PayPal's stablecoin PYUSD is losing ground as the stablecoin race heats up. After reaching an all-time high market capitalization above $4.2B in March, PYUSD has steadily contracted. Its market cap now sits at $2.74B, down nearly 35% from the peak. The pullback raises a familiar question for the market: will stablecoins remain dominated by Tether and Circle?

BlockBeats reports that bearish signals surfaced in the ETH futures market on June 13. ETH perpetual futures' annualized funding rate turned negative on June 5, a sign that short sellers are paying to keep positions open. Over the past five weeks, ETH has fallen 30%, yet leveraged longs have shown little appetite to add risk. Positioning has thinned materially. Total open interest in ETH futures is down 30% from a month ago, hitting a 13-month low. In the U.S., spot Ethereum ETFs logged net outflows of $323 million over the past two weeks, pointing to soft institutional demand. On-chain indicators have also weakened. Ethereum's total value locked (TVL) has dropped 33% in two months to $37.5 billion. DApp revenue in May fell 43% versus the average of the prior six months, typically reflecting lower fee demand and reduced ETH usage. Derivatives tied to staking tell a different story. The current wait to enter the validator queue is about 50 days, with more than 2.9 million ETH in line. Exit wait time is zero, and total staked ETH stands at 39.5 million. Exchange balances continue to trend lower as well. ETH reserves on exchanges fell from 16.15 million ETH three months ago to 15.05 million ETH, suggesting ongoing accumulation. CoinGecko data shows BitMine added 337,078 ETH over the past 30 days. The report argues that weak demand for leveraged longs should not be read as a straightforward signal of sharply higher downside risk. If staking metrics remain steady and spot ETF outflows stay relatively contained, a drop to $1,500 is considered unlikely.

According to BlockBeats, RWA trading platform MSX began spot trading of the SpaceX U.S. stock token, SPCX.M, on June 13. Market data shows SPCX.M climbed to an intraday peak of $176.52 and was last changing hands at $166.85, roughly 40% above its PreIPO subscription price of $119.138. MSX said the start of spot trading also marks the completion of share distribution for user subscriptions made during the PreIPO phase. The project's PreIPO valuation was $1.38 trillion, with an early locked-in offer price set at $119.138. SPCX.M is MSX's latest core PreIPO asset following Cerebras (CBRS.M), completing the full cycle of early subscription, listing, and share distribution.

On-chain analyst Ember (@EmberCN) reported that an ETH futures-focused whale completed eight round-trip trades over about two and a half days, holding each position for roughly 1–2 hours before exiting. The account recorded seven profitable trades and one loss, translating to an 87% win rate. With an initial principal of $3 million, the balance rose to $6.67 million, delivering $3.67 million in net profit, up 122%.

Ethereum remained under pressure this year as both chart signals and network fundamentals deteriorated. ETH changed hands around $1,665 on Friday, about 50% below its yearly high and near its lowest level since April 2025, keeping downside risks in focus. Chart setup points to further downside ETH has fallen to $1,665, and the decline could extend in the coming weeks or months. On the chart, the token appears to have formed an inverted cup-and-handle formation, a bearish continuation pattern. The upper boundary sits near $2,455 and the lower boundary near $1,800, implying a pattern height of $655. Using the standard projection method, subtracting that height from the cup's lower side yields a target around $1,155. A break below that area would leave room for a move toward the psychological $1,000 level. Other technical factors also lean bearish. ETH is gradually developing a bearish pennant and is currently trading in the triangle portion of the formation. The token has also stayed below the 50-day and 100-day exponential moving averages; bulls would need a move back above those levels to confirm a rebound. Spot ETH ETF outflows persist A key headwind has been continued selling in U.S. spot Ethereum ETFs. Data show spot ETH ETFs saw more than $15 million of net outflows on Thursday, extending a daily streak that began on June 9. The funds have recorded outflows for five consecutive weeks, taking monthly withdrawals to more than $183 million. May was also weak, with more than $540 million of net outflows. Year-to-date outflows have climbed past $1 billion. BlackRock's iShares Ethereum ETF (ETHA) holds more than $4.7 billion in net assets, while Grayscale's ETH and ETHE stand at $1.47 billion and $1.31 billion, respectively. Staking inflows offer a rare bright spot One supportive datapoint is rising staking activity. Over the past 30 days, investors added more than 834,000 ETH worth over $1 billion to staking pools. The increase is likely tied to ongoing staking activity from Tom Lee's BitMine. Fundamentals losing momentum in DeFi, DEX and RWA Beyond price action, Ethereum's fundamentals have cooled versus prior months and years. While its market share remains significant, its role across several crypto segments has been slipping, weighing on fee generation. Total value locked (TVL) has fallen to $37 billion from about $95 billion a few months ago. Lido's TVL is down 25% over the past 30 days. Aave, Spark, EigenCloud, Morpho, Ether.fi and Grove Finance have each dropped more than 20% over the same period. In decentralized exchange activity, Ethereum has been overtaken by Hyperliquid. Hyperliquid processed more than $240 billion in volume over the past 30 days, compared with $37 billion on Ethereum during that timeframe. A similar slowdown is visible in real-world asset (RWA) tokenization. The value of distributed assets on Ethereum declined 7% over the past 30 days to just over $16 billion. The weaker activity is showing up in fees. Network fees totaled $5.59 million so far this month, down from $16 million last month. Monthly fees have trended lower since peaking at $41 million in October last year.

U.S.-listed spot Ethereum ETFs are under heavy selling pressure, with net outflows recorded in 21 of the past 23 trading days. The 10 spot Ethereum ETF products have logged just two days of net inflows since early May, on June 4 and June 8. Total net outflows reached $541M last month, underscoring the depth of the drawdown. Market participants are now debating whether the cycle's momentum has faded or if the flows reflect late-stage capitulation.

A large trader who had amassed a $35M+ long position in $SPCX has fully exited, realizing a $331K loss. The position had previously shown more than $2M in unrealized gains, but no profits were taken.

ChainCatcher cited SoSoValue data showing that XRP spot ETFs collectively logged $2.0443 million in net inflows on June 12 (U.S. Eastern Time). The only fund to record net inflows was the Canary XRP ETF (XRPC), which added $2.0443 million, lifting its cumulative net inflow to $461 million. As of publication, total net asset value across all XRP spot ETFs stood at $979 million. XRP represented 1.39% of total ETF assets, while cumulative net inflows reached $1.436 billion.

ChainCatcher reports that Ondo Finance has announced SpaceX is now available onchain. Its IPO token, \u0022$SPCX\u0022, is live on the Ondo Global Markets platform with support for Solana, Ethereum and BNB Chain. Ondo said this is the largest IPO in history to be tokenized onchain on its first day of listing.