Over the past week, the Federal Reserve’s June policy meeting was the dominant driver of global markets. Newly appointed Fed Chair Kevin Warsh delivered a notably hawkish message, with the latest dot plot removing expectations for rate cuts in 2026. This pushed U.S. Treasury yields sharply higher and led investors to adopt a more cautious risk stance. Against the backdrop of tightening liquidity expectations, the crypto market came under pressure, with BTC falling approximately 4% and ETH declining around 5% on the week. Total crypto market capitalization fluctuated between roughly $2.2 trillion and $2.29 trillion. While ETF flows showed signs of short-term improvement, the broader monthly outflow trend remained intact. On-chain and derivatives data continued to point to ongoing deleveraging and a wait-and-see market environment.
Key Highlights from Last Week:
- Market Focus: The Fed left rates unchanged but delivered a hawkish message, prompting markets to reprice the higher-for-longer rate outlook. Both BTC and ETH experienced notable pullbacks, while market sentiment moved closer to the Fear zone.
- Liquidity Analysis: Spot BTC and ETH ETFs recorded intermittent net inflows, but cumulative June flows remained negative. Within TradFi Perp DEXs, trading activity continued to rotate away from commodities, while equities and index/ETF products emerged as the primary sources of growth.
- On-Chain Insights: DEX trading volumes did not expand alongside the market recovery, with Uniswap narrowly overtaking PancakeSwap. Stablecoin supply trends remained mixed, with limited signs of fresh dollar inflows. The LST sector rebounded overall, with stronger performance observed in the Solana ecosystem and kHYPE.
- Lending & Protocol Revenue: Aave lending activity continued to recover, with improvements across multiple chains. Borrowing rates remained stable at low levels, while protocol revenues softened overall; however, stablecoin issuers continued to dominate industry revenue generation.
- Derivatives Watch: BTC open interest declined significantly, while funding rates remained moderately positive. The 25D Skew weakened again, reflecting rising demand for short-term downside protection. Meanwhile, DVOL rebounded from recent lows, indicating a renewed increase in volatility expectations.
- Outlook for the Week Ahead: Key areas to watch include shifts in Fed policy expectations, ETF flow trends, and BTC’s ability to hold the $62,000 support zone while attempting to reclaim the $66,000 resistance level.
Discover more details today: Gate Institutional Weekly: DVOL Rebounds from Low Levels, Crypto ETF Outflows Continue (June 15 – June 21, 2026)
Gate Research is a comprehensive blockchain and cryptocurrency research platform that provides deep content for readers, including technical analysis, market insights, industry research, trend forecasting, and macroeconomic policy analysis.
Disclaimer
Investing in cryptocurrency markets involves high risk. Users are advised to conduct their own research and fully understand the nature of the assets and products before making any investment decisions. Gate is not responsible for any losses or damages arising from such decisions.
Gate Team
June 24, 2026
Gateway to Crypto
Trade over 4 cryptocurrencies safely, quickly, and easily on Gate
Take Action Now
Sign up and claim up to $10,000 in welcome rewards
Invite friends and earn a 40% commission
Stay Connected
Visit Gate's official website
Download the Gate App | Desktop
Follow us on X (Twitter) to get more bonuses
Join our Telegram community to discuss trending topics
Engage with our global community for the latest insights
Transparency & Security
Check our 100% Proof of Reserves
