Weekly Wrap: Israel-Iran Tension Crashes Markets, Institutional Buying, Ripple IPO Chatter, and More

The crypto market moved through a number of barriers this week, with Israel’s strike on Iran triggering a mighty sell-off and the release of CPI data in the U.S., all while institutions doubled down and continued their crypto purchases. Let’s go through this weekly compilation and catch up with the latest market movements.

What Happened in Crypto This Week? 

Here are the major headlines on what happened in the crypto industry this past week:

Israel’s Strike on Iran Crashes Crypto Markets

Israel’s military strike on Iran sent shockwaves through the global markets, and crypto was not any exception. The news triggered a sharp sell-off, with Bitcoin (BTC) plummeting as low as $103K and Ethereum erasing its weekly gains as it dropped over 11% to $2,472—both leading cryptocurrencies making leading altcoins bleed. The heightened geopolitical tensions led to over $1.16 billion in liquidations, as investors sought to de-risk amid fears of further escalation in the Middle East.

Institutional Buying Spree Continues: Bitcoin, ETH, and XRP are Major Beneficiaries

Despite market volatility, institutional adoption of cryptocurrencies remained strong as a number of corporate giants continued buying. One of the notable ones was MicroStrategy’s additional purchase of 1,045 BTC, boosting its position to 582,000 Bitcoin, while Japanese firms ANAP, Gumi, and Remixpoint expanded their crypto holdings, with Remixpoint adding ¥887 million in Bitcoin. 

Moreover, Nasdaq-listed Trident Digital announced a $500 million XRP reserve plan, signaling confidence in Ripple’s ecosystem. Meanwhile, SharpLink Gaming acquired $463 million in Ethereum, becoming the largest corporate ETH holder. 

GENIUS Act (Stablecoin Bill) Moves Forward

The GENIUS Act , a pivotal stablecoin regulatory framework, made significant progress this week, advancing through legislative channels. The bill aims to provide clarity and stability for stablecoin issuers, fostering innovation while ensuring consumer protections. This development boosted market sentiment, as investors view stablecoins as a critical bridge between traditional finance and crypto. The bill could potentially drive broader crypto adoption in the country in the coming months.

Solana ETF Gains Traction, Approval Odds Improve

The prospect of a spot Solana ETF has gained momentum as Invesco and Galaxy Digital filed for a spot Solana ETF on 13 June, marking a significant step toward mainstream altcoin investment vehicles. Analyst James Seyffart estimated a 90% chance of approval, citing favorable regulatory trends and growing institutional interest in altcoins like Ethereum (ETH), Solana (SOL), and XRP. This development fueled optimism among Solana investors, despite the asset’s recent price dip in the broader market turmoil.

Ukrainian Lawmakers Introduce Bitcoin Reserve Bill

Joining the global trend, Ukrainian lawmakers introduced a bill to establish Bitcoin and other cryptocurrencies as part of the nation’s strategic reserves. This move positions Ukraine as a potential leader in state-level crypto adoption, following in the footsteps of countries exploring digital assets as a hedge against economic uncertainty. If passed, the bill could inspire similar initiatives globally, further legitimizing cryptocurrencies as a reserve asset class.

Crypto News You Might Have Missed

• Cardano’s Bitcoin DeFi Breakthrough : Charles Hoskinson’s Cardinal Protocol enables trustless Bitcoin DeFi on Cardano, boosting cross-chain lending and staking.

• Paraguay President’s X Hacked for Scam : Hackers hijacked Paraguay’s president’s X account, falsely claiming Bitcoin as legal tender to push a crypto scam.

• Ethereum’s ‘Digital Oil’ Sparks Price Buzz: Ethereum’s “digital oil” narrative drives speculation of $740K per ETH, fueled by its DeFi dominance.

• Bitcoin Core Update Stirs Developer Clash : A proposed Bitcoin Core update on transaction handling ignites heated debate among developers.

• USDC Launches on XRP Ledger: Circle’s USDC goes live on XRP Ledger, enhancing stablecoin access alongside Worldcoin integration.

Buzz of the week: Ripple IPO

The announcement of a $700 million share buyback program by Ripple set the crypto world abuzz, reigniting chatter about a potential initial public offering (IPO). While Ripple CEO Brad Garlinghouse firmly dismissed 2025 IPO plans, emphasizing the company’s strong cash position and no need for external capital, the buyback signals confidence in Ripple’s long-term value, especially after its legal victories against the SEC. 

The move, seen as a way to reward early investors like Japan’s SBI Holdings, has sparked speculation that Ripple might be laying the groundwork for a future public listing, with some analysts eyeing a 2026 or later debut.

The $700 million buyback has stirred excitement about Ripple’s valuation, with the $175 per share price tag hinting at a potential $30 billion-plus market cap if an IPO were to materialize. The share price chatter underscores Ripple’s growing influence, but for now, the IPO remains a tantalizing “maybe” for eager investors.

Top Gainers and Losers This Week

What to Expect for Next Week?

For next week, the crypto market is braced for turbulence as macroeconomic events and crypto-specific developments collide. While Bitcoin hovers around $105K, the Monday opening will decide if it will break through a new high or risk the six-figure market price.