Morning Crypto Market Overview: Tether Winds Down aUSDT, CME Group Sues CFTC, and Ark Invest Switches Robinhood for Coinbase
The digital asset market begins the day of June 18 in mixed sentiment. While Bitcoin and Ethereum are moving sideways, events are unfolding in the industry that could change the landscape of regulation and institutional participation. My analysis of key news shows that we are witnessing tectonic shifts in the strategies of the largest players.
Market on Pause: BTC and ETH in a Sideways Trend
The first cryptocurrency is trading around $63,943, recording a 24-hour low of $63,779 and a high of $66,354. Ethereum is also showing no volatility, holding near the $1,735 mark. In the top 10 by market cap, Tron shows the best daily performance (+0.94%), while Hyperliquid remains the weekly leader (+26.88%). However, it is worth noting that Hyperliquid also leads in daily decline (-7.28%), indicating extremely unstable interest in this asset. In the top 100, Ethena stands out (+7.78% daily), while Audiera continues its deep correction, losing 74.38% over the week.
Tether Shuts Down "Gold" Stablecoin aUSDT
Tether has made a strategic decision to wind down the Alloy platform and its associated gold-backed stablecoin aUSDT. This product lasted only two years. The official reason is a reassessment of priorities and a focus on more liquid products, primarily the XAUT token, which remains a sought-after stablecoin with a market cap of $3 billion. aUSDT allowed users to deposit XAUT as collateral to issue a dollar token without selling gold assets. The closure process will be phased: new positions are already unavailable, and collateral can be returned until September 17. This is not the first time Tether has discontinued products: the company previously shut down stablecoins based on the yuan (CNHT) and euro (EURT). From my perspective, this is a rational step: Tether is consolidating efforts around the most liquid and in-demand instruments, abandoning niche solutions that did not meet volume expectations.
CME Group Declares War on Perpetual Futures
The operator of the world's largest futures exchange, CME Group, intends to sue the Commodity Futures Trading Commission (CFTC). CEO Terrence Duffy stated that the lawsuit will be filed on Thursday. The main argument is that perpetual futures should be classified as swaps under the Dodd-Frank Act, not as futures contracts. Recall that a month ago, the CFTC approved such contracts for the Kalshi platform and took a neutral stance on a similar proposal from Coinbase. Duffy calls perpetual futures a "disaster" due to high leverage and participant inexperience, comparing the current situation to the environment before the 2008 crisis. This is a very serious signal: if CME wins the case, it could radically change derivatives regulation in the US and hit crypto exchanges actively promoting such products.
Ark Invest Swaps Robinhood for Coinbase
Cathie Wood's investment firm Ark Invest executed a major rotation: it bought $18.4 million worth of Coinbase shares and simultaneously sold nearly $29 million worth of Robinhood shares. The Coinbase purchase was made through three ETFs, while Coinbase stock itself closed Wednesday down 2.57%, extending its monthly decline to nearly 13%. Interestingly, Robinhood, on the other hand, jumped 8.78% on the day of the sale. After the transaction, Robinhood remains the fourth-largest position in the flagship ARKK fund, while Coinbase now ranks eighth. I view this move as a strategic bet on Coinbase's more "pure" cryptocurrency business, as opposed to Robinhood's diversified but riskier model.
Expert Conclusion: The market is in a consolidation phase, but serious processes are underway behind the scenes. Tether's decision and the CME Group lawsuit are signs of the industry maturing, where major players are reassessing their strategies and fighting for regulatory frameworks. Ark Invest's actions confirm that institutions are betting on liquidity and regulated platforms, rather than retail applications.