Tokenized US Treasuries Grow by $340M in Just Under Three Weeks
Ether, Dogecoin Surge, Outpaces Bitcoin as DeFi Comments Spurs Bullish Mood
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Shaurya Malwa
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By Shaurya Malwa|Edited by Parikshit Mishra
Jun 11, 2025, 6:23 a.m.
- Bitcoin remains stable above $109,500, while ether shows significant upside potential and volatility.
- Ether ETFs have attracted over $800 million recently, surpassing Bitcoin’s inflows and indicating expected price swings.
- Traders are anticipating U.S. CPI data, which could influence Federal Reserve rate expectations and market sentiment.
Bitcoin
stayed steady above $109,500 in Asian morning hours Wednesday, a rebound that started after last week’s profit-taking.
However, all eyes are on ether
with traders commenting on upside volatility in the weeks to come and reporting record volumes for certain ETH-based products on some exchanges. ETH zoomed 5% in the past 24 hours, leading gains among majors.
STORY CONTINUES BELOW
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“Investors are finally recognizing the compelling investment opportunity that Ethereum presents. It’s still trading well below its all-time highs, while bitcoin is already near its ATH levels,” said Jeff Mei, COO at BTSE, in a message to CoinDesk.
He pointed to Ethereum’s growing role in tokenizing real-world assets like stocks, money-market funds, and U.S. Treasuries, adding that it was “very likely that Ethereum will reach and/or surpass its all-time high price by the end of the year.”
Ether ETFs have attracted more than $800 million in the past two weeks alone, outpacing bitcoin’s sub-$400 million, according to SoSoValue data. That’s helped the spread between ether’s implied volatility and bitcoin’s reach its highest level since late 2022 — a sign traders expect bigger price swings ahead.
Open interest in ether perpetuals on Kraken hit an all-time high of 30,000 ETH this week, said Alexia Theodorou, Head of Derivatives at Kraken, in an email to CoinDesk.
“This signals a notable uptick in speculative activity around the second-largest cryptocurrency by market cap,” she noted. However, she cautioned that the market “has yet to form a clear directional consensus,” with the long/short ratio still well below January levels.
Elsewhere in the market, Solana
and Cardano
posted gains of 4.7% and 3.3%, respectively, adding to the risk-on tone, while XRP
rose 2% to $2.30. Ethereum beta bet dogecoin
climbed 3.7% to reverse all of last week’s losses.
Traders are closely watching upcoming U.S. CPI data on Wednesday, which could sway Federal Reserve rate expectations and shape risk sentiment ahead of next week’s meeting.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
