Suspicions are mounting that the $292 million stolen from the KelpDAO bridge in April and the funds lost to a private key theft at Humanity Protocol in June are connected, as new on-chain data highlights possible links between the two breaches. Blockchain analyst Specter revealed that assets from both attacks have been combined in shared wallets, forming a pattern indicative of a single laundering operation.
Funds converge on the Bitcoin networkAccording to data released by Specter, the perpetrator of the Humanity Protocol hack transferred 15,403 ETH, amounting to roughly $23.6 million, into a relatively new Ethereum address. These funds were then bridged to the Bitcoin network, where they pooled with proceeds previously traced to the KelpDAO hack, suggesting a coordinated movement of assets.
Gathering funds from different attacks into common Bitcoin wallets and then funneling them through mixers and over-the-counter transactions is a method frequently seen in operations tied to the Lazarus Group.
Researchers believe this approach mirrors tactics used in previous North Korea-linked Lazarus Group operations. Analysis by ZachXBT and Specter indicates that the asset flows from the two separate incidents ultimately converged at a single financial outflow point.
Glossary: An RPC node is the technical infrastructure enabling blockchain applications to communicate with the network. A DDoS attack aims to overwhelm a service with simultaneous requests, rendering it inaccessible.
Bridge mechanism targeted in KelpDAO attackChainalysis investigations found that, in the April 18 KelpDAO attack, cybercriminals compromised internal RPC nodes operated by LayerZero Labs while launching a simultaneous DDoS attack on external nodes. This allowed them to deceive the Ethereum bridge contract, releasing 116,500 rsETH into circulation on the destination chain without a corresponding burn event on the source chain.
The attack was attributed to the Lazarus Group. The Arbitrum Security Council managed to freeze over 30,000 ETH linked to the hacker downstream. An emergency shutdown mechanism enabled by KelpDAO also prevented an additional $95 million from being withdrawn from the platform.
Phishing at the core of the Humanity Protocol incidentThough the Humanity Protocol breach relied on a different technique, post-incident analysis once again pointed to actors linked to North Korea. According to Quantstamp’s incident report dated June 11, the attacker deceived company executive Chong Yee Wai with a malicious email masquerading as a South Korea-based crypto exchange, Bithumb.
Quantstamp found that the breach shared hallmarks of North Korean-origin intrusions, noting the malware installed granted remote desktop access to the attacker.
Subsequently, the attacker copied MetaMask wallet keys from Chong’s Windows device. These keys were then used to mint and sell unauthorized $H tokens on Ethereum and BNB Smart Chain. Following the incident, the token price plummeted nearly 89%. Quantstamp reported that known attacker addresses amassed more than $21 million worth of ETH from the exploit.
Legal proceedings complicate recovery effortsLegal challenges have added new complexity to the ongoing investigation. There are reportedly more than $877 million in outstanding judgments in US courts against North Korea. In May, plaintiffs filed a preliminary injunction seeking the seizure of approximately 30,766 ETH—worth about $71 million—frozen by Arbitrum DAO, based on a court order dated April 30.
Plaintiffs contend that, because the assets are linked to North Korea, they should be subject to confiscation. Meanwhile, Arbitrum has initiated a governance process to transfer the frozen KelpDAO funds to a recovery initiative backed by Aave Labs, KelpDAO, LayerZero, EtherFi, and Compound. The court has since approved the Arbitrum vote, paving the way to move the KelpDAO funds to Aave.
Even with this latest on-chain confirmation, it remains unclear whether losses and potential recovery claims stemming from the Humanity Protocol incident will face similar legal proceedings.
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.
The refusal of Binance’s MiCA license in Greece shakes the European crypto market. As the world’s largest platform sees its access to the EU restricted, regulatory tensions rapidly intensify. Behind this decision, a larger power struggle pits institutions against crypto players, against the backdrop of European monetary transformation in a context of accelerating the digital euro and European financial control. Does the Binance case mark a turning point for the European financial system?
In Brief Greece refuses Binance’s MiCA license, illustrating the tightening of access to the European crypto-asset market. Binance confirms the failure of its application, amid growing restrictions on its activities in Europe. Suspicions of political pressure arise, although no official involvement of the ECB has been demonstrated. Stablecoins and the digital euro emerge as major strategic issues for European authorities. The Binance case symbolizes the strengthening of European institutions’ control over digital finance. Binance Facing MiCA: A License Refusal Marking a Turning Point for Access to the European Market The refusal of Binance’s MiCA license in Greece stands as one of the most important events under the new European regulatory framework applied to cryptocurrencies. The platform, still the largest in the world with over 300 million users, aimed to obtain a regulatory passport allowing it to operate freely throughout the European Union.
Binance confirmed the failure of this procedure amid already tense circumstances marked by a message to its European users announcing the gradual suspension of certain activities on the continent. This internal communication reinforced the idea of a real regulatory turning point for the platform, forced to review its strategy facing MiCA’s requirements.
Binance informs its clients of the progressive restriction of its services starting July 1, 2026, while confirming that crypto-asset withdrawals will remain accessible. With this new framework, Europe intends to uniformly regulate crypto players, but in practice, it also becomes an extremely selective access filter for international platforms.
This refusal is not just about a simple administrative authorization. It highlights a structural evolution of the European market, where entry conditions are becoming increasingly strict for non-bank players and large global crypto platforms.
For Binance, this blockage occurs in a context where demand for crypto services remains high in Europe, but regulatory requirements are strongly tightening. The company thus finds itself in an environment where access to the European market now depends on full compliance with standards imposed by European institutions.
This first regulatory shock lays the foundation for the debate surrounding the Binance case today: an issue that goes far beyond a simple license and touches on the very place of crypto infrastructures in the European financial system.
The ECB Behind Binance’s Refusal? Suspicions Grow Around a Financial Control Strategy The refusal of Binance’s MiCA license in Greece continues to raise questions about the behind-the-scenes of this decision. According to information published by The Big Whale media, the crypto platform’s file was technically finalized before a turnaround occurred in the last stages of the regulatory process.
According to sources cited by the media, the Greek Capital Market Commission (HCMC) deemed Binance’s application complete and compliant with regulatory requirements. The officer in charge of anti-money laundering within the Greek regulator also maintained a favorable opinion regarding obtaining the license.
The forty-day review period provided by the MiCA regulation also expired on June 4 without any European objection. Binance had even anticipated a positive outcome by filing passporting notifications with the HCMC to prepare its expanded access to the European market.
The file thus seemed close to completion. The president of the DFSC, the coordinating body within the European Securities and Markets Authority (ESMA), reportedly indicated during a phone call on June 2 that it was the “last call” regarding the Binance procedure.
The situation reportedly changed between June 7 and 15. The shift in position came after political pressure attributed to the European Central Bank. Christine Lagarde, ECB president, apparently told Greek Prime Minister Kyriakos Mitsotakis during a meeting held in May that Binance was not considered a desirable player for Europe.
The Greek finance minister, also president of the Eurogroup and favorable to granting the license, ultimately failed to convince the prime minister to continue the process. The national political context, with the possibility of early elections before the end of the year, also reportedly pushed Kyriakos Mitsotakis to avoid a direct confrontation with the ECB.
These revelations now fuel criticism from part of the crypto industry, which believes the Binance file goes beyond the regulatory issue and reveals a broader desire to control the evolution of the European digital financial sector.
Binance and Stablecoins: A Battle for Control of European Financial Infrastructures At the heart of questions lies the issue of stablecoins. According to sources cited by The Big Whale, the stance attributed to Christine Lagarde, long known for her criticisms of stablecoins and Bitcoin, is mainly related to Binance’s strategic role in this ecosystem.
As the world’s leading exchange platform, Binance also represents one of the main liquidity channels for stablecoins in Europe. A dominant position that could compete with the vision promoted by the ECB around the digital euro.
This situation appears paradoxical to some industry observers. Binance, primarily an exchange platform and distribution infrastructure, could theoretically contribute to the development of new digital financial uses, including around a future European digital currency.
“It’s paradoxical because Binance is an exchange platform, a distribution channel. It could quite support the digital euro project,” a source cited by The Big Whale reportedly explained.
This source also reportedly drew a parallel with the case of Revolut, which faced obstacles in the European Union due to concerns about its internal control mechanisms. According to this analysis, European institutions’ worry concerns less the existence of new financial actors than their ability to reach a sufficiently large size to compete with traditional structures.
“The concern is about the size of new entrants; Christine Lagarde would prefer traditional banks to manage the flows,” this source added.
This vision is also legally contested. An expert cited by The Big Whale believes that any political interference in a MiCA process would be a major problem, recalling that the ECB officially has no direct competence over crypto license granting.
“This is political interference in a process under the exclusive competence of an independent regulator,” this expert reportedly said. “The ECB has no authority over MiCA licenses.”
Although no direct intervention by the ECB has been officially demonstrated, the Binance case fuels a broader debate about Europe’s financial future. For its critics, the regulatory tightening against large crypto platforms occurs at the very moment the ECB is developing a public digital alternative with the digital euro.
“And It is adopted, digital euro is adopted, this is a historic day for Europe” These are the words with which Aurore Lalucq, chair of the European Parliament’s Committee on Economic and Monetary Affairs, announced the official adoption of the digital euro project.
This timing does not go unnoticed. At a time when this declaration marks a major political acceleration around European digital currency, Binance, the world’s largest crypto platform with over 300 million users, finds itself blocked in Europe with the refusal of its MiCA license in Greece.
It is hard to see here a simple coincidence of timing. On one side, Europe pushes a digital monetary infrastructure entirely controlled by public institutions. On the other, it slows the expansion of a global private actor that has structured a large part of global crypto liquidity.
The digital euro is not a neutral evolution of payments. It is a profound transformation of the European financial architecture, harboring an unprecedented extreme control mechanism aimed at preserving a completely dysfunctional economic system rejected by citizens.
Binance, conversely, represents a parallel finance already functional on a global scale. An infrastructure independent of traditional banks, organizing crypto exchanges on a very large scale, largely escaping classical financial circuits.
It is precisely here that the case becomes strategic. The refusal of the MiCA license no longer looks like a simple regulatory decision. It fits into a larger dynamic where access to the European market is increasingly conditioned on integration into the institutional framework.
And What Next? We are clearly changing worlds.
The ECB and European institutions are very aware of what is happening: the European population is progressively turning away from the traditional financial system. Bitcoin is no longer a marginal asset. Cryptos are no longer a “speculative bet.” They have become a parallel infrastructure used by millions of users to store, transfer, and protect value outside the classical banking system.
And these figures are already known internally. Central banks and financial institutions closely monitor crypto-asset adoption, the explosion of Bitcoin wallets, and the rise of stablecoins as an alternative payment method. They know exactly that usage is not slowing down — it is accelerating.
It is in this context that everything aligns.
On one side, Binance — the world’s largest crypto platform, with over 300 million users — finds itself blocked in Europe with the refusal of its MiCA license. On the other, the ECB is pushing its digital euro at full speed, a programmable, centralized currency fully controlled by the institution.
This is not a simple coincidence of timing. It is a reaction.
A reaction to a simple reality: decentralized finance is gaining ground. Bitcoin becomes a global store of value. Stablecoins already dominate part of on-chain flows. Platforms like Binance have become critical infrastructures of global finance, outside the traditional banking system.
And facing this, the European response is clear: take back control.
MiCA is not only for “regulating.” It also serves to filter who can access the European financial system. And in practice, actors that are too big, too global, or too independent become potential systemic problems for institutions.
The result is brutal: while crypto adoption explodes among individuals and investors, institutions tighten access, harden rules, and accelerate their own centralized alternatives.
This is exactly where the clash becomes obvious. On one side, an open, global, borderless finance, driven by Bitcoin, cryptos, and platforms like Binance. On the other hand, European institutional finance is progressively closing in around the ECB and the digital euro. And the more crypto adoption continues to rise, the more regulatory pressure increases. What we observe today is not a simple regulatory adjustment. It is a control shift over the very architecture of European finance.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
Data: Morgan Stanley's total Bitcoin holdings exceed 4,700 BTC
PANews June 27 news, according to Arkham monitoring data, Morgan Stanley once again "bought the dip," increasing its holdings by a total of 143.312 BTC through its spot Bitcoin exchange-traded fund MSBT, valued at $8.54 million. As of now, its total Bitcoin holdings have reached 4,784 BTC, worth approximately $293 million.
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Cathie Wood, a well-known figure in the cryptocurrency market, argued that Bitcoin, which has been falling, could rebound.
ARK Invest CEO Cathie Wood said that in an environment of increasing global geopolitical and monetary uncertainty, capital outflows from some countries could create a new bullish dynamic for Bitcoin and other digital assets.
Wood, in his assessment on the X platform, stated that artificial intelligence is currently one of the main elements of technological transformation and is attracting significant market interest. However, according to Wood, the AI sector cannot replace the fundamental role played by digital assets in the global macroeconomic environment.
Cathie Wood stated that digital assets, particularly Bitcoin, occupy a unique position in terms of their function as wealth preservation and “insurance tools.” According to Wood, while the artificial intelligence theme attracts some market liquidity, it does not eliminate the long-term investment value of digital assets.
Wood stated that with the persistence of macroeconomic uncertainties, investors’ need to protect their assets and diversify across borders has increased. He noted that this trend could strengthen demand for digital assets, particularly Bitcoin, over time.
According to the CEO of ARK Invest, under unstable geopolitical and monetary conditions, capital’s shift towards safe, portable, and globally accessible alternative assets could be a significant long-term support factor for the digital asset market.
*This is not investment advice.
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U.S.-listed ETFs have seen inflows exceeding $1 trillion so far this year, with full-year inflows expected to surpass $2 trillion, hitting a new all-time high.
The Kobeissi Letter stated that the U.S. is experiencing an unprecedented ETF boom. Data shows that year-to-date 2026, U.S.-listed ETFs have attracted over $1 trillion in inflows, and at the current pace, they are on track to exceed $2 trillion by year-end, setting a new all-time high. If annual ETF inflows surpass $2 trillion, this will mark the fourth consecutive year of growth in annual ETF inflows, 33% higher than the 2025 record, an increase of roughly $500 billion. Meanwhile, 700 ETFs have launched so far this year, also on pace for an annual record. June alone saw 186 ETFs listed, the highest monthly issuance figure in history. The ETF industry is expanding at a record pace.
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Base releases post-mortem report on network outage: User funds remain safe, root cause is a vulnerability in sequencer block construction logic.
Base engineering team released a post-mortem report on the June 25 block production outage, noting that Base mainnet suffered two separate block production interruptions on June 25 and June 26. The first incident occurred at 11:47 ET on June 25, lasting 116 minutes; the second took place at 11:28 ET on June 26, lasting 20 minutes. Both events shared the same root cause. Chain integrity remained unharmed, and all funds on Base are secure. Block production resumed safely after the team mitigated the issues. The root cause was a bug in the sequencer’s block construction logic: after a transaction validation failure, expired log states were not cleared. An invalid transaction was received by the block builder and failed as expected, but the system incorrectly retained log states including accessed accounts and storage slots. A subsequent valid transaction was processed before the log states could be properly cleared, leading to a gas fee calculation mismatch and a sequencer block containing invalid state transitions. Other nodes rejected this block, causing the entire chain to halt. During the outage, Base could not produce new L2 blocks, sequencer and validator nodes could not advance past the invalid block, and new transactions could not be posted on-chain. The team fixed the interruptions by deploying a patch to the sequencer to ensure proper log state updates during execution. Base stated it will strengthen protocol fuzz testing and load testing tools to more easily identify adversarial transaction patterns that could expose similar vulnerabilities, and will continue to improve operational and monitoring capabilities.
1 hours ago
Ethereum Surpasses $1,600
According to HTX market data, Ethereum has broken through $1,600, posting a 1.6% gain in the past 24 hours.
1 hours ago
Analysis: Retail investors appear to be shifting funds from gold and Bitcoin to semiconductor stocks.
The Kobeissi Letter stated that retail investors appear to be shifting away from gold and Bitcoin toward semiconductor stocks. Data shows that since April, U.S. gold ETFs and Bitcoin ETFs have recorded a combined net outflow of $12 billion; over the same timeframe, U.S. semiconductor ETFs have pulled in a total of $20 billion in inflows. This trend accelerated in mid-May, with outflows from gold and Bitcoin funds surging more than threefold, while inflows into semiconductor ETFs doubled. On the price front, GLD, the largest U.S. gold ETF, has declined 13% since early April, while IBIT, the largest Bitcoin ETF, has fallen 12% over the same period. By contrast, semiconductor ETFs SOXX and SMH have gained 81% and 60% respectively. Retail investors are driving the market in an unprecedented manner.
1 hours ago
Bloomberg: Sell-off in chip stocks drags U.S. stocks to end lower this week, as AI valuation concerns weigh on market performance.
U.S. stocks closed lower this week, weighed down by the ongoing slump in chip stocks, Bloomberg reported. While a University of Michigan survey showed long-term inflation expectations came in below forecasts, easing some concerns about interest rate hikes, that failed to offset selling pressure in chip stocks. Steve Sosnick, chief strategist at Interactive Brokers, noted the S&P 500 briefly turned positive during the session before erasing gains quickly, mirroring multiple failed rebound attempts investors have seen this week. Worries over AI valuations have spread from Asian markets to U.S. trading. Two prominent Chinese hedge funds said AI stocks are in a bubble that could burst. Shares of Japan’s SoftBank Group fell after The New York Times reported OpenAI may delay its IPO until 2027. South Korea’s KOSPI index triggered a trading halt for the second time this week due to a sharp drop in chip stocks, later paring some of those losses. In the U.S., data from Bank of America showed investors pulled capital out of U.S. stocks for the first time in three months, with outflows hitting $8.5 billion. Cameron Dawson, chief investment officer at Newedge Wealth, said a key question is whether the market has the patience to wait for returns on investments from hyperscale cloud providers. Richard Reyle, chief investment officer at Questar Capital Partners, said he will not buy large-cap tech or AI stocks at current levels, as their dominance is weakening; the Magnificent Seven and Bitcoin peaked nine months ago and have yet to recover. Separately, crude oil prices extended declines as tanker traffic through the Strait of Hormuz remained steady. Brian Jacobsen, chief economic strategist at Annex Wealth Management, said the peak in energy prices is behind us, leaving room for headline inflation to cool, though price pressures have not fully vanished.
1 hours ago
SYRUP rose over 31% in 24 hours, currently trading at $0.155.
According to HTX market data, Maple Finance (SYRUP) has surged over 31% in the past 24 hours, currently trading at $0.155.
In brief Billionaire Jeremy Grantham is skeptical about crypto's place in the financial world, calling it "useless" and a "speculative mechanism." Grantham noted Bitcoin's recent fall despite strong economic conditions, highlighting its instability as a store of value. Bitcoin was recently trading more than 50% off its all-time high of $126,080. Billionaire investor Jeremy Grantham won’t be adding crypto to his portfolio any time soon.
Grantham, the co-founder of investment firm GMO, made his position on the asset class well known in an appearance on CNBC’s “Squawk Box” on Friday, where he called crypto a “useless, speculative mechanism.”
“Years and years, decades and decades—it will dwindle away, I suspect,” Grantham said of its future. “Not with a bang, but with a whimper.”
Grantham highlighted Bitcoin’s instability as a store of value, pointing to its recent drawdown—a 52% decline from its all-time high of $126,080 set last October, despite strong economic conditions and gold notching sizable gains during the same timeframe.
The commodity and leading store of value asset rose to a new all-time high above $5,500 per ounce earlier this year, but has since fallen more than 25% to trade at $4,096.
“You can’t depend on it in that way,” he said of Bitcoin. “People don’t use it to make serious trades, they don’t use it to buy their dinner and pay at the supermarket.”
Instead he said it “allows crooks to move money around without leaving a trace,” adding that it’s “brilliant at that.”
Grantham did concede that blockchain rails could play a transformative role in the future, but made clear his comments were about Bitcoin and other cryptocurrencies.
Bitcoin has fallen 17% in the last month of trading, recently trading at $60,529.
Last month, billionaire investor Mark Cuban similarly criticized Bitcoin’s role as a store of value, pointing to its recent underperformance when compared to gold, saying “it is not the hedge I expected it to be.” Cuban added that he has sold most of his BTC as a result.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Billionaire Jeremy Grantham is skeptical about crypto's place in the financial world, calling it "useless" and a "speculative mechanism." Grantham noted Bitcoin's recent fall despite strong economic conditions, highlighting its instability as a store of value. Bitcoin was recently trading more than 50% off its all-time high of $126,080. Billionaire investor Jeremy Grantham won’t be adding crypto to his portfolio any time soon.
Grantham, the co-founder of investment firm GMO, made his position on the asset class well known in an appearance on CNBC’s “Squawk Box” on Friday, where he called crypto a “useless, speculative mechanism.”
“Years and years, decades and decades—it will dwindle away, I suspect,” Grantham said of its future. “Not with a bang, but with a whimper.”
Grantham highlighted Bitcoin’s instability as a store of value, pointing to its recent drawdown—a 52% decline from its all-time high of $126,080 set last October, despite strong economic conditions and gold notching sizable gains during the same timeframe.
The commodity and leading store of value asset rose to a new all-time high above $5,500 per ounce earlier this year, but has since fallen more than 25% to trade at $4,096.
“You can’t depend on it in that way,” he said of Bitcoin. “People don’t use it to make serious trades, they don’t use it to buy their dinner and pay at the supermarket.”
Instead he said it “allows crooks to move money around without leaving a trace,” adding that it’s “brilliant at that.”
Grantham did concede that blockchain rails could play a transformative role in the future, but made clear his comments were about Bitcoin and other cryptocurrencies.
Bitcoin has fallen 17% in the last month of trading, recently trading at $60,529.
Last month, billionaire investor Mark Cuban similarly criticized Bitcoin’s role as a store of value, pointing to its recent underperformance when compared to gold, saying “it is not the hedge I expected it to be.” Cuban added that he has sold most of his BTC as a result.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Bitcoin is consolidating near $60,326.78 according to the supplied market check.The highlighted setup focuses on Bitcoin trading close to long-term weekly moving-average boundaries.The setup remains market-analysis context. Do not call the 200-week SMA a guaranteed bottom or make definitive price-target claims. https://x.com/alicharts/status/2070783078969037193
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Historical significance of the 200-week moving average as a long-term bitcoin boundary Bitcoin Trades Below 200-Week Moving Average as Historical Accumulation Signal Returns is one of the market setups traders are watching as crypto attempts to stabilize after recent volatility. The signal is useful because it points to a clear market level, flow, or positioning theme that can be checked against live data.
This setup surfaced through the X/social discovery lane, which is used as an idea sensor only. It should not be treated as a source of record on its own. The relevant data still needs to be checked against market charts, derivatives dashboards, or on-chain records before readers draw conclusions.
What the available data shows Bitcoin is consolidating near $60,326.78 according to the supplied market check. The highlighted setup focuses on Bitcoin trading close to long-term weekly moving-average boundaries.
That matters because crypto markets often move around concentrated liquidity zones, wallet flows, exchange positioning, and broader macro pressure before those signals become obvious in price. The strongest version of this setup is one where the highlighted level or flow continues to hold after live validation.
Why traders are watching this setup The setup gives traders a defined framework rather than a vague bullish or bearish view. For Bitcoin, the key question is whether the current signal reflects durable positioning or a short-lived reaction inside a volatile range.
Market structure remains fragile. Bitcoin direction, liquidity conditions, derivatives positioning, and macro volatility can still override otherwise clean technical or on-chain setups. That is why the signal is best understood as a watchpoint, not a prediction.
Risk and invalidation context Do not call the 200-week SMA a guaranteed bottom or make definitive price-target claims. The 200-week moving average has historically been watched by long-term accumulation-focused traders.
If the highlighted level fails, if the wallet flow turns out to be internal custody movement, or if derivatives positioning flips quickly, the interpretation should change. The article should therefore be read as a current market snapshot rather than a guarantee of future price action.
What to verify next The next step is external confirmation. For this setup, the validation path is: Verify the 200-week SMA line and Bitcoin's position relative to it on TradingView. Until that confirmation is reviewed, the setup should remain market-analysis context rather than a confirmed directional forecast.
Traders should also watch liquidity, volume, and daily close structure. Those factors will decide whether this signal becomes a durable theme or another short-lived reaction inside a volatile crypto session.
This report is based on publicly available market and on-chain data.
This article was written by the News Desk and edited by Samuel Rae.
U.S. stocks closed lower this week, weighed down by the ongoing slump in chip stocks, Bloomberg reported. While a University of Michigan survey showed long-term inflation expectations came in below forecasts, easing some concerns about interest rate hikes, that failed to offset selling pressure in chip stocks. Steve Sosnick, chief strategist at Interactive Brokers, noted the S&P 500 briefly turned positive during the session before erasing gains quickly, mirroring multiple failed rebound attempts investors have seen this week. Worries over AI valuations have spread from Asian markets to U.S. trading. Two prominent Chinese hedge funds said AI stocks are in a bubble that could burst. Shares of Japan’s SoftBank Group fell after The New York Times reported OpenAI may delay its IPO until 2027. South Korea’s KOSPI index triggered a trading halt for the second time this week due to a sharp drop in chip stocks, later paring some of those losses. In the U.S., data from Bank of America showed investors pulled capital out of U.S. stocks for the first time in three months, with outflows hitting $8.5 billion. Cameron Dawson, chief investment officer at Newedge Wealth, said a key question is whether the market has the patience to wait for returns on investments from hyperscale cloud providers. Richard Reyle, chief investment officer at Questar Capital Partners, said he will not buy large-cap tech or AI stocks at current levels, as their dominance is weakening; the Magnificent Seven and Bitcoin peaked nine months ago and have yet to recover. Separately, crude oil prices extended declines as tanker traffic through the Strait of Hormuz remained steady. Brian Jacobsen, chief economic strategist at Annex Wealth Management, said the peak in energy prices is behind us, leaving room for headline inflation to cool, though price pressures have not fully vanished.
Relevant content
U.S.-listed ETFs have seen inflows exceeding $1 trillion so far this year, with full-year inflows expected to surpass $2 trillion, hitting a new all-time high.
The Kobeissi Letter stated that the U.S. is experiencing an unprecedented ETF boom. Data shows that year-to-date 2026, U.S.-listed ETFs have attracted over $1 trillion in inflows, and at the current pace, they are on track to exceed $2 trillion by year-end, setting a new all-time high. If annual ETF inflows surpass $2 trillion, this will mark the fourth consecutive year of growth in annual ETF inflows, 33% higher than the 2025 record, an increase of roughly $500 billion. Meanwhile, 700 ETFs have launched so far this year, also on pace for an annual record. June alone saw 186 ETFs listed, the highest monthly issuance figure in history. The ETF industry is expanding at a record pace.
1 hours ago
Base releases post-mortem report on network outage: User funds remain safe, root cause is a vulnerability in sequencer block construction logic.
Base engineering team released a post-mortem report on the June 25 block production outage, noting that Base mainnet suffered two separate block production interruptions on June 25 and June 26. The first incident occurred at 11:47 ET on June 25, lasting 116 minutes; the second took place at 11:28 ET on June 26, lasting 20 minutes. Both events shared the same root cause. Chain integrity remained unharmed, and all funds on Base are secure. Block production resumed safely after the team mitigated the issues. The root cause was a bug in the sequencer’s block construction logic: after a transaction validation failure, expired log states were not cleared. An invalid transaction was received by the block builder and failed as expected, but the system incorrectly retained log states including accessed accounts and storage slots. A subsequent valid transaction was processed before the log states could be properly cleared, leading to a gas fee calculation mismatch and a sequencer block containing invalid state transitions. Other nodes rejected this block, causing the entire chain to halt. During the outage, Base could not produce new L2 blocks, sequencer and validator nodes could not advance past the invalid block, and new transactions could not be posted on-chain. The team fixed the interruptions by deploying a patch to the sequencer to ensure proper log state updates during execution. Base stated it will strengthen protocol fuzz testing and load testing tools to more easily identify adversarial transaction patterns that could expose similar vulnerabilities, and will continue to improve operational and monitoring capabilities.
1 hours ago
Ethereum Surpasses $1,600
According to HTX market data, Ethereum has broken through $1,600, posting a 1.6% gain in the past 24 hours.
1 hours ago
Analysis: Retail investors appear to be shifting funds from gold and Bitcoin to semiconductor stocks.
The Kobeissi Letter stated that retail investors appear to be shifting away from gold and Bitcoin toward semiconductor stocks. Data shows that since April, U.S. gold ETFs and Bitcoin ETFs have recorded a combined net outflow of $12 billion; over the same timeframe, U.S. semiconductor ETFs have pulled in a total of $20 billion in inflows. This trend accelerated in mid-May, with outflows from gold and Bitcoin funds surging more than threefold, while inflows into semiconductor ETFs doubled. On the price front, GLD, the largest U.S. gold ETF, has declined 13% since early April, while IBIT, the largest Bitcoin ETF, has fallen 12% over the same period. By contrast, semiconductor ETFs SOXX and SMH have gained 81% and 60% respectively. Retail investors are driving the market in an unprecedented manner.
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SYRUP rose over 31% in 24 hours, currently trading at $0.155.
According to HTX market data, Maple Finance (SYRUP) has surged over 31% in the past 24 hours, currently trading at $0.155.
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ECB Executive Board Member: Further Interest Rate Hikes Expected
European Central Bank (ECB) Executive Board member Isabel Schnabel warned that even if a U.S.-Iran peace deal reopens the Strait of Hormuz, price pressures could still run higher than expected. Speaking on Saturday, Schnabel said, "There are upside risks to inflation for food, goods and services," adding that energy price shocks could spill over into broader sectors. While she welcomed the recent decline in energy prices amid prospects of a U.S.-Iran peace deal, she cautioned that a ceasefire should not be a reason to lower guard. "Uncertainty remains high, but the announced peace deal reduces the likelihood of negative scenarios," she noted. Even so, oil prices are projected to stay elevated, as the Strait of Hormuz will only reopen gradually. Schnabel, considered the most hawkish member of the ECB Governing Council, reiterated that "the ECB will likely raise interest rates further to bring inflation back to the 2% target over the medium term." She added that consumer inflation expectations have risen, though there are no signs of wage pressures yet. (Jin10)
PANews June 27 news, The Kobeissi Letter published an analysis pointing out that since April, U.S. gold and Bitcoin-related ETFs have seen cumulative net outflows of approximately $12 billion, while semiconductor ETFs recorded net inflows of around $20 billion over the same period, with capital clearly concentrating in tech growth sectors. This trend further accelerated in mid-May: gold and Bitcoin ETF outflows more than tripled, while semiconductor ETF inflows doubled. In terms of market performance, the world’s largest gold ETF GLD has fallen about 13% since early April, and Bitcoin ETF IBIT dropped about 12% during the same period; in contrast, semiconductor ETFs SOXX and SMH rose about 81% and 60%, respectively. The analysis believes the current market is exhibiting a clear "risk appetite shift," with retail funds accelerating out of safe-haven assets and crypto assets into high-growth semiconductor and AI-related sectors, and driving the market in an unprecedented way.
U.S.-listed ETFs have seen inflows exceeding $1 trillion so far this year, with full-year inflows expected to surpass $2 trillion, hitting a new all-time high.
The Kobeissi Letter stated that the U.S. is experiencing an unprecedented ETF boom. Data shows that year-to-date 2026, U.S.-listed ETFs have attracted over $1 trillion in inflows, and at the current pace, they are on track to exceed $2 trillion by year-end, setting a new all-time high. If annual ETF inflows surpass $2 trillion, this will mark the fourth consecutive year of growth in annual ETF inflows, 33% higher than the 2025 record, an increase of roughly $500 billion. Meanwhile, 700 ETFs have launched so far this year, also on pace for an annual record. June alone saw 186 ETFs listed, the highest monthly issuance figure in history. The ETF industry is expanding at a record pace.
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Base releases post-mortem report on network outage: User funds remain safe, root cause is a vulnerability in sequencer block construction logic.
Base engineering team released a post-mortem report on the June 25 block production outage, noting that Base mainnet suffered two separate block production interruptions on June 25 and June 26. The first incident occurred at 11:47 ET on June 25, lasting 116 minutes; the second took place at 11:28 ET on June 26, lasting 20 minutes. Both events shared the same root cause. Chain integrity remained unharmed, and all funds on Base are secure. Block production resumed safely after the team mitigated the issues. The root cause was a bug in the sequencer’s block construction logic: after a transaction validation failure, expired log states were not cleared. An invalid transaction was received by the block builder and failed as expected, but the system incorrectly retained log states including accessed accounts and storage slots. A subsequent valid transaction was processed before the log states could be properly cleared, leading to a gas fee calculation mismatch and a sequencer block containing invalid state transitions. Other nodes rejected this block, causing the entire chain to halt. During the outage, Base could not produce new L2 blocks, sequencer and validator nodes could not advance past the invalid block, and new transactions could not be posted on-chain. The team fixed the interruptions by deploying a patch to the sequencer to ensure proper log state updates during execution. Base stated it will strengthen protocol fuzz testing and load testing tools to more easily identify adversarial transaction patterns that could expose similar vulnerabilities, and will continue to improve operational and monitoring capabilities.
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Ethereum Surpasses $1,600
According to HTX market data, Ethereum has broken through $1,600, posting a 1.6% gain in the past 24 hours.
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Bloomberg: Sell-off in chip stocks drags U.S. stocks to end lower this week, as AI valuation concerns weigh on market performance.
U.S. stocks closed lower this week, weighed down by the ongoing slump in chip stocks, Bloomberg reported. While a University of Michigan survey showed long-term inflation expectations came in below forecasts, easing some concerns about interest rate hikes, that failed to offset selling pressure in chip stocks. Steve Sosnick, chief strategist at Interactive Brokers, noted the S&P 500 briefly turned positive during the session before erasing gains quickly, mirroring multiple failed rebound attempts investors have seen this week. Worries over AI valuations have spread from Asian markets to U.S. trading. Two prominent Chinese hedge funds said AI stocks are in a bubble that could burst. Shares of Japan’s SoftBank Group fell after The New York Times reported OpenAI may delay its IPO until 2027. South Korea’s KOSPI index triggered a trading halt for the second time this week due to a sharp drop in chip stocks, later paring some of those losses. In the U.S., data from Bank of America showed investors pulled capital out of U.S. stocks for the first time in three months, with outflows hitting $8.5 billion. Cameron Dawson, chief investment officer at Newedge Wealth, said a key question is whether the market has the patience to wait for returns on investments from hyperscale cloud providers. Richard Reyle, chief investment officer at Questar Capital Partners, said he will not buy large-cap tech or AI stocks at current levels, as their dominance is weakening; the Magnificent Seven and Bitcoin peaked nine months ago and have yet to recover. Separately, crude oil prices extended declines as tanker traffic through the Strait of Hormuz remained steady. Brian Jacobsen, chief economic strategist at Annex Wealth Management, said the peak in energy prices is behind us, leaving room for headline inflation to cool, though price pressures have not fully vanished.
1 hours ago
SYRUP rose over 31% in 24 hours, currently trading at $0.155.
According to HTX market data, Maple Finance (SYRUP) has surged over 31% in the past 24 hours, currently trading at $0.155.
1 hours ago
ECB Executive Board Member: Further Interest Rate Hikes Expected
European Central Bank (ECB) Executive Board member Isabel Schnabel warned that even if a U.S.-Iran peace deal reopens the Strait of Hormuz, price pressures could still run higher than expected. Speaking on Saturday, Schnabel said, "There are upside risks to inflation for food, goods and services," adding that energy price shocks could spill over into broader sectors. While she welcomed the recent decline in energy prices amid prospects of a U.S.-Iran peace deal, she cautioned that a ceasefire should not be a reason to lower guard. "Uncertainty remains high, but the announced peace deal reduces the likelihood of negative scenarios," she noted. Even so, oil prices are projected to stay elevated, as the Strait of Hormuz will only reopen gradually. Schnabel, considered the most hawkish member of the ECB Governing Council, reiterated that "the ECB will likely raise interest rates further to bring inflation back to the 2% target over the medium term." She added that consumer inflation expectations have risen, though there are no signs of wage pressures yet. (Jin10)
Strategy has an office and business in Hangzhou, currently recruiting for technical positions
PANews, June 27 – According to crypto KOL AB Kuai.Dong’s post on X, Strategy maintains an office in China. The company was founded in 2007, originally doing traditional software outsourcing. Although it later transformed into the world’s largest bitcoin reserve company, this business and office location are still retained in Hangzhou. Current recruitment platforms show the company is still hiring, mainly for technical positions.
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The supplied pack reports $445 million in outflows from U.S. spot Bitcoin ETFs for the June 26 session.Ethereum ETFs were reported as seeing around $13 million in outflows for the same session.The setup remains market-analysis context. Do not state that ETF flows are the sole cause of price weakness. https://x.com/akshoydasss/status/2070751335352578249
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Institutional flow pressure and how etf outflows fit into bitcoin's broader market setup US Spot Bitcoin ETFs See $445 Million in Single-Day Outflows as Institutional Pressure Builds is one of the market setups traders are watching as crypto attempts to stabilize after recent volatility. The signal is useful because it points to a clear market level, flow, or positioning theme that can be checked against live data.
This setup surfaced through the X/social discovery lane, which is used as an idea sensor only. It should not be treated as a source of record on its own. The relevant data still needs to be checked against market charts, derivatives dashboards, or on-chain records before readers draw conclusions.
What the available data shows The supplied pack reports $445 million in outflows from U.S. spot Bitcoin ETFs for the June 26 session. Ethereum ETFs were reported as seeing around $13 million in outflows for the same session.
That matters because crypto markets often move around concentrated liquidity zones, wallet flows, exchange positioning, and broader macro pressure before those signals become obvious in price. The strongest version of this setup is one where the highlighted level or flow continues to hold after live validation.
Why traders are watching this setup The setup gives traders a defined framework rather than a vague bullish or bearish view. For Bitcoin, the key question is whether the current signal reflects durable positioning or a short-lived reaction inside a volatile range.
Market structure remains fragile. Bitcoin direction, liquidity conditions, derivatives positioning, and macro volatility can still override otherwise clean technical or on-chain setups. That is why the signal is best understood as a watchpoint, not a prediction.
Risk and invalidation context Do not state that ETF flows are the sole cause of price weakness. The supplied setup contrasts Bitcoin and Ethereum outflows with positive flows into smaller crypto products such as XRP and SOL.
If the highlighted level fails, if the wallet flow turns out to be internal custody movement, or if derivatives positioning flips quickly, the interpretation should change. The article should therefore be read as a current market snapshot rather than a guarantee of future price action.
What to verify next The next step is external confirmation. For this setup, the validation path is: Verify June 26 ETF flow numbers using Farside Investors or CoinGlass ETF flow pages. Until that confirmation is reviewed, the setup should remain market-analysis context rather than a confirmed directional forecast.
Traders should also watch liquidity, volume, and daily close structure. Those factors will decide whether this signal becomes a durable theme or another short-lived reaction inside a volatile crypto session.
This report is based on publicly available market and on-chain data.
This article was written by the News Desk and edited by Samuel Rae.
PANews, June 27 news, Bitcoin treasury company ProCap Financial Chairman Anthony Pompliano posted on X platform, saying that allegedly Mythos breached the National Security Agency (NSA) classified systems within hours, which will further intensify public concerns about AI risks and push for more regulatory intervention, while the more important signal released is: AGI (Artificial General Intelligence) is actually approaching. Current AI technology not only exceeds human capabilities, but is also self-training and improving at incomprehensible speeds, "humans cannot match these models."
Anthony Pompliano added that each model upgrade brings higher expectations, and people have gradually developed "aesthetic fatigue" towards major technological breakthroughs, which further strengthens confidence in continuous technological progress. Although it is necessary to face the negative impacts brought by AI, this is still one of the most exciting periods in human history, and society may ultimately become the biggest beneficiary. Inflation above 9% has led many to form wrong expectations, and whenever market volatility appears, they predict "high inflation returns." Factors such as tariffs and wars may indeed bring inflationary pressures, but inflation above 9% is at an extremely rare level and is unlikely to recur over the long term in the future.
Ansem, a well-known figure in the cryptocurrency market, has analyzed the recent decline in Bitcoin and altcoins.
Ansem, a closely followed figure in the cryptocurrency market, stated that he maintains his short-term peak view for equity indices and the storage sector. According to Ansem, the start of the third quarter next week could increase quarterly volatility in the markets.
Ansem stated that the cryptocurrency market, particularly Bitcoin and Solana, may have already priced in several weak factors. Therefore, he assessed that a potential bullish divergence could occur in terms of price movements in crypto assets. However, Ansem also noted that if the stock market weakens at the beginning of the third quarter, this could trigger a simultaneous sell-off in the crypto market.
Ansem, also commenting on HYPE, stated that he expects the asset to continue its strong performance but may experience a pullback depending on overall market conditions.
Ansem also warned investors about leveraged trading. He stated that the worst-case scenario is being liquidated at the bottom of a bear market and then watching all assets recover, urging caution with leveraged positions.
*This is not investment advice.
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The supplied setup highlights resistance near the $61,000 area and support/liquidation interest around $58,200.Bitcoin remains compressed inside a relatively tight range while leveraged traders cluster on both sides.The setup remains market-analysis context. Do not predict which side of the range will break first. https://x.com/CryptoDad_DDC/status/2070491689035190665
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Bitcoin range compression and liquidation clusters around key levels Bitcoin Trapped as Liquidation Maps Spot Major Resistance and Support Clusters is one of the market setups traders are watching as crypto attempts to stabilize after recent volatility. The signal is useful because it points to a clear market level, flow, or positioning theme that can be checked against live data.
This setup surfaced through the X/social discovery lane, which is used as an idea sensor only. It should not be treated as a source of record on its own. The relevant data still needs to be checked against market charts, derivatives dashboards, or on-chain records before readers draw conclusions.
What the available data shows The supplied setup highlights resistance near the $61,000 area and support/liquidation interest around $58,200. Bitcoin remains compressed inside a relatively tight range while leveraged traders cluster on both sides.
That matters because crypto markets often move around concentrated liquidity zones, wallet flows, exchange positioning, and broader macro pressure before those signals become obvious in price. The strongest version of this setup is one where the highlighted level or flow continues to hold after live validation.
Why traders are watching this setup The setup gives traders a defined framework rather than a vague bullish or bearish view. For Bitcoin, the key question is whether the current signal reflects durable positioning or a short-lived reaction inside a volatile range.
Market structure remains fragile. Bitcoin direction, liquidity conditions, derivatives positioning, and macro volatility can still override otherwise clean technical or on-chain setups. That is why the signal is best understood as a watchpoint, not a prediction.
Risk and invalidation context Do not predict which side of the range will break first. Liquidity concentration can increase the risk of sharp wick moves in either direction.
If the highlighted level fails, if the wallet flow turns out to be internal custody movement, or if derivatives positioning flips quickly, the interpretation should change. The article should therefore be read as a current market snapshot rather than a guarantee of future price action.
What to verify next The next step is external confirmation. For this setup, the validation path is: Check CoinGlass or Hyblock liquidation heatmaps for active clusters near $58,200 and $61,000. Until that confirmation is reviewed, the setup should remain market-analysis context rather than a confirmed directional forecast.
Traders should also watch liquidity, volume, and daily close structure. Those factors will decide whether this signal becomes a durable theme or another short-lived reaction inside a volatile crypto session.
This report is based on publicly available market and on-chain data.
This article was written by the News Desk and edited by Samuel Rae.
ARK Invest’s CEO, Cathie Wood, has revealed what will drive the next Bitcoin rally, even as the leading crypto declines in this bear market. She noted that crypto is currently suffering a liquidity drought but signaled that BTC’s narrative as a hedge against inflation remains unfettered, with AI unable to replace it.
Cathie Wood Reveals What Will Drive The Next Bitcoin Rally In an X post, Cathie Wood stated that capital outflows from less stable countries around the world will “light” another fire under Bitcoin and other digital assets. She also admitted that the AI wave is currently sucking liquidity out of the crypto market, which could explain the current bear market conditions.
“AI has launched a technology revolution, deservedly sucking a lot of oxygen out of the investment world, but it cannot serve as the insurance policy protecting wealth that many people in the world are seeking right now,” the ARK Invest CEO said.
Wood’s statement echoes that of BlackRock’s CIO Rick Rieder, who noted that Bitcoin is facing competition from tech stocks and emerging markets in the credit market. However, he declared that BTC will ultimately go higher in the long term.
Meanwhile, it is worth noting that Cathie Wood and ARK Invest have predicted Bitcoin could reach $1 million by 2030. They predict that this will happen as BTC gains greater institutional adoption and global acceptance as digital gold, with investors using it to preserve their wealth against inflation.
‘Crypto Is Stuck In The Middle’ ARK Invest’s Director of Research, Lorenzo Valente, remarked that crypto is in the middle. He explained that this asset class is not as stable as gold or growth equities and not as exciting as the IPO craze that the market is about to witness or the DRAM fund.
People are forgetting the basics of crypto.
We’re in an institutionally led market now, and crypto is still perceived as the risk-on bet.
But the problem is now that there are assets that are riskier but carry higher perceived upside. That makes BTC, ETH, and SOL far less… pic.twitter.com/j1ChI9Xf8m
— Lorenzo Valente (@LorenzoARK) June 25, 2026
H claimed that there is a “massive” rotation of capital as institutions still view Bitcoin and other crypto assets as the risk-on bet but not ones with higher perceived upside, which makes them relatively less attractive. As such, these investors are investing in riskier assets that offer higher perceived upside. Notably, Bitcoin ETFs have continued to see sustained outflows, contributing to the decline in the BTC price.
Valente was echoing the sentiments of Philippe Laffont, the founder of Coatue Management, who said that Bitcoin was in the middle of stablecoins and big IPOs. He noted that investors seeking stability will move to stablecoins, while those seeking greater risk will likely invest in these IPOs rather than BTC.
Mysten Labs’ Hashi framework aims to bring native Bitcoin collateral into Sui DeFi without synthetic wrappers. The global testnet is expected in July 2026. SwissBorg, Cumberland, Fluid, BitGo and Ledger are listed as institutional backers. Native Bitcoin Utility On Sui: Why This Story Matters Institutions Back Sui’s Hashi to Bridge Bitcoin DeFi as Testnet Launch Approaches has become one of the stronger weekend crypto stories because it sits at the intersection of price action, market structure, and the kind of narrative that traders tend to follow closely when the broader news cycle slows down.
The key point is not simply that hashi enables native Bitcoin collateral in Sui-based DeFi protocols without synthetic wrappers. It is that the development gives the market a fresh way to judge whether the current crypto environment is being driven by genuine network adoption, regulatory progress, liquidity shifts, or short-term speculation.
The Main Details According to the official source material, Hashi enables native Bitcoin collateral in Sui-based DeFi protocols without synthetic wrappers. The report also notes that a global testnet is scheduled for July 2026.
That distinction matters because crypto markets often move first on headlines and only later separate durable developments from short-lived momentum. In this case, the verified boundaries are especially important: Do not state the testnet is already live on mainnet.
Market Context For traders, the story arrives at a moment when crypto assets are still trying to define a clearer direction. Bitcoin remains the anchor for broader sentiment, but altcoin narratives are increasingly being judged on their own fundamentals, including usage, liquidity, compliance, treasury activity, and developer progress.
That makes this development relevant beyond a single token or company. If the underlying trend proves durable, it could help shape how investors evaluate Sui, SUI, Bitcoin, Hashi, DeFi over the coming weeks. If it fades, however, it may become another example of a strong weekend narrative that struggled to translate into sustained market follow-through.
What To Watch Next The next important question is whether the market receives further confirmation from primary sources, dashboards, official announcements, or on-chain data. Follow-up disclosures, exchange data, governance updates, or wallet activity could all help clarify whether this is an isolated headline or the start of a broader theme.
Readers should also watch whether liquidity responds. In crypto, even fundamentally meaningful developments can fail to move prices if traders remain defensive, leverage is being unwound, or capital is rotating into other sectors. That is why this story should be read alongside broader market structure rather than in isolation.
This report is based on information from Sui network data and Mysten Labs documentation.
This article was written by the News Desk and edited by Samuel Rae.
Global economic instability reopens the debate: can Bitcoin become the ultimate safe haven? Cathie Wood, investment star, bets on its rebound. But faced with AI attracting all the capital, will the queen of cryptos keep its promises?
In brief Cathie Wood sees global instability as a catalyst for a new bitcoin rise. BTC is presented as insurance against crises, thanks to its decentralization and cross-border liquidity. Despite the rise of AI, Wood asserts that bitcoin remains irreplaceable for protecting wealth during uncertain times. Cathie Wood: Will Bitcoin be Sparked by Worldwide Instability? Cathie Wood, founder of ARK Invest, sees in capital outflows from unstable countries a catalyst for Bitcoin. According to her, investors are desperately seeking assets capable of protecting their wealth outside traditional financial systems. With persistent inflation, geopolitical tensions, and weak local currencies, BTC as a decentralized and cross-border asset becomes an obvious solution.
For Cathie Wood, capital fleeing fragile economies could fuel a new bitcoin surge. She supports her thesis with massive purchases by ARK Invest which injected 25.54 million dollars in one day into crypto-related stocks. Yet, this optimistic view raises questions. BTC, often seen as a speculative asset, can it really play this role as a safe haven?
AI vs. Bitcoin: the Never-Ending Conflict? Artificial intelligence dominates discussions in 2026, capturing investor attention and an increasing share of global liquidity. Cathie Wood acknowledges its impact. For her, AI has revolutionized tech and attracts billions in venture capital. Yet, she asserts that bitcoin remains irreplaceable as protection against uncertainty. Why? Because AI, as promising as it is, does not solve the problem of preserving purchasing power.
But the debate persists. Indeed, Lorenzo Valente, analyst at ARK Invest, points out that crypto is still perceived as a risky asset, despite its defensive potential. And if AI continues to drain capital, could BTC be relegated to second place? For Wood, no: the two technologies coexist, meeting distinct needs. AI stimulates growth, while bitcoin secures wealth.
Cathie Wood bets on bitcoin as a bulwark against global chaos. But faced with AI, does the queen of cryptos still have a place? A debate that divides… And you, would you be ready to bet on BTC rather than AI?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Jeremy Grantham, co-founder and chief investment strategist of GMO LLC, during an interview on an episode of Bloomberg Wealth with David Rubenstein in Boston, Massachusetts, US, on Thursday, Aug. 17, 2023. Grantham started one of the world's first index funds in the early 1970s and in 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets magazine. Photographer: Vanessa Leroy/Bloomberg
Jeremy Grantham went on CNBC and said his Bitcoin prediction was that it would eventually “dwindle away with a whimper.” Joe Kernen pushed back, the conversation became personal, and the clip quickly traveled across the internet.
That is hardly surprising. Put Jeremy Grantham, Bitcoin, CNBC, a prediction of zero and two strong personalities in the same conversation, and the internet will do the rest. I watched the exchange differently. I was less interested in whether Grantham likes Bitcoin than in whether his prediction was remotely useful to an investor.
He may ultimately be right. Bitcoin may gradually lose relevance, collapse in value, or become a historical reminder of what can happen when speculation, liquidity, and collective belief meet at the same time. Grantham has spent decades studying bubbles, and dismissing his argument simply because you own Bitcoin would be foolish. But when the timeframe is “years and years, decades and decades,” we are no longer talking about an investment call. We are discussing an opinion that can remain technically alive for the rest of someone’s career.
I have spent over 30 years in markets, and “eventually” is one of the most expensive words in investing. You can be completely right about the destination and still lose a fortune on the journey. A bubble can grow larger. An expensive asset can become pricier. A poor business can survive much longer than expected, and a speculative asset can continue attracting capital long after intelligent people have declared it finished.
That is the problem with dramatic predictions. They make excellent television because they sound decisive. Portfolios require something much harder: a valuation, a catalyst, a timeframe, a sensible position size and an honest understanding of what would prove the thesis wrong.
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Grantham’s Bitcoin Prediction Has No Expiry DateEvery speculative boom eventually ends. The difficulty lies in knowing when to sell, how to sell, and at what price to sell. An investor who correctly identifies a bubble five years early may still lose more money than the investor who never recognized it at all. A stock believed to be worth $20 can trade at $50, then $100, before the market finally agrees. A short seller can be fundamentally right and still end up financially ruined if they time it wrong. Timing is a major aspect of an investment thesis. It is part of the thesis. Grantham’s argument allows Bitcoin to decline over decades. That may eventually make the prediction look remarkably perceptive, but it offers almost no guidance to an investor today.
Should Bitcoin be shorted now? If so, how large should the position be? What happens if it doubles first? Would a move to a new high invalidate the argument or merely make the bubble larger? How long should an investor continue funding the position while waiting for the eventual whimper? Those are not technical questions. They determine whether the view can be turned into an actual return. Bitcoin could ultimately disappear and still rise substantially before it does. It could remain volatile, divisive, and difficult to value for decades while attracting institutional investors, governments, and individuals who see it as an alternative monetary asset.
Saying that something eventually goes to zero is easy. The challenge is surviving everything it does before reaching zero.
A Bitcoin Prediction Is Not an Investment ThesisThe investment industry often confuses a memorable opinion with an investable idea, but they are not the same. They are not the same thing. An investable thesis should explain what is mispriced, why the market is wrong, what changes next, and how long that change may take. It should identify the catalyst and the major risks. Most importantly, it should explain what evidence would show that the original analysis has failed. A prediction can avoid all of that. It can remain open indefinitely, which makes it almost impossible to disprove. That is why forecasts work so well on television. The audience remembers the destination but rarely audits the journey. Someone predicts a market crash, the market rises for another five years, and then eventually declines, and the original forecast is presented as a remarkable call.
But what happened to the investor who acted five years earlier? Suppose you agree entirely with Grantham and believe Bitcoin will eventually be worth nothing. How do you profit from that belief? Shorting it exposes you to an asset capable of violent upward moves. Buying put options forces you to choose an expiry date, which is precisely what the original prediction avoids. Refusing to own Bitcoin may be a perfectly sensible portfolio decision, but avoiding an asset is not the same as generating a return from its collapse. You can therefore be philosophically correct and financially unrewarded.
This distinction applies far beyond Bitcoin. Investors have spent years predicting the demise of expensive technology stocks, housing markets, government bonds, currencies, and entire industries. Some of those predictions were directionally correct. Many were too early, too vague, or too difficult to implement to create any value. Markets do not pay for eventual intellectual vindication. They pay investors who identify a mispricing and express it in a way that can survive until the thesis works.
Why This Bitcoin Prediction Makes Great TelevisionThe Grantham–Kernen exchange is spreading because it was not a dry conversation about valuation. It became a confrontation. Grantham represented the traditional bubble investor: skeptical of an asset that produces no earnings, pays no dividend, and generates no free cash flow. Kernen represented the other side: investors who believe that traditional valuation methods cannot dismiss Bitcoin’s scarcity, network, and challenge to conventional money. Both sides believe the other is missing something obvious.
That creates excellent television and even better social media. People are not only debating Bitcoin. They are defending identities, generations, and competing ideas about what money and value actually mean. The strongest media moments reduce complicated issues to opposing camps. Bitcoin is either digital gold or worthless. Grantham is either a wise veteran warning investors again or a permanent bear who fails to understand a new financial system. Real investing is rarely that clean.
I do not need to decide that Bitcoin is either the future of money or destined for zero. I need to decide whether the expected return justifies the risk at the price available today. That is a less dramatic question, but it is the one that matters. The absence of traditional cash flow makes Bitcoin difficult to value, but difficulty does not remove the need for discipline. It increases it. Position size, entry price, liquidity, and the ability to withstand volatility become increasingly important. An investor does not need to accept Grantham’s final conclusion to recognize the risks. Equally, an investor does not need to believe in Bitcoin to understand that aggressively betting against it could be disastrous.
The Better Question Behind Grantham’s Bitcoin PredictionGrantham may eventually be proven right. His criticism of Bitcoin’s utility, volatility, and lack of traditional intrinsic value deserves serious consideration. But the more useful question is not whether Bitcoin will still exist in several decades. The more useful question is what the current price assumes, what could change those assumptions, and whether the likely return compensates investors for the risks. That is the same process I apply to stocks, spinoffs, restructurings, and activist situations. What is the asset worth? Why might the market be wrong? What is the catalyst? Who or what controls the outcome? How much time does the thesis require, and what would show that it is failing? Those questions turn an opinion into a process.
The market loves bold predictions because they produce heroes and villains. Investors should focus on whether they can translate the prediction into a position they can afford to hold. Grantham may be right about the eventual destination. But being right about where something ends means little if you cannot explain what happens next or survive the path required to reach that destination.
That is the difference between commentary and investing. Commentary needs a strong opinion. Investing needs a price, a catalyst, a timeframe, and a clear view of risk.
The Bitcoin prediction of “Eventually” provides none of them.
Ripple CEO Brad Garlinghouse criticized Michael Saylor’s Bitcoin accumulation model, according to reports from a CNBC interview. The criticism focused on preferred stock financing and the reported discount in STRC preferred shares. The article frames the debate as leverage-led accumulation versus utility-led crypto adoption. Corporate Leverage Versus Crypto Utility: Why This Story Matters Ripple CEO Brad Garlinghouse Slams Michael Saylor’s Bitcoin Buying Model as "Financial Engineering" has become one of the stronger weekend crypto stories because it sits at the intersection of price action, market structure, and the kind of narrative that traders tend to follow closely when the broader news cycle slows down.
The key point is not simply that garlinghouse criticized the use of preferred stock financing to accumulate Bitcoin and called the model financial engineering. It is that the development gives the market a fresh way to judge whether the current crypto environment is being driven by genuine network adoption, regulatory progress, liquidity shifts, or short-term speculation.
The Main Details According to publicly available market data, Garlinghouse criticized the use of preferred stock financing to accumulate Bitcoin and called the model financial engineering. The report also notes that he pointed to STRC preferred shares trading at a discount to par as a sign of pressure in the structure.
That distinction matters because crypto markets often move first on headlines and only later separate durable developments from short-lived momentum. In this case, the verified boundaries are especially important: Do not present Garlinghouse’s comments as objective proof of financial distress or insolvency.
Market Context For traders, the story arrives at a moment when crypto assets are still trying to define a clearer direction. Bitcoin remains the anchor for broader sentiment, but altcoin narratives are increasingly being judged on their own fundamentals, including usage, liquidity, compliance, treasury activity, and developer progress.
That makes this development relevant beyond a single token or company. If the underlying trend proves durable, it could help shape how investors evaluate BTC, XRP, Brad Garlinghouse, Michael Saylor, Strategy over the coming weeks. If it fades, however, it may become another example of a strong weekend narrative that struggled to translate into sustained market follow-through.
What To Watch Next The next important question is whether the market receives further confirmation from primary sources, dashboards, official announcements, or on-chain data. Follow-up disclosures, exchange data, governance updates, or wallet activity could all help clarify whether this is an isolated headline or the start of a broader theme.
Readers should also watch whether liquidity responds. In crypto, even fundamentally meaningful developments can fail to move prices if traders remain defensive, leverage is being unwound, or capital is rotating into other sectors. That is why this story should be read alongside broader market structure rather than in isolation.
This report is based on information shared by Ripple CEO Brad Garlinghouse.
This article was written by the News Desk and edited by Samuel Rae.
XRP and Bitcoin could be revisiting their 2024 lows in the coming days as the bear market bites on.
In a CNBC interview on Friday, Fairlead Strategies founder Katie Stockton argued Bitcoin could fall to the low $40,000 range if the current support level breaks. This potential BTC fall could weigh heavily on the broader market, including altcoins like XRP.
Notably, Stockton remains bullish on Bitcoin over the long term. However, she stressed that losing current support could trigger another wave of selling.
CNBC’s Katie Stockton Sees Risk of a Deeper Pullback Speaking on CNBC, Stockton said the $59,000-$60,000 area remains a critical support zone. Bitcoin has tested this range several times in recent weeks.
She noted that Bitcoin’s price has already fallen about 30% after being rejected at its 200-day moving average, which continues to act as strong resistance. If the current Fibonacci retracement support fails, the next major technical support sits in the “low $40,000s,” she said.
Despite the near-term bearish outlook, Stockton said she remains a “very, very long-term” Bitcoin bull. She added that Bitcoin is now in a long-term oversold condition, which has historically been followed by price stabilization and strong relief rallies.
How Far Could XRP Fall? At the time of writing, Bitcoin is trading around $60,270, while XRP is changing hands near $1.06. A drop from around $60,000 to the low $40,000s would represent a decline of roughly 30% to 33% for Bitcoin.
Historically, XRP has amplified Bitcoin’s losses during market-wide sell-offs due to its higher volatility. If XRP simply matches Bitcoin’s percentage decline, its price could fall to around $0.71-$0.74.
However, XRP’s price has sometimes dropped 1.3 to 1.5 times more than Bitcoin during major capitulation events. If that pattern repeats, XRP could retreat to the $0.55-$0.65 range. That would bring it back into the psychologically important $0.50 zone. Notably, XRP last traded at this level in 2024.
Meanwhile, a more conservative view suggests XRP could fall into the $0.70-$0.95 range if Bitcoin reaches the low $40,000s. In a more severe market capitulation, historical price relationships suggest XRP could briefly test the $0.40 region.
XRP May Not Follow Bitcoin Exactly While XRP generally moves in the same direction as Bitcoin, the relationship is not always consistent. XRP’s correlation with Bitcoin has historically been weaker than that of some other large altcoins.
This means XRP can sometimes outperform or underperform Bitcoin, especially when XRP-specific developments drive the market.
As a result, a Bitcoin drop into the low $40,000s would increase downside risk for XRP. Yet the magnitude of any decline would depend on overall market sentiment and XRP-specific catalysts.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Ripple CEO Brad Garlinghouse recently joined CNBC's "Squawk on the Street" to discuss Bitcoin, touching on its rough year, utility, Strategy's Bitcoin buying strategy, and Ripple's progress in the last year.
The Ripple CEO highlighted an ongoing crypto cycle, saying, "As we have seen, crypto is going to go through its cycles. Many asset classes do that."
According to Garlinghouse, Michael Saylor's approach to funding Bitcoin purchases definitely started something. He believes the challenge is that while it added some excitement on the way up, it is now compounding on the way down as well.
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The Ripple CEO highlighted the priority being on what drives long-term value: "I actually think what should come first is focusing on what's going to drive long-term value. I think that financial engineering does not drive long-term value."
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The Ripple CEO reiterated his longstanding view that the long-term value of any digital asset will be driven by utility. "If it's solving a problem at scale for real customers, you're going to see liquidity, you're going to see demand, you're going to see trust in that asset. Those things compound in a positive way," he stated.
Garlinghouse says he is bullish on Bitcoin, aligning with Warren Buffett's quote: "Be fearful when others are greedy, and be greedy when others are fearful." "Now is the time, I think, to be greedy," he added.
The Ripple CEO criticized Michael Saylor's Bitcoin buying strategy. "I think team Michael Saylor wasn't focused on the right stuff, and that has hurt the overall market." His comments come as the preferred stock at the center of Strategy's model fell to a record low.
Bitcoin is digital goldWhen asked about the current utility of Bitcoin, Garlinghouse stated that it has clearly carved out a place as "digital gold." He mentioned a widely recounted anecdote about the Central Bank of Germany transporting 300 tons of gold, which took two years and billions of dollars to move.
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This case differs from Bitcoin. "If you wanted to move $300 billion of Bitcoin, you could do that in a pretty reasonable, quick way," Garlinghouse stated.
In this regard, Ripple's CEO highlighted a focus on XRP, the company's north star. He further stated that "the utility there is really focused on payments and leveraging the speed and efficiency of that blockchain in a way for institutions."
Ripple is currently seeing tremendous demand, according to Garlinghouse. Last year, partly through acquisitions, Ripple cleared $16 trillion in payments through its prime brokerage business, and the percentage of that which went through a digital asset was close to 0%. The opportunity is to introduce and bring in traditional finance, the Ripple CEO stated.
Ripple CEO Brad Garlinghouse criticized Strategy Chairman Michael Saylor’s method of financing Bitcoin purchases. Garlinghouse stated that financial engineering will not create long-term value in digital assets, arguing that the true value of crypto assets should be based on use cases and utility.
Speaking to CNBC, Garlinghouse targeted Strategy, led by Saylor, for resorting to financial instruments like preferred stock to continue its Bitcoin purchases. The Ripple CEO stated, “Financial engineering doesn’t create long-term value. The long-term value of any digital asset is determined by its use case.”
Garlinghouse considered the fact that Strategy’s STRC preferred shares were trading approximately 25 percent below their nominal value of $100 as an indicator of problems in the company’s strategy. STRC shares carry an annual cumulative dividend obligation of 11.5 percent and are used by Strategy to finance additional Bitcoin purchases.
Ripple’s CEO argued that this approach had negative consequences not only for Strategy but also for the overall crypto market. Garlinghouse stated, “Michael Saylor’s team didn’t focus on the right things, and this harmed the overall market.” However, Garlinghouse added that he remains optimistic about Bitcoin in the long term.
*This is not investment advice.
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The broader crypto ETF market has continued to bleed for several weeks, but XRP remains moving in the opposite direction, outpacing other major ETF products in both daily and weekly performance.
According to the latest data showcased by SosoValue, XRP has posted its strongest weekly ETF inflow for the month as of June 26, 2026, as investors show rising interest.
XRP hits 8-week steady inflow streakThe data provided by the source shows that XRP has attracted a total of $22.99 million in inflows, marking the highest weekly influx of new capital for June.
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While the funds have been posting consistent inflows for the past eight weeks, this is the highest inflow the XRP ETFs have posted in the past six weeks.
Considering the sharp rise in ETF inflows amid the prolonged streak of positive performances, it appears that institutional investors are beginning to show heightened confidence in XRP despite the intensifying market uncertainties.
Institutions choose XRP over Bitcoin again Apart from the surge in inflows attracted by the XRP ETFs, their consistent dominance over other crypto ETF products, especially Bitcoin and Ethereum, has continued to draw attention from market participants.
It appears that institutional investors are beginning to look beyond the largest crypto assets and are more willing to venture their funds into XRP-based investment products instead.
Although it is important to note that one strong week does not automatically signal a long-term trend, XRP's dominance over Bitcoin and Ethereum has remained for seven consecutive weeks, positioning it as a major player in the ETF market.
While XRP just saw its highest weekly inflow in about six weeks, Bitcoin has just posted its biggest outflow ever of $1.79 billion.
XRP price rose 4% over the past 24 hours, reaching $1.06 as buyers defended the key $1.00 zone. The transfer came after newfound confidence in Ripple due to regulatory advances in Europe.
The EU’s MiCA framework gave Ripple the EU stamp of approval, which brings more confidence to institutional market participants
The rebound also followed the price of XRP trading near oversold conditions. As general sentiment turned more positive for major cryptocurrencies, that level attracted dip buyers. Bitcoin price is up 1.99% to $60,326 in 24h, closely tracking a 2.04% rise in the total crypto market cap.
Ripple CEO Questions Saylor’s Bitcoin Strategy Brad Garlinghouse, the Chief Executive Officer of Ripple, has written a rebuttal to Michael Saylor’s Bitcoin accumulation strategy, arguing that “crypto has to be more than balance-sheet tactics.”
In the recent CNBC interview, Garlinghouse stated that “financial engineering has no ability to create long-term value for the industry.” He stated that the real needs are products, payments and networks that people can use.
@bgarlinghouse just went on @CNBC and said what nobody in Bitcoin wanted to hear 👀@Strategy ‘s “financial engineering” buying model? He called it unsustainable and said it’s actively hurting the market
Utility wins long-term. Every time. $XRP $BTC pic.twitter.com/R672Em8AGt
— Xaif Crypto (@Xaif_Crypto) June 27, 2026
Garlinghouse was positive about Bitcoin’s future in the market. “Still, Strategy’s funding model could have taken focus away from adoption in practice.” He pointed to STRC shares trading about 25% below par as a sign of stress.
Despite the market pressure, Strategy has been continuing to purchase Bitcoin. However, Bitcoin has been coming close to $58,000 recently, again attracting investor attention to leverage and funding risks.
Borrowing additional capital to acquire additional bitcoins isn’t creating sustainable crypto value, Garlinghouse said.
XRP ETF Inflows Rise as Total Assets Reach $934.26M XRP spot ETFs recorded $15.63 million in daily net inflows on June 26. Total net assets were valued at $934.26 million, whereas XRP’s price was around $1.05. Bitwise had the largest inflow of $11.66 million.
Source: Sosovalue data SoSoValue data shows Franklin’s XRPZ next at $3.97 million. Canary, 21Shares, and Grayscale reported no daily inflows. Bitwise also had the biggest net assets of $293.49 million. XRPZ and Canary followed with $235.20 million and $234.97 million, respectively.
XRP Price Holds Above $1.05, Is a Breakout Coming Soon? The XRP price on the four-hour chart remained in a mild recovery mode within a bull market channel, trading at $1.0631.
The token moved higher on the $1.05 level, and buyers were still holding on to the broader $1.00 support area.
That base is still significant as a breakdown there would place XRP on another test near $1.00. The initial upside resistance level comes in at $1.10, with the latest resistance range clearly marked.
A break above $1.10 would pave the way to $1.15 on the next session. The price of XRP could continue to rally upwards to the $1.20 resistance area.
Source: XRP/USDT 4-hour chart: Tradingview The RSI at 46.71 is a sign of improving momentum, but bulls have yet to dominate the situation.
The MACD is also recovering, and the bearish pressure has eased off the short term bounce. But losing $1.05 could ruin the scenario and stall the breakout move.
Brad Garlinghouse was the latest to comment on the hot topic of Strategy, its Stretch stocks, and the impact on the overall crypto market.
Michael Saylor and Strategy weren’t focused on the right features of bitcoin and how to build their own strategy around it, which is now hurting the overall cryptocurrency market, said Ripple’s CEO, Brad Garlinghouse.
In a recent interview with CNBC, he doubled down that the long-term value of a certain asset is its utility, not just speculative products made to accumulate it, referring to Strategy’s STRC.
They Hurt the Market Ever since Strategy conducted its first BTC sale in four years by the end of May, it has become a hot topic of discussion within the cryptocurrency community despite its subsequent purchases, which were a lot larger. The latest to weigh in on the matter was Ripple’s CEO, who noted that Strategy’s purchases had “added some excitement on the way up and now that’s compounding on the way down as well.”
He focused on STRC, the company’s Stretch stock, which is used to raise funds by promising high yields, and deploy the proceeds to accumulate more bitcoin. Although Saylor has refrained from calling it leverage, Garlinghouse believes that’s exactly what it is, and the market has started to see how it can compound negatively when BTC’s price corrects.
STRC continues to trade 25% below its par price of $100, which Garlinghouse believes is a “pretty damning indictment, and I don’t think it has helped the market.” He added that creating long-term value should be the company’s focus, while “financial engineering” doesn’t.
“Long-term value of any digital asset is going to be driven by utility. If it’s solving a problem at scale for real customers, you are going to see liquidity, you are going to see demand, you are going to see trust in that asset. Those things compound in a positive way.”
He concluded that he remains bullish on bitcoin and believes investors should be greedy in the current market environment, given the asset’s 50%+ correction from its October 2025 top.
XRP in Focus After commenting on how BTC should act as digital gold and how much easier it would be to move funds with Bitcoin rather than the precious metal, Garlinghouse turned his attention to Ripple’s native cross-border token and its utility. He explained that XRP’s utility is focused on payments and “leveraging the speed and efficiency of that blockchain for institutions.”
You may also like: Prediction: Bitcoin Could Bottom Between $42K and $44K This Year MSTR’s Bitcoin Per Share Gets ‘Annihilated’ in Extreme Bear Case: Analyst Massive $11B End-of-Quarter Options Expiry Could Rattle Crypto Markets Today He added that the company has seen “tremendous demand” by clearing $16 trillion in payments in 2025 alone in the prime brokerage business, probably through acquisitions.
“Ripple’s strategy from the beginning has been how to bring traditional finance into the modern architecture of blockchain. And now, through some acquisitions, we have a tremendous opportunity to bring that in.”
Spot Bitcoin and Ethereum ETFs just posted their seventh straight day of net outflows. For an asset class that was supposed to open the floodgates for institutional capital, the persistence of the bleed is starting to raise uncomfortable questions. On June 26, Bitcoin ETFs shed $445 million and Ethereum counterparts lost $12.848 million, according to the original report from WuBlockchain citing SoSoValue data.
The weeklong run of redemptions strips away the gloss from the spot ETF narrative. Both products had been pitched as passive entry ramps for cautious institutions. Instead, the flow data suggests a market that is either taking profits or quietly repositioning ahead of potential headwinds. The Bitcoin figure dwarfs Ethereum’s, but the direction is the same—and the cumulative signal matters more than the daily size.
Investors Pull Back as Uncertainty Builds Seven days of outflows is not a blip. It reflects a shift in the behavior of the money that moves these products. ETF creation and redemption activity is driven by authorized participants and large traders, not retail nibbling. When that cohort steps back, it usually means the arbitrage or directional case has weakened. The timing aligns with a period when the broader macro backdrop is offering fewer easy cues, and the crypto-specific catalysts have turned thin.
What’s notable is that the outflows hit Bitcoin far harder than Ethereum. The gap—$445 million versus under $13 million—tells its own story. Bitcoin ETFs have deeper liquidity and a more mature institutional base, so they act as the fastest exit valve. Ethereum ETFs, still building their audience, are less responsive. But the steady Ethereum drain, even if small, suggests that the sentiment is not asset-specific. It’s a sector-wide cooling.
Parallel market signals reinforce the caution. The broader tokenization market attracted heavy institutional attention in the same period, with real-world asset deals moving billions. That contrast—outflows from pure crypto ETFs while tokenized traditional assets gain traction—hints at a rotation rather than a broad retreat. Institutions haven’t abandoned digital assets; they’re just repricing where and how they want exposure.
Regulatory Noise and a Bifurcated Market Another factor weighing on ETF demand is the mess in Washington. A high-stakes legislative battle is unfolding just days before a Senate vote on landmark crypto legislation. Banks are pushing for last-minute changes that could reshape how digital assets are regulated. For ETF investors who rely on clear rules of the road, the sight of eleventh-hour political maneuvering is not a buy signal. It adds a layer of binary risk that professional desks tend to discount by reducing exposure until the outcome is known.
Meanwhile, the altcoin market is ignoring the ETF gloom. Some altcoins logged triple-digit weekly gains, driven by project-specific catalysts and fresh liquidity flowing outside the ETF wrapper. That divergence shows the limits of reading broad market health from ETF flows alone. The spot products capture institutional sentiment, but a large part of the market still operates on different time horizons and risk appetites.
What Comes Next The immediate question is whether the outflows accelerate or stabilize. Historically, ETF flow streaks tend to cluster because redemption activity is often programmatic—if a key arbitrage spread closes or a risk limit is breached, the selling can feed on itself for days. The hope is that this is a tactical unwind rather than a structural exodus. But the longer the streak extends, the more it colors the narrative around institutional demand.
Market participants will now watch two things. First, whether Ethereum ETF flows start to catch up with Bitcoin’s, which would confirm a broad-based withdrawal. Second, whether any regulatory clarity or macro shift interrupts the pattern. Until then, the spot ETFs are telling a story that no one in the crypto market wanted to hear: the easiest institutional money might already be leaving.
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The same streak follows the Ethereum ETFs as mass withdrawals continue to dominate.
The spot exchange-traded funds tracking the two largest cryptocurrencies by market cap have continued their highly adverse streak, making it now seven consecutive weeks in the red.
The last five trading days were particularly painful as the spot BTC ETFs recorded their second-worst performance in terms of net flows since their inception two and a half years ago.
Spot BTC ETFs Bleed Hard CryptoPotato has repeatedly reported on the poor performance of the spot Bitcoin ETFs, but the two weeks before the one that ended on June 26 brought some glimmer of hope. Although both were still in the red, the actual withdrawals were more modest, $316 million and $227 million, respectively, down from the $1.72 billion during the first week of June.
However, investors stepped up on the withdrawal button hard once again, pulling out $1.79 billion in total from the funds. This made it the worst week in terms of net flows since late February 2025, when the number stood at $2.61 billion.
The cumulative total net inflows have dropped to $51.61 billion. Recall that the number stood at above $59.30 billion by the middle of May. This means that the ETFs have lost almost $8 billion in less than two months.
If we break the data down to daily net outflows, Thursday stands out as the most painful day with $696 million leaving the funds, followed by $469 million on Wednesday, $444.5 million on Friday, and a more modest $90.66 million on Monday and $68 million on Tuesday.
Spot Bitcoin ETFs Net Flows. Source: SoSoValue The continuous outflows from the ETFs are among the most evident reasons why the underlying asset’s price keeps struggling as it plunged to a new multi-year low of $58,000 a few days ago. Analysts are convinced that the flows have to stabilize before BTC has a chance of a more profound recovery.
You may also like: Bitcoin Didn’t Lose to Gold, the Rotation Story Is Wrong: Analyst Bitcoin Holds Key Price Floor Despite Weak Bullish Signals: Bitfinex Alpha Crypto Institutional Flows Turn Negative as $8B Exits in 30 Days ETH ETFs in Red, Too The landscape around the spot Ethereum ETFs is not that much different, just the scale is smaller. The funds have been in the red for seven consecutive weeks as well, and the net outflows from the past week were a lot higher than the previous two. More specifically, the ETFs bled $15 million during the second week of June and $10 million during the third. During the last one, though, investors took out $273.34 million.
The total net flows have dropped from $12.09 billion in mid-May to well under $11 billion as of Friday’s close. Tuesday and Thursday saw the most net withdrawals, with $82.35 million and $81.87 million, respectively.
22% And 17% Are The Magic NumbersA June survey by Pew Research Center shows that 22% of Republicans have invested, traded or used cryptocurrency, compared with 17% of Democrats.
This is compared to prior years when crypto ownership rates between the two groups were largely similar, CNBC reported on June 21.
Pew found Republican crypto adoption has climbed six percentage points since 2021, while Democratic participation has remained relatively unchanged.
Morning Consult data cited in the report showed the divide began emerging around mid-2023 and accelerated during the 2024 election cycle.
By Q2 of 2025, nearly 28% of Republicans had bought or sold crypto in the prior 12 months, compared with 17% of Democrats.
"It’s hard to de-couple the rise of GOP crypto adoption from the Trump family’s embrace of it," said Morning Consult analyst Eli Yokley.
"There’s no Obama coin," he added. "There are Trump coins and Melania coins."
Trump’s Crypto PivotThe shift coincides with President Trump’s transformation from crypto skeptic to one of the industry’s most visible advocates.
In 2019, Trump publicly criticized cryptocurrencies, calling them unregulated and linked to illicit activity.
His administration has also promoted policies aimed at making the U.S. the "crypto capital of the world," including efforts to expand banking access for digital asset firms.
Bigger Divide May Be GenderWhile politics has become a growing factor, experts argue gender remains the strongest predictor of crypto adoption.
Morning Consult data shows roughly 74% of crypto traders are men.
Among investors under age 45, men have traded cryptocurrencies at roughly double the rate of women over the past four years. Between 2022 and 2026, crypto participation among younger men ranged from 38% to 42%, compared with 13% to 16% for younger women.
Analysts attribute the gap to differences in risk tolerance and attitudes toward speculative investing in sports betting and prediction markets.
Image: Shutterstock
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On-chain records in the supplied pack point to a trader opening high-leverage short exposure across Bitcoin and Ethereum.The reported short exposure includes around 912 BTC and 10,000 ETH, with a combined notional value near $70 million.The setup remains market-analysis context. Do not promote leverage or describe the trade as a strategy readers should copy. https://x.com/EyeOnChain/status/2070519940533350461
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High-net-worth derivatives positioning as a sign of ongoing defensive sentiment Whale Activity Shows High-Leverage Short Positions Re-Opened on Bitcoin and Ethereum is one of the market setups traders are watching as crypto attempts to stabilize after recent volatility. The signal is useful because it points to a clear market level, flow, or positioning theme that can be checked against live data.
This setup surfaced through the X/social discovery lane, which is used as an idea sensor only. It should not be treated as a source of record on its own. The relevant data still needs to be checked against market charts, derivatives dashboards, or on-chain records before readers draw conclusions.
What the available data shows On-chain records in the supplied pack point to a trader opening high-leverage short exposure across Bitcoin and Ethereum. The reported short exposure includes around 912 BTC and 10,000 ETH, with a combined notional value near $70 million.
That matters because crypto markets often move around concentrated liquidity zones, wallet flows, exchange positioning, and broader macro pressure before those signals become obvious in price. The strongest version of this setup is one where the highlighted level or flow continues to hold after live validation.
Why traders are watching this setup The setup gives traders a defined framework rather than a vague bullish or bearish view. For Bitcoin, the key question is whether the current signal reflects durable positioning or a short-lived reaction inside a volatile range.
Market structure remains fragile. Bitcoin direction, liquidity conditions, derivatives positioning, and macro volatility can still override otherwise clean technical or on-chain setups. That is why the signal is best understood as a watchpoint, not a prediction.
Risk and invalidation context Do not promote leverage or describe the trade as a strategy readers should copy. The same trader was reported as recently locking in about $4.4 million in profit before reopening short positions.
If the highlighted level fails, if the wallet flow turns out to be internal custody movement, or if derivatives positioning flips quickly, the interpretation should change. The article should therefore be read as a current market snapshot rather than a guarantee of future price action.
What to verify next The next step is external confirmation. For this setup, the validation path is: Cross-check the wallet address 0xaeaab54bbf65bfd6efed7d2eb68372298e3c2416 on Arkham and derivatives data where available. Until that confirmation is reviewed, the setup should remain market-analysis context rather than a confirmed directional forecast.
Traders should also watch liquidity, volume, and daily close structure. Those factors will decide whether this signal becomes a durable theme or another short-lived reaction inside a volatile crypto session.
This report is based on publicly available market and on-chain data.
This article was written by the News Desk and edited by Samuel Rae.
Cardano founder Charles Hoskinson has highlighted the success of Midnight’s Glacier Drop as a major driver of new user adoption for the Cardano ecosystem.
In a recent commentary, Hoskinson described the Midnight project as a success story, pointing to the impact of its Glacier Drop campaign. Beyond distributing tokens to eligible participants across multiple blockchain ecosystems, he emphasized that the initiative introduced thousands of users from rival networks to Cardano’s infrastructure for the first time.
Glacier Drop Attracts Users From Multiple Blockchains: Hoskinson According to Hoskinson, the airdrop attracted holders from Bitcoin, XRP, and several other blockchain ecosystems. To claim their NIGHT tokens, eligible users had to interact directly with the Cardano network. Notably, many participants used Cardano wallets and decentralized applications for the first time to complete the redemption process.
Midnight is a privacy-focused partner chain designed to deliver programmable privacy features for enterprises and real-world applications while remaining connected to the broader Cardano ecosystem.
Through the Glacier Drop initiative, Midnight distributed NIGHT tokens to users across ecosystems such as the XRP Ledger, Bitcoin, and Solana instead of limiting eligibility to Cardano holders alone.
Users who held at least $100 worth of eligible native assets qualified for the airdrop and became eligible to receive a share of the NIGHT token allocation.
To complete the claim, participants had to:
Visit the Glacier Drop portal. Sign a transaction using their wallet on the originating blockchain. Provide an unused Cardano address as the destination wallet. Receive their NIGHT tokens directly on the Cardano network. Hoskinson Sees the Process as an Onboarding Engine Hoskinson believes this redemption model will serve as a powerful onboarding mechanism for Cardano.
By requiring users from competing ecosystems to interact with Cardano infrastructure, the Glacier Drop encouraged them to explore Cardano wallets, decentralized applications, and transaction processes firsthand.
As users claim their rewards, some might become active participants in the Cardano ecosystem rather than passive recipients of an airdrop.
Midnight’s Popularity Surged After Launch The Glacier Drop also played a major role in Midnight’s early momentum. NIGHT quickly became one of the most trending crypto assets globally for several weeks following its launch. The token also reached a market cap of $1 billion within weeks.
The initiative also generated significant activity on Cardano. Within just 42 days, Midnight-related activity recorded 354,000 transactions on the network.
Today, the ecosystem continues to expand, with Midnight recording 77,311 unique wallets and 929,540 transactions linked to the project. However, the market valuation of NIGHT has plummeted to $504 million at press time, translating to a unit price of $0.03035.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
The crypto ecosystem is undergoing a deep structural transformation where yesterday’s certainties give way to new macroeconomic realities. Thus, although the community has historically speculated on Ethereum surpassing bitcoin, institutional analysts now turn to a scenario completely ignored by retail investors. The recent evolution of volumes and market capitalizations calls into question the established hierarchy, prompting experts to rethink the position of stablecoins relative to traditional cryptos.
In Brief Tether could dethrone Bitcoin to become the world’s largest crypto according to a Bloomberg Intelligence strategist. The rise of stablecoins challenges the historical dominance of Bitcoin and Ethereum in the crypto ecosystem. A Bitcoin at 10,000 dollars would be the key scenario allowing USDT to take the lead in the market. The tightening of macroeconomic conditions would strengthen the appeal of dollar-indexed assets versus more volatile cryptos. USDT on the path to becoming the world’s top crypto The announcement surprised bitcoin maximalists and DeFi enthusiasts. Tether (USDT) is well on its way to becoming the largest crypto in the world by market size, assures Mike McGlone, senior macroeconomic strategist at Bloomberg Intelligence.
According to the specialist, the rise of tokens indexed to the greenback disrupts the sector’s value order. The expert bases his conclusions on several key observations of market dynamics :
The threat to the historical duopoly : the analyst states bluntly that it “could be just a matter of time before the dollar-backed token surpasses bitcoin, unless the crypto’s most enduring trend reverses: Tether’s assets under management surpassing everything”. He adds that in this race, “only two remain: bitcoin and Ether” ; The power of dollar indexing : he highlights the inherent power of the stablecoin’s technical architecture, explaining that “the technology is impressive, and it has adopted the dollar as a base layer”, implicitly addressing the movement advocating for global dedollarization ; The fragility of alternative protocols : McGlone directly questions the sustainability and fundamental viability of speculative tokens flooding wallets. He wonders what could stop the uncontrolled proliferation of protocols where billions of dollars accumulate on assets backed by no source of actual revenue or financial flows. Recent movements partly confirm this thesis since Tether briefly snatched the second spot from Ethereum in the overall ranking following the general panic. On this subject, the Bloomberg strategist specifies that this precise historic change “could be lasting this time”.
The crash hypothesis : a bitcoin at 10,000 dollars to validate the prophecy For this macroeconomic prediction to become reality, a complete revaluation of current values would be required, which would depend on a historic drop in crypto yields. Mike McGlone firmly holds his bearish forecasts, stating that bitcoin is heading towards a major correction likely to bring it back to the 10,000 dollar level. The technical explanation lies in the emergence conditions of the first crypto.
It developed at a breakneck speed during an exceptional period marked by zero interest rates and massive liquidity injections from central banks. The current monetary tightening imposes on markets an inevitable deleveraging process, which hits assets considered highly speculative.
The gloomy outlook developed by Bloomberg Intelligence is not limited to the blockchain universe but fits into a recession affecting global commodities and traditional stock indices. McGlone notably anticipates a collapse of WTI crude oil around 40 dollars a barrel, triggered by a global correction of U.S. stock markets in the second half. In this systemic purge framework, the on-chain safe haven par excellence mechanically becomes digitized dollar, whose global capitalization remains stable or rises, while volatile assets see their capitalization shrink under massive selling pressure.
Market redefinition: towards a paradigm shift for decentralized finance This institutional reading reveals a major market divide between purely speculative yield seeking and the fundamental need for stability during systemic crises. While the scenario of a bitcoin at 10,000 dollars is still seen by many market operators as extreme, it nevertheless reminds that an asset’s capitalization depends above all on its real liquidity and transactional utility.
In the long term, the transformation of stablecoins into main vectors of value transfer could relegate first-generation assets to a secondary role, thereby redefining the future of digital investments.
The hypothesis of Tether’s dominance invites the community to reconsider the very foundations of decentralization. If the sector’s most powerful token becomes a centralized currency dependent on the U.S. dollar, the original ideal of resistance to censorship and financial sovereignty championed by Satoshi Nakamoto would be deeply altered.
However, other analysts moderate this view, arguing that bitcoin will maintain its status as digital gold thanks to its programmed scarcity, resisting any monetary printing policies. The future will depend on how investors manage to reconcile the security urgency offered by USDT and the long-term value promise carried by bitcoin.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Key Takeaways Prominent crypto trader Garrett Jin has initiated a $21.73M short position on Zcash via Hyperliquid at an entry price of $418.90 Approximately $4.93M of the total order has been executed, leaving $16.8M unfilled Complete execution would position Jin as the platform’s largest ZEC position holder Jin’s previous two Zcash trades generated combined profits of $11.66M Simultaneously, his 1,268 BTC long position entered at $76,117 faces unrealized losses exceeding $20M Prominent cryptocurrency trader Garrett Jin has initiated a substantial short position targeting Zcash on the Hyperliquid decentralized trading platform. The position, valued at $21.73 million, carries an entry price of $418.90 per ZEC token.
Blockchain analytics expert Yujin first identified and reported the transaction. Initial data showed that $4.93 million worth of the position had been successfully executed, while the bulk—$16.8 million—remained in the order book awaiting fulfillment.
Potential Impact on Hyperliquid’s Zcash Market Should the entire order reach completion, Jin’s position would establish him as the dominant Zcash trader on the Hyperliquid platform. This concentration represents significant individual market exposure within the exchange’s ecosystem.
On-chain monitoring service Lookonchain verified the details of Jin’s position. Their analysis revealed the active short employs 2x leverage across 11,780 ZEC tokens, representing approximately $4.92 million in value at the moment of documentation.
Lookonchain’s research also highlighted Jin’s successful track record with Zcash trading. His two preceding ZEC positions collectively yielded profits totaling $11.66 million.
This newest short position continues Jin’s established strategy of betting against Zcash price appreciation. His current wager anticipates ZEC values declining from the $418 threshold.
Bitcoin Long Position Faces Significant Drawdown Contrary to his Zcash success, Jin’s Bitcoin holdings present a contrasting narrative. He maintains a leveraged long position comprising 1,268 BTC with an average entry point of $76,117 per token.
This Bitcoin trade currently shows substantial negative performance. The unrealized deficit on this position approximates $20.09 million based on recent market data.
Bitcoin’s market price stood around $60,411 during the reporting period, creating a considerable distance from Jin’s $76,117 entry level. This substantial price differential explains the magnitude of unrealized losses.
Taken together, these positions illustrate contrasting outcomes. While Jin has demonstrated profitability through Zcash short strategies, his more substantial Bitcoin wager continues accumulating losses.
Market observers closely monitor Jin’s trading activity due to the considerable capital involved in his transactions. Blockchain analysts including Lookonchain and Yujin systematically document his positions as they materialize on Hyperliquid’s platform.
The $21.73 million Zcash short position remains partially unfilled. Traders following Jin’s activities continue monitoring whether he will complete the full order execution.
Zcash traded at $407.65 during this reporting window, positioning slightly beneath Jin’s $418.90 short entry level. This price differential currently generates modest unrealized gains on the position.
However, his Bitcoin long exposure presents the more pressing challenge. With unrealized losses surpassing $20 million, it constitutes substantial downside risk within his active trading portfolio.
Bitcoin is the largest pool of value in crypto, but on its own, it cannot touch Ethereum’s world of lending, borrowing, and yield. Wrapped Bitcoin is the bridge. This guide explains how WBTC works, the mint-and-burn model behind it, the alternatives, and the custodial risks that set it apart from holding real BTC.
Summary
Wrapped Bitcoin (WBTC) is an ERC-20 token on Ethereum backed 1:1 by real Bitcoin held in reserve by a custodian, letting Bitcoin’s value be used inside Ethereum’s decentralized finance ecosystem. It exists because native Bitcoin cannot operate inside Ethereum smart contracts, so WBTC bridges the largest pool of crypto value into the largest arena for DeFi. WBTC works through a mint-and-burn model run by three parties: custodians who hold the Bitcoin, merchants who handle verification and distribution, and users, all overseen by the WBTC DAO. WBTC tracks Bitcoin’s price and can be used for lending, borrowing, yield farming, and as collateral, but it is not the same as holding native BTC because it adds custodial, smart contract, and bridge risks. Alternatives such as Coinbase’s cbBTC and the more decentralized tBTC offer different custody models, and the choice among them comes down to which trust assumptions you are comfortable with. Table of Contents
Why Bitcoin needs wrappingHow the mint-and-burn model worksWho governs WBTC, and why it mattersA worked example: putting Bitcoin to workWBTC versus native Bitcoin and the alternativesRisks and what to check before wrappingFrequently Asked Questions Wrapped Bitcoin, known by its ticker WBTC, is an ERC-20 token that runs on the Ethereum blockchain and is backed 1:1 by real Bitcoin held in reserve, so that one WBTC is always meant to equal one Bitcoin. Its entire purpose is to solve a fundamental incompatibility in crypto: Bitcoin, the largest and most valuable cryptocurrency, lives on its own blockchain and cannot natively participate in the decentralized finance applications built on Ethereum, because those applications run on smart contracts that Bitcoin’s design does not support.
An enormous amount of crypto wealth sits in Bitcoin, while an enormous amount of programmable financial activity happens on Ethereum, and for years, there was no way to bring the two together. Wrapped Bitcoin is the bridge. By locking real Bitcoin with a custodian and issuing an equivalent Ethereum token against it, WBTC lets Bitcoin holders put their Bitcoin’s value to work inside Ethereum’s ecosystem, lending it, borrowing against it, trading it, supplying it to liquidity pools, and using it as collateral, all without selling their Bitcoin exposure. It was the first widely adopted way to do this, and it remains one of the most integrated.
The idea is simple, but the details are where the important nuances live, and they are worth understanding before using WBTC, because the convenience comes with trade-offs that holding plain Bitcoin does not have. A wrapped token introduces extra parties and extra trust assumptions, and the question of who holds the underlying Bitcoin, and whether you can always get it back, sits at the center of the whole arrangement.
This guide explains what WBTC is, why it is needed, exactly how the mint-and-burn mechanism works, who the custodians and merchants are, and why they matter, a concrete example of using WBTC in practice, how it compares to native Bitcoin and to newer alternatives like cbBTC and tBTC, and the specific risks that come with holding a wrapped asset rather than the real thing. The aim is to let you decide whether wrapped Bitcoin fits your needs or whether plain Bitcoin is the cleaner choice.
Why Bitcoin needs wrapping To understand why WBTC exists, you have to understand a basic limitation of Bitcoin. Bitcoin was designed as a secure, decentralized system for holding and transferring value, and it does that job extremely well, but its scripting language is deliberately limited and is not built to run the complex, self-executing programs known as smart contracts.
Ethereum, by contrast, was built specifically to run smart contracts, and decentralized finance, the ecosystem of lending protocols, decentralized exchanges, and yield platforms, is constructed almost entirely on Ethereum and similar smart-contract blockchains.
The consequence is that Bitcoin, despite being the largest store of value in crypto, simply cannot plug into these applications directly. A Bitcoin holder who wanted to earn yield or use their holdings as collateral in DeFi had no native way to do so.
This is the gap wrapping fills. The core problem is one of interoperability, the ability to use an asset from one blockchain on another, and wrapping is one of the earliest and most widely used solutions to it. By representing Bitcoin as a token that conforms to Ethereum’s technical standards, specifically the ERC-20 standard that Ethereum applications are built to recognize, wrapped Bitcoin makes Bitcoin-linked value fully usable inside the Ethereum environment.
The ERC-20 standard is a set of rules that makes a token fully compatible and interchangeable across Ethereum’s smart contracts, so a wrapped Bitcoin token can be lent, borrowed, swapped, and used as collateral exactly like any other Ethereum token.
Wrapping, therefore, reduces the fragmentation between Bitcoin’s huge liquidity and Ethereum’s rich application layer, turning Bitcoin from an asset that sits outside DeFi into one that can be put to work within it. That is the entire reason wrapped Bitcoin was created, and why it found immediate demand.
How the mint-and-burn model works The mechanism that keeps wrapped Bitcoin backed 1:1 by real Bitcoin is called mint and burn, and it relies on a three-party system of custodians, merchants, and users.
The custodian is a regulated entity that holds the actual Bitcoin in secure reserve; for WBTC, this role has been played by the digital-asset custody firm BitGo. The merchant is an intermediary, such as an exchange or crypto business, that interacts with users, performs the necessary identity and compliance checks, and distributes the wrapped tokens. The user is the person who wants to convert between Bitcoin and wrapped Bitcoin. These three parties, coordinated by a set of smart contracts, keep the supply of WBTC matched to the Bitcoin held in reserve.
The process works in two directions. To create, or mint, wrapped Bitcoin, a user requests WBTC from a merchant, who carries out know-your-customer and anti-money-laundering checks to verify the user’s identity. The merchant then sends the corresponding Bitcoin to the custodian, who holds it in reserve and mints an equal amount of WBTC on Ethereum, which makes its way to the user.
To reverse the process, or burn the tokens, a user who wants their Bitcoin back submits a redemption request, the WBTC is destroyed in what is called a burn transaction, and the custodian releases the equivalent Bitcoin from reserve. Because every WBTC in existence is meant to correspond to a Bitcoin locked with the custodian, the token maintains its 1:1 peg, and its price tracks Bitcoin’s price closely.
Importantly, both the minting and the burning are recorded publicly on the Ethereum and Bitcoin blockchains, so anyone can verify the activity, and the system is periodically subjected to proof-of-reserve checks that confirm the Bitcoin backing actually exists. This transparency is meant to give holders confidence that the wrapped tokens are genuinely backed, though, as the risks section explains, it does not remove the reliance on the custodian.
Who governs WBTC, and why it matters A wrapped token raises an obvious question: who controls the system, decides which custodians and merchants are trusted, and can change how it works. For WBTC, the answer is a decentralized autonomous organization known as the WBTC DAO, a governing body made up of a group of stakeholders that has included prominent names in the crypto space.
The DAO operates through a multi-signature wallet, meaning that changes require the agreement of multiple keyholders rather than any single party, and its members can vote to add or remove custodians and merchants and to make changes to the smart contracts on which the system runs. This governance structure exists specifically to reduce the centralization risk that would come from a single company controlling the entire arrangement, spreading authority across a set of stakeholders instead.
Why this matters became vivid in 2024, in what served as the clearest real-world stress test of WBTC’s governance. The custodian BitGo announced a change to its custody arrangements involving a partnership with another firm, and that change sparked significant concern across decentralized finance because of the new partner’s perceived links to a controversial figure and ecosystem.
The episode mattered because it went to the heart of the trust assumption underlying WBTC: holders were trusting that the Bitcoin backing their tokens was held safely and by parties they considered reliable, and a change in who effectively controlled that custody was enough to shake confidence and prompt many users and protocols to reconsider. It also accelerated the rise of alternative wrapped Bitcoin products with different custody models.
The lesson is that the governance and custody arrangements of a wrapped token are not background details; they are central to its safety, because the whole value of WBTC rests on the Bitcoin being there and being controlled by trustworthy parties. Who governs the system, and how, is therefore something a prospective holder should actually look into rather than take for granted.
A worked example: putting Bitcoin to work A concrete example shows why someone would bother wrapping their Bitcoin in the first place. Imagine a person named Ezra who holds $2,000 worth of Bitcoin and believes in it as a long-term holding, but who also wants to earn a return on that value instead of letting it sit idle. The problem is that the lending protocol Ezra wants to use, which would pay interest on deposited assets, runs on Ethereum, and Ezra’s Bitcoin cannot be deposited there directly because it lives on a different blockchain that the protocol cannot interact with. Without wrapping, Ezra’s only options would be to sell the Bitcoin for an Ethereum-native asset, giving up his Bitcoin exposure, or to leave it earning nothing.
Wrapping solves this. Ezra converts his Bitcoin into wrapped Bitcoin, either by going through a merchant to mint it directly or, more commonly for an ordinary user, by simply swapping his Bitcoin for WBTC on an exchange or decentralized exchange, which avoids the need to interact with the custodians himself. Now holding WBTC, which is an Ethereum token tracking Bitcoin’s price 1:1, Ezra can deposit it into the lending protocol and earn interest, all while his position still rises and falls with the price of Bitcoin. He has kept his Bitcoin exposure and put it to work at the same time. Beyond lending, WBTC opens the same doors that any Ethereum token enjoys: Ezra could supply it to a liquidity pool on a decentralized exchange to earn trading fees, use it as collateral to borrow other assets, or deposit it into yield strategies.
A further practical benefit is speed, since transactions in WBTC settle on Ethereum, which produces blocks far more frequently than Bitcoin, so moving wrapped Bitcoin between Ethereum wallets and applications is quicker than moving native Bitcoin. This is the everyday appeal of wrapped Bitcoin: it lets Bitcoin holders participate in the full range of Ethereum-based finance without selling the Bitcoin they want to keep.
WBTC versus native Bitcoin and the alternatives It is essential to be clear that wrapped Bitcoin is not the same as holding native Bitcoin, even though the two share a price.
With native Bitcoin, the only real question about safety is whether you control your own private keys; if you do, the Bitcoin is yours, secured by the Bitcoin network itself. With WBTC, the question expands considerably, because you are now also relying on the custodian to actually hold the backing Bitcoin, on the integrity of the reserves, on the governance of the system, and on the redemption process working when you want to convert back.
You may hold the WBTC token in your own wallet, but the wrapped asset still depends on institutional actors operating correctly behind the scenes. WBTC tracks Bitcoin’s market value, but it does not inherit Bitcoin’s trust model, and that difference is the single most important thing to understand about it. If your only goal is to hold Bitcoin for the long term and you have no interest in DeFi, native Bitcoin is the cleaner and simpler choice.
The 2024 custody controversy spurred the growth of alternative tokenized Bitcoin products, and they are worth knowing because they offer different trade-offs. One prominent alternative is cbBTC, issued by the exchange Coinbase, which appeals to users who already trust Coinbase’s custody and operate within its ecosystem. Another is tBTC, built by the Threshold Network, which is designed to avoid reliance on a single custodian in favor of a more decentralized model, appealing to users for whom minimizing custodial trust matters more than convenience.
There are others as well, and the broader point is that the tokenized Bitcoin market has become fragmented, offering distinct choices for different priorities. The decision among them is fundamentally about trust model and use case instead of price, since they all track Bitcoin: choose WBTC for the deepest liquidity and the widest integration across established DeFi protocols, choose cbBTC if you prefer Coinbase’s custody, choose tBTC if avoiding a single custodian is your priority, and choose native Bitcoin if you do not need DeFi at all. Wrapped Bitcoin products are tools for a specific purpose, not upgrades to Bitcoin.
Risks and what to check before wrapping The risks of wrapped Bitcoin all stem from the fact that it adds layers of trust on top of simply holding Bitcoin, and understanding them is essential before wrapping any meaningful amount. The primary risk is custodial centralization. Because the wrapped token is only as good as the Bitcoin held in reserve, the failure of the custodian, whether through a hack, insolvency, mismanagement, or loss of access, could impair the backing and leave holders with tokens that no longer correspond to real Bitcoin.
This is not a theoretical concern: history offers cautionary examples of wrapped or bridged Bitcoin products that became impossible to redeem after the entity backing them failed, turning Bitcoin-backed tokens supposedly into worthless or stranded assets. The custody arrangement is the foundation, and if it fails, everything built on it fails with it.
Several other risks compound the custodial one. Smart contract risk means that bugs or vulnerabilities in the Ethereum-side code, or errors in governance, could affect the token. Bridge risk arises when wrapped Bitcoin is moved onto other networks, such as Ethereum layer-two chains, through additional bridges, since each bridging layer adds another set of trust assumptions and another potential point of failure, and you may encounter bridged representations that wrap an already-wrapped token, compounding the risk further. Governance risk means that the parties controlling the system could make decisions, such as the contested custody change, that holders dislike or distrust. And regulatory risk means that official actions could affect redemptions or lead to address restrictions.
The practical advice that follows from all this is to verify before you wrap: check which specific wrapped token and contract you are holding, understand its custody model and who controls the reserves, confirm that proof-of-reserve attestations are current, and make sure you understand the redemption path back to native Bitcoin.
Reviewing the custodian’s transparency, the governance records, and any reputable audits or incident reports before committing meaningful funds is simply prudent. Wrapped Bitcoin is a useful tool that fills a real gap, but it should never be treated as identical to the Bitcoin it represents, because the trust model behind it is fundamentally different.
Frequently Asked Questions What is Wrapped Bitcoin (WBTC) in simple terms? Wrapped Bitcoin is an Ethereum token backed one-to-one by real Bitcoin held in reserve by a custodian, so one WBTC is meant to always equal one Bitcoin. It exists because native Bitcoin cannot be used inside Ethereum’s decentralized finance applications, which run on smart contracts that Bitcoin does not support. By locking real Bitcoin and issuing an equivalent Ethereum token against it, WBTC lets Bitcoin holders use their Bitcoin’s value for lending, borrowing, trading, and collateral within Ethereum’s ecosystem, without selling their Bitcoin exposure. It tracks Bitcoin’s price closely because every WBTC corresponds to a Bitcoin in reserve.
How does Wrapped Bitcoin work? It works through a mint-and-burn model involving three parties: custodians who hold the Bitcoin, merchants who handle verification and distribution, and users. To create WBTC, a user requests it from a merchant who performs identity checks, the corresponding Bitcoin is sent to the custodian, and an equal amount of WBTC is minted on Ethereum. To convert back, the user submits a redemption request, the WBTC is burned, and the custodian releases the Bitcoin. Both minting and burning are recorded publicly on both blockchains, and proof-of-reserve checks confirm the backing exists. The whole system is overseen by the WBTC DAO.
Is Wrapped Bitcoin the same as Bitcoin? No, and this distinction is crucial. WBTC tracks Bitcoin’s price and can be redeemed one-to-one for Bitcoin, but it is not the same as holding native Bitcoin. With native Bitcoin, your only real concern is controlling your private keys. With WBTC, you also depend on the custodian actually holding the backing Bitcoin, on the reserves being intact, on the governance functioning, and on redemption working. WBTC shares Bitcoin’s price but not its trust model. If you only want to hold Bitcoin long term and do not need decentralized finance, native Bitcoin is the cleaner, simpler choice.
What can you do with Wrapped Bitcoin? WBTC opens up the full range of Ethereum-based decentralized finance to Bitcoin’s value. Because it behaves like any Ethereum token, it can be lent out to earn interest, used as collateral to borrow other assets, supplied to liquidity pools on decentralized exchanges to earn trading fees, and deposited into yield strategies. This lets a Bitcoin holder earn returns or access liquidity while keeping their Bitcoin exposure, instead of selling. WBTC transactions also settle on Ethereum, which produces blocks far more frequently than Bitcoin, so moving wrapped Bitcoin between Ethereum wallets and applications is faster than moving native Bitcoin.
What are the alternatives to WBTC? The main alternatives are other tokenized Bitcoin products with different custody models. cbBTC, issued by Coinbase, suits users who trust Coinbase’s custody and ecosystem. tBTC, built by the Threshold Network, is designed to avoid reliance on a single custodian in favor of a more decentralized model, appealing to those who prioritize minimizing custodial trust. The tokenized Bitcoin market is fragmented, and the choice among options comes down to trust model and use case instead of price. WBTC offers the deepest liquidity and widest DeFi integration, cbBTC offers Coinbase custody, tBTC offers more decentralization, and native Bitcoin is best if you do not need DeFi.
What are the risks of Wrapped Bitcoin? The main risk is custodial centralization: because WBTC is only as good as the Bitcoin held in reserve, the failure of the custodian through a hack, insolvency, or loss of access could impair the backing, and history includes wrapped Bitcoin products that became unredeemable after their backers failed. Additional risks include smart contract vulnerabilities, bridge risk when WBTC is moved to other networks, governance decisions that holders may distrust, and regulatory actions affecting redemption. Before wrapping, verify which token and contract you hold, understand the custody model and reserves, confirm proof-of-reserve attestations, and make sure you understand the redemption path back to native Bitcoin.
This article is educational information, not financial advice. Wrapped Bitcoin and decentralized finance involve significant risks, including custodial failure, smart contract vulnerabilities, and loss of funds. Details of custodians, governance, and alternatives reflect information available as of June 26, 2026, and can change. Verify the current custody model, reserves, and redemption process of any wrapped token from primary sources, and consider your own circumstances before making any decision.
PANews, June 27 – Ansem posted the latest market outlook on X, maintaining the previous view that U.S. stock indices and the memory chip sector are likely to stage a short-term peak soon, and expects the market to see sharp and violent swings in early Q3, with the moves resonating with the weakening of U.S. equities.
However, he noted that crypto markets represented by Bitcoin and Solana have already priced in some of the downside risks, and may subsequently chart an independent trend that strengthens while diverging from the macro moves in U.S. stocks. Meanwhile, although hot names are relatively resilient, they will still struggle to sustain independent rallies during broad market pullbacks.
On the trading side, Ansem issued a risk warning: highly leveraged long positions in bear market bottom ranges are extremely high-risk and prone to liquidation. He suggests spot investors cut back on frequent short-term trading and instead wait for the Q3 market pullback window to build positions in tranches.
Solana price climbed 4% to $71.80 in the last 24 hours, extending its lead among major tokens. The move beat Bitcoin’s 1.24% rise to $60,372 and the broader market’s 0.60% gain.
The crypto market value was close to $2.08 trillion as traders cautiously re-entered altcoins.
SOL is leading the crypto recovery among majors, rising more than 5% in the last 24 hours to become the biggest gainer among the top 10 coins by market cap.
Solana also attracted attention when the open interest increased by 10%, indicating increased futures activity. The growing open interest may indicate new positioning particularly in cases where price gains are followed. Bulls are keeping an eye on SOL, whether it gains enough momentum to revisit the area of $80.
Sentiment in the following sessions could also be affected by regulatory headlines. Full MiCA enforcement in Europe is forcing crypto firms to secure licenses. The anticipated signing of the CLARITY Act in the United States should minimize the uncertainty around digital assets.
SOL Open Interest Hits $5.24B as Options Demand Jumps Solana derivatives data indicated mixed positioning with traders decreasing volume, but maintaining leverage exposure. The total trading volume declined by 19% to $9.99 billion indicating a poor short term participation.
Nevertheless, open interest increased 3.30% to $5.24 billion, indicating that positions were still in the market. The activity of options increased, and volume increased 27.79 to $22.27 million.
Source: Coinglass data Options open interest also increased 17.14% to $49.47 million. The data suggests cautious traders are preparing for larger price swings, as market direction remains uncertain near current levels.
Solana ETF Market Sees Outflows as Funds Post Daily Gains According to Sosovalue, Solana ETF products realized a negative net outflow of 3.94 million each day. Total net assets were 755.51 million.
Source: Sosovalue data Bitwise’s BSOL recorded the only daily inflow, adding $1.99 million. It accumulated inflow of $889.86 million, which is the highest of the listed products. The majority of funds closed up, and profits were around 10% daily across the board. The rankings in net assets were still very concentrated.
Solana Price Holds $70 Support: Can Bulls Push Toward $80? The SOL price closed at around $71.93 at the time of writing. SOL rebounded after a solid move up from the $65 level to consolidate. The price recently found itself in an ascending channel before the bull market lost its steam around the $75 level.
The RSI was at 55.77 indicating balanced strength and an opportunity for further movement. Bullish momentum took a breather as MACD remained slightly positive.
Source: Tradingview If the future Solana outlook breaks out above $75, the next price target for Solana may be $80. If volume increases then the broader range may be around $84. But, a decline below $70 could diminish the setup. In that case, Solana price could revisit $68, followed by $65 support.
Kripto para piyasası, hafta boyunca yaşanan sert satış baskısının ardından hafta sonuna toparlanma sinyalleriyle giriş yaptı. Bitcoin (BTC), hafta içinde 58 bin dolara kadar gerileyerek son ayların en düşük seviyelerini test etmesinin ardından yeniden 60 bin doların üzerine çıkmayı başardı. Piyasadaki toparlanmaya öncülük eden varlıklardan biri olan Solana (SOL) ise güçlü alımlarla 70 dolar seviyesini aşarak yatırımcıların dikkatini çekti. Ethereum (ETH) ve XRP başta olmak üzere birçok büyük altcoinde de sınırlı da olsa yükselişler görülürken, son satış dalgasında önemli ölçüde değer kaybeden kripto para piyasasının toplam değeri yaklaşık 80 milyar dolar artarak yeniden 2,17 trilyon dolar seviyesine yükseldi.
Bitcoin 60 Bin Dolar İçin Mücadele Veriyor Bitcoin, haftaya güçlü bir başlangıç yaparak 65.500 dolara kadar yükselse de bu seviyelerde kalıcı olamadı. Satış baskısının artmasıyla birlikte fiyat önce 62 bin dolar, ardından 59 bin dolar seviyelerine kadar geriledi. Hafta içerisinde yaşanan son satış dalgasında BTC, 2024 sonlarından bu yana ilk kez 58 bin dolar seviyesini test etti. Analistler, bu düşüşte özellikle Strategy hisselerinde yaşanan sert değer kaybı ve genel piyasa risk iştahındaki zayıflamanın etkili olduğunu belirtiyor. Buna rağmen Bitcoin, hafta sonuna doğru yeniden toparlanarak 60 bin doların üzerine çıktı. Ancak uzmanlar, bu seviyenin kalıcı olarak aşılmasının kısa vadeli görünüm açısından kritik önem taşıdığına dikkat çekiyor.
Analistler: “60 bin dolar seviyesi Bitcoin için hem teknik hem de psikolojik açıdan en önemli direnç bölgelerinden biri olmaya devam ediyor.”
İlginizi Çekebilir: Ethereum’da Kritik Eşik: Her Şeyi Değiştirebilir!
Altcoin piyasasında ise toparlanma eğilimi dikkat çekiyor. Ethereum (ETH), hafta içinde gördüğü 1.510 dolar seviyesinden yükselerek yeniden 1.600 dolar bandına yaklaşırken, XRP ise yüzde 2’lik yükselişle 1,05 dolar seviyesinin üzerine çıktı. Günün en dikkat çeken büyük altcoini ise Solana (SOL) oldu. SOL fiyatı güçlü alımlarla 72 doların üzerine çıkarak büyük piyasa değerine sahip kripto paralar arasında en iyi performansı gösterdi. Öte yandan AAVE, çift haneli yükselişle 95 doların üzerine çıkarken, AVAX ve MORPHO da günün en fazla değer kazanan altcoin’leri arasında yer aldı.
Kripto Piyasasında Toparlanma Devam Edecek mi? Toplam kripto para piyasasının değeri son düşüşün ardından yaklaşık 80 milyar dolar artarak yeniden 2,17 trilyon dolar seviyesine yükseldi. Buna karşın Bitcoin’in piyasa hakimiyeti yüzde 56’nın altında kalmayı sürdürüyor. Analistler, hafta sonunda yatırımcıların özellikle Bitcoin’in 60 bin dolar seviyesindeki performansını ve Solana başta olmak üzere büyük altcoin’lerdeki yükselişin devam edip etmeyeceğini yakından izleyeceğini belirtiyor. Küresel makroekonomik gelişmeler ve jeopolitik riskler ise kısa vadede kripto para piyasasının yönü üzerinde etkili olmaya devam edebilir.
Değerlendirme Kripto para piyasası, hafta içinde yaşanan sert satışların ardından yeniden toparlanma sinyalleri veriyor. Bitcoin’in 60 bin doların üzerine çıkması, yatırımcı güveni açısından olumlu değerlendirilirken, Solana’nın 70 doların üzerindeki performansı altcoin piyasasına da destek sağladı. Ancak uzmanlar, yükselişin kalıcı olabilmesi için Bitcoin’in kritik direnç seviyelerini aşması ve piyasa genelinde işlem hacminin güçlenmesi gerektiğini vurguluyor.
Son dakika kripto para haberleri için hemen tıkla
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Strategy’s mNAV falls below 1, its market valuation is now lower than the value of its Bitcoin holdings.
Strategy (MSTR) has seen its modified net asset value (mNAV) fall below 1, indicating the market is currently valuing the company at less than the worth of its Bitcoin holdings. This is unusual for Michael Saylor-led Strategy. For years, investors have priced Strategy at a premium to its Bitcoin reserves, giving the company flexible access to capital when needed—a advantage Saylor and his team have leveraged heavily. Currently, Strategy’s share price has dropped to around $82, roughly 85% lower than its November 2024 all-time high, bringing its enterprise value to approximately $50.4 billion. Meanwhile, with Bitcoin trading at about $60,000, the value of Strategy’s Bitcoin holdings stands at roughly $51.1 billion. That means the market is now valuing the entire company at less than the value of its Bitcoin assets. At this valuation level, issuing new shares would be dilutive for Strategy, as the company would effectively sell equity at a discount to its underlying asset value. While this does not bar Strategy from continuing to issue new shares, raising capital at current valuations could spark more criticism. The firm’s recent Bitcoin purchases have already diluted common shareholders and drawn community backlash. Market concerns have grown that Strategy is increasingly resembling a closed-end fund rather than an operating company. Such vehicles typically trade at a premium to their underlying Bitcoin holdings when demand is strong, but can trade at persistent discounts once investor sentiment weakens. However, unlike traditional closed-end trusts, Strategy still retains multiple tools: issuing debt or equity when it is accretive, redeeming or refinancing securities, generating operating cash flow through its software business, and actively managing its capital structure.
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Coinbase’s Bitcoin Premium Index has been in negative territory for 40 consecutive days, with purchasing power in the U.S. market remaining sluggish.
According to Coinglass data, Coinbase’s Bitcoin Premium Index has remained in negative premium for 40 consecutive days, currently standing at -0.1569%, reflecting sustained weak purchasing power in the U.S. market. The Coinbase Bitcoin Premium Index measures the gap between Bitcoin prices on Coinbase and the global average market price. A negative premium typically signals heavy selling pressure in the U.S. market, declining investor risk appetite, rising market risk aversion, or capital outflows.
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This week, U.S. spot Bitcoin ETFs recorded a net outflow of $1.7873 billion.
According to data from Farside Investors, U.S. spot Bitcoin ETFs posted a combined net outflow of $1.7873 billion this week. Among them, BlackRock’s IBIT saw a net outflow of $1.3035 billion, Fidelity’s FBTC recorded a net outflow of $314.9 million, and Grayscale’s GBTC had a net outflow of $135.3 million. Meanwhile, some ETFs registered net inflows: BTC ETF saw a net inflow of $71.7 million, and MSBT posted a net inflow of $26.2 million.
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Coinbase has cut its AI spending by nearly half, and is attempting to set open-weight models including GLM 5.2 and Kimi 2.7 as default options.
Coinbase CEO Brian Armstrong published a post stating that to sustain exponential growth in token usage while keeping AI spending stable, the key is not to introduce usage friction or spending alerts, but rather better default models, routing, and caching mechanisms. Coinbase is testing using open-weight models like GLM 5.2 and Kimi 2.7 as defaults via its LLM gateway, while still encouraging engineers to select the right model for each task. He noted that 91% of employees have never hit their usage caps, so instead of lowering quotas and adding alerts, the company shifted to lower-cost default models. For model routing, Coinbase preprocesses prompts in its custom workflow and routes tasks to the most suitable model based on cache hit rates and model pricing. For example, the planning phase may require an advanced model, but using an advanced model during execution would be overkill. The company believes that in the future, humans should not choose models—AI should handle this task automatically. Armstrong also said that cache misses are the easiest way to drive up costs. All of Coinbase’s requests are cache-aware to reuse hot caches as much as possible; for instance, after proper cache implementation, LibreChat’s cache hit rate rose from 5% to 60%. Additionally, Coinbase requires engineers to keep contexts streamlined, including starting new sessions when switching tasks, narrowing file context ranges, and disconnecting unused tools. The goal is not to curb AI usage, but to build infrastructure that can support exponential growth. Through these practices, Coinbase has cut its AI spending by nearly half, while token usage continues to grow.
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Billionaire Jeremy Grantham: Bitcoin won’t suddenly go to zero, but will quietly fade away.
According to CNBC, billionaire investor and GMO co-founder Jeremy Grantham has once again criticized bitcoin, labeling it a "useless speculative" asset with no intrinsic value, and predicting it will gradually become irrelevant over the next several years or even decades. Grantham said, "It will die out, not with a bang, but quietly." He noted that bitcoin is not a stable form of value, having halved for no clear reason even in a strong economic environment, making it unreliable as a store of value. Grantham also pointed out that gold, even after retreating from its highs over the same period, has still posted solid gains. He added that bitcoin has neither proven itself as a useful speculative asset nor delivered real-world utility. "People don't use bitcoin for serious transactions, nor do they use it to pay for dinner or supermarket groceries; its role is to let criminals transfer funds," he stated. Bitcoin has long been known for severe bear market drawdowns, having dropped at least 70% from its peak in every cycle. Currently, bitcoin is down roughly 52% from its October high, hovering around $60,000, and many investors believe the current price slump could persist for several more months.
5 minutes ago
Binance will list CAP perpetual contracts
According to an official announcement, Binance will launch the CAPUSDT perpetual contract at 19:45 (UTC+8) on June 27, 2026, with a maximum leverage of up to 10x.
Cathie Wood has said that rising global instability has created the conditions for another Bitcoin rally as investors increasingly look for assets that can protect wealth across borders.
Summary
Cathie Wood says capital leaving unstable countries could drive Bitcoin’s next major rally. Wood argues AI cannot replace Bitcoin’s role as a tool for protecting wealth during uncertainty. ARK Invest added $25.54 million in Coinbase, SpaceX, Circle, Bullish, and Robinhood shares. According to a June 27 X post by ARK Invest founder Cathie Wood, capital leaving economically and politically unstable countries is likely to provide fresh momentum for Bitcoin and other digital assets.
Capital outflows from less stable countries around the world will light another fire under bitcoin and other digital assets. AI has launched a technology revolution, deservedly sucking a lot of oxygen out of the investment world, but it cannot serve as the insurance policy… https://t.co/Xmtt1DnroX
— Cathie Wood (@CathieDWood) June 27, 2026 She argued that while artificial intelligence has captured investor attention and a large share of market liquidity, it cannot replace the role digital assets play during periods of uncertainty.
Bitcoin remains a hedge against global instability In her post, Wood said AI has launched a technological revolution and is attracting substantial investment, but described digital assets as a form of “insurance policy” for protecting wealth when confidence in traditional financial systems weakens.
She linked this view to growing capital outflows from less stable nations, saying those flows could “light another fire” under Bitcoin and the broader digital asset market.
Rather than competing directly, Wood suggested AI and crypto serve different purposes in today’s investment landscape. While AI companies continue drawing fresh capital because of their growth prospects, she argued that Bitcoin addresses a separate need by offering an alternative store of value that can move across borders more easily than many traditional assets.
Her comments come as investors continue weighing geopolitical tensions, inflation concerns, currency weakness in several regions, and uncertainty surrounding monetary policy. According to Wood, these conditions are increasing demand for assets that can preserve purchasing power while remaining accessible outside domestic financial systems.
The remarks also follow a post by ARK analyst Lorenzo Valente, who argued that many investors are overlooking crypto’s original purpose. Valente wrote that although the market has become increasingly institutional, digital assets should not be viewed only as risk-on investments because they continue to serve as financial protection in uncertain environments.
ARK continues adding crypto-related investments Wood’s latest comments coincide with continued buying activity across ARK Invest’s exchange-traded funds.
According to ARK Invest’s latest daily trade disclosure, the firm purchased about $25.54 million worth of shares in Coinbase, SpaceX, Circle, Bullish, and Robinhood.
Coinbase represented the largest purchase by value. ARK acquired 68,366 shares through the ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF. Based on Friday’s closing price of $149.06, the transaction was worth about $10.19 million.
SpaceX ranked second after ARK bought 45,728 shares through four of its ETFs, including ARKQ and ARKX, for roughly $7.01 million using the company’s closing price of $153.23.
The investment manager also added 78,756 Circle shares valued at approximately $5.79 million, alongside smaller purchases of Bullish and Robinhood shares worth around $1.34 million and $1.21 million, respectively.
The latest buying activity is consistent with Wood’s positive view on financial markets despite ongoing concerns about inflation and interest rates.
As crypto.news previously reported, she said discussions with investors across Asia and Europe indicated many expect inflation to remain persistent and believe the Federal Reserve could tighten monetary policy further. Even so, Wood argued that incoming economic data points toward a different outcome.
The US military struck Iranian missile and drone storage facilities on June 26, 2026, following a drone attack on a Singapore-flagged commercial vessel in the Strait of Hormuz. The vessel, the M/V Ever Lovely, was targeted on June 25, 2026, in one of the most strategically sensitive waterways on the planet.
Iran’s Islamic Revolutionary Guard Corps did not sit quietly. The IRGC announced it had retaliated by targeting US military positions across the region, accusing Washington of violating previously established ceasefire conditions.
What happened and why it matters The US strikes hit missile and drone storage sites as well as coastal radar installations inside Iran. That last target is significant: coastal radar is what Iran uses to track shipping traffic through the Strait of Hormuz.
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This exchange is part of a broader pattern of escalating tit-for-tat actions between Washington and Tehran that has accelerated through 2026, erupting following extensive US-Israeli military operations targeting Iranian military and leadership enclaves in late February 2026.
Bitcoin dropped below $73,000 during the initial US strikes on Iran in May 2026, triggering nearly $1 billion in leveraged liquidations across the market.
Bitcoin as a geopolitical barometer By the time the June escalation unfolded, Bitcoin was already trading in the $61,000 to $62,000 range, a meaningful retreat from the levels it held before the conflict intensified.
The nearly $1 billion in liquidations during the May strikes underscores how leveraged the crypto market remains. Leveraged positions amplify both gains and losses, and when a macro shock hits, margin calls cascade through the system rapidly.
The Strait of Hormuz angle adds an oil price dimension to the equation. If maritime traffic through the strait faces sustained disruption, energy prices climb. Higher energy prices feed inflation concerns, which complicate the Federal Reserve’s policy posture, which in turn affects how investors weigh risk assets including crypto.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
TLDR: Bitcoin still trades above its realized price, a level every major bear market bottom has historically tested first. CryptoQuant CEO Ki Young Ju warns BTC may need to fall further before a true cycle bottom is confirmed on-chain. Spot ETF flows and institutional demand have changed how Bitcoin absorbs sell pressure compared to previous cycles. CryptoQuant’s Bull-Bear Cycle Indicator turned green in May 2023, conflicting with Ju’s longer-term bearish PnL outlook. Bitcoin’s most pressing question right now is whether the market has finally reached its cycle bottom. CryptoQuant CEO Ki Young Ju says the answer, based on on-chain data, remains no.
His argument centers on realized price, the average acquisition cost of all circulating Bitcoin weighted by last on-chain movement.
At press time, BTC trades at $59,974.49, up 0.5% in 24 hours but down 5.46% over seven days, keeping the bottom debate very much alive.
What On-Chain Data Says About a Bitcoin Bottom Realized price has historically served as the final checkpoint before Bitcoin confirms a bear market floor. During the 2015, 2018, and 2022 cycles, spot price approached or briefly fell below that level before any sustained recovery took hold.
Those moments marked peak unrealized losses across the network and preceded the most significant accumulation phases of each cycle.
Ki Young Ju notes that risk and reward tend to improve sharply as price nears investors’ cost basis, and that every major cycle has previously touched the realized price.
Bitcoin has pulled back hard from its 2025 highs, yet it still trades above that threshold. That gap is what Ju identifies as unfinished business within the current bear phase.
Ki Young Ju warned that unless “this time is different,” Bitcoin may still need to fall further before a true cycle bottom forms.
The phrase carries weight in crypto circles, where dismissing historical patterns has repeatedly cost market participants. His logarithmic chart analysis shows the current structure does not yet resemble previous confirmed bottoms.
Ju adds that if Bitcoin does not touch its realized price in the current cycle, it may indicate that market dynamics are shifting fundamentally.
That caveat is important. It leaves room for a new bottoming structure driven by forces that did not exist in prior cycles, including spot ETFs and institutional custody flows.
Why This Cycle May Bottom Differently Today’s Bitcoin market carries far more institutional infrastructure than any previous bear phase. Spot ETFs, corporate treasury programs, and derivatives desks now absorb sell pressure in ways that can prevent the kind of capitulation seen in earlier cycles.
That structural change may be why realized price has not yet been tested despite months of declining prices.
Ki Young Ju noted that despite elevated selling pressure and growth in realized capitalization, Bitcoin’s price has fallen, suggesting only a shift in holdings among existing investors rather than genuine new demand entering the market.
That reading points to a market still working through distribution rather than one that has cleared its supply overhang.
CryptoQuant’s Bull-Bear Cycle Indicator did turn green on May 12 for the first time since March 2023, a signal that has historically aligned with the start of more constructive market conditions.
That reading runs counter to Ju’s longer-term PnL framework, showing conflicting signals even within the same analytical firm. The split reflects how difficult it is to time a bottom using any single metric.
Analysts tracking ETF flows, Coinbase Premium, stablecoin liquidity, and miner selling activity alongside realized price get a fuller picture of true demand.
Bitcoin’s recovery toward $61,000 has been treated as a relief bounce rather than a confirmed reversal, with market participants evaluating whether demand is strong enough to sustain the move or whether selling pressure will return around key liquidity zones. Until fresh capital visibly enters the market, the bottom question stays open.
British billionaire investor Jeremy Grantham has argued that Bitcoin will gradually lose its significance over time and that, in the long run, its value could approach zero. Speaking in an interview on CNBC, Grantham described Bitcoin as non-functional and highly speculative.
Sharp criticism directed at BitcoinAs a co-founder of investment firm GMO and well-known for identifying financial bubbles, Grantham reiterated his warnings in his latest assessment of Bitcoin. Instead of a sudden crash, he predicted a slow, prolonged decline in value stretched across several years. Grantham believes this descent will not come with dramatic collapses, but rather through a gradual drop in relevance.
Jeremy Grantham maintains that rather than experiencing a sudden crash, Bitcoin will steadily lose strength over the years and ultimately become irrelevant.
He also dismissed the argument that Bitcoin is a reliable hedge or a robust store of value. Pointing to times when the cryptocurrency’s price halved even amid strong economic conditions, Grantham made clear he does not see Bitcoin as a stable measure of value.
Gold comparison and debate over practical useGrantham highlighted that gold saw a strong rally over the same period and used this comparison to challenge the narrative that Bitcoin offers protection in times of crisis. According to him, Bitcoin’s price swings are pronounced and difficult to predict, undermining its credibility as a safe haven asset.
He further argued that Bitcoin is not used as actual money in everyday economic life. People rarely use it for routine transactions or supermarket shopping, Grantham observed, concluding that Bitcoin’s practical functionality remains highly questionable.
In Grantham’s view, Bitcoin is neither a trustworthy store of value nor a widely used payment mechanism in daily life—leaving its basic function ambiguous.
Criticism of the network structure and underlying valueGrantham also took aim at Bitcoin’s proof-of-work system, which underpins the network’s security. He highlighted the substantial energy consumption required for Bitcoin mining, asserting that this setup fails to create something economically valuable.
Glossary: Proof-of-work is a consensus mechanism where miners use computational power to validate transactions on the blockchain. The Bitcoin network relies on this system, which has sparked debate due to its high energy usage in exchange for network security.
According to Grantham, the Bitcoin ecosystem is driven mainly by price expectations rather than tangible financial fundamentals. He stressed that it does not generate dividends or represent an asset that produces cash flow or has physical backing, arguing that the system is largely based on collective belief.
Grantham’s remarks have reignited longstanding debates over Bitcoin’s practical usage, its effectiveness as a store of value, and the sustainability of its underlying technology. The statements once again spotlight the divide between traditional finance circles and digital asset proponents when it comes to evaluating the fundamental value of crypto assets.
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.
Ripple CEO Condemns Strategy's Bitcoin Acquisition Strategy, Says It Harms the Crypto Market
PANews June 27 news, according to The Block, Ripple CEO Brad Garlinghouse condemned the way Strategy and its chairman Michael Saylor fund Bitcoin purchases during a CNBC interview. "Financial engineering does not create long-term value … the long-term value of any digital asset will be driven by utility." "The team around Michael Saylor is not focused on the right things, and this is hurting the entire market."
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Europol Seizes Approximately $47 Million in Illicit Cryptocurrency in a Law Enforcement Operation
Viewpoint: If AI sales grow strongly, the return on capital expenditure for AI operators is expected to turn positive within 24 months.
Renowned researcher Oguz Erkan’s data analysis indicates that based on current capital costs, operating margins of hyperscale cloud service providers, and depreciation periods, the return on investment (ROI) for AI capital expenditure will turn positive when AI revenue reaches roughly 1.7 to 1.8 times depreciation and amortization. Currently, AI revenue is approximately 1.2 times capital expenditure depreciation. Erkan projects that if AI sales grow robustly, the ROI is expected to turn positive within 24 months.
14 minutes ago
Michael Saylor: Strategy is operational
Michael Saylor issued a statement noting that Bitcoin is operating normally, and so are we (Strategy).
14 minutes ago
A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".
Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.
14 minutes ago
An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).
According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.
14 minutes ago
Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.
Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.
14 minutes ago
The Israeli military will reduce its forces stationed in southern Lebanon.
According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.
Is it still too early to call the current risk-off phase anything apart from a full-blown bear market?
Looking at the hard data, it increasingly makes sense to compare this cycle with 2022, which remains the worst Bitcoin bear market on record, with BTC closing the year down over 65%.
That said, Q3 could be the deciding factor, especially after Q2, when BTC is already down over 12%.
As the chart below shows, the stakes for Q3 are high. Technically, Bitcoin hasn’t printed three consecutive bearish quarters since the 2022 cycle.
But after a 22% drawdown in Q1 and 12.2% in Q2, another negative Q3 would start to shift this from a cyclical pullback into something closer to a structural downtrend.
Source: CoinGlass Bitcoin bears gain ground as Strategy’s risks build The whole value proposition of digital treasuries (DATs) really comes down to creating shareholder value.
The logic is simple: Unlike holding Bitcoin or gold, where upside is purely driven by price appreciation, these DATs aim to generate value through things like share buybacks, dividends, and broader capital allocation strategies that actively return capital to shareholders.
STRC is no exception, with its 11.5% dividend yield.
That said, STRC looks set to close Q2 with its weakest cycle on record, down nearly 25%. This comes alongside pressure in MSTR, with the stock recently slipping below $85.50.
Strategy is sitting on about a $14 billion unrealized loss, while its 11.5% dividend comes out to roughly $1.2 billion in annual payouts.
Source: TradingView (STRC/USD) In other words, Strategy’s ability to sustain STRC’s dividend now becomes a key test.
Against this backdrop, it’s no surprise STRC has come under heavy selling pressure as shareholder value weakens. While Arkham Intelligence has ruled out a Terra-LUNA-style collapse, the stock’s weakness still raises questions about Strategy’s ability to keep buying Bitcoin.
From a market perspective, that keeps the risk of deeper capitulation in play.
If that happens, BTC could easily end Q3 in the red, putting it on track to post its first three consecutive bearish quarters since the 2022 bear market.
Final Summary Bitcoin could post its first three straight bearish quarters since 2022 as selling pressure continues to build. STRC’s sharp decline and Strategy’s growing unrealized Bitcoin losses are raising concerns over dividend sustainability and future Bitcoin purchases.
In brief Strategy’s flagship preferred stock drifted further away from its $100 par value, setting another record low as Bitcoin’s price steadied. Analysts have grown increasingly fixated on the company’s capital structure, particularly recurring costs tied to Stretch (STRC). As the Bitcoin-buying firm’s stockpile sat $13.1 billion underwater, Michael Saylor emphasized Strategy’s focus on disciplined capital allocation. Strategy’s flagship preferred stock tumbled again on Friday when U.S. markets opened, setting another record low as Bitcoin lingered below the $60,000 mark.
After the opening bell, the dividend-paying product known as Stretch (STRC) swiftly fell to a new low of $71.25 before firming to $75.30, a nearly 0.5% decrease on the day, according to Yahoo Finance. That marked a nearly 25% decline from the level at which STRC is engineered to trade.
The preferred stock’s recent weakness has intensified focus on the Bitcoin-buying firm’s capital structure, with analysts calling on Strategy Executive Chairman and co-founder Michael Saylor to shore up more cash to withstand the company’s recurring costs.
In an X post, Saylor acknowledged that “volatility tests every capital structure,” while emphasizing that the company remains focused on the leading digital asset by market cap, “disciplined capital allocation, credit quality, and long-term value creation.”
Over the past week, Bitcoin’s price has fallen roughly 5% to $60,130, a slight recovery compared to a 21-month low of $58,188 on Thursday, according to CoinGecko. The period has been marked by intense outflows from exchange-traded funds and a looming options expiry, with $10.6 billion worth of positions drawing closer to settlement on Deribit.
On Thursday, Andy Baehr, managing director of asset management crypto trading firm GSR, told Decrypt that market observers are trying to clock Strategy’s cash burn as STRC’s volatility tests the faith of swaths of investors who bought the product likened to a bank account.
“They suspect that Michael Saylor has painted himself into a corner, and that his tablets of commandments may crumble,” he said. “I reckon that most [STRC] buyers did not sign up for a 25% drawdown. They came for yield.”
In less than a year, Strategy has issued more than $10 billion worth of STRC, resulting in what CryptoQuant described this week as ballooning costs. The company had $2.25 billion to manage dividends and debt in January, but since then, its cash cushion has worn relatively thin.
The South Korean analytics platform noted that, as Strategy’s stash of Bitcoin trades underwater, any sales beyond its liquidation of 32 Bitcoin announced earlier this month could crystalize losses for common shareholders and erode shareholder value.
The company’s stock fell as low as $82.33 before momentarily turning positive on the day. At $85.80 apiece, the company’s shares had ticked up roughly 0.5% on Friday.
At Bitcoin's recent price, Strategy’s stockpile of 847,363 BTC was worth close to $51 billion, or around $13.1 billion underwater.
Nic Carter, founding partner of investment firm Castle Island Ventures, posited in an X post on Thursday that Strategy will need to hike STRC’s dividend for an eighth time since its introduction, assessing the product through the lens of a junk bond investor.
Although STRC currently offers an 11.5% annual dividend, the implied yield becomes higher for investors as it drifts further away from its $100 par value. At its current level, investors are essentially demanding more than 15% returns to gain exposure to the product.
“Because the structure is unsustainable and requires the perpetual monetization of the common equity, which is trading near par,” he added, “it will continue to trade at a discount unless Strategy hikes the yield on STRC to the appropriate range, which is 15-20% in my opinion.”
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Viewpoint: If AI sales grow strongly, the return on capital expenditure for AI operators is expected to turn positive within 24 months.
Renowned researcher Oguz Erkan’s data analysis indicates that based on current capital costs, operating margins of hyperscale cloud service providers, and depreciation periods, the return on investment (ROI) for AI capital expenditure will turn positive when AI revenue reaches roughly 1.7 to 1.8 times depreciation and amortization. Currently, AI revenue is approximately 1.2 times capital expenditure depreciation. Erkan projects that if AI sales grow robustly, the ROI is expected to turn positive within 24 months.
14 minutes ago
Michael Saylor: Strategy is operational
Michael Saylor issued a statement noting that Bitcoin is operating normally, and so are we (Strategy).
14 minutes ago
A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".
Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.
14 minutes ago
An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).
According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.
14 minutes ago
Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.
Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.
14 minutes ago
The Israeli military will reduce its forces stationed in southern Lebanon.
According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.
