BTC Slides as ETF Outflows Persist; DEXE Surges Nearly 60% on DAO Demand

I. Crypto Market Overview

Key Takeaways

Macro Environment

The US Senate's four-year CBDC ban reduces digital dollar uncertainty, supporting decentralized crypto. Liquidity tightening remains a key risk for risk assets, while strong capital flows and investor confidence, as noted by JPMorgan, may support higher crypto valuations.

Crypto Market

The crypto market saw mixed performance over the past 12 hours. BTC fell 0.20% to $64,118, pressured by ETF outflows and weak spot demand, while ETH dropped 0.41% to $1,730.5 despite strong staking and DeFi activity. DEXE (DEXE) surged 58.9%, LayerZero (ZRO) rose 4.7%, and Lighter (LIT) gained 1.6%, driven by governance, cross-chain adoption, and new integrations. Most altcoins declined, with Solana (SOL) down 2.0%, as risk-off sentiment dominated.

Today's Outlook

Today's key events include MSCI's annual market classification review, a speech by ECB member Lane impacting Eurozone policy, and the release of US ADP employment change data, all of which may drive volatility across global markets.

Fear and Greed Index

78.00% Annual Percentile

21 Fear

Total Crypto Market Cap

$2.19T

0.14%

Total Market Trading Volume

$70.08B

39.64%

Altcoin Season Index

72.73%

Quarterly Percentile

49 / 100

Total Futures Market Open Interest

2.63B

0.12%

Futures

395.51B

10.24%

Perpetuals

II. Industry Updates

Macro-economic Policies

The U.S. Senate passed a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) for four years, reducing uncertainty for crypto markets and supporting the narrative of decentralized digital assets over state-backed alternatives.

Morgan Stanley warns that liquidity tightening is the main threat to U.S. equities, which could reduce risk appetite and negatively impact Bitcoin and DEFI liquidity as investors shift away from risk assets.

JPMorgan CEO Jamie Dimon declared a bull market, citing strong capital flows and investor confidence, which may support higher crypto valuations and increased trading activity in both BTC and altcoins.

The U.S. House Financial Services Committee scheduled a July 14 hearing to review the Federal Reserve's semi-annual monetary policy report, with potential implications for crypto market volatility as investors anticipate signals on future rate moves.

The CFTC is seeking public input on proposals to extend futures trading to 24/7 and introduce perpetual contracts for energy commodities, a move that could increase crypto market integration with traditional commodities and enhance DeFi derivatives innovation.

Cryptocurrency Regulatory Trends

The U.S. Senate has passed a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) for four years, signaling continued political resistance and impacting digital dollar prospects.

The UK has implemented new stablecoin regulations, removing wallet limits and easing reserve requirements, which is expected to improve operational clarity and foster stablecoin adoption in the British market.

South Korea's Financial Intelligence Unit has called on the FATF to eliminate minimum thresholds for crypto transfer reporting, aiming to close AML loopholes and increasing compliance costs for exchanges.

The U.S. Commodity Futures Trading Commission (CFTC) is seeking public feedback on proposals to allow 24/7 trading and introduce perpetual contracts for energy commodities, reflecting regulatory openness to new digital asset market structures.

The U.S. House Financial Services Committee has scheduled a July 17 hearing to examine the Clarity Act's impact on digital assets, highlighting ongoing legislative focus on crypto regulation and market innovation.

DEXE (DEXE): DEXE surged over 24% in 24h, reaching $17.93 with $56.8M volume, driven by strong DAO governance token demand and recent technical breakouts.

Lighter (LIT): Lighter rose 7.5% to $1.67 with $47.6M volume after Telegram Wallet integrated Lighter, enabling 150M users to trade leveraged futures on 50+ assets.

LayerZero (ZRO): LayerZero climbed 7.7% to $0.99 with $37.8M volume, supported by high TVL ($7.53B) and ongoing cross-chain protocol adoption despite recent whale transfers.

Smart Money Movements

Bitmine Immersion Technologies increased its Ethereum holdings by 52,203 ETH, bringing its total to 5,672,956 ETH, representing 4.7% of the total ETH supply and over $10.7 billion in assets.

Strategy acquired 520 BTC for approximately $35 million last week, raising its total Bitcoin holdings to 847,363 BTC and boosting its USD reserves by $300 million to $1.4 billion.

Morgan Stanley purchased 166.24 BTC worth $10.74 million from Coinbase, increasing its total Bitcoin holdings to 4,515 BTC valued at $288.4 million.

A dormant wallet was reactivated and received 500 BTC valued at $32.31 million from BitGo, marking a significant on-chain movement.

Two whales opened long positions totaling 2,754 BTC ($175 million) on Bitcoin, with entry prices around $64,130 and $64,508, both currently at an unrealized loss.

Events to Watch

Jun 23 (Tue)

MSCI will publish its annual market classification review; ECB member Lane delivers a speech impacting Eurozone policy; US ADP employment change data released.

Jun 23 (Tue)

Coinbase launches perpetual contracts for MRVL and EWY at 20:00 (UTC+8), expanding its derivatives offerings for global traders.

Jun 24 (Wed)

Australia and Singapore release key inflation data; Thailand announces its interest rate decision, all influencing regional and global markets.

Jun 24 (Wed)

139 million NEWT tokens (37.22% of supply, ~$7.55M) will be unlocked, potentially impacting token liquidity and price.

Jun 25 (Thu)

US releases Core PCE inflation and personal spending data for May; Humanity Protocol unlocks 266 million H tokens (~$55M), following a recent hack.

III. Phemex Market Focus

New Listings

Jun 22: (RE/USDT)

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Table of Contents

I. Crypto Market Overview

Key Takeaways

Macro Environment

Crypto Market

Today's Outlook

II. Industry Updates

Macro-economic Policies

The U.S. Senate passed a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) for four years, reducing uncertainty for crypto markets and supporting the narrative of decentralized digital assets over state-backed alternatives.

Morgan Stanley warns that liquidity tightening is the main threat to U.S. equities, which could reduce risk appetite and negatively impact Bitcoin and DEFI liquidity as investors shift away from risk assets.

JPMorgan CEO Jamie Dimon declared a bull market, citing strong capital flows and investor confidence, which may support higher crypto valuations and increased trading activity in both BTC and altcoins.

The U.S. House Financial Services Committee scheduled a July 14 hearing to review the Federal Reserve's semi-annual monetary policy report, with potential implications for crypto market volatility as investors anticipate signals on future rate moves.

The CFTC is seeking public input on proposals to extend futures trading to 24/7 and introduce perpetual contracts for energy commodities, a move that could increase crypto market integration with traditional commodities and enhance DeFi derivatives innovation.

Cryptocurrency Regulatory Trends

The U.S. Senate has passed a bill prohibiting the Federal Reserve from issuing a central bank digital currency (CBDC) for four years, signaling continued political resistance and impacting digital dollar prospects.

The UK has implemented new stablecoin regulations, removing wallet limits and easing reserve requirements, which is expected to improve operational clarity and foster stablecoin adoption in the British market.

South Korea's Financial Intelligence Unit has called on the FATF to eliminate minimum thresholds for crypto transfer reporting, aiming to close AML loopholes and increasing compliance costs for exchanges.

The U.S. Commodity Futures Trading Commission (CFTC) is seeking public feedback on proposals to allow 24/7 trading and introduce perpetual contracts for energy commodities, reflecting regulatory openness to new digital asset market structures.

The U.S. House Financial Services Committee has scheduled a July 17 hearing to examine the Clarity Act's impact on digital assets, highlighting ongoing legislative focus on crypto regulation and market innovation.

Trending Tokens

DEXE (DEXE): DEXE surged over 24% in 24h, reaching $17.93 with $56.8M volume, driven by strong DAO governance token demand and recent technical breakouts.

Lighter (LIT): Lighter rose 7.5% to $1.67 with $47.6M volume after Telegram Wallet integrated Lighter, enabling 150M users to trade leveraged futures on 50+ assets.

LayerZero (ZRO): LayerZero climbed 7.7% to $0.99 with $37.8M volume, supported by high TVL ($7.53B) and ongoing cross-chain protocol adoption despite recent whale transfers.

Smart Money Movements

Bitmine Immersion Technologies increased its Ethereum holdings by 52,203 ETH, bringing its total to 5,672,956 ETH, representing 4.7% of the total ETH supply and over $10.7 billion in assets.

Strategy acquired 520 BTC for approximately $35 million last week, raising its total Bitcoin holdings to 847,363 BTC and boosting its USD reserves by $300 million to $1.4 billion.

Morgan Stanley purchased 166.24 BTC worth $10.74 million from Coinbase, increasing its total Bitcoin holdings to 4,515 BTC valued at $288.4 million.

A dormant wallet was reactivated and received 500 BTC valued at $32.31 million from BitGo, marking a significant on-chain movement.

Two whales opened long positions totaling 2,754 BTC ($175 million) on Bitcoin, with entry prices around $64,130 and $64,508, both currently at an unrealized loss.

Events to Watch

Jun 23 (Tue)

Jun 23 (Tue)

Jun 24 (Wed)

Jun 24 (Wed)

Jun 25 (Thu)

III. Phemex Market Focus

New Listings

Jun 22: (RE/USDT)

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