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, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against POET Technologies Inc. ("POET" or "the Company") (NASDAQ: POET) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company's securities between April 1, 2026, and April 27, 2026, inclusive (the "Class Period"), are encouraged to contact the firm before June 29, 2026.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

According to the Complaint, the Company made false and misleading statements to the market. POET misrepresented its tax status due to the likelihood it would be deemed a passive foreign investment company ("PFIC"), which would have negative tax implications for individual investors. The Company's business prospects were endangered by CFO Thomas Mika violating a business agreement in a public interview. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about POET, investors suffered damages.

Join the case to recover your losses

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.             

CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
[email protected]

SOURCE The Schall Law Firm

Strategy Inc Variable Rate Series A Perpetual Stretch Preferred Stock (NASDAQ: STRC - Get Free Report) Director Jarrod Patten sold 1,900 shares of the company's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $130.58, for a total transaction of $248,102.00. Following the transaction, the director owned 28,000

The Cash Flow Chasm: The operating business doesn't even cover 30% of its obligations. The Liquidation Loop: To pay your dividend, MSTR must either issue more equity or sell its Bitcoin. If prices drop, they must sell more coins to pay the same dividend. The variable dividend on STRC is designed to keep the price at $100 to lure new capital. However, the prospectus reveals this is a "current intention" that management can change.

Crypto analyst Ran Neuner recently joined The Wolf Of All Streets podcast with host Scott Melker to discuss a part of Strategy (NASDAQ:MSTR | MSTR Price Prediction) that many retail investors still do not fully understand.

The conversation focused on STRC, the company’s preferred-stock funding vehicle that helps finance Michael Saylor’s ongoing Bitcoin purchases. Neuner’s conclusion was uneasy. The shrinking amount of time STRC spends trading near its $100 target price, he said, “gives me the shivers.”

At the center of the debate is a simple question. If STRC stops functioning smoothly, does Saylor’s Bitcoin buying machine begin slowing down, too?

STRC Works Only if It Stays Near $100 STRC, formally known as the Variable Rate Perpetual Stretch Preferred Stock, launched in July 2025 and raised roughly $2.5 billion in what became Strategy’s largest IPO ever. The total stated amount has since grown to roughly $3.4 billion.

The structure is designed to trade near $100 per share through a variable monthly dividend rate tied to the stock’s VWAP. When STRC stays near par value, Strategy can continuously issue more shares into the market, raise capital, buy more Bitcoin, and increase what management calls Bitcoin Per Share. To maintain that peg, the dividend rate has steadily climbed. STRC started at 9.0% in mid-2025 before gradually rising through 10%, 10.5%, 11%, and now roughly 11.5%, according to Neuner.

What worried him was how little time STRC recently spent at the critical $100 level. In February and March, STRC reportedly traded near par around the 25th of the prior month, giving Saylor multiple weeks to issue stock and raise capital. In May, Neuner said the window narrowed dramatically. “In May, the thing only got to 100 on the 11th of May, which gave him 4 days until the stock went ex-div to raise money,” he said.

His concern is that if the market stops supporting STRC near par, Strategy’s ability to raise fresh capital could weaken. “Eventually the market’s going to start discounting the fact that Saylor’s not in the market anymore,” Neuner warned. STRC closed at $99.30 on May 22, 2026. Neuner floated $70 as a downside scenario if confidence in the peg begins to break down.

Scott Melker Thinks Saylor Is Still Supporting Bitcoin Melker pushed back against the bearish interpretation. He argued Saylor remains one of the strongest structural buyers in the Bitcoin market and suggested the system likely holds together unless a major black swan event occurs. “Saylor is definitely holding up the price of Bitcoin,” Melker said during the discussion.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today.

Strategy currently holds approximately 850,000 BTC, representing more than 5% of effective Bitcoin supply excluding lost coins. The company disclosed holdings of 713,502 BTC as of its Q4 2025 filing, including 41,002 BTC purchased during January 2026 alone. The company also still has significant financing capacity available. Strategy disclosed a $2.25 billion USD Reserve intended to cover multiple years of preferred dividends and debt interest payments. The company also reported $8.1 billion remaining under its common-stock ATM program alongside more than $29 billion across preferred ATM programs.

Prediction markets currently assign only about a 4.5% probability of a margin call occurring in 2026. Even so, MSTR has been under pressure. The stock is down 59.97% over the past year, with Bitcoin itself trading around $77,148 on May 25, 2026, off 29.26% year-over-year.

[fwp_earnings_explorer symbol=”MSTR” /]

The Real Risk Is the Funding Mechanism Even with that support structure, Strategy stock has struggled. MSTR is down nearly 60% over the past year, while Bitcoin itself recently traded near $77,148, down roughly 29% year over year.

Neuner closed the discussion by zooming out. Referencing another analyst’s view, he floated the possibility that the broader AI-driven asset bubble may continue inflating until 2033, potentially allowing Bitcoin and risk assets to keep climbing despite periodic corrections.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and MicroStrategy didn't make the cut. Grab the names FREE today.

Strategy Inc. (Nasdaq: STRC) begins paying dividends twice a month in July, and a 100-share position stands to earn $96 across the two payouts, according to Finbold’s analysis on June 17.

The shift is the company’s first change to STRC’s dividend rhythm since the instrument launched. Stockholders approved the move at Strategy’s 2026 Annual Meeting on June 8, amending the terms of the Variable Rate Series A Perpetual Stretch Preferred Stock to pay on a semi-monthly schedule rather than monthly.

As such, the first semi-monthly record date is set for June 30, with the initial payment on July 15, subject to board declaration. At the 11.50% rate set for July, each share pays $0.48 on July 15. As such, a 100-share position is set to collect $48.

The second payment is due on July 31, with the record date set on July 15. At the same rate, Strategy intends to pay another $0.48 per share to STRC investors. Consequently, a 100-share position adds $48, thereby bringing July’s total payout to $96.

Why Strategy’s STRC trades below par as the rate decision looms STRC traded at $96.34 at press time, roughly 3.7% below its $100 par value, as the rate decision approaches. Essentially, the gap reflects what the market expects Strategy to do with the rate at month-end.

STRCX 7-day chart. Source: Finbold However, the discount is not a distress signal but the price of Strategy’s discretion to set the rate, according to Khing Oei, founder and CEO of Treasury Bitcoin.  Moreover, Oei argued that the discount largely reflects the dividend that has not yet been paid, as well as uncertainty over whether the rate move restores par.

At the current 11.50% rate, 100 shares earn $96 across July’s two semi-monthly payouts. Nonetheless, the June 30 reset could decide whether that figure holds into the months ahead.

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Talent moves between technology companies all the time. This past week was different in kind. The departures cluster around a single financial event that Google and Apple Inc (NASDAQ:AAPL, XETRA:APC) cannot replicate. Both OpenAI and Anthropic are approaching public listings. For a senior researcher, joining before the bell offers equity upside that no mature, already-public employer can match.

Alphabet Inc (NASDAQ:GOOG) Google lost four names in days. Noam Shazeer, co-author of the Transformer paper that launched the current AI boom, left for OpenAI. John Jumper, a 2024 Nobel laureate who led AlphaFold, went to Anthropic. Two more Gemini contributors, Jonas Adler and Alexander Pritzel, followed him there. At Apple, Paul Meade, the vice president who built the Vision Pro and ran its smart glasses effort, starts at OpenAI's hardware unit next week.

These are not the cash raids of a year ago. Meta Platforms Inc (NASDAQ:META, XETRA:FB2A, SIX:FB) pulled talent then with pay alone. The new lever is ownership in a company about to be repriced by public markets. Cash cannot compete with a claim that reprices overnight.

The common thread is timing. Anthropic recently raised at a reported $965bn valuation and is weighing a listing as soon as the autumn. OpenAI is on a similar path. A tenured engineer at Alphabet already holds liquid stock. The same person at a pre-listing lab holds a claim that could multiply the day it floats. That gap is the entire story, and it runs on a clock.

The pull is half of it. Both Google and Apple supplied a push. At Google, insiders describe a culture grown slow and risk-averse, a charge Shazeer made years ago. Compute has become a flashpoint. Before his exit, capacity tied to one of his projects was reassigned to a London team. At Apple, the trigger was structural.

John Ternus became chief executive in September. Johny Srouji took over hardware and reordered the engineering ranks. Several vice presidents, Meade among them, dropped a level, and some felt demoted. At OpenAI, Meade joins former Apple colleagues Jony Ive, Tang Tan and Evans Hankey, whose hardware startup the company bought last year for $6.5bn.

Expect more. Three forces point the same way. The equity window stays open for months, so the incentive holds until these firms list. Defections feed on themselves. Each one lowers the cost of the next and signals internal doubt to those still inside. And Apple's reorganisation is fresh, its fallout still moving through the ranks.

The pattern reaches beyond Google and Apple. Some researchers are not switching labs but founding their own. David Silver, one of DeepMind's earliest hires, left to start a company. Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) absorbed the team behind Essential AI.

There are brakes. Many DeepMind researchers sit in the United Kingdom, where non-compete clauses bind and can delay a move for months. Google keeps the deepest research bench in the field, and chief Demis Hassabis says the lab wins its share of top talent. One 2025 study found DeepMind staff were almost 11 times more likely to leave for Anthropic than the reverse. That ratio now looks kind to Google.

Investors have noticed. Alphabet shares fell as much as 6% when the Shazeer and Jumper moves landed, before recovering. The market reads each exit as a verdict on whether Google can hold the people who built its lead.

The window shuts once OpenAI and Anthropic list. Until then, every researcher at a public AI employer faces the same sum. The maths favours leaving.

June 29, 2026 02:00 ET  | Source: Verizon Communications, Inc.

BT Group and Verizon agree to combine their respective international operations in a 50:50 joint venture, creating a new company focused on multinational connectivity.The joint venture will serve more than 3,000 customers across more than 180 countries, representing approx. $4 billion in combined annual revenue.The combination of international networking businesses creates a future-ready, scaled organization underpinned by a new platform designed for the age of cloud and AI.Martijn Blanken is appointed Chief Executive Officer-designate of the new joint venture, conditional on completion of the transaction.The transaction is expected to complete in 2027, subject to regulatory clearances and other customary closing conditions. LONDON and NEW YORK, June 29, 2026 (GLOBE NEWSWIRE) -- BT Group (BT) and Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced the signing of an agreement to combine their respective international enterprise operations into a 50:50 joint venture – in a move that is set to transform international connectivity.

The new joint venture will focus on serving multinational organizations. It is expected to serve more than 3,000 customers across more than 180 countries, representing approximately $4 billion in combined annual revenue. This breadth of operations will unlock significant scale efficiencies across the combined global network and service operations following completion.

Designed specifically for a cloud-first world in the age of AI, the joint venture brings together BT International, which serves multinational customers with secure and resilient communication and network services around the world, with Verizon’s international enterprise wireline arm, which provides secure connectivity to enterprises worldwide. Both BT and Verizon will hold equal voting rights and Verizon has agreed to pay BT an equalization payment of $625 million.

By combining global scale with infrastructure designed and built to support local compliance and sovereignty needs, the joint venture will create a stronger platform for growth and accelerate the rollout of next-generation connectivity platforms. Customers will benefit from secure and resilient connectivity designed to meet data, operational and regulatory requirements.

At the same time, the parent companies will be better able to focus on their domestic markets, while providing support to the new joint venture as equal shareholders.

BT and Verizon have also today confirmed that Martijn Blanken has been appointed Chief Executive Officer-designate of the new joint venture, conditional on the completion of the transaction. Martijn has almost three decades in senior leadership positions across telecommunications, technology and digital infrastructure at Telstra, Openwave Systems, EXA Infrastructure and KPN, and a career spanning four continents. From September 1, 2026, he will join BT and will work with both parent companies, while observing relevant regulatory requirements, as they prepare for the launch of the proposed joint venture.

Clive Selley will continue to lead BT International as CEO, ensuring continuity of BT International’s ongoing transformation in readiness for the creation of the joint venture. Verizon’s leadership remains unchanged.

Allison Kirkby, Chief Executive of BT Group, said: “The world’s leading brands and international organizations trust BT International to connect them across the world. Bringing together this expertise and heritage with Verizon’s deep relationships with multinationals will create a stronger, scaled connectivity partner – one that has the reach, innovation and investment to succeed. Customers will benefit from new, secure and resilient connectivity platforms which are designed for the age of AI and sovereign where it matters. It will create new opportunities for our people and long-term value for our owners. Today’s announcement marks a major milestone for BT International, and an important step forward for BT as a whole, as we deliver on our U.K.-focused strategy.”

Dan Schulman, CEO of Verizon, said: "Our international customers require secure, flexible connectivity that works seamlessly across borders and cloud environments. When we thought about how to best support them, this joint venture was the clear answer: a cutting-edge, AI-ready and secure platform run by a single global organization dedicated to their needs. At the same time, our relationship with those customers will stay equally strong as we continue to directly provide them with the connectivity they need in the U.S."

The transaction is subject to regulatory clearances and consultation with employee representations in countries where required. BT and Verizon’s international businesses will continue to operate independently until the transaction officially closes with a full commitment to their respective customers.

Additional information

The new joint venture will be incorporated in the Bailiwick of Jersey and headquartered and tax resident in the United Kingdom.On completion of the transaction, the new joint venture will establish commercial relationships with both BT and Verizon – providing a seamless, end-to-end service across borders including for our customers in the U.K. (BT) and the U.S. (Verizon).Goldman Sachs acted as lead financial advisor to BT, with Deloitte transaction services advisor and Freshfields LLP as legal counsel. Morgan Stanley & Co. LLC acted as financial advisors to Verizon and Kirkland & Ellis LLP acted as legal counsel. Verizon Forward-Looking Statements

This communication contains forward-looking statements. These statements are based on our estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements include those regarding our possible or assumed future results of operations and those regarding our ability to consummate the proposed transaction with BT Group plc and obtain cost savings, synergies and other anticipated benefits within the expected time period or at all. Forward-looking statements also include those preceded or followed by the words "anticipates," "assumes," "believes," "estimates," "expects," "forecasts," "hopes," "intends," "plans," "targets," “will” or similar expressions. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

This announcement was originally published by Verizon. Read the original press release.

About BT Group

BT Group is the U.K.’s leading provider of fixed and mobile telecommunications and related secure digital products, solutions and services.

BT Group consists of four customer-facing units:  Consumer serves individuals and families in the U.K.; Business covers companies and public services in the U.K.; International serves multinational organisations headquartered outside the U.K. and overseas public sector customers; Openreach is an independently governed, wholly owned subsidiary wholesaling fixed access infrastructure services to its customers – over 700 communications providers across the U.K.

British Telecommunications Limited is a wholly owned subsidiary of BT Group plc and encompasses virtually all businesses and assets of the BT Group. BT Group plc is listed on the London Stock Exchange.

For more information, visit www.bt.com/about

About Verizon

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $138.2 billion in 2025. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contacts:
Sarah Heinz (Verizon)
[email protected]
347-931-6300

BT Group PLC (LSE:BT.A) and Verizon Communications Inc (NYSE:VZ, XETRA:BAC) have agreed to combine their international operations into a 50:50 joint venture aimed at serving large multinational customers.

The new company will bring together BT International with the international enterprise wireline arm of Verizon, the US telecommunications group.

It is expected to serve more than 3,000 customers across more than 180 countries, generating roughly $4 billion in combined annual revenue.

Both parents will hold equal voting rights, with Verizon agreeing to pay BT a $625 million equalisation payment.

The venture is being pitched as a platform built for a cloud-first world, with the two sides emphasising secure and resilient connectivity designed to meet customers' data, operational and regulatory requirements.

It will be incorporated in Jersey but headquartered and tax resident in the United Kingdom.

Martijn Blanken has been appointed chief executive-designate of the new business, conditional on completion.

Blanken brings nearly three decades in senior roles across telecommunications and digital infrastructure at Telstra, Openwave Systems, EXA Infrastructure and KPN, and will join BT from 1 September to help prepare for launch.

Clive Selley will continue to lead BT International through the transition, while Verizon's leadership is unchanged.

Allison Kirkby, chief executive of BT Group, said combining BT International's heritage with Verizon's multinational relationships would create a stronger, scaled connectivity partner with the reach and investment to succeed.

She framed the deal as a milestone for BT International and a step forward for the wider group as it delivers on its UK-focused strategy.

Dan Schulman, chief executive of Verizon, said the venture was the clearest way to give international customers secure, flexible connectivity that works across borders and cloud environments.

He added that Verizon would continue to serve those customers directly in the US.

The arrangement allows both parents to concentrate on their domestic markets while supporting the venture as equal shareholders.

The transaction is expected to complete in 2027, subject to regulatory clearances and consultation with employee representatives where required.

BT and Verizon's international businesses will continue to operate independently until then.

Separately, BT moved to update its guidance to reflect the carve-out, with its International division now treated as a discontinued operation until the deal closes.

That trims expected adjusted group revenue for the 2027 financial year to between £17.1 billion and £17.6 billion, down from £19.0 billion to £19.5 billion previously.

Adjusted UK service revenue guidance was left unchanged at £15.1 billion to £15.4 billion, underlining that the domestic business is unaffected.

Adjusted EBITDA is now forecast to grow to between £8.1 billion and £8.2 billion, excluding International, against a prior range of £8.2 billion to £8.3 billion.

Capital expenditure excluding spectrum was guided slightly lower at £4.2 billion to £4.3 billion, having previously been pegged at around £4.3 billion.

Crucially for income investors, normalised free cash flow guidance was held at about £2.0 billion.

BT also reiterated plans for low to mid-single-digit growth in its dividend.

The company's mid-term targets were left unchanged.

Those include sustained revenue growth, EBITDA rising ahead of UK service revenue, and normalised free cash flow reaching about £3.0 billion by the end of the decade.

BT has said dividend growth will continue at a low to mid-single-digit pace until its credit metrics are consistent with a BBB+ rating, after which surplus cash could fund enhanced distributions.

A logo of Pfizer at the company’s booth at the 8th China International Import Expo (CIIE) in Shanghai, China, November 6, 2025.REUTERS/Maxim Shemetov/File Photo Purchase Licensing Rights, opens new tab

CompaniesSHANGHAI, June 29 (Reuters) - GLP-1 drugs from Pfizer (PFE.N), opens new tab and Innovent Biologics (1801.HK), opens new tab have passed a preliminary ​review to be potentially included in China's basic medical ‌insurance drug catalogue, a list published by the National Healthcare Security Administration showed on Monday.

Pfizer's ecnoglutide and Innovent's mazdutide, approved in China as treatments for weight ​management and type II diabetes, belong to the class ​of GLP-1 receptor agonist drugs already included in China's ⁠state insurance list from drugmakers such as Novo Nordisk (NOVOb.CO), opens new tab, Eli Lilly (LLY.N), opens new tab ​and Guangzhou Innogen Pharmaceutical Group (2591.HK), opens new tab.

Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here.

Innovent shares were up about 7% after ​the announcement.

Novo's Ozempic was first added to China's reimbursement list in 2022, followed by Lilly's Mounjaro and Innogen's efsubaglutide alfa from this year for patients ​with type II diabetes. Inclusion in the national reimbursement list ​makes drugs more widely available to the public in a country with a ‌population ⁠of 1.4 billion, though an increase in sales volume is often mitigated by lower prices.

Sales of Ozempic injector pens in mainland China, Taiwan and Hong Kong — Novo's largest market after the U.S. — slipped 7% ​to about 5.4 ​billion Danish ⁠crowns ($853 million) in 2025.

Sales of GLP-1 treatments in China through major e-commerce platforms Alibaba (9988.HK), opens new tab and JD.com (9618.HK), opens new tab totalled ​about 1.4 billion yuan ($207 million) in the first ​quarter ⁠of 2026, according to Jefferies.

A spokesperson for Pfizer did not immediately respond to a request for comment.

A spokesperson for Innovent told Reuters that ⁠in ​terms of medical insurance coverage in China ​only treatment for diabetes could be considered.

Reporting by Andrew Silver; Additional reporting by Ethan ​Wang and Ryan Woo; Editing by Tom Hogue and Muralikumar Anantharaman

Our Standards: The Thomson Reuters Trust Principles., opens new tab

If approved, upadacitinib is expected to be the first systemic medication for patients with non-segmental vitiligo, addressing important treatment needs for those living with the chronic, unpredictable autoimmune disease Positive CHMP opinion is supported by data from the Phase 3 Viti-Up clinical studies, in which upadacitinib achieved both co-primary endpoints demonstrating at least a 50% improvement in total body repigmentation (T-VASI 50) and at least a 75% improvement in facial repigmentation (F-VASI 75) from baseline at week 481 , /PRNewswire/ -- AbbVie (NYSE: ABBV) today announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the approval of upadacitinib (RINVOQ®; 15 mg, once daily) for the treatment of adult and adolescent patients with non-segmental vitiligo (NSV). The final European Commission decision is expected in the coming months. If approved, upadacitinib is expected to be the first systemic medication for patients with non-segmental vitiligo.

"Vitiligo is an autoimmune skin disease with high stigma and significant burden to patients with limited treatment options available," said Roopal Thakkar, M.D., executive vice president, research and development, chief scientific officer, AbbVie. "A positive opinion for upadacitinib in non-segmental vitiligo is an important step forward in providing patients with a systemic treatment option."

The CHMP positive opinion is supported by data from the ongoing Phase 3 Viti-Up clinical program, including two replicate, randomized, placebo-controlled, double-blind studies evaluating the efficacy and safety of upadacitinib in adult and adolescent patients with NSV. Upadacitinib 15 mg met both co-primary endpoints and key secondary endpoints, with significant improvements in total body and facial repigmentation.1 The safety profile of upadacitinib 15 mg was consistent with that observed in approved indications, with no new safety signals.1

Upadacitinib is approved in the European Union (EU) for the treatment of adults and adolescents with atopic dermatitis, and adults with radiographic axial spondylarthritis, non-radiographic axial spondylarthritis, psoriatic arthritis, rheumatoid arthritis, ulcerative colitis, Crohn's disease, and giant cell arteritis. Use of upadacitinib in NSV is not currently approved in the EU.

About Vitiligo
Vitiligo is a chronic, autoimmune disease characterized by the loss of pigment-producing cells (melanocytes), resulting in white patches of skin that can appear anywhere on the body and at any time.2 It imposes a significant psychosocial burden, profoundly affecting an individual's confidence, identity and daily life.3 Non-segmental vitiligo (NSV), the most common form of vitiligo afflicting approximately 84% of patients, is marked by symmetrical and bilateral depigmented white patches and is prone to unpredictable progression even after long periods of stability.2,4-6 While location varies, many patients report patches on critical areas such as the face, feet, hands and groin. Despite its immune-mediated nature, vitiligo is often considered primarily a cosmetic problem, which can lead to stigma and psychological impact on patients' lives.7-9 Vitiligo management is anchored in three primary treatment goals: disease stabilization, repigmentation, and maintaining repigmentation.10,11 There are currently no approved systemic medicines specifically indicated for these treatment goals in vitiligo.

About Viti-Up Clinical Trials
Upadacitinib M19-044 was conducted under a single protocol encompassing two replicate Phase 3 studies (Study 1 and Study 2) with independent randomization, investigative sites, data collection, analysis and reporting for each study. The trials were designed to evaluate the efficacy, safety and tolerability of upadacitinib in adult and adolescent patients (ages 12 and older) living with non-segmental vitiligo (NSV) who were eligible for systemic therapy. In Period A of both studies, participants were randomized in a 2:1 ratio to receive either upadacitinib 15 mg once daily or placebo for 48 weeks. Participants who completed Period A were eligible to enter Period B, a 112-week open-label extension in which all patients received upadacitinib 15 mg once daily. In total, Study 1 and Study 2 Periods A and B span 160 weeks. The two trials randomized 614 participants with NSV across 90 sites worldwide. More information on these trials can be found at www.clinicaltrials.gov (NCT06118411).

The co-primary endpoints were based on the achievement of Total Vitiligo Area Scoring Index (T-VASI) 50, defined as at least 50% reduction in T-VASI from baseline, at week 48, and the achievement of Facial Vitiligo Area Scoring Index (F-VASI) 75, defined as at least 75% reduction in F-VASI from baseline, at week 48 with the treatment of upadacitinib 15 mg compared with placebo in adults and adolescents with NSV.

The secondary endpoints include the achievement of F-VASI 50, defined as at least a 50% reduction in F-VASI from baseline, at week 48, and the achievement of F-VASI 75, defined as at least a 75% reduction in facial vitiligo area from baseline, at week 24. These endpoints were designed to assess the degree and timing of re-pigmentation on the face, an area among the most visible and psychosocially impactful for people living with NSV.

About RINVOQ® (upadacitinib)
Discovered and developed by AbbVie scientists, RINVOQ is a JAK inhibitor that is being studied in several immune-mediated inflammatory diseases. Based on enzymatic and cellular assays, RINVOQ demonstrated greater inhibitory potency for JAK-1 vs JAK-2, JAK-3, and TYK-2. The relevance of inhibition of specific JAK enzymes to therapeutic effectiveness and safety is not currently known.

Upadacitinib (RINVOQ) is being studied in Phase 3 clinical trials for alopecia areata, hidradenitis suppurativa, Takayasu arteritis, systemic lupus erythematosus, and vitiligo. The use of upadacitinib in non-segmental vitiligo is not approved; its safety and efficacy are under regulatory review by the U.S. FDA and the European Medicines Agency.

EU Indications and Important Safety Information about RINVOQ® (upadacitinib)12

Indications

Rheumatoid arthritis

RINVOQ is indicated for the treatment of moderate to severe active rheumatoid arthritis (RA) in adult patients who have responded inadequately to, or who are intolerant to one or more disease-modifying anti-rheumatic drugs (DMARDs). RINVOQ may be used as monotherapy or in combination with methotrexate.

Psoriatic arthritis

RINVOQ is indicated for the treatment of active psoriatic arthritis (PsA) in adult patients who have responded inadequately to, or who are intolerant to one or more DMARDs. RINVOQ may be used as monotherapy or in combination with methotrexate.

Axial spondyloarthritis

Non-radiographic axial spondyloarthritis (nr-axSpA)

RINVOQ is indicated for the treatment of active non-radiographic axial spondyloarthritis in adult patients with objective signs of inflammation as indicated by elevated C-reactive protein (CRP) and/or magnetic resonance imaging (MRI), who have responded inadequately to nonsteroidal anti-inflammatory drugs (NSAIDs).

Ankylosing spondylitis (AS, radiographic axial spondyloarthritis)

RINVOQ is indicated for the treatment of active ankylosing spondylitis in adult patients who have responded inadequately to conventional therapy.

Giant cell arteritis

RINVOQ is indicated for the treatment of giant cell arteritis (GCA) in adult patients.

Atopic dermatitis

RINVOQ is indicated for the treatment of moderate to severe atopic dermatitis (AD) in adults and adolescents 12 years and older who are candidates for systemic therapy.

Ulcerative colitis

RINVOQ is indicated for the treatment of adult patients with moderately to severely active ulcerative colitis (UC) who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Crohn's disease

RINVOQ is indicated for the treatment of adult patients with moderately to severely active Crohn's disease who have had an inadequate response, lost response or were intolerant to either conventional therapy or a biologic agent.

Important Safety Information

Contraindications
RINVOQ is contraindicated in patients hypersensitive to the active substance or to any of the excipients, in patients with active tuberculosis (TB) or active serious infections, in patients with severe hepatic impairment, and during pregnancy.

Special warnings and precautions for use
RINVOQ should only be used if no suitable treatment alternatives are available in patients:
- 65 years of age and older;
 - patients with history of atherosclerotic cardiovascular (CV) disease or other CV risk factors (such as current or past long-time smokers);
 - patients with malignancy risk factors (e.g. current malignancy or history of malignancy)

Use in patients 65 years of age and older
Considering the increased risk of MACE, malignancies, serious infections, and all-cause mortality in patients ≥65 years of age, as observed in a large randomised study of tofacitinib (another Janus Kinase (JAK) inhibitor), RINVOQ should only be used in these patients if no suitable treatment alternatives are available. In patients ≥65 years of age, there is an increased risk of adverse reactions with RINVOQ 30 mg once daily. Consequently, the recommended dose for long-term use in this patient population is 15 mg once daily.

Immunosuppressive medicinal products
Use in combination with other potent immunosuppressants is not recommended.

Serious infections
Serious and sometimes fatal infections have been reported in patients receiving RINVOQ. The most frequent serious infections reported included pneumonia and cellulitis. Cases of bacterial meningitis and sepsis have been reported with RINVOQ. Among opportunistic infections, TB, multidermatomal herpes zoster, oral/esophageal candidiasis, and cryptococcosis have been reported. RINVOQ should not be initiated in patients with an active, serious infection, including localized infections. RINVOQ should be interrupted if a patient develops a serious or opportunistic infection until the infection is controlled. A higher rate of serious infections was observed with RINVOQ 30 mg compared to 15 mg. As there is a higher incidence of infections in the elderly and patients with diabetes in general, caution should be used when treating these populations. In patients ≥65 years of age, RINVOQ should only be used if no suitable treatment alternatives are available.

Tuberculosis
Patients should be screened for TB before starting RINVOQ. RINVOQ should not be given to patients with active TB. Anti-TB therapy may be appropriate for select patients in consultation with a physician with expertise in the treatment of TB. Patients should be monitored for the development of signs and symptoms of TB.

Viral reactivation
Viral reactivation, including cases of herpes zoster, was reported in clinical studies. The risk of herpes zoster appears to be higher in Japanese patients treated with RINVOQ. Consider interruption of RINVOQ if the patient develops herpes zoster until the episode resolves. Screening for viral hepatitis and monitoring for reactivation should occur before and during therapy. If hepatitis B virus DNA is detected, a liver specialist should be consulted.

Vaccination
The use of live, attenuated vaccines during or immediately prior to therapy is not recommended. It is recommended that patients be brought up to date with all immunizations, including prophylactic zoster vaccinations, prior to initiating RINVOQ, in agreement with current immunization guidelines.

Malignancy
Lymphoma and other malignancies have been reported in patients receiving JAK inhibitors, including RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of malignancies, particularly lung cancer, lymphoma, and non-melanoma skin cancer (NMSC), was observed with tofacitinib compared to tumour necrosis factor (TNF) inhibitors. A higher rate of malignancies, including NMSC, was observed with RINVOQ 30 mg compared to 15 mg. Periodic skin examination is recommended for all patients, particularly those with risk factors for skin cancer. In patients ≥65 years of age, patients who are current or past long-time smokers, or patients with other malignancy risk factors (e.g., current malignancy or history of malignancy), RINVOQ should only be used if no suitable treatment alternatives are available.

Hematological abnormalities
Treatment should not be initiated, or should be temporarily interrupted, in patients with hematological abnormalities observed during routine patient management.

Gastrointestinal perforations
Events of diverticulitis and gastrointestinal perforations have been reported in clinical trials and from post-marketing sources. RINVOQ should be used with caution in patients who may be at risk for gastrointestinal perforation (e.g., patients with diverticular disease, a history of diverticulitis, or who are taking non-steroidal anti-inflammatory drugs (NSAIDs), corticosteroids, or opioids. Patients with active Crohn's disease are at increased risk for developing intestinal perforation. Patients presenting with new onset abdominal signs and symptoms should be evaluated promptly for early identification of diverticulitis or gastrointestinal perforation.

Major adverse cardiovascular events
MACE were observed in clinical studies of RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a higher rate of MACE, defined as CV death, non-fatal myocardial infarction and non-fatal stroke, was observed with tofacitinib compared to TNF inhibitors. Therefore, in patients ≥65 years of age, patients who are current or past long-time smokers, and patients with history of atherosclerotic CV disease or other CV risk factors, RINVOQ should only be used if no suitable treatment alternatives are available.

Lipids
RINVOQ treatment was associated with dose-dependent increases in lipid parameters, including total cholesterol, low-density lipoprotein cholesterol, and high-density lipoprotein cholesterol.

Hepatic transaminase elevations
Treatment with RINVOQ was associated with an increased incidence of liver enzyme elevation. Hepatic transaminases must be evaluated at baseline and thereafter according to routine patient management. If alanine transaminase (ALT) or aspartate transaminase (AST) increases are observed and drug-induced liver injury is suspected, RINVOQ should be interrupted until this diagnosis is excluded.

Venous thromboembolism
Events of deep venous thrombosis (DVT) and pulmonary embolism (PE) were observed in clinical trials for RINVOQ. In a large randomised active-controlled study of tofacitinib (another JAK inhibitor) in RA patients ≥50 years of age with ≥1 additional CV risk factor, a dose‑dependent higher rate of VTE including DVT and PE was observed with tofacitinib compared to TNF inhibitors. In patients with CV or malignancy risk factors, RINVOQ should only be used if no suitable treatment alternatives are available. In patients with known VTE risk factors other than CV or malignancy risk factors (e.g. previous VTE, patients undergoing major surgery, immobilisation, use of combined hormonal contraceptives or hormone replacement therapy, and inherited coagulation disorder), RINVOQ should be used with caution. Patients should be re-evaluated periodically to assess for changes in VTE risk. Promptly evaluate patients with signs and symptoms of VTE and discontinue RINVOQ in patients with suspected VTE.

Retinal vein occlusion
Retinal vein occlusion has been reported in patients treated with JAK inhibitors, including upadacitinib. Patients should be advised to promptly seek medical care in case they experience symptoms suggestive of retinal vein occlusion.

Hypersensitivity reactions
Serious hypersensitivity reactions such as anaphylaxis and angioedema have been reported in patients receiving RINVOQ. If a clinically significant hypersensitivity reaction occurs, discontinue RINVOQ and institute appropriate therapy.

Hypoglycemia in patients treated for diabetes
There have been reports of hypoglycemia following initiation of JAK inhibitors, including RINVOQ, in patients receiving medication for diabetes. Dose adjustment of anti-diabetic medication may be necessary in the event that hypoglycemia occurs.

Medication Residue in Stool
Reports of medication residue in stool or ostomy output have occurred in patients taking RINVOQ. Most reports described anatomic (e.g., ileostomy, colostomy, intestinal resection) or functional gastrointestinal conditions with shortened gastrointestinal transit times. Patients should be instructed to contact their healthcare professional if medication residue is observed repeatedly. Patients should be clinically monitored, and alternative treatment should be considered if there is an inadequate therapeutic response.

Giant Cell Arteritis
RINVOQ monotherapy should not be used for the treatment of acute relapses as efficacy in this setting has not been established. Corticosteroids should be given according to medical judgement and practice guidelines.

Adverse reactions
The most commonly reported adverse reactions in RA, PsA, and axSpA clinical trials (≥2% of patients in at least one of the indications) with RINVOQ 15 mg were upper respiratory tract infections, blood creatine phosphokinase (CPK) increased, ALT increased, bronchitis, nausea, neutropenia, cough, AST increased, and hypercholesterolemia. Overall, the safety profile observed in patients with psoriatic arthritis or active axial spondyloarthritis treated with RINVOQ 15 mg was consistent with the safety profile observed in patients with RA.

The most commonly reported adverse reactions in AD trials (≥2% of patients) with RINVOQ 15 mg or 30 mg were upper respiratory tract infection, acne, herpes simplex, headache, blood CPK increased, cough, folliculitis, abdominal pain, nausea, neutropenia, pyrexia, and influenza. Dose dependent increased risks of infection and herpes zoster were observed with RINVOQ. The safety profile for RINVOQ 15 mg and 30 mg in adolescents was similar to that in adults. With long-term exposure, skin papilloma was reported in adolescents in the RINVOQ 15 mg and 30 mg groups.

The most commonly reported adverse reactions in the UC and CD trials (≥3% of patients) with RINVOQ 45 mg, 30 mg or 15 mg were upper respiratory tract infection, pyrexia, blood CPK increased, anemia, headache, acne, herpes zoster, neutropenia, rash, pneumonia, hypercholesterolemia, bronchitis, AST increased, fatigue, folliculitis, ALT increased, herpes simplex, and influenza. The overall safety profile observed in patients with UC was generally consistent with that observed in patients with RA. Overall, the safety profile observed in patients with CD treated with RINVOQ was consistent with the known safety profile for RINVOQ.

Overall, the safety profile observed in patients with GCA treated with RINVOQ 15 mg was generally consistent with the known safety profile for RINVOQ.

The most common serious adverse reactions were serious infections.

The safety profile of RINVOQ with long-term treatment was generally similar to the safety profile during the placebo-controlled period across indications.

This is not a complete summary of all safety information.

See RINVOQ full Summary of Product Characteristics (SmPC) at www.ema.europa.eu

Globally, prescribing information varies; refer to the individual country product label for complete information.

About AbbVie in Immunology
AbbVie is relentless in our pursuit to redefine the standard of care for patients living with immune-mediated conditions, with the goal of helping them live a life free from the limitations of their disease. For more than 20 years, AbbVie has led and helped shape the field of immunology through groundbreaking science and trusted medicines. Building on deep expertise across gastroenterology, rheumatology and dermatology, and other areas of high unmet need, we continue to invest in a broad and differentiated pipeline – spanning innovative modalities, novel mechanisms of actions and next-generation approaches designed to conquer the complex biology underlying immune-mediated disease.

Today, more than 1 million patients worldwide are treated with AbbVie's immunology medicines, approved in more than 175 countries across 19 immune-mediated diseases that impact adult and pediatric populations. As we work to strengthen our legacy and drive the next wave of innovation, we remain focused on delivering meaningful progress for patients and expanding access to our medicines. For more information, please visit www.abbvie.com/immunology.

About AbbVie
AbbVie's mission is to discover and deliver innovative medicines and solutions that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people's lives across several key therapeutic areas including immunology, neuroscience and oncology – and products and services in our Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com. Follow @abbvie on LinkedIn, Facebook, Instagram, X and YouTube.

Forward-Looking Statements

Some statements in this news release are, or may be considered, forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "project" and similar expressions and uses of future or conditional verbs, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action, changes to laws and regulations applicable to our industry, the impact of global macroeconomic factors, such as economic downturns or uncertainty, international conflict, trade disputes and tariffs, and other uncertainties and risks associated with global business operations. Additional information about the economic, competitive, governmental, technological and other factors that may affect AbbVie's operations is set forth in Item 1A, "Risk Factors," of AbbVie's 2025 Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie undertakes no obligation, and specifically declines, to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

References

AbbVie. Data on file ABVRRTI82545 Ezzedine K, Eleftheriadou V, Whitton M, van Geel N. Vitiligo. Lancet. 2015;386(9988):74-84. doi:10.1016/S0140-6736(14)60763-7 Krüger C, Schallreuter KU. A review of the worldwide prevalence of vitiligo in children/adolescents and adults. Int J Dermatol. 2012;51(10):1206-1212. doi:10.1111/j.1365-4632.2011.05377.x Mazzei Weiss ME. Vitiligo: to biopsy or not to biopsy?. Cutis. 2020;105(4):189-190. Ezzedine K, Lim HW, Suzuki T, et al. Revised classification/nomenclature of vitiligo and related issues: the Vitiligo Global Issues Consensus Conference. Pigment Cell Melanoma Res. 2012;25(3):E1-13 Taneja N, Sreenivas V, Sahni K, Gupta V, Ramam M. Disease Stability in Segmental and Non-Segmental Vitiligo. Indian Dermatol Online J. 2021 Aug 2;13(1):60-63. doi: 10.4103/idoj.IDOJ_154_21. PMID: 35198469; PMCID: PMC8809159 Hlača N, Žagar T, Kaštelan M, Brajac l, Prpić-Massari L. Current concepts of vitiligo immunopathogenesis. Biomedicines. 2022;10(7):1639. doi:10.3390/biomedicines10071639 Abdel-Malek ZA, Jordan C, Ho T, Upadhyay PR, Fleischer A, Hamzavi l. The enigma and challenges of vitiligo pathophysiology and treatment. Pigment Cell Melanoma Res. 2020;33(6):778-787. doi:10.1111/pcmr.12878 Birlea SA, Goldstein NB, Norris DA. Repigmentation through melanocyte regeneration in vitiligo. Dermatol Clin. 2017;35(2):205-218. doi:10.1016/j.det.2016.11.015 van Geel N, Speeckaert R, Taïeb A, et al. Worldwide expert recommendations for the diagnosis and management of vitiligo: position statement from the International Vitiligo Task Force part 1: towards a new management algorithm. J Eur Acad Dermatol Venereol. 2023;37(11):2173-2184. doi:10.1111/jdv.19451 Seneschal J, Boniface K. Vitiligo: Current therapies and future treatments. Dermatol Pract Concept. 2023;13(4S2):e2023313S. doi:10.5826/dpc.1304S2a313 RINVOQ [Package Insert]. North Chicago, IL: AbbVie Inc.; 2026 SOURCE AbbVie

Brian Armstrong outlined how he's planning to keep AI spending at Coinbase low. Bloomberg/Getty Images Coinbase's CEO wants his engineers to keep tokenmaxxing — while keeping AI costs down.

In an X post on Friday, CEO Brian Armstrong outlined five ways in which the crypto exchange is keeping AI costs low.

The first of his five strategies was selecting better default LLMs — the models most engineers use by default when submitting prompts. He said Coinbase was experimenting with Chinese LLMs as defaults, which are significantly cheaper than models from frontier American AI labs like Anthropic and OpenAI.

"We're experimenting with defaulting to open weight models like GLM 5.2 and Kimi 2.7 through our LLM gateway, while still encouraging engineers to choose the right model for the task," Armstrong wrote.

GLM 5.2 and Kimi 2.7 are models developed by the Chinese AI labs Z.ai and Moonshot AI, respectively.

His second strategy, one he had spoken about earlier in June, is routing prompts to their most appropriate models based on their difficulty levels.

"For instance, you may want a frontier model for planning, but not for execution where they can be overkill," he wrote. "Ultimately, humans shouldn't be choosing models - AI can automate this task."

The third tip was to use better caching, a technique that reduces inference costs.

The fourth was to keep context lean, meaning starting new sessions when switching between tasks.

And his final strategy is to improve visibility into AI spending across the company. This means all his engineers can use as many tokens as they want, but they can see their usage. Coinbase will expect "more impact" from employees who spend more on AI.

Armstrong attached a graph at the end of his post tracking token usage and AI spend at the company over time, though the exact timeline was not specified. The graph shows that token usage has recently reached one of the highest levels in the company's history, while AI spending has fallen significantly, to nearly half its peak level.

"The goal isn't to suppress usage. It's to build the infrastructure that makes exponential growth sustainable," he wrote.

Armstrong's post comes less than two months after Coinbase laid off 14% of its staff, partly due to AI changing how people work.

"Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks," Armstrong said in a post in May, adding that, "the pace of what's possible with a small, focused team has changed dramatically."

His strategy to reduce AI costs falls in line with the industry, which has moved on from the short-lived tokenmaxxing trend in favor of imposing usage caps on employees to curb rampant token consumption.

Read next

Aditi Bharade You're currently following this author! Want to unfollow? Unsubscribe via the link in your email.

Coinbase

JD.com is a leading Chinese e-commerce platform with mid-single-digit top line growth and a 5.9x forward P/E valuation. JD Retail, the core business, drives 85% of revenues and relies heavily on new partnerships with major appliance brands. I am bullish on JD's aggressive AI-driven CapEx, which is expected to modernize the platform, boost engagement, and potentially expand gross margins and free cash flow.

Toyota Motor's all-new RAV4 SUVs are displayed during its world premiere event in Tokyo, Japan May 21, 2025. REUTERS/Manami Yamada Purchase Licensing Rights, opens new tab

CompaniesTOKYO, June 29 (Reuters) - Toyota Motor (7203.T), opens new tab said on Monday that global vehicle sales ​slipped for a fourth consecutive ‌month in May, as decreases in China and the Middle East weighed ​on overall results.

Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.

Global sales ​dropped 7.2% year-on-year to 834,279 vehicles, ⁠Toyota said in a release. ​Overseas sales fell 9.6%, while ​those in Japan rose 11.1%, helped by strong demand for models such as ​RAV4 and bZ4X.

By region, sales ​in China plunged 31.7% amid tough market ‌conditions, ⁠partly due to rising petrol prices, while those in the Middle East slumped 38.6%. In the ​U.S., Toyota's ​top market, ⁠they edged down 0.6%.

Global production declined 5.5% from ​a year earlier, as ​a ⁠3.8% drop in the U.S. and a 13.3% decrease in Asia ⁠offset ​a rise in Japan.

Toyota's ​figures include its luxury brand, Lexus.

Reporting by ​Daniel Leussink; Editing by Rashmi Aich

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Investment firm Multicoin Capital has published a detailed valuation report outlining a bullish base-case scenario for Hyperliquid’s native token, HYPE. The analysis projects that HYPE could reach approximately $319 by 2028, implying roughly five times upside from levels near $63 at the time of the report.

According to insights from Multicoin Capital, the forecast rests on expectations that Hyperliquid will generate around $8 billion in annual earnings by 2028 and trade at a 20-times earnings multiple.

At current prices, the token appears to trade at roughly 36 times trailing twelve-month earnings, or about 30 times when factoring in revenue from Hyperliquid’s recent Coinbase and USDC integration.

Multicoin describes Hyperliquid as evolving into a comprehensive “everything exchange” — a fully integrated, always-available on-chain venue that supports perpetual futures, spot trading, and potentially broader asset classes.

This positioning, the firm argues, positions the platform to capture meaningful trading volume and fee revenue from centralized cryptocurrency exchanges (CEXs) that have long dominated derivatives and spot markets.

Hyperliquid has already built substantial momentum in perpetual futures.

It commands a leading share of on-chain derivatives activity and has steadily increased its portion of overall exchange perpetuals volume, recently surpassing 7% of the global total in some measurements.

Its high-throughput custom Layer-1 blockchain enables fast execution, deep liquidity, and on-chain transparency that many traders find attractive compared with traditional centralized platforms.

The report notes that Multicoin has accumulated a large position in HYPE, making it one of the biggest holdings in the firm’s liquid fund.

The team has followed the project since its early days and remains impressed by its execution and growth trajectory.

While the base-case projection is optimistic, Multicoin acknowledges several structural and market risks that could affect long-term outcomes.

These include competition from other decentralized platforms, regulatory developments, execution challenges in expanding product offerings, and broader crypto market volatility.

Despite these caveats, the firm maintains confidence in the token’s upside under its outlined assumptions.

The $319 target would represent a fully diluted valuation of roughly $160 billion at the projected 2028 earnings level.

Multicoin’s analysis applies standard valuation frameworks used across software and financial technology companies, adjusting for the unique characteristics of a decentralized trading venue with native token economics.

Hyperliquid’s growth story reflects more of a broader industry shift toward decentralized infrastructure that offers composability, transparency, and 24/7 global access without counterparty risk from a central operator. If the platform continues expanding beyond perpetuals while maintaining its performance edge, it could further erode market share held by legacy centralized exchanges.

A crypto whale dormant for over a year spent 5,000 SOL to buy PUMP.

Per Lookonchain’s monitoring, a whale address dormant for over a year has resumed buying PUMP tokens, spending 5,000 SOL (about $358,000) to acquire 242.66 million PUMP. More than a year ago, the whale bought 10,957 SOL at an average price of $237 (worth roughly $2.6 million back then) and has since staked the entire amount. Despite earning 1,206 SOL in staking rewards, the sharp drop in SOL’s price means the whale’s total holdings now carry an unrealized loss of over $1.7 million, a loss of approximately 66%.

1 seconds ago

Foreign investors pulled massive capital out of South Korea's stock market, with net sales of KOSPI stocks hitting a new single-day record on Monday.

Foreign investors net sold KOSPI stocks worth 7.7 trillion won (approximately $4.98 billion) on Monday, marking the largest single-day sell-off on record.

1 seconds ago

The A-share semiconductor sector turned higher following South Korean stocks, with Huahai Qingke surging 19.01%.

On Monday morning, the A-share semiconductor sector briefly tracked a pullback in related South Korean stocks. The KOSDAQ index triggered a program trading circuit breaker during intraday trading, with a maximum drop of 3.8%. Chip giants Samsung Electronics and SK Hynix saw sharp opening dips, but the decline was soon halted by news of a new round of expansion in South Korea's storage chip chain. Earlier in the afternoon, the South Korean government released its latest industrial plan. President Lee Jae-myung stated that South Korea must push forward with the construction of chip production facilities as soon as possible, as existing industrial parks are approaching their carrying limits in terms of water resources and infrastructure. Going forward, the country will focus on expanding semiconductor supply capacity through investments in its southwestern region. Under the plan, South Korea plans to build four chip manufacturing plants in the southwestern region, with a total investment of about 800 trillion won, and will allocate at least 30 trillion won over the next 15 years to semiconductor sectors including next-generation memory, edge AI, and defense. In response to the news, South Korea's KOSPI index turned from decline to gain in the afternoon, while related A-share stocks rebounded in tandem. Among them, Huahong Qingke surged 19.01%, Microtech Corporation rose 8.58%, Anji Technology gained 9.46%, Shanghai Silicon Industry climbed 11.30%, Coremax increased 9.06%, and Huace Testing & Control advanced 10.21%.

1 seconds ago

Japan and South Korea's stock markets closed higher.

According to Bitget market data, the Nikkei 225 index closed up 107.23 points on Monday, June 29, with a 0.15% gain, ending at 69,468.11 points, after earlier dropping more than 1%. South Korea’s KOSPI index rose 5.62 points on the same day, a 0.07% increase, closing at 8,416.83 points; the country’s KOSDAQ (its main tech-focused index) gained over 8% in the session. After Samsung and SK unveiled their investment plans, the KOSPI index erased a decline of up to 3.4% to turn positive intraday, while small-cap benchmark KOSDAQ also rebounded.

1 seconds ago

Iran's Deputy Foreign Minister: Convening the First Meeting of the Iran-Oman Joint Commission on the Strait of Hormuz

Iran's Deputy Foreign Minister announced that the first meeting of the Iran-Oman Joint Commission on the Strait of Hormuz was held.

1 seconds ago

Online reports indicate that South Korea’s previously expected aggressive investment of 2000 trillion won has materialized at 800 trillion won, easing market sentiment and triggering a minor rebound in the stock prices of Samsung and SK Hynix.

Hyperinsight’s monitoring shows that South Korea’s semiconductor sector rebounded in the afternoon. The previously-feared 2,000 trillion won investment plan was ultimately realized as a semiconductor project worth around 800 trillion won (approx. $518 billion). This is likely because capital expenditure pressure fell short of some market participants’ expectations, leading to eased risk aversion and narrowed losses. On Hyperliquid, SK Hynix (1H) rebounded by 4.5% at one point, currently quoted at $1,730; Samsung Electronics rose 2%, currently at $214. Currently, the average entry price of long positions for large holders of the two on-chain assets is $1,608 and $217.3 respectively, with Samsung Electronics trading below the moving average of long-position whales.

1 seconds ago

A crypto whale dormant for over a year spent 5,000 SOL to buy PUMP.

Per Lookonchain’s monitoring, a whale address dormant for over a year has resumed buying PUMP tokens, spending 5,000 SOL (about $358,000) to acquire 242.66 million PUMP. More than a year ago, the whale bought 10,957 SOL at an average price of $237 (worth roughly $2.6 million back then) and has since staked the entire amount. Despite earning 1,206 SOL in staking rewards, the sharp drop in SOL’s price means the whale’s total holdings now carry an unrealized loss of over $1.7 million, a loss of approximately 66%.

1 seconds ago

Foreign investors pulled massive capital out of South Korea's stock market, with net sales of KOSPI stocks hitting a new single-day record on Monday.

Foreign investors net sold KOSPI stocks worth 7.7 trillion won (approximately $4.98 billion) on Monday, marking the largest single-day sell-off on record.

1 seconds ago

The A-share semiconductor sector turned higher following South Korean stocks, with Huahai Qingke surging 19.01%.

On Monday morning, the A-share semiconductor sector briefly tracked a pullback in related South Korean stocks. The KOSDAQ index triggered a program trading circuit breaker during intraday trading, with a maximum drop of 3.8%. Chip giants Samsung Electronics and SK Hynix saw sharp opening dips, but the decline was soon halted by news of a new round of expansion in South Korea's storage chip chain. Earlier in the afternoon, the South Korean government released its latest industrial plan. President Lee Jae-myung stated that South Korea must push forward with the construction of chip production facilities as soon as possible, as existing industrial parks are approaching their carrying limits in terms of water resources and infrastructure. Going forward, the country will focus on expanding semiconductor supply capacity through investments in its southwestern region. Under the plan, South Korea plans to build four chip manufacturing plants in the southwestern region, with a total investment of about 800 trillion won, and will allocate at least 30 trillion won over the next 15 years to semiconductor sectors including next-generation memory, edge AI, and defense. In response to the news, South Korea's KOSPI index turned from decline to gain in the afternoon, while related A-share stocks rebounded in tandem. Among them, Huahong Qingke surged 19.01%, Microtech Corporation rose 8.58%, Anji Technology gained 9.46%, Shanghai Silicon Industry climbed 11.30%, Coremax increased 9.06%, and Huace Testing & Control advanced 10.21%.

1 seconds ago

Japan and South Korea's stock markets closed higher.

According to Bitget market data, the Nikkei 225 index closed up 107.23 points on Monday, June 29, with a 0.15% gain, ending at 69,468.11 points, after earlier dropping more than 1%. South Korea’s KOSPI index rose 5.62 points on the same day, a 0.07% increase, closing at 8,416.83 points; the country’s KOSDAQ (its main tech-focused index) gained over 8% in the session. After Samsung and SK unveiled their investment plans, the KOSPI index erased a decline of up to 3.4% to turn positive intraday, while small-cap benchmark KOSDAQ also rebounded.

1 seconds ago

Iran's Deputy Foreign Minister: Convening the First Meeting of the Iran-Oman Joint Commission on the Strait of Hormuz

Iran's Deputy Foreign Minister announced that the first meeting of the Iran-Oman Joint Commission on the Strait of Hormuz was held.

1 seconds ago

Online reports indicate that South Korea’s previously expected aggressive investment of 2000 trillion won has materialized at 800 trillion won, easing market sentiment and triggering a minor rebound in the stock prices of Samsung and SK Hynix.

Hyperinsight’s monitoring shows that South Korea’s semiconductor sector rebounded in the afternoon. The previously-feared 2,000 trillion won investment plan was ultimately realized as a semiconductor project worth around 800 trillion won (approx. $518 billion). This is likely because capital expenditure pressure fell short of some market participants’ expectations, leading to eased risk aversion and narrowed losses. On Hyperliquid, SK Hynix (1H) rebounded by 4.5% at one point, currently quoted at $1,730; Samsung Electronics rose 2%, currently at $214. Currently, the average entry price of long positions for large holders of the two on-chain assets is $1,608 and $217.3 respectively, with Samsung Electronics trading below the moving average of long-position whales.

1 seconds ago

A crypto whale dormant for over a year spent 5,000 SOL to buy PUMP.

Per Lookonchain’s monitoring, a whale address dormant for over a year has resumed buying PUMP tokens, spending 5,000 SOL (about $358,000) to acquire 242.66 million PUMP. More than a year ago, the whale bought 10,957 SOL at an average price of $237 (worth roughly $2.6 million back then) and has since staked the entire amount. Despite earning 1,206 SOL in staking rewards, the sharp drop in SOL’s price means the whale’s total holdings now carry an unrealized loss of over $1.7 million, a loss of approximately 66%.

1 seconds ago

Foreign investors pulled massive capital out of South Korea's stock market, with net sales of KOSPI stocks hitting a new single-day record on Monday.

Foreign investors net sold KOSPI stocks worth 7.7 trillion won (approximately $4.98 billion) on Monday, marking the largest single-day sell-off on record.

1 seconds ago

The A-share semiconductor sector turned higher following South Korean stocks, with Huahai Qingke surging 19.01%.

On Monday morning, the A-share semiconductor sector briefly tracked a pullback in related South Korean stocks. The KOSDAQ index triggered a program trading circuit breaker during intraday trading, with a maximum drop of 3.8%. Chip giants Samsung Electronics and SK Hynix saw sharp opening dips, but the decline was soon halted by news of a new round of expansion in South Korea's storage chip chain. Earlier in the afternoon, the South Korean government released its latest industrial plan. President Lee Jae-myung stated that South Korea must push forward with the construction of chip production facilities as soon as possible, as existing industrial parks are approaching their carrying limits in terms of water resources and infrastructure. Going forward, the country will focus on expanding semiconductor supply capacity through investments in its southwestern region. Under the plan, South Korea plans to build four chip manufacturing plants in the southwestern region, with a total investment of about 800 trillion won, and will allocate at least 30 trillion won over the next 15 years to semiconductor sectors including next-generation memory, edge AI, and defense. In response to the news, South Korea's KOSPI index turned from decline to gain in the afternoon, while related A-share stocks rebounded in tandem. Among them, Huahong Qingke surged 19.01%, Microtech Corporation rose 8.58%, Anji Technology gained 9.46%, Shanghai Silicon Industry climbed 11.30%, Coremax increased 9.06%, and Huace Testing & Control advanced 10.21%.

1 seconds ago

Japan and South Korea's stock markets closed higher.

According to Bitget market data, the Nikkei 225 index closed up 107.23 points on Monday, June 29, with a 0.15% gain, ending at 69,468.11 points, after earlier dropping more than 1%. South Korea’s KOSPI index rose 5.62 points on the same day, a 0.07% increase, closing at 8,416.83 points; the country’s KOSDAQ (its main tech-focused index) gained over 8% in the session. After Samsung and SK unveiled their investment plans, the KOSPI index erased a decline of up to 3.4% to turn positive intraday, while small-cap benchmark KOSDAQ also rebounded.

1 seconds ago

Iran's Deputy Foreign Minister: Convening the First Meeting of the Iran-Oman Joint Commission on the Strait of Hormuz

Iran's Deputy Foreign Minister announced that the first meeting of the Iran-Oman Joint Commission on the Strait of Hormuz was held.

1 seconds ago

Recently, over 550,000 Bitcoin have flowed into deposit addresses of Binance and OKX, marking a new high since the 2023 bear market.

Crypto Quant analyst Darkfost noted in a post that as Bitcoin recently dipped below $60,000 again, a large number of investors have transferred their Bitcoin to exchanges. Data shows more than 220,000 BTC flowed into deposit addresses linked to Binance’s hot wallet, and over 330,000 BTC entered OKX-related deposit addresses, totaling over 550,000 BTC—marking the largest such inflow this year and the highest level since the 2023 bear market. Typically, when users plan to sell Bitcoin, they first transfer funds to deposit addresses before aggregating them into the exchange’s operational wallet. As such, this massive inflow reflects panic among some investors after Bitcoin tested the $60,000 threshold, with increased potential selling pressure. However, the data does not mean all these BTC have been sold; it only signals a rise in exchanges’ selling willingness.

1 seconds ago

Foreign investors pulled massive capital out of South Korea's stock market, with net sales of KOSPI stocks hitting a new single-day record on Monday.

Foreign investors net sold KOSPI stocks worth 7.7 trillion won (approximately $4.98 billion) on Monday, marking the largest single-day sell-off on record.

1 seconds ago

The A-share semiconductor sector turned higher following South Korean stocks, with Huahai Qingke surging 19.01%.

On Monday morning, the A-share semiconductor sector briefly tracked a pullback in related South Korean stocks. The KOSDAQ index triggered a program trading circuit breaker during intraday trading, with a maximum drop of 3.8%. Chip giants Samsung Electronics and SK Hynix saw sharp opening dips, but the decline was soon halted by news of a new round of expansion in South Korea's storage chip chain. Earlier in the afternoon, the South Korean government released its latest industrial plan. President Lee Jae-myung stated that South Korea must push forward with the construction of chip production facilities as soon as possible, as existing industrial parks are approaching their carrying limits in terms of water resources and infrastructure. Going forward, the country will focus on expanding semiconductor supply capacity through investments in its southwestern region. Under the plan, South Korea plans to build four chip manufacturing plants in the southwestern region, with a total investment of about 800 trillion won, and will allocate at least 30 trillion won over the next 15 years to semiconductor sectors including next-generation memory, edge AI, and defense. In response to the news, South Korea's KOSPI index turned from decline to gain in the afternoon, while related A-share stocks rebounded in tandem. Among them, Huahong Qingke surged 19.01%, Microtech Corporation rose 8.58%, Anji Technology gained 9.46%, Shanghai Silicon Industry climbed 11.30%, Coremax increased 9.06%, and Huace Testing & Control advanced 10.21%.

1 seconds ago

Japan and South Korea's stock markets closed higher.

According to Bitget market data, the Nikkei 225 index closed up 107.23 points on Monday, June 29, with a 0.15% gain, ending at 69,468.11 points, after earlier dropping more than 1%. South Korea’s KOSPI index rose 5.62 points on the same day, a 0.07% increase, closing at 8,416.83 points; the country’s KOSDAQ (its main tech-focused index) gained over 8% in the session. After Samsung and SK unveiled their investment plans, the KOSPI index erased a decline of up to 3.4% to turn positive intraday, while small-cap benchmark KOSDAQ also rebounded.

1 seconds ago

Iran's Deputy Foreign Minister: Convening the First Meeting of the Iran-Oman Joint Commission on the Strait of Hormuz

Iran's Deputy Foreign Minister announced that the first meeting of the Iran-Oman Joint Commission on the Strait of Hormuz was held.

1 seconds ago

Online reports indicate that South Korea’s previously expected aggressive investment of 2000 trillion won has materialized at 800 trillion won, easing market sentiment and triggering a minor rebound in the stock prices of Samsung and SK Hynix.

Hyperinsight’s monitoring shows that South Korea’s semiconductor sector rebounded in the afternoon. The previously-feared 2,000 trillion won investment plan was ultimately realized as a semiconductor project worth around 800 trillion won (approx. $518 billion). This is likely because capital expenditure pressure fell short of some market participants’ expectations, leading to eased risk aversion and narrowed losses. On Hyperliquid, SK Hynix (1H) rebounded by 4.5% at one point, currently quoted at $1,730; Samsung Electronics rose 2%, currently at $214. Currently, the average entry price of long positions for large holders of the two on-chain assets is $1,608 and $217.3 respectively, with Samsung Electronics trading below the moving average of long-position whales.

1 seconds ago

Recently, over 550,000 Bitcoin have flowed into deposit addresses of Binance and OKX, marking a new high since the 2023 bear market.

Crypto Quant analyst Darkfost noted in a post that as Bitcoin recently dipped below $60,000 again, a large number of investors have transferred their Bitcoin to exchanges. Data shows more than 220,000 BTC flowed into deposit addresses linked to Binance’s hot wallet, and over 330,000 BTC entered OKX-related deposit addresses, totaling over 550,000 BTC—marking the largest such inflow this year and the highest level since the 2023 bear market. Typically, when users plan to sell Bitcoin, they first transfer funds to deposit addresses before aggregating them into the exchange’s operational wallet. As such, this massive inflow reflects panic among some investors after Bitcoin tested the $60,000 threshold, with increased potential selling pressure. However, the data does not mean all these BTC have been sold; it only signals a rise in exchanges’ selling willingness.

1 seconds ago

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Summary

U.S. spot bitcoin ETFs have logged about $4.06 billion in net outflows so far this month, the largest monthly redemption since the products launched.The funds saw roughly $1.79 billion in redemptions last week alone, undercutting earlier expectations of renewed demand following SpaceX’s June IPO.U.S. spot bitcoin ETFs have recorded $4.06 billion in net outflows this month, according to data from SoSoValue. It marks the largest monthly redemption on record, exceeding the previous high of $3.56 billion in February 2025.

Last week, the funds saw redemptions of about $1.79 billion, the second-highest weekly outflow since trading began in January 2024. (These figures could shift slightly based on flows over the final two trading days of the month.)

This trend runs counter to expectations early in the month of renewed demand following SpaceX's IPO on June 12.

Spot ETFs serve as a widely followed barometer for institutional investors seeking regulated exposure to bitcoin without directly holding the cryptocurrency.

June’s outflows followed $2.43 billion in net redemptions in May, bringing the two-month total close to $6.5 billion. That figure is comparable to the current market capitalization of zcash (ZEC), currently ranked among the world’s 15 largest cryptocurrencies by market cap.

On a year-to-date basis, net outflows tally roughly $5 billion in the first half of 2026.

The impact of this collapse in institutional demand is evident in bitcoin’s price performance, which has declined around 30% in the first half, underperforming nearly every major asset class except Strategy (MSTR). Shares in the bitcoin-holding publicly listed firm have tanked by 45%.

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Equities on Crypto Rails: A Platform Comparison

Equities on Crypto Rails: A Platform Comparison

US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.

Jun 26, 2026

US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.

Why it matters:

US equities on crypto rails: access is easy, on-chain composability is the real test. Only Binance and Backpack deliver both - and only Binance at scale.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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Bitcoin price jumped 2% after the US and Iran agreed to halt strikes over control of the Strait of Hormuz. However, top analysts such as Rekt Capital, 10x Research’s Markus Thielen, Benjamin Cowen, and Cheds Trading remain cautious about an immediate recovery in Bitcoin and the broader crypto market.

US-Iran Suspend Strikes Sparks Modest Bitcoin and US Stock Futures Gain Bitcoin and US stock futures are rising following reports that the US and Iran have agreed to halt attacks. This comes as peace talks resume in Qatar this week, Axios reported on June 29.

The conflict escalated after Iran targeted a container ship carrying Qatari oil. The US government revealed retaliatory strikes on Iran after the market closed on Friday. This caused Iran to strike US military bases in Kuwait and Bahrain, escalating Middle East tensions.

Market participants and experts noted that the announcement comes just one hour before US stock market futures are set to reopen. “Carbon copy headline every Sunday evening,” said zerohedge.

Bitcoin price jumped from a 24-hour low of $58,856 to $60,089. The price is currently trading at $59,856, with a 24% rise in trading volume.

Analysts Stay Cautious amid Technical Weakness Despite Bitcoin rebounding after the US and Iran agreed to suspend strikes, analysts have remained cautious over immediate recovery. Several factors such as geopolitical, macro, and technical are keeping analysts on edge.

Popular analysts Cheds Trading and Benjamin Cowen noted that Bitcoin saw its lowest daily close since 2024 and its first close below the 200-week moving average (200-WMA) since 2023. The US strikes came despite the U.S. Senate passed the War Powers Act.

Rekt Capital predicts $61K as the key resistance and Bitcoin price failed to surpass it for the fourth consecutive day. “With the new Weekly, Monthly and Quarterly candle closes all just around the corner, it would be wise to wait to observe those first confirmations for additional insight,” he said.

He recommends investors to wait for June’s monthly close as that would reveal levels where a potential July relief rally would start. Cheds Trading agreed with Rekt Capital on risks of further drop amid technical chart weakness.

Top analyst Markus Thielen revealed their Bitcoin trend model turned bearish on May 22, when Bitcoin traded at $75,600. It has remained bearish despite buy-the-dip sentiment.

Bitcoin Daily Price Chart. Source: Rekt Capital Navigate the fluctuations of the crypto market by following the trades of experienced traders with our recommendations for Best Crypto Copy Trading Platforms.

Foreign investors pulled massive capital out of South Korea's stock market, with net sales of KOSPI stocks hitting a new single-day record on Monday.

Foreign investors net sold KOSPI stocks worth 7.7 trillion won (approximately $4.98 billion) on Monday, marking the largest single-day sell-off on record.

1 seconds ago

The A-share semiconductor sector turned higher following South Korean stocks, with Huahai Qingke surging 19.01%.

On Monday morning, the A-share semiconductor sector briefly tracked a pullback in related South Korean stocks. The KOSDAQ index triggered a program trading circuit breaker during intraday trading, with a maximum drop of 3.8%. Chip giants Samsung Electronics and SK Hynix saw sharp opening dips, but the decline was soon halted by news of a new round of expansion in South Korea's storage chip chain. Earlier in the afternoon, the South Korean government released its latest industrial plan. President Lee Jae-myung stated that South Korea must push forward with the construction of chip production facilities as soon as possible, as existing industrial parks are approaching their carrying limits in terms of water resources and infrastructure. Going forward, the country will focus on expanding semiconductor supply capacity through investments in its southwestern region. Under the plan, South Korea plans to build four chip manufacturing plants in the southwestern region, with a total investment of about 800 trillion won, and will allocate at least 30 trillion won over the next 15 years to semiconductor sectors including next-generation memory, edge AI, and defense. In response to the news, South Korea's KOSPI index turned from decline to gain in the afternoon, while related A-share stocks rebounded in tandem. Among them, Huahong Qingke surged 19.01%, Microtech Corporation rose 8.58%, Anji Technology gained 9.46%, Shanghai Silicon Industry climbed 11.30%, Coremax increased 9.06%, and Huace Testing & Control advanced 10.21%.

1 seconds ago

Japan and South Korea's stock markets closed higher.

According to Bitget market data, the Nikkei 225 index closed up 107.23 points on Monday, June 29, with a 0.15% gain, ending at 69,468.11 points, after earlier dropping more than 1%. South Korea’s KOSPI index rose 5.62 points on the same day, a 0.07% increase, closing at 8,416.83 points; the country’s KOSDAQ (its main tech-focused index) gained over 8% in the session. After Samsung and SK unveiled their investment plans, the KOSPI index erased a decline of up to 3.4% to turn positive intraday, while small-cap benchmark KOSDAQ also rebounded.

1 seconds ago

Iran's Deputy Foreign Minister: Convening the First Meeting of the Iran-Oman Joint Commission on the Strait of Hormuz

Iran's Deputy Foreign Minister announced that the first meeting of the Iran-Oman Joint Commission on the Strait of Hormuz was held.

1 seconds ago

Online reports indicate that South Korea’s previously expected aggressive investment of 2000 trillion won has materialized at 800 trillion won, easing market sentiment and triggering a minor rebound in the stock prices of Samsung and SK Hynix.

Hyperinsight’s monitoring shows that South Korea’s semiconductor sector rebounded in the afternoon. The previously-feared 2,000 trillion won investment plan was ultimately realized as a semiconductor project worth around 800 trillion won (approx. $518 billion). This is likely because capital expenditure pressure fell short of some market participants’ expectations, leading to eased risk aversion and narrowed losses. On Hyperliquid, SK Hynix (1H) rebounded by 4.5% at one point, currently quoted at $1,730; Samsung Electronics rose 2%, currently at $214. Currently, the average entry price of long positions for large holders of the two on-chain assets is $1,608 and $217.3 respectively, with Samsung Electronics trading below the moving average of long-position whales.

1 seconds ago

Recently, over 550,000 Bitcoin have flowed into deposit addresses of Binance and OKX, marking a new high since the 2023 bear market.

Crypto Quant analyst Darkfost noted in a post that as Bitcoin recently dipped below $60,000 again, a large number of investors have transferred their Bitcoin to exchanges. Data shows more than 220,000 BTC flowed into deposit addresses linked to Binance’s hot wallet, and over 330,000 BTC entered OKX-related deposit addresses, totaling over 550,000 BTC—marking the largest such inflow this year and the highest level since the 2023 bear market. Typically, when users plan to sell Bitcoin, they first transfer funds to deposit addresses before aggregating them into the exchange’s operational wallet. As such, this massive inflow reflects panic among some investors after Bitcoin tested the $60,000 threshold, with increased potential selling pressure. However, the data does not mean all these BTC have been sold; it only signals a rise in exchanges’ selling willingness.

1 seconds ago

A short but busy week lies ahead on the US economic calendar, while markets need to digest the re-escalation of military action in the Middle East. 

Crypto markets remained flat over the weekend following a week of heavy losses that saw a further $140 billion leave the space. Military action in the Middle East resumed with the US conducting strikes on Iranian military targets at multiple locations in response to Iran’s drone attack on a commercial ship.

Meanwhile, the TradFi fear and greed index is now down to 24.8, the lowest since early April, reported the Kobeissi Letter. The week ahead is heavy with labor market data, which could further influence the Federal Reserve’s monetary policy.

Economic Events June 29 to July 3 Monday will see the market’s reaction to the resumption of military action, and crypto is already in the red as Bitcoin fails to hold $60,000.

The economic data begins on Tuesday with May JOLTs Job Openings data and June’s CB Consumer Confidence report. These are followed on Wednesday by June’s ISM Manufacturing PMI data, which provides insights into industrial sector health and business conditions.

The big report of the week is the June Jobs report, which comes out on Thursday and may shape the direction of rates and markets, possibly into September, as it is the only employment report the Fed receives before its July meeting.

Continued labor market weakness would validate stagflation concerns about supporting growth versus containing prices, reported BarChart.

A hot report would result in higher rates priced in, which makes conditions tougher for risk assets such as crypto. However, the market is priced for a soft number, so the bigger danger would be a surprise to the upside.

You may also like: Bitcoin and Gold Are Bleeding – So Where Is the Money Going? Ripple CEO Praises XRP, Questions Strategy’s Impact on Bitcoin and Crypto Prediction: Bitcoin Could Bottom Between $42K and $44K This Year Key Events This Week:

1. US Markets React to Strait of Hormuz Strikes – Today

2. May JOLTs Job Openings data – Tuesday

3. June CB Consumer Confidence data – Tuesday

4. June ISM Manufacturing PMI data – Wednesday

5. June Jobs Report – Thursday

6. US Markets Closed, Happy 4th…

— The Kobeissi Letter (@KobeissiLetter) June 28, 2026

Crypto Market Outlook The overall outlook is not good, with negative sentiment increasing in the depths of a crypto winter. Total capitalization has fallen to its lowest level since September 2024 at $2.13 trillion, with Bitcoin leading losses as capitulation continues.

BTC lost 1.5% on the day, falling back to $59,000 during the Monday morning trading session in Asia before recovering slightly. It is currently hovering at critical support; if lost, it could trigger a rapid drop to the realized price of around $53,000, a historical bear market bottom.

ETH is already at its multi-year bear market bottom, struggling to make any moves above $1,570 and weakening by the hour.

Tags:

8h05 ▪ 4 min read ▪ by Eddy S.

Summarize this article with:

The crypto market is going through a new period of uncertainty and explanations are multiplying. For Changpeng Zhao (CZ), the former head of Binance, this correction is the result of a cocktail mixing geopolitical tensions, the rise of artificial intelligence (AI), and the natural Bitcoin cycle. A relevant analysis… but not without limitations.

In brief Changpeng Zhao attributes the crypto decline to geopolitics, the rise of AI, and the Bitcoin cycle. The Bitcoin four-year cycle remains relevant, but it is no longer enough to explain the market. Crypto now depends as much on the macroeconomic context as on Bitcoin’s performance. CZ identifies three main causes for the decline in crypto For Changpeng Zhao, the current correction of the crypto market cannot be reduced to a simple market downturn. In a recent interview, CZ puts forward three explanations which, according to him, strengthen each other. 

The first concerns geopolitical tensions. In a more unstable international context, investors favor assets considered safer and reduce their exposure to the most volatile markets, including crypto. The second factor is more original. Changpeng Zhao believes that artificial intelligence today attracts a significant share of speculative capital. For two years, AI-related companies have concentrated much of investors’ interest, to the detriment of crypto. Finally, the former Binance leader recalls that Bitcoin historically follows a four-year cycle, marked by a strong rise after each halving followed by sometimes sharp correction.  However, this reading deserves nuance. Indeed, Bitcoin ETFs, the rise of institutional investors, and an unprecedented macroeconomic environment make the market more complex than before. The cycle probably still exists, but it no longer explains everything alone.

Does the Bitcoin rhythm still dominate the crypto market? For more than a decade, Bitcoin has imposed its tempo on the entire crypto market. When it rose, altcoins followed. When it fell, the whole ecosystem plunged. This correlation remains strong, but it is no longer as mechanical as before. Today, the market is influenced by many external factors. Central bank decisions, flows to Bitcoin ETFs, geopolitical tensions, and the performance of the AI sector deeply change investors’ behaviors… As observed by Changpeng Zhao.

However, Bitcoin remains the main sentiment indicator, even if it is no longer the sole engine of crypto. Furthermore, institutional investors prioritize macroeconomic data over patterns observed during previous halvings. In other words, BTC retains a central role, but its influence is now embedded in a much broader environment. The real question is no longer whether the market follows Bitcoin, but to what extent it still can dictate the trend.

Changpeng Zhao’s analysis sheds interesting light on the current weakness of the crypto market, without answering all questions. Bitcoin remains an essential reference, but its influence evolves with the maturation of the sector. Are we witnessing the end of the famous four-year BTC cycle or simply its adaptation?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

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