Bitcoin eyes new heights as crypto funds surge

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Announcements

Introducing the new BTC Markets experience – Now in Beta

We’re pleased to share that the all-new BTC Markets platform is now live in beta.

Designed for clarity, speed, and greater control, this refreshed experience makes investing in crypto simpler, whether you’re taking your first step into digital assets or just want a more intuitive way to manage your portfolio.

Built from the ground up with feedback from our clients, this streamlined platform focuses on what matters most: clean design, smarter navigation, and an easier way to buy, sell, and monitor your crypto holdings.

The original exchange will remain available for all your advanced trading needs. You can move between both platforms at any time.

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The Australian Financial Review Women in Leadership Awards 2025

We’re proud to see our CEO, Caroline Bowler, included as a finalist in The Australian Financial Review Women in Leadership Awards for Tech and Telco.

This recognition highlights Caroline’s ongoing dedication to financial innovation and advancing blockchain technology in Australia.

Congratulations also to Angela Gadaev, the winner in this category, a well-deserved honour.

At BTC Markets, we believe representation matters, and celebrating leaders like Caroline and Angela helps spotlight the people driving Australia’s tech sector forward. We’re honoured to be part of this important conversation.

Meld Gold (MCAU) delisting notice reminder

BTC Markets will be delisting Meld Gold (MCAU) from its trading platform. From 10:00am (AEST) on June 24, 2025, you will no longer be able to buy, sell or deposit MCAU via BTC Markets.

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State of crypto

• Bitcoin eyes new heights as traders remain cautious
• Crypto fund assets hit record US$167B in May as investors diversify
• Ethereum derivatives volume tops Bitcoin as demand fuels ETH momentum
• BlackRock’s Bitcoin ETF becomes the fastest ever to US$70 billion AUM in just 341 days
• Altcoins edge closer to institutional grade with Nasdaq’s new index inclusion

Bitcoin eyes all-time high, but traders stay cautious

Bitcoin rallied to a weekly high of US$110,530 on Monday, briefly brushing up against its all-time high before pulling back nearly 2% into the US$108K range today. Despite encouraging macro tailwinds, namely softer-than-expected US inflation data and signs of a potential breakthrough in US-China trade talks, BTC continues to struggle at the US$110K resistance level.

May’s U.S. CPI rose just 0.1%, below the 0.3% forecast, bringing annual inflation to 2.4%. This remains within the Fed’s comfort zone and has sparked renewed appetite for risk across equity markets. The S&P 500, Nasdaq, and Dow all moved higher, but Bitcoin didn’t follow suit.

From a structural standpoint, the setup remains supportive. Exchange outflows point to strong holder conviction, and recent whale activity, particularly a 511.5 BTC long with 20x leverage, is helping to stabilise price action. However, market sentiment remains subdued. Low funding rates suggest traders are still sitting on the sidelines, reluctant to chase the rally. The bulls are in control, but they’re not going full throttle.

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Crypto fund assets hit record US$167B in May as investors diversify

Assets under management in crypto funds surged to a record US$167 billion in May 2025, buoyed by US$7.05 billion in net inflows, which is the highest monthly total since December 2024. Investors increasingly turn to Bitcoin and Ethereum to hedge against volatility and diversify away from US-centric portfolios amid easing global trade tensions.

According to Morningstar and Coinshares, Bitcoin funds drew around US$5.5 billion, while Ethereum funds attracted US$890 million, as digital assets outperformed traditional equities (which saw US$5.9 billion in outflows) and gold, indicating a broader shift in portfolio strategies.

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Ethereum derivatives volume tops Bitcoin as demand fuels ETH momentum

Ethereum's derivatives volume reached a staggering US$114.7 billion in a 24-hour period, surpassing Bitcoin's US$80 billion and showing a clear sign that traders are aggressively positioning around ETH as speculative and institutional interest continue to rise. ETH's surge in volume fully aligns with the real-world economics underpinning Ethereum, including over US$73 billion locked in DeFi, a massive US$11 trillion in stablecoin throughput, and consistent spot ETF inflows so far - resulting from improvements in scalability and cost after the most recent network upgrade. As my own analysis notes, Ethereum's momentum is currently being driven by real-world demand, with institutional capital and on-chain usage combining for a virtuous cycle helping ETH outshine BTC in key market metrics.

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BlackRock’s Bitcoin ETF becomes the fastest ever to US$70 billion AUM in just 341 days

BlackRock’s iShares Bitcoin Trust ($IBIT) shattered records by amassing over US$70 billion in assets under management within 341 trading days, making it the fastest ETF to achieve that milestone across all asset classes, outpacing the previous gold ETF record by roughly five times.

$IBIT now holds approximately 661,000 BTC, positioning BlackRock as the world’s largest institutional Bitcoin holder, ahead of Binance and Michael Saylor’s investments. Despite a brief pause in its inflow streak with a US$430 million withdrawal on May 30, investor appetite remains robust, with inflows topping US$5.9 billion in May and US$201 million so far in June.

Altcoins edge closer to institutional grade with Nasdaq’s new index inclusion

XRP, Solana (SOL),Cardano (ADA), and Stellar (XLM) just earned a significant nod from Wall Street. In a move that could open new doors for mainstream crypto investing, Nasdaq has filed with the SEC to launch a new crypto benchmark index, its Crypto Index – Core Top 10. These four altcoins now join Bitcoin and Ethereum as part of the next wave of assets on the radar of traditional finance.

The timing isn’t accidental. The filing is widely viewed as a prelude to diversified ETF products that go beyond the big two. Think multi-asset crypto ETFs on platforms like Fidelity or Schwab, or portfolio-weighted crypto products tracked by institutions.

This signals more than just visibility, it’s a step towards institutional legitimacy. For XRP and Solana in particular, this could serve as a tailwind for spot ETF proposals. XRP continues to benefit from renewed legal clarity, while Solana’s ecosystem strength and developer traction give it credibility as a “blue-chip” altcoin.

Market capitalisations of these assets are already meaningful, SOL at US$87B and XRP at US$62B, yet the potential upside from ETF-driven flows and benchmark tracking is far from priced in. If you're seeing a pattern here, you’re not alone: this could be the starting gun for altcoin ETFs and broader adoption of indexed crypto exposure.

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Crypto Fear & Greed Index

Source: Fear & Greed Index

BTC Markets in the news

Ausbiz: Institutional demand boosting Bitcoin

In her recent interview with ausbiz, Rachael Lucas, crypto analyst at BTC Markets, explained how institutional capital is fuelling Bitcoin’s latest rally. She pointed to the growing role of US spot ETFs, now nearing US$1 trillion in cumulative inflows, and highlighted the influence of major players like BlackRock. Rachael also noted how ETF momentum is beginning to extend into altcoins, particularly those with strong utility like Ethereum.

Watch the full interview.

Livewire: Crypto tax myth busting: What Australians get wrong every year

In his latest Livewire article, Charlie Sherry, Head of Finance at BTC Markets, tackles the most persistent myths around crypto taxation in Australia. With insights from Crypto Tax Calculator’s Patrick McGimpsey and Syla’s Nick Christie, Charlie breaks down common misconceptions, from when tax is triggered to the limits of automation, and highlights what investors need to know ahead of EOFY.

Read the full article.

The Block: Ethereum derivatives top Bitcoin with US$110B daily volume as US ETFs, DeFi fuel momentum

The volume of ether derivatives has surged 38% in the past 24 hours on Wednesday, driven by bullish sentiment fuelled by strong inflows into spot exchange-traded funds and renewed engagement across DeFi.

"Ethereum’s surge in trading volume isn’t a blip; it reflects structural growth, institutional validation, and real utility," said Rachael Lucas, analyst at BTC Markets. "ETH is no longer just the second-largest crypto by market cap, it’s becoming a cornerstone of the digital asset economy."

Read the full article.

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The week ahead: economic events

Thursday, June 12th 

• United Kingdom Monthly GDP MoM
• United States Producer Price Inflation MoM

Saturday, June 14h 

• United States Michigan Consumer Sentiment

Monday, June 16th

• China Industrial Production & Retail Sales YoY

Tuesday, June 17th

• Japan Interest Rate
• Germany ZEW Economic Sentiment Index
• United States Retail Sales

Wednesday, June 18th

• Japan Balance of Trade
• United Kingdom Inflation Rate
• United States Building Permits & Housing Starts

Source: Trading economics

Market reflections

• Australia: Business activity stalls as firms scramble to innovate amid sluggish demand
• United States: Core consumer prices edge higher amid World Bank growth warning
• China: China sinks deeper into deflation as consumer prices fall, factory-gate inflation intensifies
• Japan: Japan’s economy languishes as GDP contracts and trade tensions weigh heavily
• Canada: Economy continues to stall as trade tensions freeze investment and growth

Australia: Business activity stalls as firms scramble to innovate amid sluggish demand

Australia’s business conditions flatlined in May, with the National Australia Bank (NAB) index falling to zero, well below the long-term average of +6, despite two interest rate cuts this year. Retailers bore the brunt of weakness, citing squeezed profit margins, falling sales, and declining employment - yet unemployment held steady at around 4.1%, reflecting resilience in the labor market. At the same time, business confidence ticked up slightly to +2, showing cautious optimism even as elevated costs continue to hamper profitability.

With sluggish economic growth, as GDP rose a meager 0.2% in Q1 and consumer sentiment tentative, experts warn that another rate cut in July is likely. Facing this tough landscape, business leaders are emphasizing the need for stronger private sector investment to narrow a long-standing 30% productivity investment gap. Without structural reforms in competition, foreign investment, and innovation incentives, Australia risks undermining living standards and long-term economic dynamism.

United States: Core consumer prices edge higher amid World Bank growth warning

US core consumer prices rose 0.1% in May, easing from April’s 0.2% and below forecasts. Annual core inflation held at 2.8%, near 2021 lows, with shelter, medical care, and motor insurance rising, while used cars and airline fares fell. Headline inflation edged up to 2.4% year-on-year, below expectations.

Meanwhile, the World Bank sharply downgraded US GDP growth to 1.4% for 2025 from 2.8% in 2024, citing tariff policies as a key drag. Global growth is forecast at 2.3%, the slowest outside recession since 2008, with further tariff risks threatening stability.

China: China sinks deeper into deflation as consumer prices fall, and factory-gate inflation intensifies

China’s Consumer Price Index (CPI) declined by 0.1% year-on-year for the fourth consecutive month, while the Producer Price Index (PPI) plunged by 3.3%, the sharpest drop in 22 months, highlighting deepening deflationary pressures amid weak domestic demand and ongoing US trade tensions.

Exports to the US tumbled 34.5%, placing further strain on manufacturers already caught in brutal price wars across autos, e-commerce, and luxury segments. With businesses slashing prices - even luxury handbags have seen discounts as steep as 90% - and overcapacity persisting, economists warn deflation could persist into 2026 despite Beijing’s modest monetary stimulus.

Japan: Japan’s economy languishes as GDP contracts and trade tensions weigh heavily

Japan’s GDP shrank by an annualised 0.7% in April, according to the Japan Center for Economic Research, highlighting the fragile state of the economy amid weak domestic demand and sluggish exports. Despite a modest uptick in private consumption and capital expenditure during Q1 - reflected in revised data showing only a 0.2% annual contraction - economic momentum remains muted.

The looming threat of a 24% US tariff on auto imports, set to take effect in July, continues to rattle businesses and complicate policy decisions. In response, the Bank of Japan is maintaining its accommodative stance, emphasizing that future shift will depend on clarity around trade and consumption trends.

Canada: Economy continues to stall as trade tensions freeze investment and growth

CIBC CEO Victor Dodig described Canada’s economy as being in a state of “suspended animation,” with business investment largely frozen due to escalating global trade tensions and uncertainty surrounding US tariff policies.

Dodig emphasized that companies are waiting for clearer signals before deploying capital, particularly considering elevated interest rates and limited policy support for growth. His comments highlight the growing concern that without decisive action, Canada risks falling behind in productivity and innovation during this period of global economic fragmentation.

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