ARK Invest CEO Cathie Wood says that Bitcoin (BTC) is likely to continue surging higher based on its performance against one red-hot commodity.

In a new YouTube update, Wood shares a Bitcoin-to-gold chart that she says is still in an uptrend, partially due to BTC’s “anti-fragile” nature in recent years.

“This uptrend has not been broken. Again, this aligns with the net bullish risk-on kind of market that we think we’re in, and I guess you could call the markets anti-fragile, which is a description used in Bitcoin. It’s been able to withstand all kinds of turmoil and we think that the markets, the equities markets, are following Bitcoin in this regard.”

Wood is also optimistic about the crypto industry given regulatory clarity from the Trump administration and what she believes is an incoming reconfiguration of the financial services space.

“We think this is a very powerful movement. We think the financial services sector is going to reconfigure completely in the next five to ten years, and that of course Bitcoin and now Circle and of course Coinbase as well. Robinhod, [and] others… SoFi is now moving back into crypto in a big way now that regulatory clarity is here. So, thank goodness for that.”

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Cathie Wood Says Bitcoin Hinting at Risk-On Market Structure, Sees BTC Holding Uptrend Against Gold

Good Morning, Asia. Here's what's making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Bitcoin is trading below $110,000, changing hands at $109.7K, as Asia continues its trading week.

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The move challenges a prevailing market narrative of summer stagnation, coming on the heels of a note from QCP Capital that emphasized suppressed volatility and a lack of immediate catalysts.

A recent Telegram note from QCP pointed to one-year lows in implied volatility and a pattern of subdued price action, noting that BTC had been “stuck in a tight range” as summer approaches.

A clean break below $100K or above $110K, they wrote, would be needed to “reawaken broader market interest.”

Even so, QCP warned that recent macro developments had failed to spark directional conviction.

“Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note said. “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”

That context makes the current move all the more surprising.

Over the weekend, Bitcoin surged 3.26% from $105,393 to $108,801, with hourly volume spiking to 2.5x the 24-hour average, according to CoinDesk Research's technical analysis model. BTC broke decisively above $106,500, establishing new support at $107,600, and continued upward into Monday’s session, reaching $110,169.

The breakout coincides with a tense macro backdrop: US-China trade talks in London and a $22 billion U.S. Treasury bond auction later this week have injected uncertainty into global markets. While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.

The question now is whether BTC’s move above $110K has true staying power, or whether the rally is running ahead of the fundamentals.

A 'Massive Shift' in Institutional Staking May Drive ETH's Next Rally

Ethereum’s critics have long highlighted centralization risks, but that narrative is fading as institutional adoption accelerates, infrastructure matures, and recent protocol upgrades directly address past limitations.

“Market participants will pay for decentralization because it's in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk. “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years."

There's currently $492 million worth of ETH staked by Liquid Collective – a protocol co-founded by Alluvial to facilitate institutional staking

While this figure may appear modest compared to Ethereum’s total staked volume of around $93 billion, what's interesting is that it originates predominantly from institutional investors.

"We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking," she noted.

Central to Ethereum’s institutional readiness is the recent Pectra upgrade, a significant development Schmiedt describes as both "massive" and "underappreciated."

"I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics," Schmiedt said.

Additionally, Execution Layer triggerable withdrawals—a key component of Pectra—provide institutional participants, including ETF issuers, a crucial compatibility upgrade.

This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.

"EL triggerable withdrawals create a much more effective path to exit for large-scale market participants," Schmiedt added.

Ultimately, Schmiedt said, "I think we'll see that a lot more [ETH] in institutional portfolios going forward.”

News Roundup

Trump Media May Be the Cheapest Bitcoin Play Among Public Stocks, NYDIG Says

Trump Media (DJT) may be one of the cheapest ways to get bitcoin exposure in public markets, according to a new report from NYDIG, CoinDesk recently reported.

As a growing number of companies adopt MicroStrategy’s strategy of stacking BTC on their balance sheets, analysts are rethinking how to value these so-called bitcoin treasury firms.

While the commonly used modified net asset value (mNAV) metric suggests that investors are paying a premium for BTC exposure, NYDIG’s Greg Cipolaro argues mNAV alone is “woefully deficient.” Instead, he points to the equity premium to NAV, which factors in debt, cash, and enterprise value, as a more accurate gauge.

By that measure, Trump Media and Semler Scientific (SMLR) rank as the most undervalued of eight companies analyzed, trading at equity premiums of -16% and -10% respectively, despite both showing mNAVs above 1.1. In other words, their shares are worth less than the value of the bitcoin they hold.

That’s in stark contrast to MicroStrategy (MSTR), which rose nearly 5% Monday as bitcoin crossed $110,000, while DJT and SMLR remained mostly flat—making them potentially overlooked vehicles for BTC exposure.





Circle Stock Nearly Quadruples Post-IPO as Bitwise and ProShares File Competing ETFs

Two major ETF issuers, Bitwise and ProShares, filed proposals on June 6 to launch exchange-traded funds tied to Circle (CRCL), whose stock has nearly quadrupled since its IPO late last week, CoinDesk previously reported.

ProShares is aiming for a leveraged product that delivers 2x the daily performance of CRCL. At the same time, Bitwise plans a covered call fund that generates income by selling options against held shares, two very different ways to capitalize on the stock’s explosive rise.

CRCL surged another 9% Monday in volatile trading, continuing to draw interest from both traditional finance and crypto investors. The proposed ETFs have an effective date of August 20, pending SEC approval. If approved, they would further blur the lines between crypto and conventional finance, giving investors new tools to play one of the hottest post-IPO names of the year.

Market Movements:

BTC: Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction.

Bitcoin is trading at $109,795 after a 3.26% breakout fueled by institutional buying, elevated volume, and macro uncertainty from US-China trade talks and an upcoming $22B Treasury auction. ETH: Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590.

Ethereum rebounded 4.46% from a low of $2,480 to close at $2,581, with strong buying volume confirming support at $2,580 and setting up a potential breakout above $2,590. Gold: Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive.

Gold is trading at $3,314.45, edging up 0.08% as investors watch US-China trade talks in London and a subdued dollar keeps prices attractive. Nikkei 225: Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks.

Asia-Pacific markets rose Tuesday, with Japan’s Nikkei 225 up 0.51%, as investors awaited updates from ongoing U.S.-China trade talks. S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.

Elsewhere in Crypto

Asia Crypto News: Bitcoin Slips Below $110K as 'Signs of Fatigue' Emerging

Widely followed crypto analyst Rekt Capital says that Bitcoin (BTC) looks bullish after successfully retesting a strong support level.

The pseudonymous analyst tells his 548,000 followers on the social media platform X that Bitcoin is attempting to move into a “price discovery uptrend.”

Price discovery often refers to a process when the price of an asset moves to uncharted territory, forcing buyers and sellers to seek agreement on value.

Says Rekt Capital,

“Bitcoin Price Discovery Roadmap:

Bitcoin is currently in a transitional phase.

Price is trying to successfully post-breakout retest its ReAccumulation Range to transition into Price Discovery Uptrend 2.

A volatile retest/deviation here could occur.”

Rekt Capital says that BTC closing above $104,400 on the week could be the key signal that it has successfully retested the demand zone and is gearing up for higher prices.

“The retest continues to be successful.

Can Bitcoin successfully confirm this retest with a Weekly Close above $104400 for what would be a 4th week in a row?”

Zooming in on the daily chart, the trader says that BTC needs to close above its immediate resistance and flip it into support to fully confirm a bullish continuation of the trend.

“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend (light blue) while also turning it into support…

Daily Closing & retesting ~$106,600 (black) would be even better to enable trend continuation.”

At time of writing, BTC is trading at $105,528.

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Bitcoin Gearing Up for New Price Discovery Uptrend Amid Successful Retest of Critical Support Level: Crypto Analyst

Leading crypto firms Uniswap, Jump Trading and the Blockchain Association will soon issue a joint statement supporting the Blockchain Regulatory Certainty Act (BRCA), according to crypto reporter Eleanor Terrett.

Terrett tells her 238,200 followers on the social media platform X that the statement is “imminent.”

“NEW: I’m hearing that a joint statement is imminent from the eight leading crypto trade associations, along with Uniswap and Jump, expressing their support for the Blockchain Regulatory Certainty Act (BRCA) being included in the latest version of the CLARITY Act.”

The BRCA aims to provide clarity and certainty for developers, miners, and other innovators in the non-custodial crypto ecosystem.

According to Terrett, the eight groups are the DeFi Education Fund, Coin Center, Solana Institute, Chamber of Digital Commerce, Blockchain Association, Crypto Council, Bitcoin Policy Institute and Paradigm, who say that the legislation is critical for protecting software developers and infrastructure providers who do not custody customer funds.

“The amendment, originally introduced by GOP Majority Whip and now with bipartisan support from Rep Ritchie, is being viewed by many in the industry as a foundational policy safeguard for DeFi developers.

‘It’s critically important that we don’t treat open-source developers like traditional financial institutions,’ one policy lead told me. ‘The BRCA draws that line clearly and protects innovation.’

The joint statement urges lawmakers to include the BRCA in the CLARITY Act, the House’s digital asset market structure bill, which is expected to be marked up next week.”

At time of writing, no statement has been issued.

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Uniswap, Jump and Leading Crypto Trade Associations To Issue Statement in Support of Blockchain Regulatory Certainty Act: Report

Bitcoin

quietly climbed to its strongest price in June on Monday, rebounding from last week's decline to near all-time high levels.

BTC advanced 3.7% over the past 24 hours to $109,500, and its changing hands only 2% from its record prices observed in May. Ethereum's ether

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kept pace with 3.8% gain during the same period, bouncing above $2,620. Native tokens of Hyperliquid and SUIoutperformed most large-cap cryptocurrencies up 7% and 4.5%, respectively.

"A 'peaceful rally' is a perfect way to describe this price action," said well-followed analyst Caleb Franzen, founder of Cubic Analytics. "Just a consistent development of higher highs and higher lows. Any signs of weakness? Buyers step in and defend the trend."

The move happened while traditional markets showed muted action, with the S&P 500 and Nasdaq indexes flat on the day. Crypto-related stocks bounced during the session to catch-up with BTC's recovery over the weekend.

The crypto market is now on steadier footing for a potential next leg higher after bitcoin's 10% decline to near $100,000 and with more than $1.9 billion in liquidations across crypto derivates over the past week having flushed excessive leverage, Bitfinex analysts noted in a Monday report.

However, on-chain data indicates rising sell pressure from long-term holders that could overwhelm demand, the analysts added.

“Bitcoin is now at a crossroads—balanced between structural support and waning bullish momentum, waiting for its next macro cue,” the Bitfinex note added.

Those macro catalysts may come later this week, noted Jake O, OTC trader at crypto trading firm Wintermute.

"U.S. and Chinese trade representatives are scheduled to meet today, with markets likely sensitive to any headlines following last week's positive momentum, and the data calendar remains light until Wednesday, when CPI will offer fresh insight into U.S. inflation," he said.

BTC, ETH Price News: Bitcoin Surges Above $109K Near Record Highs

Banking giant JPMorgan is reportedly issuing a warning to new recruits, saying they’ll be fired if they violate new rules set for junior banking analysts.

In a recent leak posted on Instagram, Wall Street newsletter Exec Sum reports that the financial services titan is telling new recruits they’ll be let go if they accept another job during the first 18 months of working for the company.

The memo from the bank appears to ask new recruits not to accept a position with another company before or within one and a half years of joining JPM in a potential crackdown on “talent poaching.”

“As a reminder, job searching outside JPMorganChase must be done on your own time and should not interfere with your responsibilities.

Avoiding potential conflicts of interest is crucial to maintaining the trust and confidence our clients place in us, so we have updated our policy regarding Investment Banking Analysts accepting future-dated job offers. Therefore, if you accept a position with another company before joining us or within your first 18 months, you will be provided notice and your employment with the firm will end.”

According to a recent report from Fortune, JPMorgan’s chief executive, Jamie Dimon, said he views the activity as “unethical” as it can lead to conflicts of interest.

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JPMorgan Issues Warning to New Recruits, Says ‘Employment With the Firm Will End’ if This Happens: Report

Institutional crypto investment vehicles enjoyed nearly $225 million in inflows last week, according to CoinShares.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that last week’s institutional crypto inflows, while positive, have fallen significantly in the last two weeks, perhaps due to uncertainty on US monetary policy.

“Digital asset investment products saw US$224m in inflows last week, extending this 7-week streak to US$11bn. However, there has been a noticeable deceleration amid uncertainty over monetary policy, with investors adopting a wait-and-see stance ahead of further signals from the US Federal Reserve on inflation.”

Regionally, the US led internationally with $175 million in inflows. Germany, Switzerland, Canada and Australia followed with $47.8 million, $15.7 million, $9.8 million and $6.5 million in inflows, respectively.

“Minor outflows were seen in Brazil (US$9.2m) and Hong Kong (US$14.6m), with the latter marking an end to record inflows.”

Leading smart contract platform, Ethereum (ETH), has been on a seven-week inflow streak, totaling $1.5 billion, with $296 million in inflows last week. This marks the strongest inflow run for ETH products since the US Election.

Following last week’s trend, Bitcoin (BTC) saw its second consecutive week of outflows, resulting in $56.5 million in losses.

“Altcoins were subdued. Sui attracted minor inflows of US$1.1m, while XRP saw a third week of outflows totaling US$6.6m.”

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Crypto Products See ‘Noticeable Deceleration’ of Inflows As Monetary Policy Uncertainty Grows: CoinShares

Best-selling author Robert Kiyosaki is warning that the US may be entering a period of civil unrest and financial upheaval.

In a new post on the social media platform X, the Rich Dad Poor Dad author tells his 2.7 million followers that America could be facing another “fourth turning,” a tumultuous moment in time that results in a massive societal transformation.

“Civil War has begun. ICE raids in Los Angeles erupt into mass violence. Big Question: will it spread? My answer: I believe we and the world are in for a long, hot violent summer.”

The fourth turning is a concept coined by historians William Strauss and Neil Howe to describe their idea that in America and Western Civilization, every 80 years is marked by a crisis, or fourth turning, that deconstructs the existing order and ushers in a new one.

Per the theory, the prior fourth turnings were the Great Depression/WWII, the Civil War and the American Revolution.

Kiyosaki believes that the fourth turning will lead to a revolt over the practice of central banks’ money printing and currency debasement, resulting in a widescale financial reordering.

He believes that gold, silver and Bitcoin (BTC) are a hedge against the unrest and economic uncertainty.

“I believe, as do many others, the major issue being resolved is: ‘What is money?’

The issue is our bankers are stealing the wealth of the people via fake money, counterfeit money the central bankers print. I trust the era of bankers ripping off the world is coming to an end. Sound money, gold, silver, and Bitcoin take away the power from the corrupt bankers.

As I have said for years, gold and silver are ‘God’s money.’ Bitcoin is ‘people’s money.’ Take control of your wealth. Stop allowing bankers to steal your wealth via taxation and inflation. Become your own bank. Stop saving fake money. Save gold, silver, and Bitcoin. Then you will turn ahead of today’s fourth turning. Take care.”

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Rich Dad Poor Dad Author Warns ‘Civil War’ Has Begun, Calls for Saving Gold, Silver and Bitcoin for Protection

A crypto exchange platform backed by the billionaire Winklevoss twins has submitted a confidential filing for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).

In a press release, Gemini announces that it has sent a confidential draft registration statement to the regulatory agency related to the public offering of its stock.

Though the price and number of the shares have yet to be determined, the firm says that it expects a listing “after the SEC completes its review process, subject to market and other conditions.”

By filing confidentially, Gemini can keep some of its crucial financial data private while testing public demand for its stock. Filing confidentially also allows firms to prevent potential early market reactions or strategies employed by competitors to hinder them.

In March, it was reported that Gemini was working with investment banking giants Goldman Sachs and Citigroup to go public as an IPO is typically underwritten by investment banks, which also arrange for the shares to be listed on stock exchanges.

Earlier this week, stablecoin issuer Circle – which first announced its plans to go public back in 2021 – saw its shares skyrocket on its first day as a publicly traded company.

In a recent thread, pseudonymous analyst Pentoshi tells his 866,200 followers on the social media platform X that crypto-related firms going public may spark a fresh bubble in the industry.

“Looks like all the money is going to be made in crypto companies doing IPOs at wild valuations. Deeper pockets, more liquidity, higher valuations. Another bubble is brewing, another bubble to chase.”

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Winklevoss Twins-Backed Crypto Exchange Gemini Confidentially Files for IPO With SEC

Shares of Metaplanet (MTPLF) opened significantly higher on Monday following the announcement that the company would launch what is believed to be Asia’s biggest-ever equity raise dedicated to Bitcoin (BTC).

Simon Gerovich, Metaplanet’s CEO, said in a post on the social media platform X that the firm, which operates hotels but has pivoted to primarily focusing on accumulating Bitcoin, is about to raise ¥770.9 billion ($5.4 billion) to buy more BTC.

According to Gerovich, Metaplanet will be issuing 555 million shares via moving strike warrants, which give holders the right to buy or sell the underlying asset but with a “moving” or variable strike price.

The CEO says the capital raise follows Metaplanet’s “highly successful” strategy to acquire 100,000 BTC by the end of 2026, and 210,000 BTC by the end of 2027, which would give the company 1% of all the Bitcoin that will ever exist.

According to BitcoinTreasuries.net, MetaPlanet has the 10th-largest corporate holding of BTC in the world, just behind Coinbase Global.

Says Gerovich,

“Thanks to all of our shareholders.

We are honored to be on this journey with you.

Metaplanet is accelerating into the future — powered by Bitcoin.”

At time of writing, shares of MetaPlanet are trading at ¥1,554, up 15% on the day and up 24% since the close on Friday.

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Bitcoin Hoarder Stock Explodes on News of $5,400,000,000 Fundraising Plan for BTC Accumulation

Two well-known ETF issuers are racing to bring funds to market that track the explosive rise of Circle’s newly public stock.

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Bitwise and ProShares late Friday each submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch exchange-traded funds (ETFs) tied to Circle (CRCL).

Both funds would give investors different ways to play the Circle’s surge, which has turned heads since the IPO late last week. Up another 9% today in volatile action, shares have nearly quadrupled from their $31 offering price.

ProShares, a major name in leveraged ETFs, filed to create the ProShares Ultra CRCL ETF. The fund is designed to provide twice the daily return of CRCL stock. Leveraged ETFs are popular for short-term trades but carry elevated risk due to their compounding effects over multiple days.

Bitwise, on the other hand, is taking a more income-focused route. Its proposed Bitwise CRCL Option Income Strategy ETF would employ a covered call strategy. That involves holding CRCL shares while regularly selling call options against them—generating cash premiums that could help smooth returns, especially if the stock’s rise cools off. This kind of fund typically appeals to investors looking for yield rather than high-octane growth.

Neither fund has disclosed a ticker yet. The proposed effective date for both products is August 20, though SEC approval timelines can vary.

Circle, already a central player in the stablecoin market, has drawn attention from traditional finance and crypto investors alike. If the SEC signs off on these ETFs, they could mark another step in the blending of crypto-linked equities and mainstream investing strategies.



Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

Bitwise, ProShares File for ETFs Tracking Soaring Circle (CRCL) Shares

A cybersecurity incident may have exposed sensitive personal, health and financial records of tens of thousands of Americans.

The latest numbers from the U.S. Department of Health and Human Services Office for Civil Rights show that 36,659 Americans are affected by a hacking/IT incident at Cumberland County Hospital (CCH).

CCH says that an unknown attacker breached its systems and stole patient and employee data, which may include names, dates of birth, addresses, phone numbers, email addresses, ethnicities, Social Security numbers, medications, diagnoses, treatment notes, dates of service, medical record numbers, health plan numbers, claims and billing records.

The hospital also says that the thief may have siphoned the employment data of current and former employees, including driver’s licenses, birth certificates, background check records, W-4 and W-2 tax forms and bank account numbers.

“On April 3, 2025, CCH discovered unauthorized access by a third party to our computer system. We immediately shut down all computers, disabled data sharing connections, contacted law enforcement, and began investigating…

Cybersecurity experts determined that the unauthorized access to our computer system began on February 21, 2025, and ended on April 3, 2025.

The electronic medical records system that CCH and its partners use to record and bill for patient care was not involved or accessed in this incident. “

CCH is a Kentucky-based hospital offering outpatient and inpatient healthcare services.

The hospital says it immediately sent letters of notification to affected individuals to shed more light on the data breach, while offering free identity monitoring services for 12 months.

For now, CCH says that its IT team has revamped the hospital’s security protocols to prevent a similar incident from happening again.

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36,659 Americans Warned As Data Breach May Have Exposed Names, Addresses, Social Security Numbers, Health Records, Bank Account Numbers and More

Bahamut is an EVM-compatible Layer-1 blockchain that launched in May 2023, introducing the industry's first Proof of Stake and Activity (PoSA) consensus mechanism. Unlike traditional Proof of Stake models that reward validators solely for token staking, PoSA creates a dual-incentive system that rewards participants not only for staking tokens but for deploying smart contracts that drive actual usage.

This activity-weighted approach aligns validator economics with actual network utility, incentivizing validators to build and deploy smart contracts that drive meaningful user engagement rather than simply maximizing stake.

This report provides institutional-grade due diligence on Bahamut's validator design, tokenomics, technical architecture, and ecosystem adoption metrics. Commissioned by Bahamut and produced by CoinDesk Research, it offers neutral assessment of the protocol's strategic positioning within the competitive Layer-1 landscape, targeting institutional allocators, developers, and market participants evaluating next-generation blockchain infrastructure.

Cathie Wood Says Bitcoin Hinting at Risk-On Market Structure, Sees BTC Holding Uptrend Against Gold

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