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.

Mourinho's potential move to Real Madrid highlights the financial and strategic impacts of high-profile coaching changes on club valuations.

The post Benfica confirms Jose Mourinho’s departure to Real Madrid for €15 million termination fee appeared first on Crypto Briefing.

The slow progress on crypto tax bills highlights the complexity of regulating digital assets, potentially delaying clarity for investors and markets.

The post US House lawmakers raise concerns over crypto tax bills progress appeared first on Crypto Briefing.

Sam Bankman-Fried says he would “absolutely” welcome a pardon from US President Donald Trump.

Trump, for his part, has already said no.

Cellmate Speaks Up

Michael Avenatti, who shared a prison unit with the former FTX chief, went further than Trump’s January dismissal. In a series of posts on X, Avenatti said SBF never once admitted any wrongdoing during their time together — not privately, not in passing, not ever.

“Not once did he admit he’d done anything wrong,” Avenatti wrote, adding that redemption begins with accepting responsibility. Without that, he argued, a pardon request carries no real weight.

Avenatti is no neutral observer. He is himself a convicted felon, currently incarcerated for extortion and fraud. His criticism of SBF’s character comes from someone with his own considerable legal baggage.

Sam Bankman-Fried and I were prison bunkmates and I know him well. So I read this with more context than most.

Sam and I argued more than once about the same thing: his refusal to accept ANY responsibility for what he did. Not once did he admit he’d done anything wrong — even… https://t.co/7FHJelX1gx

— Michael Avenatti (@MichaelAvenatti) June 8, 2026

Still, Avenatti did not write off Bankman-Fried entirely. He described the former crypto executive as a technology visionary with genuine intellectual gifts. The problem, in his telling, was not SBF’s intelligence — it was his judgment about his own limits.

FTX co-founder Sam Bankman-Fried formally applied for a presidential pardon https://t.co/GB3lcL9A0p

— Bloomberg (@business) June 8, 2026

The Leadership Question

Avenatti drew a pointed comparison to Google. When Larry Page and Sergey Brin built their company, they eventually brought in Eric Schmidt, an experienced executive, to help run it. They recognized what they didn’t know. Bankman-Fried, Avenatti argued, never made that call.

Had SBF hired “an actual adult in the room” and listened to people with real operational experience, Avenatti said, FTX might never have collapsed. He put a number on it: SBF could today be worth close to $100 billion and still be a free man.

That argument sits awkwardly alongside the legal record. SBF is currently serving a 25-year sentence for his role in the FTX collapse.

His conviction centered on the commingling of customer funds — a finding he continues to dispute. He has maintained that FTX customers were ultimately repaid, a claim critics reject as a distortion of the full picture.

Trump has already weighed in on this publicly. In January, he told The New York Times he has no intention of granting SBF clemency.

During his second term, Trump has issued more than 1,400 pardons and commutations — over 1,200 of them tied to the January 6 cases alone.

SBF has not appeared on any list of people under consideration.

Featured image from Aaron Schwartz/Sipa USA/Alamy, chart from TradingView

Despite a brief bounce, Bitcoin is still struggling with heightened volatility, capping every upward attempt and keeping its price below the $65,000 mark. In this unfavorable market environment, the flagship asset may be entering a crucial phase as leverage steadily dries up across the market.

Moderate Leverage Turning Up On The Bitcoin Market

Bitcoin is seeing persistent bearish pressure, but a report shows that the market just made a major shift that could play a role in its short-term trajectory. As volatility builds, the BTC market seems to be moving into a lower-leverage phase as traders become more cautious and speculative excesses start to calm.

A recent analysis of the Bitcoin Leverage Pressure Zone by Joao Wedson, the founder of Alphractal and verified author at CryptoQuant, shows that BTC has left the extreme leverage phase and moved into moderate and slight leverage. This implies that the risk of large-scale liquidations, which frequently accompany highly leveraged conditions, has decreased as aggressive positioning in derivatives markets has subsided.

Since many traders were liquidated last week, the risk of forced liquidations is dropping significantly. However, Wedson highlights that the market has not yet reached the blue/purple zone indicated on the chart, which marks extreme deleveraging. 

In the past, this region was considered an ideal one to gain exposure with greater safety. The expert claims that the market has not yet gotten to that phase, but it will likely take a few more weeks or months before we reach that stage.

Even though it might occasionally indicate a declining risk appetite, lower leverage may indicate a healthier market structure based on higher spot demand rather than speculative momentum. Despite this shift into moderate and slight leverage, Wedson has urged investors to approach the derivatives market with caution. “If you do not understand its health, you can be liquidated at any moment, “ he added.

Small BTC Whales Are Now In Losses

With the Bitcoin market deeply in a volatile state, investors are beginning to feel the pressure of this downward action, even big investors. CW, a data analyst and investor, reported on X that small whales are now underwater as bearish performance mounts.

Here, small whales represent wallet addresses holding between 100 BTC and 1,000 BTC, and these investors have now returned to a loss position. This shift in profitability is attributed to the recent decline in BTC’s price to the $60,000 threshold.

In order for the group to return to profit territory, the expert stated that BTC’s price must bounce back to the $64,000 mark. CW added that the brief uptrend of Bitcoin started as these investors slowly approached the profit zone. In the meantime, recovering the $64,000 level is the first condition for the rise to kick off.

At the time of writing, Bitcoin’s price was trading at $63,370, and was showing a nearly 1% rise within the past day. While prices are slowly turning bullish, BTC’s trading volume within the same time frame has dropped by over 5%.

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.

Leveraged funds and asset managers have raised combined Japanese yen (JPY) short positions to $11 billion, the highest level since July 2024.

This suggests that investors are betting against the currency despite Japan’s intervention. Short exposure has now climbed for three straight weeks.

Tokyo Spends Massive Sum to Slow the Yen Slide

Short positioning added $5 billion over the three-week stretch. The data points to expectations of further weakness.

The bearish sentiment comes despite Japan’s efforts. The yen’s decline pushed Tokyo to step in recently. The currency slipped past 160 per dollar in late April, the same level that prompted record dollar-selling intervention in 2024.

Between late April and late May, authorities deployed 11.73 trillion yen, or about $73.6 billion. The sum set a record for any month-long stretch and topped the 9.79 trillion yen spent in 2024.

The move worked briefly. On April 30, the yen swung from 160.725, a near two-year low, to 155.50. It moved toward 155 by May 6 before resuming its slide.

The relief faded fast. The yen weakened back toward 160 in early June, pressured further by the Middle East conflict.

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Rate Gap Keeps Pressure on the Currency

The Kobeissi Letter explained that the wide interest rate gap between Japan and the United States remains the main structural driver. The Bank of Japan holds its policy rate at 0.75%, far below US levels.

That differential rewards traders who borrow cheap yen to buy higher-yielding assets. This strategy, known as the carry trade, has weighed on the yen for years. When those positions unwind, investors often reduce risk exposure, a dynamic that could pressure assets such as Bitcoin (BTC).

Finance Minister Satsuki Katayama signaled that authorities remain prepared to act.

“As for foreign exchange, we continue to maintain our stance that we stand ready to take appropriate action at any time, as needed,” Katayama said.

The Bank of Japan meets on June 16 and may raise its rate to 1%. A hike could narrow the gap and test the conviction behind the record short position.

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The post Institutional Investors Drive Yen Short Bets to Highest Level Since 2024 appeared first on BeInCrypto.

Meme coin traders enter the second week of June 2026 with three setups worth watching. SIREN presses against breakout resistance, BinanceLife cools near record highs, and BUILDON climbs back from a sharp correction.

Each token shows a different momentum picture this week. The charts below map the key levels, the indicators behind them, and what would confirm or break every move.

Meme Coins to Watch: SIREN Tests Breakout Resistance Near $1.20

Siren (SIREN) trades around $1.22 after a 4% gain on the day. The token has climbed roughly 113% over the past week. Its market cap sits near $887 million, ranking it 74th.

SIREN also topped last week’s meme coin watchlist and keeps building on that move.

On the daily chart, price is pressing into resistance at the 0.618 Fibonacci retracement level near $1.20. A daily close above this zone would mark the breakout. The next resistance stands at the 0.786 level near $2.20.

Beyond that, the token’s record high sits at $3.61. The chart’s upper Fibonacci extension reaches $4.72. Both mark longer-term targets if momentum holds.

The Relative Strength Index (RSI) has pushed above 70. That reading signals strong momentum, but it also flags overbought conditions. A rejection here could send the price lower.

The first support sits at the 0.5 Fibonacci level near $0.79. A deeper pullback would test the 0.382 level near $0.52. A renewed AI-token rally has driven much of this momentum.

BinanceLife Holds Near Record Highs Despite RSI Divergence

BinanceLife (BINANCELIFE) trades near $0.69 after a 12% drop on the day. Despite the decline, the token remains up about 9% on the week. Its market cap stands at $687 million, ranking it 86th.

The token sits in a price-discovery phase after setting a record high near $0.90 on June 7. It broke out of a symmetrical triangle around May 13 and ran straight to that resistance box.

However, the daily chart now shows a bearish RSI divergence. Price made higher highs while the RSI made lower highs. That pattern often warns that an uptrend is losing strength.

A correction could send the price back to the former swing high near $0.46. A deeper drop would test the 0.382 Fibonacci level near $0.27. The token’s role in the BNB meme season remains a key driver.

BUILDon Recovers After an A-B-C Correction

BUILDon (B) trades near $0.27 after a 6% decline on the day. The token has gained almost 14% over the past week. Its market cap sits near $273 million, ranking it 138th.

The daily chart shows a five-wave Elliott impulse to a high near $0.76. An A-B-C correction then followed. The C wave bottomed close to the 0.618 Fibonacci retracement near $0.20.

Price now recovers between the 0.5 and 0.382 Fibonacci levels. A move above $0.33 would open the path toward the 0.236 level near $0.46. That level marks the next major resistance.

The RSI hovers near 50, a neutral reading with no clear momentum. Volume is also contracting into the bounce. Both signals suggest traders should wait for confirmation.

The main support sits at the 0.786 Fibonacci level near $0.14. BUILDon gained wider attention after its Binance Alpha listing earlier this year.

The post 3 Meme Coins to Watch in the Second Week of June 2026 appeared first on BeInCrypto.

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.

On June 5, Morgan Stanley Wealth Management, a leading American multinational investment bank and financial services company, announced the launch of its in-kind referral partnership with Galaxy Digital.

This agreement is expected to introduce a way for eligible clients to use in-kind creation for spot cryptocurrency exchange-traded products (ETPs).

Under this setup, clients will be able to convert the cryptocurrency they already hold into shares of spot crypto ETPs more easily than before.

This announcement is a major development where traditional finance is connecting with the digital asset sector. It is created on Morgan Stanley’s growing presence within the sector, including the launch of its own Bitcoin trust, called the Morgan Stanley Bitcoin Trust (MSBT), earlier in 2026.

How the Morgan Stanley-Galaxy Referral Works

This new partnership will allow clients of Morgan Stanley Wealth Management to lend their digital assets, such as Bitcoin, Ether, or Solana, to Galaxy Digital. In return, those clients will receive shares in spot crypto exchange-traded products, including Morgan Stanley’s own MSBT fund, which tracks the price of Bitcoin.

There are many major benefits of this partnership. At times, traditional processes can take more than 4 weeks. This referral system can shorten that time by up to 75% in some cases.

Second, lower entry barriers as Galaxy has reduced the minimum transaction size for referred clients from $25 million down to $5 million. This makes the service accessible to more qualified investors.

Another major benefit of this partnership is the integration of a better portfolio. Shares of the exchange-traded products can fit into existing brokerage accounts, and they support features such as margin trading and lending.

Morgan Stanley is providing educational materials and handles referrals only when clients ask for them without any solicitation. Galaxy manages the actual transactions, the process of bringing clients on board, and the execution of trades. The two firms are not affiliated, and Morgan Stanley does not receive any payment from these referrals.

Zane Glauber, Global Head of Distribution at Galaxy, stated in the press release that, “We are excited to support referrals from Morgan Stanley Wealth Management to offer an efficient and secure path to access spot crypto ETPs. Streamlined onboarding and lowered transaction minimums make it easier for clients to integrate digital assets alongside traditional investments, supporting a holistic approach to wealth management.”

Recent Progress in Crypto ETPs

In July 2025, the SEC approved in-kind creation and redemptions for certain Bitcoin and Ether exchange-traded products. This moved beyond the earlier system that only allowed cash transactions. This change improves liquidity, narrows the difference between buying and selling, and offers tax benefits because it avoids forced sales of assets.

Morgan Stanley itself launched the MSBT in April 2026. This made the company the first asset manager affiliated with a US bank to offer a crypto exchange-traded product. Other firms, such as Invesco with its Bitcoin and Ethereum ETFs that are partnered with Galaxy, have also expanded their digital asset offerings.

Alison Nest, Head of Investment Solutions Products, Morgan Stanley Wealth Management, said, “Morgan Stanley has been investing in the DeFi space for some time, and we are proud to support a referral capability with Galaxy to provide Wealth Management clients with an institutionalized pathway that helps integrate digital assets into their portfolio. This referral arrangement represents a significant step forward in bridging traditional finance and decentralized finance, providing more investors with streamlined opportunities to diversify.”

Recently, VanEck announced the launch of VBNB as the first U.S. spot ETF offering direct exposure to BNB.

The Hyperliquid Policy Center (HPC), together with venture capital firm Paradigm, submitted a joint comment to the US Treasury on Tuesday, urging the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) to refine parts of its proposed stablecoin compliance rule tied to the GENIUS Act. 

The rule is intended to implement anti-money laundering (AML) and sanctions requirements for “permitted payment stablecoin issuers” (PPSIs), a category the proposal says should be able to innovate in payment stablecoins while operating under an “appropriately tailored” regime designed to manage illicit-finance risk.

Narrower Compliance, Less Burden

While they did not oppose the overall goal of the framework, Paradigm and the Hyperliquid Policy Center argued that key elements of the proposal need clearer boundaries—especially where compliance obligations may unintentionally spill over into areas that do not fit the GENIUS Act’s structure or Congress’s intent.

A major focus of the comments is how permitted payment stablecoin issuers’ duties should work in the secondary market, where PPSIs do not have a direct relationship with the underlying counterparties. 

In their view, the law makes clear Congress expected due diligence by PPSIs on their own customers, but did not intend a requirement for PPSIs to conduct additional diligence for trading that occurs in the secondary market.

The firms drew an analogy to traditional banking, saying that once regulated institutions run KYC when funds enter the system, they are not expected to monitor every spending event after cash is withdrawn. 

In the same way, Paradigm and the Hyperliquid Policy Center argued that decentralized peer-to-peer transfers of stablecoins—and other digital assets—should generally involve KYC only at the regulated on-ramps and off-ramps, with compliance costs focused where the relationship exists. 

They warned that a contrary approach could drive requirements for PPSIs to file large numbers of low-value suspicious activity reports (SARs), creating “noisy” reports with false positives that would impose costs on both PPSIs and FinCEN without clear public benefit. 

Hyperliquid Policy Center Urges Clarification

The comment also addresses the way the proposed rule defines and assigns obligations related to “lawful orders.” Paradigm and the Hyperliquid Policy Center said the proposal defines “lawful order” by incorporating the GENIUS Act definition of “person,” which in turn determines who may have to build technological capabilities.

They argued that, as drafted, the proposed rule could be interpreted too broadly, potentially pulling in developers of distributed ledger protocols, decentralized self-custodial interfaces, and other technologies that Congress excluded from the GENIUS Act’s definition of a “digital asset service provider.” 

The firms said this result would not align with Congress’s intent, and they recommended a clarification in the final rule to explicitly state that certain entities and technologies are not included within the scope of lawful order requirements.

According to Paradigm and the Hyperliquid Policy Center, failing to make that clarification could unintentionally impose lawful order obligations on every validator on networks like Ethereum (ETH), Hyperliquid (HYPE), Solana (SOL), and Layer 2 systems that validate transactions involving PPSI-issued stablecoins. 

They argued the predictable outcome would be that US validator stakes would move offshore, US blockbuilding operations would relocate, and the US share of the chain validator base would decline—outcomes they said would undermine both the GENIUS Act’s onshoring objectives and broader US interests.

Featured image created with OpenArt; chart from TradingView.com 

XRP is testing a major macro support level that could play a decisive role in shaping its next trend. With momentum hanging in the balance, a strong rebound could signal the start of a recovery, while weakness may leave the door open for deeper losses. 

XRP Finds Strong Footing At Critical 0.786 Fibonacci Support

In a recent market evaluation, crypto analyst CasiTrades noted that XRP has reached its major 0.786 macro support level, currently trading at $1.09 on Coinbase. The daily timeframe currently confirms the validity of this support, as the price action has respected this critical technical marker so far.

The immediate focus for traders now shifts toward how the market reacts to this placement. CasiTrades identifies $1.19 and $1.27 as the primary resistance levels to monitor. As long as the asset is capped by these levels, the broader correction remains active, leaving the door open for a potential decline toward the $0.90 support zone at the 0.854 fib level.

Conversely, a shift in market sentiment could render the bearish outlook invalid. If XRP demonstrates genuine buying pressure and succeeds in breaking through the established resistances, it would suggest that the market is forming a new trend rather than consolidating for another downward wave. 

Ultimately, this is one of the most pivotal moments of the entire correction phase. With the major support level officially tested and reached, the next few days will be essential to determining the long-term direction of the asset. 

XRP Enters A Critical Macro Decision Zone

According to market analyst EGRAG CRYPTO, XRP is currently positioned exactly within a critical macro decision zone. The path forward is defined by specific technical thresholds that require sustained strength to validate a trend. 

Specifically, a monthly body candle close above $1.40 would suggest that the bottom was firmly established at $1.05, while reclaiming the $1.61–$1.65 range would signify the official start of a bullish recovery. A definitive break above $1.70 would provide even stronger confirmation of this momentum shift.

If the price can successfully hold its ground, a double-bottom formation becomes a distinct possibility, setting the stage for a more robust rally. However, if XRP fails to hold this support and loses its current momentum, the technical setup warns that a retest of the $0.80 level is highly likely.

While the upside potential remains contingent on breaking through those key resistance hurdles, the downside risk remains active if the current support falters. Traders should remain cautious, as the resolution of this macro decision zone will dictate whether the asset initiates a new bullish cycle or enters a deeper retracement.