Large investors pay little attention to noise

Market Update 

Stay informed in three steps:

1. Bitcoin briefly dips below $100,000
This happened last Sunday, following U.S. airstrikes in Iran. There was no real panic, and the price quickly recovered in the days that followed. Bitcoin has since climbed back above $107,000. The response shows that the market has become more resilient—shocks no longer automatically trigger heavy sell-offs.

2. Altcoins show cautious recovery
Altcoins took another hit over the weekend. At its lowest point, Ether was down 27% from its early June local high, while SOL briefly dropped more than 30% below its late May peak. A recovery is now underway. Altcoins are moving in sync with bitcoin but remain more sensitive to market shocks and sentiment.

3. ETF inflows show little concern over geopolitical tensions
The recent drop in bitcoin’s price did not affect inflows into U.S. bitcoin funds, which have recorded only positive days since June 9. Ether ETFs saw a small $11 million outflow on Friday, but this was more than offset by a $100 million inflow on Monday. This highlights the sustained interest from institutional and traditional investors.

News Overview

Signal from the noise:

• ProCap Financial builds $1 billion bitcoin reserve
  Investor Anthony Pompliano is launching ProCap, a new company that uses bitcoin as a strategic treasury asset. The company is merging with an existing public entity and aims to manage $1 billion in BTC. Revenues are expected to come from lending, derivatives, and other financial services. According to Pompliano, bitcoin is “the strongest form of capital” and deserves a central role in modern treasury strategies.
   

• Texas clears the way for a state bitcoin reserve
  Governor Greg Abbott has signed SB 21 into law, establishing a legal framework for a state bitcoin reserve. $10 million has been set aside for potential purchases, to be managed by the Texas Comptroller. Only bitcoin is eligible. It is not yet known if or when any purchases will be made.
   

• BBVA advises wealthy clients to allocate up to 7% to bitcoin
  Spain’s third-largest bank has been actively advising high-net-worth clients on bitcoin since September. “For a risk-tolerant profile, up to 7% in crypto,” BBVA says. Even 3% “could improve performance without significant risk.” According to Herbert Blankesteijn, this highlights an important development around bitcoin: from pariah to pillar in a modern investment strategy.
   

• Michael Saylor becomes bitcoin adviser to Pakistan
  The billionaire has been appointed as a strategic adviser to the Pakistani government. The appointment follows a June 16 meeting with the Finance Minister and Bilal bin Saqib, who had earlier announced plans for a strategic bitcoin reserve. The timing is notable: Pakistan is facing economic turmoil and a struggling sovereign fund of $8 billion—a fraction of Saylor’s bitcoin holdings.
   

• JPMorgan tests deposit tokens on Coinbase’s Base network
  The ‘JPMD’ tokens are intended for institutional clients and represent real bank deposits. This step blurs the line between traditional finance and DeFi. Coinbase itself is also exploring that boundary: the company has applied for SEC approval to facilitate the trading of stocks issued as tokens on blockchain networks.
   

Amdax’s Take
The crypto market proves resilient. After briefly dipping below $100,000, bitcoin quickly rebounded, supported by continued ETF inflows and easing tensions. The trend is clear: traditional and institutional investors are steadily building positions. This is reflected in recent news—from ProCap to BBVA and JPMorgan. Bitcoin is embedding itself more deeply into the traditional financial system and is becoming less affected by geopolitical noise.