Track market-moving stories before they get noisy

Binance, one of the largest cryptocurrency exchanges, has attracted attention with its high volume of Bitcoin (BTC) withdrawals in the last 24 hours. According to an analysis published by the on-chain analytics company Ruga Research, a total of 9,030 BTC, worth approximately $589 million, was withdrawn from Binance in the last day. This figure marks the largest daily Bitcoin outflow from the exchange in the last five months.

Analysts note that large Bitcoin withdrawals from centralized exchanges often indicate that investors are moving their assets to personal wallets for long-term storage. While this could be a positive signal that short-term selling pressure may lessen, it is not considered sufficient on its own to determine the market’s direction.

Ruga Research focused not only on stock market outflows but also on Bitcoin’s technical outlook. According to the company’s analysis, Bitcoin’s 30-day momentum indicator has recovered significantly recently. Previously at -21%, the indicator has risen back to 0%. The research firm noted that similar recoveries have led to upward price movements several times in the past year.

The report specifically highlighted the noteworthy timing of the recent major Bitcoin sell-off. According to Ruga Research, while similar-sized sell-offs in the past have mostly followed sharp price increases, the fact that this time the sell-off occurred during a period when price momentum was beginning to strengthen again may indicate a different dynamic in the market.

Experts say that investors should not evaluate such on-chain data in isolation, and that analyzing it in conjunction with macroeconomic developments, ETF fund flows, and institutional investor behavior will yield healthier results.

However, large-scale Bitcoin withdrawals have historically been known to contribute to a decrease in supply from exchanges, which in the long run has had a supportive effect on the price.

While analysts say it’s too early to interpret the latest data as a definitive bullish signal, they note that the high-volume rallies accompanying the recovery in momentum are an important indicator that market participants should closely monitor in the coming period.

*This is not investment advice.

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Stanford researchers found signs of manipulation in Polymarket’s five-minute Bitcoin markets. Suspected traders earned an estimated $8.2 million from the activity. Longer settlements and average-price methods could reduce manipulation risks. Prediction markets keep drawing more traders from around the world. The new studies by scholars have revealed that there might be specific contractual designs. These would inadvertently favour such strategic behaviour of market participants. Scholars from Stanford University and Singapore Management University studied five-minute Bitcoin prediction contracts traded on Polymarket. They found anomalies that did not seem to correspond to normal trading behavior.

Researchers Study Trading Trends around Settlement The study analysed approximately 16,000 five-minute Bitcoin contracts launched within two months of their market entry. Researchers noted sudden directional trading spikes on Binance shortly before contract settlement, followed by abrupt price retracements right after, repeatedly. 

Source: Settlement Manipulation in Prediction Markets The trends appeared strongest when contracts remained evenly divided, giving traders with large positions stronger incentives to trade before settlement. Researchers tracked the trading volumes of the settlement period, which averaged 3.9x higher than usual in the case of contracts with strong signals of a possible manipulation attempt. 

Overnights and weekends had higher concentration due to low liquidity, which made small transactions affect the prices of Bitcoin more efficiently, at least for some time. The researchers estimated that the total profit of the suspected manipulators was around $8.2 million, although some sources used different calculations. Researchers emphasized that the evidence remained purely circumstantial.

Longer Settlement Windows Make Price Manipulation Less Effective Researchers found that most suspicious trading activity disappeared after contract durations increased from five minutes to fifteen minutes. This made price manipulation much less efficient since it was necessary to create an artificial market movement over an extended period of time, which increased costs. 

Researchers proposed using time-weighted average price (TWAP) settlement to reduce opportunities for market manipulation at a single point in time. Polymarket admitted that no price manipulations have been seen but agreed to implement an averaging-based settlement process for some markets within a year. 

Binance said that it has monitoring and anti-manipulation software installed on its platform, but stressed that the settlement process is decided by other platforms which operate outside the exchange. It was pointed out that similar vulnerabilities might be observed even outside cryptocurrency since prediction markets spread into traditional financial assets.;

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Binance has released its 44th proof-of-reserves report, showing that customer Bitcoin holdings increased during June while Ethereum and Tether balances declined. 

Summary

Binance users raised Bitcoin holdings 1.22%, adding 7,715 BTC during June, the latest snapshot showed. Ethereum and Tether balances declined, while Binance continued publishing monthly reserve data for customer verification. Reserve snapshots show account balances, but they cannot explain whether users bought, sold, or withdrew. The report used a snapshot taken on July 1 and compared the figures with customer balances recorded on June 1.

Customer Bitcoin holdings rose 1.22% to about 640,000 BTC, an increase of 7,715 BTC. Ethereum holdings fell 1.41% to around 4.08 million ETH, a decline of 58,591 ETH. Customer Tether holdings dropped 1.51% to about 33.7 billion USDT, falling by roughly 510 million USDT.

Binance customer Bitcoin holdings continue rising The July figures extend the rise in customer Bitcoin balances reported one month earlier. Binance users added 25,838 BTC in May, lifting their total holdings by 4.26% to about 630,000 BTC in the exchange’s 43rd proof-of-reserves report.

The latest increase was smaller than the previous month’s gain, but it kept customer BTC balances moving higher. The report does not show whether the change came from purchases, deposits, transfers between Binance services, or movements from other assets. It records balances at one point in time rather than individual customer activity.

Ethereum and USDT balances decline Ethereum moved in the opposite direction after recording a strong increase in the previous report. Customer ETH holdings had risen 10.17% in May to about 4.14 million ETH. The July snapshot showed that the total fell by 58,591 ETH during June.

USDT balances also declined for a second monthly report. Binance users held about 34.3 billion USDT in the June 1 snapshot after balances fell by roughly 460 million tokens in May. The latest decrease brought the total to about 33.7 billion USDT. Lower stablecoin balances do not confirm that users converted USDT into Bitcoin or withdrew funds.

A similar pattern recently appeared at other major exchanges. As reported by crypto.news, Bybit and OKX recorded higher customer Bitcoin holdings while USDT balances fell in their latest reserve snapshots. However, the reports did not identify the reasons behind the balance changes.

Binance says customer assets remain backed Binance states on its proof-of-reserves page that it holds customer assets on a 1:1 basis, along with additional reserves. The exchange uses Merkle Trees and zero-knowledge proofs to let customers check whether their account balances were included in the total liabilities covered by each report.

A proof-of-reserves report can show whether listed wallets hold assets linked to customer balances at the time of a snapshot. However, it does not provide a complete financial audit or explain every off-chain liability. A recent proof-of-reserves explainer noted that useful disclosures should remain recent, frequent and matched against customer liabilities.

The figures should therefore be read as a record of asset backing and customer balances on a specific date. They do not show the exchange’s complete financial position or the reasons customers moved assets between accounts, platforms or private wallets.

Report follows braoder changes at Binance The latest reserve report arrived after a month of active derivatives trading. Binance recorded about $1.63 trillion in futures trading volume during June, its highest monthly total of 2026, according to CryptoQuant data.

Binance also introduced service changes for some European users when the European Union’s MiCA transition ended on July 1. As previously reported, the exchange said affected users could continue using options already communicated to them, including withdrawals where available. The date matched the snapshot used for the latest reserve report.

Earlier reserve rankings placed Binance ahead of other major exchanges. As reported by crypto.news, CoinMarketCap data ranked the platform first in January 2026 with about $155.6 billion in proof-of-reserve assets. The July report adds a new monthly view of customer balances, with BTC rising while ETH and USDT moved lower.

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Binance introduces BTC yield product. (Web Summit/CC By 2.0)Summary

Binance debuts a bitcoin yield product exclusively for BTC holders. The product runs a systematic covered call strategy, bringing yield-generation strategies to a wider pool of potential investors.Returns are not guaranteed, especially if bitcoin's price rises and the call options are exercised.Binance has introduced a product for bitcoin BTC$64,081.00 holders looking to earn extra yield on their investment without selling any of it, joining the likes of BlackRock in helping them maximize returns.

The product, BTC Yield, is available inside Binance Earn and is designed exclusively for people who already hold bitcoin.

Users deposit their bitcoin into the product and receive an internal position called BTCY, which tracks their share in the strategy. Everything remains denominated in BTC, and the product cannot be funded with stablecoins or other assets.

Binance holds the deposited bitcoin as collateral while systematically selling BTC call options, that is, it writes insurance against price rallies in BTC. The call seller, or writer, gets compensated with a premium. Binance collects those premiums and shares most of them with participants.

This covered-call approach, common in crypto and traditional finance, has typically required deep options knowledge to execute. Binance’s version makes it accessible to regular traders by handling everything behind the scenes.

Two types of returnThe product generates potential returns in two ways.

First, a portion of the collected premiums is converted to bitcoin and distributed to users’ spot accounts every Friday as a possible weekly payout.

The remaining premiums stay inside the strategy and gradually increase the value of each BTCY unit. As the retained premiums accumulate, each unit slowly represents more actual BTC. When users eventually redeem, they receive this higher BTC amount, providing a second form of return.

“Covered call strategies have long been used in traditional finance, but they can be complex for retail users to access directly,” Shunyet Jan, head of exchange and trading at Binance, said in a statement shared with CoinDesk. "With BTC Yield, we are simplifying that experience for Bitcoin holders who want income potential without actively trading the market.”

The debut comes as traditional finance embraces similar ideas. BlackRock, for example, recently introduced a Bitcoin income ETF that also uses a covered-call strategy to generate additional returns for holders.

Binance's takeLike any options-based product, BTC Yield carries costs and risks.

Binance takes a 15% share of gross option premiums before calculating user yield, and redemption fees apply when exiting. The product offers no principal protection, weekly distributions are not guaranteed and can be zero, and the strategy can limit upside during strong bitcoin rallies because calls may get exercised. In big bull markets, simply holding spot BTC will often outperform it.

Overall, BTC Yield gives long-term holders a straightforward way to seek income on idle bitcoin, but it is best suited for those comfortable with the trade-offs.

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Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, is being closely followed for his statements.

In his latest statement, CZ addressed the allegations that he invested in memecoins on BSC.

In a post from his X account, CZ stated that he has not invested in the memecoins ‘TCC’, ‘CZ’, and ‘AB’, which have recently seen a surge in popularity on the BSC chain, and that he does not have sufficient information about these coins.

CZ also stated that he does not own these tokens and only communicates with users who actively participate in the community.

“I don’t own or know any of these coins. I interact with positive people in our communities.”

“May the best breasts win!”

This announcement comes after the Solana-based memecoin ANSEM gained attention on social media, and also indicates that CZ is maintaining a wait-and-see approach to the market and distancing himself from the community-focused memecoin race.

However, this statement disappointed some in the community who were expecting support from high-profile figures like CZ for BNB Chain projects.

Following CZ’s post, the prices of TCC, CZ, and AB fell. According to Foresight News, based on GMGN market data, the BSC-based memecoins TCC, CZ, and AB have dropped by 53%, 61%, and 47% respectively from their peaks yesterday.

*This is not investment advice.

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Table of contents

Bitcoin’s retest of the $60,000 level didn’t just bounce on charts. It pulled a huge volume of coins toward centralized exchanges, the kind of movement that last appeared when sentiment was still bleeding out in the 2023 bear cycle. According to the original report from CryptoQuant analyst Darkfost, more than 220,000 BTC hit deposit addresses linked to Binance and another 330,000 BTC went to OKX as prices hovered around the $60,000 handle. That combined 550,000 BTC surge dwarfs anything recorded in recent quarters and immediately changes the conversation about near-term supply pressure.

The raw numbers are large enough to make market participants pause. Transfers to exchange deposit addresses don’t confirm completed sales, and CryptoQuant itself cautions against treating them as direct sell orders. Still, the reason traders react to such flows is simple: when coins move onto venues where they can be dumped with a click, the probability of at least partial liquidation rises. During the worst stretches of the 2023 bear market, similar deposit spikes often preceded heavy drawdowns, even if the timing wasn’t always instant.

The Size of the Move and What History Suggests Bitcoin’s last acute phase of exchange-bound accumulation came during the prolonged selloffs that pushed prices far below $30,000. By contrast, the current moment shows the asset still trading at multiples of that floor, which makes the deposit activity harder to read. Some holders may be taking profits after a strong run. Others might be rotating into altcoins or using BTC as collateral on derivatives platforms. Binance and OKX together account for a huge share of global BTC derivatives volume, so it’s plausible that a meaningful portion of these transfers is destined for futures margin rather than spot selling.

Even so, analysts who track exchange wallet clusters note that inflows of this magnitude rarely resolve without some impact on market structure. The fact that activity jumped precisely as Bitcoin poked at a psychologically important level suggests at least some longs are de-risking. This is a common pattern when an asset retests a round number that previously acted as resistance or, in this case, a level tied to recent distribution.

Liquidity, Order Book Depth, and Exchange Dynamics Binance and OKX are two of the deepest spot and derivatives venues, so 550,000 BTC on their deposit addresses does not mean 550,000 BTC is waiting inside thin books. However, this sort of concentration also flags how much the market’s liquidity backbone still rests on a few centralized entities—especially when regulator-driven uncertainty hangs over the sector. As Washington debates landmark crypto legislation, and banks push to reshape rules that could upend exchange operations, the importance of orderly venue mechanics can’t be overstated. A period of elevated deposits arriving just as regulatory outcomes remain unclear adds another variable for market makers managing inventory risk.

Not all the activity points to near-term bearishness. On the institutional side, the real-world asset market recently crossed $20 billion on-chain, and traditional finance integration is accelerating—visible in moves like the latest tokenization roundup where Bullish’s $4.2 billion acquisition and Ondo’s JPMorgan settlement signal deep capital commitments. In that context, some of the BTC flowing to exchanges may simply be pre-positioning for OTC deals, treasury moves, or prime brokerage arrangements rather than a rush to sell into spot liquidity.

Where the Market Goes From Here The next few sessions matter more than the deposit snapshots themselves. If order books absorb the potential supply that these transfers represent without a sharp price break, it would suggest a relatively healthy underlying bid. If, instead, spot and derivatives markets start showing sustained selling that tracks these inflows, then the alarm bells become harder to ignore. Bitcoin has repeatedly shown that large exchange deposit spikes are signals worth respecting, even when other indicators look constructive.

A broader point about ecosystem strength lurks beneath the noise. Developer activity remains widely distributed across major blockchains like Ethereum and Solana, as highlighted in this week’s top blockchains by developer activity, and that kind of sustained building often provides a floor for market confidence over cycles. It doesn’t immunize price from short-term selling pressure, but it reminds traders that exchange deposit dumps aren’t the whole story. The real question for now isn’t whether 550,000 BTC moved to Binance and OKX—it’s how much of it stays there as actual orders, and whether buyers step in before the books tilt too far in one direction.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Sat 27 Jun 2026 ▪ 12 min read ▪ by Ghiles A.

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The refusal of Binance’s MiCA license in Greece shakes the European crypto market. As the world’s largest platform sees its access to the EU restricted, regulatory tensions rapidly intensify. Behind this decision, a larger power struggle pits institutions against crypto players, against the backdrop of European monetary transformation in a context of accelerating the digital euro and European financial control. Does the Binance case mark a turning point for the European financial system? 

In Brief Greece refuses Binance’s MiCA license, illustrating the tightening of access to the European crypto-asset market. Binance confirms the failure of its application, amid growing restrictions on its activities in Europe. Suspicions of political pressure arise, although no official involvement of the ECB has been demonstrated. Stablecoins and the digital euro emerge as major strategic issues for European authorities. The Binance case symbolizes the strengthening of European institutions’ control over digital finance. Binance Facing MiCA: A License Refusal Marking a Turning Point for Access to the European Market The refusal of Binance’s MiCA license in Greece stands as one of the most important events under the new European regulatory framework applied to cryptocurrencies. The platform, still the largest in the world with over 300 million users, aimed to obtain a regulatory passport allowing it to operate freely throughout the European Union.

Binance confirmed the failure of this procedure amid already tense circumstances marked by a message to its European users announcing the gradual suspension of certain activities on the continent. This internal communication reinforced the idea of a real regulatory turning point for the platform, forced to review its strategy facing MiCA’s requirements.

Binance informs its clients of the progressive restriction of its services starting July 1, 2026, while confirming that crypto-asset withdrawals will remain accessible. With this new framework, Europe intends to uniformly regulate crypto players, but in practice, it also becomes an extremely selective access filter for international platforms.

This refusal is not just about a simple administrative authorization. It highlights a structural evolution of the European market, where entry conditions are becoming increasingly strict for non-bank players and large global crypto platforms.

For Binance, this blockage occurs in a context where demand for crypto services remains high in Europe, but regulatory requirements are strongly tightening. The company thus finds itself in an environment where access to the European market now depends on full compliance with standards imposed by European institutions.

This first regulatory shock lays the foundation for the debate surrounding the Binance case today: an issue that goes far beyond a simple license and touches on the very place of crypto infrastructures in the European financial system.

The ECB Behind Binance’s Refusal? Suspicions Grow Around a Financial Control Strategy The refusal of Binance’s MiCA license in Greece continues to raise questions about the behind-the-scenes of this decision. According to information published by The Big Whale media, the crypto platform’s file was technically finalized before a turnaround occurred in the last stages of the regulatory process.

According to sources cited by the media, the Greek Capital Market Commission (HCMC) deemed Binance’s application complete and compliant with regulatory requirements. The officer in charge of anti-money laundering within the Greek regulator also maintained a favorable opinion regarding obtaining the license.

The forty-day review period provided by the MiCA regulation also expired on June 4 without any European objection. Binance had even anticipated a positive outcome by filing passporting notifications with the HCMC to prepare its expanded access to the European market.

The file thus seemed close to completion. The president of the DFSC, the coordinating body within the European Securities and Markets Authority (ESMA), reportedly indicated during a phone call on June 2 that it was the “last call” regarding the Binance procedure.

The situation reportedly changed between June 7 and 15. The shift in position came after political pressure attributed to the European Central Bank. Christine Lagarde, ECB president, apparently told Greek Prime Minister Kyriakos Mitsotakis during a meeting held in May that Binance was not considered a desirable player for Europe.

The Greek finance minister, also president of the Eurogroup and favorable to granting the license, ultimately failed to convince the prime minister to continue the process. The national political context, with the possibility of early elections before the end of the year, also reportedly pushed Kyriakos Mitsotakis to avoid a direct confrontation with the ECB.

These revelations now fuel criticism from part of the crypto industry, which believes the Binance file goes beyond the regulatory issue and reveals a broader desire to control the evolution of the European digital financial sector.

Binance and Stablecoins: A Battle for Control of European Financial Infrastructures At the heart of questions lies the issue of stablecoins. According to sources cited by The Big Whale, the stance attributed to Christine Lagarde, long known for her criticisms of stablecoins and Bitcoin, is mainly related to Binance’s strategic role in this ecosystem.

As the world’s leading exchange platform, Binance also represents one of the main liquidity channels for stablecoins in Europe. A dominant position that could compete with the vision promoted by the ECB around the digital euro.

This situation appears paradoxical to some industry observers. Binance, primarily an exchange platform and distribution infrastructure, could theoretically contribute to the development of new digital financial uses, including around a future European digital currency.

“It’s paradoxical because Binance is an exchange platform, a distribution channel. It could quite support the digital euro project,” a source cited by The Big Whale reportedly explained.

This source also reportedly drew a parallel with the case of Revolut, which faced obstacles in the European Union due to concerns about its internal control mechanisms. According to this analysis, European institutions’ worry concerns less the existence of new financial actors than their ability to reach a sufficiently large size to compete with traditional structures.

“The concern is about the size of new entrants; Christine Lagarde would prefer traditional banks to manage the flows,” this source added.

This vision is also legally contested. An expert cited by The Big Whale believes that any political interference in a MiCA process would be a major problem, recalling that the ECB officially has no direct competence over crypto license granting.

“This is political interference in a process under the exclusive competence of an independent regulator,” this expert reportedly said. “The ECB has no authority over MiCA licenses.”

Although no direct intervention by the ECB has been officially demonstrated, the Binance case fuels a broader debate about Europe’s financial future. For its critics, the regulatory tightening against large crypto platforms occurs at the very moment the ECB is developing a public digital alternative with the digital euro.

“And It is adopted, digital euro is adopted, this is a historic day for Europe” These are the words with which Aurore Lalucq, chair of the European Parliament’s Committee on Economic and Monetary Affairs, announced the official adoption of the digital euro project.

This timing does not go unnoticed. At a time when this declaration marks a major political acceleration around European digital currency, Binance, the world’s largest crypto platform with over 300 million users, finds itself blocked in Europe with the refusal of its MiCA license in Greece.

It is hard to see here a simple coincidence of timing. On one side, Europe pushes a digital monetary infrastructure entirely controlled by public institutions. On the other, it slows the expansion of a global private actor that has structured a large part of global crypto liquidity.

The digital euro is not a neutral evolution of payments. It is a profound transformation of the European financial architecture, harboring an unprecedented extreme control mechanism aimed at preserving a completely dysfunctional economic system rejected by citizens.

Binance, conversely, represents a parallel finance already functional on a global scale. An infrastructure independent of traditional banks, organizing crypto exchanges on a very large scale, largely escaping classical financial circuits.

It is precisely here that the case becomes strategic. The refusal of the MiCA license no longer looks like a simple regulatory decision. It fits into a larger dynamic where access to the European market is increasingly conditioned on integration into the institutional framework.

And What Next? We are clearly changing worlds.

The ECB and European institutions are very aware of what is happening: the European population is progressively turning away from the traditional financial system. Bitcoin is no longer a marginal asset. Cryptos are no longer a “speculative bet.” They have become a parallel infrastructure used by millions of users to store, transfer, and protect value outside the classical banking system.

And these figures are already known internally. Central banks and financial institutions closely monitor crypto-asset adoption, the explosion of Bitcoin wallets, and the rise of stablecoins as an alternative payment method. They know exactly that usage is not slowing down — it is accelerating.

It is in this context that everything aligns.

On one side, Binance — the world’s largest crypto platform, with over 300 million users — finds itself blocked in Europe with the refusal of its MiCA license. On the other, the ECB is pushing its digital euro at full speed, a programmable, centralized currency fully controlled by the institution.

This is not a simple coincidence of timing. It is a reaction.

A reaction to a simple reality: decentralized finance is gaining ground. Bitcoin becomes a global store of value. Stablecoins already dominate part of on-chain flows. Platforms like Binance have become critical infrastructures of global finance, outside the traditional banking system.

And facing this, the European response is clear: take back control.

MiCA is not only for “regulating.” It also serves to filter who can access the European financial system. And in practice, actors that are too big, too global, or too independent become potential systemic problems for institutions.

The result is brutal: while crypto adoption explodes among individuals and investors, institutions tighten access, harden rules, and accelerate their own centralized alternatives.

This is exactly where the clash becomes obvious. On one side, an open, global, borderless finance, driven by Bitcoin, cryptos, and platforms like Binance. On the other hand, European institutional finance is progressively closing in around the ECB and the digital euro. And the more crypto adoption continues to rise, the more regulatory pressure increases. What we observe today is not a simple regulatory adjustment. It is a control shift over the very architecture of European finance.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

In brief Bitcoin SV investors are appealing to have their "forgone growth effect" claim reinstated against Binance, arguing they lost over $13 billion when BSV was delisted in 2019. The Competition Appeal Tribunal previously rejected this specific claim, ruling that most investors could have mitigated losses by trading BSV for other cryptocurrencies. The case is part of a larger class action against multiple exchanges that delisted BSV, complicated by allegations that BSV creator Craig Wright falsely claimed to be Bitcoin's inventor. Bitcoin SV (BSV) investors have asked the UK Court of Appeal to readmit their claim that Binance’s delisting of BSV in April 2019 caused them to lose out on significant growth in the value of their holdings.

In July 2024, the Competition Appeal Tribunal struck out a particular element of the group’s complaint, which argued that the Binance delisting resulted in a “forgone growth effect,” preventing BSV from developing into a “top tier” cryptocurrency.

It’s this particular claim that would allow for the highest possible financial penalty against Binance (above $13 billion), based on the assumption that BSV would have grown to what Bitcoin’s value was in July 2022, when the group originally filed their complaint.

And at the Court of Appeal on Thursday, the group’s legal representatives argued that the “loss of chance” claim should be heard when the case goes to trial, because the delisting has caused a “permanent ongoing loss of value.”

"Because of the delisting, there has been damage which continues to this day," said John Wardell KC. "If it hadn't been for the delisting, BSV would be a first-tier currency like Bitcoin."

In arriving at a pre-trial judgment in July 2024, the Competition Appeal Tribunal refused Binance’s request to throw out the case completely.

However, it sided with the exchange in agreeing that the “market mitigation rule” applied to the delisting, meaning that the vast majority of Bitcoin SV holders would have been aware of BSV’s removal and would have had the opportunity to trade into alternatives.

The tribunal’s judges concluded at the time, “The evidence currently before us as to the extent to which any BSV holders could reasonably have remained sufficiently unaware so as to exclude the market mitigation rule is [...] scant and high-level.”

Yet lawyers for the BSV investors argued this week the market mitigation rule does not apply in this case, allegedly because the investors weren’t able to avoid loss by trading into alternative cryptocurrencies.

“There is no duty to mitigate if your damaged asset cannot generate sufficient funds," said Wardell. "It is well established that defendants will not be prejudiced by financial inability to mitigate."

Lawyers representing Binance argued against this line of reasoning, with Brian Kennelly KC of Blackstone Chambers urging the Court of Appeal not to reverse the 2024 decision on the so-called foregone growth effect.

“BSV could have been exchanged for Bitcoin or other cryptocurrencies," he said. "BSV is and was, at all relevant times, a readily marketable asset.”

The case against Binance is part of a class action also involving Kraken, ShapeShift and Bittylicious, which all delisted BSV between April and June 2019.

The claims were submitted by BSV Claims Limited, a special purpose vehicle for which Lord Currie of Marylebone—who was the chair of UK telecoms regulator Ofcom and the Competition and Markets Authority—sits as the sole director.

The case was brought on behalf of all UK-based Bitcoin SV holders between April 2019 and July 2022, estimated to be in the region of 243,000 investors.

It represents the UK’s first collective case related to cryptocurrencies and competition, with the complainant alleging that the four exchanges conspired to delist BSV.

Speaking to Decrypt, Ashley Fairbrother—a partner at legal firm Edmonds Marshall McMahon—acknowledges that the case is “very novel” and has “an equally extraordinary” backstory.

“Last year, in an unprecedented case, the English High Court found that Dr Craig Wright was not Satoshi and that he had orchestrated a fraud not only on many people and companies, but also on the Courts of England and Wales, Norway, and the USA,” he said.

According to Fairbrother, Wright used his false claims to influence investment in BSV, which enabled him to profit from his lies.

“If the BSV coin was created by a fraudster with a view to realizing the fruits of a fraud, it is easy to understand why the community took the steps that it did to delist BSV, to deter the damaging impact on the continued development of Bitcoin,” Fairbrother adds.

Fairbrother also noted that recent years have brought a few examples of investors attempting to bring claims against exchanges, although these claims have usually been “fundamentally flawed,” as witnessed in Piroozzadeh v Persons Unknown (2023).

“While legal action against exchanges is theoretically possible, much like claims against traditional banks, significant legal and practical hurdles would need to be overcome,” Fairbrother explained. “Many leading exchanges are increasingly adopting more robust compliance and regulatory frameworks, which are likely to make successful claims even more difficult in the future than they already are.”

Such factors lead Fairbrother to be uncertain as to whether BSV Claims Limited will be successful against Binance and the other exchanges, admitting that the question is a “very difficult” one to answer.

“The BSV investors are well-resourced and well-funded,” he added, “however the natural consequence of them winning will be that the court has aided Craig Wright to some extent to realize some value from his fraudulent claims.”

Edited by Andrew Hayward

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

As plaintiffs attempt to overturn a prior court decision, the long-running conflict between Bitcoin SV investors and cryptocurrency exchange Binance has entered a new stage.

The investors are continuing to assert that Binance’s decision to remove Bitcoin SV (BSV) from its platform caused substantial market damage to the cryptocurrency.

Legal representatives for the BSV holder coalition have filed to challenge the UK Competition Appeal Tribunal’s July 2024 dismissal. According to recent court documents, they argued that the court failed to properly consider the full economic impact of the delisting action.

Multi-billion pound claim at stake The revived case could result in one of the largest damages claims in cryptocurrency history, with BSV investors pursuing compensation that reportedly exceeds £10 billion (approximately $13 billion) for alleged market manipulation and anti-competitive behavior.

Market analysts note that the renewed legal action coincided with a temporary price spike for Bitcoin SV. The coin saw a 15% gain before settling at the $42 range at press time. Despite this momentary rally, the cryptocurrency trades below its all-time highs.

The controversy arose from Binance’s decision to delist BSV in April 2019, during a contentious industry discussion about the coin’s founder and his dubious claims about the beginnings of Bitcoin. Several other major exchanges followed with similar delisting actions shortly thereafter.

Industry observers suggest this case could establish important precedents regarding the authority exchanges have in determining which cryptocurrencies remain accessible to traders, and whether delisting decisions can be considered anti-competitive practices under existing regulatory frameworks.

BSV, which emerged following a contentious hard fork, has faced several technical and security challenges in recent years. Critics say its network vulnerabilities are justification for the original delisting decisions.

The exchange has previously maintained that its listing policies are applied consistently based on technical merit and community standards rather than targeted action against specific projects.

A whale has transferred nearly $20 million worth of Bitcoin to Binance as the flagship crypto continues to struggle.

Summary

A Bitcoin whale moved around 300 BTC to Binance, with roughly $20 million in value, while still holding about 200 BTC. The wallet built its position earlier in 2025 at an average price of $97,541, leaving it at a loss if the holder sells. Data from Arkham Intelligence shows that an address labeled “bc1q…kp4n” sent around 300 BTC, valued at over $20 million, to a Binance deposit address on Tuesday. As of press time, the wallet still retains roughly 200 BTC, which is worth about $13.75 million based on prices at the time of writing.

The wallet appears relatively recent compared to others seen in recent months, where decade-old holdings have suddenly become active to execute similar transfers.

On-chain data indicates that the address accumulated around 513 BTC between January and March 2025. At the time, the stash was worth close to $50 million, pointing to an average acquisition price of roughly $97,541 per coin.

So far, it remains unclear whether the transfer was made with the intent to sell, but movements to exchanges are often linked to potential selling activity. Given that the wallet is currently sitting at a loss, with Bitcoin trading near $69,000, the move could be aimed at limiting further downside.

On the contrary, the transfer could simply be portfolio restructuring or internal fund management rather than an immediate sale.

However, if we look at recent whale activity, it would not come as a surprise if the holder is preparing to sell. Bitcoin is down more than 45% from its all-time high and has faced intense volatility in recent sessions.

Last month a dormant wallet moved 2,100 BTC, worth around $147.7 million, after more than 13 years of inactivity. In another case, roughly $33 million in Bitcoin was sent to Binance by a separate whale.

This is happening as Bitcoin price has remained under pressure due to bearish macro catalysts, particularly rising tensions between the U.S. and Iran. The conflict has pushed oil prices higher and aggravated inflation concerns in the U.S. and across global markets. As long as these tensions persist, large holders may be inclined to remain on the sidelines.

On the other hand, institutions and treasury firms like Strategy have continued buying the flagship crypto.

Crypto exchange OKX CEO Star Xu has challenged Binance founder Changpeng “CZ” Zhao’s famous story about selling his house to invest in Bitcoin. This follows CZ’s release of his autobiography, ‘Freedom of Money,’ in which he shared insights into how he founded Binance.

OKX CEO Questions Binance Founder’s Bitcoin Story In an X post, Xu stated that CZ constantly talks about the story of selling a house to buy Bitcoin, but questioned what the “full truth” behind it was. He went further, raising questions such as where the down payment for that house originally came from and whether it was indeed CZ’s house that was sold.

The Binance founder had reiterated these claims in an interview on the All In podcast earlier this year, revealing that he sold an apartment for around $900,000 and used the proceeds to DCA into Bitcoin during the dip, at an average BTC price of $600. However, the OKX CEO has doubts, prompting him to poke holes in the story.

Xu also questioned whether CZ ever considered the feelings of his wife’s parents, who supported him, when he was using this story to portray himself as “visionary and repeatedly showcasing it as an achievement.” The OKX CEO also suggested that there are truths that he has never disclosed publicly, as it has never been his principle to ‘take advantage’ of someone’s misfortune or use their private life for moral attacks.

“If it weren’t for that book full of falsehoods dragging me into this, I would never have brought up these old matters again,” he added. It is worth noting that the clash between the OKX CEO and the Binance founder dates back to Xu’s allegations that CZ falsified company contracts involving early Bitcoin investor Roger Ver when CZ worked at OKCoin. However, CZ addressed this in his book and denied any wrongdoing, accusing competitors of using FUD to damage his reputation. 

The Clash Leads To $1 Billion Wager The clash between the Binance founder and the OKX CEO intensified when CZ said he was happy to bet $1 billion after Xu questioned his claim that he had officially divorced. However, CZ said he wouldn’t post any legal documents online out of respect for his ex-wife’s privacy.

I typically ignore all these false claims attacks. But…

You can apologize now. I am officially divorced.

I won’t post any legal docs online, as I respect privacy of my ex-wife, and I appreciate the time we spent together.

I am happy to bet $1 billion USD (or any number you… https://t.co/G9GAl6nMqL

— CZ 🔶 BNB (@cz_binance) April 9, 2026

However, he told the OKX CEO that they could get lawyers to validate the divorce agreement if he agreed to take the $1 billion bet. “This bet offer is valid permanently, whenever you feel ready. But if you don’t take it within 24hrs, it clearly shows who has been mis-representing to the public,” he added.

In response, Xu stated that top crypto exchanges OKX and Binance have multiple regulators and that, as the UBO of a regulated company, publicly offering $1 billion is “hardly professional conduct.” He questioned whether Binance regulators would find the move from the Binance founder acceptable.

Regarding whether CZ misled the public about his divorce, the OKX CEO questioned whether his Binance stake has been legally separated from his ex-wife. “Time to own it like a man and apologize. Don’t try to divert topics, with more false attacks,” CZ said in response.

Iran expected to submit revised peace proposal, compressing war premium in oil markets and lifting BTC and ETH—but crypto remains hostage to headline volatility.

Summary

CNN reports that Iran is expected to submit a revised peace proposal soon, extending a weeks‑long negotiation process over ceasefire terms, sanctions relief, and control of the Strait of Hormuz. For bitcoin and ether, the development nudges the macro regime toward lower war and oil risk premia, but keeps both assets hostage to headline volatility until a concrete deal is signed and implemented. Traders face a binary path: a credible framework could support a risk‑on squeeze in BTC and ETH, while another breakdown in talks would likely revive “flight to safety” flows and energy‑shock fears. According to CNN, sources say Iran is expected to submit a revised peace proposal soon, following earlier multi‑point frameworks exchanged with the United States and regional mediators. The draft is expected to tweak demands around sanctions relief, security guarantees, and rules for shipping through the Strait of Hormuz, after Western capitals pushed back on what they saw as over‑maximalist positions in Tehran’s prior 10‑point plan.

Iran peace talks enter critical revision phase That earlier proposal reportedly sought far‑reaching relief from U.S. and UN sanctions, guarantees against future strikes, and broad recognition of Iran’s security role in the Gulf.
Washington, by contrast, has emphasized verifiable limits on Iran’s nuclear program, clear rules for freedom of navigation, and a phased approach to any sanctions ive been seeing videos that are literally translated and iu dont even tied to compliance milestones.

Today’s indication that Tehran will return with a revised document signals that both sides see value in keeping the negotiation channel open. But it does not yet resolve the core tensions, and any leak that the new proposal remains far from U.S. red lines could quickly flip optimism back into risk aversion.

What it means for bitcoin and ethereum prices In the near term, the expectation of a new Iranian peace proposal tends to compress the “war premium” baked into oil and volatility markets, which is modestly supportive for risk assets, including Bitcoin (BTC) and Ethereum (ETH).

If traders interpret the move as genuine progress toward a durable ceasefire and a lower probability of disruptions in the Strait of Hormuz, the result is typically a softer dollar, narrower credit spreads, and a friendlier backdrop for high‑beta assets.

Bitcoin, which has increasingly traded as a macro‑sensitive asset rather than a pure “digital gold” hedge, stands to benefit from any de‑escalation that cools tail‑risk hedging demand and encourages allocators to add risk back on. Ethereum, with higher beta to liquidity and speculative flows, could see an even stronger percentage move if equities and tech rally on signs of easing geopolitical stress.

However, the entire setup remains headline‑driven. If the revised proposal leaks as largely cosmetic, or if U.S. officials dismiss it as unacceptable and revive threats of military action or tighter sanctions, markets are likely to swing back into risk‑off mode, with ETH typically underperforming BTC in a broader de‑risking.

For traders, the practical implication is clear: treat this peace‑proposal headline as a volatility catalyst rather than a settled narrative. Until there is a signed, enforceable framework that meaningfully lowers the odds of an oil shock or renewed conflict, bitcoin and ether will continue to trade in a regime where every update from Tehran or Washington can rapidly reprice macro risk and, with it, crypto valuations.

Q2 has been broadly bullish across both quarterly and monthly performance. 

However, when looking specifically at Ethereum [ETH], its 10.48% Q2 gain appears strong at first glance. On closer inspection, ETH’s April performance was only 7.3%, which is roughly 1.7x lower than Bitcoin’s [BTC] ROI. May has continued a similar trend, with ETH’s gains so far about 2x smaller than Bitcoin’s, raising questions about Ethereum’s ability to outperform Bitcoin in Q2.

Against this backdrop, Ethereum flows on Binance are becoming increasingly important. As shown in the chart below, early May has seen a rise in on-chain activity, particularly in exchange inflows, with Binance recording multiple hourly spikes in Ethereum deposits. 

Source: CryptoQuant To put this into perspective, the largest inflow events since March include the 6th of May (216,152 ETH, $511 million), the 8th of May (98,552 ETH, $224 million), and the 9th of May (125,146 ETH, $288 million). 

The key takeaway? Over the same period, ETH reserves on Binance have continued to trend higher, now reaching 3.62 million ETH, which is roughly 24.6% of total ETH held across exchanges. Taken together, rising ETH inflows and increasing reserves suggest sustained distribution pressure, which may be contributing to Ethereum’s ongoing consolidation phase. Notably, recent whale activity reinforces this trend. 

According to Lookonchain, a whale recently deposited another 108,169 ETH into Binance, while Arkham data shows another whale transferring around $180 million worth of ETH to Binance. In essence, this reflects continued large-holder inflows to exchanges, adding to near-term supply pressure.

Naturally, this raises the question: Is Ethereum’s Q2 rally against Bitcoin now at risk?

Whale shorts align with Ethereum’s liquidity sweep setup  A key risk management approach for traders is timing market actions effectively. 

In this context, whale positioning on Bitfinex, with short exposure in Ethereum surging, is starting to carry more significance. More importantly, this positioning does not appear random. Instead, it suggests a more strategic setup, potentially aimed at trapping late longs and profiting from a downside move as key liquidity pockets are targeted and flushed. 

Interestingly, Ethereum’s liquidation heatmap helps clarify this structure. As shown in the chart below, ETH currently has two notable liquidity clusters: on the upside, there is a liquidity zone around the $2,400-$2,500 range. On the downside, there is a liquidity zone around the $2,180-$2,260 range.

Source: CoinGlass Against this setup, Ethereum’s Binance inflows carry real weight.

The logic is simple: With distribution pressure rising and bid support relatively weak, ETH’s supply dynamics appear to be tilting in favor of the bears. In this context, increasing short positioning begins to make more sense, suggesting Ethereum’s current consolidation could be forming into a potential bull trap.

If this trend continues, Ethereum’s Q2 positioning against Bitcoin could weaken further, making Binance ETH flows a key metric to watch this cycle.

Final Summary Rising ETH inflows on Binance, higher reserves, and whale deposits suggest ongoing distribution pressure and weak bid support during consolidation. Increasing short positioning and clustered liquidity zones point to a potential downside sweep, putting Ethereum’s Q2 performance vs. Bitcoin under pressure.

TLDR: Binance Bitcoin futures Open Interest climbed from $6.4B in March to $8.96B, topping the 180-day moving average. The eight-month deleveraging phase mirrors conditions last seen in 2022, just before the FTX collapse hit markets. Speculative traders returned to Bitcoin derivatives despite a continued deterioration in the global macro environment. Analysts warn the recovery trend stays fragile, as leveraged traders could exit positions quickly if Bitcoin corrects further. Bitcoin traders are re-entering derivatives markets after an extended eight-month deleveraging cycle. Binance futures Open Interest climbed from $6.4 billion in March to approximately $8.96 billion, crossing back above its 180-day moving average.

The shift points to renewed speculative appetite, though analysts caution the trend remains fragile given persistent macroeconomic and geopolitical pressures still weighing on broader risk markets.

Bitcoin Open Interest Climbs Back Above Key Average Binance futures Open Interest has been a reliable gauge of trader activity in the Bitcoin derivatives market. When Open Interest falls below its 180-day moving average, it typically signals that futures activity is contracting. Liquidations mount, and traders pull back from leveraged positions as corrections deepen.

That is precisely what unfolded following the October 10 event. The downturn, compounded by a weakening global macroeconomic backdrop, pushed traders toward risk reduction. Over the months that followed, Binance Open Interest remained below its 180-day moving average.

Crypto analyst Darkfost noted that this deleveraging phase lasted roughly eight months. According to the analyst, a comparable situation last occurred in 2022, just ahead of the FTX collapse. That event triggered another sharp round of liquidations across the market.

🗞️ Bitcoin traders are returning after 8 months of Deleveraging

Since the October 10 event, Bitcoin has gone through a prolonged deleveraging phase across derivatives markets, represented here through Binance futures activity.

[ 💡These periods are identified on the chart when… pic.twitter.com/6Ky1umZaak — Darkfost (@Darkfost_Coc) May 22, 2026

The recent climb above the 180-day moving average, currently near $8.75 billion, marks a potential turning point. Open Interest now sits at approximately $8.96 billion, placing it above that threshold. This crossover is generally read as a signal that the deleveraging period has ended.

Speculative Traders Drive the Recovery, but Risks Remain The return of traders to Bitcoin derivatives has contributed to the ongoing price correction to the upside. Bitcoin’s sharp pullback from prior highs attracted speculative participants looking to position for a rebound. Their activity has added buying pressure through leveraged exposure.

Darkfost pointed out that despite ongoing macro deterioration, traders moved back into futures positions. The analyst wrote that the sharp correction drew more speculative traders looking to play a rebound. That dynamic has helped stabilize price action in recent weeks.

However, the recovery remains early-stage and should not yet be treated as a confirmed trend reversal. The macro environment has not meaningfully improved, and external shocks could quickly reverse the recent inflows. Leveraged traders tend to exit positions rapidly when conditions shift against them.

If Bitcoin resumes the correction that began in October, these returning traders could unwind just as fast as they entered.

The speed at which Open Interest rose above the moving average also means it could fall back below it. For now, the market is in a transitional phase rather than a clear recovery.

TLDR: Binance Bitcoin reserves grew 5.1%, rising from 617,000 BTC to 648,600 BTC between April 25 and June 1, 2026. Ethereum holdings on Binance climbed 10.4%, adding 350,000 ETH during the same five-week observation period. Combined USDT and USDC reserves on Binance dropped $3.87 billion, reducing available spot market buying power significantly. Bitcoin fell below $71,000 amid rising crypto supply and shrinking stablecoin liquidity, reflecting a structural shift inside Binance. Binance Bitcoin reserves recorded a notable increase between late April and early June 2026, rising by 31,600 BTC. At the same time, combined stablecoin reserves on the exchange fell by $3.87 billion.

This shift in reserve composition came as Bitcoin dropped below $71,000 for the first time since April. The data points to a broader liquidity change inside the world’s largest cryptocurrency exchange.

Rising Crypto Reserves Paint a Complex Market Picture Binance’s Bitcoin reserve climbed from 617,000 BTC to 648,600 BTC between April 25 and June 1. That represents a 5.1% increase over roughly five weeks.

Meanwhile, Ethereum reserves also moved higher during the same window. Holdings grew from 3.35 million ETH to approximately 3.7 million ETH, an increase of about 350,000 ETH, or 10.4%.

Source: Cryptoquant

Higher exchange reserves can suggest that more crypto supply is available for trading on the platform. When coins accumulate on exchanges, it often indicates that holders have moved assets closer to potential selling points. However, reserve movements alone do not confirm that selling is occurring or imminent.

The simultaneous rise in both Bitcoin and Ethereum holdings is worth noting. It suggests the trend was not isolated to a single asset. Instead, it reflected a broader movement of crypto into Binance’s custodial reserves across the period.

What makes this development more pointed is that it occurred alongside a drop in Bitcoin’s price. The timing of rising supply and declining stablecoin buffers raises questions about the balance of buying and selling pressure on the exchange.

Falling Stablecoin Reserves Reduce Immediate Buying Power While crypto reserves increased, stablecoin balances moved in the opposite direction. Binance’s USDC holdings declined from $7.67 billion to $6 billion, a drop of $1.67 billion. USDT reserves also fell, moving from $40.3 billion to $38.1 billion, a reduction of $2.2 billion.

Together, the two stablecoin declines total approximately $3.87 billion. Stablecoins on exchanges generally represent available capital ready to purchase crypto in spot markets. When those balances shrink, the pool of immediate buying power contracts accordingly.

This matters because the spot market relies on stablecoin liquidity to absorb available supply. Fewer stablecoins on a platform means less firepower for buyers to bid up prices or defend key support levels. That dynamic can contribute to downside price pressure when supply is simultaneously increasing.

The combined effect, more crypto supply alongside reduced stablecoin liquidity, created a less supportive environment for Bitcoin’s price.

Bitcoin’s move below $71,000 occurred within this framework, suggesting the decline reflected structural conditions inside the exchange, not just broader market sentiment.

Bitcoin has fallen below $70,000 as capital continues to flow toward a narrow group of high-performing U.S. equity sectors, according to a new analysis from Binance Research.

Summary

Binance Research linked Bitcoin’s recent weakness to record levels of capital concentration in U.S. equities, with AI, defense, and energy sectors attracting investor flows. Bitcoin has remained under pressure as ETF outflows exceeded $3.4 billion over 11 trading days, while Mt. Gox wallet transfers and macro uncertainty weighed on sentiment. Binance Research said past periods of extreme stock market concentration were often followed by Bitcoin recoveries within weeks when no crypto specific crisis was present. According to Binance Research, the CBOE Dispersion Index recently reached 42, its third-highest reading on record, a level the firm said points to extreme concentration within the S&P 500. The research unit argued that when a small number of investment themes attract most market inflows, Bitcoin often struggles to compete for liquidity.

Binance Research said the current environment is being driven by strong demand for artificial intelligence infrastructure, semiconductor stocks, defense companies, energy firms, and commodities. 

As money moves into those areas, the firm said Bitcoin has been left competing for capital on several fronts at once.

Bitcoin performance against equities. Source: Binance Research. Binance points to historical trends In its analysis, Binance Research described a pattern in which strong returns from a handful of stock market themes draw capital away from alternative assets. The firm said the process typically begins when outsized gains in specific equity sectors attract investor attention, concentrating capital into a limited group of winners. 

According to Binance Research, that concentration can create what it described as a “capital black hole,” reducing liquidity available for Bitcoin and other risk assets.

Several historical examples were cited in the analysis. For instance, Bitcoin fell about 20% during the 2015 rotation into FAANG stocks and biotechnology companies. During a defensive sector rotation in 2016, BTC declined about 18%, according to the report.

The research also highlighted Bitcoin’s 68% decline during the 2018 period that combined late-cycle FAANG leadership with the collapse of the initial coin offering market. In 2022, Binance Research said a rally in energy stocks coincided with a roughly 50% drop in Bitcoin.

More recently, the firm linked Bitcoin’s decline from approximately $115,000 to $71,000 during late 2025 to heavy investor interest in artificial intelligence and semiconductor companies. Binance Research added that the current quarter has seen another rotation into AI, defense, and energy sectors while Bitcoin has fallen about 11% so far.

Recovery could come faster without a crypto-native crisis The report arrives as Bitcoin remains under pressure from a combination of crypto-specific and macroeconomic factors. 

BTC dropped below $70,000 during Asian hours on June 2 after U.S. spot Bitcoin ETFs recorded $483 million in daily net outflows, extending an 11-session withdrawal streak that has seen more than $3.4 billion leave the funds.

Adding to market uncertainty, Mt. Gox-linked wallets transferred 10,306 BTC worth about $739 million, reviving concerns that creditor distributions could eventually increase supply. Simultaneously, Strategy’s disclosure that it sold 32 BTC, its first Bitcoin sale in roughly four years, also introduced some panic.

Despite the weakness, Binance Research argued that historical precedent offers a more constructive outlook when Bitcoin’s decline is tied primarily to capital rotation rather than problems within the crypto industry itself.

The firm said previous peaks in the dispersion index were often followed by Bitcoin bottoms within 0 to 20 weeks, with a median recovery period of roughly two weeks, and noted that the current market lacks a major crypto-native crisis comparable to previous industry-specific shocks.

Outside equity market dynamics, Bitcoin continues to face pressure from macroeconomic uncertainty. Oil markets have remained volatile as traders assess developments surrounding U.S.-Iran negotiations and potential disruptions around the Strait of Hormuz. 

At the same time, demand for traditional safe-haven assets has increased, with gold and silver attracting inflows as investors react to geopolitical risks and inflation concerns.

Derivative markets have also amplified recent losses. As per earlier coverage from crypto.news, more than 152,000 traders were liquidated over a 24-hour period, with total liquidations exceeding $744 million after Bitcoin lost key technical support levels. On the chart, BTC has broken below a rising channel that had supported its recovery from February lows, which puts $68,700 and $65,000 as the next downside targets.

Binance founder Changpeng “CZ” Zhao believes that even with the market’s recent plunge, crypto is alive and well. He is still bullish on the beginning of a long-awaited “super cycle.”

Binance Founder CZ Opens Up On His ‘Super Cycle’ Prediction During a recent interview, Binance’s CZ was questioned about the comments he made four months ago that stated 2026 could be a crypto super cycle. Bitcoin is having trouble finding any rhythm, and is still in the $60,000-$64,000 range, the interviewer said. She added that “things are not looking good from where we sit today.”

The Binance founder demurred by stepping away from any specific market predictions. “I think even when I said it, I probably said I could not predict the future,” he said. When pressed further, he added, “I try to avoid prediction questions regardless.”

Might be late…

I can't predict anything. 😂 https://t.co/Q6EjgR3VzL

— CZ 🔶 BNB (@cz_binance) June 13, 2026

While the BTC price had surged toward $80,000 recently, the interviewer said it has been brought back down to roughly $60,000, joking that “we’ll call this a winter.” CZ admitted the current weakness but counterattacked the general concerns about industry.

“But will crypto die? Absolutely not,” CZ said. The Binance founder added, “Crypto will continue to grow. So I think the super cycle will come. I’m not sure when it will come.”

The interview clip was then posted on the social media platform X, where it seemed CZ took the shot at the earlier prediction. He sarcastically wrote, “Might be late… I can’t predict anything.”

Crypto Market Remains Volatile The Binance founder’s remarks coincide with the overall volatile nature of the crypto market. Bitcoin has been struggling to hold above $64,000 in the last few trading sessions amid the macroeconomic concerns.

Bitcoin is entering a critical technical level, said crypto analyst Ted Pillows. He wrote in a post on X today that “BTC is right at its short-term resistance zone.”

BTC price analysis chart. Source: Ted Pillows | X Pillows also connected the dots between Bitcoin’s next potential move and developments involving US president Donald Trump and Iran. “Trump is saying that a peace deal will be signed tomorrow,” the analyst wrote. Pillows added, “If that actually happens, Bitcoin will finally see a pump after weeks of downtrend.”

Earlier in the day, the BTC price rallied back up from the $63,500 area and remained close to $64,000.

Binance has released its 43rd proof of reserves report, using a June 1 snapshot of user asset balances. 

Summary

Binance users added 25,838 BTC in May, lifting reported holdings to about 630,000 BTC total. ETH balances rose faster than BTC, climbing 10.17% to about 4.14 million ETH by June. USDT holdings fell by roughly 460 million, pointing to lower stablecoin balances among Binance users. The latest update on the Binance PoR page shows a clear rise in reported Bitcoin and Ethereum user holdings from the prior month.

User BTC holdings rose 4.26% from May 1 to about 630,000 BTC. That marked an increase of 25,838 BTC. User ETH holdings rose faster, climbing 10.17% to about 4.14 million ETH, up 382,619 ETH over the same period.

The increase in BTC and ETH balances comes as exchange reserve reports remain closely watched by traders. Larger user balances can reflect deposits, purchases, internal transfers, or other account activity. The snapshot does not separate those drivers.

USDT balance moves lower The stablecoin side moved in the other direction. Binance reported user USDT holdings of about 34.3 billion USDT, down 1.33% from May 1. The decrease was equal to roughly 460 million USDT.

Binance Releases 43rd Proof of Reserves Report

Binance, the world’s largest crypto exchange by user count and trading volume, released its 43rd Proof of Reserves report with a June 1 snapshot. User BTC holdings rose 4.26% from May 1 to about 630,000 BTC, an increase of 25,838… pic.twitter.com/P6GQBFhj3s

— Wu Blockchain (@WuBlockchain) June 18, 2026 The mixed data shows users held more BTC and ETH on Binance, while reported USDT balances fell. The report does not show why balances changed. It does not prove whether users bought crypto, withdrew stablecoins, moved funds between products, or changed trading plans.

A lower USDT balance can matter because stablecoins often act as dry powder for trading. However, the figure alone does not show whether liquidity left Binance or moved into other assets on the platform.

Proof of reserves remains under focus Binance uses proof of reserves to show that user assets are backed on-chain. The exchange says the process is meant to prove customer funds are held “1:1” and include extra reserves. The report is based on snapshots, so it does not operate as a live balance sheet.

As crypto.news reported earlier, Binance led proof-of-reserve rankings with $155.6 billion in assets in January 2026, based on CoinMarketCap data. According to an earlier crypto.news report, Binance’s open-source PoR system uses zero-knowledge proofs to improve verification and privacy for users.

Balance changes point to rotation The June snapshot differs from some earlier reserve moves. In a previous crypto.news report, Binance’s September balances showed declines in BTC, ETH and USDT during a weaker market period. The latest snapshot shows the opposite for BTC and ETH, even as USDT balances fell.

crypto.news previously reported that Binance backed major tokens at more than 100% in a May 2025 reserves update, including Bitcoin, Ethereum and USDT. That earlier report said proof of reserves became more closely watched after FTX collapsed and users demanded clearer exchange backing data.

The latest figures suggest Binance users held more core crypto assets and less USDT at the start of June. BTC and ETH remain the two largest non-stablecoin assets in most exchange reserve reports, making their balance changes a key market signal.

Still, proof of reserves has limits. It shows reported asset backing at a point in time, but it does not fully explain liabilities, off-chain obligations, or user behavior. For that reason, the latest Binance report shows a balance shift, not a full picture of exchange health.

Bitcoin (BTC) continues to exhibit a strong technical setup after holding a weekly close above $63,000 for three consecutive weeks since tagging a new 2026 low near $59,000. This pattern closely resembles a bottom-building phase seen in previous trend reversals in bearish periods.

At the same time, Bitcoin futures open interest has fallen 19.5% from its June peak, funding rates have cooled to 0.02% from 0.1%, and spot Bitcoin exchange-traded fund (ETF) outflows have slowed sharply to $540 million over the past two weeks from $5.5 billion the prior month. 

Together, the data points to a market that is shedding excess selling pressure while holding near a key support zone for BTC. 

Bitcoin's weekly chart echoes prior market bottomsBitcoin's recent weekly price action resembles a pattern seen several times since 2023. Once a local bottom is established, the price often trades close to that range for weeks before a sustained uptrend develops. One exception came in November 2025, when the price spent roughly 10 weeks moving sideways above $88,000 before breaking lower to the $60,000 level. 

BTC/USD, one-week chart. Source: Cointelegraph/TradingView

The current setup also resembles the price from late 2022 and early 2023. During that period, the weekly relative strength index (RSI) entered oversold territory, recovered, and later formed a higher low, while the BTC price printed a lower low, creating a bullish divergence. That bullish divergence marked a key turning point, preceding the broader uptrend that developed during 2023. 

The focus is now on the $63,000 area, where the price has formed a positive RSI divergence. The repeated weekly closes above $63,000, keeps Bitcoin trading above its recent low at $59,000 rather than extending towards it. The behavior fits a range-building phase that has appeared near previous turning points, as identified in the chart. 

BTC futures turn less crowded as ETF sell-pressure eases Bitcoin derivatives markets have become notably less crowded over the past three weeks. Bitcoin funding rates cooled to 0.02% from 0.1% at the start of June, reducing signs of aggressive long positioning.

Bitcoin funding rate on all exchanges. Source: CryptoQuant

Crypto analyst Woominkyuu noted that total Bitcoin open interest across exchanges peaked at $25.96 billion on June 1, then fell to $20.89 billion by June 21. The 19.5% decline exceeded Bitcoin's 11.4% price drop during the same period.

The simultaneous decline in the price and open interest typically signals that existing positions are being closed or liquidated rather than new leveraged bets entering the market. This indicates a significant reduction in excess leverage. It also points to limited evidence of aggressive new short positioning at current levels.

Spot Bitcoin ETF flows show a similar shift with $5.5 billion leaving the spot ETFs between May 15 and June 11. The outflows over the past two weeks total about $540 million, marking a sharp slowdown in selling activity.

Weekly spot BTC ETF netflows. Source: SoSoValue

Onchain data paints a mixed but constructive picture. Bitcoin researcher Axel Adler Jr. highlighted that long-term holders' realized supply recently reached 12.42 million BTC, a level associated with supply maturation and coins moving into stronger hands. 

At the same time, Bitcoin's sales pressure metric has stayed inactive for 1,256 consecutive days, the longest stretch on record. The data points to continued supply maturation alongside other signs that Bitcoin may be stabilizing near a potential cycle low.

Bitcoin LTH realized supply. Source: Axel Adler Jr.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Thu 05 Feb 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

The hemorrhage hasn’t stopped bleeding in the crypto universe. It marks an era where every pause seems to announce a new bleeding. The rebounds are there, yes, but they hardly last more than the flap of a nervous market’s wings. And for a few days now, another ailment gnaws at the beast: ETF withdrawals. These investment vehicles, once seen as the golden bridge to institutional adoption, have become the valves of massive disengagement. Bitcoin staggers, crypto investors lose hope, and liquidations make a comeback through the front door.

In brief Bitcoin ETFs lost $2.9 billion in 12 days, a sign of institutional disfavor. Crypto traders liquidate massively, unable to sustain highly leveraged positions. Binance is blamed after bugs amplified the October 10, 2025 crash. Technical levels alert: critical thresholds broken, retreat target toward $68,000. Crypto ETFs: From Adoption Dream to Stress Machine Long awaited as the Grail, spot Bitcoin ETFs today reveal themselves as a ruthless mirror of institutional sentiment. Since mid-January, cumulative outflows have exceeded $2.9 billion. This phenomenon coincides with a brutal 26% correction in BTC price. The rejection at $98,000, then the slide toward $70,000, ended the beautiful illusion of a solid upward trend.

Asset managers no longer want to wait. After a technical rebound where $561 million briefly flowed into ETFs, the trend reversal was immediate. Fidelity, Ark, Grayscale: all suffered withdrawals amounting to several hundred million within just a few hours.

And the bleeding continues. Even BlackRock, perceived as the “rock” of Wall Street crypto, could not stop the momentum. As James Seyffart (@JSeyff) highlights:

Bitcoin ETF holders are recording their biggest losses since the launch of these funds in January 2024, due to the collapse of bitcoin’s price.

These figures sound like a signal of lasting disconnection. ETFs are no longer trust relays but direct witnesses of a market that withdraws—methodically.

Behind the Liquidations: Excessive Leverage and Lack of Safety Net The October 10, 2025 event is still fresh in everyone’s memory. A black day, when $19 billion went up in smoke, due to an infernal sequence: rumors, technical bugs, macroeconomic panic. Some tried to reduce the cause to a simple “depeg” of USDe on Binance.

A too comfortable explanation for Haseeb Qureshi, partner at Dragonfly, who dismantles this simplistic version in a viral thread:

The price of USDe only diverged on Binance, it did not diverge on other platforms. Yet, the liquidation spiral affected the entire market. So, if USDe’s “depeg” did not spread to the entire market, it cannot explain why each platform experienced massive wipeouts.

The problem lies elsewhere: in poorly calibrated leverage, and a liquidation architecture that prefers to avoid losses rather than ensure stability. Market makers, deprived of real-time data due to API outages, couldn’t rebalance their books. Result: automatic liquidations chained losses one after another.

Without TradFi-type protection (circuit breakers), the crypto market found itself without a parachute.

Bitcoin and Technical Levels: Is the Compass Broken? Bitcoin is looking for a base, a solid foundation. And technical analysts all watch the same number: $68,400. This is the level of the 200-week moving average, a sacred reference for long-cycle traders. But here too, signals are blurred. Since November, BTC has lost its 50w and 100w MAs, two key thresholds. And the specter of a drop to $58,200 resurfaces.

ETFs increase the pressure. Seeing prices drift toward these fragile zones, desks switch to “sell the rip” mode. They liquidate on rebounds rather than buy on pullbacks. Even options confirm this distrust: delta skew rose to 13%, reflecting strong demand for puts and distrust of any immediate rebound.

The mechanism is ruthless: when ETFs become fast-exit tools, they worsen each fall. Entry points become capitulation zones.

Key Landmarks to Understand the Current Spiral $70,539: Bitcoin price at the time of writing; $2.9 billion: cumulative withdrawals of spot BTC ETFs over 12 days; $3.25 billion: recent futures Bitcoin position liquidations; 13%: BTC options skew, indicating strong pessimism; $68,400: 200-week EMA level, last technical bastion. Most cryptocurrencies are currently in the red, and the charts look like a stormy sea. Yet, another crypto asset class is experiencing record growth: stablecoins. These digital tokens, backed by fiat currencies, have just reached a historic trading volume of $10 trillion. As often in storms, the most stable shelters attract the crowds.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.