SwapSpace Weekly Recap: Bitcoin dips, hacks, and stablecoin rules shake the market

Bitcoin took a hit this week as Middle East tensions flared, a major hack rocked Iranian crypto exchange, and the U.S. moved forward with new stablecoin rules. With a fresh round of token unlocks—and even Uncle Sam stacking sats—we’ve had a week full of action.

Here’s what happened and why it matters.

Last week’s highlights

• $3.3B in unlocked tokens adds pressure to the DeFi and altcoin market
• On June 16, a fresh wave of token unlocks hit the market, releasing over $450 million worth of previously locked tokens from major projects like LayerZero, ZKsync, Aptos, and Starknet. These releases were part of a broader $3.3 billion unlock schedule for the month and added noticeable sell pressure to already fragile altcoin markets. The timing, just after the weekend, created thin liquidity conditions and triggered sharp price swings across several DeFi and L2 ecosystems.
• The U.S. Senate passes stablecoin-focused GENIUS Act
• On June 17, the U.S. Senate passed the bipartisan GENIUS Act, the first federal regulatory framework focused on dollar-backed stablecoins. The bill makes issuers hold full cash reserves, comply with AML rules, and submit to regular public audits, while also banning government officials from launching their own coins. The market reacted quickly—Coinbase stock surged 17%—as investors saw it as a green light for more regulated and secure U.S. stablecoin infrastructure.
• Israel-linked hacker group drains $90M from the Iranian crypto exchange
• On June 18, the pro-Israel hacker group Predatory Sparrow claimed responsibility for stealing over $90 million in BTC, ETH, and DOGE from Iran’s largest crypto exchange, Nobitex. The group transferred funds to custom wallets inscribed with anti-IRGC messages, making the coins unrecoverable. In response, Iran initiated a near-total internet shutdown across the country. The breach marks a new era of politically driven cyberwarfare that directly targets crypto platforms as both financial and symbolic infrastructure.
• Bitcoin slips below $100K amid U.S.–Iran tensions
• On June 21, Bitcoin dropped below $100,000 for the first time in weeks after U.S. airstrikes targeted Iranian nuclear sites. The strike triggered a wave of panic selling and over $595 million in crypto liquidations, as traders fled risk assets. Ether also took a hit, falling nearly 9%. By Sunday, Bitcoin had recovered to around $102,000, thanks in part to institutional buying. The episode highlighted just how reactive crypto markets are to real-world geopolitical events, both in fear and in recovery.
• The U.S. builds a massive Bitcoin reserve
• On June 22, analysts and commentators revisited the topic of the U.S. government’s growing Bitcoin reserves, which now total an estimated 200,000 BTC, worth over $20 billion. These holdings have been accumulated over the past decade through asset seizures and enforcement actions. While it’s unclear whether the government plans to hold, sell, or tokenize these assets, the very existence of such a reserve shows how seriously nation-states are beginning to take Bitcoin’s role in global finance.

Last week’s stats 

Top gainers

• COINBASE (COIN) +4772%
• CATX (CATX) +3127%
• CAT (NOT) +3626%

Top losers 

• BWT (Blockword) -99,17%
• SPOT (Defispot) -98,32%
• TRUMP (TRUMP AI) -97,52%

Key pairs

• BTC/USD - $99.549
• ETH/USDT - $2186
• BTC/ETH - 45,45

What to watch next (June 23–29, 2025)

• $32 million in token unlocks — June 23–29, 2025

Projects like BLAST, ALT, VENOM, YGG, and C98 will unlock around $32 million worth of tokens next week as another wave of vesting kicks in. These fresh tokens could add short-term selling pressure and keep volatility elevated in select mid-cap altcoins.

• Consensus 2025 conference — June 24–26, Austin, Texas

Consensus 2025, one of the biggest annual crypto conferences, brings together industry leaders, developers, regulators, and investors to discuss the latest innovations and trends. This year’s event is expected to focus on new project launches, regulatory updates, and emerging market opportunities. It’s a key moment for the community to connect and for the market to get signals about crypto’s next moves.

• ETH Shanghai upgrade – Expected late June, 2025 | Ethereum network

Ethereum will soon launch the Shanghai upgrade, unlocking staked ETH for holders. This could increase ETH liquidity and potentially influence price dynamics, as more ETH becomes available for trading.

• Crypto market watch — Price support levels to watch

Bitcoin holds firm at nearly $104,000, while Ethereum stays steady at around $2,500 despite recent volatility. These levels will be key next week, as a break could signal a big move—up or down.

Big token unlocks hit the market, regulators advanced new stablecoin rules, and a major hack grabbed headlines. Geopolitical tensions shook Bitcoin, but it bounced back fast. With volatility set to continue, fast and reliable tools like SwapSpace’s instant crypto exchange and the crypto swap calculator offer a smart way to navigate sudden market moves. Watching key support levels alongside upcoming events like the Consensus conference and Ethereum’s Shanghai upgrade will be valuable in a market that’s changing by the hour.