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.

Heightened US-Iran tensions risk prolonged energy market instability and increased volatility in crypto, challenging global economic stability.

The post Oil rises nearly 1% as US launches strikes against Iran, rattling energy and crypto markets appeared first on Crypto Briefing.

Escalating tensions may disrupt global trade routes and increase military engagement risks, impacting geopolitical stability and market dynamics.

The post US forces complete strikes on Iranian targets near Strait of Hormuz appeared first on Crypto Briefing.

Ethereum is trading below $1,700 as the market faces a key test that will determine whether the current level holds as support or gives way to further deterioration. The price has already dropped approximately 28% from recent levels — and a CryptoQuant analyst has identified a development in the derivatives data that places the current weakness in a structural context that extends well beyond short-term price action.

The most significant signal is not the price decline itself but the way Open Interest has reset across major exchanges during the decline. The derivatives positioning that accumulated throughout 2025 and into 2026 is unwinding — and the scale of that unwind has now returned multiple venues to levels last seen in April 2025, effectively erasing more than a year of leveraged exposure in a compressed timeframe.

On Gate.io, ETH Open Interest has fallen from $4.84 billion on May 7 to $2.68 billion on June 9 — a reduction of approximately $2.16 billion, or roughly 45%, in just over one month. The current reading almost exactly matches the $2.67 billion recorded on April 11, 2025. Bybit shows an identical pattern, with Open Interest near $805 million — virtually matching the $795 million level from April 9, 2025.

Two major exchanges have returned to April 2025 market structure simultaneously. The leverage built across the entire subsequent period has been cleared. Binance funding rates turning negative confirm that the remaining futures activity is not expressing bullish conviction — it is expressing uncertainty at best and mild bearish bias at worst.

The Funding Tells the Real Story

The CryptoQuant analysis identifies the asymmetry between venues as the detail that prevents the Open Interest reset from being read as a clean structural clearing. Gate.io and Bybit have both returned to April 2025 levels — the leverage accumulated across more than a year of market activity was erased in weeks. Binance has not followed the same path. ETH Open Interest on Binance remains around $2.76 billion, staying close to its higher range, while the other major venues have contracted sharply around it.

The retained Binance positioning does not automatically signal bullish intent to remain in the market. The funding rate tells a more accurate story. At approximately -0.0038, Binance funding has turned negative again — traders are not paying a premium to hold long exposure. The Open Interest is present, but the conviction behind it has shifted from directional to defensive.

That combination creates the specific market message the report identifies. The derivatives reset is real but uneven — some exchanges have cleared their leverage fully while Binance retains positioning under a funding backdrop that reflects caution rather than confidence. Negative funding during a price decline describes one of three conditions: defensive positioning from participants hedging existing exposure, short pressure from traders betting against recovery, or simply the absence of aggressive long conviction from participants who might otherwise be paying to hold bullish exposure.

None of those three conditions describes a market preparing to rally. Together, they describe a derivatives structure that has partially reset while the most important venue holds residual positioning without the directional commitment that would make that positioning constructive.

Ethereum is trading near $1,670 after suffering one of its most severe weekly breakdowns of the cycle, with price now falling below the February lows and reaching levels not seen since early 2023. The move is significant because it invalidates the broad trading range that contained ETH for most of 2026 and confirms a continuation of the bearish structure that has been developing since the rejection from the $4,800 cycle peak.

From a market structure perspective, the chart is defined by a clear sequence of lower highs and lower lows. After failing to hold above the $2,250-$2,350 resistance zone, Ethereum lost the critical $1,800 support area that previously acted as the floor of the February-March consolidation. That breakdown triggered a rapid move toward the $1,500 region, where buyers finally stepped in to prevent a deeper collapse.

The most important detail is that ETH is now trading below all major weekly moving averages. The 50-week, 100-week, and 200-week moving averages are clustered far above the current price, reinforcing the strength of the prevailing downtrend and creating significant resistance overhead.

The recent low near $1,500 now represents the most important support level on the chart. If buyers can defend that area, Ethereum could attempt to build a base and recover toward $1,800. However, a weekly close below the recent lows would expose the market to a deeper retracement toward the $1,300-$1,400 region, extending the correction and confirming further deterioration in long-term market structure.

Featured image from ChatGPT, chart from TradingView.com

Kristin Smith, President of the Solana Policy Institute and CEO at the Blockchain Association, urged the US Senate to pass the anticipated CLARITY Act on Tuesday, while emphasizing four specific priorities she said must be addressed before the bill receives a full vote. 

Protect Developers, Target Bad Actors

Speaking on social media site X (formerly Twitter), Smith framed the legislation as a chance to strengthen legal clarity around how public blockchains operate—particularly for the developers and infrastructure providers who build and maintain the open-source systems.

In a letter published on Tuesday,  signed by more than 60 leading CEOs and founders, the industry calls on the Senate to move forward with the CLARITY Act while preserving what Smith described as robust developer protections. 

According to Smith, Protecting developers sits at the center of Solana Institute’s mission. She said public blockchains depend on open-source contributors who write, maintain, and improve the code that runs them. 

Because these engineers typically publish software that can be downloaded and used by anyone, she argued that they do not directly hold money, do not have the ability to freeze accounts, and do not move funds. 

Smith also argued that strong developer protections do not weaken enforcement. Instead, she said that through the potential passage of the CLARITY Act, they could make enforcement more effective by creating clearer lines between different participants in the market. 

When the law clearly distinguishes between intermediaries that custody assets or control transactions, bad actors, regulators, and prosecutors can focus their attention on the parties she described as actually responsible for illicit conduct—such as those custodying funds, operating platforms, or facilitating wrongdoing.

CLARITY Act With BRCA Intact

In her message, Smith pointed specifically to the Blockchain Regulatory Certainty Act (BRCA) as a key element of that approach. Smith said the BRCA provides legal certainty for noncontrolling software developers and infrastructure providers who do not custodian assets or control user transactions. 

Smith also referenced a separate letter released by the Blockchain Association, saying that last week, 160 former national security, intelligence, and law enforcement professionals made a similar argument: that “clarity is an enforcement advantage.” 

In her account, clearer rules help keep legitimate activity onshore and provide prosecutors with better tools to target bad actors, rather than creating uncertainty that discourages compliant development.

In Smith’s view, the core objective is not simply to pass a bill, but to ensure it leads to meaningful certainty for builders. She warned that if developer protections are weakened, the broader CLARITY Act could fall short of one of its most important goals—giving responsible builders confidence to work in the United States. 

Smith concluded that the Senate should pass the CLARITY Act with the Blockchain Regulatory Certainty Act intact. She summarized her position as a straightforward set of goals: protect developers, target bad actors, preserve open-source innovation, and maintain US leadership in the crypto sector. 

Featured image created with OpenArt; chart from TradingView.com 

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.

Exchange-traded fund (ETF) issuer ProShares has announced plans to launch the Ultra SpaceX ETF (SPCF) on June 12.

The product targets 2x the daily returns of SpaceX. The launch will coincide with the largest initial public offering (IPO) in history. 

ProShares Bets on SpaceX With Planned Leveraged Single-Stock ETF

The firm offers more than 115 funds and has over $90 billion in assets. SPCF joins existing single-stock products. This includes funds targeting 2x daily returns on Circle, Coinbase, NVIDIA, Palantir, and Tesla. 

CEO Michael Sapir said the fund gives traders “a way to magnify a bullish view on SpaceX” without borrowing on margin on IPO day.

“Investors will be able to target 2x daily returns of SpaceX with the convenience and transparency of an ETF,” Sapir said.

Meanwhile, Nate Geraci, President of NovaDius Wealth Management, called the same-day leveraged launch an early signal of how “wild SpaceX IPO could be.”

“Will be other ETF issuers jumping in here as well,” he added.

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Demand Nears 4 Times the Offering Size

Investor demand for the offering has been substantial. According to Reuters, the deal has attracted more than $250 billion in orders against a $75 billion target. 

That leaves the offering oversubscribed by roughly 3.5 to 4 times the planned size. Such strong interest signals confidence in the company ahead of its market debut.

Moreover, the sale ranks as the largest IPO on record by capital raised. The timeline is now compressed. Books are scheduled to close on Wednesday, with pricing to follow on June 11. Finally, SPCX is set to begin trading on the Nasdaq on June 12.

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The post ProShares Plans 2x SpaceX ETF Launch on Day of Record IPO appeared first on BeInCrypto.

Tata Consultancy Services expects to operate as many AI agents as human employees over the next three years, Chairman N Chandrasekaran said. The company will not cut staff but will slow hiring as AI absorbs more work.

The shift extends beyond technology services. Companies are deploying AI agents to do work once handled by humans, slowing hiring and reshaping how entire industries staff their operations.

AI Agents Reshape India’s IT Workforce

Chandrasekaran made the remarks at the company’s annual general meeting on Tuesday. He said that wider adoption of AI agents will reduce hiring at TCS and across the industry as automated systems take over human tasks. 

“I predict that over the next 3 years, TCS will have as many AI agents as human employees. What we build in this next chapter – for our clients, for India, and for you – will be the most consequential work this company has ever done,” he said.

The company does not plan to cut staff but will hire fewer. Even so, Chandrasekaran said new roles and openings will emerge as firms reshape how they work with AI.

“Some of the work being done will go to AI agents. That will be the ​nature of the transition that we have to go through ​not only ⁠as a company, as an industry, and as a country,” he added.

Notably, India’s $315 billion IT sector built its success on sprawling, people-heavy teams. As one of the country’s biggest private employers, the industry has already pared back hiring, with geopolitical turbulence further weakening client demand.

TCS is India’s largest IT firm by market value and headcount. The company cut more than 12,000 jobs last July. Net headcount fell by over 23,000 in the fiscal year ended March 2026.

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Hedge Funds Follow the Same Playbook

Meanwhile, finance is moving in parallel. According to Bloomberg, Magnetar, the $18 billion hedge fund, will deploy AI bots to scour markets for ideas, analyze stocks, make recommendations, and forecast trends in its newest vehicle. Humans will retain final say on trades.

The workforce shift is also surfacing in employment figures. AI has been cited as a reason for 87,714 job losses this year, accounting for 22% of all layoffs in 2026. That figure already tops the 54,836 roles the technology displaced throughout 2025.

Layoffs.fyi, which tracks tech job cuts, has logged 117,571 tech employees laid off across 175 companies so far in 2026. Whether AI-staffed funds can beat the market remains an open test. Meanwhile, TCS’s agent buildout will show how far the hybrid model scales across industries.

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The post India’s IT Sector Braces for Slower Hiring in AI Era 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 price started a downside correction below the $1.1840 zone. The price is now showing bearish signs and might decline further below $1.10.

• XRP price started a downside correction after it failed to stay above the $1.1750 zone.
• The price is now trading below $1.150 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $1.1620 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to move down if it stays below $1.150.

XRP Price Dips Once Again

XRP price struggled to stay above $1.1620 and started a fresh decline, like Bitcoin and Ethereum. The price dipped below the $1.160 and $1.1550 levels.

There was a break below a bullish trend line with support at $1.1620 on the hourly chart of the XRP/USD pair. The price even traded below the 38.2% Fib retracement level of the upward move from the $1.050 swing low to the $1.1863 high.

The price is now trading below $1.160 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.1350 level. The first major resistance is near the $1.1420 level, above which the price could rise and test $1.150.

A clear move above the $1.150 resistance might send the price toward the $1.1580 resistance. Any more gains might send the price toward the $1.1650 resistance. The next major hurdle for the bulls might be near $1.1840.

More Downside?

If XRP fails to clear the $1.150 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.1020 level or the 61.8% Fib retracement level of the upward move from the $1.050 swing low to the $1.1863 high.

The next major support is near the $1.1072 level. If there is a downside break and a close below the $1.1072 level, the price might continue to decline toward $1.1020. The next major support sits near the $1.10 zone, below which the price could continue lower toward $1.080. Any more losses might call for a test of $1.050.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.1020 and $1.080.

Major Resistance Levels – $1.1500 and $1.1840.

Ethereum price started a downside correction from $1,720. ETH must clear the $1,670 and $1,700 resistance levels to continue higher.

• Ethereum started a downside correction below the $1,620 zone.
• The price is trading below $1,665 and the 100-hourly Simple Moving Average.
• There was a break below a bullish trend line with support at $1,700 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it stays below the $1,680 zone.

Ethereum Price Resumes Decline

Ethereum price failed to stay above the $1,700 zone and extended its decline, like Bitcoin. ETH price gained pace for a move below the $1,680 and $1,665 levels.

There was a break below a bullish trend line with support at $1,700 on the hourly chart of ETH/USD. The bears pushed the price below the 38.2% Fib retracement level of the upward move from the $1,505 swing low to the $1,719 high.

However, the bulls were active near the $1,610 level. Ethereum price is now trading below $1,680 and the 100-hourly Simple Moving Average. If the bulls remain in action above $1,610, the price could attempt another increase.

Immediate resistance is seen near the $1,665 level. The first key resistance is near the $1,680 level. The next major resistance is near the $1,710 level. A clear move above the $1,710 resistance might send the price toward the $1,750 resistance. An upside break above the $1,750 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $1,840 resistance zone or even $1,850 in the near term.

Downside Continuation In ETH?

If Ethereum fails to clear the $1,710 resistance, it could start a fresh decline. Initial support on the downside is near the $1,610 level. The first major support sits near the $1,585 zone or the 61.8% Fib retracement level of the upward move from the $1,505 swing low to the $1,719 high.

A clear move below the $1,585 support might push the price toward the $1,550 support. Any more losses might send the price toward the $1,520 region. The main support could be $1,500.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,550

Major Resistance Level – $1,710