Bitwise Chief Investment Officer Matt Hougan said financial advisors are still interested in crypto, but their focus is moving beyond Bitcoin. 

His view came after eight sales calls with teams representing more than 40 advisors in one day.

Hougan wrote in a June 10 memo that advisors asked more about stablecoins and tokenization than Bitcoin. The shift suggests that professional investors are paying closer attention to crypto uses in payments, markets and real-world assets.

Advisors remain active despite the market pullback

Hougan said the main message from the meetings was that advisors have not left crypto during the bear market. He said new crypto cycles have often needed both new products and new investor groups.

“The fact that they remain interested despite the pullback is good news,” Hougan wrote. He said financial advisors and institutions could become the next investor class to support wider crypto adoption.

Bitwise has tracked this interest for months. Its 2026 Bitwise/VettaFi survey found that 56% of advisors owned crypto personally, while 42% could buy crypto in client accounts. Hougan added that advisors manage more than $175 trillion, making their access and product choices important for future crypto flows.

Stablecoins and tokenization lead the discussion

Hougan said Bitcoin has often led crypto recoveries because it is the largest and most established asset. He also said prices around $60,000 looked attractive for long-term investors.

Still, he said advisors showed more curiosity about practical crypto use. “Their eyes are on stablecoins and tokenization more than bitcoin,” Hougan wrote in the memo.

He linked the shift to weaker interest in the fiat debasement trade and stronger public discussion around on-chain finance. Hougan cited comments from SEC Chair Paul Atkins, Goldman Sachs CEO David Solomon and BlackRock CEO Larry Fink on stablecoins and tokenization. The memo did not say advisors have abandoned Bitcoin. It described a change in conversation.

Broader adoption themes

As previously reported by crypto.news, stablecoins have become a larger part of digital payments. Fiat-backed stablecoin supply crossed $319 billion in April 2026, while adjusted transaction volume reached $10.9 trillion in 2025.

Separately, as crypto.news reported, tokenized real-world assets crossed $29 billion by April 2026. Tokenized U.S. Treasuries grew from $380 million in 2023 to $13.4 billion by April 2026.

Hougan said future advisor inflows may first target assets tied to stablecoins and tokenization. He named Ethereum, Solana, Canton, Chainlink and Avalanche as assets raised during the meetings.

He also pointed to Hyperliquid and companies such as Figure, Circle and Coinbase. According to Hougan, advisors now have a broader view of crypto than they had two years ago.

Delaware and New Jersey have advanced bills that would ban crypto ATMs as lawmakers respond to rising scam complaints tied to the machines. 

The moves place both states closer to Indiana, Tennessee and Minnesota, which have already passed total bans.

The push follows new FBI data on crypto kiosks. The agency reported 13,460 complaints in 2025 and more than $388.9m in losses, with people over 50 accounting for more than half of complaints.

Delaware bill would remove crypto ATMs

The Delaware House Economic Committee advanced House Bill 441 on June 9. The bill would ban the ownership, installation and operation of cryptocurrency kiosks across the state.

The proposal would require existing machines to go offline and be physically removed within 90 days after the law takes effect. It also blocks retail point-of-sale or cashier-assisted crypto sales that copy a kiosk.

Representative Cyndie Romer, who sponsored the measure, said crypto ATMs carry high costs and expose residents to fraud. “These kiosks reduce digital currency to a predatory cash grab,” Romer said.

The bill treats violations as unlawful trade practices. Operators could face penalties of up to $10,000, while illegal fees may need to be refunded to users or paid into Delaware’s Consumer Protection Fund.

New Jersey sends ban bill to full Senate

New Jersey’s Senate Commerce Committee advanced Senate Bill 2141 on June 8. The measure would ban businesses from owning, controlling, installing, managing, selling or offering crypto ATMs in the state.

The bill defines crypto ATMs as internet-connected kiosks that let users buy, sell, send or receive digital assets through cash, debit cards or credit cards. Lawmakers linked the proposal to scams involving fake government officials, tech support schemes and bank impersonation.

New Jersey’s measure carries a penalty of up to $10,000 for a first offense. Later violations could bring penalties of up to $20,000, along with other consumer fraud remedies.

The bill would take effect on the first day of the sixth month after enactment. It now awaits action in the full Senate after clearing committee without opposition.

Crypto ATM pressure grows across markets

The bills add to broader pressure on crypto ATM operators in the United States and abroad. Indiana signed the first statewide total ban in March, followed by Tennessee in April and Minnesota in May.

As previously reported by crypto.news, Canada has also moved toward a nationwide crypto ATM ban over fraud concerns. Separate reporting noted that Bitcoin Depot filed for Chapter 11 bankruptcy after facing regulatory pressure, falling revenue and security issues.

Crypto ATM operators have argued that they should not be blamed for crimes carried out by outside scammers. Some operators have added on-screen warnings, identity checks and transaction limits.

Lawmakers in Delaware and New Jersey have taken a different path. Their bills seek to remove the machines rather than regulate them, making crypto ATM bans a growing consumer protection response in 2026.

XRP managed to hold the $1.10 area, which matters after last week’s sharp breakdown, but the recovery still looks tentative. Institutional money continues flowing into XRP-linked products and futures activity has picked up sharply, yet price remains pinned near multi-month lows while bitcoin and the broader market recover more aggressively.

News Background

• XRP-linked investment products attracted another $6.75 million in inflows, lifting cumulative ETF inflows to roughly $1.44 billion.

• The XRP Ledger’s version 3.2.0 upgrade is scheduled for June 15 and is expected to reduce server memory requirements by around 40% while rebranding the core software from “rippled” to “xrpld.”

• Futures activity surged to roughly $5 billion during the session, even as open interest remained near cycle lows, suggesting traders are actively repositioning rather than building long-term conviction.

Price Action Summary

• XRP gained about 1% during the 24-hour session, climbing to $1.1141 after recovering from lows near $1.11.

• The strongest move came late in the session when heavy volume pushed price through resistance around $1.1114 and briefly lifted XRP above $1.12.

• Earlier attempts to rally were rejected near $1.1352, leaving that level as the clearest near-term resistance zone.

Technical Analysis

• The most important takeaway is that XRP remains weak relative to the broader market. While the token posted a small gain, it underperformed major crypto benchmarks by nearly two percentage points.

• The late-session breakout above $1.11 was constructive, but it happened within a much larger downtrend that remains intact.

• Futures markets are sending mixed signals. Rising volume points to renewed trader interest, while subdued open interest suggests many participants are still reducing risk rather than aggressively adding exposure.

• XRP remains below its 50-day, 100-day and 200-day moving averages, meaning the broader technical structure continues to favor sellers despite signs of stabilization.

What traders should watch

• $1.10 remains the key support level. Holding above it keeps the recent stabilization attempt intact.

• $1.12-$1.13 is the first resistance zone, followed by $1.1352 where the latest rally stalled.

• A move above $1.26 would begin repairing the chart meaningfully and shift focus back toward the $1.30-$1.40 region.

• If XRP loses $1.05-$1.10 support, traders are likely to start discussing a move toward the psychologically important $1.00 level again.

Bitcoin is trading near a level it has usually reached only late in bear markets, and it has held there even after the hottest U.S. inflation print in three years.

Checkonchain data show BTC fell toward close to its 200-week average, a rough four-year trend line watched by long-term holders. The model puts bitcoin in the bottom 10% of its historical valuation range, a zone that has appeared only during the deepest parts of past bear markets.

The mood in the market is just as washed out. The Crypto Fear and Greed Index – a measure of sentiment calculated using volatility, social media posts, and market volumes – sits at 9, deep in extreme fear, down from 11 last week and 48 a month ago.

Those readings usually show up when price-sensitive sellers have already done most of their selling. Checkonchain still warns that bottoms are a process where capitulation comes first followed by months of sideways trading that grind down the holders who stayed.

Bitcoin briefly broke below $60,000 this week for the first time since 2024 and changed hands at $62,623 on Thursday, up 1.9% on the day but lower over the week, with a record run of ETF outflows still pulling money out.

The bounce was broad but shallow. Ether rose 1.4% to $1,651, BNB added 1.3% to $595, solana gained 0.9% to $65 and dogecoin 1.1% to $0.085. XRP was the laggard, down 0.3% at $1.12. All of them remain lower over the past seven days, led by ether at 6.5% and XRP at 7.5%. Thursday’s gains dent the weekly slide rather than reverse it.

Inflation is not helping the case for a quick recovery. US consumer prices rose 0.5% in May from April and 4.2% from a year earlier, the fastest annual pace since early 2023, as the Iran war pushed up energy costs, according to Bureau of Labor Statistics data released Wednesday.

The core measure, which strips out food and energy, rose 0.2%, less than economists expected, the one soft spot in an otherwise hot report.

“Hopes for US regulatory clarity have faded again, with Polymarket odds of the Clarity Act passing in 2026 dropping from 62% to 48% this week,” Yves Renno, head of Trading at global crypto payments platform Wirex, told CoinDesk.

“All eyes now turn to the FOMC on June 16th–17th, and Warsh’s tone will be decisive in determining whether Bitcoin bounces toward $68–72K or breaks below $60K entirely.”

Meanwhile, the pressure runs well beyond crypto. Global equities fell to a more than one-month low this week as a technology-led selloff deepened and US forces struck multiple targets in Iran, collapsing the ceasefire that had held since April.

MSCI’s All Country World Index, the broadest measure of global stocks, slipped to its lowest since May 5, and its Asia Pacific gauge fell 0.8% to a three-week low. Brent crude rose 1.8% to about $95 a barrel. The European Central Bank is expected to raise rates later Thursday for the first time since September 2023, with bond traders pricing in higher borrowing costs worldwide.

TLDR

• Bitcoin trades near $61,900 as charts mirror the 2022 correction pattern.
• Analyst TARA identifies a repeating macro wave 2 structure on Bitcoin charts.
• The 2022 downturn followed an ABC correction from $69,000 to $15,000.
• TARA says Bitcoin may sit between wave B and the start of wave C.
• A move to $72,800 would help confirm the end of the relief rally phase.

Bitcoin trades near $61,900 as analysts compare the current pullback with the 2022 correction. Market commentator TARA outlined structural similarities between both phases on X. She said the Bitcoin price may still follow a repeating macro wave 2 pattern.

Bitcoin Price Structure Mirrors 2022 ABC Correction

TARA stated that the 2022 downturn followed a clear ABC corrective structure. She explained that wave A began after the November 2021 peak at $69,000. Bitcoin then fell to about $33,000 in January 2022.

She added that wave B created a relief rally toward $48,200 in March 2022. However, wave C pushed the asset lower to nearly $15,000 by November 2022.

She said, “The current market trend shows Bitcoin may sit between wave B and wave C.”

TARA marked the chart region between the end of wave B and the start of wave C as the present zone. She noted that Bitcoin earlier rebounded to $82,800 in May. However, she said the market has not confirmed that level as the end of wave B.

According to her, confirmation requires a rebound to at least $72,800. She said Bitcoin must form resistance near that level. From $61,900, that move would equal roughly a 17% increase.

She emphasized that no two cycles unfold in the same way. However, she stressed that structural similarities remain visible on the chart. She said traders should observe whether price action follows the 2022 sequence.

Final Leg Lower Could Develop Quickly Again

TARA pointed to the speed of the 2022 wave C decline. She said Bitcoin dropped sharply with limited rebounds. During the first 12 weeks of wave C, BTC posted 11 red weekly candles.

She explained that price fell from $48,200 to $17,500 by June 2022. That move unfolded within weeks after the relief rally ended. She said, “The next major leg down could develop faster than many expect.”

TARA did not provide a specific downside target. However, she stressed that wave C in 2022 unfolded without clear warning signals. She said the current structure could repeat that pattern.

She also described what followed the November 2022 bottom near $15,000. Bitcoin consolidated for about nine weeks within a tight range. Price action remained steady before breaking above resistance.

After that consolidation, Bitcoin began a fresh upward phase. From the lows, the asset climbed more than 8x to $126,200 in October 2025. TARA said that rally completed the broader macro wave 2 setup.

She stated that if the structure repeats, Bitcoin could eventually move beyond the October 2025 high. At press time, Bitcoin trades around $61,900 as markets track the unfolding pattern.

Delaware and New Jersey have both advanced legislation to ban cryptocurrency ATMs in what is becoming a growing trend across US states, with lawmakers concerned that the kiosks are overwhelmingly used for scams.

The Delaware House Economic Committee on Tuesday passed House Bill 441 to the full chamber, which would ban owning, installing, or operating a cryptocurrency kiosk.

It followed the New Jersey Senate Commerce Committee’s unanimous vote on Monday to send its bill banning crypto ATMs to the full chamber.

At least three other US states — Indiana, Tennessee and Minnesota — have passed total bans on crypto ATMs in response to their use for scams.

The FBI said in May that it received nearly 13,500 complaints about crypto ATMs in 2025 involving over $388 million in losses, a 23% increase in complaints and a 58% increase in losses from 2024. Over half of the complaints involved people aged over 50, with losses exceeding $302 million.

Cyndie Romer, a representative who sponsored the bill in Delaware, said crypto ATMs “reduce digital currency to a predatory cash grab.” 

“Regular crypto traders generally do not use crypto ATMs due to their much higher fees, which can be upwards of 20% of the value of the transaction, versus the 0.4% to 1% in fees for online exchanges,” she added. “There is no reason to support a business structure that enables scammers to extort money from our most vulnerable populations.”

A crypto ATM at a service station in Dover, Delaware’s capital. Source: Coin ATM Radar

Delaware’s bill would also ban fiat-to-crypto sales that “replicate or substitute” crypto ATMs, such as through point-of-sale systems or cashiers. It also mandates that any crypto ATMs must be removed within 90 days after the bill is signed into law.

The bill outlines penalties of up to $10,000 for violations, and if a kiosk is found to be operating, it must refund its fees to all users or pay into a consumer protection fund if users can’t be found.

New Jersey’s bill would similarly ban owning, controlling, installing, managing, selling, or offering to sell a crypto ATM due to “a significant rise in scams associated with their use.”

It outlines penalties of up to $10,000 for a first offense, doubling to $20,000 for subsequent offenses.

Bitcoin ATM operators push back

Indiana became the first US state to ban crypto ATMs with a law signed in March. Tennessee followed with its ban in April, while Minnesota passed a ban in May. 

Some US cities have also passed or are weighing ordinances banning crypto ATMs, while some states, including Arizona and California, have capped the value of transactions allowed by crypto ATMs.

Related: Canada proposes crypto ATM ban over scams and money laundering

Bitcoin Depot, once the largest operator of crypto ATMs in the world with over 9,000 kiosks, cited regulatory pressure as a major reason it filed for bankruptcy last month.

However, crypto ATM operators have long claimed they are not at fault for scams through their machines, and many have put in place on-screen scam warnings or self-imposed transaction limits to curb illicit transactions.

Bitcoin Depot had told an ICIJ investigation on crypto scams in December that it “cannot be held liable for the criminal acts of third-party scammers” and said it had “robust warnings and safeguards” on its machines and during transactions.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

Crypto investors weigh Dogecoin, Ethereum, and BlockDAG as market volatility drives demand for stronger fundamentals.

The digital asset market in June 2026 presents a highly polarized environment for market participants. Analysts are observing intense volatility across major networks due to shifting macroeconomic policies and localized liquidity constraints. Speculative capital continues to rotate rapidly as buyers search for reliable setups that provide both security and upside potential. 

With inflationary pressures dictating global monetary decisions, identifying secure digital assets requires careful attention to underlying token economics. Strategic investors are prioritizing platforms that enforce structured accumulation cycles over chaotic public launches to find the next big crypto. Dogecoin, Ethereum, and BlockDAG are currently leading discussions as buyers reallocate their portfolios.

Dogecoin faces direct technical downward pressure

Dogecoin is currently facing downward pressure following a broader market contraction in early June 2026. The asset extended its weekly decline by dropping over 15%, pushing the price lower. Trading volume has remained relatively subdued as retail interest shifts toward newer financial products. Technical analysts note that Dogecoin continues to test essential support levels, with moving averages sloping downward. 

This negative trend highlights the struggles of meme-based assets when global liquidity tightens. The lack of substantial protocol upgrades or institutional drivers leaves the token vulnerable to further depreciation. For Dogecoin to reverse this trend, it requires a significant catalyst or a massive surge in network activity to attract fresh capital back into its ecosystem.

Ethereum navigates complex value store narratives

Ethereum is navigating a complex narrative as it trades below the $1,800 mark. The network remains the primary hub for decentralized finance, but recent developments have sparked intense debate. Bankless co-founder Ryan Sean Adams recently stated that Ethereum is a failed project if it does not become a global store of value, noting its current price is down roughly 67% from its record high. This sentiment has caused friction within the community. 

Meanwhile, BitMine Immersion Technologies plans to launch a perpetual preferred stock offering to fund further Ethereum purchases and staking operations, providing a potential institutional backstop. Despite these institutional efforts, the asset maintains a bearish undertone, extending its weekly decline by 12%.

BlockDAG: Where global capital is rotating 

When open-market tokens experience choppy consolidation, smart money seeks out mathematical certainty. BlockDAG’s updated $0.00000044 entry price, paired with a contractually backed $0.03 buyout pool, is triggering a major capital rotation. Investors are actively shifting funds out of high-risk speculative tokens and moving them directly into this structured, downside-protected financial play. 

Large-scale investors are actively rotating capital into the secure Legacy Sale. This predictable financial model easily makes it the top crypto to buy for institutional allocators seeking refuge from daily chart fluctuations.

As larger chunks of global liquidity rotate into the Legacy Sale, the fixed allocation pool will experience rapid depletion. The sheer volume of incoming users proves that the market highly values guaranteed exit frameworks over open-ended speculation. This rotation is not a temporary trend; it is a structural flight to safety. When standard tokens struggle to maintain support levels, this system offers a clear path toward liquidity expansion. 

Follow the institutional smart money trend and lock in your multiplier while slots remain open. Taking a position in this mathematically backed system ensures that your portfolio captures the exact same verified yield as the largest capital allocators in the space, establishing BlockDAG as the next crypto to explode

Summing up

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Bitcoin has endured four meaningful corrections since the Bank of Japan began normalizing policy in 2024, with declines ranging from 18% to 28%. As the BOJ gears up for another policy decision on June 16, traders are weighing whether history will repeat itself or if evolving macro and on-chain dynamics will paint a different picture for BTC.

While the BOJ’s moves loom large in traditional markets, a growing body of on-chain evidence suggests that Bitcoin may be reacting more to whale behavior and exchange flows than to monetary policy alone. Across the four rate-hike episodes since Japan ended negative rates, Bitcoin’s average drawdown stood at about 22.4%, according to market tallies compiled from the period.

Key takeaways

• Bitcoin has faced four sizable corrections following BOJ rate hikes since 2024, averaging a 22.4% drop.
• On-chain activity shows rising inflows of BTC to exchanges from mid- to large-sized wallets, with Binance seeing notable accumulation that has pushed its 30-day whale inflow to about $6.6 billion.
• Over the course of the drawdowns, large holders have realized more than $2.5 billion in losses, while short- and mid-term whales sit on roughly $16 billion in unrealized losses, flagging potential supply pressure during rebounds.
• The yen carry-trade dynamic, once a dominant driver of BTC flows, has faded as the BOJ’s tightening cycle progressed; the June meeting is expected to extend the cycle rather than signal a new regime shift.
• Investors should watch how on-chain dynamics interact with macro signals—especially if June’s decision alters risk sentiment or triggers renewed asset reallocation.

BOJ policy and Bitcoin’s sensitivity to rate moves

Bitcoin’s close relationship with the BOJ’s policy stance has become a recurring theme for traders. After the Bank of Japan ended its negative-rate regime, each subsequent rate hike has been followed by a notable BTC correction. The March 19, 2024 hike led to an 18% drop, followed by an 18.5% decline after the July 31, 2024 move. In 2025, the January 24 hike coincided with a near-25% slide, and the December 19, 2025 decision was followed by a roughly 28% pullback. Across these four episodes, the average drawdown was around 22.4%.

Market context matters. The March 2024 correction happened as Bitcoin topped out in the wake of a surge in the spot BTC ETF cycle, while the July 2024 decline came amid a broader unwind in the yen carry trade and a general risk-off environment. The January and December 2025 drawdowns followed periods of extended rallies for BTC spot and futures and contraction in 30-day demand signals, underscoring that macro moves do not map perfectly onto BTC’s path.

The yen carry trade—borrowing in yen at low rates to invest in higher-yield assets abroad—was long considered a key amplifier of BTC’s sensitivity to BOJ policy. A sharp unwind in mid-2024 contributed to a broad risk-off atmosphere, with BTC rarely moving in isolation from other equities and global markets. As of the June 2024 to 2025 window, however, the carry-trade setup has weakened, with Japan’s policy trajectory and bond yields moving higher and the BOJ indicating a gradual normalization rather than an abrupt shift.

Analysts have underscored that while the carry-trade narrative remains part of the story, its role has diminished relative to the earlier phase of the tightening cycle. CrypticTrades summarized the sentiment in a post, arguing that the yen carry trade “has been dead since 2024” and calling the narrative a “BIG nothing burger” for markets. Still, investors should treat any BOJ decision as a macro catalyst that can tilt risk appetite and liquidity conditions, particularly for risk assets such as BTC.

On-chain signals intensify the pressure

Beyond macro policy, on-chain data points to a more immediate source of stress for Bitcoin. CryptoQuant noted rising BTC inflows to exchanges from wallets in the 100–1,000 BTC and 1,000–10,000 BTC brackets since early June, lifting Binance’s total 30-day whale inflows to about $6.6 billion. This shift indicates that large holders could be willing to distribute into weakness, adding a supply dynamic that could stymie any rapid rebound.

Realized activity further paints a cautious picture. Both short- and long-term whales have collectively locked in more than $2.5 billion in losses during the recent decline. Some large holders remain in the red, but the broader distribution suggests a cap on momentum rallies until buyers re-emerge with conviction. Notably, the short-term whale cohort—historically a potential source of fresh selling pressure on bounces—enters rebounds with unrealized losses approaching $16 billion, implying a delicate balance between capitulation and potential supply on upswings.

“Taken together, these three readings describe the stress profile of a late-stage bear market: capitulating whales, distribution into weakness, and a fragile short-term cohort with its finger on the trigger,” as observed by market analyst MorenoDV, reflecting a nuanced mix of macro and on-chain dynamics that could shape BTC’s path in the near term.

Within this context, traders will be watching whether the June 16 BOJ decision merely extends the tightening cycle or confirms a new phase of policy normalization. The macro backdrop—rising Japanese yields, a higher-cost funding environment, and a shift away from deflationary policy—has reduced the likelihood of an abrupt yen-driven sell-off. But on-chain pressure points, particularly inflows into major exchanges and the heavy unrealized losses among key whale cohorts, suggest that any rally could be met with supply from large holders at critical price levels.

What June’s decision could mean for BTC

The June policy meeting is widely viewed as an extension of the gradual tightening cycle rather than a volte-face in policy. Japan’s 10-year government bond yield has climbed to around 2.68%—up from roughly 0.63% earlier in 2024—indicating a meaningful shift in funding costs and risk dynamics within the economy. This backdrop is likely to influence risk appetite more broadly, potentially maintaining a cautious tone in crypto markets as traditional assets reassess macro risk.

From an investor perspective, the balance between macro cues and on-chain signals remains delicate. If the BOJ’s stance remains firm on normalization, BTC could see continued volatility as traders price in the combined impact of higher yields and tighter financial conditions. Conversely, if the June decision signals a softer stance or a slower tightening pace, BTC might find a firmer footing, but only if on-chain sellers retreat and demand signals recover.

On-chain observers will also monitor the evolution of exchange inflows and outflows, as well as realized and unrealized losses among the top holders. A sustained uptick in whale selling or renewed exchange accumulation could cap any upside, even in a scenario where macro conditions become more favorable for risk assets. In contrast, a stabilization or improvement in on-chain balances among long-term holders could help BTC reclaim ground, particularly if macro risk appetite improves alongside a measured policy stance from Tokyo.

For now, traders and investors should stay vigilant for the June decision and its immediate aftershocks. The interaction between macro policy and on-chain activity remains the critical axis shaping BTC’s near-term trajectory, and readers should watch for any shift in liquidity conditions, as well as the behavior of whales and large holders in the weeks following the BOJ announcement.