SnapShot 212

De-escalation rally, ETH whales, and Texas’s BTC reserves take center stage.

Hello SnapShotters,

Crypto market participants weathered a flash sell-off last week after escalations in the Middle East, sending oil fears and volatility surging. 

BTC slipped below $100,000, and ETH lost as much as 7%, but the weekend ended on a more optimistic note. A ceasefire announced by U.S. President Donald Trump triggered a broad rebound, with BTC bouncing up to almost $110,000 later in the week. Altcoins like SOL, SUI, and LINK led Monday’s recovery.

Institutional confidence in ETH remained unmoved. New data shows nearly 1% of the token’s supply now sits in long-term strategic reserves, concentrated in 38 holders — an increasingly institutional mix of foundations, decentralized autonomous organizations (DAOs), and listed companies.

Exchange-traded fund (ETF) activity stayed strong, albeit slightly slower: U.S. spot BTC ETFs netted $1.3 billion in inflows last week, while ETH products cooled to $38 million from the previous week’s $528 million. 

The macro picture remained steady; the U.S. Federal Reserve (Fed), Bank of England, and Bank of Japan all held rates, but the Swiss National Bank trimmed its benchmark by 25 basis points (bps). Fresh speculation brewed around a potential U.S. interest rate cut in July.

Let’s unwrap all the scoops of the crypto world this week.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🇺🇸 Texas Goes Big on Bitcoin Reserve

The Lone Star State becomes the third in the U.S. to launch a Bitcoin reserve, joining New Hampshire and Arizona. 

🇰🇿 Kazakhstan Backs Solana Hub

Kazakhstan launched Central Asia’s first Solana Economic Zone to support tokenized markets and grow its blockchain sector. AIX, Solana Foundation, and local exchanges will pilot integrations.

🇯🇵 Japan Keen on Crypto ETFs, Tax Cuts

The Financial Services Agency (FSA) wants crypto reclassified as financial products, a move that could accommodate ETFs and cut tax on gains from 55% to 20%, mirroring stocks. Over 12 million Japanese people are now said to hold crypto, outpacing foreign exchange and bonds.

🐋 Whales Buy ETH Dip Amid Chaos

ETH fell harder than BTC’s sub-$100,000 drop last week, but whales saw an opportunity. An address scooped up $39 million in ETH, as $1.2 billion in crypto fund inflows were recorded in that period in spite of the U.S.-Iran tensions.

🏠 U.S. Mulls Crypto in Mortgages

U.S. housing enterprises Fannie Mae and Freddie Mac may soon count crypto held on regulated exchanges in mortgage risk checks, per new guidance under the Trump administration. Safeguards to address volatility are still in planning.

What’s Ahead

🧭 Later This Year: GOP’s Crypto Rules Framework

U.S. Republican senators introduced a new framework to clarify when crypto assets are securities or commodities, proposing to scale back the SEC’s authority and boost the Commodity Futures Trading Commission (CFTC) oversight. A full bill is expected later this year.

Number of the Week

Chart of the Week

Ethereum strategic reserves have grown sixfold since March 2025, hitting 1.19 million ETH as of June 22 — nearly 1% of the total circulating supply. 

Notably, over 70% of these reserves are concentrated among the top five holders. Foundations like the Ethereum Foundation lead the pack (259,000 ETH), followed by listed companies like SharpLink Gaming (176,000 ETH). 

The breakdown reveals a diversity of sectors: 32% held by foundations, 31% by public companies, 14% by DAOs, and 5% by government entities. Other sectors make up the remainder.

Crypto Trivia

What’s the name of the fictional cryptocurrency created and featured in an episode of The Simpsons (Season 31), making its creator the richest person in Springfield?

A) SprungBucks
B) DuffCoin
C) Frinkcoin

Find the correct answer at the end of this newsletter. 👇

NFT Spotlight

“You’re about to get soaked!” on Wednesday, July 2.

That’s when artist Nihat Bayır’s NFT series ‘MetaHydrants’ drops. The collection includes 98 “hand-drawn features combined with algorithmic precision to create 1,505 unique 1/1 NFTs! Each one carries a one-of-a-kind design of a fearless fire hydrant extinguishing flames in the vastness of space.”

Bayır is a digital and traditional painting artist based in Istanbul. “Throughout his long-standing career, he has focused on cubism and abstract human figures, participating in local exhibitions and auctions. Since 2021, he has been publishing art collections in the NFT space across various blockchains.”

Some NFTs are “‘epic’ water sprayers, while others are ‘legendary’ galaxy extinguishers! Our only weapon against space fires: MetaHydrants.”

Grab your waterproof clothing before you enter the land of hydrants.

But do you know what a multi-equation painting artist is?

Product Updates

The Onchain Desktop Extension Gets an Upgrade and Makeover

The new and improved Crypto.com Onchain Extension now provides more tools and features to navigate the multichain ecosystem, making it easier to transact between networks. The homepage has been optimised for a better user experience, and a new Wallet Management page lets you add and remove wallets, and create multiple account profiles with a single wallet. Download it now.

Predict the Winner of the Upcoming Grand Prix

The Austrian Grand Prix is starting soon, and you can potentially profit from making correct predictions with Crypto.com Sports! Simply select a potential outcome of a sports event to trade, with the option to change your prediction any time before the event begins. Trade now.

Prediction Trading Is Now Available on Crypto.com Web

US users can now explore the ‘Prediction Trading’ feature on Crypto.com Web. This means you can view all the available global events and probability charts before committing. You only need to go through a few easy steps to get set up and start trading. Check it out here.

Mane City Welcomes a New Partnership: Mad Hare Society

We’re excited to share that Mane City has partnered with Mad Hare Society, making it the 10th NFT project to partner with Mane City. Mad Hare Society NFT holders will receive additional exclusive benefits within the game. Start playing Mane City now.  

New Token

Humanity Protocol (H)

Humanity Protocol is a zkEVM-compatible blockchain built on Polygon’s Chain Development Kit (CDK). It introduces a novel Proof-of-Humanity protocol that verifies that each user is unique and human through palm recognition, while preserving privacy with zero-knowledge proofs. 

This is informational content only and should not be considered as an investment recommendation. Some Crypto.com products may not be available in some jurisdictions.

Crypto Learn

Cloud Mining 101: Mine Crypto Without Hardware

Cloud mining lets anyone earn Bitcoin (BTC) without owning or managing hardware. By renting computing power from professional mining farms, users receive a share of mining rewards based on the hashpower they rent.

It’s more appealing than ever, thanks to these key trends:

• Lower costs: Mining hardware is cheaper, reducing rental prices.
• Smarter tech: Some providers now use AI to boost efficiency and returns.
• Green energy: Many farms run on solar, geothermal, or other renewables.
• Low entry barrier: Plans start from just $10 — no tech skills required.

Together, these advances make cloud mining one of the easiest ways to join the crypto economy.Still have questions? Check out our Cloud Mining University article to find your answers.

CryptoIRL

When there is a beach around, one must go to that beach. Here, the Crypto.com Icy White Card relaxes in the sand with @Cryptorockstar4, soaking up the sun and making sand shadows.

Hashtag #CryptoIRL with your Crypto.‌com Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Cointelegraph Hacked to Promote Fake CTG Airdrop
On June 23, Cointelegraph confirmed a front-end breach where attackers deployed fake airdrop pop-ups advertising a fictitious ‘CTG token’ to lure users into connecting their wallets.

The platform responded quickly on X (formerly Twitter), warning users not to interact with any pop-ups or connect wallets via the site.

The breach closely follows a similar attack on CoinMarketCap, revealing a growing tactic among threat actors: leveraging trusted information platforms to lend false credibility to phishing scams.

Here’s how to stay safe from scams:

1. Never connect your wallet through unexpected browser pop-ups.

2. Be skeptical of surprise airdrop and token offers.

3. Follow official platforms and cross-check promotions before acting on an offer or entering sensitive information.

Crypto Trivia Answer

C) Frinkcoin. 

In The Simpsons Season 31, Episode 13, titled ‘Frinkcoin’, Professor Frink launches his own cryptocurrency, which momentarily makes him the richest man in Springfield. The episode playfully explores blockchain tech, wealth inequality, and even features a crypto explainer cameo by Jim Parsons (AKA Sheldon from The Big Bang Theory).

That’s it for this week’s SnapShot. Want more? Find out what’s trending in the crypto world.