Anbruggen Capital Crypto Pulse

Latest News

CLARITY Act on the Senate Floor Calendar

• The CLARITY Act remains live on the Senate floor calendar after clearing the Banking Committee 15-9 on May 14. Leadership has signaled intent to push the bill forward before the August recess. House reconciliation with H.R. 3633 has not yet begun.

Our Take: The bill remains structurally bullish whether it passes in 2026 or 2027. Commodity status codified into federal statute, Section 409 protection for onchain developers, and a CFTC pathway for regulated venues are the foundation institutional allocators have been waiting for. Timing is the variable.

Brian Armstrong Calls $60K the Cycle Bottom

• In a weekend appearance on the MoonShots podcast, Coinbase CEO Brian Armstrong said he believes Bitcoin has already bottomed in this cycle near $60,000 and reaffirmed his position as a long-term holder. Armstrong also acknowledged that AI and stablecoins are absorbing significant short-term attention, but argued Bitcoin's role as a store of value is unchanged.

Our Take: Coming from the CEO of the largest US exchange after Bitcoin tagged $61,300 on June 4, this is more than commentary. Armstrong rarely makes specific price calls publicly, and the fact that he chose this moment to do so is itself a read on positioning.

Strategy Increases BTC Reserve to 845,256, USD Reserve to $1 Billion

• Strategy disclosed in a June 8 Form 8-K that its total Bitcoin reserve now stands at 845,256 BTC, with a USD reserve of $1.0 billion. The purchase follows a small 32 BTC sale earlier in the month that briefly raised questions about whether the firm's accumulation thesis had changed.

Our Take: The 32 BTC sale was operational, not directional. This purchase makes that clear. Strategy continued to accumulate through one of the worst stretches of the year for risk assets, which is the kind of conviction signal that matters more than retail sentiment indicators. Saylor remains the marginal institutional bid through the drawdown.

Global Macro View

The macro picture has reorganized at unusual speed.

Three weeks ago, the dominant narrative was sticky inflation, a Fed forced to consider hikes, and an energy shock with no resolution path. Bank of America had pushed its first cut call into mid-2027. Polymarket had "no cuts in 2026" pricing near 80%. WTI had punched above $107 on April 29. The April PPI at +6.0% YoY had embedded the inflation impulse into services for the first time, breaking the supply-shock thesis.

That framework began unwinding this weekend. The US and Iran reached a peace deal on Sunday, with a Memorandum of Understanding to be signed in Switzerland on Friday, June 19. Trump authorized the immediate toll-free reopening of the Strait of Hormuz and the lifting of the US naval blockade. The deal includes Iran's commitment to maintain the nuclear status quo, and a cessation of military operations on all fronts including Lebanon.

The data still cuts both ways. May CPI on June 10 confirmed the energy-driven headline at 4.2% YoY, but core printed 2.9% with core goods declining 0.1% — a tentatively encouraging sign that the shock has not broadened. The May PPI a day later told a different story: headline +1.1% MoM and 6.5% YoY. If oil normalizes from here, those pressures unwind in June and July.

The Fed convenes Tuesday-Wednesday into this transition. CME FedWatch shows roughly 97% odds of a hold at 3.50–3.75%. Whether the Fed statement will have an easing bias or moves to neutral will tell us how much credit Warsh's committee is willing to take from this weekend developments before the energy unwind shows up in the data.

Implementation risk on the peace deal is real, and Iran's foreign minister has urged caution until Friday's signing. The Fed could choose to wait for data confirmation rather than lead. But the variables that have constrained risk assets through Q2 are unwinding in roughly the same window.

References:
·  US-Iran Peace Deal: https://www.cnn.com/2026/06/14/world/live-news/iran-war-trump-israel

• May CPI: https://www.cnbc.com/2026/06/10/cpi-inflation-report-may-2026.html
• May PPI: https://www.cnbc.com/2026/06/11/producer-price-index-may-2026-.html
• FOMC June Meeting: https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
• Oil Markets: https://tradingeconomics.com/commodity/crude-oil

Crypto Spotlight

Hyperliquid and Lighter — The Onchain Perps Stack Comes of Age

The most interesting structural development in crypto this year is happening below the surface of the price tape, on the perpetual futures venues that have moved billions of dollars of trading volume off centralized exchanges and onto purpose-built blockchains.

Two protocols anchor the shift: Hyperliquid and Lighter. Both run high-performance order books with sub-second finality. Both have grown into the top tier of derivatives venues globally over the past twelve months. And both are reshaping how traders think about counterparty risk, fee economics, and the structure of the market itself.

Onchain perps solve three problems that have constrained institutional participation in crypto derivatives for years. Counterparty risk, no exchange to fail or commingling customer funds. Transparency, positions and liquidations verifiable in real time. Fee efficiency, no intermediary capturing spread between trader and matching engine. They retain the performance characteristics that make derivatives venues usable: sub-second execution, deep books, tight spreads.

The build-out is happening as CFTC-regulated crypto derivatives become more accessible in the US. The onchain stack and the regulated centralized stack are converging on the same end state: transparent, capital-efficient, regulated-grade derivatives infrastructure for digital assets. The protocols that establish liquidity dominance early are positioned to capture an outsized share of what we expect to be the fastest-growing segment of crypto market infrastructure through the next cycle.

Chartbook  

Bitcoin

Though still within the current psychological support level, Bitcoin has broken below the 200-week exponential moving average, after a retest of he 100-week exponential moving average. Further decline is expected if this previous resistance turned support zone does not hold.

 

Ethereum

ETH is currently testing the 100-month exponential moving average as it continues to range between the $1,000 to $4,000 zone. 

 Looking Ahead

The remainder of the month will be defined by three near-term tests.

The first is the FOMC on Wednesday. The decision itself is priced; the dot plot and statement language are not. A median 2026 dot that shifts down even one cut would meaningfully change positioning across risk assets. A statement that drops the easing bias toward a neutral framing would land differently than one that retains it.

The second is the peace deal signing on Friday. The market is pricing the deal as done. If implementation slips, or if the Strait reopening timeline stretches beyond thirty days, oil will retrace some of this week's move and the disinflation thesis tightens.

The third is the June CPI print, due July 15. With energy prices materially lower and base effects turning favorable, the headline number should ease meaningfully. The core reading is what will tell us whether the May softness was a one-off or the start of a trend.

Three datapoints, all within five weeks, all carrying real directional weight. We remain patient and positioned for the picture to clarify rather than to chase any initial repricing.

 

Disclaimer: Investing in cryptocurrencies involves significant risk. Past performance does not guarantee future results. All opinions represent the views of Anbruggen Capital at the time of writing and are subject to change. Consult a financial adviser before making investment decisions.