Crypto Weekly Market Wrap 2nd June: Market Trends, Legal Updates, and Industry Progress

The last week of May 2025 saw major moves in crypto with new regulations, strong institutional buys, and global political support. The Bitcoin Conference in Las Vegas brought key market shifts amid rising global tensions. Consequently, these events are setting a fast pace for crypto heading into June. In the section below, we will discuss the crypto weekly market wrap in more detail. 

SEC Drops Binance Lawsuit, Signals Shift in U.S. Crypto Policy

The SEC dropped its lawsuit against Binance, which seems to mark a change in U.S. regulations for cryptocurrencies. On May 28, 2025, the SEC ended its case against Binance, which signaled a big change in the approach to regulation. The lawsuit, which was filed in June 2023, claimed that Binance broke the law in the U.S., falsified trading numbers and managed funds improperly. Moreover, the SEC chose to dismiss the case with prejudice, keeping the case from being revisited.

These actions follow settlements with Coinbase and Gemini, showing that the approach to regulation is loosening. Under the Trump administration, more support has been given to digital assets by abolishing the DOJ’s crypto enforcement team and naming a crypto-friendly CFTC leader. However, Binance is facing other legal actions with the U.S. government concerning anti-money laundering matters and violations of sanctions.

Former Binance CEO Changpeng Zhao admitted to money laundering, received a short prison term and paid a fine. He is no longer CEO, though he maintains the majority of shares. Deciding not to pursue the high-profile case reflects a shift in policy that encourages crypto advancement in the U.S.

Circle Launches IPO, Aims to List on NYSE

USDC stablecoin issuer Circle announced plans for an initial public offering last week. The firm intends to sell 24 million shares valued between $24 and $26 each, which may bring in up to $624 million. Circle announced that it is going to be listed on the New York Stock Exchange, with the ticker “CRCL.”

CIRCLE GOING PUBLIC

One of the largest revenue grossing companies in ALL of crypto…

Circle has OFFICIALLY filed their IPO with the NYSE.

The ticker will be $CRCL
With opening shares being between $24-$26 on initial trading go live. pic.twitter.com/C1f6Ln7TsT

— Easy (@EasyEatsBodega) May 27, 2025

Major financial institutions JPMorgan, Citigroup and Goldman Sachs are responsible for leading the IPO. Circle originally tried to list on a SPAC in 2021 but later withdrew. As the second issuer of dollar-pegged stablecoins, Circle’s public offering might help improve the standing of stablecoins in the U.S. Becoming public may help Circle become more significant in setting stablecoin rules and entering more areas of traditional finance. Moreover, the firm holds a significant part of the crypto market and wants to make use of increasing user demand.

El Salvador Boosts Bitcoin Holdings Despite IMF Pressure

El Salvador kept increasing its Bitcoin holdings to 6,200 BTC even after the IMF voiced concerns. The purchase happened shortly after the International Monetary Fund (IMF) finished assessing its key loan agreement with the country. The country holds Bitcoin worth more than $674 million.

Although the IMF told El Salvador to stop public sector Bitcoin purchases, the government continued buying with the Bitcoin Office, which was not under its official control. Due to this separation, the US can keep buying without breaking the IMF rules. President Bukele has not changed his crypto approach, even though Bitcoin is no longer a mandatory currency. The move shows El Salvador’s determination to integrate Bitcoin while balancing external financial pressures.

WisdomTree’s XRP Spot ETF Moves to SEC Review

The SEC moved WisdomTree’s XRP ETF application to a formal review, which extends the evaluation period for up to 240 days. The ETF would keep track of XRP’s rate by applying the CME CF Ripple-Dollar Reference Rate.

If it is approved, investors could get exposure to XRP without taking possession of the tokens. Market integrity and investor protection will be closely reviewed by the SEC. Furthermore, investors regard this step as an important sign for the future success of crypto ETFs in the U.S.

Coinbase Institutions Launch 24/7 Solana and XRP Futures Trading

Starting June 13, 2025, Coinbase Institutional opened round-the-clock futures trading for Solana (SOL) and XRP. This offers more options to institutional clients for crypto derivatives.

Starting June 13, we’re enabling 24×7 trading for $XRP and Solana ( $SOL ) futures, unlocking real-time access to U.S. traders, reflecting the always-on nature of crypto markets.

— Coinbase Institutional (@CoinbaseInsto) May 29, 2025

These perpetual futures contracts are intended to increase the liquidity of different digital assets. This launch happened after CME Group introduced XRP futures in May. This development highlights Solana and XRP’s growing acceptance among financial institutions and their growing market importance.

Pakistan to Establish Strategic Bitcoin Reserve and Energy Allocation

The Pakistani government expressed its plans to set up a strategic reserve of Bitcoin like the one the U.S. uses. This was disclosed at the 2025 Bitcoin Conference. The Pakistani Ministry of Finance also reserved 2,000 megawatts of surplus electricity to set up Bitcoin mining and artificial intelligence centers. This action helps to advance the digital transformation plans of the country.

Additionally, officials are giving tax breaks and benefits to appeal to foreign groups and Bitcoin mining firms. The government is planning to bring renewable energy into the mining sector as it moves forward.

Trump Media Secures $2.44 for Crypto Holdings

Trump Media and Technology Group raised $2.44 billion to invest in a portfolio of digital currencies. The raise included new shares along with convertible bonds. The process is similar to Strategy’s, in which equity and debt were used for the purpose of buying $62 billion in Bitcoin.

JUST IN: Trump Media (DJT) has raised $2.44B in a private placement to create a #Bitcoin treasury—one of the largest BTC treasury deals by a U.S. public company.

With ~$2.32B in net proceeds, DJT is set to become a top corporate #Bitcoin holder. pic.twitter.com/0McMFz1NhS

— Bitcoin For Corporations (@BitcoinForCorps) May 30, 2025

The company seeks to grow into handling digital assets and asset management. The plan comes as Bitcoin hit a record high of over $112,000 last week. To boost its involvement in crypto, the firm will mix fresh capital and debt financing.

Block Rolls Out Bitcoin Payment Program for Merchants

Block launched a pilot project giving customers the option to purchase merchandise like clothes with Bitcoin. Lightning Network is used by the initiative to allow instant Bitcoin transactions. Block plans to increase the number of merchants using the program in 2025 and finish the rollout in 2026 after the regulations are cleared.

Merchants may opt to convert Bitcoin received into fiat right away or store Bitcoin as a way to keep reserves. Jack Dorsey, the CEO of Block, stressed that Bitcoin should be used in daily life in addition to being used as a store of value. The main goal is to increase Bitcoin adoption with small and medium-sized merchants.

Cantor Fitzgerald Launches $2 Billion Bitcoin Lending Business

The Wall Street firm Cantor Fitzgerald introduced a new Bitcoin lending division using a $2 billion credit program. The first batch of loans was given to Maple Finance and FalconX brokerage. Through the business, institutional Bitcoin holders have access to new ways to raise funds. In addition, Cantor will rely on the balance sheet to issue bitcoin-collateralized loans.

This move supports liquidity and integration of Bitcoin into traditional financial frameworks. The funds will be used by Maple Finance for faster development and FalconX for better trading and custody solutions.

Strategy Acquires 4,020 BTC for $427 Million, Total Holdings Reach 580,250 BTC

Last week, Strategy added 4,020 Bitcoin to its treasury for $427 million. Funds for the purchase were raised by equity and preferred stock issuance. After this purchase, Strategy has a total of 580,250 BTC and the average price per coin is $69,979.

Strategy has acquired 4,020 BTC for ~$427.1 million at ~$106,237 per bitcoin and has achieved BTC Yield of 16.8% YTD 2025. As of 5/25/2025, we hodl 580,250 $BTC acquired for ~$40.61 billion at ~$69,979 per bitcoin. $MSTR $STRK $STRF https://t.co/eAd03GIKam

— Michael Saylor (@saylor) May 26, 2025

The firm presently has unrealized gains worth $22.7 billion at current market prices. About 3% of Bitcoin’s maximum supply is controlled by strategy. Executive Chairman Michael Saylor said the company intends to make more acquisitions. Other companies, such as Metaplanet, are copying Strategy by adding Bitcoin to their treasuries.

Hong Kong Enacts Stablecoin Ordinance

The government of Hong Kong published the Stablecoin Ordinance in the Gazette on May 30, 2025. Only institutions approved by the law are authorized to make stablecoins tied to legal tender. With the new rules, retail investors are able to buy stablecoins. The Hong Kong Monetary Authority (HKMA) announced that the ordinance has not yet been put into effect. There has been no issuing of stablecoin licenses so far. Moreover, the HKMA issued a warning to be careful of advertising and scams that involve stablecoins.

Thailand to Block Several Crypto Exchanges and File Charges

Bybit, 1000X, CoinEx, OKX and XT exchanges will be blocked by Thailand’s Securities and Exchange Commission (SEC) starting June 28, 2025. They do not have the necessary licenses to run. Charges will be made against any operators who are not licensed. The action is based on the Royal Decree on Technology-Related Crimes. The Economic Crime Suppression Bureau will take care of additional investigations. In addition, the block will be applied by the Ministry of Digital Economy and Society to help investors and lower the risk of money laundering.

Thailand Considers Allowing Crypto Payments for Tourists

Thailand’s Finance Minister Pichai Chunhavajira revealed ideas to allow cryptocurrency use by tourists in the country. A few nations have services that support payments with crypto using credit cards and instantly convert the crypto into their local currency.

THAILAND TO ALLOW #BITCOIN AND CRYPTO PAYMENTS FOR TOURISTS SOON

IT’S HAPPENING!!! pic.twitter.com/PdXprjJCTm

— Vivek (@Vivek4real_) May 27, 2025

Thailand will run pilot projects to see how crypto can be added to credit card systems. The Ministry of Finance and the Bank of Thailand are having discussions. In the future, regulations will be made stricter for future frameworks. Additionally, the first pilot targets tourists using crypto for local spending.

Vietnamese Authorities Bust $390 Million Virtual Currency Scam

Five suspects were arrested by Vietnamese police after a virtual currency scam involving almost $390 million. The “MTC – Matrix Chain” platform attracted over 138,000 accounts due to promises of making a lot of money and pyramid schemes. Law enforcement says the group manipulated the prices of the tokens and then used the money to invest in real estate. Further investigations are ongoing.

Kazakhstan Plans “CryptoCity” Pilot Zone for Cryptocurrency Use

Kassym-Jomart Tokayev, President of Kazakhstan, unveiled a “CryptoCity” project in the Alatau region. The area will be used for payments made with cryptocurrencies for goods, services, and property.

Kazakhstan Introduces 'CryptoCity' Pilot Zone for Crypto and Digital Asset Integration

Kazakhstan is taking a significant step towards embracing crypto and digital assets with the announcement of "CryptoCity," a designated pilot zone where cryptocurrencies will be used… pic.twitter.com/rRuKaJCXNK

— CryptoUK (@CryptoUKAssoc) May 29, 2025

Moreover, the initiative wants to build a digital asset regulatory sandbox. Alatau was chosen as the main location due to its position as a hub for innovation and research. Kazakhstan introduced a central bank digital currency for testing in 2024, which reduced the time required for tax refunds.

India’s Crypto Industry Lobbies for Tax Cuts

The Indian cryptocurrency sector is making an effort to lower capital gains and transaction taxes. Starting in 2022, the 30% capital gains tax and the 1% transaction tax have encouraged more than 90% of crypto users to trade outside the country. There have been more regular meetings between leaders in the industry and policymakers. Furthermore, the accounting firm Grant Thornton predicts that the Indian crypto market will grow from $2.5 billion to over $15 billion in 2035.

Russia’s Central Bank Plans to Allow Crypto Derivatives Trading

The central bank of Russia is preparing rules for eligible investors to trade crypto derivatives. These products must settle without delivering actual cryptocurrencies. The bank expects firms to follow strict guidelines for risk management, capital amounts, and level of exposure. Within a year, official rules will be released. Moreover, the government is considering selected investors being given access to a limited testing program under tight rules.

Digital Asset Investment Products Market Overview

According to the CoinShares report, investors pumped $286 million into digital asset investment products last week. This now increases the total inflows for the seven weeks to US$10.9 billion. Even with many more funds coming in, the total assets under management declined from an all-time high of US$187 billion to $177 billion by the weekend. Notably, uncertainty about US tariffs caused market volatility to rise.

Ethereum leads digital asset inflows with strongest run since 2024

Last week, digital asset investment products saw inflows of US$286M. @ethereum led with inflows of US$321M, while @Bitcoin saw outflows of US$8M. $XRP saw outflows of US$28.2M.

+ US$199M
+ US$42.9M… pic.twitter.com/7IQ429VHn6

— CoinShares (@CoinSharesCo) June 2, 2025

There were $321 million in inflows to Ethereum last week. It has been on its best six-week run since December 2024, collecting $1.19 billion. Bitcoin had inflows to start the week, but then shifted to outflows following a court decision in New York on the illegality of US tariffs. Bitcoin recorded minor withdrawals of $8 million, which ended a six-week run of $9.6 billion in inflows. In addition, outflows from XRP added up to $28.2 million for the second week.

Most of the inflows were recorded in the US, at $199 million. After the US, Germany and Australia reported estimated contributions of $42.9 million and US$21.5 million. $54.8 million in net inflows was Hong Kong’s strongest week yet for exchange-traded products since their launch. Switzerland faced outflows of $32.8 million, remaining in a net outflow position year-to-date. These flows indicate shifting regional interest in digital assets.

Bitcoin Price Performance

Bitcoin had a rough week. Its price declined from $110k to $103k, and its market capitalization dropped to $2.04 trillion. Following the bearish sentiment, Bitcoin has declined by over 5% on the weekly chart while the monthly gains remain at 8%. 

Despite the recent price fluctuations, BTC is displaying a positive outlook on the weekly chart. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are reflecting a bullish outlook. 

With immediate support formed at the $103k region, BTC could retrace its recent highs should the trend hold. However, if the bears hold their ground, the price could drop below the $100k mark.