In our weekly recap: MicroStrategy buys 12,000 additional Bitcoin (BTC); The US Securities and Exchange Commission (SEC) is ending its investigation into Ethereum (ETH) and stablecoins are coming to the fore. 📉

Bitcoin fell below the $66,000 level on June 18 after several days of consolidation. This bearish pressure continued throughout the week, leading Bitcoin to fall further below $65,000.

MicroStrategy used the decline to increase its Bitcoin holdings. The firm purchased another 12K BTC for $786 million on June 20, at an average price of $65,883 per BTC.

Spot Bitcoin ETF products have seen sustained outflows over the past week. These products saw an outflow of $145.9 million on June 17 and $152.4 million on June 18.

The US SEC announced that it has concluded its investigation into whether certain Ethereum sales constituted unregistered securities offerings, in a victory for the Ethereum community.

Stablecoins stood out this week. On June 17, USDT issuer Tether announced plans to launch a new asset class backed by Gold. Meanwhile, Uphold has halted support for other “unauthorized” stablecoins, including USDT, while the market awaits the implementation of MiCA’s stablecoin regulations at the end of the month.