Silence and Money Flowing While Elon Departs
Still nobody gets it, Elon's departure causes turbulence while Wall Street is buying Ethereum like crazy!
Hi,🙋
Welcome to the weekly CryptoFolks Newsletter—a press review 📰of the crypto world and the current macroeconomic situation, where we explore what lies beyond the right side of the chart. However, our launch procedures 🛫 require us to inform you not to consider this article as investment advice, as it represents solely our personal opinion. Always remember to manage your portfolios independently.💁♂️
Meme of the Week
The past week
At first, it seemed boring (just like I warned), but as it unfolded, many investors started sweating, and panic was knocking at their doors due to Bitcoin’s dip toward the 100k range. I mean, when the price of a high-risk asset drops 10% in 2 weeks, it’s only logical to panic, right? 😂
But looking at other events, like the ego battle between Elon Musk and Donald Trump, one might say the real winners are crypto exchanges, scooping up massive profits from liquidations caused by price swings and overall uncertainty 🙃.
Neither you nor I can predict Musk’s or Trump’s next move, but one thing is for sure — we’re getting closer to the beginning of the end of my scenario. So sit back, relax, and let’s see where we stand!
Crypto Market Capitalization
If we only judged last week based on price action, we’d assume nothing much happened, as prices literally stood still. As you can see from the total crypto market cap, at first glance not much has changed, but this correction and its bounce-back have a deeper layer — which I’ve discussed in my ongoing scenario that I’ll revisit in the Bitcoin analysis.
Anyway, the current market cap holds at $3.25 trillion, with a weekly increase of a whopping 0.10% 🚶♂️.
Altcoins
Since the entire crypto space is on pause, the same goes for altcoins outside the top 10, which are also doing nothing interesting. Their market cap currently hovers around $245 billion, and what sets them apart from the rest is a -0.8% drop over the past week.
Even in traditional markets, that’s not a major move — let alone here, especially during a typical “boring” phase 🙃.
Time to dive into specific projects
Bitcoin
Bitcoin performed a bit better than the overall market cap, rising 0.18%. Yes, I know — that’s less volatility than on some stablecoins. But as I mentioned earlier, the chart tells a deeper story within our scenario.
Can’t remember the details? Here's a quick refresher:
The plan I shared weeks ago involved a sideways trend with an ABC correction, followed by a rebound, a quick pit stop, and then a rocket to Mars (aka the final parabolic move) — just like you see in the image.
Sounds like a flawless plan, right? That’s because it is! 😎
If it’s hard to picture it on a blank chart, let’s bring in a historical example (also Bitcoin, from 2017 😉):
Now it’s clear: we had an ABC correction leading to a local bottom, followed by a rebound, short consolidation, breakout point, and then the pump.
Let’s apply that to today’s chart:
We’ve already completed the ABC correction, with the final leg “C” likely wrapped up thanks to the Twitter war between Trump and Musk, and we’ve also seen the first signs of recovery, resulting in the fact that we’re now seeing Bitcoin back at 105k.
Where we are right now is that moment just before the “breakout point”, separated from it only by a short stagnation or a small correction — or possibly both 😉.
Also, we should naturally expect a bit of a cool-down after such a strong and rapid rebound in just two days.
What follows this — the truly final, final-final correction — should be the moment that you and masses of people have been patiently (or impatiently) waiting for over the past few months: the real banana zone, just like you saw on the earlier chart 🍌🚀.
If you’re wondering how this compares to 2017, I’ve marked it on the next screen with a thick yellow arrow to show where we might be in this current scenario:
But remember — it’s not wise, and frankly not possible, to treat such predictions as certainty. Just because something happened a certain way in the past doesn’t mean it will repeat now. The crypto market is especially known for its volatility, which you’ve probably experienced already. It only takes one piece of news to throw off a scenario that’s been playing out perfectly until that point 📉.
Ethereum
ETH wasn’t lucky enough to end the week in the green — or in our case, in blue — as it recorded a loss of 1.1%. However, the good news is that it closed the week at $2,500, which always sounds better than some silly $2,400, right? 😅
Just like last week, when I mentioned that such single dips or gains in ETH don’t matter much, the same applies now. These are still price movements within a sideways trend that has already lasted a full month.
You can see that trend in its full glory below:
If you manage to find a more impressive sideways move anywhere else, let me know — I’d love to see it 😉.
XRP
You know that saying, “after every storm comes a rainbow”? That’s exactly what happened to XRP this past week! 🌈
Remember how for three newsletters in a row, we were complaining about XRP dropping by 8%, 7%, 9%? Well… that streak has finally been broken, and we’ve seen a step forward.
Specifically, a 4.33% gain, bringing XRP’s price to $2.20. And yes — of course, we know it’s not a satisfying price, especially for XRP holders dreaming of $11 😂.
But hey, a gain is better than another drop, especially one toward $1.90 — and I think we can all agree on that 🙌.
How are traditional markets reacting to all of this? 🤔
S&P 500
Is this some kind of inverse correlation?? Looks like the more political drama, the stronger the traditional markets get 😂. The S&P 500, which tracks the top 500 U.S. companies, rose 1.5% over the past week — finally breaking the 6,000 level! 🎉
What does that mean? That the classic, “safe” S&P is back, offering “steady” long-term gains. But seriously now — it’s been a while since Trump’s trade war with China (and the whole world), during which the S&P dropped over 20%, falling into the 4,000s.
From that moment — exactly 2 months ago — the index has fully recovered, hitting 6k on Friday, showing impressive strength and resilience, despite numerous crises over the years.
Just look at how the SPX chart has evolved since inception:
The chart is in log scale, to give you a better idea of the true growth trajectory of the index — which I personally think makes it a solid financial safety net 😉.
Nasdaq100
Of course, it couldn’t have gone any other way than a rise in the Nasdaq, showing similar or even higher gains than the SPX, due to the ongoing correlation between these two indices. However, this past week tech companies came out on top, securing a gain of over 2%, and the current NDX valuation is [insert value].
Just like the SPX, the index has beautifully recovered losses from the local bottom (and continues to do so), with the potential gain from buying during the "blood on the streets" moment standing at around 31% 📈.
Russell2000
One better than the next! Seriously, are we in the heart of the New York Stock Exchange, where everyone’s shouting, "Who gives more?!" 😅??
As you can see, the Russell2000, which represents small and mid-sized businesses in the U.S., takes the crown this week with the best result — a gain of 2.7%. Its current valuation is $2132.
If only all market results looked like this, and everything was always on the rise… it’d be beautiful — at least until it gets boring and lacks those unexpected twists 😏.
Dow Jones
If you were hoping for a total domination of other indices by the DJI… well, you’re in for a letdown.
The oldest index in the U.S. performed the weakest of all those mentioned here. True, it didn’t lose value, but compared to the “cosmic” gains of its peers, a 0.8% weekly rise does leave a bit of a bitter aftertaste — let’s be honest.
Still, it’s a good result for a traditional market, and considering it’s not some niche index, we can confidently say: last week was a pretty good one for the DJI 💼.
Let’s dive into the crypto press 📰
Good morning, we’re fundraising for Bitcoin
Donald Trump and his company Trump Media & Technology Group (TMTG) have announced an ambitious plan to enter the cryptocurrency market. The company has already raised $2.5 billion, which it plans to use to purchase Bitcoin, effectively creating a crypto treasury — something like Fort Knox, only digital and with a better kind of money 😉.
This is part of a broader strategy, which also includes a plan to create an ETF called the "Truth Social Bitcoin ETF", aimed at making it easier for investors to access Bitcoin.
Although the idea has many supporters, critics have emerged, pointing out potential conflicts of interest and political entanglements — especially since the Trump administration actively promotes crypto deregulation.
Still, the growing interest from financial institutions and individual investors suggests that cryptocurrencies, led by Bitcoin, are becoming firmly rooted in mainstream finance 🚀.
I file the application — you promote it, deal?
Trump Media & Technology Group (owner of Truth Social, connected to the Trump family) has filed an S-1 application for a Bitcoin ETF, meant to simplify access to the hardest money in the world for investors.
Cool — but what is an S-1? It’s simply a type of filing that a company is required to submit to the SEC, which can then approve the launch of a particular ETF.
Alright, but why another Bitcoin ETF — and one tied to Donald Trump — when we already have ETFs from Grayscale, Fidelity, or BlackRock?
The official reason is to make access to digital assets like Bitcoin easier for investors (nevermind that the exact same reason is given by the companies listed above).
The less official reason is likely the desire to join the race for Bitcoin while leveraging Donald Trump’s brand, as well as to expand the reach and influence of TMTG’s sponsor, Yorkville America Digital, which formally submitted the S-1 filing.
What does this show us? Aside from the obvious profit motive, it reflects a growing awareness — not just by this company, but also by financial institutions — of what Bitcoin really is and why it’s worth accumulating 💰.
Thanks for the unban!
Remember how I mentioned in previous newsletters that the UK hasn’t exactly been pro-crypto?
Well, news just came in that the FCA — basically the UK’s equivalent of the SEC — has officially unbanned retail investors from investing in financial instruments based on Bitcoin 🪙.
In plain terms, this means that in the UK, people can now invest in Bitcoin-like ETFs.
Who knows — maybe this is the start of major changes, and the UK will begin deregulating more and opening up to crypto.
Do you think we’ll see a future showdown between the UK and the US for the title of global crypto capital?
Honestly — I’d love to see that clash 🇬🇧 vs 🇺🇸⚔️.
The Street
Wall Street was buying BTC ETFs like crazy not that long ago—guess what they’re doing now? But first, let’s look at Bitcoin. 📉
Reasonable, slightly down, nothing fancy—now look at this.
And it's been like that for quite a while!
So… is Wall Street becoming “the retail” in the crypto market? 😏
So far, ETFs for other altcoins haven't been introduced yet, but to me it’s just a matter of time. Once the “big players” see there's demand for an ETF on Hedera or even XRP, they’ll roll them out—and the money will follow.
Not saying I’m betting on it, but there will always be people reinstalling Coinbase on their phones.
Even worse than a few weeks ago, last time I checked.
But let’s be real—it's way easier to just buy an ETF on a specific altcoin or even an ETF covering the TOP 10 altcoins, which will probably go up a good % too. No need to open an exchange account, wire funds, go through KYC/AML, pull your tokens off the exchange, then go through all that again when you want to sell. Buying an ETF is just simpler.
Despite Bitcoin’s high prices, over 62% of tokens haven’t moved from wallets in over a year.
There’s nothing else like Bitcoin—even if you searched the entire market. It truly acts as a digital hard asset and does it well. Even at these valuations, we’re not seeing massive sell-offs. Coin Days Destroyed tells the same story: old tokens just aren’t being spent like they were when BTC hit $100k.
Oh, and as of today, it’s been a full month since Bitcoin first went above $100k. That was 31 days ago, and we haven’t dropped below it—even with everything going on, like the recent Trump vs Musk feud.
Even the CBBI (which has all the predictive power of climate activists glued to asphalt claiming 52 genders exist) doesn’t show we’re at the peak of this bull run. 😅
We haven’t even had the altseason yet. No final euphoric BTC rally. No caps-lock Twitter spam shouting that ALTCOIN SEASON IS HERE—well, except for a few.
Crypto—whether we like it or not—is tightly linked to two people: Elon Musk and Donald Trump.
Know what ended the last bull run? Elon Musk on Saturday Night Live.
During his campaign, Trump talked a lot about saving money and cutting debt, which Elon liked. He even became head of the DOGE Department, whose job was to dig through government expenses and cut the unnecessary stuff—and they actually did it pretty well.
Unless, of course, we really want to fund a 320-year-old Social Security recipient, plus thousands more over 200 years old (not to mention 150 and even 130). 😂
But just a few months after Trump’s win, the bromance ended. Apparently, the breaking point was the Big Beautiful Bill, which includes tax cuts but increases the deficit and national debt even more. Not exactly what was promised—or what Elon expected.
Trump’s new domestic policy bill includes major tax cuts, boosted border security, and removal of EV credits. Musk called it a "disgusting abomination" on CBS, then doubled down on X, saying it adds $2T in debt and kills DOGE’s cost-cutting mission. 💥
Everything exploded on June 5.
At a press conference with Germany’s chancellor, Trump said Musk went “CRAZY” after losing the EV perks. Musk clapped back on X, claiming Trump would’ve lost without him, and hinted at starting his own political party.
Then it got personal.
Musk accused Trump of being named in unreleased Epstein files and even called for his impeachment. Trump fired back on Truth Social, threatening to cancel federal contracts with Tesla and SpaceX. 🧨
The good news? Tops are usually marked by positive headlines—this definitely isn’t one of them. 😬
Feeling a little pessimistic today—but hey, I don’t control the simulation.
You won’t believe it, but it looks like BTC might soon become... illegal in the EU.
Seriously.
The European Data Protection Board came up with the brilliant idea that a public key = personal data—because it could, theoretically, lead to identifying the owner.
And if it’s personal data, then it’s subject to GDPR—which means users should have the right to erase it.
The problem?
Blockchain is immutable. You can’t delete anything from it—that’s the whole point. So this creates a conflict with GDPR.
But wait, the circus continues 🎪
The EU, in its infinite wisdom, suggests anonymizing public keys before recording them on-chain.
The catch?
That’s already prohibited under another EU package—the one for anti-money laundering (AML).
So on one hand, GDPR wants anonymization, and on the other, AML bans it. Good luck figuring that out. 🤷
Consultations are still ongoing—some countries say end of June. But either way, if a public key is officially considered personal data, then the whole blockchain could be deemed illegal.
Absurd? Exactly — debt is one too. Let’s kick off our weekly chat about that. 💬
If the Big Beautiful Bill passes, the projected debt in 2034 will be $54 trillion — yes, you read that right, fifty-four. That’s twice the amount from 2020, in just 14 years. Without it, it’s still nearly $50 trillion — not much better.
There’s no escape, just none. Can you imagine Jerome Powell coming out tomorrow and announcing the dollar will be backed by gold even at a 1:5 ratio? That’s not even in my bingo card — heck, not even Zelensky or the Chinese have that in theirs.
So we need to accept this reality — and here lies the opportunity. Let me show you something. 👇
This is how the dollar is priced in Bitcoin:
And this is the dollar priced in gold:
Two out of the three assets shown here have the characteristics of hard money. You don’t have to participate in the debt system. You can still choose to follow a gold standard — or even a Bitcoin standard. 💡
FIAT money has only one feature of hard money: it’s useful and widely accepted, and that’s what we should use it for — not for storing value. That’s not its role.
We talk about debt here for a reason. What do cryptocurrencies have to do with it?
Cryptocurrencies can possess the traits of hard money — and Bitcoin has them all.
Is Bitcoin Really The Digital Gold? Spoiler: Yes!
Hi,🙋 I am Matthew from CryptoFolks, I’m here to talk about the way hard money works, and how Bitcoin fits into that. I hope you will enjoy this journey! However, our launch procedures 🛫 require us to inform you not to consider this article as investment advice
Unemployment
remains unchanged, right in line with the forecast — steady at 4.2%.
Lately, I’ve been skipping most of the U.S. economic data for one simple reason: it’s all over the place. Sometimes better
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