Markets Pull Back After Global Tariffs Reinstated

Market Highlights

• Bitcoin (BTC) posts first weekly loss in over two months
• GameStop and Metaplanet expand corporate BTC holdings
• SharpLink Gaming doubles down on Ethereum with US$1B stock offering
• Altcoins struggle, with SOL, XRP and DOGE all closing in the red
• POKT and LPT lead the week’s top gainers, while WEMIX and FARTCOIN see sharp declines

Bitcoin (BTC)

After an impressive two-month rally, Bitcoin (BTC) finally took a breather this week, recording its first weekly loss in over eight weeks. BTC opened at US$109,152 and closed at US$105,775, down -3.05% for the week. The pullback followed a U.S. appeals court decision to reinstate President Trump’s tariffs, reversing a previous ruling that had declared them unconstitutional. The news unsettled markets and weighed on sentiment, with BTC dipping as low as US$103,199 before recovering slightly over the weekend.

Despite the weekly decline, BTC still managed to notch its highest monthly close ever. This suggests that the broader uptrend remains intact and that investor appetite has not faded. The tariff headlines also appeared to impact flows into Bitcoin ETFs. After ten consecutive days of net inflows totalling US$4.26 billion, Thursday saw nearly US$347 million in net outflows - the largest daily withdrawal since 11 March. Even so, BlackRock’s Bitcoin Trust (IBIT) closed May with its strongest month yet, attracting over US$6.22 billion in net deposits.

On Sunday, Michael Saylor of Strategy (formerly MicroStrategy) posted his famous “orange dot” tracker chart on social media following his appearance at the Bitcoin Conference in Las Vegas. Saylor typically shares this chart just before Strategy announces a new BTC purchase for its corporate treasury.

Also at the conference, video game retailer GameStop revealed it had purchased 4,710 BTC, valued at approximately US$512 million. The acquisition follows a US$1.5 billion convertible notes offering completed in April and signals the company’s move into Bitcoin as a treasury asset.

Meanwhile in Japan, Metaplanet continued to expand its Bitcoin holdings, issuing US$21 million in bonds to EVO FUND to finance additional BTC purchases. The company now holds approximately 7,800 BTC, which is about 78 percent of its 10,000 BTC goal for 2025, and currently ranks eleventh among corporate Bitcoin holders globally.

Ethereum (ETH)

Following the broader market reaction to renewed U.S. tariff concerns, Ethereum (ETH) posted a modest weekly decline of -0.48%. It opened at US$2,551, reached a high of US$2,790, and closed the week marginally lower at US$2,539. Despite the pullback, ETH outperformed BTC over the same period, demonstrating relative strength in a cautious market environment.

This resilience may be partly supported by growing institutional interest. U.S.-based sports betting platform SharpLink Gaming continued to make headlines with its Ethereum corporate strategy. Just a week after announcing plans to adopt ETH as a treasury asset, the company filed with the SEC to raise up to US$1 billion through a stock offering to fund additional ETH purchases. Dubbed by some as the “MicroStrategy of Ethereum,” SharpLink is quickly positioning itself as a key institutional player within the Ethereum ecosystem.

Altcoins

It was a tough week for altcoins, particularly among the top ten by market capitalisation. Solana (SOL) fell -10.28%, XRP (XRP) declined -6.94%, and Dogecoin (DOGE) led the losses with a drop of -13.7%, as traders and investors reassessed their risk appetite in response to renewed tariff uncertainty.

Despite the broader weakness, several coins stood out with strong individual performances.

This week’s biggest gainers:

• Pocket Network (POKT) rallied +374% ahead of its upcoming Shannon Hard Fork upgrade, scheduled for 3 June. The upgrade is expected to make the network fully permissionless and expand its ability to support a wider range of data types.
• Livepeer (LPT) also gained significant traction, rising +63.36% following new exchange listings on South Korea’s Upbit and the decentralised trading platform dYdX, boosting visibility and access to the token.
• Toncoin (TON) was one of the few large-cap assets to post a positive week, up +6.69%. The move followed news of a partnership between Telegram and xAI, which will see Telegram integrate the Grok chatbot and receive a US$300 million cash and equity investment, along with 50% of subscription revenue from xAI users on the platform.

This week’s biggest losers:

• WEMIX (WEMIX) was among the worst performers, falling -43.95% after its token was delisted from all major South Korean exchanges.
• Fartcoin (FARTCOIN) pulled back -21.23% after seven consecutive weeks of gains, as profit-taking set in.

ICYMI - In the News

A few big stories you may have missed:

• U.S. lawmakers introduced the Digital Asset Market Clarity (CLARITY) Act, a proposed bill that would remove SEC oversight of crypto markets. Under the legislation, most crypto assets would be classified as digital commodities and regulated by the CFTC.
• Trump Media closed a US$2.4 billion fundraising round, with part of the proceeds earmarked for creating a Bitcoin treasury.
• Newly crowned UEFA Champions League winners Paris Saint-Germain became the first major sports club to hold Bitcoin, marking a longer-term commitment to the digital asset space.
• The crypto advisor to the Prime Minister of Pakistan announced at Bitcoin 2025 that the country is actively exploring the creation of a national Bitcoin reserve.
• In the UK, Nigel Farage pledged to pass a pro-crypto bill if elected prime minister. He proposed cutting capital gains tax on crypto and directing the Bank of England to hold a Bitcoin reserve.
• Yuga Labs, the creator of Bored Ape Yacht Club, sold the Moonbirds IP to Orange Cap Games as part of a broader refocus on its core NFT brands. This comes on the back of recent sales of the Meebits and CryptoPunks IP.

Looking Forward - The Week Ahead

• FTX creditor repayments are expected this week and could have a positive impact on market sentiment, as the return of funds may inject much-needed liquidity back into the crypto ecosystem.
• The European Central Bank will announce its latest monetary policy decision on Thursday, 6 June, which could influence broader risk appetite across global markets.
• U.S. Federal Reserve officials are scheduled to speak throughout the week, with investors watching for any signals on the future path of interest rates.
• Key U.S. economic data, including the trade balance and unemployment figures, will be released on 6–7 June and may help shape near-term market direction.
• U.S. Labour Market Report is due Friday, 6 June, and will be closely watched as a key indicator of economic strength and policy outlook.

Thanks for reading this week’s Market Pulse. We’ll be back next week with more insights from the crypto markets!