Quick Take

• Weekly USDC and USDT outflows reached approximately $24 billion, with the bearish market fueling speculation that investors are liquidating crypto to position for the SpaceX IPO.
• U.S. spot BTC ETFs saw a net outflow of US$1.7 billion last week, higher than the $1.4 billion outflow the week prior. Spot ETH ETFs saw a net outflow of $174 million in the same period, compared to a $241 million outflow the week prior.
• Wall Street’s winning streak halted last week. After the S&P 500 hit a fresh all-time high on June 2, a rapid rotation out of technology and a sharp Friday sell-off snapped the benchmark index's nine-week run of weekly gains. A blowout monthly jobs report ignited interest rate anxieties, causing Treasury yields to spike and triggering heavy profit-taking across mega-cap tech and semiconductor favorites.
• • S&P 500 Index declined 2.59%, closing the week at 7,383.74 — its first weekly loss since March. Nasdaq Composite fell 4.68% to finish at 25,709.43, suffering its sharpest daily and weekly rout in over a year. Dow Jones Industrial Average held up best, edging down just 0.32%, supported by a midweek surge to a fresh record high on Thursday.
  • Key Market Drivers: U.S. May Payrolls saw 172,000 jobs added, doubling expectations and ending Fed rate cut hopes. The U.S. 10-Year Treasury rose to 4.54%, and 2-Year hit 52-week highs near 4.17%. Broadcom fell 12.6% on AI fatigue, while Alphabet raised $85 billion. Additionally, geopolitical tensions and upcoming 10-12.5% U.S. tariffs fueled macro uncertainty.
  • Sector and Style Dynamics: Style Divergence: Growth and momentum were punished as investors sought refuge in value and defensive sectors. Tech and Semiconductors: The PHLX Semiconductor Sector index (SOX) dropped 4.7% weekly, with Nvidia dropping 2.9%. Sector Rotation: Capital moved into Healthcare, led by UnitedHealth’s 5% rally, as well as into resilient Financials like JPMorgan.

Research Dashboard

According to our research dashboard, the price index dropped -16.15%, while the volume and volatility indices surged by +67.74% and +76.67%, respectively, last week.

All tokens in the index saw a downtrend. BTC and ETH prices decreased by -14.0% and -15.8%, respectively. Cadano (ADA), Avalanche (AVAX), and Zcash (ZEC) led the price decline. ZEC and ADA also drove the volume and volatility surge. ADA plunged below $0.16 on June 6 — a 53% YTD decline and its lowest price since 2020. This slump coincided with the closure of analytics platform TapTools, the cancellation of the 2026 Cardano Summit, and warnings from the founder regarding ecosystem failures. Concurrently, Zcash plunged following an emergency upgrade to patch a major vulnerability in its Orchard privacy pool.

Chart of the Week

A recent bearish crypto market has fueled speculation that retail investors are liquidating cryptocurrencies to position for the SpaceX IPO. On-chain data corroborates this, with weekly outflows of USDC and USDT reaching approximately $24 billion — the highest since February 2026. This sell pressure is further exacerbated by institutional outflows, as spot BTC and ETH ETFs saw four consecutive weeks of net outflows between May 15 and June 5, shedding $5.4 billion and $881 million, respectively. The crypto market’s downtrend also moved in tandem with Equities, Commodities and Gold.

Weekly Performance

All top-cap tokens saw bearish price action last week, with ADA and APT leading the plunge.

All categories saw a decline in market capitalization (MC), with AI and Lending leading the plunge.

Notable Updates

News Highlights

Company News

• Crypto.com Exchange integrated with TradingView, positioning itself as an official broker to enable direct on-chart trading. This update allows eligible users to securely link their Exchange accounts to TradingView’s charting platform to execute trades across a wide range of assets.

Regulation

• The U.S. House Tax Committee on Ways and Means is holding hearings to weigh new cryptocurrency tax bills. Notably, the legislation proposes relief and tax exemptions for small crypto transactions.
• The U.S. Treasury Secretary is engaged in discussions regarding the Clarity Act and the potential establishment of a Bitcoin reserve.
• The U.S. SEC officially designated digital assets as a strategic priority through 2030. The digital asset sector can expect sustained, long-term regulatory scrutiny and enforcement actions as the agency works comprehensively to bring the industry under stringent federal oversight.

Adoption

• JPMorgan, Bank of America, and Citi plan to launch a shared, tokenized deposit network by the first half of 2027. Operated by The Clearing House, this initiative aims to counter the growing threat of stablecoins displacing traditional bank deposits. This marks a major institutional development in blockchain adoption, signaling that traditional banking giants are shifting toward decentralized ledger technology to streamline interbank settlements and asset transfers.
• Goldman Sachs partnered with Apex Group, Archax, Ownera, and LRC Group to launch a blockchain-native tokenized real estate fund, utilizing Goldman Sachs’ proprietary GS DAP platform for issuance. This initiative merges digital asset technology with traditional fund structures to improve operational efficiency, transparency, and regulatory compliance while laying the groundwork for future transferability of real estate assets.
• Mastercard, Visa, and Stripe are reportedly launching a joint stablecoin platform. 
• Mastercard announced plans to expand its payment settlement capabilities to include regulated stablecoins, specifically USDC, PYUSD, RLUSD and others. This initiative allows issuers and acquirers to settle card transactions using these assets across  networks like Ethereum, Solana, Polygon, Arbitrum, XRPL, and more.

Investment Vehicles

• Grayscale launched a U.S. Hyperliquid ETF with low sponsor fee.

Catalyst Calendar

Recent Research Reports

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