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SOTM June 5-11, 2025

Welcome to our 224th issue of State of the Market, where we provide an overview of crypto market activity from June 5-11, 2025.

This week in crypto markets:

  • Bitcoin neared all-time highs, while ETH crossed $2,800 on strong ETF inflows.
  • Circle soared after its IPO, reaching a ~$28B valuation on strong investor demand.
  • Gemini and Bullish filed for IPOs, signaling renewed crypto listing momentum.
  • Stripe acquired wallet provider Privy to expand its crypto and stablecoin services.
  • The GENIUS Act cleared a key procedural vote in the Senate (68-30), advancing towards its final passage.
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