Track market-moving stories before they get noisy

Kulechov pushed back hard on CoinDesk's report of a $385 million Payward bid, saying Aave Labs holds a token allocation that partners have discussed buying — but that's very different from selling AAVE at a 70% discount.

Posted June 26, 2026 at 7:13 am EST.

A CoinDesk report Thursday said Kraken parent Payward is in talks to acquire a 15% stake in decentralized lending protocol Aave for roughly 35,000 ETH, valuing the company at $385 million — a price that would imply a 70% discount to AAVE‘s current fully diluted token valuation. The report cited three anonymous sources and described a deal structure in which Kraken would receive 250,000 AAVE tokens plus a 15% common equity stake in Aave Group, with Kraken also looking to syndicate the deal.

Aave founder Stani Kulechov has, however, refuted the report.

This story is an excerpt from the Unchained Daily newsletter.

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“There is NO WAY we’d sell AAVE at a 70% discount lol,” he wrote on X Thursday.

Aave Labs holds its own AAVE token allocation, and multiple market participants have approached the company about purchasing it through deeper long-term partnerships, Kulechov said, rejecting CoinDesk’s framing as inaccurate.

Kulechov also reiterated Aave’s governance and revenue structure. Under the “Aave Will Win” (AWW) proposal, which passed in April, all Aave Protocol revenue, GHO revenue, and product revenue from Aave App, Aave Pro, and Swaps flows entirely to the AAVE token and the Aave DAO. Aave Labs receives none of it, operating solely as a service provider to the DAO, he said. Kulechov also said that all intellectual property, including the Aave brand and software built for Aave, belongs to AAVE token holders.

Looking ahead, Kulechov teased Aavenomics 3.0, a forthcoming change that will introduce a new automated and non-discretionary AAVE buyback mechanism. Aave already has a discretionary program the DAO cleared to spend up to $50 million per year.

CoinDesk’s report of Payward seeking a stake in Aave comes on the heels of the KelpDAO bridge exploit in April, which caused Aave’s TVL to significantly collapse. Attackers used $292 million of unbacked rsETH as collateral to borrow real assets on Aave. Aave itself was not hacked, and a coordinated “DeFi United” recovery effort mobilized more than $300 million in commitments.

Payward has been expanding its portfolio ahead of reported IPO plans. The company completed the acquisition of derivatives exchange Bitnomial in May for an estimated $550 million. The company has previously partnered with Aave through its Ink L2’s white-label lending product Tydro.

Related Listen: Is ‘All of DeFi Unsafe’? What You Need to Know About Holding Assets Onchain

The US government lifted its export block on Anthropic’s Claude Mythos 5 on Friday. The decision clears the model for release to more than 100 US institutions, including major companies and government agencies.

The move reverses a two-week standoff between the Trump administration and Anthropic. It rewards Mythos 5 while leaving Fable 5, the consumer version, offline.

Commerce Clears Claude Mythos 5 for Trusted PartnersCommerce Secretary Howard Lutnick set out the decision in a Friday letter to Anthropic compute chief Tom Brown. A license is no longer required to export Mythos 5 to the entities named in Annex A.

“I have determined that appropriate safeguards are in place to permit certain trusted partners to access the Claude Mythos 5 Model,” Commerce Secretary Howard Lutnick, Semafor

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Senior Anthropic staff had flown to Washington to meet administration officials during the dispute, according to CNBC.

The reversal frees the model behind the Mythos and Fable rollout from controls imposed this month. The block had forced both models offline after Amazon, one of Anthropic’s largest investors, raised the alarm. Its researchers had warned that Fable 5 could be jailbroken for harmful use.

Until then, Mythos sat inside Project Glasswing, a vulnerability-hunting program spanning about 150 organizations across more than 15 countries. The model had earlier found flaws in classified systems within hours of government testing.

Fable 5 Still Waits as a New AI Regime FormsSources near the talks said a Fable 5 release is advancing, even as the timeline stays unclear. Unlike Mythos, Fable 5 had been open to anyone with a subscription. It briefly stood as the most powerful AI tool available to the public.

The episode is hardening into a new gatekeeping system. A June 2 executive order set up a voluntary channel for federal review of frontier models. Developers can submit models for a cyber check up to 30 days before release. Washington has spent the past year tightening AI chip exports to China. Extending that authority to a model’s access marks a new front.

OpenAI followed the same path on Friday. It limited its most powerful GPT-5.6 tier, Sol, to about 20 government-approved partners. The weaker Terra and Luna versions went to the public.

The block first grew from fears over Chinese access. Reporting tied the concern to SK Telecom, a South Korean carrier added to Glasswing in early June before losing access. SK Telecom has denied any China ties.

Dozens of cybersecurity leaders had pressed the administration to drop the controls. The open letter, organized by former Facebook security chief Alex Stamos, drew signatures from firms including Nvidia, Adobe, and Zoom.

Allies in Europe and beyond have grown frustrated at suddenly depending on Washington for access. Whether Fable 5 wins the same clearance may become clear in the coming days.

A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".

Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.

4 minutes ago

An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).

According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.

4 minutes ago

Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.

Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.

4 minutes ago

The Israeli military will reduce its forces stationed in southern Lebanon.

According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.

4 minutes ago

Serenity's trade calls push CBRS to a short-term sharp rally, with a significant premium over post-market prices on TradFi platforms.

Serenity's bullish calls drive Cerebras' short-term sharp surge. As of press time, the stock contract is trading at $188.26 on trade.xyz, up over 5% in the past hour. Meanwhile, the stock's after-hours price (markets are now closed) stands at just $182.3. Earlier reports noted that Serenity said it first bought Cerebras stock in the $170 range, citing a valuation premium from its OpenAI partnership, though it pointed out the current valuation is slightly higher than profitable firms like JBL, while remaining bullish on Cerebras' potential as an AI inference leader.

4 minutes ago

Serenity: OpenAI will launch GPT-5.6 Sol on Cerebras, and has opened a position in CBRS at $170.

Serenity stated in a post that OpenAI announced it will launch the GPT-5.6 Sol advanced model on Cerebras hardware in July, with an inference speed of up to 750 tokens per second — a move that will serve as a major validation of Cerebras’ technology. Serenity added that it first purchased Cerebras stock at the $170 level, arguing the OpenAI partnership brings a valuation premium, though it noted the company’s current valuation is slightly higher than that of profitable peers such as JBL. Still, Serenity remains optimistic about Cerebras’ potential as an AI inference leader.

4 minutes ago

A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".

Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.

4 minutes ago

An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).

According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.

4 minutes ago

Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.

Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.

4 minutes ago

The Israeli military will reduce its forces stationed in southern Lebanon.

According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.

4 minutes ago

Serenity's trade calls push CBRS to a short-term sharp rally, with a significant premium over post-market prices on TradFi platforms.

Serenity's bullish calls drive Cerebras' short-term sharp surge. As of press time, the stock contract is trading at $188.26 on trade.xyz, up over 5% in the past hour. Meanwhile, the stock's after-hours price (markets are now closed) stands at just $182.3. Earlier reports noted that Serenity said it first bought Cerebras stock in the $170 range, citing a valuation premium from its OpenAI partnership, though it pointed out the current valuation is slightly higher than profitable firms like JBL, while remaining bullish on Cerebras' potential as an AI inference leader.

4 minutes ago

Serenity: OpenAI will launch GPT-5.6 Sol on Cerebras, and has opened a position in CBRS at $170.

Serenity stated in a post that OpenAI announced it will launch the GPT-5.6 Sol advanced model on Cerebras hardware in July, with an inference speed of up to 750 tokens per second — a move that will serve as a major validation of Cerebras’ technology. Serenity added that it first purchased Cerebras stock at the $170 level, arguing the OpenAI partnership brings a valuation premium, though it noted the company’s current valuation is slightly higher than that of profitable peers such as JBL. Still, Serenity remains optimistic about Cerebras’ potential as an AI inference leader.

4 minutes ago

A renowned Chinese hedge fund manager has warned that global AI stocks have formed a "super bubble".

Two renowned Chinese hedge fund managers have warned that global AI stocks have formed a "super bubble" and are on the verge of bursting. Yang Dong, founder of Ningquan Asset, explicitly warned in the "2026 Semi-Annual Investment Report" released on June 23 that a "super bubble" has formed in global AI stocks, and a crash may be imminent. The report bluntly stated that a large number of hot A-share stocks are very likely to drop by 80% or even over 90% in the future, adding that "if one lacks the ability to pull chestnuts out of the fire and emerge unscathed, taking such risks would be irresponsible to investors." Yang Dong accurately predicted the peak of the 2007 bull market. Separately, Li Bei, founder of Shanghai-based Banxia Investment, noted in her June 21 monthly report "To Banxia Investors" that "the triggering conditions for the AI bubble to burst have emerged." Taking Anthropic's ARR (Annualized Run Rate) as an example, she argued that revenue growth at downstream model companies has slowed significantly, their full-year results are likely to fall well short of market expectations, and a subsequent decline in capital expenditure is highly probable.

4 minutes ago

An address linked to Vitalik has transferred 7,000 ETH, and is likely to deposit the funds into a centralized exchange (CEX).

According to monitoring by Onchain Lens, a wallet linked to Vitalik, labeled "0xD04", transferred 7,000 ETH (valued at $11.06 million) to a new wallet. Based on the address’s historical transaction records, the ETH is highly likely to be deposited into a centralized exchange (CEX). Earlier, the same wallet transferred 1,300 ETH (worth $31.6 million), which was subsequently deposited into Paxos. The wallet currently holds 20,001 ETH, valued at $31.6 million.

4 minutes ago

Hong Kong government: Regulated stablecoins are expected to launch between mid-year and the second half of this year.

Hong Kong’s government stated in a written response to the Legislative Council that the Hong Kong Monetary Authority (HKMA) granted stablecoin issuer licenses to two bank-backed institutions in April 2026. Per the institutions’ existing business plans, Hong Kong’s regulated stablecoins are projected to launch between mid-year and the second half of this year. The government added that the HKMA has sent notices to unregulated entities conducting stablecoin issuance in the market to clarify legal requirements, and will continue to follow up on related matters; individual cases may be referred to the police or the Department of Justice if necessary. Additionally, the government will submit a bill to the Legislative Council this year to establish a regulatory regime for virtual asset trading, custody, advisory and management service providers.

4 minutes ago

The Israeli military will reduce its forces stationed in southern Lebanon.

According to Israel's Army Radio, the Israeli military will reduce its forces stationed in southern Lebanon and withdraw several combat brigades.

4 minutes ago

Serenity's trade calls push CBRS to a short-term sharp rally, with a significant premium over post-market prices on TradFi platforms.

Serenity's bullish calls drive Cerebras' short-term sharp surge. As of press time, the stock contract is trading at $188.26 on trade.xyz, up over 5% in the past hour. Meanwhile, the stock's after-hours price (markets are now closed) stands at just $182.3. Earlier reports noted that Serenity said it first bought Cerebras stock in the $170 range, citing a valuation premium from its OpenAI partnership, though it pointed out the current valuation is slightly higher than profitable firms like JBL, while remaining bullish on Cerebras' potential as an AI inference leader.

4 minutes ago

Serenity: OpenAI will launch GPT-5.6 Sol on Cerebras, and has opened a position in CBRS at $170.

Serenity stated in a post that OpenAI announced it will launch the GPT-5.6 Sol advanced model on Cerebras hardware in July, with an inference speed of up to 750 tokens per second — a move that will serve as a major validation of Cerebras’ technology. Serenity added that it first purchased Cerebras stock at the $170 level, arguing the OpenAI partnership brings a valuation premium, though it noted the company’s current valuation is slightly higher than that of profitable peers such as JBL. Still, Serenity remains optimistic about Cerebras’ potential as an AI inference leader.

4 minutes ago

Key takeaways:

SOL’s rebound to $72 shows bullish futures and airdrop hopes, but falling TVL and low DEX volumes point to fragile onchain demand.Tokenized stocks spark hype on Solana, yet Pump.fun dependence and Hyperliquid competition threaten sustained SOL momentum.Solana native token SOL jumped to $72 on Friday, distancing itself from the $64 lows the prior day. Part of traders’ optimism stemmed from the stellar growth of tokenized stock trading, fueled by the AI sector. However, increasing competition in decentralized application networks could limit SOL’s short-term upside.

Solana tokenized stocks 24-hour volumes, USD. Source: Jupiter Aggregator

Tokenized stocks on Solana traded over $113 million in 24 hours, according to Jupiter Aggregator data. However, the relatively thin liquidity in the automated market-making pools raised concerns, especially as multiple issuers compete for similar products. Still, some of those tokens launched only recently, which might explain the low number of holders in most cases.

Blockchains ranked by DeFi Total Value Locked (TVL), USD. Source: DefiLlama

The Total Value Locked (TVL) on the Solana network dropped 11% over the past month, while the Ethereum layer-2 Base reduced the gap. Negative highlights on Solana TVL include a 19% decline in Kamino, a 20% trim by Binance Staked SOL, and a 17% decline in Raydium. The tokenization platform xStocks, on the other hand, posted 31% growth in TVL.

Solana weekly DEX volumes & DApps revenue, USD. Source: DefiLlama

Decentralized exchange (DEX) volumes on Solana fell to $10 billion per week from $30 billion in early February, coinciding with a downtrend in decentralized application (DApp) revenues. Thus, regardless of the successful launch of tokenized tech stocks and equity indexes, demand for SOL on blockchain processing remains subdued.

Solana’s dependence on Pump.fun and increased competition in tokenized launchesMore concerningly, 30% of DApp revenue on Solana came from the token launch platform Pump.fun, which depends heavily on memecoin activity. A CoinGecko report revealed that 80% of the 18.7 million tokens launched in less than 48 hours, while 55% of the addresses involved lost up to $1,000 according to Dune data.

SOL perpetual futures annualized funding rate. Source: Laevitas

Demand for bullish leverage on SOL futures increased on Friday, pushing the funding rate to its highest level in June. The current 10% level is far from displaying excessive confidence, as the 6% to 12% range is typically deemed neutral. Still, the 14% gains since the $64 low on Thursday managed to reverse the bearishness marked by negative funding rates.

Part of SOL investors’ optimism stems from anticipation of airdrops on the network, although the timing of those tokens' launch remains uncertain. Highlights include OnRe reinsurance with $200 million in TVL, Bulk perpetual DEX with an aggregate open interest of $325 million, and Loopscale lending platform at $79 million in TVL.

It might be premature to claim that SOL is bound to reclaim the $80 mark, last seen on June 1, given increased competition in tokenized stock trading from Hyperliquid and centralized exchanges on competing blockchains. OKX, for instance, formed a strategic partnership with the NYSE parent company using Ethereum-based systems.

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.

Table of contents

Solana’s price is no longer moving in lockstep with the broader crypto market. Social trends data from Santiment shows a clear divergence, with SOL gaining 15% since June 9 while other major assets traded sideways. The catalyst is not speculation about a new Solana protocol or a meme coin wave — it’s tokenized stocks.

According to the Santiment update published on June 26, tokenized equities have quickly become one of crypto’s hottest narratives, and Solana has emerged as the blockchain of choice for much of that momentum. The offerings provide 24/5 trading, near-instant settlement, and DeFi compatibility — a combination that no traditional market structure can replicate. This fits a broader real-world asset trend that has already pushed total on-chain RWA value above $20 billion, as tracked in a recent weekly tokenization roundup.

The Santiment data focuses on social volume — the number of mentions, posts, and discussions across crypto social platforms. Tokenized stocks on Solana have driven a measurable spike in chatter, and that surge is coinciding with capital inflows into SOL. Social trends often serve as a leading indicator for asset re-pricing, particularly when the narrative is fresh and tied to concrete product launches rather than vague promises.

What makes this decoupling stand out is the source of the flow. Traders are not simply rotating profits from one altcoin to another. Fresh attention is coming from investors who want to trade traditional equities in a format that never closes — at least not fully. The 24/5 window, coupled with the ability to use tokenized stocks as DeFi collateral, creates a use case that bridges CeFi and DeFi in a way that few other blockchains currently facilitate at speed.

As Santiment notes, excitement has lifted both sides of the ecosystem. Tokenized stock activity attracts new capital, while the rising SOL price strengthens the network’s economic security. The more tokenized assets migrate onto Solana, the stronger the argument becomes that growing blockchain adoption translates directly into long-term demand for SOL itself.

What the Rally Means for SOL and On-Chain Demand For SOL holders, the price move is not just a short-term narrative bet. Every tokenized stock transaction on Solana requires SOL for fees, and increased activity deepens the network’s liquidity profile. Even beyond tokenized equities, Solana’s underlying network development remains robust, as highlighted in a recent developer activity ranking. That suggests the infrastructure can support a surge in on-chain usage without immediate congestion concerns.

Yet the decoupling is not guaranteed to hold. Tokenized stocks on-chain still operate in a regulatory grey area. Any enforcement action or licensing requirement could quickly cool the narrative. Moreover, social volume spikes can fade rapidly once the initial product launch cycle passes. Traders should watch whether the trend extends beyond a handful of tokenized equities and whether major stock issuers or traditional brokers begin to show interest. If the noise translates into sustained daily active addresses and fee generation on Solana, the 15% rally might be just an early signal.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bears remain in control of the cryptocurrency market, pushing Bitcoin even lower than before. One of the most crucial psychological support areas has come back into focus as Bitcoin has resumed its downward trajectory after failing to maintain its recovery attempt in May. It is currently trading just below the $60,000 level. 

Technically speaking, the future is still uncertain. While the larger trend continues to produce lower highs and lower lows, Bitcoin is trading below its short-term and medium-term moving averages. Aggressive selling pressure has been applied to recent attempts to regain momentum, indicating that buyers are still reluctant to intervene at current levels. 

BTC/USDT Chart by TradingViewThe $60,000 mark is especially important because it was a key support zone and a consolidation area in earlier market phases. Bulls and bears frequently engage in intense market reactions around these levels, which makes them ideal battlegrounds. The current chart suggests that it is possible for Bitcoin to return to $60,000, and it might do so sooner rather than later. 

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There is little indication that a lasting bottom has formed because price action has already dropped into the low-$60,000 range and the bearish structure is still in place. It is impossible to rule out a move towards $60,000 or even a brief breakdown below it if sellers keep control. 

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Reaching $60,000 does not, however, guarantee that the market will keep collapsing. In the past, significant psychological levels have frequently generated new demand, particularly when sentiment turns overly negative. Additionally, the Relative Strength Index is getting close to oversold territory, indicating that the downward momentum may be stretching in the near term. 

Not whether Bitcoin can return to $60,000, but whether buyers will support it, is the crucial question. A robust response from that region could lay the groundwork for a recovery. On the other hand, if the level is not maintained, Bitcoin may experience a more severe correction and market sentiment may become even more pessimistic. 

XRP at the critical thresholdAs XRP continues to decline toward $1, it is getting close to one of the most significant psychological levels in its recent market history. Bulls have less and less room to regain control as selling pressure has increased since the market broke below a multi-month support zone in early June. 

Technically speaking, the situation is still difficult. After several months of developing a descending triangle pattern, XRP recently completed a bearish breakdown. A wave of selling that drove the asset toward new local lows and confirmed the wider bearish trend was sparked by the loss of support around the $1.30 area. As of right now, XRP is trading below all significant moving averages on the chart. 

XRP/USDT Chart by TradingViewThere are several layers of resistance because the 20-day, 50-day, 100-day, and 200-day trend indicators are all above the current price. This alignment usually indicates a market in which sellers are in control over both short-term and long-term periods. As of right now, the next significant support level is the $1 level. 

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Because traders see psychological round numbers as natural valuation zones, they frequently draw significant buying interest. However, every time bearish momentum increases, support levels weaken. Technical and psychological repercussions would probably result from a break below $1. From the standpoint of a chart, it would signify the disappearance of a significant threshold that has traditionally drawn demand. As traders reevaluate their expectations for the asset, such a move might trigger more stop-loss orders and raise volatility. 

Oversold conditions are starting to appear at the same time. The Relative Strength Index has shifted to lower levels, suggesting that short-term selling pressure may be getting stretched. This raises the likelihood of brief relief rallies if buyers choose to defend important support zones, even though it does not ensure a reversal.

Shiba Inu hits resistanceAlthough Shiba Inu is still trapped in a wider decline, recent price movement indicates that the bearish momentum may be waning. Even though SHIB is still trading close to yearly lows and below significant resistance levels, a number of technical indicators suggest that sellers may not have complete control over the market. Momentum indicators are the most obvious source of information. 

A bullish divergence has resulted from SHIB's Relative Strength Index failing to reach corresponding lows despite new local lows being recorded. Even if the asset has not yet begun a significant recovery, this pattern frequently emerges when selling pressure starts to lessen. Additionally, price action provides an intriguing narrative. SHIB formed a small descending wedge pattern throughout June, which is usually linked to slowing downward momentum. 

SHIB/USDT Chart by TradingViewEven though the asset broke lower in the end, the subsequent decline lacked the violent volume spikes that marked earlier selloffs this year. This implies that there may be a shortage of highly motivated sellers in the market. Positioning in relation to moving averages is another crucial element. SHIB is still below its 20-, 50-, 100-, and 200-day moving averages, indicating that the overall trend is still negative. 

The difference between the price and shorter-term moving averages, however, has begun to narrow. In the past, significant trend reversals frequently start with a decline in bearish momentum long before the price actually breaks above resistance. However, waning bearish pressure should not be mistaken for a confirmed bullish reversal. 

No significant resistance zones have been reclaimed by buyers, and the market structure still exhibits lower highs and lower lows. The larger downtrend continues until SHIB is able to break above its declining short-term trendline and create a higher low. Instead, the current configuration suggests a phase of transition. 

Although bears continue to dominate the chart, their impact seems to be less significant than it was during the steep drops observed earlier this year. SHIB may be more susceptible to a relief rally if the overall state of the cryptocurrency market improves and short sellers start taking profits and sidelined buyers return.

On chain data has revealed a striking shift for Shiba Inu over the past 24 hours, as net exchange outflows hit a negative 281 billion SHIB. This surge marks one of the largest single day outflows for the token in recent memory. A negative net flow indicates that more tokens left exchanges than entered, raising questions about investor strategy and the market outlook.

Exchange outflows alone may not signal a turnaroundSuch substantial withdrawals generally suggest that holders are moving their assets to private wallets, which can mean reduced short term selling pressure. Investors often shift their tokens off exchanges to hold long term, safeguard them, or possibly leverage them for other use cases beyond trading.

Despite this major outflow, SHIB’s price action remains weak and has failed to break its recent downtrend. The asset did emerge from a tight trading range, but it continues to trade below key moving averages. Technically, this highlights ongoing market weakness and a lack of clear bullish momentum.

Divergence between price trends and exchange flows shows that outflow data alone is not enough to shift the prevailing trend at this stage.

Technical indicators reveal persistent selling pressureLooking at the broader technical picture, Shiba Inu is still posting lower highs and lower lows, a classic sign of continued seller dominance. In this environment, even notable reductions in exchange supply have yet to reverse the weak momentum or rekindle speculative interest among traders.

Shiba Inu, featured in this analysis, is a meme coin built on the Ethereum blockchain and is well known for its passionate community. The project frequently comes into focus due to sudden waves of community-driven attention and speculative trading, often unrelated to its fundamental metrics.

On chain activity shows slight uptickHowever, on chain metrics paint a more nuanced picture. Over the past 24 hours, slight increases have been noted in transaction counts, active addresses, and active senders, suggesting that network usage has not collapsed even as the price slipped further.

Rising network activity during extended declines can sometimes signal the early stages of accumulation. Still, analysts emphasize that for this scenario to gain traction, improvements must be consistent over a more sustained period.

Exchange reserves remain highIt is also notable that, despite the large outflow, exchange reserves still exceed 80 trillion SHIB. This level points to lingering liquidity in the market, highlighting that even daily exits of several hundred billion tokens are not enough to dramatically reshape the overall supply landscape.

Against this backdrop, experts caution against reading too much into the negative 281 billion SHIB net outflow as a standalone signal. While the data partially supports a change in supply dynamics, the persistent weak structure and price declines suggest that a decisive market bottom has yet to emerge. According to technical analysts, unless SHIB can reclaim key resistance levels and build higher lows, exchange outflows alone are unlikely to mark the ultimate reversal point.

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.

How Much Tax Would Elon Musk Pay If This US Bill Passes?

A senior Federal Reserve official has put a possible 2026 interest rate hike back in focus, adding new pressure on US stocks. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, said Friday that he now expects one rate increase in 2026 and does not see cuts coming soon.

His comments are critical because Kashkari has long been seen as one of the Fed’s more dovish policymakers. His shift suggests inflation concerns are spreading inside the central bank, leaving investors to rethink how long borrowing costs may stay high.

FED'S KASHKARI: I HAVE ONE RATE HIKE PENCILED IN FOR 2026; I SEE RATES ON HOLD IN 2027

— Wall St Engine (@wallstengine) June 26, 2026 Why the Kashkari Rate Hike Call Matters for StocksKashkari’s comments came shortly after the Fed’s June policy meeting, where officials voted 12-0 to hold interest rates between 3.50% and 3.75%.

The bigger signal came from the Fed’s own projections. Nine of the 18 officials now expect at least one rate hike in 2026. The median forecast also moved higher, rising to 3.8% from 3.4% in March.

Investors had spent much of the year expecting the next major move to be a cut. The June meeting weakened that assumption and pushed markets toward a more uncomfortable possibility: borrowing costs may stay higher for longer.

Fed Chair Kevin Warsh also moved away from forward guidance, the practice of giving markets a clearer sense of where policy may go next. That makes each inflation report and jobs report more important, because traders now have fewer signals from the central bank in advance.

Markets are already reacting to that risk. Futures prices show traders see about a 30% chance of a July hike, according to CME FedWatch data. They also put the odds of at least one rate increase by December at roughly 76%, keeping the risk of another Fed hike firmly in view.

Fed Rate Bets for July Meeting. Source: CME FedWatch Tool “I’m concerned about inflation, and it’s not only tied to what’s happening in the Middle East, it’s just the impression of broader inflationary pressures in the economy,” Kashkari said.

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Higher Rates Squeeze Growth Stocks and BitcoinHigher-for-longer rates weigh on growth and technology stocks. They raise discount rates and borrowing costs for companies that carry debt.

Crypto sits in the same rate-sensitive camp. Bitcoin recently traded near $60,000, up about 1.3% in 24 hours.

Bitcoin Price Performance. Source: BeInCryptoThe last hiking cycle shows the stakes. As the Fed raised rates through 2022, Bitcoin fell from about $69,000 to near $15,500.

A late-2026 hike would reinforce the backdrop behind recent bearish calls.

BitMEX co-founder Arthur Hayes sees a $40,000 Bitcoin bottom within six months, citing a hawkish Fed. His six-month window runs into late 2026, the same stretch Kashkari flagged for a possible hike.

China’s top Bitcoin miner, Jiang Zhuoer, expects a similar floor around $42,000 to $44,000 in late 2026. He built the call on Strategy’s mNAV near 0.72, close to its 2022 bear-market low. Both targets sit between about 27% and 34% below current levels.

Other signals cut the other way. Wintermute says leverage has largely cleared, while Hayes still holds a year-end target above $200,000.

Investors now look to upcoming inflation and jobs data for the next signal. Whether Kashkari’s hike lands in late 2026 may shape equity valuations and Bitcoin price forecasts into year-end.

@stablecoin_x began trading on Nasdaq on Friday under the ticker USDE, giving public market investors their first direct route into the Ethena digital dollar ecosystem. The company completed its merger with SPAC TLGY Acquisition Corp. on June 25, with its Class A common stock and warrants becoming available under the tickers USDE and USDEW as of June 26. StablecoinX bills itself as the first publicly listed stablecoin infrastructure firm.

An ENA Treasury Play, Not a Stablecoin The stock is best understood as a leveraged bet on $ENA, not a direct holding of Ethena's USDe stablecoin. At closing, StablecoinX holds approximately 3,029 million ENA tokens valued at approximately $275 million, based on the 30-day VWAP of ENA ending two days prior to closing of $0.0909, with approximately 24 million publicly traded Class A shares outstanding. Its ENA treasury represents roughly 20% of total ENA supply, acquired at discounts under a long-term collaboration with the Ethena Foundation.

The PIPE round backing the transaction included a $60 million contribution from the Ethena Foundation alongside capital commitments from Dragonfly, Ribbit Capital, Blockchain.com, Pantera Capital, ParaFi Capital, Haun Ventures, Polychain Capital, Galaxy Digital, and Wintermute.

Infrastructure Beyond the Treasury StablecoinX describes three business lines: a decentralized verifier node that acts as a cross-chain message verifier for Ethena, a middleware software stack called Stablecoin Harness, and distribution services that are under development. Holding roughly 20% of total ENA supply and building cross-chain infrastructure across more than 10 blockchain networks, StablecoinX is purpose-built to address the fragmented integration stack with a single API through the Stablecoin Harness, positioning it as a connective layer of the stablecoin economy.

The listing arrives at a complicated moment for Ethena's native stablecoin. USDe's circulating supply has fallen roughly 60% from its peak above $14 billion in October 2025 to approximately $5.92 billion by March 2026. For investors, the core question is whether StablecoinX's concentrated ENA position and infrastructure buildout can generate returns as the synthetic dollar market works through its contraction.

Sources:
StablecoinX Inc. Announces Closing of Business Combination with TLGY Acquisition Corp. (GlobeNewswire)
StablecoinX Inc. Form 8-K, FY2026 (SEC Filing)
StablecoinX debuts on Nasdaq (Crypto Briefing)

Grayscale's HYPG Leads the Hyperliquid ETF Race@Grayscale's Hyperliquid Staking ETF, trading under the ticker $HYPG on Nasdaq, has emerged as the dominant institutional product in the fast-growing $HYPE ETF category. As of June 26, 2026, the fund manages $123.28M in assets and holds 1,941,165 $HYPE tokens, placing it ahead of rival products from 21Shares and Bitwise by assets under management.

Grayscale launched $HYPG on Nasdaq with a 0.29% sponsor fee, undercutting rival Hyperliquid funds from 21Shares and Bitwise. 21Shares debuted its fund (THYP) on Nasdaq on May 12 with a 0.30% fee, while Bitwise followed with its BHYP ETF, initially waiving fees before stepping up to 0.34% upon the end of the promotional window. That makes $HYPG the most cost-effective regulated vehicle for $HYPE exposure currently available in the United States.

Staking Rewards Built Into the Structure Unlike traditional crypto ETFs that simply hold an underlying asset, $HYPG is designed to generate additional returns through staking. The fund participates in the Hyperliquid network's staking process, allowing investors to capture staking rewards through the ETF structure. Grayscale cites historical staking rewards of about 2.2% annually. Those rewards, net of fees and expenses, flow through to the fund's net asset value, offering investors a potential return beyond simple price appreciation.

Hyperliquid began as a decentralized perpetual futures exchange but has expanded into a broader blockchain ecosystem that supports smart contracts, tokenized assets, and new financial markets. The protocol generated about $857 million in revenue during 2025, with almost 99% directed toward $HYPE buybacks, a model that ties network usage directly to the token's value.

$HYPG is the third U.S.-listed Hyperliquid fund, with HYPE ETFs already topping $132 million in inflows. That pace of adoption reflects a broader shift in how institutional investors are approaching DeFi infrastructure. The fund's debut adds another sign that institutional investors are increasingly looking beyond bitcoin and ether toward crypto-native infrastructure projects that generate revenue and resemble traditional financial networks.

As with any staking product, risks apply. When a fund stakes its underlying asset, the token is subject to staking risks generally, including a lock-up period during which the fund cannot sell or transfer the staked token, making it illiquid for that period. Investors should review the fund's prospectus carefully before committing capital.

Sources:
Grayscale Hyperliquid Staking ETF (HYPG) Official Page
CoinDesk: Grayscale Launches Lowest-Fee U.S. Hyperliquid ETF
GlobeNewswire: Grayscale Official Press Release

PANews June 26 news, according to SoSoValue data, yesterday (June 25, Eastern Time) HYPE spot ETF saw a total single-day net inflow of $108 million. Among them, Grayscale Hyperliquid Staking ETF (HYPG) had a single-day net inflow of $113 million, with total historical net inflows now reaching $123 million. Bitwise Hyperliquid ETF (BHYP) posted a single-day net outflow of $2.8204 million, with total historical net inflows now at $113 million.

As of press time, the total net asset value of HYPE spot ETFs is $314 million, with a HYPE net asset ratio of 2.24%, and cumulative historical net inflows have reached $292 million.

Hyperliquid said that it is not, and has never claimed to be, licensed or authorized by MAS.

Hyperliquid has been added to the Investor Alert List (IAL) maintained by the Monetary Authority of Singapore (MAS). The perpetual futures platform clarified that the listing does not represent a regulatory violation, enforcement action, or ban.

In a statement shared on X, Hyperliquid said that inclusion on the IAL should not be interpreted as evidence of wrongdoing while adding that the list is intended to identify entities that may be incorrectly viewed as being licensed, authorized, or regulated by MAS.

MAS Investor Alert List Hyperliquid noted that several major crypto exchanges and decentralized finance protocols have also appeared on the list in the past. According to MAS, the Investor Alert List contains names of entities that, based on information available to the regulator, may have been wrongly perceived as being licensed or otherwise regulated by the central bank.

The regulator also stated that the list may include entities offering investments or investment-related products that could be mistakenly viewed as being authorized, recognized, registered, or accompanied by documents lodged with MAS.

Responding to the development, Hyperliquid asserted that it is a permissionless infrastructure and has never claimed to be licensed or authorized by MAS and that users should not regard the platform as holding such approval. The platform added that users continue to maintain self-custody of their assets and that transactions on the network remain transparent and fully settled on-chain.

“The Hyperliquid ecosystem remains committed to engaging collaboratively and constructively with regulators and institutions globally and to supporting clear, well-designed frameworks for onchain finance.”

The MAS had also placed Bybit Fintech Limited on its Investor Alert List earlier this month. In response, Bybit said it has maintained regular and constructive engagement with MAS and has implemented measures to restrict access for users in Singapore. The exchange said these measures include restrictions in its terms of service and geo-blocking of Singapore IP addresses.

HYPE Cools but ETF Interest Accelerates Hyperliquid’s native token, HYPE, showed little reaction following the development. HYPE traded largely around $62 over the past 24 hours. The token had previously rallied above $75 in mid-June before retreating amid broader market volatility.

You may also like: Why Capital Is Flowing Into XRP, SOL, and HYPE Instead of BTC and ETH HYPE Price Explodes as ETF Inflows and SpaceX Perps Boost Hyperliquid Not Random Panic: Bybit Highlights Factors That Pulled BTC Below $60K Meanwhile, institutional demand for the token appeared to remain strong. Data from SoSoValue revealed that US spot HYPE ETFs recorded more than $108 million in net inflows on June 25, which is the largest single-day inflow since the products launched last month. The inflows came after five trading days in June that recorded no net flows.

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Key Takeaways Table of Contents

Key TakeawaysSingapore Authority Issues Public WarningPlatform Emphasizes Decentralized FrameworkRegulatory Pressure Intensifies Across Crypto SectorExchange Sustains Leading Industry Status Singapore’s financial authority flags Hyperliquid for operating without proper licensing credentials. The platform maintains it never represented itself as authorized by Singapore regulators. Alert listing doesn’t constitute an operational ban or indicate imminent legal action. Singapore continues strengthening regulatory framework for cryptocurrency platforms targeting domestic users. Despite regulatory spotlight, Hyperliquid maintains position as leading decentralized exchange. On June 26, Singapore’s financial watchdog placed Hyperliquid on its official Investor Alert List, citing the platform’s absence of domestic regulatory approval. The warning encompasses both the Hyper Foundation’s web presence and its decentralized trading application. Importantly, this designation doesn’t constitute an outright prohibition or signal immediate enforcement measures.

Singapore Authority Issues Public Warning The Monetary Authority of Singapore maintains this registry to spotlight financial operations lacking mandatory domestic approval. The authority uses this mechanism to identify services that Singapore residents might mistakenly believe are regulated entities. This alert serves to clarify Hyperliquid’s standing under Singapore’s regulatory framework.

The public alert mechanism dates back to 2004, established as a consumer safeguard initiative. Updates occur regularly, incorporating websites, corporate entities, and digital financial platforms. Appearing on this registry doesn’t necessarily imply fraudulent activity or criminal operations.

The designation indicates MAS hasn’t granted Hyperliquid permission to deliver regulated financial services within Singapore’s borders. Consequently, platform users cannot access the safeguards typically provided through domestically supervised financial organizations. No financial penalties or judicial proceedings against the platform have been disclosed by the regulator.

Platform Emphasizes Decentralized Framework Hyperliquid responded by stating it never portrayed itself as possessing Singapore regulatory authorization. The platform emphasized the alert hasn’t impacted its permissionless operational model. Trading activity continues flowing through its blockchain-based network infrastructure.

The decentralized trading venue enables participants to maintain direct custody of their digital assets throughout transactions. Settlement occurs transparently via blockchain verification mechanisms. The platform contends its architectural design fundamentally differs from conventional centralized financial services.

According to the platform, its broader network will maintain ongoing dialogue with regulatory bodies and institutional players globally. It advocates for transparent regulatory guidelines governing decentralized finance and blockchain trading environments. Nevertheless, Hyperliquid hasn’t revealed intentions to pursue Singapore licensing.

Regulatory Pressure Intensifies Across Crypto Sector MAS has expanded its alert roster to include multiple cryptocurrency trading platforms. Bybit received the same designation on June 17, joining previously listed exchanges KuCoin and Bitget. These inclusions demonstrate Singapore’s systematic approach toward unauthorized digital currency operations.

During May 2025, MAS mandated that Singapore-domiciled cryptocurrency companies servicing international clientele obtain proper licenses or cease activities. This directive eliminated a regulatory loophole permitting certain operators to bypass domestic approval requirements. The authority emphasized it had communicated this regulatory stance consistently since 2022.

These enforcement measures connect to enhanced consumer safeguards and strengthened financial crime prevention protocols. The regulator also aims to better harmonize with global anti-money laundering frameworks. Cryptocurrency enterprises based in Singapore now confront more demanding licensing requirements.

Exchange Sustains Leading Industry Status Hyperliquid continues ranking among the most prominent decentralized trading venues notwithstanding regulatory attention. According to CoinGecko metrics, it holds ninth position among decentralized exchanges measured by transaction volume. DefiLlama data suggests the protocol secures approximately $5.7 billion in total value locked.

The venue concentrates primarily on perpetual futures contracts and additional blockchain-enabled trading instruments. Its architecture merges self-custodial features with high-speed transaction execution. Regulatory authorities may still evaluate how such platforms extend services to users within specific jurisdictions.

MAS hasn’t signaled whether additional measures targeting Hyperliquid will follow. The current alert primarily serves to inform Singapore residents about the platform’s regulatory standing. Meanwhile, the exchange maintains operations through its permissionless blockchain systems.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

The Monetary Authority of Singapore has added Hyperliquid to its Investor Alert List, prompting the decentralized exchange to state that it has never claimed to be licensed or authorized by the country’s financial regulator.

Summary

MAS has added Hyperliquid to its Investor Alert List, while clarifying that the move is not an enforcement action. Hyperliquid says it has never claimed to be licensed by MAS and that its permissionless infrastructure remains unchanged. HYPE continues trading inside a descending channel, with technical indicators showing improving momentum despite regulatory attention. According to the Monetary Authority of Singapore (MAS), the entry added on Friday includes both the Hyper Foundation website and the Hyperliquid trading application.

The regulator described the Investor Alert List as a consumer protection measure that identifies entities that could be mistakenly perceived as licensed or regulated by MAS. It also clarified that inclusion on the list does not amount to a ban or enforcement action.

Responding in a June 26 X post, Hyperliquid said its permissionless infrastructure remains unchanged and that it has never represented itself as holding authorization from MAS. The platform added that it remains committed to working constructively with regulators and institutions while supporting clear regulatory frameworks for on-chain finance.

Hyperliquid has been added to the MAS's Investor Alert List (IAL). IAL listing does not constitute a ban, an enforcement action, or a finding of wrongdoing. The IAL provides a list of entities that, based on information available to MAS, may be wrongly perceived as being licensed…

— Hyperliquid (@HyperliquidX) June 26, 2026 Hyperliquid says listing does not change its operations Although the MAS listing has drawn attention to the exchange, Hyperliquid continues to rank among the largest decentralized trading platforms. According to CoinGecko, it is currently the ninth-largest decentralized exchange by trading volume, while DefiLlama estimates the protocol secures roughly $5.7 billion in total value locked.

Earlier this month, MAS also placed Bybit on the Investor Alert List. KuCoin and Bitget are already included, indicating that multiple crypto trading platforms have received similar treatment from the regulator.

Unlike enforcement measures that prohibit business activity or impose penalties, the Investor Alert List serves as a public notice intended to help consumers distinguish between firms regulated by MAS and those that are not. The regulator publishes the list to reduce the risk of investors mistakenly believing an entity operates under its supervision.

Singapore continues tightening crypto rules The latest addition comes as Singapore continues tightening oversight of digital asset businesses.

In May 2025, MAS instructed crypto companies serving overseas customers from Singapore to either obtain the required licenses or stop operating. At the time, the regulator said the requirement was not a policy change but the end of a transition period after repeatedly communicating its regulatory position since 2022.

According to MAS, the directive closed a gap that had allowed some Singapore-based crypto businesses to avoid licensing requirements by restricting their services to overseas users.

The regulator also said the updated framework strengthens consumer protection while bringing Singapore’s crypto regime closer to international Anti-Money Laundering and Countering the Financing of Terrorism standards.

HYPE market remains focused on technical levels While the regulatory development has put Hyperliquid back in focus, HYPE’s price action has remained centered on key technical levels rather than showing an immediate directional move tied to the announcement.

On the four-hour chart, Hyperliquid (HYPE) continues to trade inside a descending channel after rebounding from recent lows near $61. The token was changing hands around $65 at the time of analysis, testing the channel’s upper boundary, which has repeatedly acted as resistance during the recent correction.

Hyperliquid price has broken out of a descending channel on the 4-hour chart — June 27 | Source: crypto.news Momentum indicators have shown tentative signs of improvement. The MACD has produced a bullish crossover with the histogram turning positive, while the RSI has recovered above the neutral 50 level, suggesting buying pressure has strengthened after several sessions of weakness.

Derivatives positioning also points to important price zones ahead. CoinGlass liquidation data shows one of the largest clusters of short liquidations between roughly $66 and $67, with additional leverage concentrated closer to $68. A move above those levels could trigger forced buying from short sellers.

Hyperliquid liquidation heatmap | Source: CoinGlass On the downside, sizeable liquidation pools remain around the $63-$62 region, followed by support near $61. If the descending channel continues to hold, those levels could become the next areas where leveraged positions are tested.

For now, the technical picture remains mixed. Momentum has improved, but HYPE would still need a confirmed breakout above its descending channel to weaken the current bearish structure despite the recent recovery.

Think of Hyperliquid as a casino that built itself without taking a dime from investors, and now generates roughly 23 cents in annual revenue for every dollar deposited on its platform. That’s the math when you divide $700 million in annualized revenue by $3 billion in collateral.

The numbers behind the machine Hyperliquid’s annualized revenue figures range between $700 million and $1.2 billion, depending on the measurement window. Cumulative revenue has already crossed the $1 billion mark, with 30-day revenue running at approximately $60 million.

The engine powering those figures is trading volume. The platform has processed over $4.7 trillion in cumulative perpetual futures volume since launch. Recent 30-day perp volume exceeds $250 billion, and open interest sits at roughly $9 billion.

The platform’s activity has drawn comparisons to Nasdaq.

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The fee structure is lean. Maker fees sit at 0.015%, taker fees at 0.045%, and gas fees are zero. Hyperliquid directs 99% of certain fee revenues toward purchasing its native token, HYPE, on the open market.

How Hyperliquid got here without VC money The platform launched around 2023 and bootstrapped its way to relevance without venture capital funding. It runs on a custom Layer-1 blockchain using HyperBFT consensus, which enables a fully on-chain order book.

The native token, HYPE, currently trades around $64 to $65 with a market capitalization of approximately $14 billion. It has touched an all-time high of $77. Staking rewards and fee discounts give holders practical reasons to stay engaged beyond simple price speculation.

Recently, Hyperliquid has expanded beyond crypto perpetuals into new territory. The platform introduced off-chain event contracts and S&P 500 perps, positioning itself to compete not just with other DEXs, but with centralized exchanges and prediction markets like Polymarket.

What this means for investors The absence of venture capital in Hyperliquid’s cap table means there are no early investors sitting on heavily discounted tokens waiting to dump at the first opportunity and no unlock schedule hanging over the market. The token’s price dynamics are driven primarily by buybacks, staking demand, and organic trading activity.

Hyperliquid’s revenue is overwhelmingly dependent on perpetual futures trading volume. The expansion into event contracts and traditional equity perps looks like a hedge against concentration in that single revenue source.

For anyone evaluating HYPE as an investment, the 99% fee-to-buyback ratio creates a direct link between platform usage and token demand. With a $14 billion market cap already baked in, the question is whether the current valuation already prices in continued dominance, or whether $250 billion in monthly volume is just the beginning of something much larger.

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

Bitcoin (CRYPTO: BTC) is showing signs of capitulation as bearish sentiment intensifies, but Bitwise’s Ryan Rasmussen argues that long-term investors are still using the weakness to accumulate.

ETFs And Long-Term Allocation ProductsIn an interview with Scott Melker on June 25, Rasmussen said Bitcoin’s latest drawdown below $60,000 has revived familiar "Bitcoin is dead" narratives.

He stressed that similar moments have historically appeared near major cycle lows.

Melker pointed to on-chain data showing that Bitcoin supply held at a loss has reached a record 10.83 million BTC, while long-term holders now control 14.8 million coins.

Rasmussen noted these kinds of metrics are "the types of signals you look for in crypto winters" to assess whether the market is approaching a bottom.

Instead, investors remain overly focused on short-term volatility despite the healthy long-term thesis.

He acknowledged that Strategy Inc. (NASDAQ:MSTR) and Michael Saylor may no longer be able to buy Bitcoin at the same pace but said that was always expected as the asset matured.

The next major source of demand, according to Rasmussen, is likely to come from exchange-traded funds and long-term allocation products.

Commenting on the $6 billion in ETF outflows over past 30 days, Ramussen said "Rotations go around in a circle," and capital could return to crypto once momentum improves.

In a separate Yahoo Finance segment, Melker highlighted that Bitcoin has now been declared dead 472 times since tracking began, with fresh bearish commentary spreading across social media.

He cited examples from Dave Portnoy and other prominent accounts questioning whether Bitcoin is heading to zero.

Melker argued that extreme fear has often marked attractive accumulation zones, noting that repeated Bitcoin obituaries have historically appeared near major bottoms rather than tops.

"Don’t get shaken out by Bitcoin touching a price it hit in 2024," Rasmussen commented, adding that the long-term outlook for crypto remains positive.

Image: Shutterstock

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Bitcoin struggled to reclaim the 60,000 dollar mark on Friday as global financial markets continued to face heightened volatility. The daily close below this psychologically significant level—last seen in September 2024—has shifted what was once considered strong support into a resistance zone, raising fresh concerns among investors watching for Bitcoin’s next move.

60,000 dollars emerges as a pivotal resistance level againAccording to TradingView data, the BTC/USD pair continued searching for direction after closing a daily session under 60,000 dollars. Market participants betting on a renewed uptrend now identify a firm break back above 60,000 as a crucial technical milestone to watch in the near term.

Meanwhile, Asian stock markets felt mounting selling pressure. Concerns over technology shares were especially acute in South Korea, where circuit breakers were triggered after indexes saw a dramatic 8 percent tumble. In contrast, US equities proved somewhat resilient during the same period, with the S&P 500 and Dow Jones managing to hold in positive territory as this report was written.

An unusually eventful day for Bitcoin is underway; the upcoming quarterly options expiry could also have a strong influence on short-term price action, according to traders following the situation closely.

Tech sector weakness stays at the forefrontThe backdrop to market fragility continues to be steep price drops in large-cap technology stocks. However, Micron Technologies offered a glimmer of relief, as its better-than-expected results provided some risk appetite during intraday sessions. Still, the broader picture reveals persistent retracement across many leading tech firms.

Market analysis from The Kobeissi Letter points to the possibility of a wider rebound, noting that several major technology shares have now fallen more than 50 percent from their historic highs. Notably, shares of the leading crypto exchange Coinbase have plunged 69 percent during this correction. The Kobeissi Letter is well regarded for its macro, equity, and commodities-focused research.

Most of the major technology companies are now in a bear market zone, with many stocks registering more than a 50 percent drop from their recent peaks, The Kobeissi Letter highlighted.

Inflation data could prove decisive for risk assetsQCP Capital, in its latest outlook, emphasized that US inflation trends will likely remain a key driver for risk assets. The company noted current estimates for the core Personal Consumption Expenditures (PCE) index at 3.30 percent and the headline PCE at 3.82 percent. Both figures remain noticeably above the US Federal Reserve’s inflation target.

Glossary: PCE stands for Personal Consumption Expenditures price index, which is one of the Federal Reserve’s preferred measures of inflation. Core PCE excludes more volatile categories like food and energy to better reflect underlying price trends.

The PCE data released for May showed the highest annual increase since mid 2023. Analysts warn this may add further pressure to both equity and crypto markets through shifting rate expectations.

Analysts keep a close eye on the 200 week averageCrypto analyst Michaël Van de Poppe notes that market participants are closely monitoring whether Bitcoin’s downward momentum will persist in the short term. He highlighted the significant position of Strategy—the company formerly known as MicroStrategy, which holds the world’s largest corporate Bitcoin reserves—along with its financing division Stretch, as potential pointers for future price action.

According to Van de Poppe, the sharp pullback in Stretch and Bitcoin’s hesitation near the 60,000 dollar level is not yet a decisive bearish signal. The analyst points to a developing bullish divergence on the daily chart, but stresses that this technical pattern has not been confirmed. For now, the 200 week simple moving average at 62,243 dollars remains the main technical level in focus among investors.

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.

Tando at the Nairobi Bitcoin++ conf from @Murugi___ on X (Formerly Twitter)

Tando

Last month, Tando, the Kenya-based Bitcoin payments company, announced it had created a service that allows 40 million Kenyans to send and receive Bitcoin using the existing M-Pesa infrastructure. To pull this off, they strung together numerous pieces of technology, including in-house solutions, to make bitcoin’s Lightning Network act as a translation layer for millions.

TandoLaunched in 2024, Tando, the Kenyan payments company founded by Jason and Sabina Waithira Gitau, began as an attempt to solve a very specific problem: how do Kenyans spend Bitcoin like they do Kenyan Shillings (KES)? They quickly realized the best way to do that was to leverage the ubiquitous M-Pesa mobile money payment rail to provide a seamless experience.

They built an app that allows anyone with bitcoin to pay an M-Pesa invoice without needing local currency. Once a user enters their M-Pesa phone number and amount, they receive a lightning invoice to pay, and the recipient receives Kenyan shillings (KES). The app soon grew in virality and reach among the growing base of Kenyan bitcoin users.

As Gitau underscored in her panel at this year’s Oslo Freedom Forum, people can test out Tando using less than a dollar, without paying fees, or KYC, making it quick to validate and easy to adopt.

Giving Millions Access To Bitcoin However, as Jason put it in an interview for this article, though the app resonated with many, “they still need a separate bitcoin wallet to use Tando.” To curb that, they again went back to the tried-and-true formula: combining and building on existing infrastructure. In this case, M-Pesa phone numbers and what are known as lightning addresses—a payment spec that lets users to receive bitcoin payments via email addresses.

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Slide from the Tando presentation at the Bitcoin++ Nairobi Open Source Edition from tando_me on X (Formerly Twitter)

Tando

They unveiled their novel approach last May, in which any bitcoin wallet that supports lightning addresses can instantly send bitcoin to a Kenyan phone number via M-Pesa. To achieve this, users claim their phone-number-prepended lightning addresses. This new service also gives the recipient, once they claim their address and pay a fee, a way to set up a non-custodial bitcoin wallet, enabling them to send and receive bitcoin.

Tando’s technique is reminiscent of a cousin project in South Africa called Machankura, which enables users to send and receive bitcoin offline over the Lightning network using Unstructured Supplementary Service Data (USSD) codes.

While there are privacy implications to linking phone numbers to payment infrastructure, the Tando team plans to continue iterating to strike a better trade-off and provide a more balanced experience.

The Spend Not Sell Bitcoin Movement Over the last few years, Africa has become home to projects looking to cement Bitcoin’s use as money, from circular economies and solutions like Machankura and Tando to infrastructure-led companies like MavaPay. The focus is not on price action but on utility and freedom money. This has fueled the ‘spend not sell’ movement, in which builders seek to familiarize users with earning and spending their bitcoin rather than trading and falling for get-rich-quick schemes.

Living On Bitcoin In KenyaMore importantly for the Tando team, bitcoin is for everyone, so there should be no gatekeeping; from the president and office workers to the farmers, the bitcoin network treats them all equally.

Tando makes it possible to live entirely on Bitcoin in Kenya, an idea now promoted as the African way to use bitcoin. In the past few weeks, as bitcoin builders and leaders from Africa and beyond met for the first Bitcoin++ Nairobi conference, many on social media expressed surprise at seeing this in action, how easy the experience was, and how groundbreaking the idea of living on Bitcoin really is.

Bitcoin is Money In AfricaAs Tando has shown, the combination of mobile money and freedom money is growing evidence that where there is a need, Africans will build, and where there is technology, they will pioneer and adopt.

African bitcoin builders continue to demonstrate that you do not need mass adoption or permission to live in the future.

Ripple CEO Brad Garlinghouse isn’t pulling punches. In recent remarks targeting Michael Saylor’s Strategy, Garlinghouse drew a hard line between what he sees as genuine value creation and what he considers financial wizardry dressed up as innovation.

“Financial engineering does not drive long-term value… long-term value of any digital asset is going to be driven by utility,” Garlinghouse said.

STRC’s painful descent The numbers tell an uncomfortable story for Strategy investors. STRC, the company’s perpetual preferred stock, is trading at roughly $74 as of late June 2026. That’s about 26% below its $100 par value.

Both STRC and MSTR shares hit 52-week lows in June 2026, compounding the pain for shareholders who bought into Saylor’s vision of a Bitcoin-powered corporate treasury.

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Strategy reportedly had a cash runway of approximately 10 months for dividend payments at one point. Reports indicate the company has resorted to selling portions of its Bitcoin holdings to cover dividend distributions.

Saylor, for his part, has maintained that his goal is to make STRC “the best credit instrument in the world.” That’s an ambitious pitch when the instrument in question is trading at 74 cents on the dollar.

The utility vs. financial engineering debate Garlinghouse’s critique cuts to a philosophical divide in crypto. On one side, you have projects like Ripple that argue blockchain technology should solve real-world problems, specifically cross-border payments, institutional settlement, and tokenization of assets. On the other side, you have Strategy’s approach: accumulate Bitcoin, use it as a corporate treasury asset, and build financial products on top of that position.

Ripple’s model looks different. The company has focused on building payment infrastructure using XRP, targeting institutional adoption and regulatory compliance, grounded in generating revenue from actual business activity rather than asset appreciation alone.

What this means for investors The STRC situation serves as a case study in what happens when financial engineering outpaces the underlying economics. When preferred stocks trade at a 26% discount to par, something has gone structurally wrong with the market’s perception of the issuer.

Strategy inspired a wave of corporate Bitcoin treasury strategies, with dozens of smaller firms copying some version of the playbook. If the original architect’s preferred stock is trading at distressed levels, that sends a chilling signal to every copycat in the market.

Garlinghouse’s timing is notable. Criticizing a competitor’s model is easiest when the numbers support your argument, and right now, the numbers are cooperating. Ripple faces its own challenges, including ongoing regulatory dynamics and competition in the payments space.

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

Trump signed two executive orders to boost quantum computing, aims to prepare critical systems for cyber threats

Investor Who Predicted 2008 Bubble Says Sell US Stocks Before 70% Drop

Bitcoin came under renewed selling pressure, with the world’s largest cryptocurrency dropping 3% in the last 24 hours to trade at $59,761. By comparison, the overall decline in the broader cryptocurrency market was a more moderate 1.32% during the same period.

Short-term outlook faces pressure despite targetAccording to current forecasts, Bitcoin’s price could climb to $63,613 by July 1, 2026. This would reflect an 8.24% gain over the next five days if achieved. However, recent price action indicates that downward pressure continues to weigh on the short-term outlook.

Over the past 30 days, Bitcoin has seen a significant 20.88% decline. Its negative trend extends over the last three months as well, during which time it lost 9.78%. On a broader timescale, Bitcoin is trading 44.57% below its $107,805 level recorded one year ago.

Current projections point to Bitcoin reaching $63,613 by July 1, 2026, but market-wide weakness continues to impact the short term.

Bitcoin reached an all-time high of $126,025 on October 6, 2025, after which it experienced a sharp pullback. In the current cycle, the highest price recorded is $60,470 while the lowest stands at $58,186.

IndicatorValueCurrent price$59,76124-hour change-3%30-day change-20.88%Target for July 1, 2026$63,613Indicators send mixed signalsMost market indicators are painting a pessimistic picture. Out of the 33 key metrics monitored, 29 are flashing bearish signals, while only four suggest a bullish outlook. This blend currently keeps the general market sentiment negative.

Investor confidence remains weak. The Crypto Fear and Greed Index currently stands at 12, indicating extreme fear and highlighting that investors are remaining cautious amid current market conditions.

Glossary: RSI, or Relative Strength Index, is a technical indicator measuring the speed and direction of price movements. An RSI around 30 is seen as indicating weakness, while 70 is typically a sign of strong buying appetite.

On the technical side, there is a slightly more balanced outlook. Bitcoin’s RSI stands at 30.70, suggesting the asset is neither strongly oversold nor overbought. In addition, Bitcoin continues to trade above its 50-day and 200-day simple moving averages, which are often regarded as constructive signals in technical analysis.

While 29 out of 33 indicators signal downside and investor sentiment remains in extreme fear, Bitcoin’s resilience above major moving averages keeps the technical outlook from turning decisively negative.

On the downside, key support levels are found at $58,035, $56,242, and $54,298. To the upside, resistance is identified at $61,772, $63,716, and $65,509. How the price reacts to these key thresholds in the coming days will be closely watched for cues on the next short-term 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.