The cryptocurrency landscape continues to evolve at a rapid pace, with major developments across decentralized finance (DeFi), institutional adoption, global regulation, and macroeconomic indicators shaping market dynamics. This comprehensive update covers the most impactful stories of the week—from record-breaking trading volumes to national crypto reserve plans—while integrating essential macroeconomic context for investors navigating this volatile yet promising sector.
Hyperliquid Hits $1.57T in Annual Trading Volume
Hyperliquid, a leading decentralized derivatives exchange, has achieved a significant milestone with $1.571 trillion** in perpetual futures trading volume over the past 12 months. The platform’s momentum remains strong, generating **$56 million in fees and revenue this month alone, bringing its cumulative income to $310 million.
In May, Hyperliquid recorded $248 billion** in perpetual contract volume, with June already reaching **$208 billion—outpacing the combined volume of all other chain-based perpetual platforms, which totaled just $140 billion. This dominance highlights growing trader preference for its low-latency architecture, deep liquidity, and transparent on-chain settlement.
👉 Discover how top-tier crypto platforms are redefining decentralized trading performance.
The platform's success underscores a broader shift toward high-performance DeFi protocols capable of competing with centralized exchanges in execution speed and cost efficiency—without sacrificing decentralization.
Institutional Demand Fuels ETH and SOL Rally
According to analysis by QCP Capital, institutional interest in crypto continues to build. Bitcoin spot ETFs saw $2.2 billion in net inflows this week, signaling sustained appetite from traditional finance players.
This institutional buying coincides with a surge in leveraged long positions across perpetual markets, as funding rates turn positive—indicating bullish sentiment among traders. Notably, both Ethereum (ETH) and Solana (SOL) have seen synchronized price increases, driven by regulatory optimism surrounding staking-based ETF proposals.
The U.S. Securities and Exchange Commission (SEC) recently provided positive feedback on REX’s filing for a staking-enabled ETF, potentially opening the door for yield-generating crypto products that combine capital appreciation with passive income—a major draw for long-term investors.
Despite strong spot market performance, options markets remain cautious. Implied volatility is near historic lows, suggesting that while traders are positioning for upside, they’re not aggressively pricing in large price swings—reflecting a balanced but watchful stance.
Animoca Brands Eyes Hong Kong IPO Amid Global Market Shifts
Animoca Brands, a pioneer in blockchain gaming and digital asset ownership, is actively exploring a potential public listing. After delisting from the Australian Securities Exchange, the company is now weighing options for a new public debut.
According to President Simon Eaves (Ouyang Qijun), while the recent wave of U.S. crypto IPOs is attracting attention, Animoca remains committed to its roots and is prioritizing a potential listing in Hong Kong. As a Hong Kong-based firm with deep ties to Asia’s tech and gaming ecosystems, a local listing could enhance investor alignment and market visibility.
However, Eaves emphasized that no final decision has been made. The timing and jurisdiction will depend on macroeconomic conditions, regulatory clarity, and strategic investor engagement.
The company continues to focus on blockchain gaming as its core growth engine, particularly around the concept of player-owned assets—a model gaining traction as gamers demand more control over in-game items and digital identities.
International Crackdown on Crypto Fraud: $460M Scam Dismantled
In a coordinated global operation, law enforcement agencies from Spain, Estonia, France, and the United States dismantled a major crypto investment fraud network on June 25. The joint effort, supported by Europol since 2023, resulted in five arrests and raids on multiple properties.
The scam defrauded over 5,000 victims worldwide, amassing approximately €460 million (~$500 million) through deceptive investment schemes promising high returns in digital assets. Funds were laundered using a complex web of international accounts and shell companies registered in Hong Kong.
This case highlights the increasing sophistication of crypto-related financial crime—and the growing capacity of cross-border authorities to respond. It also serves as a warning to investors: always verify project legitimacy and avoid offers that seem too good to be true.
Kazakhstan Plans National Crypto Reserve
In a landmark policy move, Kazakhstan is preparing to establish a state-backed cryptocurrency reserve. Timur Suleimenov, Chairman of the National Bank of Kazakhstan, confirmed the initiative aims to leverage confiscated digital assets and domestically mined cryptocurrencies as strategic reserves.
Modeled after sovereign wealth funds, the reserve will prioritize transparency, security, and sustainability in asset management. A dedicated unit within the central bank may be tasked with overseeing operations.
This development signals Kazakhstan’s intent to formalize its role in the global crypto economy. Already a major hub for Bitcoin mining due to low energy costs and favorable climate conditions, the country now seeks to transition from infrastructure provider to institutional participant.
Such a reserve could eventually influence monetary policy tools and foreign exchange strategies—setting a precedent for other resource-rich nations exploring digital asset integration.
👉 Explore how nations are beginning to adopt crypto into national financial frameworks.
Weekly Macro Outlook: Key Indicators to Watch
Market movements in crypto are increasingly tied to macroeconomic trends. Here’s what investors should monitor closely in the coming days:
🔹 Recent Highlights
- U.S. Core PCE Inflation (May): Rose to 2.7% year-over-year, exceeding expectations of 2.6%—the highest since February 2025.
- Monthly Core PCE: Increased by 0.2%, double the expected 0.1% rise.
- Q1 GDP (Final): Contracted by -0.5%, worse than the projected -0.2%, signaling economic headwinds.
- Initial Jobless Claims (June 21): Dropped to 236,000, below forecast and prior week’s 246,000.
- Michigan Consumer Sentiment (June): Final reading at 60.7, slightly above expectations.
Federal Reserve Chair Jerome Powell reiterated during congressional testimony that the Fed can afford to be patient before making further rate decisions. While economic activity remains resilient, he stressed vigilance against inflationary pressures—particularly those stemming from new tariffs.
There’s also political uncertainty brewing: Former President Trump has expressed frustration with the Fed’s cautious approach to rate cuts and is reportedly considering early announcements on Powell’s successor—though such moves could complicate the nomination process.
🔹 Upcoming Key Events (June 30 – July 4)
| Date | Event | Time (UTC) |
|---|---|---|
| Jun 30 | China Official Manufacturing PMI | 01:30 |
| Jun 30 – Jul 2 | ECB Forum in Sintra | Ongoing |
| Jul 1 | U.S. ISM Manufacturing PMI | 14:00 |
| Jul 2 | U.S. ADP Employment Change | 12:15 |
| Jul 3 | U.S. Non-Farm Payrolls & Unemployment Rate | 12:30 |
| Jul 3 | Weekly Jobless Claims | 12:30 |
| Jul 3 | ECB Monetary Policy Meeting Minutes | 11:30 |
| Jul 4 | Deadline for "Great America" Tax & Spending Bill | N/A |
The June Non-Farm Payrolls report will be especially critical. Strong job growth could delay Fed rate cuts, while weakness might accelerate easing expectations—either scenario significantly impacting risk assets like cryptocurrencies.
Frequently Asked Questions (FAQ)
Q: Why is Hyperliquid's trading volume significant?
A: High trading volume indicates strong market adoption and liquidity. Hyperliquid surpassing $1.5 trillion shows it's becoming a dominant player in decentralized derivatives—a key indicator of DeFi maturity.
Q: How do staking ETFs differ from traditional spot ETFs?
A: Staking ETFs allow investors to earn yield through network validation (staking), combining price exposure with passive income—making them more attractive than pure spot holdings.
Q: Can countries really use crypto as a national reserve asset?
A: Yes—similar to gold or foreign currencies, crypto can serve as a strategic reserve if managed securely and transparently. Kazakhstan’s plan follows precedents like El Salvador’s Bitcoin adoption.
Q: What does rising core PCE mean for crypto?
A: Higher inflation data reduces the likelihood of near-term rate cuts, which can pressure risk assets like Bitcoin and altcoins due to tighter monetary policy expectations.
Q: Are crypto scams still common despite regulation?
A: Unfortunately, yes. Fraudsters exploit complexity and hype. Always conduct due diligence and use trusted platforms when investing.
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