ASXN Daily 05-06-2025
Market Updates
Macro, Regulation and Markets
Treasure Global will deploy a phased $100M digital-asset treasury strategy, allocating to Bitcoin, Ethereum and regulated stablecoins to support the Q3 2025 launch of its AI-driven consumer-intelligence platform. [source]
Circle priced its upsized IPO at $31 per share on 4 June 2025, raising almost $1.1B and valuing the company at about $6.9B ($8.1B fully diluted). [source]
The European Central Bank cut its deposit facility rate by 25bp to 2% on 4 June 2025 and lowered the main refinancing and marginal lending rates to 2.15% and 2.4%, marking a seventh straight reduction. [source]
Exchanges and Listings
Coinbase opened deposits for Ethena (ENA) and will start phased trading of the ENA-USD pair on or after 9 AM PT on 5 June 2025, subject to liquidity and jurisdictional restrictions. [source]
Coinbase opened deposits for Lagrange (LA) and expects phased trading of the LA-USD pair later on 5 June 2025 under its Experimental label. [source]
Binance will introduce LAUSDT perpetual contracts with up to 50x leverage on 5 June 2025, following LA’s listing on Binance Alpha. [source]
Upbit will list a KRW pair for Ravencoin (RVN) and add Lagrange (LA) to its BTC and USDT markets on 5 June 2025. [source]
Raises
Hardware-wallet maker OneKey closed a Series B round led by YZi Labs, valuing the company at $150M; proceeds will fund new devices, on-chain threat detection and expansion in the US, Europe and emerging markets. [source]
3Jane announced their $5.2M seed round led by Paradigm, to build a credit-based money market on Ethereum. [source]
Ethereum
On 4 June 2025, 306,438 ETH (over $800M) were queued for validator activation—the highest level in more than a year—while 347,919 ETH were already in the entry queue, implying a six-day wait. [source]
The Ethereum Foundation has formalized its Treasury Policy, linking fiat-reserve sizing to two variables, Annual Opex (A) fixed at 15% of the treasury and a Years-of-Opex Buffer (B) of 2.5; the A×B product sets the fiat buffer and dictates the cadence of ETH sales, with quarterly re-evaluation by the Board. Crypto management adopts conservative, liquid DeFi strategies: core ETH is solo-staked or lent on major protocols, the foundation may borrow stable-coins for yield, and carefully vetted farms or tokenized RWA positions can migrate into the fiat sleeve over time. Fiat reserves are segmented into immediate-liquidity cash, liability-matched instruments, and tokenized RWAs, backed by quarterly Board reporting and a public annual report to enhance oversight. EF plans to taper annual opex to 5% over the next five years and notes 2025-26 as pivotal for ecosystem support, committing to adjust A and B as conditions evolve. [source]
ETFs
JPMorgan will accept holdings of BlackRock’s iShares Bitcoin Trust as collateral for loans to trading and wealth-management clients and may add other spot Bitcoin ETFs; such ETF positions will also count toward clients’ liquid-asset calculations. [source]
Market Data
BTC ETF
BTC ETFs total net daily flow for 04 Jun 2025 is +$87.0M.
Breakdown:
IBIT: +$284.0M
FBTC: –$197.0M
BITB: $0.0M
ARKB: $0.0M
BTCO: $0.0M
EZBC: $0.0M
BRRR: $0.0M
HODL: $0.0M
BTCW: $0.0M
GBTC: $0.0M
BTC: $0.0M
Total net daily flow: +$87.0M
Total cumulative flows to date: $45,204.3M
ETH ETF
ETH ETFs total net daily flow for 04 Jun 2025 is +$57.0M.
Breakdown:
ETHA: +$73.2M
FETH: –$23.6M
ETHW: $0.0M
CETH: $0.0M
ETHV: $0.0M
QETH: $0.0M
EZET: $0.0M
ETHE: $0.0M
ETH: +$7.4M
Total net daily flow: +$57.0M
Total cumulative flows to date: $13,670.6M
Sector Returns
Top Performing Sectors
L1 sector is up -0.04% over the past 24 hours (MOVE -5.28%, BERA -4.73%, AVAX -4.28%).
Base DeFi sector is up -0.32% over the past day (WELL -4.37%, AERO -0.32%).
Perps sector has risen -1.55% in the past 24 hours (DRIFT -3.49%, AEVO -0.87%, VERTEX -0.29%).
Worst Performing Sectors
Privacy sector is down -8.75% over the past 24 hours (XMR -8.90%, ZEC -7.72%).
Hyperliquid Ecosystem sector is down -7.68% over the past day (HFUN -13.09%, PURR -6.00%).
Agent sector has fallen -7.58% over the past 24 hours (VIRTUAL -8.05%, GRIFF -7.43%, AIXBT -4.24%).
Token Returns
Top Performing Tokens
SAVE (Solana DeFi) is up +19.55% in the past 24 hours.
GRASS (AI) is up +11.18% in the past 24 hours.
RPL (Ethereum DeFi) is up +10.18% in the past 24 hours.
WLD (AI) is up +6.59% in the past 24 hours.
LDO (Ethereum DeFi) has risen +4.96% in the past 24 hours.
Worst Performing Tokens
BLAST (L2) is down -14.33% in the past 24 hours.
GEAR (Ethereum DeFi) is down -13.21% in the past 24 hours.
HFUN (Hyperliquid Ecosystem) is down -13.09% in the past 24 hours.
SEND (Sui DeFi) is down -10.51% in the past 24 hours.
WIF (Memecoin) has fallen -9.03% in the past 24 hours.
Governance
Chaos Labs Risk Stewards - Adjust USDT Interest Rate Curve on Aave V3 - 06.05.25
Protocol: Aave
Date: 2025-06-05 09:46:57
Description: ChaosLabs proposed adjusting the USDT interest-rate curve on Aave V3 to better align with current market conditions.
[Gauntlet] - ezETH, tETH, and rsETH Risk Recommendations
Protocol: Compound
Date: 2025-06-04 20:15:24
Link: https://www.comp.xyz/t/gauntlet-ezeth-teth-and-rseth-risk-recommendations/6842
Description: Gauntlet provided risk-parameter recommendations for the ezETH, tETH and rsETH markets on Compound.
Deprecation of USDM vaults
Protocol: Morpho
Date: 2025-06-05 08:08:54
Link: https://forum.morpho.org/t/deprecation-of-usdm-vaults/1810
Description: Steakhouse proposed deprecating the USDM vaults on Morpho and outlined migration steps for depositors.
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