Pi Network price has recovered from its recent record low, but a developing bearish continuation pattern and another wave of token unlocks have kept the risk of a fresh all-time low firmly in focus.

According to crypto.news data, Pi Network (PI) traded near $0.128 on June 12 after rebounding from its June 6 low around $0.119. The token gained roughly 1.8% over the past 24 hours as Bitcoin climbed more than 2% and the total cryptocurrency market capitalization rose to $2.18 trillion.

Improved risk appetite followed reports that President Donald Trump halted planned U.S. airstrikes against Iran, while traders also reacted to SpaceX’s public market debut and its reported Bitcoin holdings.

June 18 has emerged as the next major catalyst for the ecosystem. The Pi Core Team has required all Mainnet node operators to complete the Protocol 25 upgrade by that date, warning that nodes that fail to upgrade may be disconnected from the network.

The upgrade introduces compatibility with Stellar Core V20 and lays the groundwork for Soroban smart contracts, a development many holders view as a step toward DeFi and tokenization use cases within the Pi ecosystem.

Exchange flows have started to improve despite the weak price trend. Recent wallet data showed 579,018 PI leaving tracked centralized exchanges against inflows of 319,304 PI, resulting in net outflows of 259,714 tokens.

Exchange balances stood at roughly 546.4 million PI, while most major trading venues, including OKX, Bitget, MEXC, Gate.io, LBank, and Kraken, recorded negative daily flows.

Reduced exchange balances can ease immediate selling pressure, although the effect remains limited by the network’s unlock schedule.

Fresh supply continues to enter circulation at a rapid pace. Pi unlock data shows that approximately 144.45 million PI tokens will be released over the next 30 days, representing about 2.33% of locked supply. Average daily unlocks stand near 4.8 million tokens, while June 12 alone is scheduled to see more than 14.8 million PI unlocked, the largest single-day release during the period.

Thin liquidity has amplified the impact of those releases. Daily trading activity remains relatively modest compared with the size of incoming supply, leaving the token vulnerable to selling from early miners and users completing KYC verification and Mainnet migration.

Previous unlock waves coincided with accelerated declines as newly available tokens entered exchange wallets.

Descending triangle keeps pressure on key support

The four-hour chart shows PI forming an inverse cup-and-handle pattern after its recovery from the June 6 low near $0.119. Price climbed toward $0.132 before losing momentum and carving out a downward-sloping handle beneath resistance. The structure places key support between $0.124 and $0.125.

A breakdown below that zone would confirm the bearish continuation pattern and expose the measured target near $0.116. Such a move would place the June all-time low back under pressure and could open the door to another leg lower if sellers regain control.

The daily chart presents a similar picture. PI remains trapped beneath a descending trendline that has controlled price action since early May. The token also continues to trade below its Supertrend resistance near $0.146, while a former support area around $0.130 has turned into overhead resistance.

Momentum indicators have yet to deliver a convincing bullish reversal. The MACD remains below the zero line despite some improvement in histogram readings, while price continues to print a sequence of lower highs and lower lows. Stochastic RSI on the four-hour timeframe has climbed into overbought territory, raising the possibility of another short-term pullback.

Token unlocks and macro risks threaten the recovery

Macro conditions remain another source of uncertainty. Pi’s latest rebound arrived alongside a recovery in Bitcoin and risk assets, but any reversal in crypto sentiment could quickly revive selling pressure across smaller-cap tokens.

Large altcoins continue to trade near critical support levels, and leveraged crypto markets remain sensitive to geopolitical headlines and Federal Reserve policy expectations.

For Pi Network, bulls must reclaim $0.130 and then break above the descending trendline near $0.145 to invalidate the current bearish structure. A successful breakout would also put the Supertrend resistance at risk and improve the odds of a move toward $0.18.

Until then, the combination of persistent token unlocks, weak long-term trend structure, and a developing bearish pattern leaves PI vulnerable to another breakdown.

A decisive move below $0.124 would increase the probability of a retest of $0.119 and could open the door to a fresh all-time low below the June bottom.

Former FTX CEO Sam Bankman-Fried failed to overturn his fraud conviction and 25-year prison sentence tied to the collapse of FTX after a three-judge appeals panel rejected his bid for relief.

The unanimous ruling by the 2nd US Circuit Court of Appeals in Manhattan, New York, found that the government’s case against Bankman-Fried was, in the court’s words, “conservatively stated, robust,” according to Reuters.

Source: Toby Cunningham

“While he ‌was publicly reassuring customers, investors and regulators ‌that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds ⁠on real estate, ⁠political contributions, and investments,” wrote Circuit Judge Barrington Parker.

The decision comes as Bankman-Fried pursues another avenue to challenge his conviction. As Cointelegraph recently reported, he has formally applied for a presidential pardon from US President Donald Trump, with the request appearing on the US Department of Justice Office of the Pardon Attorney website in early June.

Bankman-Fried was sentenced to 25 years in prison in 2024 after being convicted on fraud and conspiracy charges stemming from the multibillion-dollar collapse of FTX.

Related: Sam Bankman-Fried ramps up Trump support following Ellison’s release

Bankman-Fried’s pardon bid faces long odds

In a recent interview with Fox Business, Bankman-Fried said he was “absolutely” seeking a presidential pardon from Donald Trump. However, the former FTX CEO does not appear to have much support from the president. 

Trump told The New York Times in January that he had no plans to pardon Bankman-Fried. A White House spokesperson also declined to comment on the clemency request, referring Bloomberg last week to the president’s earlier remarks.

Still, Trump has shown a willingness to grant high-profile pardons, including one for Silk Road founder Ross Ulbricht shortly after returning to office.

Ulbricht operated the dark web marketplace Silk Road, which used Bitcoin as a primary payment method. He was serving two life sentences plus 40 years before Trump pardoned him in January 2025.

Related: FTX law firm Fenwick & West to pay $54M to victims in settlement

SpaceX shares opened at $150 on Friday before rising to $162, marking a strong start to one of the most closely watched stock market debuts in recent years.

The aerospace and satellite internet company priced its initial public offering at $135 per share on Thursday. SpaceX sold 555.6 million shares, raising $75 billion in what stands as the largest IPO ever.

Bitcoin BTC$63,653.34 was roughly flat at $63,400, while AI-related crypto stocks saw modest gains.

Trading under the ticker SPCX on Nasdaq, the company had been valued at roughly $1.8 trillion based on the IPO price.

The debut gives public investors their first chance to own shares in a company that has reshaped the commercial space industry through reusable rockets and built one of the world’s largest satellite networks through Starlink. The satellite internet business has become a major source of growth, serving customers in remote areas where traditional broadband can be difficult to access.

SpaceX generated about $19 billion in revenue last year from launch services, government contracts and Starlink operations.

The cryptocurrency market reached its definitive bottom for the currency cycle, Standard Chartered Analyst Geoffrey Kendrick said in a note on Friday.

The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000, according to Kendrick.

“Winter is over. Welcome back to crypto Spring, he said.

CoinDesk data shows bitcoin touched as low as $59,375 on June 5 in the evening, around 18:00 UTC. At the time of writing, bitcoin hovered just shy of $64,000.

Kendrick, who has $4,000 ether and a $100,000 bitcoin price target by the end of this year, identified two core drivers on Friday that support this market turnaround.

First, recent weeks saw some of the sharpest spot bitcoin ETF selling since inception. Total redemptions exceeded $5.72 billion since the second week of May. He also noted that ETF holders have anecdotally been liquidating their positions to free up cash to participate in the SpaceX initial public offering (IPO).

Elon Musk’s SpaceX shares began trading on Nasdaq at around $150 on Friday and are now about 26% above their IPO price.

The Solana price has started to move again, with weekly gains above 4%.

This recent Solana price trend comes at a time when the SpaceX IPO token, SPCX, has gone onchain on Solana. This new momentum has made market participants weigh in on where the Solana price will target in the next few days as bulls take the current limited lead. 

Solana’s price climbs 3.38% 

According to CoinMarketCap data at the time of press, Solana’s price traded at $67.73, up 3.38% over the past 24 hours. The price began the session near $65.30 and moved sharply higher early in the period. Following that advance, SOL traded within a relatively narrow range around the $66.7 level. Several short-term fluctuations appeared throughout the session, although the broader movement remained upward.

Source: CoinMarketCap

Midway, the price briefly slipped toward the $66.0 area before recovering. It then returned above $66.5 and continued moving within a stable range. Later, SOL recorded another upward move that pushed the price beyond $67.0. The rally accelerated during the final section of the session and lifted the token above $68.5.

After reaching that intraday peak, the price retreated and gave back part of the advance. However, the decline remained limited, and SOL stayed above earlier trading levels. The token then stabilized near $67.0 before posting another moderate recovery. By the end of the observed period, SOL traded at $67.73, maintaining most of the gains recorded during the session. 

SpaceX tokenized shares launch on-chain. 

As previously reported by crypto.news, the ongoing Solana price movement comes as the project has become the foundation for a new tokenized SpaceX product. Backpack and Sunrise recently launched SPCX, a blockchain-based asset backed by underlying SpaceX shares. 

The product allows eligible users to convert tokenized holdings into actual shares through regulated brokerage partners. At the same time, users can transfer SPCX across supported Solana platforms like other digital assets. The launch places Solana at the center of a tokenized equity framework that connects traditional securities ownership with onchain trading. 

According to the companies, SPCX supports trading, redemption, and self-custody through compatible Solana applications. The rollout also coincides with SpaceX’s Nasdaq debut that happened today, allowing tokenized and traditional share markets to operate simultaneously. As a result, Solana now supports another high-profile real-world asset use case as tokenized securities continue expanding into private equity markets. 

Solana bulls test bears after months of pressure 

According to a TradingView technical analysis, bears have controlled the market for most of the observed period. The red trend line remained below the green line for several months, reflecting sustained bearish pressure. During that stretch, bearish signals appeared frequently, while bullish signals failed to produce lasting reversals. Each recovery attempt lost strength quickly, allowing bears to maintain lower highs across the trend.

Source: TradingView (SOL/USD)

The regression channel on the right side of the chart reinforces this bearish structure. Price continued moving lower within the channel, confirming that sellers remained in control. However, the most recent signals reveal a change in behavior. Bullish markers have started appearing more frequently near the lower boundary of the channel. At the same time, the distance between bullish and bearish signals has narrowed.

The latest candles show bulls defending an area that previously attracted strong selling pressure. The indicator also displays a fresh bullish pin bar near recent lows. While bears still hold the broader trend advantage, their momentum has weakened compared with earlier months. If bullish signals continue to increase and the red trend line begins to flatten, bulls could challenge the current bearish structure and attempt a trend reversal.

Binance’s tokenized SpaceX IPO campaign has drawn more than $557 million in USDC deposits from roughly 27,689 wallet addresses ahead of SpaceX’s public-market debut on Friday. The flow, tracked through Dune analytics, points to sustained demand for crypto-based routes to pre-IPO exposure.

At the same time, trading in decentralized derivatives has helped pull expectations toward the upper end of market chatter. On Hyperliquid, SpaceX perpetual futures moved in a wide band around $180–$200 after the pre-IPO market opened on May 18, according to analytics cited in a Talos report, with the implied valuation hovering near multi-trillion-dollar levels.

Key takeaways

• Binance’s SpaceX tokenized IPO product drew over $557 million in USDC deposits from about 27,689 wallets, based on Dune data.
• Small-to-mid contributors dominated participation counts, while a smaller number of large depositors accounted for a disproportionate share of total USDC.
• On Hyperliquid, SpaceX perpetual futures traded roughly in the $180–$200 range after May 18, with implied valuations discussed around the $2.5 trillion area.
• Coin-market activity is increasingly shaping “price discovery” for pre-IPO expectations, Talos argues—especially as crypto exchanges list proxy instruments.

Deposits on Binance: participation vs. concentration

Dune data for Binance’s SpaceX IPO campaign shows that wallets contributing up to $20,000 made up more than 81% of participating addresses, but only 18.39% of total USDC deposits. That indicates a heavily skewed distribution: many smaller wallets participated, while the bulk of capital was concentrated among fewer accounts.

In contrast, 114 addresses deposited more than $500,000 each. Together, these larger contributors accounted for about 10.2% of the total funds, highlighting how pre-IPO crypto access can attract both broad retail participation and significant whale-sized positioning.

These deposits are being framed as demand for crypto rails that offer early or proxy exposure to a major equity event. For traders, the campaign also functions as a sentiment barometer—though the deposits themselves do not necessarily translate 1:1 into IPO allocation outcomes.

What SpaceX is seeking—and how crypto pricing is responding

SpaceX is pursuing a large-scale public offering, with filings referenced in the reporting describing an intention to raise $75 billion at $135 per share and an approximately $1.8 trillion valuation. The scale is part of what makes the stock so widely tracked ahead of the Nasdaq debut.

However, the crypto derivatives market has shown a different sensitivity to the “what if” scenarios of valuation. Talos, in a Tuesday report, said that on Hyperliquid the SpaceX perpetual futures traded in a $180–$200 range after the pre-IPO market went live on May 18. That price action was described as implying a valuation closer to $2.5 trillion.

The movement wasn’t linear. As the IPO date approached, the implied share price reportedly moved closer to the IPO level but then rebounded to around $179, according to the same reporting. For participants, the key takeaway is that decentralized pricing can oscillate quickly as liquidity and positioning shift—potentially reflecting expectations, risk premia, and arbitrage opportunities rather than only a single “consensus” forecast.

Crypto as a new venue for pre-IPO “price discovery”

Beyond the SpaceX-specific numbers, Talos used the episode to argue that crypto exchanges are increasingly acting as a price discovery venue for pre-IPO stocks. The report cited Hyperliquid’s pre-IPO perps market pricing as having closely tracked Cerebras’ (CBRS) subsequent Nasdaq debut—within 1.3% of its $350 opening price.

If that relationship holds across other listings, crypto venues may become more than just off-ramp speculation; they could increasingly inform how market participants anchor expectations before the first print on traditional markets.

Still, the mechanism differs from conventional equity markets. Perpetual futures and tokenized proxy offerings are shaped by leverage, market depth, and trading incentives—factors that can cause divergences from IPO terms. That doesn’t invalidate the signals, but it does mean investors should treat crypto-implied levels as expectations under a different trading framework.

Derivatives bets and the expanding menu of SpaceX proxy products

Outside exchange order books, Polymarket’s event page shows participation split across valuation ranges. In the figures cited, 56% of participants bet that SpaceX will close its first day with a market cap between $2 trillion and $2.5 trillion, while 25% predict a $1.5 trillion to $2 trillion close.

Meanwhile, exchange support for pre-IPO exposure is broadening. According to the reporting, OKX told Cointelegraph it is preparing to list SpaceX on its X-perps on Friday, designed to give Europe-based traders futures exposure with up to 10x leverage. The report also notes that the launch adds to a wider roster of crypto platforms offering SpaceX-linked products, including Bitget, Blockchain.com, Bybit, Kraken and Coinbase.

For users, this expansion matters because it increases access points—potentially tightening spreads and improving liquidity in crypto-based pre-IPO markets. For regulators and market structure watchers, it raises another question: how closely these crypto proxies should be viewed as substitutes for equity price formation, especially as their influence grows across retail and sophisticated traders.

As SpaceX begins trading on Friday, the most important thing to watch is whether crypto-implied levels converge toward the first traditional-market prints—or whether the divergence persists. The answer will help clarify whether crypto derivatives and tokenized campaigns are merely reflecting speculation, or whether they are increasingly capturing durable, first-order expectations for major listings.

Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.

• The fund gives investors exposure to BNB through traditional brokerage accounts.
• VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
• The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
• DaCruz joined CoinDesk’s Jennifer Sanasie and Bloomberg’s James Seyffart on Public Keys.

Why it matters: VanEck argues BNB has already achieved the user adoption many crypto projects are still pursuing.

• DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
• He cited roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
• The firm’s investment thesis centers on identifying chains with active users and economic activity rather than what DaCruz called “ghost chains.”

Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.

• DaCruz said advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models.
• He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
• According to DaCruz, BNB generates roughly $160 million in annual revenue.

TLDR:

• USDC news is in focus after Circle moved 4.397 billion USDC to a Coinbase-linked wallet through HyperEVM.
• The record transfer appears to be tied to Coinbase’s treasury role on Hyperliquid rather than to immediate market selling.
• Hyperliquid’s reliance on USDC shows how stablecoins are becoming central to on-chain trading and settlement.
• Traders are watching the transfer because large stablecoin flows can signal future liquidity shifts across crypto markets.

USDC news is drawing fresh market attention after Circle moved 4.397 billion USDC to a Coinbase-linked address through HyperEVM. Arkham described the transaction as the largest single on-chain USDC transfer ever recorded. 

The movement was not tied to a normal exchange deposit. Instead, it appears connected to Coinbase’s role as Hyperliquid’s official USDC treasury deployer.

That role places Coinbase near the center of stablecoin liquidity management for one of the busiest on-chain trading ecosystems.

USDC News Puts Coinbase and Hyperliquid Treasury Role in Focus

The transfer came from Circle’s CoreDepositWallet and was sent to a Coinbase-linked treasury address. The size of the transaction made it stand out immediately across on-chain dashboards.

Large stablecoin moves often raise questions because they can precede changes in market activity. Traders watch these flows to see whether capital is moving toward exchanges, lending markets, or new trading venues.

In this case, USDC news points more toward treasury coordination than immediate trading demand. Coinbase recently became Hyperliquid’s official USDC treasury deployer under the Aligned Quote Asset framework.

That structure supports USDC as a preferred settlement asset across the Hyperliquid ecosystem. It also reduces the need for users to move between competing stablecoins before trading.

Hyperliquid already uses USDC as a core quote and settlement asset. Its markets rely heavily on stablecoin liquidity for spot trading, perpetual futures, collateral, and internal settlement.

Coinbase said the arrangement could improve market efficiency by concentrating liquidity around USDC. Circle supports the technical side through native USDC and cross-chain transfer infrastructure on HyperEVM.

The transfer also comes as Native Markets’ USDH stablecoin faces a planned transition. Coinbase said users can continue converting USDH into USDC without fees during the shift.

Why USDC News Matters for Stablecoin Liquidity Flows

USDC news often matters because stablecoins serve as the cash layer of crypto markets. Large transfers can show where liquidity is being prepared before volume becomes visible.

That does not mean every major transfer creates immediate buying or selling pressure. Issuers and exchanges often move stablecoins to balance their treasuries, adjust custody, or provide liquidity support.

The 4.397 billion USDC transaction appears more like infrastructure rebalancing. It aligns with Coinbase’s new treasury role and Hyperliquid’s deeper move toward USDC-based settlement.

Still, the scale gives the market a reason to watch follow-on activity. If the funds support trading demand, Hyperliquid could see stronger liquidity across its order books.

The move also reinforces Circle’s growing role in on-chain capital markets. USDC is no longer just a payment token or an exchange-balance asset. It is becoming a settlement layer for trading venues, treasury systems, and cross-chain markets.