cryptocurrency trading options in the country.
- Circle’s USD Coin (USDC) has become the second-largest stablecoin with a market capitalization of over $61 billion, ranking behind Tether’s USDT.
- Hedge funds including Qube, Virtu, and Jump are hiring weekend crypto traders to capitalize on the non-stop digital asset markets, marking a significant adaptation of traditional finance to the continuous trading cycle of cryptocurrencies.
- Pakistan is considering a 2,000 megawatt Bitcoin mining plan to potentially solve its energy crisis by utilizing excess energy for mining operations.
- Ant International, a Singapore-based unit of the Jack Ma-backed Ant Group, plans to apply for stablecoin licenses in Hong Kong and Singapore, as reported by Bloomberg, signaling the company’s growing interest in regulated crypto payment systems in these major financial hubs.
- Commodity Futures Trading Commission Acting Chair Caroline Pham announced that the agency will continue to strictly regulate the cryptocurrency industry, despite the Trump administration’s pledge to support the sector.
- Solana’s futures open interest has surged to a two-year high of over $7.4 billion according to Coinglass data.
- The Hong Kong Customs and Excise Department has teamed up with the University of Hong Kong to build a crypto tracking tool in response to a surge in money laundering cases involving digital assets.
- Australia’s securities regulator (ASIC) has banned financial adviser Glenda Maree Rogan for 10 years after alleging she misled clients, family, and friends into investing $9.6 million in a fraudulent crypto scheme. Between March 2022 and June 2023, Rogan reportedly diverted funds to her personal and business accounts, converted them to crypto, and sent them to Financial Centre, a platform ASIC had already flagged as unlicensed and untrustworthy. Rogan allegedly told clients they were investing in a high-yield fixed-interest account, concealing the risks and liquidity issues. The ban took effect on June 6, and ASIC’s investigation remains ongoing.
