Crypto Market Tumbles in June Amid Rising Institutional Risk Appetite

The cryptocurrency market experienced a downturn at the start of June, with Bitcoin (BTC) and Ethereum (ETH) prices falling by around 1%. This decline comes despite growing institutional risk appetite, as evidenced by mildly bullish derivatives positioning and steady open interest.

Despite the negative sentiment triggered by tensions between the US and Iran, some cryptocurrencies were able to gain. Stellar's XLM surged more than 40% after DTCC chose its network for a tokenized securities platform rollout. This selection is significant, as it puts Stellar at the center of how Wall Street brings tokenized stocks, ETFs, and U.S. Treasuries onto a public blockchain.