Binance Research: Early Crypto Treasury Strategies Show Mixed Results, Stablecoins Surpass $250B And DEXs Gain Market Share In June
In Brief
Binance Research’s July 2025 report highlights that despite geopolitical volatility and a modest 2.62% market cap increase in June, Bitcoin strengthened its dominance amid altcoin declines, while strong ETF inflows supported market stability.
Market analysis division of the cryptocurrency exchange Binance, Binance Research released its Monthly Market Report for July 2025. The analysis notes that in June, the total cryptocurrency market capitalization grew modestly by 2.62%, despite high volatility driven mainly by geopolitical tensions in the Middle East. Concerns about potential disruptions to global energy supplies and regional instability negatively affected asset prices, with Bitcoin notably dropping below the US$100,000 mark.
However, as tensions eased, market confidence improved, leading to a stabilization of prices. In a challenging macroeconomic environment, Bitcoin showed resilience by strengthening its market position and increasing its dominance to 65%, the highest since early 2021, as investors adopted a risk-averse approach favoring Bitcoin’s perceived stability and liquidity.
Meanwhile, altcoins continued to decline. The report also highlights continued strong inflows into cryptocurrency ETFs, reflecting strong institutional demand and growing confidence in the sector’s long-term prospects. These inflows have contributed to market liquidity and stability, supporting steady market conditions despite recent volatility.
The market showed recovery in April and May, but the escalation of geopolitical tensions in the Middle East this month triggered widespread risk-averse behavior. Following the Geneva talks in May, the US-China trade conflict entered a temporary pause, marked by tariff reductions and lifted retaliatory measures, culminating in a signed trade agreement by late June, which signaled a reduction in short-term trade uncertainty.
The World Equity Market Economic Uncertainty Index (WLEMUINDXD), used as an indicator of market uncertainty, surged due to the Middle East tensions but remained below the levels seen during April’s trade disputes. The US technology sector demonstrated more resilience than Bitcoin, with the Nasdaq-100 experiencing only a 1.3% decline between June 12 and 20 before rebounding after a ceasefire and closing June with a 5.5% gain. In contrast, the cryptocurrency market acted as a high-beta risk amplifier, reacting more sharply to geopolitical developments. Bitcoin dropped more than 11%, falling from around $110,316 on June 9 to approximately $98,000 on June 23, before recovering to close June at $107,167. Despite a modest 1.3% gain for the month, Bitcoin’s risk and reward profile underperformed compared to the Nasdaq.
This indicates that distant geopolitical conflicts have limited direct effects on U.S. tech and consumer stocks unless they escalate into a global energy crisis. The higher proportion of retail and speculative investors in cryptocurrency markets, combined with leveraged derivatives, contributes to increased volatility—more than $1.5 billion in long positions were liquidated on June 22, marking the largest three-day liquidation event since February. Despite the ongoing volatility, institutional interest remains strong, with Bitcoin and Ethereum ETFs recording net inflows of $4.49 billion and $1.16 billion, respectively. This dynamic underscores a growing divide between short-term traders and long-term investors, reinforcing cryptocurrency’s appeal as a long-term investment option.
Public Markets Assess The Sustainability Of Crypto-Linked Treasury Strategies
MicroStrategy and Japan’s Metaplanet remain prominent examples of publicly traded companies that adopted crypto-linked treasury strategies early on. Their notable returns since implementing these approaches have likely spurred interest among other firms aiming to replicate their apparent success. More recently, however, newer companies such as Sharplink, SRM Entertainment, and Nano Labs, which have allocated funds to cryptocurrencies like ETH, TRX, and BNB, have not yet demonstrated comparable long-term results beyond initial market enthusiasm. A similar pattern is observed in Bitcoin mining and hardware stocks, where early entrants like Riot Platforms, which shifted to a mining strategy in 2017, still trade below their historical peaks, highlighting that early adoption does not guarantee sustained shareholder value.
In contrast, Circle, a stablecoin issuer that went public in June, has quickly emerged as one of the better-performing fintech IPOs in recent times. Compared to more speculative treasury adopters, Circle’s performance has shown greater stability, likely reflecting stronger market confidence in its fundamental business model rather than solely its cryptocurrency asset holdings. Meanwhile, cryptocurrency exchange platforms such as Robinhood and Coinbase continue to attract steady investor interest, with Robinhood achieving record highs and Coinbase nearing its previous peak. Robinhood’s acquisition of Bitstamp further illustrates how traditional finance firms are willing to invest in established cryptocurrency infrastructure, indicating a deepening involvement in the cryptocurrency ecosystem beyond treasury-related strategies.
While adding cryptocurrency exposure has often led to short-term stock price increases, the uneven performance across sectors—from early mining ventures to newer treasury allocations—raises important questions about the sustainability of this trend. The key uncertainty is whether public markets will continue to reward crypto-linked balance sheet strategies or if the current enthusiasm represents a temporary phase. For many investors, this period constitutes their initial meaningful exposure to digital assets through public equities. With a growing pipeline of potential crypto-related listings, this trend of exposure may continue, broadening the presence of digital assets in public markets. The coming quarters will likely provide greater clarity on whether cryptocurrency integration becomes a lasting paradigm or remains a short-lived market phenomenon.
Stablecoins Cross $250B Mark, While CEX-DEX Ratio Reaches ATH
Binance Research reports that the stablecoin supply surpassed $250 billion for the first time in June, with on-chain transaction volumes exceeding those of the same period last year by more than $7.5 trillion. This achievement coincides with the US Senate’s passage of the GENIUS Act, which has boosted optimism among investors and corporations by suggesting that clearer regulations could drive increased institutional and payment-related demand. Stablecoins are increasingly regarded as a key gateway for cryptocurrency’s broader adoption in mainstream finance.
Additionally, the report notes that the ratio of decentralized exchange (DEX) to centralized exchange (CEX) spot trade volume reached a record 27.9% in June. PancakeSwap, among the DEX platforms, experienced the largest market share increase, rising from 16% in April to 42% in June, likely benefiting from its Infinity upgrade, which improved trading speed, reduced costs, and enhanced liquidity efficiency.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
