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market recap financial markets june 26
| Crypto market update: BTC drops to a 20-month low as global tech stocks sell off
Our Trading Desk brings you key insights into the past week’s market performance, trading activity, standout assets, and what to watch in the days ahead.
Market Overview
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| BTC opened near a USD 65k high and dropped to a USD 58k low on Thursday (its lowest in around 20 months), to end the week down 10 percent, while ETH fell 14 percent. The slide tracked a deepening sell-off in global technology stocks and bets the Federal Reserve would raise rates, while several sharp intraday moves coincided with the US options open as heavy MSTR options volume and related hedging flows spilled into BTC. US spot BTC ETFs saw roughly USD 650mn of net outflows and spot ETH ETFs about USD 190mn, and the VIX rose around 16 percent to near 19. Deribit’s DVOL, the market’s 30-day expected BTC volatility, rose 16 percent to 47. BTC 25-delta 1W skew firmed to around +30 points, meaning one-week puts downside protection was priced higher into the drop. Today around USD 9bn of BTC options notional expires, about 32 percent of open interest, alongside roughly USD 3bn in ETH (near 50 percent of its open interest), both concentrated in out-of-the-money calls. |
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| Crude oil: Brent fell to USD 72.40 a barrel on Thursday, below its level the day before the US and Israel began bombing Iran in late February. This move comes as pent-up Gulf supply resumed, and later-dated contracts trading above prompt barrels in a sign of near-term oversupply. The conflict had trapped more than 1bn barrels inside the Gulf, with producers halting output and some countries drawing on reserves.
Euro weakness: The euro fell to its weakest since early June 2025, down 2.6 percent on the month against a firmer dollar. The move followed the US-Iran deal to restore oil flows through the Strait of Hormuz, easing the inflation shock that had prompted the ECB’s recent rate rise. ECB president Lagarde said the latest data did not demand a more forceful policy response at this stage. |
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| Franklin Templeton digital assets push: Franklin Templeton completed its acquisition of crypto manager 250 Digital and launched Franklin Crypto, a dedicated active digital-asset division for institutional investors. The division will offer actively managed crypto strategies paired with the firm’s global distribution.
ICE-OKX partnership: Intercontinental Exchange, the NYSE’s parent company, and crypto exchange OKX formed a joint venture, pending regulatory approval, to give OKX clients access to ICE futures and NYSE tokenized equities through a US broker-dealer.
CBDC ban: The US House passed the 21st Century ROAD to Housing Act, sending it to President Trump after Senate approval. The bill bars the Federal Reserve from issuing a central bank digital currency (CBDC), or any substantially similar instrument, through 2030. |
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| 🗓️ June 29 – July 1: ECB Forum on Central Banking, Sintra, watched for guidance from Lagarde and other central bankers on the rate path.
🗓️ July 2: US nonfarm payrolls, a gauge of labour-market resilience and the rate path read. |
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