Tech stocks and crypto are selling off in a “classic pre-mega-IPO liquidity squeeze,” say analysts.

South Korea's national police has been battling crypto-enabled crimes from DPRK-state level threats to scams targeting retail investors.

Geopolitical tensions heighten market volatility, impacting investor sentiment and potentially influencing central bank policies amid inflation concerns.

The post UAE condemns Iranian attacks on Bahrain, Kuwait, and Jordan as crypto markets lose $700M in hours appeared first on Crypto Briefing.

A long-term US-Iran nuclear deal could stabilize global oil prices, reduce geopolitical tensions, and reshape crypto regulatory narratives.

The post US nears long-term nuclear deal with Iran, says VP Vance appeared first on Crypto Briefing.

Iran’s deputy foreign minister pushed back on Monday, saying Tehran had nothing to do with deliberately bringing down the American helicopter, suggesting what happened could have been an unintended consequence of heightened tensions in the region.

That denial, however, did not stop US President Donald Trump from ordering a military response — and crypto markets felt it almost immediately.

Bitcoin Slides Below $62,000

Bitcoin was trading at $61,780 on Tuesday, June 8, down 3% on the day. The price had been holding above the $62,000 level before the US military action was announced.

At the time of writing, Bitcoin was down 2.5%, and trading at $61,400, data from Coingecko shows. The top crypto lost 7.6% of its value in the last seven days amid instability in the Middle East, and as the US and Iran grapple for a ceasefire deal.

US Central Command confirmed that American forces carried out what it described as “self-defense” strikes against Iran at 5 p.m. ET on June 9. The operation was triggered by the downing of a US Army Apache helicopter near the Strait of Hormuz, an incident Trump addressed directly in a post on Truth Social.

Trump Declares A Response Was Necessary

Trump said he had been informed by the military that Iranian forces shot down what he called “one of our highly sophisticated Apache Helicopters” while it was on patrol over the Strait of Hormuz. He confirmed both pilots were safe and uninjured. The US must “respond to this attack,” Trump wrote.

The broader crypto market turned bearish in the wake of the announcement. Long liquidations across the market hit nearly $1.40 million in a single hour, according to CoinGlass data, with Bitcoin accounting for more than $136 million in liquidations over the previous 24 hours.

The market had already been under pressure before Tuesday’s escalation. Bitcoin had been hovering around $60,000 earlier in the week following separate Israeli strikes on Iran, which had already rattled investor confidence.

Kazem Gharibabadi, Iran’s deputy foreign minister, said such incidents could happen amid the current climate of elevated tensions, but maintained that the helicopter’s downing was not a deliberate act by Tehran. His comments came as the conflict between the two countries continued to ripple outward, pulling asset prices down with it.

Bitcoin’s drop extends a period of sustained pressure for the world’s largest cryptocurrency, with no clear stabilization in sight as the geopolitical situation remains unresolved.

Featured image from Atlantic Council, chart from TradingView

On-chain analytics firm Glassnode has revealed how the latest Ethereum cycle never reached a profitability threshold cleared in previous bull runs.

Ethereum Has Seen Its Profitability Profile Compress This Cycle

In a new post on X, Glassnode has talked about how the share of supply carrying a gain of more than 300% is currently looking on the Ethereum blockchain. Below is the chart shared by the analytics firm that shows the trend in this metric.

From the graph, it’s visible that the Ethereum supply sitting at a 3x profit has declined recently and hit the 11% mark. This suggests that just over a tenth of the cryptocurrency’s supply in circulation is in a significant gain at the current spot price.

The reason behind this supply being at a low level is naturally in part due to the bearish market conditions. It alone, however, can’t explain just how low the indicator is. It’s apparent in the chart that the last time that the network saw this supply occupy a lower share was all the way back in February 2017. Both the 2019 and 2022 bear markets never saw profitability this bad.

In fact, bear market levels isn’t all that has differed in the current cycle. In the previous two cycles, the 3x profit supply crossed the 50% level during the bullish phase. This cycle never saw the metric break the 30% mark, let alone approach the 50% threshold. “ETH’s profitability profile has fundamentally compressed relative to prior cycles,” noted Glassnode.

In related news, Ethereum and other assets have faced a steep drawdown recently that has had a notable effect on short-term investor profitability. On-chain analytics firm Santiment has shared in an X post the data related to how the various top coins have compared in terms of this.

The metric cited by Santiment is the Market Value to Realized Value (MVRV) Ratio, which is a popular indicator for gauging the profit-loss status of holders as a whole. Here, the analytics firm has specifically used the version of the MVRV Ratio tracking the profitability of buyers from the last 30 days.

As displayed in the above chart, Ethereum, Bitcoin, and other assets saw the 30-day MVRV Ratio plummet to a deep value as the market crash played out. With the rebound that has followed since then, however, the situation has improved a bit for buyers from the past month.

That said, losses continue to be significant for this group. The 30-day MVRV Ratio is currently sitting at -10% for BTC and -12% for ETH. The analytics firm explained:

When the average trader is sitting on significant losses across networks that are normally hovering at 0% (zero sum game), selling pressure often becomes exhausted as weak hands capitulate and long-term investors begin accumulating.

ETH Price

Ethereum had fallen near the $1,500 level during the weekend, but the coin has since bounced back as its value is now sitting around $1,680.

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 latest Wintermute crypto prediction says capital has not returned, and no bottom is confirmed. BeInCrypto analysts tested every checkable claim against on-chain data. The short answer is that the call holds, except for the one thing it dismisses.

Bitcoin trades near $62,000 after a 14% weekly drop, back to levels last seen in September 2024, while the Nasdaq fell 4.7% amid AI exhaustion.

What the Wintermute Crypto Prediction Actually Says

The market maker’s June 8 note argues the decline came from US institutional selling and Bitcoin ETF outflows, not from Strategy’s sale of 32 BTC.

That sale, the firm’s first since 2022, was immaterial in size and symbolic in signal, in Wintermute’s words. Disclosures this week even showed Strategy back on the bid with a 1,550 BTC purchase.

Here, the desk pushes back on one point. The coins never hit order books, yet sentiment data reviewed by BeInCrypto shows Bitcoin’s positive sentiment score collapsing from 814 on June 3 to 61 now, a fall of more than 92%.

The crash brackets the sale’s circulation, suggesting the damage ran through psychology even if it skipped the tape.

The macro half of the Wintermute crypto prediction reads good news as bad news. May payrolls printed 172,000 jobs against roughly 80,000 expected, services prices hit their hottest since August 2022, and the 10-year yield rose to 4.55% on Friday.

Consequently, the easing case faded, and some analyst commentary now frames oil-driven inflation as a potential trigger for a rate hike.

Wintermute adds one structural worry. Bitcoin never spent meaningful time between $50,000 and $59,000 in 2024, so few shelves exist underneath, leaving capital flows to set direction.

So BeInCrypto analysts checked the flows first.

The Money Has Not Come Back, and the Reserves Prove It

The cleanest gauge is stablecoin exchange reserves, the pool of dollar-pegged tokens sitting on exchange wallets as ready-to-deploy buying power.

CryptoQuant data reviewed by BeInCrypto shows that the pool peaked at $75.12 billion on November 12, 2025. Roughly a month after BTC’s all-time high.

It has since drained to $62.81 billion as of June 10, 2026, a fall of roughly 16%. That round-trips the entire fourth-quarter build and returns reserves to a level even lower than last seen in late September 2025, before the price peak even formed.

The broader stablecoin market cap tells the same story from another angle. DefiLlama shows the total float at $315.97 billion, down $3.25 billion in the past week after topping near $323 billion.

Dry powder is draining while the total money on crypto’s rails leaks at the same time.

On its core claim, the Wintermute crypto prediction verifies in full. Capital has not returned, by either measure. The ETF ledger then shows how unusual this drought already is.

An Outflow Streak With No Precedent

SoSoValue monthly data frames the whole cycle. Inflows of $6.02 billion in July 2025 began the setup, and September and October added $3.53 billion and $3.42 billion as prices peaked at $126,210.

Then the funds flipped. November through February printed four straight red months, the longest monthly outflow streak since the products launched, against a single two-month streak in February and March 2025. November alone bled a record $3.48 billion.

May reopened the wound with $2.43 billion out, the worst month of 2026, and June has already shed $1.89 billion in just 10 days, nearly 80% of May’s total.

During the outflow era, fund assets nearly halved from $147.73 billion to $77.58 billion, while prices halved from the record high to $62,000.

The dates further strengthen the Wintermute crypto prediction.

Rekt Capital called the October 2025 top in June 2024 using halving-cycle timing, and October proved to be the final month of meaningful inflows. His late-November macro triangle breakdown landed on the streak’s worst month.

His forward math is where the scenario sharpens.

The Verdict on the Wintermute Crypto Prediction

In an interview with BeInCrypto, the analyst capped this year’s upside at the falling macro downtrend, the series of lower highs running since October.

“The mid-80s would probably be the top for this year, provided we don’t break the macro downtrend,” said Rekt Capital.

The pivot that changes everything is a sustained break above $82,500.

His floor runs deeper than current prices.

“This bear market should see a retracement of some 60% to 70%, which would mean we go sub-50 into the 40s, and that should be taking place in Q4 of this year,” he told BeInCrypto.

BeInCrypto’s projection highlights similar levels. Keeping the mid-January to early-May swing in play, a potential bottom for BTC comes at $44,627. That would be a 64% retracement from BTC’s peak.

The peak to breaking the bearish pattern lies around $82,824, aligning perfectly with Rekt Capital’s $82,500 pivot.

So, how true is Wintermute’s crypto prediction? The answer lands in three parts.

The flow claims verify in full, from the record streak to the drained reserves. The dismissal of the Strategy sale underplays a 92% collapse in Bitcoin sentiment that the desk can document.

And the one bullish crack is real, since long-term holder wallets keep absorbing coins even as their pace thins considerably.

However, weakening accumulation is what keeps Wintermute’s bearish case alive.

Wintermute named its own test in the SpaceX listing on June 12, and Rekt Capital named its at $82,500. Either one of those triggers breaks the pattern, or the flow math and the cycle math keep pointing at the same sub-$50,000 zone.

His ceiling stretches further out. Every cycle forms a three-year resistance that breaks only in the halving year, and this cycle’s level is $93,000. That makes $93,000 his absolute maximum for 2027, with new record highs unlikely before 2028.

The post Wintermute Suggests a Scary Crypto Market Scenario: How True Is It? appeared first on BeInCrypto.

Anthropic launched Claude Fable 5 today, June 10, a public version of its previously restricted Mythos model. Now, the most powerful vulnerability-finding AI ever built just became available to anyone with a subscription. For DeFi, the implications are immediate.

Until today, Mythos was locked behind Project Glasswing, accessible only to around 150 handpicked organizations, including Google, Microsoft, and JPMorgan. That version had already found over 10,000 critical vulnerabilities across the world’s most important software.

What Fable 5 Can and Cannot Do

Anthropic says Fable 5 comes with hard safety limits. In high-risk areas, including cybersecurity, biology, chemistry, and model distillation, the model blocks responses and falls back to Claude Opus 4.8.

Anthropic stress-tested its classifiers with jailbreak attempts before releasing Fable 5, running an external bug bounty that produced no universal jailbreaks across more than 1,000 hours of testing.

Sensitive cybersecurity requests trigger the fallback in less than 5% of sessions, meaning the vast majority of interactions proceed through Fable 5’s full capabilities.

For DeFi specifically, smart contract exploitation does not fit neatly into Anthropic’s blocked categories. Finding a vulnerability in a Solidity contract looks more like a coding task than a traditional cybersecurity attack.

Fable 5’s exceptional performance in software engineering is consistent, and the longer and more complex the task, the larger its lead over other models currently available. For an unaudited DeFi protocol running on publicly visible on-chain code, that distinction may matter enormously.

The Zcash precedent is already circulating in security circles. A lighter version of the Anthropic architecture found a critical flaw in the Zcash protocol within 24 hours, a vulnerability that had survived four years of scrutiny from some of the world’s best cryptographers.

Why DeFi Is Uniquely Exposed

Fable 5 alone represents a step change in the cost and skill required to probe smart contracts for weaknesses. White hat hacker MevenRekt, described the situation plainly: the cost and skill required to find exploitable flaws in smart contracts is about to drop to effectively zero.

Unaudited protocols become sitting ducks. Known exploits can be replayed on forks around the clock. Even small projects become worth targeting simply because trying costs next to nothing.

Anthropic itself warned last week that AI systems are advancing so quickly that they may soon achieve recursive self-improvement, autonomously improving without human intervention.

The advice from security experts is consistent and urgent: revoke token approvals, move funds to hardware wallets, and cut exposure to protocols you do not fully trust. Not tomorrow. Today.

The post Claude Fable 5: The World’s Most Powerful Hacking AI Should Make DeFi Worried 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: Is Bitcoin cheap yet?

After hitting a new cycle low of ~$60K, onchain valuation metrics say undervalued, but not as cheap as past cycle lows.

Identifying the bottom comes down to two catalysts:
↳ CLARITY Act
↳ How levered $BTC holders hold up.

Read… pic.twitter.com/9HbD65oXWM

— Grayscale (@Grayscale) June 9, 2026

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 low 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 shows 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 Just Moved $227M in Bitcoin , And Traders Are Already Watching Closely

A massive Bitcoin transfer just hit the chain.#BlackRock⁩ moved 3,580 $BTC , worth approximately $226.8 million, to Coinbase Prime, catching the attention of on-chain trackers across the market.… pic.twitter.com/j3WZ68ie2s

— EyeOnChain (@EyeOnChain) June 8, 2026

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. 

https://x.com/BitcoinFear/status/2063976865904074797

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

Bitwise sold HYPE for the first time ever.

Bitwise BHYP ETF clients net sold $2.9 Million of HYPE on Friday, the first time they have ever done so.

However, they have still net bought $89.4M over the past 3 weeks that BHYP has been live. pic.twitter.com/IQJO9OQVta

— Arkham (@arkham) June 8, 2026

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.

Bitcoin has been forming a pattern for years now, and even with the uncertain price movements, this pattern has now finally be completed. This was explained by crypto analyst Bitcoin Teddy on the X social media platform, showing this pattern, how it was formed, and what the implications are for this formation on the Bitcoin price.

The Mid-Year Cup And Handle Pattern That Was Years In The Making

In the post, the crypto analyst pointed out that the Bitcoin price has completed a Cup and Handle pattern formation. Unlike some Cup And Handle patterns that are formed in a relatively short time, the analyst says this one has actually been forming for years, and now it’s finally ready to play out.

This pattern was completed with the most recent Bitcoin retest of the $60,000 support. This support was broken briefly, but the price quickly recovered. What this suggests is the formation of the handle part of the pattern after the cup was completed over the years.

To put this in perspective, the crypto analyst explained that three things needed to happen. These include the breakout, the retest, and a structure confirmation. The breakout was completed when the price recovered. Then, when the price crashed below $60,000, the retest was done.

Now, the confirmation is in place as the Bitcoin price has begun to move upward again. What comes next is even more important since the completion of a Cup and Handle pattern has historically been a precursor to a bull trend.

As the analyst explains, the resulting price surge will not be something like a 20% breakout or so. Historically, a breakout from this pattern would see the price rise multiples of where it was when the pattern was finally confirmed.

In this case, the resulting breakout is expected to send the Bitcoin price to new all-time highs. The minimum target placed with the analysis puts the top of this trend at $220,000, which would mean an almost 300% move from where the Bitcoin price is currently trading. What this means is that $220,000 could only be the start of this move if the momentum builds much higher than expected.

Bitcoin is already being eyed for a move toward $65,000 if a US-Iran deal is sealed, with US President Donald Trump saying such an agreement could be signed within two or three days.

The top crypto asset had also clawed back from recent lows near $59,500 and was trading around $62,350 as traders weighed the odds of a shift in Middle East tensions.

Trump Sets A Tight Timeline

Trump said on Monday that talks were in their final stretch and that he did not see major obstacles left. He described the deal as a strong one and tied the talks to wider efforts to calm the fighting in the region.

The comments came after reports that Trump warned Israeli Prime Minister Benjamin Netanyahu that continuing military action could leave Israel with less US backing. He later wrote on Truth Social that Iran and Israel were both looking for an immediate ceasefire while peace talks kept moving.

Deal Hopes Meet Old Doubts

The latest timeline has not quieted skepticism. Trump has raised hopes of a near-term deal before, and the new comments landed after weeks of similar claims that never turned into a signed agreement.

Some of the hardest issues are still unresolved, including sanctions, nuclear limits, and long-term security guarantees. Reuters has also reported that earlier talks left the sides split over frozen funds and the future of shipping through the Strait of Hormuz.

TRUMP: IRAN DEAL COULD BE DAYS AWAY

PRESIDENT TRUMP SAYS THERE IS A “VERY GOOD CHANCE” OF REACHING A DEAL WITH IRAN IN THE NEXT TWO OR THREE DAYS “WE’RE VERY CLOSE.”

WHAT HAPPENS TO OIL IF A DEAL GETS DONE? pic.twitter.com/YpXuhpDCNm

— Money Ape (@TheMoneyApe) June 9, 2026

That is why traders are treating the latest remarks as one more step, not a finish line. Reports suggest that a successful deal could open the door first to the $65,000 area and, with stronger buying, to $70,000 and beyond.

Oil is part of the same trade. Reuters reported that crude fell on Tuesday after Iran and Israel said they had halted attacks, with Brent at $92.60 a barrel and US West Texas Intermediate at $89.10.

The Strait of Hormuz remains the key pressure point, since it handles a large share of global oil and gas flows, and any easing of tension there could cool prices further. There were also reports that the market has swung on and off this storyline before, with each new round of hope meeting fresh warnings soon after.

For Bitcoin, that leaves a narrow path. A deal that cools oil and broadens risk appetite could help crypto, but the market is still waiting for an actual signature, not just another promise that talks are close.

Featured image from Unsplash, chart from TradingView