Justin Arzadon
5 minutes reading time
Bitcoin and the broader crypto market endured their worst week since the FTX collapse in November 2022, with Bitcoin briefly dropping below US$60,000 before recovering some ground. Record ETF outflows and stronger-than-expected US jobs data combined to pressure risk assets, weighing on both crypto markets and the broader AI-led equity rally.
Bitcoin and Ethereum were down -15.69% and -20.27% respectively over the seven days to 7 June 2026. Bitcoin’s market capitalisation is down to US$1.24 trillion while the global crypto market sits at US$2.14 trillion. Bitcoin’s market dominance is at 58.3%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$62,205 |
$73,845 |
$59,156 |
-15.69% |
|
ETH (in US$) |
$1,612 |
$2,041 |
$1,591 |
-20.27% |
Source: CoinMarketCap. As at 7 June 2026. Past performance is not indicative of future performance. Performance is shown in US dollars and does not consider any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Wall Street moves into tokenised deposits
Major US banks including JP Morgan Chase, Citigroup, Bank of America and Wells Fargo are reportedly planning a tokenised deposit network that would allow money to move across blockchain infrastructure with 24/7 settlement while remaining inside the traditional banking system. Unlike stablecoins, tokenised deposits are simply bank deposits represented on a blockchain, preserving existing regulatory protections and keeping deposits within bank balance sheets1.
Rather than resisting blockchain, the banking industry is increasingly adopting the technology itself. The emerging competition is no longer between banks and crypto, but between different forms of digital money, with tokenised deposits, stablecoins and tokenised assets all competing to become the settlement layer of the future financial system.
Mastercard expands stablecoin settlement
Mastercard’s decision to expand settlement support for USDC, PYUSD and RLUSD is another sign that stablecoins are moving beyond trading and into the core of global payments infrastructure. The payments giant will allow issuers and acquirers to settle transactions using regulated stablecoins alongside traditional fiat rails, including intraday, weekend and holiday settlement across multiple blockchains.2
Stablecoins are increasingly being adopted not as speculative assets, but as settlement infrastructure that enables money to move around the clock. As payment networks embrace always-on settlement, the distinction between traditional payment rails and blockchain-based rails continues to narrow.
CRYP company spotlight
Strategy’s Bitcoin sale changes nothing
Strategy’s recent Bitcoin sale was immaterial relative to its overall holdings and does not appear to reflect a change in conviction. Michael Saylor reaffirmed the company’s long-term Bitcoin strategy, suggesting the transaction was more about treasury management than a shift in outlook.3
Strategy is held in the Betashares Crypto Innovators ETF (ASX: CRYP)5. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): US Spot ETF Net Flows [USD]
This metric shows the total net flow of funds of the leading Bitcoin ETFs traded in the US, reflecting the day-to-day changes in the ETFs’ holdings.
According to data from Glassnode as of 5 June 2026, Bitcoin ETFs have been bleeding since early May, with only two slightly positive days.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Percent Supply in Profit
This metric shows the percentage of Bitcoin supply currently held at a profit versus a loss, based on the price each coin last moved on-chain. Changes in the ratio help identify investor profitability, market sentiment and areas where large volumes of Bitcoin changed hands.
According to data from Glassnode as of 7 June 2026, at current price levels, supply in profit and loss are very close to evenly split.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
Canton (CC) was up 7% in the last 7 days, and 8.5% since launch in November. Canton has been outperforming on the back of several institutional catalysts. Visa is testing stablecoin settlement on the Canton Network, Grayscale has filed for a spot Canton ETF, and investors continue to focus on Canton’s growing role in tokenisation and financial market infrastructure. Together, these developments are reinforcing the view that Canton is emerging as a leading blockchain network for regulated financial institutions6.
References:
4. As at 5 June 2026. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
5. CRYP does not invest in crypto assets directly and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.
6. https://coinmarketcap.com/top-stories/6a240c9b05139c55cb35bc1f/