Coinbase Ventures said it bought ENA on the open market and entered a partnership with Ethena to develop onchain finance and savings products for a combined user base of more than 100 million. Ethena said the first growth initiative tied to the collaboration is set to launch the week of June 8, 2026, though no product details or deal terms were disclosed. Ethena reports about $5.4 billion in TVL and roughly $983 million in cumulative fees since launch, alongside a token market cap of over $825 million.

Stablecoin usage is expanding beyond trading, with filtered transaction velocity reaching a record 49.7 times annualized as supply stands near $320 billion and filtered volume totals $6.64 trillion in under five months. Meanwhile, spot bitcoin ETFs have recorded peak-to-date drawdowns of $6.6 billion since outflows began in October 2025, and ethereum ETF flows weakened through much of May 2026.

Ethereum co-founder Vitalik Buterin reposted a prior idea to move stablecoins away from using the U.S. dollar as the default reference point. He proposed user-specific baskets of prediction market shares, assembled from each person's spending patterns, as the stability anchor. The post also revisits his earlier concerns about USD dependence, oracle security, and incentives when staked ETH is used as collateral.

Bitcoin fell under the $70,000 level, trading around $69.6k at press time after sliding 4.21% in 24 hours and 9.1% over the week. Spot ETF flows stayed negative, with June 1 posting -$483.76 million, and BTC has declined 14.18% since May 15 (from $81,090 to $69,590). Analysts also pointed to rising $100k+ transactions and a downside technical target that could extend toward $51k.

Ethereum is trading below $2,000, with ETH near $1,975 after losing the $2,000 psychological level and extending a downtrend from the $2,300–$2,350 rejection zone in May. The Coinbase Premium Index for Ethereum fell to around -0.16—its lowest reading since February—before edging back toward -0.14, suggesting softer US buying relative to global venues. Technically, ETH is now below its 50-day, 100-day, and 200-day moving averages, with traders watching support at $1,820–$1,920 and resistance levels at $2,050 and $2,250–$2,350.

On June 2, 2026, the U.S. Department of the Treasury announced sanctions on several Iranian cryptocurrency trading platforms and associated individuals. The designations place the named entities and people on OFAC’s Specially Designated Nationals (SDN) list, restricting their access to the U.S. financial system and requiring U.S.-linked firms to block related transactions.

On June 1, bitcoin ETFs recorded $483.76 million in net outflows, extending the category's redemption streak to 11 straight sessions, led by BlackRock's IBIT with a $440.29 million withdrawal. Ether ETFs also stayed negative for a 15th consecutive trading day, losing $44.44 million, while XRP and HYPE ETFs took in a combined $5.41 million.

In early June 2026, bitcoin slid more than 6% over 24 hours, touching an intraday low of $66,948 and later printing $66,346. The move came alongside broad deleveraging, with crypto long liquidations rising to $1.35 billion versus $136 million in shorts. On June 2, bitcoin's market cap dipped to just under $1.35 trillion, while the wider crypto market fell below $2.5 trillion for the first time since April 13.