- Published on
Hodler's Digest June 14-28
- Authors
- Name
- DeepHorus
Binance is shutting down its services in Europe after failing to secure a regulatory license in the region, marking a significant setback for the world’s largest cryptocurrency exchange. Meanwhile, a new nonprofit called Ethlabs has launched to accelerate Ethereum’s institutional adoption, backed by Bitmine, Sharplink, and Ethereum co-founder Joe Lubin. These developments come as a Bitget Wallet study reveals that about 60% of first-time crypto users entered through Polymarket during the World Cup, highlighting prediction markets as an emerging onboarding channel.
Binance’s departure from Europe follows a series of regulatory pressures across multiple jurisdictions, with the exchange unable to meet local licensing requirements. The move will affect European users who relied on Binance for trading and custody services. Ethlabs, formed by former Ethereum Foundation contributors, aims to address the network’s funding crisis and prepare it for institutional use, especially as stablecoins and tokenized assets converge on Ethereum.
The 90-day Bitget Wallet study tracked 857,000 active Polymarket users and found that 60% had no prior blockchain interaction. Alvin Kan, chief operating officer at Bitget Wallet, noted that earlier onboarding efforts focused on simplifying technology, but prediction markets attract users because they offer a way to bet on real-world events without needing deep crypto knowledge. This dynamic could broaden crypto’s user base significantly.
Elsewhere, President Donald Trump canceled the signing of the 21st Century ROAD to Housing Act, which included a ban on central bank digital currencies (CBDCs) until 2030. Trump demanded that Congress first pass the SAVE America Act, which requires in-person voter ID, a measure critics say could disenfranchise eligible citizens. The cancellation delays a potential CBDC prohibition at the federal level.
CryptoQuant warned that Strategy, Michael Saylor’s company, should pause Bitcoin purchases as its cash reserves have fallen 38% year-to-date, with dividend coverage dropping from seven years to just 14 months. Strategy’s dividend obligations nearly quadrupled to $1.2 billion due to new STRC preferred stock issuance at 11.5% yield. CryptoQuant CEO Ki Young Ju advised rebuilding cash reserves before resuming Bitcoin acquisitions.
Ethlabs’ launch arrives amid a core development funding crisis at the Ethereum Foundation, highlighted by recent departures including co-executive director Hsiao-Wei Wang. Sharplink stated that Ethlabs exists to ensure the network can absorb demand from stablecoins, tokenized real-world assets, and AI commerce. The initiative signals a shift toward decentralized funding for Ethereum’s infrastructure.
Looking ahead, Binance’s European exit may push users toward licensed alternatives, while Ethlabs aims to secure Ethereum’s role as a settlement layer. The Polymarket data suggests prediction markets could become a key gateway for mass adoption. Regulatory battles over CBDCs and voter ID laws will continue to shape the U.S. crypto landscape, and Strategy’s financial health will be closely monitored by Bitcoin investors.
