gm 06/10

Summary
gm, Bitcoin surged to a new all-time high above $125,000, driven largely by significant ETF inflows of $3.24 billion last week and the ongoing U.S. government shutdown which has heightened BTC's appeal as a safe haven asset. Meanwhile, Bitwise CIO Matt Hougan made headlines by declaring Solana as "the new Wall Street," highlighting its speed and settlement capabilities that make it particularly attractive for institutional adoption in stablecoin transactions and real-world asset tokenization. In other significant developments, Defiance Investments has filed with the SEC to launch 49 ETFs offering 3X leveraged exposure to various crypto assets, while Stripe CEO Patrick Collison suggested that yield-bearing stablecoins will force traditional banks to offer more competitive interest rates on deposits, potentially disrupting the banking sector as the stablecoin market cap exceeds $292 billion.

News Headlines
💵 Bitcoin Hits All-Time High as USD on Track for Worst Year Since 1973

• The US dollar is projected to face its worst year since 1973, down over 10% year-to-date, while Bitcoin surges alongside gold and other assets in an unusual market correlation.
• Analysts attribute this market behavior to rising inflation, a weakening labor market, and recent political instability from the government shutdown, all of which enhance Bitcoin's appeal as a hedge against currency devaluation.

🏦 SWIFT Developing Blockchain Platform for Stablecoins and Tokenized Assets

• SWIFT is transitioning from a financial messaging service to a blockchain infrastructure provider, developing a shared ledger platform for stablecoin and tokenized asset transfers with over 30 financial institutions already engaged.
• While SWIFT's global reach provides advantages for standardizing aspects of the stablecoin environment, concerns exist regarding its role in enforcing sanctions, which could impact its perceived neutrality in the evolving digital asset landscape.

🌐 Morgan Stanley Recommends Conservative Crypto Allocations for Portfolios

• Morgan Stanley advises investment advisors to adopt a conservative approach to cryptocurrency allocations, suggesting a 4% allocation for 'Opportunistic Growth' portfolios and 2% for 'Balanced Growth' portfolios.
• For wealth preservation and income-focused portfolios, a 0% allocation is recommended due to potential volatility, reflecting growing institutional recognition of crypto as a legitimate asset class while emphasizing careful portfolio construction.

🌍 Stablecoins Become Venezuela's De Facto Currency Amid 229% Inflation

• Venezuela's hyperinflation of 229% has led to widespread adoption of USDT (called 'Binance dollars') for everyday transactions, creating a de facto dollarized economy without formal legalization.
• Merchants predominantly follow peer-to-peer exchange rates for USDT, with transactions typically conducted via QR code on the Tron network, highlighting how digital stablecoins can provide practical financial solutions during extreme economic challenges.

📱 Unity Patches Security Vulnerability Affecting Mobile Games and Crypto Wallets

• Unity has released a patch for a vulnerability that allowed malicious code execution in Android-based mobile games, potentially affecting crypto users by enabling access to personal data on devices running Unity applications.
• Developers are advised to install the updated Unity Editor and republish their applications, with Microsoft confirming that console games remain unaffected by the issue that dates back to projects launched in 2017.

Market Metrics

Fundraising & VC
1. Limitless (Public Token Sale, $1M) - Decentralized social prediction protocol
2. National Bitcoin ATM (M&A, Undisclosed) - U.S.-based operator of Bitcoin ATMs

Regulatory
📜 GENIUS Act Reshaping Banking and Stablecoins

• The GENIUS Act, enacted in July 2025, allows crypto exchanges to offer yields on stablecoins, pressuring traditional banks to provide better interest rates to retain customers.
• The Bank Policy Institute warns that up to $6.6 trillion could leave the banking system, potentially leading to higher interest rates and reduced credit availability for businesses.

⚠️ Trump-Linked Stablecoin Facing Attestation Issues

• World Liberty Financial's USD1 stablecoin ($2.7B supply) has not published monthly attestation reports since July, raising transparency concerns.
• The impending GENIUS Act could impose stricter regulations on stablecoin issuance, potentially affecting BitGo's compliance as it lacks qualification as a regulated bank.

🌍 Stablecoins Becoming Vital in African Economies

• Stablecoins have become essential financial tools in African countries, helping individuals and businesses cope with high inflation and currency volatility.
• Nigeria processed nearly $22 billion in stablecoin transactions from mid-2023 to mid-2024, highlighting their growing popularity despite regulatory challenges.

💵 US National Debt Crisis Boosts Crypto Appeal

• The US national debt is approaching $38 trillion, increasing by approximately $6 billion daily, prompting investors to seek alternative stores of value.
• JPMorgan has highlighted Bitcoin and gold as leading alternatives, while BlackRock CEO Larry Fink and hedge fund manager Ray Dalio emphasize the importance of diversifying into assets like Bitcoin.

💼 Sanctioned Stablecoin Sponsors Major Crypto Conference

• A7A5, a stablecoin issuer linked to sanctioned Russian bank Promsvyazbank, managed to sponsor Token2049 in Hong Kong despite Singapore's sanctions.
• The situation highlights jurisdictional compliance challenges in crypto, as Hong Kong maintains different regulatory approaches toward Russian entities than Singapore.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has marginally broken up through resistance at points 123500. An established break predicts a further rise. RSI above 70 shows that the currency has strong positive momentum in the short term. Investors have steadily paid more to buy the currency, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The RSI curve shows a rising trend, which is an early signal of a possible trend reversal upwards for the price as well. The currency is overall assessed as technically positive for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. The currency has support at points 4300 and resistance at points 4800. The currency is assessed as technically neutral for the short term.