White House Executive Director Patrick Witt said he is optimistic the Clarity Act can be passed by July 4. Witt added that significant work is underway "behind the scenes."

SpaceX began trading on Nasdaq on Friday under ticker SPCX, opening near $150 after a $135 IPO price and closing around $161, up about 19%. Trading volume topped 480 million shares, and the company’s market value briefly exceeded $2.3 trillion. The IPO raised $75 billion and allocated about 20% of shares to retail investors.

Paxos has transferred 99,999,999 PYUSD, valued at $100,007,365, to Ethena.

Standard Chartered Bank senior market analyst Geoffrey Kendrick said the current Bitcoin drawdown may have already bottomed, with the low likely forming around the $59,000 area as key headwinds that previously weighed on the market begin to fade. CoinDesk data show Bitcoin slid to $59,375 on June 5 before rebounding to around $64,000. Kendrick described the zone as the cycle's "low of certainty," marking roughly a 53% decline from the $126,000 peak recorded on Oct. 6, 2025. Kendrick views recent selling tied to U.S. spot Bitcoin ETFs as temporary. He said cumulative net redemptions have exceeded $5.72 billion since the second week of May, one of the most concentrated outflow stretches since the products launched. In his view, the pressure is not solely a reassessment of Bitcoin's fundamentals and is also linked to short-term capital rotating into other high-demand assets. He added that some ETF holders sold Bitcoin to raise cash to participate in SpaceX's IPO, and that financing-driven selling could ease as the listing process progresses. He highlighted SpaceX's IPO and developments in the Middle East as key catalysts to watch. Kendrick said rising expectations for a U.S.-Iran peace agreement could keep oil prices capped and improve broader risk sentiment. The report noted that after U.S. President Trump referenced the possibility of an agreement with Iran, Brent crude fell to about $87 a barrel and WTI to around $85. Looking ahead, Kendrick pointed to three signals: whether U.S. spot Bitcoin ETFs can flip back to net inflows in a single day, whether international oil prices continue to fall, and whether corporate treasury buying resumes. He said a restart in corporate purchases, a return to positive ETF flows, and an end to oil's upward momentum would make it easier to confirm a near-term bottom for Bitcoin. Kendrick also reiterated his view that Ethereum could outperform Bitcoin this year. He currently targets $100,000 for Bitcoin and $4,000 for Ethereum by year-end, citing capital flows, corporate buying, and shifts in the macro backdrop as the main drivers.

Retail investors have spent most of the past five years acting as the market's most consistent source of buying, staying active through meme-stock volatility, Federal Reserve rate hikes, banking stress and other shocks. That pattern has now shifted in a way that's drawing Wall Street's attention: individuals have recorded three consecutive days of net selling in U.S. equities, a run last seen in 2020. Citadel Securities' Scott Rubner noted that retail net-selling days have occurred only 18 times since January 2020, making a three-day stretch statistically rare. Vanda Research, which monitors retail order flow, has previously highlighted isolated net-selling sessions, including Nov. 23, 2023, when retail investors posted $20.6 million in net selling. This time, the market is facing three straight days of outflows. The timing stands out. The shift is not occurring amid a market crash or liquidity crunch. The S&P 500 has been on an extended winning streak, and broader equity conditions have remained generally firm. The backdrop traces back to 2020, when pandemic-era stimulus, more time at home and widespread access to commission-free trading platforms such as Robinhood helped fuel a new wave of individual participation. Earlier in 2026, retail investors briefly turned into net sellers for the first time since late November 2025 during another S&P 500 winning streak, an early warning sign. The current three-day run looks less like a one-off and more like an emerging pattern. One notable detail: the selling appears concentrated in traditional equities. Retail behavior in cryptocurrencies has not shown a similar shift, and no specific crypto reporting has mirrored the retail-selling narrative seen in stocks, including coverage from outlets such as CoinDesk or The Block. With net-selling days so uncommon over the past five years, Rubner's data suggests markets may be entering less familiar territory. For three sessions in a row, the market's most dependable bid has gone quiet.

Venture capitalist Tim Draper weighed in on Elon Musk's place in crypto history Friday, saying he's a fan of Musk—but not quite on the level of Bitcoin creator Satoshi Nakamoto. The remarks landed shortly after SpaceX began trading on Nasdaq and disclosed a sizable Bitcoin position. SpaceX debuted in what it described as the largest IPO on record, raising $75 billion. Shares were priced at $135, with about 555.6 million shares sold, implying a valuation of roughly $1.77 trillion. The offering topped Saudi Aramco's $29.4 billion 2019 record, and the newly listed stock, ticker SPCX, gained more than 25% in its first session. The company's S-1 filing also revealed it holds 18,712 BTC, well above the 8,285 BTC some trackers had estimated ahead of the disclosure. SpaceX reported paying about $661 million in total, or roughly $35,320 per coin on average. With Bitcoin trading near $63,600, the stake is valued at about $1.19 billion. BitcoinTreasuries ranks SpaceX as the eighth-largest public corporate Bitcoin holder. Tesla, another Musk-led company, held 11,509 BTC through the first quarter, bringing Musk's combined corporate total to 30,221 BTC. Only four public companies report larger BTC positions. Draper has long-standing ties to both firms and to Bitcoin. His funds backed Tesla and SpaceX in early venture rounds, and he purchased nearly 30,000 BTC in the 2014 U.S. Marshals Silk Road auction. Draper has also maintained a $250,000 Bitcoin price target. “I love Elon Musk.. Almost as much as I love Satoshi Nakamoto,” Draper, founder of Draper Associates, wrote on X. Separately, trader and podcast host Scott Melker said the IPO proceeds could create an opportunity for SpaceX to increase its Bitcoin holdings. “This would be a great time for SpaceX to buy more Bitcoin,” he posted. The filing describes Bitcoin as a strategic reserve for excess cash and puts the position at about 1.8% of total assets. SpaceX's past actions point to a more cautious approach. The company previously wrote down its Bitcoin holdings and sold part of its position during the 2022 market downturn. Demands for capital—including Starlink expansion, Starship development, and ongoing operating losses—may also compete for the new funds. Under SpaceX's dual-class structure, Musk controls 82.4% of voting power, according to the prospectus, leaving the decision largely in his hands. Musk has shifted course on Bitcoin before: Tesla adopted Bitcoin payments in 2021, paused them weeks later over energy concerns, and later sold most of its holdings. Whether SpaceX deploys any of its IPO cash into additional Bitcoin purchases may become clearer in its first quarterly report as a public company. For now, the disclosure alone has put BTC on the radar of millions of new shareholders.

A new privacy feature in Bitcoin Core 31.0 designed to prevent recipients from learning a sender's IP address can, under certain conditions, do the opposite. The issue centers on "privatebroadcast", which relies on an encrypted handshake. If that handshake fails, the node may retry by switching to a direct connection, bypassing Tor and potentially revealing the sender's IP. The failure is not purely accidental: a malicious peer can intentionally terminate the encrypted handshake to force the retry and trigger the leak. Bitcoin Core developers said the impact is limited in scope and does not affect wallet commands. A patch is expected in version 31.1. The advisory was posted quietly last week and was later amplified by @bitcoincoreorg on X last night.

The U.S. government posted a $293 billion budget deficit in May, coming in well above estimates and marking a 32% increase from a year earlier. Interest expenses climbed to a record $133 billion, up 44% year over year. On an annualized basis, interest costs are running at about $1.6 trillion, roughly 30% of tax receipts, underscoring mounting pressure on federal finances.

BlackRock, which was close to losing one of the largest public pension assignments in the U.S., will get a renewed chance to keep it. New York City Comptroller Mark Levine said June 12 that the city will reopen bidding for about $42.3B in U.S. public equity index mandates across three major pension systems: NYCERS, TRS and BERS. The decision resets a process that had been moving toward ending BlackRock's contracts after city officials raised concerns about the firm's approach to climate and decarbonization. NYCERS, TRS and BERS sit within a broader city retirement complex overseeing nearly $300B in assets. From recommended termination to an open rebid In November 2025, then comptroller Brad Lander called for BlackRock's mandates to be rebid, saying the firm's decarbonization plans did not meet the pension systems' expectations. In that review, 46 of 49 public-market managers submitted decarbonization plans viewed as aligned with the city's standards. BlackRock was not among those 46. A follow-up assessment dated April 30 reaffirmed the conclusion and also identified Fidelity as misaligned with the climate expectations set by the pension systems. City guidelines emphasize science-based targets and stronger engagement policies. Levine, who has since taken over as comptroller, opted against an immediate termination and instead opened a broad rebidding process, allowing BlackRock to compete against other firms for the same mandates. NYC's climate policy backdrop The city's pension systems report a 37% reduction in financed emissions since 2019 and more than $15B deployed into climate-focused investments. Since 2023, New York City's five pension systems have pursued more aggressive net-zero implementation policies, including a commitment to fully divest from fossil fuel reserve owners and to exit about $3.8B of related holdings. What it signals to investors With 46 of 49 managers meeting the city's climate standards, NYC's bar appears demanding but attainable. The earlier recommendation to terminate BlackRock's mandates underscores that the firm's approach to decarbonization carried reputational and commercial risk even at large scale.