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What to know:

By Omkar Godbole (All times ET unless indicated otherwise)

Slowly, then suddenly. That sums up the adoption of bitcoin (BTC) and the wider cryptocurrency market by institutions.

It started with Strategy, then called MicroStrategy, adopting BTC as a balance sheet asset in 2020. Now the head of the U.S. government agency overseeing Fannie Mae and Freddie Mac wants the mortgage giants to consider homebuyers' cryptocurrency holdings in their criteria for buying mortgages from banks.

"After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage. SO ORDERED," Bill Pulte, director of the Federal Housing Finance Agency, said on X.

Getting entrenched in the housing market of the world's largest economy can only add to the ongoing bull momentum in BTC and other cryptocurrencies. And, in a move could markedly improve big banks' ability to create credit, the Federal Reserve advanced a long-awaited plan to overhaul bank capital requirements. That's a positive development for risk assets.

It's no surprise that BTC, which is most sensitive to fiat liquidity conditions, has extended gains in the past 24 hours, topping $108,000 at one point. The broader market capitalization is fast approaching a volatility threshold, according to FxPro's analyst Alex Kuptsikevich.

"The crypto market cap increased by another 1% to $3.31 trillion, reaching the threshold of increased volatility. Just above that, in the $3.40–3.55 trillion range, is a turning point, which has activated sellers and prevented the market from consolidating higher," Kuptsikevich said in an email, noting a rise in the Fear and Greed Index to 74, just one point below the extreme greed zone.

In other news, spot BTC ETFs recorded a net inflow of $548 million, marking 12 consecutive days of positive flows.

Metaplanet purchased another 1,234 BTC, a day after announcing a $515 million raise to fund the treasury strategy. Meanwhile, Nasdaq-listed Bit Digital announced a strategic shift to become a pure-play ether (ETH) staking and treasury company.

The Hong Kong Government issued a policy statement on the development of digital assets, focusing on streamlining regulatory aspects, expanding the suite of tokenized products, advancing use cases and cross-sectoral collaboration.

In traditional markets, futures tied to the Nasdaq index rose to record highs, pointing to continued risk-on sentiment while the dollar index continued to lose ground. Stay alert!

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Crypto

• June 30: CME Group will introduce spot-quoted futures, pending regulatory approval, allowing trading in bitcoin, ether and major U.S. equity indices with contracts holdable for up to five years.

Macro

• June 26, 8:30 a.m.: The U.S. Census Bureau releases May manufactured durable goods orders data.
  • Durable Goods Orders MoM Est. 8.5% vs. Prev. -6.3%
  • Durable Goods Orders Ex Defense MoM Prev. -7.5%
  • Durable Goods Orders Ex Transportation MoM Est. 0% vs. Prev. 0.2%
• June 26, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases (final) Q1 GDP data.
  • GDP Growth Rate QoQ Final Est. -0.2% vs. Prev. 2.4%
  • GDP Price Index QoQ Final Est. 3.7% vs. Prev. 2.3%
  • GDP Sales QoQ Final Est. -2.9% vs. Prev. 3.3%
• June 26, 8:30 a.m.: The U.S. Department of Labor releases unemployment insurance data for the week ended June 21.
  • Initial Jobless Claims Est. 245K vs. Prev. 245K
  • Continuing Jobless Claims Est. 1950K vs. Prev. 1945K
• June 26, 3 p.m.: The Bank of Mexico announces its interest rate decision.
  • Overnight Interbank Target Rate Est. 8% Prev. 8.5%
• June 27, 9:15 a.m.: Fed Governor Lisa D. Cook will deliver a speech at a Fed Listens event hosted by the Federal Reserve Bank of Cleveland. Livestream link.
• June 27, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases May unemployment rate data.
  • Unemployment Rate Est. 6.4% vs. Prev. 6.6%
• June 27, 8 a.m.: Mexico's National Institute of Statistics and Geography releases May unemployment rate data.
  • Unemployment Rate Est. 2.5% vs. Prev. 2.5%
• June 27, 8:30 a.m.: The U.S. Bureau of Economic Analysis (BEA) releases May consumer income and expenditure data.
  • Core PCE Price Index MoM Est. 0.1% vs. Prev. 0.1%
  • Core PCE Price Index YoY Est. 2.6% vs. Prev. 2.5%
  • PCE Price Index MoM Est. 0.1% vs. Prev. 0.1%
  • PCE Price Index YoY Est. 2.3% vs. Prev. 2.1%
  • Personal Income MoM Est. 0.3% vs. Prev. 0.8%
  • Personal Spending MoM Est. 0.1% vs. Prev. 0.2%
• June 27, 10 a.m.: The University of Michigan releases (final) June U.S. consumer sentiment data.
  • Michigan Consumer Sentiment Est. 60.5 vs. Prev. 52.2

Earnings (Estimates based on FactSet data)

• None in the near future.

Governance Votes & Calls

Unlocks

Token Launches