The crypto market’s volatility in April resulted in Bitcoin and many altcoins witnessing considerable growth.
However, some altcoins missed this opportunity but are preparing to do so in May. BeInCrypto has prepared this analysis to put the spotlight on lesser-known coins that are poised for gains in the coming month.
Eyes on Theta Network (THETA)Theta Fuel (THETA) price has witnessed nothing but a drawdown throughout April and the second half of March. The altcoin fell from $3.4 to $1.9, marking a 42% correction. Consequently, the altcoin fell into a descending broadening pattern known to be bearish.
However, the Moving Average Convergence Divergence (MACD) indicator suggests differently. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. It helps identify potential buy and sell signals based on crossovers and divergences between these moving averages.
Read More: What Is Theta Network (THETA)? A Complete Guide
The indicator has only observed bearishness for the past month, which flipped this week as the MACD witnessed a bullish crossover. This will likely initiate the uptrend on the daily chart, which could help THETA break out of the descending broadening pattern to flip $3 into support.
THETA/USDT 1-day chart. Source: TradingViewHowever, if the breach of the upper trend line fails, the altcoin could see a fall back to the lower trend line. As the pattern suggests, this would result in a potential downtrend, effectively invalidating the bullish outlook.
Ravencoin (RVN) Is at the Cusp of a BreakoutRavencoin (RVN) price is attempting recovery from the lows of $0.028 and is now aiming at flipping the 23.6% Fibonacci Retracement of $0.058 to $0.028 into support. Marked at $0.035, doing so would enable the altcoin to bounce off the price level and breach the 38.2% and 50% Fib lines.
Marked at $0.039 and $0.043, respectively, breaching them would sustain the rise and push RVN further upwards. The MACD is also at the cusp of noting a bullish crossover with green bars on the histogram. Once this crossover takes place, a potential bullish outcome could be confirmed.
RVN/USDT 1-day chart. Source: TradingViewHowever, if the 38.2% or 50% Fib levels remain unbreached, RVN could return to the 23.6% Fibonacci line, invalidating the bullish outcome. This might result in a decline to $0.028.
Akash Network (AKT) Is set to Flip Critical Resistance Into SupportAkash Network (AKT) price has been making headlines lately for its Upbit listing and the upcoming summit, which will be the first for the network. This has resulted in AKT posting an almost 74% growth in a single day before retracing the rally down to 25%.
The altcoin is now trading at $4.80, just under the 50% Fibonacci Retracement of $6.25 to $3.44. Closing above this line would enable AKT to breach the 61.8% Fib marked at $5.17. This level is also known as the bull run support floor, as rallies find strength upon branching this line.
AKT/USDT 1-day chart. Source: TradingViewThis could help AKT run up to $5.50 and beyond. However, if the breach fails or the 50% Fib level is not secured as a support floor, it could cause a decline to $4.10, effectively invalidating the bullish outcome.
Strategy faces tighter short-term liquidity, but its conservative 11% net leverage protects it from forced BTC liquidations.A Bitcoin rally above $70,000 remains unlikely as long as STRC trades under $100 and spot ETFs show net selling pressure.Bitcoin (BTC) faced a 21% price correction in 10 days, retesting the $61,000 level for the first time in four months. This movement coincided with Strategy (MSTR US) company's decision to buy back some corporate debt, temporarily pausing its Bitcoin accumulation. Traders now fear that Strategy could be forced to liquidate some of its Bitcoin holdings.
Strategy (MSTR US) Bitcoin reserve changes and average price. Source: Strategy
Strategy had been the largest known Bitcoin buyer, accumulating 126,016 BTC for $9.31 billion since March. However, the company used $1.38 billion of cash raised by recent equity issuances to buy back some of its convertible debt. The decision, announced on May 15, coincided with the Stretch preferred stock (STRC US) distancing itself from $100.
Strategy Series A Perpetual Stretch preferred stock (STRC US). Source: TradingView
The STRC preferred stock allows Strategy to issue new shares whenever its price reaches $100 and offers holders a variable dividend, currently set at 11.5% annually, paid monthly in cash. If traders decide it is no longer worth $100, new buyers step in at lower levels, which is equivalent to demanding a higher dividend. So, at first sight, this should be a non-event for Strategy’s risk perception.
Strategy raised $7.5 billion through preferred stock issuances in the first five months of 2026, which was highly supportive of Bitcoin’s price. Now, the company faces a rough path, given its cash position has been reduced to $900 million, which is enough to cover dividends for six months.
Strategy’s 11% net leverage is the key financial metric to monitor, as it represents the amount of debt the company holds relative to its assets. By any standard, the coverage provided by its Bitcoin holdings — even at a $30,000 price — should be considered conservative.
Will Strategy be forced to liquidate some of its Bitcoin holdings?While short-term liquidity conditions have certainly deteriorated, there is no contractual floor set in Strategy’s convertible debt that would force a Bitcoin reserve liquidation. Moreover, there is no prohibition on selling MSTR stock at a discount to its market-adjusted net asset value.
If debt markets are not available, the company could opt to dilute current MSTR holders. Whether this move would be interpreted as a weakness and further pressure MSTR and STRC prices is irrelevant to Strategy’s leverage ratio, as the company would remain financially solid.
Source: X/zeroxkyle
According to X user zeroxkyle, author of the Grand Line newsletter, an eventual Bitcoin sale from Strategy would only bring its price down faster, worsening liquidity conditions. The analysis refers to a “doom loop” causing buyers to withhold from adding positions due to a constant fear of a large seller entering the market.
It is impossible to predict what would ease investors' tension, as Strategy is in no danger of an imminent forced sale. The preferred stock dividends can be paused at will, although they merely accumulate for later on. Still, as long as STRC continues to trade below $100 and spot exchange-traded funds (ETFs) remain a net seller, odds for a Bitcoin rally above $70,000 are slim.
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.
Bitcoin (CRYPTO: BTC) around $62,000 is sitting directly on the 200-week moving average, a level that only broke during the FTX, Terra, and Three Arrows Capital collapses in 2022.
ETF Outflows Finally Printed One Green Day After $5B ExitAfter four weeks of relentless selling that drained ETF net assets from $109 billion to $80.40 billion, June 4 printed a modest $3.05 million net inflow.
One green day does not reverse weeks of institutional distribution. The long/short ratio sits at a nearly neutral 1.01 with open interest declining 2.99% to $46.44 billion, suggesting leveraged players are stepping back rather than committing directionally.
Additionally, over 24 hours, $209 million in longs were liquidated against $127 million in shorts, confirming the market is still punishing buyers.
Meanwhile, Bankless co-host David Hoffman noted on X that the 200-week moving average has only broken twice in Bitcoin’s history, both times during catastrophic contagion events.
“I don’t think Saylor’s STRC issuance is anywhere close to that level of toxicity,” he posted, drawing a line between current stress and systemic collapse.
Breaking $60,000 Would Trigger Mechanical Selling From Derivatives MarketDeribit Chief Commercial Officer Jean-David Péquignot warned that $60,000 is not just a psychological level but a structural threshold with real mechanical consequences.
A significant portion of institutional buyers, including ETF purchasers, large holders, and short-term speculators, entered between $60,000 and $67,000 over the past year and are now sitting near break-even.
“As price undercuts their cost basis, the resulting unrealized losses may incentivize rushed selling, especially as the opportunity cost of holding BTC rises against a surging AI equity sector,” Péquignot said.
The derivatives problem compounds this. Over $1.2 billion in notional open interest sits at the $60,000 strike put options on Deribit.
Market makers who sold those puts are short gamma, meaning as Bitcoin approaches $60,000 they must sell spot BTC or futures to hedge, mechanically accelerating the decline.
A break below $60,000 could trigger cascading long liquidations as collateral metrics deteriorate across leveraged positions.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
The world’s largest cryptocurrency by market capitalization, Bitcoin, experienced a steep selloff on the final trading day of the week, plunging to its lowest point since October 2024. As of Friday, the price retraced as far as $59,073, sliding beneath the previous low reached in February, when it tested the $60,062 mark.
Rising US labor data intensifies pressureThe main catalyst behind the sharp decline was robust US employment data released on Friday. Afterward, markets factored in the likelihood that interest rates would remain elevated for a longer period. This sentiment drove US Treasury yields and the dollar index higher, exerting pressure across risk assets, including equities and the cryptocurrency market.
In the aftermath of Friday’s sharp correction, Bitcoin stabilized around the $61,000 level in Saturday’s Asian trading session. The flagship crypto remained roughly 1.3 percent in the red on the day and booked a significant weekly loss of 16 percent. Ongoing outflows from Bitcoin ETFs throughout the week added to the bearish mood and exacerbated downward price movement.
This cycle witnesses steepest demand contractionJulio Moreno, head of research at on-chain analytics provider CryptoQuant, characterized the latest correction as “a new cycle low that signals a bear market for Bitcoin.” In his analysis, Moreno argued that the current pullback marks the most severe contraction of this market cycle.
Julio Moreno, at the helm of CryptoQuant’s research division, commented that the recent price action corresponds to the steepest contraction seen in this cycle and has established a new bear market low.
CryptoQuant’s data revealed that global Bitcoin demand has dipped to its weakest point since this cycle began after the previous bear market. Aggregate demand fell by 501,000 BTC, the deepest contraction observed so far in this period. The data also pointed out that the speed of this demand drop mirrors the rapid retreat seen in the aftermath of the Terra and Luna crash.
Glossary: On-chain data refers to indicators derived from activity and balances on the blockchain. Spot demand reflects direct buying interest, whereas futures demand measures position-taking in derivatives markets.
According to the same dataset, total Bitcoin demand, which includes both speculative and spot transactions, shrank by 501,000 BTC over the past month. This marks the fastest monthly drop since May 22, 2022. Spot demand alone fell by 272,000 BTC on a rolling 30-day basis, while futures-driven demand dropped by 229,000 BTC during the same timeframe.
Analysts draw parallels with previous bear cyclesAnalysts observed that similar patterns emerged in November 2023 and again in April 2025, with market participants now focusing intently on this latest period of waning interest. Historically, such phases of low demand and muted investor engagement have sometimes preceded shifts in market direction.
CryptoQuant’s data shows simultaneous weakness in both spot and futures demand, with an overall contraction reaching a cycle low of minus 501,000 BTC.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Strategy faces tighter short-term liquidity, but its conservative 11% net leverage protects it from forced BTC liquidations.A Bitcoin rally above $70,000 remains unlikely as long as STRC trades under $100 and spot ETFs show net selling pressure.Bitcoin (BTC) faced a 21% price correction in 10 days, retesting the $61,000 level for the first time in four months. This movement coincided with Strategy (MSTR US) company's decision to buy back some corporate debt, temporarily pausing its Bitcoin accumulation. Traders now fear that Strategy could be forced to liquidate some of its Bitcoin holdings.
Strategy (MSTR US) Bitcoin reserve changes and average price. Source: Strategy
Strategy had been the largest known Bitcoin buyer, accumulating 126,016 BTC for $9.31 billion since March. However, the company used $1.38 billion of cash raised by recent equity issuances to buy back some of its convertible debt. The decision, announced on May 15, coincided with the Stretch preferred stock (STRC US) distancing itself from $100.
Strategy Series A Perpetual Stretch preferred stock (STRC US). Source: TradingView
The STRC preferred stock allows Strategy to issue new shares whenever its price reaches $100 and offers holders a variable dividend, currently set at 11.5% annually, paid monthly in cash. If traders decide it is no longer worth $100, new buyers step in at lower levels, which is equivalent to demanding a higher dividend. So, at first sight, this should be a non-event for Strategy’s risk perception.
Strategy raised $7.5 billion through preferred stock issuances in the first five months of 2026, which was highly supportive of Bitcoin’s price. Now, the company faces a rough path, given its cash position has been reduced to $900 million, which is enough to cover dividends for six months.
Strategy’s 11% net leverage is the key financial metric to monitor, as it represents the amount of debt the company holds relative to its assets. By any standard, the coverage provided by its Bitcoin holdings — even at a $30,000 price — should be considered conservative.
Will Strategy be forced to liquidate some of its Bitcoin holdings?While short-term liquidity conditions have certainly deteriorated, there is no contractual floor set in Strategy’s convertible debt that would force a Bitcoin reserve liquidation. Moreover, there is no prohibition on selling MSTR stock at a discount to its market-adjusted net asset value.
If debt markets are not available, the company could opt to dilute current MSTR holders. Whether this move would be interpreted as a weakness and further pressure MSTR and STRC prices is irrelevant to Strategy’s leverage ratio, as the company would remain financially solid.
Source: X/zeroxkyle
According to X user zeroxkyle, author of the Grand Line newsletter, an eventual Bitcoin sale from Strategy would only bring its price down faster, worsening liquidity conditions. The analysis refers to a “doom loop” causing buyers to withhold from adding positions due to a constant fear of a large seller entering the market.
It is impossible to predict what would ease investors' tension, as Strategy is in no danger of an imminent forced sale. The preferred stock dividends can be paused at will, although they merely accumulate for later on. Still, as long as STRC continues to trade below $100 and spot exchange-traded funds (ETFs) remain a net seller, odds for a Bitcoin rally above $70,000 are slim.
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.
The broader cryptocurrency market remains under pressure, with Bitcoin (BTC) trading around $62,000 on Tuesday, while market-wide Open Interest stabilizes after hitting a two-month low. Reduced leverage exposure reflects a risk-off phase, as supported by the Fear and Greed Index, which indicates extreme fear in the market. Although downside pressure lingers, Zcash (ZEC) and Terra Classic (LUNC) emerge as top performers over the last 24 hours, defying market trends.
Crypto is under pressureBitcoin’s rebound following a brief slip below $60,000 on Friday, as stronger-than-expected US jobs report data fueled hawkish Fed expectations, is losing momentum. The intraday pullback below $63,000 on Tuesday is consistent with the broader market risk-off sentiment.
CoinMarketCap data shows the Fear and Greed Index down to 15 on Tuesday, from 25 last week, reflecting a sharp decline in investors' risk appetite. Corroborating the de-risking phase, the broader market Open Interest (OI) dropped to a two-month low of $100 billion on Sunday, down from the May 12 peak of $135 billion, driven largely by over $1 billion in daily liquidations last week. As of Tuesday, the OI stands at $103 billion, stabilizing in the near-term as liquidations cool off.
Though the data suggests easing of near-term volatility, persistent downside pressure could extend the decline in Bitcoin and major altcoins.
Fear and Greed Index. Source: CoinMarketCap
Crypto Open Interest data. Source: CoinGlassZcash and Terra Classic attempt to scale the market tideZcash hovers slightly below $450 at press time on Tuesday, holding after a 4% gain above the 100-day Exponential Moving Average (EMA) at $430 on Monday. The privacy coin keeps the near-term tone neutral to slightly bullish with a near-term V-shaped recovery from the 200-day EMA at $369. The upward trend in EMAs suggests the broader uptrend remains intact, but it is capped by the 50-day EMA at $485.
That said, the momentum is subdued on the daily chart, with the Relative Strength Index (RSI) hovering around 44 and the Moving Average Convergence Divergence (MACD) still below its signal line, which hints that recovery attempts could struggle while price trades beneath the 50-day EMA.
Looking up, the 50-day EMA at $485 could serve as the final dynamic resistance, capping the upside toward the $500 psychological threshold.
ZEC/USDT daily price chart.On the downside, initial support is seen at the 100-day EMA at $430, ahead of a structural band around the 200-day EMA at $369.
Terra Classis mirrors a similar near-term V-shaped rebound from its 200-day EMA at $0.000057 on Saturday. At the time of writing, LUNC is down over 3% on Tuesday as the 50-day EMA at $0.000072 caps the three-day recovery, keeping the near-term bias neutral.
With the MACD and signal line trending in the negative zone and the RSI rising to 45, momentum remains subdued.
A daily close above the 50-day EMA at $0.000072 could extend the LUNC recovery toward $0.000091 resistance, which capped a minor bullish attempt in late May.
LUNC/USDT daily price chart.Looking down, the 100-day and 200-day EMA at $0.000064 and $0.000057, respectively, serve as crucial support zone for buyers to regain control.
(The technical analysis of this story was written with the help of an AI tool.)
Ali Martinez has cautioned that Strategy’s STRC structure may amplify financial stress in a prolonged Bitcoin bear market, citing similarities to the feedback loop seen in Terra-Luna’s collapse in 2022.
Summary
Ali Martinez warned that Strategy’s STRC structure could increase financial pressure during a prolonged Bitcoin decline. STRC fell as much as 17% below its $100 par value, raising concerns about investor demand. Martinez said the stock’s feedback mechanism shares conceptual similarities with Terra-Luna’s collapse dynamics. In a June 19 X post, Martinez argued that STRC differs from traditional corporate bonds because its dividend rate can be adjusted to help keep the security trading near its $100 par value.
Same-Same, But Different
Most traditional corporate bonds have fixed interest rates. If a company struggles, the market price of the bond drops, but the company's actual monthly interest payments stay the same. The investors take the hit, not the company.
Strategy’s STRC debt… pic.twitter.com/DcN50g2emI
— Ali Charts (@alicharts) June 19, 2026 While conventional bond issuers continue paying fixed interest regardless of market fluctuations, he said Strategy may face pressure to raise dividend payouts if demand for STRC weakens during a Bitcoin downturn.
The concern comes as scrutiny of Strategy’s financing model continues to grow following a sharp decline in its latest preferred stock offering.
As reported by crypto.news earlier, STRC fell as much as 17% below par value on June 18, reaching a record low of $82.53 before recovering to close at $88.59.
Source: Yahoo Finance Rising payouts could increase pressure during a Bitcoin decline Martinez said the structure creates a situation in which Strategy’s financing costs could rise at the same time that the value of its primary treasury asset falls. If Bitcoin remains under pressure and investor demand for STRC declines, the company may need to offer higher dividends to attract buyers and support the stock’s market price.
According to Martinez, additional cash commitments tied to higher payouts could become increasingly burdensome during a prolonged market downturn.
His assessment arrives as investors debate how Strategy should respond to the weakness in STRC. Arca Chief Investment Officer Jeff Dorman recently noted that selling between $3 billion and $4 billion worth of Bitcoin could be one way to relieve pressure on the company’s capital structure.
As reported by crypto.news, Dorman assigned a 25% probability to a large Bitcoin sale and said such a move could provide flexibility while helping restore confidence in STRC. He nevertheless viewed continued sales of MSTR shares as the more likely outcome, assigning that scenario a 70% probability.
Terra comparison focuses on incentives rather than mechanics While drawing comparisons to Terra-Luna, Martinez emphasized that Strategy is fundamentally different from the failed stablecoin ecosystem. He noted that Strategy does not rely on algorithmic tokens or token minting mechanisms, which played a central role in Terra’s collapse.
Instead, his warning focused on what he described as a similar economic dynamic. Martinez argued that both systems place additional financial burdens on the issuer as conditions deteriorate, rather than reducing pressure during periods of stress.
“It is conceptually similar to the Terra/Luna collapse,” Martinez wrote.
Expanding on that view, he said a sustained Bitcoin decline could force more capital toward supporting STRC around its $100 par value. According to Martinez, this could create a “dangerous loop” where falling asset values coincide with increasing financial obligations.
Additional concerns surrounding Strategy’s liquidity position have also emerged in recent weeks. Earlier, market maker QCP estimated that the company’s available liquidity could cover preferred dividend payments for roughly seven and a half months.
At the same time, longtime Bitcoin critic Peter Schiff has questioned how STRC was marketed to investors, arguing that the stock’s decline could eventually raise Strategy’s future fundraising costs if buyers begin demanding higher yields to hold similar securities.
In brief Strategy’s Stretch (STRC) may be volatile, but it’s far from the stablecoin that underpinned Terra’s ecosystem, according Benchmark-StoneX’s Mark Palmer. The Bitcoin-buying firm’s flagship preferred stock is designed to trade at a certain level, but it’s incapable of “depegging” in a technical sense, he wrote. STRC fell as low as $82.53 last week, and on Monday, it recovered some losses to close around $88.65. Strategy’s Stretch (STRC) is facing notable pressure, but it doesn’t resemble the stablecoin that brought crypto to its knees in 2022, according to Benchmark-StoneX’s Mark Palmer.
Although the Bitcoin-buying firm’s flagship preferred stock evoked painful memories as it drifted to record lows last week, comparisons between it and Terra’s collapsed ecosystem remain “fundamentally misguided,” the investment bank’s analyst shared in a Monday note.
Palmer argued that STRC’s weakness has “fueled alarmist commentary across social media,” overlooking core differences between the dividend-paying product and two tokens, TerraUSD and LUNA, which erased $40 billion in market cap as they plummeted years ago.
“STRC is not a stablecoin,” Palmer underscored. “It is not backed by an algorithmic arbitrage mechanism, and it is not dependent on confidence in a reflexive token structure.”
Most stablecoins are backed by a combination of cash and U.S. Treasuries, but TerraUSD attempted to break that mold without any hard reserves, relying instead on a novel “mint-and-burn” framework with its sister token, LUNA, to artificially maintain its peg.
STRC, conversely, is indirectly backed by Strategy’s Bitcoin holdings. The Tysons Corner, Virginia-based firm signaled on Monday that it now owns 847,363 Bitcoin, a sum valued at $54.5 billion with the digital asset changing hands around $64,400.
As Terra’s ecosystem unwound, TerraUSD “depegged,” losing parity with the U.S. dollar as investors swiftly lost confidence in the protocol’s ability to remain stable. The project’s Anchor Protocol was famously known for offering a 20% annual percentage yield on deposits.
That same language was used in relation to STRC’s weakness on Thursday, as the product, which currently offers an 11.5% annual dividend, fell as low as $82.53. On Monday, the preferred stock closed flat at $88.65, or around 11.3% below its $100 par value, according to Yahoo Finance.
STRC, Palmer noted, is engineered to trade around the $100 mark, but its price has been cyclical since it debuted less than a year ago. When STRC trades at or above that threshold, Strategy issues more shares and uses the proceeds to purchase more Bitcoin.
The product has lingered below its $100 par value for several weeks, and some analysts now anticipate that the company will seek to increase the product’s dividend rate in an attempt to support its recovery back toward that level.
There are other levers that Strategy can pull as well. For example, the Bitcoin-buying firm has accumulated cash for three straight weeks, topping off its USD reserve as a way to communicate to preferred stockholders that dividend payments will continue flowing.
When STRC trades below the $100 mark, its ability to purchase Bitcoin may be constrained, but that doesn’t mean there’s a fundamental problem, Palmer wrote.
“There is a meaningful difference between stating that Strategy's preferred stock funding engine has become less efficient,” he said, “and asserting that the company's overall model is broken, as some of its detractors have suggested.”
The investment bank reaffirmed its $570 price target for Strategy. The forecast is far above the multi-year high of $457 that the company’s shares soared to in October.
On Monday, Strategy shares fell 2.8% to $109. The performance added to a negative streak, with the company’s stock price falling for a fifth straight trading day.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Strategy’s Stretch (STRC) may be volatile, but it’s far from the stablecoin that underpinned Terra’s ecosystem, according Benchmark-StoneX’s Mark Palmer. The Bitcoin-buying firm’s flagship preferred stock is designed to trade at a certain level, but it’s incapable of “depegging” in a technical sense, he wrote. STRC fell as low as $82.53 last week, and on Monday, it recovered some losses to close around $88.65. Strategy’s Stretch (STRC) is facing notable pressure, but it doesn’t resemble the stablecoin that brought crypto to its knees in 2022, according to Benchmark-StoneX’s Mark Palmer.
Although the Bitcoin-buying firm’s flagship preferred stock evoked painful memories as it drifted to record lows last week, comparisons between it and Terra’s collapsed ecosystem remain “fundamentally misguided,” the investment bank’s analyst shared in a Monday note.
Palmer argued that STRC’s weakness has “fueled alarmist commentary across social media,” overlooking core differences between the dividend-paying product and two tokens, TerraUSD and LUNA, which erased $40 billion in market cap as they plummeted years ago.
“STRC is not a stablecoin,” Palmer underscored. “It is not backed by an algorithmic arbitrage mechanism, and it is not dependent on confidence in a reflexive token structure.”
Most stablecoins are backed by a combination of cash and U.S. Treasuries, but TerraUSD attempted to break that mold without any hard reserves, relying instead on a novel “mint-and-burn” framework with its sister token, LUNA, to artificially maintain its peg.
STRC, conversely, is indirectly backed by Strategy’s Bitcoin holdings. The Tysons Corner, Virginia-based firm signaled on Monday that it now owns 847,363 Bitcoin, a sum valued at $54.5 billion with the digital asset changing hands around $64,400.
As Terra’s ecosystem unwound, TerraUSD “depegged,” losing parity with the U.S. dollar as investors swiftly lost confidence in the protocol’s ability to remain stable. The project’s Anchor Protocol was famously known for offering a 20% annual percentage yield on deposits.
That same language was used in relation to STRC’s weakness on Thursday, as the product, which currently offers an 11.5% annual dividend, fell as low as $82.53. On Monday, the preferred stock closed flat at $88.65, or around 11.3% below its $100 par value, according to Yahoo Finance.
STRC, Palmer noted, is engineered to trade around the $100 mark, but its price has been cyclical since it debuted less than a year ago. When STRC trades at or above that threshold, Strategy issues more shares and uses the proceeds to purchase more Bitcoin.
The product has lingered below its $100 par value for several weeks, and some analysts now anticipate that the company will seek to increase the product’s dividend rate in an attempt to support its recovery back toward that level.
There are other levers that Strategy can pull as well. For example, the Bitcoin-buying firm has accumulated cash for three straight weeks, topping off its USD reserve as a way to communicate to preferred stockholders that dividend payments will continue flowing.
When STRC trades below the $100 mark, its ability to purchase Bitcoin may be constrained, but that doesn’t mean there’s a fundamental problem, Palmer wrote.
“There is a meaningful difference between stating that Strategy's preferred stock funding engine has become less efficient,” he said, “and asserting that the company's overall model is broken, as some of its detractors have suggested.”
The investment bank reaffirmed its $570 price target for Strategy. The forecast is far above the multi-year high of $457 that the company’s shares soared to in October.
On Monday, Strategy shares fell 2.8% to $109. The performance added to a negative streak, with the company’s stock price falling for a fifth straight trading day.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
While there are plenty of blockchain projects focused on dApps and the conversion of tokens, one that stands out is the Bancor Network and its BNT token.
Indeed, this project is one of the most well known in the cryptocurrency space. It has also had its fair share of ups and downs. From a blockbuster ICO to legal challenges. From widespread partnerships to a widely publicized hack.
However, is it something you should consider?
In this Bancor Network Token review, I will give you everything that you need to know. I will also take a look at the long term prospects and adoption potential of BNT.
The Bancor Network has created an elegant solution in its decentralized network which allows traders to swap a wide selection of tokens seamlessly across nearly 10,000 token pairs, and all with a single click.
Image via Bancor Website
Bancor allows users to instantly convert between two tokens without needing a counterparty to the trade. This is all done right within the Bancor wallet, and this model has allowed Bancor to provide traders with automatic liquidity for trades.
More importantly, it allows the network to remain completely decentralized, and much of the functionality of the network is thanks to the innovative use of the BNT token to facilitate trades.
So, this all sounds really intriguing but in order to understand the real heft behind Bancor, we have to go over its relatively eventful history.
Bancor Network BackgroundThe Bancor Network is overseen by the Bancor Foundation, which is based in Zug, Switzerland. The company also operates a Research & Development center in Tel Aviv, Israel, which gives the company a foothold in the rising blockchain hub in Zug as well as the rising Middle Eastern technology center of Tel Aviv.
The company was founded in 2016 by a group is Israelis with a background in Silicon Valley start-ups, as well as experience in scaling startups and blockchain technologies. It was named after the international trade balancing currency initially envisioned by John Maynard Keynes.
Token Sale Page for the Bancor Network Token
The Bancor Network is perhaps most well-known for holding one of the most successful ICOs ever. In 2017 it set a world record by raising over $153 million in Ethereum tokens in less than 3 hours. The world-record has since been topped by several projects (including SIRIN Labs and Tezos), but remains an impressive beginning for the project.
Since the ICO the Bancor Network has seen over $1.5 billion in token conversions take place on its platform, all facilitated by the BNT token. In addition, there are over 100 liquidity providers serving as Bancor nodes, and these nodes provide over $13 million in liquidity by staking BNT tokens to power token conversions.
More recently, on January 1, 2020 Bancor has added dramatically to its liquidity pool by airdropping all of its Ethereum Reserve, which totaled 10% of the BNT marketcap at the time, in the form of ETHBNT Bancor Pool Tokens.
In effect this added 60,000 liquidity providers, although it’s understood that many of the airdrop recipients simply turned around and sold the tokens. Still, the Bancor network has gone from liquidity of just under $4 million on January 1, 2020 to over $17 million as of mid-June 2020.
Cross-chain ConversionBancor has made the user experience of exchanging tokens quite easily. The intuitive wallet app is slick and allows for the quick and easy conversion of tokens similar to what users get when using Coinbase or other custodial wallets.
While the user interface makes it look simple, behind the scenes the Bancor wallet is transacting directly with BNT smart contracts on the blockchain, all while allowing users to retain full control of their private keys and funds at all times.
Cross Chain Token Swap on Bancor
The obvious advantage of Bancor’s wallet is that it not only allows for the exchange of tokens, but it does so without the need for a counterparty. This makes it the first network to allow cross-chain conversions without requiring users to give up their private keys in the process of the exchange.
Bancor began their cross-chain integration efforts with EOS and Ethereum, however, they have plans to add other bridges over time, eventually enabling them to function as a multi-chain liquidity solution that can provide instant token conversions for many of the popular blockchains such as Bitcoin, Tron, and Ripple.
Range of ConversionsAlready Bancor gives traders and investors an amazing range of conversion options, with fee-less, instant trades available for tokens across more than 8,700 token pairs right through the Bancor wallet.
To make a comparison, one of the most popular exchanges Binance has roughly 196 tokens available, but just 586 trading pairs.
Automatic LiquidityOne of the greatest benefits of Bancor and the BNT token is that they bring liquidity to cryptocurrency markets, and without liquidity, currencies are apt to wither and die. After all, who wants to own a currency that can’t be easily bought and sold.
Of course, the top cryptocurrencies like Ethereum, Ripple, Litecoin, and others in the top 20 have enough trading volume on their own, but the Bancor Protocol brings a unique solution that delivers automatic decentralized liquidity to any token.
Instant & Affordable Liquidity on Bancor. Image via Bancor Blog
Through the Bancor Protocol any token at all, even those privately created, can get instant liquidity, no matter what size trade volume the token enjoys. This is incredibly important functionality when it comes to facilitating the adoption of decentralized applications.
Since many dApps have their own tokens, and now those tokens are able to be converted with other cryptocurrencies instantly and with a single click right within a user’s wallet.
How Bancor Protocol WorksAt this point, you might be wondering if it’s really necessary to have another decentralized exchange. After all, the centralized exchanges seem far more popular at this point, and there are dozens of active exchanges already providing a trading platform and liquidity for cryptocurrencies.
In short, yes the world does need another exchange, or at least it needs an exchange like Bancor. That’s because the Bancor platform provides a much-needed service of increasing liquidity for any token, and of creating a platform where any token can be exchanged without the need for a counterparty.
This is something that can’t be accomplished with any other asset. Take fiat currencies as an example. If you want to exchange U.S. dollars for Yen you need to find someone willing to sell Yen to complete the transaction. Every asset is like this. There must be a buyer and a seller for a transaction to work.
Overview of the Bancor Protocol for external developers
Bancor only requires one person to complete a trade, with the liquidity provided by the native BNT token and its smart contracts. The BNT token’s smart contracts ensure that there is a balance between tokens at all times. Once any trade is concluded there will also be a total remaining that represents the BNT balance coded into the smart contract.
This structure removes the need for the exchange to act as a third-party to transactions. With Bancor and its BNT token, you are able to continually perform exchanges for Ethereum and EOS compatible tokens right through the Bancor wallet.
You can think of the system as an hourglass. It’s a closed system and it doesn’t matter how you turn the hourglass, it always holds the same quantity of sand. In this analogy, the hourglass represents the BNT smart contract, and the grains of sand are the tokens being traded.
And next up from the team will be a development marketplace for dApps that will also make use of the cross-chain compatibility and balanced smart contracts. Also in the pipeline for the future is staking rewards to incentivize liquidity, and a BancorDAO to add self-governance to the blockchain and fully decentralize.
Bancor Staking RewardsBNT staking rewards are a future enhancement that is planned to incentivize users to provide liquidity for the network. The basis for adding staking is that Bancor needs liquidity to lower fees for traders, while also increasing trading volume and overall network fees. By providing users with an incentive to add liquidity to the network Bancor is expecting to see its network grow and flourish.
Simulated Staking APRs. Image via Bancor Blog
While plans for adding staking rewards are in the early stages the basics are that users will receive rewards of BNT for holding their BNT in an existing liquidity pool such as MKR/BNT or ETH/BNT. The amount of new BNT that will be created as staking rewards and the distribution of staking rewards to different pools on the network will be decided by users voting in the BancorDAO.
This type of reward system is expected to pull new users into the ecosystem thanks to the APR generated by fees and staking rewards. Bancor is carefully designing their staking rewards system to avoid concentrating the rewards in a small number of pools, choosing instead to provide an even distribution across dozens of network pools.
Bancor VortexVortex is the solution implemented in February 2021 which allows users to provide liquidity in BNT to borrow funds while continuing to obtain yield from swap fees.
Vortex reworked the existing vBNT mechanism, which gave the token more uitility aside from providing governance. As you’ll see later this turned out to be very good when Bancor moved to gasless voting, otherwise the vBNT token would have lost all utility.
vBNT is received when staking BNT into a liquidity pool making it the pool token for the Bancor network. Vortex adds additional functionality to vBNT such that user are able to sell vBNT for actual BNT tokens. That means once vBNT is converted the resulting BNT can be exchanged for any other token.
The addition of this functionality makes Vortex a no-liquidation lending platform, which is pretty cool since it allows a liquidity provider the ability to receive future rewards immediately. And because the principal will continue accruing swap fees the loan eventually repays itself.
The no-liquidation aspect of Vortex arises because vBNT and BNT are essentially the same token. Thus any change in the price of BNT is closely mirrored by vBNT. And while vBNT is created in a 1:1 ratio when staking, the price relationship between the two is not that simple.
vBNT Burner ContractOriginally Bancor Vortex was envisioned with a token supply management solution that would capture a portion of trade revenue and use it to buy and burn vBNT. That original model was dynamic and complex, however in March 2021 the DAO voted to replace the dynamic model with a flat-fee model.
Under that flat-fee model 5% of the total protocol swap revenue is shifted to the vBNT Burner Smart Contract, and the addition of this will turn vBNT into a scarcer asset. That is long-term deflationary and positive for the Bancor ecosystem.
The flat burn rate will be incrementally adjusted over the course of 18 months, with the final target being 15%. The theory is that as trade volumes increase the burning of vBNT will also accelerate. In the coming years this vBNT burn mechanism is expected to be a critical part of the flexible monetary policy employed by the DAO.
In the vBNT burn mechanism the burning of tokens is not automatic. Tokens are moved to the burned smart contract and users are then offered the chance to interact with that contract, also paying the necessary gas fees associated with the burn.
Each vBNT token burned represents a BNT token that is locked into the network forever. That increases the scarcity of BNT and supports the growth in total locked value over time.
The Bancor team also envisions new gamified DeFi strategies coming from this model. In addition to direct incentives to activate the burn mechanism, a new type of transparent and equal-opportunity game becomes available for vBNT.
Speculators will have ample capacity to observe each other’s activities on-chain, and may choose to simultaneously create and seize arbitrage opportunities on the vBNT pool at their leisure.
Bancor TeamThe Bancor Network was founded in 2016 by Israeli siblings Guy and Galia Benartzi. Both remain active with the project, with Guy on the Foundation Council, while Galia is in charge of business development. She is also a strong proponent of women in blockchain and crypto.
Other board members include Olivier Nathan Cohen, who is also the founder and COO of Altcoinomy, a crypto KYC operator- facilitating cash out in Swiss private banks, AML screening of ICO investors, and institutional crypto/fiat transactions.
The CTO of Bancor is Yudi Levi, and he’s held that position since the start of Bancor in 2016. Prior to that, he was co-founder and CTO of AppCoin. He also spent over a decade as a chief architect of several mobile projects, including Real Dice, Mytopia, and Particle Code.
The team also has an impressive list of advisors, including Brock Pierce, the Chairman of the Board at the Bitcoin Foundation, and venture capitalist Tim Draper.
The BNT TokenAs was mentioned earlier, Bancor held an ICO on June 12, 2017 that raised $153 million in just three hours. That ICO sold roughly 40 million BNT tokens at an average price of $3.92 each. Currently, there’s a circulating supply of BNT of nearly 70 million tokens.
The BNT token hit its all-time high of $10.00 on January 10, 2018 and its all-time low of $0.117415 on March 13, 2020. As of mid-June 2020 it recovered remarkably from its March all-time low and traded at $1.17 just three months after for an amazing gain of 1,500%! That gain was primarily powered by news of the July 2020 release of Bancor V2.
Bancor’s BNT did not experience quite the same rally as many other altcoins in 2021, although it did see some upside as it reached $9.15 on March 7, 2021. Since then it has cooled significantly and as of May 22, 2021 it is trading at $4.36.
BNT price movements over time. Image via Coinmarketcap.com
The circulating supply can change however since BNT is created as needed to initiate exchanges. The Bancor protocol will create as much BNT as needed to match the value of currencies held within the smart contract. Once staking rewards are added the circulating supply will necessarily increase more rapidly and regularly.
Trading & Storing BNTYou’ll find that most of the trading volume in the BNT token is at Bancor, naturally. It is also offered at a number of other platforms, including Binance and Coinbase, although trade volumes are pretty low.
Moreover, if we were to take a look at the order books on an individual exchange such as Binance it is clear that there is a lack of liquidity there. You will need to be very careful when placing an order there as if reasonable sized orders are likely to lead to slippage.
Once you have your BNT tokens you are going to want to store them in a secure offline wallet. Given that these are ERC20 tokens it means that you can store it any Ethereum compatible wallet.
If you’re trading or staking then storing BNT in the native Bancor Wallet will make sense.
Bancor V2Late in April 2020, with the BNT token languishing around the $0.20 level the team announced that they would soon be releasing Bancor V2. The token didn’t immediately respond, but by mid-May it had began a serious rally, and a month later is trading at $1.17. That’s especially amazing given that the token was at its all-time low just a short time before in mid-March 2020.
Bancor V2 Announcement. Image via Bancor Blog
The Bancor Protocol V2 is expected to add several important features that will put Bancor at the front of the pack of decentralized finance projects. The changes are meant to address four key issues commonly cited as obstacles to the widespread adoption of Automated Market Makers (AMMs):
Exposure to “impermanent loss”Exposure to multiple assetsCapital inefficiency (i.e., high slippage)Opportunity cost of providing liquidityIt’s interesting to see that the new features were created as opt-in and users are able to create and fund new AMMs with some, all, or none of the new features.
Bancor V2 features:
A new automated market maker (AMM) liquidity pool integrated with Chainlink price oracles that mitigates the risk of impermanent loss for both stable and volatile tokens.Provide liquidity with 100% exposure to a single tokenA more efficient bonding curve that reduces slippageSupport for lending protocolsBancor V2.1Even before Bancor V2 was fully launched the Bancor team was already discussing the necessary changes for Bancor V2.1. This next level update was designed to take the AMM model to the next level and it differs from Bancor V2 by finally offering solutions to two problems that have plagued AMMs ever since they were created. Those problems are:
Involuntary Token ExposureImpermanent LossUnlike other AMM protocols, Bancor uses its native BNT protocol token as the counterpart asset in every Bancor pool. Through the use of an elastic BNT supply, the v2.1 protocol co-invests in pools alongside LPs to support single-sided AMM exposure and to cover the cost of impermanent loss with swap fees earned from its co-investments.
Single-Sided ExposureIn the majority of 1st generation AMMs it’s necessary for liquidity providers to contribute equal amounts of each asset represented in the pool.
Obviously this is not only inconvenient, but it can also be a liability when an LP is only interested in providing liquidity for one asset, or possibly even holds just one asset. Bancor v2.1 breaks this by allowing LPs to provide a single token rather than and even or determinate pair.
Using Bancor v2.1 LPs are able to provide single-sided liquidity exposure using either ERC-20 tokens, or the Bancor BNT token.
Impermanent Loss InsuranceIt’s well known that AMMs which are subject to arbitrage opportunities also suffer impermanent loss as a side effect. Any time there are two assets paired in a constant product AMM the product of those two assets must remain constant.
That means any price variations in either asset leads to changes in the amount of each asset held. So, assets that rise in value are liquidated, while assets that fall in value are purchased to maintain the constant product.
In some cases swap fees are used to offset impermanent losses, however these losses can easily exceed any swap fees earned by the LPs. In this case the LP experiences a negative return when they eventually withdraw their assets.
Bancor v2.1 was designed to avoid this situation and ensure that every LP gets back the same value deposited plus trading fees. This is accomplished through a unique concept called Impermanent Loss Insurance.
Impermanent Loss Insurance isn’t automatic, however. It accrues by 1% each day over time, and after 100% it achieves 100% protection on funds in the pool.
There is also a 30-day cliff used, which means any LP who withdraws their capital before it’s been in the pool for 30 days will incur the same impermanent loss as if there was no insurance protection. Once 100 days has passed the insurance protection is full and the LP can receive 100% compensation for any loss incurred within the first 100 days or any time thereafter.
When the pool does not contain enough tokens to cover the losses fully with the staked tokens the insurance can be paid out in an equivalent value of BNT tokens.
LimitationsBancor v2.1 has some very special features, but to allow for the positive features there are also three notable limitations in the platform:
Bancor v2.1 will only work with two-asset pools. For pools with more than two assets and custom weights. Developers need to deploy legacy v1 pools.Bancor v2.1 does not support dynamically adjusting supply tokens ("rebase" tokens) that can control and adjust token balances in users' wallets.When withdrawn from the system, BNTs are locked for a pre-set time (default 24 hr) to prevent panic liquidation.RoadmapBancor does not have a formal roadmap, but they do have a focus and continue improving the platform and adding new features. As of May 2021 Bancor has announced three pillars of development that they are working on:
Token Onboarding: Open Bancor’s doors to as many assets as possible by lowering the barrier to whitelisting, and making bootstrapping and incentivizing liquidity easier and cheaper for token projects.Financial Access & Control: Design powerful financial tools for LPs to earn high yield on their idle assets and manage returns in a stress-free, user-friendly environment.World-Class Trading Venue: Capture a growing share of total crypto trading volume by offering the best prices on a broad range of assets, a world-class trading experience including advanced charting & analytics, and novel tools for professional and retail traders.Gasless VotingGasless voting via the Snapshot governance platform was added in April 2021. The popularity of the proposal to move to Snapshot was apparent as the Bancor community not only passed the proposal with a 98.4% majority, it was also the largest voter turnout for any DAO decision thus far, with 84 unique address participating.
The implementation of Snapshot makes it far easier for community members to participate in governance, and this has been borne out in the real world, with over two dozen proposals added to Snapshot in the month following the addition of gasless voting.
If there is ever a problem found with Snapshot there is a quick-release mechanism that will revert governance back to the Ethereum blockchain. This will serve to protect the DAO in the case of emergency.
ConclusionOne of the major roadblocks in mass adoption is the lack of liquidity, and difficulty in exchanging various tokens for each other. The Bancor Protocol has done away with this problem through the automation of liquidity.
It’s true that complete beginners will face a small learning curve, but the UI of the wallet is as simple as they come. Anyone new to cryptocurrencies should have no problem learning how to make exchanges using the Bancor wallet.
And the newest update to the online platform is making things even easier for users as the team is now focusing its efforts more on creating a powerful and easy to use platform rather than building liquidity.
Moreover, the Bancor Protocol is making it easier for developers to build a seamless exchange application between a plethora of tokens. There are also a host of updates that have been planned for the next 6 to 12 months. This is part of the ongoing upgrades to the protocol and applications involved in the Bancor ecosystem.
Of course, there are still questions linger around the project including the issues of regulations in the U.S. and beyond. Potential centralisation of control in the three year transition period may deter some who fear the potential for arbitrary frozen accounts.
You also have the really paltry token performance of BNT especially over the past year. While the majority of tokens were soaring 500% or more in early 2021 the gains for BNT were relatively tame. It was one of the few tokens that did not reach a new all-time high in 2021.
Either way, Bancor does have some great technology, use cases and a strong team powering it forward.
Sell pressure persisted in the cryptocurrency market on Wednesday, pushing Bitcoin to its lowest level in 21 months as leading altcoins and crypto-focused stocks also declined. Analysts suggested this weakness could be linked to a broader risk-off trend impacting semiconductor and artificial intelligence stocks.
Sharp downturn in Bitcoin and altcoinsAccording to CoinGecko, Bitcoin, the world’s largest digital asset by market capitalization, dropped to as low as $59,217 during the day before recovering to $60,700. The coin registered a 2.7% loss over 24 hours. This downside momentum mirrored mounting pressures on Wall Street, bringing Bitcoin closer to its third consecutive daily fall.
Bitcoin’s slide triggered broader declines among altcoins. Ethereum fell 3.1% to $1,610. XRP dropped the same percentage to $1.07, while Solana dipped 2.6% to $67. Dogecoin, meanwhile, sank 4.6% to $0.075 in the same timeframe. There are mounting concerns that XRP could soon dip below $1 for the first time since the post-2024 election rally attributed to Donald Trump’s presidential win.
AssetLatest price24h changeBitcoin$60,700-2.7%Ethereum$1,610-3.1%XRP$1.07-3.1%Solana$67-2.6%Dogecoin$0.075-4.6%Bitwise Senior Investment Strategist Juan Leon emphasized that while days like this can be painful, the market has experienced similar periods before.
Bitwise, a leading digital asset investment firm, offers products focused exclusively on cryptocurrencies. Juan Leon from Bitwise noted that sharp selloffs are often perceived at the time as undermining the market thesis. However, he highlighted that despite the turbulence, technology continues to be adopted as a vital part of modern financial infrastructure.
Crypto investment firm and ETF issuer 21Shares also addressed persistent market weakness. The company had previously suggested that Bitcoin could break out of its historic four year cycle by 2026. In its latest market report published Wednesday, however, 21Shares conceded that, six months on, this forecast has not yet been validated. The statement came as Bitcoin dipped below $60,000 for the second time this month.
21Shares stated that while they anticipated the end of Bitcoin’s four year cycle entering 2026, after six months, price action still largely follows this established pattern.
Market pressures intensified in the run-up to key US inflation data closely watched by the Federal Reserve. Economists predicted the Personal Consumption Expenditures Index would show a 4.1% year-on-year rise on Thursday, marking its third straight month of acceleration.
Risk-off sentiment in equities weighs on cryptoAnalysts noted that investors continued to price in the influence of Federal Reserve Chair Kevin Warsh’s recent hawkish comments on monetary policy. Expectations of tighter financial conditions typically exert additional pressure on risk assets. CME Watch data indicated that the market is currently factoring in a possible Fed rate hike at the September meeting.
According to a note shared by Wintermute OTC trader Jasper De Maere, weaker price trends have led some investors to scale back market participation. He pointed to summer flows as an indication of reduced engagement, which could leave cryptocurrencies exposed to fresh waves of risk-off trading in equities.
Losses deepen for crypto stocksA 0.4% drop in the Nasdaq was led by declines in Micron Technology, but losses were sharper among crypto-related public companies. Shares of Strategy, the largest institutional Bitcoin holder, tumbled 9% to $94.43, touching $92.28 at one point for a 27 month low.
Coinbase stock slid 5% to $150.11 during the session, while Robinhood fell 5.8% to $97.21. The report also highlighted rising cost pressures on Strategy’s preferred Stretch share product, intensifying discussions over the company’s cash position.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
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Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
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Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.
According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".
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Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
A multi-million-dollar Polymarket contract on whether Strategy sold any bitcoin by May 31 has been disputed twice and is now in front of UMA tokenholders, reigniting an analyst argument that prediction-market oracles built on token voting are structurally unfit for high-stakes settlement.
A Polymarket contract that drew more than $60 million in trading volume is sitting in UMA's optimistic-oracle queue after two proposed "No" resolutions on the question "MicroStrategy sells any Bitcoin by May 31, 2026?" were challenged, sending the dispute to a token-weighted vote.
The trigger is a Strategy 8-K filed Monday that disclosed 32 BTC sold between May 26 and May 31 at an average net price of $77,135, the first disposal since 2022. The sale closed before the contract's 11:59 PM ET cutoff. The 8-K hit the wire on June 1. The contract is now reading 12c Yes / 89c No.
The dispute is being framed across Crypto Twitter not as an edge case but as a structural verdict on Polymarket's resolution stack. "UMA's token-voting model is structurally broken," analyst Eric Conner (@econoar) posted Monday. "Whales weaponize ambiguous rules to resolve Polymarket markets incorrectly and save their own positions. Zero legitimacy remains until deterministic settlement replaces it. This is exactly what Hyperliquid fixes with HIP-4."
UMA's VotePolymarket outsources contested settlements to UMA's optimistic oracle, where a proposed resolution can be challenged twice before the question escalates to a token-holder vote. The native token's voting power, not a court of facts, decides the payout.
A Wall Street Journal investigation in May found that in most disputed Polymarket markets more than half the UMA votes came from the ten largest wallets, at least 60% of active UMA voters could be linked to live Polymarket accounts, and roughly one in five disputes had at least one voter with a financial stake in the contract they were ruling on. Polymarket has logged more than 1,150 disputed markets in 2026, already past its full-year 2025 total.
The Strategy market is the highest-dollar live test since the $237 million Zelenskyy-suit market last year. Polymarket itself can't override the vote; it posted a bulletin telling voters that "no information from MSTR, on-chain data, or consensus of credible reporting confirmed that MicroStrategy sold Bitcoin within the market's timeframe. Confirmation achieved outside of the market's timeframe does not qualify."
Yes-side traders, including a holder pseudonymous as "Surprised-Legacy" whose $19,610 wager at roughly 11c would pay about $200,000 if Yes resolves, argue the 8-K's stated sale window, not the filing's date, is what the rules ask about.
Deterministic-Settlement Hyperliquid's HIP-4 outcome markets, live on mainnet since May 2, replace the optimistic-oracle layer entirely. Settlement is determined by the chain's own validator set running automated newsfeed software; there is no token-vote backstop, no two-round dispute window, and no path for a holder of the settlement-layer token to also be a participant in the market being settled. Each binary contract resolves to 1 or 0 against a pre-specified data source.
Kalshi reaches the same end-state through opposite infrastructure: an exchange-cleared central-counterparty book run through Kalshi Klear LLC, CFTC-registered as a derivatives clearing organization in August 2024. Disputes are handled by the exchange under rules filed with a federal regulator, not by anonymous tokenholders.
Polymarket's U.S. arm is itself now a CFTC-registered designated contract market, but the international book where the Strategy market sits still settles in USDC on Polygon under UMA.
Where the $60M Sits NowUMA's voting window runs roughly two days. The June 30 and December 31 children of the same market have already resolved Yes without dispute, meaning the $60 million in question turns entirely on whether "selling in May" requires public disclosure inside the month or only on-chain execution inside the month.
Polymarket has finalized a disputed prediction market with a “No” outcome after 98.6% of voting power backed the decision in a final UMA review, despite Strategy disclosing that it sold 32 Bitcoin before the market’s May 31 deadline.
Summary
Polymarket finalized the disputed Strategy Bitcoin sale market with a “No” outcome after 98.6% of UMA voting power backed the decision. Traders challenged the ruling because Strategy disclosed that it sold 32 Bitcoin between May 26 and May 31, before the contract deadline. The dispute has fueled debate over whether prediction markets should be resolved based on when an event occurred or when it was publicly confirmed. According to Polymarket’s market data, the contract asking whether Strategy would sell any Bitcoin by May 31 completed its final review on Wednesday, ending a dispute that had already triggered two previous “No” resolutions and subsequent challenges.
At the center of the disagreement is Strategy’s June 1 regulatory filing, which revealed that the company sold 32 BTC for roughly $2.5 million between May 26 and May 31.
Traders who supported a “Yes” outcome argued that the sale itself occurred before the deadline stated in the market question. Others maintained that the transaction was not publicly confirmed until after the deadline had passed.
Days before the final review concluded, Polymarket added a note to the market page stating that “confirmation achieved outside of the market’s time frame does not qualify.” The clarification became a key point in the debate over how the contract should be resolved.
Traders challenge resolution standards Across social media, several traders criticized the decision and questioned whether the outcome matched the original wording of the contract.
Among the most vocal participants was trader 0xDinosaur, who previously disclosed that he had purchased 49,695.76 “Yes” shares for about 35,000 USDC.
In a public statement issued before the final ruling, he argued that the contract referred to whether Strategy sold Bitcoin by May 31 and did not explicitly require the sale to be publicly disclosed before that date.
“My position was aggressive, and maybe I was greedy,” 0xDinosaur wrote on X. “But risk-taking does not change the facts, and it does not allow a platform to apply an unclear or unwritten rule after real money has already been placed.”
Earlier reporting on the dispute noted that Strategy’s filing showed the company sold 32 Bitcoin during the final week of May, while still holding 843,706 BTC as of May 31. The filing stated that proceeds from the sale were expected to support preferred stock distributions.
Elsewhere on X, trader willo2 argued that UMA voters were obligated to follow Polymarket’s published rules rather than their personal interpretation of the outcome.
“Even if UMA voters think that this outcome is ridiculous… they are forced to ratify it,” willo2 wrote. “This is because UMA is forced to respect the rules as written by Polymarket. Polymarket changed the rules, and now the outcome is literally in the rules.”
Here's my honest opinion on the MSTR market resolution.
It will close NO.
This is because UMA is forced to respect the rules as written by Polymarket. Polymarket changed the rules, and now the outcome is literally in the rules.
Even if UMA voters think that this outcome is… pic.twitter.com/nOGMibeaBh
— willo2 (@willo2_Poly) June 3, 2026 The trader claimed to have lost $500,000 after placing large “Yes” positions on June 1, alleging that the market remained open for betting after information about the sale had emerged.
Debate expands beyond a single market Beyond the financial losses reported by traders, the dispute has drawn attention to how prediction markets handle events that occur before a deadline but become public afterward.
Galaxy Research said the controversy was less about the outcome itself and more about which set of rules should govern the contract’s resolution.
“The core issue is whether the original rules (event-based) or the post-trade clarification (confirmation-based) governs,” Galaxy Research wrote on X. “Traders correctly predicted the future. The platform is about to tell them they were wrong anyway.”
It argued that prediction markets should prioritize the occurrence of an event rather than reinterpretations introduced after trading has taken place.
“Prediction markets should price what happens, not how the oracle will reinterpret rules after the fact,” the firm said, adding that clearer listing criteria, deterministic resolution methods for verifiable events, and structural changes ahead of potential regulatory oversight could help prevent similar disputes.
SBI announced it will acquire cryptocurrency trading platform Bitbank for 46.7 billion yen.
According to Nikkei News, Japanese financial group SBI Holdings announced on the 25th that it will acquire cryptocurrency exchange platform bitbank for 46.7 billion yen (approximately $288 million). Upon completion of the transaction, SBI Group’s crypto asset custody scale is expected to exceed 1 trillion yen, making it one of the largest operators in Japan’s crypto industry. Per the plan, a subsidiary under SBI Holdings will acquire Bitbank shares from individual shareholders including its founders as early as August this year. Bitbank will then repurchase shares held by existing shareholders MIXI and Ceres by the end of October. If combining data from SBI’s own crypto exchange SBI VC Trade and Bitbank, as of April this year, the two firms had a total of around 2.92 million accounts and total custody assets of approximately 1.1 trillion yen. While different crypto exchanges disclose custody assets at varying time points, among Japan’s major industry competitors, bitFlyer held about 960 billion yen in custody assets as of the end of December 2025, and Coincheck had around 800 billion yen as of the end of March 2025.
4 minutes ago
Bithumb was fined for sharing user data overseas without consent.
South Korean regulatory authorities have ordered cryptocurrency exchange Bithumb to pay a 210 million won (approximately $136,000) fine for sharing user personal information with overseas platforms without user consent. According to an announcement released Thursday by South Korea’s Personal Information Protection Commission (PIPC), the relevant user data exposure occurred between September and November 2025. At that time, Bithumb transferred user information to overseas platforms while sharing its USDT market order book data. The PIPC also noted that when assisting users with asset transfers to 13 overseas exchanges, Bithumb failed to obtain full and sufficient user consent before sharing personal details including names, wallet addresses, and dates of birth. For the two violations, the PIPC not only imposed the fine but also ordered Bithumb to rectify its processes and management systems related to cross-border transmission of user information.
4 minutes ago
Analyst: SK Hynix’s US listing and fund-raising could trigger a valuation re-rating.
According to Bloomberg, SK Hynix is set to issue American Depositary Receipts (ADRs) on the Nasdaq on July 10. The listing aims to raise nearly $30 billion, making it one of the largest ADR issuances in history. Market participants widely believe the move will significantly expand its global investor base and may drive a valuation re-rating. Multiple asset management firms project that if its valuation converges with Micron Technology’s, its share price could rise by 30% over the next year. One fund manager noted that SK Hynix should trade at a valuation at least on par with Micron, as demand for memory chips is likely to outpace supply for years to come. The listing comes amid an unusually strong boom in the memory chip sector. Shares of Micron, SK Hynix, and Samsung Electronics have all surged over 200% this year, marking their best annual performance in decades. Demand for High Bandwidth Memory (HBM) from AI servers is widely seen as the driver of a structural "memory supercycle".
4 minutes ago
Jefferies: Samsung is likely to follow SK Hynix’s example to list in the US via ADRs.
Jeff Kim, Head of Research at Jefferies, said Samsung is likely to follow SK Hynix in listing on the U.S. market via American Depositary Receipts (ADRs), which will boost the share price of the South Korean chipmaker whose valuation lags behind Micron. "Chip stocks are at a turning point. ADRs will serve as an important catalyst to drive their valuations," he added.
In This Article Crypto News Today: THORChain Resumes Operations Following $11M ExploitChainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In crypto news today (June 24), Bitcoin is struggling to reclaim $63,000, and this weakness has sparked fears that a drop to $60,000 is coming next. Although BTC/USD is stuck in a tight range, Michael Saylor’s Strategy has begun buying Bitcoin again.
Liquidations have cooled off from yesterday, with just $346M picked up, down from over $ 575M. Of that $346M figure, $278M was liquidations of long positions.
While BTC and ETH are down -0.5% and -1% in the past 24-hours, respectively, SUI and AVAX are two of the only major caps in the green today. SUI is up +2% while AVAX is up +3.5% since yesterday. Trading volume has picked up slightly since yesterday, now at $76Bn, up from $68Bn.
With Bitcoin and the broader market continuing to bleed, the Fear & Greed Index dropped to 17/100, falling below the 20-25 range that had held steady over the past week and indicating a fresh wave of investor concern.
Crypto News Today: THORChain Resumes Operations Following $11M Exploit THORChain has resumed trading after more than five weeks of downtime. On Tuesday, the decentralized cross-chain liquidity protocol announced it had restored operations, ending the pause triggered by a May exploit.
According to the team, transaction signing, liquidity provider actions, and swaps are now available again. THORChain positions itself as the world’s leading decentralized exchange for Bitcoin, allowing users to swap native assets across different blockchains without the need to wrap tokens or rely on centralized intermediaries for bridging.
Trading on THORChain was halted on May 15 after blockchain investigator ZachXBT and the security firm PeckShield reported a suspected exploit affecting Bitcoin, Ethereum, BNB Chain, and Base.
This vulnerability led to the withdrawal of approximately $10.7M from one of the protocol’s Asgard vaults, while the other five vaults remained unaffected.
THORChain is Back Online Following May Exploit
After more than a month offline, @THORChain has resumed trading.
According to the protocol, signing, churning, securing, and trading assets, LP actions, and swaps are all up and running.
The Bitcoin DEX got hit back in May,… pic.twitter.com/8lpjPB9p1B
— BSCN (@BSCNews) June 23, 2026
DISCOVER: Best Meme Coin ICOs to Invest in 2026
Chainlink Joins 47 European and South Korean Banks to Speed up Stablecoin Payments In other crypto news today, Chainlink has joined Project Pangea, a collaboration of 47 banks aiming to enhance cross-border payments with stablecoins. The initiative seeks to reduce foreign exchange settlement times from two days to near-instant execution.
It involves the European banking consortium Qivalis and South Korea’s UniKA alliance, which together manage over $10 trillion in assets, highlighting the significance of this project and Chainlink’s involvement.
Focusing on the Europe–South Korea trade corridor, with over $150Bn in annual trade, banks will use euro- and Korean won-denominated stablecoins for real-time settlement of transactions.
The Payment-versus-Payment (PvP) model will enable simultaneous currency exchanges, lowering both settlement risk and liquidity requirements, a key feature for the project.
Importantly, the initiative will be compatible with existing infrastructures such as SWIFT and ISO 20022, leveraging Chainlink for interoperability with blockchain systems.
Another day, another proof point of Chainlink powering real-world TradFi use cases 🏦@Chainlink and a coalition of 50+ global banks, representing $10T+ in AUM, are coming together to launch Project Pangea and unlock real-time T+0 atomic settlement for the international FX… https://t.co/wWg2LLwp5E pic.twitter.com/5YCczmgFB8
— Zach Rynes | CLG (@ChainLinkGod) June 23, 2026
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Crypto prices show bullish momentum today, with Bitcoin (BTC) steady in the $93K to $96K range. Binance Coin (BNB) soared 15%, setting a new all-time high. Tron (TRX) surged 70%, earning a spot in the top 10 cryptocurrencies. Reserve Rights (RSR) led gains with an impressive 121% rally.
The global crypto market cap rose by approximately 1%, now at $3.54 trillion. Trading volume also saw a boost, climbing to $292 billion. Let’s dive deeper into the top cryptocurrencies by market capitalization and their price movements today, December 4.
Crypto Prices Today: BTC at $95K, ETH, SOL Gain, XRP Drops by 6% Bitcoin (BTC) is inching closer to $97,000, continuing to trade within a consolidated range for over two weeks. Binance Coin surged to a new all-time high and is now trading at $750, reflecting strong market interest. Meanwhile, Tron (TRX) made a significant leap and has entered the top 10 cryptocurrencies by market capitalization.
Bitcoin Price Today Bitcoin (BTC) price trades at $96,500, with a 24-hour range between $93,629 and $96,669. Its market cap reached $1.9 trillion. The trading volume in the last 24 hours stood at $70 billion. Bitcoin’s market dominance dropped by 0.3%, falling to 54.11%.
According to sosovalue BTC ETFs saw an inflow of $675 million, with BlackRock contributing $693 million. Fidelity added $52 million, while Ark & 21 Shares reported an outflow of $93 million.
Meanwhile, Bitcoin mining firm Foundry cut its workforce to just 80–90 employees. The firm aims to streamline its operations.
Ethereum Price Today Ethereum (ETH) price trades at $3,667, reflecting a 1% increase over the past 24 hours. Its 24-hour low and high are $3,504 and $3,708. The cryptocurrency has a market cap of $441 billion and a 24-hour trading volume of $40 billion. Ethereum’s market dominance currently stands at 12.56%.
As sosvalue reported ETH ETFs saw an inflow of $132 million, with Fidelity contributing $73 million and BlackRock adding $65 million. However, Grayscale recorded an outflow of $6 million.
Meanwhile, Ethereum co-founder Vitalik Buterin emphasized the need for enhanced security and privacy in Web3 wallets. He urged wallets to integrate privacy features directly, reducing reliance on specialized privacy wallets.
XRP Price Today XRP is trading at $2.55, showing a 6% drop in the past 24 hours. Its 24-hour low and high are $2.36 and $2.86. XRP’s market cap stands at $145 billion, with $42 billion in trading volume. It is currently ranked 3rd by market cap.
In other news, Ripple lead attorney in the lawsuit, Jorge Tenreiro, has joined the US SEC as Chief Litigation Counsel. This move raises concerns over stricter crypto oversight, especially due to his role in the XRP case.
Solana Price Today Solana (SOL) price is trading at $238, reflecting a 5% gain in the past 24 hours. Its 24-hour low and high are $216 and $240. The cryptocurrency’s market capitalization stands at $113 billion, with $8 billion in trading volume. Solana ranks 5th among cryptocurrencies by market cap.
In a significant development, Grayscale Investments has applied for a Solana ETF with the US SEC. This move highlights the growing institutional interest in Solana’s ecosystem.
Meme Crypto Prices Today Meme coins are showing a mixed reaction today. Dogecoin (DOGE) price was down by 2%, trading at $0.41, with a 24-hour high of $0.42. On the other hand, Shiba Inu (SHIB) was up by 3%, trading at $0.00003015.
Other top meme coins are also showing mixed movements. PEPE was up by 1%, and WIF gained 4%, while Bonk was down by 1%. The meme coin market continues to remain volatile, with varied performances across different tokens.
Top Crypto Gainer Prices Today Reserve Rights Reserve Rights (RSR) price saw a massive 121% jump in the past 24 hours, trading at $0.026. Its 24-hour low and high were $0.01231 and $0.02669. This impressive rally has placed RSR among the top gainers today.
The surge in RSR price comes amid growing speculation about the potential appointment of Paul Atkins as the next U.S. SEC chair under President Donald Trump. This news has sparked increased interest in the project.
Tron Tron (TRX) price was the second biggest gainer in the last 24 hours, soaring by 70% and trading at $0.38. It has now entered the top 10 cryptocurrencies by market cap. Its 24-hour low and high were $0.2245 and $0.4406, respectively. TRON’s market cap stands at $32 billion, with a trading volume of $12 billion. The strong price movement highlights growing investor interest and solidifies TRON’s position in the top-tier cryptocurrencies.
Top Crypto Loser Prices Today Kaia Kaia (KAIA) price was the worst performer in the last 24 hours, with a 17% decrease in price. Crypto prices today show it is trading at $0.34, with a low of $0.26 and a high of $0.39.
Flare Network Flare Network (FLR) price dropped by 10% and is now trading at $0.034. Its 24-hour low and high are $0.03199 and $0.0382.
The hourly chart looks bullish for the crypto market, with major altcoins and Bitcoin up by 1 to 2%. Overall, the crypto prices today show strong bullish signs, which could be a positive signal for investors looking for growth in the coming days.
Reserve Rights token RSR is on a short price drop from $0.0197 to $0.017. The token price rose 100% this week after Trump picked Paul Atkins as the US SEC chair. In line with Bitcoin’s price rally, several altcoins are recording new highs on the crypto market. With new all-time high prices of overall crypto market capitalization and the largest cryptocurrency, Bitcoin, the crypto community is fully awake to grab next tokens with growth potential. On the other hand, political announcements from the US are also influencing crypto to a large extent.
Reserve Protocol’s Reserve Rights (RSR) token recorded 160% monthly and around 100% weekly gains. The token price dropped slightly from $0.197 to almost $0.176 when a whale transferred 680 million RSR tokens to Binance Deposit. As a result, investors are suspecting that it is a planned price dump.
The RSR token price was trading near the $0.009 price range at the beginning of the week. When rumors of Donald Trump nominating Paul Atkins as the US SEC chair started circulating on Dec 3, the RSR token price witnessed a significant price surge to as high as $0.0266.
Since then, the token price is on an uptrend with slight price declines in between. The RSR Market cap is $972.49 million with a 7% rise and the trading volume $366M witnessed a 12% surge in the last 24 hours.
Is the RSR Token Going to be Dumped? As per the latest data from on-chain tracking platform, Arkham Intelligence, a whale deposited a whopping 680 million RSR tokens to Binance. Right when this transaction took place, the RSR token price went on a downtrend until the price hit $0.017. As a result, investors are suspecting that there might be a price dump of the RSR token.
However, as we witness with any crypto market price, when there is a significant price surge because of market news and big announcements, there is going to be a price correction. That could also be a possibility with the current slight price decline of the RSR token.
Nonetheless, the RSR token is trading at around $0.018 at press time, with 7% daily gains despite the price decline. Its more than 12% rise in trading volume indicates a further price surge of the RSR token. With the ongoing bull run, there is a high possibility of price surges in multiple altcoins, including memecoins and low-cap cryptocurrencies.
Highlighted Crypto News Today:
MARA Grows Bitcoin Portfolio with Latest 1,300 BTC Purchase
Manisha is a proficient content writer with a keen eye for blockchain, NFTs, and fintech trends. With a passion for breaking down complex topics, she delivers insightful and engaging content for the Web3 community. Her expertise spans emerging market trends, latest news, and industry developments.
Bitcoin $60,983, the prominent cryptocurrency, has experienced a decline due to the anticipated tariff announcements. Trump has introduced tariffs that are substantial enough to raise concerns. A 34% tariff on China alone is enough to unsettle the global economy. We stand on the brink of a recession marked by the most significant customs tariffs in history. The Federal Reserve will likely have to lower interest rates, and the direction of cryptocurrencies should become clearer in the coming hours.
Coinbase’s Altcoin Listing StrategyIn this chaotic environment, the Coinbase exchange is continuing its efforts to list altcoins. Recently, the exchange has accelerated its listing process and added another altcoin to its roadmap. As mentioned earlier, there is no certainty regarding the listing of these altcoins, but a key announcement regarding listings is expected shortly.
The altcoin added to the listing plan and roadmap is Reserve Rights (RSR). If the announcement has not been made by the same time tomorrow, it is anticipated that an announcement will follow within a few days.
Following the announcement, RSR Coin has surged by 18%. This indicates a growing interest from traders and market participants.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Market Wrap Crypto markets are still sluggish; Tron, Litecoin and Maker moving, Stellar slides and the rest are immobile. Crypto markets are still inactive today as volatility and volumes shrink and red dominates the majority of cryptocurrencies. There has been very little movement in either direction and total market capitalization is still weakened below $115 billion.
Bitcoin hit resistance twice at $3,470 during the past 24 hours, pulling back both times. It is currently trading at $3,460, the same as yesterday with further declines looking likely. On the week BTC has hardly moved at all as it consolidates below $3,500.
Ethereum is still weak at around $107, again with very little activity over the past 24 hours. XRP has fallen back over a percent on the day to below $0.30 as the gap to third place shrinks back to $1 billion.
Most of the top ten is in the red at the time of writing but a couple are bucking the trend and making gains. Tron is the top performer in this section during Asian trading today with a gain of 6%. The momentum is likely to be coming from the BTT token what has increased 600% in price since the ICO last week. Tron has been the top performing altcoin in the top thirty this year and daily volume has doubled to $380 million.
Litecoin has also had a good week with slow but steady gains as it takes and holds sixth spot above Tether. Stellar continues to slide with another 5% lost on the day.
The top twenty is mixed with Maker getting a 6% spike at the moment as it moves up the chart. Binance Coin is also posting a gain of 2.5% but the rest are immobile or falling back slightly.
A very obscure fomo pump has occurred with Bitcoiin (yes, that is the correct spelling), as it surges 350% at the moment. Pundi X and Theta are both having a good day with 15% gains at the moment. Getting dumped is Revain, Nexo and Aurora with 12% losses at the time of writing.
Total market capitalization is pretty much where it was this time yesterday, $113 billion. Daily volume is still the same at $16 billion and things are very quiet in crypto land. There has been very little activity over the past seven days indicating that the next major movement will probably be down again.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
Market Wrap Crypto markets consolidating again; Binance Coin, Dash and Maker are moving, the rest slipping slowly. As widely predicted the crypto market pump was just that as things are starting to dump again today. The movements have been minor but the majority are in the red at the moment as market capitalization slips back to $120 billion.
Bitcoin did not get close to $3,700 today so new resistance levels are forming lower again. Around $3,650 seems to be its stability point for the time being but dips are not being supported and Bitcoin could drop lower, it is currently down half a percent on the day.
Ethereum has held on to second place by not moving over the past 24 hours. Still trading at $120 ETH could get some momentum from the Constantinople hard fork which has been delayed until the end of the month. XRP has lost a little more ground today and the gap between the two is currently just over $200 million.
Most of the top ten are falling back during the Asian trading session today. Tron has dropped the most despite the BTT airdrop today as TRX loses 3.5%. Bitcoin Cash is not far behind with a 3% slide. Only Binance Coin is making progress today adding another 2.5% as it closes the gap on Stellar in ninth which has dumped another 2%.
There are two big movers in the top twenty at the moment. Dash and Maker have added a further 7% on the day trading at $83 and $495 respectively. The Maker dev fund was moved to a new multisig wallet two days ago which caused the CMC market cap spike and the flipping of ETC and NEM. NEO and Zcash have also added 3.5% each to their prices over the past 24 hours but IOTA and NEM continue to slide.
There are no major pumps occurring in the top one hundred at the time of writing. Huobi Token is the best performer adding 15% followed by MOAC with a 12% rise. Getting bashed is yesterday’s pump; Quant followed by Revain both shedding 10% in predictable dumps.
Total market capitalization has not really moved overnight and is still at $120 billion. No further gains for the big cap coins look likely so further consolidation is expected in this channel for the time being. Volume is still at $20 billion and markets are still 6% higher than they were this time last week.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
Market Wrap Crypto consolidation continues; Litecoin still inching up, NEO making progress, everything else is flat. Crypto markets are looking a little erratic as we enter the weekend but in the grand scheme of things nothing has changed over the past seven days. Total market cap has crept up marginally but most tokens are still consolidating within their slim boundaries.
Bitcoin has bounced of intraday resistance levels of $3,640 twice but is still holding above major support at $3,600. Lower highs have been made all week indicating that BTC is likely to turn bearish soon, especially if it falls below the key $3,600 level.
Ethereum is stable at $123 still, it has not moved a bit over the past 24 hours and remains where it has been since mid-week. XRP is slowly weakening and the gap between the two has now widened to $450 million.
There has been so little action for the majority of the top ten that they are showing tenths of a percent change over the past day. Litecoin is the biggest mover with 2% as it pulls away from EOS and increases the market cap gap between them. Very little else is going on in this section.
NEO is today’s top coin in the big twenty as it adds 3% on the day. Tezos is creeping back towards a top twenty place adding 2% but it is still a way off Zcash. Maker and NEM are dumping 4-5 percent following a couple of days of reasonable gains.
There are only two altcoins in double digits at the time of writing. Ontology and Aelf have added 16% a piece during the Asian trading session. The Parity Games partnership appears to be driving momentum for ONT. There are no big dumps going on at the messy end of the top one hundred but the day’s worst performers are Aurora and Revain.
Total market capitalization has not moved over the past 24 hours and remains a fraction higher at just over $121 billion. Markets are still range bound in a very tight channel where they have been all week. There are no signs of momentum in either direction and the tedium continues in crypto land.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals
Crypto markets marching upwards again; EOS and Litecoin leading the charge, BNB cools off. EOS up 16% from $3.3 to $3.83 in 48 hours. Market Wrap Momentum is gaining once again on crypto markets following a little cooling off yesterday. Most cryptocurrencies are in the green at the moment and total market capitalization has topped $135 billion for the first time in six weeks.
Bitcoin hit resistance again at $4,000 twice in the past day but it has not fallen back and is holding there at the time of writing. It is currently up 1.3% from yesterday’s minor correction but has failed to break this crucial level. The next move for BTC is likely to be a big one.
Ethereum has regained momentum and has moved up a further 3% on the day to reach $148. ETH remains well supported and the next resistance level is at $150. The gap to XRP is almost $2 billion again as the Ripple token makes minimal progress today.
The top ten is green once again and EOS is the day’s leader with a gain of 8% taking it to $3.90. Litecoin has also had a very strong few hours with 7% added increasing its market cap over $3 billion and breaking through a crucial psychological resistance level of $50. Stellar has also shifted gear today with a 6% rise as it pulls away from Tron.
EOS Surges 16%, Source: TradingView The top twenty is equally buoyant during Asian trading today with everything bar Binance Coin in the green. Maker is yet again the top performer in this section with another 5.5% added on the day. Most other coins here are making 2-3 percent as the rally pushes slowly higher.
REPO and Crypto.com’s MCO token are getting a dose of FOMO at the moment as they both have risen by 20%. There are no big dumps currently but Revain is currently the top one hundred’s worst performer losing almost 5% on the day.
Source: Coinmarketcap.com Total crypto market capitalization is still moving up and has retained momentum. It is currently 2.2% higher on the day as it pushes through a six week high of $136 billion. Daily volume has fallen back below $30 billion though but it has maintained strong levels. Since last Thursday markets have made over 12% and hopes are that this will continue.
Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Crypto markets have found a new level; Binance Coin pumping hard, EOS and Maker still sliding. Market Wrap Monday’s crypto market dump has found a new level and the selloff has abated over the past 24 hours. This has prevented another huge rout though further losses cannot be ruled out. Total market capitalization has stabilized above $125 billion for the time being.
After dumping $100 yesterday Bitcoin has found a new channel around $3,760 where it has traded for the past day. Daily volume is back up to nearly $9 billion for BTC but it appears to be all bearish at the moment. As predicted Bitcoin fell after failing to break strong resistance at $3,900, all indicators suggest that further losses are imminent.
Ethereum has leveled out at around $127, dropping a further percent or so on the day. All of February’s gains are getting wiped out as ETH continues to weaken and follow in the shadow of Bitcoin. XRP has not fallen in the same magnitude which has reduced the gap between second and third places to just $800 million. The Ripple token is currently trading at $0.305.
Binance Coin price 24 hours. Coinmarketcap.com Only one altcoin is surging in the top ten during today’s Asian trading session and it is developing a pattern of its own. Binance Coin appears to be behaving like a stablecoin; it pumps when markets dump. BNB is currently up 10.5% as it hits an 8 month high of $12.50. Binance boss CZ appears to have taken over from Justin Sun for volume of twitter posts in any given day;
Either way his exchange backed token is flying at the moment as it surges past Stellar and Tron to take eighth spot by market cap which is currently $1.7 billion. Changpeng Zhao’s current AMA and recent DEX announcements are driving momentum for BNB. Tron is the only other altcoin in the green in the top ten as it made almost 3% over the past 24 hours.
Looking further down at the top twenty Bitcoin SV is having a rare bounce as it adds 4% on the day taking its price to $66.50. The rest are still in the red with Maker shedding the most at 5%. Monero, NEM and Zcash are all still weak with further losses of 3% today.
FOMO: MOAC on The Move Today’s fomo induced pump is MOAC which is up 14% at the time of writing. There does not seem to be much driving momentum for this multi-level blockchain scaling platform so it could well be tomorrow’s dump. Also getting a boost at the moment is Loom Network with a 12% pump.
Following a couple of days of fomo, Ravencoin is cooling off today as it becomes the top one hundreds biggest loser dumping 13% on the day. Revain and Bitcoin Gold are not far behind as they both shed 12% making up the only three to drop double digits at the moment.
Total crypto market capitalization has found a temporary floor at $126 billion following the $4 billion dump yesterday. Daily volume has crept back up to $28 billion but signals are bearish and the selloff is likely to continue. Crypto markets are at exactly the same place they were three months ago as the consolidation continues.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Crypto markets pulling back sharply; Litecoin, EOS, Bitcoin Cash and SV getting smashed, Crypto.com gets fomo. Market Wrap As expected crypto markets are finally dumping as we end the week. Over $16 billion has been lost as markets fall from their 2019 high back to $170 billion or so. Bitcoin initiated the dump but so far has remained above key support levels. It is the altcoins that are bleeding today.
Bitcoin fell below $5,000 for the first time in a week and settled at $4,950 before recovering slightly. The failure to break resistance at $5,400 has sent BTC back down as it drops around 4% on the day. Many had predicted this pullback and foretell further losses back to major support at $4,600 where the 200 day moving average is.
Ethereum has fallen harder as expected with a drop of 5% back below $165 again. There was no push to $200 for ETH which is still rising and falling along with its big brother. The gap between it and XRP in third is now much larger though at almost $4 billion market cap.
The top ten is a sea of red during today’s Asian trading session. The altcoins are getting hammered, some by double digits. Litecoin is losing 9% today as it falls back to $77, EOS and Bitcoin Cash are not doing a great deal better with 24 hours loses of 6 – 7 percent. Stellar and Cardano have both dumped 5% as Tether moves back up the chart.
The top twenty is awash with equal pain as Bitcoin SV, Ontology and Maker dump ten percent a piece. Close behind is Tron, NEO and Ethereum Classic with losses of over 6% on the day.
FOMO: Crypto.com Crushing It Despite the massive market correction Crypto.com’s Chain is flying today with a 25% fomo pump to $0.093 (1860 satoshis). There does not appear to be much driving the fomo, the only recent news is that the company donated $500k to Binance charity. South Korean markets are dominating trade in CRO with Upbit taking 40% of the total volume.
TrueChain is also getting fomo today with a 20% pump and Lambda is the third altcoin in double digits at 17%. KuCoin Shares are still getting dumped with a further 11% lost today. ABBC Coin and Revain, the usual suspects, are also dumping 10% each following recent pumps.
Total market capitalization 24 hours. Coinmarketcap.com Total crypto market capitalization has lost 5.5% in 24 hours falling from around $180 to just below $170 billion. Markets reached a new 2019 high on Thursday with a brief surge to $186 billion but since then $16 billion has been wiped out. This could be a short term pullback or the beginning of a final capitulation that so many analysts have been talking about.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Crypto markets pulling back; Bitcoin dominance rising, BNB and Cardano falling, BAT getting attention. Market Wrap Crypto markets have held gains largely thanks to Bitcoin’s rally yesterday. Total market capitalization remains over $180 billion at the time of writing as BTC eats into the altcoins while its dominance climbs to the highest levels this year.
Bitcoin surged through $5,600 yesterday and spent most of the past 24 hours above it. It has started to pull back now though in early Asian trading and was sitting around $5,550 this morning. Volume is currently at a weekly high of $16 billion and momentum has remained with BTC which has increased its total market share. Analysts are expecting a pullback but the correction should not be too severe;
$BTC Daily Chart.
There are multiple Fib clusters lined up at the 5850 area. Not to mention that it rejected at the 127.2 retrace today. IMO, getting close to a local top. Not saying to sell all out, but if me, I would reduce exposure and see what the correction looks like. pic.twitter.com/VP6ZpTIQUN
— CryptoFibonacci (@CryptoFib) April 24, 2019
Ethereum has dropped back to just below $170, it did not react with BTC this time and has remained pretty flat over the past week or so. ETH is falling back to last week’s levels as all gains get wiped out.
Altcoins have not rallied this time around and the top ten is all red today. The biggest two losers are Binance Coin and Cardano which have dumped 6 to 7 percent on the day. The rest have slumped 2 to 4 percent as traders move into Bitcoin or back into stablecoins.
There are only a couple of beacons of green in the top twenty at the time of writing. Monero and Tezos have made marginal gains but all those around them have fallen back. IOTA, Ethereum Classic and Ontology have dumped hard dropping over 6 percent each. The rest are losing 3 to 5 percent during early trading this Wednesday.
FOMO: BAT Back At It There are no major pumps going on in the top one hundred at the moment but the best performing altcoin is Basic Attention Token after a few days of declines. BAT is up 9 percent on the day to reach an intraday high of $0.45. Brave browser ads have gone live according to the Reddit which has driven momentum for BAT again.
Aurora and NULS are making around 8 percent today but there are no double digit gains as most altcoins are getting eaten by Bitcoin. The biggest loser today is yesterday’s fomo coin, DigixDAO dropping 17 percent. Digitex Futures and Revain are also getting dumped doubles today.
Total market cap 24 hours. Coinmarketcap.com Total market capitalization has corrected a little back to $181 billion. Most of yesterday’s gains have been lost by altcoins but Bitcoin is holding on to them at the moment. Market dominance has risen to a four month high of 54.2 percent as Bitcoin controls the markets at the moment.
Crypto markets sliding slowly; EOS, Cosmos ETC accelerating losses, BSV and Tron holding steady. Market Wrap The crypto correction appears to have slowed today but has not reversed and the short term trend is still downwards. Markets have settled a little following yesterday’s big dump but further losses could be imminent. Total market capitalization has now dropped below $250 billion.
Bitcoin has spent a large part of the past 24 hours hovering around $8,000 but could not hold that level. A slide last night dropped it back below $7,500 but BTC has since recovered marginally. Lower highs and lower lows indicate further losses however; Bitcoin is currently trading at $7,750.
Ethereum has weakened slightly and is now back below $245. Price has turned short term bearish and it is likely to mimic what Bitcoin does over the course of the day. Major ETH support lies at $240.
The top ten is still largely in the red for the third day this week. Losses have decelerated though and altcoins appear to be preparing for a bounce which may be short lived. EOS has dumped a further 6 percent dropping back to $6.20 while Litecoin hold steady above it in fifth. The rest have not moved much aside from Bitcoin SV which, adding another 4 percent, could be manipulated again.
Top twenty movements during Asian crypto trading today are larger, and mostly in a southerly direction. Ethereum Classic has dumped the most with 11 percent back to $8.18 while Cosmos is close behind dropping 8. NEO and Tezos continue their slide with another 6 percent lost each. Only Tron is making a little back today as 4 percent is added to TRX to reach $0.035.
FOMO: HedgeTrade Hedges In Something called HEDG has surged into the top one hundred with a 50 percent pump today however an obscure spike in price that instantly dumped is responsible. GXChain and Bytom are both going strong at the time of writing with 14 percent added each and Revain has been revived with a 13 percent gain on the day.
At the messy end of the tables Crypto.com Chain sliding back 12 percent. Ravencoin is also in a bad way this morning with an 8 percent dump.
Total market cap 24 hours. Total crypto market capitalization has declined for another day but only by 1.6 percent to $248 billion. Over the week a downtrend has started to form and losses could accelerate if Bitcoin and its brethren cannot hold their support levels. Daily volume is still a high $80 billion and BTC dominance has crept back up to 55.7 percent.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
Following new Base58 Labs market-structure research, BASIS says widening cross-venue dispersion is expanding the pool of screened market-neutral opportunities and strengthening dynamic staking reward conditions across BTC, ETH, SOL and PAXG.
Bitcoin remained near the $62,000 region after a sharp May–June drawdown, with realized volatility elevated and venue-level liquidity conditions increasingly fragmented. A new Base58 Labs research report, “Bitcoin Market Structure: Risk-Off Repair and the Execution Gap,” describes the market as a risk-off repair regime rather than a confirmed floor and concludes that stress can widen observable price gaps without making every gap economically tradable.
Against this backdrop, BASIS reports that the recent volatility regime has expanded the number of price-dislocation events entering its screening pipeline. Where those events survive fees, depth, slippage, latency, hedge, settlement and exit filters, they can support stronger Dynamic Reward Rate conditions across supported staking pools. BASIS emphasizes that displayed reward rates are dynamic reference metrics, not fixed or guaranteed returns.
Volatility Is Expanding the Opportunity Set but Execution Still Decides the Outcome
The Base58 Labs report found that Bitcoin entered 23 June near $62.2K after an approximately 21.5% decline within the cited May June event window. The same session covered an intraday range of roughly 5.6%, while one-month realized volatility remained elevated even as options-market stress premiums partially normalized.
In fragmented digital-asset markets, faster repricing can create temporary disagreement between centralized exchanges, decentralized venues, spot markets, derivatives, liquidity pools and settlement states. These differences may appear as larger spreads, but a visible spread is not yet a completed trade.
Base58 Labs defines the difference between an observed gap and a completed, net-positive cycle as the “execution gap.” An opportunity qualifies only after explicit costs and constraints including fees, available depth, slippage, latency drift, hedge cost, settlement reserves and exit certainty have been incorporated.
Base58 Labs execution-gap framework: volatility may widen visible dispersion, while infrastructure determines what remains executable.
BASIS Reports Stronger Dynamic Reward Conditions During the Volatility Regime
BASIS says recent market conditions have produced a broader flow of cross-venue and funding-related dislocations for its execution stack to evaluate. The platform does not treat every price gap as an opportunity. Each candidate path must pass net-executability and risk controls before it can contribute to the reward-generation process.
As a greater number of eligible opportunities clears those filters, BASIS says displayed Dynamic Reward Rate conditions can strengthen relative to quieter periods. The relationship is not mechanical: volatile markets can also reduce usable depth, increase slippage, delay settlement and make safe exits harder. The platform therefore separates opportunity detection from execution eligibility.
This distinction is central to the platform’s positioning. BASIS is not presenting volatility itself as a yield product. It is presenting execution infrastructure as the layer that determines whether market fragmentation can be converted into a bounded, completed outcome.
“Volatility does not create yield on its own. It creates state gaps. Our task is to reject unsafe paths and complete only the cycles that remain net-positive after real execution costs. The recent market has increased the number of opportunities we can evaluate, but discipline not the size of the headline spread remains the core of the system.” Pierre Duval, BASIS spokesperson
Why BASIS Is Drawing Attention in the Crypto Staking Market
The current market has renewed investor interest in yield sources that do not rely exclusively on predicting the next move in Bitcoin or altcoin prices. BASIS supports BTC, ETH, SOL and PAXG through a unified staking environment designed around market-neutral execution, reward accrual, claim, withdrawal and restaking flows.
Users are not required to monitor multiple venues manually, calculate cross-market routes or manage the operational complexity of arbitrage execution. BASIS connects supported assets to an execution-led staking interface while the underlying system evaluates venue-local prices, liquidity, funding conditions and settlement constraints.
As a result, BASIS is gaining attention among users looking beyond conventional validator staking and token-emission incentives. Its proposition is not simply a headline APY, but the infrastructure behind the reward: how opportunities are identified, which paths are rejected, how risk is constrained, and how completed execution is reflected in user-facing reward flows.
Execution Infrastructure, Risk Controls and Operational Reliability
The BASIS execution architecture is built around research and technology developed with Base58 Labs, including the Base58 Hyper-Latency Engine (BHLE). Official documentation describes sub-50-microsecond internal processing targets and capacity above 100,000 operations per second. These figures refer to internal processing targets and do not include venue network round-trip time, exchange matching latency or blockchain finality.
Execution speed is combined with deterministic routing, mathematical exposure limits and state-based risk controls. The BASIS Sentinel Circuit Breaker is designed to restrict or stop new risk-increasing activity when conditions such as venue API failure, abnormal slippage, margin deterioration, settlement deviation or reconciliation failure are detected.
BASIS DIGITAL INFRASTRUCTURE LTD also states that it maintains active ISO/IEC 27001:2022 and ISO/IEC 20000-1:2018 certifications for information-security and IT-service-management systems. These certifications relate to operational management controls and do not constitute a guarantee of investment performance or principal protection.
Research and Platform Observation Are Deliberately Separated
The Base58 Labs report is a secondary-data market-structure brief. It does not use proprietary BASIS execution records, backtests, product-performance data or dashboard DRR/APY readings, and it does not claim that every observed spread was executable. Its role is to define the market regime and the constraints that determine whether execution is economically usable.
BASIS’s statements regarding opportunity flow and dynamic reward conditions are platform-level observations made separately from the research report. This separation is intended to prevent market analysis from being presented as product-performance validation and to keep the distinction between observable dispersion and completed execution explicit.
The Yield Race Is Moving from APY to Infrastructure
The next phase of digital-asset yield is unlikely to be defined by the highest displayed rate alone. Lending, validator staking, liquidity incentives and arbitrage execution generate rewards through different mechanisms and carry different operational risks.
For users and allocators, the more durable questions are becoming structural: What activity produces the return? Which infrastructure executes it? What costs and risks are applied before a path becomes eligible? Can rewards be claimed? Can assets be withdrawn? Can the process continue through restaking?
BASIS argues that the competitive advantage will belong not to systems that display the largest gross spread, but to systems that can reject unsafe paths and complete eligible cycles under adverse conditions.
More information:
• Base58 Labs report
• Explore BASIS
• BASIS documentation
• Base58 Labs Research
About BASIS
BASIS is a market-neutral arbitrage and yield infrastructure platform operated by BASIS DIGITAL INFRASTRUCTURE LTD, an International Business Company registered in Seychelles. Built on Base58 Labs research and execution technology, BASIS supports BTC, ETH, SOL and PAXG through an execution-focused staking environment designed to connect market-structure opportunities with reward accrual, claim, withdrawal and restaking flows.
About Base58 Labs Research
Base58 Labs Research studies market structure, execution systems, digital-asset infrastructure and the operational constraints that determine whether financial outcomes can be completed under real-world conditions. Base58 Labs is the research and technology entity associated with BHLE development and a research partner to BASIS. Its research is affiliated research and should not be interpreted as independent third-party validation of BASIS product performance.
Risk Disclosure
Market-neutral does not mean risk-free. Digital assets and staking involve market, liquidity, execution, counterparty, technology and regulatory risks. Dynamic Reward Rate and APY displays are reference metrics that may change and are not guaranteed returns.
Source Notes
• Base58 Labs Research Bitcoin Market Structure: Risk-Off Repair and the Execution Gap, 23 June 2026
As Bitcoin (CRYPTO: BTC) plunges below $60,000 on Wednesday, K33 Research reports that investment vehicles posted their first negative one-year flow reading since November 2023—a signal that preceded a market bottom the last time it appeared.
The Same Signal Flashed Right Before The 2022 BottomK33 Head of Research Vetle Lunde tracked rolling one-year notional flows across Bitcoin ETPs, futures ETFs, and related vehicles at -1,176 BTC as of June 18.
The only other time this metric went negative was October 21, 2022, just weeks before Bitcoin found its cycle low and roughly a year before flows turned positive again.
Lunde cautioned the comparison isn’t perfect.
The 2020-21 period was dominated by capital locked into Grayscale’s closed-end GBTC structure trading at a discount rather than actual outflows, while 2022’s negative reading came from real redemptions in Canadian and European ETPs plus futures products like BITO.
Global ETP Holdings Just Posted Their Biggest Drawdown EverBitcoin ETPs worldwide now hold 1,466,029 BTC, down 127,774 coins from their peak, an 8% drop that’s the steepest pullback K33 has ever recorded.
The previous worst stretches were 7.1% in February and 5.6% back in April 2025, so this one stands alone.
The good news is that the bleeding has slowed down a lot. Outflows averaged just 625 BTC per day over the past two weeks, a sharp drop from the 4,462 BTC per day pace seen between May 11 and June 5.
Lunde said that slowdown is a big reason Bitcoin’s price has managed to stabilize after the rough stretch in May and June.
Put another way, ETPs still hold 92% of the Bitcoin they held at October’s peak, even after Bitcoin lost half its value. Investors have not exited their positions in large numbers. Instead, they continue to hold through the sharp drawdown.
Strategy’s Preferred Stock Strain Adds Another VariableK33 flagged mounting pressure in Strategy Inc.’s (NASDAQ:MSTR) preferred-share complex, with STRC falling below $90 for the first time since launch and annual dividend obligations now running around $1.7 billion.
Lunde estimated the company holds roughly 10 months of dividend coverage following a recent $300 million capital raise, calling Strategy “far from being forced to sell BTC.”
Bitcoin Sits Below Its Death Cross With Momentum Quietly ImprovingBitcoin remains in a bearish structure, with the 20-day moving average at $63,273 sitting below the 50-day at $71,046, which itself sits below the 200-day at $76,309, the death cross that formed back in November 2025.
With price still well under those longer averages, rallies tend to run into selling pressure rather than turn into real uptrends.
Momentum is improving at the margin, though. MACD has moved above its signal line with a positive histogram, suggesting the selling pressure is easing compared to the prior leg down.
Image: Shutterstock
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