Crypto Morning Brief: Bitcoin breaks $110,000; Citi forecasts Fed to cut rates by 75 bps this year
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Crypto Morning Brief: Bitcoin breaks $110,000; Citi forecasts Fed to cut rates by 75 bps this year
Strategy raises $112 million for Bitcoin purchases, does not sell any MSTR shares.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
This morning, BTC broke above $110,000, ETH above $2,600
According to HTX market data, this morning BTC surpassed $110,000 and ETH exceeded $2,600, with 24-hour gains of 2.42% and 5.77%, respectively.
Trump: China-U.S. talks progressing well; considering lifting export controls
According to Jinshi News, U.S. President Trump stated, "We're making good progress with China, receiving positive news from London. We will consider lifting export controls. The negotiations between China and the U.S. are ongoing."
Multiple crypto institutions issue joint statement supporting inclusion of Blockchain Regulatory Certainty Act in CLARITY Act
As disclosed by Eleanor Terrett, several prominent blockchain and cryptocurrency organizations have issued a joint statement welcoming the inclusion of the Blockchain Regulatory Certainty Act (BRCA) into the updated CLARITY Act. The bill aims to protect developers of non-custodial, peer-to-peer technologies while maintaining strict regulation on custodial financial institutions. The statement notes that the revised legislation builds upon FinCEN’s 2019 guidance, clarifying that developers and infrastructure providers who do not control customer funds should not be regulated as money transmitters. Signatories include industry leaders such as Coin Center, DeFi Education Fund, Solana Policy Institute, Digital Chamber, Blockchain Association, and Uniswap Labs, which expressed gratitude to lawmakers including Chairman Hill, Chairman Steil, Majority Whip Emmer, and Representative Torres.
Strategy raises $112 million for Bitcoin purchases, sells no MSTR shares
According to Cointelegraph, Strategy announced on June 9 that it successfully sold 626,639 shares of STRK preferred stock and 432,679 shares of STRF preferred stock through its at-the-market (ATM) issuance program between June 2 and June 8, raising net proceeds of $112.2 million. Notably, this capital raise was entirely from preferred stock sales, with no common stock (MSTR) sold. As of June 8, $18.631 billion remains available under the company’s Common ATM program, $20.617 billion under the STRK ATM program, and $2.005 billion under the STRF ATM program.
ProShares and Bitwise file ETF applications based on Circle stock
As re-shared by Bloomberg senior ETF analyst Eric Balchunas on X, ProShares and Bitwise have submitted applications to the U.S. SEC for ETFs tracking Circle stock: the ProShares Ultra CRCL ETF and the Bitwise CRCL Option Income Strategy ETF. Tickers are pending, with an expected effective date of August 20.
Citi: Expects Fed to cut rates by 75 basis points this year
According to Jinshi News, Citi stated (after the release of non-farm payroll data) that it now expects the Federal Reserve to cut interest rates by 75 basis points this year, with 25 basis point cuts each in September, October, and December.
Binance releases latest proof of reserves: ample asset coverage
Binance’s latest Proof of Reserves (PoR) report shows reserve ratios exceeding 100% across major assets. BTC reserve ratio stands at 102.13%, holding 606,080.648 BTC; USDT at 101.52%, holding approximately 29.27 billion tokens; ETH at 100.00%, holding about 5.337 million; BNB at 111.74%, holding around 44.536 million. USDC has the highest reserve ratio at 153.01%, indicating strong financial backing.
Nasdaq applies to add XRP, SOL, ADA, XLM to cryptocurrency index
According to Cryptotimes, Nasdaq filed a rule change application (19b-4) with the U.S. Securities and Exchange Commission (SEC) on June 2, proposing to include XRP, SOL, XLM, and ADA in its digital asset benchmark index.
The proposal aims to allow the Hashdex Nasdaq Crypto Index US ETF (NCIQ) to transition from the existing Nasdaq Crypto US Settlement Price Index (NCIUS) to the broader Nasdaq Crypto Index (NCI). If approved by the SEC, the ETF would be permitted to invest in all these cryptocurrencies. The SEC is scheduled to make a final decision by November 2, 2025.
Analysis: Debt risks of Bitcoin treasury firms overstated; most debt matures after two years
Alex Thorn, Head of Research at Galaxy Digital, posted that concerns about Bitcoin treasury firms and their debt becoming problematic are overblown. He noted that in aggregate, the scale of debt among these companies is not large, and the majority of it does not mature until more than two years from now.
Data from Galaxy Research shows that as of May 2025, $650 million due in July 2024, $500 million due in September 2024, and $1.05 billion due in February 2025 have already been successfully repaid.
The data also reveals that most Bitcoin treasury firm debts will mature between 2027 and 2030, including $1 billion in December 2027, $2 billion in March 2028, and $3.65 billion in June 2028—the largest single tranche. The analysis covers multiple companies including Strategy, Marathon, Riot, Semler Scientific, Marathon Holdings, and H100, with data current as of May 27, 2025.
Sonic Labs Season 1 airdrop nearing end; participating in Shadow offers scoring opportunities
The first season of Sonic Labs’ airdrop is coming to a close, but users can still earn rewards and accumulate additional points for the second-season airdrop through participation in its ecosystem project, Shadow Exchange.
Holders of $SHADOW and $x33 tokens are eligible for passive Sonic points. Additionally, Shadow offers various high-APY, high-multiplier liquidity mining pools, allowing users to earn airdrop points through liquidity staking activities.
The second-season airdrop will launch immediately following the conclusion of the first season.
Metaplanet shares surge 22% Monday amid reports of $5.4 billion fundraising plan
According to Jinshi News, Japanese Bitcoin investment firm Metaplanet saw its stock rise sharply by 22% on Monday, likely driven by news that the company plans to raise approximately $5.4 billion and expand its Bitcoin holdings, which have already reached $1 billion.
Market Data
Suggested Reading
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Traditional Payments Meet Crypto: 'Stablecoin Uselessness' Sparks Debate
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Apple, Tesla go live on Solana: Can Tokenized Stocks Attract Crypto Users?
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