SnapShot 208

ETH finds footing, DeFi chatter grows, and tariffs legally challenged

Hello SnapShotters,

While Bitcoin wavered between $107,000 and $110,000, Ethereum clawed its way back to $2,700. Renewed confidence in Ethereum’s roadmap, plus stabilizing U.S. treasury yields and mounting institutional flows have helped ETH to maintain its momentum.

According to a CNBC report, a key federal court ruling on Wednesday struck down U.S. President Donald Trump’s controversial reciprocal tariffs, calling them an overreach of executive power. The legal challenge to the tariffs boosted equities and tempered concerns over another inflationary wave. Still, the Federal Reserve (Fed) remains cautious; based on minutes from its May meeting, officials are holding rates steady due to heightened uncertainty over fiscal and trade policies.

Among crypto sectors, decentralized finance (DeFi) led 7-day gains at 7.2%. The Hyperliquid blockchain saw a surge in deposits and trading activity, pushing its native token, HYPE, to a record high — partly hyped by a whale trader flipping billion-dollar BTC trades. This momentum reflects a broader shift, as DeFi was the best-performing sector of the week, and is reinforced by new signals out of Consensus 2025 in Toronto, from Wall Street’s rising appetite for staking and futures, to the pressure on financial advisors to get serious about crypto strategy.

On the institutional front, capital kept pouring in, as U.S. spot Bitcoin exchange-traded funds (ETFs) notched $2.75 billion in net inflows — the sixth straight week of gains — while Ether ETFs pulled in $248 million, a sixfold jump from the prior week.

Let’s get into the week’s biggest headlines.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🔵 Circle Squares Up for $6.7B NYSE Debut

USDC issuer Circle is going public, seeking to raise $624 million with a target valuation of $6.7 billion. The IPO lands as the stablecoin bill has gained U.S. Senate traction and ARK Invest has indicated an interest in purchasing up to $150 million of the shares to be sold in the IPO.

⌚ Solana x Franck Muller Timepiece to Launch

Solana and Swiss watchmaker Franck Muller will launch a $22,000 limited-edition Web3 watch. Only 1,111 units were made; each doubles as a crypto wallet linked via a QR code.

🇹🇭 Thailand Eyes Crypto Credit Cards

Thailand’s Finance Ministry is exploring crypto-linked credit cards for tourists, letting them spend digital assets locally while merchants are paid in baht, Thailand’s official currency. Broader reforms to unify crypto and stock market rules are also being considered.

📈 Hyperliquid Hits ATH as DeFi Sector Lead Gains

Hyperliquid’s native token, HYPE, peaked at $37 this week, and total value locked (TVL) on the Ethereum-compatible Hyperliquid blockchain surged 25%, driven by booming DeFi activity and a whale’s $1 billion short liquidation tied to BTC’s rebound.

🏠 Dubai Pilots Tokenized Real Estate Platform

Dubai recently launched Prypco Mint, the Middle East’s first licensed tokenized real estate platform. Backed by Dubai Land Department (DLD) and Virtual Assets Regulatory Authority (VARA), the pilot lets UAE residents invest with as little as $545 in rental-yielding property shares.

What’s Ahead

🪙 Block, Inc. Sets 2026 BTC Launch
Jack Dorsey’s Block, Inc., plans to enable Bitcoin payments across Square by 2026, with pilot rollouts starting in late 2025. Merchants can choose to hold BTC or auto-convert to fiat, powered by the Lightning Network for instant settlement.

Number of the Week

Chart of the Week

Bitcoin futures open interest surged to an all-time high (ATH) of $77.6 billion as BTC hit its new ATH of $111,800, pointing to a spike in leveraged activity. That’s a jump of 45x from the $1.7 billion open interest in May 2020. While past peaks preceded sharp corrections, this climb aligns with sustained ETF inflows and rising retail participation.

Crypto Trivia

What was the first known item purchased using Ether (ETH)?

A) A domain name
B) A Papa John’s pizza gift card
C) A CryptoKitty NFT

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

Gateways to eternity are opening in Gold Crypto Baron’s latest NFT series ‘Kingship Eternal’, a collection of 1,025 NFTs “that redefines sovereignty.” The series is “a tribute to humanity’s eternal pursuit of greatness, between light and darkness, dream and nightmare. Each piece depicts a ruler on a throne, reigning over realms where power merges with mysticism.”

These thrones “are more than symbols of power; they are gateways to eternity. Each monarch is unique — living crowns, cloaks flowing like galaxies, and thrones sculpted from celestial fragments and mythical remains.”

Driven by “the revolutionary spirit of Bitcoin,” Gold Crypto Baron, “a visionary digital artist at the intersection of innovation, elegance, and blockchain technology,” merges “art, technology, and finance to create works that stand as timeless symbols of power and value in the digital age.”

His work “embodies the essence of digital sovereignty, crafting unrepeatable masterpieces that transcend the ordinary.”

It’s a vision of eternal dominion. Follow Gold Crypto Baron’s journey.

Product Updates

Price Alerts Are Now Available on the Crypto.com Exchange

You can now create a price alert on the Exchange and receive real-time notifications when the trading pair reaches your target price. It’s available on the Web and in the App, so you can stay updated on the go and never miss an opportunity. Try it now.

XRP Contracts Now Available on Strike and UpDown Options

XRP is now available on both Strike and UpDown Options in the U.S. Strike and UpDown Options are CFTC-regulated crypto derivatives products that allow you to maximize profit and minimize losses, trade with lower costs, and hedge against price dips. No matter how the market moves, you can now potentially profit by trading XRP contracts. Trade now.

Predict the Outcome of the Spanish Grand Prix on Crypto.com Sports

Ready to put your racing knowledge to the test? You can now predict the outcome for the upcoming Spanish Grand Prix with Crypto.com Sports. Get a $10 payment for each correct event contract you own. You can also close your position at any time to take profit. Place your predictions now.

New Tokens Listings

Sophon (SOPH)

Sophon is a consumer-focused Zero-Knowledge (ZK) chain built using Validium from the ZK stack, the same framework that powers ZKsync, an Ethereum scaling solution that makes transactions faster and cheaper through its hyperchains. 

Vaulta (A)

Vaulta (formerly known as EOS) is a banking operating system that aims to be the financial network for Web3 banking, with use cases including wealth management, consumer payments, portfolio investment, and insurance.

Space and Time (SXT)

Space and Time is a decentralized data platform built for Web3 applications and AI. It offers a secure and scalable way to analyze blockchain data without relying on a central authority.

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

DeFi provides various opportunities for users to generate passive income through blockchain-based services. Users can potentially earn revenue in DeFi through:

Liquidity Provision: Providing liquidity to decentralized exchanges (DEXs) and earning a share of transaction fees.

Lending Protocols: Depositing assets and collecting interest paid by borrowers.

Yield Aggregators: Maximizing returns by optimizing yields across platforms, minus performance fees.

While DeFi offers opportunities for high returns, transparency, and automation, it comes with its own set of risks, including market volatility and impermanent loss.

Learn more about DeFi in this University article to help you decide if DeFi fits your financial strategy.

CryptoIRL

“Which cryptocurrency will eventually shine brighter than all the rest?” @LoadedLion6418 asks while hanging out with the Crypto.com Icy White Card. We appreciate the positivity.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Double Phishing Scam Results in a $2.6 Million Loss

A sophisticated on-chain phishing scam has stolen $2.6 million by deceiving a user into trusting fraudulent addresses twice within three hours, using zero-value transfers.

Zero-value transfers exploit token transfer functions to deceive users into sending real funds to attackers. Scammers use the ‘From’ function to create an outgoing transaction (with zero tokens) to a spoofed address that then appears in the victim’s transaction history. Victims may then mistakenly trust this address and later send real funds.

Here’s how to stay safe from scams:

1. Always inspect addresses before sending funds, even if they are included in your transaction history.
2. Use whitelists to ensure you only send funds to pre-approved addresses.
3. Avoid copying addresses from your transaction history.

Crypto Trivia Answer

B) A Papa John’s pizza gift card. In a nod to Bitcoin’s famous ‘Bitcoin Pizza Day’, the informal transaction occurred between early Ethereum community members.

That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.