Decentralized finance (DeFi) is undergoing a subtle transformation. While in the past, DeFi experienced a bull market filled with high yields and speculative excitement, the current growth is being driven by...
Decentralized finance (DeFi) is undergoing a subtle transformation. While in the past, DeFi experienced a bull market filled with high yields and speculative excitement, the current growth is being driven by the sector’s role as a backend financial layer for user-facing applications and the increasing participation of institutional investors, according to a recent report by analytics firm Artemis and on-chain yield platform Vaults.fyi.
The total value locked on major DeFi lending protocols, including Aave, Euler, Spark, and Morpho, has exceeded $50 billion and is steadily approaching $60 billion, marking a 60% growth over the past year. This growth is attributed to the rapid institutionalization of the sector and the development of advanced risk management tools.
A key trend highlighted in the report is the integration of DeFi infrastructure into user-facing applications, creating a seamless experience for users. This trend, often referred to as the “DeFi mullet,” involves fintech front-end applications utilizing DeFi backend infrastructure to offer yield or loans. For example, Coinbase users can borrow against their Bitcoin holdings through the DeFi lender Morpho’s infrastructure. Bitget Wallet’s integration with Aave allows users to earn a 5% yield on USDC and USDT holdings within the wallet app, while PayPal is also offering yields on its PYUSD stablecoin without the DeFi element.
DeFi protocols are also introducing tokenized versions of traditional instruments, such as U.S. Treasuries and credit funds, known as real-world assets (RWA). These tokenized assets can serve as collateral, generate direct yield, or be included in more complex strategies. Additionally, investment strategy tokenization is becoming popular, with protocols like Pendle and Ethena managing significant value in tokenized stablecoin yield products.
Another significant trend noted in the report is the emergence of crypto-native asset managers. Firms like Gauntlet, Re7, and Steakhouse Financial are allocating capital across DeFi ecosystems using professionally managed strategies, similar to traditional asset managers. These asset managers are actively involved in DeFi protocol governance, adjusting risk parameters, and investing in structured yield products, tokenized RWAs, and modular lending markets.
Overall, the DeFi sector is experiencing substantial growth and evolving towards a more sophisticated financial ecosystem with various opportunities for users and investors alike.
Coinbase Derivatives and Nodal Clear are teaming up to incorporate the USDC stablecoin as collateral in regulated U.S. futures markets, with the goal of rolling out the new framework in 2026....
Coinbase Derivatives and Nodal Clear are teaming up to incorporate the USDC stablecoin as collateral in regulated U.S. futures markets, with the goal of rolling out the new framework in 2026. If the plan gets the green light from the Commodity Futures Trading Commission (CFTC), it would be a groundbreaking move as the first time a stablecoin is officially recognized as collateral for margined futures in the U.S.
Under this arrangement, Coinbase Custody Trust will hold the USDC, while Nodal Clear, a CFTC-regulated entity and part of the Deutsche Börse-owned EEX Group, will manage clearing. Both companies are in close cooperation with U.S. regulators to make this offering available in the market.
Boris Ilyevsky, CEO of Coinbase Derivatives, expressed the company’s dedication to advancing trading capabilities for U.S. market participants and streamlining operational efficiency through rapid money transfers. Coinbase views the integration of USDC as collateral as a significant achievement in its efforts to establish USDC as a true cash equivalent. This stablecoin, the second-largest after Tether’s USDT, is also slated to be integrated into Shopify through Base.
This latest development comes on the heels of Coinbase Derivatives and Nodal Clear’s collaboration to launch 24/7 futures trading of Bitcoin and Ethereum in the United States.
The first quarter of 2025 was a standout period for U.S.-listed bitcoin mining companies, according to a research report from Wall Street bank JPMorgan. Four out of the five companies in...
The first quarter of 2025 was a standout period for U.S.-listed bitcoin mining companies, according to a research report from Wall Street bank JPMorgan. Four out of the five companies in their coverage reported record revenue and profits. Overall, the miners made a gross profit of approximately $2.0 billion with gross margins reaching 53%, compared to $1.7 billion and 50% in the previous quarter.
MARA Holdings continued its streak as the top bitcoin miner in the bank’s coverage universe for the ninth consecutive quarter. Meanwhile, IREN emerged as the top earner in terms of gross profit for the first time, with the lowest all-in cash cost per coin at around $36,400. In contrast, MARA had the highest cost per coin at approximately $72,600.
The five mining companies tracked by the bank raised only $310 million in equity during the quarter, a significant drop from the previous quarter. CleanSpark did not raise any equity during this period. The bank estimated that the companies collectively spent $1.8 billion on power, an increase of $50 million from the previous quarter.
JPMorgan has an overweight rating on CleanSpark, IREN, and Riot Platforms, and a neutral rating for Cipher Mining and MARA.
This information was originally sourced from a Coindesk article discussing raised price targets for bitcoin miners to reflect improved industry economics.
Welcome to Asia Morning Briefing! As Asia starts its trading day, major cryptocurrencies are facing a downturn due to market uncertainty following an Israeli attack on Iran. Israel’s military carried out...
Welcome to Asia Morning Briefing! As Asia starts its trading day, major cryptocurrencies are facing a downturn due to market uncertainty following an Israeli attack on Iran.
Israel’s military carried out multiple airstrikes against Iranian nuclear facilities early Friday Hong Kong time, causing BTC and ETH prices to drop. Despite this, ETH is still up almost 40% in the last three months, outperforming bitcoin and the CoinDesk 20 index, according to CoinMarketCap.
Market observers are monitoring investors’ risk appetite, with a focus on ETH’s rally as an indicator of interest in altcoins. Ethereum’s recent dominance surge, along with a drop in BTC dominance, signals a shift towards alternative sectors like DeFi, modular infrastructure, and decentralized AI.
Institutional interest in ETH remains strong, with spot ETH ETFs attracting over $1.25 billion since mid-May. This could pave the way for a sustained altcoin rally, especially if ETH continues to anchor liquidity in emerging ecosystems.
In other news, MAS recently enforced a ban on offshore exchanges operating in Singapore solely for foreign clients. This move was anticipated, as MAS had been hinting at tighter regulations since 2023.
Additionally, Quranium has introduced the QSafe Wallet, a quantum-secure wallet designed to protect digital assets from quantum computing threats. Built with post-quantum encryption, the wallet supports various cryptocurrencies and aims to preempt potential quantum breaches.
Market Movements:
– Bitcoin is down 4.7% to $103.3K due to geopolitical tensions from the Israeli attack on Iran.
– ETH remains under pressure, trading within a descending channel.
– Gold surged over 3% to $3,426.95.
– Japan’s Nikkei 225 and Topix fell after the Israeli military strike.
– The S&P 500 rose 0.38% on Thursday.
For more on the latest in crypto, be sure to check out the articles linked below:
– ‘Attack of the Clones’: Coinbase Raises Alarm on Risks With Bitcoin Treasury Model (Decrypt)
– Galaxy’s Novogratz suggests Bitcoin hits $1 million if adoption trend persists (The Block)
Let’s see how these market movements play out in the coming days.
Conduit, a company specializing in stablecoin-focused cross-border payments, announced a partnership with Brazil’s Braza Group to facilitate real-time foreign exchange swaps between the Brazilian real and major foreign currencies using stablecoins....
Conduit, a company specializing in stablecoin-focused cross-border payments, announced a partnership with Brazil’s Braza Group to facilitate real-time foreign exchange swaps between the Brazilian real and major foreign currencies using stablecoins.
This service enables users to quickly convert Brazilian real to U.S. dollars or euros and settle transactions in minutes using stablecoins, in contrast to the traditional FX infrastructure where settlement can take several days.
Braza, the owner of Brazil’s largest FX bank with $67 billion in transactions processed last year, introduced its own real-pegged stablecoin BBRL on the XRP Ledger earlier in the year. BBRL tokens are minted by Braza when a payment originates in Brazil. Conduit then exchanges the BBRL for dollar- or euro-pegged stablecoins and transfers the funds to the recipient’s bank or wallet abroad.
Stablecoins, cryptocurrencies with values tied to fiat currencies, have become a rapidly growing sector in the crypto industry. Their use in cross-border payments and remittances is expanding, especially in developing markets where traditional banking methods can be costly or unreliable.
Citi, a global bank, predicts that the stablecoin sector could grow from $250 billion to $1.6 trillion by 2030. Lawmakers in the U.S. are also advancing stablecoin-specific regulations to encourage businesses and financial institutions to explore the use of stablecoins for payments.
CEO of Conduit, Kirill Gertman, stated, “Creating seamless on-ramps between fiat and digital currencies, along with on-chain stablecoin FX swaps, has the potential to revolutionize cross-border payments.” Conduit provides the infrastructure that connects blockchains with traditional financial systems. The startup, based in Boston, recently secured $36 million in funding and reported an annualized transaction volume of $10 billion.
Find out more about Conduit’s expansion of stablecoin-based cross-border payments beyond SWIFT here.
Ether (ETH) struggled to maintain momentum on Tuesday, falling 0.15% to $2,758 amid selling pressure during U.S. afternoon trading on June 11. The pullback came after a brief rally to $2,872.42,...
Ether (ETH) struggled to maintain momentum on Tuesday, falling 0.15% to $2,758 amid selling pressure during U.S. afternoon trading on June 11. The pullback came after a brief rally to $2,872.42, which was not sustained as the price reversed sharply between 15:00 and 17:00 UTC. The late-session sell-off continued in early Asia hours, with a 1.29% dip from $2,772 to $2,736 before ether slightly rebounded to $2,758.
Despite the downturn, key metrics suggest increasing confidence among bulls. Glassnode reported that options skew turned sharply negative in the past 48 hours, indicating a higher demand for short-dated calls. Put-call ratios also show a preference for upside exposure, with open interest and volume ratios remaining near multi-week lows.
On-chain flows further supported the bullish sentiment, with analytics firm Sentora flagging the withdrawal of over 140,000 ETH worth approximately $393 million from exchanges on June 11 — the largest single-day outflow in over a month. Additionally, ETH-based ETFs saw another $240.3 million added, surpassing the day’s Bitcoin ETF totals. Analyst Anthony Sassano highlighted that Ethereum has not experienced a single net outflow day since mid-May, calling the trend “accelerating” and suggesting that the asset is undervalued structurally.
Although price action indicates short-term weakness, market positioning and capital flows suggest that traders might be buying the dip in anticipation of another upside attempt.
Technical Analysis Highlights:
– ETH traded within a range of $139 between $2,733 and $2,872 before closing at $2,758.
– Heavy selling was observed near $2,870–$2,880 during the late U.S. session on June 11.
– Support near $2,745–$2,755 was breached after multiple tests, leading to a quick decline.
– Volume spiked above 34,000 ETH during a rapid drop from $2,772 to $2,736 early on June 12.
– Despite a temporary bounce towards $2,752, a new support zone may be forming near $2,735.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, please refer to CoinDesk’s full AI Policy.
OneBalance, a cutting-edge developer platform created to streamline cross-chain UX friction, has successfully raised $20 million in a Series A round, as announced in a press release on Wednesday. Leading the...
OneBalance, a cutting-edge developer platform created to streamline cross-chain UX friction, has successfully raised $20 million in a Series A round, as announced in a press release on Wednesday. Leading the round were cyber•Fund and Blockchain Capital, with support from Bybit’s Mirana Ventures and L2IV.
Founded by key contributors to Flashbots, an Ethereum-focused research and development startup dedicated to mitigating the negative effects of maximal extractable value (MEV), as well as a former engineer from Coinbase (COIN), OneBalance offers developers seamless access to transfers, swaps, and yield across chains through their OneBalance Toolkit. The platform currently supports native Bitcoin-to-EVM swaps, with Solana integration on the horizon.
CEO and co-founder of OneBalance, Stephane Gosselin, shared in an interview, “There is significant growth in the stablecoin market, attracting many non-crypto users who expect one-click operations. Until now, there hasn’t been a solution to cater to their needs.” Early partners of OneBalance include DSX, Vooi, Spritz, and Nuvolari.
This recent fundraising round follows a $5 million angel round in 2024, which saw support from Consensys, Wintermute, Anagram, Cobie, and other investors.
By James Van Straten (All times ET unless indicated otherwise) Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000...
By James Van Straten (All times ET unless indicated otherwise)
Bitcoin treasury-holding companies are an essential factor driving momentum as the largest cryptocurrency by market cap hovers just below the $110,000 mark, showing a 2% increase in the past 24 hours and standing just 2% away from its previous record high set last month.
Despite this, Bitcoin is lagging behind the broader market, as indicated by the CoinDesk 20 Index, which has grown by 3.4%, and Ethereum (ETH), which has surged by over 6%, according to CoinDesk data.
As per BitcoinTreasuries.net, the number of publicly listed companies holding Bitcoin as a treasury asset has climbed to 126, marking a growth of 22 within a month. Together, these companies possess approximately 819,000 BTC, representing a 3.25% increase during the same timeframe.
Insights from Matthew Sigel, who serves as the head of digital assets research at VanEck, emphasize the escalating institutional interest in Bitcoin. He highlights that companies such as Strategy (MSTR), Cantor Equity Partners (CEP), Asset Entities (ASST), Semler Scientific (SMLR), Kindly (NAKA), and Trump Media & Technology Group (DJT) have a combined capital-raising potential of $76 billion. This sum accounts for 56% of the assets under management of all Bitcoin ETFs and 169% of the total net inflows into these ETFs over the past 16 months.
Further displaying institutional support, BlackRock’s iShares Bitcoin Trust (IBIT) has achieved a significant milestone by becoming the fastest fund to exceed $70 billion in assets under management, achieving this feat in just 341 days. This surpasses the previous record held by SPDR Gold Shares (GLD) which took 1,691 days. IBIT experienced $2.7 billion in trading volume on Monday alone, positioning it as the sixth highest in daily volume among all ETFs.
However, institutional influence is not the only factor impacting Bitcoin. A recent Telegram note from QCP Capital pointed out one-year lows in implied volatility and a trend of subdued price action, highlighting that Bitcoin has been “stuck in a tight range” as the middle of the year approaches. The note mentions that a decisive break below $100,000 or above $110,000 is necessary to reignite broader market interest.
Looking ahead, U.S. Consumer Price Index (CPI) data set to release on Wednesday and any updates from the U.S.-China trade discussions in London may provide clearer market direction. It’s advised to stay vigilant!
In the realm of cryptocurrency, some key events to watch include:
– June 10: U.S. House Financial Services Committee hearing for Markup of Various Measures, including the crypto market structure bill, the Digital Asset Market Clarity (CLARITY) Act.
– June 11: Stratis (STRAX) activates a mainnet hard fork at block 2,587,200 to enable the Masternode Staking protocol.
– June 12: Coinbase’s State of Crypto Summit 2025 (New York). Livestream link available.
– June 16: 21Shares executes a 3-for-1 share split for ARK 21Shares Bitcoin ETF (ARKB), with ticker and NAV remaining unchanged.
– June 16: Brazil’s B3 exchange launches USD-settled ether (0.25 ETH) and solana (5 SOL) futures contracts, approved by Brazil’s securities regulator.
Stay informed and watch out for these upcoming events in the crypto space.
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...
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.
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.
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.
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.
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.
S&P 500: The S&P 500 closed slightly higher Monday, boosted by Amazon and Alphabet, as investors monitored U.S.-China trade talks.
Sony’s Soneium, a layer 2 blockchain connected to the iconic Japanese company Sony, has introduced a new program called Soneium For All. This program aims to boost consumer and gaming applications...
Sony’s Soneium, a layer 2 blockchain connected to the iconic Japanese company Sony, has introduced a new program called Soneium For All. This program aims to boost consumer and gaming applications within its extensive blockchain ecosystem, which currently has 7 million users.
As cryptocurrency gains more traction in mainstream society, traditional technology giants such as Apple and Uber are turning to blockchain technology to streamline their future business operations.
Sony Block Solutions Labs (SBSL), the team behind Soneium, utilized the Optimism OP stack, a quick and cost-effective layer connected to Ethereum, to cater to both Web2 and Web3 audiences. The aim is to engage creators, fans, and communities.
The new accelerator, set to launch in the third quarter, is a collaboration between Sony Block Solutions Labs, Astar Network, and Startale Cloud Services, with funding from the Sony Innovation Fund. Ryohei Suzuki, Director of Sony Block Solutions Labs, expressed the company’s commitment to empowering global creators through blockchain technology. By reducing barriers for developers and facilitating faster access to users, Soneium For All is a step towards a more inclusive and creator-driven internet.
