Here’s what happened in crypto today
Today in crypto, a new report from crypto bank Sygnum suggests massive pressure on Bitcoin’s supply could trigger a price breakout in the near future, a Trump crypto wallet announcement went awry after the US president’s sons denied the family was involved, and education company Classover announced a Solana strategic reserve.Bitcoin’s shrinking supply may trigger price breakout: SygnumBitcoin’s circulating supply is tightening fast, setting the stage for potential price surges as demand continues to grow, according to Sygnum Bank’s June 2025 Monthly Investment Outlook.Sygnum analysts noted that Bitcoin’s (BTC) liquid supply had dropped by 30% over the past 18 months, primarily driven by institutional adoption and the rise of Bitcoin acquisition vehicles.These entities, including exchange-traded funds (ETFs) and corporate buyers, have steadily withdrawn coins from exchanges, a move typically seen as bullish.“Bitcoin’s fast-shrinking liquid supply is creating the conditions for demand shocks and upside volatility,” the report said.Since late 2023, Bitcoin balances on exchanges have fallen by about 1 million BTC. The trend is accelerating as a growing number of funds issue equity or debt to purchase Bitcoin, further soaking up available supply.At the same time, geopolitical and fiscal uncertainties, particularly around the weakening US dollar and ballooning US debt, drive investors toward crypto markets.Adding to the momentum, three US states recently passed legislation permitting Bitcoin reserves. New Hampshire has already signed such a bill into law, with Texas likely to follow.Meanwhile, international interest is growing. Sygnum highlighted that Pakistan’s government and Reform UK, the party currently leading in UK election polls, have announced intentions to explore Bitcoin reserve strategies.Trump wallet announcement spirals into confusionA June 3 announcement of a Trump-branded crypto wallet to be launched by a business linked to the Trumps became muddled after US President Donald Trump’s sons distanced the family from it.Non-fungible token (NFT) marketplace Magic Eden and the firm behind the president’s memecoin that is linked to his sprawling holding company, the Trump Organization, said they were linking up to launch the “Official $TRUMP Wallet by President Trump.”But the president’s sons, Eric, Barron and Donald Trump Jr., all said they knew “nothing about it” and that the Trump Organization has “zero involvement” with the product. Donald Trump Jr. then added the family’s crypto platform, World Liberty Financial, “will be launching our official wallet soon.”Crypto skeptic Molly White said the saga was “absolute chaos” and speculated a breakdown in communication between the various Trump-linked businesses.The Trump Wallet website said the project is a partnership with Magic Eden and GetTrumpMemes.com — the latter is owned by Fight Fight Fight LLC, which is co-owned by a company affiliated with the Trump Organization called CIC Digital LLC. Those two companies together own a majority of the supply of Trump’s memecoin.Classover signs $500 million convertible note deal for Solana reserveClassover, a K-12 education company, has announced a move into crypto through the creation of a Solana reserve.The company plans to issue up to $500 million in senior convertible notes, with 80% of the proceeds allocated to purchasing Solana (SOL). The move follows a growing pattern of companies expanding into crypto-related strategies along with their core businesses.According to a June 2 announcement, Classover has already purchased 6,472 SOL worth approximately $1.1 million to start its reserve. The issuance of $500 million in convertible notes comes through a partnership with Solana Growth Ventures.Classover is an online education company offering learning courses for K-12 students worldwide. On June 3, a day after the announcement, its shares reached $5.45 on the Nasdaq, an intraday rise of 46.5% at the time of publication.According to the company, the issuance of up to $500 million in convertible notes could be complementary to Classover’s $400 million equity purchase agreement. Combined, these two financing methods would bring the company’s Solana purchasing power to $900 million.