The narrative of Crypto Winter seems to be changing course, as some key market parameters have signaled the onset of more positive trends within the industry. In the wake of Bitcoin falling toward $59,375, investors have been tracking various signs of possible market recovery, including institutional involvement, exchange activity, and interest from ETF investors.

Although there have been some fluctuations in the markets, long-term accumulation continues to be strong. Exchange outflows have continued unabated for both Bitcoin and Ethereum, and many experts view them as a sign of increasing investor optimism. Combined with stable ETF flows and bullish institutional projections, there is now increased speculation about an end to Crypto Winter.

Standard Chartered Sticks to Its Positive Outlook on Bitcoin and Ethereum

International banking firm Standard Chartered remains positive about the performance of cryptocurrencies in the coming months, despite recent declines. As noted by the Wu Blockchain report, the bank is still predicting Bitcoin will reach $100,000 and Ethereum will hit $4,000 by year-end.

As part of its outlook, the bank views the recent fall in prices as a temporary pullback rather than a long-term market trend. The decline in Bitcoin recorded on June 5 was considered to have been the lowest point of the current crypto bear cycle, suggesting investors may have experienced the toughest period of the current market decline.

According to the analysts, there are various reasons for the latest fall in the crypto market. For instance, spot redemptions of Bitcoin ETFs lowered institutional demand at particular times, while the upcoming SpaceX IPO brought additional market volatility.

Bitcoin Outflows From Exchanges Continue to Point to Accumulation

The Bitcoin exchange flow shows a market in which accumulation trends still play a dominant role. While price action may have been erratic, net outflows have continued to be the trend among exchanges for most of the year.

Significant outflows have been seen from August through November, with many days showing outflows in excess of $1 billion. This trend is usually a sign of traders shifting their holdings to a personal wallet or other long-term storage where coins are less readily accessible on exchanges for trading.

A smaller amount of exchange coins means that there is less supply on exchanges that are ready for trade. This can help improve future price action when demand starts to strengthen.

In an anomaly, exchange outflows changed course to inflows in February, with the figure at about $1 billion. This period was marked by higher levels of price volatility, which saw the Bitcoin price drop sharply.

Similar Accumulation Trends Can Be Observed in Ethereum

Similar trends can be observed in Ethereum exchange trading. Throughout the past few months, outflows have consistently been higher than inflows, suggesting traders kept withdrawing Ethereum from exchanges amid persistent market volatility.

A couple of days saw withdrawals of over $300 million, while some days saw outflows reaching up to $600 million to $700 million. This is likely to decrease the amount of ETH supply on exchanges, which many holders view as a positive sign.

Even though Ethereum’s price fell from above $4,500 to below $1,700 during the market correction, accumulation tendencies were still visible. The notable influx took place in early February, when over $600 million of ETH was moved onto exchanges due to market selling pressure.

ETF Demand Could Signal the End of Crypto Winter

Market players are currently looking at ETFs as a crucial metric of future performance. According to the Wu Blockchain report, Standard Chartered suggests that Ethereum may exceed Bitcoin’s performance in the short term thanks to ETF demand and increased institutional sentiment.

With ETF demand rising alongside robust exchange outflows, the two metrics could create positive supply and demand dynamics for both cryptocurrencies. In that case, it becomes even clearer that investors are buying, not selling.

Despite possible risks, stable ETF demand and high exchange outflows, coupled with optimistic sentiment from institutions, point to Crypto Winter coming to an end.

Bitcoin’s latest bounce is being framed as a macro-driven rebound rather than a fully confirmed technical reversal, with multiple analysts pointing to weak on-chain participation signals despite a move back toward $67,000.

According to LVRG Research director Nick Ruck, momentum remains muted and on-chain indicators have not yet caught up with the price recovery—leaving the rally vulnerable if geopolitical conditions deteriorate or liquidity thins.

Key takeaways

• Analysts say Bitcoin’s recovery lacks “conviction,” citing declining volume and stagnant on-chain metrics even after reclaiming $67,000.
• A possible US–Iran peace arrangement is positioned as a key macro catalyst; any breakdown could trigger renewed risk-off pressure.
• Swissblock reports Bitcoin remains in a “weak momentum and participation regime,” with on-balance volume (OBV) at bear-market lows.
• Swissblock notes historical bear-market behavior: momentum tends to weaken first, then OBV contracts—often before price breaks lower.

Recovery buoyed by geopolitics—signal still unproven

While Bitcoin has recently traded in closer alignment with broader market risk sentiment and institutional demand, Ruck argues that the internal data still points to hesitation. In comments to Cointelegraph, he said Bitcoin’s momentum is “weak,” pointing to declining volume alongside “stagnant on-chain metrics” that suggest the move upward may not have durable follow-through.

Ruck’s warning centers on what he sees as a concentration of influence from macro and geopolitical catalysts. He added that if a recently brokered US–Iran peace deal fails, the resulting instability—and potential knock-on effects for oil markets—could push Bitcoin into a more volatile trajectory.

“It may initially find bids as a hedge asset before broader risk-off flows push it toward key support zones, underscoring how macro and geopolitical catalysts continue to dominate crypto price action.”

What the US–Iran “peace deal” would change

Trump said on Sunday that the US had completed a peace deal with Iran meant to end months of conflict, with the agreement expected to be signed on Friday. The Associated Press reported on Monday that much of the agreement’s details remain unclear, but Trump’s statements indicated that the Strait of Hormuz would be opened and that the US would lift its blockade of the strait and Iran’s ports.

The report also notes that after the initial steps, the two countries would begin 60 days of negotiations relating to Iran’s nuclear program and potential sanctions relief.

For traders, the practical implication is that Bitcoin is reacting not just to crypto-specific narratives, but to expectations about shipping, energy pricing, and risk sentiment tied to the region.

Swissblock: weak momentum and OBV still point to bear-market conditions

On the market-structure side, Swissblock said on Monday that Bitcoin’s momentum—used as a gauge of the strength of price movements—remains in a “weak momentum and participation regime.” The firm also flagged on-balance volume (OBV), a metric intended to reflect buying and selling pressure through volume flows.

Swissblock characterized both measures as negative, arguing that the current state resembles bear-market behavior where participation fades. It highlighted that price momentum has been weak and that OBV sits at extremely low levels, reinforcing the view that the rebound is not yet backed by sustained demand.

In the same framework, Swissblock noted that once OBV and momentum both flip back into a positive regime, it typically provides a stronger recovery signal. Until that happens, the risk of another attempt at retesting recent lows remains material, the firm warned.

Quantitatively, the report cited that price momentum stood at -1 while OBV was at roughly -1.7 million, despite Bitcoin’s rebound back above $67,000 on Monday after it fell below $60,000 on June 6. It also observed that Bitcoin began to ease from Monday’s intraday high, slipping below $66,000 in early trading on Tuesday.

Why the difference between price and participation matters

A central theme across the commentary is the gap between a visible price recovery and the confirmation signals investors often look for—especially volume trends and on-chain participation indicators. Even when the market lifts, weak participation can mean that fewer buyers are stepping in strongly enough to absorb supply, leaving rallies susceptible to reversal on lighter liquidity or shifting macro expectations.

Ruck’s analysis points in the same direction: “stagnant on-chain metrics” and declining volume suggest that the recovery may not yet have the breadth needed to persist through changing conditions. Swissblock’s momentum/OBV framing provides a complementary lens, suggesting the underlying participation regime remains bearish.

For now, readers should watch whether Bitcoin can regain not only key price levels but also the participation signals that would indicate a regime shift—particularly as the US–Iran situation moves from announcements toward negotiated outcomes. If geopolitical headlines turn, the data-driven “weak conviction” view could quickly reassert itself; if negotiations proceed smoothly, the market may seek confirmation through stronger volume and improving on-chain flows.

Key Highlights

• SpaceX has decided to distribute quarterly and annual financial reports exclusively through its website and X, bypassing conventional wire services such as Business Wire and PR Newswire
• The aerospace company secured $75 billion through its initial public offering by selling 555.56 million shares priced at $135 apiece
• Following the greenshoe option activation by underwriters, the IPO’s total value reached $85.7 billion
• Trading saw SpaceX shares surge approximately 19% higher during Monday’s session, with an additional 2% gain in after-hours activity
• This strategy represents a significant shift from conventional investor communication practices employed by most publicly traded corporations

In an unprecedented move, SpaceX has announced it will abandon traditional wire distribution channels for releasing financial information. The company plans to share all quarterly and annual financial statements, alongside other significant corporate updates, solely through its corporate website and official X social media presence.

This declaration appeared in an official regulatory document filed Monday. According to SpaceX’s statement, the company “encourages members of the investment community, the media, and others to follow” both its dedicated investor relations webpage and its X social media handle.

Typically, publicly traded corporations rely on established platforms like Business Wire or PR Newswire for information dissemination. These intermediary services ensure simultaneous delivery of critical data to journalists, financial platforms, and shareholders. SpaceX’s decision represents a complete departure from this long-established practice.

The regulatory filing provided no detailed explanation for this strategic pivot. SpaceX characterized the decision as an initiative to communicate directly with stakeholders and the general public through proprietary digital platforms.

Historic IPO Generates $85.7 Billion in Total Proceeds

This announcement coincided with SpaceX revealing that its IPO underwriters had activated the greenshoe provision. This mechanism permits underwriters to offer additional shares when market demand exceeds initial expectations.

Activating this provision elevated the IPO’s total capital raised to $85.7 billion. Prior to this adjustment, SpaceX had already secured $75 billion from the initial share distribution of 555.56 million shares at the $135 price point.

This achievement established SpaceX’s market debut as the largest public offering ever recorded, even excluding the greenshoe component. The company, under Elon Musk’s leadership, operates diverse ventures spanning rocket technology, artificial intelligence development, and global satellite internet infrastructure.

Market participants reacted enthusiastically to both announcements. Monday’s trading concluded with shares climbing roughly 19%.

Space Exploration Technologies Corp., SPCX

Investor Response and Trading Activity

Extended trading hours showed continued momentum, with shares advancing approximately 2% beyond regular market close. The dual announcements regarding the greenshoe execution and unconventional disclosure approach appeared to maintain robust investor enthusiasm throughout the day.

The choice to designate X as a principal investor communication platform breaks from industry norms. X, the social media service also under Elon Musk‘s ownership, now holds equivalent status to SpaceX’s official investor relations portal for corporate announcements.

Regulatory reception of this approach remains uncertain. Securities regulations mandate that material corporate information must reach all investors simultaneously, and SpaceX’s filing indicates confidence that publishing through its website and X fulfills this regulatory obligation.

Stakeholders seeking timely SpaceX financial updates must now actively track these two specific platforms. The company has confirmed it will not employ alternative distribution mechanisms for financial reporting.

With its IPO recently concluded, SpaceX has emerged as among the most prominent and scrutinized newly public entities in today’s financial markets.

Cryptocurrencies have long promised faster and more efficient payments. The challenge for businesses, however, has always been volatility. A payment received today could be worth significantly less tomorrow, making it difficult to use cryptocurrencies for everyday transactions.

Stablecoins have helped solve that problem.

By maintaining a value tied to traditional currencies such as the US dollar, stablecoins allow businesses to benefit from blockchain technology without worrying about major price swings. As a result, they are becoming an increasingly popular payment option across a wide range of industries.

Faster Payments and Quicker Settlements

Traditional payment systems can be slow, especially when international transfers are involved. Businesses often wait several days for funds to clear, creating unnecessary delays.

Stablecoins operate on blockchain networks that run 24/7, allowing transactions to settle much faster. This can improve cash flow and give businesses quicker access to their funds, regardless of where customers are located.

Lower Transaction Costs

Payment processing fees remain a significant expense for many online businesses. Credit card providers, banks, and other intermediaries all take a share of each transaction.

Stablecoins can help reduce some of these costs by allowing funds to move directly between parties. For businesses processing large transaction volumes or serving international customers, the savings can add up over time.

Expanding Global Reach

One of the biggest advantages of stablecoins is accessibility.

Businesses can accept payments from customers around the world without relying entirely on traditional banking infrastructure. This makes it easier to serve international markets and reach customers who may have limited access to conventional payment methods.

As global commerce continues to grow, payment solutions that remove geographic barriers are becoming increasingly valuable.

Real-World Adoption Is Accelerating

Stablecoins are no longer used only by crypto traders.

E-commerce companies, freelancers, software providers, and digital service businesses are increasingly using stablecoins for everyday transactions. Adoption is also growing among crypto casino sites in Australia, where stablecoin payments can provide faster deposits and withdrawals compared to some traditional banking methods.

These use cases demonstrate how digital assets are moving beyond speculation and becoming practical tools for online commerce.

Greater Transparency

Blockchain transactions are recorded on public ledgers, providing a clear and verifiable record of payments.

For businesses, this can simplify transaction tracking and improve financial visibility. Rather than relying solely on third-party reports, companies can independently verify transactions whenever needed.

Regulatory Progress Is Driving Confidence

One of the biggest barriers to adoption has been regulatory uncertainty. That is beginning to change as governments and regulators establish clearer frameworks for digital assets and stablecoins.

At the same time, major financial institutions and payment companies are investing heavily in blockchain infrastructure. This growing institutional support is helping businesses view stablecoins as a legitimate payment solution rather than an experimental technology.

Final Thoughts

Stablecoins offer a combination of speed, stability, and accessibility that traditional payment systems often struggle to match. While businesses must still consider compliance, security, and operational requirements, the benefits are becoming increasingly difficult to ignore.

As digital commerce continues to evolve, stablecoins are well-positioned to play a larger role in how businesses send, receive, and manage payments worldwide.

The Enforcement Directorate has filed a prosecution complaint in a cryptocurrency fraud case involving more than $20 million in stolen digital assets and has attached assets worth about INR 64.55 crore (approx. $6.83 million) linked to the alleged proceeds of crime.

According to the agency, the complaint names Chirag Tomar, Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, Ketan Luthra, Tomar Group of Industries Private Limited, and Exahomes Realtors. The case stems from allegations that cryptocurrency investors were tricked through fake websites designed to resemble the U.S.-based crypto exchange Coinbase.

Investigators alleged that Chirag Tomar, who is currently in custody in the United States, played a central role in the scheme. The agency said evidence and case details were obtained from U.S. authorities through Mutual Legal Assistance Treaty channels as part of the investigation.

Authorities alleged that the group created fraudulent websites resembling Coinbase and used them to collect login credentials and authentication details from unsuspecting users. Once access was obtained, cryptocurrency holdings were allegedly transferred from victims’ accounts into wallets controlled by the accused.

U.S. conviction tied to Coinbase spoofing scheme

Court records in the United States show that Tomar was arrested by the Federal Bureau of Investigation at Atlanta airport in December 2023. He later pleaded guilty to wire fraud conspiracy and was sentenced to 60 months in prison, followed by two years of supervised release.

U.S. prosecutors had alleged that the operation ran from at least June 2021 and targeted victims in the United States and other countries through spoofed Coinbase websites. According to court filings, the fraudsters used domains designed to imitate Coinbase’s services, including a fake version of the exchange’s Coinbase Pro platform.

Prosecutors also alleged that members of the scheme impersonated Coinbase customer support representatives and, in some instances, used remote desktop software to gain access to victims’ accounts. One victim in North Carolina reportedly lost more than $240,000 in February 2022.

U.S. authorities said the scheme generated more than $20 million in stolen cryptocurrency from hundreds of victims. Court documents further alleged that some of the proceeds were spent on luxury vehicles and international travel, including trips to Dubai.

ED traces alleged crypto proceeds to assets in India

Indian investigators alleged that after the cryptocurrency was stolen, the assets were moved through multiple wallets and converted into other virtual digital assets to obscure the transaction trail. 

The agency said the funds were eventually converted into Indian currency through peer-to-peer transactions and routed into bank accounts linked to Chirag Tomar and other accused individuals.

Those funds were then allegedly used to acquire properties and other assets in India, according to the investigation.

The prosecution complaint comes as Indian authorities continue to tighten oversight of the digital asset sector under the Prevention of Money Laundering Act. 

Under rules enforced by the Financial Intelligence Unit, cryptocurrency exchanges and other virtual asset service providers are required to maintain customer records, carry out know-your-customer checks, and report suspicious transactions. 

The Enforcement Directorate serves as one of the key agencies responsible for investigating alleged money laundering involving digital assets.

The U.S. Government Accountability Office (GAO) has urged the Federal Deposit Insurance Corporation (FDIC) to coordinate more closely with other federal regulators to address risks linked to blockchain technology—warning that oversight has struggled to keep pace with the rapid growth of blockchain-based financial products.

In a June 8 letter to FDIC Chairman Travis Hill, GAO said it raised “priority recommendations” with the regulator in May of the previous year, including efforts to manage blockchain-related risks through better inter-agency coordination.

Key takeaways

• GAO says regulators have lacked an ongoing coordination mechanism for blockchain risk management, even as blockchain-based financial services expanded.
• The FDIC oversees stablecoin issuers that are subsidiaries of banks it supervises under the GENIUS Act.
• GAO recommends the FDIC rotate case managers assigned to supervised banks to strengthen supervision and protect independence.
• GAO pointed to crypto-linked bank failures in 2023 as raising questions about whether supervisory concerns were addressed promptly.

GAO flags blockchain oversight gaps

GAO placed blockchain technology on its “High Risk List,” characterizing it as an area where regulators have had difficulty overseeing blockchain-based financial products and the potential impact those products can have on U.S. markets.

In the letter, GAO said that in 2023 it found financial regulators “lacked an ongoing coordination mechanism for addressing blockchain risks,” and that blockchain-related financial products and services have grown substantially in the intervening period. GAO argued that establishing such a coordination mechanism would allow the FDIC and other regulators to identify risks and implement responses more quickly.

The regulator’s concern is not limited to one institution or one product. Instead, GAO framed blockchain as a cross-cutting risk category—one that requires regulators to share information and coordinate oversight approaches rather than addressing it in isolation.

GENIUS Act and why FDIC oversight matters

GAO’s push arrives as federal oversight of crypto-linked banking continues to take shape. Under the GENIUS Act passed last year, the FDIC is the main regulator for stablecoin issuers that operate as subsidiaries of banks it supervises.

That structure gives the FDIC a direct supervisory role in a segment of the crypto market that connects traditional banking regulation to blockchain-based settlement and tokenization. The GAO letter underscores the practical reality for regulated banks: even when token-related activity sits inside or alongside banking entities, supervisory expectations still fall largely on the banking regulators.

Separately, Senate lawmakers are reportedly looking to pass a bill intended to clarify how federal agencies would regulate the broader crypto market, reflecting ongoing legislative efforts to reduce uncertainty across the sector. The GAO letter complements that policy backdrop by highlighting operational and coordination issues inside the existing regulatory framework.

Earlier coverage from Cointelegraph noted FDIC moves aimed at regulating stablecoin issuers under the GENIUS Act, illustrating how the agency’s mandate is already expanding in step with stablecoin activity tied to supervised banks (FDIC moves to regulate stablecoin issuers under the GENIUS Act).

Case manager rotation and supervisory independence

Beyond coordination, GAO raised a governance recommendation aimed at strengthening supervision. It urged the FDIC to rotate case managers assigned to banks.

GAO said that in 2024 it found the agency did not require supervisors to rotate across different banks. In GAO’s view, the absence of such rotation “could compromise their independence and interfere with supervision outcomes.” GAO added that a rotation requirement “could mitigate threats to independence.”

The underlying idea is straightforward: closer, long-running supervisory relationships can potentially blur boundaries, while a rotation approach can help maintain objectivity and keep supervisory attention fresh. GAO’s recommendation suggests that even if regulators have the right policies on paper, staffing and supervisory processes can still affect how effectively risks are identified and addressed.

2023 bank failures put pressure on supervision

GAO also tied its recommendations to supervisory outcomes during the crypto-linked banking stress seen in 2023. The GAO letter said the failure of multiple crypto and technology industry-linked banks in 2023 “raised questions” about whether bank watchdogs took sufficient action to ensure institutions “promptly addressed supervisory concerns.”

The GAO cited the collapse of Silicon Valley Bank, Silvergate Bank, and Signature Bank—each of which had significant exposure to the crypto industry. Those failures occurred within less than a week in March 2023, in the fallout of FTX’s bankruptcy, which triggered major disruptions across crypto markets.

GAO’s point, as presented in the letter, is not that any single supervisory mechanism failed in isolation. Rather, it implies that when the sector’s risk profile changed quickly—especially amid high-profile market events—regulators needed faster, more coordinated action, along with supervision structures that preserve independence and responsiveness.

The GAO’s emphasis on both coordination and case manager rotation indicates a dual focus: regulators must communicate and align on emerging blockchain risks, and they must also ensure internal supervisory practices do not slow down decision-making or reduce the rigor of oversight.

What to watch next

For banks and stablecoin-related businesses operating within FDIC-supervised structures, the immediate question is whether the FDIC will adopt GAO’s recommendations on inter-agency coordination and case manager rotation—and how that translates into supervisory expectations. More broadly, lawmakers’ efforts to set a clearer federal framework for crypto regulation will determine whether coordination concerns can be addressed through policy design as well as through agency process.

XRP recovered sharply after weeks of selling pressure, with traders returning to major altcoins as geopolitical fears eased. 

Santiment said the token surged more than 13% in 24 hours and reclaimed $1.28 for the first time in two weeks before cooling from that level.

“XRP has staged an impressive comeback,” Santiment said. 

The move followed a slide from above $2.30 in January to a June 11 low near $1.10. Updated market data showed XRP trading near $1.23 on June 16, up 4.17% in 24 hours, with volume above $3 billion. XRP ranked fifth by market value, with a market cap near $76.4 billion.

The rebound came as risk appetite improved across the crypto market. Traders reacted to reports that the U.S.-Iran conflict had reached a resolution, easing concern over energy prices, inflation pressure, and wider market stress.

Still, XRP remains below recent peaks. The token traded between $1.18 and $1.29 over the latest 24-hour period. It remains down about 13% over the past month and more than 43% over the past year. That leaves the recovery intact in the short term, but not enough to confirm a full trend change.

Whale wallets and exchange flows draw attention

Large XRP holders remain central to the current market setup. Santiment said wallets holding at least 1 million XRP now control 74.1% of supply and added 1.53 billion tokens over the past six months. That accumulation came while retail sentiment stayed weak.

This whale activity matters because it can reduce liquid supply when large holders keep coins away from short-term trading. It can also add confidence during rebounds, although it does not remove downside risk. If large wallets sell into strength, the rally may face pressure.

Exchange data also showed a shift in Binance activity. CryptoQuant analyst Amr Taha said XRP withdrawal transactions reached 53.2% on June 15 and stayed near 53.1% on June 16. Deposits fell near 46.7% and 46.8% over the same period.

The signal does not confirm immediate upside, but it shows transaction activity leaning toward withdrawals rather than deposits. In market terms, that may suggest fewer coins moving onto Binance for sale. However, traders still need price confirmation.

ETF demand and XRPL activity support the market story

Institutional demand remains another focus for XRP traders. As previously reported, XRP-linked products recorded positive inflows for a fifth straight week while Bitcoin and Ethereum products saw outflows. Recent fund-flow data showed XRP products added about $10.68 million in the week ended June 12, bringing cumulative inflows close to $1.44 billion. SoSoValue data also showed $2.82 million in Monday inflows on June 15.

The ETF data has kept XRP in the institutional conversation despite its weak price trend this year. Analysts have noted that access alone has not been enough to lift XRP back toward January levels. Traders are still watching whether legal clarity, sustained inflows, and stronger spot demand can work together.

At the same time, traders are watching Ripple’s payment network and tokenization work on the XRP Ledger. Former Ripple developer Matt Hamilton recently pointed to XRPL’s long-running exchange design as new Solana DEX models drew attention. “This problem was solved 15 years ago on the XRP Ledger,” Hamilton wrote.

XRPL’s built-in DEX has operated since 2012, giving the network a long history in on-chain exchange design. Developers are also testing lending and AMM upgrades, which may keep XRP Ledger activity in focus. These network updates support the broader utility debate around XRP, but they do not guarantee token gains.

$1.30 remains the key short-term level

The next price test sits near $1.30. Crypto analyst CasiTrades said XRP is approaching major resistance in that zone after a stronger-than-expected bounce from the $1.09 macro support area. The analyst said the move may be early evidence of a new trend, but it still needs confirmation.

CasiTrades also said XRP has not removed downside risk unless it reclaims $1.65 and turns that level into support. If buyers fail at $1.30, traders may again watch the $0.90 support area. Another analyst, Batman, pointed to a bullish MACD crossover and rising futures activity, but open interest data still sits near its normal range.

The latest move has improved short-term momentum, but the market is still testing whether buyers can hold higher levels. A daily close above $1.30 would strengthen the recovery case. A rejection could leave XRP back inside its recent range, with traders watching Binance flows, ETF demand, and whale balances for the next signal.