Live updates: Bitcoin ETFs had their worst month ever in June, shedding $4.5 billion

Record ETF outflows in June beat the previous worst month by 29% and came on nine consecutive days of redemptions to close the period.

Robinhood (HOOD) used its London event to unveil a broad expansion of its crypto business, led by the public rollout of its blockchain dubbed Robinhood Chain and the expansion of its tokenized stock offering to 120 countries.

On the DeFi front, Robinhood introduced a savings product built on crypto lending protocol Morpho, offering customers up to 7% yield, further blurring the lines between traditional brokerage services and onchain finance.

The company also said it will expand its perpetual futures business beyond cryptocurrencies into commodities such as gold and oil, received a Capital Markets Services license from the Monetary Authority of Singapore to pave the way for expansion there. It also teased AI-powered crypto trading and agentic commerce tools.

Robinhood (HOOD) shares were up 8% in the session, though the gains came ahead of the official announcements.

SpaceX (SPCX) shares fell more than 8% on Wednesday to $156.48 with the stock now trading 2% lower since it started trading on Nasdaq earlier this month.

Bloomberg reported earlier today that Meta (META) is developing plans for a cloud infrastructure business that would sell access to both artificial intelligence compute power and AI models, entering a market that SpaceX, through its xAI unit, moved into weeks earlier.

The report fueled concerns about rising competition in AI infrastructure. In May, SpaceX signed a deal with Anthropic to buy out all of the compute capacity at its Colossus 1 data center, and has since signed similar leasing agreements with Google and Reflection AI.

Separately, The Wall Street Journal reported that SpaceX has developed a prototype for a handset-like device designed to reshape how humans interact with artificial intelligence.

According to the report, the company recently showed the prototype to select investors ahead of its initial public offering, highlighting its broader AI ambitions beyond cloud services.

VVV, the native token of AI startup Venice, jumped 15% after founder Erik Voorhees said the company raised a $65 million Series A led by Dragonfly, valuing the privacy-focused AI platform at a $1 billion valuation.

Voorhees, a longtime bitcoin advocate and founder of ShapeShift, said Venice chose to raise equity rather than sell its sizable VVV treasury despite the token gaining more than 700% this year. Venice remains the largest holder of VVV, owning more than 30 million tokens out of an 80 million circulating supply, and has not sold any of its holdings, he said.

With the capital, the company also started to build out its own computing capacity, he said.

"We are making Venice a mass market consumer app, an open and unrestricted AI platform for at least a few hundred million people and several billion AI agents," Voorhees wrote.

The news gives another boost to the growing trend of crypto-native AI projects. For example, Grass (GRASS), a decentralized network that lets users monetize unused internet bandwidth to help train AI models, was up 10% in the session.

After a disastrous month, second-quarter, and first-half of the year, crypto is starting off July, the third-quarter, and the second-half of 2026 on a positive note.

Trading at $60,100, bitcoin is up about 5% from its weakest overnight levels and 3.2% over the past 24 hours. Ether (ETH) is ahead 3.8% over the past day, and solana (SOL) is higher by 5.8%.

There's nothing much in the way of positive catalysts — the move appears to be more of just a pause after a long period of unrelenting selling.

Crypto-related stocks are responding, led by an 11.5% gain in Michael Saylor's Strategy (MSTR). The company's high-yielding preferred stock, STRC, which had plunged to nearly $70 late last week, is up another 3.8% on Wednesday to $88.

Other movers include Coinbase (COIN), with a 10% gain, Circle (CRCL), up 3.7%, and Bullish (BLSH), up 8.4%.

After the drubbing crypto has received, the hint of good news or even the absence of bad news might be the excuse for a rally.

Fed Chairman Kevin Warsh earlier artfully declined to give any indication of how he or the rest of the central bank might be leaning with respect to rate hikes at upcoming meetings in July or September.

Minutes ago, the ISM Manufacturing PMI for June dipped to 53.3 from 54 in May. Economist forecasts had been for the index to remain flat at 54. The Prices Paid subindex fell to 73 from 82.1, and below expectations for 79.

Earlier, the ADP jobs report for June showed the addition of just 98,000 jobs, down from 122,000 in May and lower than forecasts for 113,000.

Sharply higher earlier in the session, bond yields have retreated; the two-year Treasury now flat for the day at 4.15%.

After falling below $58,000 earlier, bitcoin (BTC) has bounced back to the $60,000 level, up 2% over the past 24 hours.

"Is it good for business if your customers turn into competitors," asks noted skeptic Jim Chanos, after a Bloomberg report that Meta is developing a cloud business to sell excess AI compute.

"Eating their own," responded Hank Greenberg .

Bitcoin miners turned AI infrastructure providers are sharply lower across the board in early trading Wednesday:

Riot Platforms (RIOT) is down 7.5%, Hut 8 (HUT) down 8.5%, IREN (IREN) down 4.7% and Cipher Mining (CIFR) down 8.2%.

Also lower are chipmakers like Micron (MU), AMD (AMD) and Intel (INTC), each down roughly 5%.

META, meanwhile, is ahead by 6.3%.

The broad Nasdaq is down 0.55%.

Appearing on a panel at an ECB forum, Fed Chairman Kevin Warsh said he was not going to be giving forward guidance regarding plans for monetary policy.

He said he expected a "good family fight" over policy at the Fed's July meeting, but did not elaborate further.

Asked about whether he thinks current inflationary pressures are due to temporary shocks like the Iran war and AI boom, Warsh was coy and said that it will make for a large discussion topic at the upcoming Fed meeting.

Bitcoin (BTC) remains little changed at $59,600. Bond yields remain sharply higher for the day, the 10-year Treasury yield up 7 basis points to 4.50% and the 2-year yield up 5 basis points at 4.19%.

Nasdaq 100 futures are lower by nearly 1%.

Known internally as Meta Compute, Meta Platforms (META) is developing a cloud infrastructure business to sell access to AI computing power and models, Bloomberg reported.

The news has sent META higher by 7% in pre-market trading.

CoreWeave (CRWV), Hut 8 (HUT), and IREN (IREN) are among the stocks selling off on news of this new entrant into the business.

META shares have been under pressure this year due to the outlook for massive AI-related capex. This new line of business would seemingly begin to show returns for all of that investment.

The ADP National Employment Report for June showed private-sector job growth of 98,000.

That's down from 122,000 jobs in May and weaker than economist forecasts for 113,000.

"The pace of hiring is telling a story of both supply and demand," said Dr. Nela Richardson, chief economist, ADP. "We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries ... For now, the overall effect is a slowdown in job creation."

U.S. bond yields remain sharply higher on the session ahead of remarks by Fed Chair Kevin Warsh, who is appearing later this morning on a conference panel. The betting, for now, is that Warsh will likely reiterate the central bank's surprisingly hawkish stance from two weeks ago, perhaps even setting the stage for a July or September rate hike.

The government's more closely followed Nonfarm Payrolls Report for June is set to be released on Thursday morning.

Bitcoin's best gains may still be ahead, but the math behind them has changed dramatically, CryptoQuant CEO Ki Young Ju said in an X post Wednesday.

In 2011, $2.7 billion in net capital inflows drove a 55,000% price increase. This cycle, $697 billion produced a 689% return. The ratio of dollars in to price gain has compressed by roughly 80 times across cycles, a reflection of bitcoin's growing size and the shrinking pool of sellers willing to part with coins cheaply.

Ju's argument is that the next parabolic move requires a different kind of buyer.

Retail and ETF flows have driven the current cycle. The next leg, he says, needs bitcoin to become a core macro asset with deep institutional allocation, the kind that moves in hundreds of billions rather than tens. At $1 trillion or more in realized capital absorbed, he sees another parabolic run as viable.

The comparison point is gold, which carries a $27 trillion market cap. Bitcoin's current market value sits near $1.2 trillion, meaning even closing a fraction of that gap would represent multiples from here.

HIVE Digital Technologies (HIVE), a digital infrastructure company, completed a $130 million private offering of 0% exchangeable senior notes due 2031, including the full exercise of an additional $15 million purchase option by initial investors. HIVE said it expects net proceeds of approximately $124.5 million to support AI and HPC expansion, GPU acquisitions, data center development and general corporate purposes. Combined with its April financing, HIVE has raised $245 million through 0% exchangeable notes this quarter.

Circle Internet CEO and co-founder Jeremy Allaire defended USDC's position after investors questioned the impact of rival stablecoin network OpenUSD (OUSD), saying liquidity, regulation and years of adoption cannot be built overnight.

In an X post Wednesday , Allaire said USDC processed nearly $30 trillion in onchain transactions in the first quarter, representing about 80% of dollar stablecoin transaction volume, with Tether's USDT handling most of the rest. All other USD-pegged stablecoins combined accounted for less than 0.5%, he said, citing data from Artemis. He also said that large industry consortiums have a poor record of building successful products and noted that Circle's partnership with Coinbase "remains as strong as ever" even after the exchange joined OUSD.

Bitcoin's (BTC) 30-day implied or expected volatility index, BVIV, jumped by nearly 22% in June, the first monthly rise since February, according to data source Volmex.

The upswing happened as the spot price dropped by 20% to under $60,000.

BTC's volatility index has developed an inverse correlation with the spot price since at least 2024, signaling Wall Street–like dynamics where the VIX moves in the opposite direction of the S&P 500.

The BVIV, therefore, could be called a BTC "fear index," much like the VIX.

Tokenized stock lending protocol Edel Finance halted its smart contracts after an attacker exploited an oracle pricing flaw involving wrapped tokenized stock collateral, creating about $403,000 in bad debt.

According to the protocol, the attacker manipulated the exchange rate between the wrapped tokenized stock of Google’s parent company Alphabet, wGOOGLx and the unwrapped version, GOOGLx, causing wGOOGLx collateral to be valued at roughly 78 times its correct value before borrowing against it.

Edel advised users not to interact with the protocol. The team said it will absorb the bad debt and restore affected depositors' balances 1:1.

The exploit is among the first publicly disclosed attacks involving a lending protocol built around tokenized equities. Edel said it will release a full technical post-mortem after its investigation.

U.S. spot bitcoin ETFs recorded $4.5 billion in net outflows in June, their worst month since launching in January 2024, per SoSoValue data.

The previous record was $3.48 billion in February 2025. June's figure beat that by 29%.

BlackRock's IBIT, the largest fund by assets, accounted for $3.55 billion of the monthly total alone, including $212 million on June 30, the ninth consecutive day of net outflows. Total ETF assets have fallen to about $71 billion from roughly $83 billion at the start of the month.

Two events may have set the streak in motion. SpaceX debuted June 12 and within days had absorbed billions in risk capital, with retail buying on its first trading day breaking all single-session records and the offering raising $75 billion in total.

Five days later, Kevin Warsh's first Fed meeting as chair turned the dot plot toward hikes, took rate cuts off the table, and gave institutions a reason to reduce exposure to volatile assets.

Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.

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