Plus: Bitcoin wallet activity hit a 6-month high

GM. Blended crypto with market gossip and a hint of regulatory panic. It tastes like opportunity and poor decisions.

🟠 K Wave Media became a Bitcoin treasury company.

🍋 News drops: James Wynn didn't win, a guy who mined crypto with hacked hosting accounts got arrested + more

🍍 Market flavor today

Crypto Market Cap: $3.29T -0.8% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$104,127.07	-0.78%	-2.66%
	Ethereum ETH	$2,579.55	-2.57%	-2.73%
	XRP XRP	$2.19	-2.58%	-3.94%
	BNB BNB	$656.64	-1.37%	-3.27%
	Solana SOL	$150.46	-4.11%	-11.46%

Not much action right now - investor sentiment has dropped to Neutral, and prices are mostly moving sideways.

That said, Santiment’s analyst Brian Quinlivan pointed to something that might point things in the right direction:

• On May 29, 550K+ new Bitcoin wallets were created - the highest number since December 2023;

• On June 2, people moved around 240K+ BTC - the highest number since December 2024.

Basically, more wallets and more movement = growing network activity. And that’s generally a bullish sign, especially when the price is stuck in neutral.

On top of that, Bitcoin ETFs, which lost $1.2B last week, have started recovering. In just the past two days, they had $462M in inflows.

Ethereum’s been doing even better in the ETF department. They've had had 13 days in a row of positive inflows - nearly $779M total.

And it’s not just the ETFs, btw.

Almost 450K ETH has been taken off exchanges and moved to private wallets, which usually means people are planning to hold for the long run.

Exchange reserves are now the lowest they’ve been since the early days of Ethereum.

And still, the price hasn’t really moved - since mid-May, Ethereum's been stuck between $2.3K and $2.7K.

One reason might be that hedge funds are betting against it. In the last three weeks, US-based firms added $1.25B in short positions on Ethereum futures - way more than the long positions.

Even so, traders like Sykodelic still believe Ethereum is building up strength, because:

• ETH/BTC is tightening into a pattern that might lead to a breakout;

• ETH dominance started climbing again;

• Institutions have reportedly bought hundreds of millions in ETH recently - and, in fact, some are even buying more ETH than BTC.

So yeah, the charts might feel like a yawn now, but the metrics say there’s more going on than it seems 👀

🚨 New Mission dropped

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But don’t float around too long - you’ve only got until July 4!

🥝 Memecoin harvest

The way these tokens are moving… it’s giving main character energy 🎬

Data as of 07:20 AM EST.

Check out these memecoins and plenty more here.

🐊 Crocs treasury?

Remember the time when Crocs were the universal symbol of an ugly a$$ shoe?

(I know, some people still think it's ugly. And they're not entirely wrong.)

But you can't argue they haven't become iconic. Everyone’s wearing them, they’ve done collabs with Naruto, Balenciaga, and Post Malone...

And honestly...Bitcoin is kinda the Crocs of finance.

This might sound offensive now that I think about it. But hear me out.

People used to clown on BTC. Now, though? Eeeveryone wants a piece. Just look at how fast companies are adopting it.

The latest to join the club? K Wave Media - a South Korean entertainment company that makes K-content, sells K-pop merch, and invests in Korean film and music projects.

They signed a deal to raise up to $500M and put it toward… you guessed it - Bitcoin.

And they're not just gonna invest - they're going all-in:

• Holding BTC in their treasury;

• Using BTC yields to buy more BTC;

• Letting fans buy content and K-pop merch with Bitcoin.

Basically, they want to be the "Metaplanet of Korea."

(If you haven’t been following, Metaplanet is a BTC treasury company that people call the “Strategy of Japan” - Strategy being Michael Saylor's BTC treasury company.)

So… does that make K Wave... the Strategy of Japan of Korea? We’ll let you untangle that one.

Uhh, anyways. Speaking of Metaplanet...

They bought another 1,088 BTC this week at an average price of $108.4K each.

This brings their total holdings to over 8,888 BTC and makes them the 8th-largest corporate holder of Bitcoin worldwide.

Which is cool and all…

But BTC maxi Max Keiser isn’t fully sold on this new wave of corporate Bitcoiners.

He pointed out that Saylor has already proven his diamond hands, as he held through the brutal bear market in 2022-23 without selling a single coin.

Meanwhile, these newcomers haven’t been through that kind of pain yet.

So the question is:

Will they keep buying when the market bleeds? Or will they fold when things get rough?

Max says: probably the latter. But that's anyone's guess.

Oh, and before we go, if you’re wondering what all this corporate BTC stacking might actually do to Bitcoin… we covered that in a previous deep dive → check it out here.

🍋 News drops

😬 Crypto trader James Wynn lost nearly $25M after a high-leverage Bitcoin trade got liquidated. He bet on the price going up, but it dropped instead.

🚓 A 35-year-old man in Ukraine was arrested for mining crypto with hacked hosting accounts. Police say he broke into over 5,000 of them.

👮‍♀️ US officials took down 145 domains and crypto tied to BidenCash - a dark web site that sold stolen credit cards and personal info.

🗣️ Congress is debating a new crypto bill: the CLARITY Act. Rep. Maxine Waters pointed to a $148M dinner Donald Trump held for memecoin supporters and warned the bill could let him personally profit from future crypto policies.

🚔 Badiss Mohamed Amide Bajjou, 24, was arrested in Morocco for suspected crypto-related kidnappings in France. Police found him with phones and knives.

🍌 Juicy memes