The crypto world buzzed this week with Circle’s soaring IPO to Bitcoin’s brief $100,000 scare and a heated controversy tied to Trump’s wallet; the market pulsed with action. Here’s a closer look at what happened this week in crypto;
Top Stories This Week
Circle IPO Hits Market, Gains 168% on Debut
Circle, the issuer of the USDC stablecoin, electrified markets with its NYSE debut. It soared a staggering 168% from its $31 IPO price to close at $83 on its first day. The $1.06 billion offering, targeting a $7.2 billion valuation, drew heavy institutional interest, with BlackRock reportedly eyeing a 10% stake in the company. However, market analysts have turned skeptical on its sustainability, with them warning investors to not FOMO invest in Circle stock.
Bitcoin Dipped to $100K After Trump-Elon Feud
The heated feud between President Trump and Elon Musk over a spending bill rattled crypto markets on June 6, with Bitcoin taking a sharp hit and dipping to $100K for the first time in nearly a month. The 3% drop caused heavy destruction in the crypto market, with millions liquidated in long positions. However, BTC swiftly rebounded to $105,000, bolstered by strong buying support and increasing institutional adoption.
Trump Wallet Sparks Controversy as Trump Family Denies Involvement
The announcement of a Trump-branded cryptocurrency wallet, dubbed the “$TRUMP Wallet,” ignited a firestorm of controversy this week as Donald Trump Jr., Eric Trump, and Barron Trump publicly disavowed any involvement. Promoted by Magic Eden and developers tied to a Trump Organization-linked entity as “The First and Only Crypto Wallet Backed by President Trump,” the project drew immediate backlash from the Trump family. The dispute caused market confusion while reflecting crypto’s sensitivity to political narratives.
Poland and South Korea Elect Pro-Bitcoin Presidents
In a landmark week for cryptocurrency, Poland and South Korea elected presidents with pro-Bitcoin stances, signaling a global shift toward crypto-friendly policies. Poland’s Karol Nawrocki, a nationalist historian backed by the Law and Justice party, won a tightly contested presidential election on June 1, 2025, with 50.9% of the vote.
While in South Korea, left-leaning Lee Jae-myung secured the presidency on June 3, 2025, promising to legalize spot Bitcoin ETFs, ease crypto regulations, and explore a state-backed digital asset fund. The election of both these Bitcoin advocates renewed enthusiasm for this political tailwind, with users noting the potential for accelerated Bitcoin adoption.
Ethereum ETFs Outpace Bitcoin Inflows for Second Week
The U.S. spot Ethereum exchange-traded funds (ETFs) have outshone their Bitcoin counterparts for the second consecutive week, drawing significant inflows amid market volatility. On June 6, Ethereum ETFs recorded $25.22 million in net inflows, contributing to a 15-day streak totaling $3.32 billion in cumulative net inflow since their July 2024 launch, with BlackRock’s ETHA leading at a 45% surge. Meanwhile, Bitcoin ETFs saw outflows of $326.26 million over Thursday and Friday, driven largely by the Trump-Musk feud.
Crypto News You Might Have Missed
- Pectra Upgrade Put Ethereum Wallets on “Auto-drain” Risk: Wintermute warns Ethereum’s Pectra upgrade, via EIP-7702, exposes 97% of delegated wallets to auto-drain risks, with over 79,000 addresses linked to malicious contracts.
- Bitcoin Exchange Reserves Hit All-Time Low: Bitcoin exchange reserves drop to a historic low of 2.5M BTC, signaling strong holder accumulation and potential supply shock as prices hit $111,500.
- Moscow Exchange Launches Bitcoin Trading via Futures ETF: Russia’s Moscow Exchange (MOEX) launches Bitcoin futures ETF tied to BlackRock’s IBIT, with ₽423M ($4.5M) in debut trading volume.
- Crypto Exchange Gemini Files for IPO: Following grand launch of Circle (CRCL), Gemini crypto exchange confidentially files for a U.S. IPO.
Buzz of the Week
The market chatter in the crypto community buzzed around PumpFun, the Solana-based memecoin launchpad, with its potential plans to raise $1 billion through the PUMP token sale at a $4 billion valuation.
The ambitious presale, aimed at expanding the platform’s meme coin ecosystem, drew polarized reactions: some hailed it as a game-changer for Solana’s growth, while others slammed it as a cash grab, citing 99.99% of users losing money on the platform.
Top Gainers and Losers This Week
| Gainers | Losers |
|---|---|
| AB (AB): +27% | DEXE (DeXe): -26% |
| SKY (Sky): +12% | RAY (Raydium): -14% |
| SPX (SPX6900): +9% | JUP (Jupiter): -13% |
| TRX (Tron): +7% | VIRTUAL (Virtuals Protocol): -12% |
| ENA (Ethena): +6% | TAO (Bittensor): -12% |
What to Expect for Next Week?
The crypto market is poised for a dynamic week following May’s first week whirlwind of events, with Bitcoin’s record-low exchange reserves to Ethereum’s gaining traction. The Trump-Musk scuffle may fuel sell-offs in the market, but regulatory developments, such as the Genius Act (stablecoin bill), could drive overall optimism in the market. The current sentiment leans cautiously bullish, with U.S. economic indicators and global pro-crypto policies from Poland and South Korea as key catalysts.
