Justin Arzadon
6 minutes reading time
Both Bitcoin and the broader crypto market rose marginally last week. This is despite a high-profile feud between Elon Musk and President Trump, as well as ongoing macroeconomic uncertainties like the re-escalating trade war. One bright spot was stablecoin issuer Circle (NYSE: CRCL), with its share price soaring over 168% following its IPO on the NYSE.
Bitcoin and Ethereum rose 1.12% and 0.20% respectively over the seven days to 8 June 2025. Bitcoin’s market capitalisation was up to US$2.09 trillion while the global crypto market cap was at US$3.29 trillion. Bitcoin’s market dominance is sitting at around 63.7%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$105,488 |
$106,763 |
$100,501 |
1.12% |
|
ETH (in US$) |
$2,515 |
$2,670 |
$2,399 |
0.20% |
Source: CoinMarketCap. As at 8 June 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Gemini files with the SEC for planned IPO
After Circle’s successful IPO last Thursday, another crypto native company has plans to go public. Crypto exchange Gemini has submitted a draft registration statement with the US Securities and Exchange Commission (SEC), signaling its intent to go public.
Goldman Sachs and Citigroup are the financial advisers for the IPO. The size and valuation of the offering is currently undisclosed1. The crypto exchange was founded in 2014 by billionaire twins, Cameron and Tyler Winklevoss.
Dubai launches real estate tokenisation platform
The Dubai Land Department (DLD) has launched its first real estate tokenised platform. The emirate’s real estate regulatory agency has teamed up with real estate fintech Prypco and infrastructure provider Ctrl Alt to launch a platform that tokenises deeds on the XRP Ledger, syncing official property records. This government-backed endeavour is targeting 7% (US$16 billion) worth of Dubai’s real estate to be tokenised by 2033.
The platform allows investors that hold a United Arab Emirates ID to purchase fractional ownership in Dubai properties using local currency starting at 2,000 United Arab Emirates Dirhams (around A$835). The agency also says it plans to expand access globally2.
CRYP company spotlight
Circle soars on NYSE debut
Stablecoin issuer Circle Internet Group Inc. (NYSE: CRCL) soared 168.5% on its public debut last Thursday. The company raised almost US$1.1 billion in its initial public offering. The IPO was priced at US$31/share but traded as high as US$103.75/share on opening day. The stock rose another 45% on its second day of trading.3
Circle founded the US dollar-pegged USDC, which is currently the second largest stablecoin (behind Tether’s USDT). USDC has a current market cap of approximately US$61.5 billion.
Circle was recently added to the Betashares Crypto Innovators ETF (ASX: CRYP)5. The index’s methodology allows for recently listed companies to be fast tracked into the index. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): Liveliness
Liveliness is defined as the ratio of the sum of Coin Days Destroyed (coins spent) to All Coin Days Ever Created (coins held in the network). Liveliness increases as long-term holders liquidate positions and decreases when they are accumulating.
According to data from Glassnode, as of 7 June 2025, liveliness is at 1-year highs. This indicates that older Bitcoin holders were leading the sell-off from all-time highs that Bitcoin was experiencing.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): US Spot ETF Net Flows
This metric shows the total net flow of funds of the leading Bitcoin and Ethereum ETFs traded in the US. It reflects the day-to-day changes in these ETFs’ holdings. It is calculated as the difference between today’s balance data point and the previously available balance data point in native units. Each day’s native net flow is then converted into USD, leveraging the closing USD exchange rate at 16:00 New York time.
According to data from Glassnode, as of 6 June 2025, ETF net flows were starting to slow noticeably, after last spiking on 21 April.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
The top 20 altcoins were mixed with very little gains made. Most of the hype over the last week was around the Circle IPO. But why the hype?
The business of stablecoins is currently very lucrative. Tether, the largest stablecoin by market cap, is considered one of the most lucrative companies in the world on a per-employee basis. In 2024, the company generated an estimated US$85.6 million in profit per employee, according to Electric Capital.6
Potential sues for stablecoins include:
- Global money transfers
- Means of payment
- Decentralised finance (DeFi)
Stablecoins are cryptocurrencies that are pegged to an underlying asset such as the US dollar. The use of stablecoins has been growing steadily. Stablecoins can be used for payments, payroll and even preserving value in less stable economies. Stablecoins are also used to transact within the blockchain ecosystem.
Investing in crypto-assets or companies servicing crypto-asset markets should be considered very high risk. Exposure to crypto assets involves substantially higher risk than traditional investments due to their speculative nature and the very high volatility of crypto-asset markets.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.
References:
4. As at 6 June 2025. 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://www.forbes.com/sites/georgiiverbitskii/2025/06/06/how-stablecoins-are-changing-global-finance/
Off the Chain is published every second Tuesday. It provides the latest news on bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.
