US equities continue to reach new peaks, even after navigating a series of adverse economic, political, and geopolitical events. Bitcoin also maintains its high price levels, with various investment entities quietly and publicly accumulating the digital asset.

Market Overview

The trading session on Friday, June 27th, concluded with gains across all three major US stock indices: the Nasdaq rose approximately 1%, the Dow Jones saw a similar increase, and the S&P 500 climbed 0.8%, hitting a new all-time high during the session. Post-market futures indicated that the market could continue to achieve new peaks in the next session, particularly for the Nasdaq and S&P 500. Oil prices saw a slight decrease but remained around $65 per barrel. Gold also declined to $3286 per ounce.

Recent key US economic data presents a picture of slowing growth. Specifically, the US Q1 GDP was revised downwards to -0.5%, lower than the forecasted -0.2% and the figure announced on May 19th. This downward revision suggests the US economy is weaker than initially estimated, raising concerns about decelerating growth amid persistently high interest rates and signs of weakening consumer spending. Conversely, initial jobless claims reached 236,000, lower than the previous period's 246,000, indicating that the labor market remains relatively stable in the short term.

Bitcoin experienced a slight correction but maintained its position around $107,000. Most major altcoins saw minor gains. However, the overall crypto market capitalization slightly decreased to $3.39 trillion.

The percentage of BTC in profit when Bitcoin is around this price point is 96.3%. This high percentage underscores the resilience and long-term holding conviction among Bitcoin investors.

On Thursday, US Bitcoin spot ETFs continued to see positive inflows, though at a reduced rate compared to the previous session. Total inflows into these funds amounted to $226.7 million, predominantly from BlackRock's IBIT fund. ETH spot ETFs, however, experienced outflows of $26.4 million. This sustained inflow into Bitcoin ETFs, despite market fluctuations, highlights ongoing institutional demand for BTC exposure.

We can observe that despite a barrage of negative news impacting the market recently, US equities have continued to reach new highs. In this context, financial markets remain constantly influenced by numerous "big stories," from trade wars and Middle East conflicts to concerns over rising oil prices. Investors, especially retirees who no longer have new income streams, are particularly susceptible to negative news and may make fear-driven decisions to sell assets, leading to long-term financial consequences.

In such times, it's crucial to evaluate whether new information impacts one's core investment thesis. If not, sticking to one's investment strategy and principles is paramount. There will always be moments when the market is dominated by fear. The key is to maintain investment principles based on long-term conviction and a clear understanding of one's investment rationale. By broadening one's perspective, investors will realize that the market has weathered numerous similar crises throughout history and emerged stronger.

Coinbase's Robust Stock Growth and Strategic Expansion

Coinbase has emerged as the strongest performing stock in the S&P 500 index for June, driven by the progress of the GENIUS Stablecoin Bill, the launch of new products, and its inclusion in the S&P 500 index at the end of May. In June, the stock surged 43%, reaching its highest level since its 2021 IPO and marking three consecutive months of gains. Coinbase's (COIN) stock price recently set a new peak in yesterday's trading session, reflecting market confidence in Coinbase's central role within the global crypto ecosystem.

Coinbase significantly benefits from a revenue-sharing agreement with Circle, retaining 100% of profits from USDC on the Coinbase platform and nearly 50% of revenue from USDC held on other platforms. Additionally, Coinbase continues to expand its services. Recently, they announced the launch of "perpetual crypto futures" on July 21st, broadening their offerings for advanced traders.

Despite some questions regarding Coinbase's Bitcoin accumulation as a prominent crypto company, CEO Brian Armstrong recently confirmed that Coinbase continuously purchases additional Bitcoin weekly. As of now, the company holds 9,267 BTC and is the 10th largest publicly listed enterprise globally by Bitcoin holdings. Armstrong also stated that 8 out of the top 10 publicly listed companies holding Bitcoin on their balance sheets use Coinbase Prime for digital asset custody. Furthermore, 81% of the total $140 billion in crypto currently held by US ETFs is custodied at Coinbase.

Coinbase, like many other companies in the crypto market, is also benefiting from the Trump administration's supportive stance on industry development. President Donald Trump recently affirmed his support for the crypto industry, recognizing it as a "big industry" that the United States needs to lead. According to him, if the US does not proactively develop this sector, China will seize the opportunity to dominate the space.

President Trump also pointed out that during recent periods when stock markets experienced significant declines, crypto, particularly Bitcoin, saw considerably smaller drops compared to traditional equities. This, he suggested, demonstrates the relative stability potential of digital assets amidst economic volatility. The President emphasized that crypto is contributing to job creation, reducing pressure on the USD, and bringing positive benefits to the US economy. Although he does not pursue personal investments in this sector, he expressed pride in having contributed to shaping and promoting the growth of the cryptocurrency industry in the United States.

Tariff Updates: Easing Tensions with EU, China; Canada's Digital Tax Conflict

Tariff tensions have eased as the US and other nations recently announced new trade agreements. Here are the specific updates from various countries.

European Union (EU)

According to the Wall Street Journal, the European Union (EU) is considering reducing tariffs on various imported goods from the United States to advance negotiations and reach a trade agreement with President Donald Trump. This move is seen as part of an effort to de-escalate trade tensions and re-establish economic cooperation between the two sides.

EU leaders were expected to discuss potential concessions at a meeting in Brussels on Thursday evening. Besides tariff reductions, the EU is also considering other options, including lowering non-tariff barriers and increasing imports of US products, particularly liquefied natural gas (LNG). Additionally, the EU proposed expanding cooperation with the US in addressing economic issues related to China, including the shared goal of reducing reliance on Chinese supply chains and curbing Beijing's increasing economic influence. This is viewed as part of a broader strategy to protect the economic and geopolitical interests of both sides amidst intensifying global competition.

China

China's Ministry of Commerce announced that the US and China have confirmed the details of a new trade framework, which will allow China to export rare earth minerals and the US to ease technology restrictions. This round of tariff agreements between China and the US has progressed more quickly than the previous one. This could be attributed to increasing signs of weakening in the Chinese economy.

Recently, China's industrial profits for May dropped 9.1% year-over-year, marking the sharpest decline since last October when profits fell 10%. This is a concerning indicator of the financial health of factories, mines, and utility companies—key components of the Chinese economy. Total profits of large industrial enterprises in the first five months of 2025 also recorded a 1.1% decrease compared to the same period last year, clearly reflecting that current economic stimulus measures have not yielded the expected results. China's industrial sector has already faced numerous difficulties since the pandemic, and the situation has become more complex with new tariffs from the United States.

Canada

The Canadian government has enacted a 3% digital services tax (DST) on revenue derived from activities such as advertising, online platforms, and user-generated data in Canada, primarily targeting large global tech corporations. This tax is retroactive to January 1, 2022, with the first payment due on June 30, 2025. Total estimated tax revenue is between $2–3 billion, and affected businesses include Google, Amazon, Meta, and Microsoft.

In response, President Donald Trump declared that the United States would immediately cease all trade negotiations with Canada. He argued that Canada's imposition of a digital services tax on US tech companies is a "direct and blatant" act against the US, and accused Canada of copying the European Union's policy—a region also in ongoing negotiations with the US on a similar issue. President Trump emphasized that Canada has long been a "difficult" trade partner, citing tariffs of up to 400% on US dairy products as an example. He asserted that Canada's new tax is unreasonable and pledged to announce reciprocal tariffs that Canada will face when doing business with the United States within the next seven days.

Other Nations

Treasury Secretary Scott Bessent stated that the Trump administration might extend tariff negotiations with over 12 trade partners until September. Among 18 key partners, the UK and China have temporarily reached agreements, and an additional 10–12 agreements are expected to be signed before Labor Day (September 2, 2025).

President Trump also affirmed that the July deadline is flexible and can be adjusted at the administration's discretion. He said: "We can extend it, shorten it... I just want to send a letter to everyone: 'Congratulations, you'll have to pay 25%.'" Council of Economic Advisers Chairman Stephen Miran indicated that the July 8th deadline could be extended for some countries.

Overall, the tariff news is largely positive. The market eagerly anticipates the swift negotiation and conclusion of the period of tension.

Other Key Crypto Updates

Nike forecasts a slowdown in revenue and profit in the near term due to the impact of new tariffs, which are expected to increase the company's costs by approximately $1 billion in fiscal year 2026. CFO Matt Friend stated that Nike will seek to mitigate all these increased costs by adjusting its supply chain, working more closely with factories and retail partners, and increasing product prices. Currently, about 16% of Nike's supply chain originates from China, but the company aims to reduce this figure to below 10% before next summer. Gross profit margin for fiscal year 2026 is projected to decrease by 0.75%, with the largest impact occurring in the first half of the year. This demonstrates how global trade policies can directly impact large corporations and their strategic adjustments.

CZ, the former CEO of Binance, stated: "The current American dream is owning a house. The future American dream will be owning 0.1 BTC, which will be worth more than a house in America." This bold prediction underscores a growing belief in Bitcoin's long-term value appreciation relative to traditional assets.

Shares of Bitcoin mining company Bit Digital plummeted nearly 19% last week after the company announced a $150 million stock issuance and a strategic shift towards Ethereum staking. Despite negative investor reaction, the company remains committed to its plan. Year-to-date, the stock has fallen over 40%, and Bit Digital's market share has dropped from 12th to 13th position in the Bitcoin mining industry. This highlights the challenges and strategic pivots occurring within the crypto mining sector.

Ripple CEO announced that the company will withdraw its cross-appeal, and the SEC is also expected to withdraw its appeal, marking the permanent conclusion of the lawsuit. This decision comes after Judge Torres rejected a request to privately settle the case, emphasizing that court rulings serve the public interest and cannot be undone by a mere agreement between parties. Ripple and the SEC will accept the original ruling and pay fines; accordingly, Ripple's direct sales of XRP to institutions are deemed investment contracts, while XRP traded on crypto exchanges are not considered securities. This long-standing lawsuit has officially concluded, bringing much-needed clarity to the regulatory status of XRP.

Bitcoin ETFs attracted nearly $4 billion in inflows in June, with 12 consecutive sessions recording positive inflows, demonstrating strong institutional demand. However, Bitcoin's price only increased by 3% because numerous large whales simultaneously sold off nearly equivalent volumes. Data indicates that smaller wallets (1–1,000 BTC), primarily institutions and ETFs, are accumulating aggressively, while larger wallets and retail investors are selling. This signifies a major shift in Bitcoin ownership, with ETFs increasingly replacing the role of traditional whales in the market.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• Wall Street Journal
• White House Press Office
• Nike Investor Relations
• MicroStrategy Investor Relations
• Bit Digital Investor Relations
• Ripple Labs
• Binance

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.