Bitcoin’s Hot Summer, Solana ETF Momentum, and Connecticut's Crypto Ban

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 11 June 2025

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin is sizzling this summer, surging back to $110,000 amid optimistic predictions from figures like Michael Saylor, who argues that crypto winter is permanently behind us. But is this bullish enthusiasm a sign of strength or a setup for disappointment? Meanwhile, the SEC hints at an upcoming wave of altcoin ETFs, led by Solana, suggesting a busy fall ahead. At the same time, Connecticut makes headlines by banning state-level crypto investments, signaling ongoing tension between crypto adopters and skeptics. Plus, updates on crypto-friendly legislation advancing in Washington, and insights from Brian Quintenz’s confirmation hearing as incoming CFTC Chair. Brought to you by: Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. To learn more, visit ⁠⁠⁠⁠⁠⁠⁠Grayscale.com⁠⁠⁠⁠⁠⁠⁠ -- ⁠⁠⁠⁠⁠⁠⁠https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)⁠⁠⁠⁠⁠⁠ Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Wednesday, June 11th, and today we have a hot Bitcoin summer. Solana
0:23.7	ETFs coming in the fall and estate banning Bitcoin? Before we get into all that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:36.6	You can find a link at the show notes or go to bit.ly
0:38.7	slash breakdown pod. Hello, friends. Where I am right now, it is in the 90s, but that is not
0:45.0	nearly as hot as Bitcoin is looking right now. Yesterday saw a huge surge touching 110,000 for the
0:51.2	first time in two weeks. The drawdown around Elon spat with the White House last
0:55.3	week saw Bitcoin go all the way back down to $100K. But positive momentum is back, and many are canceling
1:01.0	their beach trips to stay locked onto markets. Keyboard Monkey tweeted, good morning, GM, market blue sky
1:07.0	summer ahead, feels likely no real negative catalysts or headwinds to note.
1:15.4	Bitcoin Jack wrote, these are the promised lands lads, enjoy before they hurt you again.
1:19.9	Now, traditionally, summers have been a pretty boring time in crypto, but some feel that this time will be different. And if that kind of rapid sentiment shift feels a little topy to you,
1:24.8	then get a load of Michael Saylor. In an appearance on Bloomberg yesterday,
1:28.7	the host asked him when this cycle would end in an inevitable collapse. Sailor gruffly responded,
1:34.5	Winter's not coming back. We're past that phase. If Bitcoin's not going to zero, it's going to a
1:39.1	million dollars. After listing off a dozen government and institutional figures now in favor of
1:43.6	Bitcoin, he commented,
1:44.9	Bitcoin has gone through its riskiest period. The accounting has been corrected.
1:49.3	Taking the opportunity to do some public moon math, he pointed out that only around 50 million
1:53.3	of Bitcoin is produced per day, adding, if that's bought, then the price has to move up to
1:57.8	find any seller that's price sensitive. Saler commented that the
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