Track market-moving stories before they get noisy

Stablecoin infrastructure company StablecoinX has completed its merger with TLGY Acquisition Corp, a publicly traded special purpose acquisition company, allowing it to begin trading on Nasdaq on Friday.

StablecoinX is the first public stablecoin infrastructure company focused on supporting the Ethena ecosystem through decentralized verifier nodes and software infrastructure, and will trade under the symbol “USDE,” according to a statement on Thursday.

“We believe Ethena has emerged as one of the most important platforms powering the next generation of digital dollars,” said Edward Chen, CEO and Chairman of StablecoinX.  

The Nasdaq debut is a big bet that stablecoins are becoming the plumbing of global finance, and comes despite a broader crypto bear market and Ethena’s relatively small 1.4% market share of the stablecoin market compared with those offered by its competitors, such as Tether and Circle.

Ethena’s USDe is a yield-bearing synthetic dollar-pegged stablecoin. Unlike USDt (USDT) or USDC (USDC), which are backed by actual dollars, USDe (USDE) maintains its $1 peg through a derivatives strategy. 

It is backed by crypto collateral in Bitcoin and Ether and short futures positions on those same assets, enabling the long and short positions to cancel out the price volatility, helping to keep its value at approximately $1.

Ethena’s delta-neutral strategy works well in normal markets but is vulnerable during periods when futures funding rates go negative. 

USDe supply fallsWhile stablecoin circulation has grown in recent years, USDe market capitalization has declined by 70% since its peak in October to around $4.5 billion today, ranking it sixth among stablecoins.  

USDe supply has fallen since the bull market peak. Source: CoinGecko

StablecoinX’s treasury also holds approximately 3 billion Ethena governance tokens (ENA), or around 20% of the total supply, valued at approximately $275 million. The company announced a $360 million capital raise to purchase ENA on Sunday.

However, the asset is currently trading at $0.08, down 94% from its April 2024 all-time high. 

The company has three business lines: a decentralized verifier node (DVN) serving as a cross-chain message verifier for the Ethena ecosystem, a middleware software stack called “Stablecoin Harness” and distribution services, which are currently in development. 

The company says the three businesses reinforce one another, though the broader crypto bear market presents a challenging backdrop for its Nasdaq debut. 

Crypto SPACs and crypto treasuries have had a tough time this year as the broader market has tanked 52%, with $2.3 trillion leaving the space since October and crypto falling out of favor among investors. 

Pre-merger TLGY fell 6.93% on Thursday on OTC markets to end the day trading at $9.40, according to Google Finance data. 

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A company built entirely around supporting Ethena’s synthetic dollar ecosystem is now trading on the Nasdaq. StablecoinX Inc. completed its merger with SPAC TLGY Acquisition Corp. on June 25, making its Class A common stock and warrants available under the tickers USDE and USDEW as of June 26.

USDe’s circulating supply has fallen roughly 60% from its peak above $14 billion in October 2025 to approximately $5.92 billion by March 2026. StablecoinX is essentially going public at the moment when the asset it’s built to support has seen its most dramatic contraction.

What StablecoinX actually does StablecoinX bills itself as the first publicly listed stablecoin infrastructure firm. It’s a company designed to sit between traditional capital markets and the Ethena protocol, providing distribution channels for USDe, building infrastructure software, and executing a treasury strategy centered on accumulating ENA, Ethena’s governance token.

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The company secured around $890 million in PIPE (private investment in public equity) financing, a significant chunk of which is earmarked for purchasing ENA tokens. The Ethena Foundation itself contributed $60 million in ENA to support this treasury approach.

The USDe supply problem USDe peaked above $14 billion in circulating supply during the October 2025 bull market. By March 2026, that figure had dropped to roughly $5.92 billion. The culprit was broad market deleveraging, the kind of risk-off environment that tends to hit synthetic assets harder than their fiat-backed counterparts.

Why traditional investors should pay attention StablecoinX’s Nasdaq listing creates something that didn’t previously exist: a way for traditional investors to get exposure to DeFi infrastructure through a regulated equity product. No wallets, no bridges, no liquidity pools. Just a stock ticker.

The $890 million PIPE raise is notable in its own right. That level of financing for a crypto-adjacent SPAC merger signals that a substantial group of institutional investors is willing to bet on this model. PIPE deals involve sophisticated investors committing capital at negotiated terms, so this isn’t retail enthusiasm.

The risk profile, however, is unusual for a public equity. StablecoinX’s treasury strategy means its balance sheet will be heavily concentrated in ENA tokens. If ENA’s price declines significantly, the company’s net asset value takes a direct hit. Investors buying USDE shares are effectively getting leveraged exposure to ENA’s performance, layered on top of the company’s operational revenue from infrastructure services and USDe distribution.

Investors watching this space should track two metrics closely: USDe’s circulating supply trajectory and ENA’s price relative to StablecoinX’s cost basis. The first tells you whether the company’s distribution mission is working. The second tells you whether its treasury strategy is paying off.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of NEM, KGC, NOK, INTC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Honda Motor’s CEO and President, Toshihiro Mibe attends a media briefing about financial results in Tokyo, Japan, May 14, 2026. REUTERS/Kim Kyung-Hoon Purchase Licensing Rights, opens new tab

CompaniesTOKYO, June 26 (Reuters) - Honda Motor (7267.T), opens new tab Chief Executive Toshihiro Mibe secured support for his reappointment to the Japanese automaker's board at its annual ​meeting on Friday after apologising to shareholders for the company's poor financial ‌performance.

Honda is seeking to recover from costly strategic missteps after posting its first annual loss in seven decades last month, hurt by more than $9 billion in restructuring costs for its electric-vehicle business and ​competition from Chinese rivals.

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"I would like to express my deepest apologies to our ​shareholders for the significant concern and inconvenience caused by the net ⁠loss recorded in the previous fiscal year's financial results," Mibe told shareholders at the ​start of the meeting.

Aside from backing Mibe, Honda shareholders approved the company's 10 other ​board nominees, including nine who were up for reappointment and one new director.

Amid an EV subsidy rollback, Honda decided on its EV-linked writedown with market share of battery-powered cars in the U.S. sharply ​below the company's forecasts, meaning sales of its planned models would have required ​big incentives, Mibe said.

If it would have gone ahead with selling its planned EVs, "it would mean the ‌automotive ⁠business itself staying in the red for at least five years, possibly as long as seven," Mibe said, adding that it would have created an extremely critical situation at the company.

In recent months, Mibe has drawn scorn from retired Honda executives over ​the mishaps, with former ​chief executive Nobuhiko ⁠Kawamoto visiting Tokyo headquarters in April to urge him to resign, people familiar with the matter have told Reuters.

The former executives have criticised ​Mibe for neglecting China, the world's biggest auto market, and ​for the ⁠company's failed bet on EVs that caused Honda's loss and highlighted a growing dependence on its profitable motorcycle division.

Near the end of the meeting, a shareholder proposed filing a motion ⁠that ​called for Mibe's dismissal, but the chief executive declined ​to put it to a vote, saying the issue was not on the agenda and the proposal ​could therefore not be considered.

Reporting by Daniel Leussink; Editing by Thomas Derpinghaus and Kevin Buckland

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

Your AI agent can now buy Apple stock without ever touching a brokerage account. Virtuals Protocol has enabled its autonomous AI agents to trade tokenized versions of real US equities, including Apple and Tesla, directly on-chain through platforms like Uniswap and xStocks.

How tokenized stock trading actually works here Think of tokenized stocks as digital twins of real equities. Each token represents direct exposure to an underlying stock like AAPL or TSLA, but it lives on a blockchain instead of sitting in a Schwab account. Standards like xStocks make this possible by creating blockchain-native representations of traditional securities.

Uniswap introduced a dedicated trading category for tokenized stocks on June 12, 2026, listing major equities including Apple and Tesla. That infrastructure is what Virtuals Protocol’s AI agents can now tap into.

In English: an AI agent built on Virtuals can autonomously decide to buy tokenized Apple shares on Uniswap the same way a human trader would swap ETH for a stablecoin. No broker, no market hours, no phone calls to Fidelity.

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The agents can also theoretically engage in trading through other platforms like Hyperliquid, expanding the range of venues and strategies available to them. The protocol’s framework is designed around creating what it calls a “productive society of AI agents” that operate autonomously in economic contexts.

The Virtuals Protocol ecosystem Virtuals Protocol has built its platform around the tokenization and co-ownership of autonomous AI agents. The model lets multiple users collectively own an AI agent that generates revenue through on-chain commerce, essentially turning AI trading bots into shared economic assets.

The protocol runs on its governance and utility token, $VIRTUAL, which powers the broader ecosystem. That token has seen significant price volatility, including surges of over 250% during earlier periods when AI-related narratives were driving speculative interest across crypto markets.

The co-ownership model is worth pausing on. Rather than building your own AI trading bot, which requires technical expertise and capital, you can buy into an existing agent through tokenized ownership. If that agent trades tokenized Apple stock profitably, the returns flow back to token holders.

What this means for investors There are real risks to weigh. Tokenized equities exist in a regulatory gray zone in many jurisdictions. The SEC has not provided definitive clarity on how tokenized versions of registered securities should be treated, and enforcement actions remain a possibility. Any AI agent trading these instruments inherits that regulatory uncertainty.

There’s also the smart contract risk inherent in any DeFi activity. An AI agent that autonomously moves capital through multiple protocols is only as secure as the weakest link in that chain. A vulnerability in a tokenization standard, a DEX, or the agent’s own logic could result in losses that happen faster than any human could intervene.

For investors watching this space, the key metric to track isn’t the price of $VIRTUAL. It’s the actual trading volume flowing through these AI agents on tokenized equity markets.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Multicoin Capital has set a $319 price target for Hyperliquid’s HYPE token by 2028, arguing that the decentralized exchange is evolving into a unified platform for trading crypto and traditional assets.

The target represents roughly five times HYPE’s current price near $63. Multicoin’s base case assumes Hyperliquid will generate about $8 billion in annual earnings by 2028 and trade at a 20 times earnings multiple.

The investment firm said it began accumulating HYPE in February and has made the token one of the largest positions in its liquid fund. Multicoin also adopted a three day no trade policy following publication of the report.

Hyperliquid gains ground on centralized exchanges Multicoin pointed to Hyperliquid’s rapid growth in 2025 as the foundation for its valuation.

The platform generated approximately $873 million in revenue from $2.9 trillion in trading volume. Its user base grew from about 301,000 to 923,000, while open interest increased from $2 billion to $6 billion.

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Hyperliquid now controls more than 59% of open interest across decentralized perpetual futures markets. Its current open interest of approximately $9.6 billion exceeds that of its major onchain competitors combined.

The exchange is also taking share from centralized platforms. Hyperliquid’s monthly perpetual futures volume has reached approximately 17% of Binance’s, while its open interest is equivalent to about 21% of Binance’s.

Multicoin compared Hyperliquid’s growth with Binance’s early trajectory, arguing that the market may be underestimating how quickly liquidity and trading activity can compound around a dominant exchange.

Expansion beyond crypto supports the target HIP-3 is central to Multicoin’s growth thesis. The upgrade allows outside teams to launch perpetual markets for assets including stocks, commodities and equity indexes.

Open interest linked to real world assets has already exceeded $2.9 billion. An officially licensed S&P 500 perpetual contract also generated more than $100 million in daily volume during its first week.

Multicoin expects options, prediction markets, portfolio margining and further integration with HyperEVM applications to expand the platform’s addressable market.

The firm believes these products could turn Hyperliquid into what it calls the “everything exchange,” offering continuous markets across several asset classes.

HYPE buybacks strengthen value capture Approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with the acquired tokens effectively removed from circulation.

Hyperliquid also has no separate equity layer and has never raised outside capital. Multicoin argues that this allows the protocol’s economic success to accrue directly to HYPE holders.

The report estimates that Hyperliquid generated approximately $869 million in trailing earnings for token holders. At around $63, HYPE trades at roughly 36 times trailing earnings, or about 30 times after including revenue from its Coinbase and USDC agreement.

Multicoin identified decentralization, regulation, governance, competition and bad debt as key risks. Despite those concerns, the firm expects Hyperliquid’s market share gains, product expansion and token buybacks to support a HYPE price of $319 by 2028.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.

Multicoin Capital has projected that Hyperliquid’s HYPE token could reach $319 by 2028 despite identifying several structural and market risks that could threaten its long-term outlook.

Summary

Multicoin Capital has forecast a $319 HYPE price by 2028, citing Hyperliquid’s earnings growth and expanding market share. The firm pointed to HIP-3, token buybacks, and rising perpetual futures activity as key drivers behind its bullish outlook. Despite the optimistic target, Multicoin warned that regulation, competition, governance risks, and a bearish double-top pattern could pressure HYPE. According to a new report from Multicoin Capital, the investment firm expects Hyperliquid (HYPE) to appreciate roughly fivefold from its current price near $64, based on a base-case scenario in which Hyperliquid generates about $8 billion in annual earnings by 2028 and trades at a 20-times earnings multiple.

Multicoin also disclosed that it began accumulating HYPE in February, making it one of the largest positions in its liquid fund, while adopting a three-day no-trade policy after publishing the report.

Why Multicoin believes Hyperliquid can justify a higher valuation Much of the firm’s conviction comes from Hyperliquid’s rapid expansion during 2025. According to Multicoin, the decentralized exchange generated about $873 million in revenue from roughly $2.9 trillion in trading volume while growing its user base from around 301,000 to 923,000. During the same period, open interest climbed from approximately $2 billion to $6 billion.

Current market data cited in the report show Hyperliquid now accounts for more than 59% of decentralized perpetual futures open interest. Its outstanding open interest has also reached about $9.6 billion, exceeding that of its largest on-chain rivals combined.

Beyond decentralized markets, Multicoin argued that Hyperliquid has continued narrowing the gap with centralized exchanges. Monthly perpetual futures trading volume has reached roughly 17% of Binance’s level, while open interest stands at about 21% of Binance’s, figures the firm compared with Binance’s own early growth trajectory.

Another pillar of the investment case is HIP-3, an upgrade that allows third-party teams to launch perpetual markets tied to assets such as stocks, commodities, and equity indexes. 

According to Multicoin, open interest linked to real-world assets has already surpassed $2.9 billion, while an officially licensed S&P 500 perpetual contract generated more than $100 million in average daily trading volume during its first week.

The report also expects options trading, prediction markets, portfolio margining, and deeper integration with HyperEVM applications to expand Hyperliquid’s revenue opportunities over the coming years. Multicoin argued these additions could help transform the platform into what it described as an “everything exchange” offering around-the-clock access to multiple asset classes.

What risks could prevent the $319 forecast Even with its optimistic valuation, Multicoin acknowledged that several factors could derail its forecast. The report identified decentralization challenges, regulatory uncertainty, governance issues, increasing competition, and potential bad debt as the primary risks facing the protocol.

Value capture remains another reason behind the firm’s bullish outlook. According to the report, approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with those tokens effectively removed from circulation. Multicoin also noted that Hyperliquid has never raised outside capital and operates without a separate equity layer, allowing the protocol’s economics to accrue directly to token holders.

The report estimates Hyperliquid has generated about $869 million in trailing earnings for HYPE holders. Based on a token price near $63, Multicoin calculated that HYPE trades at roughly 36 times trailing earnings, or about 30 times after accounting for revenue associated with Hyperliquid’s Coinbase and USDC agreement.

Meanwhile, technical charts present a more cautious picture than the firm’s long-term forecast. On the four-hour timeframe, HYPE is forming a bearish double-top pattern, with a neckline near the $52.7 support level.

Hyperliquid price is appearing to form a bearish double top pattern on the 4-hour chart — June 26 | Source: crypto.news If sellers push the token below that support and confirm the pattern, the measured downside target points toward the $28.5 area, suggesting traders may continue watching technical risks alongside Multicoin’s longer-term fundamental outlook.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.

According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.

4 minutes ago

Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)

According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.

4 minutes ago

Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.

Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.

4 minutes ago

SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.

According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.

4 minutes ago

Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"

Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.

4 minutes ago

Hyperliquid [HYPE] has been consolidating on an ascending triangle pattern since its debut on Coinbase back on the 5th of February.

The token managed to break out back on the 20th of May and rallied explosively to $75 before retracing and bouncing off explosively from the triangle support at $53. As a result, it left behind a market imbalance between $57 and $63. 

As of this writing, HYPE was testing the imbalance zone after an aggressive correction. This occurred since it swept the liquidity at the $75 resistance level. The token is now building some bullish momentum, with the next target in line being the $77 resistance zone.

Source: TradingView Why are traders watching $77? The Hyperliquid network’s trading activity is notably aligning with HYPE’s bullish technical structure.

Trading volume has made a significant surge over the last four days, highlighting that investors were taking on more long positions to capitalize on the projected surge back to the point of liquidity at $77.

Source: Santiment Liquidity cluster at $77 affirms it as a key target Zooming down to HYPE’s liquidation heatmap data, several significant liquidity clusters summing to $10 million rest at around $77 resistance. These clusters support the price level as a crucial point of reference for a bullish outlook. 

In most cases, the liquidity clusters act as price action magnets upon which prices oscillate around. For HYPE, the same scenario could come into play.

Buyers and investors have already started accumulating more positions to target the unmitigated liquidation resting at the resistance level as depicted by the surging trading volume.

Source: CoinGlass Will HYPE’s bullish structure hold? All technical indicators are aligning to HYPE’s bullish bias.

HYPE is trading above key Exponential Moving Averages (EMAs), increasing the likelihood of a potential bullish run continuation.

At the same time, the token’s stochastic RSI is just bouncing off from an oversold region. This action affirms the current imbalance zone as a key turning point for a potential price reversal.

Final Summary HYPE is rebounding from a key market imbalance after defending ascending triangle support, keeping the broader bullish structure intact. Rising trading volume and a $10 million liquidity cluster near $77 are drawing traders’ attention to the next potential resistance zone.

AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.

According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.

4 minutes ago

Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)

According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.

4 minutes ago

Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.

Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.

4 minutes ago

SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.

According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.

4 minutes ago

Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"

Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.

4 minutes ago

If you’ve ever wondered what happens to the millions of meme tokens flooding Solana, CoinGecko just provided the answer. It’s not pretty.

A sweeping on-chain analysis of 18.67 million tokens launched on Pump.fun between January 14, 2024, and June 18, 2026, found that just 4.55% of them, roughly 850,180 tokens, remained actively traded beyond 90 days. The other 95.45% effectively ceased to exist as tradable assets well before the three-month mark.

Dead on arrival According to CoinGecko’s data, 68.67% of all Pump.fun tokens, approximately 12.8 million of them, recorded their last trade on the very same day they launched. Nearly seven out of every ten tokens created on the platform are born, briefly exist, and then never trade again, all within 24 hours.

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Pump.fun uses a bonding curve model that lets anyone with a Solana wallet spin up a new token with minimal cost and no pre-allocated liquidity. Graduation rates from Pump.fun’s internal trading environment to external decentralized exchanges like Raydium sit below 1-2%. Out of every 100 tokens launched, fewer than two make it to the wider Solana DeFi ecosystem.

A billion-dollar graveyard The platform has generated over $1 billion in cumulative revenue, making it one of the most significant revenue drivers in the entire Solana ecosystem. Every token launch generates fees. Every trade on the bonding curve generates fees. Whether the token goes to zero in six minutes or six months, the platform already got paid.

The 18.67 million tokens analyzed represent one of the largest datasets ever assembled on meme token performance. The 4.55% that survive past 90 days means the token still had at least one trade after three months. It doesn’t mean it was profitable for anyone who held it.

Context and the bigger picture At 18.67 million launches over roughly 29 months, that averages out to more than 21,000 new tokens per day. The sheer volume creates a discovery problem that compounds the survival problem, as tokens with genuine community backing can get buried under an avalanche of new launches within hours.

What this means for traders and investors A 68.67% chance of a token dying on its first day means that the majority of capital deployed into newly launched Pump.fun tokens is, statistically speaking, going to zero almost immediately. The 4.55% survival rate past 90 days means that even if you’re selective, the odds are overwhelmingly stacked against long-term holding.

One thing the data makes clear is that Pump.fun’s revenue success and its users’ investment success are two very different things. The platform thrives on volume. Its users, by and large, do not.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)

According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.

4 minutes ago

Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.

Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.

4 minutes ago

Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"

Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.

4 minutes ago

Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.

According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.

4 minutes ago

Bitcoin can be safely stored by holding it in a self-custodial wallet. Only the BTC owner controls and secures both the Private Keys that authorize transactions, and the Secret Recovery Phrase that can regenerate those keys. No exchange, company, or third party can move, freeze, or recover the funds. In bitcoin's design, whoever holds the keys holds the BTC.

Disclaimer: This guide is for educational purposes only. It is not financial advice, not a solicitation, and not for UK audiences. Self-custody of bitcoin and digital assets is risky and not suitable for all users.

Why safe bitcoin storage matters more than everTargeted bitcoin theft is rising: in April 2025, a single US holder lost 3,520 BTC, roughly $330 million, when a social engineering scam reached their wallet. Physical coercion is rising alongside it. 2025 was a record year for physical attacks on bitcoin owners, with reported assaults up 169% last year. The threat to stored bitcoin comes from two directions at once: centralized platforms that fail catastrophically, and individual holders picked off by social engineering. A sound storage strategy has to account for both failure modes.

The bitcoin storage spectrum: from exchange custody to air-gapped cold storageDifferent bitcoin storage methods trade off security against convenience. The spectrum runs from fully custodial, where an exchange holds the keys, to fully self-custodial and offline, where the keys never touch an internet-connected device. For a breakdown of wallet categories, including hot vs cold and custodial vs self-custodial, see what is a bitcoin wallet. This guide focuses on how to use each method securely.

Storage method

Key control

Internet exposure

Best suited for

Exchange custody

Exchange holds keys

Always online

Active trading and small balances awaiting withdrawal

Software wallet (hot)

Owner holds keys

Online when in use

Day-to-day transactions and moderate balances

Hardware wallet (cold)

Owner holds keys on a secure chip

Offline by default

Long-term holdings and larger balances

Air-gapped hardware or dedicated device

Owner holds keys, never connects to the internet

Fully offline

High-value cold storage

Multisig wallet

Multiple keys required to sign

Varies by setup

Institutional holdings, shared custody, and estate planning

Each step down the table adds security and removes convenience. Combining at least two methods, an approach often called tiered storage, can reduce the risk of any single point of failure.

A practical tiered storage strategyThe most widely used approach, recommended by most security researchers and hardware wallet manufacturers, splits holdings across tiers by how often they are used.

Tier

What it holds

How it is protected

Active tier (software wallet)

A small share of holdings for daily transactions, swapping, and app interactions

Strong device security, updated software, and transaction verification

Cold tier (hardware or air-gapped device)

The majority of holdings, accessed infrequently to refill the active tier or make large transfers

Physical security, a PIN, and a secure phrase backup

Recovery tier (Secret Recovery Phrase backups)

Metal or paper backups in two or more separate locations

Geographic separation; exists solely to reconstruct access if a device is lost, stolen, or destroyed

The right split depends on how often someone transacts and their risk tolerance. The principle stays constant: keep the minimum necessary amount on internet-connected devices, and keep the rest offline.

The Secret Recovery Phrase: the single most important thing to protectA Secret Recovery Phrase is the sequence of 12 or 24 words generated when a wallet is first created. It is the master backup for every Private Key the wallet derives. Anyone who obtains those words in the correct order can rebuild the wallet and move all funds from any device, anywhere. There is no second factor, no confirmation email, and no waiting period.

Physical media is the safest place for it. Paper or stamped metal works; a notes app, screenshot, email, or cloud drive does not. In March 2026, Gen Digital documented a clipboard-hijacking infostealer called Torg Grabber that targeted 728 crypto-wallet browser extensions by silently swapping copied data, a reminder that malware on a connected device can intercept sensitive information the moment it is used.

Two or more physically separate, secure locations protect a backup against fire, flood, or theft at any single site, such as a fireproof safe and a bank safe deposit box. Metal backups add further protection because stamped or engraved steel plates survive fire and water that would destroy paper.

No legitimate wallet provider, exchange, or support representative will ever ask for a Secret Recovery Phrase. Any request for one is a scam, without exception.

Software wallets: self-custody with internet accessA software wallet, sometimes called a hot wallet, is an application on a phone, browser, or desktop that generates and stores Private Keys on the device. The holder controls the keys directly, which removes exchange dependency, but the device stays connected to the internet at least some of the time.

Software wallets are the most practical option for BTC that gets used for sending, receiving, swapping, or interacting with apps. MetaMask, for example, supports native Bitcoin through the Native SegWit derivation path (the modern bitcoin address format that lowers network fees) alongside Ethereum and Solana in a single self-custodial interface.

The security ceiling of a software wallet is the security of the device it runs on. Malware on a compromised phone or computer can expose Private Keys, no matter how well the wallet software is built. Practical defenses include keeping the operating system updated, avoiding sideloaded apps from unofficial sources, using a dedicated device where possible, and keeping the Secret Recovery Phrase off the device that runs the wallet.

Hardware wallets: offline key isolationA hardware wallet is a purpose-built physical device that generates and stores Private Keys in a secure element, a tamper-resistant chip that never exposes the keys to an internet-connected computer or phone. When a transaction needs signing, the details go to the device, get signed internally, and return. The Private Keys never leave the hardware. 

This architecture means that even if the computer used alongside the hardware wallet is compromised, the attacker cannot extract the keys or alter the transaction details without physical access to the device and its PIN.

What to look forFeature

Why it matters

Secure element chip

Prevents key extraction even with physical access

On-device transaction display

Verifies the exact recipient and amount before confirming, which defeats address-swapping malware

Open-source firmware

Allows independent security audits

Bitcoin-native support (SegWit, Taproot)

Ensures full compatibility, not just wrapped or tokenized BTC

Direct manufacturer purchase

Eliminates tampered-device risk from third-party resellers

Pairing hardware with softwareHardware wallets work alongside software wallets rather than replacing them. The software wallet handles the interface and network connection; the hardware wallet handles signing. MetaMask Extension connects to hardware wallets, including Ledger, Trezor, Keystone, and NGRAVE ZERO, which pairs day-to-day portfolio visibility with offline key isolation.

Air-gapped storage and multisigFor high-value holdings, some holders go further than a standard hardware wallet.

Air-gapped devices are hardware wallets or dedicated computers that never connect to the internet in any way, including USB, Bluetooth, or Wi-Fi. Transactions pass to the device by QR code or microSD card, get signed offline, and pass back the same way. This removes the entire category of remote, network-based attacks.

Multisig, or multi-signature, wallets require more than one Private Key to authorize a transaction, for example, two out of three keys held in separate locations or by separate people. This removes the single point of failure in any single-key setup. If one key is lost or compromised, an attacker still cannot move funds, and the holder can recover using the remaining keys. Multisig is common in institutional custody, shared business accounts, and estate planning, where access needs to survive the loss of any single keyholder.

Both approaches add complexity and generally make sense only for holdings where the security benefit justifies the operational overhead.

Exchange custody: the risks of leaving BTC on a platformWhen bitcoin sits on an exchange, the exchange controls the Private Keys. The holder has a claim on the platform's reserves, not direct ownership of specific BTC on the blockchain. If the exchange is hacked, freezes withdrawals, or becomes insolvent, that claim may be worthless.

The February 2025 Bybit breach resulted in roughly $1.5 billion stolen, the largest single crypto theft on record, according to Chainalysis. The collapses of FTX in 2022 and Mt. Gox in 2014 showed the same structural risk at different scales. Chainalysis attributed 88% of Q1 2025 theft losses to compromises of centralized services, a pattern MetaMask's December 2025 Crypto Security Report saw alongside last year's $3.4 billion in total losses. 

For holders who keep some BTC on an exchange to trade actively, enabling every available security feature, including two-factor authentication, withdrawal address whitelisting, and email confirmations for withdrawals, reduces the risk without eliminating it. Exchange custody still means trusting someone else's infrastructure.

Phishing and social engineering: the biggest threat to any storage methodThe most common way bitcoin holders lose funds is by being tricked into handing over access, not protocol exploits. No storage method protects a holder who gives away the keys.

Address poisoning is the fastest-growing blockchain network  attack vector. As of early 2026, Blockaid had flagged more than 65.4 million address-poisoning transactions since January 2025, averaging over 160,000 per day. Attackers send tiny transactions from addresses that match the first and last characters of a victim's real addresses. When the victim copies an address from transaction history instead of verifying the full string, the funds go to the attacker. According to CoinDesk, one victim lost roughly $50 million this way in December 2025. One way to reduce address poisoning  risks is to verify the full address before every send and to use a saved address book rather than transaction history. MetaMask's Address Poisoning Detection is built into the wallet by default. It compares each newly pasted address against addresses the user has already interacted with, and shows a warning when it spots a lookalike.

Impersonation was one of the  fastest growing scam categories in 2025, according to Chainalysis. The attack shows up in many different forms, including: hackers posing as trusted brands, founders, or officials, and fake support staff who claim to represent a wallet provider or exchange. Both reach victims over channels like Telegram, Discord, and email. Legitimate support never initiates contact by direct message and never requests  yourSecret Recovery Phrase. For example, leading self-custodial wallet MetaMask will never ask you for your Secret Recovery Phrase.

Malicious transaction signing tricks holders into approving transactions that grant an attacker permission to move tokens. This often happens through spoofed dapp interfaces. Defense: read every transaction detail before signing. MetaMask's transaction simulation and security alerts scan for known malicious addresses and suspicious contract interactions before execution. Reject anything that can't be fully read and understood.

Recovering bitcoin: what to do when something goes wrongScenario

What to do

Lost Secret Recovery Phrase, wallet still accessible

Create a new wallet, record the new phrase securely, and move all funds to it. Treat the old wallet as compromised, so the funds stay safe even if the lost phrase resurfaces.

Lost Secret Recovery Phrase, wallet inaccessible

The funds are permanently unrecoverable. No wallet provider can restore them. This is the most consequential risk in self-custody.

Compromised device

Move funds to a wallet on a clean, trusted device using a different Secret Recovery Phrase. Do not enter existing phrases on the compromised device.

Wrong address

Bitcoin transactions are irreversible once confirmed, with no chargeback and no central authority to appeal to.

Because confirmed bitcoin transactions cannot be reversed, pre-send verification is an important habit rather than an optional step. A small test transaction can confirm a new address, but a test alone is not enough: the December 2025 victim who lost $50 million sent a test first, then copied the poisoned address from transaction history. Re-entering or pasting the address from a saved, verified source for every send closes that gap.

Frequently asked questions about storing bitcoin safely

PANews reported on June 26, according to The Block, Strategy's perpetual preferred stock STRC fell to an all-time low of $74 on Thursday, a 26% discount to its $100 par value, before slightly recovering to $75.69; MSTR broke below $87, its lowest since February 2024, with a drop of more than 50% over the past month or so. STRC is the primary financing vehicle for Strategy's recent Bitcoin accumulation. Strive's perpetual preferred stock SATA fell to an all-time low near $84 on Thursday.

Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)

According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.

4 minutes ago

Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.

Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.

4 minutes ago

Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"

Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.

4 minutes ago

Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.

According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.

4 minutes ago

Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)

According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.

4 minutes ago

Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.

Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.

4 minutes ago

Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"

Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.

4 minutes ago

Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.

According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.

4 minutes ago

In the past 24 hours, Bitcoin [BTC] saw $415.83 million worth of derivatives traders liquidated, with $319.18 million worth of these positions being long. Recent hours of trading saw the leading crypto test the $59.1k low once again, threatening another bearish breakdown.

Since the 6th of May, the Coinbase Premium Index for Bitcoin has been negative. The metric tracks the asset’s price difference between Coinbase (USD pair) and Binance (USDT pair).

Source: CryptoQuant The low premium levels implied reduced enthusiasm among U.S.-based investors compared to the global market. Additionally, the liquidation heatmap data AMBCrypto reported on earlier indicated why BTC prices might dive toward the $57k area in the coming days.

Price weakness versus subsiding Spot selling pressure Source: BTC/USDT on TradingView The 4-hour chart showed a bearish swing structure in place. The fall from $74.5k to $59.1k was used to plot a set of Fibonacci retracement levels (yellow). The 50% level at $66.8k rejected the bullish advance.

The longer-term structure, combined with this rejection, meant that a price drop to $55.5k and possibly even $49.6k could commence in the coming weeks.

The hidden danger for the next Bitcoin market phase Glassnode’s weekly market report noted that Spot markets led the sell-off. Derivatives markets reacted to the move rather than driving it, which can help achieve market lows in the coming months.

Some long-term investors were beginning to see current prices as attractive buying levels. However, a market-wide accumulation was not yet underway, according to the analytics platform.

There is a threat that could catalyze the market bottom.

Source: Axel Adler Jr. Crypto analyst Axel Adler Jr. drew attention to the Bitcoin and the Strategy [MSTR] stock’s drawdown. They were 51% and 78% down from their highs, respectively, which represented heavy losses.

Still, it wasn’t close to the 2022 bottom values, when drawdown reached -77% and -89%, respectively.

If the company is forced into a position where it has to sell spot Bitcoin to pay preferred dividends and the company’s interest on debt, it could be bad news for the wider crypto market.

Though the company’s debt has no margin call risk, its spot selling could send the already fearful market sentiment into a widespread panic.

Such an outcome could hasten or even mark the final capitulation of the cycle before an eventual recovery.

Final Summary The Bitcoin Coinbase Premium Index has been negative for more than six weeks, signaling weak interest from U.S. investors. In the short term, another price drop below $59k appeared likely, as derivatives markets catch up to the spot-driven move.

Bitcoin fell briefly toward the $58,000 level on Thursday as mounting macroeconomic uncertainty, weakening short-term investor conviction and widespread liquidations intensified selling pressure across crypto.

The decline came amid a sharp reversal in US equities, erasing roughly $1 trillion from the S&P 500, while Bitcoin briefly touched $58,000 for the first time in 21 months.

Short-term holder momentum continues to weakenCryptoQuant stated that the market continues to show signs of weakening speculative demand, with the Short-Term Holder (STH) Realized Price Year-on-Year Momentum falling deeper into negative territory.

The metric has declined from around -2.4% in mid-March to approximately -24% as of Tuesday, suggesting that recent buyers are entering the market at significantly lower price levels than a year ago.

CryptoQuant noted that the continued deterioration reflects fading participation from short-term traders, although the current reading remains less severe compared to previous bear-market reset periods, when the metric typically fell between -55% and -65%.

“These levels coincided with periods of severe short-term holder cost-basis reset, after which market conditions eventually improved,” CryptoQuant analyst Zizcrypto wrote.

While Bitcoin's price could begin to recover before the indicator reverses, the firm said the metric has yet to show evidence of a sustained improvement in short-term holder conviction.

Inflation fears spark market-wide sell-off amid Bitcoin declineThe weak onchain backdrop coincided with a dramatic sell-off across traditional financial markets. The Kobeissi Letter attributed the declines to renewed inflation fears and concerns surrounding the rising costs of artificial intelligence infrastructure.

Markets initially shrugged off US Personal Consumption Expenditures (PCE) data showing inflation accelerated to 4.1% in May, the highest level since April 2023.  However, the event was followed by a sharp dip in equities, with Apple stock dropping nearly 6% after it announced an increase in product prices.

The broader risk-off move spilled over into digital assets, where approximately $500 million in leveraged Bitcoin long positions were liquidated in about an hour, accelerating Bitcoin's decline toward $58,000.

STRC weakness pressures Strategy's funding outlookOn the other hand, Arkham Intelligence highlighted that growing concerns surrounding Strategy's STRC perpetual preferred shares added another layer of uncertainty for Bitcoin investors.

The firm noted that STRC's roughly 25% decline below its $100 par value reflects investor concerns over Strategy's ability to sustain its $1.2 billion annual dividend payments rather than an imminent collapse.

Unlike Terra's algorithmic stablecoin model, STRC has no forced liquidation mechanism or mandatory dividend obligation that could trigger a death spiral.

Arkham warned that prolonged weakness in the preferred shares could make future capital raises more difficult. Such conditions could slow Strategy's Bitcoin accumulation strategy over the long term if investor appetite continues to weaken.

Bitcoin is trading at $59,770, down nearly 2% in the past 24 hours at the time of writing.

Alpha is MetaMask's weekly market report—context, data, and signal. 

Bitcoin is trading as part of a macro risk basket with semiconductors and SpaceX, not on crypto-native catalysts. The AI-stock selloff, Micron's earnings test, and a massive options expiry are defining the regime.

TL;DRBTC is moving with chip stocks, not crypto headlines

Micron's $41.5B quarter tests the AI capex cycle

$10B in options expire Friday, quarter-end closes Tuesday

The Number: SpaceX sees $600 billion come and goAt least that much market value has been erased from SpaceX since the company’s stock price soared post-IPO last week, according to coverage of the three-session selloff.

The Big Story: Why BTC is trading like a chip stock right nowBitcoin slid toward $62,000 on June 23 as a 10% crash in global AI stocks spread into digital assets. A day later, Micron posted record fiscal Q3 revenue of $41.5 billion and guided Q4 to $50 billion. Memory is the bottleneck that matters most to the AI buildout, so Micron's print was a test of whether the capex cycle underneath the AI trade is still real.

BTC moved with semis because macro funds have spent much of 2026 treating semis, data-center suppliers, Bitcoin, and Bitcoin proxies as one long-duration risk basket. The ETF wrapper, the futures market, and the treasury-proxy layer each transmit that differently.

This is not a trade call. It is a regime call. When chip earnings, the dollar, and Fed repricing drive BTC more than crypto-native headlines, the basket is in control. The same de-risking that hit semis helped puncture SPCX's first-week premium. Polymarket's Fed hike board at 55–60% puts a live number on the regime.

The Setup: Another one (quarter)Friday, June 26: Roughly $10.5 billion in BTC options expire on Deribit, with max pain near $72,000 before the monthly crypto derivatives reset.

Tuesday, June 30: Quarter-end positioning and June closes could exaggerate moves across BTC, semis, and SPCX.

Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.

PANews June 26 news, according to SoSoValue data, yesterday (Eastern Time June 25) the total net outflow of Bitcoin spot ETFs was $696 million.

The Bitcoin spot ETF with the highest single-day net inflow yesterday was Morgan Stanley ETF MSBT, with a single-day net inflow of $9.1679 million. As of now, MSBT's historical total net inflow has reached $327 million.

The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity (Fidelity） ETF FBTC, with a single-day net outflow of $274 million. As of now, FBTC's historical total net inflow has reached $10.143 billion.

As of press time, the total net asset value of Bitcoin spot ETFs is $72.573 billion, the ETF net asset ratio (market value as a percentage of total Bitcoin market cap) has reached 6.09%, and the historical cumulative net inflow has reached $52.05 billion.

XRP crashes to price point last seen in November 2024.

XRP's price crashed to another new low of $1.02 on June 25 as the sixth-largest cryptocurrency hit a level it last touched in mid-November 2024.

However, that was a different time as Donald Trump had just won the presidential election for the second time and the crypto market was rallying as a consequence.

In 2024, XRP was trading at $0.50 in early November and aggressively rallied to $2.70 in early December.

When the legal battle regarding the regularity status of XRP in the United States was nearing its end, its price hit as high as $3.65 in mid-July 2025.

But then, the flash crash on Oct. 10 ruined everything for the crypto market, and XRP couldn't escape the heat either. This June, the cryptocurrency has been struggling to hold the $1 price level.

Even the leading cryptocurrency, Bitcoin (BTC), crashed below $58,200 on June 25—a price range it had last touched in September 2024.

Trending on TheStreet Roundtable:Analyst compares Saylor's Strategy to bankrupt crypto companyStandard Chartered predicts 5,000% upside for struggling tokenBlackRock's iconic fund hits new yearly lowXRP ETFs show weak performanceOver the last 24 hours, crypto positions worth $915 million have been liquidated as per CoinGlass.

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XRP liquidations stood at $42 million, including $40.7 million in long and $1.5 million in short positions.

Liquidation Heatmap, Source: CoinGlass

U.S. spot exchange-traded funds (ETFs) linked to XRP, launched in 2025, have also seen a weak performance over the last few months.

The first few months saw stunning performance, with the ETFs posting net inflows of $666.61 million in November and $499.91 million in December even amidst a bearish market.

But 2026 has been very rough for the funds, with inflows of $15.59 million in January and $58 million in February. 

Total XRP Spot ETF Net Inflow, Source: SoSoValue

March was worse, with the funds bleeding $31 million in outflows. April, May, and June have brought in inflows of $81.59 million, $131.94 million, and $31.32 million, but the figures have been declining.

XRP was trading at $1.03 at the time of writing.

XRP is attempting to hold the key support region around $1.02 following a recent sell-off, as market attention turns to the progress of the CLARITY Act for digital assets in the United States. Analysts indicate that whether this technical level is maintained could determine the short-term direction for the cryptocurrency.

XRP holds at crucial support regionAccording to recent technical assessments shared in the market, XRP currently trades within one of the most significant support zones of this cycle. Analyst ChartNerdTA highlights that the 200-week exponential moving average and the 300-week simple moving average intersect close to $1.02. These averages are commonly used to monitor medium- and long-term price trends.

Mini glossary: POC, or Point of Control, refers to the price level with the highest trading volume over a certain period. EMA (Exponential Moving Average) responds more quickly to price changes, while SMA (Simple Moving Average) calculates the average price evenly across the selected period.

The analysis draws parallels with the bear market low of 2022, when XRP slipped about 23% below the 200 EMA on the biweekly chart before rebounding as a cycle bottom formed. Should a similar scenario unfold, the price could theoretically approach the $0.80 region, though this is not presented as a definite outcome.

According to ChartNerdTA’s assessment, market focus now centers on the Point of Control at current levels: a sustained hold could spark a recovery, but a breakdown may lead to deeper corrections.

In the short term, while some investors continue to anticipate a last wave of weakness following the recent sell-off, others argue that underlying fundamentals remain stronger than the technical picture suggests.

US CLARITY Act brings regulatory debates back to focusAmid ongoing price pressure, the CLARITY Act—a US legal proposal on digital asset regulation—is also shaping industry sentiment. The bill seeks to place investment contract-type assets under SEC oversight, while assets classified as digital commodities would fall mainly under CFTC supervision.

The bill cleared the Senate Banking Committee in May with a 15-to-9 vote and has been scheduled on the Senate calendar since early June. However, further progress remains uncertain due to ongoing debates over ethical guidelines, developer liability protections, and other wider regulatory provisions.

Ripple, through its “Clarity Truck” campaign in Washington, has called on policymakers to establish clear and consistent rules for digital assets, lending support to regulatory clarity.

Ripple, a US-based blockchain company known for its cross-border payments infrastructure built on the XRP Ledger, stands among the most prominent supporters of this regulatory move. The special field hearing scheduled by the House Financial Services Committee in New York on July 17 is expected to increase political momentum around the bill.

Technical indicators flash mixed signalsBased on TradingView data, the overall technical outlook for XRP remains neutral, though most sub-indicators suggest ongoing weakness. Of the signals monitored, 16 point to sell, eight to neutral, and only two to buy. Over the last 24 hours, XRP declined by 2.86%, trading again near $1.02 at the time of reporting.

IndicatorLevelCommentMain support$1.00 to $1.02Critical for the short termImmediate resistance$1.14 to $1.15Needs to be reclaimed for improved outlookDeeper support$0.81132Lower support regionMoving averages suggest the downward trend remains intact. The 10-day EMA stands at $1.12065, the 20-day EMA at $1.15322, the 50-day EMA at $1.23333, and the 200-day EMA at $1.54315. In contrast, the Relative Strength Index (RSI) is nearing the oversold threshold at 33.89, with Stochastic RSI at 14.16 and the Williams %R indicator at minus 88.51. The MACD indicator continues to hold negative at minus 0.04456.

This data suggests selling pressure may have eased somewhat, yet there is not enough confirmation for a strong recovery. Market participants are now watching to see if the $1.00 to $1.02 band can be maintained and whether the $1.14 to $1.15 range can be regained on the upside.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

XRP Quietly Loses Its Last Line of Support

In brief Base was down for more than two hours on Thursday after an issue arose that halted block production. The network is back up and running, and the network is still moving forward with a planned upgrade. Last month, the network had a partial outage that affected withdrawals. Base, the Ethereum layer-2 network incubated by crypto exchange Coinbase, was down for more than two hours on Thursday due to an issue that affected block production. 

The issue first arose around noon ET on Thursday and came just hours before the network had a scheduled upgrade, according to the network’s status page. 

“Base Mainnet is currently halted while the team works on an issue with block production,” the network posted on X around 12:20 p.m. ET. “All funds are secure, and we’ll update below once resolved.”

Around 1:00 p.m. ET the network reportedly identified the issue, but it was not immediately resolved. 

Blocks are being produced and we’re seeing apps and infrastructure coming back online as their Base nodes are restarted and synced.

Recovery should be quick for each app/infrastrucure provider once the node restarts are initiated.

Thank you all for your patience while we got…

— Base Build (@buildonbase) June 25, 2026

“We continue to debug and have isolated a consensus problem that caused an invalid block to be sequenced,” the network posted on its status page. “This prevented new blocks from being created.” 

An hour later, the sequencing of new blocks began syncing normally, though the network was still working on finding a root cause to the issue. 

Thursday’s outage is the first block production and deposit issue on the network’s mainnet in the last 90 days, according to its status page. However, in May, the network reported around 30 hours of withdrawal delays. 

A representative for Coinbase did not immediately respond to Decrypt’s request for comment.

The network is still undergoing its Beryl hardfork upgrade, which will implement a new token standard for stablecoins and tokenized real-world assets (RWAs) on the network, while reducing withdrawal delays. 

Though blockchain outages are not common, they have plagued networks from time to time, impacting network activity in the process. 

Earlier this year, layer-1 network Sui suffered an outage on three consecutive days following gas and validator bugs on its mainnet. Prominent layer-1 network Solana also has a history of major outages, though it hasn’t reported a mainnet issue since February 2024.

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Longs Bear the Brunt of a Brutal FlushAlmost $995 million in crypto derivatives positions were forcibly closed over 24 hours, according to CoinGlass data. The sweep hit 138,452 traders and underscored just how heavily leveraged the market had become heading into the selloff.

Leveraged bulls absorbed the majority of the damage. Of the $994.62M total, $704 million came from long positions, while short liquidations accounted for the remaining $290 million. The lopsided breakdown points to a market that had positioned aggressively for further upside before the move lower forced a rapid unwind.

Liquidations of this scale exert significant short-term pressure on prices by creating forced selling. When a wave hits, exchanges automatically close leveraged positions, adding sudden selling volume that can drive prices lower and trigger further liquidations in a feedback loop.

Bitcoin and Ethereum Lead the Damage$BTC led all assets with $478 million in liquidations, followed by $ETH at $225 million. The two largest cryptocurrencies by market cap accounted for the bulk of the losses, reflecting their dominance in the derivatives market.

The single largest forced exit of the period was a $38 million $BTC position on Hyperliquid. The decentralized perpetuals platform has increasingly become a venue for large-scale leveraged trades, making its liquidation data a closely watched signal across the industry.

The episode serves as a reminder of how quickly overleveraged markets can unwind. With longs outpacing shorts by more than two to one, the positioning ahead of the selloff left little room for error when price action turned.

Sources:
CoinGlass: Real-Time Crypto Liquidation Data
Crypto Briefing: 24-hour crypto liquidations reach $967M as leveraged longs get wiped out