Loopring, one of the earliest projects to bring zero-knowledge rollup technology to Ethereum, has announced the immediate closure of its decentralized exchange and automated market maker (AMM). The decision, shared publicly on June 28, 2026, ends all crypto trading activity on the platform and takes the supporting relayer offline without delay.
The project originated in 2017 from a vision focused on using zero-knowledge proofs to dramatically improve Ethereum’s scalability and reduce costs for trading and payments.
It became the first zkRollup deployed on Ethereum mainnet around 2019–2020 and once supported significant activity.
However, usage has declined sharply in recent years.
According to on-chain data trackers, Loopring’s total value locked fell to roughly $8 million, representing a drop of nearly 99% from its peak above $760 million in late 2021.
In their statement, the team explained that Loopring never achieved broad adoption.
The original design lacked a full virtual machine, which prevented easy composability with other Ethereum applications and limited real-world uses such as seamless payments.
https://t.co/beXdvEBGru
— Loopring💙 (@loopringorg) June 28, 2026
The core contributors described themselves primarily as engineers rather than business developers, noting they struggled to build the partnerships and marketing needed for wider growth.
Additional pressures, including the delisting of the project’s native LRC token from major centralized exchanges in 2026, hastened the outcome.
Newer zkEVM-based rollups, which offer full compatibility with Ethereum smart contracts, have also rendered Loopring’s specialized architecture increasingly outdated.
Rather than continue operating a service with minimal activity, the team chose to conclude operations in an orderly manner.
This marks the latest step in a gradual wind-down. Loopring had already discontinued its smart wallet services in mid-2025.
User funds held on the Loopring Layer 2 remain secure, the team confirmed.
To simplify the process, the project will handle asset distribution directly instead of requiring users to perform self-custody exits via Merkle proofs.
In the coming days, a complete list of final balances—including spot holdings in ETH and ERC-20 tokens plus liquidity positions that will be automatically converted—will be published and linked from the project’s X account.
Users will have a two-week review window to check their figures and report any discrepancies.
After the review period, the team will upgrade the relevant smart contract to enable batch withdrawals controlled by whitelisted addresses.
Funds valued at $10 or more will then be sent in batches directly to users’ Ethereum Layer 1 wallets.
The crypto focused project will cover all gas fees associated with these transfers. Balances below the $10 threshold will be excluded to keep the process manageable.
The entire distribution is expected to wrap up within a few weeks once it begins.
Support inquiries can be directed to [email protected] once the balance list appears.
The closure underscores the intense competition in Ethereum’s Layer 2 landscape, where projects offering greater flexibility and developer tooling have gained stronger traction. Loopring expressed gratitude to its users and hope that the zero-knowledge advancements it helped enable during the early days will now continue to benefit the crypto ecosystem through other initiatives.
Circle just pulled a quarter-billion dollars worth of USDC off Ethereum and stamped out $910 million in fresh tokens on Solana. Think of it as moving cash between registers at a store, except the registers are blockchains and the cash is the second-largest stablecoin in crypto.
The net effect: a $660 million liquidity swing toward Solana.
How the burn-and-mint machine works Circle manages USDC supply through what it calls the Cross-Chain Transfer Protocol, or CCTP. The mechanics are straightforward: burn tokens on one chain, mint an equivalent amount on another. Every USDC in circulation is supposed to be backed 1:1 by cash and cash equivalents, so these operations don’t change the total supply. They just change where the tokens live.
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The $250 million Ethereum burn and $910 million Solana issuance fit a pattern that’s been accelerating throughout 2026. Earlier in June, Circle minted $1 billion USDC on Solana in a single day. Days before that, there was a $500 million Solana mint. The cumulative gross issuance on Solana has been approaching $57 billion for the year.
USDC’s total circulation sits at approximately $73.6 billion as of late June 2026. The stablecoin is now native on over 30 networks.
Why the migration matters The institutional angle has gotten more concrete this month. Circle expanded its partnership with BNY Mellon in June 2026, enabling direct mint and burn capabilities through the bank’s custody services. That means institutional clients can now create and destroy USDC without going through Circle’s standard pipeline.
What this means for investors For Solana, more USDC on the network means deeper liquidity pools, tighter spreads on decentralized exchanges, and more attractive conditions for both traders and protocol developers.
The BNY Mellon partnership adds another layer to consider. Institutional access to direct minting and burning means that large players can respond to market conditions faster than ever.
Tether’s USDT still dominates overall stablecoin market share, but USDC’s multi-chain expansion and emphasis on full reserve transparency have carved out a distinct institutional niche. The $73.6 billion in circulation represents significant ground gained.
The risk worth flagging: concentrated minting on any single chain creates dependency. If Solana experienced a significant outage or security event, having tens of billions of USDC sitting on the network would create redemption pressure that could test Circle’s operational capacity.
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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The broader cryptocurrency market remains under pressure with Bitcoin (BTC) below $60,000 on Tuesday, while Solana (SOL), Zcash (ZEC) and Hyperliquid (HYPE) emerge as top performers over the last 24 hours. Retail sentiment remains bearish with the Fear and Greed Index around 17 on Tuesday, during early Asian hours, maintaining an “Extreme Fear” signal.
Fear and Greed Index. Source: CoinMarketCapBitcoin remains muted near $60,000Bitcoin edges below $60,000 at press time on Tuesday amid a broader bearish bias, with price waiting for the next catalyst for a directional push. The 50-day Exponential Moving Average (EMA) is at $66,698, and the 200-day EMA is at $77,512, reaffirming the prevailing downtrend.
BTC is also pinned just under the horizontal barrier at $60,000, while the earlier upward support trendline now acts as a broken structural reference near $74,131. That said, momentum is stabilizing on the daily chart as price consolidates near $60,000. The Moving Average Convergence Divergence (MACD) is turning marginally positive above its signal line, and the Relative Strength Index (RSI) is recovering toward 33, which hints at fading selling pressure but not yet a decisive shift in trend.
On the topside, immediate resistance appears at the $60,000 horizontal level, followed by the 50-day EMA at about $66,698, which reinforces the broader cap on recovery attempts. Above that, the prior trendline break area around $74,131 and the 200-day EMA near $77,512 mark deeper layers of overhead supply that would need to be reclaimed to weaken the prevailing bearish structure.
BTC/USDT daily price chart.Looking down, a slip below the June 25 low at $58,115 could drop BTC toward the $53,485 support level, marked by the July 5, 2024 low.
SOL, ZEC and HYPE post mild recovery gainsSolana is trading around $75 on Tuesday, following a 5% rebound the previous day. The recovery aligns with an inflow of $5.52 million into SOL-focused Exchange-Traded Funds (ETFs) on Monday, suggesting fresh institutional support this week.
SOL ETFs data. Source: SosovalueFrom a technical perspective, the 50-day and 200-day EMAs at around $75.23 and $98.03, respectively, reaffirm the capped long-term trend. A decisive push above the 50-day EMA around $75.23 could further extend gains toward the broader trend barrier at the 200-day EMA near $98.03.
Solana has bounced off recent lows, pushing the MACD and signal line higher toward the zero line, while the RSI at 55 crosses above the midline, hinting at a recovery phase. Yet these positive signals remain constrained by the overhead moving average structure.
SOL/USDT daily price chart.Zcash hovers around $400 on Tuesday, after an 8% rise on Monday, crossing above its 200-day EMA at $380. The privacy coin projects a possible double-bottom reversal from the 20-day EMA, near the 50% retracement level at $356, measured from the $184 to $690 upswing.
Momentum shows a decline in bearish pressure, with RSI at 42 indicating an uptick while the MACD prepares for a potential bullish crossover above its signal line.
If ZEC clears the 50-day EMA at $454, it could target the 78.6% Fibonacci retracement level at $520.
ZEC/USDT daily price chart.On the downside, immediate support is seen around $356, guarding the $300 round figure, followed by the 23.6% Fibonacci retracement level at $251.
Finally, Hyperliquid shows steady behavior around $66 on Tuesday, following a nearly 9% rebound from the 50-day EMA at $60.08 on Monday. Similar to SOL, the rebound in HYPE coincides with a $2.23 million inflow into US spot HYPE ETFs on Monday.
HYPE ETFs data. Source: SosovalueMomentum indicators on the daily chart suggest the broader uptrend is intact, with the RSI at 53 holding above the midline while the negative MACD histogram contracts, hinting at waning downside momentum.
The 78.6% Fibonacci retracement level at $66.22 serves as the immediate resistance, measured over the upswing from $38.17 to $76.93. A decisive close above this resistance zone could target the all-time high level of $76.93, followed by the 127.2% Fibonacci extension level at $93.08.
HYPE/USD daily price chart.Looking to the downside, the 50-day EMA at $60.08 emerges as immediate support, followed by the 50% retracement level at $54.19.
(The technical analysis of this story was written with the help of an AI tool.)
The battle for dominance in real asset tokenisation intensifies day by day. While Solana seemed untouchable thanks to its speed and minimal fees, its historical rival orchestrated a brilliant turnaround. By asserting itself in the segment of traditional company stocks transferred onto the blockchain, BNB Chain is completely reshuffling the DeFi cards. For some crypto analysts, this is just the beginning!
In brief BNB Chain officially surpasses Solana in total volume of tokenized stock transactions. More than 709 available assets: US stocks, ETFs and pre-IPO positions Tokenisation establishes itself as a major new competition axis between blockchains. The explosive growth of RWAs on BNB Chain The Binance blockchain announced it has crossed the $5.2 billion mark in cumulative volume of tokenized stocks. It thus surpasses Solana which shows about $4.5 billion. The market capitalization of tokenized stocks and ETFs on BNB Chain also now exceeds one billion dollars. The data report over 709 assets available on the ecosystem.
Ondo Global Markets dominates the chart. It alone represents $5.12 billion of Ondo’s $6 billion cumulative DEX volume, with more than 430 tokenized stocks and ETFs. bStocks offers BEP-20 tokens backed 1:1 by real US stocks held by a regulated custodian. Recently launched, xStocks already covers more than 50 US stocks with over 100 additional titles planned. According to experts, this massive acceleration of BNB Chain is largely explained by the deployment of key institutional infrastructures and strategic partnerships. This allows trading of Tech giants (such as Tesla or Apple) 24/7.
Another asset of BNB Chain in the tokenisation market: the diversity of its offer. Users do not access a single issuer, but multiple competing platforms. These offer their own versions of the same underlying asset.
The next frontier? The private tokenisation market Colb Finance has deployed over $60 million in pre-IPO tokenized positions on BNB Chain. It targets companies in the AI, space, and fintech sectors. Paimon Finance provides in turn tokenized exposure to SpaceX, Anthropic, and OpenAI.
That’s not all! On June 23, the only tokenized positions on SpaceX generated $6.5 million in volume in a single day.
BNB Chain’s value proposition rests on three points:
24/7 trading fees under 1 cent per transaction finality in 650 milliseconds In any case, BNB Chain’s current performance confirms that the blockchain battle is no longer limited to the crypto’s historical usages. As tokenisation gains ground, infrastructures able to attract issuers and investors could play a decisive role in the next phase of sector development. It remains to be seen if BNB Chain will keep this lead!
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Sen. Elizabeth Warren has cited a Wall Street Journal investigation into CoinEx as evidence that the Digital Asset Market Clarity Act would make illicit crypto finance worse, not better. The Solana Policy Institute's general counsel disagrees, and says the bill already contains the tools to address exactly that kind of problem.
The CoinEx Allegations at the Centre of the Debate The dispute traces back to a WSJ report, published June 25, that drew on blockchain intelligence from TRM Labs. TRM Labs traced $3.84 billion in flows from wallets linked to more than 60 sanctioned Iranian entities through CoinEx since 2019, identifying the exchange as the primary external conduit for Iran-linked capital moving into global crypto markets. Of that total, $2.7 billion flowed specifically between CoinEx and Nobitex, Iran's largest domestic exchange, at an average rate of approximately $1 million per day since 2018.
Blockchain analysis reveals the Seychelles-based exchange became a critical financial conduit for Iranian entities after Binance tightened controls. Seychelles-registered CoinEx rejected the report's findings, saying it has "never established any commercial relationship with Iranian government-related entities, Iranian domestic exchanges," or provided active assistance to sanctioned parties.
Warren used the report to argue that the CLARITY Act, as currently written, would create new loopholes rather than close existing ones. She has called for Congress to tighten illicit finance rules before advancing any broad crypto market structure legislation. Senate Democrats, led by Sen. Elizabeth Warren, have argued the bill's anti-money laundering provisions remain too weak.
Solana Institute: The Bill Already Has an Answer Patrick Wilson, General Counsel at the Solana Policy Institute, has been an active voice in the CLARITY Act debate. Wilson responded directly to Warren's framing, arguing that the WSJ report concerns sanctioned entities routing funds through an offshore exchange, and that the CLARITY Act already addresses that risk in detail. He pointed specifically to Sections 507 and 508 of the bill, which would require a Treasury-led international strategy and mandate annual reporting on sanctions gaps and high-risk jurisdictions.
His position is that Warren's critique conflates the actions of a non-compliant offshore exchange with a systemic failure of the proposed legislation. In Wilson's view, the CoinEx situation is precisely the kind of scenario the bill's sanctions provisions are designed to capture and deter.
The CLARITY Act cleared the Senate Banking Committee in May and has since been placed on the Senate Legislative Calendar, setting the stage for a potential floor vote later this summer. Whether the bill reaches a floor vote before the August recess remains uncertain, but the exchange between Warren and the Solana Policy Institute reflects a broader fault line in the debate: how to balance a workable regulatory framework for domestic crypto innovation against the enforcement tools needed to curb illicit activity flowing through offshore platforms.
Sources:
CoinEx Denies Claims It Served as $3.84 Billion Gateway to Sanctioned Iranian Crypto Firms (CoinDesk)
Iran Moved $3.84 Billion Through CoinEx to Bypass US Sanctions, WSJ Reports (Crypto Briefing)
The CLARITY Act Hits a Critical Juncture: Where Things Stand Going Into Senate Markup (Fortune)
Solana (SOL) dropped as low as $71.37 in the last 24 hours, paralleling a broader market correction led by Bitcoin. The price movement has prompted investors to focus closely on the $65 to $71 range, which is now viewed as a critical area for short-term support and resistance. This concentration suggests that many traders see these levels as pivotal for Solana’s next direction.
Key support zone attracts attentionOn-chain data reveals that more than 60 million SOL tokens have changed hands in the $65 to $71 range, making this band one of the strongest nearby support areas for Solana. Significant trading activity in such regions often serves as a defensive line, with many investors holding positions that can bolster the price during pullbacks.
Analyst Ali Charts has highlighted that over 60 million SOL were traded within the $65 to $71 range, underscoring this area as one of the most robust support zones. According to Ali, as long as this demand cluster is protected, Solana’s uptrend structure may not be fully compromised.
Should SOL remain above $70, the price may consolidate sideways before attempting to challenge resistance at $73. Conversely, a drop below $70 would draw attention to the $64 level as the next key support. If that level fails, the focus would likely shift to $53.10 as a potential short-term floor.
Mixed signals from technical indicatorsThe recent weakness is not the result of Solana-specific developments but rather reflects a wider crypto market downturn. During the same period, Bitcoin declined by 1.43%, while the total cryptocurrency market capitalization dropped by 1.18%, emphasizing Solana’s place among the more volatile digital assets.
The Fear and Greed Index currently stands at 16, indicating risk-averse sentiment. SOL is trading below its 30-day exponential moving average of approximately $72.48. While some technical indicators suggest weak momentum on daily charts, others show relative strength index (RSI) climbing to 51.60 and a positive crossover in the MACD. This divergence implies that while selling pressure may be easing, a decisive reversal will require stronger volume and closes above resistance levels.
World Xyz disclosure draws renewed interestA long-awaited announcement from World Xyz, a notable project within the Solana ecosystem, revealed its identity. The project previously made headlines by purchasing the “world xyz” domain for $80,000. Following this disclosure, SOL’s price rose 2.86% in a single day, reigniting attention around the initiative.
Mini glossary: x402 refers to a technical payment standard designed to allow software agents and applications to pay for services online. The tokenization of real-world assets means creating digital versions of traditional assets such as bonds, real estate, or funds on a blockchain.
Vibhu, a representative from the Solana Foundation, described World as an intent-focused consensus infrastructure built on the x402 protocol. The platform aims to provide a decentralized framework for the tokenization of real-world assets.
Analysts broaden their watch levelsSjuul, an analyst at AltCryptoGems, observed that while SOL has shown some strength on shorter-term charts, there is continued pressure on higher timeframes. According to Sjuul, a meaningful recovery would require reclaiming the $78 level to reestablish support.
Sjuul emphasized that although strength is visible in lower timeframes, broader challenges remain. The analyst believes that a sustained rebound would depend on $78 becoming a support level once more.
Other market analysts warn that losing the $65 to $75 zone could trigger renewed pressure toward the $50 to $55 area. In the second quarter, Solana’s trading volume reached $67 billion, while net outflows from SOL ETFs totaled $5.8 million in June. Meanwhile, a $15 million short position has raised market questions about whether the downturn could deepen further.
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.
Key Takeaways Bitcoin’s limited supply of 21 million coins and expanding institutional adoption make it the most stable long-term cryptocurrency investment. Ethereum maintains dominance in smart contract platforms, hosting the largest DeFi ecosystem and billions in stablecoin volume. Solana’s high-speed transactions and minimal fees have driven significant growth in stablecoin usage and decentralized applications. Chainlink serves as critical blockchain infrastructure, enabling smart contracts to access external data through its oracle network. Sui represents a high-potential mid-cap opportunity with advanced technology and expanding ecosystem adoption. Investors seeking sustainable cryptocurrency positions are being advised to prioritize fundamental strength over market volatility. A comprehensive analysis identifies five digital assets demonstrating robust adoption metrics, active development communities, and significant institutional backing.
Bitcoin (BTC) Bitcoin secures the top position as the premier long-term cryptocurrency investment. As the pioneering digital asset, its supply is permanently limited to 21 million units.
Bitcoin (BTC) Price The introduction of spot Bitcoin exchange-traded funds alongside increasing corporate treasury allocations has accelerated institutional participation significantly. Analysts characterize Bitcoin as delivering the most favorable risk-adjusted returns within the digital asset sector.
Ethereum (ETH) Ethereum serves as the backbone infrastructure for a substantial portion of the cryptocurrency marketplace. The platform hosts thousands of decentralized applications and commands the industry’s most extensive decentralized finance infrastructure.
Ethereum (ETH) Price Multi-billion dollar stablecoin operations execute primarily on Ethereum’s network. The platform is increasingly central to the tokenization of traditional financial assets.
While facing competition from emerging blockchain platforms, Ethereum consistently attracts developer talent at an unmatched rate. This sustained development activity represents a primary factor supporting its position as a compelling long-term asset.
Solana (SOL) Solana distinguishes itself through exceptional processing speeds and minimal transaction costs. These technical advantages have enabled the network to capture market share across DeFi protocols, non-fungible tokens, payment systems, and consumer-facing applications.
The blockchain has recorded substantial increases in both stablecoin transaction volume and decentralized exchange activity. Institutional capital allocation toward Solana has similarly accelerated, according to market data.
Chainlink (LINK) Chainlink operates within a distinct category compared to traditional blockchain platforms. Rather than processing transactions directly, it delivers essential infrastructure enabling smart contracts to interact with external information sources.
Its decentralized oracle network is considered fundamental to DeFi operations. The Cross-Chain Interoperability Protocol has gained particular traction among institutions exploring tokenized asset applications.
Sui Sui emerges as a compelling growth-oriented selection within the mid-capitalization segment. Built using the Move programming language, the platform prioritizes transaction throughput and network scalability.
The ecosystem has demonstrated expansion across gaming platforms, DeFi protocols, and mainstream consumer applications. While analysts acknowledge higher volatility compared to established cryptocurrencies, Sui presents substantial upside potential contingent on continued adoption.
Constructing a Balanced Crypto Portfolio The analysis proposes a strategic allocation framework for investors pursuing long-term positioning. The suggested distribution designates 35 percent to Bitcoin, 25 percent to Ethereum, 20 percent to Solana, 10 percent to Chainlink, and 10 percent to Sui.
This allocation strategy seeks to balance the stability characteristics of established cryptocurrencies with the expansion potential of emerging platforms. The framework acknowledges that no individual asset guarantees positive returns.
Each selected cryptocurrency addresses a distinct market function. Bitcoin provides store-of-value stability, Ethereum delivers smart contract infrastructure dominance, and Solana offers exposure to high-performance blockchain technology.
Chainlink furnishes the data connectivity layer between blockchain networks and external information sources. Sui provides access to an emerging high-performance network with accelerating growth metrics.
The analysis concludes by emphasizing that cryptocurrency investments inherently involve substantial risk and price fluctuation. Concentrating on assets demonstrating strong fundamental characteristics and tangible real-world applications may enhance long-term portfolio performance.
Bitcoin, Ethereum, Solana, Chainlink, and Sui represent the core components of this fundamentals-focused investment strategy for July 2026.
Systematic long-short equity managers, the algorithmic strategies that parse mountains of market data to find statistical edges, just posted their worst multi-day run since 2023.
According to Goldman Sachs prime brokerage data, the first half of January 2026 was the weakest period for systematic long-short equity managers since October 2025, with the cohort losing approximately 1% over a critical 10-day stretch. UBS went further, estimating that US-focused quant funds were down around 2.8% in the first two weeks of 2026 alone.
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Who got hit and how hard Renaissance Technologies saw its strategy down roughly 4% by early January. Schonfeld’s quant operation dropped approximately 3.9% through mid-month. Engineers Gate fell around 6%.
UBS identified one-day deleveraging events as a key driver, describing the unwinding as the sharpest seen since December 22, 2025.
This has happened before, recently In the summer of 2025, quant equity managers suffered their worst run since the end of 2023, with average losses approximating 4.2%. That episode was driven by momentum unwinds and a sharp rally in lower-quality stocks.
Crowded trades and violent reversals in factor-based positioning were cited repeatedly across the recent reports as the primary mechanics behind the losses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The crypto market is sitting at extreme fear. Bitcoin is hovering low, down significantly from its previous all-time high. But beneath the surface, smart money is moving. Today's Alpha Drop highlights three tokens where the signal cuts through the noise.
Ethereum ($ETH): The Corporate Treasury SignalSharpLink Gaming, one of the most aggressive corporate Ethereum treasury companies in the market, just broke a multi-month buying silence. In a recent short window, the company acquired a massive amount of ETH, marking its largest single purchase window in over a year. This substantially increases SharpLink's total ETH holdings to a multi-billion dollar valuation.The timing is deliberate. SharpLink paused accumulation for several months while the market corrected. It resumed buying with conviction precisely when retail sentiment hit extreme fear levels—a classic institutional accumulation pattern.
Real-Time Momentum Catalyst: Corporate treasury plays on crypto assets remain one of the clearest on-chain signals available to retail traders. When a company that has been watching the market for months decides to deploy heavy capital in a matter of days, it is making a directional bet on where prices are headed—not where they are today.This move also coincides with a broader institutional narrative around Ethereum. BitMine, another ETH treasury company, is simultaneously approaching a significant percentage of Ethereum's total supply. Joe Lubin, Ethereum co-founder, recently backed a new Ethereum nonprofit called ETHLabs alongside both companies. The institutional conviction in ETH at current prices is building quietly while retail attention is elsewhere.
Synapse ($SYN): The Derivatives DisruptorBitMEX co-founder and renowned crypto trader Arthur Hayes publicly disclosed a multi-million dollar investment in SYN, the native token of the Synapse protocol. Hayes purchased a substantial allocation of SYN tokens via Flowdesk, backing Hypercall, a new on-chain options decentralized exchange (DEX) built on top of Synapse that is positioning itself as a direct challenger to Deribit, the dominant centralized options exchange in crypto.Hayes described SYN as part of what he called the "holy trinity" alongside HYPE and ZEC, three tokens he believes are positioned to capture significant market share in the derivatives and privacy sectors. The announcement drove SYN up exponentially within hours.
Real-Time Momentum Catalyst: Arthur Hayes has one of the strongest track records for public token calls in the crypto industry. His endorsements carry significant weight not just because of his personal brand, but because he tends to back projects with genuine structural theses rather than pure speculation.The Hypercall thesis is straightforward: Deribit processes massive options volume daily, but it is a centralized exchange with counterparty risk, KYC requirements, and geographic restrictions. An on-chain alternative that replicates this functionality with Hyperliquid-style performance and Synapse's cross-chain infrastructure could capture a meaningful share of that market. Hayes is betting that Hypercall is that alternative and he is putting real money behind it. The next catalyst will be the platform's actual launch and early volume metrics.
Ethena ($ENA): The Enterprise System IntegrationEthena announced a milestone collaboration involving the integration of USDe—its synthetic dollar stablecoin—into BlackRock's Aladdin platform. Aladdin is the portfolio management and risk analytics system used by institutional asset managers overseeing tens of trillions of dollars in assets. As part of the arrangement, BlackRock's BUIDL tokenized money market fund becomes the primary backing asset for Ethena's white-label institutional product.The market reacted with a modest intraday gain—a muted response that many analysts believe significantly underestimates the long-term implications of this integration.
Real-Time Momentum Catalyst: Aladdin is not a consumer product. It is the operational backbone of some of the largest asset managers, pension funds, and sovereign wealth funds in the world. Getting USDe integrated into this system means that institutional portfolio managers can now interact with Ethena's synthetic dollar infrastructure as part of their standard workflow—without needing to navigate crypto-native interfaces or custody solutions.This is the kind of distribution that DeFi protocols have been trying to achieve for years. Most fail because institutional adoption requires regulatory clarity, audit trails, and integration with existing systems. Ethena has achieved all three with this announcement. The restrained price reaction reflects the market's short-term focus during a period of extreme fear. Traders who understand the long-term significance of massive institutional capital gaining access to USDe may find the current price an attractive entry point.
Market ContextToday's broader market is operating under extreme fear conditions. Bitcoin is trading down from its previous all-time high, and the Fear & Greed Index sits deep in the fear zone. The current quarter is on track to close as Bitcoin's second consecutive red quarter, a historically rare occurrence.However, history also shows that periods of extreme fear are often when the most asymmetric opportunities emerge. The three tokens highlighted today share a common thread: each has a specific, verifiable catalyst that is independent of broader market sentiment. SharpLink's treasury accumulation, Arthur Hayes' public investment, and Ethena's BlackRock integration are all real events with real implications—regardless of where Bitcoin trades this week.
Final Thoughts: Own the Future, Trade SmartThis WOO X Daily Alpha Drop provides actionable intelligence on where smart money is moving, powered by wooxpro.com. By focusing on fundamental institutional utility, enterprise scaling, and strategic venture positioning, we aim to provide you with the tools to navigate short-term volatility with a systematic perspective.Utilize WOO X's deep, consolidated order book depth across these pairs to execute your trades with minimal market impact and optimize your portfolio for alpha.
Trade Smart, Own the Future.
Disclaimer: This deep dive is for informational purposes only and does not constitute financial advice. Always conduct your own research before trading.
Predict.fun World Cup knockout stage: Norway's advancement probability stands at 65%, Ivory Coast secures over 30% of market support
According to data from prediction market platform Predict.fun, for the 2026 FIFA World Cup Round of 32 match between Ivory Coast and Norway, the implied probability of Norway advancing is approximately 65%, while that of Ivory Coast stands at 36%. The market overall favors the Norwegian side led by Erling Haaland and Martin ?degaard to progress to the next round. In terms of playing style, Ivory Coast has multiple players competing in top European leagues, with strong counterattack and individual dribbling capabilities; Norway, meanwhile, showed solid competitiveness in the group stage thanks to its tight defensive system, set-piece proficiency and aerial dominance. Although the market currently leans toward Norway advancing, it still retains over a 30% expectation for the "African Elephants" (Ivory Coast's nickname), indicating traders are monitoring the underdog's potential to pull off an upset.
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Bernstein sharply raises SNDK's target price to $3,000.
Bernstein analyst Mark Newman has raised SanDisk (SNDK)’s stock price target from $1,700 to $3,000, while retaining an “Outperform” rating on the stock. The firm explained that new Long-Term Agreements (LTAs) differ from their predecessors: older LTAs were customer-biased, while the new ones come with fixed or range-bound prices, include advance payment commitments to lock in clients and protect against downside risk, and feature longer terms. Per data from the company, SanDisk’s recently signed LTAs have a floor price of $0.29 per GB, which is significantly lower than Micron’s second-quarter floor price, the analyst noted in a research report for investors.
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Sources: At least one sovereign wealth fund is adding to its spot Bitcoin holdings on the dip.
MidChains CEO Basil Al Askari stated that "at least one" sovereign wealth fund is adding to its spot Bitcoin holdings amid the price downturn, while another sovereign wealth fund may begin buying in the coming weeks. He noted this sends a very clear signal to other institutions that might still be on the sidelines, as they view these large funds as leaders in the asset class. MidChains is a regulated cryptocurrency trading platform based in Abu Dhabi, backed by sovereign wealth fund Mubadala. Prior to founding MidChains, Askari worked in the private equity team of Mubadala Capital, the Abu Dhabi sovereign wealth fund, and held roles in GE Capital’s commercial finance teams across the US, UK, and UAE, with extensive experience in financial investment and operations.
25 minutes ago
Spanish coffee chain Vanadi Coffee adds 10 Bitcoin to its holdings, bringing its total Bitcoin position to 223.
According to monitoring by BitcoinTreasuries.NET, Spanish coffee chain Vanadi Coffee has added 10 Bitcoin, bringing its total holdings to 223 Bitcoin.
25 minutes ago
Binance Japan Appoints New General Manager
Binance Japan announced that it will appoint Arisa Toyosaki as its new General Manager (Representative Director) effective July 1, 2026. Outgoing head Tsuyoshi Chino will be reassigned to the roles of Honorary Chairman and Director, and will continue to provide strategic guidance. According to a public statement, Toyosaki holds a degree in Computer Science and Economics from Northwestern University in the U.S. Her professional background includes stints as a derivatives trader at UBS Hong Kong, leading Search and AR business operations at Google Japan, founding DeFi project Cega in 2022, and selling the project in 2025. She has also been recognized on Forbes’ 30 Under 30 list.
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Binance Alpha will distribute an airdrop at 18:00 today, with a point threshold of 224.
Per an official announcement, Binance Alpha will conduct an airdrop distribution at 18:00 today. Users holding at least 224 Binance Alpha points can claim the tokens on a first-come, first-served basis until the airdrop pool is fully allocated or the event expires. More details will be announced shortly.
Sign Of Good Things To Come?Bull Theory interpreted the rally of MSTR stock and Perpetual Stretch Preferred Stock (NASDAQ:STRC) as evidence that Strategy is about to execute buybacks on both, not just leave the authorization unused.
“This is optimism building around active capital management rather than just Bitcoin accumulation, the market is betting Strategy can actually defend STRC’s price this time,” the market commentator said.
Khing Oei, Founder and CEO of Treasury, praised the framework, adding,” That is how a Bitcoin-backed credit business is supposed to operate. And these are the types of strong actions by management that are required in times of market stress.”
Will The Rally Stall?Popular cryptocurrency analyst Crypto Rover, however, questioned the new framework, noting that a company that is increasing payouts merely to keep the structure intact may not be as robust as it appears.
The analyst also wondered if the latest spike is a “dead cat bounce dressed as a comeback.”
Ali Martinez, a widely followed cryptocurrency analyst and trader, turned bearish on MSTR after confirming a head-and-shoulders pattern on the stock’s weekly chart
The head and shoulders chart pattern depicts a bullish-to-bearish trend reversal, signaling that an upward trend is nearing its end.
The analyst set a downside target of $28, marking a 70% drop from current levels.
More Bitcoin Sales On The Horizon?The sweeping new framework is designed to strengthen Strategy’s preferred securities, enhance liquidity and preserve long-term Bitcoin exposure.
The key aspect is a new Bitcoin monetization program that lets the company sell BTC to raise up to $1.25 billion for cash reserves, pay preferred dividends and interest on debt, and support repurchases of preferred and common stock.
However, the new framework drew sharp criticism from longtime Bitcoin critic Peter Schiff, who said that the Michael Saylor-founded firm is transitioning from being Bitcoin’s largest corporate buyer to a Bitcoin seller.
Price Action: At the time of writing, BTC was exchanging hands at $59,639.58, down 0.61% over the last 24 hours, according to data from Benzinga Pro.
Strategy shares rose 0.73% in after-hours trading after closing 12.60% higher at $92.68 during Monday’s regular trading session.
Benzinga’s Edge Stock Rankings indicate that MSTR has underperformed with a weaker price trend across short-, medium-, and long-term timeframes.
Photo: PJ McDonnell / Shutterstock.com
Market News and Data brought to you by Benzinga APIs
CompaniesJune 30 (Reuters) - Hong Kong-listed drug design tech firm Metis TechBio (7666.HK), opens new tab said on Tuesday it has granted U.S.-based biotechnology firm Boulevard Bio exclusive global rights to develop, manufacture and commercialise its experimental autoimmune drug MTS-128 in a deal that could be worth up to $1.6 billion.
The deal marks an advancement for U.S.-China tech collaboration as Beijing ramps up scrutiny of cross-border deals involving sensitive technologies.
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Under the terms, Boulevard will secure worldwide rights to develop, manufacture and commercialise MTS-128
Metis TechBio is eligible to receive $20 million as an upfront payment and up to $1.6 billion in additional payments tied to development, regulatory and commercial-related milestones.
Metis TechBio said in a filing to the Hong Kong stock exchange that MTS-128's successful development demonstrated the firm's capability to "deeply integrate artificial intelligence with protein drug design".
MTS-128 is for the autoimmune indication, according to Metis TechBio's website.
Metis TechBio did not immediately respond to a request for comment on which disease area MTS-128 targeted.
Beijing has tightened scrutiny of U.S. investment in domestic firms developing frontier technologies.
This year, China ordered U.S. tech giant Meta (META.O), opens new tab to unwind its $2 billion-plus acquisition of AI startup Manus.
Reporting by Andrew Silver in Shanghai; Additional reporting from Rajasik Mukherjee in Bengaluru; Editing by Janane Venkatraman and Lincoln Feast.
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Blockchain analytics firm Arkham has introduced an Elo style rating system designed to compare prediction market traders based on accuracy.
INTRODUCING: PREDICTION MARKET ELO
Some traders consistently win on Polymarket, bet after bet.
We’ve created prediction market performance ratings (Elo) on Arkham Intel to help you find them. Here’s how it works: pic.twitter.com/NWg9WXxJIA
— Arkham (@arkham) June 29, 2026
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Correct predictions increase a trader’s score relative to other participants. Successful calls made at lower implied probabilities receive a larger boost than outcomes the market already considered likely.
The system does not consider bet size, allowing smaller traders with stronger win rates to rank above larger participants generating more profit through bigger positions.
Arkham said the ratings are intended to separate consistent forecasting performance from total profit and trading volume.
However, accuracy alone may not provide a complete view of performance. The rating does not account for position sizing, risk management or the value lost on unsuccessful trades
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Why Is Arkham Ranking Prediction Market Traders? Arkham Intelligence has launched a ranking system designed to identify the best-performing prediction market traders, adding a new analytics layer to a sector where trading volumes and platform competition are rising.
The onchain analytics platform said the system ranks traders based on prediction accuracy rather than the amount of money they wager or earn. That makes the product different from profit-and-loss leaderboards, which usually favor large traders with higher capital, bigger position sizes, and more visible gains.
Arkham’s approach is closer to a performance-rating model than a wealth ranking. It uses an Elo-style system, commonly associated with competitive ranking environments, to score traders against one another based on prediction outcomes. A trader who consistently makes correct calls can climb the rankings even with smaller bet sizes.
The launch comes as prediction markets are becoming a more competitive part of the retail trading and financial data landscape. Platforms such as Polymarket and Kalshi have seen growing activity, while larger technology and trading companies including DraftKings, Robinhood, Meta, and Coinbase are developing or expanding their own prediction market products.
How Does The Elo System Change Trader Discovery? Arkham said its rating uses an Elo/MMR-style system that ranks traders based on prediction accuracy. “Every correct prediction that a trader makes will increase their Elo score relative to other traders. Correct predictions at lower odds will increase a traders Elo by more than correct predictions at higher odds,” the firm said.
That design changes how market participants may evaluate skill. A trader who wins repeatedly on lower-probability outcomes can receive a larger ranking boost than a trader who mostly wins on safer, higher-probability trades. The model therefore attempts to reward both correctness and the difficulty of the prediction.
The structure also reduces the dominance of large capital accounts. A trader with a high win rate but smaller position sizes can outrank a trader who earns more in absolute terms but has weaker accuracy. For prediction markets, where many accounts trade around news events, politics, sports, crypto prices, and short-term binary outcomes, that distinction can be important.
In practical terms, the ranking may help users identify accounts that are consistently reading markets well rather than simply accounts that have taken large bets. It may also give platforms, data providers, and copy-trading products a new way to sort trader quality.
Investor Takeaway Arkham’s ranking system shifts attention from capital size to accuracy. For investors and market watchers, that could make prediction market data more useful as a signal layer, especially when smaller traders are consistently outperforming larger accounts on probability judgment.
Why Does This Matter For Polymarket? Arkham’s rankings appear to be focused for now on Polymarket traders. That matters because Polymarket has become one of the most visible venues for crypto-native prediction markets, with users trading outcomes tied to politics, digital assets, macro events, and cultural trends.
Arkham highlighted a Polymarket trader known as “GardenerCx” as the highest Elo-ranked trader on the platform. The trader’s strategy focuses on crypto up/down 5-minute markets and has produced a 64.3% win rate over 2,644 bets, according to Arkham.
Short-duration crypto markets are especially relevant for this type of ranking because they generate a high number of repeat outcomes. That gives a scoring system more data to evaluate whether a trader’s accuracy is persistent or only the result of a small sample. It also allows observers to compare market timing, probability assessment, and execution discipline across accounts.
For Polymarket, third-party trader rankings could increase user engagement and make the platform’s trading data easier to analyze. But it could also increase scrutiny. Once traders are ranked publicly, users may treat top accounts as signals, even when past accuracy does not guarantee future performance.
What Are The Market Implications? The bigger implication is that prediction markets are becoming more data-driven. As volumes rise, analytics providers are building tools that resemble the infrastructure already common in crypto trading, equities, and derivatives markets: leaderboards, wallet tracking, trader scoring, and strategy discovery.
That development could help institutional users evaluate prediction market activity more seriously. If the best traders can be identified by accuracy and odds-adjusted performance, prediction market prices may become more useful as sentiment indicators or event-probability signals.
At the same time, ranking systems introduce their own risks. Traders may optimize behavior for a score rather than risk-adjusted returns. Users may follow high-ranked accounts without understanding market liquidity, odds movement, position sizing, or the possibility of streak reversals. A strong Elo score can indicate historical accuracy, but it does not remove execution risk or platform risk.
Arkham’s launch shows how quickly prediction markets are moving from simple betting interfaces toward a broader financial data ecosystem. As larger firms enter the category and trading volumes expand, trader analytics may become a key layer in how users evaluate market quality, account credibility, and signal value.
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.
Crypto trader Ansem (@blknoiz06) is sitting on an estimated $75 million unrealised gain on the Solana memecoin $ANSEM, according to on-chain data published by blockchain analytics firm Arkham.
How the Position Built Up The Pump(.)fun account linked to Ansem, operating under the handle ansemconzimp, is up $73.8 million after being sent 65% of the supply of ANSEM. Even after distributing airdrops, he retains 58.7% of the supply.
Ansem airdropped roughly $7 million worth of ANSEM to Solana users between June 27 and June 29, in one of the largest influencer-driven token giveaways in recent memory. The stated goal is to grow the ANSEM holder base from approximately 25,000 wallets to 1 million.
The dominant version of the token, branded as "The Black Bull," launched on Pump(.)fun in mid-June 2026 and ran from a market cap in the tens of thousands to tens of millions of dollars within roughly 10 to 12 days. Over the past seven days, the token has gained more than 26,500%, outperforming the broader crypto market.
Concentrated Supply and Risk Flags Even after distributing $7 million worth of tokens, Ansem's wallet still controls a dominant share of the supply. A 60%-plus ownership stake in any token means one entity has the theoretical ability to crash the price at any moment.
According to Rugcheck(.)xyz, there is a risk of market manipulation due to the large concentration of tokens held in one or more unidentified wallets. In late 2024, blockchain investigator ZachXBT publicly questioned Ansem's practice of repeatedly highlighting low-cap memecoins, pointing to instances where tokens gained attention and later saw steep declines.
Redistributing earned fees back to the community rather than extracting and exiting has been received notably well, particularly in a memecoin environment where influencer-linked tokens frequently draw criticism for benefiting creators disproportionately at the expense of retail participants. Still, the sheer scale of the position means the supply dynamic remains a key risk for anyone entering the trade now.
Sources:
Crypto Briefing: Ansem airdrops $7M worth of ANSEM memecoin to Solana users
CoinGecko: The Black Bull (ANSEM) live price and market data
Crypto Times: Inside the ANSEM Memecoin Surge
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.
SUI, the native token of the Sui ecosystem, has once again moved into the market’s spotlight. While the token’s price remains notably below its previous peaks, some market observers believe that conditions for a long-term recovery may be forming in this Layer 1 network. Chart analysts suggest that SUI may be moving from a correction phase to an accumulation period, signaling a possible shift in market sentiment.
Support and resistance levels shape SUI’s outlookAccording to the Sui Community team, SUI may potentially reach $9 in the long run. They have also set interim price targets at $2.80 and $4.50. This perspective suggests the current price action may be more than just short-term volatility and could lay the groundwork for sustained gains.
On the weekly chart, SUI saw strong gains after forming a base for much of 2024, approaching $5 at one point in 2025. However, this surge was followed by a sharp pullback that erased much of those previous gains, sending the price back to previous support zones where buyers have historically been active.
The Sui Community team emphasized that the $2.80 and $4.50 levels should be closely monitored as interim price targets for SUI, while a move towards $9 remains a possibility over the longer term.
Analysis highlights the $0.55–$0.65 range as a strong support region for SUI. The first key resistance is identified at $1.90, with further resistance bands at $2.70–$3.10 and $4.40–$4.70. Should SUI break through these resistance zones, a new movement towards the $8–$9 range could take shape.
Another analyst, known as Winner, suggests that SUI currently trades in a buy zone between $0.80 and $1.00. In this view, the $3.00, $5.50, and $6.00 bands stand as resistance. If SUI can secure a decisive break above these levels, the debate could shift towards ambitious targets around $15–$17.
Structural changes on the Sui network stand outBeyond price projections, technical and institutional developments on the Sui network are drawing attention. OGAudit Web3 Research describes Sui as evolving into a value network that not only offers high-speed blockchain infrastructure but also aims to merge artificial intelligence-driven financial activities with institutional adoption. Known for its object-based architecture, Sui is recognized as a Layer 1 network capable of processing transactions in parallel.
Glossary: Transaction finality refers to the minimum time required for a transfer to become irreversible. The 500-millisecond finality cited in the article indicates that transactions on the network can be completed extremely quickly.
OGAudit Web3 Research highlights that Sui is evolving from a high-capacity Layer 1 network to a platform aiming to bring together AI-driven workflows and institutional finance.
According to research, by May 2026, the majority of transactions on the Sui network will be generated by autonomous artificial intelligence agents. The report notes that an extremely quick transaction finality of roughly 500 milliseconds has played a key role in supporting this surge. On the institutional side, the network continues to pursue expansion through Sui Dollar and Ethena synthetic assets.
Risks include network outages and token unlocksDespite these optimistic forecasts, some risks remain. Analysts point to the potential for repeated network outages and the impact of token unlocks, which could increase selling pressure. The circulating supply currently stands at 4.02 billion tokens, with a market capitalization of $2.76 billion. In the coming period, the protection of critical support levels and the ability to surpass resistance bands will be decisive in shaping SUI’s direction.
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.
Synapse [SYN] has emerged as one of the few tokens still drawing liquidity through an otherwise murky market, with much of the sentiment tracing back to whale activity and to its options product, Hypercall, which has anchored the rally.
At press time, SYN had risen 13% in the previous day and was increasingly viewed as a potential next major cryptocurrency, with traders arguing that it is undervalued at current levels and has room to grow.
Arthur Hayes drives the SYN narrative A wave of buying from prominent crypto investors, led by Arthur Hayes, who has publicly supported SYN‘s tokenomics and market growth, has reinforced this view. Lookonchain data shows Hayes acquired roughly 6.16 million SYN, worth about $2.2 million, through OTC desk FlowDesk, a position markets have read as a committed bull signal pointing to a sustained rally.
His core thesis is that SYN trades at a discount compared to Hypercall. Hypercall is an on‑chain options exchange he believes could rival Deribit. Coinbase acquired Deribit for $2.9 billion in 2025. He also argues that SYN offers meaningful upside when measured against the scale of a traditional options giant like Cboe.
Hayes has also pointed to SYN’s token structure as a fit, citing a tweet noting that roughly 88% of supply already circulates, with about 12% held in treasury and no venture capital allocation.
Why do SYN perpetual traders lean bearish? Spot netflow data reinforces the demand story, showing more SYN bought than sold over the past 24 hours. Total SYN purchased reached $6.21 million in the past day against $6.18 million sold over the same window, leaving bulls narrowly ahead and overall spot sentiment mildly bullish.
The perpetuals market diverges from spot. At press time, Open Interest rose to $32.18 million due to fresh capital inflows of $2.61 million, while the Long/Short Ratio remained above one.
Source: CoinGlass The Funding Rate, however, sat in negative territory at -0.0299%, with shorts paying to hold their positions.
The two readings can coexist because the ratio counts trader accounts while funding reflects position size; more accounts sit long, but heavier short size drags funding below zero. Such a divergence signals that a section of traders is positioning against the rally on the view that SYN looks overvalued at current levels.
Fundamentals undercut the valuation According to CoinMarketCap, SYN carries a market capitalization of roughly $91 million. While that looks modest beside the market’s major tokens, Synapse, the protocol behind SYN, shows little underlying activity to justify even that figure.
DeFiLlama data underlines the gap. Across Q2 2026 so far, the protocol has generated just $3,170 in gross revenue and $3,140 in gross profit, strikingly low for a protocol commanding that valuation.
Source: DeFillama The reading marks a sharp fall from earlier performance, with gross profit running near $965,000 in Q2 2024.
Tokens can and do rally without earnings to support them, as memecoins have repeatedly shown. On current fundamentals, the data points to a SYN move driven by positioning and narrative rather than protocol revenue.
Final Summary Arthur Hayes’ multimillion-dollar bet and a sharp price jump have made Synapse one of the market’s most-watched tokens this week. Synapse generates almost no revenue, raising the question of whether the rally is based on hype rather than actual earnings.
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.
Michigan judge bans Kalshi from offering sports event prediction services to the state’s residents.
According to Reuters, a Michigan judge on Monday ruled to ban prediction market platform Kalshi from allowing state residents to make financial predictions on sports events. The decision comes after Michigan Attorney General Dana Nessel accused Kalshi’s operations of violating state law. At the request of the Democratic attorney general, Ingham County Circuit Court Judge Rosemarie Aquilina issued a temporary restraining order. The judge stated that Kalshi would face a $120,000 fine per day for each violation if it fails to comply with the geographic restrictions mandated by the ruling.
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Kimi’s valuation climbs to $31.5 billion, its annual recurring revenue (ARR) surpasses $300 million, and its revenue curve exhibits early-stage characteristics similar to Anthropic’s.
According to a report by Science and Technology Innovation Board Daily, Moonshot AI's Kimi recently closed its previous funding round at a $20 billion valuation, and a new financing round has been launched, with its pre-money valuation rising to $31.5 billion. An industry source close to Kimi revealed that the AI startup disclosed its latest revenue metrics during discussions for the new round: its annual recurring revenue (ARR) exceeded $300 million in mid-June. The revenue growth was mainly driven by increased developer usage and higher API revenue, fueled by model iterations. Currently, API revenue accounts for over 70% of Kimi's total revenue and continues to climb. Kimi's revenue trajectory is beginning to show characteristics of Anthropic's early commercialization phase: surging developer calls, a growing share of API revenue, rising overseas paying users, and an upward shift in pricing driven by model capability iterations.
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Binance HODLer Airdrop Launches on OpenGradient (OPG)
Per official announcement, Binance’s HODLer Airdrop has launched its 66th project: OpenGradient (OPG), an Open Intelligence Network — a decentralized infrastructure network designed to host, infer, and validate AI models at scale. From 08:00 on June 22, 2026 to 07:59 on June 25, 2026 (UTC+8), users who subscribe to principal-guaranteed savings (fixed and/or flexible) or on-chain savings products using BNB will receive airdrop allocations. The airdrop is expected to be distributed to users’ spot accounts within 5 hours of the announcement.
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Fresh Wallet Bets Big on $MU and $SNDK on @Aster_DEX, Already Up 103%
Someone created a new wallet, deposited 37,586 $USDT into @Aster_DEX and opened a 50x long on $MU and a 10x long on $SNDK. Current positions: 666.66 $MU($774K) and 125.99 $SNDK($266K). The wallet is already up $38,874, a 103.43% return.
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Goldman Sachs raised its HBM price forecast, lifting Samsung and SK Hynix stocks which surged 3% within an hour, while a major crypto whale opened a $3.9 million long position in a short period.
According to Hyperinsight’s monitoring, SKHX (SK Hynix) on Hyperliquid rose 3.5% within one hour, with its daily trading volume hitting $340 million. SMSN (Samsung Electronics) gained 2.7% over the same period. Today, in its latest June DRAM sentiment survey, Goldman Sachs sharply lifted its 2027 HBM price growth forecast for Samsung from +14% to +44%. Meanwhile, South Korea’s May DRAM exports surged 370% year-on-year, hitting a new all-time high. The market is interpreting this as sustained strong demand for AI storage, tight HBM supply-demand balance, and improved profitability expectations for memory manufacturers. Coupled with South Korea’s recent announcement of a roughly 800 trillion won semiconductor investment and industrial ecosystem development plan, related South Korean sectors strengthened in the afternoon. At this juncture, a large whale on Hyperliquid opened a 3x leveraged long position of 2196 SKHX contracts, worth approximately $3.9 million at an average entry price of $1,752, with a liquidation price of $1,225. This is the largest position opening of the asset on the day.
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Two crypto whales short BTC with high leverage, nominal positions exceeding $100 million.
According to Lookonchain’s monitoring, two crypto whales are currently shorting Bitcoin (BTC), with their combined short position size exceeding $100 million. The address starting with 0x069a holds a short position of 900 BTC at 40x leverage, valued at approximately $53.69 million; the address starting with 0x3e7a shorts 800.75 BTC with 20x leverage, worth around $47.76 million.
BitMEX co-founder Arthur Hayes delivered a blunt assessment of two of crypto’s most established projects, arguing that Cardano and XRP have built their lasting community loyalty on early wealth creation rather than actual utility.
“Lie to Your People” and Still Win
Asked why Cardano remains so popular despite dropping out of the top ten and sitting at rank 19, Hayes did not mince words. He argued that holders who got in early made significant money as Cardano climbed from nothing to a top-20 asset, and that kind of wealth creation buys permanent loyalty regardless of what the project actually delivers.
“You could be like Cardano or Ripple and do absolutely nothing,” Hayes said. “Lie to your people that you’re going to do something about it. However, people got this thing really, really cheap. You allowed them to get rich with you.”
His broader point was directed at founders generally. Hayes argued that building genuinely useful technology with strong developer talent is not enough on its own. What actually matters, in his view, is whether early holders got wealthy alongside the founders. If they did, that loyalty becomes permanent and detached from fundamentals.
“This is why the price is so important,” he said. “It’s more important than the fundamentals of what you actually build. If you give the majority of the community away to participate in what you are building and they get wealthy alongside the founders, then they will be with you forever regardless of what you do.”
He predicted Cardano would likely still be sitting in the top 50 coins fifteen years from now, continuing to do nothing, simply because people made money along the way.
Why Hayes Isn’t Buying Altcoins Right Now
When asked what would bring him back into buying these tokens, Hayes pointed to a structural shift in the market. With tokenized stocks now trading 24 hours a day on various exchanges, he said investors increasingly question why they need altcoin exposure at all when they can trade something like TSMC around the clock instead.
He believes crypto will find renewed momentum once the AI bubble collapses, an event he expects to be larger than past financial crises, driven by what he sees as massive capital misallocation and underwriting assumptions in AI infrastructure financing that will not hold.
Story Ends Here
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Cryptocurrency derivatives exchange BitMEX has parted ways with several senior leaders in a swift leadership transition made public on June 29, 2026. The company has removed its Chief Executive Officer Stephan Lutz, Chief Financial Officer Ina Steiner, and Head of Growth Raphael Polansky from their positions.
This collective shift stands out for its scale and speed, affecting key functions including overall strategy, financial oversight, and user expansion efforts at once.
Peter Wilkinson, formerly serving as the platform’s global general counsel and chief operating officer, has assumed the role of CEO.
Information on immediate successors for the CFO and growth positions remains limited in initial coverage.
The exchange itself has yet to release detailed public comments explaining the motivations behind the changes or outlining a full succession roadmap.
This type of broad executive adjustment often reflects a strategic decision by the board or key stakeholders to pursue a fresh approach.
It differs from typical gradual transitions and may indicate an intent to address operational priorities or adapt to evolving market realities more decisively.
BitMEX, launched in 2014, helped shape the crypto trading landscape by introducing perpetual swap contracts that allow leveraged positions without fixed settlement dates.
The platform attracted significant volume in Bitcoin and other digital asset derivatives, particularly among professional traders comfortable with high leverage.
Its early success highlighted the demand for sophisticated risk-management tools in emerging digital markets.
However, the exchange has encountered persistent regulatory and market headwinds.
Past issues included US investigations into compliance practices, leading to earlier leadership departures by the founding team and eventual corporate resolutions involving penalties.
Stephan Lutz had taken the helm in late 2022 following a previous CEO change, steering the firm through a difficult industry cycle marked by reduced activity and heightened compliance demands.
The current developments arrive during a period of cautious sentiment across crypto markets. Bitcoin prices have shown weakness recently, with broader indicators reflecting elevated uncertainty.
Many platforms have responded to these conditions by tightening operations, reducing headcount, or evaluating strategic alternatives such as potential sales or partnerships.
Observers suggest the move could facilitate stronger governance, improved efficiency, or preparation for future opportunities in a competitive environment.
Wilkinson’s background in legal and operational matters positions him to emphasize stability and regulatory alignment as the company moves ahead.
Day-to-day trading, withdrawals, and platform availability are anticipated to proceed normally, though users are advised to stay informed through official channels.
Leadership changes at established exchanges like BitMEX underscore the sector’s maturation.
As digital asset trading evolves, platforms must balance innovation with robust risk controls and adaptability.
This overhaul may mark the start of renewed focus on core strengths while navigating external pressures.
Stakeholders will await further clarification from BitMEX on its vision under the updated team.
In the interim, the event serves as a reminder of the importance of monitoring counterparty dynamics when engaging with centralized trading venues.
The derivatives space remains dynamic, and such transitions can influence confidence and liquidity profiles over time. Overall, while details are still emerging, the shift highlights ongoing efforts by BitMEX to position itself effectively amid industry challenges and opportunities.
Data shows Coinbase is trading near the lower end of its yearly range, far from the momentum levels seen at PARC's launch.
Nearly one year after CNBC’s “Mad Money” host Jim Cramer grouped Palantir (PLTR), Applovin (APP), Robinhood (HOOD), and Coinbase (COIN) into the “PARC” basket, three of the four stocks have either fallen or gone nowhere.
At the time, many in the industry felt that cross-stitching the four into one word meant that Cramer was feeling bullish about crypto, but now, the most industry-linked stock of the lot has suffered the largest drop.
PARC Report Card Leaves Coinbase as the Biggest Loser Cramer named PARC on July 14, 2025, grouping Palantir, Applovin, Robinhood, and Coinbase together as the stocks retail investors had, in his words, “anointed and taken up without any real bounds.” He framed the market at the time as split into two: the S&P 500 and the PARC four, which were running on pure momentum.
However, in a June 29, 2026 post on X, market commentator Heisenberg posted updated performance figures showing that since Cramer introduced the acronym, Coinbase had performed the worst after dipping by 62%.
Additional data from Yahoo Finance shows that across 52 weeks, the stock has traded between $139 and $444, and is currently sitting near the bottom of that range at around $149, a long way from where conviction was running when Cramer put it in the basket. Interestingly, Donald Trump’s financial disclosure filed in May showed the president bought COIN between January and March of this year, although those transactions are handled by third-party financial institutions.
Meanwhile, Palantir is down roughly 25% since the acronym was coined and about 40% in 2026 alone. Its 52-week high was around $207, and at the time of writing it was trading near $113.
On its part, Robinhood is essentially flat, which might count as a mild win in this context given how the other two have moved. Early this month, the company entered the Canadian crypto space after completing a $180 million acquisition of WonderFi and now counts well over 1 million international funded customers, although that has not done much for the stock price.
You may also like: Coinbase to Launch Tokenized Stocks For Non-US Customers Coinbase Launches Pre-IPO Perpetual Futures with SpaceX as First Asset Robinhood Officially Enters Canada After Closing WonderFi Acquisition Applovin is the only one that has genuinely performed and is up 34% since PARC was named. However, its current price of around $477 is still well below its one-year high of $745, but compared to the rest of the group, it is the clear outlier.
From PARC to CRAP Back in 2025, Cramer had a choice of two meme acronyms: PARC, which he eventually settled for, and CARP (Coinbase, Applovin, Robinhood, Palantir).
However, some cheeky community members came up with a third one: CRAP, and one year later, it looks to have held better than the basket itself, a point that was revisited by analyst Shanaka Anslem Perera when commenting on the development in a post on X:
“The acronym arrived at the precise moment conviction in these names ran hottest, and the year that followed turned a throwaway joke into a price chart,” he wrote. “CRAP was never an insult. It was the forecast, written a year early.”
The Solana influencer has sent roughly $6.7M in tokens to more than 700 wallets onchain, even as he controls about 60% of the supply.
Crypto influencer Ansem has airdropped about $7 million worth of the $ANSEM memecoin to Solana users, and said he will keep distributing tokens as the price rises in a push to grow the holder base to 1 million wallets.
Ansem, who posts under the handle @blknoiz06 and counts close to 1 million followers on X, has sent roughly $6.7 million in $ANSEM to more than 700 wallets, onchain analytics firm Bubblemaps said in a post on X. One wallet received more than $1 million, six received more than $100,000 each, 40 received more than $10,000, 300 received more than $1,000, and 400 received more than $150, according to Bubblemaps. The token currently has about 25,000 holders, Ansem said, short of the 1 million he is targeting.
The campaign is a live test of one of crypto's most contested ideas: that a person's online reputation can be packaged into a tradable asset. $ANSEM has no product, revenue or roadmap, and its value rests almost entirely on the attention of the influencer whose name it carries. That makes the airdrop both a marketing engine and a concentration risk, because the same wallet funding the giveaways still holds the majority of the supply.
Fee Redistribution“Sent out another round of the airdrops, have airdropped about ~$7M so far, will do more as market cap goes higher," Ansem wrote on X. “Goal is to get $ANSEM to 1M holders, currently at ~25k holders.”
Ansem has framed the distributions as a way to return the creator fees he earns on the memecoin launchpad pumpfun to holders, rather than as a token sale. He did not deploy $ANSEM himself. A separate wallet created the token on pumpfun around June 17 and transferred the bulk of the supply to Ansem's address, onchain tracker Lookonchain said. That deployer spent about $6,300 to launch the token, bought 792.45 million $ANSEM, sent 650 million to Ansem and later sold the rest for about $11,800, netting roughly $5,500, according to Lookonchain.
Ansem now controls the largest single position. He holds about 604 million tokens, or roughly 60% of the supply, data from Bubblemaps how.
Token Touched a Nine-Figure Valuation$ANSEM, nicknamed "The Black Bull," was trading at about $0.10 with a circulating market cap near $43 million and a fully diluted valuation of about $105 million as of 5:30 p.m. ET on June 29, according to CoinGecko. The token rose about 22% over the prior 24 hours, compared with a 7% gain in Solana's SOL and a 1% rise in Bitcoin.
The token hit a record of about $0.12 earlier on June 29, CoinGecko data show, briefly pushing its fully diluted valuation above $120 million. Reported market caps for the token have varied widely depending on the source and whether the calculation uses circulating or total supply.
Reputation CoinsThe airdrop has reopened a debate over so-called key-opinion-leader, or KOL, coins, tokens tied to an individual's social following rather than a product.
“$ANSEM is a fascinating example of tokenized attention and reputation," DeFi researcher Ignas wrote on X. He argued that influencer coins are surprisingly less reviled than other ways creators monetize an audience, because buyers opt in. “You can opt out and simply not buy. If you bought and lost money, all you can blame is yourself," he wrote, adding that most such tokens will fail because they have "no revenue or business tied to them."
Ignas also flagged a tension in the airdrop model. The tokens being distributed, he noted, are "coming from someone else's degen pockets" — funded by new buyers rather than business cash flow — and warned that recasting a memecoin as a "revenue token" is "usually bad news" for the price.
Crypto analyst 0xNairolf called the token "a perfect reminder that one of the biggest unsolved markets in crypto is letting people speculate on other people," predicting that "whoever cracks that is the next pumpfun."
The episode lands as Solana's memecoin activity recovers. The Defiant has reported on a broader revival in low-cap Solana tokens, and influencer-driven coins have repeatedly drawn scrutiny, from Iggy Azalea's MOTHER to the contested NEIRO listings that Ansem himself helped move.
Polarizing FigureAnsem is a polarizing figure. In October 2024, onchain investigator ZachXBT publicly accused him of promoting a series of low-cap Solana memecoins in a way that resembled pump-and-dump dynamics, arguing his reach could leave followers holding losses. Ansem rejected the criticism, defending his early calls on tokens such as Dogwifhat. The accusations were not accompanied by formal findings and remain unproven.
Concentration is the more immediate concern. With roughly 60% of the supply in a single wallet, the holder doing the airdropping also has the ability to move the price sharply.
Ansem has said further airdrops will follow as the market cap climbs, tying continued distributions to the token's price.
The world's largest asset manager will list the USDe synthetic dollar as an approved asset on its institutional risk platform, while its BUIDL fund becomes the primary backing for Ethena's whitelabel stablecoins.
BlackRock will list Ethena's USDe as an approved digital asset on Aladdin, its institutional portfolio and risk-management platform, the two firms said Monday, opening the synthetic dollar to the asset managers, banks, insurers and pension funds that run money on the system.
Ethena, whose USDe synthetic dollar has a circulating supply of about $4.45 billion, said the integration gives institutional users a familiar interface to hold and monitor the token. As part of the same agreement, BlackRock's tokenized Treasury fund, BUIDL, will serve as the primary backing asset for Ethena's whitelabel stablecoin product, and Ethena will provide a liquidity facility for BlackRock's tokenized products. Ethena said Aladdin is used by financial institutions to manage more than $20 trillion in assets.
ENA climbed about 5% after the announcement, while Bitcoin was little changed, according to CoinGecko data. The token trades around $0.08, with a market capitalization near $740 million, down sharply from levels reached during last year's rally. USDe held its peg, trading at about $0.998.
The deal marks the deepest link yet between the world's largest asset manager and a DeFi protocol built on derivatives trading, and it extends a pattern of traditional finance firms moving capital and infrastructure onchain rather than building competing rails. For Ethena, it adds an institutional distribution channel on top of a flurry of recent tie-ups with regulated players.
What the agreement coversThe arrangement has three parts, according to Ethena's announcement. USDe gets added to Aladdin as an approved digital asset. BUIDL, BlackRock's USD Institutional Digital Liquidity Fund, becomes the main reserve asset for the stablecoins Ethena builds for other applications and networks through its whitelabel service. And Ethena commits a liquidity facility, sized at $100 million and run through tokenization platform Securitize, to support BlackRock's tokenized products.
Under the liquidity facility, eligible BUIDL holders can swap the fund's tokens for supported stablecoins including USDC and USDtb, and convert back into BUIDL outside regular trading hours, according to reports of the announcement. Securitize is BUIDL's regulated transfer agent.
BUIDL holds about $3.06 billion in tokenized U.S. Treasury bills, cash and repurchase agreements, according to DefiLlama, placing it among the largest tokenized Treasury funds onchain. Ethena's whitelabel service, which it markets as stablecoin-as-a-service, already underpins third-party tokens such as Jupiter's JupUSD on Solana, which Ethena launched earlier this year backed primarily by BUIDL.
Delta-neutral StrategyUSDe is not a conventional stablecoin. Rather than holding cash and short-term Treasuries one-for-one, it uses a delta-neutral strategy: pairing spot crypto holdings with offsetting short futures positions and capturing the funding-rate spread to hold a roughly $1 peg and generate yield. Listing that instrument on Aladdin, the system institutions use to track and manage risk across portfolios, gives the synthetic dollar a route into allocations it has not previously reached.
The tie-up also illustrates how BlackRock is using BUIDL as a building block for other firms' products. By making the fund the default reserve for Ethena's whitelabel stablecoins, BlackRock embeds its tokenized Treasuries into stablecoins issued across multiple applications and chains, while Ethena's facility gives BUIDL holders a faster onchain exit.
Institutional DealsThe BlackRock agreement caps a stretch of institutional partnerships for Ethena. This month, $480 billion asset manager Janus Henderson made a strategic investment in Ethena's ENA governance token and said it would allocate treasury cash to USDe and explore exchange-traded products tied to the assets. Days earlier, Coinbase Ventures disclosed its first investment in Ethena alongside a distribution agreement covering Coinbase's user base.
Ethena has also expanded an arrangement with crypto bank Anchorage Digital, named Kraken as institutional custodian for USDe's reserves, and worked with Safe to enable gas-free USDe transfers.
The two firms are not new partners. Ethena's USDtb stablecoin, which launched in December 2024, holds the majority of its reserves in BUIDL and is issued by Anchorage Digital Bank. The Defiant covered the USDtb launch at the time. In June 2025, Ethena and Securitize enabled round-the-clock swaps between BUIDL and USDtb.
BlackRock, for its part, has steadily widened its onchain footprint beyond its spot Bitcoin and Ether exchange-traded funds. It launched BUIDL with Securitize in March 2024 and has since partnered with decentralized exchange Uniswap and taken a position in its UNI token, part of a broader move by large asset managers, including Apollo Global Management, to invest directly in DeFi protocols.
Why Does USDe’s Aladdin Support Matter? Ethena’s USDe is becoming a supported cryptocurrency on Aladdin, BlackRock’s enterprise investment and portfolio management platform, giving institutional users a new route to interact with digital dollar infrastructure through a system already embedded in traditional finance workflows.
The move is part of a deeper collaboration between BlackRock and Ethena Labs, aimed at expanding institutional access to Ethena’s products and improving liquidity around BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL.
The companies said the agreement is designed to “advance institutional adoption of digital dollar infrastructure and the interoperability of digital dollars with tokenized financial assets.” That language points to the broader direction of the deal. The focus is not simply adding another crypto asset to an institutional platform. It is about making tokenized money market products, stablecoins, and synthetic dollar assets easier to move between onchain and traditional portfolio systems.
Aladdin is used by banks, insurers, pension funds, asset managers, and other institutional investors to track portfolios, manage risk, and support investment operations. Adding USDe to that environment gives Ethena greater visibility inside the systems where institutional allocation decisions are reviewed and managed.
How Does The BUIDL Liquidity Facility Work? As part of the agreement, Ethena will support a $100 million liquidity facility through Securitize, the tokenization platform and regulated transfer agent for BUIDL. The facility is intended to make it easier for eligible BUIDL clients to exchange BUIDL tokens for USDC, USDtb, and other supported stablecoins.
Clients will also be able to convert those stablecoins back into BUIDL outside normal market hours. That is an important operational change because tokenized assets are often promoted as 24-hour infrastructure, while the underlying financial products they represent can still carry traditional market-hour limitations.
BlackRock’s global head of digital assets Robert Mitchnick said, “In the case of tokenized treasury funds in particular, this liquidity facility enables a level of frictionless interoperability that is core to the unique utility that tokenizing treasury funds makes possible.”
The statement reflects the practical case for tokenized Treasury funds. Their value depends not only on yield or brand recognition, but also on whether institutions can move in and out of them efficiently across digital settlement environments.
Investor Takeaway The deal strengthens the bridge between tokenized Treasury products and digital dollar liquidity. For institutions, the key development is not only USDe support, but the ability to move between BUIDL, stablecoins, and tokenized cash-like instruments with fewer operational frictions.
Why Is Ethena Becoming More Relevant To Institutions? Ethena’s USDe differs from traditional stablecoins such as USDC and USDT. Those tokens are backed by highly liquid fiat-based reserves, while USDe is a synthetic dollar designed to offer yield potential through Ethena’s structure.
That distinction makes USDe both attractive and more complex for institutional users. It can serve as a yield-bearing digital dollar instrument, but it also requires institutions to understand its collateral, hedging, liquidity, and risk-management model. Integration with familiar systems such as Aladdin could help reduce operational barriers for institutions that are not ready to manage exposure only through native crypto interfaces.
Ethena founder Guy Young said, “The next phase of digital asset adoption will be driven by infrastructure that allows traditional institutions to interact with onchain financial products through familiar systems and workflows.”
That is the core strategic point. Institutional crypto adoption is increasingly being shaped by infrastructure rather than only asset performance. Banks, asset managers, and treasury desks need reporting, risk controls, settlement clarity, and liquidity access before they can use tokenized products at scale.
Ethena has also been expanding its institutional footprint through other partnerships and investments. Asset manager Janus Henderson recently made a strategic investment in ENA and planned to use USDe for treasury management while exploring distribution routes through exchange-traded products. Ethena has also announced plans to allocate $250 million to Securitize’s tokenized AAA-rated collateralized loan obligation fund, increasing its exposure to tokenized credit markets.
What Does This Say About Tokenized Real-World Assets? The BlackRock-Ethena collaboration adds to a wider push by global asset managers and decentralized finance protocols to bring tokenized real-world assets into more usable institutional channels.
BUIDL, launched in 2024 on Ethereum, is one of the largest tokenized U.S. Treasury funds. Tokenized Treasurys account for nearly half of the onchain real-world asset market, with about $15 billion represented onchain, according to RWA.xyz. BUIDL itself has roughly $3 billion in total value locked, according to DeFi Llama data.
BlackRock and Ethena already had a relationship through USDtb, an Ethena stablecoin issued by Anchorage Digital Bank and backed primarily by BUIDL. A year ago, Ethena and Securitize enabled round-the-clock atomic transfers between BUIDL and USDtb. The new agreement extends that structure by adding a larger liquidity facility and placing USDe into a broader institutional workflow.
The market reaction showed how investors viewed the announcement. Ethena’s governance token ENA rose about 8% on the day as traders responded to another high-profile institutional partnership.
Investor Takeaway Tokenized Treasury funds are moving from proof-of-concept products toward liquidity infrastructure. The next competitive layer is interoperability: which issuers can make tokenized cash, stablecoins, and synthetic dollar assets usable inside institutional systems.
What Are The Implications For Digital Dollar Infrastructure? The agreement shows that digital dollar infrastructure is becoming a strategic focus for both traditional asset managers and crypto-native issuers. Stablecoins, synthetic dollars, and tokenized Treasury funds are increasingly being treated as connected parts of the same market rather than separate product categories.
For BlackRock, the deal can increase the usefulness of BUIDL by improving liquidity pathways and linking the fund to more digital settlement instruments. For Ethena, Aladdin support gives USDe a stronger institutional access point and reinforces its effort to move beyond crypto-native DeFi users.
The main question is how institutions will assess the risk differences between tokenized Treasury funds, fiat-backed stablecoins, and synthetic dollar products. They may all serve digital dollar functions, but they do not carry the same structure, liquidity profile, or risk model.
That distinction will matter as tokenized finance grows. The BlackRock-Ethena arrangement gives institutions more tools to move between onchain products, but it also makes due diligence more important. Digital dollar infrastructure is becoming more interoperable, and that makes the quality of reserves, settlement design, and liquidity controls central to institutional adoption.
Ethena says it has integrated USDe, its synthetic dollar, into BlackRock’s Aladdin platform. The move targets the institutions that run portfolios and risk on the system.
The announcement also named BlackRock’s tokenized fund as the white-label backing. BlackRock has not published a matching statement.
USDe Gains a Path to Aladdin’s InstitutionsUSDe is one of the larger dollar-pegged tokens, with a supply near $4.5 billion as of June 29. It holds its peg with a delta-neutral strategy that pairs staked Ether (ETH) with short perpetual futures. That structure sits at the core of Ethena’s synthetic dollar model.
Ethena pitched the integration as institutional distribution. Its post pointed to the scale of capital that Aladdin already touches.
“The integration of USDe on Aladdin provides unique institutional access for the >$20 trillion of assets managed by financial institutions on Aladdin,” Ethena wrote in the announcement.
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BlackRock does not publish a single Aladdin asset figure, so that scale reflects the company’s own claim.
Native support would let those institutions track and analyze USDe inside tools they already run. For now, Ethena has not detailed how deep the integration goes.
BUIDL Deepens an Existing BlackRock TieThe relationship is not new. BUIDL, the BlackRock USD Institutional Digital Liquidity Fund, launched in March 2024 and ranks among BlackRock’s largest tokenized funds.
BUIDL already provides most of the reserves behind USDtb, the stablecoin backed by BUIDL that Ethena launched in late 2024. Naming it the primary asset for a white-label product lets other firms issue branded versions of Ethena’s dollars.
A new liquidity facility will connect BUIDL with USDe and USDtb for on-chain transactions. It builds on earlier work with Securitize that enabled around-the-clock swaps between the fund and Ethena’s tokens.
Ethena’s ENA token rose on the news, rising almost 10% in the immediate aftermath of the news, with the token near $0.0811 as of this wrting.
Ethena (ENA) Price Performance. Source: TradingViewThe bounce stands against a steep slide. ENA has fallen about 17% in a week and roughly 70% over the year.
The reaction echoes earlier institutional deals. An investment from a Wall Street asset manager lifted ENA before.
However, USDe still carries regulatory baggage. In April 2025, Germany’s BaFin ordered Ethena’s local entity to wind down USDe issuance. It was the regulator’s first action under the EU’s MiCA rules.
Whether Aladdin’s institutions allocate to USDe, rather than simply monitor it, will be the clearer test in the coming weeks.
BlackRock is adding Ethena’s USDe to Aladdin while making BUIDL the main reserve asset for Ethena’s whitelabel stablecoins.
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BlackRock is adding Ethena’s USDe to Aladdin, its institutional risk-management platform used by major asset managers, banks, insurers, and pension funds. The deal also makes BlackRock’s tokenized Treasury fund, BUIDL, the main reserve asset for the stablecoins Ethena deploys as a service for companies.
What's the Scoop?More on Aladdin: Aladdin is BlackRock’s portfolio management and risk system. Institutions use it to track assets, model risk, monitor exposure, and manage large portfolios. Adding USDe to Aladdin means institutions using the platform will have a more familiar way to view, track, and manage USDe alongside other assets.The BUIDL Piece: BUIDL, BlackRock’s tokenized Treasury fund, already the default collateral for Ethena's institutional USDtb stablecoin, will now also be the main reserve asset for the stablecoins Ethena builds for other companies. BUIDL holds tokenized exposure to short-term Treasuries, cash, and repo agreements.The Liquidity Facility: Ethena is also committing a $100 million liquidity facility through Securitize, the regulated transfer agent for BUIDL. The facility lets eligible BUIDL holders swap BUIDL into supported stablecoins, including USDC and USDtb, and move back into BUIDL outside normal market hours.Institutional Momentum: Global asset manager Janus Henderson recently made a strategic investment in ENA, Coinbase Ventures disclosed its first Ethena investment alongside a distribution agreement, Kraken was named institutional custodian for USDe reserves, and Anchorage Digital expanded its work with the protocol. All this is to say Ethena's working hard to expand its institutional footprint and it looks like its continuing to pay off.Excited to announce our collaboration with @Blackrock.
→Integration of USDe into BlackRock's Aladdin platform
→BUIDL as the primary asset for our whitelabel product
→Liquidity facility on BlackRock tokenized products
The integration of USDe on Aladdin provides unique… pic.twitter.com/onP6o8hIpp
— Ethena (@ethena) June 29, 2026
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Written by David Christopher
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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
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TL;DR Around $73 million worth of tokens are scheduled to unlock between June 29 and July 5. ENA, SUI and EIGEN are among the largest unlock events to watch. Token unlocks matter because they can change circulating supply and short-term trading pressure. Token Unlocks Return To The Watchlist Around $73 million worth of crypto tokens are scheduled to enter circulation between June 29 and July 5, with Ethena, Sui and EigenLayer among the biggest names on the calendar.
That total is lower than the prior week’s reported $129.67 million unlock value, but it is still large enough for traders to watch. Token unlocks do not automatically create sell pressure, but they do change the supply picture. In a market already dealing with weak sentiment, even moderate unlocks can become part of the short-term trading conversation.
The reason is simple. When locked tokens become available, holders may sell, stake, hold, hedge, or move them into other strategies. The market does not know in advance which path they will choose. That uncertainty can weigh on price before the unlock even happens.
Why ENA, SUI And EIGEN Matter ENA, SUI and EIGEN are worth watching because they sit in areas of the market where expectations can move quickly.
Ethena has become one of the more closely followed names in the synthetic-dollar and yield-linked corner of crypto. Sui remains one of the major layer-1 ecosystems competing for developer and user activity. EigenLayer is tied to restaking, one of Ethereum’s most important infrastructure narratives.
That means unlocks in these assets are not just mechanical supply events. They also test conviction in some of the market’s bigger themes. If buyers absorb the new supply without much trouble, that can be read as a sign of underlying demand. If prices weaken into or after the unlocks, traders may see it as evidence that liquidity is still too thin.
How Traders Should Read Unlocks The best way to read token unlocks is not to treat them as automatic sell signals.
A large unlock can be bearish if recipients sell into weak demand. But unlocks can also be well telegraphed and already priced in. Sometimes the market sells before the event and stabilizes once the uncertainty clears. Other times, the unlock becomes a catalyst for further downside.
The key is context. Are volumes rising? Is the asset already near support? Are perpetual futures crowded? Are unlock recipients likely to be early investors, team members, ecosystem funds, or community participants? Each of those details changes the risk profile.
For this week, the useful takeaway is that unlock pressure is lighter than last week but still relevant. ENA, SUI and EIGEN give traders three different windows into market appetite: synthetic-dollar infrastructure, layer-1 risk, and Ethereum restaking.
In a strong market, unlocks can be absorbed quietly. In a fragile one, they can become the excuse for another leg lower. That is why this week’s schedule deserves attention.
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This article was written by the News Desk and edited by Samuel Rae.
BlackRock just made it a lot easier for pension funds and banks to buy into crypto’s synthetic dollar experiment. The asset management giant is integrating Ethena’s USDe directly into its Aladdin platform, the risk management and portfolio system that oversees more than $20 trillion in assets.
Think of Aladdin as the operating system that runs much of traditional finance. Banks, insurers, and pension funds use it to manage portfolios, assess risk, and execute trades. Now those same institutions can allocate to USDe, Ethena’s synthetic dollar, without building any new infrastructure or bolting on unfamiliar tools.
What the deal actually looks like The integration goes beyond simply listing another digital asset on a dashboard. BlackRock’s tokenized money market fund, BUIDL, becomes the primary reserve asset for Ethena’s white-label products.
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A new $100 million liquidity facility is being launched through Securitize. The facility supports swaps between BUIDL and popular stablecoins like USDC and USDtb, specifically designed to facilitate transactions outside traditional banking hours.
This builds on groundwork laid in December 2024, when Ethena launched USDtb, a stablecoin primarily backed by BUIDL. The new announcement deepens that relationship considerably, turning what was a single product collaboration into a platform-level integration.
BlackRock’s Robert Mitchnick framed the move around interoperability. He pointed to the intrinsic link between stablecoins and tokenized real-world assets, suggesting that the liquidity facility creates the kind of frictionless experience institutional clients expect.
Market reaction and what ENA’s price tells us Ethena’s governance token ENA surged as much as 12% following the announcement, eventually closing the day 7-8% higher. The rally also came amid a broader market upswing, so isolating the BlackRock effect requires some caution. But the magnitude of ENA’s move relative to the rest of the market suggests this specific catalyst carried real weight with traders.
Why this matters beyond the headline USDe is not a traditional stablecoin. It’s a synthetic dollar that generates yield through delta-neutral strategies involving crypto derivatives. That’s a fundamentally different risk profile than holding USDC or USDT, which are backed by cash and treasury equivalents.
The $100 million liquidity facility through Securitize is designed to create reliable on-ramps and off-ramps between tokenized treasuries and stablecoins regardless of when New York banks are open, addressing liquidity as a bottleneck for institutional crypto adoption.
For investors evaluating Ethena specifically, the BUIDL reserve backing adds a layer of institutional credibility that most DeFi protocols lack. But the risks inherent in USDe’s synthetic structure, which relies on derivatives positions maintaining their expected behavior, don’t disappear just because BlackRock is involved.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The Solana launchpad's repurchases since July now exceed $400M, yet PUMP trades roughly 83% below its record and is little changed on the day
Pump.fun, the Solana-based memecoin launchpad that has generated more than $1.1 billion in lifetime fees, has repurchased over $400 million of its PUMP token, with the running total crossing that mark in recent days, according to the company's onchain dashboard.
The tracker showed cumulative buybacks of about $400.9 million as of Monday afternoon, covering roughly 145.5 billion PUMP acquired over 346 days. Pump.fun burns every repurchased token immediately under the policy it adopted in April, so the running buyback total now closely tracks the amount of PUMP permanently removed from circulation.
The milestone tests the central premise of Pump.fun's tokenomics: that steady, revenue-funded buying and burning will tie PUMP's value to the platform's cash flows. So far, the supply cuts have not lifted the price.
PUMP edged up about 1% in the 24 hours through Monday, matching Bitcoin's gain, according to CoinGecko. The token has fallen about 16% over the past 30 days and trades roughly 83% below its record of about $0.0088, set in September.
Revenue Directed at RepurchasesPump.fun started buying back PUMP in July 2025 and initially directed all revenue toward repurchases. In late April, the company burned about $370 million of accumulated tokens, roughly 36% of the circulating supply at the time, and switched to a programmatic model.
The platform now routes 50% of net revenue from its bonding curve, PumpSwap and Terminal products into an irreversible smart contract that buys PUMP on the open market and burns it. The Defiant reported the change at the time. The remaining revenue funds operations, hiring and acquisitions.
The platform has produced about $1.13 billion in fees and $1.05 billion in revenue since launching in January 2024, according to DefiLlama. Fee generation has cooled alongside the broader memecoin market, totaling about $23.5 million over the past 30 days.
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.
Animoca Brands co-founder Yat Siu argued this week that AI agents will become crypto’s biggest buyer, with altcoins positioned as the commodities that power an agent-driven economy.
Why Siu Thinks Tokens Become The Commodities Of AISiu’s thesis centers on inference tokens, the units people already spend using OpenAI, Anthropic, and Gemini.
He argues developers can turn those spending patterns into tradable commodities that represent compute and energy, with real burn mechanisms and genuine utility, much like semiconductor chips function as commodities in physical manufacturing.
“You’re already spending tokens for OpenAI and Anthropic and Gemini,” Siu said. “Imagine turning that into a commodity. It’s a representation of compute and energy and there’s real utility,” he added.
Hundreds Of Billions Of Agents Could Eventually Hold Their Own WalletsSiu currently runs 212 AI agents personally through Hello Minds, the platform formerly known as Animoca Minds.
“We humans were the test for the agents,” Siu said, describing the past several years of blockchain scaling work as preparation for agent-driven volume rather than human adoption.
He believes mainstream human adoption of crypto will ultimately follow agents into space rather than the other way around.
NFTs Could Make A Comeback As AI Agents Start Buying Status SymbolsSiu argued NFTs function as a wealth status symbol within crypto, and that AI agents will eventually become NFT buyers themselves to signal identity and credibility.
He pointed to Bored Ape prices recently approaching August 2021 levels as an early signal of renewed strength.
Animoca’s portfolio company Anchor Point recently received one of only two stablecoin licenses issued by Hong Kong’s Monetary Authority, alongside HSBC.
Siu also announced a $10 million funding initiative through Hello Minds specifically for developers building agentic AI applications, framing the current moment as comparable to the earliest days of NFTs and Web3 gaming before those categories matured into multibillion-dollar industries.
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Think of a mid-sized Japanese hotel company pivoting to become one of the world’s largest corporate Bitcoin holders. That’s Metaplanet in a nutshell.
Metaplanet (TSE: 3350) now counts approximately 212,571 domestic shareholders, a figure that works out to roughly 0.2% of Japan’s population. That shareholder base grew 66% in recent months.
From 10,000 to 212,000 shareholders in two years When Metaplanet launched its Bitcoin treasury strategy in April 2024, the company had around 10,000 shareholders. It blew past 64,000 on the way to today’s 212,571 figure. The company’s long-term target is exceeding one million shareholders.
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Metaplanet is essentially trying to redirect capital toward Bitcoin through the comfort of a traditional stock listing. Strategy, formerly MicroStrategy, pioneered this model in the US.
The company now holds 40,177 BTC, making it Asia’s largest corporate Bitcoin holder and the third-largest among public companies globally, behind Strategy and Twenty One Capital. It purchased 5,075 BTC in Q1 2026 alone as part of its ongoing accumulation push.
Building the infrastructure for Bitcoin yield products In June 2026, the company acquired Siiibo Securities for approximately $13 million. The deal gives Metaplanet a Type I financial instruments business license, which is the regulatory key needed to sell Bitcoin-linked yield products directly to Japanese investors.
The company is also pursuing a $5.4 billion equity facility, denominated at roughly 770.9 billion yen. That capital is earmarked for buying more Bitcoin. Metaplanet’s stated ambition is to accumulate up to 210,000 BTC in total, which represents 1% of Bitcoin’s total 21 million supply cap.
What this means for investors The dilution risk is a key consideration. A $5.4 billion equity facility means Metaplanet will be issuing a lot of new shares. If Bitcoin’s price rises fast enough, the BTC-per-share metric improves. If Bitcoin stalls or drops, shareholders absorb dilution without the offsetting gain.
If Metaplanet successfully launches Bitcoin yield products for Japanese retail investors via the Siiibo Securities acquisition, it creates a revenue stream beyond simple price appreciation, potentially differentiating it from pure treasury plays.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin remains unable to reclaim the $61,000 level since Thursday. Although the risk appetite has improved following a 60-day ceasefire agreement between the US and Iran, which pushed oil prices lower, this optimism has yet to translate into a sustained recovery in the cryptocurrency market. Notably, the sharp increase in demand for downside price protection has prompted investors to revisit the possibility of Bitcoin falling to $55,000.
Surge in demand for put options signals investor cautionAccording to data from Deribit, premiums paid for Bitcoin put options soared to $115 million on Friday, compared to just $16 million paid for call options. This imbalance between puts and calls marks the highest level seen over the past 12 months. While these figures point to waning bullish sentiment, they also indicate that sellers are not fully confident in the market’s direction.
On Monday, Bitcoin’s 30-day delta skew ratio was measured at 19%, suggesting that market makers remain reluctant to bear downside risk. Although this trend has been observed for four consecutive weeks, the data shows that as long as Bitcoin struggles to firmly hold above $60,000, demand for downside risk hedging is likely to persist.
Glossary: Delta skew is a metric that represents the difference in risk premiums assigned to upward and downward options contracts. A higher skew indicates greater investor interest in buying protection against declines.
Deribit’s data showing put option premiums exceeding call premiums by a factor of seven underscores an unusually strong demand for downside protection in Bitcoin, far above typical levels.
Strategy’s latest move eases short-term debt concernsPart of Bitcoin’s recent weakness has been linked to concerns regarding dividend payments and the 2027 bond obligations of Strategy, formerly known as MicroStrategy, a company renowned for its Bitcoin-focused corporate treasury. On Monday, the company announced it had raised an additional $1.2 billion in cash through recent equity sales, allocating up to $1.25 billion in Bitcoin to be sold if needed.
These moves have reduced immediate worries over short-term debt, but have also raised fresh questions about the future balance between Bitcoin supply and demand. Even if no direct Bitcoin sales are made in the coming months, some market participants believe the company’s current dividend coverage lessens the pressure to issue new MSTR shares.
Capital flows shift toward tech stocksDeclining inflationary pressures and oil prices at four-month lows have strengthened interest among US investors in equities and other risk assets. Goldman Sachs forecasts a 22% annual earnings growth for S&P 500 companies, providing some reassurance regarding high market valuations.
An analysis from The Kobeissi Letter notes that retail investors are moving out of gold and Bitcoin, redirecting funds toward semiconductor stocks. Bloomberg data confirms over $20 billion flowing into semiconductor-focused exchange-traded funds. As a result, the iShares Semiconductor ETF has climbed 81%, while the VanEck Semiconductor ETF is up 60%.
Meanwhile, US-listed spot Bitcoin ETFs have recorded net outflows for seven consecutive weeks, dampening sentiment among investors hoping for a strong rebound from the June 25 low at $58,050. Continued capital flows into tech stocks and persistent ETF outflows may continue to weigh on market sentiment.
Given these conditions, another test of the $55,000 level cannot be ruled out. Nevertheless, increased demand for downside protection in options trading does not by itself signal that bearish forces are dominating the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The $BTC lending market that imploded with Celsius, BlockFi and Genesis in 2022 is quietly rebuilding, and this time on very different foundations. A new report from @SiliconVlyBank argues that what was once a lightly regulated corner of crypto is now adopting the conventions of traditional finance: overcollateralized loans, transparent risk management and conservative underwriting.
A Market Rebuilt on Stronger Ground The numbers back the narrative. According to Silicon Valley Bank, citing Galaxy Research data, total crypto-backed lending reached $67 billion in Q1 2026, a 49% increase year over year. The failures of Celsius, BlockFi and Genesis were defining moments. Each firm shared common vulnerabilities: maturity mismatches, excessive leverage and the rehypothecation of customer assets. Today's lenders have responded by requiring borrowers to post significantly more collateral than they borrow in dollars, and by monitoring that collateral continuously.
A landmark deal underlines how far the market has come. In February 2026, lending firm Ledn closed a $188 million Bitcoin-backed asset-backed security, the first Bitcoin-collateralized deal to receive an investment-grade rating from S&P Global. That kind of institutional credibility was unthinkable at the height of the 2022 crisis.
Costs Remain High, But Change Is Coming Borrowing is still expensive. SVB puts current annualized rates for Bitcoin-backed loans at between 7.5% and 16%, well above comparable traditional credit products. But the bank expects that spread to narrow as mainstream banks and private credit funds enter the market. Several major U.S. banks now offer Bitcoin-backed credit facilities, and JPMorgan has reportedly been considering similar products for institutional clients.
SVB also flagged the Lightning Network as a potential efficiency driver, noting that near-instant, low-cost collateral transfers and automated margin calls could make Bitcoin-backed lending more scalable within established financial markets.
The consumer slice of the market remains modest, estimated by Ledn at around $3 billion today. But the firm has argued that figure could scale toward $1 trillion over the next decade as long-term $BTC holders seek liquidity without selling their coins. For now, SVB's report signals that the infrastructure to support that kind of growth is finally being put in place.
Sources:
CoinDesk: Bitcoin-backed lending is making a comeback, according to Silicon Valley Bank
Silicon Valley Bank: The Bitcoin-Backed Lending Renaissance
In brief Shares of Strategy snapped a nine-day losing streak, paring monthly losses on the back of a capital management framework. The Bitcoin-buying firm's flagship preferred stock recovered losses after falling to record lows last week. An analyst described Strategy's framework as a "point-by-point answer" to investor concerns. Shares of Strategy (MSTR) snapped a nine-day losing streak on Monday, rebounding after the Bitcoin-buying firm unveiled a new framework for managing its capital.
The company’s stock popped 12.6% to $92.68, paring monthly losses after Strategy signaled future liquidations of the digital asset would be formulaic, according to Yahoo Finance.
Although Strategy typically starts the week by announcing how much Bitcoin it has recently bought, the firm instead told investors that its so-called USD Reserve had expanded to $2.55 billion, while drawing attention to a “BTC Monetization Program.”
Moving forward, the company indicated that it could generate $1.25 billion in proceeds for its cash cushion by selling Bitcoin, providing it with additional resources to manage dividends and debt. Analysts had previously warned that Strategy’s cash reserves had worn thin.
Meanwhile, Strategy said it may occasionally repurchase common and preferred shares to capitalize on “market dislocations.” What’s more, the company would only issue common shares when the company is valued at a premium relative to its enterprise value.
In the announcement, Strategy Executive Chairman and co-founder Michael Saylor also said that the dividend for Stretch (STRC) had been raised an eighth time, putting it on track to offer 12% annually across distributions that are made twice a month.
STRC rose 12.2% to $83.67, according to Yahoo Finance. Last week, the product fell as low as $71.25, drifting far below the $100 par value at which it is designed to trade. When the product trades at or above that threshold, Strategy issues more of it to purchase Bitcoin.
In a note shared by Mark Palmer, managing director and senior research analyst at Benchmark-StoneX, he described Strategy’s framework as “robust,” while reiterating a “Buy” rating and $570 price target.
“The upshot is that Strategy is now an active manager of both sides of its capital structure, an approach that we view as a significant positive for its shareholders,” Palmer wrote, calling the framework a “direct, point-by-point answer to the concerns investors have been voicing.”
On Monday, Bitcoin changed hands around $60,200, a 1.1% increase over the past day, according to CoinGecko. The digital asset fell as low as $58,200 last week as the sell-off surrounding STRC and Strategy’s common stock intensified.
Strategy’s framework brought clarity to the conditions under which the digital asset could be sold in the future—and to what extent. Still, the company’s shares remained down nearly 42% from $149.93 over the past month, around the time it sold 32 Bitcoin for $2.5 million, marking its first sale since 2022.
Meanwhile, the firm’s Bitcoin stockpile stood unchanged at 847,363 Bitcoin. Valued at $51 billion, the company’s stockpile showed around $13.1 billion in unrealized losses.
On Myriad, a prediction market owned by Decrypt parent company Dastan, traders foresaw a 15% chance that Strategy would hold more than 1 million Bitcoin before year’s end. That marked a slight improvement from 14.5% odds a week ago.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Shares of Strategy snapped a nine-day losing streak, paring monthly losses on the back of a capital management framework. The Bitcoin-buying firm's flagship preferred stock recovered losses after falling to record lows last week. An analyst described Strategy's framework as a "point-by-point answer" to investor concerns. Shares of Strategy (MSTR) snapped a nine-day losing streak on Monday, rebounding after the Bitcoin-buying firm unveiled a new framework for managing its capital.
The company’s stock popped 12.6% to $92.68, paring monthly losses after Strategy signaled future liquidations of the digital asset would be formulaic, according to Yahoo Finance.
Although Strategy typically starts the week by announcing how much Bitcoin it has recently bought, the firm instead told investors that its so-called USD Reserve had expanded to $2.55 billion, while drawing attention to a “BTC Monetization Program.”
Moving forward, the company indicated that it could generate $1.25 billion in proceeds for its cash cushion by selling Bitcoin, providing it with additional resources to manage dividends and debt. Analysts had previously warned that Strategy’s cash reserves had worn thin.
Meanwhile, Strategy said it may occasionally repurchase common and preferred shares to capitalize on “market dislocations.” What’s more, the company would only issue common shares when the company is valued at a premium relative to its enterprise value.
In the announcement, Strategy Executive Chairman and co-founder Michael Saylor also said that the dividend for Stretch (STRC) had been raised an eighth time, putting it on track to offer 12% annually across distributions that are made twice a month.
STRC rose 12.2% to $83.67, according to Yahoo Finance. Last week, the product fell as low as $71.25, drifting far below the $100 par value at which it is designed to trade. When the product trades at or above that threshold, Strategy issues more of it to purchase Bitcoin.
In a note shared by Mark Palmer, managing director and senior research analyst at Benchmark-StoneX, he described Strategy’s framework as “robust,” while reiterating a “Buy” rating and $570 price target.
“The upshot is that Strategy is now an active manager of both sides of its capital structure, an approach that we view as a significant positive for its shareholders,” Palmer wrote, calling the framework a “direct, point-by-point answer to the concerns investors have been voicing.”
On Monday, Bitcoin changed hands around $60,200, a 1.1% increase over the past day, according to CoinGecko. The digital asset fell as low as $58,200 last week as the sell-off surrounding STRC and Strategy’s common stock intensified.
Strategy’s framework brought clarity to the conditions under which the digital asset could be sold in the future—and to what extent. Still, the company’s shares remained down nearly 42% from $149.93 over the past month, around the time it sold 32 Bitcoin for $2.5 million, marking its first sale since 2022.
Meanwhile, the firm’s Bitcoin stockpile stood unchanged at 847,363 Bitcoin. Valued at $51 billion, the company’s stockpile showed around $13.1 billion in unrealized losses.
On Myriad, a prediction market owned by Decrypt parent company Dastan, traders foresaw a 15% chance that Strategy would hold more than 1 million Bitcoin before year’s end. That marked a slight improvement from 14.5% odds a week ago.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Bitcoin (BTC) trades at an important inflection point as retail investors are selling, big institutions are in a hold despite the discounted valuation and the market is paused at $60,300—awaiting the next significant move. The situation reveals two very different investor groups making opposite bets.
Retail investors sell, TradFi watches
The general mood is fearful, with the Crypto Fear & Greed Index sitting at 36 out of 100, indicating fear but not total panic. This number masks a sharp divide. In June alone, investors pulled $4.4 billion from US spot Bitcoin ETFs—the worst month this year. At the same time, Strategy continues to buy BTC, although the pace and size of its purchases have slowed. While ETF flows and Bitcoin treasury accumulation are not in a buying phase, a majority of corporate BTC treasuries have not reduced their existing positions.
Spot Bitcoin ETF net flows. Source: SoSoValue.com
Leverage unwinds, but slowly
The aggregate open interest in Bitcoin futures contracts across all exchanges is $19.92 billion. Two weeks ago, it was $20.1 billion. This unwinding—when traders close positions to reduce risk—is happening in an orderly way, not in a panic.
The borrowing costs for holding long positions have dropped from 0.25% to 0.12%, suggesting that the worst of the forced selling is over. However, longs are still paying to hold their positions, meaning traders believe in a recovery but aren't willing to bet their full account on it.
The current danger zone is $58,800, Bitcoin's low for the day. If the price breaks below this level, the next $500 million worth of traders holding long positions could be forced to close their trades, sending Bitcoin toward $56,000. That move may extend the selling pressure into next week.
Bitcoin open interest, funding rate. Source: Hyblock
The market is waiting, not acting
When fresh capital flows into Bitcoin, volume spikes and the action shows up in the data. Right now, it doesn't, as trading volume is down, and open interest changes are small. This suggests the market is in an indecisive phase where retail traders may be done selling, but nobody is confident enough to buy in size yet. That's not surprising.
MicroStrategy, which has accumulated Bitcoin for corporate reserves, did buy 3,600 Bitcoin in June for $236 million, betting on a recovery. But overall, institutions are holding rather than aggressively buying. This pause could break in either direction: lower (if one more wave of sellers emerges) or higher (if confidence returns).
For Bitcoin to move meaningfully higher, it needs to reclaim $62,000. The risk is real: a macro news event at any point in the week, like the June employment report or the resumption of military action in Iran, could weigh on investor sentiment and tip BTC back under the $60,000 handle.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
