Ether’s futures open interest fell by 25%, putting pressure on the $1,500 support level. Is a drop to $1,000 next?

Kristin Smith urged the Senate to preserve developer protections in the CLARITY Act, arguing open-source builders should not be regulated as financial intermediaries.

Rising Gulf tensions could destabilize regional security, impacting global markets and strategic military alliances, with potential escalation risks.

The post Iran reportedly attacks Kuwait amid rising Gulf tensions appeared first on Crypto Briefing.

The shift to classified AI evaluations may hinder transparency, stifle innovation, and create competitive disparities for US-based AI firms.

The post CAISI ordered to stop public model evaluations amid new AI executive order appeared first on Crypto Briefing.

Amid the recent sell-off that pushed the XRP price to test the key $1 support level, a small window of optimism has started to show up again. The token is beginning to align with a rare monthly relative strength index (RSI) setup that—according to past cycles—has appeared before major, explosive rallies. 

According to market expert Sam Daodu, the last three times this signal flashed—in 2017, 2020, and 2022—XRP went on to rally dramatically afterward. The gains in those periods ranged from 1,000% to 60,000%. However, there’s an important caveat: those enormous percentage outcomes started from extremely low price levels. 

XRP Price Watch

Sam Daodu identified that XRP’s monthly RSI has fallen to about 41.6. In the report’s framing, that reading is not just low—it’s described as the lowest ever. The RSI level is characterized as a deep-oversold zone that XRP has only reached four times in 13 years. 

In theory, oversold conditions can sometimes mark the beginning of a turn, which is why the signal has drawn attention again after the XRP price tested $1. Still, Daodu’s view includes a reality check about expectations. 

While the earlier examples of significant price increases may be inspiring, they were driven by market conditions that are not easily replicated. For example, when the XRP price was under a penny in 2017, the subsequent rally carried it to $3.84 — a five-figure percentage gain. 

The report argues that simply applying the same percentage-gain math to today’s higher price base would imply XRP reaching prices in the hundreds of dollars—something Daodu suggests is not realistic in the current cycle.

The Next Rally Could Stretch To 2027

So the question becomes: if the pattern “holds,” what outcome is plausible rather than fantasy? In the report’s estimate, reclaiming the $3.65 cycle high over the next year or two would be roughly a 3x move from current levels. 

That kind of recovery is presented as believable, assuming broader market sentiment turns in crypto’s favor. Going substantially higher, such as $5 or beyond, is described as requiring more than just a technical bounce for the XRP price. 

The report ties that possibility to fundamental catalysts, specifically noting that it would depend on the CLARITY Act passing and exchange-traded fund (ETF) demand genuinely expanding, not only RSI strength returning.

Even if the XRP price bottom is already in, the report suggests the rally that follows could take until 2027 to fully develop. It also adds that a flat price through the summer wouldn’t necessarily break the pattern, because the monthly RSI setup is designed to play out gradually over a longer timeline.

Featured image created with OpenArt; chart from TradingView.com 

Data shows Bitcoin spot exchange-traded funds (ETFs) have continued to see outflows recently while Ethereum funds have diverged with inflows.

Ethereum Spot ETFs Saw Net Inflows On Monday

According to data from SoSoValue, Bitcoin and Ethereum spot ETFs have diverged in trend recently. “Spot ETFs” here refer to investment vehicles that allow investors to gain indirect exposure to an underlying asset.

For Bitcoin and Ethereum, these funds launched in the United States back in January and July 2024, respectively. Whenever a trader invests in one of them, the corresponding fund buys and custodies the cryptocurrency on the investor’s behalf. This means that via these vehicles, traders can get exposure to a digital asset’s price movements without having to interact with any blockchain infrastructure, like wallets and exchanges.

The convenience of spot ETFs, along with the fact that they are regulated by the Securities and Exchange Commission (SEC), has made them a popular mode of investment for BTC and ETH among traditional entities like institutions. While the ETFs are relatively new compared to the age of the assets, they have already established themselves as one of the cornerstones of the sector, acting as a gateway for a significant exchange of capital.

Lately, the sector has been facing bearish winds, so outflows have been dominating the spot ETFs. First, here is a chart that shows the trend in the netflow for Ethereum funds:

As displayed in the above graph, the Ethereum spot ETF netflow has mostly been negative since May 7th. During this period of capital exit, the ETH price has gone from $2,300 to as low as under $1,600.

Interestingly, however, things have seen a reversal during the last few days. On June 4th, ETH spot ETFs enjoyed net inflows of $19 million, breaking the streak of net outflows. June 5th again saw capital leave the market, although the scale was pretty small. Now, Monday has seen another positive netflow spike, this time involving a significant sum of $82 million.

While, Ethereum has seen conditions improve, the same hasn’t exactly been true for Bitcoin.

From the chart, it’s visible that Bitcoin also saw some inflows on June 4th, but at $3 million, the value of the netflow was as good as neutral. BTC has since continued to face net outflows, with Monday observing an exit of $91 million in capital, more than the amount ETH has seen go the other way.

As such, it would appear that at least some spot ETF investors are currently showing a higher interest in Ethereum relative to Bitcoin.

ETH Price

Ethereum has bounced back a bit since its low, as its price is now trading around $1,670.

Circle has launched cirBTC on Ethereum, but the larger play is to make wrapped Bitcoin look like collateral infrastructure institutions can route through DeFi, OTC desks, lending markets, treasury systems, market makers, and settlement flows.

cirBTC is live on Ethereum and backed 1:1 by native BTC, according to Circle's launch materials. The company says the underlying Bitcoin is held through a Circle entity, segregated from corporate assets, and designed for onchain reserve visibility.

The product also sits inside Circle's existing stack. Circle is positioning cirBTC around Circle Mint, USDC workflows, Ethereum DeFi, and planned support for Arc and other chains.

This moves wrapped Bitcoin into an issue of trust. BTC itself does not move natively through Ethereum contracts, so any wrapped version asks users to trust a claim on Bitcoin held somewhere else.

For retail DeFi users, that can be a bridge decision. For institutions, it is a collateral decision: who holds the keys, how reserves are checked, what happens during redemption, and whether the operational process can survive internal risk review.

Circle is selling custody before yield

Circle's cirBTC pitch starts with the same basic promise as other wrapped Bitcoin products: one token for one BTC. The difference is the operating package around that promise.

Its materials say cirBTC is backed by native BTC, reserves are separated from corporate assets, and counterparties can verify reserves onchain. Circle also ties the product to the same institutional interface many firms already use for USDC issuance and redemption.

A desk that already moves USDC through Circle Mint could, in theory, add BTC collateral to the same account-and-settlement relationship instead of stitching together a separate custodian, wrapper, exchange, bridge, and DeFi access point.

The proof-of-reserve component supports that positioning. Proof of Reserve systems can help tokenized assets and DeFi protocols monitor backing data onchain and build safeguards around undercollateralization.

For cirBTC, the next live signal is the reserve feed or dashboard counterparties can use for the token itself.

That leaves counterparty trust in place. cirBTC still depends on custody, redemption, reserve controls, and user confidence in Circle's process.

The institutional pitch is that those assumptions can be packaged in a cleaner way, with the BTC claim, reserve visibility, and Circle account relationship pointing in the same direction.

The comparison is clearest against cbBTC and WBTC.

Coinbase's cbBTC is also a 1:1 BTC-backed wrapped asset, held in Coinbase custody and available across Base, Ethereum, Solana, and Arbitrum.

Coinbase also maintains a proof-of-reserves page, giving users a public reserve and supply reference for the product. Availability and terms can vary by jurisdiction.

WBTC remains the incumbent Bitcoin wrapper in Ethereum DeFi. Its own site presents WBTC as backed 1:1 by Bitcoin, with a public reserve dashboard and proof-of-reserve context.

Circle's opportunity sits in the trust bundle it can offer: the USDC issuer, Circle Mint, reserve transparency, Ethereum access, and future Arc support under one institutional brand.

The comparison shows why cirBTC is more than a token launch. Wrapped Bitcoin products increasingly compete on the legal and operational identity of the issuer, the visibility of reserves, and the pathways by which collateral enters lending markets.

Coinbase has already tied cbBTC to lending through Base. CryptoSlate reported that Coinbase and Morpho introduced Bitcoin-backed loans on Base, using cbBTC and USDC in a consumer-facing borrowing flow.

That comparison shows the distribution Circle has to challenge if cirBTC is to become more than another Ethereum asset.

Arc gives cirBTC a bigger role

Circle's Arc ambitions give cirBTC a second layer of meaning.

Arc is being pitched as infrastructure for stablecoin finance, with USDC fees, settlement tooling, privacy controls, and institutional use cases around payments, foreign exchange, tokenized assets, and capital markets.

Circle has described Arc as a chain purpose-built for stablecoin finance, and CryptoSlate has previously reported how the network pushes Circle deeper into territory also occupied by Coinbase and Base.

In that context, cirBTC could become the Bitcoin leg of a broader Circle stack. USDC provides the dollar asset. Circle Mint provides issuance and redemption access. Ethereum provides current DeFi reach.

Arc, if it develops as planned, could give Circle a venue where tokenized dollars, BTC collateral, and settlement workflows operate with fewer handoffs.

The record remains early. Circle says cirBTC is live on Ethereum and points to planned Arc and multichain support. Its launch materials stop short of showing broad DeFi protocol adoption, live Arc usage for cirBTC, or a supply figure that would show market depth.

A token can be fully backed and still fail to become preferred collateral.

Institutions and DeFi protocols still need liquidity, risk parameters, redemption confidence, oracle support, and a clear reason to add another BTC wrapper beside existing options.

The broader market context is already moving in that direction. CryptoSlate recently framed a Morgan Stanley and Galaxy arrangement as part of Bitcoin's next institutional test in lending collateral.

The cirBTC launch fits that same issue: Bitcoin can become useful collateral for institutions when the custody and risk controls around the token are strong enough to satisfy the people managing the real BTC.

Arc also gives the Coinbase comparison more weight. Coinbase can route cbBTC through Base and its own account system; Circle is trying to offer a parallel route built around USDC, Mint, and Arc.

The adoption contest centers on which issuer can turn custody relationships into liquidity.

Acceptance decides whether the wrapper becomes infrastructure

Circle has the right ingredients for a bank-grade wrapper: a known issuer, reserve language, onchain verification, institutional access, USDC proximity, and an Arc roadmap.

Collateral infrastructure comes later, when counterparties use those ingredients in production.

That means lenders need to accept the asset, market makers need to quote it, treasury teams need clean redemption, DeFi protocols need collateral parameters, and risk desks need confidence in the reserve process.

Users also need to move between BTC exposure and dollar liquidity without wondering where the real Bitcoin sits.

That is where cirBTC will face WBTC and cbBTC. WBTC has incumbent DeFi familiarity. Coinbase has distribution, custody, and Base workflows.

Circle has USDC, Mint, compliance credibility, and an ambition to own more of the settlement stack through Arc.

Circle can turn wrapped Bitcoin into institutional collateral infrastructure if cirBTC becomes the wrapper institutions choose because the custody, reserve, and redemption model lowers operational friction.

If liquidity stays elsewhere and Arc remains future context, cirBTC will still read as a product launch rather than infrastructure.

For now, Circle has changed the frame around wrapped BTC. The debate now centers on who institutions trust to hold the Bitcoin while the token moves through programmable finance.

The post Circle wants wrapped Bitcoin to look bank grade before institutions trust it as collateral appeared first on CryptoSlate.

President Donald Trump’s family has turned crypto into one of the most lucrative businesses tied to its name, outpacing some of the companies that spent years building the digital asset market.

Between the post-election momentum of November 2024 and April 2026, ventures tied to the US President generated roughly $2.3 billion in pretax crypto income, Reuters reported.

To understand the sheer scale of this capital extraction, one must look at the foundational pillars of the industry during that same window.

For context, the Trump firm's gains exceeded Coinbase’s $2.1 billion in income over the same period, as well as earnings from major crypto operators across mining, stablecoins, exchange-traded funds, and market infrastructure.

IREN, the largest Bitcoin miner by market value, earned $127 million during the period. BlackRock’s Bitcoin ETF business, built around IBIT, the world’s largest spot Bitcoin fund, generated an estimated $109 million.

Meanwhile, Circle, the issuer of USDC stablecoin, lost $14 million, while Galaxy Digital, a major crypto company, posted a $430 million loss.

Unlike Coinbase or BlackRock, the Trump Organization did not compete on trading latency, deep liquidity, or assets under management.

Instead, it leveraged an entirely different business model: an asymmetrical risk structure where the family deployed minimal personal capital, yet captured massive upside via token sales, founder allocations, and equity stakes.

However, the market dynamic has proven entirely zero-sum. Data indicates that the $2.3 billion captured by the president's family mirrors the $2.25 billion in estimated net losses absorbed by the retail and public-market investors who bought into these ventures.

Monetizing the Trump name

World Liberty Financial accounted for the largest share of the Trump family’s reported crypto revenue.

The project began selling governance tokens in October 2024, with Trump and his sons promoted as central figures. Donald Trump Jr. and Eric Trump traveled to pitch World Liberty’s vision of a financial system outside traditional banks, while the company positioned itself as a decentralized finance and stablecoin platform.

The project’s economics gave the family a direct claim on token sale revenue. DT Marks DEFI LLC, a corporate entity linked to the family, secured a contractual right to 75% of token sale proceeds after expenses, generating an estimated $987 million for the family.

That structure allowed the family to collect revenue from the primary token sale, limiting its exposure to later market declines.

However, the token Buyers faced a different outcome. World Liberty investors were sitting on roughly $674 million in losses by the end of April, weighed down by long lockup periods and a sharp decline in the token’s post-listing value.

Meanwhile, a similar pattern emerged with the TRUMP meme coin. The token launched shortly before Trump’s second inauguration and became a speculative vehicle tied to the president’s political brand rather than an asset with clear underlying utility.

Blockchain analysis of exchange transfers suggested the project generated more than $1.2 billion in total revenue, including an estimated $616 million for the Trump family.

Like WLFI, retail buyers absorbed the losses as the token fell from highs of $75.35, leaving investors with more than $700 million in losses.

Wall Street opened another route into the trade

Trump-linked crypto gains also moved through public companies, extending the trade beyond tokens and into brokerage accounts.

ALT5 Sigma, a small Nasdaq-listed company now known as AI Financial Corp., became one of the clearest examples. The company raised $750 million by selling new shares and used $717 million to buy World Liberty tokens. Reuters reported that more than $500 million from that purchase flowed to the Trump family through World Liberty’s revenue-sharing structure.

The deal gave public-market investors indirect exposure to World Liberty through a listed stock. Eric Trump and Donald Trump Jr. later rang the Nasdaq opening bell after the transaction closed, turning the token purchase into a Wall Street event.

The stock then collapsed. Reuters reported that ALT5’s share price fell from more than $9 in August 2025 to 75 cents by the end of April, leaving investors with about $675 million in losses.

The family’s economics were separate from that decline because its gain came from World Liberty’s sale of tokens to ALT5. Outside shareholders carried the risk of the listed company’s falling share price.

American Bitcoin offered another public-market channel. The Bitcoin mining and treasury company, backed by Donald Trump Jr. and Eric Trump, gained a Nasdaq listing in 2025.

Reuters reported that the Trump brothers received stakes in American Bitcoin at no monetary cost. Eric Trump’s stake was still worth more than $70 million at the end of April, even after a sharp decline in the stock. Donald Trump Jr.’s stake was not disclosed.

Outside investors again absorbed the losses. American Bitcoin shares fell from $11 at their September launch to $1.15 at the end of April, Reuters reported, wiping out more than $200 million for investors.

The listed-company deals expanded the reach of the Trump crypto business as investors who may never have bought a meme coin or governance token directly were able to take exposure through ordinary equities.

However, the result was the same financial split: Trump-linked entities captured early value, while public investors were left exposed to falling market prices.

Ethics questions follow the money

These market maneuvers are occurring against a complex regulatory backdrop. The current administration has actively championed digital assets, pushing stablecoin legislation and directing federal agencies to adopt a “light-touch” framework.

While this macro policy pivot has undeniably benefited the broader crypto sector, the direct financial windfall enjoyed by the First Family has triggered unprecedented ethical alarms.

Watchdogs argue that while the mechanisms of these corporate maneuvers appear strictly legal under current law, they represent a profound conflict of interest that monetizes an industry the executive branch is actively deregulating.

This intersection of policy and personal profit has drawn fierce legislative blowback.

Democratic lawmakers, spearheaded by Senator Elizabeth Warren, have petitioned agencies like the CFTC and SEC, arguing that the administration's deep financial entanglements in crypto and prediction markets severely compromise federal rule-making, subordinating public protection to the president's personal balance sheet.

However, the White House continues to categorically dismiss these allegations, maintaining that the administration's sole objective is securing American dominance in the global digital asset race.

Representatives for World Liberty have similarly pushed back, framing the protocol as a purely private fintech enterprise rather than a political vehicle.

Yet, beyond the partisan rhetoric, the ledger is remarkably clear. By treating the presidency as a premium licensing asset, the Trump family has executed one of the most efficient capital extraction strategies in modern financial history, leaving a trail of underwater retail investors holding the bill.

The post Trump family’s $2.3B crypto windfall matched by $2.25B in investor losses, Reuters finds appeared first on CryptoSlate.

The United States launched strikes against Iran on Tuesday after a US Apache helicopter was downed over the Strait of Hormuz, breaking the fragile ceasefire previously announced by President Donald Trump.

The move triggered immediate volatility across Bitcoin, gold, and oil, with sharp reactions across markets and key signals to watch next.

What the Trump Strikes Against Iran Mean for the Markets

US Central Command confirmed that its forces initiated self-defense strikes around 5 p.m. ET on Tuesday. The crew of the downed Apache helicopter was safely rescued, and President Donald Trump described the action as a proportional response to Iranian aggression.

Iran condemned the operation as a gross violation of the ceasefire and warned of potential retaliation. International mediators, including Pakistan, had been pushing for an extension of the truce and broader negotiations on Iran’s nuclear program and regional security across recent weeks.

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The escalation lands on top of earlier United States and Israeli action under Operation Epic Fury, which began in late February 2026. That campaign targeted Iranian military and nuclear capabilities and has shaped much of the regional risk landscape over the past quarter.

For markets, the message was clear. Risk aversion dominated trading sessions immediately after the news, with investors moving away from speculative assets and seeking exposure to safer corners of the global financial system.

How Bitcoin, Gold, and Oil Reacted

Bitcoin tumbled below $62,000, dropping around 2% over the past 24 hours, according to CoinGecko data. The cryptocurrency faced strong selling pressure as investors fled risk assets amid fears of a wider regional conflict in the Middle East.

Previous flare-ups in the United States and Iran tensions had triggered similar declines. Bitcoin dropped to multi-week lows on liquidity concerns and reduced risk appetite, reinforcing how the asset still trades like a high-beta play alongside traditional equities during uncertain times.

Gold, the classic safe-haven asset, also came under pressure despite initial expectations of gains. Spot prices hovered near $4,220, showing limited upside and even outright weakness across several market reports.

The counterintuitive move reflects deeper macro dynamics. A stronger United States dollar and rising oil prices fueled fresh inflation concerns and higher interest rate expectations, which typically weigh on non-yielding assets like gold across global markets.

Oil prices showed clear volatility but leaned firmly upward on supply fears. Brent crude traded around $93, with intraday swings reflecting concerns over the Strait of Hormuz, the chokepoint for roughly 20% of global oil shipments.

The broader implications are serious. Higher energy costs threaten to push inflation higher, potentially delaying central bank rate cuts. Bitcoin, gold, and oil now illustrate the immediate market cost of broken ceasefires: increased volatility, flight from risk, and fresh uncertainty.

The post Trump Strikes Iran Amid Fragile Ceasefire: Bitcoin, Gold, and Oil React appeared first on BeInCrypto.

Three of the largest banks in Japan are forming a consortium to issue a jointly operated stablecoin by the end of fiscal year 2026, Nikkei reported, extending a regulatory pilot that has been operating under the Financial Services Agency’s supervision since November 2025.

The plan involves Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), and Mizuho Financial Group. The token will start pegged to the yen, with a US dollar version following later in the year. It will run on Progmat, a distributed ledger platform developed by MUFG and NTT Data.

A Corporate Settlement Target

The three banks are not chasing retail wallets at launch. Their combined enterprise client base covers more than 300,000 companies, giving the token immediate distribution scale without the regulatory friction of consumer onboarding.

The FSA’s choice to run the November pilot with all three institutions simultaneously, rather than sequentially, signals a preference for a single shared standard over competing bank tokens.

That approach fits a broader Japan yen stablecoin shift in which private and public actors have moved toward a common infrastructure. Separately, an SBI Shinsei and JPMorgan deal shows Japan’s mid-tier lenders are also pursuing tokenized deposits on parallel tracks.

Bank Stablecoins Go Cross-Border

The megabank plan lands as globally licensed banks begin shipping deposit tokens at scale. JPMorgan brought JPMD to Coinbase’s Base network earlier this year, bridging Kinexys to public rails and enabling institutional clients to receive round-the-clock dollar settlement.

SoFi pushed its SoFiUSD bank token to its roughly 15 million members in May 2026, making it one of the first consumer-facing bank stablecoins in the US.

The thread connecting all three programs is a shift away from third-party tokens like Tether (USDT) and USD Coin (USDC) toward instruments issued directly by regulated balance sheets. Stablecoins eclipsed ACH network volumes in the U.S. this year, sharpening the competitive pressure on legacy payment infrastructure.

What remains open for the Japanese consortium is the governance structure. Whether the three banks issue a single token under one brand or operate shared rails that each bank draws on separately will determine how replicable the model is for other multi-institution stablecoin efforts.

The post Japan’s Megabanks Plan Joint Stablecoin as Bank-Issued Tokens Go Global appeared first on BeInCrypto.

On June 9, Grayscale shared a report regarding Bitcoin’s current price movement amid the bearish sentiment in the overall crypto market.

Grayscale Research Says, This Bear Market is Shallower Than Previous Cycles

According to the research by Grayscale, on-chain data suggests that Bitcoin is currently trading below its long-term average, and it looks undervalued. However, the company mentioned that the price of Bitcoin is not as cheap as it was during the past bear market cycle during the FTX collapse in 2022.

The research stated that, “On-chain metrics suggest Bitcoin is undervalued, but not as cheap as previous cycle lows. Whether we have found the market bottom will depend on upcoming catalysts and the CLARITY Act, but we believe this is a buying opportunity for investors with long-term horizons.”

To do this research, Grayscale has used a composite on-chain valuation indicator. This is an average of many popular metrics. According to this indicator, Bitcoin is selling at a discount compared to its previous norms. However, the company made it clear that the current bear market has been mild in comparison to the previous cycles.

“We believe that this bear market may be shallower than in the past, given a more muted preceding bull market, as well as improvements in market structure from ETP availability, wealth platform deployment, and other types of institutional adoption,” stated the research.

In the report, the investors are currently focusing on the regulatory developments around the digital asset sector and how leveraged BTC holders are performing in the short term. Grayscale has mentioned two factors behind BTC’s price movement on the short-term chart.

The first one is the progress in the Digital Asset Market Clarity Act (CLARITY) in the Senate. In May, the Senate Banking Committee approved the CLARITY Act after a long delay in the process.

Senator Cynthia Lummis stated in the post on X, saying that, “I’ve spent years building toward this moment. The Clarity Act is the most consequential financial legislation of this generation, and we are going to get it done.”

The major factor to watch for investors is whether leveraged Bitcoin holders will be able to stabilize their balance sheet.

“We believe that current price levels offer an opportunity for investors with long-term investment horizons to consider dollar-cost averaging their Bitcoin purchases. More tactical traders may want to consider waiting on CLARITY,” a Grayscale researcher said.

Bitcoin Struggles to Recover Amid Major ETF Outflows

According to CoinMarketCap, BTC is currently trading at around $61,901 after witnessing a drop of 21% in the last 30 days.

This turmoil in the financial world has created intense selling pressure in the crypto market as investors have started pulling out their money. Bitcoin exchange-traded funds (ETFs) like BlackRock ETFs have witnessed the longest streak of outflow of its history, which lasted for 13 days. In total, investors have withdrawn around $4.4 billion worth of investments.

Even BTC ETFs are still witnessing major outflows. On June 5, BTC ETFs recorded an outflow of around $325.7 million, according to Farside. On June 8, it witnessed an outflow of around $91.4 million. This is showing the depleting trust of institutional investors in the crypto market during high volatility periods.

Amid the bearish sentiment in the overall crypto market, BlackRock has reportedly moved $227 million worth of Bitcoin (BTC) to Coinbase Prime, which is a leading brokerage platform.

BlackRock Moves Fund Transfers After Major Outflows in ETFs

On June 8, the on-chain data provided by Arkham revealed that BlackRock-linked addresses witnessed an outflow of 3,580 Bitcoins, which is worth around $226.8 million. These transactions have sparked a fear within the community as large amounts of BTC have entered exchanges.

While Bitcoin (BTC) is already facing selling pressure, this transfer of BTC on the brokerage platform is raising questions about the intention of BlackRock behind this transaction.

Coinbase Prime is the leading brokerage platform for many financial institutions, including BlackRock’s iShares Bitcoin Trust (IBIT), along with its Ethereum Trust. Coinbase Prime is known for various services, including secure custody of assets, ETF share creation and redemption support, managing liquidity, executing trades, and others.

For major financial institutions and ETF issuers, Coinbase Prime is known for handling money inflows and outflows while working on internal treasury operations.

Bitcoin (BTC) Reclaims $64,000, But Fear Still Persists

After the recent bloodbath in the crypto market, on Monday, June 8, 2026, Bitcoin (BTC) gave a sign of recovery as it reclaimed a mark of $64,000. At the time of writing this, Bitcoin (BTC) is trading at around $64,113 with a spike of 3.81% in the last 24 hours, according to CoinMarketCap. BTC currently holds a market capitalization of around $1.28 trillion. The daily trading volume has soared above $36.08 billion.

However, the Fear and Greed Index is still showing that the crypto market is in an extreme state of fear. As of now, the Fear and Greed index stands at 8, which indicates extreme fear. 

After witnessing the longest streak of 13-day outflows in BTC ETFs, BTC has experienced a major crash. In the last 30 days, BTC has dropped from $80,000 to as low as $60,000. 

According to Farside, on June 5, BTC ETFs recorded a major outflow of $325 million. Between May 14 and June 3, investors withdrew approximately $4.4 billion from spot Bitcoin exchange-traded funds. BlackRock iShares Bitcoin Trust (IBIT) has recorded the biggest outflows of around, which is around 75% of total outflows. The streak was broken on June 4, when it recorded a small inflow of $3.2 million.

Bitwise’s Hyperliquid ETF (BHYP) Records First Outflow

On Friday, Bitwise recorded its first-ever net sale of the HYPE token through the Bitwise Hyperliquid ETF (BHYP). According to SoSoValue, investors of the BHYP ETF have sold approximately $2.9 million worth of the token. This was the first time money flowed out of the fund after its launch on May 15. At the time of writing, the cumulative inflow was $87 million. 

The overall crypto market is currently struggling to gain upward momentum. The ongoing war between U.S-Iran, a higher inflation rate, and the global energy crisis are creating selling pressure in the crypto market.

XRP is now oversold across all major time frames, signaling weakening momentum as its price continues to test key support levels. Crypto analyst Dark Defender revealed that this could be the bullish signal the broader market has been waiting for, suggesting a potential rebound may be on the horizon. He based his outlook on historical patterns, noting that the last time XRP reached similar oversold conditions, the cryptocurrency experienced a sharp rally to new highs.

XRP Oversold Levels Signal Explosive Triple-Digit Rally

In an X post on June 6, Dark Defender noted that XRP’s Relative Strength Index (RSI) is showing extreme downward pressure, as the cryptocurrency has fallen into deep oversold territory across multiple chart views. According to the analyst, the last time XRP fully confirmed this textbook oversold structure was when it traded around $0.56 in 2024. After which, the cryptocurrency’s price exploded to $3.66, representing a more than 550% gain. 

Dark Defender highlighted that XRP is currently trading above $1.10 and has reached the same oversold levels. If historical trends play out as expected, the analyst believes that XRP could experience a similar price surge. 

Specifically, Dark Defender is projecting a double or triple-digit rally for XRP. He noted that this price reversal is closer than investors think, highlighting his confidence in XRP’s ability to break out of its ongoing downtrend.

While historical trends can provide insight into how a cryptocurrency could move, they do not automatically guarantee its price direction. In 2024, XRP did not just run straight to $3.6; it also confirmed a bottom around $0.5 before reaching that target. Following the analyst’s logic, it could mean that XRP has confirmed its price floor for this cycle, setting the stage for a renewed bull trend. 

If this is true, it would officially end XRP’s bear market trend, which has been ongoing since the beginning of the year. Notably, CoinMarketCap data show that XRP has fallen more than 12% over the past two weeks and more than 18% over the last month. These price declines have been fueled by massive selling pressure, weak structure, and a lack of bullish drivers. Despite its poor performance, analysts like Dark Defender still maintain strong bullish stances on XRP’s long-term outlook. 

Analyst Says XRP Breakout Level Remains Unchanged

Sharing a similar bullish projection, crypto analyst Javon Marks has declared that XRP’s breakout target has not changed despite recent price declines and weak momentum. Marks projected a potential rally toward $15-$18, suggesting that XRP’s underlying bullish fundamentals are still intact.  

He expects XRP to recover sharply from bearish trends after it breaks above the upper boundary of the triangle pattern highlighted on the accompanying chart. If this happens, it could lead to a price surge of roughly 1,100%. 

On-chain data shows the RSI of the Bitcoin Stablecoin Supply Ratio (SSR) has dropped to a low of 13, a sign that the stablecoin supply is high relative to the BTC market cap.

Bitcoin SSR RSI Has Sharply Gone Down Recently

In a new post on X, CryptoQuant analyst Maartunn has discussed the latest trend in the RSI of the Bitcoin SSR. The “SSR” is an on-chain indicator that measures the ratio between the market cap of BTC and the combined valuation of all stablecoins.

Stablecoins, digital assets that have their price pegged to a fiat currency, serve a different purpose in the sector than volatile assets like BTC. Generally, investors store their capital in the form of stablecoins whenever they want to avoid the volatility associated with other cryptocurrencies.

These holders tend to eventually venture back into BTC and other coins, and when they do, they swap their stables in favor of them. Because of this, stablecoins are often looked at as a representation of the potential “dry powder” waiting on the sidelines for the volatile side of the sector.

As the SSR tracks the market cap of Bitcoin against these assets, it essentially tells us about how the value of the number one cryptocurrency compares to this dry powder. In the context of the current topic, the SSR itself isn’t directly of relevance, but rather its Relative Strength Index (RSI), a momentum oscillator tracking the magnitude and speed of recent changes in the metric.

Now, here is the chart shared by Maartunn that shows the trend in the Bitcoin SSR RSI over the last few years:

As displayed in the above graph, the Bitcoin SSR RSI has witnessed a notable drawdown recently and has entered into the “undervalued” zone. This means that the SSR has declined enough that it may be probable to see a rebound. Currently, the indicator is sitting at a value of 13, which is quite low when compared to the past. “There’s a lot of stablecoin liquidity sitting on the sidelines relative to Bitcoin’s market cap,” noted the analyst.

This low has arrived as BTC and other assets have observed a steep bearish trajectory. It now remains to be seen whether investors will start deploying the excess stablecoin capital into the market to buy at these lower prices, potentially helping the assets stabilize.

In some other news, the recent Bitcoin drawdown has meant that a huge amount of supply has entered into a state of loss. As highlighted by Maartunn in another X post, 52% of the cryptocurrency’s supply in circulation is now underwater.

BTC Price

At the time of writing, Bitcoin is floating around $62,700, down nearly 10% in the last seven days.