Markets Whip, Then Rebound

GM Anon!

Markets dipped hard, then snapped back just as fast. The Trump–Elon standoff shook the timeline and sparked fresh volatility, but BTC, ETH, and SOL held the line. In the background, billion-dollar moves stacked up—Circle’s IPO exploded, Trump’s crypto war chest grew, and smart money rotated into new narratives. Let’s break it down.

TLDR

• BTC, ETH, and SOL rebounded sharply after a Trump–Elon clash triggered market volatility.

• Trump’s crypto exposure passes $1B; Trump Media seeks $12B to buy BTC; Truth Social registers BTC/ETH ETFs.

• JP Morgan to offer financing against crypto ETFs, reinforcing mainstream institutional integration.

• Ethereum Foundation releases treasury policy; $800M ETH queued for staking; Hong Kong greenlights crypto derivatives.

• Ethereum leads all chains in capital inflows this week with over $1.2B; Unichain TVL up 50% despite outflows.

• Smart money on Solana piles into LAUNCHCOIN, PCULE, and KNET while trimming KLED and FARTCOIN.

• Ethereum smart money rotates into COCORO, RAI, and MAMO.

• Narrative attention on Solana rotates from LABUBU to PCULE and AIXBC, while others like KLED and IBRL fade.

Market Update

Markets whipsawed this week, with a sharp dip followed by a swift recovery across BTC, ETH, and SOL. The turnaround followed a public clash between Donald Trump and Elon Musk, injecting volatility into risk assets but ultimately reinforcing crypto’s place at the center of political and cultural discourse. Price action shows BTC rebounding cleanly off the $100K level, ETH holding above $2,400, and SOL reclaiming structure after briefly dipping below $165.

Political and institutional headlines dominated. Trump’s crypto exposure continues to grow, with disclosures showing over $1B in gains over the past nine months. Trump Media is reportedly seeking up to $12B to purchase BTC, while Truth Social has registered BTC and ETH ETFs in Nevada. In a sign of growing institutional traction, JP Morgan confirmed it will begin offering financing against crypto ETFs.

On the corporate side, Circle surged 200% on its IPO debut before trading was halted. Meanwhile, Strategy increased its preferred stock issuance to $1B, and Metaplanet plans to raise $5.4B in equity to acquire BTC—evidence of mounting demand for treasury allocation to crypto. Robinhood also surpassed Coinbase in market cap, signaling a shift in investor sentiment toward newer fintech entrants.

Infrastructure developments added further momentum. The Ethereum Foundation released its long-awaited treasury policy, with over $800M in ETH still waiting in the validator queue. Hong Kong approved crypto derivatives trading, while Dubai regulators cleared RLUSD. Meanwhile, WLFI launched a stablecoin airdrop, and PumpFun revealed a planned $1B token sale at a $4B valuation.

Elsewhere, Webus filed to raise $300M to acquire XRP, and Senator Lummis confirmed U.S. military support for BTC reserves. Coinbase CEO Brian Armstrong added that BTC could eventually replace the USD if U.S. debt continues to spiral. Not all players are advancing, however—WazirX's restructuring plan was rejected, highlighting pressure on legacy platforms amid shifting market dynamics.

Market Data Points

Unichain is seeing a clear resurgence. Total value locked surged nearly 11% in the past 24 hours, pushing TVL to $822.87M—and marking a near 50% acceleration in capital inflows over the last 7 days. 

After cooling off in mid-May, liquidity has returned aggressively, with the chain now approaching previous highs. DEX volume remains solid at $9.32M daily, while stablecoin TVL sits close to $296.85M, reinforcing growing confidence in the ecosystem. Momentum is clearly back.

Ethereum dominated capital flows over the last 7 days, recording a massive $1.2B in inflows and netting $438.4M after accounting for outflows—far ahead of any other chain. Polygon, Bitcoin, and WorldChain followed at a distance, while newer names like Sui, Solana, and Arbitrum saw modest exits. 

Notably, Unichain and Base were the biggest losers, with persistent outflows suggesting short-term rotation out of these ecosystems despite Unichain's rising TVL. The data highlights Ethereum's continued gravity as liquidity concentrates around Layer 1 stability amid broader volatility.

Ethereum network activity is trending upward again, with the 7-day moving average of active addresses climbing back above 500k. After a brief dip in late May, user engagement is rebounding—signaling renewed interest across DeFi, trading, and token infrastructure use cases as capital flows rotate back toward Ethereum.

Daily active wallets on Pump.fun are showing signs of a fresh uptick after months of steady decline since the January peak. Both new and recurring wallets are climbing. While activity remains well below all-time highs. If momentum holds, Pump.fun could be gearing up for another cycle of growth.

Majors & Memes

Over the past seven days, BTC, ETH, and SOL posted mixed results as momentum cooled across large caps. BTC held firm above $104K despite briefly dipping toward $100K, while ETH and SOL saw clear weekly declines, with SOL standing out as the weakest major, down over 5%.

In contrast, DOGE led the majors with a 7.4% gain, fueled by renewed interest in select major meme coins. ADA followed with a 5.2% rise, signaling ongoing recovery from recent lows. TRX climbed over 4%, while XRP edged slightly higher, maintaining a steady trend.

Outside the majors, lower-cap altcoins captured most of the upside. KTA surged nearly 46%, topping the weekly leaderboard, while GRASS and RVN rallied 30% and 26% respectively on the back of speculative inflows. DeFi-related names like SYRUP, JTO, and COMP also posted double-digit gains.

Overall, while majors consolidated or pulled back, capital rotated aggressively into mid- and low-cap tokens. Meme coins, DeFi, and narrative-driven assets led the charge—highlighting a market still driven by selective bullish sentiment despite broader indecision.

Mindshare

Over the past week, the Solana ecosystem's narrative attention remained in flux as traders rotated in and out of dominant themes. The most notable trend was the sharp surge in attention around LABUBU, which peaked dramatically between May 31 and June 2. This dominant run captured a significant portion of total mindshare—briefly eclipsing nearly all other narratives—before tapering off by June 5. 

Following the LABUBU peak, attention became increasingly fragmented. USELESS and KLED held relatively stable shares throughout the week, despite broader turbulence, indicating consistent ecosystem engagement rather than viral breakout behavior. KLED’s persistence may also reflect ongoing smart money trimming, as shown in recent wallet data.

PIPEIQ, DUPE, and STARTUP hovered in the middle tier of attention share, never leading but maintaining solid visibility across the week. These tokens appear to have retained modest community focus—enough to remain on traders’ radars, but not enough to drive breakout hype.

By contrast, tokens like PCULE, SUBY, and AIXBC saw attention build in the latter half of the week, particularly around June 5–6, suggesting fresh interest rotating into newer plays. This may indicate the early stages of a narrative pivot.

Smaller names like YAPPER, IBRL, and PRANKIFY showed intermittent surges in interest, but couldn’t sustain visibility beyond a day or two—typical of meme rotations or failed narrative attempts. Meanwhile, bottom-tier tokens like Mixie, House, and Hosico saw minimal traction despite strong prior performance, implying attention has largely moved on.

Smart Money Accumulation

Smart money activity across the Solana ecosystem this week showed a decisive shift in positioning, with capital concentrating into high-conviction bets while trimming exposure to former leaders. Launchcoin once again dominated the leaderboard, now held across 13 wallets with a hefty $1.78M balance. Importantly, holdings increased by +30.07% on the week, marking continued accumulation and reinforcing its role as a cornerstone play for sophisticated wallets.

PCULE posted the strongest growth in allocation among tracked tokens, jumping +35.75% in accumulation to $371.2K across 8 wallets. This suggests growing interest from smart wallets, likely fueled by recent narrative or structural catalysts.

KNET was another major gainer, up +85.9% in weekly holdings despite a relatively modest $205.15K balance. This size-adjusted surge suggests it’s in the early stages of rotation, and worth keeping on radar for follow-through. PIPEIQ and ALON both posted solid upticks (+18.33% and +14.92%, respectively), maintaining modest but rising capital allocations — classic signs of gradual smart money buildup.

On the other side, we saw sharp de-risking across several prior heavyweights. KLED was hit hardest with a -27.63% reduction, though it still holds a sizable $1.03M in capital. Fartcoin followed closely at -25.34%, reflecting sustained profit-taking despite maintaining a high $875.87K wallet balance — traders are rotating out, not fleeing.

IBRL (-17.88%) and LABUBU (-15.54%) also continued their retracements, showing consistent outflows after prior periods of strong performance. Meanwhile, RIPVC was slightly trimmed (-7.13%), though it remains widely held ($305.93K across 12 wallets).

Smart money flows on Ethereum this week signal selective accumulation with modest position reshuffling. While most wallet counts remain steady, several tokens are beginning to attract heavier inflows, particularly in mid-tier and emerging meme narratives. COCORO was the week’s standout, with wallet exposure climbing +74.52% to $291.38K—making it one of the largest and fastest-growing allocations among smart wallets. Similarly, RAI surged +55.73%, albeit from a lower base, suggesting renewed positioning in lower-liquidity plays.

MAMO and MOODENG also posted sharp jumps in wallet-level holdings, up +47.38% and +7.25%, respectively. These look like fresh rounds of rotation into high-beta meme narratives, now being tracked with more conviction.

Meanwhile, KERMIT saw a solid +14.93% uptick in holdings across four wallets, signaling growing attention without full commitment just yet. Top positions like SBET and CULT remained stable in count but diverged in flows: SBET rose marginally (+0.07%) and continues to lead in dollar balance at $362.18K, while CULT dipped -3.9%, showing mild trimming despite still being widely held.

JOE and PEPE, both previously strong meme allocations, experienced mild pullbacks (-4.85% and -0.22%, respectively), hinting at sideways conviction or minor profit-taking. SHRUB was flat with a +0.28% gain, maintaining its ~$89K position in six wallets—more of a steady hold than a directional bet.

That wraps up this post—we hope you found the insights valuable. See you next week, anon! 🚀