Bitcoin fell to $58,000 on Thursday before partially recovering, extending a correction that has pushed the world's largest cryptocurrency to its lowest levels since late 2024, as a hotter-than-expected core PCE inflation reading stoked fears that the Federal Reserve will keep interest rates elevated for longer.
The May Personal Consumption Expenditures price index — the Fed's preferred inflation gauge — showed core prices rising 3.4% year-over-year, its highest level since October 2023, while the headline index accelerated to a 4.1% annual rate driven in part by higher energy prices. Monthly core PCE ticked up 0.3%.
"Bitcoin deepens its correction as inflation strengthens the Fed's hawkish stance," Simon-Peter Massabni, Head of Retail Sales at XS.com, said. The data confirms the Federal Reserve is unlikely to pivot toward rate cuts in the near term, he added, with the central bank already showing less willingness in recent communications to consider easing.
Can-Luca Koymen, investment strategist at Sygnum Bank, read the print similarly.
"This is a print-by-print Fed now, and the number that also matters is this core PCE print, not just CPI, since that's the Fed's preferred gauge," Köymen said.
Sygnum's base case is for the Fed to hold across the next two to three meetings, a more hawkish call than Fed funds futures, which priced roughly a 52% probability of a September rate cut heading into the data.
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ETF streak and gamma pressure U.S. spot bitcoin (BTC) exchange-traded funds recorded $696 million in net outflows on June 25, stretching a redemption streak to six consecutive sessions, according to SoSoValue data.
The U.S. spot ether (ETH) ETF cohort logged a parallel six-day outflow streak, shedding $81.9 million on the same day.
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Mounting ETF pressures arrived ahead of Friday's $10.6 billion quarterly options expiry on Deribit, the largest of 2026 and accounting for roughly 37% of total bitcoin open interest on the platform.
With roughly 80% of that notional out of the money, the expiry settled with max pain at $72,000–$74,000, far above spot, undermining the price-pinning mechanics that max pain theory predicts, as The Block reported.
Bitfinex analysts had warned that bitcoin trading below the gamma flip at $68,000–$70,000 placed the entire range in negative-gamma territory, a regime where dealer hedging amplifies moves rather than containing them.
The $60,000 put wall, anchored by roughly $450 million in June 26 puts, constituted the structural floor heading in.
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Gabe Selby, head of research at CF Benchmarks, pointed to the $50,000–$60,000 zone as a historically durable base.
"Bitcoin first established this level as support in mid-2024, consolidating here following the U.S. spot ETF launch rally, and it's held through everything thrown at it since: the yen carry unwind, the election cycle, and every other high-time-frame retest," Selby said.
Whale conviction vs. macro headwinds Lacie Zhang, research analyst at Bitget Wallet, argued the correction reflects a selective rather than broad flight from crypto.
BTC dominance holding near 55% while prices fell indicates capital is rotating into higher-quality assets rather than exiting the space entirely, she said, with blue-chip Layer 1s and yield-generating sectors absorbing defensive flows.
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Zhang flagged Friday's post-expiry positioning reset — not the PCE print itself — as the more consequential near-term variable. In her view, if ETF outflows simply stabilize and volatility normalizes after the quarterly book clears, bitcoin's recovery could overshoot current consensus estimates.
Kyle Rodda, senior financial market analyst at Capital.com, contextualized the macro noise.
Wall Street trading was choppy despite clearing two meaningful risk events, namely Micron's strong earnings beat and the PCE data, with Apple's price hike announcement and end-of-quarter portfolio rebalancing generating most of the intraday volatility, he wrote.
The downside was concentrated in tech names that had significantly outperformed through the quarter, consistent with fund managers trimming winners into month-end.
Cycle bottom debate Ki Young Ju, chief executive of CryptoQuant, cast doubt on the idea that bitcoin is approaching a cycle trough.
His 4-year rolling realized price risk/reward ratio has touched the realized price at every major historical cycle bottom. As of Friday, bitcoin remains well above that level, suggesting the risk/reward has not yet shifted decisively in favor of buyers by historical standards.
While the bottom discourse continues to garner participants, Bitwise CIO Matt Hougan previously argued that whether the top is in offers the more convincing focal point.
Bitcoin was trading around $59,000 on Friday, still below the $60,000 psychological level it breached on Thursday when it hit its intraday low of $58,000. Ether changed hands for under $1,525 around the same time, The Block’s price page shows.
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Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
2 minutes ago
At the opening of US stock markets, AI application software stocks rose against the trend, with ServiceNow and Figma climbing more than 5%.
According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.
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At the opening of the U.S. stock market, most space-themed concept stocks rose, while SpaceX declined 0.75%.
According to Bitget market data, most US space concept stocks advanced at the opening of US stock trading. Specifically: SpaceX (SPCX) slipped 0.75% to $151.8; Virgin Galactic (SPCE) gained 8%; AST SpaceMobile (ASTS) rose 3.45%; Rocket Lab (RKLB) added 4%; Redwire (RDW) gained 1.9%.
2 minutes ago
At the opening of US stock markets, optical communication concept stocks fell broadly, with MRVL, AAOI, and LITE down more than 6%.
According to Bitget market data, US stocks opened with broad declines in optical communication concept stocks, including: Pure Photonics ETF (FOTO) fell 5.7%; Marvell Technology (MRVL) — a stock NVIDIA CEO Jensen Huang previously touted as the next trillion-dollar market cap company — dropped 6.1%; AAOI (Applied Optoelectronics) fell 7.1%; LITE (Lumentum Holdings) dropped 8.86%; COHR (Coherent Corp.) declined 8.4%; and CIEN (Ciena Corporation) fell 4.75%.
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US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
Under the leadership of Michael Saylor, Strategy has reaffirmed its commitment to Bitcoin, even as the cryptocurrency experiences a sharp pullback. On Thursday, the price of Bitcoin fell to as low as $58,000—its lowest level since October 2024. This decline means Bitcoin has now dropped about 52% from its all-time high above $126,000 reached last year.
Strategy stands firm as Bitcoin downturn continuesAccording to recent data, Bitcoin repeatedly found support around the $60,000 mark throughout the year. After rebounding from this level in February and again in the first half of June—reaching as high as $67,000—the latest wave of selloffs has once again put this threshold under pressure. As of publication time, Bitcoin was down 3.95% over the past 24 hours to $59,729, and had dropped 4.16% for the week.
Michael Saylor emphasized that volatility tests every capital structure, and he underscored that Strategy remains steadfast in its Bitcoin focus, disciplined capital allocation, credit integrity, and commitment to long-term value creation.
Strategy has emerged as one of the most prominent companies regularly adding Bitcoin to its balance sheet since 2020. Originally a software firm, Strategy has become well-known in recent years for its institutional approach to acquiring Bitcoin. Saylor has made this strategy central to the company’s corporate identity.
Balance sheet pressure and growing criticismAs cryptocurrency market losses deepened, Strategy has faced more than $13 billion in unrealized losses on paper. Nonetheless, the company’s management remains convinced that the current volatility is not reason enough to alter its core investment strategy. The company’s statements have consistently highlighted its focus on transparency and unwavering execution.
However, this approach is not without its critics. Crypto analytics firm CryptoQuant argued that Strategy should temporarily pause its Bitcoin purchases and focus on strengthening its reserves. According to CryptoQuant, adopting a more systematic purchasing schedule—rather than buying only when new capital is raised—would represent a more cautious strategy.
CryptoQuant believes that it would be more prudent for Strategy to first rebuild its reserves and then adopt a more structured timing model for its future Bitcoin acquisitions.
Strategy boosts reserves and maintains Bitcoin buying policyMost recently, Strategy increased its dollar reserves by $300 million, bringing the total to $1.4 billion. The company reported that these additional funds would continue to back the credit quality of its digital debt securities.
During the same period, Strategy acquired an additional 520 BTC for $35 million, raising its total Bitcoin holdings to 847,363 coins. This demonstrates that, even amid significant price declines, Strategy has not abandoned its accumulation policy.
Supporters argue that the losses currently remain unrealized and that the outlook could improve dramatically if Bitcoin finds a bottom and begins to climb again. Nonetheless, as market pressure persists, attention remains fixed on Strategy’s debt structure, reserve management, and the timing of its new acquisitions.
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.
PANews, June 26 – According to Bloomberg, Bitcoin’s market cap has shrunk by about $1.3 trillion since its peak last year, with its price falling below $60,000. Several veteran investors believe the market is now near the "bottom range" of previous cycles, though the true bottom may not form until late summer or even September. Early investor Bruno Ver expects Bitcoin could dip to around $50,000; CryptoQuant estimates Bitcoin's "realized price" at roughly $53,400, a level historically viewed as a relatively reliable bottom reference; multiple models from Glassnode suggest a potential bottom range of $37,000 to $60,000. At the same time, spot Bitcoin ETFs continue to see net outflows, retail funds are rotating into AI concept stocks, Strategy Inc.'s financing model is under pressure, and the Fear and Greed Index has fallen to "extreme fear," indicating that market sentiment remains pessimistic.
ToplineBillionaire Michael Saylor on Friday defended his Strategy’s approach to bitcoin even as shares of the cryptocurrency’s largest institutional holder fell to multi-year lows, and as analysts warned against the company buying more amid a broader decline in the crypto market.
Shares of bitcoin’s largest institutional holder have plummeted 80% from their all-time high.
Getty Images
Key FactsSaylor, in a post on X, wrote that “volatility tests capital structure” and reaffirmed that Strategy “remains focused on bitcoin, disciplined capital allocation, credit quality and long-term value creation.”
Shares of Strategy plunged by more than 9% on Thursday to their lowest level since February 2024, and shares are down more than 8% from their record intraday high ($543) in November 2024, while its preferred stock has dropped nearly 25% since Jan. 13 to a new record low.
The price of bitcoin briefly stumbled to a 21-month low on Thursday, hitting an intraday low of $58,131, and the world’s leading cryptocurrency has shed more than half of its value since peaking above $126,000 in October 2025.
Crypto analytics firm CryptoQuant wrote in a report Thursday that Strategy should halt its bitcoin purchases and instead rebuild its cash reserves, arguing the company’s strategy of buying during bitcoin price dips has resulted in “rapid unrealized loss growth.”
JPMorgan analysts issued a similar warning in a note earlier this month, concluding Strategy’s dollar reserves should be rebuilt to “restore confidence and reduce investor concerns that the company would sell more bitcoins to cover dividend payments.”
forbes valuationSaylor founded Strategy, then known as MicroStrategy, in 1989, and his net worth has swelled to $3 billion as of market close on Thursday. He emerged as a top executive during the dot-com bubble, after which Saylor’s fortune plummeted, but Strategy’s bitcoin investments made him a billionaire once again, as Saylor has directed the firm to shift its corporate coffers into bitcoin.
big number845,256. That’s Strategy’s total bitcoin holdings, which the company priced at an aggregated market value of $63.9 billion, or roughly $75,680 per token, according to a regulatory disclosure earlier this month. Strategy most recently purchased 1,550 bitcoin for $101.3 million on June 8 at an average price of $65,332 per coin.
key backgroundStrategy’s cash reserves totaled $1.4 billion as of Friday, representing just a fraction of its bitcoin holdings. The company’s bitcoin transactions have shifted broader views of the crypto market, including its first bitcoin sale in years late last month, sparking a selloff that erased the cryptocurrency’s record-setting surge. Billionaire hedge fund executive Philippe Laffont said earlier this week he was a “little bit more worried” about bitcoin, arguing there were more attractive investment opportunities, like SpaceX, that he would “rather bet” on. Bitcoin’s latest slide also comes as $10 billion in options is set to expire Friday on Deribit, the world’s largest crypto options venue.
further readingForbesBillionaire Saylor’s Strategy Buys Bitcoin Worth $101 Million—After Earlier Sale Sparked Sell-OffBy Ty Roush
Strategy, the company that turned a sleepy enterprise software firm into the world’s largest corporate Bitcoin piggy bank, now controls approximately 4% of Bitcoin’s total supply. CEO Phong Le used the stat as a rallying cry during a period of market volatility, framing the firm’s relentless accumulation as a feature, not a bug, of uncertain times.
The company holds 847,363 BTC on its balance sheet, valued at roughly $75.65 billion. To put that in perspective, there will only ever be 21 million Bitcoin. Strategy owns nearly one in every 25 of them.
The numbers behind the buying spree In late May, the firm sold 32 BTC at an average price of around $77,135. That sale represented approximately 0.004% of its total stash.
Strategy scooped up approximately 1,550 BTC in early June at an average price of $65,332 per coin. Additional purchases in June included batches of 520 BTC and 1,587 BTC, with prices ranging from $63,000 to $67,000.
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Le has suggested the company may pursue capital raises in the tens of billions of dollars to keep funding Bitcoin acquisitions. The company has already introduced STRC perpetual preferred shares as one mechanism to raise cash specifically earmarked for Bitcoin purchases.
The Saylor blueprint, executed by Le It’s impossible to discuss Strategy’s Bitcoin thesis without acknowledging Michael Saylor, who pioneered the entire concept of a corporate Bitcoin treasury back in 2020. Saylor stepped into the Executive Chairman role, leaving the CEO title to Phong Le, but the philosophical DNA remains unchanged.
Le has articulated holding intentions that stretch decades into the future, with a timeline that could extend to 2065.
What this means for investors When a single entity controls 4% of a finite asset’s supply, its behavior becomes a market-moving variable. Every purchase Strategy makes removes Bitcoin from circulation, tightening the already constrained supply.
The recent buying activity in the $63,000 to $67,000 range suggests Strategy views current prices as attractive.
If Strategy successfully raises tens of billions in new capital for Bitcoin purchases, the demand shock could be significant. STRC perpetual preferred shares represent a funding instrument that lets the company buy Bitcoin without diluting common shareholders in the traditional sense.
A company with $75.65 billion in Bitcoin and a software business that generates a fraction of that in revenue is, by definition, concentrated. If Bitcoin enters a prolonged downturn, Strategy’s balance sheet takes the full hit, and MSTR shareholders feel every bit of it.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
An "Indestructible" Balance Sheet@Strategy executive @CJ_Bitcoin has moved to reassure investors that neither a drop in $BTC's price nor a slide in the company's equity can threaten its Bitcoin reserves. In comments shared on June 26, he described the balance sheet as an "indestructible" digital fortress, capable of absorbing significant market drawdowns without triggering forced liquidations or margin calls.
The confidence is rooted in how Strategy structures its debt. Unlike retail traders or hedge funds that use margin loans, Strategy does not rely on high-leverage facilities with automatic liquidation thresholds. Most of its debt consists of long-dated convertible notes, with maturities extending to 2032 and beyond, typically carrying low interest rates between 0% and 1%, with no margin maintenance covenants tied directly to Bitcoin's price. That means a falling $BTC price does not automatically force the company's hand. If Bitcoin appreciates, the value of the company's holdings rises, strengthening its balance sheet. If Bitcoin declines, the debt does not automatically trigger asset sales.
Analysts have broadly echoed that view. No margin calls can be triggered by a price decline in the coin, and forced liquidation probably would not even become a realistic possibility until Bitcoin fell to around $8,000. Absent a "Black Swan" event, involuntary Bitcoin sales remain highly unlikely before debt maturities arrive in 2028, leaving insolvency rather than margin calls as the only plausible risk scenario.
Scale and ContextStrategy's conviction has been tested before. During the 2022 crypto winter, pressure was intense. Critics questioned whether the company could survive its leveraged Bitcoin bet, and calls for forced liquidation circulated widely. Strategy did not sell a single coin. Instead, it held its position and began planning the capital raises that would define the next three years.
As of May 25, 2026, Strategy holds 843,738 Bitcoin, giving it 220,900 Bitcoin per share (in sats), alongside $6.7 billion in aggregate principal of convertible notes and $15.5 billion in aggregate notional preferred stock outstanding. According to data from BitcoinTreasuries.net, Strategy now controls approximately 4% of Bitcoin's fixed 21 million supply.
The picture is not without complications. In early June, Strategy disclosed in an SEC filing that it sold 32 Bitcoin at an average price of $77,135 per coin to help meet obligations tied to its preferred stock. The transaction was tiny relative to its overall holdings, but the symbolism was enormous, as a line that investors once assumed would never be crossed just got crossed. Critics, including gold advocate Peter Schiff, continue to argue that the firm's leverage structure creates latent risks, though Strategy has not indicated any intention to sell its Bitcoin holdings, and Saylor has repeatedly stated his commitment to holding the asset long-term.
For now, @CJ_Bitcoin's message is clear: short-term price volatility in either $BTC or $MSTR is not a strategic threat to the reserve itself.
Sources:
CCN: Strategy Has No Liquidation Risk Until Bitcoin Falls to $8,000
Strategy Inc: Q1 2026 Financial Results (Official Press Release)
Strategy Form 8-K, May 2026 (SEC Filing)
Michael Saylor broke his public silence on June 26 with a post on X reaffirming Strategy’s commitment to Bitcoin, as the company faces a securities investigation and widening pressure across its capital structure.
Rosen Law Firm launched the probe, examining whether Strategy executives made materially misleading statements across five linked securities. The company has issued no formal response.
Saylor Doubles Down on Bitcoin FocusOn X, Saylor offered no direct comment on the probe. Instead, he framed volatility as a structural test. He signaled continued commitment to credit quality and long-term value creation.
Volatility tests every capital structure. Strategy remains focused on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We appreciate our investors and will continue to execute with transparency and resolve. $MSTR
— Michael Saylor (@saylor) June 26, 2026 Michael Saylor. Source: XThe statement is notable for what it omits. It makes no mention of the class action interest gathering around the firm or the sharp declines across Strategy’s preferred securities. Saylor focuses on capital discipline, a message directed at both equity holders and creditors.
Strategy holds 847,363 Bitcoin (BTC), more than 4% of all Bitcoin that will ever exist. Its average acquisition cost sits near $75,500 per coin, well above current prices. That gap compressed the MSTR premium investors once paid for leveraged Bitcoin exposure. It also sharpened scrutiny on how the company continues to fund new purchases.
Strategy built much of that position through multiple classes of publicly traded preferred stock. Those instruments now sit under pressure as Bitcoin prices weaken and investor confidence in the dividend model erodes.
Market Pressure Tests That ConvictionThe day before Saylor posted, critic Peter Schiff escalated his criticism of Strategy’s declining market performance.
He argued MSTR has fallen 84% from its all-time high. Schiff also noted that STRC dropped 25% from par, now carrying an implied yield of 15.3%. Saylor’s post served as an indirect rebuttal to those attacks without addressing them directly.
Questions about STRC’s long-term sustainability have grown sharper. The preferred stock’s dividend structure costs an estimated $1.2 billion annually. Strategy disclosed a $1.4 billion cash reserve on June 22, barely a year of cover at current rates.
Whether Saylor’s reaffirmation steadies investor confidence or the probe escalates into a formal complaint may define Strategy’s near-term trajectory.
In brief Bitcoin slipped below $60,000 to an intraday low of $58,189, down 6.4% over the week and near its lowest level since September 2024. U.S. spot Bitcoin ETFs shed just under $692 million on Thursday, their biggest one-day outflow since late May. A $10.6 billion options expiry hits Friday, while more than $1.1 billion in leveraged crypto bets were liquidated over the past 24 hours. Bitcoin dipped below $59,000 Friday morning, dragged down by a fresh wave of ETF selling just as one of the year's biggest options expiries comes due.
The largest cryptocurrency was trading around $59,100 on Friday, down 6.4% over the past week and roughly 53% below the record $126,080 it set in October. It changed hands in a 24-hour range of $58,189 to $60,724, leaving its market cap near $1.18 trillion.
On prediction market Myriad, owned by Decrypt's parent company Dastan, traders expect Bitcoin's next move to take it to $55,000, placing a 77% chance on that outcome, up from 72% at the start of the week.
The slide came as U.S. spot Bitcoin ETFs bled some $691 million on Thursday, their largest single-day outflow since May 27, according to Farside Investors data. The weakness runs deeper than one session. Annual growth in U.S. ETF Bitcoin holdings has slumped to "basically zero" for the first time since the funds launched in 2024, with the ETFs now adding to Bitcoin's supply rather than soaking it up, CryptoQuant head of research Julio Moreno told Milk Road Wednesday. For a bottom to form, he said, that buying needs to stop shrinking and start accelerating again.
The selling sets an uneasy stage for Friday, when about $10.6 billion in Bitcoin options expire on Deribit, the year's largest quarterly settlement. With Bitcoin trading far below the roughly $72,000 "max pain" level, some 80% of those contracts are on track to expire worthless. The $60,000 mark "remains the definitive line in the sand," said Mike McCluskey, co-founder of tokenization platform tx. Given heavy put positioning at that strike, he said, a successful defense "would confirm that dip buyers maintain control," while a breach would “likely accelerate the downside in this thin liquidity environment.”
The pressure has already torched leveraged traders. Over $1.1 billion in leveraged crypto positions were liquidated over the past 24 hours as the drop caught bullish bets offside, $875 million of which were longs, according to CoinGlass.
Behind the slide is a tighter macro backdrop. Bitcoin has weakened since new Fed Chair Kevin Warsh's hawkish debut, with traders bracing for higher-for-longer rates. The drop briefly took BTC to its lowest level since September 2024 this week, dipping below its 200-week moving average—a level that has “historically served as a critical psychological and technical floor,” according to McCluskey.
In a Thursday AMA, Galaxy Digital CEO Mike Novogratz said Bitcoin's bull case "revolves on two things,” the passage of the Clarity Act, and a Fed rate cut. The war in Iran "has slowed the cutting cycle down," he said, adding that “When we see the war end and oil prices go back to $60 then you'll start to see this idea of, maybe that opens the door for a late fourth quarter rate cut, or even early first quarter rate cut the next year.” Until a fresh spark arrives, he sees Bitcoin range-bound, waiting on "some new story" to climb higher.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Bitcoin slipped below $60,000 to an intraday low of $58,189, down 6.4% over the week and near its lowest level since September 2024. U.S. spot Bitcoin ETFs shed just under $692 million on Thursday, their biggest one-day outflow since late May. A $10.6 billion options expiry hits Friday, while more than $1.1 billion in leveraged crypto bets were liquidated over the past 24 hours. Bitcoin dipped below $59,000 Friday morning, dragged down by a fresh wave of ETF selling just as one of the year's biggest options expiries comes due.
The largest cryptocurrency was trading around $59,100 on Friday, down 6.4% over the past week and roughly 53% below the record $126,080 it set in October. It changed hands in a 24-hour range of $58,189 to $60,724, leaving its market cap near $1.18 trillion.
On prediction market Myriad, owned by Decrypt's parent company Dastan, traders expect Bitcoin's next move to take it to $55,000, placing a 77% chance on that outcome, up from 72% at the start of the week.
The slide came as U.S. spot Bitcoin ETFs bled some $691 million on Thursday, their largest single-day outflow since May 27, according to Farside Investors data. The weakness runs deeper than one session. Annual growth in U.S. ETF Bitcoin holdings has slumped to "basically zero" for the first time since the funds launched in 2024, with the ETFs now adding to Bitcoin's supply rather than soaking it up, CryptoQuant head of research Julio Moreno told Milk Road Wednesday. For a bottom to form, he said, that buying needs to stop shrinking and start accelerating again.
The selling sets an uneasy stage for Friday, when about $10.6 billion in Bitcoin options expire on Deribit, the year's largest quarterly settlement. With Bitcoin trading far below the roughly $72,000 "max pain" level, some 80% of those contracts are on track to expire worthless. The $60,000 mark "remains the definitive line in the sand," said Mike McCluskey, co-founder of tokenization platform tx. Given heavy put positioning at that strike, he said, a successful defense "would confirm that dip buyers maintain control," while a breach would “likely accelerate the downside in this thin liquidity environment.”
The pressure has already torched leveraged traders. Over $1.1 billion in leveraged crypto positions were liquidated over the past 24 hours as the drop caught bullish bets offside, $875 million of which were longs, according to CoinGlass.
Behind the slide is a tighter macro backdrop. Bitcoin has weakened since new Fed Chair Kevin Warsh's hawkish debut, with traders bracing for higher-for-longer rates. The drop briefly took BTC to its lowest level since September 2024 this week, dipping below its 200-week moving average—a level that has “historically served as a critical psychological and technical floor,” according to McCluskey.
In a Thursday AMA, Galaxy Digital CEO Mike Novogratz said Bitcoin's bull case "revolves on two things,” the passage of the Clarity Act, and a Fed rate cut. The war in Iran "has slowed the cutting cycle down," he said, adding that “When we see the war end and oil prices go back to $60 then you'll start to see this idea of, maybe that opens the door for a late fourth quarter rate cut, or even early first quarter rate cut the next year.” Until a fresh spark arrives, he sees Bitcoin range-bound, waiting on "some new story" to climb higher.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Ripple CTO emeritus David Schwartz has pushed back on a fresh social media debate over whether XRP existed before Bitcoin.
Summary
Schwartz said Fugger’s 2004 idea was a payment network, not XRP or decentralized assets. XRPL history places XRP’s creation in 2012, years after Bitcoin launched in 2009 officially. The debate shows how older RipplePay ideas still drive confusion around XRP’s real origin. The exchange began after Crypto Dyl News claimed on X that “Bitcoin was NOT the 1st” and that XRP was created in 1988.
That claim drew a question from XRP community user MitchRob, who asked Schwartz whether Ryan Fugger had conceptualized XRP and the XRP Ledger before or after Bitcoin. Schwartz replied that Fugger had conceptualized a decentralized payment and settlement network around 2004, well before Bitcoin.
Schwartz added one key limit to that answer. He said Fugger’s idea did not include decentralized assets. That distinction separates RipplePay, Fugger’s early payment concept, from XRP and the XRP Ledger, which arrived later.
Ryan Fugger built RipplePay, not XRP Fugger’s RipplePay concept dates back to 2004. It focused on payments, IOUs and trust lines between users. It did not operate as a blockchain in the modern crypto sense, and it did not include XRP as a native asset.
Ryan Fugger conceptualized a decentralized payment/settlement network (but without decentralized assets) around 2004, well before bitcoin.
— David 'JoelKatz' Schwartz (@JoelKatz) June 26, 2026 Schwartz’s answer makes that point clear. He wrote that Fugger conceptualized a decentralized payment and settlement network “but without decentralized assets” around 2004. That means the idea came before Bitcoin, but XRP itself did not.
The official XRP Ledger history page places XRP’s launch in 2012. It says Schwartz, Jed McCaleb and Arthur Britto built a distributed ledger that aimed to improve on Bitcoin’s limits. The ledger included a native asset that became XRP.
The XRPL learning portal also says the three developers joined forces in 2011 to create a faster and more scalable digital asset. That timeline puts XRP after Bitcoin, not before it.
XRP origin debate continues online MitchRob later asked whether Satoshi Nakamoto may have drawn any inspiration from Fugger’s earlier concepts. He also asked which network was built with a better framework for payments and settlement.
Schwartz had not answered that follow-up in the provided thread at the time of writing. The question remains speculative because no public evidence in the thread shows that Satoshi used Fugger’s work when designing Bitcoin.
The confusion comes from the Ripple name. Fugger’s RipplePay project came before Bitcoin, while the XRP Ledger came after Bitcoin. Ripple Labs later used the Ripple name, but the technical system behind XRP was built separately.
As previously reported, David Schwartz recently explained his XRP Ledger role after stepping back from daily leadership. The report noted that he remains CTO emeritus and one of XRPL’s co-creators.
XRPL history still matters The debate comes as XRP Ledger development continues. In a previous article, crypto.news discussed Schwartz backing the XRP Ledger 3.2.0 upgrade, which renamed the core server software from rippled to xrpld.
That update moved XRPL further away from older Ripple-branded software names. It also added cleanup fixes for features tied to DeFi tools, vaults, lending, permissioned domains and token functions.
Previously, crypto.news explored XRPL’s growing tokenized finance use cases. Schwartz said XRPL use is expanding from payments into tokenized assets, stablecoins and other financial tools.
The latest exchange does not change XRP’s history. Fugger helped shape an early payment idea before Bitcoin. XRP and XRPL, however, began later as separate code written by Schwartz, McCaleb and Britto.
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TL;DR
XRP on-chain map points to $0.51: Key support at $1.06 holds 830M+ coins; a breakdown targets $0.80, $0.62, and $0.51 where 1.06B XRP cost basis is concentrated.Dormant 2024 whale moves $2.5 million in SHIB: 600 billion tokens routed through OTC-linked smart contracts; over $20M moved via similar channels in the past month amid a 23% price drop.Singapore adds Hyperliquid to investor alert list: Project insists no rules were broken; Multicoin's Kyle Samani accuses the team of misrepresenting decentralization; Bitwise CEO backs its fundamentals.Bitcoin tests $58,000 as Q2 concludes: $900 million in liquidations, seven weeks of ETF outflows at $1.34B, hawkish Fed wipes out Q3 rate cut hopes.On-chain roadmap plots XRP trajectory down to $0.51As the crypto market tries to find solid ground, well-known analyst Ali Martinez shared fresh Glassnode on-chain data on XRP, clearly showing where buyers are hiding and what traders should prepare for. Through the URPD metric, or realized price distribution, he effectively drew a roadmap for the market that, in the event of a decline, leads straight to the $0.51 mark.
Right now, the coin is undergoing a tough strength test, attacking a major volume block at $1.06. Investors should watch this level closely: more than 830 million XRP changed hands there in the past, so this threshold may define the trend for the coming weeks. If it holds, XRP may move higher; a close below it would open the door to a prolonged correction.
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XRP's UTXO Realized Price Distribution (URPD), Source: Ali Martinez citing GlassnodeIf bears do manage to break through this defense, the transaction history chart points to three main zones where billion-scale volumes were previously accumulated and where the price is likely to be bought most aggressively:
$0.80 — the first stop on the way down, where 923 million XRP was historically traded.$0.62 — the densest liquidity node, with an impressive turnover of 1.16 billion XRP.$0.51 — the final and strongest support target, which could become an ideal bottom. The cost basis of 1.06 billion coins is concentrated here, making this level a key reference point for smart money.Bottom line: the blockchain shows a clear picture — major players have already marked their price interests with real capital. XRP's next move will depend on whether the market has enough liquidity to hold the current psychological barrier or whether a gradual descent toward long-term accumulation levels is ahead.
2024 whale awakens: $2.5 million in SHIB on the moveAt the same time, on-chain monitoring recorded a large movement of funds on the Shiba Inu network. A major holder that had been inactive since 2024 transferred 600 billion SHIB tokens worth $2.51 million, as Arkham data indicates.
Behind this transfer is a chain of several addresses. The original wallet, "0x34596…", sent a tranche of 486.98 billion SHIB through an intermediate address to the "0x3Ece6…" hub, where the funds were merged with other flows and redirected to the final address, "0x9999f…". As a result, the recipient's balance accumulated more than $3.24 million in SHIB and stablecoins.
Shiba Inu (SHIB) from 2024 whale being tunneled through the chain of unidentified wallets, Source: ArkhamThe transaction structure itself points to the involvement of large players rather than retail traders. The sending hub regularly processes billion-token blocks, from 113 billion to 1.25 trillion SHIB, through ForwarderV4 smart contracts. This node can be linked to the infrastructure of over-the-counter, or OTC, desks or market makers providing liquidity for Binance and OKX.
This transfer fits into the broader trend of large holders locking in positions. Over the past month alone, more than 3.8 trillion SHIB, or about $20 million, has been moved through similar on-chain channels. The capital movement is taking place against the backdrop of a local decline in the meme token's value: over the past 30 days, SHIB has lost about 23% of its value and is trading near $0.0000042.
The use of OTC channels allows large players to move volume without direct pressure on exchange order books. However, the trend of funds being moved out still forces the market to remain cautious.
Singapore takes aim at HyperliquidAn even bigger surprise, however, was the decision by Singapore's regulator, MAS, to add the DeFi protocol Hyperliquid to its Investor Alert List, or IAL, which is designed to protect consumers from unlicensed entities.
The Hyperliquid team quickly clarified the situation and tried to calm the market. There is no panic, because inclusion on this list does not mean a ban, enforcement action, or identified violations. The project was originally created as open, permissionless infrastructure and never claimed to be authorized by MAS, so users still retain full self-custody, while all transactions continue to pass transparently through the blockchain as usual.
Moreover, Hyperliquid emphasized its willingness to work constructively with regulators around the world to help create clear rules for on-chain finance.
Nevertheless, the platform's public statement triggered criticism from professional market participants over its terminology. Well-known investor Kyle Samani of Multicoin sharply criticized the platform's statement and directly accused the team of gaslighting the industry.
Hyperliquid is not permissionless. Stop gaslighting the public
Being permissionless would require, at the very least
1) being open source
2) mainnet validators operating around the world as opposed to in a single building
— Kyle Samani (@KyleSamani) June 26, 2026 According to him, Hyperliquid simply has no right to call itself "permissionless" while the project's source code is closed and its mainnet validators are physically located almost in the same building instead of being distributed around the world.
Against this wave of criticism, Bitwise CEO Hunter Horsley unexpectedly came to the defense of the protocol's business model, urging skeptics to look at the situation more broadly.
Horsley believes the era of tying value to the relative market capitalization of Bitcoin or Ethereum has passed. A new generation of platforms is emerging, where real products, revenue, fees, and the volume of tokens held by users matter. By these fundamental metrics, Hyperliquid has enormous value.
Crypto market outlook: Bitcoin holds the line at $58,000 as Q2 pressure peaksBitcoin is testing the psychological $58,000–$60,000 zone as the market remains overloaded with selling pressure. Quarter-end positioning, ETF loss-taking, and tough U.S. macro data have all converged. Excessive margin leverage has been washed out by a wave of liquidations, sentiment has moved into deep risk-off mode, but the technical removal of the derivatives overhang opens a window for stabilization.
Key checkpoints:
Bitcoin price: Bitcoin is testing a local low at $58,100. The current spot range is trapped within a daily decline of 5.81%. A sustained move below $58,000 would open the way to a strong order block at $54,000.ETF outflows at $1.34 billion: Funds are recording their seventh week of net outflows. BlackRock's IBIT saw $265.2 million withdrawn in one day. The secondary hit is coming from Ethereum ETFs, which have been losing liquidity for six consecutive days, with $81.87 million in outflows as of June 25.Liquidations at $900 million: A cascade of forced long-position closures occurred as the price was squeezed toward $58,000. The derivatives market has been fully cleared of speculative leverage, and open interest has fallen to multi-month lows.Macro and PCE inflation: The U.S. Personal Consumption Expenditures index exceeded the Federal Reserve's 2% target. Hawkish rhetoric from the Fed's new leadership wiped out the chances of a rate cut in Q3, triggering a capital shift into U.S. Treasuries.$10.6 billion options expiry: Quarterly Deribit options expired today at 16:00 UTC+4. Around 80% of call positions expired out of the money, as the price remained far from the maximum pain point of $72,000. Market makers completed their hedging.MiCA on June 30: Four days remain before strict EU rules come into force. Binance is reducing operations in Greece and several eurozone countries. A local sell-off in altcoins and unauthorized stablecoins by European retail investors is being observed. You Might Also Like
Trading of the DRAM memory ETF is now available on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
Jupiter official announcement: Trading of Roundhill Memory ETF (ticker: DRAM) is now supported on the Solana blockchain, with its holdings covering Samsung, SK Hynix, Micron, and SanDisk.
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At the opening of US stock markets, AI application software stocks rose against the trend, with ServiceNow and Figma climbing more than 5%.
According to Bitget market data, AI software stocks in the US market rose against the trend at opening. ServiceNow (NOW.US) and Figma Inc (FIG.US) jumped more than 5%, while Palantir (PLTR.US), Adobe (ADBE.US), Workday (WDAY.US), Salesforce (CRM.US), and Datadog (DDOG.US) gained over 3%, and Microsoft (MSFT.US) rose by more than 2%. Microsoft has hiked Xbox prices three times in 13 months, and stated that storage component costs will double next year.
2 minutes ago
At the opening of the U.S. stock market, most space-themed concept stocks rose, while SpaceX declined 0.75%.
According to Bitget market data, most US space concept stocks advanced at the opening of US stock trading. Specifically: SpaceX (SPCX) slipped 0.75% to $151.8; Virgin Galactic (SPCE) gained 8%; AST SpaceMobile (ASTS) rose 3.45%; Rocket Lab (RKLB) added 4%; Redwire (RDW) gained 1.9%.
2 minutes ago
At the opening of US stock markets, optical communication concept stocks fell broadly, with MRVL, AAOI, and LITE down more than 6%.
According to Bitget market data, US stocks opened with broad declines in optical communication concept stocks, including: Pure Photonics ETF (FOTO) fell 5.7%; Marvell Technology (MRVL) — a stock NVIDIA CEO Jensen Huang previously touted as the next trillion-dollar market cap company — dropped 6.1%; AAOI (Applied Optoelectronics) fell 7.1%; LITE (Lumentum Holdings) dropped 8.86%; COHR (Coherent Corp.) declined 8.4%; and CIEN (Ciena Corporation) fell 4.75%.
2 minutes ago
US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
@BlackRock has deposited an additional 4,577 $BTC and 41,996 $ETH into Coinbase Prime, valued at approximately $337.2 million, continuing a notable pattern of large crypto transfers to the institutional platform.
Part of a Larger Wave of Transfers The latest deposit follows a significant $611 million liquidity transfer executed earlier in the week. Over that prior 48-hour period, BlackRock moved a total of 7,160 $BTC and 98,850 $ETH to wallet addresses on Coinbase Prime, with a combined value of approximately $611 million based on asset prices at the time. Those earlier tokens were transferred across multiple wallet addresses in three separate batches of large $BTC transfers and a single transfer carrying over 51,000 $ETH.
The market is interpreting the activity as tied to ETF fund flows and is watching future net inflows and outflows closely. The moves have sparked mixed reactions among investors, though the pattern has become familiar and is often expected during periods when BlackRock's ETF products are witnessing net outflows.
What the Transfers May Signal While the deposits have fueled speculation about possible sell activity, analysts noted that transfers to institutional trading platforms do not automatically confirm direct liquidation of Bitcoin or Ethereum holdings. Coinbase Prime supports institutional custody and settlement services, meaning wallet transfers alone cannot establish whether any sale occurred.
When an institutional investor like BlackRock deposits Bitcoin to Coinbase Prime, it often precedes a specific action within the ETF ecosystem, such as creating new shares or settling redemptions. BlackRock has not confirmed any sales or disclosed the purpose of the transfers, leaving open the possibility that the movements relate to institutional custody or settlement services rather than immediate trading activity.
The scale and frequency of the transfers nonetheless reinforce BlackRock's position as one of the most active institutional participants in the digital asset space, with on-chain trackers continuing to flag each new movement as a key data point for market participants.
Sources:
BlackRock Sends $217M in Bitcoin and Ethereum to Coinbase Prime, Blockonomi
BlackRock Transfers Over $600 Million in BTC and ETH to Coinbase, Digital Today
BlackRock Extends Bitcoin and Ethereum Transfers With Massive $217M Move, Crypto Economy
BlackRock just shifted 4,577 BTC and 41,996 ETH to Coinbase Prime, a combined transfer worth approximately $336 million.
The Bitcoin portion alone was valued at roughly $271 million, while the Ethereum tranche came in at around $65 million. On-chain tracking firms including Onchain Lens and Arkham flagged the transactions, which are linked to BlackRock’s management of its iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA).
What’s actually happening here Coinbase Prime serves as BlackRock’s custody, trading, and operational partner for its crypto ETF products. These transfers are the plumbing behind ETF share creation, redemption, and portfolio rebalancing. When new ETF shares are created because investor demand is high, the underlying crypto needs to move to the right custodial accounts. When shares are redeemed, the process reverses.
On-chain analysts have broadly characterized this transfer as consistent with standard ETF-related flows rather than any directional market bet. The absence of meaningful price movement in either Bitcoin or Ethereum following the deposit reinforces that interpretation.
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In January 2026 alone, BlackRock has transferred over $300 million in cryptocurrency to Coinbase Prime. Throughout 2025 and into 2026, similar transactions regularly exceeded $100 million per event.
BlackRock has not issued any official commentary on the transfer.
The bigger picture for crypto ETFs The fact that these transfers have become routine, happening regularly and in increasingly large sizes, signals that institutional infrastructure for crypto has matured well past the experimental phase.
The Ethereum side of the equation is worth noting separately. ETHA, BlackRock’s Ethereum ETF, has operated in the shadow of IBIT since launch. The 41,996 ETH transfer, while smaller in dollar terms, still represents meaningful operational activity. At roughly $65 million, the ETH deposit suggests that Ethereum ETF flows remain active.
What this means for investors When $336 million in crypto moves from the world’s largest asset manager to an exchange and nothing happens, it tells you something about where we are in the institutional adoption cycle. The market has learned to distinguish between operational custody transfers and actual buy or sell pressure.
The pattern is now well-established: large deposits to Coinbase Prime from BlackRock wallets are overwhelmingly associated with ETF mechanics, not market positioning.
Over $300 million in transfers in a single month suggests that ETF inflows and redemptions are running at a healthy clip. Sustained ETF activity of this magnitude acts as a structural demand source for both Bitcoin and Ethereum, providing a floor of institutional liquidity that didn’t exist before 2024.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy founder Michael Saylor, known as a big bull in the market, had been silent on his platform for two days since the Bitcoin price sharply dropped below $60,000.
But she finally broke the silence and made a new post.
Despite the setbacks, Saylor vowed to continue adhering to his current Bitcoin strategy.
Michael Saylor stated that market volatility will test all capital structures, and that his company will continue to focus on Bitcoin’s prudent capital allocation, creditworthiness, and long-term value creation.
Thanking the investors, Saylor emphasized that Strategy will continue to implement its current strategy with transparency and determination.
“Volatility tests every capital structure. The strategy remains committed to a focus on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We are grateful to our investors and will continue to implement with transparency and determination.”
Saylor, known in the cryptocurrency community for posting pro-Bitcoin content daily on her X account, drew attention to the community by taking a break from her posts.
Saylor, who last posted on June 24th, has been unusually silent, leading some in the community to say that the decline has managed to silence even her.
With the decline in Bitcoin, Strategy’s unrealized loss has reached $13 billion. At this point, according to the latest analyses, Strategy’s unrealized loss in Bitcoin assets has exceeded Dogecoin’s market value.
While the company’s paper losses are approximately $13 billion, Dogecoin’s market capitalization is around $11.5 billion.
In this state, the company’s losses have also exceeded the market capitalization of other major altcoins such as Cardano, XMR, Chainlink, Bitcoin Cash, Litecoin, UNI, and NEAR.
Strategy currently holds approximately 844,000 BTC, with an average purchase price of around $75,600.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Strategy founder Michael Saylor, known as a big bull in the market, had been silent on his platform for two days since the Bitcoin price sharply dropped below $60,000.
But she finally broke the silence and made a new post.
Despite the setbacks, Saylor vowed to continue adhering to his current Bitcoin strategy.
Michael Saylor stated that market volatility will test all capital structures, and that his company will continue to focus on Bitcoin’s prudent capital allocation, creditworthiness, and long-term value creation.
Thanking the investors, Saylor emphasized that Strategy will continue to implement its current strategy with transparency and determination.
“Volatility tests every capital structure. The strategy remains committed to a focus on Bitcoin, disciplined capital allocation, credit quality, and long-term value creation. We are grateful to our investors and will continue to implement with transparency and determination.”
Saylor, known in the cryptocurrency community for posting pro-Bitcoin content daily on her X account, drew attention to the community by taking a break from her posts.
Saylor, who last posted on June 24th, has been unusually silent, leading some in the community to say that the decline has managed to silence even her.
With the decline in Bitcoin, Strategy’s unrealized loss has reached $13 billion. At this point, according to the latest analyses, Strategy’s unrealized loss in Bitcoin assets has exceeded Dogecoin’s market value.
While the company’s paper losses are approximately $13 billion, Dogecoin’s market capitalization is around $11.5 billion.
In this state, the company’s losses have also exceeded the market capitalization of other major altcoins such as Cardano, XMR, Chainlink, Bitcoin Cash, Litecoin, UNI, and NEAR.
Strategy currently holds approximately 844,000 BTC, with an average purchase price of around $75,600.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
US stocks opened with all three major indices in the red, with semiconductor and storage sectors plunging; Micron and SanDisk fell more than 5%.
According to Bitget market data, the three major US stock indexes all fell at opening: the Dow Jones Industrial Average dropped 0.44%, the S&P 500 declined 0.67%, and the Nasdaq Composite fell 1.1%. The semiconductor and storage sectors saw broad declines, with individual stocks performing as follows: NVIDIA (NVDA) dropped 1.56%; Intel (INTC) fell 3.5%; Broadcom (AVGO) declined 2.5%; Qualcomm (QCOM) fell 0.4%; Seagate Technology (STX) dropped 5.78%; Western Digital (WDC) fell 7%; SanDisk (SNDK) declined 7.5%; Micron Technology (MU) dropped 5.4%.
2 minutes ago
Aave Founder: Expanding the market from crypto assets to all asset classes via securities lending business
Aave founder Stani has stated that the protocol is expanding its market from crypto assets to all asset classes via securities-collateralized lending. Brokers like Robinhood and Charles Schwab usually retain 50% to 85% of stock lending fees, returning only a small portion to their users. The global securities lending market is approximately $4.6 trillion in size, generating around $350 billion in annual revenue, most of which is captured by brokers. Tokenized stocks, through Aave V4, can return the full lending revenue directly to users, offering advantages including real-time transparency, dynamic pricing, no re-collateralization, and no intermediary fee deductions.
2 minutes ago
Federal Reserve Chair Waller’s newly appointed advisors, all with nearly 30 years of central banking experience, represent his first personnel arrangement since taking office.
Earlier reports indicated that Federal Reserve Chair Kevin Warsh has selected two veteran central bank economists as advisors: Daniel Covitz, one of three deputy directors in the Research and Statistics Division, and Erik Enstrom, senior deputy director in the Monetary Affairs Division. Both are long-time Fed veterans with nearly 30 years of experience, deeply familiar with the Federal Reserve’s operations. Last week, Warsh also announced the establishment of five task forces to review the central bank’s communication practices, data analysis, and portfolio management, noting that these groups would be composed of external experts, with support from internal Fed subject-matter specialists. Covitz regularly prepared materials for Warsh’s speeches during Warsh’s tenure as a Fed governor from 2006 to 2011, with research focusing on financial stability and credit markets. Enstrom specializes in monetary policy and financial market analysis. Last year, he developed a model to assess the probability of various economic scenarios, estimating that by mid-2025, the risk of a combination of high inflation and weak growth had risen, replacing the earlier "soft landing" outlook. In February this year, the two collaborated on research explaining why long-term Treasury yields rose even as the central bank cut interest rates, attributing the phenomenon to investors demanding higher compensation for risks from adverse supply shocks and swelling federal deficits. The study also found no evidence that markets had lost confidence in the Fed’s ability to keep inflation near its 2% target.
2 minutes ago
Serenity: A large number of U.S. companies are using DeepSeek to cut costs, weighing on revenue growth for high-end models.
Serenity tweeted about the phenomenon of U.S. companies’ heavy reliance on Chinese AI models, citing a UBS report that many enterprises have begun routing simple tasks to cheaper Chinese open-source models. Some teams spend up to $35,000 monthly on tokens—200% over budget—putting pressure on high-end AI model revenue growth. Serenity deemed the UBS report accurate, attributing the trend to a capitalist dilemma: markets naturally gravitate toward the cheapest option, and Chinese models like DeepSeek are significantly cheaper than those from Gemini, OpenAI, and Anthropic. Serenity also stated that the Trump administration’s earlier pause on access to Fable/Mythos was the right move, as repeated distillation of top-tier models poses enormous risks, and models approaching ASI-level should have higher access barriers. The expert noted that the U.S. needs two key actions: further develop models specialized in low-cost inference, and impose bank-grade identity authentication for AI model access.
2 minutes ago
Spot gold rallied 15 U.S. dollars in the short term, breaking through the 4,060 U.S. dollars per ounce mark.
Per Bitget market data, spot gold rallied 15 USD in the short term, breaking above 4060 USD per ounce, with an intraday gain of 0.83%.
2 minutes ago
A crypto whale dormant for 8 months has added to its short position on Ethereum, with the short position valued at $19.7 million.
Per Onchain Lens monitoring, a crypto whale opened a 20x leveraged Ethereum short position after lying dormant for 8 months, currently holding 12,832 ETH in the position, valued at $19.7 million.
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.
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Today’s top news:
Crypto majors are mostly red down 1-5%, SOL leads; BTC at $59.5k Strategy’s STRC falls to $73 and new low; MSTR at $84 Tether’s USDT flips ETH in FDV after ETH slide, now 2nd biggest token Kraken wants a 15% stake in Aave at $385M valuation Story Protocol rebrands as data network and pivots to AI Training 🏦 Kraken Eyes a 15% Stake in Aave at a $385 Million Valuation
Kraken is in talks to buy a 15% stake in Aave at a $385 million valuation.
Kraken would invest 35,000 ETH(~$55M) in exchange for 250,000 AAVE tokens ($20M) and a 15% common equity stake in Aave Group, the company behind the protocol, a package worth roughly $71 million.
The move comes as Aave rebuilds from April’s KelpDAO exploit, which triggered billions of dollars in deposit withdrawals even though Aave’s own smart contracts were never compromised. For Kraken parent Payward, it’s a push to diversify ahead of a potential IPO.
The deal lands the same week Standard Chartered turned openly bullish on the AAVE token. Geoff Kendrick initiated coverage of AAVE with a price target implying nearly 50 times upside by the end of the decade, which would put it around $4,000 versus roughly $81 today, built on the bank’s thesis that tokenization and onchain credit drive enormous growth in DeFi lending. So in one week, you have a major bank betting on the token and a major exchange buying into the company.
Now here’s the problem, at least for token holders or prospective token buyers. Kraken’s deal values the Aave company at $385B, but the AAVE token trades at a roughly $1.24B market cap. That’s more than three times the equity valuation. In traditional finance, the company is where the value lives, since it owns the business and its cash flows. But of course crypto is an exception, and the deciphering token value vs company value has been a core theme of this past cycle.
With Aave, much of the protocol’s economics flow to the token, through the DAO treasury and the buyback program that uses protocol revenue to purchase AAVE, while the company largely builds and operates the software. So the market is effectively saying the token captures most of Aave’s value, or that the token is simply priced richer than the business underneath it. Kraken didn’t pick a side, taking both tokens and equity in the same deal. But for someone watching from the sidelines, it’s a bit difficult to buy a token trading at 3x+ the value of the underlying company.
We will see soon if the market corrects or is comfortable with the valuation discrepancy…
🤖 BlackBerry Surges 20% as It Reinvents Into a Physical-AI Software Play
BlackBerry shares jumped nearly 20% on Thursday after an earnings beat and raised guidance, as the former phone maker leaned into its role in the physical-AI and robotics buildout. First-quarter revenue came in at $152.9 million, up 26% year over year and well above the roughly $138 million expected, with adjusted EBITDA up 144% and the company posting its first positive fiscal first-quarter cash flow in nine years.
The driver is QNX, BlackBerry’s embedded operating system, which grew 26% to $72.3 million. QNX is a deterministic, safety-certified real-time operating system already running in more than 275M vehicles. The same traits that make it reliable in cars make it valuable for robots and autonomous machines, where a software failure has physical consequences. Chipmakers like Nvidia and AMD already use it in smart cars and robots, and BlackBerry is positioning it as core infrastructure for software-defined vehicles, robotics, and industrial automation.
So the new pitch is that BlackBerry has quietly become a pick-and-shovel play on physical AI. The robots and autonomous systems need an operating system that never fails, and that’s where BlackBerry fits in with QNX. A QNX-commissioned survey found 89% of robotics developers see physical AI as critical to their strategy, and the stock’s move suggests Wall Street is starting to treat BlackBerry as an AI and robotics player…
🌎 Macro Crypto and Markets Crypto majors are mostly red down 1-5%; BTC -3% at $59.5k; ETH -5% at $1,550; SOL +1% at $68.85; HYPE -1% at $62 BEAT (+28%), LAB (+14%) and AAVE (+7%) led top movers Oil even at $69.60; Gold +0.5% at $4,070 Stock futures are red as the tech selloff continues; DOW -0.1%, Nasdaq -1.1% Strategy’s STRC hit a new low as Bitcoin got slammed again, the preferred stock sliding further as BTC broke toward 2026 lows, keeping pressure on Saylor’s funding engine Tether flipped ETH in fully diluted market cap to become the 2nd biggest crypto after the recent ETH slide OpenAI executives are reportedly pressuring Sam Altman to push the IPO back to 2027 based on the market’s reaction to SpaceX Coinbase’s Base network recovered from a block-production issue that briefly halted the chain before resuming normal operation after the outage SBI Holdings struck a $289 million deal to acquire Bitbank, creating Japan’s largest regulated crypto exchange CoinEx denied any involvement in an alleged $38 billion Iranian sanctions-evasion scheme, pushing back on claims tying the exchange to the operation. Corporate Treasuries & ETFs
The Bitcoin ETFs saw $692M in net outflows on Thursday, the 2nd biggest since January; the ETH ETFs saw $82M in outflows The HYPE ETFs saw $4.6M in outflows on Thursday Bitmine will join the Russell 1000 Index on June 26, which should give it a new source of inflows Meme Coin Tracker
Meme leaders were red; DOGE -3%, SHIB -5%, PEPE -6%, PENGU -2%, TRUMP even%, BONK -4% World (+50%), Jotchua (+40%) and SPCX69 (+58%) led movers on Solana Base movers included POD (+24%) and ICNT (+34%) 📈 Myriad Market of the Day💰 Token, Airdrop & Protocol Tracker Story Protocol rebranded as a data network and pivoted to AI training data after its IP token collapsed 98%, betting that supplying data for AI models is a bigger opportunity than its original intellectual-property focus Spark and Uniswap are teaming up to build an FX layer for stablecoins, aiming to create forex-style rails for swapping between fiat-backed tokens A Polymarket exploit led to $3M in user assets stolen after a 3rd-party data provider was breached; Polymarket to refund users 🚚 What is happening in NFTs? NFT leaders were mostly flat; Punks even at 32 ETH, BAYC -1% at 8.75 ETH, Pudgy +1% at 4.55 ETH; Hypurr’s +3% at 202 HYPE Funkari (+17%) and Captainz (+14%) led top movers Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In This Article Crypto News Today: Uniswap and Spark Launch FX Layer to Unify Stablecoin LiquidityAtlas of Dubai Entering DeFi Space With Regulated ETF-Backed USAFi Token In crypto news today (June 26), BTC USD continues its struggle to hold key support at $60,000, currently trading around $60,200. Liquidations hit $1Bn over the past 24-hours, with more than $845M from long positions.
Worryingly, ETF flows have become extremely bearish, as yesterday saw $691M in Bitcoin outflows, coupled with Wednesday’s $469M flows, taking the two-day total to over $1Bn, a worrying amount of Bitcoin being sold, and a main catalyst being recent price action across the market.
While nearly every major cap token is currently in the red over the past 24 hours, OG coins in Bitcoin Cash (BCH) and Litecoin (LTC) are two of the established projects in the green today, each up a modest +0.5. Daily trading volume has exceeded $105Bn, an increase of more than $10Bn compared with yesterday.
With Bitcoin looking unsteady just above $60K, the Fear & Greed Index reflects this shaky price action, sitting at 13/100, down from 24/100 at the beginning of the week.
Crypto News Today: Uniswap and Spark Launch FX Layer to Unify Stablecoin Liquidity Uniswap and Spark have introduced FX Layer, a unified liquidity network specifically designed for the stablecoin market. This initiative aims to simplify the process of swapping stablecoins issued by different providers while also preparing the infrastructure for the anticipated arrival of hundreds of new issuers.
As part of the launch, Spark will migrate around $150M in liquidity to Uniswap v4. The initial liquidity pool will feature USDS, USDT, and PYUSD, with plans for additional stablecoin issuers to join over time.
According to Spark CEO Sam MacPherson, the next phase of the stablecoin market will not focus on launching more digital dollars but on building infrastructure that connects hundreds of issuers within a single ecosystem.
The developers anticipate that idle liquidity will generate yield until it is used in trading, while swaps between different stablecoins should become faster and more capital-efficient.
Spark believes that as the number of stablecoins continues to grow, the industry will need infrastructure akin to the global foreign exchange market, enabling liquidity to move seamlessly between digital currencies.
Spark is building stablecoin infrastructure on Uniswap
They just moved $150M in liquidity to the protocol, marking one of the largest migrations in DeFi history
This liquidity will soon move to their new DualPool hook, so they can earn on both active and idle assets pic.twitter.com/2xo4BcPtEm
— Uniswap (@Uniswap) June 25, 2026
Atlas of Dubai Entering DeFi Space With Regulated ETF-Backed USAFi Token In other crypto news today, Atlas Capital Team plans to launch USAFi, a regulated digital security backed by a Nasdaq-listed ETF, in the third quarter of 2026. This project marks a significant shift for economist Nouriel Roubini, who has been a vocal critic of cryptocurrencies for many years.
Atlas, along with its Dubai subsidiary, Atlas AI Labs, has developed a whitepaper that outlines USAFi and introduces a broader concept referred to as the “Technodollar.” This idea connects the future of dollar-based reserve assets with artificial intelligence, digital infrastructure, and tokenized financial products.
USAFi is expected to be issued under the framework of Dubai’s Virtual Assets Regulatory Authority (VARA). Atlas has indicated that the token will comply with VARA’s Asset-Referenced Virtual Asset Rulebook, placing it among the more advanced regulatory systems for virtual assets in the Middle East.
The token is designed as an ERC-20 asset, which allows it to operate across permissionless blockchain networks. It will be backed by the Atlas America Fund, an SEC-registered actively managed ETF listed on Nasdaq, with reserve assets held at the Bank of New York.
Atlas is presenting this structure as a means of linking institutional collateral to decentralized finance. The aim is to maintain the portability and 24-hour accessibility of on-chain assets while ensuring that the token is supported by regulated reserves, rather than driven solely by speculative demand.
Nouriel Roubini, once known as a vocal crypto critic, is now backing USAFi, a planned tokenized version of the Nasdaq-listed Atlas America Fund.
The fund is expected to launch in Dubai under VARA’s framework, with Securitize providing the tokenization infrastructure.
From… pic.twitter.com/hIey7tpRiZ
— PIPO (@pipo_stocks) June 25, 2026
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Crypto market recovery signs are flashing amid buy-the-dip sentiment following a crash. Traders brace for volatility as over $10.5 billion in Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) options are expiring today.
BTC price has jumped more than 2% above $60K in Asia trading hours, following a drop to $58K lows. In the last few hours, the crypto market recorded nearly $35 million in short liquidations.
Crypto Market Recovery or Crash as $9.3 Billion in Bitcoin Options Expire Today? According to Deribit data, 151K BTC options with a notional value of are set to expire on June 26. The put/call ratio of 0.63. However, the 24-hour put volume is significantly higher than the 24-hour call volume. The put/call ratio has increased to 1.24, indicating traders are bearish.
However, crypto market traders are adjusting their positions to rise in BTC implied volatility and 25 delta skew. This indicates traders are hedging for downside protection and expect a recovery phase after the quarterly crypto market options expiry.
Moreover, the max pain price is $70,000, above the current Bitcoin price of nearly $59,900. However, data shows a high probability of expiring below the $59,500 strike price, with 50% for $60,000 at press time.
Traders are buying $65K call options for the July 3 expiry, flashing signs of a crypto market recovery in the coming days. Notably, Core PCE inflation coming in line with expectations, falling oil prices, and plunging US dollar index (DXY) and treasury yield could reset the crypto market for an early recovery phase.
Bitcoin Options Open Interest. Source: Deribit As per GreeksLive, the crypto market’s risk is building up, but institutions and whales haven’t continued betting on further downside yet. They are awaiting the settlement for further cues on market direction.
Bitcoin Options Open Interest Gex. Source: GreeksLive What’s Next for ETH Price After Expiry? Crypto market participants also expect a potential recovery amid quarterly Ethereum options expiry. 1,002K ETH options with a notional value of over $1.5 billion are set to expire, with a put/call ratio of 0.50.
In the last 24 hours, put volume exceeded call volume, with a put/call ratio of 1.33. It shows bearish sentiment among traders as puts dominated calls. However, implied volatility and 25-delta skew indicate a potential rebound in the coming days.
Also, the max pain point is at $2,000, significantly above the current price. Options traders are betting on short-term ETH trading after the crypto market crash. The probability of ETH options expiring above the current market price of $1,550 is at 58%.
ETH price rebounded 3% after falling more than 8% in the past 24 hours, currently trading at $1,553. The 24-hour low and high are $1,510 and $1,656, respectively. However, trading volume has increased by 14% amid buy-the-dip sentiment.
ETH Options Open Interest. Source: Deribit Ethereum treasuries Tom Lee-backed Bitmine Immersion (BMNR) and SharpLink (SBET) are buying ETH at dips. ShapLink purchased 5,000 ETH from FalconX today after 8 months, increasing its holdings to 876,285 ETH.
XRP Under Pressure, Buy Whales Buy amid Crypto Market Recovery Signs More than 41K XRP options with a notional value of almost $43 million are set to expire today. The put/call ratio is 0.71. Call volume is still higher than put volume in last 24 hours, with a put/call ratio of 1.25.
The max pain point is at $1.30, above XRP price of $1.03 at the time of writing. However, traders are betting on XRP to recover above $1.10 despite significant selling pressure.
XRP Options Expiry Moreover, XRP on-chain data indicates a rise in positive whale flows amid the recent drop in prices. If whale accumulation remains in the positive region in the coming days, it could trigger a recovery amid Ripple securing MiCA compliance.
XRP Whale Flow. Source: CryptoQuant $57 Million SOL Options Expiry 83K SOL options with a notional value of over $57 million to expire, with a put/call ratio of 0.50. In the last 24 hours, call volume remained higher than put volume, with a put/call ratio of 0.99. This signals that options traders are overall bullish and awaiting the expiry of Bitcoin and Ethereum crypto options for cues on market direction.
Also, the max pain point is at $80, with traders targeting SOL at $70 in the coming weeks. SOL price has rebounded 6% to $68 over the past few hours. Trading volume has increased by 15% over the past 24 hours.
PANews June 26 news, according to CoinDesk, Grant Cardone, CEO of real estate investment firm Cardone Capital, said he will take advantage of Bitcoin's recent price decline to keep buying Bitcoin through cash flow from its real estate assets. Cardone Capital manages about $5.3 billion in assets and buys Bitcoin with rental income using a dollar-cost averaging approach, regardless of price. Cardone said its model is "inspired by treasury companies, but backed by real assets and real cash flow," calling the company the world's largest real estate-Bitcoin hybrid company, with no institutional investors influencing its strategy.
As of May, Cardone Capital held about $200 million in Bitcoin, originating from the purchase of 1,000 BTC in 2025 and subsequent accumulations. Cardone expects the hybrid structure to deliver annual returns of 22% to 32%, but this forecast has yet to be backed by a track record.
US real estate investment firm Cardone Capital CEO Grant Cardone tweeted that he has long advocated combining Bitcoin with physical assets, using cash flow generated from these assets to dollar-cost average into Bitcoin amid its volatility. "We are committed to boosting real estate cash flow and buying more Bitcoin when it drops," he said. Cardone added that Cardone Capital’s Bitcoin hybrid model draws inspiration from treasury firms, but is backed by real assets and actual cash flow, making it the world’s largest real estate-Bitcoin hybrid company, with no institutional investors impacting its value proposition. The firm established its Bitcoin treasury in April last year and has continued to increase its Bitcoin holdings since.
Relevant content
The AI boom has sparked explosive growth in investment flowing into the U.S., with total individual purchases of U.S. stocks surging to $763 billion.
Artificial intelligence boom has driven explosive growth in foreign investment in the United States: In the 12 months ending April 2026, net capital inflows into the US surged to a record $840 billion, with a significant rise in funds from individual investors and official institutions purchasing US assets. Since the start of 2025, foreign capital investment in the US has nearly tripled; by comparison, the 2021 peak was around $400 billion, less than half of the current level. In April, total purchases of US stocks by individual investors jumped to $763 billion, a record high. Official institutions' purchases hit a record $121 billion, more than doubling since the start of the year. Global demand for US assets is unprecedented.
2 minutes ago
Spanish regulator: No extensions or exemptions will be granted for the MiCA license transition period.
Carlos San Basilio, chair of Spain’s National Securities Market Commission (CNMV), said crypto firms that fail to obtain EU MiCA licenses by the end of June will not be granted any extensions or exemptions by the regulator. Large platforms must exit the EU market in compliance with regulations. The regulator is in close communication with unauthorized firms, focusing on their exit plans and customer asset transfer arrangements to safeguard investor interests. He also warned that investors conducting new transactions on unlicensed platforms will no longer enjoy protection under the MiCA framework.
Prediction market platform Polymarket has disclosed its annualized revenue has crossed the $1 billion mark. The FIFA World Cup has continuously boosted trading volumes across platforms since its kickoff: Polymarket’s U.S. platform daily trading volume surged from around $50 million in mid-May to over $200 million on June 20; the international platform’s total weekly trading volume, after a decline in April and May, also hit an all-time high during the World Cup. Previously, Polymarket was banned from operating in the U.S. in 2022 over incomplete regulatory registration. Last July, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) closed their investigation into the firm without filing charges, and its U.S. platform now operates as a CFTC-regulated trading venue.
2 minutes ago
SecondFi: Final balance snapshots have been completed, and asset refunds are expected to begin in approximately two weeks.
SecondFi Update on Incident Fund Recovery Progress: The final balance snapshot was completed on June 26, serving as an accurate record basis for subsequent asset recovery. The engineering and security teams have finished balance verification and recovery mechanism assessment, with asset refunds expected to begin in approximately two weeks—one week will be allocated to implementing solutions, and the other to testing and review. The specific timeline may be adjusted based on progress. SecondFi stated that operations will resume only after confirming platform security and completing all security reviews. Currently, users only need to submit applications via support tickets, with no other actions required.
2 minutes ago
Goldman Sachs strategist advises investors to appropriately increase allocations to cloud service providers and reduce holdings in semiconductor stocks.
Goldman Sachs strategist Christian stated that amid AI-related trading segments, as chipmaker stocks continue to fluctuate, the investment appeal of large-cap tech stocks may further rise. Currently, the market is led by chip companies and beneficiaries of AI capital expenditure, rather than hyperscale cloud service providers. These chip stocks rank among the most volatile segments in the AI industrial chain, with massive funds building heavily leveraged positions in them via tools like ETFs and options. "If the upward momentum of the AI sector remains strong, investors should increase their allocation to cloud service providers and reduce holdings in semiconductor stocks. Semiconductors are the most volatile link in the AI capital expenditure chain."
2 minutes ago
Dreamcash will close the CASH perpetual market built on HIP-3.
Hyperliquid ecosystem mobile trading platform Dreamcash announced it will shut down its CASH perpetual market deployed under HIP-3. The shutdown will be phased over three days from June 30 to July 2, with each market settling sequentially at oracle prices. All open positions will be automatically closed at the settlement price, requiring no user action. As the platform uses a non-custodial architecture, user funds, balances and rewards remain unaffected, so no withdrawal is needed. Dreamcash stated it will reallocate core resources to developing its mobile trading application, which itself is unaffected and will continue operating as usual.
US real estate investment firm Cardone Capital CEO Grant Cardone tweeted that he has long advocated combining Bitcoin with physical assets, using cash flow generated from those assets to make dollar-cost averaging investments in Bitcoin amid its volatility. "We are committed to boosting real estate cash flow and buying more Bitcoin when it falls," he stated. Cardone added that Cardone Capital’s Bitcoin hybrid model is inspired by treasury firms, but backed by real assets and actual cash flow, making it the world’s largest real estate-Bitcoin hybrid company, with no institutional investors influencing its value proposition. The firm has built its Bitcoin treasury since April last year and has continued to increase its holdings ever since.
Relevant content
The AI boom has sparked explosive growth in investment flowing into the U.S., with total individual purchases of U.S. stocks surging to $763 billion.
Artificial intelligence boom has driven explosive growth in foreign investment in the United States: In the 12 months ending April 2026, net capital inflows into the US surged to a record $840 billion, with a significant rise in funds from individual investors and official institutions purchasing US assets. Since the start of 2025, foreign capital investment in the US has nearly tripled; by comparison, the 2021 peak was around $400 billion, less than half of the current level. In April, total purchases of US stocks by individual investors jumped to $763 billion, a record high. Official institutions' purchases hit a record $121 billion, more than doubling since the start of the year. Global demand for US assets is unprecedented.
2 minutes ago
Spanish regulator: No extensions or exemptions will be granted for the MiCA license transition period.
Carlos San Basilio, chair of Spain’s National Securities Market Commission (CNMV), said crypto firms that fail to obtain EU MiCA licenses by the end of June will not be granted any extensions or exemptions by the regulator. Large platforms must exit the EU market in compliance with regulations. The regulator is in close communication with unauthorized firms, focusing on their exit plans and customer asset transfer arrangements to safeguard investor interests. He also warned that investors conducting new transactions on unlicensed platforms will no longer enjoy protection under the MiCA framework.
Prediction market platform Polymarket has disclosed its annualized revenue has crossed the $1 billion mark. The FIFA World Cup has continuously boosted trading volumes across platforms since its kickoff: Polymarket’s U.S. platform daily trading volume surged from around $50 million in mid-May to over $200 million on June 20; the international platform’s total weekly trading volume, after a decline in April and May, also hit an all-time high during the World Cup. Previously, Polymarket was banned from operating in the U.S. in 2022 over incomplete regulatory registration. Last July, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) closed their investigation into the firm without filing charges, and its U.S. platform now operates as a CFTC-regulated trading venue.
2 minutes ago
SecondFi: Final balance snapshots have been completed, and asset refunds are expected to begin in approximately two weeks.
SecondFi Update on Incident Fund Recovery Progress: The final balance snapshot was completed on June 26, serving as an accurate record basis for subsequent asset recovery. The engineering and security teams have finished balance verification and recovery mechanism assessment, with asset refunds expected to begin in approximately two weeks—one week will be allocated to implementing solutions, and the other to testing and review. The specific timeline may be adjusted based on progress. SecondFi stated that operations will resume only after confirming platform security and completing all security reviews. Currently, users only need to submit applications via support tickets, with no other actions required.
2 minutes ago
Goldman Sachs strategist advises investors to appropriately increase allocations to cloud service providers and reduce holdings in semiconductor stocks.
Goldman Sachs strategist Christian stated that amid AI-related trading segments, as chipmaker stocks continue to fluctuate, the investment appeal of large-cap tech stocks may further rise. Currently, the market is led by chip companies and beneficiaries of AI capital expenditure, rather than hyperscale cloud service providers. These chip stocks rank among the most volatile segments in the AI industrial chain, with massive funds building heavily leveraged positions in them via tools like ETFs and options. "If the upward momentum of the AI sector remains strong, investors should increase their allocation to cloud service providers and reduce holdings in semiconductor stocks. Semiconductors are the most volatile link in the AI capital expenditure chain."
2 minutes ago
Dreamcash will close the CASH perpetual market built on HIP-3.
Hyperliquid ecosystem mobile trading platform Dreamcash announced it will shut down its CASH perpetual market deployed under HIP-3. The shutdown will be phased over three days from June 30 to July 2, with each market settling sequentially at oracle prices. All open positions will be automatically closed at the settlement price, requiring no user action. As the platform uses a non-custodial architecture, user funds, balances and rewards remain unaffected, so no withdrawal is needed. Dreamcash stated it will reallocate core resources to developing its mobile trading application, which itself is unaffected and will continue operating as usual.
PANews, June 26 – CryptoQuant analyst Axel Adler Jr. released a report pointing out that Bitcoin's Realized Net Profit/Loss (90-day MA) has been negative for the fifth consecutive month, with the current reading at -$203.2 million. This means the market is systematically locking in losses, consistent with the early stages of past bear cycles. However, the cost basis of holder cohorts shows core support lies in the $48,000–$56,000 range. Looking at cost basis by cohort: whales (10,000+ BTC) at $48,100, small addresses (10–100 BTC) at $47,800, large wallets (1,000–10,000 BTC) at $56,500 – all still below the current price. Only the 100–1,000 BTC cohort ($65,700) is in loss, making it the main source of current loss-selling.
Adler noted this contrasts with the full capitulation in 2022, when nearly all cohorts fell below their cost basis. The current market shows a controlled decline rather than a capitulation pattern. The main risk lies in breaking the $48,000–$56,000 support zone; if this range is lost, it would push more holders into loss and open up deeper downside.
The broader cryptocurrency market is facing relentless selling, pushing Bitcoin (BTC) down to $58,000 on Friday and liquidating over $1 billion in 24 hours. Worldcoin (WLD) and Pepe (PEPE) have emerged as the biggest losers over the same period, as bearish grip tightens on retail sentiment.
CoinMarketCap’s Fear and Greed Index at 14 on Friday continues to drift lower, signaling a clear risk-off mandate among investors.
Fear and Greed Index. Source: CoinMarketCapCrypto market hits the panic buttonBitcoin's slip below the $60,000 mark signals a structural bearish shift across the crypto market, with extended downside risks. CoinGlass data shows around $1 billion in total liquidations over the last 24 hours, primarily driven by $806 million in long liquidations, suggesting weakness among buyers.
Crypto liquidation data. Source: CoinGlassOn the institutional front, Bitcoin Exchange-Traded Funds (ETFs) recorded $696 million in outflows on Thursday, marking their highest outflow since May 27. The institutional trimming extends for the sixth consecutive day, totaling $3.61 billion so far in June, the highest monthly outflow ever.
Bitcoin ETFs data. Source: SosovalueBitcoin loses recovery hopes as bears break the $60,000 markBitcoin trades around $58,000 at press time on Friday, extending its fourth consecutive day of losses. The bearish breakout of the $60,000 psychological threshold offsets the possibility of a double-bottom reversal, reaffirming a firm bearish bias.
The 50-day Exponential Moving Average (EMA) at $67,821 and the 200-day EMA at $77,044 both loom overhead as trend-defining resistance, while the broken upward support trend line, now a barrier around $73,736, underscores the loss of bullish structure.
That said, the momentum remains heavy on the downside, with the Moving Average Convergence Divergence (MACD) slipping below its signal line, hinting at fading downside pressure, while the Relative Strength Index (RSI) at 28 shows oversold conditions that could slow but not yet reverse the downtrend.
Looking down, the path of least resistance could drift Bitcoin lower toward the July 5, 2024, low of $53,485.
BTC/USDT daily price chart.Worldcoin and Pepe extend their downward spiralWorldcoin trades below the $0.5000 psychological level on Friday, mirroring Bitcoin's four consecutive days of losses. Still, the 50-day EMA at $0.4513 and the 200-day EMA at $0.4651 keep the near-term tone neutral to slightly supported after the recent bounce.
The MACD line falls sharply below the signal line as selling pressure resumes, while the RSI at 44 has eased below the midline, hinting that bullish momentum is fading.
On the topside, immediate resistance aligns with the $0.7229 peak from June 17, and a daily close above this barrier would open the way for a more constructive recovery phase.
WLD/USDT daily price chart.On the downside, initial support comes from the 200-day EMA at $0.4651, and the 50-day EMA at $0.4513, and a break back below this level would reinforce the idea of a deeper pullback toward prior lows, leaving the pair vulnerable to renewed selling pressure.
Pepe mimics a falling knife scenario on the daily chart, with roughly an 18% loss over the last four days. PEPE is down 3% at press time on Friday, well below the 50-day and 200-day EMAs at $0.00000311 and $0.00000428, respectively. To reinforce an upward trend, short-term recoveries in PEPE should clear the moving averages above.
That said, the momentum is extremely bearish on the daily timeframe, limiting the chances of a rebound. The MACD indicator flashes a sell signal with a bearish crossover while the RSI at 19 points to extreme oversold conditions.
On the downside, the extended correction in PEPE could target the $0.00000200 round figure, last seen in February 2024.
PEPE/USD daily price chart.(The technical analysis of this story was written with the help of an AI tool.)
Shareholders Approved Three Moves At The Annual MeetingThe board authorized the reverse split following shareholder approval, with the change set to take effect as soon as practicable.
The move reduces outstanding shares while leaving authorized shares unchanged, a standard tactic companies use to boost per-share price without altering total shareholder value.
Shareholders also elected Asher Genoot to the board as a Class I director for a term running through 2029 and reappointed KPMG LLP as the company’s independent auditor.
Separately, directors Justin Mateen, Richard Busch, and Michael Broukhim converted their restricted stock units into ABTC shares on a 1-for-1 basis.
Despite the corporate actions, ABTC shares kept falling, down about 17% over the past week and roughly 60% year-to-date.
American Bitcoin, backed by Eric Trump and Donald Trump Jr., holds more than 7,500 Bitcoin (CRYPTO: BTC) and ranks 16th among publicly traded corporate Bitcoin holders.
Senators Are Already Investigating The Trump Family’s Other Crypto BetThe timing puts American Bitcoin’s news directly behind Tuesday’s Senate Democrat letter demanding hearings into World Liberty Financial.
Five senators, including Elizabeth Warren (D-Mass.) and Richard Blumenthal (D-CT), want testimony on a $500 million deal in which associates of Abu Dhabi royal Sheikh Tahnoon bin Zayed Al Nahyan acquired a 49% stake in WLFI just before Trump’s inauguration.
That investigation has already widened to include a $1.4 billion arms sale to the UAE, a fast-tracked CFIUS review process, and a billion-dollar Nvidia chip deal for Emirati AI firm G42, which intelligence officials later linked to China’s missile programs.
The same UAE ties are now the central obstacle blocking the CLARITY Act, after a Senate Banking Committee ethics amendment failed on procedural grounds.
ABTC Sits Deep In Oversold Territory With No Confirmed Bottom YetABTC trades roughly 20% below its 20-day moving average and 73% below its 200-day average, with the stock locked in a clear downtrend across every major timeframe.
RSI sits at 27.66, putting the stock firmly in oversold territory.
Key resistance sits at 88 cents, aligning with the 20-day moving average as the first test for any rebound. Support sits at 73 cents, the 52-week low zone where buyers have recently shown up to slow the decline.
Image: Shutterstock
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Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Strategy’s options market has remained below historical crisis levels even as defensive Bitcoin positioning has climbed into the top fifth of historical readings, according to new research from Anchorage Digital.
Summary
Anchorage Digital says Strategy’s options market is not signaling a severe crisis despite elevated downside hedging. Bitcoin and IBIT options show strong demand for protection, with put skew near historical highs. Legal scrutiny, insider share sales, and stock weakness have increased pressure on Strategy, but options traders are not pricing forced deleveraging. According to a June 25 report by Anchorage Digital head of research David Lawant, traders across Bitcoin options, BlackRock’s iShares Bitcoin Trust (IBIT), and Strategy (MSTR) continue to pay a premium for downside protection, yet Strategy’s options market is not signaling fears of a severe company-specific breakdown.
The research examined options activity on Deribit alongside IBIT and MSTR, arguing that the combination offers a more complete picture of sentiment across crypto-native participants, institutions, and retail investors than any single market on its own.
The Put skew remained elevated in both Deribit and IBIT options, indicating that investors have preferred hedging against losses instead of chasing additional upside. According to the report, defensive positioning ranked in the 82nd percentile of IBIT’s history and the 84th percentile of Deribit’s five-year record.
Lawant also found that Bitcoin options have spent nearly half of 2026 pricing one-week implied volatility above one-month implied volatility. The report attributed the unusual pattern to repeated macroeconomic events, geopolitical developments, and crypto-specific catalysts that have kept traders focused on immediate uncertainty.
Lawant wrote that a return to one-month implied volatility trading above one-week levels would suggest investors are becoming more comfortable looking beyond current risks.
Strategy options remain below historical stress levels Although Strategy has come under growing pressure in recent weeks, Anchorage Digital said its options market has not reached the conditions that accompanied previous periods of severe market stress.
According to the report, traders continue to buy downside protection, but put skew has not climbed to levels that typically signal expectations of forced deleveraging or a broader crisis surrounding the company.
The assessment comes as Strategy’s capital structure has faced fresh strain. The company’s perpetual preferred stock, STRC, dropped to $82.53 on June 22, about 17% below its $100 par value, before recovering after Strategy disclosed that it had increased its fiat reserves to $1.3 billion. By Thursday, STRC was trading near $75, leaving it roughly 25% below par.
Source: Yahoo Finance Pressure has also spread to the company’s common stock. Yahoo Finance data showed MSTR shares were trading around $85 on Thursday after falling about 78% over the past year and reaching a fresh 52-week low.
Legal scrutiny has intensified alongside stock weakness Outside the options market, Strategy has encountered increasing legal and investor scrutiny.
Rosen Law Firm recently announced that it is investigating whether the company made materially inaccurate business disclosures. The firm said it is evaluating potential securities claims and considering a possible class action on behalf of shareholders who suffered losses.
The investigation followed public comments from Bitcoin critic Peter Schiff, who argued that investors in Strategy’s STRC preferred shares could have legal grounds to pursue claims if they purchased the security based on Michael Saylor’s promotion of the company’s Bitcoin treasury strategy. Schiff made those remarks before any law firm publicly disclosed an investigation into potential shareholder claims.
Adding to investor attention, Strategy director Jarrod Patten recently sold another 1,500 MSTR shares as the stock continued its decline.
Despite those developments, Anchorage Digital’s analysis indicates that options traders are preparing for additional volatility rather than pricing in a severe breakdown.
Strategy, led by Executive Chairman Michael Saylor, remains the world’s largest corporate holder of Bitcoin with 847,363 BTC on its balance sheet after pioneering the corporate Bitcoin treasury model in 2020.
Bitcoin can be safely stored by holding it in a self-custodial wallet. Only the BTC owner controls and secures both the Private Keys that authorize transactions, and the Secret Recovery Phrase that can regenerate those keys. No exchange, company, or third party can move, freeze, or recover the funds. In bitcoin's design, whoever holds the keys holds the BTC.
Disclaimer: This guide is for educational purposes only. It is not financial advice, not a solicitation, and not for UK audiences. Self-custody of bitcoin and digital assets is risky and not suitable for all users.
Why safe bitcoin storage matters more than everTargeted bitcoin theft is rising: in April 2025, a single US holder lost 3,520 BTC, roughly $330 million, when a social engineering scam reached their wallet. Physical coercion is rising alongside it. 2025 was a record year for physical attacks on bitcoin owners, with reported assaults up 169% last year. The threat to stored bitcoin comes from two directions at once: centralized platforms that fail catastrophically, and individual holders picked off by social engineering. A sound storage strategy has to account for both failure modes.
The bitcoin storage spectrum: from exchange custody to air-gapped cold storageDifferent bitcoin storage methods trade off security against convenience. The spectrum runs from fully custodial, where an exchange holds the keys, to fully self-custodial and offline, where the keys never touch an internet-connected device. For a breakdown of wallet categories, including hot vs cold and custodial vs self-custodial, see what is a bitcoin wallet. This guide focuses on how to use each method securely.
Storage method
Key control
Internet exposure
Best suited for
Exchange custody
Exchange holds keys
Always online
Active trading and small balances awaiting withdrawal
Software wallet (hot)
Owner holds keys
Online when in use
Day-to-day transactions and moderate balances
Hardware wallet (cold)
Owner holds keys on a secure chip
Offline by default
Long-term holdings and larger balances
Air-gapped hardware or dedicated device
Owner holds keys, never connects to the internet
Fully offline
High-value cold storage
Multisig wallet
Multiple keys required to sign
Varies by setup
Institutional holdings, shared custody, and estate planning
Each step down the table adds security and removes convenience. Combining at least two methods, an approach often called tiered storage, can reduce the risk of any single point of failure.
A practical tiered storage strategyThe most widely used approach, recommended by most security researchers and hardware wallet manufacturers, splits holdings across tiers by how often they are used.
Tier
What it holds
How it is protected
Active tier (software wallet)
A small share of holdings for daily transactions, swapping, and app interactions
Strong device security, updated software, and transaction verification
Cold tier (hardware or air-gapped device)
The majority of holdings, accessed infrequently to refill the active tier or make large transfers
Physical security, a PIN, and a secure phrase backup
Recovery tier (Secret Recovery Phrase backups)
Metal or paper backups in two or more separate locations
Geographic separation; exists solely to reconstruct access if a device is lost, stolen, or destroyed
The right split depends on how often someone transacts and their risk tolerance. The principle stays constant: keep the minimum necessary amount on internet-connected devices, and keep the rest offline.
The Secret Recovery Phrase: the single most important thing to protectA Secret Recovery Phrase is the sequence of 12 or 24 words generated when a wallet is first created. It is the master backup for every Private Key the wallet derives. Anyone who obtains those words in the correct order can rebuild the wallet and move all funds from any device, anywhere. There is no second factor, no confirmation email, and no waiting period.
Physical media is the safest place for it. Paper or stamped metal works; a notes app, screenshot, email, or cloud drive does not. In March 2026, Gen Digital documented a clipboard-hijacking infostealer called Torg Grabber that targeted 728 crypto-wallet browser extensions by silently swapping copied data, a reminder that malware on a connected device can intercept sensitive information the moment it is used.
Two or more physically separate, secure locations protect a backup against fire, flood, or theft at any single site, such as a fireproof safe and a bank safe deposit box. Metal backups add further protection because stamped or engraved steel plates survive fire and water that would destroy paper.
No legitimate wallet provider, exchange, or support representative will ever ask for a Secret Recovery Phrase. Any request for one is a scam, without exception.
Software wallets: self-custody with internet accessA software wallet, sometimes called a hot wallet, is an application on a phone, browser, or desktop that generates and stores Private Keys on the device. The holder controls the keys directly, which removes exchange dependency, but the device stays connected to the internet at least some of the time.
Software wallets are the most practical option for BTC that gets used for sending, receiving, swapping, or interacting with apps. MetaMask, for example, supports native Bitcoin through the Native SegWit derivation path (the modern bitcoin address format that lowers network fees) alongside Ethereum and Solana in a single self-custodial interface.
The security ceiling of a software wallet is the security of the device it runs on. Malware on a compromised phone or computer can expose Private Keys, no matter how well the wallet software is built. Practical defenses include keeping the operating system updated, avoiding sideloaded apps from unofficial sources, using a dedicated device where possible, and keeping the Secret Recovery Phrase off the device that runs the wallet.
Hardware wallets: offline key isolationA hardware wallet is a purpose-built physical device that generates and stores Private Keys in a secure element, a tamper-resistant chip that never exposes the keys to an internet-connected computer or phone. When a transaction needs signing, the details go to the device, get signed internally, and return. The Private Keys never leave the hardware.
This architecture means that even if the computer used alongside the hardware wallet is compromised, the attacker cannot extract the keys or alter the transaction details without physical access to the device and its PIN.
What to look forFeature
Why it matters
Secure element chip
Prevents key extraction even with physical access
On-device transaction display
Verifies the exact recipient and amount before confirming, which defeats address-swapping malware
Open-source firmware
Allows independent security audits
Bitcoin-native support (SegWit, Taproot)
Ensures full compatibility, not just wrapped or tokenized BTC
Direct manufacturer purchase
Eliminates tampered-device risk from third-party resellers
Pairing hardware with softwareHardware wallets work alongside software wallets rather than replacing them. The software wallet handles the interface and network connection; the hardware wallet handles signing. MetaMask Extension connects to hardware wallets, including Ledger, Trezor, Keystone, and NGRAVE ZERO, which pairs day-to-day portfolio visibility with offline key isolation.
Air-gapped storage and multisigFor high-value holdings, some holders go further than a standard hardware wallet.
Air-gapped devices are hardware wallets or dedicated computers that never connect to the internet in any way, including USB, Bluetooth, or Wi-Fi. Transactions pass to the device by QR code or microSD card, get signed offline, and pass back the same way. This removes the entire category of remote, network-based attacks.
Multisig, or multi-signature, wallets require more than one Private Key to authorize a transaction, for example, two out of three keys held in separate locations or by separate people. This removes the single point of failure in any single-key setup. If one key is lost or compromised, an attacker still cannot move funds, and the holder can recover using the remaining keys. Multisig is common in institutional custody, shared business accounts, and estate planning, where access needs to survive the loss of any single keyholder.
Both approaches add complexity and generally make sense only for holdings where the security benefit justifies the operational overhead.
Exchange custody: the risks of leaving BTC on a platformWhen bitcoin sits on an exchange, the exchange controls the Private Keys. The holder has a claim on the platform's reserves, not direct ownership of specific BTC on the blockchain. If the exchange is hacked, freezes withdrawals, or becomes insolvent, that claim may be worthless.
The February 2025 Bybit breach resulted in roughly $1.5 billion stolen, the largest single crypto theft on record, according to Chainalysis. The collapses of FTX in 2022 and Mt. Gox in 2014 showed the same structural risk at different scales. Chainalysis attributed 88% of Q1 2025 theft losses to compromises of centralized services, a pattern MetaMask's December 2025 Crypto Security Report saw alongside last year's $3.4 billion in total losses.
For holders who keep some BTC on an exchange to trade actively, enabling every available security feature, including two-factor authentication, withdrawal address whitelisting, and email confirmations for withdrawals, reduces the risk without eliminating it. Exchange custody still means trusting someone else's infrastructure.
Phishing and social engineering: the biggest threat to any storage methodThe most common way bitcoin holders lose funds is by being tricked into handing over access, not protocol exploits. No storage method protects a holder who gives away the keys.
Address poisoning is the fastest-growing blockchain network attack vector. As of early 2026, Blockaid had flagged more than 65.4 million address-poisoning transactions since January 2025, averaging over 160,000 per day. Attackers send tiny transactions from addresses that match the first and last characters of a victim's real addresses. When the victim copies an address from transaction history instead of verifying the full string, the funds go to the attacker. According to CoinDesk, one victim lost roughly $50 million this way in December 2025. One way to reduce address poisoning risks is to verify the full address before every send and to use a saved address book rather than transaction history. MetaMask's Address Poisoning Detection is built into the wallet by default. It compares each newly pasted address against addresses the user has already interacted with, and shows a warning when it spots a lookalike.
Impersonation was one of the fastest growing scam categories in 2025, according to Chainalysis. The attack shows up in many different forms, including: hackers posing as trusted brands, founders, or officials, and fake support staff who claim to represent a wallet provider or exchange. Both reach victims over channels like Telegram, Discord, and email. Legitimate support never initiates contact by direct message and never requests yourSecret Recovery Phrase. For example, leading self-custodial wallet MetaMask will never ask you for your Secret Recovery Phrase.
Malicious transaction signing tricks holders into approving transactions that grant an attacker permission to move tokens. This often happens through spoofed dapp interfaces. Defense: read every transaction detail before signing. MetaMask's transaction simulation and security alerts scan for known malicious addresses and suspicious contract interactions before execution. Reject anything that can't be fully read and understood.
Recovering bitcoin: what to do when something goes wrongScenario
What to do
Lost Secret Recovery Phrase, wallet still accessible
Create a new wallet, record the new phrase securely, and move all funds to it. Treat the old wallet as compromised, so the funds stay safe even if the lost phrase resurfaces.
Lost Secret Recovery Phrase, wallet inaccessible
The funds are permanently unrecoverable. No wallet provider can restore them. This is the most consequential risk in self-custody.
Compromised device
Move funds to a wallet on a clean, trusted device using a different Secret Recovery Phrase. Do not enter existing phrases on the compromised device.
Wrong address
Bitcoin transactions are irreversible once confirmed, with no chargeback and no central authority to appeal to.
Because confirmed bitcoin transactions cannot be reversed, pre-send verification is an important habit rather than an optional step. A small test transaction can confirm a new address, but a test alone is not enough: the December 2025 victim who lost $50 million sent a test first, then copied the poisoned address from transaction history. Re-entering or pasting the address from a saved, verified source for every send closes that gap.
Frequently asked questions about storing bitcoin safely
According to a recent report shared by David Lawant, head of research at Anchorage Digital, demand to hedge against downside risks in Bitcoin options remains elevated. The study indicates that both crypto-focused investors and participants in exchange-traded funds are intensifying efforts to protect themselves from potential declines.
Three markets analyzed togetherThe report reviews option activity across Deribit, BlackRock’s iShares Bitcoin Trust (IBIT), and shares of Strategy (MSTR). Anchorage Digital highlights that analyzing these three platforms together provides a broader view of trends among crypto-native investors, institutional players, and retail participants compared to a single market perspective.
Anchorage Digital is recognized as a US-based financial firm that provides custody, trading, and infrastructure services in digital assets. The report notes that a strong preference for puts persisted on both Deribit and the IBIT options market. This trend shows that investors are opting to pay premiums for downside protection instead of betting on major price rallies.
The report finds that defensive positioning has reached the 82nd percentile in IBIT’s history and the 84th percentile in Deribit’s last five years.
Short term risk perception comes to the foreThe research points to a notable volatility structure in Bitcoin options through 2026. Specifically, the market has priced implied volatility for the upcoming week higher than that for the next month nearly half the year. The report states that, while such inversions have historically appeared occasionally and briefly, this time macroeconomic, geopolitical, and crypto-specific events have made the pattern stand out more sharply.
This landscape suggests that option investors are prioritizing management of short term uncertainties rather than making firm directional bets. Lawant notes that a return of one month implied volatility outpacing weekly levels would imply that the market has grown more comfortable looking beyond immediate risks.
Pressure mounts on Strategy, but no panic signalsAnchorage Digital’s analysis shows a cautious approach among Strategy investors, yet no sign that participants are bracing for a severe downturn. Despite recent weakness in both its preferred and common shares, the level of stress in Strategy’s options market has not reached those witnessed during previous sharp corrections.
Strategy’s perpetual preferred share, STRC, slid to as low as $82.53 on June 22, trading about 17% below its $100 nominal value. After the company announced its cash reserves had risen to $1.3 billion, the share price partially recovered. As of Thursday, STRC was trading around $77, roughly 23% below nominal value.
The weakness did not stop at STRC. Yahoo Finance data shows Strategy’s common stock, MSTR, has fallen about 78% over the past year and was changing hands near $87 on Thursday.
Nevertheless, the report underscores that the put demand in MSTR options has not approached levels associated with forced deleveraging or fears of a broader crisis. Led by Michael Saylor as its executive chairman, Strategy became one of the early adopters of the corporate Bitcoin treasury model in 2020. The company currently holds 847,363 BTC on its balance sheet.
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.
PANews reported on June 26, according to The Block, Strategy's perpetual preferred stock STRC fell to an all-time low of $74 on Thursday, a 26% discount to its $100 par value, before slightly recovering to $75.69; MSTR broke below $87, its lowest since February 2024, with a drop of more than 50% over the past month or so. STRC is the primary financing vehicle for Strategy's recent Bitcoin accumulation. Strive's perpetual preferred stock SATA fell to an all-time low near $84 on Thursday.
PANews June 26 news, according to CoinDesk, the 90-day correlation between Strategy perpetual preferred stock STRC and Bitcoin’s price has climbed to nearly 0.70, the highest level since the product launched in July 2025. This month STRC fell 23% to $76, while BTC price dropped nearly 20% to below $60,000, with both weakening in tandem. This increasingly tight link weakens STRC’s appeal as a relatively stable yield instrument for investors seeking fixed income.
STRC is designed as a hybrid product: a variable-rate perpetual preferred stock with a $100 par value, paying monthly cash dividends at a current annualized dividend yield of 11.5%. When the share price is above par, the company can raise funds via at-the-market offerings to buy Bitcoin. But STRC is currently well below par, limiting the company’s ability to finance coin purchases. Strategy has recently made small BTC sales to cover dividend expenses, marking a shift from its long-standing “never sell” stance. Market views are split: some investors see the current discount as an attractive entry opportunity for yield-oriented capital, while others worry that persistent weakness may pressure the capital structure.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
In the past 24 hours, Bitcoin [BTC] saw $415.83 million worth of derivatives traders liquidated, with $319.18 million worth of these positions being long. Recent hours of trading saw the leading crypto test the $59.1k low once again, threatening another bearish breakdown.
Since the 6th of May, the Coinbase Premium Index for Bitcoin has been negative. The metric tracks the asset’s price difference between Coinbase (USD pair) and Binance (USDT pair).
Source: CryptoQuant The low premium levels implied reduced enthusiasm among U.S.-based investors compared to the global market. Additionally, the liquidation heatmap data AMBCrypto reported on earlier indicated why BTC prices might dive toward the $57k area in the coming days.
Price weakness versus subsiding Spot selling pressure Source: BTC/USDT on TradingView The 4-hour chart showed a bearish swing structure in place. The fall from $74.5k to $59.1k was used to plot a set of Fibonacci retracement levels (yellow). The 50% level at $66.8k rejected the bullish advance.
The longer-term structure, combined with this rejection, meant that a price drop to $55.5k and possibly even $49.6k could commence in the coming weeks.
The hidden danger for the next Bitcoin market phase Glassnode’s weekly market report noted that Spot markets led the sell-off. Derivatives markets reacted to the move rather than driving it, which can help achieve market lows in the coming months.
Some long-term investors were beginning to see current prices as attractive buying levels. However, a market-wide accumulation was not yet underway, according to the analytics platform.
There is a threat that could catalyze the market bottom.
Source: Axel Adler Jr. Crypto analyst Axel Adler Jr. drew attention to the Bitcoin and the Strategy [MSTR] stock’s drawdown. They were 51% and 78% down from their highs, respectively, which represented heavy losses.
Still, it wasn’t close to the 2022 bottom values, when drawdown reached -77% and -89%, respectively.
If the company is forced into a position where it has to sell spot Bitcoin to pay preferred dividends and the company’s interest on debt, it could be bad news for the wider crypto market.
Though the company’s debt has no margin call risk, its spot selling could send the already fearful market sentiment into a widespread panic.
Such an outcome could hasten or even mark the final capitulation of the cycle before an eventual recovery.
Final Summary The Bitcoin Coinbase Premium Index has been negative for more than six weeks, signaling weak interest from U.S. investors. In the short term, another price drop below $59k appeared likely, as derivatives markets catch up to the spot-driven move.
PANews June 26 news, according to BIT analysis, Bitcoin mining is undergoing the most complex structural adjustment since the protocol's inception. Bitcoin price is holding near $61,000, and total network hashrate is near 1 ZH/s at historic highs, but the industry's economics paint a starkly different picture: profit margins remain under pressure, incentive structures are misaligned, and the 2028 halving will force a systemic re-evaluation across the entire industry. Five independent analysis frameworks (production cost model, hashrate-price divergence analysis, fee revenue analysis, overall security budget, and industry profit/loss analysis) all point to the same conclusion: Bitcoin mining is currently operating near breakeven levels, and no credible alternative revenue source has yet emerged within pure mining operations.
But this does not mean the industry is collapsing. Surviving mining companies are transforming into infrastructure operators, energy arbitrage operators, and AI/HPC computing infrastructure providers. If successful, this transformation could redefine Bitcoin's security model for the next cycle and beyond. At this stage, some mining companies still have the conditions to stand out in this challenging environment.
Bitcoin fell briefly toward the $58,000 level on Thursday as mounting macroeconomic uncertainty, weakening short-term investor conviction and widespread liquidations intensified selling pressure across crypto.
The decline came amid a sharp reversal in US equities, erasing roughly $1 trillion from the S&P 500, while Bitcoin briefly touched $58,000 for the first time in 21 months.
Short-term holder momentum continues to weakenCryptoQuant stated that the market continues to show signs of weakening speculative demand, with the Short-Term Holder (STH) Realized Price Year-on-Year Momentum falling deeper into negative territory.
The metric has declined from around -2.4% in mid-March to approximately -24% as of Tuesday, suggesting that recent buyers are entering the market at significantly lower price levels than a year ago.
CryptoQuant noted that the continued deterioration reflects fading participation from short-term traders, although the current reading remains less severe compared to previous bear-market reset periods, when the metric typically fell between -55% and -65%.
“These levels coincided with periods of severe short-term holder cost-basis reset, after which market conditions eventually improved,” CryptoQuant analyst Zizcrypto wrote.
While Bitcoin's price could begin to recover before the indicator reverses, the firm said the metric has yet to show evidence of a sustained improvement in short-term holder conviction.
Inflation fears spark market-wide sell-off amid Bitcoin declineThe weak onchain backdrop coincided with a dramatic sell-off across traditional financial markets. The Kobeissi Letter attributed the declines to renewed inflation fears and concerns surrounding the rising costs of artificial intelligence infrastructure.
Markets initially shrugged off US Personal Consumption Expenditures (PCE) data showing inflation accelerated to 4.1% in May, the highest level since April 2023. However, the event was followed by a sharp dip in equities, with Apple stock dropping nearly 6% after it announced an increase in product prices.
The broader risk-off move spilled over into digital assets, where approximately $500 million in leveraged Bitcoin long positions were liquidated in about an hour, accelerating Bitcoin's decline toward $58,000.
STRC weakness pressures Strategy's funding outlookOn the other hand, Arkham Intelligence highlighted that growing concerns surrounding Strategy's STRC perpetual preferred shares added another layer of uncertainty for Bitcoin investors.
The firm noted that STRC's roughly 25% decline below its $100 par value reflects investor concerns over Strategy's ability to sustain its $1.2 billion annual dividend payments rather than an imminent collapse.
Unlike Terra's algorithmic stablecoin model, STRC has no forced liquidation mechanism or mandatory dividend obligation that could trigger a death spiral.
Arkham warned that prolonged weakness in the preferred shares could make future capital raises more difficult. Such conditions could slow Strategy's Bitcoin accumulation strategy over the long term if investor appetite continues to weaken.
Bitcoin is trading at $59,770, down nearly 2% in the past 24 hours at the time of writing.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Alpha is MetaMask's weekly market report—context, data, and signal.
Bitcoin is trading as part of a macro risk basket with semiconductors and SpaceX, not on crypto-native catalysts. The AI-stock selloff, Micron's earnings test, and a massive options expiry are defining the regime.
TL;DRBTC is moving with chip stocks, not crypto headlines
Micron's $41.5B quarter tests the AI capex cycle
$10B in options expire Friday, quarter-end closes Tuesday
The Number: SpaceX sees $600 billion come and goAt least that much market value has been erased from SpaceX since the company’s stock price soared post-IPO last week, according to coverage of the three-session selloff.
The Big Story: Why BTC is trading like a chip stock right nowBitcoin slid toward $62,000 on June 23 as a 10% crash in global AI stocks spread into digital assets. A day later, Micron posted record fiscal Q3 revenue of $41.5 billion and guided Q4 to $50 billion. Memory is the bottleneck that matters most to the AI buildout, so Micron's print was a test of whether the capex cycle underneath the AI trade is still real.
BTC moved with semis because macro funds have spent much of 2026 treating semis, data-center suppliers, Bitcoin, and Bitcoin proxies as one long-duration risk basket. The ETF wrapper, the futures market, and the treasury-proxy layer each transmit that differently.
This is not a trade call. It is a regime call. When chip earnings, the dollar, and Fed repricing drive BTC more than crypto-native headlines, the basket is in control. The same de-risking that hit semis helped puncture SPCX's first-week premium. Polymarket's Fed hike board at 55–60% puts a live number on the regime.
The Setup: Another one (quarter)Friday, June 26: Roughly $10.5 billion in BTC options expire on Deribit, with max pain near $72,000 before the monthly crypto derivatives reset.
Tuesday, June 30: Quarter-end positioning and June closes could exaggerate moves across BTC, semis, and SPCX.
Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
4 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
According to Bitget market data, the Nikkei 225 index has extended its decline to 5%, with SoftBank and chip stocks plummeting.
PANews June 26 news, according to SoSoValue data, yesterday (Eastern Time June 25) the total net outflow of Bitcoin spot ETFs was $696 million.
The Bitcoin spot ETF with the highest single-day net inflow yesterday was Morgan Stanley ETF MSBT, with a single-day net inflow of $9.1679 million. As of now, MSBT's historical total net inflow has reached $327 million.
The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity (Fidelity） ETF FBTC, with a single-day net outflow of $274 million. As of now, FBTC's historical total net inflow has reached $10.143 billion.
As of press time, the total net asset value of Bitcoin spot ETFs is $72.573 billion, the ETF net asset ratio (market value as a percentage of total Bitcoin market cap) has reached 6.09%, and the historical cumulative net inflow has reached $52.05 billion.
Longs Bear the Brunt of a Brutal FlushAlmost $995 million in crypto derivatives positions were forcibly closed over 24 hours, according to CoinGlass data. The sweep hit 138,452 traders and underscored just how heavily leveraged the market had become heading into the selloff.
Leveraged bulls absorbed the majority of the damage. Of the $994.62M total, $704 million came from long positions, while short liquidations accounted for the remaining $290 million. The lopsided breakdown points to a market that had positioned aggressively for further upside before the move lower forced a rapid unwind.
Liquidations of this scale exert significant short-term pressure on prices by creating forced selling. When a wave hits, exchanges automatically close leveraged positions, adding sudden selling volume that can drive prices lower and trigger further liquidations in a feedback loop.
Bitcoin and Ethereum Lead the Damage$BTC led all assets with $478 million in liquidations, followed by $ETH at $225 million. The two largest cryptocurrencies by market cap accounted for the bulk of the losses, reflecting their dominance in the derivatives market.
The single largest forced exit of the period was a $38 million $BTC position on Hyperliquid. The decentralized perpetuals platform has increasingly become a venue for large-scale leveraged trades, making its liquidation data a closely watched signal across the industry.
The episode serves as a reminder of how quickly overleveraged markets can unwind. With longs outpacing shorts by more than two to one, the positioning ahead of the selloff left little room for error when price action turned.
Sources:
CoinGlass: Real-Time Crypto Liquidation Data
Crypto Briefing: 24-hour crypto liquidations reach $967M as leveraged longs get wiped out
For the past two cycles, Bitcoin DeFi has lived more as a promise than a category.
Programmable Bitcoin has remained a vision held by a certain breed of Bitcoin maxi who believes that the world’s largest cryptocurrency can become productive without losing its security or sound money qualities.
Yet the closure of Bitcoin scaling platform Botanix earlier this month has called that vision into question.
If a well-funded, technically ambitious Bitcoin layer-2 with live apps, integrations and competitive yields can’t attract enough usage to survive, does that mean Bitcoiners simply don’t care about decentralized finance?
Bitcoin DeFi remains a niche proposition in 2026, despite years of being touted as the next big thing.
DefiLlama’s dashboard shows just $4.12 billion of total value locked (TVL) across all of the Bitcoin DeFi protocols. That’s a rounding error next to Bitcoin’s $1.2 trillion market cap, and the hundreds of billions held via spot exchange-traded funds, corporate treasuries and custodial accounts.
Andre Dragosch, head of research Europe at Bitwise, told Cointelegraph, “Bitcoin is winning decisively as a monetary asset and as pristine collateral, but the case for Bitcoin as a standalone DeFi execution layer was always structurally weaker than the narrative suggested.”
Botanix closes after four yearsWhen Botanix announced it was winding down after nearly four years of work and a year of mainnet uptime, the team didn’t blame a hack or a regulatory shock; they blamed demand.
Botanix described a chain that “worked” in every technical sense: 25 million transactions, 200,000 wallets, and tens of millions of dollars in bridged funds, yet it never generated the fee volume needed to cover its infrastructure costs.
Users came for the yield, treated BTC as store-of-value collateral, and then largely stuck to passive, buy-and-hold strategies, rather than actively borrowing, trading, or moving funds often enough to generate meaningful fee volume.
Like most BTCFi stacks today, Botanix still requires users to bridge their Bitcoin into a tokenized version on a separate Ethereum Virtual Machine (EVM)-based chain before they can access DeFi. That introduces additional bridge and smart contract assumptions that worry many Bitcoiners.
Botanix’s shutdown notice. Source: Botanix
Even so, Botanix co-founder Willem Schroé told Cointelegraph that he wouldn’t have changed the core design. Despite Botanix offering what he described as “the best rates in the industry” and a more Bitcoin-aligned security model than typical wrapped BTC bridges, wrapped BTC on Ethereum still out-competed Botanix.
He attributed that to Ethereum’s “huge infrastructure network and Lindy effect,” as well as a mix of liquidity depth, user experience and regulatory comfort.
What Botanix learned about Bitcoin DeFiThe team concluded that Bitcoin is still viewed as a reserve asset rather than something that has programmable utility.
For most existing use cases like lending, leveraged exposure, or yield, a wrapped BTC position on a large, mature EVM ecosystem such as Ethereum is “genuinely sufficient” for most users. Rather than bridge into a Bitcoin-aligned EVM chain like Botanix, users preferred to stick with wBTC on venues where the liquidity, apps and integrations already exist.
Botanix also pointed to onchain activity consolidating around venues like Hyperliquid, and major centralized exchanges and retail-facing fintechs that “own the user relationship,” leaving independent infrastructure “rowing upstream” against convenience and branding.
Wilhelm said he hopes Botanix’s wind-down “will definitely be looked at by others,” and framed the process as a professionally managed experiment whose lessons other BTCFi builders should take seriously.
Bitcoiners, DeFi and wrapped BTCWhile estimates vary, only a small fraction of Bitcoin’s supply is currently productive in DeFi, and most of that sits in wrapped BTC products on Ethereum and its L2s like Base and Arbitrum, as well as Polygon, Solana and BNB Smart Chain. A smaller percentage is on “Bitcoin L2” chains, with Bitcoin-aligned L2s and sidechains accounting for a modest share of that activity by value.
Tokenized BTC products themselves represent just a sliver of the asset: A May 2026 analysis estimated that roughly $20 billion worth of BTC — less than 2% of the total Bitcoin supply — is circulating on EVM chains in wrapped form.
Total Value Locked (TVL) in Bitcoin DeFi. Source: DeFiLlama
An October 2025 GoMining survey of 730 Bitcoin holders found that 77% of respondents had never used a BTCFi platform, and only 3% integrated BTCFi into their overall Bitcoin strategy.
Even allowing for sample bias (these respondents were plugged-in, survey-answering BTC holders), the numbers show that BTCFi platforms that keep users in Bitcoin-aligned stacks remain a niche activity rather than a mass behavior.
Justin d’Anethan, head of research at crypto private markets advisory firm Arctic Digital, told Cointelegraph, “There is more liquidity and better yields on EVM or SVM [Solana Virtual Machine] native solutions than on BTC solutions, period.”
When clients ask about “putting their Bitcoin to work,” the practical routes, he said, are still centralized desks, exchanges lending out BTC at 2% to 4%, basis trade structures “à la Ethena,” or institutional credit pools like Maple.
He said the big obstacle for most Bitcoiners was the risk of bridging to a less secure Bitcoin L2. For “hardcore BTC maxis,” the default remains cold storage, HODLing and riding price appreciation, rather than trying to “eke out 2-3% with counterparty risk.”
Native BTCFi as a structural mismatchDragosch said Botanix’s failure suggested that demand for standalone Bitcoin DeFi execution layers was much weaker than their backers expected.
He argued that capital that “genuinely wants yield has migrated to wrapped BTC on mature, liquid venues rather than bridging into bespoke federations.”
In this view, the problem isn’t just that Bitcoiners haven’t “discovered” native DeFi yet; it’s that the architecture and user base are misaligned. Bitcoin’s base layer is slow, conservative and firmly anchored in the store-of-value narrative.
“Bitcoin as reserve collateral is the durable trade,” Dr. Dragosch said, “the next leg of adoption runs through institutions and balance sheets, not necessarily through onchain execution layers.”
77% of respondents have never used a BTCFi platform. Source: GoMining
Who is still building BTCFi, and for whom?Diego Gutierrez Zaldivar, chief executive of RootstockLabs, a Bitcoin-secured, EVM-compatible sidechain, doesn’t buy the idea that there’s “no demand” for Bitcoin-backed lending, yield products or broader BTCFi services.
He said the main constraint is trust: putting in place the operational, legal and risk management frameworks that institutions need.
More than 40% of all Bitcoin DeFi activity now runs through Rootstock, he said, including real-world asset settlements and institutional vaults. Over the past year, he said, funds have started asking to deposit hundreds or even thousands of BTC at a time into Rootstock-based products; flows that were almost unheard of two or three years ago.
Chains TVL. Source: DeFiLlama
Orkun Mahir Kılıç, co-founder of Chainway Labs, which is behind Citrea, a Bitcoin-anchored rollup combining the Bitcoin Virtual Machine (BVM) and zero-knowledge proofs, argued that cloning EVM DeFi primitives onto Bitcoin is a dead end, and said that Botanix’s experience is a verdict on that model, rather than BTCFi itself.
Orkun Mahir Kılıç is co-founder of Chainway Labs, behind Citrea, a Bitcoin-anchored rollup that keeps user assets inside Bitcoin’s security perimeter and proves its state with zero-knowledge proofs. He argued that cloning EVM DeFi primitives onto Bitcoin is a dead end, and said that Botanix’s experience is a verdict on that model, rather than BTCFi itself.
He told Cointelegraph that “more secure” doesn’t change most people’s behavior.
“People don’t price counterparty risk until something breaks,” he said. ”Where it matters” is for institutions and large holders that need trust-minimized transactions with no custodian to fail.
“For everyone else, the reason to be here isn’t the security guarantee in the abstract; it’s the applications that don’t exist elsewhere.”
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
22 minutes ago
SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
22 minutes ago
BNP Paribas: Raises Micron's price target from $615 to $1700
BNP Paribas announced it has raised Micron Technology's price target from $615 to $1700.
22 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
22 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
According to Bitget market data, the Nikkei 225 index has extended its decline to 5%, with SoftBank and chip stocks plummeting.
22 minutes ago
Micron hits a record earnings high, pulls back 9.6%; a major bullish whale is less than $15 away from liquidation.
According to Hyperinsight monitoring, Micron (MU) — which rallied on the back of record earnings — pulled back sharply amid risk-off sentiment triggered by higher-than-expected PCE inflation. It fell roughly 9.6% from its overnight high of ~$1,255, saw intraday flash crashes, and extended losses in after-hours trading. On Hyperliquid, MU is currently trading at $1,128, down 6.9% in 24 hours. On-chain whales remain heavily bearish, with total short positions standing at ~$95.24 million, 1.76 times the long positions ($54.24 million). In terms of entry costs, the average long position price is ~$958.74, while short positions average ~$972.94. The current price remains above both levels, meaning longs are in profit and shorts are deeply underwater. As prices fall, long liquidation pressure has surged. The nearest long liquidation threshold has dropped to ~$1,114.21, just ~2.9% below the current price. This long whale (0x9e2c) holds a 5,000 MU long position with 10x leverage, worth ~$5.6 million at an average entry price of $1,215, with a liquidation price of $1,114 — less than $15 away from the current price. By contrast, the nearest short liquidation threshold is at $1,427.77, roughly 24.4% above the current price, making it relatively safe. The largest short position was opened at $774.99 with 10x leverage, worth ~$15.92 million and currently sitting on an unrealized loss of $5.17 million. - The HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permissions) to automatically sync on-chain updates.
