🔮 MJL Capital Comes to NYC

We’re excited for this coming week as the team heads to Permissionless and will be co-hosting a drinks reception with Abra on 6/23 in Dumbo! If you’re in NYC and would like to attend please reach out to the MJL team.

Top Stories

ETH Staking Nears Record as ETF Speculation Fuels Validator Surge

Ethereum’s staked supply has returned to near all-time highs, reaching 28.69% as of June 15, just shy of its 28.71% peak in November 2024. After dipping to 27.22% in March following the Dencun upgrade, staking momentum has surged alongside growing anticipation for a spot ETH staking ETF. The validator entry queue has ballooned from 12.7K to over 397K in three weeks—its highest level in over a year—driven by speculation that issuers are seeding validators in advance. Unlike current spot ETH ETFs, a staking-enabled product would generate yield from consensus rewards, functioning more like a short-duration, floating-rate bond. With firms like Grayscale and 21Shares updating filings to support validator delegation, approval could push staked ETH past 30%, further tightening float and amplifying future price moves.

Source: The Block

Kraken-Backed Ink Network to Launch INK Token with Utility-Focused Airdrop

The Ink Foundation has announced the launch and upcoming airdrop of its INK token, positioning the Ethereum Layer 2 project as a direct competitor to Coinbase’s tokenless Base. Backed by Kraken and part of the Optimism Superchain ecosystem, Ink will debut INK with a fixed supply of 1 billion tokens, explicitly excluding governance utility. Instead, INK is framed as a pure utility asset aimed at incentivizing liquidity and network activity, starting with an Aave-powered DeFi pool that will reward early users through targeted airdrops. Managed by a foundation subsidiary, the rollout suggests multiple future airdrops as Ink builds out its ecosystem.

Bitcoin ETFs Now Drive 25% of Spot Volume as Onchain Activity Retreats

Bitcoin spot ETFs now account for 25% of total BTC trading volume, up from just 10% in October 2024, reflecting growing institutional demand for regulated exposure. The ratio briefly peaked at nearly 30% before settling, underscoring how ETFs—favored for their ease of access, tax reporting, and reduced custody risks—have rapidly absorbed market share from crypto-native venues. Meanwhile, Bitcoin’s onchain activity has dropped sharply, with daily transactions falling below 350,000, down from over 700,000 during the peak of Ordinals and Runes usage in mid-2024. As speculative demand cools, average fees remain under $1.50, and mining pools like MARA are now experimenting with processing ultra-low-fee transactions via custom pipelines, sparking debate over Bitcoin’s fee policies and decentralization ethos.

Lending Protocol TVL Hits All-Time High as Aave and Maple Lead the Charge

The total value locked (TVL) in lending protocols has reached a new all-time high of $55.69 billion, surpassing previous peaks from 2021 through late 2024. Aave v3 has been the primary driver, growing 55% since April to $26.09 billion in TVL and generating $1.6 million in daily fees this month—up from $900K in April. The AAVE token is up over 65% in the past three months, handily beating BTC’s 26% gain. The trend extends beyond Aave, with Morpho Blue up 38% YTD to $3.9 billion TVL and Maple Finance up 417% YTD to $1.37 billion, powered by its real-world asset lending framework. Maple’s “sovereign pools” and tokenised credit notes have enabled traditional finance players to tap DeFi rails without holding crypto directly, marking a broader shift toward institutional adoption of on-chain credit markets.

Source: DefiLlama

Regulation

Senate Passes GENIUS Act, Paving Way for First U.S. Stablecoin Regulations

In a 68–30 vote, the U.S. Senate passed the bipartisan GENIUS Act on Tuesday, marking a historic milestone as the first major crypto bill to clear the chamber. Backed by the Trump administration, the bill sets federal standards for U.S. dollar-pegged stablecoins, requiring full dollar or liquid asset backing, annual audits for large issuers, and strict oversight for foreign entities. It grants stablecoin holders "super-priority" in bankruptcy and bans interest-bearing features, reinforcing their role as payment tools rather than investment vehicles. The act also blocks non-financial tech giants from issuing stablecoins without meeting stringent risk and privacy criteria. The bill now moves to the House, where lawmakers must decide between adopting the GENIUS Act or advancing their own STABLE Act proposal.

Tether CEO Blasts Cloud After Record Password Leak, Teases Local Password Manager

Tether CEO Paolo Ardoino called for an end to cloud-based password storage after 16 billion credentials—spanning Apple, Google, Facebook, and government services—were leaked in what experts are calling the largest data breach to date. Labeling the cloud a repeated failure, Ardoino pointed to the upcoming launch of PearPass, Tether’s fully local, open-source password manager that stores data exclusively on user devices. The move aligns with Tether’s broader push into decentralized, offline-first tools, including Pear Credit and the soon-to-launch Tether AI. Ardoino framed the effort as part of a larger mission to build resilient, “human-first” tech for a world where cloud infrastructure can no longer be trusted.

JPMorgan Pilots Deposit Token on Base, Eyes Safer Onchain Settlement

JPMorgan Chase is testing a blockchain-based dollar-pegged asset called JPMD on Coinbase’s Ethereum Layer 2 network, Base, marking a significant step in the bank’s digital asset strategy. The “deposit token,” detailed in a new whitepaper, represents claimable dollar deposits held at JPMorgan and is designed as a more regulated alternative to stablecoins and CBDCs. Unlike typical stablecoins, deposit tokens are backed by insured bank deposits and issued by licensed financial institutions. JPMorgan positions the instrument as a cornerstone of a safer tokenized economy, citing growing institutional consensus around blockchain’s transformative role in finance. The trial follows a trademark filing for digital asset services and reflects the bank’s push to redefine how commercial bank money moves onchain.

Source: JPMorgan

Strategy and Metaplanet Double Down on Bitcoin with Major Buys

Strategy (formerly MicroStrategy) announced a $1.05 billion purchase of 10,100 BTC on Monday, pushing its total holdings to 592,100 BTC—more than 2.8% of Bitcoin’s total supply and now worth over $63 billion. The acquisition was largely financed through the firm's new STRD perpetual preferred stock offering. Meanwhile, Japan’s Metaplanet crossed the 10,000 BTC mark with a fresh $117.2 million buy, overtaking Coinbase Global’s reported holdings. Metaplanet also approved a $210 million bond issuance to support its goal of amassing over 210,000 BTC by 2027, signaling continued institutional conviction in Bitcoin’s long-term value.

Other Domestic Regulation Updates

• Trump makes over $57 million from WLFI sales
• Truth Social files for Bitcoin and Ethereum combo ETF
• CoinShares joins VanEck, Fidelity, and others in race for spot Solana ETF
• Coinbase seeks SEC greenlight for tokenized stocks
• JP Morgan Exec Wary of 'Overcrowding' Stablecoin Market as Bank Registers JPMD Trademark
• Tron’s Plans to Go Public Raise Eyebrows Over Trump Family Ties
• Solana, XRP and Dogecoin ETF Approvals in 2025 Are a Near Lock, Analysts Say

Other International Regulation Updates

• Stabbed South Korean crypto CEO acquitted of $650 million fraud charges
• France hit by 10th crypto 'wrench attack' of 2025
• Coinbase, Gemini Angling for MiCA Licenses in Malta and Luxembourg: Reuters
• Bitcoin, Dogecoin Targeted as Norway Eyes Ban on New Crypto Mining Operations

Pain & Gain

Pain

• Iranian crypto exchange Nobitex seemingly exploited by pro-Israel hacker group
• Corporate crypto treasury bubble risks are real
• Trump-linked firm quietly reduces equity interest in World Liberty Financial
• Kidnappers Release TikTok Crypto Influencer After Finding Out He’s Broke
• Meme Coin Massacre: Buying Opportunity or a Warning to Exit?
• TikTok Hits Back At Congressman's '$300 Million Bribe' Accusation Over Trump Meme Coin

Gain

• New spot altcoin ETFs could unlock compelling long SOL, short LTC trade
• What Does Ethereum’s Staking Record Signal for the Asset?
• Coinbase, Circle Stocks Spike Double Digits After Stablecoin Bill Clears Senate
• Musk's X to Debut Trading and Payment System. But Where is Dogecoin?