Bitcoin maintains strong support above US$105k

Key market insights

• Bitcoin maintains support at US$105K despite geopolitical volatility: Bitcoin surged above US$110k before pulling back as geopolitical tensions triggered a broader risk-off move across markets
• SharpLink snaps up US$463M in ETH to become largest corporate Ethereum holder: Their massive ETH purchase signals a broader shift toward diversified crypto treasuries beyond BTC
• Public companies ramp up Bitcoin treasuries in mainstream corporate pivot: More companies are adding BTC to their balance sheets despite concerns over volatility
• OECD proposes global VAT framework for crypto transactions: The proposal is for a unified VAT framework for crypto to reduce global inconsistencies and simplify cross-border transactions
• UK regulator moves to lift ban on crypto ETNs for retail investors: UK’s FCA plans to lift its ban on retail crypto ETNs, but the retail crypto derivatives ban stays

The weekly trading stats as of Monday, June 16th at 10:00 am AEST, based on data from Tradingview in USD.

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Bitcoin maintains supports at US$105K despite geopolitical volatility

Bitcoin briefly climbed past US$110,000 early last week before retracing to around US$105,000 following heightened geopolitical tensions, including Israeli airstrikes in Iran. Traditional safe-haven assets like gold and the US dollar gained, while crypto markets broadly pulled back on risk-off sentiment.

Still, the fundamentals remain supportive. Glassnode data shows a five-day streak of ETF inflows totaling over US$1.3 billion, evidence that institutional and retail investors continue to accumulate through spot vehicles.

Analysts highlight that the price action and ETF demand resemble patterns seen ahead of Bitcoin’s late 2024 breakout. While near-term uncertainty persists, some view the current consolidation as a potential springboard for a renewed push toward all-time high.

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SharpLink snaps up US$463M in ETH to become largest corporate Ethereum holder

Sports-betting technology firm SharpLink Gaming has acquired 176,271 ETH, valued at nearly US$463 million, making it the largest publicly disclosed corporate holder of Ethereum, surpassing Japan’s Metaplanet. The firm says the purchase is part of a long-term strategy to broaden its focus beyond wagering infrastructure and capitalise on Ethereum’s expanding utility in tokenised gaming, digital payments, and on-chain loyalty programs.

With the purchase, SharpLink now controls around 1.2% of Ethereum’s free float. Analysts suggest this move highlights a growing trend among corporates to diversify beyond Bitcoin, seeking exposure to smart-contract platforms as blockchain adoption deepens across multiple sectors.

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Public companies ramp up Bitcoin treasuries in mainstream corporate pivot

A growing number of companies, from software firms to hospitality groups, have begun repurposing their balance sheets to build sizable Bitcoin holdings of their own, inspired by Strategy's meteoric stock rise after going all-in on Bitcoin.

Trump's own Media & Technology Group recently announced plans to raise up to US$2.5 billion via stocks and notes to fund their own Bitcoin reserve, which makes them one of the latest entrants to the trend and certainly among the biggest. Some analysts have since suggested that this introduces heightened risk due to Bitcoin's inherent volatility, especially for firms without deep crypto experience.

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OECD proposes a global VAT framework for crypto transactions

The Organisation for Economic Co-operation and Development (OECD) has published a comprehensive proposal to harmonize value-added tax (VAT) treatment of cryptocurrencies across member countries. The framework seeks to reduce inconsistencies, such as whether tokens are considered goods, services, or financial assets, and streamline cross-border crypto transactions. If adopted, this standardized VAT approach could simplify tax compliance for businesses and individuals involved in crypto worldwide, reducing ambiguity in scenarios like international token transfers and digital asset purchases.

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UK regulator moves to lift ban on crypto ETNs for retail investors

The UK's Financial Conduct Authority (FCA) plans to end its ban on retail access to crypto exchange-traded notes (ETNs), marking a major change toward a more open regulatory stance as part of broader efforts to support digital asset innovation and economic competitiveness.

Previously deemed too risky, ETNs will now be eligible for retail trading, pending consultation, if offered through FCA-approved exchanges. “We want to rebalance our approach to risk,” said FCA executive David Geale, highlighting that consumers should be allowed to decide if such high-risk products are right for them. However, the ban on retail crypto derivatives will remain in place.

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Looking ahead

Bitcoin heads into the second half of June trading just above US$105,000, as markets continue to absorb last week’s rejection near US$110,000. Heightened geopolitical uncertainty has contributed to a risk-off tone, and price action points to a period of consolidation. Still, analysts suggest a longer-term bullish structure may be forming beneath the surface.

As we’ve previously noted: “There’s growing conviction we could be in the early stages of a new super cycle.”

In the week ahead, key macro data, particularly inflation prints and central bank commentary, will likely shape market sentiment. ETF flows remain a critical signal of institutional interest, while short-term technicals are clustered around US$103,000 on the downside and US$108,000 as initial resistance.

A decisive move above US$110,000 could revive the broader rally narrative. A break below key support, however, may test investor conviction and dampen short-term momentum.

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