CME’s bitcoin BTC$62,945.93 volatility index futures began trading last week, offering investors a new way to trade and hedge price volatility. DV Chain and Monarq Asset Management executed the first block trades, kicking off trading in the contracts.

These volatility contracts track the CME CF Bitcoin Volatility Index (BVX), which represents the market’s expectations for bitcoin volatility over four weeks. Their debut allows traders to take positions directly on expected price turbulence rather than just price direction.

That distinction matters because most derivatives, including futures, perpetual futures and options, require a view on where price is going. Volatility futures eliminate that complexity, letting traders express a view purely on how BTC will move in either direction.

That opens the door to a new set of hedging and portfolio strategies that were previously difficult to execute on regulated venues. Think of positioning for how much bitcoin might move around events like this week’s U.S. inflation data – traders can go long or short volatility depending on their outlook.

Shiliang Tang, CEO of Monarq, called the launch a positive step in broadening regulated volatility offerings.

“As bitcoin continues to mature into a more mainstream institutional asset class, the demand for sophisticated risk management instruments grows alongside it. Robust tools like CME Group Bitcoin Volatility futures are exactly what investors need to accurately express their market viewpoints and efficiently hedge their portfolios within a secure, transparent framework,” he said in the press announcement.

Monarq Asset Management is a institutional-focused quantitative and systematic digital asset investment firm managed by former executives from firms such as LedgerPrime, Tower Research, and BlockTower Capital. DV Chain is a liquidity and market-making service provider.

The launch of volatility futures expands CME’s existing product suite comprising bitcoin and ether standard and micro futures and options contracts. The platform’s crypto derivatives business has reached roughly 266,900 contracts year-to-date, up 38% year-on-year, while average daily open interest stands at roughly 274,500 contracts, up 18%.

The fundamental backdrop surrounding Tesla has been mixed in recent weeks. In the first quarter of 2026, the company exceeded consensus expectations, reporting adjusted EPS of $0.41 versus forecasts of $0.36, while revenue reached $22.38 billion. Gross margin in the automotive segment improved to 19.2%, and the company recorded its largest order backlog in more than two years.

At the same time, corporate developments continue to influence market sentiment. Speculation regarding a potential merger between Tesla and SpaceX has intensified following CNBC reports on 27 May that Elon Musk had discussed a combination of the two companies with colleagues. Against this backdrop, JPMorgan removed its long-standing “underweight” rating on 5 June, ending a bearish stance that had been maintained for years.

Technical Picture

On the four-hour chart, Tesla shares display a three-phase structure. From late December 2025 through early April 2026, the stock remained in a sustained downtrend. After forming a local low near 337, the price reversed higher and entered a corrective advance. The correction peaked in the 452 area before a sharp decline brought the shares back towards current levels.

The upper boundary of the profile at 443 and the 452 area could act as resistance should a bullish scenario develop. Meanwhile, the green support level near 385 remains a potential downside target for sellers.

The point of control (POC) of the horizontal volume profile is concentrated between 423 and 424, making this area — together with the lower boundary of the profile — particularly important to monitor. The profile boundaries at 417 and 443 define the current trading range, and either a breakout or a successful defence of these levels could encourage more active participation from market participants.

The RSI and its moving averages currently stand at 31, 47 and 51. The oscillator is approaching oversold territory, while the moving averages remain close to the neutral zone, suggesting that momentum has yet to develop a clear directional bias.

Key Takeaways

The technical outlook for Tesla shares is currently centred on price action around key support levels. Until the 385 level is decisively broken and confirmed by corresponding signals from the RSI and its moving averages, neither side appears to hold a clear advantage. Meanwhile, the corporate narrative remains focused on the potential SpaceX merger and JPMorgan’s rating revision, both of which could act as catalysts for the stock’s next medium-term move.

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Josh Swihart has detailed Zcash’s emergency response to a vulnerability that could have enabled unlimited counterfeit ZEC creation, as the token has recovered more than 41% from its post-disclosure low.

According to Josh Swihart, founder of Zcash Open Development Lab (ZODL), the team deployed a two-stage network upgrade after discovering a critical flaw in Zcash’s Orchard shielded pool, the network’s primary privacy-focused transaction system.

In a June 8 post on X, Swihart said the first step involved a soft fork that disabled Orchard transactions while allowing developers to reduce the risk of exploitation without publicly revealing details that could have exposed the network to further threats. 

A second upgrade, the NU6.2 hard fork, went live on June 3 and addressed the underlying vulnerability before Orchard transactions were restored.

The update follows last week’s disclosure from Shielded Labs, an independent support organization for Zcash, which warned that a flaw in the Orchard circuit could have allowed an attacker to mint unlimited counterfeit ZEC.

Shielded Labs said the issue had been fixed and added that it considered prior exploitation unlikely, although it acknowledged there was no cryptographic proof that the bug had never been used.

Orchard serves as Zcash’s main shielded pool, allowing users to send and receive ZEC through zero-knowledge proofs that conceal transaction details while validating transfers.

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Mining pools and exchanges reviewed emergency fix

During the response process, Swihart said ZODL worked closely with mining pools, exchanges, and other ecosystem participants that requested code reviews before supporting the upgrade.

Among those participants, Swihart identified ViaBTC and Foundry as key contributors that helped coordinate the network response and verify the emergency changes before activation.

Earlier discussions around the vulnerability had already prompted conversations about longer-term recovery measures. Shielded Labs previously outlined a proposal known as Ironwood, which would isolate the existing Orchard pool, track coins leaving the system through turnstile accounting, and eventually guide users toward a new shielded pool with stronger supply verification mechanisms.

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Separate comments from David Schwartz, CTO emeritus of Ripple, also addressed concerns from Zcash users about funds left behind in Orchard. 

Schwartz said passive holders would not automatically lose ownership of their coins if no exploit occurred before any migration process, explaining that consensus rules could continue recognizing those balances even if the pool stopped seeing regular activity.

ZEC rebounds after sharp selloff

Market reaction to the disclosure was immediate. According to previously reported price data, ZEC fell from roughly $630 to around $303 after news of the vulnerability emerged, as traders grappled with uncertainty surrounding the integrity of the shielded pool and the possibility that counterfeit coins may have entered circulation.

Questions about the protocol’s security reached beyond the Zcash community. Among the high-profile reactions, BitMEX co-founder Arthur Hayes said he had exited his entire ZEC position after learning of the vulnerability.

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Recent trading has shown signs of stabilization. According to crypto.news data cited by Swihart, ZEC rose 13.5% over the past 24 hours to $428.67, representing a recovery of about 41.5% from the June 5 low near $303.

Summing up the incident, Swihart said the network had resolved the vulnerability, tested its incident response procedures, strengthened relationships with ecosystem partners, and aligned developers around a recovery path for the project.

Crypto firm Galaxy Digital has lowered the odds of the Senate passing its crypto market structure bill before the end of the year, noting that the window for lawmakers to act on the bill is closing. 

“On May 22, we raised our estimate of the probability that the CLARITY Act becomes law in 2026 to 75%, up from the 55% we published the morning of May 14’s Senate Banking markup, Galaxy’s head of research Alex Thorn said in a note on Friday. “We are now lowering that estimate to 60%.”

Thorn said the bill must pass the Senate before a month-long August recess starting in late July, as “after that, the window effectively closes.” He added that major legislation has historically not moved in the lead-up to the midterm elections due to lawmakers campaigning.

Many Senate lawmakers have been pushing for the chamber to pass the bill after the House passed its version, called the CLARITY Act, last year.

The Senate Agriculture and Banking Committees have passed versions of the bill, and it now needs at least 60 votes on the Senate floor to pass without prolonged debate.

“For a 60-vote bill that still needs floor debate, an amendment process, reconciliation with the Senate Agriculture text, and then House action on the changes, Majority Leader [John] Thune realistically needs to schedule floor time at some point in July,” Thorn said.

“Anything later and the procedural steps do not fit before the recess,” he added.

Source: Alex Thorn

Thorn said another reason Galaxy lowered its odds is that no information shows that the bill, or negotiations around it, have advanced, and provisions around ethics and illicit finance are a sticking point that have not yet been resolved.

He added that Galaxy would revise its odds if Senate leaders committed to passing the bill next month and that provisions to get lawmakers on side are finalized.

Galaxy’s latest odds came after analysts at JPMorgan on Wednesday said they see less than a 50% chance that the CLARITY Act passes this year, similarly citing a tightening congressional calendar ahead of the elections.

Meanwhile, Bitwise investment chief Matt Hougan said on Tuesday that his view of the bill passing this year is “less optimistic,” and that “D.C. insiders” he spoke with put the odds of its passage between 5% and 30%.

Senator Cynthia Lummis, the chair of the Senate Banking Subcommittee on Digital Assets, has escalated her calls for the Senate to pass the bill, having made at least 15 posts on X about the legislation so far in June.

“The Clarity Act passed committee. The floor is next. We did not come this far to quit at the 5 yard line,” she posted on Sunday.

Lummis told CNBC on Wednesday that lawmakers working on the bill are addressing issues, including around ethics and illicit finance, that could see it lose support on a floor vote.

Magazine: Will the CLARITY Act be good — or bad — for DeFi?

Bitcoin price recovered above $62,000 on Monday after last week’s selloff pushed the asset to about $59,100. 

The rebound briefly carried BTC near $64,200 before sellers returned, leaving the market between long-term support and its first recovery barrier.

At the time of writing, Bitcoin traded near $63,000, up 1.39% over 24 hours. Its daily range stood between $61,206 and $63,739, while the seven-day loss remained 14.06%. Buyers have slowed the decline, but they have not reversed the broader weekly trend. ETF flows and futures positioning also remain important tests for the rebound.

Bitcoin price holds the 200-week moving average

Bitcoin closed the week above its 200-week simple moving average near $62,800 after sweeping the February low, according to crypto analyst Crypto Rover. Traders follow this average because it tracks Bitcoin’s long-term trend. 

Holding above it could support another test of $64,000 to $64,200. A daily close below the average would return attention to $60,000 and the recent $59,100 low.

The June decline followed several waves of macro pressure. Higher inflation weakened expectations for easier monetary policy in May. Strong U.S. employment data then added another setback. 

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The economy created 172,000 jobs in May, compared with forecasts of 85,000, while unemployment stayed at 4.3%. As previously reported by crypto.news, Bitcoin’s break below $60,000 came as total crypto liquidations passed $1.7 billion within 24 hours.

Oversold RSI meets a still-bearish MACD setup

Bitcoin’s 14-day relative strength index stands at 26.43, below the 30 oversold threshold and its RSI moving average of 28.60. The reading shows that selling became stretched, which can support a relief bounce without confirming a lasting bottom. According to analyst Crypto Rover, the Fear and Greed Index has also fallen to 8, placing sentiment in “extreme fear.”

The Wolf of All Streets trader Scott Melker said Bitcoin may be forming a weekly bullish divergence from oversold RSI. “Need this week to close with a clear elbow up on price and RSI,” he wrote. The signal remains unconfirmed because price and momentum must turn higher together. 

Bitcoin’s MACD line sits near -4,019.58, below the signal line at -2,951.83, while the histogram remains negative at -1,067.75. Rising selling volume supports the bearish momentum reading and shows that sellers remain active despite the rebound.

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Trump-Iran headlines keep Bitcoin traders cautious

Bitcoin’s move toward $64,000 followed comments from U.S. President Donald Trump about a possible agreement with Iran. Trump said the parties were “very close” to a deal and claimed Israeli Prime Minister Benjamin Netanyahu did not control the process, according to Reuters. Traders initially treated the remarks as a possible reduction in geopolitical risk, helping stocks and cryptocurrencies recover from their late-week lows.

Events on June 8 weakened that optimism. Israel struck military targets and a petrochemical site in Iran after Tehran fired missiles toward Israel. Trump maintained that the attacks would not derail talks, but the renewed exchange left the agreement uncertain. 

Brent oil rose above $96 per barrel as prices gained more than 3%. Higher energy costs could keep inflation and interest-rate concerns active for Bitcoin. The market may therefore remain sensitive to each new military or diplomatic update.

Bitcoin support levels place $55,000 next in focus

Analyst Ali Martinez listed the 200-week average at $62,800, the 300-week average at $55,000 and the 400-week average near $42,500. These levels form a long-term support ladder rather than fixed targets. 

For anyone planning to dollar-cost average into Bitcoin $BTC ahead of the next bull market, these are the levels I’m tracking:

• 200W SMA: $62,800
• 300W SMA: $55,000
• 400W SMA: $42,500 pic.twitter.com/ole0OsEl9o

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— Ali Charts (@alicharts) June 8, 2026

Bitcoin must first defend $62,800 and $60,000 before the lower averages become active tests. The $55,000 area also matches a long-running trendline tracked by Crypto Patel, making it the next broad support zone if the recent low fails.

Calls for $42,500 or $35,000 remain conditional bearish cases rather than immediate forecasts. Bitcoin would need to lose the 200-week average, the $60,000 level, the $59,100 low and the $55,000 region before those levels gain weight. That sequence gives traders several areas to assess before treating a deeper fall as the main path.

Derivatives data adds another risk. Crypto.news reported that open interest rose while Bitcoin’s price fell, showing that traders added leverage during weakness. That setup can produce a short squeeze if BTC clears $64,200, or another long squeeze if the price falls below $60,000. A firm close above $64,200 would strengthen the recovery and support the bullish RSI case.

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For now, $62,800 remains the main dividing line. Holding it would keep $64,200 within reach and give buyers time to build a base. Failure to hold the 200-week average would place $60,000, $59,100 and $55,000 back in focus, while the bearish MACD would remain the stronger trend signal.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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PiggyBank has closed a hedge tied to LAB after sharp price swings and deeply negative funding rates made the trade too costly to maintain. 

The DeFi yield protocol said the move will reduce the net asset value of several vaults, including an estimated 15% drawdown for its USDC product.

The disclosure drew fresh questions about how PiggyBank used depositor capital and measured risk. On-chain investigator ZachXBT said the protocol had lost user assets by “gambling on blatant scam coins,” while PiggyBank said it acted before the position crossed its risk limits.

PiggyBank closes LAB short after funding pressure

PiggyBank said it opened the position about one month earlier with $100,000, equal to roughly 2% of its portfolio at that time. The strategy involved buying locked LAB tokens at a discount through an over-the-counter desk and shorting LAB perpetual contracts to offset price risk.

The protocol said LAB then faced “violent manipulation,” thin liquidity and deeply negative funding rates. Those conditions raised the cost of keeping the short open. PiggyBank said maintaining the hedge had become “economically irrational,” so it closed the short to limit further losses.

USDC vault faces the largest NAV drawdown

PiggyBank valued its locked LAB position at about $1.35 million using current prices. However, the protocol removed that holding from its net asset value calculation because the tokens cannot yet be sold. The first unlock is scheduled for August 14.

As a result, PiggyBank expects its USDC vault to show an estimated 15% drawdown. SPYx could record a 12% decline, while JitoSOL could fall 9%. These figures reflect the accounting treatment announced by the protocol and may change when the locked LAB tokens begin unlocking.

ZachXBT questions LAB exposure and risk controls

ZachXBT criticized the trade and questioned why user funds gained exposure to LAB. His response followed earlier claims about the token’s ownership and trading activity. As previously reported by crypto.news, he alleged in May that LAB-linked insiders controlled more than 95% of supply and had hidden key distribution details.

Those claims remain allegations, and the available PiggyBank statement did not address LAB’s token distribution. It focused on the hedge, funding costs and the decision to exclude locked tokens from NAV. PiggyBank also did not announce compensation or explain whether users can withdraw at the revised values.

Detailed PiggyBank report remains pending

PiggyBank said it will publish a detailed report with its next steps. The team has not yet released that report publicly. The coming update may provide trade records, risk thresholds, loss calculations and plans for the August unlock.

Until then, users have limited information on the final recovery value of the LAB position. The locked tokens could regain value before release, but they could also trade lower. PiggyBank’s next report will determine how the protocol records future changes and manages the affected vaults across its three products.