Circle IPO inspires momentum; UK opens crypto ETNs to retail, 11Jun, 2025

📈 Broad rally amid macro tailwinds
Over the weekend, crypto markets surged as continued institutional inflows and easing macroeconomic pressures fueled optimism. The total crypto market cap rose to around $3.54 trillion, with 98 of the top 100 coins in positive territory. Bitcoin climbed above $109 K, inching closer to its all-time high of ~$112 K, supported by a ~4 %+ bounce in 24 hours. Ethereum led altcoins, hitting ~$2,700–2,800—its strongest run in weeks—with gains over 7 %.

Fear-to-Greed swings bullish
On-chain and sentiment indicators turned bullish. The Bitwise Sentiment Index surged, with over 80% of altcoins outperforming BTC, and Ethereum saw its largest notional short squeeze of 2025. US spot Bitcoin ETFs recorded steady inflows—$2.8 bn in May alone—and Ethereum ETFs posted their 16th consecutive day of inflows.

Macro catalysts in play
The trade sentiment shift—especially a handshake deal framework between the US and China agreed on June 10—helped strengthen risk appetite. This relieved some pressure off the US dollar, making crypto assets more appealing to risk-on investors.

1. Institutional capital surges
Crypto funds reached a record-high $167 bn AuM in May, driven largely by ETF inflows and investor reallocation from equity and gold funds.

2. Circle IPO inspires momentum
Stablecoin issuer Circle went public earlier this month, raising $1.05 bn—its stock more than doubled—setting a precedent for crypto firms like Gemini and Kraken.

3. Gemini files for US IPO
The Winklevoss-led exchange Gemini confidentially filed for a US IPO, signaling strong confidence in favorable market conditions and increased legitimacy of crypto as an investable sector.

4. UK opens crypto ETNs to retail
The UK Financial Conduct Authority is lifting its ban on crypto-backed ETNs, allowing retail participation while reinforcing investor protections—a milestone in European crypto adoption.