Market Insights: Jun 2025 | Week4
Wavebridge Research/
BlackRock’s Bitcoin Strategy and Institutional Involvement
BlackRock, the world’s largest asset manager, has solidified its position as a major player in the cryptocurrency market by securing 3.25% of the total Bitcoin supply through its spot ETF, while simultaneously ramping up its Ethereum investments. In the United States, Cadon Capital has announced an additional $300 million Bitcoin purchase, pioneering a hybrid investment model that integrates digital assets into traditional real estate-focused asset management strategies. Nakamoto Holdings, founded by a former advisor to President Trump, has strengthened its Bitcoin acquisition strategy with an additional $51.5 million in funding, and El Salvador, defying IMF recommendations, continues to uphold its Bitcoin legal tender policy, expanding its holdings to 7,207 BTC. Texas has become the first U.S. state to officially hold Bitcoin as a strategic reserve asset, and Japanese listed companies are also entering the Bitcoin market as a response to structural economic challenges. There are now 22,129 active Bitcoin nodes worldwide, with the United States, Germany, and France at the forefront. The mining industry is undergoing dramatic changes, as major Chinese mining equipment manufacturers relocate operations to the U.S. to avoid tariffs, with mining costs expected to surpass $70,000 due to rising hashrates and energy prices. Mining difficulty is nearing all-time highs, and U.S.-listed miners now control 31.5% of the global hashrate, accelerating industry consolidation. Meanwhile, an average of 550 Bitcoins per day are moving into the “ancient cohort” (held for over 10 years), while new mining output remains limited, raising concerns about supply shortages. Investment trends are also shifting: leading banks and asset managers in the U.S. and Europe, as well as listed companies in Korea and Japan, are actively incorporating Bitcoin into their financial strategies, and among younger generations, becoming a “wholecoiner” (owning at least one BTC) is emerging as a greater status symbol than homeownership. According to CryptoQuant, Bitcoin prices continue to reach new all-time highs despite rising U.S. Treasury yields. Global banks such as BBVA recommend allocating 3–7% of portfolios to Bitcoin, Thailand has introduced a five-year capital gains tax exemption on Bitcoin, and governments worldwide are enacting notable policy changes. The French National Assembly is even considering using Bitcoin mining as a means to stabilize national electricity supply.
Mining Industry Dynamics and Bitcoin’s Network Growth
Ethereum is being redefined as “digital oil,” attracting strategic interest from global institutional investors, with the Ethereum community positioning ETH as a core reserve asset for the digital economy. In Canada, Purpose Investments has launched North America’s first XRP spot ETF, broadening investor access, while Ripple’s RLUSD stablecoin is on the verge of surpassing a $500 million market cap, underscoring the rapid growth of the stablecoin sector. Stablecoins are now a key infrastructure for payments and asset management across Africa, the U.S., and China: in sub-Saharan Africa, 43% of all crypto transactions involve stablecoins, Wyoming is preparing to launch the dollar-pegged WYST, and Coinbase has introduced a stablecoin-based payment platform to challenge traditional credit card systems. Global tech giants such as AliExpress, Temu, and JD.com are also moving to issue their own stablecoins, driving the overall market up 22% this year to $256 billion. The DeFi lending market is nearing $60 billion, and yield-bearing stablecoins have become a vital bridge between traditional finance and the DeFi ecosystem. Ethereum staking has reached record highs, and major rollup networks are seeing declines in ETH balances, reflecting a clear trend toward long-term holding among investors. Nevertheless, crypto investor sentiment has fallen to its lowest level since April, highlighting ongoing market volatility.
Global Crypto Regulation and Financial Innovation
The U.S. cryptocurrency market is now entering a dynamic phase of regulatory change and financial innovation. Bloomberg analysts report that the SEC is actively considering the approval of spot ETFs for major altcoins including XRP, Litecoin, Solana, Dogecoin, and Cardano, signaling the potential for cryptocurrencies to be fully integrated into mainstream financial markets. The SEC has also clarified that certain protocol-level native staking activities may not constitute securities transactions, opening new possibilities for blockchain participation and innovation in the U.S. The Senate has passed the bipartisan GENIUS Act, the first federal regulatory framework for dollar-based stablecoins, and the Treasury Secretary has projected that the stablecoin market could reach $3.7 trillion by 2030, with positive implications for the U.S. Treasury market. The Office of the Comptroller of the Currency has eased restrictions on banks’ crypto activities, further blurring the lines between traditional finance and digital assets. Against this backdrop, JPMorgan Chase is collaborating with the SEC to explore digital asset regulation and the potential for blockchain integration into traditional capital markets, launching its JPMD token and a pilot program on Ethereum’s Base layer-2 blockchain. Meanwhile, a Nasdaq-listed biotech company has officially added the Hyperliquid-based cryptocurrency HYPE to its balance sheet. Coinbase’s CEO has described crypto as “the key to global economic freedom,” arguing that while Bitcoin serves as a store of value, stablecoins will become the primary medium of exchange. Infrastructure providers such as Blockdaemon are launching DeFi and staking services that meet U.S. regulatory standards, simultaneously advancing market trust and technological progress.
Ethereum, Stablecoins, and DeFi Growth
On the global stage, Coinbase has become the first U.S.-based exchange to obtain an official crypto license under the EU’s MiCA framework, securing a foothold in the European market. In contrast, the Governor of the Bank of England remains skeptical about the need for a consumer-facing “digital pound,” though progress continues on wholesale digital currency. In Asia, the Governor of the People’s Bank of China has officially recognized the settlement function of stablecoins and announced plans for a stablecoin from JD.com, intensifying competition among e-commerce platforms. Hong Kong will implement a multi-currency stablecoin licensing regime from August 1, while the Governor of the Bank of Korea has expressed concerns about the impact of a won-based stablecoin on foreign exchange stability, highlighting divergent policy approaches across countries. On the energy front, Norway is considering a temporary ban on crypto mining, and Russia has postponed the launch of its digital ruble to 2026. Visa has partnered with Africa’s Yellow Card stablecoin platform to expand international payment infrastructure, and Malaysia has introduced a regulatory sandbox for programmable payment technology. The European Central Bank is nearing the launch of the digital euro after six years of preparation, Thailand’s Securities and Exchange Commission has revised exchange listing standards to enhance transparency, Vietnam has officially recognized crypto as a legal asset, Korea’s KODA is pursuing SOC1 (Type 2) certification, and Ondo Finance has launched a global alliance for tokenized securities standardization, signaling the acceleration of global competition for digital asset standards.