Welcome to Tap’s weekly crypto market recap.
Here are the biggest stories from last week (2 - 9 June).
😐 Bitcoin’s Market Sentiment
Despite the subdued retail interest and historically weak June performance (averaging a 1.9% return), on-chain data showed a surge in whale accumulation: large holders aggressively bought BTC last week, with over 67,000 coins leaving exchanges.
Institutional investors and crypto whales have been increasing their buying activity, signalling stronger confidence in the market. This kind of accumulation often precedes major price moves and could lead to increased volatility or even spark a rally if the trend continues.
On the technical side, Bitcoin is showing strength: it's trading above both its 50-day and 200-day moving averages, a sign of sustained upward momentum. Last week, it also formed a “golden cross,” where the 50-day moving average crosses above the 200-day. This is widely seen as a bullish indicator that often attracts more buyers.
🏦 Corporate Bitcoin Accumulation on the Rise
Institutional appetite continues to grow. The number of public companies holding Bitcoin in their treasuries has jumped to 116, with a combined 809,100 BTC - more than doubling from a year ago. Nearly 100,000 BTC have been added since early April, driven by new fair-value accounting rules and a friendlier U.S. regulatory environment.
Japan’s Metaplanet, now the ninth-largest corporate Bitcoin holder, just added another 1,088 BTC (around $106 million) to its treasury, bringing its total stash to 8,888 BTC. While Strategy, the largest corporate holder of Bitcoin, picked up an additional 705 BTC (~$75 million), funded through equity offerings.
These moves highlight a steady trend: more public companies are treating Bitcoin as a long-term treasury asset.
🔓 Major Token Unlocks and Market Impact
June is shaping up to be a busy month for token unlocks, with around $3.3 billion in tokens entering circulation. While a 32% drop from May’s inflow, still a hefty amount, and enough to stir volatility in the affected assets.
Some of the biggest unlocks this month include:
- Metars Genesis (MRS): $193M on June 21, aimed at funding AI partnerships
- Sui (SUI): 44M tokens (~$160M) unlocked on June 1
- Fasttoken (FTN): 20M tokens (~$88M) released for founders
- LayerZero (ZRO): 25M tokens (~$71M) allocated to contributors
- Aptos (APT): 11.31M tokens (~$61M) for contributors and investors
More notable unlocks through mid-June include Immutable (IMX), Starknet (STRK), Sei (SEI), Arbitrum (ARB), and ApeCoin (APE) - each releasing between $10M and $43M in tokens. With so much supply hitting the market, short-term price moves could follow.
📈 USDC Enters NYSE
Circle, the issuer of USDC, made a splashy debut on the NYSE under the ticker CRCL. Priced at $31, shares opened at $69 and peaked at $103.75, closing around $83.23. The offering raised between $1.05 and $1.1 billion, pushing Circle’s valuation to around $21 billion on a fully diluted basis, marking one of the largest crypto IPOs in recent years and highlighting strong institutional appetite for regulated stablecoin players.
Stay tuned for next week’s instalment, delivered on Monday mornings.
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