S&P 500 closed at a new all-time high of 6,173, up 0.5%, recovering from a 20% drop earlier this year. US Q1 GDP was revised down to -0.5%, consumer spending fell 0.3% in May, and jobless claims rose to their highest since 2021. Bitcoin price stabilized near $108K with $2.2B ETF inflows last week, while Metaplanet added 1,005 BTC, bringing its total to 13,350 BTC. The BNB Chain’s Maxwell upgrade halved block times from 1.5s to 0.75s.

This week's edition of our Crypto DeFi Analytics. BTC’s dramatic fall to under $100K triggered mass liquidations across Aave and Compound and the Beacon Chain balance continues to surge.

Global equity markets rallied, with the S&P 500 up 0.8% near its February 2025 all-time high, Nasdaq-100 hitting a record +0.94%, Nikkei-225 +1.43%, and STOXX 600 +0.81%, while the VIX dropped to 16.59 from 52 in April. BTC traded in a $106K–$108K range with 7-day implied volatility below 30%, steepening the term structure versus ETH’s flatter volatility curve. Key macro developments include a finalized US-China trade deal lifting rare earth export restrictions, the US Treasury urging Congress to drop a contentious tax provision after a G7 agreement on OECD Pillar 2, and a downward GDP revision to -0.5% in Q1 2025 with rising unemployment claims, raising July rate cut odds to 20%. Additionally, Bitwise and Bakkt filed updated SEC documents advancing crypto ETF plans and capital raising.