From JPM to Meme Casino: Crypto’s New Power Players
Weekly Market Update #73
In partnership with Elementus
Happy start to the week! Welcome back to the Reflexivity Weekly Market Update — your concise rundown of the biggest moves in crypto. If someone forwarded you this, you can sign up here for free to get it straight to your inbox!
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Before jumping into last week’s action, check out some of the research published last week by the Reflexivity team:
Major Market Developments:
😐 Fear & Greed: 55 (neutral)
Circle IPO rockets to $100+ per share after listing at $31 pre-IPO
💬 Trump Media targets $12 B share issue
🏦 JPMorgan to accept Bitcoin & crypto‑ETF collateral
🪙 pump.fun plans $1 B raise & revenue share (Spotlight)
🛠 Symbiotic rolls out cross‑chain Relay; Plasma lifts deposit caps
💲 Ethereum Foundation unveils new treasury mix
🐒 Yuga chief proposes retiring ApeDAO for ApeCo
🌊 Maple lending launches on Solana
🐻 Berachain drafts PoL v1.2
🔧 Cetus exchange relaunches post‑exploit
⚖️ Coinbase vs BiT WBTC lawsuit settled
🏛 Deutsche Bank pilots tokenized deposits
🎯 X picks Polymarket as prediction‑market partner
Fear & Greed Index:
Sentiment sits in no‑man’s‑land after May’s exuberance. A mid‑50s print often precedes sideways trading as investors assess fresh macro and regulatory cues.
Note: The index ranges from 0 (extreme fear during capitulations and sell-offs) to 100 (extreme greed during euphoric, overbought conditions).
ETF Flows:
Spot-Bitcoin ETFs gave back roughly $132 million during the 2 to 6 June trading window. A single, broad-based intake of $375 million on 3 June (IBIT +58 m, FBTC +137 m, ARKB +140 m) was outweighed by three negative sessions, including a $278 million slide on 5 June. BlackRock’s IBIT still finished marginally higher at +81 million, but steady redemptions from Fidelity’s FBTC (-168 million) and Grayscale’s GBTC (-41 million) pulled the aggregate into the red.
In contrast, spot-Ethereum products gathered about $281 million over the same period. BlackRock’s ETHA dominated with +249 million of creations spread across all five days, while a small net pickup in Fidelity’s FETH and a modest +25 million into the Grayscale trust rounded out the gains. The first week of June, therefore, saw investors trimming Bitcoin exposure but continuing to build positions in Ether.
Spotlight 🔦
Meme‑coin launchpad pump.fun is levelling up:
1. $1 B Raise @ $4 B Valuation – The team is floating a private sale of up to $1 billion in PUMP tokens, implying a hefty $4 billion fully‑diluted valuation. Only a year old, pump.fun has already facilitated tens of thousands of meme launches and processed over $3 billion in trading volume.
2. Revenue Share for Holders – According to sources, 30% of protocol revenues (meme-pair listing fees, LP burns, NFT mints) will be distributed directly to PUMP stakers via an on-chain buy-and-distribute module. That converts pump.fun from a pure launch platform into a yield-bearing ecosystem token, aligning speculators with the long-term health of the platform.
Implications:
Bridging CeFi liquidity: a nine-figure raise at today’s multiple shows that big money still chases high-velocity crypto products.
Tokenized fee‑share trend: pump.fun joins Blur, Hyperliquid, and others in funnelling protocol cash flows to token holders, setting a new norm for token utility.
Reg‑watch needed: A revenue‑share model edges toward “yield‑bearing security”; the team’s legal structuring will dictate whether PUMP can list broadly or stays DEX‑only.
With sticky meme‑coin volumes and a defensible fee moat, pump.fun is positioning itself as the go‑to casino for retail coin gambling, now with a DAO‑type dividend kicker.
Rapid Reflexivity: Quick Market Takes ⚡
Symbiotic Relay: New bridge lets restaked ETH move natively across supported chains; early partners include Pendle and Infinex.
Plasma caps lifted: Plasma Foundation doubled initial XPL deposit limits after oversubscription, signalling strong demand for its PoS chain.
Ethereum Foundation policy: EF will diversify a portion of its ETH reserves into stables and short‑dated Treasuries, smoothing cash‑flow needs while retaining long‑ETH exposure.
Trump Media cash call: DJT seeks to issue $12 B in new equity to fund expansion and a mooted Bitcoin reserve.
ApeDAO sunset plan: Yuga’s CEO suggests dissolving ApeCoin DAO and rolling governance into ApeCo, a leaner corporate structure.
Maple on Solana: Institutional‑grade lending pools now live on Solana, bringing yield‑bearing stablecoins to the high‑speed L1.
Berachain PoL v1.2: Draft spec tweaks validator rewards and slashes rent‑seeking loopholes ahead of mainnet.
Cetus comeback: Following a $223 M exploit, Sui’s flagship DEX reopens with audited code, a recovery airdrop, and stricter oracle guards.
Legal closure: Coinbase and BiT Global ended their dispute over wrapped‑Bitcoin delisting, avoiding a costly trial.
Deutsche stablecoins: Germany’s banking giant is evaluating euro-stablecoins and tokenized deposits for wholesale settlement rails.
Polymarket on X: Elon Musk chooses Polymarket to power in‑app prediction markets, pushing crypto‑based forecasting to a mainstream audience.
There was a large disparity last week between gainers and losers. However, $AB was the largest gainer of the week after its 7 June debut on Binance Alpha (the exchange’s early‑access section) sparked a 22% single‑day jump, as users holding 225 or more Alpha points redeemed 9,882 AB tokens.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky, and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose, and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make.