There’s never a dull moment onchain. Here’s what you need to know this week:

Bitcoin

$62,001.51

󰍾

3.36%

Ethereum

$1,729.54

󰍾

4.41%

Tether

$0.999

󰍾

0.01%

BNB

$564.13

󰍾

3.67%

USDC

$1.00

󰍲

0.00%

XRP

$1.08

󰍾

4.22%

See the latest prices

MARKET BYTES

Crypto followed tech stocks lower over AI investment fears

Crypto prices dipped again this week, after a sharp decline in tech stocks on Tuesday shook markets of all kinds. Bitcoin fell below $62,000 for the first time in two weeks before falling even further, dropping below $60,000, on Wednesday. Most other major tokens, including ETH, SOL, and XRP, took similar paths.

So what sent shockwaves through tech stocks and crypto alike? “Bitcoin’s decline mirrors the drop in technology stocks that started Monday in the US, as concerns over artificial intelligence firms’ massive spending re-emerged,” reports Bloomberg. “The bleak mood is hitting companies like Elon Musk’s SpaceX, fresh off its record-setting initial public offering earlier this month.”

This week’s turbulence arrived against a tough several weeks for crypto markets, which have struggled to regain momentum amid high oil prices, geopolitical turmoil, capital rotating into AI, and fears that interest rates could begin to rise. 

According to a new report from Deutsche Bank economists, these struggles reflect the fact that crypto has matured as an asset class: "Bitcoin is not disappearing; it is maturing into an institutional asset whose price is set by fund flows, Fed expectations, competing risk themes, and legislative outcomes.”

Here’s more news you should know… 

Consumer tech org representing Apple, Amazon, and Sony urges passage of CLARITY act 

Earlier this year, the landmark crypto regulation legislation known as the CLARITY act passed out of the Senate Banking Committee via a bipartisan vote — and now awaits a full floor vote. But with many competing priorities and a tight timeline before summer break, the legislation’s near-term chances are very hard to predict.

Last week, a consortium that represents many of the biggest consumer tech companies in the world — including Apple, Google, Amazon, and Sony — became the latest supporters of the law. In a June 17 letter, Kinsey Fabrizio, the head of the Consumer Technology Association, wrote that his group "strongly supports the CLARITY Act and respectfully urges the Senate to bring the legislation to the floor and pass it without delay."  

The CLARITY act would answer some of the major questions hanging over the crypto industry. It would define the Commodities and Futures Trading Commission (CFTC) as the agency overseeing crypto markets, codify the right to self-custody of crypto assets, and create legal definitions for key crypto terms including “mature blockchain” and “digital commodity.”

Spot BTC ETFs shed $6 billion-plus in worst 30-day period on record 

Spot bitcoin ETFs just saw their worst 30-day period on record, with outflows totaling more than $6 billion, according to data from the Block. The pain continued this week, with BTC ETFs shedding $68.2 million on Monday and Ethereum ETFs down $66 million on the same day. 

ETFs are one of the main ways institutional traders access crypto markets, and according to some analysts prices won’t begin to rally again until ETF flows turn positive. "Until this flow data demonstrates a definitive reversal, any relief rallies are likely to find a hard ceiling,” noted Mike McCluskey, co-founder and CEO of tokenization platform tx and a former Fidelity Investments account executive. 

POWER SHIFT

What’s going on with Ethereum’s leadership?

By many measures, Ethereum is a wildly successful project. It’s the second-largest cryptocurrency by market cap, it’s the leading blockchain for the tokenization revolution sweeping Wall Street, and it has become the de facto blockchain for launching stablecoins. 

But that success hasn’t always been reflected in Ethereum’s price, which remains far below the all-time high set way back in 2021. A recent exodus of key leaders from the Ethereum Foundation, a round of layoffs, and the launch of a new independent research lab have all sparked a debate about Ethereum’s  future.

So what’s next for ETH? Here’s what you need to know.

What is the Ethereum Foundation?

The Ethereum Foundation (EF) is a nonprofit organization focused on supporting Ethereum’s ecosystem, with cryptographic researchers, developers, grant funding, and bug-bounty programs. Founded in 2014, the EF is the primary steward of Ethereum’s “roadmap” of future network upgrades aimed at improving the network’s security and scalability. 

Which leaders have left the organization?

At least nine senior figures have departed in recent months, including co-executive directors Hsiao-Wei Wang and Tomasz Stańczak. The foundation has also seen the departure of directors overseeing ecosystem support, research, and community development.

“I respect my EF colleagues far too much to pretend that there was not much that is lost,” said Ethereum co-founder Vitalik Buterin in a blog post published on Tuesday, the same day the Ethereum Foundation announced a 20% headcount cut and a 40% budget cut. 

According to Buterin, these “difficult” decisions were necessary to set Ethereum on a sustainable trajectory for the future. “The foundation is seeking to preserve funding for Ethereum's ambitious roadmap, which Buterin described as the protocol's ‘third iteration’ after the Merge, while reducing costs elsewhere,” notes CoinDesk. “Buterin also reiterated his preference for a ‘lean-and-done’ future for Ethereum once its current roadmap is completed, with protocol development focused primarily on security fixes and limited high-impact upgrades rather than continual feature expansion.” 

Why is leadership leaving the Ethereum Foundation?

Virtually all of the contributors that have left the EF remain strong supporters of the technology. But observers point to a number of potential disagreements, including a recently released mandate aimed at redefining the foundation’s role around core principles, with the first aim being to “ensure Ethereum becomes and stays a decentralized and resilient tool for self-sovereignty.” Some, like Kydo, a lead researcher at Eigen Labs, saw that mandate as deprioritizing the financial use cases that make Ethereum unique, like stablecoins, tokenization, and increasing adoption by Wall Street. 

Others point to the EF’s loose and decentralized leadership model as being increasingly untenable for an organization with the expectations of helping to underpin hundreds of billions of dollars in financial assets. “The problem isn't with the strategy, it's with management,” wrote former EF researcher Dankrad Feist, on X. And Zak Cole, another longtime Ethereum contributor, called the organization “completely out of touch,” and accused the leadership of funding pet projects instead of core initiatives. 

And while Ethereum remains the dominant smart contract blockchain, critics are also increasingly concerned about the Ethereum Foundation’s inability to turn ETH’s technological edge into stronger market performance.

Who is filling the leadership vacuum?

The Ethereum Foundation was the first, and most prominent steward of Ethereum. But as the blockchain grows into a real-world financial technology, used by Wall Street, governments, and individual investors alike, some voices in the Ethereum community are calling for a multi-pronged approach.

Last month, Feist, the former EF developer, proposed raising $1 billion to form a leadership organization for ETH that might be "more economically aligned" with the token in a way that could help boost ETH’s price. 

Ethlabs, an upstart effort founded by five former Ethereum Foundation researchers, is being backed by Ethereum co-founder Joe Lubin, as well as the two largest Ethereum treasury firms, Bitmine Immersion Technologies and SharpLink, with a focus on preparing Ethereum for its “next phase” of institutional adoption.

“In 2026 it is abundantly clear that the next 10 years of crypto will focus on real world adoption,” said Coinbase protocol specialist (and ETHlabs supporter) Viktor Bunin. “Dollars, equities, financial instruments, asset-backed loans, mortgages, and so on. The actual, real economy is coming onchain.” 

While the Ethereum Foundation was primarily responsible for leading network upgrades and research, Ethlabs could eventually play a role in those functions due to the backing of Bitmine and SharpLink, which have both pledged to own 5% of ETH’s total supply. 

"We are now poised to recognize and implement the idea that there should be a number of [stewards] of Ethereum, each configured in their unique way to evolve and protect what is sacred about the network and massively grow the world’s appreciation and utilization of it,” said Lubin in a statement. 

What’s next for ETH?

At around $1,600, Ethereum is now at its lowest level since April 2025 — well off its all-time high of around $5,000. Ethereum is also facing increased competition from competing blockchains created for financial applications, including Tempo (built by Stripe) and Arc (built by Circle). 

But potential catalysts could be on the horizon. There are two network upgrades planned for this year — Glamsterdam and Hegotá — aimed at improving the network’s scalability and efficiency. And the potential passage of the CLARITY Act in Congress could lead to the rapid growth of tokenized assets on Ethereum, from around $16 billion today to hundreds of billions of dollars by 2030, according to SharpLink CEO Joe Chalom. “Tokenization of financial assets is where Ethereum is going to dominate,” he said.

PREDICTION MARKETS

Who will win key early-round matches in the World Cup?

What markets say: Canada is appearing in just their second ever World Cup and is currently atop their group. Still, Switzerland is seen as the favorite, with a 42% probability of winning, and traders seeing a 32% chance at a draw. 

What analysts say: “After Canada’s 6-0 thrashing of Qatar in their second game, they sit top of Group B by goal differential. They have four points from two games and their first knockout round berth is at their fingertips. The stakes in their final group game on Wednesday against Switzerland are massive.” – The Athletic 

Who will win: Qatar vs. Bosnia and Herzegovina

What markets say: Bosnia and Herzegovina are the heavy favorites, with a 70% probability of winning their matchup against Qatar, the host nation at the 2022 World Cup. Traders see just a 19% chance at a draw. 

What analysts say: “Bosnia need at least a victory, and probably a sizeable one given their goal difference of minus three, to stand any realistic chance of advancing. Qatar are in an even grimmer position at minus six on goal difference, meaning only a win combined with a heavy scoreline has any value for them.” – JuveFC.com

Who will win: Brazil vs Scotland

What markets say: Brazil, who are searching for their first World Cup title in nearly 25 years, are big favorites against Scotland, with a 72% probability of winning. Traders see just an 18% chance at a draw. Scotland could advance to the knockout stage for the first time in their history with a victory, though.

What analysts say: “Scotland will be brave and the atmosphere will lift them, and they may well score, but Brazil's quality, their counter-attacking threat and the weight of an unbeaten record against the Scots point one way. Scotland need a near-perfect night; Brazil need only to be themselves.” – Rotowire

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