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Pinnington's move to West Brom highlights the shifting dynamics in youth development, emphasizing opportunities for growth beyond traditional powerhouses.

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Manchester United's focus on youth and tactical fit over marquee names signals a strategic shift towards sustainable team development.

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Gen.G's potential MSI qualification could boost their global brand and highlight the growing synergy between esports and crypto markets.

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AMP PBC's GPU utility model could democratize AI compute access, leveling the playing field for smaller AI teams against tech giants.

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Bitcoin Magazine

Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low

Standard Chartered’s head of digital asset research, Geoff Kendrick, declared Friday that the crypto market has seen its cycle low, with Bitcoin’s recent dip to approximately $59,000 marking the bottom of the latest downturn — a 53% drawdown from its October all-time high of $126,000.

 “Winter is over. Welcome back to crypto spring,” Kendrick wrote in a Friday note, adding, “I think we have now seen the low in crypto asset prices for the cycle.”

Bitcoin had recovered to around $64,000 at the time of Kendrick’s note, representing a roughly 5% gain over the prior week. The bank maintains a $100,000 price target for Bitcoin by year-end — projections it first issued in February.

SpaceX IPO drains crypto liquidity — then frees it

One of the two primary catalysts Kendrick cited is the historic Nasdaq debut of Elon Musk’s SpaceX, which priced its $75 billion IPO at $135 per share under the ticker SPCX on June 12. 

Shares opened sharply above their IPO price, gaining roughly 20% on debut day. Kendrick argued that a significant portion of recent Bitcoin ETF outflows — totaling more than $5.72 billion since the second week of May, among the sharpest “since inception” — was driven by investors liquidating crypto positions to secure SpaceX allocations. With the IPO now live, that specific selling pressure may lift, he said.

The overlap between crypto and SpaceX demand was already playing out in real time. On Hyperliquid, perpetual contracts for SpaceX (SPCX) had accumulated over $240 million in open interest and $220 million in 24-hour volume ahead of the debut — ranking it as the eighth-largest asset on the platform.

Iran is a wildcard

The second catalyst involves geopolitics. A potential peace deal between the U.S. and Iran, timed ahead of next week’s G7 summit, could reduce pressure on global oil supplies that have remained tight since Middle East hostilities began. 

Lower oil prices would subsequently cool elevated U.S. Treasury yields — which have weighed on risk assets like crypto by making risk-free government debt more attractive.

West Texas Intermediate crude fell roughly 1.5% on Friday to around $85–$86 per barrel. However, the peace deal narrative remained fragile. 

President Trump stated Thursday that a breakthrough could come this weekend, only to later post on Truth Social that the deal made public was not what had been agreed, warning Iranian officials to “get their act together” — adding uncertainty to the macro outlook.

Three bitcoin price signals to watch

Kendrick outlined three confirmation signals that would validate his call. First, he is watching for Strategy to announce an additional Bitcoin purchase on Monday, as CEO Michael Saylor’s buying history has served as a reliable demand signal for institutional appetite. 

Second, he is expecting U.S. spot Bitcoin ETFs to return to net-positive daily inflows on Friday. 

Third, he wants to see continued declines in global oil prices as the Iran diplomatic situation evolves.

If all three materialize, Kendrick’s crypto spring thesis gains its clearest validation yet — suggesting institutional and macro forces are finally aligning to push Bitcoin back toward the bank’s $100,000 year-end target.

This post Standard Chartered Calls Crypto Bottom as Bitcoin Price Recovers From $59,000 Low first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Blockworks Acquires Messari in Deal Highlighting Crypto’s Data Consolidation Race

Blockworks, the New York-based crypto data and investor relations platform, has acquired rival Messari in a deal that underscores the growing consolidation pressure reshaping the digital asset industry — and the steep valuation resets facing once high-flying crypto startups.

The acquisition brings together two of the industry’s largest crypto information businesses. Messari, founded in 2018, built a comprehensive data platform covering more than 40,000 digital assets, along with APIs, market intelligence, research tools, and AI-powered workflows used by funds, exchanges, regulators, and developers. 

Blockworks, also founded in 2018, has focused on the issuer side of crypto capital markets, offering standardized disclosures through its Token Transparency Framework and a full-stack investor relations platform for onchain assets.

Blockworks paid more than $10 million for Messari — a steep discount from Messari’s approximately $300 million valuation when it raised a $35 million Series B led by Brevan Howard’s crypto arm in 2022, with Point72 Ventures also among its backers, according to the Wall Street Journal. 

The markdown reflects both Messari’s recent difficulties — including the 2024 departure of co-founder and longtime CEO Ryan Selkis and subsequent staff reductions — and broader headwinds gripping the crypto sector.

“This acquisition connects the two sides of the market,” said Jason Yanowitz, co-founder of Blockworks. “Issuers maintain a trusted record of their business, and investors, exchanges, and regulators consume that record through research, APIs, and automated workflows.”

Blockworks raise to consolidate fragmented crypto data market

The deal was funded in part through Blockworks’ recently closed Series A extension, which valued the company at $192 million. That round was co-led by ParaFi and Reciprocal Ventures and included participation from Coinbase Ventures, among others. 

Blockworks said it raised capital specifically to consolidate crypto’s fragmented data and information market, drawing comparisons to how Wall Street’s information layer eventually coalesced around dominant platforms like Bloomberg, FactSet, and S&P Global.

Messari CEO Diran Li, who took over following Selkis’s departure and had been repositioning the firm as an “AI-first company,” will join Blockworks as a senior leader under co-founders Yanowitz and Michael Ippolito.

The deal arrives as crypto M&A activity remains elevated despite challenging market conditions. Crypto companies have completed 144 deals totaling $11.8 billion in transaction value so far in 2026 — up roughly 3.5% from the same period last year — according to data from advisory firm Architect Partners. 

Still, Eric Risley, founder of Architect Partners, warned that sustained pressure on trading volumes and token prices could force more distressed sales. “We are in the midst of the creation of the haves and the have-nots,” Risley said, per WSJ. 

Both Blockworks and Messari executives said the combined platform would prioritize deeper data coverage, stronger APIs, enhanced compliance workflows, and AI-native research tools as digital assets increasingly migrate onchain.

This post Blockworks Acquires Messari in Deal Highlighting Crypto’s Data Consolidation Race first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

SpaceX Officially Joins Public Bitcoin Leaderboard as 8th Largest Holder With 18,712 BTC

Elon Musk’s SpaceX launched trading on the Nasdaq today under the ticker SPCX — and it didn’t arrive empty-handed. 

The company officially entered the public Bitcoin treasury leaderboard as the 8th largest holder with 18,712 BTC, a position that had been building for years before its historic IPO debut confirmed the full size of the stash.

SpaceX’s S-1 filing with the Securities and Exchange Commission first disclosed the 18,712 BTC position back in May, valued at approximately $1.29 billion at the time of filing. 

The total cost basis was reported at $661 million — an average acquisition price of roughly $35,324 per coin — suggesting the company began accumulating Bitcoin in late 2023 or earlier. At today’s prices near $63,000, the position is worth approximately $1.19 billion.

The disclosure somewhat surprised the market. Blockchain analytics firm Arkham Intelligence had previously tracked SpaceX’s holdings as low as 6,095 BTC, and the BitcoinTreasuries.net May 2026 Corporate Adoption Report noted that its pre-IPO private estimate stood at just 8,285 BTC. 

The actual confirmed figure — more than double those estimates — made SpaceX’s reveal the second-largest Bitcoin treasury disclosure of May, trailing only Strategy’s 25,404 BTC in monthly purchases and accounting for more than one-third of all public treasury growth before sales.

“We expect SpaceX to rank among the top ten publicly traded Bitcoin treasuries after its anticipated June 12 IPO,” BitcoinTreasuries.net wrote in its May report — a forecast that has now materialized. 

The live leaderboard, updated as of June 11, confirms SpaceX at rank #8, slotting in just behind Strive (19,032 BTC at #7) and just ahead of Coinbase Global (16,492 BTC at #9).

SpaceX shares debut higher than initial pricing

The IPO itself is historic, even without the Bitcoin angle. 

SpaceX priced its shares at $135 on June 11, raising roughly $75 billion and valuing the company at about $1.75 trillion. 

Reports now indicate the stock could debut at $171 per share with other reports saying $155 a share. At that price, SpaceX’s valuation would climb to approximately $2.2 trillion, potentially making Elon Musk the world’s first trillionaire.

The listing, led by Goldman Sachs and Morgan Stanley, ranks as one of the largest stock market debuts in U.S. history, surpassing Saudi Aramco’s $29 billion IPO in 2019.

The timing of SpaceX’s entry into the public crypto arena is notable given broader market headwinds. Bitcoin has shed more than 50% from its all-time high above $126,000, hovering around $64,000 in recent sessions, with spot Bitcoin ETFs bleeding $2.26 billion in outflows over two weeks. 

Still, SpaceX’s Bitcoin position appears to be a long-term balance-sheet allocation rather than a trading posture. The S-1 stated: “The Company has ownership of and control over its digital assets, which consist of Bitcoin, and utilizes, and expects to continue to utilize third-party custodians to hold its Bitcoin.” 

Analysts at Grayscale noted that SpaceX is poised to become the most valuable public company holding Bitcoin by market capitalization — even as Strategy remains the largest by coin count with over 843,000 BTC.

This post SpaceX Officially Joins Public Bitcoin Leaderboard as 8th Largest Holder With 18,712 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Sam Bankman-Fried Loses Appeal to Overturn FTX Fraud Conviction

One of Sam Bankman-Fried’s last credible paths to freedom closed Friday as a federal appeals court upheld his fraud conviction and 25-year prison sentence, ruling that the case against him was, in the court’s own words, “conservatively stated, robust.”

A three-judge panel of the Manhattan-based 2nd U.S. Circuit Court of Appeals handed down the 42-page opinion on June 12, rejecting every argument Sam Bankman-Fried’s legal team advanced to undo the November 2023 conviction that cemented one of the largest financial collapses in crypto history, according to Reuters.  

At the heart of the appeal was a claim that the U.S. District Judge Lewis Kaplan had stripped Sam Bankman-Fried of a fair defense by barring evidence that FTX held enough assets to cover customer withdrawals. 

Defense attorney Alexandra Shapiro told the appellate panel in November 2025 that “Mr. Bankman-Fried’s trial was fundamentally unfair because the jury only got to hear one side of the story.”

Prosecutors countered that Kaplan’s ruling was correct: fraud charges hinge on misappropriation, not on the possibility that assets could have covered liabilities under different circumstances. The appellate panel agreed, finding the trial court’s evidence rulings sound and the government’s case against Sam Bankman-Fried overwhelming.

How FTX Fell

The exchange, once valued at $32 billion, collapsed in November 2022 once it was exposed that the balance sheet of Alameda Research — Bankman-Fried’s affiliated hedge fund — was built on FTX’s own exchange token rather than independent assets. The disclosure triggered a customer run that ripped open an $8 billion hole in FTX’s accounts.

Three of Bankman-Fried’s former deputies — Alameda CEO Caroline Ellison, FTX co-founder Gary Wang, and engineering head Nishad Singh — each pleaded guilty and testified against him. Ellison, the trial’s star witness, told jurors Bankman-Fried gave her the instruction to divert customer deposits to Alameda to repay loans from crypto lenders. “Sam directed me to commit these crimes,” she said from the stand.

The court ordered an $11 billion forfeiture and three years of supervised release following Bankman-Fried’s March 2024 sentencing. Ellison received two years and was released in January 2026 after serving 14 months.

The appeals court ruling lands just weeks after Bankman-Fried also filed a formal clemency petition with the DOJ’s Office of the Pardon Attorney, requesting a presidential pardon from Donald Trump. The application is listed as a “pardon after completion of sentence” — not a commutation — and Trump has said publicly he will not grant it.

Judge Kaplan denied a separate Rule 33 new trial motion in April 2026, calling Bankman-Fried’s claim that witnesses had been threatened by the government “wildly conspiratorial and entirely contradicted by the record.” Bankman-Fried withdrew an earlier version of that motion on April 22 without prejudice.

With the 2nd Circuit now closed, his legal options narrow to a habeas petition — a route with a lower success rate than direct appeals — or a Supreme Court petition.

What’s next for Sam Bankman-Fried

Sam Bankman-Fried remains at a low-security federal prison near Santa Barbara, California, and is not eligible for release until 2044. 

In a prison interview with Fox Business this month, he maintained his position: “I didn’t steal user funds.” He pointed to the FTX bankruptcy estate’s recovery of crypto assets, which have allowed the estate to pay creditors more than 100 cents on the dollar — a figure he frames as proof of FTX’s underlying solvency, though courts at every level have rejected that framing.

The Friday ruling closes the chapter on what federal prosecutors called a “fraud of epic proportions” — a case that shook institutional confidence in crypto markets, triggered congressional hearings, and forced exchanges across the industry to overhaul proof-of-reserves practices.

Back in January, President Donald Trump said he would not pardon former FTX CEO Sam Bankman-Fried, rejecting clemency for the convicted crypto executive.

This post Sam Bankman-Fried Loses Appeal to Overturn FTX Fraud Conviction first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy Stock MSTR Offers Bitcoin Exposure At 18% Discount

I’ve been vocal about accumulating Bitcoin aggressively at current levels. Now I’m starting to look seriously at Strategy too. The same kind of confluence that flagged Bitcoin as a sizeable accumulation opportunity is appearing on MSTR, and in some cases, the readings are even more extreme.

This week at a glance:

• The RSI has only been lower on a handful of occasions since Strategy adopted a Bitcoin standard.
• The Mayer Multiple for MSTR has just reached the lower percentiles.
• The BTC vs MSTR ratio is close to entering a zone that has historically preceded sustained MSTR outperformance.
• At the previous Bitcoin all-time high with a 1x net asset value premium, the fair value of MSTR shares would be over $300.

Discount

Strategy currently holds approximately 845,000 BTC with an Average Cost Basis in the mid-$70,000s. That means, at current Bitcoin prices, they’re sitting at a pretty massive loss on their holdings. 

Figure 1: Strategy’s Average BTC Cost Basis and other key metrics.

View Live Charts

This has coincided with the NAV dropping even deeper beneath 1.00x; with MSTR’s market cap currently sitting approximately 18% below the USD value of its Bitcoin holdings. In other words, buying MSTR at current prices is the equivalent of buying $1 of Bitcoin for $0.82.

Support

The 200-week moving average is usually pretty notable support for assets, especially those that typically trend to the upside. Strategy’s share price is currently sitting right on this level, the same level that has previously marked significant accumulation zones.

Figure 2: Strategy’s share price tests the 200-week moving average.

A sustained hold and reclaim of this level, combined with Bitcoin showing any upward momentum, historically sets up the conditions for meaningful MSTR recovery. The level is being tested. Whether it holds will be one of the key signals to watch over the coming weeks.

RSI

Since Strategy adopted a Bitcoin standard, the RSI for MSTR has only been lower on a handful of prior occasions, both during previous Bitcoin bear market cycle lows, when the share price was in the low teens. The current reading isn’t quite at those depths, but it’s approaching them, and the direction of travel is continuing downward.

Figure 3: MSTR’s RSI drops beneath 25. Historically, such levels have preceded price appreciation.

The Mayer Multiple, simply the ratio between MSTR’s closing price and its 200-day moving average, recently registered a reading where 99.2% of all prior data points were higher. That’s a historically extreme level of underperformance relative to its own moving average, and it’s occurred at broadly the same time as the RSI signal. Giving two independent momentum indicators, both flashing readings only seen at the most significant cycle lows in MSTR’s history.

MSTR Or BTC?

The ratio between Bitcoin’s price and MSTR’s share price is one of the cleaner ways to gauge whether exposure should be in Bitcoin directly or rotated toward the higher-beta proxy. When the ratio is in the green upper zone, MSTR has historically been positioned to outperform. When it’s in the red lower zone, Bitcoin tends to lead.

Figure 4: The BTCUSD/MSTR ratio is close to the green zone, a level that has previously preceded sustained MSTR outperformance.

The ratio is currently close to entering that green zone again. Previous instances of this were followed by extended periods of significant MSTR outperformance relative to Bitcoin. The ratio is also making lower highs on the long-term trend, indicating the general trajectory is shifting toward MSTR becoming increasingly favorable relative to direct Bitcoin exposure.

Fair Value

At the previous all-time high of around $126,000 and with no additional accumulation priced in, a 1x net asset value premium on MSTR would imply a share price of over $300. That’s roughly a 2.5x from current levels just to reach fair value at Bitcoin’s last peak.

Figure 5: MSTR price targets modeled across varying BTC holdings and NAV premium scenarios.

If MSTR continues accumulating toward the 900,000 BTC range and the NAV premium moves modestly higher toward 1.25x or 1.5x, well below the 3x+ levels seen in the previous cycle, the numbers become pretty enticing! Crucially, the MSTR dilution that drove bitcoin accumulation is increasingly being funded through STRC rather than common share issuance, reducing that particular headwind.

Where Are We?

I’ve been accumulating bitcoin aggressively. I’m now also looking to add more MSTR. The combination of extreme momentum readings, the 200-week moving average support, an implied discount to the underlying Bitcoin holdings, and the BTC vs MSTR ratio close to entering historically favorable territory makes this feel like a no-brainer for a short-term play to increase my own BTC stack.

That said, MSTR is a high-beta Bitcoin play. If Bitcoin continues to struggle, MSTR will struggle more. I’m not treating this as a replacement for Bitcoin exposure, but as an additional asymmetric position at a point where the data suggests the risk-reward is historically favorable.

For more data, charts, and insights into bitcoin price trends, visit BitcoinMagazinePro.com. 

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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post Strategy Stock MSTR Offers Bitcoin Exposure At 18% Discount first appeared on Bitcoin Magazine and is written by Matt Crosby.

The Securities and Exchange Commission (SEC) is moving to dismantle a stock-trading rule that has governed Wall Street for two decades.

On June 11, the agency submitted a proposal that would rescind Rule 611 of Regulation NMS, the trade-through rule that requires trading centers to prevent stock trades from executing at prices worse than protected quotes displayed elsewhere. It would also eliminate Rule 610(e), which restricts locked and crossed quotations, along with related definitions.

For most of Wall Street, the proposal is a market-structure fight over routing, exchanges, wholesalers, displayed quotes, and execution quality.

For crypto firms and banks exploring tokenized shares, it is something more specific: the SEC is targeting one of the rules that made blockchain-based stock trading difficult to reconcile with the national market system.

A rule built for routed markets

Rule 611 was adopted in 2005 as part of Regulation NMS, a broad overhaul of US equity-market rules. The goal was to protect investors from having their orders executed at inferior prices when a better displayed quote was available on another exchange.

In practice, that system tied stock trading to the National Best Bid and Offer (NBBO), the best displayed bid and offer across protected venues. Broker routers, exchanges, and trading firms built systems around that obligation.

However, that framework is harder to apply to automated market makers (AMMs), the software-based trading pools that power much of decentralized finance.

AMMs do not work like Nasdaq, NYSE, or Cboe. They price trades through liquidity pools, bonding curves, slippage, and block-time execution.

Alex Thorn, Galaxy Digital’s head of research, pointed out that the rule was one of the largest structural barriers to DeFi-based trading of tokenized equities.

“An AMM cannot comply with 611 by construction,” Thorn said. It executes against a bonding curve at the pool price, with slippage and block-time granularity.

The issue is not simply a technical inconvenience. An on-chain pool cannot easily route intermarket sweep orders, ingest consolidated market data with the latency guarantees expected in US equities, or halt a swap because a better quote briefly appears on Nasdaq.

Under the current framework, a pool trading a tokenized version of an NMS stock could repeatedly print prices that differ from protected off-chain quotes. That creates the risk that the pool would be viewed as constantly violating the trade-through rule or functioning as an unlawful trading center.

Rule 610(e) raises a related problem. AMM prices can drift as liquidity shifts and trades move through a pool. That means on-chain prices could lock or cross the displayed NBBO, something current market rules are designed to prevent.

Why crypto sees an opening

Tokenized stocks are blockchain-based representations of company shares or share-linked claims. Supporters argue they could allow around-the-clock trading, fractional ownership, faster settlement, collateral mobility, and broader international access.

The market has been small compared with traditional equities, but interest has increased as banks, crypto exchanges, and asset managers look for ways to bring regulated financial instruments onto public or permissioned blockchains.

Christopher Perkins, chief executive of 250 Digital Asset Management, said Regulation NMS and the NBBO have been among the biggest obstacles to unlocking tokenized equities. If Rule 611 is rescinded, he said, “it’s a whole new ballgame.”

He added:

“Major unlock for DeFi. Incumbents won’t be happy.”

That reaction reflects a view spreading among digital-asset firms: tokenized equities do not need a technological breakthrough as much as a regulatory pathway. Securities are already largely electronic.

In the US, ownership is recorded through a system of depositories, brokers, and transfer agents. Tokenization would change the ledger and settlement architecture, not the economic concept of a share.

The harder question is whether that new architecture can satisfy the obligations embedded in securities law and market-structure rules.

That is where the SEC proposal becomes important. If the trade-through rule is rescinded, the focus would likely shift more heavily toward best execution, the broker-dealer obligation to use reasonable diligence to obtain favorable terms for customers under prevailing market conditions.

Indeed, Thorn said that the framework is more compatible with blockchain trading than a per-trade NBBO protection requirement. A broker routing to an on-chain pool could review execution quality over time, compare venues, and document its routing process.

He said:

“That framework can accommodate an AMM. The old one never could.”

A broader market-structure fight

Meanwhile, the proposal also reaches beyond tokenized shares.

Max Resnick, lead economist at Anza, a Solana-focused development firm, said rescinding Rule 611 could affect long-running debates over exchange design, including asymmetric speed bumps.

Speed bumps are delays used by some trading venues to reduce the advantage of ultra-fast market participants. Asymmetric speed bumps treat different order types or market participants differently, which has made them contentious in the US market structure.

Resnick said Rule 611 made those models harder to approve because a venue with an asymmetric speed bump could post tighter quotes than venues without one. If those quotes were included in the consolidated tape, other exchanges could be forced to match prices they could not economically support.

His point underlines why the SEC move is not only about crypto. Rule 611 has influenced how venues compete, how liquidity is displayed, and how firms route orders. Removing it would change the incentives for exchanges and brokers across the equity market.

SEC Chairman Paul Atkins has framed the proposal as an overdue review of a rule he believes created unintended consequences. The agency said the change is intended to simplify market structure, reduce costs, and allow competition and innovation to shape equity trading.

That language has drawn attention from tokenization advocates because it overlaps with the SEC’s broader digital-asset agenda.

Atkins and Commissioner Hester Peirce have previously discussed an innovation exemption that could allow limited experimentation with tokenized securities trading through automated market makers and other on-chain systems.

Such an exemption could include safeguards such as volume limits, whitelisting, and a temporary framework while the agency considers permanent rule changes.

Thorn said the sequencing is important. In his view, the SEC is first seeking to remove one of the hardest market-structure obstacles and then address venue-registration issues through an innovation exemption.

At a high level, he said, the agency appears to be following the “Project Crypto” playbook.

The caveats remain large

Despite this potential rulemaking, the risk for investors is that tokenized stocks can mean many different things.

A token may represent a direct share, a custodial claim, a depositary receipt, a derivative, or a synthetic instrument that tracks a stock price without giving the holder voting rights, dividends, or a claim on the underlying security. Those distinctions matter, even if the token trades at a price close to the public share.

That is why rescinding Rule 611 would not, by itself, legalize tokenized equities. Firms would still need to answer questions about whether the product is registered, where it trades, who holds the underlying asset, how corporate actions are handled, whether investors receive shareholder rights, and how settlement works.

Thorn stated:

“Tokenized NMS stocks still face a host of other questions re: exchange/ATS registration questions, clearance and settlement, and many other rules not designed for defi or peer-to-peer trading.”

In view of this, Anthony Bassilli of Coinbase Asset Management described the SEC proposal as a clearing hurdle for tokenizing stocks in the US, while adding that the process remains important to watch.

That caution is shared by traditional-market groups. SIFMA, the trade group representing broker-dealers, investment banks, and asset managers, welcomed the SEC’s review but warned that the US market structure is made up of many interconnected pieces.

It said regulators should study the effect of any changes on investors, execution quality, transparency, and the development of overnight trading and tokenized securities.

Those concerns are likely to shape the public comment period. Critics may argue that removing Rule 611 could fragment markets, weaken displayed quotes, or make it harder for ordinary investors to know whether they received a fair price.

On the other hand, crypto supporters will argue that best execution, competition, and better market design can replace a rule they view as overly rigid.

The post SEC targets 20-year-old rule standing between Wall Street and blockchain trading appeared first on CryptoSlate.

Bitcoin’s largest buyers are no longer behaving like a reliable backstop for the largest cryptocurrency.

The exchange-traded funds, public-company treasuries, and Bitcoin-linked equities that helped define the market’s institutional era are showing signs of strain, just as the world’s largest digital asset struggles to hold above $60,000, one of its most closely watched price levels.

This persistent drawdown has prompted a broader reevaluation of the cryptocurrency’s role in institutional portfolios, raising questions about whether the current environment reflects a temporary profit-taking exercise or a structural retreat from digital assets.

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Jun 11, 2026 · Gino Matos

Bitcoin ETF demand turns into a headwind

The clearest reversal has come from US spot Bitcoin ETFs, which entered 2026 as one of the market’s most important drivers of demand.

For much of the period after their January 2024 debut, the funds were treated as evidence that traditional financial investors were steadily adopting Bitcoin.

Their inflows helped create a simple bull-market thesis that showed that access to Wall Street would bring more capital into a fixed-supply asset, giving Bitcoin a durable source of upward pressure.

However, that thesis has been tested heavily in recent weeks.

Data from SoSoValue shows US spot Bitcoin ETFs have recorded a five-week outflow streak totaling more than $5 billion.

This is further corroborated by Glassnode data, which shows the 30-day moving average of net ETF flows has fallen to -2,450 BTC per day, the fastest sustained pace of outflows since the products launched.

The size of that flow is significant because it exceeds the network's daily supply of newly created Bitcoin.

After the 2024 halving, miners produce about 450 BTC per day. A sustained ETF outflow of 2,450 BTC a day is more than five times that new supply, turning what had once been a source of absorption into a source of pressure.

Short bursts of ETF selling are not unusual in volatile markets. A negative 30-day moving average carries more weight because it smooths out daily noise and captures broader changes in positioning. Until that trend improves, institutional flows are less likely to provide support for Bitcoin prices.

Moreover, trading in the ETFs has also cooled. The 30-day moving average of daily volume in US spot Bitcoin ETFs has fallen to about $960 million from $4.4 billion in October, a 78% decline, Glassnode reported.

That decline points to more than simple profit-taking. It shows that speculative demand from traditional market participants has thinned even as redemptions have accelerated.

Lower volume can make price moves harder to absorb because fewer buyers are available when selling intensifies.

BTC DATs lose momentum

The ETF reversal has coincided with a slowdown in another major source of Bitcoin demand: digital asset treasury companies.

These firms, often listed publicly, raise capital or use balance-sheet resources to accumulate Bitcoin as a treasury asset. Their rise helped extend institutional adoption beyond ETFs, giving investors another way to express demand for Bitcoin through equity markets.

Like the ETFs, their buying has faded in June.

Glassnode analysts noted that while these companies remain net buyers overall, their daily accumulation has slowed to a fraction of the pace seen earlier in the quarter.

According to them:

“Corporate treasury accumulation has slowed sharply, with net inflows falling from peaks above $500 million per day to near-zero levels since June.”

This slower buying removes one of the market’s clearest sources of incremental demand at a time when ETF flows are also negative.

Some of the concerns have centered on Strategy, the largest public corporate holder of Bitcoin. The company disclosed that it sold 32 BTC in the final week of May, a small amount relative to its overall holdings but a symbolically important move because of its role in popularizing the corporate Bitcoin treasury model.

Strategy later returned to the market during the selloff, buying about $100 million worth of Bitcoin. However, the purchase did not stop the price from falling below $60,000.

Other BTC-focused companies have also drawn attention. Fold and Nakamoto have sold part of their Bitcoin holdings, adding to concern that the treasury-company trade is becoming less one-directional than it appeared during the rally.

While these sales do not amount to a broad retreat by corporate buyers, they show that some treasury firms are becoming more selective, more liquidity-conscious, and more willing to adjust positions as market conditions worsen.

That shift matters because the corporate treasury model depends partly on confidence. When share prices are strong, and investor demand is high, companies can raise capital, buy Bitcoin, and benefit from the perception that they are leveraged proxies for the asset.

However, when Bitcoin falls and demand for equities weakens, the model becomes harder to sustain.

Meanwhile, that slowdown is also evident in trading activity in these companies' equities.

Glassnode data show that the total daily trading volume for major publicly listed Bitcoin-holding companies, measured by the 30-day simple moving average, has dropped by 49% over about six months. Their volume fell from $34.2 billion in December to $17.4 billion as of press time.

That decline suggests investors are pulling back from the broader Bitcoin proxy trade, not just from the asset itself.

During stronger market periods, public Bitcoin holders often attract investors seeking leveraged exposure. Their shares could rise faster than Bitcoin's when sentiment improves because they combine treasury holdings, operating businesses, and capital-market optionality.

That made them popular vehicles for traders who wanted equity-market exposure to crypto without directly holding tokens. But as Bitcoin corrected, that demand has significantly weakened.

Exchange inflows signal broad market anxiety

The institutional distribution has created a climate of widespread market unease, affecting participants across the wealth spectrum.

Data from CryptoQuant indicates a significant rise in exchange deposits from both large-scale holders and retail investors. Typically, such deposits are associated with an intent to sell.

As Bitcoin briefly breached the $60,000 floor, large holders, or “whales,” accelerated their movement of assets to trading platforms.

Over the past three months, whale inflows to the Binance exchange have averaged 5,280 BTC per day, a sharp increase from the 1,900 BTC daily average observed in March. Retail investors have mirrored this behavioral shift, with their average daily exchange inflows climbing to 410 BTC.

This parallel movement highlights how macroeconomic uncertainty levels the playing field regarding investor psychology.

The current environment marks the second major episode of elevated exchange deposits this year. A similar pattern emerged in early February, when Bitcoin tested the $60,000 threshold, with whale inflows spiking to 6,200 BTC and retail inflows reaching 570 BTC.

Such periods of heightened market stress historically facilitate the transfer of assets from short-term speculators to long-term holders, though the immediate effect is substantial downward price pressure.

A thinner market waits for a catalyst

This overall market has arrived as broader crypto trading activity has also cooled.

Santiment data show trading volume across the largest non-stablecoin crypto assets has fallen to levels last seen in mid-2024. The decline reflects a market in which many traders appear unwilling to chase prices higher or sell aggressively amid recent liquidations, macro uncertainty, and geopolitical risks.

For Bitcoin, that creates a two-sided setup.

On one side, a thin volume can leave the market vulnerable. When participation is low and large buyers are less active, even moderate selling can have an outsized effect on price. A negative ETF flow trend, slower treasury accumulation, and weaker proxy-stock demand can therefore weigh more heavily than they would in a stronger liquidity environment.

On the other side, low volume can also indicate exhaustion. Some of crypto’s stronger rebounds have followed periods when trading activity, attention, and conviction were weak. Markets often recover when positioning has already been reduced and sidelined capital begins to return.

That possibility keeps the current setup from being a straightforward bear-market call. Bitcoin continues to have institutional holders, public-company buyers, and long-term investors. Development across the broader digital asset industry has not stopped, and the ETF market remains an established bridge between Bitcoin and traditional finance.

But the immediate question is narrower. Bitcoin does not need institutions to abandon it to face pressure. It only needs the largest buyers to slow down, sell selectively, or stop absorbing supply at the same pace.

That is what the market is confronting now.

Until ETF flows stabilize, treasury-company demand recovers, or trading activity returns to Bitcoin-linked equities, the market may remain exposed to a more difficult reality: the institutional bid is still there, but it is no longer strong enough to carry the trade on its own.

The post Bitcoin price faces new risk as big buyers lose conviction appeared first on CryptoSlate.

XRP is trading at $1.11, down roughly 17% from its June opening, having set a new 2026 low on June 5 and shed $8 billion in market cap over three sessions.

The correction happens as the asset posted its strongest ETF inflow month of the year, with $131.94 million captured in May, ahead of both Bitcoin and Ethereum products.

Glassnode's June 9 data points to loss realization as the primary pressure on XRP's price, with the token's 90-day realized profit-to-loss ratio falling to 0.38, meaning holders are booking roughly 38 cents in profit for every dollar of realized loss.

At the speculative peak in 2025, that ratio reached 50, with gains outpacing losses by 50 to 1.
Glassnode described the current reading as intense capitulation, with XRP's aggregate realized price sitting near $1.48, placing the average holder underwater at current prices.

On the XRP Ledger, the 90-day average of total fees paid fell from 5,900 XRP in February 2025 to 500 XRP by June 9, a 91.5% decline that Glassnode attributed to a near-total contraction in organic transaction demand since the prior speculative phase ended.

What whales are actually doing

CryptoQuant’s exchange-flow analysis shows XRP whale outflow dominance reached 91.4% on Binance and 90.5% across centralized exchanges.

Whales dominate XRP's exchange flows, and the data describes that structural control without resolving whether it reflects selling pressure or accumulation.

A separate CryptoQuant post frames declining XRP inflows to Binance as a possible sign of growing whale confidence, arguing that subdued exchange inflows could keep available selling supply limited.

Large-holder accumulation has historically preceded recoveries, and Glassnode's loss-realization and fee data show that the current supply of loss-realizing sellers and the collapse in organic network demand are absorbing that accumulation before it reaches price.

Santiment's May data note that wallets holding at least 10 million XRP controlled 45.83 billion XRP, the most since May 2018. The number of wallets holding at least 10,000 XRP reached an all-time high of 332,230.

Large-holder accumulation has historically preceded recoveries, and Glassnode's loss-realization and fee data show that the current supply of loss-realizing sellers and the collapse in organic network demand are sufficient to absorb that accumulation without forming a price floor.

The ETF layer

Seven US spot XRP ETFs are now live, holding approximately 923.7 million XRP in custody as of June 10, with combined AUM near $1 billion.

Cumulative net inflows since the November 2025 launch have approached $1.45 billion, and May's $131.94 million monthly inflow was the strongest since December and ran for 20 consecutive days before a $5.34 million outflow on June 3 broke the streak.

CoinGlass ETF data show that regulated demand for XRP exists and has been persistent, while price action indicates that demand has been absorbed by spot market selling or loss realization, without producing a sustained rebound.

Standard Chartered has projected $4 billion to $8 billion in XRP ETF inflows for 2026 if the CLARITY Act passes, a figure far above cumulative inflows to date.

That upside depends on a Senate floor vote, which Polymarket currently prices at a 47% likelihood of passing in 2026.

Goldman Sachs liquidated its entire $154 million XRP ETF position in the first quarter, a reminder that institutional positioning on XRP runs in both directions simultaneously.

Two ways this resolves

In the bull case, ETF inflows continue to expand as the CLARITY Act advances toward a floor vote, the 332,230 large-wallet holders who accumulated amid price weakness provide a bid at current levels, and Glassnode's loss-realization ratio begins to recover as capitulating sellers exhaust their supply.

XRP stabilizes above $1.00, network fees find a floor, and the ETF bid becomes visible in price.
Under that sequence, $0.90 stays a reference point on the chart where a multi-year rising trendline sits, with the ETF bid absorbing sell pressure before that level is reached.

In the bear case, the Glassnode capitulation metrics persist long enough for the ETF bid to prove insufficient to defend the $1.00 psychological level. Loss-realization selling continues at a higher rate than profit-taking, network fees stay depressed, and the gap between institutional demand and organic on-chain demand widens further.

If $1.00 fails, $0.90 becomes the next zone where accumulation would be tested, roughly 19% below current prices and near the cost basis of long-term holders who built positions through the 2024-2025 cycle.

Polymarket's June crowd prices the bear case as the most probable outcome, assigning a 47% probability to XRP losing $1.00 before month-end.

ETF inflows show that regulated buyers exist and have been accumulating at steadily lower prices. Glassnode's data shows that spot holders are capitulating, and organic network demand has contracted sharply.

Both conditions can coexist until one overwhelms the other, and at a 90-day realized profit-to-loss ratio of 0.38, the capitulation arithmetic still has further to run.

The post XRP aims for $0.90 as ETF demand battles selling pressure from whales appeared first on CryptoSlate.

Google blocked or removed 8.3 billion ads in 2025 and suspended 24.9 million advertiser accounts, with 602 million of those ads tied directly to scams.

Those numbers show that the volume of fraudulent material attempting to reach users has grown large enough to require an AI system operating at an industrial scale to contain it.

Gemini now analyzes hundreds of billions of signals in real time, such as account age, behavioral cues, and campaign patterns, catching over 99% of policy-violating ads before they run.

The fraction that cleared that filter still reached users across one of the world's largest ad networks.
Generative AI has made fake ads, fake users, fake clicks, and fake devices cheaper to produce and harder to distinguish from legitimate activity.

Traditional solutions have proved inadequate as AI-driven fraud evolves faster than detection methods. Google's answer of using more AI deployed faster commits both sides to continuous escalation.

A separate group of companies is building verification systems that record who saw an ad and make that record permanent.

The verified attention model

Hakuhodo, the Japanese advertising giant, partnered with Tools for Humanity and LG Electronics to test a “Human-Verified Ad Network” that served ads exclusively to human-verified users, with every impression logged to LG's blockchain infrastructure.

The pilot ran in Japan from July through August 2025, involving more than 3,500 participants and ten advertisers across electronics, travel, food, cosmetics, and education.

Hakuhodo integrated its “boba” mini-app with World ID verification and LG's blockchain ledger, creating a closed loop where only human-verified users received ads and every impression was recorded on-chain.

World ID lets users prove they are unique humans without revealing personal information. Under that architecture, advertisers pay for impressions that carry a verification receipt tied to a confirmed human identity.

According to figures reported by the companies involved, the pilot produced a 50% increase in click-through rates and a 15-point improvement in bounce rates.

A mainstream electronics company and Japan's second-largest advertising agency ran a blockchain verification test on a live campaign and published the results, separating this move from white paper proposals.

The verified conversion model

In January 2025, Coinbase acquired Spindl, an on-chain ads and attribution platform rebuilding the ad-tech stack on-chain, to address what Coinbase called the “on-chain discovery problem” for blockchain app builders.

Spindl was founded by Antonio García Martínez, an early member of the Facebook ads team who shipped Facebook's first version of keyword targeting, audience targeting, and Facebook's programmatic ad exchange FBX.

Spindl focuses on proving that an ad drove real action, such as a wallet interaction, an app install, a token purchase, or a staking event.

Traditional attribution systems infer causality from cookies, click paths, and probabilistic matching. Spindl traces a user journey from a web click to an on-chain action, providing advertisers with a ledger entry and a verifiable chain of custody.

Spindl operates on Base, Coinbase's Ethereum layer-2 network, and maintains open standards for publishers and advertisers.

The two models address different parts of the same problem: Hakuhodo and LG verify that a human saw the ad, and Spindl verifies that the ad resulted in a real action.

Why this matters beyond crypto

Dentsu's May 2026 global ad forecast puts worldwide ad spend at $1.06 trillion, with digital accounting for 69% of that total. IAB and PwC reported that US digital ad revenue reached $294.6 billion in 2025, with programmatic advertising up 20.5% to $162.4 billion.

The same automated systems that make programmatic buying efficient also expand the surface area where fake inventory, fake users, and fake outcomes get monetized.

Juniper Research estimated that global ad spend lost to fraud would rise from $84.2 billion in 2023 to $172.3 billion by 2028, as AI enables fraudsters to mimic human behavior and evade detection systems.

DoubleVerify found that bot fraud accounted for 65% of all fraud in CTV environments in 2024, with compromised devices simulating real user behavior to deceive measurement systems.

When a fake device can convincingly impersonate a living room viewer watching premium inventory, the platform's reported delivery numbers are unverified claims.

Blockchain's pitch to advertisers in that environment is a receipt: an immutable record of what the system observed, attached to a verified identity and fixed at the moment of delivery.

What blockchain cannot do on its own

A blockchain faithfully and permanently records inputs, but its trustworthiness depends on the verification layer that precedes it.

If the identity verification layer is gamed, the fraudulent identity receives the same permanent record as a legitimate one.

The hard problem is the oracle layer: confirming that the viewer was human before the record is written, that the device was legitimate, that the impression was viewable, and that the downstream action was genuine.

World ID's design separates proof of personhood from personal identity, allowing users to prove uniqueness without revealing their identity.

Advertising is a trust-sensitive use case, and combining human verification, ad targeting, and wallet behavior into a single system will face regulatory and consumer scrutiny in markets where biometric data collection is actively contested.

The adoption constraint is the third. Google, Meta, Amazon, and the major CTV platforms control their own measurement systems and have little incentive to adopt a neutral blockchain-based receipt layer that would weaken their hold on attribution.

Blockchain's most practical near-term path runs through markets where platform owners have an incentive to increase advertiser trust: crypto apps, independent CTV inventory, rewards campaigns, wallet-based commerce, and gaming.

Two ways this develops

In the bull case, advertisers running high-value performance campaigns demand verifiable logs as proof that probabilistic measurement can no longer supply.

Blockchain verification integrates with existing ad stacks as a parallel audit trail for campaigns where fraud risk justifies the additional infrastructure.

Juniper projects $172.3 billion in ad fraud losses by 2028, and redirecting even 1% to 3% of that figure through verified proof systems points to a protected value pool of roughly $1.7 billion to $5.2 billion.

The Hakuhodo model scales through mainstream platforms, Spindl extends attribution beyond crypto-native apps, and the user never knows that the infrastructure beneath it is a blockchain.

In the bear case, Google, Meta, and CTV platforms improve AI-based fraud detection fast enough that the marginal value of a blockchain receipt layer stays narrow.

Regulatory pushback against biometric proof-of-human systems slows adoption of the verified attention model in key markets.

Blockchain ad tech stays useful inside crypto apps and niche high-fraud channels but fails to cross into the programmatic mainstream.

The $162.4 billion US programmatic market continues flowing through the existing measurement stack, with its fraud losses treated as an accepted line item.

AI has made fake behavior cheap enough that detection systems may permanently lag behind fraud generation. If advertisers conclude that probabilistic measurement can no longer be trusted, blockchain proof systems are positioned to absorb that budget.

The post Firms are turning to blockchain to fight an ad fraud problem AI is making worse appeared first on CryptoSlate.

Binance, Kraken, Bybit, and Gemini are moving to add US stocks and ETFs to their crypto trading apps, making a direct play for the retail brokerage relationship that Wall Street has owned for a century.

Binance launched direct access to more than 7,000 US stocks and ETFs alongside bStocks, a tokenized product offering 1:1 economic exposure to selected US equities that settle in stablecoins, can be withdrawn to self-custody wallets, and trade 24/7 on Binance Spot.

Kraken's xStocks reached 100 fully backed tokenized US stocks and ETFs, surpassed $25 billion in transaction volume since June 2025, and is targeting 500+ listings by the end of 2026.

On June 7, Bybit announced it would give retail investors access to tokenized IPOs, starting with SpaceX, with spot trading opening on June 12.

Gemini allows customers in eligible European countries to trade Dinari dShares, tokenized stocks backed 1:1 by corresponding US equities, with zero trading fees and 24/7 availability.

Each exchange is making the same offer to trade Nvidia, Tesla, or Apple using the same wallet, stablecoin balance, and always-on interface already used for Bitcoin and Solana.

That offer forces two simultaneous confrontations: rival crypto exchanges competing for the same users, and Wall Street brokers defending the equity trading relationship they have owned for a century.

Related Reading

Kraken expands xStocks to BNB Chain enabling global access to tokenized equities

The expansion opens doors for global investors to trade tokenized US equities.

Jul 9, 2025 · Oluwapelumi Adejumo

Exchanges racing each other

Binance's first-week data for its direct stock product shows that users in emerging markets accounted for over 80% of trading volume. Around 39% of trades were under $100, and roughly 25% of stock users were under 25.

These are mobile-first traders who already live inside crypto apps and now have a direct route to US equities without ever opening a conventional brokerage account.

With Binance opening that route, every competing exchange faces the competitive logic: a user who can buy Apple, hold stablecoins, and trade Bitcoin in one app stays there. Kraken, Bybit, and Gemini are all responding by making equities native to crypto accounts.

The battle lines run across inventory depth, liquidity, stablecoin funding, trading hours, fees, wallet withdrawal, and IPO access.

Bybit's SpaceX angle shows where that last category is heading, with access to pre-IPO or newly public companies, historically gatekept by institutional brokers and wealth managers, repackaged as a retail distribution product available globally.

Kraken also opened access to the SpaceX IPO for clients in more than 110 countries via xStocks.
Binance Research projects that crypto exchanges could channel nearly 300 million new users and approximately $2 trillion in incremental capital into global equities by 2031.

The prize is the default financial app for a generation of traders who grew up trading crypto on their phones.

Crypto apps vs. market structure

NYSE announced a tokenized securities platform in January, designed for 24/7 trading, fractional shares, immediate settlement, and stablecoin funding.

In March, the SEC approved Nasdaq's proposal to allow certain Russell 1000 stocks and major index ETFs to trade and settle in tokenized form through the DTC.

Traditional market infrastructure is converging on the same product logic as crypto exchanges. The contest between them is over who controls the rails, the rights framework, the custody layer, and the retail distribution relationship.

The World Federation of Exchanges has warned regulators that third-party tokenized equities can fragment liquidity, weaken price discovery, and expose investors to custody and enforceability risks absent from conventional share ownership.

The SEC's January 2026 staff statement distinguished issuer-sponsored tokenized securities and third-party products, noting that the latter may be custodial entitlements or synthetic instruments that provide exposure without equity, voting, information, or other rights from the referenced issuer.

Binance says bStocks are not stocks or shares and do not allow holders to own the listed company's underlying shares directly.

Kraken says xStocks do not confer ownership, though account balances may adjust to reflect dividends.

Robinhood's EU product page describes its stock tokens as derivative contracts priced by reference to the underlying security, granting no rights to the underlying security.

Each product delivers economic exposure inside a crypto account, with the holder's legal position determined by the issuer's structure, jurisdiction, and redemption mechanics.

What traders are actually buying

At one end of the tokenized stock products spectrum, Binance's direct stock product routes orders through an external brokerage and clearing partner, giving users exposure more closely resembling conventional share ownership.

At the other end, products structured as synthetic or derivative instruments provide users with price exposure through a contractual claim on an issuer, wrapper, or counterparty.

Most products now on the market sit between those poles, with custodial entitlements backed 1:1 by real shares held by a third-party special-purpose vehicle, in which the user's rights depend on that vehicle's structure and jurisdiction.

A trader buying “Nvidia” on a crypto exchange gets price exposure to Nvidia's stock, with a claim that runs to a custodian or derivative counterparty, governed by terms that differ materially from those covering a share purchased through a registered broker-dealer.

What the numbers price in

Citi's June 2026 tokenization forecast puts the range of outcomes in concrete terms. In the base case, tokenized assets reach $5.5 trillion by 2030, led by public-market securities, including roughly $2.6 trillion in US equities.

In the bull case, total tokenized assets reach $8.2 trillion, with US equities approaching $3.9 trillion, a number that would represent a structural reorientation of how global retail capital accesses American markets.

Crypto exchanges become the dominant retail brokerage for traders outside the US, and stablecoins eventually replace cash accounts as the funding layer for equities, ETFs, and private-market exposure.

IPO access becomes a distribution product that crypto apps sell to their global user bases. The closing bell loses cultural authority when traders across emerging markets have spent years buying Apple on their phones, unaware of 4 p.m. Eastern Time as a constraint.

In the bear case, regulators force third-party tokenized equity products into broker-dealer, derivatives, or exchange registration frameworks, imposing rights disclosures and custody standards that slow rollout by jurisdiction.

Tokenized assets land near Citi's $2.7 trillion floor, with public equities remaining a compliance-heavy side product. NYSE and Nasdaq, operating under DTC and SEC approval, capture the regulated tokenization layer, while crypto apps serve traders in markets where conventional brokerage access remains thin.

The real contest

The global equity market cap reached $126.7 trillion in 2024, with US markets accounting for nearly half, according to SIFMA's 2025 fact book.

Goldman Sachs projects US IPO proceeds could reach a record $160 billion in 2026, with SpaceX, OpenAI, and Anthropic among the names driving that cycle.

The S&P 500's tech sector accounted for more than 39% of the index's market cap in early June, the highest concentration on record. These are the assets global retail traders want, and crypto exchanges are the first mobile-native, stablecoin-funded, always-on platforms positioned to sell access to them outside the US brokerage system.

NYSE and Nasdaq are building tokenized rails and regulators are drafting frameworks, but the user relationship already belongs to the crypto app.

The brokerage war ahead will be fought over whether the world's retail traders buy stocks through Wall Street's infrastructure, or through the apps already sitting on their phones.

The post Crypto exchanges are opening a two-front war for the stock market appeared first on CryptoSlate.

SpaceX has officially entered public markets, and its long-awaited IPO is already one of the biggest market events of 2026. After years of speculation around when Elon Musk’s space and satellite giant would finally go public, SpaceX shares began trading today under the ticker SPCX, immediately attracting massive investor attention.

The stock opened around $152, already well above its IPO price of $135, before climbing further during early trading. At the time of writing, SpaceX stock is trading around $172, marking a strong first-day jump and showing just how intense demand has become for one of the most anticipated listings in market history.

Why Is SpaceX Stock Surging Today?

The first-day rally is mainly being driven by a mix of hype, scarcity, and long-term growth expectations. SpaceX is not just viewed as a rocket company anymore. Investors are also pricing in the future of Starlink, satellite internet, space infrastructure, government contracts, possible AI-related expansion, and Elon Musk’s broader tech ecosystem.

The IPO has also created a strong fear of missing out among retail and institutional investors. With SpaceX now trading publicly, many investors who were previously unable to access the private company are rushing to gain exposure.

This strong demand helped push the stock from its IPO price of $135 to an opening level near $152, before the rally continued toward the $170 zone.

Is a SpaceX Crash Coming After the IPO Pump?

The big question now is whether SpaceX stock can continue climbing or whether the first-day excitement could quickly turn into a sharp correction.

A short-term pullback is definitely possible. IPO stocks often experience extreme volatility during their first trading sessions, especially when the opening price rises far above the original IPO price. Early investors may take profits, traders may exit after the initial hype, and valuation concerns could pressure the stock if momentum slows.

SpaceX is already trading at a massive valuation, which means expectations are extremely high. If the market starts questioning whether the company can justify that valuation through revenue growth, profitability, and future expansion, SPCX could face a strong correction.

In that scenario, the stock could fall back toward the $150 opening area, or even retest levels closer to the $135 IPO price if selling pressure increases.

*Investments carry risks. Trade responsibly.

Could SpaceX Stock Keep Going Higher?

On the other hand, SpaceX could continue moving higher if demand remains strong. The company has a rare position in the market, combining space exploration, satellite internet, defense contracts, and futuristic growth narratives. Few public companies offer the same level of exposure to the commercial space economy.

If buyers continue to dominate and the stock holds above the $170 level, the next psychological target could be the $180 to $200 range. A move above $200 would likely confirm that investors are willing to pay a significant premium for SpaceX’s long-term potential.

However, the higher SPCX climbs in the first days of trading, the greater the risk of a sharp correction if momentum fades.

What Should Investors Watch Next?

The most important levels to watch now are the $170 area, the $150 opening zone, and the $135 IPO price.

If SpaceX holds above $170 and continues gaining volume, bullish momentum could stay in control. But if the stock drops below $150, it may signal that the IPO hype is cooling down and that early buyers are starting to take profits.

Investors should also watch broader market sentiment. If tech stocks remain strong, SpaceX could benefit from continued risk appetite. But if the market turns cautious, highly valued IPO stocks like SPCX could be among the first to see heavy selling.

3 Ways to Buy SpaceX Stock

For investors looking to gain exposure to SpaceX after its IPO, there are several platforms to consider. Availability may depend on the user’s country, regulations, and the type of product offered.

1. Buy SpaceX Through XTB

XTB is one of the platforms investors can use to access major listed stocks and market opportunities. For those looking to trade or invest in SpaceX after its Nasdaq debut, XTB may offer a simple way to gain exposure to SPCX depending on regional availability.

-> Start with XTB here

2. Buy SpaceX Through Bitpanda

Bitpanda is another option for investors who want easy access to stocks, crypto, and other assets from one platform. If SpaceX trading is available in your region, Bitpanda may allow users to gain exposure to SPCX with a beginner-friendly interface.

-> Start with Bitpanda here

3. Buy SpaceX Through Coinbase

Coinbase has also been expanding beyond traditional crypto exposure, including pre-IPO and tokenized market products in some regions. For users looking for crypto-native access to SpaceX-related exposure, Coinbase may be another platform to watch.

-> Start with Coinbase here

SpaceX IPO Could Be Just Getting Started

SpaceX’s IPO is already making market history. With the stock opening near $152 and trading around $172, investors are clearly showing strong demand for Elon Musk’s space company.

Still, the next move remains uncertain. The stock could continue climbing if hype and demand remain strong, but a sharp correction is also possible if early investors start taking profits or if the valuation becomes too stretched.

For now, SpaceX remains one of the most important stocks to watch in 2026. Whether SPCX becomes the next mega-cap winner or faces a post-IPO crash will depend on how the stock performs after the initial excitement fades.

When Is the SpaceX IPO and What's the Valuation?

After more than two decades as the world's most closely watched private company, SpaceX is going public. The stock begins trading on the Nasdaq on June 12, 2026, under the ticker SPCX, with 555.56 million Class A shares offered at a targeted IPO price of $135. SpaceX set that fixed price of $135 per share, putting the valuation at roughly $1.77 trillion — which would make Elon Musk's firm the seventh-biggest company in the U.S., ahead of Tesla.

The scale is unprecedented. The offering aims to raise about $75 billion, with underwriters holding a 30-day option to buy up to an additional 83.3 million shares at the IPO price. By deal size, that makes it the largest IPO in market history — comfortably topping Saudi Aramco's 2019 record.

One detail makes this IPO unusually accessible. SpaceX set aside about 30% of its public shares for everyday retail investors instead of the usual 5% to 10% — which is why brokerage apps suddenly have a "request shares" button for a company that stayed private for 24 years.

SpaceX IPO Valuation: What Drives the $1.75 Trillion Valuation?

The number rests heavily on one division: Starlink. SpaceX operates across launches, Starlink connectivity, and AI, with Starlink generating roughly 61% of total 2025 revenue. The company generated $15 billion to $16 billion of revenue in 2025, which implies a valuation of roughly 109x to 116x trailing revenue.

That multiple is the heart of the debate. At $1.75 trillion, SpaceX would trade at around 100 times its 2025 revenue — a multiple that assumes sustained exceptional growth across both its launch business and Starlink for years to come. Investors are effectively pricing in years of near-flawless execution, with the main risks being governance concentration, Starship execution, and reliance on government contracts.

What to Expect During the First Hours of Trading

Here's where a common assumption needs correcting. Many people expect a stock to crash right after its IPO as early investors cash out — but that's not the typical pattern. The classic IPO dynamic is often the opposite: a first-day "pop," where the stock opens well above its offer price because demand far exceeds the shares available. Sharp drops do happen, but for a heavily oversubscribed deal like this one, an opening price above $135 is the more likely outcome. In fact, some analysts think it may end up topping $2 trillion or more on its first day.

A few things worth knowing for the big day:

• There's no fixed opening time. There is no set time for trading to begin — companies often wait a while after the market opens before the first trade prints, and the share price is likely to fluctuate heavily once it does.
• Expect serious volatility. June 12 is the first day of trading, and high volatility is expected. Some experienced traders deliberately wait it out — a common approach is to let the first 30 to 90 minutes of trading define a clear structure rather than buying at any price into the hype.
• A structural buying wave is coming weeks later. This is the most underappreciated factor. Nasdaq shortened the waiting period for Nasdaq-100 membership to just 15 trading days for the largest megacap IPOs, so based on a June 12 listing, SpaceX would be eligible to join the index around July 7 — forcing every Nasdaq-100 tracker fund and ETF to buy SPCX and creating a wave of mandatory institutional buying that could substantially offset early selling pressure.
• Selling pressure is real, but scheduled. A friends-and-family carve-out means up to $3.75 billion of unlocked stock could be sold on day one, while the main insider lockups release in stages from late July onward. So the "early investors cashing out" effect you'd expect is genuine — it's just spread across months of unlock windows rather than concentrated on day one.

The honest summary: nobody can predict the first print. Expect a volatile open, a real possibility of a price well above $135, and a known calendar of buying and selling pressures over the following weeks.

The 3 Best Platforms and How to Buy SpaceX (SPCX)

Not every platform offers the same thing. Two of the three below give you the actual Nasdaq-listed share; one gives you crypto-native price exposure. Here's how they break down.

1. XTB — Buy the Actual SPCX Share

XTB is a regulated broker offering access to real SPCX stock on the open market once trading begins. From the first day of trading, SPCX becomes available at brokers giving access to US stocks, including XTB. 

What you need to get started: open an account and complete identity verification (KYC). How to fund it: download the XTB app, open an account, then choose your preferred funding method and deposit funds — XTB typically supports bank transfer and card. What to do during the IPO: once SPCX lists, search the ticker and place your order. One reality check: you won't get the $135 IPO price — that's only for investors in the formal bookbuilding process; buying on the open market from June 12 means paying whatever price the market sets, which could open substantially higher.

👉 Open an XTB account

*Investments carry risks. Trade responsibly.

2. Bitpanda — Trade SpaceX from the First Trading Day

Bitpanda is a European, Austria-based platform that lets you invest in stocks (including fractional shares), $crypto, ETFs, and more from one app — well suited to beginners who want a straightforward way in without large minimums. Bitpanda is offering SPCX from the very first NASDAQ trading day, at just €1 per trade.

What you need to get started: register and complete verification (KYC). How to fund it: Bitpanda supports bank transfer, card, and several instant-payment methods in EUR. What to do during the IPO: once SPCX goes live on the first trading day, search the ticker and place your order — at €1 per trade, and with fractional investing, you can put in a fixed euro amount rather than buying a whole share if the price opens high.

👉 Open a Bitpanda account

3. OKX — Crypto-Native SpaceX Exposure

OKX approaches SpaceX from the crypto side rather than via traditional equity. OKX is launching perpetual futures contracts that track the valuations of high-profile private companies including SpaceX, alongside tokenized stock trading via a link-up with Ondo Finance. This is exposure to SpaceX's price, not ownership of the underlying share — and these products carry leverage, funding costs, and liquidation risk. 

What you need to get started: a verified OKX account with KYC completed. How to fund it: deposit crypto from an external wallet, or buy crypto directly on OKX via card or bank transfer to fund your trading balance. What to do during the IPO: if you want pre-listing or synthetic exposure, you can trade the SpaceX perpetual or tokenized product directly — just understand you're trading a derivative, not a Nasdaq share, and these can diverge sharply from the real price in thin, volatile windows.

👉 Open an OKX account

What's Going to Happen during SpaceX IPO?

The SpaceX IPO is a genuine market milestone — the largest in history, with unusually generous retail access. But the $135 figure is an offer price most readers won't get, the opening days will be volatile, and the three platforms above give you different products: a real share via XTB and Bitpanda, and crypto-native exposure via OKX. Whichever route you choose, only invest what you can afford to lose — buying into day-one hype is one of the higher-risk ways to enter any stock.

What Is the World Venture Forum 2026?

The World Venture Forum (WVF) 2026 is an exclusive, investor-led gathering set high in the Austrian Alps under the theme "Vectors of Change." Built around the idea of understanding and shaping the forces transforming industries and societies, the forum brings together global thought leaders, capital allocators, and innovators for a week of meaningful dialogue and collaboration. This is a community designed by investors, for investors — meaning the conversations and opportunities genuinely resonate with the people in the room.

Rather than a typical conference, WVF positions itself as a place to navigate the dynamic currents of change, build lasting connections, and stay ahead in an ever-evolving world. If you're looking for board-level conversations rather than buzz, this is the room to be in.

When and Where: Kitzbühel, Austria, 6–11 July 2026

The forum takes place from 6 July to 11 July 2026 in Kitzbühel, Austria, one of the Alps' most iconic destinations. Discussions happen at 1,000+ metres above sea level, across four luxurious mountaintop chalets, each dedicated to a distinct focus area. The alpine setting is part of the point: it combines elevated discourse with informal networking in a genuinely memorable environment.

The Four Focus Topics

WVF 2026 organizes its program around four broad themes, each hosted in its own dedicated chalet for tightly curated conversations:

• Web3 — Explore the future of digital assets.
• Family Offices — Connect with global investment leaders.
• Corporate Innovation — Dive into cutting-edge business strategies.
• Impact — Discuss sustainable solutions in Green & Life Sciences.

What to Expect: The WVF Experience

The week balances substance with lifestyle. Beyond panel discussions with global thought leaders on innovation, impact, and investment, there's daily networking, an elegant Gala Dinner, and movement activities to recharge — including a golf tournament, guided city tours, and yoga sessions.

The agenda flows naturally across the week. Monday and Tuesday open with registration, networking, and the Web3 and Family Office chalets, alongside a Crypto Cocktail and a Family Fizzes reception. Wednesday brings a golf tournament or trekking, Scale Up networking, and the headline WVF Gala Dinner. Thursday and Friday cover the Corporate Innovation and Impact chalets, a Sponsors' & Speakers' Soirée, and a guided city tour or yoga session, before a Champagne Brunch sends everyone off on Saturday. (Note: some formats require an add-on ticket.)

Who You'll Meet: A Room Full of Decision-Makers

This is where WVF stands apart. The attendee profile skews heavily toward people with real capital and real authority:

• 92% are senior decision-makers — CEOs, owners, investors, management, and C-level.
• 70% control capital ownership.
• Roughly 2 in 3 attendees are capital allocators, including corporate investors, venture capital, private equity, family offices, and angels.

For founders, investors, and innovators alike, that density of decision-makers is the real draw — every conversation has a genuine chance of leading somewhere.

Get 15% Off Your WVF Ticket

Our CryptoTicker readers can claim an exclusive 15% discount on registration. Use the promo code WVF26_CRYPTOTICKER at checkout.

If you want to spend a week among investors and innovators shaping the next wave of Web3, family office strategy, corporate innovation, and impact — in one of the most beautiful settings in Europe — World Venture Forum 2026 is built for exactly that.

To most people active in the financial markets, the idea of $Bitcoin dropping to absolute zero sounds like a bad movie plot. The digital asset has grown from an obscure cryptographic experiment into a major asset class with a market cap that has crossed into the trillions. Institutional heavyweights back it, and millions of retail investors hold it globally.

Yet, some of the most successful traditional investors in history remain completely convinced that its terminal value is zero. When we look past the daily price charts and emotional social media debates, a fundamental question emerges: What would actually have to happen to make Bitcoin completely worthless?

An asset drops to zero when nobody is willing to buy it at any price, or when the system itself breaks down completely. By tracking how economic models work and examining the specific warnings of legendary market skeptics, we can map out the actual triggers that could theoretically cause a permanent, total collapse.

*CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

1. The Proponents of Zero: What Traditional Finance Predicts

The argument that Bitcoin is structurally destined to crash to zero isn't driven by anonymous online bears—it is led by some of the most influential figures on Wall Street.

Warren Buffett’s Intrinsic Value Argument

Warren Buffett, the Chairman and CEO of Berkshire Hathaway, has famously criticized the asset for years. In interviews with CNBC, Buffett has repeatedly stated that he doesn't own any cryptocurrency and never will, flatly declaring its value to be "zero."

"Cryptocurrencies basically have no value and they don't produce anything. You can't do anything with it except sell it to someone else. But then that person's got the problem." — Warren Buffett

Buffett’s investment philosophy centers entirely on productive assets. If you buy a farm, it grows food; if you buy a business, it manufactures products and generates cash flow. Because Bitcoin does not produce dividends, revenue, or physical utility, Buffett views it purely as a speculative "gambling token." In his view, once the pool of buyers willing to pay a higher price runs out, the asset inevitably collapses under its own lack of utility.

The Institutional Skeptics

Buffett isn't alone in this camp. His late business partner, Charlie Munger, famously labeled it "rat poison squared." Similarly, JPMorgan Chase CEO Jamie Dimon has long dismissed Bitcoin as a "hyped-up fraud" and a "pet rock."

Furthermore, Nobel laureate Eugene Fama—often called the "Father of Modern Finance"—has noted that Bitcoin's massive price swings make it completely unsuitable to function as a stable currency, predicting that it could face a path to irrelevance as more efficient financial technologies develop.

2. The Incentive Trap: What Happens When Mining Rewards Disappear?

From a purely technical perspective, Bitcoin’s internal design contains a long-term economic challenge often referred to as the security budget dilemma.

The network relies on a Proof-of-Work (PoW) consensus mechanism. Miners around the world run high-powered computers to validate transactions and secure the ledger against fraud. In return, the software automatically pays them in newly minted $BTC (the block reward). However, to enforce artificial scarcity, the protocol cuts these rewards in half every four years.

By the time the final coin is minted, the block reward will hit zero, and miners will have to survive entirely on the transaction fees paid by users. This sets up a critical vulnerability:

• Stagnant Transaction Fees: If the volume of transactions doesn't grow large enough to pay miners for their electricity, running the hardware will become completely unprofitable.
• Hardware Atrophy: Mining farms will unplug their machines, causing the network's overall computing power (hash rate) to plummet.
• The 51% Attack Vector: A low hash rate means it becomes financially feasible for a hostile group or a sovereign government to buy enough computing power to take over the network.

If an attacker gains control of more than half the network power, they can alter the ledger, reverse past transactions, and double-spend coins. The exact moment transactional finality can no longer be trusted, the foundational asset loses its credibility, triggering a massive sell-off toward zero.

3. Coordinated Global Banning and On-Ramp Destruction

Another concrete path to zero involves a coordinated geopolitical crackdown. While the decentralized software cannot be turned off by a single government, the access points that link it to everyday society are highly vulnerable.

Bitcoin derives its practical liquidity from "fiat gateways"—the exchanges and banking networks that allow users to swap traditional cash like U.S. Dollars or Euros for digital assets. If major global economies execute a synchronized regulatory ban, they can effectively cut off the flow of capital entirely.

If a user cannot use their holdings to pay taxes, buy real estate, or settle everyday transactions legally, the asset's utility drops immediately. If it is reduced to a black-market token that is impossible to clear through the global banking system, institutional capital will fully divest, causing a terminal collapse in liquidity.

*Investments carry risks. Trade responsibly.

4. The Cryptographic Break: The Long-Term Quantum Threat

The structural integrity of the entire ledger depends on advanced mathematics. Specifically, it uses the Elliptic Curve Digital Signature Algorithm (ECDSA) to ensure that only the person who owns a private key can spend the funds in a specific wallet address.

The development of high-fidelity quantum computing poses a distinct long-term threat to this safety model. Unlike standard computers, quantum computers utilizing Shor's algorithm can solve the complex discrete logarithm problems used in modern encryption within minutes.

If a government agency or private tech firm secretly builds a functional quantum computer, they could theoretically backward-engineer private keys directly from exposed public addresses on the public ledger. This includes the famous dormant wallets held by the network’s anonymous creator, Satoshi Nakamoto, which hold over 1 million coins.

If those coins are suddenly stolen or moved via a cryptographic exploit, public trust in the software's mathematical infallibility would shatter overnight. Once the guarantee of digital ownership is broken, the asset’s underlying value proposition vanishes entirely.

What It Takes for Bitcoin Price to Reach Zero

For Bitcoin to truly reach $0, it cannot simply undergo a standard market correction or enter a multi-year bear market. A zero-dollar valuation requires a permanent, unfixable structural break.

As Warren Buffett points out, the asset relies heavily on public belief in its collective utility. If global regulators completely sever its access to the traditional financial system, if its internal reward mechanism fails to fund its own security, or if a cryptographic vulnerability compromises wallet security, that collective belief will vanish. If nobody is willing to act as the final buyer, the asset's price will ultimately adjust to match its structural utility: absolute zero.

The financial world is flashing a giant red warning sign. In a rare and violent synchronization, almost every major asset class is bleeding. Equities are tumbling, the digital asset ecosystem is experiencing mass liquidations, and even traditional safe havens like gold and silver are succumbing to intense selling pressure.

For retail investors, the synchronized drop is baffling. Aren't cryptocurrencies and precious metals supposed to hedge against stock market weakness? In a standard economic correction, yes. But we are not in a standard correction. We are witnessing a massive liquidity squeeze. Investors are aggressively unwinding positions across the board, fleeing from risk, and cycling their capital into one ultimate destination: the United States dollar.

Global Market Crash: Equities, Precious Metals, and Crypto

The selloff has spared no one. On Wall Street, the tech-heavy Nasdaq Composite recently plunged over 4%, recording its sharpest single-day decline in over a year. A toxic cocktail of disappointing guidance from semiconductor giants like Broadcom and an unexpectedly hot US non-farm payrolls report has forced investors to face reality. The narrative of imminent Federal Reserve interest rate cuts has evaporated. Instead, the market is pricing in a "higher-for-longer" rate environment, with CME FedWatch tool data showing a sudden uptick in expectations for an outright rate hike later this year.

This macroeconomic shift has sent shockwaves through the cryptocurrency market. Bitcoin recently shattered its psychologically critical support level, crashing well below $60,000 to reach its lowest point since late 2024. Widespread deleveraging has wiped out billions in leveraged long positions, amplified by massive outflows from spot Bitcoin ETFs.

Even commodities have failed to act as a refuge. Spot gold prices, which analysts at major institutions like J.P. Morgan expected to climb steadily, have retreated dramatically from their highs. Silver has suffered an even steeper percentage decline, proving that when a liquidity panic hits, even the oldest hard assets on Earth get sold to cover margin calls and preserve capital.

*Investments carry risks. Trade responsibly.

The Mighty Dollar Reclaims the Throne

So, where is the money actually going? The answer is clearly visible in the performance of the US Dollar Index (DXY). The DXY recently surged past the crucial 100 handle, hitting its highest level in months.

When institutional investors panic, they do not look for upside—they look for liquidity. In times of severe systemic stress, cash becomes the king of all assets. The aggressive spike in the dollar index indicates a sweeping global reallocation toward cash and short-term US Treasury bills, which have seen their yields surge to multi-month highs.

Why Are Markets Crashing?

This aggressive turn toward the greenback is driven by two main catalysts:

• Interest Rate Reality Check: The booming US labor market makes it nearly impossible for the Fed to lower borrowing costs without risking a secondary inflation wave. Higher rates make holding cash yield-bearing and highly attractive compared to risky assets.
• Geopolitical Escalation: Escalating global tensions—particularly ongoing friction points and fears surrounding Middle Eastern stability—have intensified market anxiety.

When macro risk factors align this tightly, institutional risk models trigger automatic liquidations. Funds must reduce their "Value at Risk" (VaR), which translates into selling equities, dumping volatile crypto tokens, and liquidating precious metals to hoard USD. The current market structure is not showing a healthy rotation from tech to value or from paper assets to hard assets. It is a textbook flight to cash. Until geopolitical tensions ease or the Federal Reserve signals a clear pause in its hawkish tone, the global markets are likely to remain highly volatile, with the dollar retaining its iron grip on global capital.

President Trump’s upcoming UFC fight will provide several crypto firms with an unprecedented opportunity for corporate branding.

A new benchmark study found AI agents remain vulnerable to prompt injection attacks as companies increasingly roll out the technology to the public.

Kimi Work lets an AI agent loose on your local files, your browser, and your schedule—without routing everything through the cloud.

Anthropic's AI survey showed Americans are afraid of job losses, hopeful for health breakthroughs, and distrustful of firms behind the tech.

Participants were refunded and did not receive shares in the record-breaking SpaceX IPO from Elon Musk's rocket company.

XRP stops falling at $1.15, but repeating 2022 chart patterns point to two full years of boring sideways action.

More than 64 billion SHIB tokens moved across exchanges in just 24 hours.

XRP risks further downside after losing key support, while Zcash and Toncoin attempt to stabilize following recent bouts of extreme volatility.

Trillionaire Musk is now 10 times richer than Satoshi, and Draper loves them both.

Aerospace titan SpaceX has officially reshaped the global financial hierarchy, launching the largest Initial Public Offering (IPO) in history to debut with a staggering $1.78 trillion valuation.

TLDR:

• Bitcoin trades near $63.8K as June performance trends toward weakest since 2022 bear market phase
• Summer liquidity conditions from July to September continue limiting strong directional breakouts in BTC
• Traders are actively monitoring $61K–$66.8K range as short liquidations and rejections persist
• Macro cycle models still point toward potential reversal zones forming closer to the October window

Bitcoin is tracking toward its weakest June performance since 2022. That year marked the depths of the previous bear market cycle. 

CoinGecko data shows BTC trading at $63,781, up 1.21% over the past 24 hours and 5.01% over the past week. Despite the modest recovery, the broader monthly picture remains underwhelming for bulls.

Bitcoin’s Worst June Since Bear Market Lows Raises Seasonal Concerns

Seasonal data has become a focal point for traders this month. Crypto analyst Daan Crypto Trades noted that July, August, and September tend to be slow periods. 

Lower summer liquidity historically suppresses volatility across those three months. Big directional moves have typically waited until October to materialize.

The October thesis carries added weight under the four-year cycle framework. According to Daan Crypto Trades, that month would also mark the end of the current bear phase under that model. 

Bitcoin’s 24-hour trading volume stood at roughly $24.28 billion, per CoinGecko. That figure reflects moderate activity but no major breakout momentum. 

The market remains range-bound heading into mid-June. No clear catalyst has emerged to push price decisively in either direction.

Summer seasonality has historically produced choppy, low-conviction price action. That pattern may keep BTC pinned within its current range for the near term. Traders appear to be positioning accordingly. High-conviction directional bets remain sparse.

Traders Eye $65K and $66.8K as Critical Zones for BTC Direction

Price action near range highs drew attention over the weekend. 

Analyst Lennaert Snyder flagged that Bitcoin swept its range high before rejecting. Short liquidations triggered on the move up, but there was no meaningful follow-through to the downside.

Snyder identified roughly $65,000 as the next point of interest for shorts. A test of $66,800 represents the secondary zone he is monitoring. 

Both levels would require a confirmed trigger before he enters a position. For long setups, a pullback toward $61,000 to $62,000 remains on his radar.

Range lows are also being watched for potential bounces. Snyder stated his bias remains tilted to the downside overall. That view aligns with broader bearish seasonality expectations. No immediate long opportunity stands out at current levels.

Analyst Astronomer Zero shared a high-timeframe read pointing to a potential bottom zone around $60,000. That call still stands, despite price sitting above it. 

He noted a prior short from $82,300 played out, and he is now monitoring a fresh reversal area. The macro picture, in his view, has not materially shifted.

The post Bitcoin Heads for Worst June Since 2022 as Analysts Eye October Turning Point appeared first on Blockonomi.

TLDR:

• Stellar now holds over $2B in tokenized RWAs as payment volume climbs 72% year-over-year to $5.5B. 
• Circle’s CCTP brings native USDC to Stellar, enabling transfers across 23+ chains without bridge risk. 
• Figure’s SEC-registered YLDS offers compliant yield on Stellar, targeting fintechs and LATAM markets.
• Bermuda is migrating wages, government fees, and payments onto Stellar in a full national deployment.

Stellar is moving beyond its payments roots in 2026, stepping into tokenized real-world assets, compliant yield products, and institutional settlement infrastructure.

The network now holds over $2 billion in tokenized RWAs. Payment volume has grown 72% year-over-year to $5.5 billion.

Developer participation is up 86%. These figures point to active usage across the ecosystem, not just projected growth.

Cross-Chain Liquidity and Regulated Yield on Stellar

Circle’s Cross-Chain Transfer Protocol is now live on Stellar. Native USDC can move between Stellar and more than 23 blockchains without wrapped tokens.

This removes traditional bridge risks for payments, exchanges, and DeFi applications. The integration gives these platforms access to deeper liquidity at a critical time for the network.

Figure has also launched YLDS on Stellar, an SEC-registered yield-bearing dollar asset. It is designed to serve as a compliant onchain savings product for fintechs and retail users.

Markets like Latin America stand to benefit from combining stablecoin liquidity with money-market-style yield. This fills a gap that standard stablecoins have not addressed within a regulated framework.

The DTCC is also engaging with Stellar’s settlement infrastructure. This adds a major institutional layer to the network’s growing financial stack.

Settlement-grade infrastructure alongside regulated yield products creates a more complete offering. Institutions looking for compliant, onchain alternatives now have more options on Stellar.

Stablecoin activity and enterprise participation are both growing alongside these product launches. The network is attracting users who need more than simple transfers.

As @ourcryptotalk noted, this is usage, not just another roadmap. That distinction matters when evaluating where the network stands today.

Bermuda Builds a National Economy on Stellar

Bermuda is conducting one of the most ambitious real-world tests of blockchain infrastructure. The country is migrating wages, merchant payments, government fees, and stablecoin disbursements onto Stellar.

Financial services are also moving to the network as part of this national effort. This is a live deployment, not a pilot program.

The scale of Bermuda’s adoption is rare in the blockchain space. No comparable national economy has attempted a full transition of this kind on a public network.

Stellar’s existing focus on cross-border payments made it a practical fit for this use case. The infrastructure was already built for speed, low fees, and compliance.

For Stellar, sovereign adoption adds a concrete use case to its institutional narrative. Bermuda’s activity will generate real transaction data across government and commercial settings.

That data will be visible on-chain and open to analysis by developers and institutions alike. It gives Stellar a proof point that few other networks can match.

XLM is currently trading near $0.19, testing a key support zone between $0.18 and $0.20. On the four-hour chart, the price is compressing inside a falling wedge with RSI forming higher lows.

A confirmed breakout above $0.20 would be the first technical signal of buyer control returning. The coming weeks will show whether the fundamental activity translates into price recovery.

The post How Stellar Is Quietly Becoming a Hub for Real-World Asset Tokenization appeared first on Blockonomi.

TLDR:

• FinCEN clarifies how banks can share suspected fraud data under Section 314(b) program rules 
• Guidance allows sharing of IP addresses, login patterns, and fraud indicators across institutions 
• Move supports Treasury effort to disrupt fraud networks through faster interbank coordination 
• Regulators push risk-based AML modernization to improve fraud detection and compliance efficiency

FinCEN issued updated guidance on information sharing under Section 314(b) of the USA PATRIOT Act on June 12, 2026. The move clarifies how banks and financial institutions can exchange fraud-related data in real time. 

Treasury officials said the framework targets fraud, money laundering, and other illicit financial activity. The guidance arrives as regulators intensify efforts to curb scams affecting both traditional finance and crypto markets.

FinCEN Fraud Guidance Expands 314(b) Information Sharing for Financial Institutions

The Financial Crimes Enforcement Network clarified how institutions can share information on suspected fraud cases under Section 314(b). Eligible banks, credit unions, and other financial firms can now exchange data linked to illicit activity. 

The update aims to remove uncertainty that previously slowed cross-institution cooperation. It also reinforces legal safe harbor protections for participating institutions. This clarification strengthens operational confidence for compliance teams handling real-time fraud alerts.

FinCEN said institutions may share cyber indicators such as IP addresses and login patterns. They can also exchange fraud signals including unusual payee additions and large transfers. 

Video surveillance and identity mismatches were also listed as usable data points. These categories reflect broader digital and behavioral fraud detection techniques used in modern compliance systems.

The guidance reinforces voluntary participation in the 314(b) safe harbor program. 

Authorities stressed that timely data sharing improves detection of money laundering and fraud networks. It also supports faster identification of coordinated criminal activity across accounts. 

Participation remains optional but is strongly encouraged by regulators for systemic risk reduction.

Officials noted that fraud continues to drain significant value from consumers and businesses annually. The updated framework focuses on enabling quicker responses before illicit flows spread further. 

Regulators said improved coordination remains central to financial system resilience. This approach prioritizes prevention rather than post-incident investigation.

Treasury Fraud Crackdown Links Institutions with Broader Crypto Monitoring Efforts

The Treasury Department framed the update within a broader fraud prevention initiative. It aligns with a task force focused on eliminating fraud across financial channels. 

The effort includes coordination with federal banking agencies and enforcement bodies. It forms part of a wider national strategy to strengthen financial integrity systems.

Officials said financial crime increasingly overlaps with digital asset ecosystems. Banks and compliance teams often monitor transactions that intersect with crypto platforms. 

Improved data sharing may help detect laundering patterns tied to digital asset flows. Regulators continue to examine risk exposure across both traditional and blockchain-based rails.

The guidance emphasizes rapid communication between institutions during suspicious activity events. 

Faster exchange of indicators can help prevent fraud from spreading across multiple accounts. This reduces delays that criminals often exploit in fragmented reporting systems. 

Speed of coordination remains a key variable in effective fraud disruption.

FinCEN also highlighted modernization of anti-money laundering frameworks. The shift moves toward risk-based supervision and more efficient resource allocation. 

Institutions are encouraged to focus on high-risk activity rather than low-risk accounts. This adjustment aims to improve enforcement precision while reducing compliance burden.

The post Treasury Moves to Speed Fraud Detection With New FinCEN Guidance appeared first on Blockonomi.

TLDR:

• CFTC sues New Mexico over attempts to apply state gaming laws to derivatives markets
• KalshiEX case triggers wider jurisdiction clash between federal and state regulators in US markets
• CFTC cites Commodity Exchange Act as basis for exclusive authority over event contracts nationwide
• Multiple US states now challenge prediction markets, raising regulatory uncertainty across the sector

The Commodity Futures Trading Commission has filed a federal lawsuit against New Mexico over jurisdictional authority on prediction markets. The CFTC argues the state is attempting to apply gaming laws to federally regulated derivatives platforms. 

New Mexico previously targeted CFTC-registered KalshiEX, escalating tensions between state and federal oversight. The dispute centers on whether states can regulate event contracts already covered under federal law.

CFTC New Mexico Lawsuit Over Prediction Markets Jurisdiction

The CFTC New Mexico lawsuit was filed in federal court in Washington, marking a direct challenge to state-level enforcement actions. The agency seeks to block New Mexico from applying gaming statutes to CFTC-registered contract markets. 

According to the filing, federal law grants the commission exclusive authority over derivatives trading venues. The CFTC also requested declaratory relief and a permanent injunction.

New Mexico had earlier filed its own case in state court against KalshiEX LLC. 

The state alleged the firm’s prediction markets function as unlawful online sports betting platforms. It also argued the company was attempting to bypass state gaming regulations. That action triggered the federal response from the CFTC.

At the center of the dispute is the Commodity Exchange Act. The law gives the CFTC exclusive jurisdiction over designated contract markets and event contracts.

The commission argues this framework preempts conflicting state gaming laws. It maintains that only federal regulators can oversee such derivatives activity.

CFTC Chairman Michael Selig defended the agency’s position in a statement tied to the filing. He said the state’s approach conflicts with established legal precedent and federal authority. 

The commission reiterated that it will continue defending its jurisdiction over commodity derivatives markets.

KalshiEX and Expanding State Challenges in Prediction Markets

The CFTC New Mexico lawsuit is part of a broader wave of state actions targeting prediction markets.

Similar disputes have emerged in Arizona, Connecticut, Illinois, New York, Minnesota, Rhode Island, and Wisconsin. These cases generally focus on whether event-based trading resembles sports wagering. The CFTC has consistently rejected that framing.

KalshiEX sits at the center of the regulatory friction. The platform offers event contracts that allow users to trade on outcomes of real-world events. 

States argue these products resemble gambling instruments. The CFTC classifies them as federally regulated derivatives.

The federal agency is seeking to prevent states from enforcing laws that could restrict CFTC registrants. It argues that fragmented regulation would undermine national market consistency. The lawsuit requests a court ruling affirming federal exclusivity. It also seeks to block state interference moving forward.

Market operators now face growing legal uncertainty as jurisdictional lines tighten. 

The outcome of the CFTC New Mexico lawsuit could shape how prediction markets expand in the United States. It may also define how far states can extend gaming laws into federally governed financial instruments.

The post CFTC Takes New Mexico to Court Over Prediction Market Crackdown appeared first on Blockonomi.

TLDR:

• US export control order forced global shutdown of Fable 5 and Mythos 5 models immediately across all users
• Anthropic says restriction stems from alleged jailbreak concern but calls issue narrow and non-systemic in scope
• Other Claude models remain online as company complies with government national security directive requirements
• Firm disputes severity of claims, citing prior red-teaming tests and absence of verified harmful exploits

A US government export control directive has forced Anthropic to suspend global access to Fable 5 and Mythos 5. The order applies to all foreign nationals, including employees outside the United States. 

The decision triggered an immediate shutdown of both models across all customer environments. According to internal communication, the directive was issued citing national security concerns tied to potential jailbreak vulnerabilities.

Fable 5 and Mythos 5 Export Control Order Shakes Anthropic AI Access

AnthropicAI confirmed it received the directive at 5:21pm ET from US authorities. 

The order required immediate suspension of Fable 5 and Mythos 5 access worldwide. The restriction applies even to foreign national staff working within the company.

The company stated compliance was mandatory under export control rules. 

As a result, it disabled both models across its infrastructure. Other Claude models remain fully operational without restriction.

The announcement highlighted that the directive affects users across all regions. Customers outside the United States lost access at the same time as domestic users. The scope of the order reflects broad national security classification.

Anthropic noted the shutdown was abrupt and not pre-planned. 

Engineering teams executed global deactivation procedures shortly after receiving the notice. Service disruption affected enterprise users and developers relying on the models.

Fable 5 and Mythos 5 Security Concerns and Jailbreak Claims Explained

The directive reportedly stemmed from concerns about a potential jailbreak method targeting Fable 5. 

Authorities believed the technique could expose cybersecurity-related capabilities under certain conditions. The company reviewed the same demonstration internally.

Anthropic stated the identified issue involved narrow vulnerabilities already seen in other models. It added that similar weaknesses could be reproduced using publicly available AI systems. The company did not identify evidence of a universal jailbreak.

Internal assessments showed safeguards were tested extensively before release. 

The models underwent thousands of hours of red-teaming with external partners. These included government-linked AI safety institutes and third-party evaluators.

According to Anthropic, no verified harmful deployment resulted from the reported vulnerability. The company said it had not received documentation of a broad exploit affecting model safety systems. It described the issue as limited in scope and non-systemic.

Despite disagreement with the directive’s severity, Anthropic complied with legal requirements.

The firm emphasized ongoing discussions with regulators to restore access. It also reaffirmed that other models remain unaffected and continue operating normally.

The post US Export Order Forces Anthropic to Pull Fable 5 and Mythos 5 appeared first on Blockonomi.

Bitcoin’s price tried to break out above $64,000 yesterday, but it was stopped, and it still trades close to that level on Saturday morning.

Most larger-cap alts have posted minor gains over the past day, including ADA and HYPE, both up around 3%. In contrast, XMR has dumped hard.

BTC Calms at $64K

The primary cryptocurrency reacted well to the massive price decline observed during the first week of June, culminating that Friday in a nosedive to $59,100. After dumping to this 19-month low, the asset rebounded and jumped toward $64,000 on June 8.

The controversial developments on the US-Iran war front, which included new attacks against numerous countries in the region, halted bitcoin’s attempted recovery. So did the May CPI numbers, which were the highest in years.

BTC dipped below $61,000 on a couple of occasions during the week, but managed to defend that level and aimed at a more profound recovery. The highest price came yesterday, just hours before SPCX went live for trading on Wall Street, with a surge to almost $64,500. However, the bears intervened, and BTC now trades just under $64,000.

Its market capitalization has climbed to almost $1.280 trillion on CG. Its dominance over the alts, though, has increased further to 56.4%.

XMR Dumps

Ethereum continues to inch closer to $1,700 after another minor daily increase. BNB, XRP, and TRX have marked similar increases of under 1%. DOGE and SOL are up by 1.6%-1.7%, while HYPE has jumped by more than 3% to $59. Cardano’s native token continues with its recovery attempts. The token is up by 3% to well above $0.17 after the recent massacre.

In contrast, XMR has erased all the gains from earlier this week, dropping by more than 12% to $340. NEAR and ZEC are also slightly in the red. In contrast, BEAT, TAO, and ICP have marked substantial gains of up to 11%.

The total cryptocurrency market cap has remained near $2.270 trillion on CG.

The post Bitcoin (BTC) Calms Close to $64K, Cardano (ADA) Eyes Recovery: Weekend Watch appeared first on CryptoPotato.

Following last week’s market-wide calamity in which the cryptocurrency markets shed over $400 billion and all major assets plummeted to yearly lows, many analysts have started speculating on where the bottom is.

The latest to do so was Ali Martinez, who outlined the lowest targets during this cycle for BTC, ETH, and XRP. Hint: there’s more pain ahead for all, according to his findings.

Bitcoin Bottom

The analyst with over 165,000 followers on X began with the largest cryptocurrency by market cap, indicating that the asset is “approaching a market bottom.” He noted that the MVRV Pricing Bands suggest the ultimate capitulation zone, and that level has historically been around the 0.8 MVRV Band.

If history repeats itself, it would represent another major leg down that will drive BTC toward $43,000. The other, less painful option would be a nosedive to the 1.0 MVRV Band, which is currently at $54,000.

Interestingly, another recent analysis on BTC’s potential bottom suggested that it could arrive during the ongoing World Cup in North America. BIT Research justified their prediction with bitcoin’s A-B-C structure it has been following since the October 2025 rejection and subsequent bear market.

ETH Major Decline

While the leg down for bitcoin could see a more modest 32% drop from the current levels to bottom out, ETH’s projected crash is a lot worse. Basing his analysis on Ethereum’s Delta Price model, which measures the relationship between investor cost basis and miner production costs, Martinez warned that the largest altcoin can plummet to $700.

This level has “consistently flagged generational accumulation floors.” If such a major decline indeed transpired, then ETH will dump by another 60%. Moreover, its crash from last year’s all-time high at almost $5,000 would be north of 85%, which will be ‘shitcoin’ territory.

XRP Bottom Closeby

The landscape for ETH seems the most grim given Martinez’s projections. XRP, on the other hand, might be a lot closer to his targeted bottom. He noted that a dominant rising trendline on the monthly chart has “successfully defined every major cycle bottom for nearly a decade.”

If XRP is to find its bottom again there, it could drop to somewhere between $0.70 and $0.90. The lower target would mean a 40% decline, while the higher one is only 21% away from XRP’s current price tag of around $1.15.

5/5 If these projections fully mature, I will be executing a heavy spot-layering strategy directly inside these deep-value windows:$BTC: $43,200$ETH: $700$XRP: $0.90

Pacing capital at these levels keeps the portfolio aligned with structural-cycle data.

— Ali Charts (@alicharts) June 12, 2026

The post BTC vs. ETH vs. XRP: Which Is Closest to a Major Reversal? Analyst Explains appeared first on CryptoPotato.

The Core Team behind the controversial project has updated the participation and flow model for the Pi Launchpad in a move to strengthen community ties and engagement.

It has opened the doors for Pioneers to participate in testing a second token called ‘SLICE,’ which will run for two more weeks.

Pi Launchpad Update and SLICE Testing

The latest post from the team on X indicated that Pi Launchpad incorporates data and feedback from the first testnet token that commenced testing on PiDay 2026 (March 14) after the new update. Almost 480,000 Pioneers took part in the Launchpad testing and “generated valuable feedback on the Launchpad mechanism.”

According to the team, the feedback has been incorporated into a simpler participation flow, updated Launchpad mechanics, and an improved user experience. Pi Network has now launched its second such test token called ‘SLICE.’ The testing has now commenced and will remain open until Pi2Day (June 28).

Pioneers who want to participate need to follow these steps:

• Open Pi Launchpad in Pi Browser

• Review the SLICE test token and project

• Choose a commitment amount in Test-Pi

• Confirm participation

• Engage with the Slice of Pi app and provide feedback

The testing will help evaluate if the updates can achieve the major goals and provide Pi Network users with another chance to “learn the new ecosystem token mechanics.” The team asserted that SLICE will never go onto Mainnet, as it will only be a Testnet token.

PI Price Update

Despite some other protocol updates and product launches, the project’s native token has remained highly depressed in its price moves. Recall that the overall market-wide crash harmed it severely in the past few weeks, pushing it to a new all-time low of under $0.12, marked on June 6.

It has managed to recover some ground since then and now sits about 7% higher. Nevertheless, the macro scale remains severely painful, with a 95.7% drop since the all-time high seen in late February 2025.

Some on-chain metrics and the upcoming token unlock schedule, on the other hand, suggest that PI’s worst days might be behind it. The RSI is also deep in oversold territory, which could mean a major reversal is upon it, but there’s no clear breakout attempt yet.

The post Major Pi Network (PI) News: Here’s What All Pioneers Need to Know appeared first on CryptoPotato.

Ripple CEO Brad Garlinghouse has criticized JPMorgan Chase CEO Jamie Dimon over his recent remarks attacking the CLARITY ACT.

He reminded that Dimon has consistently dismissed the crypto industry for years while misrepresenting the purpose of the legislation.

Clash Over Crypto Regulation

Speaking during an interview with Fox Business host Maria Bartiromo, Garlinghouse responded directly to comments Dimon made earlier this month, where the banking executive accused Coinbase CEO Brian Armstrong of pushing the bill in Washington and claimed the proposed legislation weakens protections against money laundering and Bank Secrecy Act violations.

The Ripple exec said that Dimon was either intentionally trying to undermine support for the bill or misunderstanding what the legislation actually does.

“As much as we can talk about whether or not Brian Armstrong is representing the industry, he is not; he is representing Coinbase, and in certain ways he is going to look out for Coinbase’s best interest. But at the end of the day, I think what Jamie Dimon did was a disservice. He’s representing that this reduces compliance concerns, that it makes it easier to do bad things. That’s just not true. It’s either intentional misrepresentation or even negligent to try to make support for the Clarity Act go away.”

Even during his appearance at the Reagan National Economic Forum last month, Dimon said banks would not accept the current form of the bill and lashed out at Armstrong.

“He’s the only one, and he’s spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.”

Economist Peter Schiff also slammed Dimon’s comments and said that stablecoin issuers should not face the same banking rules as traditional lenders. Despite being a longtime crypto critic, Schiff said that banks operate with FDIC insurance and risky lending practices, while fully backed stablecoins invested only in US Treasuries serve a legitimate purpose.

CLARITY Act Progress So Far

The CLARITY Act is moving through Congress but is facing growing opposition from major banks. The bill aims to clarify which US regulator oversees different types of cryptocurrencies by dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It is designed to reduce confusion around crypto regulation in the United States.

After passing the House in 2025, the legislation advanced through the Senate Banking Committee last month, but it still faces additional debate in the full Senate. One of the major sticking points involves stablecoin yield provisions that banks argue could allow crypto firms to offer interest-like rewards without following the same regulatory requirements imposed on traditional financial institutions.

The post Ripple’s Garlinghouse Fires Back After Jamie Dimon Targets Coinbase and CLARITY ACT appeared first on CryptoPotato.

DOGE has fared poorly over the past months, mirroring the bearish conditions of the broader crypto market and the waning interest in the meme coin sector.

Nonetheless, numerous analysts remain bullish that a major pump could be on the way.

The Possible Catalyst

The OG meme coin has collapsed well below $0.10, yet it now trades above $0.081. This level is specifically important to the popular analyst Ali Martinez, who described it as “the lower mid-range boundary” of a five-year parallel channel activity since 2021.

He argued that, since its inception, Dogecoin has progressed through multi-year consolidation channels before entering bull markets, and that holding beyond that mark could create the conditions for another “parabolic move.”

This isn’t the first time Martinez has commented on DOGE this week. He revealed that the Tom DeMark Sequential indicator flashed a buy signal on the asset, suggesting a rebound could be on the horizon. It is important to note that this technical analysis tool successfully predicted Dogecoin’s correction in early May when the price slipped from $0.113 to $0.078.

Other market observers who foresee a bright future for the coin include Trader Tardigrade and MikybullCrypto. The former opined that “Doge season is ahead of us,” whereas the latter sees the ongoing levels as a strong accumulation zone.

Prior to that, MikybullCrypto claimed that DOGE has reached a level that triggers “a massive rally” to a new all-time high. They envisioned an explosion to as high as $2.50, which at the moment seems a bit unrealistic (to say the least). After all, it would require the meme coin’s market capitalization to skyrocket above $360 billion – a figure currently surpassed only by Bitcoin (BTC).

Whales and More

The recent behavior of large investors further strengthens the bullish case. As CryptoPotato reported, these market players acquired 200 million DOGE in just a week, potentially positioning themselves for the next upward move. Their actions could encourage smaller investors to follow suit and distribute fresh capital into the ecosystem.

Next on the list is DOGE’s exchange netflow. Data show that outflows have dominated inflows over the last several weeks, suggesting that investors have abandoned centralized platforms in favor of self-custody methods, thereby reducing immediate selling pressure.

The post Dogecoin (DOGE) Could Be on the Verge of a Parabolic Move: Analyst appeared first on CryptoPotato.