Capital rotated into altcoins as Uniswap’s UNI token jumped 22.5% to $3.53 following Standard Chartered’s initiation of coverage with a $100 price target by 2030. The move reflected broader strength in alternative assets while Bitcoin held near $66,000 and macro uncertainty ahead of Federal Reserve Chair Kevin Warsh’s first rate decision clouded the largest cryptocurrency.
Standard Chartered’s digital assets research head Geoffrey Kendrick framed the decentralized exchange as a “foundational layer of the on-chain economy,” anchoring the bank’s bullish stance. The coverage arrival coincided with pronounced weakness in traditional risk assets: the Nasdaq 100 fell 2% on Tuesday, while S&P 500 futures edged up just 0.2%.
Altcoins posted strong weekly performances. Hyperliquid’s HYPE token rose 7.8% over 24 hours and 34.3% over the week. Solana gained 14.7% over seven days. Ether climbed 1.4% to $1,793 on the day and 10.4% weekly. XRP slipped 0.9% to $1.22. Bitcoin itself gained 7.4% weekly despite a 0.3% 24-hour decline, tracking broader risk sentiment shifts tied to geopolitical developments.
Brent crude fell below $79 per barrel, its lowest in more than three months, as markets priced in a potential U.S.-Iran deal to reopen the Strait of Hormuz. The agreement would grant Iran immediate oil sales rights and access to a $300 billion development fund. The U.S. Treasury is set to issue waivers for Iranian crude and petrochemical exports once a memorandum is signed. Bond markets rallied on the development, with Australian and Japanese 10-year yields slipping about 5 basis points.
Bitcoin has tracked risk assets closely throughout the Iran negotiations, suggesting macro flows rather than idiosyncratic crypto demand are driving near-term price action. The rotation into altcoins reflects investors positioning ahead of Warsh’s inaugural Fed decision, with uncertainty over policy direction pushing capital away from major assets.
Exchange volumes declined in May. Combined exchange volumes fell 3.45% to $4.41 trillion, according to CoinDesk Research data published June 15. Perpetual futures volumes for real-world assets (RWA) rose 10.4%, signaling sustained institutional interest in tokenized on-chain infrastructure despite broader trading slowdown.
