Key Highlights

• BTC plummeted to $59,100, marking its lowest level in 2026, before staging a recovery past $60,000
• Crypto markets experienced a devastating $1.6 billion liquidation cascade, primarily affecting leveraged long positions
• Robust US employment figures diminished expectations for Federal Reserve interest rate reductions, pressuring risk-on assets
• On-chain analyst Ali Charts reports 10.46 million BTC now underwater — a metric historically signaling market capitulation
• Strategy offloaded Bitcoin holdings for the first time in two years, creating additional market anxiety

Bitcoin experienced a sharp decline on Friday, plunging to $59,100 — its weakest level this year — before market participants stepped in to defend the psychological $60,000 threshold. By Saturday, BTC had stabilized around $60,702, representing a modest 1% daily decline.

The catalyst for the downturn came from surprisingly robust US labor market statistics. May’s nonfarm payrolls revealed 172,000 new jobs, substantially exceeding the anticipated 85,000. Additionally, April’s figures received an upward revision of 64,000 positions. This economic resilience diminished market expectations for Federal Reserve monetary easing, triggering a surge in Treasury yields and dollar strength while punishing risk-sensitive assets.

The tech-heavy Nasdaq 100 tumbled approximately 5%, marking its sharpest single-day decline since April 2025. The S&P 500 retreated 2.6%. Digital assets were swept up in the broader risk-off sentiment.

Massive $1.6 Billion Liquidation Cascade

Intense selling pressure throughout cryptocurrency markets resulted in rapid liquidation of overleveraged positions. According to CoinGlass analytics, approximately $1.6 billion worth of positions were forcibly closed within a 24-hour window, with bullish bets absorbing the majority of losses. Bitcoin alone contributed over $500 million to this liquidation total, while Ethereum accounted for more than $400 million.

Altcoins suffered similarly brutal corrections. Ethereum has shed over 20% across the past seven days. Solana, XRP, Dogecoin, and BNB all recorded double-digit percentage losses during the same timeframe.

Market participant Daan Crypto Trades observed on X that Bitcoin had completely retraced its spring rally. “Really was a case of stairs up elevator down,” he commented.

On-chain analyst Ali Charts highlighted a crucial blockchain metric. His analysis reveals that 10.46 million BTC currently sit underwater — a threshold that has historically coincided with significant market troughs.

“Selling pressure often begins to fade as fewer investors are willing to realize losses, increasing the probability of a market bottom forming,” he explained on X.

Strategy Breaks Two-Year Buying Streak

Compounding market anxiety, Strategy revealed it had liquidated a portion of its Bitcoin treasury for the first time since 2022. While the sale represented only a fraction of the company’s substantial holdings, it sparked speculation about potential additional selling from one of cryptocurrency’s most prominent institutional accumulator.

US-based spot Bitcoin exchange-traded funds have registered consecutive weeks of capital outflows, eliminating a crucial demand pillar that had underpinned price action during earlier months.

Market observers are closely monitoring the $60,000 threshold for signs of support or breakdown. Analyst Exitpump observed that funding rates were drifting toward negative territory, interpreting this as “early signs of seller exhaustion.”

As of Saturday afternoon, Bitcoin was trading at $60,702.

TLDR:

• • The Ethereum whale cohort now holds 11.04M ETH, the lowest balance recorded across the full dataset history.
  • Total holdings have fallen roughly 62% from the early-2022 peak of 28.83M ETH to the current level.
  • Balances dropped nearly 50% in 12 months, falling from 22M ETH in mid-2025 to 11.04M ETH today.
  • Data cannot confirm if outflows reflect actual selling or relocation into staking contracts and ETF custodians.

The Ethereum whale cohort tracking addresses holding between 100,000 and 1,000,000 ETH has reached a historic low.

On-chain data shows the cohort now holds just 11.04M ETH. This marks the lowest reading across the entire dataset history.

The figure represents a steep decline from the early-2022 peak of 28.83M ETH. Total reduction stands at approximately 17.8M ETH, or roughly 62% of peak holdings.

A Four-Year Decline Across Multiple Market Cycles

The Ethereum whale cohort’s balance erosion has unfolded gradually over four years. Early 2022 saw the cohort holding a peak of approximately 28.83M ETH.

By mid-2023, that figure had stabilized near 17M ETH for about 12 months. The extended plateau suggested a temporary pause rather than a reversal.

A partial recovery followed when balances climbed back to around 22M ETH in mid-2024. That uptick coincided with ETH prices rallying toward $4,500.

However, the recovery proved short-lived as balances resumed their downward trend shortly after. The cohort never reclaimed its prior peak during that period.

On-chain analytics platform Alphractal noted the trend in a recent post, stating: “The Ethereum 100K–1M ETH balance cohort just printed 11.04M ETH — the lowest reading on the entire chart history.”

The data covers wallet addresses holding institutional-scale positions. These sit below extreme concentration tiers such as exchange reserves and foundation wallets.

What makes the decline notable is its consistency across different market conditions. The cohort reduced holdings during both price rallies and drawdowns alike. This behavior points to sustained distribution rather than panic selling during a single downturn.

Distribution or Relocation — Two Readings of the Data

The steepest portion of the decline has occurred over the past 12 months. Balances dropped from roughly 22M ETH in mid-2025 to 11.04M ETH today.

That represents a 50% reduction within a single year. The sharpest leg down coincided with ETH falling from around $4,500 toward the current $1,780 range.

Two distinct interpretations exist for this data. The first is straightforward distribution, where large wallets have steadily sold or reduced ETH exposure over time. This reading suggests institutional-scale holders have been exiting positions regardless of price direction.

The second reading involves relocation rather than actual selling. Holdings moved into staking contracts, restaking protocols, or ETF custodians would not appear in the cohort balance.

Those assets leave the 100K–1M wallet tier but remain within the Ethereum ecosystem. The cohort metric alone cannot distinguish between these two scenarios.

Tracking the destination of outflows would clarify which dynamic is at play. Without that data, both readings remain valid.

What the on-chain data confirms is that the Ethereum whale cohort holds approximately 62% less ETH today than at the dataset’s recorded peak.

Bitcoin traders are watching a tense derivatives setup after on-chain analyst Maartunn pointed to a drop in BTC price while open interest moved higher.

The setup suggests traders are adding new futures positions while Bitcoin remains under pressure. That can raise short-term risk because crowded leverage often makes price moves faster in both directions.

Bitcoin price falls as open interest climbs

Maartunn shared a simple warning around Bitcoin market structure, noting that price was moving down while open interest was moving up. Open interest tracks active futures contracts that remain open.

When open interest rises during a price drop, it often means traders are adding fresh positions into weakness. These positions can include shorts betting on more downside or longs trying to catch a rebound.

“Bitcoin: Price down, Open Interest up,” Maartunn wrote in the post.

The signal does not show direction by itself. It shows that leverage is building while the spot market remains weak. That makes the next move more sensitive to liquidations.

Why rising open Interest matters

Open interest is important because it shows how much active money sits in derivatives markets. A fast rise can point to crowded trading.

If many traders are positioned in the same direction, a sudden price move can force quick exits. That can create a short squeeze if price rises against shorts, or a long squeeze if price falls against longs.

This is why traders often watch open interest with price action. Price weakness with higher open interest can show growing pressure under the surface.

It also shows that the market has not fully stepped back from risk. Even after a selloff, traders are still opening positions instead of reducing exposure.

Bitcoin selloff adds pressure to traders

The warning comes after Bitcoin slipped below major support levels during a wider market decline. Crypto.news reported that Bitcoin fell below $60,000 after stronger U.S. jobs data reduced rate-cut hopes.

The same report said more than $1.7 billion in crypto positions were liquidated as traders exited leveraged bets. Bitcoin touched an intraday low near $59,100 before stabilizing near $59,400.

That backdrop makes rising open interest more important. If leverage returns too quickly after a large liquidation wave, the market can stay unstable.

Moreso, bitcoin also remains under pressure from ETF outflows and weak risk appetite. Crypto.news reported that spot Bitcoin ETFs posted $325.7 million in net outflows on June 5.

Traders watch bitcoin support and liquidations

The main level traders are watching is the $60,000 area. A strong recovery above that zone could pressure late shorts and support a short squeeze.

A failure to reclaim it could keep sellers in control. In that case, rising open interest may increase the risk of more liquidations below nearby support.

At press time, Maartunn’s post points to a market with more leverage than comfort. Bitcoin’s price is weak, but traders are still adding exposure.

Centralized crypto exchange spot volume fell to $679 billion in April 2026, marking its lowest monthly level since October 2023, according to CryptoQuant data cited by Wu Blockchain.

The drop shows that traders are using spot markets less as the wider crypto market faces weaker demand, falling retail interest, and pressure from Bitcoin’s sharp pullback from its 2025 highs.

Crypto spot volume hits lowest level since 2023

CryptoQuant data showed that spot trading volume across centralized exchanges fell to $679 billion in April. The figure marked a sharp decline from the late-2025 market peak.

The report said the drop reflected weaker retail participation and lower demand. It also suggested that the market’s current problem is not only heavy selling, but a lack of buyers.

Perpetual futures volume also fell as speculative leverage left the market. That shift shows that traders have reduced risk across both spot and derivatives markets.

The data follows a wider slowdown across centralized exchanges. As previously reported by crypto.news, centralized exchange volume dropped about 48% from the October 2025 peak to $4.3 trillion in March 2026.

Retail interest falls across crypto markets

Crypto.news recently reported that global Google search interest in cryptocurrency fell to 26–30 out of 100. That is about 70 points below the August 2025 peak.

The fall in search interest points to weaker retail attention. It also shows that crypto prices and public interest are no longer moving together as closely as in past cycles.

Bitcoin has also traded under pressure. Crypto.news reported that Bitcoin fell below $70,000 on June 2 and traded near $69,200, about 45% below its October 2025 cycle high.

This weaker market setting has reduced trading activity. When prices fall and retail interest fades, spot volumes often drop because fewer users buy, sell, or rotate between assets.

Exchanges feel pressure from lower activity

Lower spot trading has already affected major exchange businesses. Crypto.news reported that Coinbase posted a $394.1 million Q1 loss as transaction revenue fell from a year earlier.

Coinbase said trading volume dropped to $202 billion from $401 billion in the same period last year. The company also said global crypto spot trading volume fell 44% during the quarter.

This shows how exposed exchanges remain to trading cycles. When spot volume drops, fee revenue can fall quickly, especially for platforms that rely heavily on transaction activity.

Some exchanges are now leaning more on derivatives, stablecoins, stock trading, and other services. These areas can help reduce dependence on spot crypto fees during slow markets.

Bitcoin selloff adds more market stress

The April volume drop also fits the latest market weakness. Crypto.news reported that Bitcoin and Ethereum faced a $1.89 billion options expiry on June 5 while prices traded near multi-month lows.

Bitcoin briefly approached $60,000 during the selloff. Traders also increased downside hedging as market sentiment weakened.

“Spot trading volume across centralized exchanges fell to $679 billion in April 2026,” CryptoQuant’s report said, according to Wu Blockchain.

TLDR:

• Tether International designated an independent director to Twenty One Capital’s board after SoftBank’s exit created a vacancy.
• The new appointee meets SEC Rule 10A-3 and NYSE Section 303A.02 independence standards for audit committees.
• Twenty One Capital holds over 43,500 Bitcoin and is building a vertically integrated Bitcoin business model.
• Paolo Ardoino stated that oversight strength must match the strength of Twenty One Capital’s balance sheet.

Twenty One Capital has appointed an independent director to its board, filling a vacancy on its audit committee. The move comes after Tether International acquired SoftBank Group’s stake in the Bitcoin treasury company on May 20, 2026.

The new appointee meets the independence standards set by both the SEC and NYSE. This restores the audit committee to full composition following the governance changes that came with the ownership transition.

Board Change Follows SoftBank Exit

The vacancy on the audit committee opened after Tether completed its acquisition of SoftBank’s stake in Twenty One Capital.

When that transaction closed, SoftBank’s board representatives stepped down, including one who served on the audit committee. Twenty One Capital promptly notified the NYSE of the change in committee composition at that time.

The newly designated director qualifies as independent under Rule 10A-3 of the Securities Exchange Act. The appointee also meets the requirements outlined in Section 303A.02 of the NYSE Listed Company Manual.

These two standards are central to maintaining a compliant audit committee for a publicly listed company.

Tether CEO Paolo Ardoino spoke directly on the appointment, stating, “XXI is building one of the most important Bitcoin companies in the world, and so, we have been putting a great deal of rigor into finding the best candidate.”

He added that the goal was to find a director who could deliver shareholders thorough, independent oversight of the company’s operations.

Bitcoin Treasury Strategy Stays Central

Ardoino further noted, “The strength of the oversight needs to match the strength of the balance sheet,” pointing to XXI’s priority of appointing a director who meets all applicable SEC and NYSE requirements. That standard reflects the scale of responsibility tied to managing a Bitcoin treasury of this size.

Twenty One Capital was founded as a Bitcoin treasury company and currently holds more than 43,500 Bitcoin. The company is building a vertically integrated Bitcoin business that covers mining, treasury, capital markets, and financial services. The governance update runs alongside that broader strategic direction.

Tether has remained the controlling shareholder in Twenty One Capital through these recent changes. The acquisition of SoftBank’s stake in May deepened Tether’s commitment to the company rather than reducing it.

For a company managing assets at this scale, maintaining a fully composed and independent audit committee is a regulatory priority, and the latest appointment addresses that requirement directly.