PANews June 26 news, according to The Block, Multicoin released a report saying that Hyperliquid is evolving from a decentralized perpetual contract exchange to an "all-in-one exchange," and its native token HYPE, currently priced around $63, is severely undervalued by the market. Multicoin gave a base case HYPE target price of $319 for 2028, expecting Hyperliquid's annual revenue to be about $8 billion by then, based on a 20x price-to-earnings ratio. Multicoin disclosed it has been actively buying HYPE since February, and it is now one of the largest positions in its liquid hedge fund.
The report noted that HYPE recently rose above $76 due to factors such as inflows into newly listed ETFs, strong revenue, and buyback programs, then fell back to $62.47 amid the market pullback. In 2025, Hyperliquid's user base grew from about 300,000 to 923,000, open interest increased from $2 billion to $6 billion, annual revenue reached about $873 million, and it processed $2.9 trillion in trading volume. Multicoin pointed out that its target price has not yet fully priced in catalysts such as HIP-4 and HyperEVM. Hyperion DeFi CEO Hyunsu Jung compared Hyperliquid's fully diluted valuation (once close to $75 billion) with the stock market capitalizations of exchanges like CME, Interactive Brokers, and Robinhood, arguing that Hyperliquid is transcending its positioning as a mere perpetual contract exchange.
Multicoin Capital has projected that Hyperliquid’s HYPE token could reach $319 by 2028 despite identifying several structural and market risks that could threaten its long-term outlook.
Summary
Multicoin Capital has forecast a $319 HYPE price by 2028, citing Hyperliquid’s earnings growth and expanding market share. The firm pointed to HIP-3, token buybacks, and rising perpetual futures activity as key drivers behind its bullish outlook. Despite the optimistic target, Multicoin warned that regulation, competition, governance risks, and a bearish double-top pattern could pressure HYPE. According to a new report from Multicoin Capital, the investment firm expects Hyperliquid (HYPE) to appreciate roughly fivefold from its current price near $64, based on a base-case scenario in which Hyperliquid generates about $8 billion in annual earnings by 2028 and trades at a 20-times earnings multiple.
Multicoin also disclosed that it began accumulating HYPE in February, making it one of the largest positions in its liquid fund, while adopting a three-day no-trade policy after publishing the report.
Why Multicoin believes Hyperliquid can justify a higher valuation Much of the firm’s conviction comes from Hyperliquid’s rapid expansion during 2025. According to Multicoin, the decentralized exchange generated about $873 million in revenue from roughly $2.9 trillion in trading volume while growing its user base from around 301,000 to 923,000. During the same period, open interest climbed from approximately $2 billion to $6 billion.
Current market data cited in the report show Hyperliquid now accounts for more than 59% of decentralized perpetual futures open interest. Its outstanding open interest has also reached about $9.6 billion, exceeding that of its largest on-chain rivals combined.
Beyond decentralized markets, Multicoin argued that Hyperliquid has continued narrowing the gap with centralized exchanges. Monthly perpetual futures trading volume has reached roughly 17% of Binance’s level, while open interest stands at about 21% of Binance’s, figures the firm compared with Binance’s own early growth trajectory.
Another pillar of the investment case is HIP-3, an upgrade that allows third-party teams to launch perpetual markets tied to assets such as stocks, commodities, and equity indexes.
According to Multicoin, open interest linked to real-world assets has already surpassed $2.9 billion, while an officially licensed S&P 500 perpetual contract generated more than $100 million in average daily trading volume during its first week.
The report also expects options trading, prediction markets, portfolio margining, and deeper integration with HyperEVM applications to expand Hyperliquid’s revenue opportunities over the coming years. Multicoin argued these additions could help transform the platform into what it described as an “everything exchange” offering around-the-clock access to multiple asset classes.
What risks could prevent the $319 forecast Even with its optimistic valuation, Multicoin acknowledged that several factors could derail its forecast. The report identified decentralization challenges, regulatory uncertainty, governance issues, increasing competition, and potential bad debt as the primary risks facing the protocol.
Value capture remains another reason behind the firm’s bullish outlook. According to the report, approximately 99% of Hyperliquid’s protocol revenue is used to repurchase HYPE, with those tokens effectively removed from circulation. Multicoin also noted that Hyperliquid has never raised outside capital and operates without a separate equity layer, allowing the protocol’s economics to accrue directly to token holders.
The report estimates Hyperliquid has generated about $869 million in trailing earnings for HYPE holders. Based on a token price near $63, Multicoin calculated that HYPE trades at roughly 36 times trailing earnings, or about 30 times after accounting for revenue associated with Hyperliquid’s Coinbase and USDC agreement.
Meanwhile, technical charts present a more cautious picture than the firm’s long-term forecast. On the four-hour timeframe, HYPE is forming a bearish double-top pattern, with a neckline near the $52.7 support level.
Hyperliquid price is appearing to form a bearish double top pattern on the 4-hour chart — June 26 | Source: crypto.news If sellers push the token below that support and confirm the pattern, the measured downside target points toward the $28.5 area, suggesting traders may continue watching technical risks alongside Multicoin’s longer-term fundamental outlook.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
PANews June 26 news, according to on-chain analyst Ember monitoring, the "largest long on Hyperliquid" continues to increase positions, already holding $445 million in long positions (120,000 ETH + 2,500 BTC), with an unrealized loss of $110 million.
After BTC fell to $59,000 last night, they used 3 wallets to open a long position of 500 BTC ($30 million) at $59,261. The average opening price for ETH longs is $2,261, and the average opening price for BTC longs is $69,560.
AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.
According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.
4 minutes ago
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
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Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
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SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
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Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.
According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.
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Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
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Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
Hyperliquid [HYPE] has been consolidating on an ascending triangle pattern since its debut on Coinbase back on the 5th of February.
The token managed to break out back on the 20th of May and rallied explosively to $75 before retracing and bouncing off explosively from the triangle support at $53. As a result, it left behind a market imbalance between $57 and $63.
As of this writing, HYPE was testing the imbalance zone after an aggressive correction. This occurred since it swept the liquidity at the $75 resistance level. The token is now building some bullish momentum, with the next target in line being the $77 resistance zone.
Source: TradingView Why are traders watching $77? The Hyperliquid network’s trading activity is notably aligning with HYPE’s bullish technical structure.
Trading volume has made a significant surge over the last four days, highlighting that investors were taking on more long positions to capitalize on the projected surge back to the point of liquidity at $77.
Source: Santiment Liquidity cluster at $77 affirms it as a key target Zooming down to HYPE’s liquidation heatmap data, several significant liquidity clusters summing to $10 million rest at around $77 resistance. These clusters support the price level as a crucial point of reference for a bullish outlook.
In most cases, the liquidity clusters act as price action magnets upon which prices oscillate around. For HYPE, the same scenario could come into play.
Buyers and investors have already started accumulating more positions to target the unmitigated liquidation resting at the resistance level as depicted by the surging trading volume.
Source: CoinGlass Will HYPE’s bullish structure hold? All technical indicators are aligning to HYPE’s bullish bias.
HYPE is trading above key Exponential Moving Averages (EMAs), increasing the likelihood of a potential bullish run continuation.
At the same time, the token’s stochastic RSI is just bouncing off from an oversold region. This action affirms the current imbalance zone as a key turning point for a potential price reversal.
Final Summary HYPE is rebounding from a key market imbalance after defending ascending triangle support, keeping the broader bullish structure intact. Rising trading volume and a $10 million liquidity cluster near $77 are drawing traders’ attention to the next potential resistance zone.
AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.
According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.
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Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
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Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
AI Agent infrastructure layer firm Orthogonal secures $4.3 million in funding, led by Pantera Capital.
According to official announcements, agent infrastructure project Orthogonal has secured $4.3 million in funding, led by Pantera Capital, with participation from Y Combinator, Pioneer Fund, Decasonic, Blast Club, Outbound Capital, Rice Capital, Surreal by Premise, and Batch Ventures (CTO Fund). Orthogonal is dedicated to providing a unified access layer for AI agents, enabling them to discover, orchestrate and pay for required services on demand, so that they can complete tasks including booking, research, data processing and transactions even when existing tools are unavailable. The project aims to become the default entry point for agents to acquire new capabilities.
4 minutes ago
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
According to a report by the UK’s Financial Times, Elon Musk’s SpaceX plans to roll out Starlink mobile services to the U.S. mass consumer market.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
If you’ve ever wondered what happens to the millions of meme tokens flooding Solana, CoinGecko just provided the answer. It’s not pretty.
A sweeping on-chain analysis of 18.67 million tokens launched on Pump.fun between January 14, 2024, and June 18, 2026, found that just 4.55% of them, roughly 850,180 tokens, remained actively traded beyond 90 days. The other 95.45% effectively ceased to exist as tradable assets well before the three-month mark.
Dead on arrival According to CoinGecko’s data, 68.67% of all Pump.fun tokens, approximately 12.8 million of them, recorded their last trade on the very same day they launched. Nearly seven out of every ten tokens created on the platform are born, briefly exist, and then never trade again, all within 24 hours.
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Pump.fun uses a bonding curve model that lets anyone with a Solana wallet spin up a new token with minimal cost and no pre-allocated liquidity. Graduation rates from Pump.fun’s internal trading environment to external decentralized exchanges like Raydium sit below 1-2%. Out of every 100 tokens launched, fewer than two make it to the wider Solana DeFi ecosystem.
A billion-dollar graveyard The platform has generated over $1 billion in cumulative revenue, making it one of the most significant revenue drivers in the entire Solana ecosystem. Every token launch generates fees. Every trade on the bonding curve generates fees. Whether the token goes to zero in six minutes or six months, the platform already got paid.
The 18.67 million tokens analyzed represent one of the largest datasets ever assembled on meme token performance. The 4.55% that survive past 90 days means the token still had at least one trade after three months. It doesn’t mean it was profitable for anyone who held it.
Context and the bigger picture At 18.67 million launches over roughly 29 months, that averages out to more than 21,000 new tokens per day. The sheer volume creates a discovery problem that compounds the survival problem, as tokens with genuine community backing can get buried under an avalanche of new launches within hours.
What this means for traders and investors A 68.67% chance of a token dying on its first day means that the majority of capital deployed into newly launched Pump.fun tokens is, statistically speaking, going to zero almost immediately. The 4.55% survival rate past 90 days means that even if you’re selective, the odds are overwhelmingly stacked against long-term holding.
One thing the data makes clear is that Pump.fun’s revenue success and its users’ investment success are two very different things. The platform thrives on volume. Its users, by and large, do not.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
PANews June 26 news, according to Lookonchain monitoring, a trader on Aster turned a profit of $5.6 million in just one week. A week ago, the trader deposited $3.9 million into a newly created wallet and opened a 1x short position of 139.58 million ESPORTS at around $0.07 (worth $9.44 million). The position currently has an unrealized profit of $5.6 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Strategy’s options market has remained below historical crisis levels even as defensive Bitcoin positioning has climbed into the top fifth of historical readings, according to new research from Anchorage Digital.
Summary
Anchorage Digital says Strategy’s options market is not signaling a severe crisis despite elevated downside hedging. Bitcoin and IBIT options show strong demand for protection, with put skew near historical highs. Legal scrutiny, insider share sales, and stock weakness have increased pressure on Strategy, but options traders are not pricing forced deleveraging. According to a June 25 report by Anchorage Digital head of research David Lawant, traders across Bitcoin options, BlackRock’s iShares Bitcoin Trust (IBIT), and Strategy (MSTR) continue to pay a premium for downside protection, yet Strategy’s options market is not signaling fears of a severe company-specific breakdown.
The research examined options activity on Deribit alongside IBIT and MSTR, arguing that the combination offers a more complete picture of sentiment across crypto-native participants, institutions, and retail investors than any single market on its own.
The Put skew remained elevated in both Deribit and IBIT options, indicating that investors have preferred hedging against losses instead of chasing additional upside. According to the report, defensive positioning ranked in the 82nd percentile of IBIT’s history and the 84th percentile of Deribit’s five-year record.
Lawant also found that Bitcoin options have spent nearly half of 2026 pricing one-week implied volatility above one-month implied volatility. The report attributed the unusual pattern to repeated macroeconomic events, geopolitical developments, and crypto-specific catalysts that have kept traders focused on immediate uncertainty.
Lawant wrote that a return to one-month implied volatility trading above one-week levels would suggest investors are becoming more comfortable looking beyond current risks.
Strategy options remain below historical stress levels Although Strategy has come under growing pressure in recent weeks, Anchorage Digital said its options market has not reached the conditions that accompanied previous periods of severe market stress.
According to the report, traders continue to buy downside protection, but put skew has not climbed to levels that typically signal expectations of forced deleveraging or a broader crisis surrounding the company.
The assessment comes as Strategy’s capital structure has faced fresh strain. The company’s perpetual preferred stock, STRC, dropped to $82.53 on June 22, about 17% below its $100 par value, before recovering after Strategy disclosed that it had increased its fiat reserves to $1.3 billion. By Thursday, STRC was trading near $75, leaving it roughly 25% below par.
Source: Yahoo Finance Pressure has also spread to the company’s common stock. Yahoo Finance data showed MSTR shares were trading around $85 on Thursday after falling about 78% over the past year and reaching a fresh 52-week low.
Legal scrutiny has intensified alongside stock weakness Outside the options market, Strategy has encountered increasing legal and investor scrutiny.
Rosen Law Firm recently announced that it is investigating whether the company made materially inaccurate business disclosures. The firm said it is evaluating potential securities claims and considering a possible class action on behalf of shareholders who suffered losses.
The investigation followed public comments from Bitcoin critic Peter Schiff, who argued that investors in Strategy’s STRC preferred shares could have legal grounds to pursue claims if they purchased the security based on Michael Saylor’s promotion of the company’s Bitcoin treasury strategy. Schiff made those remarks before any law firm publicly disclosed an investigation into potential shareholder claims.
Adding to investor attention, Strategy director Jarrod Patten recently sold another 1,500 MSTR shares as the stock continued its decline.
Despite those developments, Anchorage Digital’s analysis indicates that options traders are preparing for additional volatility rather than pricing in a severe breakdown.
Strategy, led by Executive Chairman Michael Saylor, remains the world’s largest corporate holder of Bitcoin with 847,363 BTC on its balance sheet after pioneering the corporate Bitcoin treasury model in 2020.
Bitcoin can be safely stored by holding it in a self-custodial wallet. Only the BTC owner controls and secures both the Private Keys that authorize transactions, and the Secret Recovery Phrase that can regenerate those keys. No exchange, company, or third party can move, freeze, or recover the funds. In bitcoin's design, whoever holds the keys holds the BTC.
Disclaimer: This guide is for educational purposes only. It is not financial advice, not a solicitation, and not for UK audiences. Self-custody of bitcoin and digital assets is risky and not suitable for all users.
Why safe bitcoin storage matters more than everTargeted bitcoin theft is rising: in April 2025, a single US holder lost 3,520 BTC, roughly $330 million, when a social engineering scam reached their wallet. Physical coercion is rising alongside it. 2025 was a record year for physical attacks on bitcoin owners, with reported assaults up 169% last year. The threat to stored bitcoin comes from two directions at once: centralized platforms that fail catastrophically, and individual holders picked off by social engineering. A sound storage strategy has to account for both failure modes.
The bitcoin storage spectrum: from exchange custody to air-gapped cold storageDifferent bitcoin storage methods trade off security against convenience. The spectrum runs from fully custodial, where an exchange holds the keys, to fully self-custodial and offline, where the keys never touch an internet-connected device. For a breakdown of wallet categories, including hot vs cold and custodial vs self-custodial, see what is a bitcoin wallet. This guide focuses on how to use each method securely.
Storage method
Key control
Internet exposure
Best suited for
Exchange custody
Exchange holds keys
Always online
Active trading and small balances awaiting withdrawal
Software wallet (hot)
Owner holds keys
Online when in use
Day-to-day transactions and moderate balances
Hardware wallet (cold)
Owner holds keys on a secure chip
Offline by default
Long-term holdings and larger balances
Air-gapped hardware or dedicated device
Owner holds keys, never connects to the internet
Fully offline
High-value cold storage
Multisig wallet
Multiple keys required to sign
Varies by setup
Institutional holdings, shared custody, and estate planning
Each step down the table adds security and removes convenience. Combining at least two methods, an approach often called tiered storage, can reduce the risk of any single point of failure.
A practical tiered storage strategyThe most widely used approach, recommended by most security researchers and hardware wallet manufacturers, splits holdings across tiers by how often they are used.
Tier
What it holds
How it is protected
Active tier (software wallet)
A small share of holdings for daily transactions, swapping, and app interactions
Strong device security, updated software, and transaction verification
Cold tier (hardware or air-gapped device)
The majority of holdings, accessed infrequently to refill the active tier or make large transfers
Physical security, a PIN, and a secure phrase backup
Recovery tier (Secret Recovery Phrase backups)
Metal or paper backups in two or more separate locations
Geographic separation; exists solely to reconstruct access if a device is lost, stolen, or destroyed
The right split depends on how often someone transacts and their risk tolerance. The principle stays constant: keep the minimum necessary amount on internet-connected devices, and keep the rest offline.
The Secret Recovery Phrase: the single most important thing to protectA Secret Recovery Phrase is the sequence of 12 or 24 words generated when a wallet is first created. It is the master backup for every Private Key the wallet derives. Anyone who obtains those words in the correct order can rebuild the wallet and move all funds from any device, anywhere. There is no second factor, no confirmation email, and no waiting period.
Physical media is the safest place for it. Paper or stamped metal works; a notes app, screenshot, email, or cloud drive does not. In March 2026, Gen Digital documented a clipboard-hijacking infostealer called Torg Grabber that targeted 728 crypto-wallet browser extensions by silently swapping copied data, a reminder that malware on a connected device can intercept sensitive information the moment it is used.
Two or more physically separate, secure locations protect a backup against fire, flood, or theft at any single site, such as a fireproof safe and a bank safe deposit box. Metal backups add further protection because stamped or engraved steel plates survive fire and water that would destroy paper.
No legitimate wallet provider, exchange, or support representative will ever ask for a Secret Recovery Phrase. Any request for one is a scam, without exception.
Software wallets: self-custody with internet accessA software wallet, sometimes called a hot wallet, is an application on a phone, browser, or desktop that generates and stores Private Keys on the device. The holder controls the keys directly, which removes exchange dependency, but the device stays connected to the internet at least some of the time.
Software wallets are the most practical option for BTC that gets used for sending, receiving, swapping, or interacting with apps. MetaMask, for example, supports native Bitcoin through the Native SegWit derivation path (the modern bitcoin address format that lowers network fees) alongside Ethereum and Solana in a single self-custodial interface.
The security ceiling of a software wallet is the security of the device it runs on. Malware on a compromised phone or computer can expose Private Keys, no matter how well the wallet software is built. Practical defenses include keeping the operating system updated, avoiding sideloaded apps from unofficial sources, using a dedicated device where possible, and keeping the Secret Recovery Phrase off the device that runs the wallet.
Hardware wallets: offline key isolationA hardware wallet is a purpose-built physical device that generates and stores Private Keys in a secure element, a tamper-resistant chip that never exposes the keys to an internet-connected computer or phone. When a transaction needs signing, the details go to the device, get signed internally, and return. The Private Keys never leave the hardware.
This architecture means that even if the computer used alongside the hardware wallet is compromised, the attacker cannot extract the keys or alter the transaction details without physical access to the device and its PIN.
What to look forFeature
Why it matters
Secure element chip
Prevents key extraction even with physical access
On-device transaction display
Verifies the exact recipient and amount before confirming, which defeats address-swapping malware
Open-source firmware
Allows independent security audits
Bitcoin-native support (SegWit, Taproot)
Ensures full compatibility, not just wrapped or tokenized BTC
Direct manufacturer purchase
Eliminates tampered-device risk from third-party resellers
Pairing hardware with softwareHardware wallets work alongside software wallets rather than replacing them. The software wallet handles the interface and network connection; the hardware wallet handles signing. MetaMask Extension connects to hardware wallets, including Ledger, Trezor, Keystone, and NGRAVE ZERO, which pairs day-to-day portfolio visibility with offline key isolation.
Air-gapped storage and multisigFor high-value holdings, some holders go further than a standard hardware wallet.
Air-gapped devices are hardware wallets or dedicated computers that never connect to the internet in any way, including USB, Bluetooth, or Wi-Fi. Transactions pass to the device by QR code or microSD card, get signed offline, and pass back the same way. This removes the entire category of remote, network-based attacks.
Multisig, or multi-signature, wallets require more than one Private Key to authorize a transaction, for example, two out of three keys held in separate locations or by separate people. This removes the single point of failure in any single-key setup. If one key is lost or compromised, an attacker still cannot move funds, and the holder can recover using the remaining keys. Multisig is common in institutional custody, shared business accounts, and estate planning, where access needs to survive the loss of any single keyholder.
Both approaches add complexity and generally make sense only for holdings where the security benefit justifies the operational overhead.
Exchange custody: the risks of leaving BTC on a platformWhen bitcoin sits on an exchange, the exchange controls the Private Keys. The holder has a claim on the platform's reserves, not direct ownership of specific BTC on the blockchain. If the exchange is hacked, freezes withdrawals, or becomes insolvent, that claim may be worthless.
The February 2025 Bybit breach resulted in roughly $1.5 billion stolen, the largest single crypto theft on record, according to Chainalysis. The collapses of FTX in 2022 and Mt. Gox in 2014 showed the same structural risk at different scales. Chainalysis attributed 88% of Q1 2025 theft losses to compromises of centralized services, a pattern MetaMask's December 2025 Crypto Security Report saw alongside last year's $3.4 billion in total losses.
For holders who keep some BTC on an exchange to trade actively, enabling every available security feature, including two-factor authentication, withdrawal address whitelisting, and email confirmations for withdrawals, reduces the risk without eliminating it. Exchange custody still means trusting someone else's infrastructure.
Phishing and social engineering: the biggest threat to any storage methodThe most common way bitcoin holders lose funds is by being tricked into handing over access, not protocol exploits. No storage method protects a holder who gives away the keys.
Address poisoning is the fastest-growing blockchain network attack vector. As of early 2026, Blockaid had flagged more than 65.4 million address-poisoning transactions since January 2025, averaging over 160,000 per day. Attackers send tiny transactions from addresses that match the first and last characters of a victim's real addresses. When the victim copies an address from transaction history instead of verifying the full string, the funds go to the attacker. According to CoinDesk, one victim lost roughly $50 million this way in December 2025. One way to reduce address poisoning risks is to verify the full address before every send and to use a saved address book rather than transaction history. MetaMask's Address Poisoning Detection is built into the wallet by default. It compares each newly pasted address against addresses the user has already interacted with, and shows a warning when it spots a lookalike.
Impersonation was one of the fastest growing scam categories in 2025, according to Chainalysis. The attack shows up in many different forms, including: hackers posing as trusted brands, founders, or officials, and fake support staff who claim to represent a wallet provider or exchange. Both reach victims over channels like Telegram, Discord, and email. Legitimate support never initiates contact by direct message and never requests yourSecret Recovery Phrase. For example, leading self-custodial wallet MetaMask will never ask you for your Secret Recovery Phrase.
Malicious transaction signing tricks holders into approving transactions that grant an attacker permission to move tokens. This often happens through spoofed dapp interfaces. Defense: read every transaction detail before signing. MetaMask's transaction simulation and security alerts scan for known malicious addresses and suspicious contract interactions before execution. Reject anything that can't be fully read and understood.
Recovering bitcoin: what to do when something goes wrongScenario
What to do
Lost Secret Recovery Phrase, wallet still accessible
Create a new wallet, record the new phrase securely, and move all funds to it. Treat the old wallet as compromised, so the funds stay safe even if the lost phrase resurfaces.
Lost Secret Recovery Phrase, wallet inaccessible
The funds are permanently unrecoverable. No wallet provider can restore them. This is the most consequential risk in self-custody.
Compromised device
Move funds to a wallet on a clean, trusted device using a different Secret Recovery Phrase. Do not enter existing phrases on the compromised device.
Wrong address
Bitcoin transactions are irreversible once confirmed, with no chargeback and no central authority to appeal to.
Because confirmed bitcoin transactions cannot be reversed, pre-send verification is an important habit rather than an optional step. A small test transaction can confirm a new address, but a test alone is not enough: the December 2025 victim who lost $50 million sent a test first, then copied the poisoned address from transaction history. Re-entering or pasting the address from a saved, verified source for every send closes that gap.
Frequently asked questions about storing bitcoin safely
According to a recent report shared by David Lawant, head of research at Anchorage Digital, demand to hedge against downside risks in Bitcoin options remains elevated. The study indicates that both crypto-focused investors and participants in exchange-traded funds are intensifying efforts to protect themselves from potential declines.
Three markets analyzed togetherThe report reviews option activity across Deribit, BlackRock’s iShares Bitcoin Trust (IBIT), and shares of Strategy (MSTR). Anchorage Digital highlights that analyzing these three platforms together provides a broader view of trends among crypto-native investors, institutional players, and retail participants compared to a single market perspective.
Anchorage Digital is recognized as a US-based financial firm that provides custody, trading, and infrastructure services in digital assets. The report notes that a strong preference for puts persisted on both Deribit and the IBIT options market. This trend shows that investors are opting to pay premiums for downside protection instead of betting on major price rallies.
The report finds that defensive positioning has reached the 82nd percentile in IBIT’s history and the 84th percentile in Deribit’s last five years.
Short term risk perception comes to the foreThe research points to a notable volatility structure in Bitcoin options through 2026. Specifically, the market has priced implied volatility for the upcoming week higher than that for the next month nearly half the year. The report states that, while such inversions have historically appeared occasionally and briefly, this time macroeconomic, geopolitical, and crypto-specific events have made the pattern stand out more sharply.
This landscape suggests that option investors are prioritizing management of short term uncertainties rather than making firm directional bets. Lawant notes that a return of one month implied volatility outpacing weekly levels would imply that the market has grown more comfortable looking beyond immediate risks.
Pressure mounts on Strategy, but no panic signalsAnchorage Digital’s analysis shows a cautious approach among Strategy investors, yet no sign that participants are bracing for a severe downturn. Despite recent weakness in both its preferred and common shares, the level of stress in Strategy’s options market has not reached those witnessed during previous sharp corrections.
Strategy’s perpetual preferred share, STRC, slid to as low as $82.53 on June 22, trading about 17% below its $100 nominal value. After the company announced its cash reserves had risen to $1.3 billion, the share price partially recovered. As of Thursday, STRC was trading around $77, roughly 23% below nominal value.
The weakness did not stop at STRC. Yahoo Finance data shows Strategy’s common stock, MSTR, has fallen about 78% over the past year and was changing hands near $87 on Thursday.
Nevertheless, the report underscores that the put demand in MSTR options has not approached levels associated with forced deleveraging or fears of a broader crisis. Led by Michael Saylor as its executive chairman, Strategy became one of the early adopters of the corporate Bitcoin treasury model in 2020. The company currently holds 847,363 BTC on its balance sheet.
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.
PANews reported on June 26, according to The Block, Strategy's perpetual preferred stock STRC fell to an all-time low of $74 on Thursday, a 26% discount to its $100 par value, before slightly recovering to $75.69; MSTR broke below $87, its lowest since February 2024, with a drop of more than 50% over the past month or so. STRC is the primary financing vehicle for Strategy's recent Bitcoin accumulation. Strive's perpetual preferred stock SATA fell to an all-time low near $84 on Thursday.
PANews June 26 news, according to CoinDesk, the 90-day correlation between Strategy perpetual preferred stock STRC and Bitcoin’s price has climbed to nearly 0.70, the highest level since the product launched in July 2025. This month STRC fell 23% to $76, while BTC price dropped nearly 20% to below $60,000, with both weakening in tandem. This increasingly tight link weakens STRC’s appeal as a relatively stable yield instrument for investors seeking fixed income.
STRC is designed as a hybrid product: a variable-rate perpetual preferred stock with a $100 par value, paying monthly cash dividends at a current annualized dividend yield of 11.5%. When the share price is above par, the company can raise funds via at-the-market offerings to buy Bitcoin. But STRC is currently well below par, limiting the company’s ability to finance coin purchases. Strategy has recently made small BTC sales to cover dividend expenses, marking a shift from its long-standing “never sell” stance. Market views are split: some investors see the current discount as an attractive entry opportunity for yield-oriented capital, while others worry that persistent weakness may pressure the capital structure.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
In the past 24 hours, Bitcoin [BTC] saw $415.83 million worth of derivatives traders liquidated, with $319.18 million worth of these positions being long. Recent hours of trading saw the leading crypto test the $59.1k low once again, threatening another bearish breakdown.
Since the 6th of May, the Coinbase Premium Index for Bitcoin has been negative. The metric tracks the asset’s price difference between Coinbase (USD pair) and Binance (USDT pair).
Source: CryptoQuant The low premium levels implied reduced enthusiasm among U.S.-based investors compared to the global market. Additionally, the liquidation heatmap data AMBCrypto reported on earlier indicated why BTC prices might dive toward the $57k area in the coming days.
Price weakness versus subsiding Spot selling pressure Source: BTC/USDT on TradingView The 4-hour chart showed a bearish swing structure in place. The fall from $74.5k to $59.1k was used to plot a set of Fibonacci retracement levels (yellow). The 50% level at $66.8k rejected the bullish advance.
The longer-term structure, combined with this rejection, meant that a price drop to $55.5k and possibly even $49.6k could commence in the coming weeks.
The hidden danger for the next Bitcoin market phase Glassnode’s weekly market report noted that Spot markets led the sell-off. Derivatives markets reacted to the move rather than driving it, which can help achieve market lows in the coming months.
Some long-term investors were beginning to see current prices as attractive buying levels. However, a market-wide accumulation was not yet underway, according to the analytics platform.
There is a threat that could catalyze the market bottom.
Source: Axel Adler Jr. Crypto analyst Axel Adler Jr. drew attention to the Bitcoin and the Strategy [MSTR] stock’s drawdown. They were 51% and 78% down from their highs, respectively, which represented heavy losses.
Still, it wasn’t close to the 2022 bottom values, when drawdown reached -77% and -89%, respectively.
If the company is forced into a position where it has to sell spot Bitcoin to pay preferred dividends and the company’s interest on debt, it could be bad news for the wider crypto market.
Though the company’s debt has no margin call risk, its spot selling could send the already fearful market sentiment into a widespread panic.
Such an outcome could hasten or even mark the final capitulation of the cycle before an eventual recovery.
Final Summary The Bitcoin Coinbase Premium Index has been negative for more than six weeks, signaling weak interest from U.S. investors. In the short term, another price drop below $59k appeared likely, as derivatives markets catch up to the spot-driven move.
PANews June 26 news, according to BIT analysis, Bitcoin mining is undergoing the most complex structural adjustment since the protocol's inception. Bitcoin price is holding near $61,000, and total network hashrate is near 1 ZH/s at historic highs, but the industry's economics paint a starkly different picture: profit margins remain under pressure, incentive structures are misaligned, and the 2028 halving will force a systemic re-evaluation across the entire industry. Five independent analysis frameworks (production cost model, hashrate-price divergence analysis, fee revenue analysis, overall security budget, and industry profit/loss analysis) all point to the same conclusion: Bitcoin mining is currently operating near breakeven levels, and no credible alternative revenue source has yet emerged within pure mining operations.
But this does not mean the industry is collapsing. Surviving mining companies are transforming into infrastructure operators, energy arbitrage operators, and AI/HPC computing infrastructure providers. If successful, this transformation could redefine Bitcoin's security model for the next cycle and beyond. At this stage, some mining companies still have the conditions to stand out in this challenging environment.
Bitcoin fell briefly toward the $58,000 level on Thursday as mounting macroeconomic uncertainty, weakening short-term investor conviction and widespread liquidations intensified selling pressure across crypto.
The decline came amid a sharp reversal in US equities, erasing roughly $1 trillion from the S&P 500, while Bitcoin briefly touched $58,000 for the first time in 21 months.
Short-term holder momentum continues to weakenCryptoQuant stated that the market continues to show signs of weakening speculative demand, with the Short-Term Holder (STH) Realized Price Year-on-Year Momentum falling deeper into negative territory.
The metric has declined from around -2.4% in mid-March to approximately -24% as of Tuesday, suggesting that recent buyers are entering the market at significantly lower price levels than a year ago.
CryptoQuant noted that the continued deterioration reflects fading participation from short-term traders, although the current reading remains less severe compared to previous bear-market reset periods, when the metric typically fell between -55% and -65%.
“These levels coincided with periods of severe short-term holder cost-basis reset, after which market conditions eventually improved,” CryptoQuant analyst Zizcrypto wrote.
While Bitcoin's price could begin to recover before the indicator reverses, the firm said the metric has yet to show evidence of a sustained improvement in short-term holder conviction.
Inflation fears spark market-wide sell-off amid Bitcoin declineThe weak onchain backdrop coincided with a dramatic sell-off across traditional financial markets. The Kobeissi Letter attributed the declines to renewed inflation fears and concerns surrounding the rising costs of artificial intelligence infrastructure.
Markets initially shrugged off US Personal Consumption Expenditures (PCE) data showing inflation accelerated to 4.1% in May, the highest level since April 2023. However, the event was followed by a sharp dip in equities, with Apple stock dropping nearly 6% after it announced an increase in product prices.
The broader risk-off move spilled over into digital assets, where approximately $500 million in leveraged Bitcoin long positions were liquidated in about an hour, accelerating Bitcoin's decline toward $58,000.
STRC weakness pressures Strategy's funding outlookOn the other hand, Arkham Intelligence highlighted that growing concerns surrounding Strategy's STRC perpetual preferred shares added another layer of uncertainty for Bitcoin investors.
The firm noted that STRC's roughly 25% decline below its $100 par value reflects investor concerns over Strategy's ability to sustain its $1.2 billion annual dividend payments rather than an imminent collapse.
Unlike Terra's algorithmic stablecoin model, STRC has no forced liquidation mechanism or mandatory dividend obligation that could trigger a death spiral.
Arkham warned that prolonged weakness in the preferred shares could make future capital raises more difficult. Such conditions could slow Strategy's Bitcoin accumulation strategy over the long term if investor appetite continues to weaken.
Bitcoin is trading at $59,770, down nearly 2% in the past 24 hours at the time of writing.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
Alpha is MetaMask's weekly market report—context, data, and signal.
Bitcoin is trading as part of a macro risk basket with semiconductors and SpaceX, not on crypto-native catalysts. The AI-stock selloff, Micron's earnings test, and a massive options expiry are defining the regime.
TL;DRBTC is moving with chip stocks, not crypto headlines
Micron's $41.5B quarter tests the AI capex cycle
$10B in options expire Friday, quarter-end closes Tuesday
The Number: SpaceX sees $600 billion come and goAt least that much market value has been erased from SpaceX since the company’s stock price soared post-IPO last week, according to coverage of the three-session selloff.
The Big Story: Why BTC is trading like a chip stock right nowBitcoin slid toward $62,000 on June 23 as a 10% crash in global AI stocks spread into digital assets. A day later, Micron posted record fiscal Q3 revenue of $41.5 billion and guided Q4 to $50 billion. Memory is the bottleneck that matters most to the AI buildout, so Micron's print was a test of whether the capex cycle underneath the AI trade is still real.
BTC moved with semis because macro funds have spent much of 2026 treating semis, data-center suppliers, Bitcoin, and Bitcoin proxies as one long-duration risk basket. The ETF wrapper, the futures market, and the treasury-proxy layer each transmit that differently.
This is not a trade call. It is a regime call. When chip earnings, the dollar, and Fed repricing drive BTC more than crypto-native headlines, the basket is in control. The same de-risking that hit semis helped puncture SPCX's first-week premium. Polymarket's Fed hike board at 55–60% puts a live number on the regime.
The Setup: Another one (quarter)Friday, June 26: Roughly $10.5 billion in BTC options expire on Deribit, with max pain near $72,000 before the monthly crypto derivatives reset.
Tuesday, June 30: Quarter-end positioning and June closes could exaggerate moves across BTC, semis, and SPCX.
Disclaimer: This content is for general information purposes only and does not constitute financial, investment, tax, or legal advice and is not a recommendation to buy or sell any particular digital asset or to employ any specific investment strategy.
Binance Alpha will today launch the exclusive Token Generation Event (TGE) for CAP (CAP)
According to official announcements, Binance Alpha will launch the exclusive Token Generation Event (TGE) for CAP (CAP), with the subscription period running from 18:00 to 20:00 (UTC+8) on June 26, 2026. Eligible users must participate using Alpha Points.
4 minutes ago
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
4 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
4 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
According to Bitget market data, the Nikkei 225 index has extended its decline to 5%, with SoftBank and chip stocks plummeting.
PANews June 26 news, according to SoSoValue data, yesterday (Eastern Time June 25) the total net outflow of Bitcoin spot ETFs was $696 million.
The Bitcoin spot ETF with the highest single-day net inflow yesterday was Morgan Stanley ETF MSBT, with a single-day net inflow of $9.1679 million. As of now, MSBT's historical total net inflow has reached $327 million.
The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity (Fidelity） ETF FBTC, with a single-day net outflow of $274 million. As of now, FBTC's historical total net inflow has reached $10.143 billion.
As of press time, the total net asset value of Bitcoin spot ETFs is $72.573 billion, the ETF net asset ratio (market value as a percentage of total Bitcoin market cap) has reached 6.09%, and the historical cumulative net inflow has reached $52.05 billion.
Analysts have previously argued that XRP needs to reach at least $10 to deliver the returns most retail holders are expecting. Jake Claver, a digital asset analyst whose clients hold significant XRP positions, says that target is achievable but only if a specific set of conditions align at the same time.
The $10 Target and What It Requires
Claver was open about the conditions needed. A $10 XRP is not the default outcome. It is the outcome of a perfect storm, and several events need to play out in sequence for that storm to materialise.
The most important piece is the CLARITY Act. Claver argued that the legislation is not just important for crypto sentiment. It is structurally critical for the global financial system. His reasoning is specific and largely absent from mainstream coverage.
When the yen carry trade eventually unwinds, a significant volume of U.S. Treasuries will hit the market as Japanese and other foreign investors sell American bonds to buy domestic assets. The U.S. needs domestic demand to absorb those Treasuries without destabilising the bond market.
Stablecoins, which under the GENIUS Act framework are required to be backed by U.S. Treasuries, represent that domestic demand. Without stablecoin regulation in place, banks are not positioned to issue them at scale, and without that scale, the safety net for the bond market does not exist.
“If we don’t have stablecoin regulations solidified, the banks aren’t going to be in a position to do that,” Claver said. “Stablecoins are the domestic demand to stabilise the bond market and make sure the whole global financial system doesn’t collapse.”
In that framing, the CLARITY Act and the GENIUS Act are not just crypto regulation. They are systemic financial infrastructure, and their passage unlocks the conditions under which XRP’s cross-border settlement utility becomes indispensable at institutional scale.
Where XRP Stands Right Now
XRP briefly touched $1.00 this week before recovering slightly, sitting approximately 70% below its all-time high. Claver described current prices as a buying opportunity.
A $10 XRP requires the CLARITY Act to pass, stablecoin regulation to reach the banks, institutional capital to enter the market and the macro environment to shift toward rate cuts as inflation cools.
None of those things are guaranteed. But Claver believes they are all more likely than not to occur before this cycle ends, and that the investors positioned now are the ones who will benefit most when they do.
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Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
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XRP crashes to price point last seen in November 2024.
XRP's price crashed to another new low of $1.02 on June 25 as the sixth-largest cryptocurrency hit a level it last touched in mid-November 2024.
However, that was a different time as Donald Trump had just won the presidential election for the second time and the crypto market was rallying as a consequence.
In 2024, XRP was trading at $0.50 in early November and aggressively rallied to $2.70 in early December.
When the legal battle regarding the regularity status of XRP in the United States was nearing its end, its price hit as high as $3.65 in mid-July 2025.
But then, the flash crash on Oct. 10 ruined everything for the crypto market, and XRP couldn't escape the heat either. This June, the cryptocurrency has been struggling to hold the $1 price level.
Even the leading cryptocurrency, Bitcoin (BTC), crashed below $58,200 on June 25—a price range it had last touched in September 2024.
Trending on TheStreet Roundtable:Analyst compares Saylor's Strategy to bankrupt crypto companyStandard Chartered predicts 5,000% upside for struggling tokenBlackRock's iconic fund hits new yearly lowXRP ETFs show weak performanceOver the last 24 hours, crypto positions worth $915 million have been liquidated as per CoinGlass.
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XRP liquidations stood at $42 million, including $40.7 million in long and $1.5 million in short positions.
Liquidation Heatmap, Source: CoinGlass
U.S. spot exchange-traded funds (ETFs) linked to XRP, launched in 2025, have also seen a weak performance over the last few months.
The first few months saw stunning performance, with the ETFs posting net inflows of $666.61 million in November and $499.91 million in December even amidst a bearish market.
But 2026 has been very rough for the funds, with inflows of $15.59 million in January and $58 million in February.
Total XRP Spot ETF Net Inflow, Source: SoSoValue
March was worse, with the funds bleeding $31 million in outflows. April, May, and June have brought in inflows of $81.59 million, $131.94 million, and $31.32 million, but the figures have been declining.
After SBI Holdings announced the release of its yen-backed digital asset, JPYSC, on June 24, XRP Ledger validators moved swiftly to warn users about counterfeit tokens imitating the name and abbreviation. These warnings intensified after rumors spread that JPYSC had been issued on the XRP Ledger, even though SBI has not confirmed any deployment of JPYSC tokens on XRPL or any other public blockchain.
Hussein Zangana, a validator on XRP Ledger known as Vet, emphasized that there has been no public announcement from SBI regarding the issuance of JPYSC on the XRPL. He advised users to treat any asset appearing with the JPYSC code on the network with caution unless its origin can be definitively verified.
No public statement has been made by SBI on the issuance of JPYSC on XRPL. Users are urged to independently verify any asset using the JPYSC name before trading.
Other community members also reported that they have begun monitoring trustline activity linked to known SBI addresses. This oversight could make it easier to separate official on-chain movements from fraudulent ones if SBI ever launches an official token. Validators highlighted the importance of carefully checking the issuing address, trustline records, and token metadata for legitimacy.
Mini glossary: A trustline in XRP Ledger is a ledger record that allows an account to recognize tokens issued by a specific party. It is a key mechanism for tracking which asset comes from which issuer.
A central theme of the warnings is the ease with which individuals can create imitation tokens in public ledgers. As anyone can establish a token with a familiar name or ticker, community members cautioned that tokens should not be considered authentic based solely on their branding unless validated through official channels.
JPYSC currently confined to SBI VC Trade platformSBI launched JPYSC as a yen-pegged stablecoin available to account holders on its SBI VC Trade platform on June 24. The asset is issued by SBI Shinsei Trust Bank and distributed via SBI VC Trade, which are both part of SBI Holdings, a major Japanese financial powerhouse active in banking, securities, and digital assets.
JPYSC was developed through collaboration between SBI and Startale Group. According to the company, this token is structured as a trust-type electronic payment instrument under Japan’s regulatory framework—a setup that eliminates the 1 million yen transaction cap seen in some digital payment products.
SBI stated that technical and operational preparations for public blockchain circulation of JPYSC are complete, but wallet and network transfers await tax and regulatory approvals.
For now, JPYSC is only available within SBI VC Trade accounts. Token holders cannot transfer it to external wallets or public blockchain networks yet, and SBI has not disclosed which public ledger it may eventually utilize for open transfers. As a result, speculation about JPYSC operating on XRP Ledger remains unsubstantiated without official confirmation.
SBI’s Chairman and CEO, Yoshitaka Kitao, recently stated that blockchain adoption in finance is now an irreversible trend. Startale founder Sota Watanabe said that, while technological requirements for external wallet transfers are complete, pending matters are mostly on the tax and regulatory front.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
XRP is attempting to hold the key support region around $1.02 following a recent sell-off, as market attention turns to the progress of the CLARITY Act for digital assets in the United States. Analysts indicate that whether this technical level is maintained could determine the short-term direction for the cryptocurrency.
XRP holds at crucial support regionAccording to recent technical assessments shared in the market, XRP currently trades within one of the most significant support zones of this cycle. Analyst ChartNerdTA highlights that the 200-week exponential moving average and the 300-week simple moving average intersect close to $1.02. These averages are commonly used to monitor medium- and long-term price trends.
Mini glossary: POC, or Point of Control, refers to the price level with the highest trading volume over a certain period. EMA (Exponential Moving Average) responds more quickly to price changes, while SMA (Simple Moving Average) calculates the average price evenly across the selected period.
The analysis draws parallels with the bear market low of 2022, when XRP slipped about 23% below the 200 EMA on the biweekly chart before rebounding as a cycle bottom formed. Should a similar scenario unfold, the price could theoretically approach the $0.80 region, though this is not presented as a definite outcome.
According to ChartNerdTA’s assessment, market focus now centers on the Point of Control at current levels: a sustained hold could spark a recovery, but a breakdown may lead to deeper corrections.
In the short term, while some investors continue to anticipate a last wave of weakness following the recent sell-off, others argue that underlying fundamentals remain stronger than the technical picture suggests.
US CLARITY Act brings regulatory debates back to focusAmid ongoing price pressure, the CLARITY Act—a US legal proposal on digital asset regulation—is also shaping industry sentiment. The bill seeks to place investment contract-type assets under SEC oversight, while assets classified as digital commodities would fall mainly under CFTC supervision.
The bill cleared the Senate Banking Committee in May with a 15-to-9 vote and has been scheduled on the Senate calendar since early June. However, further progress remains uncertain due to ongoing debates over ethical guidelines, developer liability protections, and other wider regulatory provisions.
Ripple, through its “Clarity Truck” campaign in Washington, has called on policymakers to establish clear and consistent rules for digital assets, lending support to regulatory clarity.
Ripple, a US-based blockchain company known for its cross-border payments infrastructure built on the XRP Ledger, stands among the most prominent supporters of this regulatory move. The special field hearing scheduled by the House Financial Services Committee in New York on July 17 is expected to increase political momentum around the bill.
Technical indicators flash mixed signalsBased on TradingView data, the overall technical outlook for XRP remains neutral, though most sub-indicators suggest ongoing weakness. Of the signals monitored, 16 point to sell, eight to neutral, and only two to buy. Over the last 24 hours, XRP declined by 2.86%, trading again near $1.02 at the time of reporting.
IndicatorLevelCommentMain support$1.00 to $1.02Critical for the short termImmediate resistance$1.14 to $1.15Needs to be reclaimed for improved outlookDeeper support$0.81132Lower support regionMoving averages suggest the downward trend remains intact. The 10-day EMA stands at $1.12065, the 20-day EMA at $1.15322, the 50-day EMA at $1.23333, and the 200-day EMA at $1.54315. In contrast, the Relative Strength Index (RSI) is nearing the oversold threshold at 33.89, with Stochastic RSI at 14.16 and the Williams %R indicator at minus 88.51. The MACD indicator continues to hold negative at minus 0.04456.
This data suggests selling pressure may have eased somewhat, yet there is not enough confirmation for a strong recovery. Market participants are now watching to see if the $1.00 to $1.02 band can be maintained and whether the $1.14 to $1.15 range can be regained on the upside.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
26 June 2026 | 00:59 XRP has slipped to $1.04, down 3% on the day, after touching a low of $1.0116, its weakest print since the June 5 capitulation.
Key Takeaways XRP fell to $1.0405, with today’s low of $1.0116 the weakest since June 5. All three moving averages are declining and stacked well above price. Glassnode’s 90-day Realized P/L ratio hit 0.33, its lowest since August 2022. The reading signals a deepening capitulation, not a confirmed bottom. The price is pressing toward the psychologically important $1.00 line, and the on-chain data underneath suggests the selling is structural rather than a brief flush.
The Technical Snapshot The daily chart is firmly bearish. All three moving averages are declining and stacked well above price, the 50-day at $1.2675, the 100-day at $1.3265, and the 200-day at $1.5240, leaving no nearby support from any of them. RSI at 30.74 sits right at the edge of oversold territory.
In plain terms, an RSI near 30 means the recent selling has been intense enough that the asset may be due for a pause or a small bounce as sellers run out of steam, though oversold alone doesn’t guarantee a reversal. One sign of life: volume at 3.86M is the highest green bar on the visible chart, which suggests the bounce off today’s low had some real participation behind it.
Level Zone Significance Resistance $1.10-$1.12 Last week’s consolidation zone before the breakdown Resistance $1.20 / $1.27 Higher levels; $1.27 aligns with the 50-day average Support $1.01-$1.03 Today’s low zone, currently being tested Support $1.00 Psychological floor; little structural support below it The On-Chain Reality The chart shows the price; Glassnode’s data shows the behavior, and it’s the more sobering of the two. The Realized Profit/Loss Ratio’s 90-day moving average has dropped to 0.33, the lowest reading since August 2022. That ratio measures how much profit is being realized on-chain versus loss. When it’s below 1, losses dominate, and at 0.33, losses are overwhelming profits by roughly three to one on a smoothed 90-day basis.
The smoothing is what makes it meaningful. This isn’t a one-day spike in panic selling, it’s a sustained structural shift, with a growing share of XRP holders exiting underwater over months, not days. The historical context sharpens the point: the last time this ratio was this depressed was the 2022 bear-market bottom zone. That cuts both ways, though. It’s not a buy signal on its own, because the ratio can stay depressed for long stretches, but it does suggest the capitulation phase is deepening rather than just beginning.
The Macro Backdrop None of this is happening in isolation. Crypto markets are currently tethered to broader economic signals, particularly expectations around Federal Reserve interest-rate policy, which shape whether investors are in a risk-on or risk-off mood and Strait of Hormuz most recent escalation. In the current risk-off environment, speculative assets like XRP tend to be sold among the first and hardest, which is part of why the on-chain selling has been so persistent. Until that macro backdrop shifts, relief rallies in assets like XRP have tended to be sold into rather than sustained.
What It Means for Holders For anyone holding through this, the honest framing matters. Capitulation phases like this one are painful, and historically they have often coincided with the later stages of a market reset, the kind of washout that has preceded past recoveries. But “often coincided with” is not “marks the bottom.” The same on-chain data that shows deep capitulation also shows it can persist for extended periods, so this is a description of where the market is, not a forecast of when it turns.
The level everyone is watching is $1 – level which hasn’t been seen since October 10, 2026 flash crash. A clean breakdown below it, with no structural support visible until sub-$1 territory, could open the door to further downside and continued consolidation. Holding that line, especially with the elevated bounce volume seen today, could instead invite a relief attempt toward the $1.10 to $1.12 resistance. Which way it resolves is the question the next sessions will answer, and the data, for now, describes a deepening washout rather than a confirmed floor.
This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
The first six months of 2026 were packed with major announcements for Ripple as the company aggressively expanded its global footprint across payments, custody, stablecoins, and tokenization. From deepening ties with banks and fintech giants to launching RLUSD in new markets, here are top Ripple partnerships and expansions from January through June 2026.
January 2026DXC Technology Partnership (Jan. 21): Ripple partnered with DXC Technology to integrate blockchain-based custody and payments directly into banks’ existing core banking systems.Ripple Treasury Launch (Jan. 28): Ripple introduced Ripple Treasury, a new platform designed to help institutions manage liquidity, settlements, and treasury operations using RLUSD.February 2026Hyperliquid Integration via Ripple Prime (Feb. 4): Ripple Prime integrated with Hyperliquid, giving institutional clients access to DeFi derivatives and cross-margin trading capabilities.Securosys and Figment Partnership (Feb. 9): Ripple expanded institutional custody services through partnerships with Securosys and Figment, enabling regulated clients to securely stake assets like Ethereum and Solana.March 2026Ripple Payments Upgrade (Mar. 3): Ripple enhanced its payments platform by combining fiat settlements, stablecoin payments, custody, and treasury services into a single enterprise solution.$100 Billion Stablecoin Milestone (Mar. 4): Ripple revealed that its stablecoin infrastructure had surpassed $100 billion in processed payment volume.Convera Partnership (Mar. 31): Ripple partnered with Convera to enable faster crypto and stablecoin-powered cross-border business payments.April 2026Brazil Expansion: Ripple expanded institutional custody, treasury, and payments services in Brazil while actively pursuing additional regulatory approvals in the country.Kyobo Life Insurance Partnership (Apr. 15): Ripple joined forces with Kyobo Life Insurance to pilot blockchain-based settlement for tokenized government bonds in South Korea.Kbank Custody Deal (Apr. 29): Ripple partnered with Kbank to deploy scalable digital asset wallet and custody infrastructure.May 2026$200 Million Financing Deal (May 11): Ripple secured a $200 million debt facility to support expansion of its institutional product suite.EDX Markets Partnership (May 19): Ripple Prime partnered with EDX Markets to strengthen institutional liquidity and improve digital asset market access.June 2026RLUSD Expansion in Türkiye (Jun. 2): Ripple expanded RLUSD into Türkiye through partnerships with Bitexen, Bitlo, and BiLira.Bitso Partnership Expansion (Jun. 11): Ripple deepened its collaboration with Bitso to support enterprise stablecoin settlement systems across Latin America.MiCA CASP License Approval (Jun. 23): Ripple secured preliminary approval for a MiCA Crypto Asset Service Provider license in Luxembourg, paving the way for regulated expansion across Europe.Flutterwave Integration (Jun. 24): Ripple integrated with Flutterwave to streamline remittances and reduce payment costs across Sub-Saharan Africa.SBI Group RLUSD Launch (Jun. 25): Ripple and SBI Group officially launched RLUSD in Japan following regulatory approval, bringing the stablecoin to both retail and institutional users through SBI VC Trade.With partnerships spanning banking, payments, custody, tokenization, and stablecoins, the first half of 2026 highlighted Ripple’s growing push to build global blockchain infrastructure for traditional finance.
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Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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In brief Base was down for more than two hours on Thursday after an issue arose that halted block production. The network is back up and running, and the network is still moving forward with a planned upgrade. Last month, the network had a partial outage that affected withdrawals. Base, the Ethereum layer-2 network incubated by crypto exchange Coinbase, was down for more than two hours on Thursday due to an issue that affected block production.
The issue first arose around noon ET on Thursday and came just hours before the network had a scheduled upgrade, according to the network’s status page.
“Base Mainnet is currently halted while the team works on an issue with block production,” the network posted on X around 12:20 p.m. ET. “All funds are secure, and we’ll update below once resolved.”
Around 1:00 p.m. ET the network reportedly identified the issue, but it was not immediately resolved.
Blocks are being produced and we’re seeing apps and infrastructure coming back online as their Base nodes are restarted and synced.
Recovery should be quick for each app/infrastrucure provider once the node restarts are initiated.
Thank you all for your patience while we got…
— Base Build (@buildonbase) June 25, 2026
“We continue to debug and have isolated a consensus problem that caused an invalid block to be sequenced,” the network posted on its status page. “This prevented new blocks from being created.”
An hour later, the sequencing of new blocks began syncing normally, though the network was still working on finding a root cause to the issue.
Thursday’s outage is the first block production and deposit issue on the network’s mainnet in the last 90 days, according to its status page. However, in May, the network reported around 30 hours of withdrawal delays.
A representative for Coinbase did not immediately respond to Decrypt’s request for comment.
The network is still undergoing its Beryl hardfork upgrade, which will implement a new token standard for stablecoins and tokenized real-world assets (RWAs) on the network, while reducing withdrawal delays.
Though blockchain outages are not common, they have plagued networks from time to time, impacting network activity in the process.
Earlier this year, layer-1 network Sui suffered an outage on three consecutive days following gas and validator bugs on its mainnet. Prominent layer-1 network Solana also has a history of major outages, though it hasn’t reported a mainnet issue since February 2024.
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In the past 24 hours, the crypto market witnessed $1.42 billion in liquidations in the derivatives market. Ethereum [ETH] accounted for $349.17 million, with $274.29 million worth of long positions facing liquidation.
The leading altcoin was testing the $1,550 price level that it had tested in the first week of June. The higher timeframe price trend was bearish, and Bitcoin [BTC] was trading below the $60k support level at the time of writing.
This strong price move was likely driven by a liquidation cascade. According to Glassnode data, the selling pressure could intensify.
Source: Glassnode The 7-day moving average of the Ethereum net transfer to/from exchanges metric saw a positive shift. It had been negative over the past three weeks, signaling a flow of coins out of exchanges.
A shift toward net transfers into exchanges would mean more ETH made available for selling. This could put greater pressure on the already-strained price action.
Source: Glassnode Another metric from Glassnode, the new address momentum, uses the averages of the monthly [red] and yearly [blue] new addresses to track network adoption.
Since late April, the monthly average of new addresses has fallen below the yearly average. This indicated a contraction in onchain activity and decreased adoption rates. Such a change is typical of deteriorating market sentiment and declining price trends.
The case for a bullish Ethereum inflection point around the corner Source: CryptoQuant The 7-day moving average of the taker buy-sell ratio in the derivatives market has been in positive territory since June 10. However, the price bounce toward $1.8k made last week has quickly reversed.
The data showed speculative market participants were willing to buy the bid. These buyers also set up conditions for a squeeze, like the most recent one.
Source: CryptoQuant In a post on CryptoQuant Insights, analyst CryptoOnchain used a systematic regime model to demonstrate that a defensive stance among Ethereum market participants.
Using both Bitcoin’s derivatives flows and centralized exchanges’ stablecoin flows, the analyst’s assessment indicated a modest 45% probability of a bullish shift for ETH.
In particular, the decisive shift toward stablecoin inflows to Binance can serve as a good indicator of returning investor risk appetite, the analyst concluded.
Until such a shift, patience would likely be a safer bet for investors than bullish or bearish conviction.
Final Summary The Ethereum trend filters continued to show weakness, but momentum indicators suggested selling pressure may be exhausted, an analyst reported. While stablecoin inflows to exchanges have the potential to serve as a bullish inflection point, right now, investors would likely be better off remaining patient instead of placing directional bets.
Longs Bear the Brunt of a Brutal FlushAlmost $995 million in crypto derivatives positions were forcibly closed over 24 hours, according to CoinGlass data. The sweep hit 138,452 traders and underscored just how heavily leveraged the market had become heading into the selloff.
Leveraged bulls absorbed the majority of the damage. Of the $994.62M total, $704 million came from long positions, while short liquidations accounted for the remaining $290 million. The lopsided breakdown points to a market that had positioned aggressively for further upside before the move lower forced a rapid unwind.
Liquidations of this scale exert significant short-term pressure on prices by creating forced selling. When a wave hits, exchanges automatically close leveraged positions, adding sudden selling volume that can drive prices lower and trigger further liquidations in a feedback loop.
Bitcoin and Ethereum Lead the Damage$BTC led all assets with $478 million in liquidations, followed by $ETH at $225 million. The two largest cryptocurrencies by market cap accounted for the bulk of the losses, reflecting their dominance in the derivatives market.
The single largest forced exit of the period was a $38 million $BTC position on Hyperliquid. The decentralized perpetuals platform has increasingly become a venue for large-scale leveraged trades, making its liquidation data a closely watched signal across the industry.
The episode serves as a reminder of how quickly overleveraged markets can unwind. With longs outpacing shorts by more than two to one, the positioning ahead of the selloff left little room for error when price action turned.
Sources:
CoinGlass: Real-Time Crypto Liquidation Data
Crypto Briefing: 24-hour crypto liquidations reach $967M as leveraged longs get wiped out
For the first time ever, the supply of Ripple’s US dollar-backed stablecoin, RLUSD, on the XRP Ledger (XRPL) has overtaken that on Ethereum. The total RLUSD circulating on XRPL has reached $801 million, edging ahead of Ethereum’s $795 million supply. This shift marks a significant development in the competitive landscape of stablecoins and highlights an evolving dynamic within the sector.
Changing landscape in stablecoin supplyObservers note that the rise in RLUSD on XRPL is not merely a numerical difference between two major blockchains, but signals a broader transformation in stablecoin adoption. RLUSD, designed as a dollar-backed stablecoin within the Ripple ecosystem, distinguishes itself with its emphasis on regulatory compliance and an institutional use case focus. According to sector data, RLUSD has also been recognized as the first US dollar-backed stablecoin regulated in Japan, further bolstering its credentials.
With RLUSD supply on XRPL reaching $801 million and surpassing Ethereum’s $795 million level, market participants interpret this as a signal of a possible shift in institutional stablecoin preferences.
Because RLUSD is issued directly on the XRP Ledger, institutions integrating this asset inherently connect their systems to the XRPL infrastructure. This creates a compelling network effect, making it easier for organizations already on XRPL to explore and deploy other XRP Ledger-based assets and services in the future.
Expanding institutional applicationsThe rising interest in RLUSD is driven by strong institutional demand from banks, payment service providers, custody firms, and exchanges, who are seeking a reliable, regulated digital dollar platform. This demand is underpinned by RLUSD’s technical architecture, specifically tailored for compliance and robust institutional use.
Mini glossary: A custody firm is a financial institution that provides secure storage and protection of digital assets on behalf of institutional clients. Tokenization refers to creating a digital representation of a traditional asset on a blockchain.
Developments behind the scenes are viewed as having an impact beyond increasing network liquidity. Observers point out that RLUSD has accelerated adoption in areas such as payments, tokenization, and real-world asset integration, prompting major exchanges and financial service providers to step up their XRPL integrations.
A new reality challenging Ethereum’s dominanceFor years, Ethereum has been the dominant blockchain for token issuance, supported by its ERC-20 ecosystem’s extensive integrations with exchanges, custody solutions, and institutions. This made Ethereum the preferred choice for institutional projects seeking broad compatibility and support.
However, the fact that XRP Ledger now hosts a larger RLUSD supply than Ethereum suggests that institutional attention may be gradually shifting. Large institutions are known for conducting thorough compliance reviews and technical evaluations before adopting emerging infrastructures; RLUSD appears to be a catalyst for accelerating this transition.
Should this trend continue, it is believed RLUSD could help position the XRP Ledger beyond a payments-focused network, elevating it to a more central role in the digital asset industry for institutional-grade use cases.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
For the past two cycles, Bitcoin DeFi has lived more as a promise than a category.
Programmable Bitcoin has remained a vision held by a certain breed of Bitcoin maxi who believes that the world’s largest cryptocurrency can become productive without losing its security or sound money qualities.
Yet the closure of Bitcoin scaling platform Botanix earlier this month has called that vision into question.
If a well-funded, technically ambitious Bitcoin layer-2 with live apps, integrations and competitive yields can’t attract enough usage to survive, does that mean Bitcoiners simply don’t care about decentralized finance?
Bitcoin DeFi remains a niche proposition in 2026, despite years of being touted as the next big thing.
DefiLlama’s dashboard shows just $4.12 billion of total value locked (TVL) across all of the Bitcoin DeFi protocols. That’s a rounding error next to Bitcoin’s $1.2 trillion market cap, and the hundreds of billions held via spot exchange-traded funds, corporate treasuries and custodial accounts.
Andre Dragosch, head of research Europe at Bitwise, told Cointelegraph, “Bitcoin is winning decisively as a monetary asset and as pristine collateral, but the case for Bitcoin as a standalone DeFi execution layer was always structurally weaker than the narrative suggested.”
Botanix closes after four yearsWhen Botanix announced it was winding down after nearly four years of work and a year of mainnet uptime, the team didn’t blame a hack or a regulatory shock; they blamed demand.
Botanix described a chain that “worked” in every technical sense: 25 million transactions, 200,000 wallets, and tens of millions of dollars in bridged funds, yet it never generated the fee volume needed to cover its infrastructure costs.
Users came for the yield, treated BTC as store-of-value collateral, and then largely stuck to passive, buy-and-hold strategies, rather than actively borrowing, trading, or moving funds often enough to generate meaningful fee volume.
Like most BTCFi stacks today, Botanix still requires users to bridge their Bitcoin into a tokenized version on a separate Ethereum Virtual Machine (EVM)-based chain before they can access DeFi. That introduces additional bridge and smart contract assumptions that worry many Bitcoiners.
Botanix’s shutdown notice. Source: Botanix
Even so, Botanix co-founder Willem Schroé told Cointelegraph that he wouldn’t have changed the core design. Despite Botanix offering what he described as “the best rates in the industry” and a more Bitcoin-aligned security model than typical wrapped BTC bridges, wrapped BTC on Ethereum still out-competed Botanix.
He attributed that to Ethereum’s “huge infrastructure network and Lindy effect,” as well as a mix of liquidity depth, user experience and regulatory comfort.
What Botanix learned about Bitcoin DeFiThe team concluded that Bitcoin is still viewed as a reserve asset rather than something that has programmable utility.
For most existing use cases like lending, leveraged exposure, or yield, a wrapped BTC position on a large, mature EVM ecosystem such as Ethereum is “genuinely sufficient” for most users. Rather than bridge into a Bitcoin-aligned EVM chain like Botanix, users preferred to stick with wBTC on venues where the liquidity, apps and integrations already exist.
Botanix also pointed to onchain activity consolidating around venues like Hyperliquid, and major centralized exchanges and retail-facing fintechs that “own the user relationship,” leaving independent infrastructure “rowing upstream” against convenience and branding.
Wilhelm said he hopes Botanix’s wind-down “will definitely be looked at by others,” and framed the process as a professionally managed experiment whose lessons other BTCFi builders should take seriously.
Bitcoiners, DeFi and wrapped BTCWhile estimates vary, only a small fraction of Bitcoin’s supply is currently productive in DeFi, and most of that sits in wrapped BTC products on Ethereum and its L2s like Base and Arbitrum, as well as Polygon, Solana and BNB Smart Chain. A smaller percentage is on “Bitcoin L2” chains, with Bitcoin-aligned L2s and sidechains accounting for a modest share of that activity by value.
Tokenized BTC products themselves represent just a sliver of the asset: A May 2026 analysis estimated that roughly $20 billion worth of BTC — less than 2% of the total Bitcoin supply — is circulating on EVM chains in wrapped form.
Total Value Locked (TVL) in Bitcoin DeFi. Source: DeFiLlama
An October 2025 GoMining survey of 730 Bitcoin holders found that 77% of respondents had never used a BTCFi platform, and only 3% integrated BTCFi into their overall Bitcoin strategy.
Even allowing for sample bias (these respondents were plugged-in, survey-answering BTC holders), the numbers show that BTCFi platforms that keep users in Bitcoin-aligned stacks remain a niche activity rather than a mass behavior.
Justin d’Anethan, head of research at crypto private markets advisory firm Arctic Digital, told Cointelegraph, “There is more liquidity and better yields on EVM or SVM [Solana Virtual Machine] native solutions than on BTC solutions, period.”
When clients ask about “putting their Bitcoin to work,” the practical routes, he said, are still centralized desks, exchanges lending out BTC at 2% to 4%, basis trade structures “à la Ethena,” or institutional credit pools like Maple.
He said the big obstacle for most Bitcoiners was the risk of bridging to a less secure Bitcoin L2. For “hardcore BTC maxis,” the default remains cold storage, HODLing and riding price appreciation, rather than trying to “eke out 2-3% with counterparty risk.”
Native BTCFi as a structural mismatchDragosch said Botanix’s failure suggested that demand for standalone Bitcoin DeFi execution layers was much weaker than their backers expected.
He argued that capital that “genuinely wants yield has migrated to wrapped BTC on mature, liquid venues rather than bridging into bespoke federations.”
In this view, the problem isn’t just that Bitcoiners haven’t “discovered” native DeFi yet; it’s that the architecture and user base are misaligned. Bitcoin’s base layer is slow, conservative and firmly anchored in the store-of-value narrative.
“Bitcoin as reserve collateral is the durable trade,” Dr. Dragosch said, “the next leg of adoption runs through institutions and balance sheets, not necessarily through onchain execution layers.”
77% of respondents have never used a BTCFi platform. Source: GoMining
Who is still building BTCFi, and for whom?Diego Gutierrez Zaldivar, chief executive of RootstockLabs, a Bitcoin-secured, EVM-compatible sidechain, doesn’t buy the idea that there’s “no demand” for Bitcoin-backed lending, yield products or broader BTCFi services.
He said the main constraint is trust: putting in place the operational, legal and risk management frameworks that institutions need.
More than 40% of all Bitcoin DeFi activity now runs through Rootstock, he said, including real-world asset settlements and institutional vaults. Over the past year, he said, funds have started asking to deposit hundreds or even thousands of BTC at a time into Rootstock-based products; flows that were almost unheard of two or three years ago.
Chains TVL. Source: DeFiLlama
Orkun Mahir Kılıç, co-founder of Chainway Labs, which is behind Citrea, a Bitcoin-anchored rollup combining the Bitcoin Virtual Machine (BVM) and zero-knowledge proofs, argued that cloning EVM DeFi primitives onto Bitcoin is a dead end, and said that Botanix’s experience is a verdict on that model, rather than BTCFi itself.
Orkun Mahir Kılıç is co-founder of Chainway Labs, behind Citrea, a Bitcoin-anchored rollup that keeps user assets inside Bitcoin’s security perimeter and proves its state with zero-knowledge proofs. He argued that cloning EVM DeFi primitives onto Bitcoin is a dead end, and said that Botanix’s experience is a verdict on that model, rather than BTCFi itself.
He told Cointelegraph that “more secure” doesn’t change most people’s behavior.
“People don’t price counterparty risk until something breaks,” he said. ”Where it matters” is for institutions and large holders that need trust-minimized transactions with no custodian to fail.
“For everyone else, the reason to be here isn’t the security guarantee in the abstract; it’s the applications that don’t exist elsewhere.”
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
TLDR: Polymarket hack stemmed from a compromised third-party vendor that injected malicious JavaScript into the platform’s frontend. Over 11 wallets lost PUSD on Polygon; stolen funds were bridged to Ethereum and swapped into 1,893 ETH. Polymarket confirmed the breach within 15 minutes of the first public report and removed the affected dependency. Polymarket pledged full refunds to all impacted users while on-chain investigators continue tracking the stolen ETH. A supply-chain attack hit Polymarket on June 25, 2026, draining close to $3 million from user wallets. Attackers compromised a third-party vendor to inject malicious code into the platform’s frontend.
The script targeted PUSD, Polymarket’s native collateral token on Polygon. At least 11 wallets lost funds before the platform contained the breach.
Polymarket has since removed the affected dependency and pledged full refunds to all impacted users.
How the Attack Reached Polymarket Users The attack did not target Polymarket’s smart contracts. Instead, attackers breached a third-party vendor that supplied code to the platform’s frontend. That vendor became the entry point for malicious JavaScript delivered directly to users’ browsers.
When affected users connected their wallets, the injected script activated. It prompted them to sign or approve transactions without raising obvious suspicion. Those approvals handed over control of their PUSD holdings to the attacker.
On-chain investigator Specter was the first to flag the activity publicly. His report identified losses of roughly $2.94 million across more than 11 victim wallets. He also named the primary consolidation address: 0xe65b1C586757c5510B60F998Eebb14C1eF71E1eD.
It appears there may be a phishing attack targeting Polymarket users, with estimated losses of $2.94M so far.
The attacker has drained funds from 11+ victim wallets holding PUSD, swapped the stolen assets for ETH, and consolidated the proceeds into the following address:… pic.twitter.com/6WfS0JhdDG
— Specter (@SpecterAnalyst) June 25, 2026
Polymarket confirmed the breach about 15 minutes after Specter’s report. The platform’s public statement read: “This morning we discovered a 3rd party vendor had been compromised, injecting a malicious script into our frontend for some users. We’ve contained it & removed the affected dependency. We’re contacting impacted users & refunding them in full.”
Following the Stolen Funds On-Chain After the wallets were drained, the attacker moved quickly to obscure the trail. The stolen PUSD was bridged from Polygon to Ethereum shortly after the theft. That cross-chain move is a common step in crypto laundering flows.
Once on Ethereum, the funds were swapped into approximately 1,893 ETH. PeckShield confirmed this detail after amplifying Specter’s initial report. The ETH was then consolidated into the primary wallet flagged by investigators.
Several staging wallets were also identified during the fund movement. These included addresses such as 0xC771A30a, 0xC44F2Ca6, 0x10366AdB, and 0x7BCECe0d. Each one played a role in routing the stolen assets before consolidation.
Despite the volume of stolen PUSD, the token held its peg throughout. CoinGecko data showed it trading near $0.9998 on Polygon after the incident. The theft hit individual wallets rather than the underlying token backing.
What Comes Next for Polymarket Polymarket has committed to reimbursing every affected user in full. The platform says it is already contacting impacted wallets directly. That pledge covers the losses tied to the supply-chain breach.
This is not the platform’s first perimeter-level security event. In May 2026, a compromised internal ops wallet drained roughly $500,000, though user funds were not touched. Earlier in 2025, comment-section phishing also cost some users funds.
Each of these cases showed that the protocol itself remained intact. The weak points have consistently appeared in the surrounding infrastructure. The June 25 incident follows that same pattern.
The stolen ETH remains traceable on-chain, keeping recovery possible. Investigators continue monitoring the consolidation wallet. The identity of the compromised vendor and the final victim count have not yet been disclosed publicly.
Ripple’s RLUSD stablecoin now has a larger circulating supply on the XRP Ledger compared to Ethereum. The XRPL’s lead comes as Ripple looks to expand in Japan with its RLUSD launch.
XRP Ledger Boasts The Largest Supply of Ripple’s RLUSD Based on the Ripple USD Tracker, around $801.79 million worth of RLUSD coins is active on the XRP Ledger. This figure is higher than the $795.59 million RLUSD on Ethereum. It is the first time that the XRP Ledger is in the lead for RLUSD supply among the two supported blockchains.
The surge in XRP Ledger’s RLUSD supply comes on the heels of Ripple revealing on June 25 that the RLUSD is now available in Japan via its partnership with SBI Holdings and crypto exchange SBI VC Trade. The launch will expand its partnership with SBI Group and facilitate cross-border payments, tokenization and collateral management, Ripple said.
Meanwhile, the information listed on the service overview page of SBI VC Trade suggests that the exchange’s currently supported networks include Ethereum. Moreover, it will add support for the XRP Ledger in the near future.
The update has garnered interest partly because plans are reportedly underway to integrate it natively with XRPL despite the fact that Ethereum infrastructure is still working almost perfectly today.
Ripple Senior Vice President of Stablecoins Jack McDonald also commented on the Japan launch. He said, “This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers and businesses in Japan.”
Meanwhile, Ripple added that RLUSD has received approval from Japan’s Financial Services Agency. Hence it will now function as a new category of electronic payment instrument under the country’s Payment Services Act.
Is Ethereum Losing Its Use Case For RLUSD? Today, XRP Ledger dUNL validator Vet wrote, “XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.”
Vet argued that RLUSD is helping expand XRPL adoption among major financial platforms. “RLUSD has been a very strong door opener for the XRP Ledger,” he said. The validator then added that institutions seeking access to the stablecoin could frequently integrate XRPL infrastructure as well. According to Vet, this also makes it easier for other assets issued on the XRP Ledger to gain support.
XRP Ledger has now more $RLUSD on chain than Ethereum. SBI VCTrade is integrating RLUSD on XRP.
People get upset when they see the Ethereum integration and not XRP Ledger right from the get go. Let me explain what they are missing while we travel east 🇯🇵 :
1) RLUSD has been a… https://t.co/oJ31Z0i88f pic.twitter.com/21xfVdAccb
— Vet (@Vet_X0) June 25, 2026
Nonetheless, he also addressed questions over Ethereum’s initial role. Vet said, “Ethereum and especially ERC-20 tokens are very well integrated historically, even during the past SEC administration.”
He added that when new services launch on Ethereum first, “most likely the XRP Ledger integration is in the works.” Further, the validator explained that “things just take time and large organizations move very slow.” Meanwhile, SBI Group has also launched its JPYSC yen stablecoin on Ethereum.
PANews reported on June 26, according to monitoring by on-chain analyst Yujin, the Ethereum treasury company Sharplink — which had not bought ETH for eight months — restarted accumulation today. Six hours ago, it received 5,000 ETH ($7.85 million) from FalconX.
It currently holds 876,000 ETH ($1.37 billion), with an average cost of $3,609, and an unrealized loss of $1.789 billion (-56%).
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
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23 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
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23 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
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Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
Serenity issued a statement noting that global financial markets are currently undergoing a broad correction, with no clear end in sight. Major Asian stock indices are under broad pressure: South Korea’s KOSPI fell 8.18%, Japan’s Nikkei 225 dropped 4.8%, and Taiwan’s Weighted Index declined 3.82%. Meanwhile, high-growth stocks that had previously posted strong gains have also suffered severe losses, with individual names like SOI and RKLB logging cumulative declines of 30% to 40% recently. Per historical market patterns, high-beta stocks typically enter a correction phase ahead of the broader market and tend to see steeper drops, but they also often lead the rebound once the market stabilizes. Excluding South Korea’s inherently highly volatile market, a single-day decline of 3% to 4% in major indices usually signals a rapid cooling of market risk appetite, making the short-term market environment quite challenging.
22 minutes ago
Jiang Zhuoer: "AI bubble may burst once incremental funds dry up"
Jiang Zhuoer, founder of BTC.TOP (formerly LTC Pool), posted that liquidity in the US stock market is no longer sustainable. Just as the Bitcoin bull market ends when new inflows fail to support price rallies, the AI bubble will burst when new capital can’t sustain stock price gains. Initially, tech stocks rallied broadly, then only AI-related stocks advanced, and now only storage stocks are still rising—even AI leader Nvidia has started to decline.
22 minutes ago
Yesterday, U.S. spot Bitcoin ETFs recorded a net outflow of $691.7 million, while U.S. spot Ethereum ETFs posted a net outflow of $81.9 million.
According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
22 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
According to Bitget market data, the Nikkei 225 index has extended its decline to 5%, with SoftBank and chip stocks plummeting.
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
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22 minutes ago
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22 minutes ago
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According to Farside's monitoring data, U.S. spot Bitcoin ETFs posted a net outflow of $691.7 million yesterday, while Ethereum ETFs saw a net outflow of $81.9 million.
22 minutes ago
The Nikkei 225 Index has seen its decline widen to 5%.
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PANews June 26 news, Ethereum core developer Terence posted on X platform that Ethereum's Glamsterdam devnet-6 has been released, and significant progress has been made in testnet advancement. EIP-8282 introduces ePBS builder execution requests, including two new system contracts. On the execution layer side, building on post-bal-devnet-7 work, EIP-2780, 8038 (re-pricing), 7997, 8246, 8070 (optional) were added, and modifications were made to EIP-7954 (64 KiB), 8037 (source-based refunds) and 7928 (BAL×7702 warm-up maintains status quo).
Serenity: High-beta stocks typically fall first during broad market corrections, but also recover earlier.
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According to Hyperinsight monitoring, Micron (MU) — which rallied on the back of record earnings — pulled back sharply amid risk-off sentiment triggered by higher-than-expected PCE inflation. It fell roughly 9.6% from its overnight high of ~$1,255, saw intraday flash crashes, and extended losses in after-hours trading. On Hyperliquid, MU is currently trading at $1,128, down 6.9% in 24 hours. On-chain whales remain heavily bearish, with total short positions standing at ~$95.24 million, 1.76 times the long positions ($54.24 million). In terms of entry costs, the average long position price is ~$958.74, while short positions average ~$972.94. The current price remains above both levels, meaning longs are in profit and shorts are deeply underwater. As prices fall, long liquidation pressure has surged. The nearest long liquidation threshold has dropped to ~$1,114.21, just ~2.9% below the current price. This long whale (0x9e2c) holds a 5,000 MU long position with 10x leverage, worth ~$5.6 million at an average entry price of $1,215, with a liquidation price of $1,114 — less than $15 away from the current price. By contrast, the nearest short liquidation threshold is at $1,427.77, roughly 24.4% above the current price, making it relatively safe. The largest short position was opened at $774.99 with 10x leverage, worth ~$15.92 million and currently sitting on an unrealized loss of $5.17 million. - The HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permissions) to automatically sync on-chain updates.
Sharplink bought 5,000 ETH worth $7.85 million on Thursday, its first ether acquisition in eight months, according to onchain data cited by analysis provider EmberCN.
EmberCN pointed to Arkham data showing that the Ethereum treasury firm received 5,000 ETH from FalconX. Its last ether purchase was in October 2025, when it obtained 19,270 ETH ($78.3 million).
As of June 21, Sharplink held 876,285 ETH, worth roughly $1.3 billion, according to its website. EmberCN estimated that the company's average acquisition cost stood at $3,609 per ETH, which implies an unrealized loss of about $1.79 billion.
The company has not publicly disclosed the reported ETH purchase. The Block has reached out to Sharplink for confirmation.
Sharplink remains the world's second-largest public ETH treasury company, behind Tom Lee's Bitmine Immersion, which held 5.67 million ETH ($8.7 billion) as of June 14.
Sharplink rebranded from SharpLink Gaming in February as it expanded from traditional ether staking into other onchain yield strategies. The company reported $12.1 million in total revenue in the first quarter of this year, a significant leap from just $742,000 in the same quarter last year.
The treasury firm recently supported the launch of Ethlabs, a nonprofit founded by a group of former Ethereum Foundation researchers to help prepare the network for its "next phase" of institutional adoption. Ethlabs is also backed by Ethereum co-founder and Sharplink Chairman Joe Lubin, as well as Bitmine Immersion.
Expand Chart
Ethereum fell 5% over the past 24 hours to trade at $1,534 as of 10:40 p.m. Thursday, according to The Block's price page. The crypto market saw a broader decline, with bitcoin dropping 3.3% to $58,787. Tether's USDT, meanwhile, surpassed Ethereum's $185.4 billion market cap with $186.1 billion.
Sharplink's Nasdaq-listed shares closed down 3.49% at $4.56 on Thursday. The stock has fallen 26.8% over the past month and 50.4% over the past six months.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Sharplink ($SBET) has resumed buying Ethereum for the first time in eight months, picking up 5,000 $ETH worth $7.85 million on Thursday, according to onchain data cited by @EmberCN. The firm received the tokens from crypto prime broker FalconX, per Arkham Intelligence data.
The purchase breaks a buying pause stretching back to October 2025, when Sharplink made its previous acquisition of 19,270 ETH valued at $78.3 million. That gap of roughly eight months is notable for a company whose strategy is built around continuous ETH accumulation.
Where Sharplink's Treasury StandsSharplink held 876,285 $ETH as of June 21, valued at roughly $1.3 billion, according to its website. @EmberCN estimated the company's average acquisition cost at $3,609 per ETH, implying a significant unrealized loss at current market prices. Sharplink has not publicly confirmed the reported purchase.
The firm remains the second-largest public ETH treasury company, behind Bitmine Immersion. It is also set to join the Russell 2000 and Russell 3000 indexes effective June 29, following FTSE Russell's semi-annual reconstitution, a move the company said would broaden its institutional shareholder base.
Fresh Capital in Place for More AccumulationThe timing of the purchase aligns with a fresh capital raise. Sharplink closed a $75 million registered direct offering on June 23, selling shares at a 41% premium to its June 18 closing price. The company stated that proceeds would be used partly to expand its Ethereum holdings, alongside stock buybacks and working capital.
In Q1 2026, Sharplink reported revenue of $12.1 million, up sharply from $0.7 million a year earlier, driven by its Ethereum staking program. A $506.7 million unrealized loss on its ETH holdings during the quarter contributed to a net loss of $685.6 million, reflecting the sensitivity of its model to crypto market prices.
Thursday's purchase, while modest relative to prior tranches, signals that Sharplink is once again actively deploying capital into $ETH, potentially using proceeds from its recent equity raise.
Sources:
The Block: Sharplink buys Ethereum for first time in 8 months
GlobeNewswire: Sharplink $75 Million Registered Direct Offering
GlobeNewswire: Sharplink to Join the Russell 2000 and 3000 Indexes
