Morning Minute: Crypto Majors Slide on Iran Escalations, ETF Outflows
Crypto markets experienced sharp declines, with Bitcoin dropping below $73,000—a six-week low—amid escalating conflict between Iran and the worst single-day Bitcoin ETF outflows so far in 2026, totaling over $1 billion in two days and $2.6 billion since May 15. Ethereum fell below $2,000, down 33% for the year. Broader markets were also down, but crypto took the hardest hit. Jefferies projects a surge in crypto-related IPOs could create a $1 trillion public market within five years, noting institutional focus is shifting toward integrating blockchain in core financial systems. Upcoming IPOs include Kraken, Securitize, Blockchain.com, and Gemini. Crypto political spending is increasingly tilting Republican. While bipartisan PAC FairShake remains active, new GOP-focused PACs have emerged, making significant impacts in Texas primaries by supporting industry-aligned candidates and aiding in the ouster of a prominent crypto critic. A Google engineer, Michele Spagnuolo, was arrested for insider trading on Polymarket, allegedly using confidential company data to make profitable bets. He faces charges of commodities fraud, wire fraud, and money laundering.
