Crypto Weekly Market Wrap 23rd June: U.S.-Iran Tensions Rattle Markets, Yet Institutional Confidence Holds Firm

The crypto market witnessed a volatile period last week, marked by a dramatic downturn triggered by escalating geopolitical tensions. Following U.S. airstrikes on Iran’s nuclear sites, reportedly ordered by former President Donald Trump in support of Israeli operations, Bitcoin and the broader market tumbled sharply.

While the war-driven panic dominated headlines, there were also noteworthy developments across the regulatory and institutional landscape. From fresh ETF filings to increased institutional interest, the week wasn’t entirely negative. In the section below, we will discuss the crypto weekly market wrap in deep detail, so ensure you read up to the end to have a full grasp.

U.S. Senate Paves Way for Stablecoin Oversight

The U.S. Senate made a breakthrough by passing its first bill on stablecoins. With a 68-30 vote, the lawmakers passed the GENIUS Act, creating a federal roadmap on dollar-backed digital currencies. This law also requires reserve requirements, frequent audits, and anti-money laundering checks on the issuers. Furthermore, it marks a new period in the attitude of Washington towards digital assets, particularly with crypto regulation becoming bipartisan.

The U.S. Senate has passed the GENIUS Act — landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online. Thanks to President Trump for his leadership on crypto & @SenatorHagerty for authoring the bill.

— David Sacks (@davidsacks47) June 17, 2025

As the bill goes to the House of Representatives, former President Trump requested the immediate approval of the bill to secure regulatory clarity ahead of an August recess. Tim Scott, the Senate Banking panelist, underscored the need for leadership and certainty in an industry that has been living in the gray zone. In case the House approves the bill, the stablecoin industry within the United States will get a national rulebook at last. Consequently, this progress offers legitimacy and stability for institutional adoption going forward.

Cyber Strike on Iranian Exchange Sparks Crypto Crackdown

On June 18, Nobitex, the largest digital asset exchange in Iran, lost $90 million because of a cyberattack. The perpetrator, a pro-Israel entity, called Predatory Sparrow, intentionally destroyed the money by sending it to the burn addresses. For instance, Ethereum was deposited on the “0x…dead” wallet, and Bitcoin was deposited into a non-functional address. Notably, the hackers did not take any actions to make a profit, which served as confirmation that the attack was politically charged and connected with geopolitical tensions.

In addition, the Central Bank of Iran reacted swiftly by imposing a daily crypto exchange curfew between 10 AM and 8 PM. In its turn, this measure was intended to avoid capital outflows and make sure the government keeps control of the cross-border transactions. Nobitex reassured customers that their cold wallets would not be affected and guaranteed that any customer losses would be compensated out of the reserve fund set up by the firm.

XRPL Ushers in New Era of Community Governance

The XRP ledger community is now set to initiate its first decentralized autonomous organization, XAO DAO, in its move towards democratic governance. In contrast with most DAOs, which would launch their own token, this organization will rely on the available XRP holdings to calculate voting rights and proposal access rights. This prevents the complication and makes sure that the process will be pegged to the original currency in the network. Furthermore, eligibility will be based on a snapshot of XRP held by wallet addresses, ensuring fairness in participation.

🧵 𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝗶𝗻𝗴 𝗫𝗔𝗢 𝗗𝗔𝗢: A New Era of Decentralized Innovation on XRPL

XAO DAO is not just another DAO—it’s a next-gen governance engine built for the XRPL that empowers members to participate, vote, build, and fund real-world innovation.
Here’s how it works—and… pic.twitter.com/9wYMlNwuHM

— XAO.DAO (@XAODAOLLC) June 17, 2025

Initiatives that facilitate development, infrastructure, and public outreach will be financed using the DAO. Potential beneficiaries are validators, developers, and blockchain startups operating as part of the XRPL ecosystem. Founders Fabio Marzella and Santiago Velez aspire to create a model where community members can determine the flow of the network, uncontrolled by a centralized power.

Gemini Accuses CFTC of Legal Overreach

Gemini Trust Company, the crypto exchange of the Winklevoss twins, filed a complaint against the Commodity Futures Trading Commission. The company states that the CFTC based its legal case on the fraudulent information provided by whistleblowers in a 2017 probe of Gemini regarding its Bitcoin futures product. Gemini claims the agency used its powers abusively in a seven-year legal battle that ended with paying the agency a fine of $5 million.

In his letter to the Inspector General of the CFTC, the legal team of Gemini claimed that the investigation provided no genuine consumer protection. They also claimed that the agency had broken constitutional rights and that it was using lawfare instead of proper oversight. Amid growing legal challenges, exchanges are becoming even more defensive in terms of protecting their reputations and operations.

Solana Investment Firm Aims for Nasdaq Debut

Canadian-based asset management company Sol Strategies submitted a form to be listed on the Nasdaq exchange under the code STKE. The company already possesses 420,000 SOL tokens and recently received $500 million to bolster its staking-based approach. Sol Strategies aims to open itself up to institutional investors who seek exposure to Solana without taking on tokens directly by listing in the U.S. The company also already trades on the Canadian Securities Exchange as HODL.

SOL Strategies seeks Nasdaq listing under ticker ‘STKE’

Toronto-based investment firm SOL Strategies has filed with the U.S. Securities and Exchange Commission (SEC) to list on Nasdaq under the ticker “STKE.” The firm has reportedly been accumulating Solana $SOL as a treasury…

— CoinNess Global (@CoinnessGL) June 19, 2025

The proposed move resembles the heavy Bitcoin focus by MicroStrategy but shifts gears to Solana. Sol Strategies will offer stocks and use the resulting capital to buy Solana and contribute to the network. In case it gets SEC approval, the company can be among the first publicly traded entities that have a Solana-only treasury model.

Tron Charts Path to U.S. Public Market

Tron is reportedly finalizing a reverse merger with SRM Entertainment to go public in the U.S. The crypto company, headed by Justin Sun, will contribute TRX tokens worth $210 million to the new company. This strategy is reflective of traditional treasury operations and provides the new firm with a blockchain asset base in the same manner that Strategy operates with Bitcoin. Remarkably, Dominari Securities, a New York-based boutique investment bank, is facilitating the merger.

Moreover, this strategy occurs after a recent regulatory pause against Tron. As the Trump administration is now less hostile towards crypto, the SEC has changed its position on some of the most high-profile cases. All in all, this move could make Tron the next major blockchain firm to establish a formal presence on Wall Street.

Coinbase Plans Tokenized Equity Platform

Coinbase has requested a no-action letter from the SEC to initiate blockchain-based trading of traditional stocks. The proposal is to tokenize equities in order to facilitate round-the-clock peer-to-peer trading without the involvement of a brokerage. The tokenized stocks would offer speed, reduced costs, and more exposure to the U.S. markets. Moreover, Coinbase claims that the platform may compete with companies such as Robinhood and Schwab, regarding coverage and effectiveness.

The move comes after Coinbase recently extended its outlook to payments and debit card services. To diversify, the exchange will shift to other financial services beyond crypto. Subject to approval, the tokenized security offering would offer a safe and transparent alternative to the traditional trading platforms.

Texas Approves Public Bitcoin Fund

The Texas governor, Greg Abbott, signed into law Senate Bill 21, which establishes a state-controlled Bitcoin reserve fund. The Texas Comptroller will run the fund and the fund will be independent of the state treasury and will be advised by a crypto investment committee. Also, it can expand via market gains, airdrops, or donations. The assets must have a market cap of over $500 billion, which is the case with only Bitcoin at the moment.

🇺🇸 JUST IN: Texas Governor Greg Abbott signs Bitcoin Reserve bill SB 21 into law.

Texas is now the third state with a Bitcoin Reserve. pic.twitter.com/2JJOc7anf4

— Bitcoin Laws (@Bitcoin_Laws) June 21, 2025

The move makes Texas the first state to commit public funds to Bitcoin directly without the risk of being appropriated into the general revenue of the state. Consequently, the fund will mark a big step towards mainstreaming the use of Bitcoin in the U.S. states. By formalizing the structure and insulating it from political interference, Texas is positioning itself as a crypto-forward jurisdiction.

Philippines Introduces Global Crypto Tax Rules

The Philippines expressed its plan to adopt the Crypto-Asset Reporting Framework (CARF) by 2028. This model, which is OECD-developed, will automate the exchange of data among foreign tax authorities. It seeks to counter tax evasion and enhance control of cross-border cryptocurrency transactions. Additionally, the move aligns with the government-wide changes in digital finance.

In addition to the adoption of CARF, the government also issued new regulations that all crypto service providers will need to ensure registration and appropriate licensing. Ralph Recto, the Finance Secretary, stated that transparency in crypto is critical since the use of digital assets continues to expand.

Coinbase Establishes EU Base in Luxembourg

Coinbase officially appointed Luxembourg as its European hub of crypto operations. The relocation is following the license of the company, under Markets in Crypto Assets (MiCA) regulation. Under this license, Coinbase is in a position to legally provide its services to the entire 27 countries of the European Union.

Moien, Lëtzebuerg. 🇱🇺

We’re pleased to have secured our Markets in Crypto Assets (MiCA) licence from the CSSF in Luxembourg.

We can now offer a full suite of crypto products and services to 450 million people across all 27 European Union member states. pic.twitter.com/e9zbhy35YQ

— Coinbase 🛡️ (@coinbase) June 20, 2025

In the past, Coinbase had obtained licenses in some of the biggest markets such as Germany, France, Ireland, and Italy. Nonetheless, MiCA enables the firm to bring these activities under a single umbrella. This will result in Coinbase having a potential consumer base of 450 million Europeans serviced by a single regulated entity. That strategic relocation was done in Luxembourg because of its reputation for innovation and the clarity of its regulations.

Truth Social Files for Crypto ETF

Truth Social, which is a social media platform owned by Trump, filed an S-1 with the SEC to offer a dual-spot crypto ETF. The fund would provide an exposure to both Ethereum and Bitcoin and the assets are to be held by Crypto.com under Foris DAX Trust Company. Moreover, pending approval, the ETF shares would be listed on NYSE Arca.

The filing comes after the SEC recently granted Trump Media a $2.3 billion Bitcoin treasury registration. Although the company has no immediate plans to issue securities, the ETF filing shows that it has a deeper interest in digital assets. Moreover, this proposal suggests a larger transition in the U.S. to institutional acceptance of cryptocurrency. As the government’s attitudes shift, the entry of other political elements is growing into the world of crypto investments.

South Korea Sets Timeline for Crypto ETF Launch

South Korea’s Financial Services Commission submitted a plan to introduce approved local spot crypto ETFs. The plan, whose proposal was sent to the Presidential Policy Planning Committee, is to be implemented in the second half of 2025. The decision is part of the election pledge of President Lee Jae-myung to overhaul the regulation of digital assets. If approved, the ETFs would enable local issuers to provide retail and institutional investors with crypto investments.

In addition, the strategy involves easing the regulation concerning Won-stablecoins. Authorities aim to develop a domestic stablecoin market, which will attract less capital flight and facilitate local trade. Through the formation of these systems, South Korea aims to find a balance between innovation and financial control. The roadmap, once enacted, may significantly transform the crypto investment world in the country.

Thailand Exempts Crypto Gains From Tax for Five Years

The Deputy Finance Minister of Thailand announced that transactions involving digital assets would be exempt from capital gains taxes during the next five years. Such an exemption will cover those trading in Thai SEC-regulated platforms during the period 2025-2029. The new policy is aimed at impelling the crypto market and capturing foreign capital. Authorities believe that it will boost both domestic consumption and activities in digital finance.

Thailand approves a five-year tax exemption on crypto capital gains!

Governments want Bitcoiners 🔥 pic.twitter.com/59ELfkAz65

— Crypto Tips (@cryptotipsreal) June 17, 2025

Moreover, the government is planning to impose VAT on crypto transactions as part of a broader reform. By adopting this tax regime, Thailand is aiming to create a balanced and investor-friendly ecosystem. Being among the first states to have clear crypto tax regulations, it provides others with a good guideline.

Metaplanet Buys More BTC, Hits 10,000 Total

Japanese-listed company Metaplanet purchased 1,112 BTC to add it to the corporate treasury with an average purchase price of $105,435. The purchase will take the total Bitcoin holdings of the company to 10,000 BTC at an average price of 94,697. The acquisition, valued at 117.2 million dollars, is a part of the overall strategic turn toward digital assets. Since the beginning of 2025, BTC’s Metaplanet has gained more than 266% in its value.

In a meeting of the board on June 16, the company decided to issue 210 million of zero-coupon bonds to fund additional acquisitions. This aggressive accumulation scheme comes amidst other moves by Western companies, such as Strategy. By using corporate bonds instead of equity, Metaplanet preserves shareholder value while gaining crypto exposure. Consequently, this makes it one of Asia’s most committed institutional Bitcoin holders.

Strategy Acquires $1.05B in Bitcoin

Strategy, the company led by Michael Saylor, purchased 10,100 BTC for a total of $1.05 billion. The coins were acquired at an average price of $104,080, bringing Strategy’s total holdings to $63.4 billion in Bitcoin. This marks the third straight week the firm used preferred shares, not common stock, to fund its buys. As a result, it avoided diluting existing shareholders while expanding its crypto portfolio.

Critics have expressed concern over the high premium of Strategy’s common stock relative to its Bitcoin holdings. Nonetheless, Saylor defended the financing method as “effectively risk-free.” The company has also announced plans to raise $84 billion in capital through share sales and bond offerings over the next few years. Consequently, this makes Strategy one of the most aggressive Bitcoin investors on the global stage.

Digital Asset Investment Products Market Overview

Investors continued to pour money into digital assets despite the rising tension in the world. CoinShares report displays that in the past week, crypto funds experienced inflows worth $1.24 billion, bringing this year-to-date inflows to more than $15 billion. Bitcoin alone saw a demand of $1.1 billion, indicating an even demand despite the market dip.

Investors are still buying the dip, despite macro tensions.

10 straight weeks of crypto fund inflows → $1.24B last week, $15.1B YTD (a new record).

-Bitcoin: $1.1B
-Ethereum: $124M

🇺🇸 US led with $1.25B, while HK & Switzerland saw outflows.https://t.co/Y36IpDzqdT pic.twitter.com/sljYqVIWHO

— CoinShares (@CoinSharesCo) June 23, 2025

Ethereum was also in the limelight as it registered its ninth consecutive week of gains. It increased to a total of $124 million to bring the current streak to $2.2 billion. Smaller cryptocurrencies such as Solana and XRP generated $2.78 million and 2.69 million, respectively. Meanwhile, outflows struck Hong Kong and Switzerland, contrasting with the robust U.S. inflows.

Even though trading was volatile at the start of the week, it cooled down because of Juneteenth and U.S.-Iran headlines. Nevertheless, the sustained purchase demonstrates a larger belief in the potential of crypto in long-term perspectives. Still, consistent buying signals growing confidence in crypto’s long-term potential.

Bitcoin Price Performance

​Bitcoin dropped to a weekly low below the $102,000 mark as a result of increasing geopolitical turbulence and intense selling pressure. This forced panic to grip the digital asset market, leading to mass liquidations. In addition, the decline resulted in the weekly loss surging to 4%.

Following weeks of positive momentum, BTC’s technical indicators have shifted and started to trend downwards. The Relative Strength Index (RSI) has dropped to neutral levels from the overbought region, indicating an increased selling pressure. Should the current trend hold and market uncertainty continue, BTC could correct further toward the $90k region.