Crypto Weekly Market Wrap June 8 – Market Volatility, Crypto ETF Filings, Global Policy Moves Shape Sentiment

The crypto market saw a busy period last week, with major companies, exchanges, and regulators all making moves that shaped sentiment. The week also witnessed a rare Bitcoin sale, new stablecoin payment moves, ETF filings, tokenized stock plans, and broader debates about crypto banking rules. In the sections below, we will discuss major events that made headlines last week.

Strategy Makes Rare Bitcoin Sale For Dividends

Strategy sold 32 Bitcoin between May 26 and May 31, according to the June 1 Form 8-K filed with the SEC. The sale raised about $2.5 million recently at an average price near $77,135, marking a rare disposal. The company said the proceeds would support preferred stock dividend payments. Meanwhile, Strategy still held 843,706 Bitcoin as of May 31, with an average purchase price around $75,699.

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Michael Saylor also outlined four Bitcoin ideology groups during the week. He said each group plays a different role in Bitcoin’s wider growth and public adoption. However, Saylor warned that extreme dominance by any single camp could create problems. He described Bitcoin as a global financial asset now shaping companies, banks, governments, and individual investors.

Coinbase Expands India Access with INR Support

Coinbase launched direct Indian rupee deposits and withdrawals through IMPS transfers on June 1. Indian users no longer need peer-to-peer channels or intermediaries. The exchange also opened access to spot and perpetual futures trading. Coinbase described India as a major market for developers, trading activity, and blockchain adoption.

BitMine Expands Ether Treasury With Fresh Purchases

BitMine added 26,497 ETH last week, lifting total holdings to 5,416,901 ETH. That amount represents about 4.49% of Ethereum’s circulating supply. BitMine valued its crypto, cash, and investments near $11.6 billion. The company said 4,718,677 ETH has been staked, creating projected annual staking revenue near $258 million.

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BitMine provided its latest holdings update for May 26, 2026
$12.3 billion in total crypto + "moonshots":
– 5,416,901 ETH at $2,003 per ETH per ETH (per @coinbase)
– 203 Bitcoin (BTC)
– $200 million stake in Beast…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) June 1, 2026

BitMine also issued 3 million Series A perpetual preferred shares. The stock carries a 9.50% annual coupon and a $100 liquidation preference. The company plans to use proceeds for general corporate purposes. Those plans include more ETH purchases, validator infrastructure, MAVAN expansion, working capital, strategic investments, and possible common stock repurchases.

Citi Projects Strong Tokenization Growth By 2030

On June 1, Citi said tokenized securities could grow from $17 billion today to $5.5 trillion by 2030. The projection covers Treasuries, stocks, and funds. Moreover, Citi said stablecoin growth could create $1 trillion in new Treasury demand. The bank also expects tokenized public stocks and Treasury bills to drive adoption.

Hong Kong Plans Broader Crypto Licensing

On June 1, Hong Kong planned legislation covering virtual asset trading, custody, advisory, and asset management services. Officials target a bill in 2026. The proposed regime requires licenses or registrations for covered businesses. It will also focus on private key custody risks.

Binance Prepares Tokenized Stocks Through bStocks

Binance unveiled a stock trading service for non-US users, covering more than 7,000 US stocks and ETFs on June 1. Fractional investment will start from $5. The service will run 24 hours daily across five weekdays. Meanwhile, bStocks will launch in the coming weeks, with Nest Trading handling brokerage and Alpaca managing custody and dividends.

Welcome to a new era.

Trade the brands you love.

Direct Stocks. ETFs. Available 24/5.

👉 https://t.co/IQVBAuxxey pic.twitter.com/6HvjTDFRCE

— Binance (@binance) June 1, 2026

ECB Warns Stablecoins Could Pressure Banks

ECB executive Isabel Schnabel said on June 1 that stablecoins may improve payments but create financial risks. She warned that deposits could shift from banks into digital tokens. Schnabel also said dollar stablecoins could strengthen US currency influence. Therefore, Europe may need stricter rules to protect stability and monetary control.

Japan Pushes Stablecoins and Crypto ETFs

On Monday, Japan’s ruling party proposed yen stablecoin promotion and crypto ETF rules. The plan targets cross-border settlement across Asia. The proposal said crypto ETFs could improve investment access. Moreover, Japan wants to promote blockchain innovation during the 2027 ADB meeting.

CME Crypto Futures Trade Through the Weekend

CME Group launched round-the-clock crypto futures and options trading last week. The debut extended regulated crypto derivatives into weekends and off-hours for market participants. On June 1, the exchange reported more than 7,200 contracts during the first weekend. Those trades carried about $50 million in notional value, while Bitcoin Volatility Futures also moved to 24/7 trading.

TON Token Brand Returns to Gram

Telegram founder Pavel Durov announced on June 1 a TON ecosystem rebrand that renames the native token, Gram. The blockchain itself will keep The Open Network name. The team said Gram was the token’s original whitepaper name. Moreover, wallets, infrastructure, and ecosystem apps will update the designation over about three weeks.

Toncoin (TON) -> Gram (GRAM)

Community vote is live.

Since Telegram took a leading role in TON's development, the chain got 10× faster, fees 6× lower.

And now Telegram proposes one more change: renaming Toncoin to Gram – the name from the original TON White Paper that never…

— TON 💎 (@ton_blockchain) June 1, 2026

Schwab Plans Crypto Custody Services In 2027

Charles Schwab announced on June 2 that it plans to add spot crypto trading, transfers, and custody on its advisor custody platform in 2027. The rollout targets the middle of next year. However, Schwab said the timing could still change. The brokerage has already opened Bitcoin and Ethereum spot trading for retail clients this year.

US Equities Pull Capital Away From Crypto

Binance Research said on June 2 that the ongoing crypto weakness may reflect capital moving into US equities. It pointed to extreme concentration in popular stock market themes then. Meanwhile, money flowed toward AI, semiconductors, defense, energy, and commodities. The report said Bitcoin often bottoms within zero to 20 weeks after similar concentration episodes.

US Sanctions Iran’s Nobitex Crypto Exchange

According to Bloomberg on June 2, the US Treasury sanctioned Nobitex and senior executives last week. Officials also blocklisted three other Iranian digital asset platforms. Treasury said Nobitex handled about half of Iran’s crypto transaction volume last year. The action formed part of renewed economic pressure.

Ripple Expands RLUSD Access Across Türkiye

On June 2, Ripple brought RLUSD into Türkiye through partnerships with BiLira, Bitexen, and Bitlo. Turkish institutions can now access the dollar-backed stablecoin locally. Moreover, Ripple partnered with Istanbul Technical University under its blockchain research initiative. The program will support graduate fellowships, advanced research, and an XRP Ledger validator.

$RLUSD is now available in Türkiye through three new partners: @BiLira_Kripto, @Bitexencom and @Bitlocom: https://t.co/poq4dUbYF4

This is the latest step in a global expansion that has taken RLUSD from launch to a $1.7bn+ market cap in under a year.

The demand for regulated,…

— Ripple (@Ripple) June 2, 2026

US Treasury Advances Bitcoin Reserve Work Prudently

Treasury Secretary Scott Bessent said the department continues work on a strategic Bitcoin reserve. On June 3, he described the process as prudent and focused on long-term standards. Moreover, Bessent said the administration supports digital asset legislation, including the CLARITY Act. The source data placed current US holdings near 328,400 BTC, worth about $21.5 billion.

UK Lords Urge Changes to Stablecoin Rules

A UK House of Lords committee urged regulators to ease proposed stablecoin rules. On June 3, it said Britain trails the US and the European Union. The committee questioned holding limits, bank restrictions, and backing asset requirements. It also asked regulators to review capital rules that scale with stablecoin issuance volume.

The committee said the global stablecoin market stood at $315 billion in 2026. It also noted that dollar tokens dominated almost all activity. Meanwhile, the only UK-issued fiat-referenced stablecoin, tGBP, had a market value of $1.53 million in March. The gap is now shaping calls for flexible rules.

South Korean Firms Build Stablecoin Alliances

On June 3, South Korean banks, fintech firms, and exchanges moved toward won stablecoin alliances. KB Financial is pursuing cooperation with Toss. Under that plan, Kookmin Bank would lead issuance. Meanwhile, Toss would handle circulation, with Bithumb as a possible participant.

Tether and Fasset Launch Gold-Backed Visa Card

Tether and Fasset launched a gold-backed Visa card for global payments on June 3. Users can spend where Visa works and earn cashback in Tether Gold. The card converts XAUT into USDT, then into local fiat currency, during payments. Moreover, an automatic round-up feature can invest spare change into XAUT.

Tether Collaborates with Fasset to Launch the First Gold-Backed Card, Unlocking Real-World Utility for Digital Gold
Learn more: https://t.co/Qdp5GxGQhk

— Tether (@tether) June 3, 2026

Binance Winds Down Centralized NFT Service

Binance announced on June 3 that it will close its centralized NFT service on July 3, 2026. Users must withdraw transferable assets before the deadline to keep access. The exchange will reimburse withdrawal fees for some users moving NFTs to Binance Wallet. However, non-transferable NFTs will become unavailable after closure.

Coinbase Closes First Bitcoin-Backed Mortgage Product

On June 4, Coinbase announced America’s first Fannie Mae-backed mortgage secured by Bitcoin collateral. Better originates and services the loan, with Coinbase providing technology support. The product allows borrowers to pledge BTC or USDC without selling holdings. Therefore, Coinbase said the mortgage option will expand nationwide during the summer for eligible borrowers.

Russia Considers Strict Retail Crypto Limits

Russia’s central bank stated on June 4 that it may limit retail investors to Bitcoin, Ethereum, and USDT. New crypto rules could take effect across the country in 2026. Officials may expand the list later, but not initially. The proposal may also cap annual retail crypto investment near $4,100 through brokers. Therefore, access to Solana, XRP, Cardano, and other altcoins could narrow.

Greece Plans 15% Crypto Gains Tax

Greece is preparing a 15% flat tax on crypto capital gains, according to a Reuters report on June 5. The draft law would bring digital assets into the country’s tax system. Lawmakers will debate the proposal before any implementation. The plan exempts the first €500 in gains and excludes individual miners. However, corporate mining operations would fall under the proposed tax framework.

Greece plans a 15% tax on crypto gains

Greece is moving to tax crypto. Two government officials say a draft law would hit crypto capital gains with a flat 15%, per Reuters, finally writing digital assets into the national tax code.

The first €500 of gains would be exempt, and… pic.twitter.com/NbIVlP1J22

— BSCN (@BSCNews) June 5, 2026

Arthur Hayes Exits Several Crypto Positions

Arthur Hayes drew scrutiny after exiting ZEC, NEAR, HYPE, and WLD in quick succession last week. He had recently promoted several of those assets. ZEC saw the steepest drop after his exit and the Orchard Pool vulnerability disclosure. Meanwhile, HYPE, NEAR, and WLD also weakened as community criticism increased.

Grayscale Files for Canton Coin ETF

Grayscale filed a registration statement for a spot Canton Coin fund on June 5. The proposed product would hold Canton Coin directly for shareholders. Through the structure, investors could gain listed CC exposure through brokerage accounts. Therefore, they would avoid direct token purchases, wallet management, and private storage risks.

The filing followed Grayscale’s Hyperliquid staking ETF debut on June 3. Therefore, the Canton Coin proposal extended Grayscale’s move beyond Bitcoin and Ethereum products.

US Senators Push Softer Crypto Banking Rules

Several US senators urged banking regulators to create clearer capital rules for digital assets. The letter, which was dated May 27, was announced by Cynthia Lummis on Thursday. The lawmakers criticized Basel crypto rules that assign some assets a 1,250% risk weight. They argued that this treatment makes bank crypto exposure too expensive.

Payment Giants Advance Stablecoin Platform Plans

Visa, Mastercard, and Stripe are reportedly nearing a stablecoin platform launch. Coinbase is also studying a possible role in the project. Public details remain limited, including the final product structure. However, the plan shows stronger payment company interest in stablecoin infrastructure.

Stripe, Visa and Mastercard near stablecoin platform launch; Coinbase may join

Stripe, Visa and Mastercard are close to launching a new stablecoin platform, while Coinbase is also exploring possible participation, according to CoinDesk. Coinbase, Stripe and Visa declined to… pic.twitter.com/5p1h6n6Z4w

— Wu Blockchain (@WuBlockchain) June 3, 2026

Meanwhile, Mastercard added regulated stablecoins to settlement services for partners. The supported assets include USDC, RLUSD, PYUSD, USDG, USDP, and SoFiUSD. The service will first expand in the United States and Latin America. Moreover, it supports intraday, weekend, and holiday settlement options.

Hyperliquid Treasuries Outperform Other Crypto DATs

Hyperliquid treasury firms remained in profit while legacy crypto treasury companies faced losses. Hyperliquid Strategies holds about 23.7 million HYPE. The firm is up more than $1.1 billion on an unrealized basis. Meanwhile, Bitcoin, Ethereum, and Solana treasury firms are carrying large paper losses after market declines.

Morgan Stanley Links Clients to Galaxy Crypto Loans

On Friday, Morgan Stanley Wealth Management partnered with Galaxy Digital on a crypto lending referral arrangement. Eligible clients can lend crypto for spot crypto ETP shares. The arrangement covers assets including Bitcoin, Ether, and Solana. It could cut in-kind crypto-to-ETP onboarding times by up to 75%.

HTX Suspends WLFI Pairs After Token Freeze

On June 6, HTX suspended WLFI and USD1-related trading pairs after WLFI restricted tokens linked to HTX addresses. The dispute followed United Kingdom sanctions against Huobi Global S.A., a Panama-linked entity. WLFI cited its sanctions compliance framework for limiting token circulation.

However, HTX argued that the restricted tokens were user-owned assets. As a result, HTX halted WLFI/USDT, USD1/USDT, BTC/USD1, and ETH/USD1 trading. It also paused USD1 deposits and withdrawals, then converted user USD1 balances into USDT at 1:1.

Digital Asset Investment Products Market Overview

U.S. spot Bitcoin ETFs recorded $1.72 billion in net outflows during the June 1 to June 5 trading week. According to data from SoSoValue, the withdrawals marked the second-largest weekly exit since the funds launched. BlackRock’s IBIT led the decline with $1.34 billion leaving the fund. Fidelity’s FBTC also posted $202 million in outflows, while Morgan Stanley’s MSBT drew $35.05 million in fresh inflows.

The latest figures extend May’s weak trend, when spot Bitcoin ETFs lost $2.43 billion. Meanwhile, spot Ether ETFs posted $173 million in weekly outflows, their fourth straight week of redemptions. However, total assets still stood at $75.12 billion, equal to 6.08% of Bitcoin’s market value, with cumulative inflows at $53.94 billion.

Bitcoin Price Performance

Bitcoin recorded a rocky performance last week, with the price dropping to levels not seen since early February. The price fell by more than 13%, from $73K to $59K. Currently, the price is hovering around $63,200, with a market cap of $1.26 trillion and a trading volume of $34 billion.

Looking at BTC’s weekly chart, the asset has dropped to the key support level around the $60K region as the bearish sentiment holds. Technical indicators such as the Relative Strength Index and Moving Average Convergence Divergence indicate that BTC could drop further if the current trend holds. The RSI is hovering around 34 levels near the oversold region, while the MACD line is making a crossover below the signal line.

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