Crypto trading activity across major non-stablecoin assets has slipped to levels last seen in 2024, according to Santiment's June 11 post on X. CoinGecko data shows Bitcoin's 24-hour volume at about $30 billion, down almost 20% day over day, while Ethereum fell 1.40% and BNB dropped 10%. Santiment said the pullback in participation can sometimes precede a relief rally if confidence and inflows return.

SpaceX priced its IPO at $135 per share on Thursday, aiming to raise $75 billion and implying a valuation near $1.77 trillion. The company has sold 555.56 million shares and is scheduled to begin trading on the Nasdaq on Friday, with about 30% of the deal allocated to retail investors.

On Wednesday, June 10, crypto ETF flows were mixed as bitcoin and ether ETFs recorded net outflows totaling $249.44 million. Bitcoin ETFs saw $213.85 million leave, while ether ETFs lost $35.59 million, even as HYPE ETFs took in $2.78 million and XRP ETFs added $1.19 million. Solana ETFs reported no trading activity for the session.

Coinbase CEO Brian Armstrong said the recent CFTC approval for U.S. crypto perpetual futures could link U.S. and overseas markets, creating pooled liquidity and stronger network effects. He also claimed U.S. users make up a major share of global perp activity, with VPN access to non-KYC venues contributing to volume that reached $7 trillion last year. Data cited in the report showed offshore exchanges still lead, while Coinbase and Hyperliquid posted $10B and $11B in perp volume, respectively.

Luno CEO James Lanigan said South Africa's proposed Capital Flow Management Regulations could weaken the country's competitiveness by constraining stablecoin use and cross-border payments. He pointed to Bloomberg figures showing stablecoins handled $33 trillion in 2025 payments and blockchain transfers, warning restrictive wording could keep local businesses from accessing that market. The National Treasury and SARB extended the public comment deadline from May 18 to June 30, 2026, and plan to publish a draft manual defining what counts as a cross-border crypto transaction.

U.S. Treasury yields were little changed in early Thursday trading as markets weighed the latest inflation figures and escalating Middle East tensions. The 10-year yield stood at 4.5384% and the 2-year was flat at 4.1288%, while traders looked ahead to U.S. producer price data expected to rise 0.7% month on month in May. Oil prices turned lower, with WTI down 0.9% to $89.24 and Brent slipping more than 1% to $92.14.

Japan's lower house has passed a bill that would place cryptocurrencies under a stock-style regulatory framework, with the measure expected to be implemented next year if approved by the upper house. The proposal could treat assets such as Bitcoin and Ethereum as financial instruments, tighten trading rules, and potentially reduce the maximum tax rate on crypto gains from 55% toward about 20%. It may also support the launch of regulated products such as spot crypto ETFs.

Shanghai Futures Exchange gold contracts fell more than 4% at the open on June 11, pulling silver lower even as many of China's energy and industrial futures moved higher. Spot gold slid to $4,022.09 per ounce before settling at $4,089.12 after short covering. Traders also priced in a greater than 70% chance of U.S. rate hikes in coming months, while Middle East supply risks helped lift oil-linked contracts.