Markets

Bitcoin touched $79,999.99 on Coinbase before easing, its highest level since May, while 80 of the 123 largest non-stablecoin tokens fell on the day. Total crypto market value declined even as bitcoin rose.

Bitcoin gained 22.6% over seven days, its largest advance over any seven-day window since November 2024, after the president told crypto executives at the White House that Congress needs to pass market structure legislation.

Ether gained 9% and total crypto market value rose 5.1% after the U.S. Treasury said it would at least double the size of its long-dated bond buybacks. Short positions accounted for 91% of the day's liquidations.

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.