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On June 5th, our CEO Lewis Bateman presented at the Blockchain and Digital Assets Virtual Investor Conference with OTC Markets Group, joining other innovative companies such as Polymath; BIGG Digital Assets; Stacks; Universal Digital Inc.; Newton.co; Matador Technologies Inc.; & Bullet Blockchain, highlighting the leaders shaping the future of blockchain and digital assets.
Spirit Blockchain Capital (OTCQX: SBLCF | CSE: SPIR) continues to drive innovation at the intersection of traditional finance and blockchain.
You can watch the full presentation here: SBC Presentation
This Week in Crypto: Markets Rattled as Middle East Erupts
The crypto market took a sharp hit this week as escalating conflict between Israel and Iran sent a wave of risk aversion across global financial markets. While digital assets often trade independently of traditional systems, this was a reminder that crypto is still deeply affected by geopolitics.
Geopolitical Shock: Israel Launches Operation Rising Lion
Late Thursday night, Israel launched a major air campaign against Iran, targeting nuclear facilities at Natanz, missile production sites, and Revolutionary Guard infrastructure in Tehran. The operation reportedly killed high-ranking Iranian scientists and military personnel. In response, Iran launched over 100 drones toward Israeli territory, prompting Israel to shut down Ben Gurion Airport and mobilize troops.
These developments followed an IAEA report that Iran was breaching uranium enrichment limits for the first time in 20 years. While the U.S. remained on the sidelines, former President Trump called the operation “very successful” and urged de-escalation.
Crypto Markets React
The immediate market reaction was severe:
- Total crypto market cap fell 7%, erasing over $230 billion in value
- Bitcoin dropped 5% to $103,464
- Ethereum fell 10% to $2,471
- Solana and other altcoins sank more than 11%
- XRP and BNB declined 6% and 4% respectively
Volatility and Liquidations Spike
- Over $1.2 billion in leveraged positions were liquidated in 24 hours
- Open interest in futures dropped 10%
- RSI for most major tokens fell below 30, signaling deeply oversold conditions
- Crypto Fear & Greed Index dropped 10 points to 61, still technically in “Greed,” but trending quickly toward caution
Market Sentiment: Shaken, Not Shattered
Despite the downturn, sentiment has not yet flipped into full panic. Institutional flows into spot Bitcoin and Ethereum ETFs remain positive, suggesting longer-term conviction remains intact – even as retail investors pull back.
Key Takeaways
- Israel’s strikes on Iranian military and nuclear assets have triggered significant global market reactions, including in crypto.
- Safe haven assets such as gold and the Swiss franc are rising, while crypto is mirroring broader risk-off sentiment.
- Volatility is expected to persist as the situation in the Middle East develops.
What’s Next
- The G7 Summit in Canada and a critical U.S. Senate vote on the GENIUS Act (stablecoin regulation) could drive headlines next week.
- Brazil’s B3 exchange will launch USD-settled ETH and SOL futures, indicating global derivatives growth despite regional turmoil.
- ETF inflows suggest some institutional buyers are holding firm, potentially viewing this as a buying opportunity.
As the Middle East edges closer to broader conflict, digital assets are reacting in step with equities and commodities: falling fast when fear sets in, and only recovering when confidence returns.
For now, risk remains high and caution dominates. The coming days will be shaped not just by macroeconomic headlines but by developments in a volatile and escalating geopolitical crisis.
This Week’s Headlines
Walmart and Amazon are considering issuing their own US dollar-backed stablecoins, potentially diverting billions in cash flow from banking partners, according to a report in the Wall Street Journal.
US Senate schedules final GENIUS stablecoin bill vote for June 17: The bill, if passed by the Senate, will move on to the House of Representatives for further voting.
Anthony Pompliano in talks to lead public firm seeking $750 million to purchase Bitcoin
Multiple crypto ETF applications, including Dogecoin and HBAR, face extended review periods by the U.S. Securities and Exchange Commission. The SEC has postponed Solana ETF proposals to July 2025 and requested additional public comments for various ETFs.
Cryptocurrency payment platform Alchemy Pay is expanding into real-world assets (RWA) through a new partnership with tokenization firm Backed, the company said in a Thursday announcement shared with Cointelegraph.
SEC axes Biden-era proposed crypto rules in flurry of repeals: The SEC has withdrawn over a dozen rules the agency proposed under Joe Biden, including two crypto-related rules targeting DeFi and digital asset custody.
Notable Deals and Fundraising
GameStop upsizes private offering to $2.25 billion despite stock slump amid bitcoin treasury plans:The company plans to use the proceeds for general corporate purposes and potential acquisitions in line with its investment policy.
Crypto Wallet Infrastructure Firm Turnkey Raises $30 Million: Turnkey, co-founded by former Coinbase employees, raised $30 million in Series B funding led by Bain Capital Crypto. The company aims to assist developers in creating user-friendly wallets through APIs, catering to clients like Polymarket and Magic Eden.
Plasma Attracts $500 Million for ICO—And One Trader Spent $100K on Ethereum Gas Fees: Are ICOs back? Stablecoin network Plasma just attracted $500 million worth of deposits for its sale, with one trader paying $100K for an edge
Trident, a publicly traded technology services company, intends to raise $500 million for an XRP treasury, with plans to implement it by the second half of 2025. Other firms like Wellgistics Health and Webus have also announced similar initiatives recently.
One of the year’s most anticipated IPOs took place on Thursday when neobank Chime raised $864 million in its IPO, pricing its shares at $27, which is above its previously announced range of $24 to $26. That gave it a starting market cap of about $9.8 billion.
$13B fund manager APS buys $3.4M in tokenized real estate via MetaWealth
Felicis founder Aydin Senkut is celebrating his 19th year as an institutional early-stage investor by announcing the firm’s biggest fund yet: a $900 million Fund X.: This follows the $825 million Fund IX raised in 2023 and the $600 million Fund XIII raised in 2021. Felicis, a seed and Series A firm, is known for backing a long string of successes, including Ayden, Bonobos, Ring, Shopify, and Twitch, among others. Since being founded in 2006, Felicis has backed over 50 unicorns and had over 125 exits, it says.
Have a great week!
The SPIRIT Blockchain Team
