Driven by easing tensions in the Middle East, the crypto market saw a rebound, with Ethereum climbing to a high of 2,438 USDT. According to MEXC data, ETH is currently trading at 2,396.4 USDT.
Heatmap of the top 10 USDT-margined perpetual contract trading pairs on the MEXC platform.
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According to CoinMarketCap, the Crypto Fear & Greed Index has climbed from 37 to 47, indicating a shift toward neutral market sentiment.
Coinglass data shows that a total of $480 million in positions were liquidated across the market in the past 24 hours — $115 million from long positions and $365 million from shorts. Bitcoin long liquidations: $28.65 million
Bitcoin short liquidations: $125 million
Ethereum long liquidations: $39.82 million
Ethereum short liquidations: $112 million
A total of 131,969 traders were liquidated during this period. The largest single liquidation occurred on Binance's BTC/USDT pair, worth $12.14 million.
Raoul Pal, founder of Real Vision, tweeted that 90% of Bitcoin’s price fluctuations are driven by liquidity — similar to the Nasdaq 100 Index (NDX), where the figure stands at 97%. The remaining movements are influenced by market adoption. In his view, the relative performance of tokens or stocks is almost entirely based on provable network effects, i.e., user adoption.
Bitcoin Vector shared an on-chain analysis noting, “Bottoming is rarely a straight line. The market structure is shifting toward a bullish bias, signaling that bulls are beginning to regain control of price action. It’s still a battle, but the momentum is starting to favor the bulls.”
On-chain analyst @arndxt_xo pointed out that Bitcoin is currently in a “non-correlated window” similar to February 2025, trading sideways within the 100K–108K USDT range. While BTC has yet to move in sync with macro liquidity trends, historical data shows that changes in M2 money supply by major central banks lead BTC performance 80% of the time.
M2 year-over-year growth has turned positive, and multiple Fed officials have hinted at a potential rate cut as early as July. The latest FOMC dot plot also supports one rate cut this year. Technically, Bitcoin has confirmed a golden cross, and the weekly trend remains intact. If BTC breaks above 108K, it may target 133K. Should liquidity conditions continue to improve alongside policy easing, Q4 could become a pivotal window for bullish momentum.
According to SoSoValue, as of June 23, 2025 (ET), publicly listed companies (excluding mining firms) saw a net inflow of $198 million into Bitcoin over the past week. Strategy (formerly MicroStrategy) continued its buying streak for the 12th consecutive week, purchasing 245 BTC for $26 million at an average price of $105,856. The company now holds a total of 592,345 BTC.
Japanese listed firm Metaplanet also made a major move, acquiring 1,111 BTC for $118 million at an average price of $106,408, bringing its total holdings to 11,111 BTC.
Additionally, four new public companies joined the ranks of BTC buyers last week, contributing a combined $53.82 million in purchases:
Prenetics (U.S. healthcare firm) entered the Bitcoin market for the first time, purchasing 187.4 BTC for $20 million at an average price of $106,712.
Blockchain Group (France-based Web3 services company) bought 182 BTC for $19.6 million at $107,484, bringing its total holdings to 1,653 BTC.
The Smarter Web (UK digital advertising firm) acquired 104.3 BTC for $10.89 million at $104,451, now holding a total of 346.6 BTC.
ANAP (Japanese fashion company) purchased 31.2 BTC for $3.33 million at $106,790, increasing its holdings to 184.7 BTC.
These new entrants span four countries—France, the UK, Japan, and the U.S.—and represent a wide range of industries, highlighting the growing trend of non-crypto-native companies adopting Bitcoin as a strategic treasury reserve. The trend suggests increasing sectoral diversity and geographic dispersion in corporate BTC adoption. According to SoSoValue, the number of public (non-mining) companies holding over 100 BTC has risen to 21.
As of the latest data, publicly listed companies (excluding miners) hold a combined 655,520 BTC, valued at approximately $66.3 billion, accounting for around 3.3% of Bitcoin’s circulating supply.
According to CoinDesk, Norway’s ruling Labour Party government has announced plans to introduce a temporary ban on the construction of new cryptocurrency mining data centers that rely on energy-intensive proof-of-work (PoW) systems. The ban is expected to take effect in fall 2025.
Norwegian Minister of Digitalization, Karianne Tung, stated: “Crypto mining consumes enormous amounts of electricity while contributing little to local employment or economic value.”
She emphasized that this move reflects the government’s clear intention to “limit cryptocurrency mining in Norway as much as possible.”
Although Norway boasts abundant renewable hydropower—making it an attractive destination for Bitcoin miners seeking low-cost, clean energy—regulators argue that the country’s high-capacity electricity resources should be prioritized for more productive sectors such as manufacturing, heating, or AI data processing.
Sequans Communications S.A. (NYSE: SQNS), a developer and supplier of 5G/4G IoT semiconductor solutions and modules, has unveiled its Bitcoin treasury strategy, naming BTC as a core asset in its portfolio. The company plans to partner with Swan Bitcoin for treasury management.
To support this initiative, Sequans will raise approximately $384 million through a private placement — including $195 million in equity and $189 million in convertible debt — with the transaction expected to close on July 1.
In contrast, while Arizona and New Hampshire have passed similar authorizations, they have not yet allocated any funding.
According to Caixin, Zhu Haokang, Head of Digital Asset Management and Family Wealth at China Asset Management (Hong Kong), revealed that the firm is exploring potential applications of stablecoins within its fund ecosystem. Once the Hong Kong SFC’s relevant regulatory framework is finalized, the firm aims to support subscription and redemption using compliant stablecoins for its Hong Kong Dollar Digital Currency Fund targeted at retail investors.
Zhu noted that if this innovation is implemented successfully, it could significantly increase the fund’s assets under management.
According to Bloomberg, Romania’s new government has pledged to reduce the European Union’s largest budget deficit through a combination of tax hikes and spending cuts. The coalition agreement outlines goals to “restore fiscal balance, prioritize investment, and ensure a predictable business environment.”
Proposed tax measures include levies on cryptocurrency gains, dividends, social media income, and short-term rental earnings. The government is also reportedly considering a special tax on the banking sector as part of its broader fiscal reform agenda.
1)Nexus has launched its Testnet III, now available in the U.S., mainland China, and other regions.
2)NEWT released its tokenomics: 10% allocated for initial airdrops and community rewards.
3)Nano Labs plans to apply for licenses to operate HKD- and offshore RMB-pegged stablecoin businesses.
4)Mango Network published details of its MGO tokenomics: 10% will be distributed via testnet and mainnet airdrops.
5)Karsa, a USD virtual wallet account incubated by Y Combinator, is now live.
6)GOAT Network unveiled its BitVM3 upgrade proposal, aiming to bring Bitcoin-native ZK Rollups closer to practical use.
7)Stablecoin issuer APACX has partnered with Polygon to expand the adoption of its PHT token.
8)Plasma reminded deposit participants to complete KYC/KYB via the Sonar platform.
9)DeFi Development stock will soon be available for on-chain trading via Kraken.
1)GTE, a DEX built on MegaETH, raised $15 million in a Series A round led by Paradigm.
2)ECD Automotive Design secured $500 million in funding and announced plans to implement a Bitcoin treasury strategy.
3)Blueprint Finance, a DeFi platform, raised $9.5 million, led by Polychain Capital, with participation from YZi Labs.
4)Veda, a DeFi infrastructure provider, closed an $18 million funding round led by CoinFund.
5)Eyenovia completed a $50 million private placement and has acquired over 1 million HYPE tokens.
6)Blockchain game developer Endless Clouds raised $6.25 million and launched its native token END.
7)Crypto platform Stackup, founded by a former SpaceX executive, secured $4.2 million in seed funding.
8)KindlyMD and Nakamoto raised $51.5 million via PIPE financing to support their Bitcoin treasury initiatives.
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