It’s been a roller coaster week for the cryptocurrency market. Macroeconomic headwinds have kept prices range-bound, while geopolitical hotspots and institutional ETF activity have sent new signals across the space.
From the Federal Reserve shifting its timeline for rate cuts to a politically charged cyberattack in Iran and a flood of filings targeting Solana ETF approval, here are the stories that shaped the crypto space this week.
Bitcoin holds steady as Fed signals rate cuts may not arrive until September
Bitcoin hovered near $105,000 after the Federal Reserve left interest rates unchanged and indicated that cuts were unlikely before September.
Chair Jerome Powell cited cooling inflation but stressed economic resilience, giving the central bank room to maintain its wait-and-see posture.
While traditional markets showed muted reaction, analysts at 21Shares said the combination of slow growth and stubborn inflation may ultimately boost demand for BTC as a macro hedge.
QCP Capital noted that summer seasonality and cautious options activity point to near-term price stagnation, despite easing from the Swiss and European central banks hinting at broader liquidity support for crypto.
Hackers burn $90 million from Iranian crypto exchange in politically charged cyberattack
Iran’s largest crypto exchange, Nobitex, suffered a staggering $90 million breach this week, with attackers linked to Israel’s Predatory Sparrow claiming responsibility.
Rather than laundering the stolen Bitcoin, Ethereum, and Dogecoin, the group sent the assets to burn addresses, permanently removing them from circulation.
The attackers framed the move as retaliation for Nobitex’s alleged ties to sanctions evasion, triggering Iran’s central bank to impose the country’s first nationwide crypto curfew.
Blockchain analytics firms confirmed the tokens were destroyed, escalating concerns that digital infrastructure is becoming a battleground in state-level cyberconflicts.
CoinShares, one of Europe’s top digital asset managers, filed on June 13 with the SEC to launch a spot Solana ETF, becoming the eighth firm to do so.
The proposed fund would list on Nasdaq and hold SOL in cold storage, with staking options included to generate yield.
Other major asset managers, including Fidelity, Grayscale, and VanEck, have also entered the Solana ETF race.
While Bloomberg analysts estimate a 70% chance of approval, delays are likely as the SEC reviews how in-kind redemptions and staking features will be handled.
The filings signal deepening institutional interest in Solana as a scalable alternative to Ethereum.
Circle soars 500% post-IPO as Senate passes stablecoin bill
Circle, the issuer of the USDC stablecoin, surged another 34% this week after the U.S. Senate passed the GENIUS Act, the landmark legislation that would integrate regulated stablecoins into the financial system.
The bill, which now heads to the House, lays out strict guidelines for fiat-backed digital dollars and would bring stablecoins under federal oversight.
Circle CEO Jeremy Allaire called the vote “historic,” while President Trump praised the bill as a move to make America the “undisputed leader in digital assets.”
Since its public debut earlier this month, Circle’s stock has gained over 540%, a reflection of investor confidence in the company’s future under a friendlier regulatory regime.
BBVA advises wealthy clients to allocate 3–7% of portfolios to crypto
Spanish banking giant BBVA is now advising its high-net-worth clients to invest 3–7% of their portfolios in Bitcoin and Ether, marking a significant shift in institutional posture.
The strategy was revealed by BBVA Switzerland’s digital head Philippe Meyer at the DigiAssets conference, who said the allocation depends on client risk appetite.
BBVA has been building its crypto capabilities since 2021 and received regulatory approval in Spain earlier this year to expand its services.
While the advice currently applies only to BTC and ETH, the bank may add other tokens later in 2025.
Thailand approves five-year crypto tax exemption for domestic trading
Thailand’s Ministry of Finance has approved a five-year capital gains tax exemption on crypto trades made through licensed exchanges, starting in 2025.
Deputy Finance Minister Julapun Amornvivat said on Tuesday that the exemption is expected to expand the crypto economy and raise tax revenues in the medium term.
The policy aims to solidify Thailand’s status as a regional digital finance hub and attract more investment under regulatory oversight.
Thai SEC continues to tighten controls, recently blocking five global exchanges that lacked proper licenses.
KuCoin unlocks TradFi-style trading for institutions via BitGo partnership
KuCoin, the Seychelles-based crypto exchange, announced a new service that lets institutional clients trade without having to pre-fund exchange wallets.
The solution is powered by BitGo Singapore’s Go Network, enabling off-exchange settlement with assets held securely in custody.
The approach mimics traditional finance structures by separating execution from custody, reducing systemic and counterparty risk.
This model now allows access to KuCoin’s full trading suite, including spot, margin, futures, and options.
The setup draws comparisons to the defunct Silvergate Exchange Network, once popular among institutions.
