Morning crypto market digest: Tether winds down aUSDT, CME Group sues CFTC, and Ark Invest shifts from Robinhood to Coinbase
The digital asset market started the morning of June 18 in a sideways movement. Bitcoin (BTC) is trading around the $63,943 mark, showing minimal volatility after an unsuccessful attempt to hold above $66,000. Over the past 24 hours, the first cryptocurrency reached a high of $66,354 and a low of $63,779. Ether (ETH) is also in a consolidation phase, moving near $1,735.
Among the top 10 by market cap, Tron shows the best daily performance (+0.94%), while Hyperliquid has become the undisputed weekly leader (+26.88%). At the same time, the Audiera coin continues to suffer massive losses: -29.55% in 24 hours and -74.38% over the week. In the top 100, Ethena stands out with a daily gain of +7.78%, and SKYAI has added nearly 100% over the week.
Key morning events: strategic reversals and regulatory battles
Tether has officially announced the winding down of the Alloy platform and its associated gold-backed stablecoin aUSDT. The decision comes just two years after launch. The company cites a reassessment of priorities and a desire to focus on products with higher demand and liquidity, primarily the gold token XAUT. Recall that aUSDT allowed users to deposit XAUT as collateral and issue a dollar token without selling gold assets. The closure process will be phased: new positions are already unavailable, and users can redeem aUSDT and withdraw gold until September 17. This is already the third product Tether has shut down — previously, the company discontinued CNHT (based on the yuan) and EURT (based on the euro). XAUT remains a popular stablecoin with a market cap of $3 billion.
The operator of the world's largest futures exchange, CME Group, intends to sue the Commodity Futures Trading Commission (CFTC) over the approval of perpetual futures. CME CEO Terrence Duffy stated that the lawsuit will be filed on Thursday. The main argument is that perpetual contracts should be classified as swaps under the Dodd-Frank Act. A month ago, the CFTC approved such contracts for Kalshi and took a neutral stance on a similar proposal from Coinbase. Duffy calls perpetual futures a "disaster" due to high leverage and the inexperience of market participants, comparing the current situation to the environment before the 2008 crisis. "The housing market has been replaced by the speculation market," he summarizes.
Ark Invest, led by Cathie Wood, made major portfolio shifts: buying $18.4 million worth of Coinbase shares and selling nearly $29 million worth of Robinhood shares. The Coinbase purchase was made through three ETFs, while the stock itself closed Wednesday down 2.57%, extending its monthly decline to nearly 13%. Robinhood, on the other hand, surged 8.78%. After the sale, Robinhood remains the fourth-largest holding in the flagship ARKK fund, while Coinbase now ranks eighth. This is a signal: Wood is betting on institutional infrastructure rather than a retail platform.
My analysis: The closure of aUSDT is a logical step for Tether amid intensifying competition in the stablecoin market. The company is consolidating efforts around XAUT, which indeed has higher liquidity and demand. As for the CME lawsuit against the CFTC, it could become a landmark precedent for derivatives regulation in the US. If the court sides with the exchange, it will significantly complicate life for crypto exchanges actively promoting perpetual contracts. And the capital flow from Ark Invest from Robinhood to Coinbase is a clear indicator that major players see more potential in the institutional segment than in retail trading.