- Sebastjan Bele
- Updated: June 5, 2025
- Reading time: 6 min
Markets Cool, Circle Nets $1.1B, Pump.fun Eyes $1B Raise, Robinhood Closes Bitstamp Deal
No major shakeups in the market, with Bitcoin trading slightly lower at $104K.
Circle and its backers, including CEO Jeremy Allaire, sold 34 million shares above the marketed range at around $31 each, netting the firm approximately $1.1 billion. Pump.fun, the memecoin generator that revitalized the Solana ecosystem, plans to raise $1 billion through a token sale at a $4 billion valuation. Robinhood has completed its $200 million acquisition of crypto exchange Bitstamp.
Meanwhile, James Wynn has asked the crypto community for donations to help him fight the “market-making cabal.”
News
- James Wynn says ‘market-making cabal’ is hunting him
- Circle IPO hits $1.1 billion as firm sells shares above marketed range
- Robinhood completes $200M Bitstamp acquisition
- Solana memecoin platform Pump.fun plans $1B token sale
- Strategy scoops more bitcoin
- Ethereum leads $286M in weekly crypto fund inflows
- Elon Musk blasts US spending as debt nears $37T
- Bitcoin bull case hinges on Fed rate cut expectations
- Bowman confirmed as Fed Vice Chair of Supervision
- Crypto kidnapping ring mastermind arrested in Morocco
Table of Contents
Markets
Best Performers
Based on the image, the best performers this week showed modest gains, reinforcing the overall market calm. Cronos (CRO) leads the chart with just a +3.54% gain, followed closely by PAX Gold (PAXG) and Tether Gold (XAUt) — both gold-pegged stablecoins — each up just over +3%. The presence of gold-backed tokens among the top movers further highlights the defensive tone in the market, with capital flowing into assets that mimic traditional safe havens. Even Hyperliquid (HYPE), usually a more volatile name, gained only +1.52%, suggesting subdued trading interest across the board.
Sector Performance
Sector performance this week has been broadly negative, with all major sectors trading lower compared to last week. The DeFi sector held up best, showing the smallest losses and remaining relatively stable through volatility. On the other end, meme coins led the drop, continuing their steep decline from late May. Gaming and AI sectors also suffered double-digit losses, while Layer 1 and Layer 2 networks mirrored the general downtrend, confirming risk-off sentiment across the board. The uniform pullback underscores the lack of fresh catalysts and overall market hesitation.
US Spot ETF Balances
US Bitcoin Spot ETFs
Current weekly inflows = – $3.51 billion
Total Assets Under Management (AUM) = $130.41 billion
US Ethereum Spot ETFs
Current weekly inflows = $180 million
Total Assets Under Management (AUM) = $10.36 billion
*The data for BTC / ETH ETFs can vary, so we use Coinglass as our source.
Market Commentary
As anticipated last week, a retest of the previous range high has now played out. Bitcoin is currently consolidating, and support appears to be holding for now. If this level breaks down, the next target would be $100K. However, if support holds, we could see a push toward new all-time highs.
Since last week:
- S&P 500 is up 1.41%
- NASDAQ is up 1.90%
- Gold is up 2.77%
Traditional markets continue to climb, still benefiting from the U.S. court blocking key portions of Trump’s tariffs. That said, tensions remain elevated as President Trump signed a proclamation doubling tariffs on steel and aluminum imports from 25% to 50%, effective June 4, 2025.
The total crypto market cap now stands at $3.29 trillion, down approximately 4.36% from $3.44 trillion week-over-week, while Bitcoin dominance holds steady at 63.3%. Fear & Greed Index stands at 57 (Greed).
What’s Next?
Bitcoin is consolidating around $105K and the market structure remains bullish. Implied volatility continues to decline, with 1-month implied volatility now under 40%. Some traders are positioning for upside as $130K September BTC calls are trading at 47% implied volatility. On-chain data shows that 1 million BTC has moved off exchanges since late 2023, suggesting a potential supply squeeze. Stablecoins now account for over 80% of total crypto spot market volume in 2025. Over the past five weeks, US Bitcoin ETFs have seen more than $9 billion in inflows, while gold-backed funds recorded outflows exceeding $2.8 billion.
On the macro side, JOLTS job openings initially painted a strong picture, but the ADP employment report showed only 37,000 new jobs in May, far below expectations of 110,000. This was the slowest increase since March 2023. Trump is once again advocating for interest rate cuts. The S&P 500 is approaching 6,000 as investors remain optimistic, but Q3 could bring more challenges. Tariff effects may begin to show in macro data and fiscal concerns around the “Big Beautiful Bill” and the US debt ceiling could lead to renewed volatility.
Meme of the Week
We hope you enjoyed this week’s edition of Diary of a Market Maker ! Stay tuned for more insights, updates, and market-moving highlights as we continue to keep you informed and entertained in the ever-evolving world of crypto.
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Until next time, happy trading and stay ahead of the curve!
Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial, investment, or other professional advice. All opinions expressed herein are solely those of the author and do not represent the views or opinions of any entity with which the author may be associated. Investing in financial markets involves risk, including the potential loss of principal. Readers should perform their own research and consult with a licensed financial advisor before making any investment decisions. Past performance is not indicative of future results.
Jakob Brezigar
Jakob, an experienced specialist in the field of cryptocurrency market making, boasts an extensive international presence. With Orcabay, he has skillfully managed major operations and deals for a wide array of global stakeholders.
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