June 6th, 2025
Key Takeaways
Rate-Shock + Liquidity Jitters: Long-bond auctions failed, pushing the 30-yr U.S. yield to 5.15 % and reminding markets that financing costs are repricing across every asset class.
Hard-Asset Bid Continues: Bitcoin printed a new all-time high at $110 k while central-bank gold purchases hit a nine-year peak, underscoring the market’s search for non-sovereign stores of value.
Regulation Mostly Tail-Wind: U.S. stable-coin legislation advanced in the Senate, Hong Kong approved a licensing regime, and consumer protections improved—offset only by an SEC timetable delay for several alt-coin ETFs.
Institutional Rails Expanding: Apple opened iOS to external crypto payments; Visa, Stripe, Citi, and SIX all launched tokenisation or settlement pilots—accelerating real-world adoption.
Volatility Is Opportunity: Elevated macro dispersion and policy cross-currents continue to reward nimble, actively managed crypto exposure.
Market Overview
May delivered a classic “risk-paradox.” Treasury stress and tariff worries initially pressured equities, yet Bitcoin’s new high and $5.7 B of spot-ETF inflows signalled persistent demand for scarce digital assets. ETH and top-tier alts outperformed on relative-strength rotations as BTC cooled to ~$104 k, while gold benefited from renewed stagflation chatter. Duration scarcity—fuelled by Japanese and Chinese selling—kept global fixed-income volatility elevated, creating fertile ground for cross-asset spread trades.
Regulatory Developments
Stable-Coin Bills: The Senate passed the STABLE Act (two-year ban on algorithmic coins). The House counters with the more permissive GENIUS Act, now under committee review.
Consumer Protection: Coinbase’s decision to reimburse phishing-victim losses sets a constructive precedent for exchange-level insurance.
Global Divergence: Hong Kong granted the first stable-coin licences, while the EU floated a 2027 ban on privacy coins—highlighting regional policy splits that agile capital can exploit.
SEC Actions
ETF Timetable: Decisions on spot SOL, XRP, ADA, DOGE, and LTC ETFs were pushed to 15 July. Option-implied volatility rose into the delay, then compressed—creating profitable “vol-crush” trades for active strategies.
Ongoing Reviews: The Commission continues to scrutinise staking mechanics and custody segregation—key signals for structuring delta-neutral basis trades around future approvals.
Institutional Moves
Tokenisation Surge: Citi × SIX piloted on-chain private-share settlement; Visa and Stripe began routing USDC in Latin America, shrinking cross-border friction.
Apple Effect: By allowing external crypto payments, Apple effectively enabled 1.2 B devices to transact on-chain, a structural demand tail-wind.
Corporate Treasuries: Public companies now hold >800 k BTC; newcomers added SOL and XRP to balance sheets, tightening float in multiple networks.
Liquidity Firehose: Robinhood’s $179 M WonderFi purchase, WLFI’s USD1 racing to $2.1 B, and FTX’s $5 B stable-coin payout injected fresh trading capital across venues.
Political Influence on Markets
Tariff Pause & Threats: A 50 % EU levy is on 90-day hold, but new China duties loom—driving on-off risk sentiment swings.
Pro-Crypto Congress: Roughly 59 % of U.S. lawmakers now voice pro-Bitcoin views, and VP JD Vance vowed to end “Choke Point 2.0,” signalling friendlier banking access for the sector.
State-Level Momentum: Texas and New Hampshire advanced Bitcoin-reserve bills, hinting at persistent sovereign-style bid support.
Macro and Global Liquidity
U.S. net-interest outlays now rival defense spending, limiting fiscal flexibility. The Fed left policy unchanged for a third meeting, balancing softening growth (NFP +177 k) against sticky CPI (2.3 % y/y). Global QT is decelerating, yet China’s ¥382 B liquidity injection countered Western balance-sheet runoff, producing uneven monetary currents. Japan’s loss of its 34-year top-creditor status—and a 30-yr JGB yield at 3.19 %—further illustrates the rotation away from low-yield safe havens.
Looking Ahead
Event Grid:
Next long-bond auctions (watch bid-cover ratios).
15 July SEC alt-ETF rulings—volatility window. • 30 August expiry of the EU tariff pause.
Strategy Bias: Maintain short-duration cash equivalents, hold core BTC and gold, and tactically allocate to high-quality alts as momentum confirms.
Active Edge: Dispersion across regions, assets, and regulatory regimes continues to create mis-pricings that disciplined crypto hedge-fund strategies are designed to capture—highlighting the relevance of professional active management in an increasingly segmented market.
Stay in Touch
Navigating the ever-changing landscape of digital assets can be a challenge. That's why we’ve created this newsletter to help bring clarity to the complexity. In addition to a monthly summary of the most important crypto news, we layer in insightful commentary from insiders and experts who understand the cryptocurrency market.
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– The CKC.Fund Team
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