Bitcoin came close to a new all-time high last week before strong U.S. jobs data dented rate-cut hopes and pulled markets lower. Yet momentum remains intact, driven by institutional demand and a clear shift toward Bitcoin over altcoins. This week, we explored the structural shifts that may be laying the groundwork for a breakout.

This week we’re diving into Ethena’s USDe, a stablecoin that’s quickly captured market share and regulatory attention. As global rules tighten and stablecoins become more integrated into mainstream finance, can USDe keep its momentum? We break down the data and the latest headlines.

Circle’s IPO debut on the New York Stock Exchange on June 5th captured market attention, with shares surging well beyond expectations and outperforming other major crypto listings. This special edition of our Data Debrief examines the on- and off-chain data signals that set the stage for this blockbuster launch and help explain the drivers behind Circle’s remarkable valuation.

This week we’re talking all things Solana. As ETF issuers line up to launch funds tracking SOL the market reaction has been muted in parts. However, looking in the right place shows signs of institutional demand.

South Korea has a new president, and it’s got big implications for crypto-related exchange-traded funds. Lee Jae-myung won the June 3 election, succeeding Yoon Suk Yeol, who caused market turmoil last year by briefly imposing martial law.

This week we explore World Liberty Financial’s stablecoin, USD1. The Trump family’s DeFi project launched the token over a month ago, and its seen significant uptake on-chain, however, off-chain activity has lagged. We also take a look at what crypto ETF applications are leading the approval race, how derivatives markets are maturing, and more.

Bitcoin hit a new all-time high last week, but sentiment remains cautious beneath the headline gains. In this week’s Debrief, we break down what’s driving the move in ten charts. Macro uncertainty, particularly around the U.S. fiscal outlook, is still weighing on risk appetite. While retail participation remains muted, institutional demand is growing, supported by ETF flows, corporate accumulation, and renewed momentum on the regulatory front.

Bitcoin barely moved, holding near $103K on Monday after Moody’s stripped the U.S. of its last triple-A rating amid mounting debt. Meanwhile, Coinbase entered the S&P 500, but the euphoria was short-lived. The exchange revealed that client information was stolen as hackers sought to blackmail the firm, with costs related to the incident expected to reach $400 million.

Ethereum surged by nearly 40% last week, outperforming BTC after its largest upgrade to date. Meanwhile, Coinbase made headlines with its $2.9 billion acquisition of Deribit, and New Hampshire became the first U.S. state to approve a crypto reserve law.

Bitcoin held near $95K on Monday as markets brace for this week’s Fed meeting. Last week’s U.S. data showed the economy losing steam despite solid job growth—Q1 GDP contracted as importers raced to stockpile goods ahead of tariffs, while consumer sentiment continued to slide. Meanwhile, Tether posted$1B in Q1 profits, and Arizona’s governor vetoed a bill that would have let the state hold Bitcoin.

The big news last week was Cantor Fitzgerald’s new crypto venture with Softbank, Tether, and Bitfinex. The firm’s $3 billion plans include buying Bitcoin en masse and challenging Michael Saylor’s strategy. Elsewhere, the CME is set to launch XRP futures, and markets continued to move higher.

Bitcoin held its ground last week, rising by 2.4% while equities ended the week lower. Meanwhile, the U.S. SEC postponed its decision on in-kind redemptions and staking ETFs and released new disclosure guidance for crypto issuers.

Markets declined Friday after China announced 125% tariffs on U.S. goods starting April 12, following the U.S. president’s selective 90-day tariff pause that excluded China. Ripple acquired Hidden Road for $1.25 billion, while Binance continue deal talks with Trump’s crypto company.

The markets are still digesting last week’s sweeping tariff announcements. Meanwhile, USDC issuer Circle has taken a significant step towards a public listing by filing for an IPO on the NYSE. Additionally, First Digital Trust’s FDUSD briefly lost its peg due to insolvency concerns.

Bitcoin fell alongside equities as hotter-than-expected U.S. inflation data and weak sentiment indicators fueled stagflation fears on Friday. Meanwhile, Crypto.com announced that it will support Trump Media’s upcoming ETF offerings, and GameStop experienced volatility after doubling down on Bitcoin.

Risk assets, including crypto, experienced gains in the early hours of Monday as concerns over the upcoming April 2nd tariffs eased. In other news, Kraken acquired a futures exchange for $1.5 billion, the U.S. Treasury lifted economic sanctions on Tornado Cash, and the SEC dropped its appeal against Ripple.