$20B ETH futures: Is $3K next?

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Ethereum leverage hits ATH as BlackRock bets big

Key points:

• Ethereum futures open interest has hit a record $20 billion, reflecting soaring leveraged exposure and growing speculative appetite.

• BlackRock purchased $163.6 million in ETH, with ETF inflows outpacing Bitcoin's for 18 days straight.

News - Ethereum is commanding the spotlight again, with leveraged futures positions and institutional inflows converging to build bullish momentum. According to Glassnode, Ethereum futures open interest hit an all-time high of $20 billion this week, driven by cash-margined positions and stablecoin-fueled exposure. Meanwhile, Ethereum ETFs posted $240 million in inflows on Wednesday, outperforming Bitcoin ETFs for the 18th consecutive day.

BlackRock’s Ethereum ETF (ETHA) led the charge with $163.6 million in inflows, pushing its total ETH holdings above 1.5 million tokens, now worth over $5 billion. This comes as the ETH/BTC pair has rallied nearly 50% since April, outperforming Bitcoin and reigniting talk of an altseason led by Ethereum.

Retail and institutional bulls align - Options skew has flipped sharply negative, signaling increased demand for short-dated calls. Simultaneously, over 140,000 ETH—worth roughly $393 million—exited exchanges on June 11, the largest daily outflow in over a month. Analysts see these metrics as evidence of mounting bullish conviction across both retail and institutional segments.

Market analyst Daan Crypto Trades called the $2,800 level "important throughout this cycle," while others see a bullish cup-and-handle pattern that could take ETH above $4,000. The current RSI level near 72 indicates potential short-term consolidation, but the MACD and price structure support continued upside.

ETH leads the way as market rotates - With BlackRock’s consistent accumulation and outperforming inflows, many see Ethereum as the institutional favorite in the current market phase. Analysts from MN Capital and Bitfinex suggest Ethereum could soon break key resistance and enter a price discovery phase.

At press time, ETH traded around $2,755, down 0.27% over the past 24 hours, but supported by a broader shift toward altcoin leadership.

$800M Bitcoin treasury plan puts Mercurity in Top 11 corporate holders

Key points:

• Nasdaq-listed Mercurity Fintech aims to raise $800 million to establish a long-term Bitcoin treasury reserve.

• If successful, the firm could become the 11th-largest corporate Bitcoin holder globally, surpassing GameStop.

News - Mercurity Fintech Holding, a Nasdaq-listed blockchain and mining firm, has unveiled a bold plan to raise $800 million for a Bitcoin treasury reserve. The company says the reserve will be part of a blockchain-native digital reserve system incorporating custody, staking, and tokenized treasury tools, reflecting a growing push toward yield-generating strategies.

While details on the fundraising mechanism remain undisclosed, CEO Shi Qiu positioned the move as strategic preparation for a future where Bitcoin is “an essential component of financial infrastructure.” At current prices, the firm could purchase roughly 7,433 BTC, placing it among the top 15 public holders globally and just behind Galaxy Digital, according to Bitbo data.

The news coincides with Mercurity’s upcoming inclusion in the Russell 2000 and 3000 indexes, potentially boosting visibility among institutional investors. The company also operates BTC/Filecoin mining operations and develops cooling tech for AI data centers.

Corporate Bitcoin adoption surges - Mercurity is far from alone. Swedish health-tech firm H100 Group AB raised $10.6 million this week, its second round in less than a month, to boost its BTC reserves. The firm’s share price has soared 280% since announcing its Bitcoin strategy on May 22.

Across the board, BitcoinTreasuries.NET data shows 223 public firms now hold over 819,000 BTC (~3.9% of total supply), up from just 124 companies earlier this month. Analysts attribute this rise to treasury diversification, balance sheet resilience, and a growing shift toward institutional-grade Bitcoin infrastructure.

A third of BTC now in centralized hands - According to research by Gemini and Glassnode, institutional and centralized treasuries, ranging from ETFs to governments, control nearly 31% of Bitcoin’s circulating supply. This surge highlights Bitcoin’s maturation as a strategic reserve asset. Still, analysts warn that the market’s growing dependence on large custodial holders could heighten systemic risks if coins are ever offloaded en masse.

SEC blocks $1B Solana bid, but DeFi Development still eyes crypto treasury play

Key points:

• DeFi Development withdrew its $1B securities filing after the SEC flagged a missing internal controls report, stalling its Solana treasury plans.

• Despite the setback, the company says it remains committed to a Solana-first strategy and plans to refile soon.

News - DeFi Development Corp. has pulled the plug on its ambitious $1 billion shelf registration after the U.S. Securities and Exchange Commission (SEC) flagged a compliance issue with its Form S-3 filing. The Nasdaq-listed firm, which aims to become a Solana-focused corporate treasury vehicle, cited a missing internal controls report in its 10-K as the reason for withdrawal.

Originally filed in April, the registration was intended to fund general corporate initiatives, including major Solana token acquisitions. While the offering is paused, DeFi Development confirmed no securities were issued and says a new filing will follow soon.

Pivoting into Solana, one stake at a time - Despite the hiccup, DeFi Development has already accumulated over 609,000 SOL (worth more than $100 million), and adopted liquid staking via dfdvSOL using Sanctum’s infrastructure. The company has also inked a strategic partnership with Amber International to build Solana-based yield products, boosting its long-term positioning in the altcoin’s ecosystem.

Founded as a real estate platform under the name Janover, the firm rebranded earlier this year after a group of former Kraken executives acquired a majority stake. CEO Joseph Onorati, Kraken’s former Chief Strategy Officer, now leads the charge.

A crypto treasury trend faces regulatory heat - The SEC's rejection has reignited concerns over how regulators treat large-scale crypto treasury plays, especially those involving altcoins. With corporate Bitcoin treasuries already holding over 3 million BTC, DeFi Development’s Solana-focused approach offers a rare alternative, one that now faces early compliance hurdles.

Still, as Solana continues to climb the DeFi ladder, DeFi Development’s bet on staking and yield strategies may prove forward-looking, if regulators are willing to play ball.

Ant’s $1T stablecoin push: Licenses in Hong Kong, Singapore up next

Key points:

• Ant International will seek stablecoin licenses in Hong Kong and Singapore, with plans to expand into Luxembourg.

• The Whale platform processed one-third of Ant’s $1T in transactions in 2024, powering treasury and cross-border payments.

News - Ant International, the global fintech unit of Jack Ma’s Ant Group, is preparing to apply for stablecoin issuer licenses in Hong Kong and Singapore, with Luxembourg next in line. The move, first reported by Bloomberg, reflects the group’s growing interest in regulated crypto payment rails and tokenized treasury services.

This follows Hong Kong’s passage of the Stablecoin Ordinance in May, which mandates that fiat-referenced stablecoin issuers must be licensed by the Hong Kong Monetary Authority (HKMA) starting August. Singapore’s regulatory framework is also expected to align with global standards as the region positions itself as a fintech hub.

Ant International’s Whale platform, which powered over one-third of its $1 trillion in 2024 transactions, will serve as the backbone of its stablecoin operations, enabling cross-border payments and liquidity management. The platform leverages tokenized assets, homomorphic encryption, and AI-driven verification to boost transaction efficiency and compliance.

Legacy of Alipay, future of blockchain - Ant Group, best known as the parent of Alipay, commands over a billion users globally and continues to build new growth verticals after its record-breaking IPO attempt was halted in 2020. Now, with Ant International generating nearly $3 billion in 2024 revenue, the firm’s pivot toward stablecoins and regulated digital assets marks a strategic expansion beyond China’s borders.

The Whale platform is already integrated with top-tier banks such as JPMorgan, Standard Chartered, and Deutsche Bank — partnerships that could be vital as the stablecoin sector scales past $250 billion in circulating supply.

Stablecoins as a global race - As the U.S. Senate advances the GENIUS Act and South Korea fast-tracks its Digital Asset Basic Act, Ant’s push for licensing is part of a wider race to capture the stablecoin opportunity early. Analysts expect global stablecoin market capitalization to potentially cross $1 trillion by the end of 2025, a milestone Ant appears determined to help shape.

More stories from the crypto ecosystem

• Has Ethereum’s bullish breakout hit a roadblock at the supply zone?

• Bank of Japan’s policy shift could help Bitcoin, says BitMEX’s Arthur Hayes

• DeFi revival? Uniswap blasts past $88 billion in volume as UNI targets $12

• Bitcoin is booming in Kenya’s largest slum – Here’s why

• Bitcoin: Here are the clues for what’s beyond BTC ATH; first, look for…

Interesting facts

• The crypto market rallied 10% in May 2025: Even amid global economic turbulence, the broader crypto market surged 10.3% in May 2025, led by Bitcoin approaching $112,000, and saw renewed interest in altcoins, NFTs, and ETFs, highlighting accelerating corporate treasury adoption.

• EIB’s Sterling blockchain bond made 2023 history: In January 2023, the European Investment Bank (EIB) issued a £50 million digital bond using both public and private blockchains, further cementing institutional interest in Ethereum-based infrastructure.

• Bitcoin was up over 1,000% vs. Yen in 5 years: Between 2019 and 2024, Bitcoin surged over 1,000% against the Japanese yen, vastly outperforming gold (≈150%) and positioning BTC as a standout global currency performer.

Top 3 coins of the day

SPX6900 (SPX)

Key points:

• At press time, SPX was trading at $1.68, up 4.46% over the last 24 hours.

• The RSI soared above 81, signaling strong overbought conditions, while price action continued to hold well above the 9-day SMA.

What you should know:

SPX extended its steep rally, closing in on the $1.70–$1.75 zone with robust bullish momentum. The 9-day SMA continued to slope upward in support of the rally, while consistent green candles and strong buying volume reinforced the ongoing uptrend. The RSI reading of 81.84 placed the token deep in overbought territory, suggesting the possibility of a short-term pullback or consolidation phase. Fueling this surge, SPX defied broader market trends and posted double-digit gains amid a spike in trading volume, which climbed to nearly $108 million. Technical indicators and on-chain data suggest growing demand, with analysts eyeing a potential retest of its all-time high near $1.80. SPX has also outperformed legacy benchmarks like the S&P 500 over the past month, driven largely by community support and rising market speculation. However, caution is advised as overbought signals and potential profit-taking could pull prices back toward the $1.34–$1.47 support range. Still, if bullish momentum continues, SPX could attempt a breakout toward the $2.00 psychological resistance.

Flare (FLR)

Key points:

• At press time, FLR was trading at $0.0186, down 1.68% over the last 24 hours.

• The Parabolic SAR hovered below the candles, while the MACD lines moved closer to a potential bullish crossover.

What you should know:

FLR traded in a tight range after recovering from its early June dip near the $0.017 mark. The Parabolic SAR dots flipped beneath the price action, reflecting a tentative shift in directional bias. Simultaneously, the MACD line inched closer to the signal line above the zero mark, signaling the potential start of a short-term uptrend if momentum sustains. Despite the consolidation, volume remained relatively subdued, indicating that strong conviction is yet to materialize from bulls. However, sentiment around FLR recently improved following a strategic partnership between Flare and NASDAQ-listed VivoPower, which plans to deploy $100 million in XRP using Flare’s Firelight protocol. This marks the first major institutional use of Flare’s FAssets system, reinforcing its DeFi utility and long-term relevance. If FLR breaks past the $0.0195–$0.020 resistance band, a rally toward $0.022 could follow. Conversely, rejection near current levels or fading MACD momentum may drag the token back to the $0.017–$0.0175 support zone.

Tron (TRX)

Key points:

• At press time, TRX was trading at $0.27, down 2.00% over the last 24 hours.

• The MACD showed signs of weakening bullish momentum, while the price dipped below the midline of the Bollinger Bands.

What you should know:

TRX faced a short-term setback after its recent rally above $0.29, retracing to test the Bollinger Band midline as dynamic support. This move followed increased volatility earlier in the week, where price action extended beyond the upper band, often a sign of overextension. The MACD histogram narrowed, with the MACD line trending closer to the signal line, indicating a potential loss of bullish strength. A bearish crossover could confirm short-term downside risk if sellers maintain pressure. Meanwhile, volume saw a mild uptick on red candles, further hinting at increased selling activity. From a broader perspective, TRX’s recent price gains were partly driven by the launch of the USD1 stablecoin on the Tron network, backed by World Liberty Financial Inc. and supported by Justin Sun. The development helped push the network’s TVL beyond $5 billion and spurred notable growth in returning user addresses. Additionally, derivatives data pointed to strong bullish sentiment. Further upward momentum could also hinge on community support for a TRON proposal to reduce block and voting rewards, intended to increase the deflation rate and strengthen long-term token value. If TRX holds current levels, a push above $0.281 could open the door to retesting the $0.295 resistance, while a breakdown below $0.271 risks a slide toward $0.262–$0.265.