Market Insights: Jun 2025 | Week2
Wavebridge Research/
U.S. and Global Institutions Deepen Bitcoin Market Influence
Institutional influence in the U.S. Bitcoin market has become increasingly pronounced, with twelve spot Bitcoin ETFs now managing a combined 1.2 million BTC—over 71% of which is concentrated in BlackRock’s IBIT and Fidelity’s FBTC. According to Binance Research and Standard Chartered, publicly listed companies globally hold between 673,897 and 819,100 BTC, while Wall Street’s stance is rapidly evolving, as evidenced by JPMorgan Chase’s plan to accept Bitcoin ETFs as collateral for loans. Over the past 18 months, Bitcoin’s liquid supply has shrunk by 30%, and from May 19 to 28, more than $1 billion in Bitcoin moved daily from miner wallets to exchanges, signaling notable liquidity shifts. On the regulatory front, the Texas legislature approved the establishment of a state Bitcoin reserve, and New Hampshire was named the most crypto-friendly state. Russia’s MOEX introduced Bitcoin ETF futures trading, while the UK’s Jacobi lowered barriers for European retail participation in Bitcoin ETFs. Major institutions and companies—from Japan’s Metaplanet and Norway’s K33 to Chicago’s Coinflip, Romania’s postal service, and Spain’s Banadi Coffee—are accelerating Bitcoin adoption, with Pakistan announcing its first national Bitcoin reserve. Meanwhile, surging mining output, all-time-high network hashrates, large-scale acquisitions by Nasdaq-listed Reitar Logtech, and NBX’s stock soaring 138% after announcing new purchases all underscore Bitcoin’s growth potential. Yet, institutional debate persists, as Meta Platforms’ proposal to adopt Bitcoin as a treasury asset was decisively rejected by shareholders.
Stablecoin Expansion and Altcoin Integration into Traditional Finance
In the altcoin and stablecoin sector, BlackRock expanded its institutional footprint by acquiring over $500 million in Ethereum over the past ten days via ETHA, while DefiLlama reports Camino has risen to become the second-largest Solana-based DeFi protocol with $2.35 billion in TVL. Since January 2024, the stablecoin market has surged nearly 90% to $250.3 billion, with Tether (USDT) and Circle (USDC)—both pegged to the U.S. dollar—dominating at $245.5 billion combined. In May alone, more than 33 million wallets sent or received stablecoins, and the share of DeFi yields derived from stablecoins has soared from 4.7% to 30.8% in just one year. Against this backdrop, global banks like Deutsche Bank are exploring stablecoin and tokenized deposit offerings, and Tether has launched a gold-backed stablecoin on the TON blockchain, accelerating the convergence of traditional finance and blockchain. Ripple is challenging SWIFT’s legacy payments system with XRP and RLUSD, while a16z Crypto’s recent essay on stablecoins’ monetary role is fueling policy debate. Industry-wide, tech giants such as Apple, X, Airbnb, and Google are actively considering stablecoin payment integration, and innovation continues with the launch of the UK’s BCP Technologies’ pound-backed stablecoin, the expansion of BVNK and LianLian’s global payment network, and Nasdaq-listed companies preparing strategic XRP reserves.
Regulatory Turning Point: The GENIUS Act and U.S. Crypto Reform
The U.S. crypto industry is experiencing a pivotal shift as the passage of the Stablecoin Innovation Promotion Act (GENIUS Act) ushers digital assets into the regulatory mainstream. This legislation mandates 100% reserve backing, transparent asset disclosures, and federal oversight for large stablecoin issuers—prompting corporations to seriously consider digital asset adoption. In this evolving landscape, Gemini has filed a confidential IPO draft with the SEC, signaling a new wave of blockchain-based public offerings. Regulatory debates are intensifying, with Congressional hearings on Ethereum, Uniswap, and the broader market structure, and both the House and Senate actively discussing frameworks for digital asset and stablecoin regulation. The Trump administration has eased institutional barriers by removing warnings against crypto in 401(k) retirement plans, while Coinbase has slashed account freezes by 82%, improved customer service, and seen its stock price jump nearly 30%. SEC Chair Paul Atkins is pushing for clear, balanced regulation, and California’s legislature has unanimously passed a digital asset payments bill, reflecting momentum at both federal and state levels. Meanwhile, industry players are responding: MoonPay has secured a BitLicense, Kraken has launched prime brokerage for institutions, and a16z Crypto is urging corporate structural reforms for crypto projects.
Global Regulatory Divergence and Real-World Crypto Adoption
Globally, regulatory approaches remain diverse and dynamic. The UK’s Financial Conduct Authority (FCA) plans to lift restrictions on retail digital asset ETN purchases, signaling greater mainstream acceptance, while Australia’s AUSTRAC has imposed stricter controls on crypto ATMs to combat fraud and money laundering. In Bolivia, economic instability has fueled a surge in Tether (USDT)-based commerce, highlighting the real-world utility of digital currencies. Dubai’s Financial Services Authority has officially approved Ripple’s RLUSD stablecoin and is advancing property deed tokenization, accelerating blockchain-based financial infrastructure. In Asia, Hong Kong’s OSL Group is expanding into Indonesia, and Singapore’s MAS has banned unauthorized overseas digital asset operators, tightening oversight. The EU has enacted MiCA as of December 2024 and will begin formal DeFi regulatory discussions in 2026, while Germany’s 21X exchange has integrated Circle’s USDC as a payment method, further validating stablecoins’ utility. India is preparing a comprehensive digital asset policy paper, Kazakhstan’s central bank has launched a digital asset card, and Italy’s central bank governor has cautioned against systemic risks posed by the convergence of crypto and traditional finance. As nations pursue distinct strategies balancing innovation and stability, the global crypto ecosystem is entering a new era of multipolar development.