Markets

Perpetual futures tied to stocks, indexes and commodities out-traded crypto pairs on the largest perps DEX for the first time, less than a year after builder-deployed markets went live.

BlackRock's ETHA absorbed $96 million while its bitcoin fund IBIT bled $95 million, the second straight week ether products out-drew their bitcoin counterparts.

Bitcoin and Ethereum funds pulled in a combined $181 million over the same week as HYPE's nine-week inflow streak broke.

Jeremy Allaire argued that stablecoin networks are winner-take-most businesses built over years, two days after the launch of the 140-plus-firm Open USD consortium sent Circle's stock down more than 17% in a single session.

Strategy's enterprise market-to-NAV ratio crossed below 1 on Thursday for the first time, putting the combined weight of its debt, preferred stock, and equity above the value of its 847,363-bitcoin treasury and closing the equity-accretion channel that powered its buying spree.

Three Strategy officials published separate posts within hours Friday defending the company's balance sheet, as bitcoin fell to around $59,600 and STRC preferred shares traded near historic lows.

USDT has drawn level with ether for the second-largest cryptocurrency by market cap, briefly overtaking it earlier in June. Rising stablecoin issuance is meeting a falling ether price.

The Rosen Law Firm opened a securities investigation into Strategy and is soliciting shareholders for a potential class action, as MSTR hit a two-year low below $100 and its STRC preferred traded about 26% below par.

Strategy's Series A perpetual preferred stock has fallen to record lows around $73-78, down roughly 25% from its $100 par value in two weeks, as a leverage-driven selloff accelerates despite the company's bitcoin balance sheet staying intact.

Ether falls harder than Bitcoin in a market-wide risk-off move, while Aave bucks the selloff on V4 and Grayscale tailwinds; total DeFi value drops to about $69 billion