Wall Street ditches cash for crypto

June 26, 2025

Reading time: 5 minutes

Wall Street bets on Bitcoin as dollar wobbles

Key points:

  • Over $1 billion flowed into Bitcoin ETFs this week as the U.S. dollar hit its lowest level since 2022.

  • Trump’s Fed shake-up plans, rate cut bets, and weakening macro data signal a risk-on shift favoring crypto.

News - Wall Street is going all-in on Bitcoin as macroeconomic cracks widen. Spot Bitcoin ETFs saw more than $1.04 billion in net inflows this week, with over $500 million flooding in on June 25 alone, just after a report that Donald Trump may replace Fed Chair Jerome Powell by September. Simultaneously, the U.S. Dollar Index (DXY) slid to 97.2, marking its lowest point since April 2022.

This “do-or-die” moment for the dollar, as described by market analysts, is fueling a rotation into crypto. As traditional investors pull away from fiat amid looming rate cuts and weak consumer data, Bitcoin’s non-yielding, risk-on appeal is resurfacing.

Crypto: The new emerging market? - Bitcoin’s resurgence comes amid calls for a July Fed rate cut and a drop in Treasury yields, with some analysts drawing comparisons to the early 2000s when dollar depreciation sparked an emerging markets boom. Jamie Coutts of Real Vision noted that crypto may now play the same role EM equities did back then: the high-growth frontier.

Meanwhile, Bitcoin has surged 10% from weekend lows to $108K+, showing resilience despite recent geopolitical and recession fears. Nvidia’s record-breaking rally and a strong BTC-NVDA correlation further underscore the growing tech-risk appetite.

A $1B multitoken treasury joins the trend - Adding to the momentum, former Tether and Blackstone execs have launched a $1 billion crypto SPAC to create a publicly traded treasury fund with BTC, ETH, and SOL, marking a major shift from Bitcoin-only plays. As capital “moves where the energy is,” institutional bets on a broader crypto future are accelerating.

Bitcoin treasuries surge as institutions buy big and retail sells off

Key points:

  • Bitcoin accumulation by large holders hit 507,700 BTC over the past year, while retail wallets dumped 54,500 BTC, signaling divergent investor behavior.

  • Metaplanet, GameStop, Semler Scientific, and others ramp up BTC buys, with Metaplanet surpassing Tesla's holdings and Opyl using BTC to survive financial stress.

News - Institutional players are betting bigger on Bitcoin, while retail holders are retreating. Over the past year, large Bitcoin holders, defined as wallets holding 1,000 BTC or more, have collectively accumulated 507,700 BTC, boosting their total to 16.57 million BTC. By contrast, retail wallets holding less than 1 BTC saw outflows of 54,500 BTC, with average daily losses of 220 BTC, according to CryptoQuant analyst IT Tech.

This behavior underscores a critical divergence: While retail sentiment remains lukewarm, institutions are aggressively positioning for further upside. The correlation between whale accumulation and price stands at +0.86, showing demand tends to intensify during bullish moves. With Bitcoin currently hovering around $107,698, its rising RSI (now at 57.15) suggests that bullish momentum could breach the $109,267 resistance and retest the all-time high of $111,968.

Corporate treasuries go all in - Japan's Metaplanet just leapfrogged Tesla, raising its BTC reserves to 12,345 after purchasing 1,234 BTC at an average price of $108,000. The firm aims to accumulate over 201,000 BTC by 2027. Meanwhile, GameStop raised $450 million in zero-interest bonds, likely to fund further BTC buys after securing $2.7 billion this year.

Other firms joining the race include K33, Unitronix, KaJ Labs, and H100 Group, with some investing hundreds of millions in Bitcoin. Strategy leads the corporate pack with 592,345 BTC, followed by MARA Holdings.

Distressed firms turn to Bitcoin - Amid dwindling cash reserves and ongoing losses, biotech firm Opyl adopted a Bitcoin treasury strategy, acquiring ~2 BTC via a non-dilutive loan from SOL Strategies' Tony G. The move sparked a 47% share price surge, though long-term viability remains uncertain.

Semler Scientific is another company watching BTC prices closely. Now trading at a premium to its holdings, Semler could resume buying soon to reach its 10,000 BTC year-end target. Analysts warn that while Bitcoin offers a speculative safety net, it's no guaranteed lifeline.

Growing divide, growing risk? - While institutional adoption accelerates, the absence of retail FOMO suggests that the current bull cycle may still have legs. Yet analysts caution that mounting macro pressures, SEC scrutiny, and ill-timed entries could leave some corporate buyers exposed.

For now, though, Bitcoin remains the go-to asset for companies seeking growth, liquidity, or just survival.

Solana ETF race heats up: Invesco & Galaxy enter with staking play

Key points:

  • Invesco and Galaxy Digital have filed for a spot Solana ETF under the ticker “QSOL,” joining eight other issuers.

  • If approved, the ETF could include staking rewards and track SOL’s price via Lukka Prime, with Coinbase as custodian.

News - The scramble to bring the first U.S.-approved Solana ETF to market just intensified. Invesco and Galaxy Digital jointly filed a Form S-1 registration for the “Invesco Galaxy Solana ETF” (QSOL), marking the ninth active application with the SEC. This new contender aims to track the real-time market price of Solana using the Lukka Prime index and will trade on the Cboe BZX exchange.

The proposed ETF structure blends traditional and crypto finance: Invesco would act as the fund sponsor, Galaxy would manage token acquisition, and Coinbase Custody would hold the underlying SOL. Notably, the ETF may stake part of its SOL holdings through verified providers, generating yield classified as income to the trust.

Staking, not just spot exposure - Like recent Ethereum ETF filings, QSOL integrates staking capabilities, a feature many applicants are now adopting following SEC guidance. While these rewards won’t directly affect the fund’s NAV, they may appeal to institutions seeking passive crypto income within a regulated framework.

SEC outlook and industry momentum - Analysts at Bloomberg Intelligence assign a 90–95% probability that Solana ETFs will gain approval by late 2025, possibly as early as July. The SEC has requested updates from applicants to align with the structures of approved Ethereum ETFs. VanEck’s VSOL has already landed a DTCC listing, signaling operational readiness.

With Invesco, Grayscale, Bitwise, and Fidelity among the nine applicants, the race for a Solana ETF reflects growing institutional demand for diversified crypto exposure. If cleared, QSOL could mark a major milestone in mainstreaming altcoin investing in the U.S.

Europe’s crypto crossroads: Kraken wins, MiCA rules set for a shake-up

Key points:

  • Kraken secured a MiCA license from Ireland, unlocking crypto services across all 30 EEA nations and reinforcing its push for EU dominance.

  • Meanwhile, the European Commission may ease stablecoin restrictions under MiCA, despite ECB opposition pushing for a stricter digital euro strategy.

News - Kraken has become the latest major crypto exchange to gain a MiCA license, this time from Ireland’s Central Bank. The approval allows Kraken to offer fully regulated services across all 30 European Economic Area (EEA) countries, including retail, institutional, spot, derivatives, and payment offerings.

With this move, Kraken joins Coinbase and Bybit in embracing the EU’s regulatory clarity, positioning itself as a long-term player in the region. Co-CEO Arjun Sethi called the license a "powerful signal" of Kraken’s commitment to Europe and noted it places the firm in a strong position to scale across the continent.

Simultaneously, the European Commission is reportedly considering a major shift in MiCA’s implementation, allowing globally issued stablecoins to be treated interchangeably with EU-specific ones. While the licensing process would remain rigorous, this change would offer greater flexibility to issuers and users within the bloc.

ECB pushback and regulatory tensions - The European Central Bank (ECB) strongly opposes the potential MiCA softening. President Christine Lagarde doubled down on a digital euro CBDC instead, citing concerns over bank stability and strategic autonomy.

Despite these warnings, critics argue that clamping down on stablecoin innovation could backfire, driving crypto firms out of Europe, as was the case with Ethena earlier this year.

One license, many concerns - While Kraken’s license is a major win, concerns remain around the so-called “passporting” model. Firms may seek approval in more lenient jurisdictions like Malta and operate across the EU, prompting fears of a regulatory “race to the bottom.” Authorities like ESMA are now reviewing practices to prevent enforcement arbitrage.

From institutional buys to bounce-back bets, here are five signals shaping today’s crypto landscape:

Interesting facts

  • Bitcoin set a Guinness record with 4,001 Point-of-Sale payments: On May 31, 2025, Bitcoin achieved a Guinness World Record for processing 4,001 real-world POS payments in just eight hours, showcasing its growing viability for everyday transactions.

  • Major banks integrate Solana via R3: In mid‑2025, banks like HSBC, Bank of America, and Euroclear partnered with R3 and the Solana Foundation to incorporate Solana blockchain infrastructure for asset tokenization, marking a shift toward public chains in traditional finance.

  • Quantum work blockchain prototype debuts: Researchers from D‑Wave and others unveiled the world’s first quantum‑proof-of-work blockchain in 2025, using multiple quantum annealers to demonstrate mining that classical computers cannot replicate, paving the way for greener and more secure blockchain systems.

Top 3 coins of the day

Onyxcoin (XCN)

Key points:

  • At press time, XCN was trading at $0.016, reflecting a 4.58% increase over the last 24 hours.

  • The Parabolic SAR flipped below the candles for the first time since early June, while the Awesome Oscillator flashed three consecutive green bars.

What you should know:

Onyxcoin gained nearly 5% over the last 24 hours, continuing a short-term uptrend after weeks of sideways consolidation. This breakout comes after multiple failed attempts to breach the $0.015 mark, with the recent surge in volume adding weight to the move. 

The Parabolic SAR has now flipped bullish, positioning itself beneath the price candles for the first time in over two weeks, typically a sign of upward momentum. Additionally, the Awesome Oscillator continued to flash green bars for the third straight session, suggesting that bullish pressure may be building. 

However, volumes remain modest compared to April’s explosive rally, where XCN briefly surged to nearly $0.030 before retracing sharply. For any sustained uptrend, XCN would need to reclaim and hold above the $0.018–$0.020 zone, which previously acted as resistance during multiple rally attempts. Notably, XCN's recent momentum has also been backed by on-chain accumulation trends, with a 37% growth in small-to-mid holder addresses and speculation around increased staking rewards.

Ethereum (ETH)

Key points:

  • At press time, ETH was trading at $2,490, reflecting a 2.91% increase over the last 24 hours.

  • The Supertrend remained bearish, while the Awesome Oscillator showed the first green bar after an extended red phase.

What you should know:

Ethereum climbed nearly 3% over the past day, rebounding from recent lows around $2,200. While the recovery brought ETH closer to the $2,500 psychological mark, the Supertrend indicator continued to flash a “Sell” signal, indicating caution among traders. The Awesome Oscillator printed its first green bar after weeks of bearish momentum, hinting that downside pressure may be easing. Trading volumes also saw a slight uptick, reinforcing the early signs of recovery.

Institutional catalysts appear to be playing a central role in this rebound. Bit Digital announced it would convert its entire $34.5 million Bitcoin treasury into ETH, citing attractive staking yields. Meanwhile, SharpLink Gaming added 12,207 ETH to its holdings, now totaling 188,478 ETH, all staked. Adding to the bullish tailwinds, Ethereum-based ETFs have drawn over $4 billion in net inflows this month, with BlackRock’s ETHA leading the charge. Trump Media’s new ETF filing, proposing a 75:25 BTC-ETH allocation under the Truth Social brand, also signals rising confidence in ETH’s long-term role alongside Bitcoin.

ETH currently faces resistance near the $2,500–$2,660 zone. For bullish continuation, traders will be eyeing a Supertrend flip and potential confirmation from institutional buying momentum in mid-July’s 13F disclosures.

Fartcoin (FARTCOIN)

Key points:

  • At press time, FARTCOIN was trading at $0.98, down 1.07% over the last 24 hours.

  • The Supertrend continued flashing a bearish signal, while the RSI hovered near 43, indicating weak momentum and no signs of reversal yet.

What you should know:

FARTCOIN’s drop below $1 extended its June correction from the $1.60 mark, with the Supertrend turning bearish mid-month and continuing to flash red. Volume remained tepid despite recent exchange-related buzz, suggesting weakened bullish conviction. 

The latest downturn appears tied to a “sell the news” reaction following the token’s June 24 listing on Bitso, where a 34% volume spike ($315 million) reflected heavy sell pressure. This mirrors a similar reaction after its Binance.US debut on June 18. Compounding the issue, the 10-day SMA recently crossed below the 50-day SMA — a classic death cross warning. 

While Fartcoin did rally ahead of its Arkham listing and gained from its Coinbase debut earlier, broader memecoin outflows and Bitcoin dominance above 64% have tilted sentiment toward risk-off. The RSI sat at 43.12 at press time, underscoring weak momentum and the lack of strong accumulation. That said, memecoin traders are watching the $0.89 support zone, a potential bounce point, especially if sentiment rebounds and Bitcoin stabilizes above $100K.

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