In June, the total cryptocurrency market capitalization increased modestly by 2.62%. Market volatility remained elevated, primarily driven by geopolitical tensions in the Middle East. Investor concerns over potential disruptions to global energy supplies and broader regional instability exerted significant downward pressure on asset prices. This environment notably impacted the cryptocurrency sector, with Bitcoin experiencing a sharp decline, falling below the US$100,000 threshold. However, the subsequent cooling of tensions eventually helped alleviate these fears, restoring a degree of calm and confidence in the markets.
Bitcoin showed higher sensitivity to recent geopolitical tensions than equities, dropping over 11% before rebounding. Its volatility, driven by retail speculation, led to the largest 3-day liquidation since February. Meanwhile, strong spot ETF inflows highlight crypto’s ongoing appeal to long-term investors despite short-term turmoil.
Public market interest in crypto is growing, with overall performance strong but mixed across segments. For many investors, this cycle marks their first real narrative exposure to digital assets in public equities. Long-standing BTC treasury strategies have held up best, while stablecoin issuers and trading businesses have shown signs of relative strength. In contrast, more recent treasury moves and mining or hardware companies remain well below peaks, underscoring that while crypto narratives can provide a short-term boost, lasting value depends on credible business models.
Stablecoin supply crossed US$250B for the first time in June, with on-chain volumes more than US$7.5T higher than the same period last year. This milestone comes as the U.S. Senate passed the GENIUS Act, fueling investor and corporate optimism that regulatory clarity will unlock new institutional and payments-driven demand. Stablecoins are now increasingly seen as crypto’s first bridge to mainstream adoption.
The DEX to CEX Spot Trade Volume hit an all time high of 27.9% in June. Among the DEXes, PancakeSwap saw the largest growth in market share, from 16% in April to 42% in June. This could be attributed to the success of PancakeSwap’s Infinity upgrade, which made trading and liquidity experience faster, cheaper, and more efficient.
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