Bitcoin rebounds above US$101k after dipping below US$100k

Key market insights

• Bitcoin rebounds above US$101k after dipping below US$100k: Following a US strike on Iran, Bitcoin fell to around US$98.4k but recovered as spot buyers stepped in 
• Network activity slows despite price near peak: Bitcoin’s on-chain activity has slowed, with data suggesting a shift toward long-term holding
• Bloomberg analysts: Altcoin ETFs likely in 2025: They now see better than 90% odds of approval this year due to growing institutional support
• Fortune 500 firms embrace blockchain, report finds: About 60% of Fortune 500 companies are now exploring blockchain projects, with rising interest also seen among SMBs
• Senate stablecoin rules expected to lift US Treasury demand: The new stablecoin mandate could drive US Treasury demand up to US$1.6T, according to analysts

The weekly trading stats as of Monday, June 23rd at 10:00 am AEST, based on data from TradingView in USD.

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Bitcoin rebounds above US$101k after dipping below US$100k

Bitcoin briefly slipped below the US$100k mark last week, hitting lows of around US$98.4k. The move followed a US strike on Iranian nuclear facilities, which heightened geopolitical tensions and triggered risk-off sentiment across global markets. While Bitcoin dropped just over 4%, altcoins like Ethereum saw steeper losses, and leveraged long positions faced widespread liquidations. Trading volumes spiked, while traditional safe havens like gold and oil moved higher as investors sought stability.

Despite the initial shock, Bitcoin bounced back above US$101k. On-chain data pointed to strong spot buying, particularly from institutional investors. The recovery suggests the dip was seen as a short-term opportunity rather than a broader shift in market direction.

According to Decrypt, analysts expect crypto markets to remain steady unless the conflict escalates. The price action highlights Bitcoin’s sensitivity to geopolitical developments and its maturing role in the global financial system.

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Network activity slows despite price near peak

On-chain metrics indicate a significant cooling in Bitcoin network usage even as the price remains elevated near all-time highs. The data suggest a shift from high-frequency trading to more holding-driven behaviour, with transaction counts and miner activity both trending lower.

This slowdown points to a consolidation phase, where long-term investors are holding and short-term speculation has eased. Some analysts view this as a sign of Bitcoin’s structural maturation, marked by stabilising price action amid broader macroeconomic uncertainty.

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Bloomberg analysts: Altcoin ETFs likely in 2025

Bloomberg analysts Eric Balchunas and James Seyffart have raised their approval odds for spot ETFs tied to XRP, Dogecoin, and Cardano to 90% or higher. This marks a significant shift in sentiment around altcoin regulation. Their outlook also extends to Solana, Litecoin, Polkadot, and Avalanche, which also now carry similarly high chances. Analysts suggest the SEC’s recent engagement signals a move toward validation, rather than obstruction. With strong backing from institutional momentum and regulatory alignment, analysts view altcoin ETF launches this year as increasingly likely - and largely a matter of timing. 

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Fortune 500 firms embrace blockchain, report finds

A recent study shows that 60% of Fortune 500 companies are now running or piloting blockchain initiatives, up from 47% last year. These projects span real-world use cases like tokenised payments, supply chain tracking, and digital identity, which illustrate how blockchain can have strategic applications in corporate playbooks. The trend is also gaining traction among smaller firms. Around 81% of crypto-aware small and mid-sized businesses are exploring stablecoin solutions to support invoicing, cross-border payments, and financial inclusion.

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Senate stablecoin rules expected to lift US Treasury demand

The newly passed GENIUS Act requires dollar-backed stablecoins to be fully collateralised with short-term US Treasuries or cash. With the stablecoin market valued at around US$240 billion - and projected to grow - the regulation could dramatically boost T‑bill demand. Analysts estimate holdings could rise from US$200 billion today to as much as US$1.6 trillion within two years.

However, some caution that much of this demand may come from existing capital reallocated out of money market funds or deposit accounts rather than entirely new inflows. The shift could compress short-term yields and reduce funding costs for the government, though impacts on long-term rates and broader financial stability remain unclear.

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Looking ahead

Bitcoin begins the final week of June hovering just above US$101,000 after briefly dipping below US$100,000 amid renewed geopolitical tensions. While the swift recovery reflects continued institutional interest, recent on-chain data point to reduced network activity and hint at a shift toward longer-term holding behaviour and market consolidation.

In the near term, eyes will be on ETF developments, especially growing optimism around altcoin approvals and global regulatory momentum. Critical developments will also include the implementation of the newly passed US stablecoin bill and the UK’s evolving stance on retail crypto products. With macro conditions still fluid and risk sentiment fragile, traders are closely watching the US$98,000-US$104,000 zone for signs of strength or further slippage.

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