Trading Desk Insights
Risk assets slipped on Tuesday as markets reacted to escalating tensions in the Middle East. BTC dropped more than 2% from last night’s high near 108,000 after Iran launched additional strikes and Trump abruptly exited the G7 summit, citing “much bigger” priorities and urging an immediate evacuation of Tehran. The call triggered a sharp rally in gold and oil.
BTC now sits in the middle of a broad 101,000 to 110,000 range, eyeing a move lower toward the 50-day moving average around 104,000, despite seeing $434 million in spot ETF inflows yesterday. Among majors, BCH is the only alt showing meaningful relative strength against BTC.
XRP whale activity hit a record, with over 2,700 wallets now holding at least 1 million XRP — the highest in its 12-year history, signaling growing conviction. The asset is holding near support at $2, with a potential move toward $2.6 if broader momentum returns. Market chatter around a possible spot XRP ETF later this year is starting to build.
JPMorgan also made headlines after filing to launch a crypto-focused platform, JPMD, aimed at enabling digital asset trading, exchange, settlement, and issuance, a notable step from a traditional finance heavyweight.
Traders should keep an eye on Wednesday’s Fed decision. While no change in rates is expected, any signals on the path forward could drive sharp moves across risk assets.
Meanwhile, X suspended the account of Pump.fun and its co-founder Alon Cohen, alongside other memecoin-linked pages, without providing an explanation, sparking fresh speculation over policy shifts or looming regulatory pressure.
The News Room
Canada launches first spot XRP ETF
Canada’s Purpose Investments has received the green light to launch North America's first spot XRP ETF—trading under the tickers XRPP (CAD‑hedged), XRPP.B (CAD non‑hedged), and XRPP.U (USD)—on the Toronto Stock Exchange starting June 18, and eligible for registered accounts like TFSAs and RRSPs. This milestone arrives amid stalled progress in the U.S., where a legal pause between Ripple and the SEC extends into August. Meanwhile, crypto markets remain optimistic, with an 88% probability of U.S. approval being priced in—but Canada is the one seizing regulatory advantage first.
Trump Media files for Bitcoin + Ethereum ETF
Trump Media & Technology Group (TMTG), owner of Truth Social, has filed with the SEC to launch a passive ETF allocating 75% to Bitcoin and 25% to Ethereum. Custody, staking, and liquidity functions will be handled by Crypto.com, with Yorkville America Digital sponsoring and NYSE Arca expected to list—pending Form 19b‑4 approval. The move reflects TMTG’s ongoing pivot into fintech, even as worries over Crypto.com’s recent CRO supply inflation linger. TMTG’s stock was down ~2% post-filing.
Bitcoin delivers 90% risk‑adjusted return in 60/40 portfolios
Analysts highlight that adding just a 10% Bitcoin allocation to a traditional 60% equity/40% bond portfolio yields a 90% risk-adjusted return over the past year—nearly double gold’s 51% and significantly outperforming the ≈0.62 Sharpe ratio of gold-enhanced portfolios, reaching a robust ≈0.80 Sharpe ratio and ~14% total return. Experts from Ecoinometrics, Fidelity Digital Assets, and Macro focus say Bitcoin is increasingly viewed as an effective hedge amid persistent inflation, deglobalization, and economic uncertainty.
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