Headlines
▌Texas signed a bill to establish a Bitcoin reserve and is ready to buy $10 million in BTC
Greg Abbott, the governor of Texas, has signed Senate Bill No. 21, formally establishing the nation's first state-level Bitcoin reserve backed by public funds. Texas will allocate $10 million to purchase Bitcoin, unlike Arizona and New Hampshire, which only authorize but do not fund it. The supporting bill HB 4488 also stipulates that the reserve cannot be diverted to general fiscal revenue.
▌Iranian official says Iran accepts ceasefire plan
According to CCTV International News, citing Reuters, a senior Iranian official confirmed to Reuters that Iran has accepted the ceasefire plan with Israel proposed by the United States with Qatar's participation in mediation. Earlier, US President Trump announced that Israel and Iran would cease fire in stages.
Market
As of press time, according to CoinGecko data:
BTC price is $105,491, up 4.6% in 24 hours;
ETH price is $2,424.47, up 8.9% in 24 hours;
BNB price is $639.96, up 3.9% in 24 hours;
Policy
▌ECB President Lagarde: EU lawmakers should pave the way for the digital euro
ECB President Lagarde on Monday again called on European lawmakers to pass legislation to pave the way for the launch of the digital euro. Lagarde said: "A legislative framework should be established quickly to pave the way for the possible introduction of a digital euro. By making the right policy choices, we can take advantage of the current momentum and promote the economic prospects of Europe and its citizens."
▌Federal Reserve Goolsbee: If tariffs do not lead to high inflation, interest rate cuts will be resumed
Federal Reserve Goolsbee said that the lack of obvious inflationary pressure since Trump imposed tariffs on April 2 may enable the Federal Reserve to cut interest rates again. He recalled that the Federal Reserve expected to lower interest rates at the beginning of the year and paused the rate cut, mainly because of policy uncertainty. "If we don't see inflation from these tariff increases, then it seems to me that we never left what I call the golden path before April 2," Goolsbee said. He likened tariffs to "throwing a lot of dust in the air, so it's hard to see if you're still on the path." "If there's no dust in the air, then I think we should continue (cutting rates)."
▌Fed Governor Bowman hints: may support a July rate cut
Fed Governor Bowman said: "If inflation pressures are under control, I would support lowering the policy rate as soon as possible at the next meeting to get it closer to neutral and maintain a healthy labor market." Bowman has been very concerned about inflation risks last year. She said that because the economy is expected to have more spare capacity this year, she believes that the price increases caused by tariffs will be "small and one-off." She described the labor market as solid and expected to be close to full employment. But she also cited evidence of vulnerabilities, including weakening labor market dynamism, slowing economic growth and a narrow concentration of job gains, and argued that the Fed should "pay more attention to the downside risks to its employment goals" in future decisions. This was Bowman's first substantive comment on the economic outlook since he was nominated by Trump and confirmed by the Senate as the Fed's vice chairman for supervision this spring.
▌Iranian media: "Declaration of Victory" missile operation launched against US bases in the Middle East
According to Iran's semi-official Tasnim News Agency, Iran launched the "Declaration of Victory" missile operation against US bases in Iraq and Qatar.
▌Romania's new government plans to tax income from cryptocurrency
Romania's new government plans to tax cryptocurrency earnings and income from social media platforms.
Blockchain Applications
▌Financial giant Fiserv will launch USD stablecoin FIUSD on Solana chain
Fiserv, a Fortune 500 fintech company, announced that it will join forces with Circle, Paxos and PayPal to launch USD stablecoin FIUSD on Solana chain and launch its digital asset platform. The platform plans to cover 10,000 financial institutions and 6 million merchants, support interoperability with PayPal USD (PYUSD), and promote cross-border payment and settlement efficiency. Fiserv said that FIUSD will become a compliant and bank-friendly payment infrastructure that supports the operation of the existing financial system, reflecting that traditional financial institutions are accelerating their embrace of stablecoins and blockchain technology.
▌Ethereum network gas fee rises to 25 gwei
According to Etherscan data, Ethereum network gas fee rises to 25 gwei.
Cryptocurrency
▌The cumulative trading volume of US spot Bitcoin ETF has exceeded the $1 trillion mark
According to The Block, the cumulative trading volume of US spot Bitcoin ETF has exceeded $1 trillion since its launch in January 2024, in less than 18 months. BlackRock's IBIT fund leads similar products with a market share of 79%, and the current daily trading volume of Bitcoin spot ETF remains between $2.3 billion and $4.4 billion. In contrast, the US spot Ethereum ETF has a cumulative trading volume of $83.4 billion since its launch in July 2024. The asset management scale of spot Bitcoin ETF has exceeded 120 billion US dollars, and the asset management scale of IBIT single fund has reached 70 billion US dollars, becoming the fastest ETF product to reach this scale in history. Coinbase will list Sonic (S) on or after 9 am Pacific Time on June 24, 2025. If liquidity conditions are met, S-USD trading pairs will be opened in stages. S assets are only available in supported regions, and some regions may be restricted. Circle's total market value exceeds USDC Circle's total market value has now exceeded the total market value of its issued stablecoin USDC.
▌CZ: There are several other companies preparing to reserve BNB vaults, and they are all unrelated to Binance
CZ posted on the X platform in response to several former hedge fund executives who planned to raise $100 million to build a BNB treasury strategy listed company: "There are other markets in the world. I have heard that several companies are doing this. So far, none of them is led by me/us. But we are very supportive. BNB is a native token of a public blockchain, not a token 'associated with Binance Holdings Ltd or Binance centralized exchange'."
▌Brazilian listed company Méliuz spent $28.61 million to purchase 275.43 bitcoins
Brazilian listed technology company Méliuz S.A. (CASH3) CEO Israel Salmen wrote that after the company completed the latest round of stock issuance, it spent $28.61 million to purchase 275.43 bitcoins at an average price of $103,864. The total holdings are currently 595.67, and the overall average purchase price is $102,702.84.
▌ProCap Financial has completed more than $750 million in fundraising and will go public through a SPAC "backdoor listing"
ProCap Financial, backed by cryptocurrency investor Anthony Pompliano, announced that it has completed more than $750 million in fundraising (including $235 million in convertible bonds) and will go public through a special acquisition company (SPAC) established in cooperation with Columbus Circle Capital Corp. I. The company aims to hold up to $1 billion in Bitcoin on its balance sheet and generate revenue through a full-stack, Bitcoin-denominated financial services platform.
▌Michael Saylor: Strategy's Bitcoin return so far this year has reached 19.2%
Strategy (formerly MicroStrategy) Executive Chairman Michael Saylor announced that after increasing his holdings of 245 BTC, the company's Bitcoin return so far this year has reached 19.2%. As of June 22, 2025, Strategy holds a total of 592,345 Bitcoins, with an average purchase price of approximately US$70,681 per Bitcoin. Strategy has purchased 245 more Bitcoins last week, with an average purchase price of US$105,856 (total: US$26 million).
Important Economic Dynamics
▌Spot gold fell below $3,360/ounce, down 0.26% on the day
Spot gold fell below $3,360/ounce, down 0.26% on the day.
▌US stocks closed: three major stock indexes rose
US stocks closed on Monday, with the S&P 500 up 0.96%, the Nasdaq up 0.94%, and the Dow up 0.89%. Tesla (TSLA.O) rose 8.2%, and Circle (CRCL.K) rose 9.6%. The Nasdaq China Golden Dragon Index rose 0.85%.
Golden Encyclopedia
▌How does quantitative easing work and affect crypto?
Quantitative easing (QE) is an unconventional monetary policy tool used by central banks, especially when interest rates are already low and cannot be lowered further. It became popular during the 2008 global financial crisis, when traditional monetary tools such as lowering interest rates were not enough to stimulate economic growth. Quantitative easing not only affects traditional financial markets, but also cryptocurrency markets. When central banks inject more money into the economy, some of it flows into alternative assets such as Bitcoin and altcoins, pushing up their prices. With more money available for investment, the surge in liquidity typically pushes up all asset prices, including cryptocurrencies. In addition, during quantitative easing, fiat currencies may depreciate due to the increase in money supply, leading some investors to seek cryptocurrencies to hedge against the risk of inflation or currency depreciation. Bitcoin, in particular, is often seen as a store of value similar to gold. Cryptocurrencies may be affected when quantitative easing ends. When central banks end quantitative easing or start raising interest rates (tightening policy), liquidity decreases and borrowing costs rise. This can lead to a pullback in risky assets, including cryptocurrencies.
Hui Xin
Alex
Kikyo