Bitcoin BTC$75,784.98 may be entering a new period of outperformance against traditional assets as inflation pressures persist and bond markets weaken, according to Risk Dimensions chief investment officer Mark Connors.

Connors, who spent years as the global head of portfolio management at Credit Suisse, said bitcoin recently broke out of what had been its longest stretch of underperformance against the S&P 500 in history, a 142-day period that ended in early May.

“I think bitcoin’s underperformance versus markets is over,” Connors said in an interview. “It’s in the consolidation phase [that] has shifted into an outperformance phase.”

The shift comes as investors grapple with stubborn inflation, rising oil prices and uncertainty around interest rates. Connors argued that bonds, traditionally viewed as defensive assets, are increasingly under pressure as markets adjust to a “higher-for-longer” rate environment.

“Bitcoin, as it always does, takes it on the chin early, but then it always comes out first,” he said, adding that bitcoin could continue outperforming both equities and fixed income “as we grind through the straits of poor news and oil persistently being high.”

Connors tied much of the current macro environment to persistent geopolitical tensions and elevated energy prices. Oil has remained structurally high this year, he said, fueling inflation concerns while forcing markets to look toward technology and productivity gains as a counterweight.

He argued that AI and blockchain are becoming increasingly linked as businesses look for decentralized systems to support machine-driven transactions and automation.

“The only way to punch through that inflationary pressure is through technology,” Connors said.

He also pointed to shifting investor preferences between gold and bitcoin. Connors compared the current environment to 2020, when gold initially outperformed during the early stages of the pandemic before bitcoin began a strong resurgence.

“Gold has had its run,” he said. “Bitcoin is now on its resurgence.”

TLDR:

• CFTC Chair Michael Selig says the government cannot and should not seize people’s crypto assets.
• The Genius Act is now law, while the Clarity Act pushes forward to protect crypto market structure. 
• Bitcoin, Ether, Solana, and Zcash are classified as digital commodities under CFTC guidelines.
• Selig confirms the chance of crypto being made illegal in the United States is now slim to none.

Commodity Futures Trading Commission Chair Michael Selig has publicly stated that the U.S. government should not seize crypto assets belonging to citizens.

Speaking in a May 13, 2026, interview with Mark Moss, Selig outlined a regulatory vision that centers on private property rights.

He stressed that statutory protections for digital assets are now a top priority. His remarks reflect the current administration’s broader push to position the U.S. as the global leader in digital finance.

Legislative Framework to Protect Crypto Assets

The administration is actively pushing two major pieces of legislation to safeguard crypto assets. The Genius Act, focused on stablecoins, has already been signed into law.

The Clarity Act, which addresses broader market structure, is still moving through the legislative process. Together, these laws aim to give crypto developers and users clear, enforceable protections.

Selig noted that statutory guidance is critical to prevent future government overreach. Without it, hostile regulatory actions similar to past administrations could return.

He directly referenced the need to avoid a repeat of “Operation Choke Point 3.0.” That effort previously pushed crypto businesses out of the U.S. banking system.

The CFTC has regulated Bitcoin futures since 2017 and plays a central role in classifying digital assets. According to Selig, the agency views Bitcoin, Ether, Solana, and Zcash as digital commodities.

Other categories include stablecoins, NFTs, digital securities, and digital tools. This classification system is designed to bring regulatory clarity across the crypto space.

Selig was direct about the risk of crypto being banned in the U.S. “The chance of that happening in the US is now slim to none,” he said during the interview.

He credited the current legislative push as the reason for that confidence. Clear statutory rules, he argued, make hostile government action far harder to execute.

Self-Custody and Private Property Rights for Crypto Holders

A key theme in Selig’s remarks was the right to self-custody crypto assets. He argued that true ownership of digital assets depends on individuals holding their own private keys.

The administration has already issued no-action letters for self-custodial wallet providers. This move shows a practical commitment to protecting that right.

Selig also tied crypto ownership directly to American founding principles. “The US was founded on the principle of private property, which extends to digital assets,” he stated.

The government, in his view, should not create barriers to owning or accessing one’s crypto. This position marks a clear shift from regulatory approaches seen in prior years.

On the administration’s broader ambition, Selig was equally clear. “The US is already the crypto capital of the world,” he said, adding that clear regulations are essential to maintain that status.

Losing ground to other countries, he warned, is a real risk without the right legal framework in place. The Clarity Act and Genius Act are meant to close that gap.

The administration is also encouraging public engagement through comment letters and task forces. Builders and everyday users alike are being invited to shape future policy.

“Getting statutory guidance in place is really important,” Selig emphasized. The long-term goal is a digital finance ecosystem that keeps the U.S. firmly ahead on the global stage.

TLDR:

• Tokenized real-world assets surged to $31.4B after rapid institutional market expansion in 2026.
• U.S. Treasuries account for nearly half of the on-chain asset market, led by institutional demand.
• BlackRock, Ondo Finance, and Centrifuge continue driving regulated blockchain asset adoption.
• DTCC’s 2026 tokenized securities rollout may accelerate integration with traditional finance.

Tokenization is rapidly shifting from a crypto experiment into a financial infrastructure layer as institutional capital accelerates into blockchain-based assets.

Growth across Treasuries, equities, and commodities now signals broader integration between digital settlement rails and traditional capital markets.

Institutional Capital Pushes Blockchain-Based Assets Forward

The real-world asset market expanded sharply during 2026 as distributed on-chain value climbed toward $31.4 billion. The sector opened the year near $21.5 billion, reflecting one of the fastest growth phases since regulated blockchain finance emerged.

The acceleration has become difficult for institutions to ignore. Market participants required years to build the first $10 billion in tokenized assets.

However, the latest $20 billion entered within nearly a single year, pointing to stronger distribution and rising institutional confidence.

U.S. Treasury products continue dominating the sector, accounting for almost half of the market. That trend reflects institutional demand for low-risk collateral and yield-bearing instruments rather than speculative exposure.

Commodity-backed digital assets also maintained strong momentum throughout the year. Gold-backed products such as PAXG and XAUT now represent most of the $5 billion commodity segment.

At the same time, blockchain-based equities expanded rapidly after growing from below $300 million in early 2025 to nearly $1.5 billion.

A recent market thread noted that the sector’s expansion increasingly depends on regulated issuers, custodians, asset managers, and transfer agents entering the ecosystem simultaneously. That shift separates the current cycle from earlier crypto-native experimentation.

Ondo Finance emerged among the largest contributors to the market’s expansion. USDY reached roughly $2.14 billion while OUSG approached $627 million. The platform also surpassed $1 billion in tokenized stocks and ETF exposure through Ondo Global Markets.

DTCC Rollout Signals Larger Market Integration Ahead

Institutional infrastructure developments may define the sector’s next growth phase. Financial firms continue moving blockchain-based securities closer to traditional settlement and collateral systems.

BlackRock’s BUIDL fund remained the largest institutional product with nearly $2.54 billion in assets. The fund operates with BNY Mellon custody and supports multi-chain deployment while maintaining traditional compliance standards.

Centrifuge also strengthened its position within private credit and Treasury-linked products. Its Janus Henderson Anemoy Treasury Fund moved close to the $1 billion mark during 2026.

The Depository Trust & Clearing Corporation plans limited production activity for tokenized securities in July 2026. Broader deployment is expected later in October. The rollout may allow blockchain-based assets to integrate directly into existing market infrastructure.

Stablecoin regulation also continues progressing across several jurisdictions, supporting institutional participation.

Exchanges, brokers, custodians, and asset managers are increasingly positioning themselves around digital settlement systems and programmable asset distribution.

Binance Research estimates the market could eventually reach $1.6 trillion by 2030. Even at that level, blockchain-based financial assets would still represent less than one percent of the broader global market.

The addressable market remains above $300 trillion globally. Current penetration, therefore, remains extremely limited, despite rapid expansion across regulated financial infrastructure during the last two years.

TLDR:

• XRP Open Interest surged sharply, signaling rising leveraged positioning across futures markets.
• Whale transactions above $1M dropped 57%, reflecting weaker large-scale market participation.
• XRP technical indicators continue showing fading momentum below major resistance levels.
• Elevated NVT Ratio suggests XRP rallies may remain volatile and structurally unstable.

XRP price is entering a critical phase as futures positioning rises while whale participation weakens across the market.

Recent on-chain and technical signals now point toward growing volatility pressure. Will the asset stabilize or enter another sharp directional move?

XRP Price Momentum Weakens Despite Rising Open Interest

XRP price continues showing mixed signals as derivatives activity increases across futures markets. Open Interest recently surged, signaling aggressive positioning from traders expecting higher volatility in the near term.

Normally, rising Open Interest alongside stable price action strengthens bullish momentum conditions. However, the current structure appears less convincing because broader market participation remains uneven across several key metrics.

A recent market analysis shared by PelinayPA stated that XRP may be preparing for a potential squeeze scenario. The report noted that leveraged traders are increasingly active, although underlying network activity remains relatively weak.

The largest concern comes from the elevated NVT Ratio, which continues printing irregular spikes. That metric suggests XRP’s valuation is expanding faster than actual transaction growth across the network.

When NVT remains overheated during rising price activity, rallies often become unstable and vulnerable to rapid reversals. This creates an environment where sharp upside moves can quickly transition into aggressive corrections.

Meanwhile, XRP market capitalization has remained relatively stable throughout the recent slowdown. That stability indicates large investors are not aggressively exiting positions despite fading momentum conditions.

The broader four-hour XRP/USDT chart also reflects a gradual shift from expansion into consolidation. After rallying toward the $1.50 to $1.55 region in mid-May, price action steadily weakened as buyers lost momentum.

Each rebound since the breakout phase has produced lower highs while sellers continue defending resistance zones. XRP now trades near the $1.32 level with bearish pressure tightening around short-term support.

Whale Activity Drop Signals Compression Phase Across XRP Market

Technical indicators continue to reinforce the market’s weakening structure. The MACD remains below the zero line while the signal crossover still favors bearish momentum conditions.

At the same time, the RSI has dropped toward the 35 region without showing a convincing recovery signal. In stronger bullish trends, RSI pullbacks usually stabilize much higher before momentum resumes.

Current support remains positioned between $1.30 and $1.32. If XRP loses that area decisively, traders may begin targeting a move toward the $1.25 region.

On the upside, bulls must reclaim the $1.38 to $1.40 resistance zone before momentum conditions improve materially. Until then, price action continues reflecting hesitation rather than strong continuation demand.

Another important development comes from whale transaction data shared by crypto analyst Ali Martinez. Transactions above $1 million reportedly fell from 157 to just 67 within nine days.

That sharp decline represents a 57.3% drop in whale participation across the XRP market. Large holders often drive volatility and liquidity expansion during major directional moves.

The reduction in whale activity now suggests XRP is entering a compression phase following its overheated rally. Lower volatility, weaker capital flows, and narrowing ranges increasingly support that transition narrative.

Compression phases are not always bearish because markets often stabilize before larger moves develop. However, if liquidity continues fading alongside weaker price action, corrective risks may increase further across the short-term structure.

TLDR:

• Bitcoin whale holdings dropped 18,447 BTC worth $1.42B in just 96 hours, per Santiment on-chain data.
• Whale wallets slipped from 5.245M to near 5.23M BTC, reflecting quiet distribution at elevated prices.
• Downside liquidity near $74K has been largely swept, leaving a thin pocket remaining near $73,500.
• Short liquidation clusters stacked near $78K now act as the market’s strongest upside magnet.

Bitcoin whale holdings have recorded a sharp decline over the past four days, with large wallets offloading 18,447 BTC worth approximately $1.42 billion.

The movement has drawn attention from on-chain analysts tracking distribution behavior at elevated price levels.

Largest Bitcoin Holders Are Quietly Trimming Exposure

On-chain data from Santiment shows total whale balances slipping from roughly 5.245 million BTC to near 5.23 million BTC across 96 hours. The visual shift on the chart is subtle. The market weight behind it is not.

These wallets belong to funds, OTC desks, miners, and long-term holders, not retail participants reacting to short-term noise.

Their decision to reduce Bitcoin whale holdings while prices remain elevated is a calculated move, not a panic response. 

Four possible drivers explain the pace: strategic profit-taking, portfolio rotation, macro uncertainty hedging, or redistribution into strong demand.

Santiment has consistently flagged this pattern across previous cycles. When large holders trim balances while retail sentiment stays optimistic, volatility tends to follow.

The divergence between whale behavior and crowd confidence has historically served as a market timing indicator rather than a crash trigger. 

Redistribution can support healthy consolidation by spreading supply from concentrated hands into broader circulation.

Still, the fact that Bitcoin’s smartest money is no longer accumulating aggressively is a signal the market cannot ignore.

Liquidation Data Builds the Case for an Upside Move

The liquidation heatmap adds a different layer to the current setup. Bitcoin has already swept through most of the downside liquidity near the mid-$74,000 region, clearing out overleveraged longs through forced deleveraging. That flush has left the immediate lower range notably thin.

A small liquidity pocket near $73,500 remains open. If price revisits that level, the sweep would likely be fast and mechanical rather than the start of a prolonged breakdown. With most weak longs already removed, sellers have fewer reasons to press further.

The real gravity sits overhead. Dense short liquidation clusters are stacked near $78,000 on the heatmap, representing heavily leveraged positions waiting to be unwound. In crypto markets, price gravitates toward liquidity. 

Right now, the largest concentration is above the current price. A sustained push upward could trigger a chain of forced short closures, adding mechanical buying pressure at each step.

Bitcoin appears caught between a shallow downside sweep near $73,500 and a far heavier upside target near $78,000.

With the liquidation phase largely exhausted below, the next major move may be a squeeze — pointing directly at those short positions stacked above.

TLDR:

• HYPE surged 3x from its $20 cycle low to $62 in four months, outperforming Bitcoin and Ethereum in 2026.
• ETF products $THYP and $BHYP pulled in $74.91M across eight trading days following their NYSE and NASDAQ debut.
• A potential double top near $60 resistance puts short-term longs at poor risk-reward, analysts warn traders.
• Patient traders are watching the $35–$40 breakout zone and $20–$30 re-accumulation band for stronger entries.

HYPE price analysis reveals a market at a crossroads. After tripling from its cycle low and securing dual ETF listings, the asset now trades near a critical resistance zone that is testing the conviction of bulls heading into summer 2026.

HYPE Price Analysis: A 3x Rally Built on Real Institutional Demand

HYPE’s climb from $20 to $62 within four months was not purely speculative. The launch of two exchange-traded funds — 21Shares’ $THYP on NYSE and Bitwise’s $BHYP on NASDAQ — injected structural demand into the asset’s price action. 

Combined inflows of $74.91M across just eight trading days confirmed that institutional appetite extended well beyond initial listing excitement.

That backdrop explains why HYPE diverged so sharply from the broader market. Bitcoin posted negative year-to-date returns during the same window. Ethereum and Solana both underperformed. 

HYPE, by contrast, delivered roughly 118% year-to-date gains, establishing itself as one of the clearest relative strength leaders in the current cycle.

Every dip throughout 2025 formed a higher low — a footprint consistent with sustained accumulation rather than retail-driven speculation.

The 2D chart captured this progression precisely. A rising channel formed throughout 2025, building structure before a brutal -59.06% flush tested the $20–22 re-accumulation zone in December.

What followed was a 614.29% recovery leg that ultimately printed $129 before the current consolidation near $60 began.

Double Top Risk and Where Patient Traders Are Actually Watching

The $60 zone is not new resistance — it is repeated resistance, and that distinction matters. The chart shows price struggling at this level across multiple attempts, raising the probability of a double top formation on higher timeframes. Traders entering long positions here are effectively buying at supply, not value.

Smart money that loaded near $20–22 carries 3x to 6x in unrealised gains. Those positions do not require further price appreciation to be profitable — they require exits. Retail traders chasing momentum at current levels risk becoming that liquidity.

“Smart money buys fear. Retail buys hype. Don’t confuse the two,” one analyst noted.

The more compelling setup sits lower. The $35–$40 range marks the prior breakout level and represents a logical retracement target for any healthy pullback.

Below that, the $20–$30 re-accumulation band offers the strongest long-term DCA case if macro conditions deteriorate. 

A clean loss of $20 would invalidate the bullish structure entirely. Long-term targets of $150–$200 remain on the table — but the path there likely runs through patience, not leverage.

TLDR:

• ONDO’s market suggests deliberate whale liquidity hunting before trend commitment.
• The $0.45 resistance zone has rejected the ONDO price multiple times, absorbing every rally attempt at that ceiling.
• ONDO’s $0.35–$0.36 support continues holding structure, keeping the bullish continuation scenario technically viable.
• Broader market conditions, with equities near highs, frame the $0.45 rejection as profit-taking rather than fear-driven selling.

Ondo (ONDO) price analysis is drawing serious attention as back-to-back liquidation events on both sides of the market expose calculated whale positioning. This has left traders watching closely for the next decisive move from a pivotal price zone.

Liquidity Is Being Hunted From Both Sides

ONDO’s recent price action reads less like organic trading and more like a coordinated shakeout. After months of compression between $0.20 and $0.30, the asset broke sharply higher, dragging leveraged shorts into a painful squeeze near $0.40. Forced buybacks from those trapped positions amplified the rally beyond what fundamentals alone could justify.

The downside leg told a parallel story. Before that rebound materialized, long liquidations erupted near the $0.30 zone, purging overleveraged bulls in a single aggressive sweep. Markets rarely deliver that kind of one-two punch by accident. 

Large players routinely engineer these moves to accumulate positions at reset prices while retail traders absorb the losses.

What the liquidation map now reveals is a market with stacked vulnerability on both ends. Short clusters sit above $0.40, while long liquidation zones remain sensitive near $0.30.

Until one side breaks conclusively, ONDO could stay trapped in a high-tension range where the next catalyst — whether news-driven or volume-led — could trigger a rapid, outsized reaction in either direction.

Resistance Holds Firm, but Structure Stays Intact

The rally that carried ONDO back toward $0.45 initially looked promising. Price climbed steadily off $0.35 support, squeezing shorts and reclaiming lost ground with conviction.

Yet the moment it tagged the $0.45 resistance ceiling, sellers responded immediately, leaving a sharp upper wick as evidence of distribution into rally strength.

Technical readings reflect that slowdown without signaling collapse. RSI retreated from elevated levels following the rejection, and the MACD crossed into a mild rollover. 

Still, neither indicator points to a trend reversal — momentum cooling is the more accurate read at this stage. Crucially, broader market conditions offer little support for a fear-driven breakdown. 

Equities traded near record highs during the same stretch, while traditional safe-haven assets like gold and oil showed no unusual demand spike.

That context frames the $0.45 rejection as profit-taking after an extended rally, not distribution ahead of macro deterioration. 

Reclaiming $0.45 with volume behind it remains the cleanest path toward the next liquidity pocket, while a slip below $0.35 reopens a deeper corrective leg before any renewed expansion.

TLDR:

• XRP whale transactions above $1M plunged from 157 to 67 in just nine days, per analyst Ali Martinez.
• Price is coiling tightly between resistance at $1.54 and key support at $1.29 amid fading volume.
• A dense liquidity wall between $1.60 and $1.85 is capping upside, while bids defend the $1.28 zone.
• RSI hovers near oversold levels without full capitulation, hinting that sellers are losing their grip.

The biggest players in the XRP market have pulled back sharply, with large-holder activity dropping 57.3% in just nine days.

Rather than signaling retreat, on-chain data and chart structure suggest the market may be quietly building toward its next directional move.

XRP’s Big Holders Go Quiet as Price Coils Into a Tight Range

Large-holder activity on the XRP network has dropped sharply, with transactions above $1 million falling from 157 to just 67 over a nine-day window, per data flagged by on-chain analyst Ali Martinez. 

The 57.3% contraction marks a meaningful shift in market behavior — one that typically precedes consolidation rather than collapse.

As these heavyweight participants stepped back, the market transitioned into a quieter, more measured state.

Price has been drifting between two well-defined levels — resistance at $1.54 and support near $1.29 — without mounting a convincing move in either direction.

Volume has steadily faded during this stretch, reinforcing the picture of a market in deliberate pause rather than distress.

The RSI has remained near oversold territory for an extended period without sparking a full breakdown, suggesting sellers are losing momentum rather than pressing a dominant position. 

Buyers, for their part, continue to absorb pressure near $1.29 with quiet persistence. It is a market holding its breath — and historically, that kind of stillness rarely lasts.

Liquidity Data Frames the Stakes of XRP’s Next Move

Pull up the liquidity heatmap, and the tension becomes immediately visible. A dense wall of resting sell orders sits between $1.60 and $1.85, represented by bright clusters that reflect heavy positioning from large participants. 

That overhead supply has consistently capped upside attempts, acting as a ceiling the market has yet to seriously challenge. Below the current price, the picture is equally telling. 

A layered bid cushion has formed around the $1.20–$1.28 zone, pointing to continued defensive positioning from market makers and larger players despite the overall slowdown.

XRP is effectively sandwiched — sell-side pressure above, buy-side support below — with neither camp willing to make the first decisive move.

The volume profile adds further context. Peak trading activity is concentrated right at the current price range, confirming that the market is settling into fair-value equilibrium. This is not a trending market — it is a loading one. 

A breakout above the $1.60 liquidity cluster could trigger cascading short liquidations and push the price sharply higher.

A confirmed breakdown below $1.29, backed by rising volume, would tell a different story — one where patience from large holders gives way to distribution.

For now, XRP sits at a crossroads, and the next move may carry significant weight.

TLDR:

• ZachXBT’s defense fund drew donations from Binance, Bybit, Paradigm, and Hyperliquid-linked wallets.
• Hyperliquid donated 10,000 HYPE tokens worth up to $600K; critical coverage slowed shortly after.
• ZachXBT sold roughly $3.87M in unsolicited meme tokens, drawing backlash over victim fund concerns.
• Polymarket wallets allegedly profited $1.2M ahead of a ZachXBT post, though no direct link was proven.

ZachXBT has built a reputation as one of crypto’s most trusted watchdogs, uncovering over $500 million in fraud across the industry. Now, a viral thread on X has turned the spotlight on him. The thread raises questions about donor relationships, selective investigations, and financial conflicts of interest. No court has ruled against him, and no official body has confirmed wrongdoing. Still, the allegations have sparked a broader conversation about accountability in crypto investigations.

Donation Patterns Draw Questions About Investigative Independence

After facing a lawsuit in 2023, ZachXBT launched a community defense fund. The fund reportedly attracted donations from prominent industry names. Alleged donors included Binance-linked wallets, TRON ecosystem figures, Jesse Powell of Kraken, Sandeep Nailwal of Polygon, Optimism, Bybit, Paradigm, and Hyperliquid.

Critics noticed a pattern following those donations. None of the alleged donors later appeared as subjects in major ZachXBT investigations. That observation has fueled accusations that financial support may have influenced which targets received public exposure.

Supporters of ZachXBT argue the defense fund was a legitimate community response to litigation. They maintain that the absence of investigations into donors does not prove any arrangement existed. The connection, they say, remains circumstantial.

Even so, the optics have raised serious questions. In an industry that prizes transparency, the lack of public disclosure around these donations has become a focal point for critics watching the situation closely.

The Hyperliquid Timeline Sits at the Center of the Controversy

The Hyperliquid case has become the most discussed element of the thread. Between December 2024 and January 2026, ZachXBT published multiple critical posts about Hyperliquid. On January 18, 2026, the Hyperliquid Foundation donated 10,000 HYPE tokens to him, officially valued at approximately $254,000 at the time.

Critics place the value closer to $600,000. After the donation was made, observers noted that major critical coverage of Hyperliquid appeared to slow down. That timeline is what the viral thread used to build its central argument.

ZachXBT has not publicly addressed the full scope of these allegations in detail. The donation itself is documented on-chain, making it verifiable. What remains disputed is whether the timing reflects a conflict or simply a coincidence.

The Hyperliquid case also intersects with a broader question about disclosure standards. If an investigator receives funds from an entity they have previously criticized, transparency around that relationship becomes essential for maintaining public trust.

Token Sales and Polymarket Allegations Add Further Pressure

An anonymous developer launched a meme token called $ZACHXBT and sent 50% of the supply directly to his wallet. The market cap briefly reached around $88 million. ZachXBT sold approximately 16,059 SOL, worth roughly $3.87 million, stating the tokens were unsolicited and he sold to avoid association.

Critics questioned why the proceeds were not redirected to fraud victims or investigation funds. That decision drew attention from community members who felt it conflicted with his stated mission. The response from his supporters was that unsolicited tokens carry no obligation.

A separate allegation involves Polymarket. The thread claims fresh wallets placed heavy bets before ZachXBT published an investigation, allegedly generating over $1.2 million in profit. No direct evidence ties him to those wallets. However, the timing drew widespread attention across the community.

Taken together, these incidents have reopened a question the crypto space rarely asks: who holds investigators accountable when their funding sources intersect with the entities they cover?