The market is on pause: Tether winds down aUSDT, CME Group sues the CFTC, and Ark Invest swaps Robinhood for Coinbase
The morning of June 18 finds the crypto market in a sideways movement. Bitcoin (BTC) is trading around the $63,943 mark, showing minimal volatility within a 24-hour range of $63,779 – $66,354. Ether (ETH) is also stuck in consolidation at the $1,735 level. Against this backdrop, investors have shifted their attention to fundamental news that sets the direction for the entire industry.
The main surprise came from Tether, which announced a phased shutdown of the Alloy platform and its associated gold-backed stablecoin aUSDT. The decision comes just two years after the launch. As I expected, this is a logical step within the strategy of focusing on the most liquid products. The company intends to concentrate on the gold token XAUT, whose market capitalization already exceeds $3 billion. Users will be able to withdraw their assets until September 17. Let me remind you that this is not the first instance: Tether previously shut down CNHT and EURT.
Meanwhile, a serious conflict is brewing on the regulatory front. The operator of the world's largest futures exchange, CME Group, announced its intention to sue the Commodity Futures Trading Commission (CFTC). The reason is the approval of perpetual futures contracts for the Kalshi platform, which CME considers a "disaster" due to high leverage. CME CEO Terrence Duffy draws a direct parallel to the 2008 crisis, arguing that "the housing market has been replaced by the speculation market." The lawsuit will be filed on Thursday, and its key argument will be the classification of perpetual contracts as swaps under the Dodd-Frank Act. This is a fundamental point: if CME wins, it could create a dangerous precedent for the entire derivatives industry.
At the institutional level, interesting shifts are noticeable. Cathie Wood's Ark Invest executed a major trade: the fund bought $18.4 million worth of Coinbase shares while simultaneously selling nearly $29 million worth of Robinhood shares. Notably, Coinbase shares closed down 2.57% on Wednesday, extending their monthly decline to nearly 13%. Nevertheless, for Ark, this is a strategic move: Coinbase now ranks eighth in the flagship ARKK fund's portfolio, while Robinhood has dropped to fourth. I see this as a signal of long-term faith in Coinbase as a key institutional player, despite the current market correction.
Analytical conclusion: The market is undergoing a consolidation phase, but important structural changes are brewing beneath the surface. Tether is optimizing its product line, and the regulatory wars between CME and CFTC could reshape the crypto derivatives landscape. In such conditions, the capital flow from Robinhood to Coinbase looks like a bet on the sector's "blue chips" — a sensible strategy for those looking at a 12-18 month horizon.