Why Is BNB Climbing?
The U.S. Securities and Exchange Commission has moved to drop its lawsuit against Binance last week. The BNB token has since climbed as high as nearly $690. Meanwhile, on-chain data shows that BNB Chain handled $14 billion in daily decentralized exchange volume, surpassing Ethereum and Solana combined. CoinDesk's Jennifer Sanasie breaks it down on 'Chart of the Day,' presented by crypto.com.
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Crypto Daybook Americas: Bitcoin Faces Bearish June Seasonality as ETF Flows Slow
By Omkar Godbole (All times ET unless indicated otherwise) Bitcoin (BTC) and other major cryptocurrencies continue to offer little directional clarity to traders, with inflows into spot ETFs slowing during the seasonally bearish period. According to 10x Research, June tends to be a mixed-to-negative month for the largest tokens. Bitcoin has averaged a 1.9% return in June over the past 10 years, evenly split between five positive and five negative occurrences. Ethereum's ether (ETH) averaged an 11.7% decline, with only two out of the last seven Junes in the green. XRP has fared even worse, though SOL has been stronger. The apathy is reflected in the U.S.-listed spot bitcoin ETFs, which recorded net inflows in only two of the past five trading days. Inflows on Wednesday were just $87 million, a sharp decline from Tuesday's $387 million, SoSoValue data show. Ether ETFs recorded a net inflow of $57 million, the least since May 21. "The weakening pace of institutional flows confirms a loss of momentum — and makes us more cautious on the short-term outlook," Valentin Fournier, lead research analyst at BRN, said in an email. Other analysts, however, remain optimistic, citing the rapid pace of institutional adoption. "Despite the seasonal summer lull, the structural backdrop remains intact," QCP Capital said. "With both BTC and ETH emission rates now trailing global money supply growth, a long-term positive price drift appears increasingly probable. Fresh treasury buyers are absorbing supply." The firm also noted the relative strength in ether as the ETH-BTC ratio trades close to the recent range highs. The crypto news flow over the past 24 hours has been positive. Circle, the issuer of the regulated USDC stablecoin, priced its initial public offering at $31 per share, above the expected range of $24 to $26. The company sold around 34 million shares in the offering for a valuation of $1.1 billion. The California Assembly approved the AB-1052 bill, classifying long-inactive crypto assets as 'unclaimed property' and allowing the state to hold them in custody. Blockchain intelligence firm Arkham said that a whale address supposedly linked to Consensys purchased $320 million in ETH from Galaxy Digital and transferred it to a new address. Economic developments, however, have been dismal. Three soft U.S. economic reports, including the Fed's Beige book, sent the Treasury yields tumbling, reviving hopes for the Fed rate cut. Stay alert! Crypto June 5, 9:30 a.m.: Shares of Circle (CRCL), issuer of stablecoin USDC, begin trading on the NYSE. The IPO priced that stock at $31 apiece, valuing the company at $6.9 billion. June 6: Sia (SC) is set to activate Phase 1 of its V2 hard fork, the largest upgrade in the project's history. Phase 2 will get activated on July 6. June 9, 1-5 p.m.: U.S. SEC Crypto Task Force roundtable on "DeFi and the American Spirit" June 10, 10 a.m.: U.S. House Final Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, i.e. the Digital Asset Market Clarity (CLARITY) Act. June 11, 7 a.m.: Stratis (STRAX) activates mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol. June 16 (market open): 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB); ticker and NAV remain unchanged. Macro June 5, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended May 31. Initial Jobless Claims Est. 235K vs. Prev. 240K Continuing Jobless Claims Est. 1910K vs. Prev. 1919K June 5: German Chancellor Friedrich Merz meets President Donald Trump in the Oval Office to discuss tariffs, defense, Ukraine. June 6, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April producer price inflation data. PPI MoM Prev. -0.62% PPI YoY Prev. 8.37% June 6, 8:30 a.m.: Statistics Canada releases May employment data . Unemployment Rate Est. 7% vs. Prev. 6.9% Employment Change Est. -15K vs. Prev. 7.4K June 6, 8:30 a.m.: The U.S. Bureau of Labor Statistics releases May employment data. Non Farm Payrolls Est. 130K vs. Prev. 177K Unemployment Rate Est. 4.2% vs. Prev. 4.2% Government Payrolls Prev. 10K Manufacturing Payrolls Est. -1K vs. Prev. -1K Earnings (Estimates based on FactSet data) None in the near future. Governance votes & calls Arbitrum DAO is voting on whether to adjust the 7 million ARB delegated to Event Horizon following its pivot to AI-driven governance. Voting ends June 5. Uniswap DAO is voting on a proposal to fund the integration of Uniswap V4 and Unichain support in Oku. The goal is to expand V4 adoption, support hook developers and improve tools for liquidity providers and traders. Voting ends June 6. June 5, 9 a.m.: PancakeSwap to host an Ask Me Anything (AMA) session on security. June 5, 10 a.m.: TON to host a builders call, decentralized finance edition. June 10, 10 a.m.: to host an analyst call followed by a Q&A session. June 11, 7 a.m.: Cronos Labs lead Mirko Zhao to participate in a community Ask Me Anything (AMA) session. Unlocks June 12: Aptos (APT) to unlock 1.79% of its circulating supply worth $54.40 million. June 13: Immutable (IMX) to unlock 1.33% of its circulating supply worth $13.36 million. June 15: Starknet (STRK) to unlock 3.79% of its circulating supply worth $17.08 million. June 15: Sei (SEI) to unlock 1.04% of its circulating supply worth $10.71 million. June 16: Arbitrum (ARB) to unlock 1.91% of its circulating supply worth $32.91 million. June 17: ZKsync (ZK) to unlock 20.91% of its circulating supply worth $42.47 million. June 17: ApeCoin (APE) to unlock 1.95% of its circulating supply worth $11.02 million. Token Launches June 16: Advised deadline to unstake stMATIC as part of Lido on Polygon's sunsetting process ends June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN). The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Day 4 of 6: SXSW London Day 3 of 3: Money20/20 Europe 2025 (Amsterdam) Day 2 of 3 Non Fungible Conference (Lisbon) Day 1 of 2: 2025 Crypto Valley Conference (Zug, Switzerland) June 14: Incrypted Crypto Conference 2025 (Kyiv) June 19-21: BTC Prague 2025 June 25-26: Bitcoin Policy Institute's Bitcoin Policy Summit 2025 (Washington) June 26-27: Istanbul Blockchain Week By Shaurya Malwa DEGO nosedived roughly 60% to $1.26 on June 4–5 after the BNB Chain-based Dego protocol said it would buy World Liberty Financial's stablecoin, USD1, as a treasury reserve and seed a DEGO/USD1 pool on BNB Chain. Chain sleuths found 93% of USD1's circulating supply parked in just three wallets. Traders are concerned the pair's depth, and therefore DEGO's new price floor, could be yanked at any moment, sparking 'exit-liquidity' accusations. Dego Finance said in a Thursday tweet that 'fundamentals, tokenomics, long-term vision" were unchanged and pinned the price collapse on 'short-term market psychology." The team claimed it is auditing on-chain flows and liaising with exchanges/market makers to dampen volatility. Skeptics warned of 'ghost liquidity' and urge the team to court more reputable stablecoins such as USDT, FDUSD and USDC before deploying treasury funds. Dego will publish a post-mortem and treasury-transparency dashboard 'within days,' host an AMA with core devs, and outline additional safeguards (e.g., time-locked treasury moves, multi-sig sign-offs) to rebuild confidence. Growth in CME-listed BTC and ETH futures open interest has stagnated this month, leaving the annualized one-month basis between 5% and 10%. The figures show that institutions have scaled back demand. Binance's 1000SHIB perpetual futures and BCH perpetual futures show negative funding rates in a sign of bearish bias. Other major tokens, including BTC and ETH, continue to trade with mildly bullish or positive funding rates. On Deribit, the BTC call bias has weakened across multiple time frames. Still, higher strike BTC calls continue to dominate the 24-hour volume rankings. Institutional flows on OTC network Paradigm featured outright put buying in June and July expiries and calendar spreads. BTC is up 0.25% from 4 p.m. ET Wednesday at $104,909.52 (24hrs: -0.79%) ETH is unchanged at $2,607.45 (24hrs: -1.02%) CoinDesk 20 is unchanged at 3,086.55 (24hrs: +0.81%) Ether CESR Composite Staking Rate is down 2 bps at 3.05% BTC funding rate is at 0.0041% (4.4435% annualized) on Binance DXY is unchanged at 99.82 Gold futures are up 1.15% at $3,412.40/oz Silver futures are up 3.61% at $35.76/oz Nikkei 225 closed -0.51% at 37,554.49 Hang Seng closed +1.07% at 23,906.97 FTSE is up 0.19% at 8,817.89 Euro Stoxx 50 is up 0.44% at 5,429.08 DJIA closed on Wednesday -0.22% at 42,427.74 S&P 500 closed unchanged at 5,970.81 Nasdaq Composite closed +0.32% at 19,460.49 S&P/TSX Composite Index closed -0.37% at 26,329.00 S&P 40 Latin America closed -0.71% at 2,560.51 U.S. 10-year Treasury rate is down 2 bps at 4.35% E-mini S&P 500 futures are up 0.07% at 5,985.25 E-mini Nasdaq-100 futures are up 0.08% at 21,784.5 E-mini Dow Jones Industrial Average Index futures are up 0.12% at 42,550.00 BTC Dominance: 64.16 (0.00%) Ethereum to bitcoin ratio: 0.02487 (-0.12%) Hashrate (seven-day moving average): 900 EH/s Hashprice (spot): $52.7 Total Fees: 4.7 BTC / $496,562 CME Futures Open Interest: 145,655 BTC BTC priced in gold: 30.9 oz BTC vs gold market cap: 8.76% The yield on the U.S. 10-year Treasury note has dived out of an ascending trendline from early April lows. The breakdown suggests more losses ahead, which could ease financial conditions, powering BTC higher. Strategy (MSTR): closed on Wednesday at $378.10 (-2.41%), +0.28% at $379.15 in pre-market Coinbase Global (COIN): closed at $256 (-1.12%), +0.48% at $257.23 Galaxy Digital Holdings (GLXY): closed at C$27.49 (+4.76%) MARA Holdings (MARA): closed at $15.67 (+2.22%), -0.26% at $15.63 Riot Platforms (RIOT): closed at $9.5 (+5.2%), unchanged in pre-market Core Scientific (CORZ): closed at $12.56 (+6.44%), +0.64% at $12.64 CleanSpark (CLSK): closed at $9.53 (+3.47%), -0.21% at $9.51 CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $19.19 (+7.09%) Semler Scientific (SMLR): closed at $35.76 (+0.51%) Exodus Movement (EXOD): closed at $26.93 (-9.78%), +7.43% at $28.93 Spot BTC ETFs Daily net flow: $87 million Cumulative net flows: $44.55 billion Total BTC holdings ~ 1.20 million Spot ETH ETFs Daily net flow: $57 million Cumulative net flows: $3.30 billion Total ETH holdings ~ 3.73 million Source: Farside Investors Bitcoin is expected to create several times more wealth for holders than any other asset, including gold, over the next 10 years, according to Bitwise. Prices are reflexive, meaning expectations of higher valuations can actually draw buyers, leading to a self-fulfilling cycle. Big Investors Shift Away From U.S. Markets (Financial Times): Concerned by debt risks and volatile trade policy, major investors are trimming U.S. exposure and shifting toward Europe, where political stability and infrastructure plans are drawing fresh capital. Bitcoin's 50-Day Average Hits Record High, but There's a Catch (CoinDesk): ETF-driven buying has cooled and profit taking is rising, narrowing the gap between spot and trend levels and increasing the risk of a pullback toward $100,000. Hong Kong Set to Allow Crypto Derivatives Trading (CoinDesk): Hong Kong's Securities and Futures Commission is reportedly planning to open crypto derivatives trading to professional investors, tapping a market that saw $21 trillion in Q1 volume — far outpacing spot activity. Coinbase Unlocks DeFi Opportunities for XRP and Dogecoin Holders on Base (CoinDesk): Coinbase debuted wrapped versions of XRP and DOGE — cbXRP and cbDOGE — on its Base blockchain. As Drones Transform Warfare, NATO May Be Vulnerable (The New York Times): Ukraine's drone blitz deep inside Russia has prompted NATO to assess its own vulnerabilities, with Cornell's James Patton Rogers calling it a glimpse into how future wars may unfold. Germany's Leader Has a Message for Trump: We Need You, but You Also Need Us (The Wall Street Journal): Chancellor Friedrich Merz meets Trump to revive trade talks, back stronger Russia sanctions and highlight Berlin's expanding defense outlays ahead of key NATO and G7 summits. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Winklevoss-led exchange Gemini files for IPO amid crypto boom
The public market for crypto companies is heating up. On the heels of Circle's monster debut on the New York Stock Exchange, another firm is following in its steps, with Gemini announcing on Friday that it has confidentially filed for an initial public offering. Founded by the Winklevoss twins, Cameron and Tyler, in 2014, Gemini is one of the longest-operating U.S. crypto companies, though it has never reached the scale of competitors like Coinbase. Though Gemini's main product is its exchange, which allows users to buy and sell popular cryptocurrencies like Bitcoin and Ethereum, it offers other services, including custody and staking. Like other crypto companies, Gemini has endured a rocky relationship with regulators, especially after its failed partnership with Genesis, the former subsidiary of the crypto conglomerate Digital Currency Group, led to a messy series of lawsuits and enforcement actions from state and federal agencies. Despite the hiccups, Gemini is aiming to ride the wave of investor interest in crypto, driven by the Trump administration's embrace of the sector. The Winklevoss twins were outspoken supporters of Trump's bid for a second term, with each personally donating $1 million in Bitcoin to his campaign. They appeared at the White House when Trump hosted the first-ever crypto summit in March. In a press release, a Gemini spokesperson said that the IPO will occur after the Securities and Exchange Commission has conducted its review. Famous for their spat with Mark Zuckerberg over the founding of Facebook, the Winklevoss twins plotted their next act in cryptocurrency, embracing Bitcoin before it was a popular asset class. They founded Gemini soon after Coinbase came to the market, earning one of the first crypto licenses granted by the New York Department of Financial Services in 2015. Despite the company's early mover status, it struggled to gain a top market hold amid regulatory obstacles. The Winklevoss twins were the first to apply for a spot Bitcoin ETF with the SEC in 2013 as they were setting up Gemini, though the bid did not gain approval. And its decision to create an investment vehicle called Gemini Earn with Genesis amid the crypto boom in 2021 proved to be disastrous. Through the product, Gemini users could lend their cryptocurrency to the firm for yields up to 13%. On the backend, Gemini lent the assets to Genesis, which in turn lent them to other firms like the hedge fund Three Arrows Capital and Sam Bankman-Fried's FTX. After many of these companies went belly-up in 2022, the assets were frozen, leading to the bankruptcy of DCG's lending arm, Genesis, and an ugly legal dispute between Gemini and DCG. While the two companies ultimately returned capital to Gemini's users, the episode still resulted in enforcement actions from the SEC, as well as the New York Department of Financial Services and the New York Attorney General. In the wake of the regulatory crackdown, the Winklevoss twins supported Trump's crypto-friendly campaign. Along with their appearance at the White House digital assets summit, CNBC reported that the Winklevoss twins are founding members of a new private membership club in Washington, D.C., founded by Donald Trump Jr. Gemini's public announcement of its IPO filing comes just one day after Circle's public market debut, which saw the stablecoin issuer's stock pop over 168%. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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THORWallet Enables the First XRP-to-ETH Cross-Chain Swap via THORChain
Switzerland – June 5, 2025 — THORWallet, the mobile self-custody DeFi superapp, has achieved a major industry milestone: the first-ever cross-chain swap from XRP (Ripple) to ETH (Ethereum) executed entirely within a mobile wallet without bridges. Settled via THORChain's decentralized liquidity protocol, the transaction marks a breakthrough in enabling trustless, seamless asset exchanges between leading blockchains all without the need for bridging or wrapped assets. With XRP now supported natively on THORChain, users can perform true Layer-1 swaps between XRP and a growing list of top blockchains, including Bitcoin, Ethereum, Binance Smartchain, Litecoin, Avalanche, Cosmos, Dogecoin, and Base. This milestone transforms XRP's role in the DeFi ecosystem, empowering users with non-custodial access to cross-chain liquidity and decentralized applications. The XRP-to-ETH transaction was confirmed on THORChain's explorer at block height ~21,399,622, further validating the live, on-chain nature of the swap. The ability to execute this from a mobile wallet underscores both the maturity of THORChain's infrastructure and the simplicity of THORWallet's user experience. As highlighted by THORChain's core contributors, XRP has long been siloed from the broader DeFi landscape. Today's integration bridges that gap, allowing XRP to freely interact with the multi-chain economy — no centralized exchanges, no synthetic tokens. Just native assets, natively traded. This cross-chain swap represents more than just a technical first — it marks a turning point for XRP's functional relevance in decentralized finance. XRP holders can now directly swap into ETH, BTC, and other top assets without intermediaries, enabling use cases such as collateralized lending, yield strategies, and DAO treasury diversification. Analysts estimate that over $100 billion in XRP market cap is now accessible to DeFi via THORChain, unlocking substantial liquidity for the broader ecosystem. By enabling this from a mobile device, THORWallet removes the final barriers to entry, bringing seamless DeFi to the palm of the user's hand. With this milestone, XRP holders can now send, receive, and swap XRP directly within THORWallet's secure multisig environment — all from their mobile device. This unified experience eliminates the need for multiple platforms or custodians, giving users full control over their assets while maintaining institutional-grade security. For the first time, XRP can be actively managed in a truly decentralized, cross-chain setting, opening new possibilities for portfolio diversification, on-chain payments, and non-custodial trading — all within a single, streamlined interface. Built to democratize access to DeFi, THORWallet offers a self-custody mobile experience designed around native cross-chain swaps, secure key management, and real-world crypto payments. With over $1.1 billion in transaction volume to date, it has quickly become a go-to wallet for power users and crypto newcomers alike. Today's achievement aligns with THORWallet's broader roadmap, which includes the upcoming launch of its loyalty and cashback token, $TITN. The token will reward users for participating in DeFi activities within the app — a system made even more powerful now that XRP is fully integrated. (CMC Labs: Partnership) THORWallet is a mobile-first, self-custodial DeFi wallet that empowers users to swap, earn, and spend digital assets across chains — all from one intuitive app. Built for the masses, it offers native cross-chain swaps, multisig security, and fiat integrations including a global multi-currency MasterCard. THORWallet's mission is to make decentralized finance accessible, secure, and practical for everyday users. Learn more at THORChain is a decentralized liquidity protocol that enables native, cross-chain asset swaps without wrapping or intermediaries. It facilitates trustless exchanges between leading blockchains like Bitcoin, Ethereum, BNB Chain, Litecoin, and now XRP, using a unique network of vaults and liquidity pools secured by economic incentives. By abstracting away complexity, THORChain enables seamless cross-chain trading for both users and developers. Visit to learn more. Ripple is a blockchain technology company that provides financial solutions to enable faster, more transparent, and cost-effective global payments. Ripple's enterprise-grade products are powered by the XRP Ledger — an open-source, decentralized blockchain optimized for settlement and liquidity. Ripple partners with financial institutions, payment providers, and governments around the world to enable real-time cross-border transactions and promote financial inclusion. Learn more at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
