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Hello SnapShotters,

Ten years ago, Crypto.com set out with a simple belief: cryptocurrency could transform how people interact with money.

As we celebrate Crypto.com’s tenth anniversary, one thing remained constant through the bull and bear cycles: our commitment to lowering barriers to entry to digital assets, and empowering millions around the world to take greater control of their financial future.

What began as a crypto platform has grown into an inclusive financial ecosystem spanning trading, payments, rewards, tokenization, sports partnerships, AI, and beyond. None of this would be possible without our community. To everyone in and out of the #CROFam who has trusted, challenged, and grown with us over the past decade — thank you.

The next decade is sure to see markets continue to rise and fall. AI and blockchain will progress at breakneck speed, and so will new technologies. Whatever the cycle brings, we’ll keep building, innovating, and advancing the industry — with the same mission we started with a decade ago.

Now, let’s look at this week’s biggest stories from across the crypto world.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price.

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

💸 U.S. spot Bitcoin ETFs saw approximately US$4.06 billion in net outflows in June, the weakest month since launch as investors trimmed risk exposure and shifted appetite to AI trades.

💎 Bitmine added another 27,000 ETH last week, moving closer to its 5% target as it joins the Russell 1000 Index.

🪙 As Strategy’s Bitcoin premium (mNAV) fell below 1, it also approved a new capital framework that allows it to sell portions of its BTC treasury to fund preferred stock dividends, strengthen its cash reserves, and finance up to $2 billion in stock buybacks.

🏛️ In its latest report, the Bank for International Settlements (BIS) questioned stablecoins as money, while reaffirming tokenized bank money as its preferred alternative.

🥇 Tether is expanding gold-backed lending, which will allow users to borrow against XAUT without selling the underlying asset in their holdings.

🇬🇧 UK’s Financial Conduct Authority (FCA) softened parts of its incoming crypto regime, lowering capital requirements for non-systemic stablecoin issuers and crypto trading firms.

📅 What’s Ahead: The ISM Services PMI (July 6), May trade balance data (July 8), and latest FOMC meeting minutes (July 8) release this coming week.

Chart of the Week

More Than Half of Bitcoin Supply Underwater

BTC’s recent decline below $60,000 has pushed 10.8 million BTC — about 53.7% of the circulating supply — into an unrealized loss, the highest level on record.

In hindsight, such periods have coincided with heightened market pessimism as newer buyers come under pressure. However, it appears that long-term conviction isn’t as affected.

Crypto Trivia

Which commercial aerospace company made history in 2013 by accepting Bitcoin as payment for voyages to suborbital space?

A) SpaceX
B) Blue Origin
C) Virgin Galactic

Find the correct answer at the end of this newsletter.

Digital Drops

The date is set: Mane City Mobile launches on July 7, bringing the full competitive strategy experience to your pocket. Pre-register today before it goes live.

Byte Sized

Did you know? The name “Glamsterdam” can be broken down into:

Gloas: The consensus layer upgrade
Amsterdam: The execution layer upgrade (named after the Devconnect conference host city)

Behind the cool name is one of Ethereum’s most structural upgrades yet.

Learn more about where Ethereum is headed

Security Tips

Fake Seed Phrase Recovery Tools Are Harvesting Wallet Holders’ Data

Scammers are targeting crypto holders who have lost access to their wallets by offering fraudulent “recovery software” that instead steals browser passwords, documents, and sensitive files.

Learn how the scam works and how to protect your seed phrase

Source: NewsBytes