Uncertainty Grips Market

GM Anon!

Markets just can’t catch a break—one minute we’re primed for liftoff, the next we’re dodging macro grenades and scrambling for stable yield. Between rate drama, global standoffs, and whales loading up on BTC like it’s 2020 again, it’s been one hell of a week. Stablecoins are going corporate, smart money is reshuffling the Solana board, and ETH keeps quietly soaking up liquidity. Even TRX is back in the headlines—with some unexpected political cameos. Let’s dive in and make sense of the madness.

TLDR

• Markets pulled back sharply midweek amid intensifying Middle East tensions and a hawkish Fed outlook on inflation and growth.

• BTC demand surged globally as a hedge, with major buys from Semler Scientific, Strategy, Metaplanet, DDC, and K33 signaling strong institutional appetite.

• Stablecoins dominated headlines, with Visa expanding to EMEA, Revolut planning a launch, and JPM testing JPMD on Base.

• The GENIUS Act passed the Senate, fueling optimism for pro-crypto legislation as Trump pushes for final approval in the House.

• Regulatory momentum increased, with new crypto laws passed in Arizona, Ohio, Thailand, Vietnam, and MiCA licenses awarded to Coinbase and Gemini.

• Ethereum retained inflow dominance, pulling in $1.2B in net capital even as most other chains experienced outflows.

• Hyperliquid’s ecosystem exploded, with TVL surpassing $2.2B and daily perp volumes topping $4.2B, cementing its leadership in on-chain derivatives.

• Majors mostly dipped, but gainers like KAIA (+29%), SEI (+27.8%), and AERO stood out on renewed momentum.

• GOR led smart money flows on Solana, displacing older narratives like USELESS and IBRL, which saw sharp outflows.

Market Update

Markets were gripped this week by escalating Middle East tensions and a murky macro backdrop. The Fed left interest rates unchanged, but its latest guidance signaled lower growth expectations and stickier inflation, shaking investor confidence. Trump continued to pressure Powell to cut rates, pushing for stimulus as geopolitical volatility intensifies. While he approved further military measures, he's holding back on full escalation—for now. The combined weight of monetary indecision and global conflict saw crypto slide sharply midweek before stabilizing into the weekend.

Amid the uncertainty, BTC accumulation surged. Japanese demand spiked as a hedge against JPY weakness, while U.S. and international institutions leaned in hard. Semler Scientific announced plans to purchase 105K BTC over the next three years, and Strategy acquired $1.08B in BTC. Simultaneously, DDC Enterprise is raising $528M, and Metaplanet will issue $210M in debt, both earmarked for BTC reserves. K33 Group in Norway is also deploying SEK 85M toward BTC, highlighting continued global demand.

Furthermore, Kraken launched BTC staking, and France is evaluating BTC mining as part of national energy infrastructure—adding to BTC’s expanding sovereign and institutional footprint.

The stablecoin sector took center stage this week. Visa expanded its stablecoin offering to EMEA, while Revolut confirmed it is exploring its own stablecoin launch. JP Morgan filed a trademark for JPMD, its upcoming stablecoin, and is piloting it on Base. Meanwhile, Animoca, StanChart, and HKT revealed a joint stablecoin initiative. All of this was bolstered by U.S. legislative momentum: the GENIUS Act passed the Senate, with Trump publicly backing its passage in the House, stating, “crypto is the future—and we’ll own it.”

Analysts like David Sacks called the Act an extension of dollar dominance, while Bessent projected stablecoins could reduce U.S. debt costs and scale to $3.7T by 2030. Circle stock surged on the news, and Coinbase now allows USDC as collateral, a move quickly followed by Crypto.com and Deribit accepting BUIDL for the same purpose.

Regulatory clarity advanced across jurisdictions. Ohio approved a tax exemption for BTC payments under $200, and Thailand announced a five-year crypto capital gains tax exemption. Vietnam officially recognized crypto under new regulatory standards, and Arizona passed legislation requiring the state to hold crypto reserves. In the EU, Coinbase and Gemini secured MiCA licenses, positioning both exchanges for deep regional expansion.

Trading activity continued to decentralize. DEXs hit an all-time high, capturing 20% of global crypto volume, and crypto lenders now manage over $60B in assets. Coinbase filed with the SEC to enable tokenized equities, expanding its reach beyond crypto. On the product side, Bybit introduced gold, FX, and stock trading, signaling increasing convergence between TradFi and digital assets. ETF momentum picked up: CoinShares filed for a spot SOL ETF, and Canada approved the first-ever spot XRP ETF. Meanwhile, Truth Social submitted filings for dual BTC and ETH ETFs, deepening the crossover between political media and digital asset products.

In the altcoin space, SOL Strategies announced its intention to go public in the U.S., supported by coverage from Cantor Fitzgerald, which began promoting SOL-focused stocks. TRX flipped DOGE in market cap, announced a future IPO, and gained momentum following the pause of a U.S. probe into its founder. Eric Trump is reportedly eyeing a leadership role at TRX, tying further political weight to the ecosystem. In parallel, Jump Trading is preparing to reenter crypto, and Lion Group raised $600M for a HYPE treasury, suggesting aggressive positioning in narrative-driven tokens.

ETH continued to show underlying strength despite price weakness, as whales significantly outpaced retail in accumulation, hinting at long-term confidence in its L1 dominance. On the international front, Saylor was appointed to advise Pakistan on BTC policy, and DRW Investments committed $100M to Trump Media, a further blending of institutional capital and political-fintech exposure. Lastly, the Trump family reduced its WLFI stake to 40%, possibly in anticipation of future restructuring.

Market Data Points

Hyperliquid continues its parabolic rise, with TVL surging to $2.24B—up 6.74% in the past 24 hours—as capital aggressively rotates into its ecosystem. Daily perps volume is now over $4.2B, eclipsing most competitors, while app revenue and fees hit $1.11M and $1.28M respectively, signaling deep user engagement. Furthermore, stablecoin liquidity is nearing $3.73B and bridged TVL at $4.68B, Hyperliquid has clearly become the leading bet for on-chain derivatives infrastructure.

Daily active addresses on Solana have pulled back from early June highs above 5 million, but the broader trend remains constructive. After bottoming near 3 million in late March, address activity surged through April and May, reflecting renewed on-chain engagement. While the recent dip suggests cooling after a breakout phase, Solana still holds well above its spring baseline, signaling resilient user growth despite broader market volatility.

Real-world assets onchain have surged to an all-time high of $23.92B, up 5.56% in the last 30 days, with private credit ($13.8B) and U.S. Treasuries ($7.4B) leading the charge. The space now boasts over 200K asset holders, nearly doubling month-over-month, as institutions and protocols ramp up exposure to tokenized yield-bearing instruments. With stablecoin value also climbing to $238.41B, the RWA sector is fast becoming the backbone of onchain financial infrastructure.

Ethereum once again led all chains in net flows this week, recording a $1.2B surplus, as $1.8B in capital entered the network against $599M in outflows. This marks a continuation of Ethereum’s recent dominance and reinforces its position as the primary center of liquidity in the current market environment. While most competing ecosystems—including Base, Solana, and Arbitrum—saw sustained outflows, capital rotation into Ethereum reflects growing investor preference for stability, depth, and ecosystem maturity amid broader volatility.

Majors & Memes

Under current macro conditions—marked by heightened uncertainty and escalating Middle East tensions—majors struggled to hold ground, with most top assets ending the week in the red. BTC dipped 1.3%, holding above $103K, showing relative strength amid risk-off sentiment. ETH fell 3.9% to around $2,437, despite continuing to dominate net inflows. SOL and BNB slipped 3% and 1.6%, respectively, while XRP declined 1.7%. The biggest losses among majors came from ADA and DOGE, which dropped 8% and 7.5%, as momentum cooled and capital rotated out of memecoins and mid-tier L1s.

Some notable gainers managed to defy the trend. KAIA rallied nearly 29%, while SEI gained 27.8%, both standing out as momentum plays. WBT added 25.3%, and AERO and SFP also delivered double-digit gains, supported by protocol-specific drivers and renewed on-chain activity.

Losses were sharp across speculative names. KTA plunged more than 40%, leading the weekly underperformers. SPX and GRASS dropped 28.5% and 27.2%, respectively, as short-term holders exited. HYPE saw a strong reversal, down over 17%, while FARTCOIN fell 23.3%, giving back a significant portion of recent gains. Other notable decliners included S, IP, and WLD, which all struggled to hold interest as volume and momentum dried up.

With macro headwinds still front and center, markets remain reactive and fragmented. Rotation is fast, conviction is low, and only the strongest narratives—or newest trades—are seeing sustained attention.

Mindshare

Mindshare across the Solana ecosystem has undergone a sharp concentration shift over the past seven days, with GOR emerging as the clear narrative frontrunner. After flying under the radar earlier in the week, GOR’s dominance exploded post-June 17, accounting for the largest slice of attention share by June 19. This coincides directly with its surge to the top of the smart money accumulation leaderboard—a clear alignment between rising narrative traction and capital deployment.

AURA, USELESS, and LABUBU maintained strong midweek presence but began fading into the background as GOR absorbed most of the narrative space. The dramatic drop-off on June 18 followed by GOR’s solo peak suggests a rotation away from previously hyped names toward a new focal point.

The sustained attention on CHILLHOUSE, VIBE, and Cupsey, albeit in smaller bands, also maps to steady smart money flows—neither aggressively bought nor abandoned. In contrast, names like BON, NYLA, and KORI remained peripheral throughout, signaling minimal wallet conviction and weak narrative pull.

Whether GOR can sustain this level of dominance into next week—and translate attention into deeper conviction—remains the key question going forward.

Smart Money Accumulation

Smart money accumulation across the Solana ecosystem this week shows a decisive reshuffle, with GOR rocketing up the ranks to claim the top spot by wallet count and dollar balance. After appearing as a new position (Np) just days ago, GOR now sits at 16 wallet holders, holding $1.01M across 26.36M tokens—a swift ascent that signals high-conviction inflows from active wallets. This matches the outsized outflows of other assets we’ve tracked, indicating capital is consolidating around GOR.

Not far behind, LAUNCHCOIN has maintained its stronghold in second place, growing +23.04% over the week to reach $1.11M in value across 13 wallets. Its sustained presence—and steady weekly gain—suggests smart money remains confident in this position, even as others rotate out.

On the flip side, USELESS and IBRL continue to bleed. USELESS saw a -43.63% decline over 7 days, while IBRL dropped -35.46%, suggesting that prior conviction is unraveling. Wallets are trimming or exiting outright, reflecting a broader loss of confidence. Fartcoin and CHILLHOUSE also show notable decreases at -18.34% and -3.85%, respectively.

Meanwhile, smaller but positive rotations can be seen into KLED and ALON, which logged +11.35% and +13.07% growth. While not dominant in dollar terms, the uptick in holdings shows clear wallet-level engagement.

In summary: this week saw GOR emerge as the clear smart money favorite, displacing older plays and pulling in capital aggressively. Meanwhile, LAUNCHCOIN retains a leadership role, and a handful of smaller tokens are attracting cautious new inflows. But the broader takeaway is that Solana wallets are rotating hard—exiting weakness and crowding into perceived momentum.

Smart money positioning across the EVM ecosystem continues to reflect selective rotation and de-risking, with standout divergence across tokens.

R1 saw a dramatic collapse in smart money positioning, plunging -69.24% in holdings over the past week. This wasn’t a gradual unwind—this was an exit. Meanwhile, MOODENG also registered a steep -20.55% cut, further confirming the trend of capital leaving previously favored names.

In contrast, BITCOIN was the strongest gainer, up +44.42%, though its total wallet count remains limited. This pickup feels more opportunistic than structural, but it’s notable amid broader caution. SHRUB and CULT also logged double- and high-single-digit gains, suggesting growing niche conviction among a handful of smart wallets.

Tokens like SBET, Mog, and ANDY saw modest increases, while JOE and PEPE held mostly steady. These are stable but uninspiring holds—not clear accumulation, but not yet discarded either.

Overall, the EVM smart money board reflects a more fragmented landscape than Solana. No clear sector leader has emerged, and aggressive unwinds like R1’s exit overshadow the relatively timid gains elsewhere. Momentum here is cautious, selective, and more reactive than proactive.

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