First public release of a complete FPGA implementation for zero‑knowledge proofs could finally make ZK‑rollups cheap enough for consumer‑scale applications.
A team of hardware and cryptography engineers at Cysic has released the first open-source, full-stack FPGA implementation of a zero-knowledge virtual machine (zkVM). The code, published today, is designed to accelerate the generation of ZK proofs; the cryptographic backbone of secure, private, and scalable blockchain networks.
If adopted by rollup operators and prover networks, the technology could dramatically lower the cost of ZK‑rollups, making them competitive on cost with optimistic rollups, which today are cheaper but settle more slowly and rest on different trust assumptions. That, in turn, would enable a new class of consumer applications that have remained theoretical for years: private stablecoin payments, portable identity without document uploads, verifiable AI on local devices, and on‑chain gaming with instant finality.
The Bottleneck That Held Back Web3 ZK‑rollups offer instant transaction finality and the same security guarantees as Ethereum mainnet. But generating the required cryptographic proofs has been computationally expensive; so expensive that most ZK‑rollups remain costlier than optimistic rollups, which require a seven‑day withdrawal window and weaker trust assumptions.
Consumers have voted with their wallets. They choose the cheaper, slower option. And many promising applications; like private payments, proof‑of‑age without revealing identity, and micropayments; have never reached scale because the underlying proof costs made them uneconomical.
What the Open‑Source Code Does An FPGA (field‑programmable gate array) is a chip that can be reconfigured after manufacturing to perform a specific task extremely efficiently. For ZK proofs, a properly configured FPGA can run orders of magnitude faster and use far less power than a general‑purpose CPU or GPU.
Until now, FPGA implementations for ZK proving have stayed proprietary or locked to a single prover network. This release is the first complete, open-source FPGA proving stack for a full zkVM — the FPGA backend for Venus, Cysic’s open-source zkVM. It includes the complete proving pipeline, not just isolated primitives, and is licensed permissively for anyone to use, modify, or port to different hardware.
The code sits alongside a production GPU proving network that already generates proofs for Ethereum blocks. With both GPU and open FPGA backends, the infrastructure is no longer dependent on a single class of silicon; a reliability benefit for any application that relies on verifiable compute.
What Becomes Possible With fast, cheap, and open ZK proving, several long‑promised consumer applications could finally move from white papers to wallets:
Private, instant stablecoin payments – A business could prove its funds are clean without revealing its entire transaction history, at a cost of pennies instead of dollars. Portable, privacy‑preserving identity – A user could prove their age or creditworthiness in under a second, without uploading passports or sensitive documents to third‑party servers. Verifiable AI on consumer devices – An AI assistant on local hardware could prove it executed a given model faithfully on the user’s data — without sending that data to the cloud. On‑chain gaming with instant finality – A multiplayer game could settle hundreds of moves per second on a ZK‑rollup, with proof costs low enough to make true asset ownership practical. Micropayments and streaming money – Paying a fraction of a cent per second for video or API calls would no longer be eaten by fees, because per‑transaction proofs would become nearly free. Availability
The open‑source FPGA code is available today on GitHub under permissive licenses. It is under active development and not yet audited for production use, but the team has invited researchers, developers, and hardware engineers to study, test, and build upon it.
“ZK only reaches its potential when proving is fast, cheap, and verifiable by anyone. Open‑sourcing the first FPGA zkVM is our way of saying the ecosystem moves forward together – not behind closed doors.” — Leo Fan, CEO of Cysic
About the Release The code is the FPGA hardware backend for Venus, Cysic’s open-source zkVM. It was built by Cysic, a verifiable compute network, and is released under Apache 2.0 / MIT licenses. It was built by Cysic, a verifiable compute network, and is released under Apache 2.0 / MIT licenses.
About Cysic Cysic, backed by leading investors including Polychain Capital, OKX Ventures, HashKey Capital, is building the verifiable compute engine for Web3. By combining custom ZK hardware, a decentralized node network, and a programmable economic layer, Cysic transforms computation into a trustless, on-chain resource. The network supports scalable proof generation, AI verification, and scientific computing workloads, laying the groundwork for the ComputeFi economy.
PANews reported on June 26, according to Cointelegraph, that as Ethereum’s price dropped to a yearly low, Tether’s stablecoin USDT briefly became the second-largest cryptocurrency by market cap. Ethereum’s market cap fell below $185 billion after plunging 5.2% in 24 hours, and its price on Coinbase once dipped to $1,510, allowing USDT, with a market cap of $186 billion, to momentarily surpass Ethereum.
Coingecko data shows that Ethereum’s market cap has rebounded to $189.1 billion, now sitting above USDT’s $186 billion market cap.
Tether’s USDT briefly overtook Ethereum by fully diluted valuation as ETH fell to its lowest price of 2026.
Summary
USDT briefly passed ETH by FDV as Ethereum fell to its weakest 2026 level. Stablecoin demand keeps expanding even as Ether struggles with selling pressure and ecosystem changes this week. Ethereum treasuries are buying ETH dips, but USDT’s growth shows stronger defensive market demand. The move put stablecoin demand in focus during another weak session for the wider crypto market.
Market data showed USDT’s fully diluted valuation near $191.5b, above ETH’s roughly $189.3b. Ethereum later held its #2 spot by market capitalization, while Tether remained third by circulating market value. The brief flip still showed how close the two assets have become during the latest downturn.
Tether briefly overtook Ethereum, source: crypto.news The gap closed as ETH fell more than 5% over 24 hours. Ethereum traded near support levels last seen in October 2023 and April 2025. USDT stayed close to $1, as expected for a dollar-pegged stablecoin.
Stablecoin demand keeps growing The move also fits a larger market trend. Stablecoins have continued to grow even as major crypto assets have fallen. In a recent mid-year market update, 21Shares said, “Stablecoins retracted 30%+ in the last bear market. This time they’re hitting new all-time highs.”
Stablecoins retracted 30%+ in the last bear market. This time they're hitting new all-time highs. To us, that is the strongest evidence yet that stablecoins are one of crypto’s defining use cases – demand that no longer depends on the cycle.
Read more in our State of Crypto… pic.twitter.com/ylYHE9Fbsz
— 21shares (@21shares) June 25, 2026 That contrast matters because stablecoins often serve as trading collateral, payment rails and dollar liquidity inside crypto markets. Strong stablecoin supply during a bear market suggests users are not leaving crypto rails completely. Instead, many are moving into dollar tokens while waiting for better conditions.
Tether has also expanded its use cases beyond exchange trading. As previously reported, Tether-backed Oobit brought USDT payments to Brazil’s Pix network, giving users another way to hold dollar tokens and spend through local payment rails.
Ethereum faces market and internal pressure Ether’s weakness comes as the Ethereum ecosystem faces several changes. The token has struggled near long-term support, while investors watch ETF flows, treasury activity and network funding debates.
As crypto.news reported, the Ethereum Foundation cut roughly 20% of its workforce as part of a wider restructuring. The move removed 54 roles and added new questions about Ethereum’s development structure during a period of weak ETH performance.
The ecosystem also added a new research group. In a previous article, crypto.news discussed Ethlabs, a nonprofit backed by Joe Lubin, BitMine and SharpLink. The group includes former Ethereum Foundation researchers and will work on settlement speed, network capacity, native asset issuance and cross-chain standards.
Treasury buyers return to Ethereum Some corporate Ethereum treasury firms are still buying the dip. As reported today, SharpLink bought 5,000 ETH after an eight-month pause as Ether traded near yearly lows. The company now holds 876,285 ETH, including staking rewards.
BitMine has taken a much larger position. As crypto.news reported, Tom Lee’s BitMine staked 86% of its ETH holdings, lifting staked ETH to about 4.88m tokens. That gives BitMine one of the largest public ETH treasury positions in the market.
These purchases show that some institutional players still view ETH as a long-term treasury asset. But the USDT flip by FDV shows a different side of the market. Traders are still choosing stable dollar liquidity while ETH tries to defend key support.
For the first time in years, the crypto rankings experienced a major shake-up. Tether’s USDT briefly overtook Ethereum to become the second-largest cryptocurrency by market capitalization.
At the peak of the crossover, USDT’s market cap climbed to approximately $186.06 billion. It narrowly surpassed Ethereum’s valuation of around $185.66 billion as ETH traded in the $1,500-$1,600 range. This occurred during a broader market downturn as per on-chain data.
Although Ethereum later reclaimed the second spot, the event marked a historic moment. It ended ETH’s more than seven-year dominance as the market’s second-largest digital asset.
Why Did USDT Overtake Ethereum?Unlike Ethereum, whose market value fluctuates largely based on price movements and investor sentiment, Tether’s market capitalization grows when new USDT tokens are issued. This meets demand for dollar liquidity.
As risk appetite weakened across crypto markets, investors increasingly shifted toward stable assets, boosting USDT’s circulating supply.
By mid-2026, Tether reported holding more than $193 billion in reserves backing USDT in circulation. The company also generated more than $10 billion in profits during 2025. As a result, it is one of the most profitable firms in global finance.
Today, USDT controls an estimated 70% of the stablecoin market. This cements its role as the dominant source of liquidity across the crypto ecosystem.
Is Ethereum Losing Its Influence?The crossover has reignited debate about Ethereum’s shrinking share of the broader crypto market.Market estimates suggest ETH’s dominance has fallen below 10% in some measurements. This is down sharply from the 18%-20% range it regularly commanded during previous market cycles.While Ethereum continues to lead in decentralized finance, smart contracts, NFTs, and developer activity, investors appear to be prioritizing liquidity and stability. This is especially evident during the current market downturn.As one analyst noted, a stablecoin surpassing Ethereum would have sounded unimaginable just a few years ago.Could This Signal a “Stablecoin Season”?Several analysts said the milestone may indicate the beginning of a “stablecoin season.” In this phase, capital entering crypto remains parked in stablecoins rather than flowing immediately into riskier assets.
Tether Overtakes Ethereum! 📰
A major milestone just reshaped the crypto leaderboard. Tether has officially surpassed Ethereum in market capitalization:
▪️ USDT: $186.06B
▪️ ETH: $185.66B
While $ETH remains the backbone of DeFi and smart contracts, $USDT growth reflects how… pic.twitter.com/SpGWii20nY
— Da Investopedia (@DaInvestopedia) June 26, 2026 With USDT supply now approaching $186 billion, many see it as a massive pool of potential buying power. It is waiting for the next market catalyst.
However, Tether’s growing influence also brings renewed scrutiny. Regulators continue to closely monitor the company’s reserve composition and transparency practices, given the enormous scale of its operations.
Despite the temporary flip, Ethereum still settles more on-chain value. It also supports the largest developer ecosystem and powers much of crypto’s financial infrastructure.
Story Ends Here
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Just when the leading cryptocurrency Bitcoin seemed to be recovering, it experienced new declines. Yesterday evening, another drop occurred, pushing the price down to around $58,000.
This decline was also reflected in altcoins, with the price of Ethereum, the largest altcoin, falling to around $1,500.
With this decline, all ETH whales suffered losses for the first time in 7 years.
According to crypto analyst Darkfost, using a pseudonym, all large-scale Ethereum (ETH) investors, or whales, are currently in a state of unrealized loss.
Specifically, the group of investors holding 1,000 to 10,000 ETH is experiencing a 26% loss; the group holding 10,000 to 100,000 ETH is experiencing a 21% loss; and finally, the group holding more than 100,000 ETH is experiencing a 5% loss.
The analyst also added that historically, periods when Ethereum whales incurred losses coincided with market lows.
The analyst also argues that, given that all whale groups are at a loss, the ETH price has performed relatively well.
As predictions of ETH hitting rock bottom continue to mount, Ethereum has lost its position as the second-largest cryptocurrency by market capitalization to Tether (USDT).
During the day, Tether overtook Ethereum by market capitalization to rise to second place in the overall crypto rankings. However, ETH subsequently regained its status as the second-largest cryptocurrency.
According to the latest data, USDT has a current market capitalization of $186 billion, while ETH has a market capitalization of approximately $187.1 billion.
*This is not investment advice.
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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%.
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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.
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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.
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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.
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH This week, Ethereum crashed by 8% as most of the market turned red and key support levels were broken. For ETH, the price has settled at the $1,500 support, which appears to be holding at the time of this post. The current resistance is at $1,800.
The last time this cryptocurrency was at this price level was early 2025. Back then, ETH bounced there, triggering a sustained rally that set a new record price. However, it’s unlikely this will be repeated here.
Looking ahead, Ethereum shows a lot of weakness, and sellers may try to break below $1,500 and turn this level into a key resistance. If successful, then the next major support will be found around $1,000.
Source: TradingView Ripple (XRP) XRP fell by 9% this week and is inches away from losing the support at $1. This is a psychological level that will determine the price action of this cryptocurrency in the weeks and months to come.
If $1 turns into resistance, then the price will likely spend most of the year under this level, with the next key support found at 80 cents. Since sellers have the upper hand, it would take a miracle to stop them at $1.
Looking ahead, XRP is found at a critical junction. Considering the existing downtrend, a price under $1 is very likely as bears continue to dominate. Such a scenario would only prolong the bear market with lower lows.
Source: TradingView Cardano (ADA) This week, ADA closed 12% lower and lost its key support at $0.15. The price failed to hold there, and this level is now acting as a resistance. The last time the price was this low was late 2020.
The recent weakness displayed by Cardano is quite concerning since the downtrend has been accelerating and picking up speed, including in terms of sell volume. Nothing seems able to stop this.
Looking ahead, with buyers gone, the price will be forced to go lower until it finds them, most likely around 10 cents. Best to stay away from ADA until it finally forms a bottom. This appears quite a distance away right now.
Source: TradingView Binance Coin (BNB) Binance Coin remained bearish this week after it lost 2% of its valuation. While that is not significant, the bigger worry is the loss of support at $580, which is now acting as a resistance.
Buyers failed to reclaim that support level, and, being on the defensive, they have likely retreated to the next support at $500. Because of this, the BNB price may slowly grind lower towards that in the weeks to come.
Looking ahead, this cryptocurrency remains in a clear bearish trend with lower highs and lower lows, even if it moved sideways for almost six months in the first part of 2026. Best to be patient on BNB until it finds a bottom as well.
Source: TradingView Hype (HYPE) After a great performance for most of 2026, HYPE appears to struggle now, being unable to make higher highs. The price topped just under $76, and since then, a correction has started with key resistance levels at $76 and $66.
Because of this, the price closed the week 5% lower and also recently tested the support at $60. While that has held to date, it’s likely that the correction will push this cryptocurrency lower, or even to $52, which is the bottom of this ascending channel.
Looking ahead, as long as HYPE can stay above $52, buyers have the advantage. However, any price under $52 would turn the chart bearish and send this into a deeper and sharper correction.
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.
In brief Base was down for more than two hours on Thursday after an issue arose that halted block production. The network is back up and running, and the network is still moving forward with a planned upgrade. Last month, the network had a partial outage that affected withdrawals. Base, the Ethereum layer-2 network incubated by crypto exchange Coinbase, was down for more than two hours on Thursday due to an issue that affected block production.
The issue first arose around noon ET on Thursday and came just hours before the network had a scheduled upgrade, according to the network’s status page.
“Base Mainnet is currently halted while the team works on an issue with block production,” the network posted on X around 12:20 p.m. ET. “All funds are secure, and we’ll update below once resolved.”
Around 1:00 p.m. ET the network reportedly identified the issue, but it was not immediately resolved.
Blocks are being produced and we’re seeing apps and infrastructure coming back online as their Base nodes are restarted and synced.
Recovery should be quick for each app/infrastrucure provider once the node restarts are initiated.
Thank you all for your patience while we got…
— Base Build (@buildonbase) June 25, 2026
“We continue to debug and have isolated a consensus problem that caused an invalid block to be sequenced,” the network posted on its status page. “This prevented new blocks from being created.”
An hour later, the sequencing of new blocks began syncing normally, though the network was still working on finding a root cause to the issue.
Thursday’s outage is the first block production and deposit issue on the network’s mainnet in the last 90 days, according to its status page. However, in May, the network reported around 30 hours of withdrawal delays.
A representative for Coinbase did not immediately respond to Decrypt’s request for comment.
The network is still undergoing its Beryl hardfork upgrade, which will implement a new token standard for stablecoins and tokenized real-world assets (RWAs) on the network, while reducing withdrawal delays.
Though blockchain outages are not common, they have plagued networks from time to time, impacting network activity in the process.
Earlier this year, layer-1 network Sui suffered an outage on three consecutive days following gas and validator bugs on its mainnet. Prominent layer-1 network Solana also has a history of major outages, though it hasn’t reported a mainnet issue since February 2024.
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In the past 24 hours, the crypto market witnessed $1.42 billion in liquidations in the derivatives market. Ethereum [ETH] accounted for $349.17 million, with $274.29 million worth of long positions facing liquidation.
The leading altcoin was testing the $1,550 price level that it had tested in the first week of June. The higher timeframe price trend was bearish, and Bitcoin [BTC] was trading below the $60k support level at the time of writing.
This strong price move was likely driven by a liquidation cascade. According to Glassnode data, the selling pressure could intensify.
Source: Glassnode The 7-day moving average of the Ethereum net transfer to/from exchanges metric saw a positive shift. It had been negative over the past three weeks, signaling a flow of coins out of exchanges.
A shift toward net transfers into exchanges would mean more ETH made available for selling. This could put greater pressure on the already-strained price action.
Source: Glassnode Another metric from Glassnode, the new address momentum, uses the averages of the monthly [red] and yearly [blue] new addresses to track network adoption.
Since late April, the monthly average of new addresses has fallen below the yearly average. This indicated a contraction in onchain activity and decreased adoption rates. Such a change is typical of deteriorating market sentiment and declining price trends.
The case for a bullish Ethereum inflection point around the corner Source: CryptoQuant The 7-day moving average of the taker buy-sell ratio in the derivatives market has been in positive territory since June 10. However, the price bounce toward $1.8k made last week has quickly reversed.
The data showed speculative market participants were willing to buy the bid. These buyers also set up conditions for a squeeze, like the most recent one.
Source: CryptoQuant In a post on CryptoQuant Insights, analyst CryptoOnchain used a systematic regime model to demonstrate that a defensive stance among Ethereum market participants.
Using both Bitcoin’s derivatives flows and centralized exchanges’ stablecoin flows, the analyst’s assessment indicated a modest 45% probability of a bullish shift for ETH.
In particular, the decisive shift toward stablecoin inflows to Binance can serve as a good indicator of returning investor risk appetite, the analyst concluded.
Until such a shift, patience would likely be a safer bet for investors than bullish or bearish conviction.
Final Summary The Ethereum trend filters continued to show weakness, but momentum indicators suggested selling pressure may be exhausted, an analyst reported. While stablecoin inflows to exchanges have the potential to serve as a bullish inflection point, right now, investors would likely be better off remaining patient instead of placing directional bets.
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 first time ever, the supply of Ripple’s US dollar-backed stablecoin, RLUSD, on the XRP Ledger (XRPL) has overtaken that on Ethereum. The total RLUSD circulating on XRPL has reached $801 million, edging ahead of Ethereum’s $795 million supply. This shift marks a significant development in the competitive landscape of stablecoins and highlights an evolving dynamic within the sector.
Changing landscape in stablecoin supplyObservers note that the rise in RLUSD on XRPL is not merely a numerical difference between two major blockchains, but signals a broader transformation in stablecoin adoption. RLUSD, designed as a dollar-backed stablecoin within the Ripple ecosystem, distinguishes itself with its emphasis on regulatory compliance and an institutional use case focus. According to sector data, RLUSD has also been recognized as the first US dollar-backed stablecoin regulated in Japan, further bolstering its credentials.
With RLUSD supply on XRPL reaching $801 million and surpassing Ethereum’s $795 million level, market participants interpret this as a signal of a possible shift in institutional stablecoin preferences.
Because RLUSD is issued directly on the XRP Ledger, institutions integrating this asset inherently connect their systems to the XRPL infrastructure. This creates a compelling network effect, making it easier for organizations already on XRPL to explore and deploy other XRP Ledger-based assets and services in the future.
Expanding institutional applicationsThe rising interest in RLUSD is driven by strong institutional demand from banks, payment service providers, custody firms, and exchanges, who are seeking a reliable, regulated digital dollar platform. This demand is underpinned by RLUSD’s technical architecture, specifically tailored for compliance and robust institutional use.
Mini glossary: A custody firm is a financial institution that provides secure storage and protection of digital assets on behalf of institutional clients. Tokenization refers to creating a digital representation of a traditional asset on a blockchain.
Developments behind the scenes are viewed as having an impact beyond increasing network liquidity. Observers point out that RLUSD has accelerated adoption in areas such as payments, tokenization, and real-world asset integration, prompting major exchanges and financial service providers to step up their XRPL integrations.
A new reality challenging Ethereum’s dominanceFor years, Ethereum has been the dominant blockchain for token issuance, supported by its ERC-20 ecosystem’s extensive integrations with exchanges, custody solutions, and institutions. This made Ethereum the preferred choice for institutional projects seeking broad compatibility and support.
However, the fact that XRP Ledger now hosts a larger RLUSD supply than Ethereum suggests that institutional attention may be gradually shifting. Large institutions are known for conducting thorough compliance reviews and technical evaluations before adopting emerging infrastructures; RLUSD appears to be a catalyst for accelerating this transition.
Should this trend continue, it is believed RLUSD could help position the XRP Ledger beyond a payments-focused network, elevating it to a more central role in the digital asset industry for institutional-grade use cases.
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.
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.
TLDR: Polymarket hack stemmed from a compromised third-party vendor that injected malicious JavaScript into the platform’s frontend. Over 11 wallets lost PUSD on Polygon; stolen funds were bridged to Ethereum and swapped into 1,893 ETH. Polymarket confirmed the breach within 15 minutes of the first public report and removed the affected dependency. Polymarket pledged full refunds to all impacted users while on-chain investigators continue tracking the stolen ETH. A supply-chain attack hit Polymarket on June 25, 2026, draining close to $3 million from user wallets. Attackers compromised a third-party vendor to inject malicious code into the platform’s frontend.
The script targeted PUSD, Polymarket’s native collateral token on Polygon. At least 11 wallets lost funds before the platform contained the breach.
Polymarket has since removed the affected dependency and pledged full refunds to all impacted users.
How the Attack Reached Polymarket Users The attack did not target Polymarket’s smart contracts. Instead, attackers breached a third-party vendor that supplied code to the platform’s frontend. That vendor became the entry point for malicious JavaScript delivered directly to users’ browsers.
When affected users connected their wallets, the injected script activated. It prompted them to sign or approve transactions without raising obvious suspicion. Those approvals handed over control of their PUSD holdings to the attacker.
On-chain investigator Specter was the first to flag the activity publicly. His report identified losses of roughly $2.94 million across more than 11 victim wallets. He also named the primary consolidation address: 0xe65b1C586757c5510B60F998Eebb14C1eF71E1eD.
It appears there may be a phishing attack targeting Polymarket users, with estimated losses of $2.94M so far.
The attacker has drained funds from 11+ victim wallets holding PUSD, swapped the stolen assets for ETH, and consolidated the proceeds into the following address:… pic.twitter.com/6WfS0JhdDG
— Specter (@SpecterAnalyst) June 25, 2026
Polymarket confirmed the breach about 15 minutes after Specter’s report. The platform’s public statement read: “This morning we discovered a 3rd party vendor had been compromised, injecting a malicious script into our frontend for some users. We’ve contained it & removed the affected dependency. We’re contacting impacted users & refunding them in full.”
Following the Stolen Funds On-Chain After the wallets were drained, the attacker moved quickly to obscure the trail. The stolen PUSD was bridged from Polygon to Ethereum shortly after the theft. That cross-chain move is a common step in crypto laundering flows.
Once on Ethereum, the funds were swapped into approximately 1,893 ETH. PeckShield confirmed this detail after amplifying Specter’s initial report. The ETH was then consolidated into the primary wallet flagged by investigators.
Several staging wallets were also identified during the fund movement. These included addresses such as 0xC771A30a, 0xC44F2Ca6, 0x10366AdB, and 0x7BCECe0d. Each one played a role in routing the stolen assets before consolidation.
Despite the volume of stolen PUSD, the token held its peg throughout. CoinGecko data showed it trading near $0.9998 on Polygon after the incident. The theft hit individual wallets rather than the underlying token backing.
What Comes Next for Polymarket Polymarket has committed to reimbursing every affected user in full. The platform says it is already contacting impacted wallets directly. That pledge covers the losses tied to the supply-chain breach.
This is not the platform’s first perimeter-level security event. In May 2026, a compromised internal ops wallet drained roughly $500,000, though user funds were not touched. Earlier in 2025, comment-section phishing also cost some users funds.
Each of these cases showed that the protocol itself remained intact. The weak points have consistently appeared in the surrounding infrastructure. The June 25 incident follows that same pattern.
The stolen ETH remains traceable on-chain, keeping recovery possible. Investigators continue monitoring the consolidation wallet. The identity of the compromised vendor and the final victim count have not yet been disclosed publicly.
Ripple’s RLUSD stablecoin now has a larger circulating supply on the XRP Ledger compared to Ethereum. The XRPL’s lead comes as Ripple looks to expand in Japan with its RLUSD launch.
XRP Ledger Boasts The Largest Supply of Ripple’s RLUSD Based on the Ripple USD Tracker, around $801.79 million worth of RLUSD coins is active on the XRP Ledger. This figure is higher than the $795.59 million RLUSD on Ethereum. It is the first time that the XRP Ledger is in the lead for RLUSD supply among the two supported blockchains.
The surge in XRP Ledger’s RLUSD supply comes on the heels of Ripple revealing on June 25 that the RLUSD is now available in Japan via its partnership with SBI Holdings and crypto exchange SBI VC Trade. The launch will expand its partnership with SBI Group and facilitate cross-border payments, tokenization and collateral management, Ripple said.
Meanwhile, the information listed on the service overview page of SBI VC Trade suggests that the exchange’s currently supported networks include Ethereum. Moreover, it will add support for the XRP Ledger in the near future.
The update has garnered interest partly because plans are reportedly underway to integrate it natively with XRPL despite the fact that Ethereum infrastructure is still working almost perfectly today.
Ripple Senior Vice President of Stablecoins Jack McDonald also commented on the Japan launch. He said, “This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers and businesses in Japan.”
Meanwhile, Ripple added that RLUSD has received approval from Japan’s Financial Services Agency. Hence it will now function as a new category of electronic payment instrument under the country’s Payment Services Act.
Is Ethereum Losing Its Use Case For RLUSD? Today, XRP Ledger dUNL validator Vet wrote, “XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.”
Vet argued that RLUSD is helping expand XRPL adoption among major financial platforms. “RLUSD has been a very strong door opener for the XRP Ledger,” he said. The validator then added that institutions seeking access to the stablecoin could frequently integrate XRPL infrastructure as well. According to Vet, this also makes it easier for other assets issued on the XRP Ledger to gain support.
XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.
People get upset when they see the Ethereum integration and not XRP Ledger right from the get go. Let me explain what they are missing while we travel east 🇯🇵 :
1) RLUSD has been a… https://t.co/oJ31Z0i88f pic.twitter.com/21xfVdAccb
— Vet (@Vet_X0) June 25, 2026
Nonetheless, he also addressed questions over Ethereum’s initial role. Vet said, “Ethereum and especially ERC-20 tokens are very well integrated historically, even during the past SEC administration.”
He added that when new services launch on Ethereum first, “most likely the XRP Ledger integration is in the works.” Further, the validator explained that “things just take time and large organizations move very slow.” Meanwhile, SBI Group has also launched its JPYSC yen stablecoin on Ethereum.
PANews reported on June 26, according to monitoring by on-chain analyst Yujin, the Ethereum treasury company Sharplink — which had not bought ETH for eight months — restarted accumulation today. Six hours ago, it received 5,000 ETH ($7.85 million) from FalconX.
It currently holds 876,000 ETH ($1.37 billion), with an average cost of $3,609, and an unrealized loss of $1.789 billion (-56%).
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.
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23 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.
23 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.
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
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
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.
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.
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
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22 minutes ago
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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.
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.
PANews June 26 news, Ethereum core developer Terence posted on X platform that Ethereum's Glamsterdam devnet-6 has been released, and significant progress has been made in testnet advancement. EIP-8282 introduces ePBS builder execution requests, including two new system contracts. On the execution layer side, building on post-bal-devnet-7 work, EIP-2780, 8038 (re-pricing), 7997, 8246, 8070 (optional) were added, and modifications were made to EIP-7954 (64 KiB), 8037 (source-based refunds) and 7928 (BAL×7702 warm-up maintains status quo).
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
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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.
Sharplink bought 5,000 ETH worth $7.85 million on Thursday, its first ether acquisition in eight months, according to onchain data cited by analysis provider EmberCN.
EmberCN pointed to Arkham data showing that the Ethereum treasury firm received 5,000 ETH from FalconX. Its last ether purchase was in October 2025, when it obtained 19,270 ETH ($78.3 million).
As of June 21, Sharplink held 876,285 ETH, worth roughly $1.3 billion, according to its website. EmberCN estimated that the company's average acquisition cost stood at $3,609 per ETH, which implies an unrealized loss of about $1.79 billion.
The company has not publicly disclosed the reported ETH purchase. The Block has reached out to Sharplink for confirmation.
Sharplink remains the world's second-largest public ETH treasury company, behind Tom Lee's Bitmine Immersion, which held 5.67 million ETH ($8.7 billion) as of June 14.
Sharplink rebranded from SharpLink Gaming in February as it expanded from traditional ether staking into other onchain yield strategies. The company reported $12.1 million in total revenue in the first quarter of this year, a significant leap from just $742,000 in the same quarter last year.
The treasury firm recently supported the launch of Ethlabs, a nonprofit founded by a group of former Ethereum Foundation researchers to help prepare the network for its "next phase" of institutional adoption. Ethlabs is also backed by Ethereum co-founder and Sharplink Chairman Joe Lubin, as well as Bitmine Immersion.
Expand Chart
Ethereum fell 5% over the past 24 hours to trade at $1,534 as of 10:40 p.m. Thursday, according to The Block's price page. The crypto market saw a broader decline, with bitcoin dropping 3.3% to $58,787. Tether's USDT, meanwhile, surpassed Ethereum's $185.4 billion market cap with $186.1 billion.
Sharplink's Nasdaq-listed shares closed down 3.49% at $4.56 on Thursday. The stock has fallen 26.8% over the past month and 50.4% over the past six months.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Sharplink ($SBET) has resumed buying Ethereum for the first time in eight months, picking up 5,000 $ETH worth $7.85 million on Thursday, according to onchain data cited by @EmberCN. The firm received the tokens from crypto prime broker FalconX, per Arkham Intelligence data.
The purchase breaks a buying pause stretching back to October 2025, when Sharplink made its previous acquisition of 19,270 ETH valued at $78.3 million. That gap of roughly eight months is notable for a company whose strategy is built around continuous ETH accumulation.
Where Sharplink's Treasury StandsSharplink held 876,285 $ETH as of June 21, valued at roughly $1.3 billion, according to its website. @EmberCN estimated the company's average acquisition cost at $3,609 per ETH, implying a significant unrealized loss at current market prices. Sharplink has not publicly confirmed the reported purchase.
The firm remains the second-largest public ETH treasury company, behind Bitmine Immersion. It is also set to join the Russell 2000 and Russell 3000 indexes effective June 29, following FTSE Russell's semi-annual reconstitution, a move the company said would broaden its institutional shareholder base.
Fresh Capital in Place for More AccumulationThe timing of the purchase aligns with a fresh capital raise. Sharplink closed a $75 million registered direct offering on June 23, selling shares at a 41% premium to its June 18 closing price. The company stated that proceeds would be used partly to expand its Ethereum holdings, alongside stock buybacks and working capital.
In Q1 2026, Sharplink reported revenue of $12.1 million, up sharply from $0.7 million a year earlier, driven by its Ethereum staking program. A $506.7 million unrealized loss on its ETH holdings during the quarter contributed to a net loss of $685.6 million, reflecting the sensitivity of its model to crypto market prices.
Thursday's purchase, while modest relative to prior tranches, signals that Sharplink is once again actively deploying capital into $ETH, potentially using proceeds from its recent equity raise.
Sources:
The Block: Sharplink buys Ethereum for first time in 8 months
GlobeNewswire: Sharplink $75 Million Registered Direct Offering
GlobeNewswire: Sharplink to Join the Russell 2000 and 3000 Indexes
PANews June 26 news, according to SoSoValue data, yesterday (June 25 U.S. Eastern Time) Ethereum spot ETFs saw total net outflows of USD 81.8651 million.
The Ethereum spot ETF with the highest single-day net inflow yesterday was Bitwise ETF ETHW, with a single-day net inflow of USD 557,000. Currently, ETHW's historical total net inflows have reached USD 385 million.
The Ethereum spot ETF with the highest single-day net outflow yesterday was BlackRock ETF ETHA, with a single-day net outflow of USD 62.986 million. Currently, ETHA's historical total net inflows have reached USD 11.093 billion.
As of press time, the total net asset value of Ethereum spot ETFs stands at USD 8.295 billion, with the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reaching 4.41%, and cumulative historical net inflows have reached USD 10.916 billion.
Bitcoin has fallen below $60,000, triggering a wave of liquidations that exceeded $1 billion across the crypto market.
Notable Statistics:
Coinglass data shows 148,895 traders were liquidated in the past 24 hours for $1.08 billion. SoSoValue data shows net outflows of $469.08 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $30.2 million. In the past 24 hours, top losers include MemeCore, Mantle and Pump.fun. Notable Developments:
Trader Notes:
Trader Jelle warned that Bitcoin is approaching a key technical level, saying, "Bears are knocking on a door bulls would rather not see opened," suggesting that a break below current support could trigger further downside pressure for BTC.
Luke Martin noted that Bitcoin has historically turned the previous cycle’s peak into support during the following bull market, a pattern seen since the 2013 top around $150–$200, which became the 2015 bear-market floor.
He said the current retest feels different because of concerns surrounding Michael Saylor and Strategy, leaving the market at a critical “sink or swim” moment.
Byzantine General said Bitcoin’s drop to $58,000 swept liquidity and triggered a wave of long liquidations while attracting fresh short positions. He added that a daily close above $60,000 would likely confirm that BTC established a local bottom.
Image: Shutterstock
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The cryptocurrency market meltdown continued on Thursday as fears of rising inflation and potential rate hikes weighed on investor sentiment
Crypto Market Turns Bloody RedBitcoin’s descent showed no signs of slowing down, as the apex cryptocurrency fell below $59,000. Ethereum plummeted to an intraday low of $1,531, while XRP and Dogecoin extended their losses.
Over $890 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders bearing the brunt of the losses, according to Coinglass data
Bitcoin’s open interest rose 0.38% over the last 24 hours, in contrast to the spot price dip, a move that often points to fresh short interest entering the market.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.09 trillion, following a drop of 2.22% over the last 24 hours.
Stocks Sink Lower As Inflation Worries MountMajor indexes closed further down on Thursday. The S&P 500 slid 0.01% to 7,357.49, while the tech-focused Nasdaq Composite dropped 0.46% to settle at 25,358.60. The Dow Jones Industrial Average bucked the decline, rallying 71.72 points, or 0.14%, to close at 51,920.62.
The headline Personal Consumption Expenditure price index, considered the Federal Reserve’s preferred inflation gauge, reached a 3-year high of 4.1% in May, as energy price pressures continued to spread through the broader economy.
The CME Group’s FedWatch tool showed traders pricing a 48% chance of the Fed increasing rates during the September meeting.
Will Bitcoin See A Relief Rally In July?Rekt Capital, a popular cryptocurrency chartist, reiterated a historical Bitcoin summer pattern: a red June close, followed by a potential post-breakdown relief rally in July.
The analyst drew parallels with 2022-like macro conditions, where any July relief rally would likely face resistance at the 50-month exponential moving average, currently around $63,000.
Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted that Ethereum is in a “crucial” block between $1,584 and $1,683, where nearly 4 million tokens traded.
“Securing this specific area as support opens the path to the next major supply clusters at $1,980 and $2,079,” the analyst said. “However, losing this baseline risks a deeper breakdown toward the demand zones at $1,237 or even $1,089.”
Photo: jira pliankharom / Shutterstock
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A stablecoin just passed Ethereum in market cap. Read that sentence again, because it would have sounded absolutely unhinged three years ago.
Tether’s USDT reached approximately $186 billion in circulating supply, edging past Ethereum’s market capitalization of roughly $186.263 billion during a broader market downturn. ETH was trading in the $1,500 to $1,600 range at the time of the crossover.
How a dollar-pegged token outgrew Ethereum Ethereum’s market cap rises and falls with speculative demand. Tether’s market cap grows when new tokens are minted, which happens when there’s demand for dollar-denominated liquidity in the crypto ecosystem.
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By mid-2026, Tether reported over $193 billion in total reserves backing its USDT in circulation. Tether’s profits exceeded $10 billion in 2025, making it one of the most profitable entities in the entire financial sector. USDT now commands an estimated 70% of the entire stablecoin market.
Ethereum’s declining gravitational pull ETH’s market share has reportedly fallen below 10% in certain evaluations, a stark contrast to the days when it routinely commanded 18-20% of total crypto market capitalization.
When a stablecoin carries more aggregate value than the network that pioneered smart contracts, decentralized finance, and NFTs, it raises uncomfortable questions about what investors actually value in this market. The answer, at least right now, appears to be liquidity and stability over innovation and speculation.
What this means for investors Market analysts observed this crossover as a potential signal of a “stablecoin season,” where capital flowing into the crypto ecosystem increasingly sits in stablecoins rather than rotating into volatile assets. A $186 billion USDT supply could represent an enormous reservoir of buying pressure waiting for the right catalyst.
One risk factor worth watching: Tether’s reserve composition and regulatory standing remain perennial concerns. The company has made strides in transparency, but $193 billion in reserves backing a global stablecoin invites scrutiny from regulators in every major jurisdiction.
Ethereum still settles more value, hosts more developers, and underpins more financial infrastructure than any stablecoin. But the signal from this crossover is clear: in a risk-off environment, investors are choosing the safety of a dollar-pegged token over the promise of decentralized computing.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The XRP Ledger ($XRPL) has flipped Ethereum as the primary host for $RLUSD supply for the first time since the stablecoin launched. On-chain data cited by @BSCNews shows $801M in $RLUSD sitting on the XRP Ledger, compared to $795M on Ethereum, marking a narrow but historically significant shift in how Ripple's flagship regulated stablecoin is distributed across networks.
A Long Road to the Top The turnaround has been dramatic. By October 2025, approximately 88% of all RLUSD supply sat on Ethereum, with just $91 million on the XRP Ledger. The gap closed steadily from there. Q1 2026 was the first quarter in which RLUSD grew by more on the XRPL (plus $105.4 million) than on Ethereum (plus $15.2 million), signalling that the momentum had genuinely shifted. By June 2026, XRPL stablecoin supply reached $762M, largely driven by RLUSD, before the latest on-chain figures pushed it past the Ethereum figure for the first time.
The initial Ethereum dominance was driven largely by that network's deeper DeFi ecosystem. Ripple added RLUSD to Aave in 2025, helping boost adoption among Ethereum users, while platforms such as Curve and Morpho also supported RLUSD, giving the stablecoin more visibility and utility. Those integrations kept a large portion of supply anchored on Ethereum for most of the stablecoin's early life.
What Is Driving XRPL's Gain RLUSD's strategic advantage on the XRPL is its integration across Ripple's financial products, which provide immediate access for regulated institutional enterprise use in payments, treasury management, prime brokerage, and custody. This allows RLUSD supply to grow from real institutional demand rather than just exchange liquidity. The majority of RLUSD holders are also on the XRPL, with 46,209 on the network compared to 7,821 on Ethereum at Q1 2026 close.
The broader XRPL ecosystem has also been expanding rapidly. The XRPL closed Q1 2026 with an all-time high real-world asset (RWA) market cap of $2.25 billion, up 124% quarter-over-quarter, making it the seventh largest network by RWA market cap. A key institutional proof point came in May 2026 with a tokenized US Treasury redemption pilot involving Ondo Finance, JPMorgan Kinexys, Mastercard, and Ripple, completing a cross-border transaction in 4.2 seconds.
RLUSD is natively issued on both the XRP Ledger and Ethereum blockchains and is fully backed by a segregated reserve of cash and cash equivalents, redeemable 1:1 for US dollars. The stablecoin is regulated under a New York Department of Financial Services trust charter, a compliance posture that has helped attract institutional counterparties to both chains. Whether XRPL can hold and extend this lead over Ethereum's entrenched DeFi liquidity base remains to be seen, but the milestone itself marks a meaningful shift in how Ripple's native infrastructure is being used.
Sources:
Messari: State of XRP Q1 2026
Ripple: RLUSD Stablecoin Official Page
Yahoo Finance: XRPL Ripple Stablecoin Supply Surges to $762M
So far, 2026 has been an interesting year for crypto VC funding. After dropping significantly in Q1, funding has recovered strongly. In May alone, crypto projects raised over $3.52 billion. Unsurprisingly, the majority of these fundings are being directed to AI-based ventures.
Canopy Network is one such project that successfully attracted investors with its AI pivot. The project has raised $8.5 million in seed funding for its AI-native blockchain development.
The Panama City-based project is developing a framework built to help founders, developers, and coding assistants create onchain applications with far less engineering overhead. The funds will support the mainnet launch, engineering hires, and continued work on developer experience and AI-native tooling.
The company also acquired Tanssi technology, a decentralized protocol for deploying customized apps on blockchains in minutes. Arrington Capital, Fenbushi Capital, Borderless Capital, and SNZ Capital joined Canopy as key stakeholders through the acquisition, bringing more investor backing around the project’s next phase.
AI-Native Development Brings Builders Closer to Launch Canopy is designed to help people build blockchain apps with less technical work.
A founder could describe an app idea, such as a loyalty program, rewards platform, or onchain marketplace, then use Canopy to turn it into working code with help from AI coding tools. The code remains readable, so developers can review, edit, and improve it as the product grows.
Because the output is code, teams can extend or upgrade their applications over time. The same code can be read by human developers, giving founders a faster path from idea to deployed application.
Liposky said Canopy is “opening blockchain development to an entirely new audience of builders.”
Keli Callaghan, Partner at Arrington Capital, said Canopy’s combination of templates, security, interoperability, and a complete development framework gives builders a faster route from idea to launch.
“Builders can move from idea to launch in a fraction of the time,” Callaghan said.
Tanssi Technology The Tanssi acquisition gives Canopy some of the blockchain infrastructure it needs before mainnet.
In simple terms, Tanssi was built to help teams launch their own app-specific blockchains without starting from zero. It gave builders a dashboard to set up a chain, manage tokens, fund block production, and bring the network online from one place.
This was important for Canopy as its pitch depends on speed. AI tools can help generate an app, but the app still needs blockchain infrastructure to run. Tanssi gives Canopy parts of that back-end system, including tools for appchain deployment, block production, and links to Ethereum.
The deal, announced on June 3, 2026, includes Tanssi’s core technology. That covers its appchain control panel, its sequencer system for producing blocks, and its Snowbridge-based Ethereum bridge for cross-chain communication.
Canopy plans to fold this technology into its own development framework. The standalone Tanssi network was expected to wind down over 30 days after the announcement.
Testnet Activity Canopy’s public testnet has produced strong early activity. Builders launched nearly 27,000 projects during the first 12 days, and total launches have since surpassed 331,000.
The numbers point to demand from founders and developers seeking faster ways to create onchain products through AI-assisted tools.
Canopy’s near-term focus is mainnet, while its long-term roadmap centers on an integrated environment where non-technical founders can create, deploy, and upgrade applications from one place.
BlackRock remains affected by the consistent outflows witnessed across both the Bitcoin and Ethereum ETF markets, and has continued to offload large amounts of its holdings.
In a familiar move showcased by blockchain monitoring platform Lookonchain, BlackRock has deposited another 3,410 BTC and 5,132 ETH to Coinbase Prime in multiple transfers spotted on Thursday, June 25.
BlackRock dumps crypto non-stopThe data further revealed that the Bitcoin and Ethereum transfers were worth $209.64 million and $8.43 million, respectively, per the assets' prices at the time of the transactions.
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The total deposits happened in a series of about seven separate transfers, with nearly all of them carrying 300 BTC each, while only one separate transfer moved Ethereum to the Coinbase wallet.
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While this transfer happened at a time when the broader crypto market is facing downside pressure, market watchers fear that the move from BlackRock could further fuel the ongoing volatility.
Did BlackRock actually sell?Although BlackRock did not clarify the reason it has continued to offload large stashes of its Bitcoin and Ethereum holdings on Coinbase, the transfers have triggered speculation across the market, with traders interpreting them as potential attempts to sell.
It is important to note that deposits to Coinbase Prime or other crypto exchanges do not necessarily confirm an immediate sale. However, investors have become suspicious of BlackRock's frequent deposits, as the timing of the transfers has intensified concerns and signals that BlackRock might actually be selling.
This is more apparent, as the company has been found to sell only when its ETF products record withdrawals during their daily trading sessions.
Many altcoins have collapsed by up to 5% in the past hour alone.
It’s another painful day in the cryptocurrency markets, especially for the altcoins. Ethereum, which traded at roughly $1,800 just over a week ago, tumbled toward $1,500, but it’s yet to break its negative June record, at least for now.
In contrast, Ripple’s XRP has been at the forefront of the latest declines. The token plunged to just over $1.00 minutes ago, which became its lowest price tag since late 2024.
Analysts, even those who have been predominantly bullish on XRP’s future price trajectory, have warned that the asset could unravel if it decisively loses the psychologically important $1.00 level.
CasiTrades, for example, warned that the token could drop to a low of $0.87 before it rebounds. Ali Martinez was even more bearish, outlining targets of below $0.70 and all the way down to $0.15 in a very extreme scenario.
Many other altcoins have posted similar losses in the past hour alone. SOL is down by over 3.5%, ZEC has plunged by 4%, while ADA is close to breaking below $0.14 after a 3.7% drop.
Naturally, the liquidations have skyrocketed given this enhanced volatility, especially since BTC broke below $59,000 and plummeted to $58,000.
Expectedly, BTC is responsible for the lion’s share. Over $320 million worth of longs have been wiped out in the past hour alone. ETH follows suit with nearly $140 million, while XRP is third with just over $40 million – all from longs.
You may also like: Déjà Vu: Bitcoin Tumbles Below $59K as Strategy’s MSTR Crumbles Again Prediction: Bitcoin Could Bottom Between $42K and $44K This Year Brutal Bitcoin Liquidation Cascade Imminent Below $59K, Warns Analyst In total, the liquidations are up to $630 million in the past hour, and $600 million is from longs. The total value for the past day is $1.5 billion, with $1.22 billion from longs.
Binance will delist the IPUSDT and IPUSDC USDT-margined perpetual contracts due to the rebranding of the Story brand.
Per an official announcement, following the rebranding of the Story (IP) brand to Data Network, Binance will automatically liquidate IPUSDT and IPUSDC U-margined perpetual contracts at 17:00 CST (UTC+8) on June 28, 2026, and remove these perpetual contract trading pairs after liquidation concludes. Users are advised to close their positions voluntarily before trading is suspended to avoid automatic settlement of their positions. Starting from 16:30 CST (UTC+8) on June 28, 2026, users will no longer be able to submit new non-reduce-only orders for the aforementioned perpetual contracts. A separate announcement will be released when the new contract goes live.
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Sources: Israeli military withdrawal from Lebanon is an important "red line" for Iran.
Local time on June 25, a source close to the negotiation team said that Israel's withdrawal from Lebanese territory is one of the conditions for a final Iran-US agreement, and is regarded as an important "red line" by Iran's negotiation team. The source further stated that the final memorandum of understanding will guarantee Lebanon's sovereignty and territorial integrity. The agreement text previously reached in Switzerland already emphasized a "conflict resolution mechanism" that is participated in and uniformly implemented by Iran. Iran is currently following up on the specific implementation timeline. (CCTV)
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Analyst: Bitcoin falls below $60,000, but institutions and whales are not continuing to bet on further declines.
Greeks.live macro researcher Adam posted on X: "Tomorrow is the quarterly expiry, and Bitcoin has dipped below $60,000. As seen in the GEX chart, $60,000 is clearly the highest open interest price point. Meanwhile, large positions are also starting to accumulate at $58,000 and $59,000, signaling rising market risk. Institutional investors and major holders have not continued to bet on a downward move; they are just waiting for the expiry."
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TD Cowen analysts said SpaceX could acquire T-Mobile to accelerate its wireless communication ambitions if a network sharing agreement cannot be reached. The report points to Starlink’s existing partnership with T-Mobile US as a strategic fit. This idea is purely speculative, but it underscores the growing competitive pressure the space exploration firm faces in the telecom industry.
Ethereum bearish structure extended. The altcoin breached the $1.7k support and fell below $1.6k, to a low of $1.5k before rebounding.
ETH last dropped to such levels two weeks ago, erasing even the slightest gains made in June. As of this writing, Ethereum traded at $1651, down 1.68%, adding to its 4% weekly decline.
With Ethereum experiencing a strong downtrend, it seems some whales have not only panicked but also capitulated.
Ethereum whales dump 19,441 ETH for $31 million As Ethereum dropped to $1.5k, whales reduced their exposure to manage their losses. According to Arkham data, a whale deposited 6,855.13 ETH into Binance worth $11.02 million.
These tokens were accumulated in February and March this year at an average price of $1,991. At press time, ETH traded significantly below its purchasing price.
Therefore, exiting at the current levels, the whale will take a $2.62 million loss. The whale selling at a loss signals a lack of market confidence and fears of more losses.
Source: Arkham Additionally, another whale returned after six years of dormancy and began selling his ETH holdings.
An Ethereum ICO participant returned after six years and began selling. Arkham data showed that the whale has sold 12,586 ETH for $20.59 million at an average price of $1,636.
The address still holds 15,000 ETH worth $24.29 million and is likely to continue selling. Combined, these two whales dumped 19,441 ETH worth approximately $31.6 million.
Market under intense pressure With Ethereum whales aggressively dumping, their sell-side activity is heavily felt in the market. On the 24th of June, for example, Exchange Netflow skyrocketed to 90.3k then dropped to -20k at press time.
Source: CryptoQuant The jump in Netflow suggested that a significant number of traders deposited their assets to sell. As a result, the supply available for immediate selling ballooned.
According to Cryptoquant data, Ethereum’s Exchange Supply Ratio climbed to a three-week high of 0.124. A rising ESR implies reduced scarcity, a clear sign of increased selling activity.
Source: CryptoQuant Historically, such market behavior has preceded a market downturn, leading to further losses. In fact, the altcoin’s Relative Strength Index [RSI] dropped deeper to 33 before rising to 37 at press time.
Source: TradingView With the RSI making a bearish crossover, it confirmed intense selling pressure, with bears strongly dominating the market. Such market power dynamics usually result in more losses on price charts.
Therefore, if prevailing market conditions persist, ETH is likely to drop below $1.6k, with $ 1,500 as critical support.
However, if overall crypto market sentiment improves, the rebound from the $1.5k slip will hold, and $1740 will be reclaimed.
Ethereum whales panicked and dumped 19,441 ETH worth approximately $31.6 million. ETH dropped to a low of $1.5k before slightly rebounding amid strong downside momentum.
In brief Prediction market traders think Bitcoin and Ethereum are headed even lower as markets sell off. Traders now strongly favor dumps to $55,000 for BTC and $1,500 for ETH before any rebounds. The market's near-term fate may hinge on the performance of STRC, the preferred equity offering from Bitcoin behemoth, Strategy, according to one analyst. Prediction market traders are becoming increasingly bearish on near-term price action for Bitcoin and Ethereum, expecting downwards momentum to carry them further downwards towards $55,000 and $1,500, respectively.
Traders on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—place odds of a Bitcoin dump to $55,000 before a rise to $80,000 at 77%, and odds of an Ethereum drop to $1,500 before a jump to $3,000 at 88% as markets sell off on Thursday.
The bearishness has been accelerating over the course of the last month, with odds of Bitcoin’s dump to $55,000 jumping 44% on Myriad in that time. As it stands, Bitcoin has fallen to $59,511, around a 1% drop in the last 24 hours and now 23% in the last month of trading. Bitcoin dipped to nearly $58,000 earlier Thursday, its lowest price since 2024.
The plunge is being amplified in traditional markets as well, as shares in Strategy (MSTR), Bitcoin’s leading treasury firm, have fallen even further, dropping nearly 7% since trading opened on Thursday to change hands around $88.
Shares in the firm have now fallen nearly 45% in the last month, while STRC—its preferred equity offering that is designed to trade around a par value at $100—is now down 22% in the last month, recently trading around $77. STRC touched an all-time low of $73.62 soon after the opening bell on Thursday.
“On a short-term basis, STRC is the tail wagging the Bitcoin dog,” Bitwise CIO Matt Hougan told Decrypt.
“While there are also macro factors at work—rising concerns about inflation, worries about rate hikes, etc.—the market can't keep its eyes off STRC trading in the $70s,” he added. “It's worried Strategy will enter some kind of death spiral and be forced to sell Bitcoin. This pressure will likely continue until Strategy clarifies how it plans to deal with the issue.”
As the market projects its fears into prices, analysts have noted that the firm’s best path forward may be shoring up its cash position, providing it more runway to pay dividend obligations, ultimately easing shaky investors.
The second-largest crypto asset has not been spared, with Ethereum sinking to $1,576—a drop of 2.6% in the last 24 hours, fueling a more than 25% plunge in the last 30 days. At its current mark, ETH sits just 5.2% above its resolution point of $1,500 on Myriad. According to Hougan, ETH is “mostly caught in the crossfire” as “collateral damage” amid the STRC concerns.
Traders on other prediction market platforms are similarly pointing to more long-term bearishness on top crypto assets, as well. Kalshi markets that ask how low Bitcoin and Ethereum will go during 2026 give BTC a 36% chance of falling below $40,000, plus a 34% chance of ETH falling below $1,000.
Bitcoin is currently nearly 53% off its all-time high of $126,080 set last October. Meanwhile, ETH is more than 68% off its all-time high of $4,946 from last August.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Prediction market traders think Bitcoin and Ethereum are headed even lower as markets sell off. Traders now strongly favor dumps to $55,000 for BTC and $1,500 for ETH before any rebounds. The market's near-term fate may hinge on the performance of STRC, the preferred equity offering from Bitcoin behemoth, Strategy, according to one analyst. Prediction market traders are becoming increasingly bearish on near-term price action for Bitcoin and Ethereum, expecting downwards momentum to carry them further downwards towards $55,000 and $1,500, respectively.
Traders on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—place odds of a Bitcoin dump to $55,000 before a rise to $80,000 at 77%, and odds of an Ethereum drop to $1,500 before a jump to $3,000 at 88% as markets sell off on Thursday.
The bearishness has been accelerating over the course of the last month, with odds of Bitcoin’s dump to $55,000 jumping 44% on Myriad in that time. As it stands, Bitcoin has fallen to $59,511, around a 1% drop in the last 24 hours and now 23% in the last month of trading. Bitcoin dipped to nearly $58,000 earlier Thursday, its lowest price since 2024.
The plunge is being amplified in traditional markets as well, as shares in Strategy (MSTR), Bitcoin’s leading treasury firm, have fallen even further, dropping nearly 7% since trading opened on Thursday to change hands around $88.
Shares in the firm have now fallen nearly 45% in the last month, while STRC—its preferred equity offering that is designed to trade around a par value at $100—is now down 22% in the last month, recently trading around $77. STRC touched an all-time low of $73.62 soon after the opening bell on Thursday.
“On a short-term basis, STRC is the tail wagging the Bitcoin dog,” Bitwise CIO Matt Hougan told Decrypt.
“While there are also macro factors at work—rising concerns about inflation, worries about rate hikes, etc.—the market can't keep its eyes off STRC trading in the $70s,” he added. “It's worried Strategy will enter some kind of death spiral and be forced to sell Bitcoin. This pressure will likely continue until Strategy clarifies how it plans to deal with the issue.”
As the market projects its fears into prices, analysts have noted that the firm’s best path forward may be shoring up its cash position, providing it more runway to pay dividend obligations, ultimately easing shaky investors.
The second-largest crypto asset has not been spared, with Ethereum sinking to $1,576—a drop of 2.6% in the last 24 hours, fueling a more than 25% plunge in the last 30 days. At its current mark, ETH sits just 5.2% above its resolution point of $1,500 on Myriad. According to Hougan, ETH is “mostly caught in the crossfire” as “collateral damage” amid the STRC concerns.
Traders on other prediction market platforms are similarly pointing to more long-term bearishness on top crypto assets, as well. Kalshi markets that ask how low Bitcoin and Ethereum will go during 2026 give BTC a 36% chance of falling below $40,000, plus a 34% chance of ETH falling below $1,000.
Bitcoin is currently nearly 53% off its all-time high of $126,080 set last October. Meanwhile, ETH is more than 68% off its all-time high of $4,946 from last August.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.
TLDR BlackRock transferred 3,410 BTC and 5,132 ETH to Coinbase Prime. The combined value of the transfers reached approximately $217 million. Bitcoin transfers accounted for about $209.64 million of the total value. Ethereum transfers were valued at approximately $8.43 million. Lookonchain tracked the transactions across multiple blockchain transfers. BlackRock transferred another $217 million worth of Bitcoin and Ethereum to Coinbase Prime on June 25. The transactions followed continued ETF outflows across both products and renewed attention on the asset manager’s blockchain activity. Lookonchain tracked the transfers, while BlackRock did not disclose the purpose behind the deposits.
Lookonchain reported that BlackRock deposited 3,410 BTC and 5,132 ETH to Coinbase Prime through several transactions. The transfers carried an estimated value of $209.64 million in Bitcoin and $8.43 million in Ethereum. The movement occurred on Thursday, June 25.
Blockchain data showed about seven transfers during the operation. Nearly every Bitcoin transaction moved 300 BTC to Coinbase Prime. One separate transaction carried the Ethereum holdings to the same platform.
Market participants linked the transfers with recent ETF withdrawals because similar activity appeared during previous outflow sessions. However, BlackRock did not issue a statement explaining the latest deposits. The company also provided no public update regarding the destination of the transferred assets.
Exchange deposits often attract attention because they can precede trading activity. However, blockchain transfers alone do not confirm that an asset manager has sold any holdings. The available on-chain data only confirms the movement between wallets.
Bitcoin and Ethereum Transfers Follow ETF Withdrawals The latest deposits arrived while both Bitcoin and Ethereum exchange-traded funds continued recording withdrawals. BlackRock has transferred digital assets to Coinbase Prime during earlier outflow periods. Those previous transactions also prompted market discussion about possible sales.
Some traders interpreted the latest deposits as preparation for another disposal of holdings. Others pointed out that Coinbase Prime supports institutional custody and settlement services. Therefore, wallet transfers alone cannot establish whether any sale occurred.
BlackRock has not confirmed any direct sale connected to the June 25 transfers. The company also has not addressed market speculation surrounding the transactions. As a result, only the blockchain records remain publicly available.
Lookonchain’s published wallet activity showed that the combined transfers reached about $217 million. Bitcoin represented most of the transferred value, while Ethereum accounted for a smaller portion. The deposits reached Coinbase Prime through multiple wallet movements.
Previous blockchain records showed similar transfer patterns during sessions with ETF redemptions. Those observations have contributed to continued discussion whenever BlackRock moves assets to Coinbase Prime. Still, no public filing connected the latest transfers to completed market sales.
The recorded transfers included 3,410 BTC and 5,132 ETH. Based on prices during execution, the combined value reached approximately $217 million. BlackRock has not released any further information regarding the June 25 wallet activity.
Coinbase-backed Ethereum layer-2 network Base resumed operations after a roughly two-hour outage that halted block production and transaction processing. The team said an invalid block triggered an issue, and it continues to investigate the root cause while advising node operators to restart their nodes.The incident marks another disruption for Base following a previous outage in August 2025. Coinbase-backed Ethereum layer-2 network Base resumed block production Thursday after a disruption of roughly two hours that halted the blockchain.
In an update, the Base team said the chain has resumed working and internal nodes were syncing correctly, though it continues to investigate the root cause of the incident. The team also advised ecosystem node operators to restart their Base nodes to restore synchronization.
The first public indication of problems came at 16:03 UTC, when Base reported that mainnet block production was "unhealthy." By 16:52 UTC, the team said it had identified a problem and was pursuing multiple remediation efforts.
The incident temporarily halted transaction processing on one of Ethereum's largest layer-2 networks. Base has not yet disclosed what caused the invalid block or whether the issue stemmed from a software bug or another consensus-related fault.
The network also previously suffered an outage in August 2025.
The team said it will continue to monitor network stability and provide further updates as its investigation continues.
Read more: Base Network Suffers 1st Downtime Since 2023, Halts Operations for 29 Minutes
Round-the-Clock Access to Tokenized U.S. Equities@OndoFinance has activated what it describes as the industry's first 24/7 minting and redemption cycle for tokenized U.S. stocks and ETFs, a move that formally severs the dependency of real-world asset (RWA) products on traditional market hours.
Investors can now execute primary issuance and liquidations for $SPYon, $QQQon, $NVDAon, and $TSLAon during overnight sessions, weekends, and public holidays, periods when NYSE and Nasdaq are closed. The update eliminates the reliance on legacy banking schedules, allowing tokenized shares to be created or redeemed in real time regardless of exchange downtime.
Each tokenized asset is an ERC-20 token backed 1:1 by the underlying security, held by U.S. broker-dealers along with cash in transit. The tokens are total-return trackers that mirror the economic performance of their underlying assets, including price movements, dividends, and corporate actions.
Multi-Chain Rollout and Growing Platform ScaleThe 24/7 architecture is currently live on @Ethereum and @BNBChain, with a @Solana deployment scheduled for the near term. Ondo had already expanded to Solana earlier this year: Ondo Global Markets, the world's largest tokenized stock and ETF platform by total value locked, became available on Solana with more than 200 tokenized U.S. stocks and ETFs, including NVDA, AAPL, META, and ETFs such as SPY and QQQ.
Ondo Global Markets has surpassed $1 billion in tokenized stock TVL less than eight months after launch, becoming the first tokenized stocks platform to cross that mark. The platform now offers more than 260 tokenized U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain, with access through wallets, exchanges, custodians, and protocols including Binance, Bitget, MetaMask, and Blockchain.com.
Ondo said Global Markets holds more than 70% market share among tokenized equity issuers and has secured regulatory approval to offer tokenized stocks and ETFs across 30 EU and EEA countries.
The broader significance of the 24/7 minting update is structural. By enabling round-the-clock mint and redeem operations, Ondo aims to make equities and ETFs composable components within the DeFi ecosystem, substantially expanding the asset universe and extending trading hours for on-chain finance. This also removes the T+1 settlement delay that traditional stock trading requires and enables transferring equity exposure between wallets as easily as sending stablecoins.
Sources
Ondo Global Markets tops $1B in TVL, Crypto Briefing
Ondo Global Markets launches on Solana, Solana.com
Deep Dive of Ondo Finance, TokenInsight
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
SushiSwap dSLTP integration adds decentralized stop-loss and take-profit orders powered by Orbs across four blockchain networks.
Summary
SushiSwap added dSLTP to automate stop-loss and take-profit orders inside its decentralized trading interface today. Orbs powers the protocol, allowing traders to manage risk without centralized servers or asset custody. The feature is live across Ethereum, Base, Arbitrum, and Katana for broader DeFi access. SushiSwap has integrated dSLTP, an Orbs-powered protocol that enables decentralized stop-loss and take-profit orders within its trading interface. The launch gives users on Ethereum, Base, Arbitrum, and Katana a way to automate trade execution when set price targets are reached. SushiSwap added the tool to help traders manage risk, secure gains, and reduce constant market monitoring while keeping full control of their assets.
SushiSwap dSLTP integration expands trading tools The SushiSwap dSLTP integration adds another advanced order type to one of decentralized finance’s established decentralized exchanges. Users can now create orders that respond to market prices without relying on a centralized exchange.
The feature builds on SushiSwap’s existing use of Orbs-powered dLIMIT and dTWAP protocols. Together, these tools aim to give traders more control over execution while keeping activity on-chain.
Stop-loss orders execute when an asset falls below a chosen price. Traders use them to limit downside exposure during volatile market conditions. On SushiSwap, dSLTP brings this function into a decentralized setting.
Take-profit orders work in the other direction. They trigger when an asset reaches a target price, allowing users to lock in gains based on their own strategy. When used together, both order types support automated risk management and profit-taking.
Orbs-powered protocol keeps trading on-chain dSLTP runs on decentralized infrastructure powered by Orbs Layer-3 technology. The protocol does not depend on centralized servers, custodians, or off-chain execution systems.
This design allows users to keep self-custody of their assets while using advanced DeFi trading tools. It also preserves the transparency and composability that are central to decentralized finance.
“Stop-loss and take-profit orders are among the most widely used tools in trading, yet they’ve largely been unavailable in a decentralized environment,” said Ran Hammer, Vice President of Business Development at Orbs. “By bringing dSLTP to SushiSwap, we’re giving traders the ability to automate risk management and execution without sacrificing the transparency and self-custody that make DeFi unique. It’s another milestone in closing the gap between centralized and decentralized trading experiences.”
Users can set flexible order parameters Through the integration, traders can set trigger prices, optional limit prices, order expiration periods, and percentage-based strategies. They can also monitor, adjust, or cancel orders from the SushiSwap interface.
The feature is now available on Ethereum, Base, Arbitrum, and Katana. This gives traders across several blockchain ecosystems access to decentralized stop-loss orders and take-profit orders without leaving SushiSwap.
The launch also adds to Orbs’ broader suite of decentralized trading protocols. Alongside dLIMIT, dTWAP, Liquidity Hub, and Perpetual Hub, dSLTP is designed to bring advanced execution tools to on-chain markets.
As decentralized exchanges move beyond basic token swaps, advanced order types are becoming more important for traders seeking precision, efficiency, and control. With dSLTP live on SushiSwap, users can access trading functions often linked to traditional finance and centralized exchanges while remaining fully on-chain.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Cryptocurrency exchange Kraken is reportedly in talks to acquire a 15% stake in decentralized finance protocol Aave. According to sources close to the matter, the potential investment prices Aave at a valuation of $385 million.
According to CoinDesk, Kraken, operating under Payward Inc., plans to invest 35,000 Ethereum (ETH) as part of the deal, receiving 250,000 AAVE tokens and a 15% stake in Aave Group common shares.
Two sources close to the transaction said Kraken is also considering sharing this approximately $71 million deal with different investors through syndication. The sources requested anonymity because the discussions are private.
According to a third source close to the company’s plans, this investment could be one of the first deals planned as part of Payward Asset Management’s expansion. Kraken aims to take a more active role in DeFi and other investment opportunities with this move.
Aave is known as one of the largest decentralized lending protocols, allowing users to borrow and lend crypto assets without needing intermediaries. Users earn returns by providing assets to liquidity pools, while those wishing to borrow can use crypto collateral to obtain a loan.
However, Aave was at the center of one of the biggest crises in the DeFi ecosystem in April. Attackers linked to the North Korea-linked Lazarus Group exploited a vulnerability in KelpDAO’s cross-chain bridge to mint approximately $292 million worth of rsETH without any backing.
The attackers used these tokens as collateral on Aave to borrow real assets. After the collateral became worthless, it was estimated that between $190 million and $230 million in bad debt accumulated on the protocol.
Although Aave’s own smart contracts didn’t have a direct vulnerability, the incident prompted users to quickly exit the protocol to mitigate their risks. This resulted in an outflow of over $8 billion, once again highlighting the contagion risk inherent in interconnected structures within the DeFi ecosystem.
A chart showing the increase in AAVE’s price. *This is not investment advice.
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Cryptocurrency exchange Kraken is reportedly in talks to acquire a 15% stake in decentralized finance protocol Aave. According to sources close to the matter, the potential investment prices Aave at a valuation of $385 million.
According to CoinDesk, Kraken, operating under Payward Inc., plans to invest 35,000 Ethereum (ETH) as part of the deal, receiving 250,000 AAVE tokens and a 15% stake in Aave Group common shares.
Two sources close to the transaction said Kraken is also considering sharing this approximately $71 million deal with different investors through syndication. The sources requested anonymity because the discussions are private.
According to a third source close to the company’s plans, this investment could be one of the first deals planned as part of Payward Asset Management’s expansion. Kraken aims to take a more active role in DeFi and other investment opportunities with this move.
Aave is known as one of the largest decentralized lending protocols, allowing users to borrow and lend crypto assets without needing intermediaries. Users earn returns by providing assets to liquidity pools, while those wishing to borrow can use crypto collateral to obtain a loan.
However, Aave was at the center of one of the biggest crises in the DeFi ecosystem in April. Attackers linked to the North Korea-linked Lazarus Group exploited a vulnerability in KelpDAO’s cross-chain bridge to mint approximately $292 million worth of rsETH without any backing.
The attackers used these tokens as collateral on Aave to borrow real assets. After the collateral became worthless, it was estimated that between $190 million and $230 million in bad debt accumulated on the protocol.
Although Aave’s own smart contracts didn’t have a direct vulnerability, the incident prompted users to quickly exit the protocol to mitigate their risks. This resulted in an outflow of over $8 billion, once again highlighting the contagion risk inherent in interconnected structures within the DeFi ecosystem.
A chart showing the increase in AAVE’s price. *This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Decentralized finance (DeFi) protocol Spark has deployed approximately $150 million in stablecoin liquidity across two Uniswap v4 pools on Ethereum as part of a collaboration aimed at creating shared liquidity and exchange infrastructure for stablecoin issuers.
A Spark spokesperson told Cointelegraph that the initial deployment is live in two pools pairing USDS with PayPal USD (PYUSD) and USDT, with USDS serving as the foundation. Spark described the deployment as one of the largest automated market maker (AMM) liquidity migrations in DeFi.
“These pools represent the initial deployment of approximately $150 million of liquidity and establish the first phase of the Stablecoin FX Layer,” the spokesperson said. “This initial deployment focuses on bootstrapping shared liquidity on Uniswap v4.”
Earlier this month, Standard Chartered identified Uniswap as a potential beneficiary of tokenized assets moving into DeFi. It forecast that total assets held in DeFi could reach $2.7 trillion by 2030, with Uniswap potentially emerging as a liquidity venue for the growing market.
The deployment announced Thursday lays the groundwork for a planned programmable liquidity system that could reduce the need for banks, financial technology firms and stablecoin issuers to build separate liquidity networks while testing whether Uniswap can make onchain capital more efficient without weakening market depth.
Spark plans programmable liquidity expansionSpark said it plans to introduce its Shared Liquidity Layer and DualPool hook in subsequent phases using Uniswap v4's programmable architecture to coordinate how liquidity is distributed across stablecoin markets.
A liquidity hook enables protocols to seamlessly integrate with platforms for capital access and developing yield and trading strategies.
Spark said a hook is intended to allow capital not immediately needed for trades to be deployed into governance-approved products, liquidity venues and yield-generating strategies.
The implementation of the DualPool hook will go through a separate security review, testing and production-readiness process before deployment. The first phase uses standard Uniswap v4 pools rather than the planned programmable framework.
Spark said the planned framework is intended to give future stablecoin issuers access to shared liquidity rather than requiring them to individually bootstrap pools, coordinate market makers and manage inventory across different venues.
The spokesperson told Cointelegraph that Spark is working with additional partners across the stablecoin ecosystem but is not yet ready to disclose those integrations.
Uniswap seen as winner as tokenized assets move onchainIn a June 15 note to clients, StanChart's bank's head of digital assets research, Geoff Kendrick, said that tokenized treasures, equities, bonds and other assets could bring more trading activity and liquidity to decentralized exchanges as their DeFi use expands.
DeFi total value locked as of June 25. Source: DefiLlama
This new $150 million migration offers a more immediate test of StanChart's infrastructure thesis, though it involves stablecoins rather than tokenized securities.
The migration also follows Uniswap’s push into institutional tokenized-asset trading. On Feb. 12, BlackRock said it would bring its $2.1 billion tokenized Treasury fund, BUIDL, to Uniswap, allowing eligible institutional investors and market makers to trade the security through decentralized infrastructure.
Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express
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.
The cryptocurrency market was shaken by another wave of decline last night. Bitcoin (BTC) fell below $60,000, while Ethereum and major altcoins also saw significant pullbacks.
No single trigger has been identified for the sell-off. Reasons cited include the Fed’s hawkish stance, six consecutive weeks of outflows from spot ETFs, decreased liquidity during the summer months, and the expiration of quarter-end options on June 30th.
Due to the recent declines, the negative sentiment and outflows in US spot ETFs continue. At this point, outflows from ETFs have reached record levels.
According to a report by the US financial platform Kobeissi Letter, there has been a net outflow of $6.4 billion from US spot Bitcoin ETFs in the last 30 days. This figure represents the largest monthly net outflow recorded to date.
With these outflows, cumulative inflows into spot BTC ETFs over the past 12 months have also fallen to $5 billion. The current figure is about half of the $10 billion recorded in October last year.
According to Farside Investors data, US spot Bitcoin ETFs saw net outflows for the fifth consecutive day. On Wednesday, ETFs experienced net outflows of $469 million.
BlackRock’s IBIT fund led the way in Bitcoin ETF outflows with $239.3 million, followed by Fidelity’s FBTC fund with $120.8 million.
Bitwise’s BITB fund saw outflows of $27.5 million, Ark Invest’s ARKB fund outflows of $50.7 million, and Grayscale’s GBTC fund outflows of $54.3 million, while Grayscale’s Mini BTC fund was the only fund to experience an inflow of $23.6 million.
In contrast, Morgan Stanley’s MSBT; Wisdom Tree’s BTCW; VanEck’s HODL; Invesco’s BTCO; Franklin Templeton’s EZBC; and Valkyre’s BRRR fund recorded 0 flow.
Outflows Continue in Ethereum ETFs! Ethereum ETFs also experienced outflows. According to Farside Investors data, spot Ethereum ETFs saw net inflows for the fifth consecutive day, resulting in a total net outflow of $30.2 million.
According to the data, outflows were observed in three funds. Fidelity’s FETH fund topped the list with an outflow of $15.7 million. It was followed by BlackRock’s ETHA fund with $8.1 million and Grayscale’s Mini Ethereum (ETH) fund with $6.5 million.
In contrast, BlackRock’s ETHB; Bitwise’s ETHW; 21Shares’ TETH; VanEck’s ETHV; Invesco’s QETH; and Franklin Templeton’s EZET funds all recorded 0 flows.
What’s the Situation with Solana and XRP ETFs? While Bitcoin and Ethereum ETFs are experiencing outflows, the situation is mixed in altcoin ETFs.
Accordingly, XRP spot ETFs saw inflows of $2.05 million, while Solana spot ETFs recorded zero inflows yesterday.
*This is not investment advice.
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Binance will delist the IPUSDT and IPUSDC USDT-margined perpetual contracts due to the rebranding of the Story brand.
Per an official announcement, following the rebranding of the Story (IP) brand to Data Network, Binance will automatically liquidate IPUSDT and IPUSDC U-margined perpetual contracts at 17:00 CST (UTC+8) on June 28, 2026, and remove these perpetual contract trading pairs after liquidation concludes. Users are advised to close their positions voluntarily before trading is suspended to avoid automatic settlement of their positions. Starting from 16:30 CST (UTC+8) on June 28, 2026, users will no longer be able to submit new non-reduce-only orders for the aforementioned perpetual contracts. A separate announcement will be released when the new contract goes live.
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Sources: Israeli military withdrawal from Lebanon is an important "red line" for Iran.
Local time on June 25, a source close to the negotiation team said that Israel's withdrawal from Lebanese territory is one of the conditions for a final Iran-US agreement, and is regarded as an important "red line" by Iran's negotiation team. The source further stated that the final memorandum of understanding will guarantee Lebanon's sovereignty and territorial integrity. The agreement text previously reached in Switzerland already emphasized a "conflict resolution mechanism" that is participated in and uniformly implemented by Iran. Iran is currently following up on the specific implementation timeline. (CCTV)
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Apple's stock price fell by 6%, marking its largest decline since April 2025.
According to Bitget's market data, Apple's stock price fell by 6%, marking its largest decline since April 2025.
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Analyst: Bitcoin falls below $60,000, but institutions and whales are not continuing to bet on further declines.
Greeks.live macro researcher Adam posted on X: "Tomorrow is the quarterly expiry, and Bitcoin has dipped below $60,000. As seen in the GEX chart, $60,000 is clearly the highest open interest price point. Meanwhile, large positions are also starting to accumulate at $58,000 and $59,000, signaling rising market risk. Institutional investors and major holders have not continued to bet on a downward move; they are just waiting for the expiry."
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TD Cowen Analyst: SpaceX May Acquire T-Mobile
TD Cowen analysts said SpaceX could acquire T-Mobile to accelerate its wireless communication ambitions if a network sharing agreement cannot be reached. The report points to Starlink’s existing partnership with T-Mobile US as a strategic fit. This idea is purely speculative, but it underscores the growing competitive pressure the space exploration firm faces in the telecom industry.
