Chainlink has extended its weekly decline after a sell-the-news reaction to Project Pangea, a multi-billion-dollar options expiry, and persistent weakness across the crypto market pushed LINK back toward a key long-term support zone.

According to crypto.news price data, Chainlink (LINK) fell from a June 22 high near $8 to an intraday low of around $7 on June 26 before stabilizing near $7.16 at press time.

LINK’s drop accelerated as traders locked in profits following the June 23 launch of Project Pangea, a global foreign-exchange infrastructure initiative developed alongside European and South Korean banking consortia representing more than $10 trillion in assets under management.

Although the initiative strengthened Chainlink’s long-term enterprise case, short-term sentiment deteriorated ahead of Friday’s estimated $11 billion crypto options expiry. The large derivatives event pushed many digital assets toward their max-pain levels, triggering liquidations across leveraged altcoin positions and adding fresh selling pressure to LINK.

Macro conditions also remained unfavorable. Bitcoin’s drop below the $60,000 level weighed on the broader altcoin market as investors continued reducing exposure to risk assets. Consecutive weeks of U.S. spot Bitcoin ETF outflows, expectations that the Federal Reserve could keep interest rates elevated for longer, and delays surrounding U.S. crypto legislation further reduced appetite for speculative assets. At the same time, institutional capital continued rotating into artificial intelligence-related equities instead of digital assets.

Derivatives positioning has offered little relief. Leveraged long liquidations accelerated as LINK lost successive support levels, while declining open interest and cautious positioning suggested traders have reduced directional exposure rather than attempting aggressive dip buying.

Weekly structure keeps long-term downside risk in focus

On the weekly chart, LINK remains in a prolonged downtrend after failing to reclaim resistance near $8. The latest decline has brought the token close to a multi-year support area around $5.50-$6.30, where buyers repeatedly entered the market during previous corrections.

Momentum indicators continue to favor sellers. The weekly RSI has dropped to around 34 and remains below its signal line without entering deeply oversold territory, leaving room for another leg lower. Meanwhile, the MACD remains below the zero line despite a modest narrowing of bearish momentum, showing that bulls have yet to regain control.

A decisive weekly close beneath the long-term support zone could expose the psychological $6 level, while a sustained recovery above $8 would be needed to weaken the current bearish structure.

Bearish channel and Supertrend cap any recovery attempts

The four-hour chart shows LINK trading inside a well-defined descending channel that has guided the price lower since June 22. Every rebound has stalled near the upper trendline, while the Supertrend indicator continues to print a sell signal with dynamic resistance around $7.70.

MACD on the four-hour timeframe remains below the zero line, although the histogram has flattened after the latest selloff, suggesting bearish momentum has slowed rather than reversed. Unless buyers reclaim the channel resistance and break above the Supertrend barrier, the path of least resistance remains lower.

Failure to defend the $7 region could send LINK toward the $6.30 support identified by Martinez, with the major psychological $6 level becoming the next downside target. On the upside, reclaiming $7.70 could allow the token to challenge the $8 resistance zone, where sellers regained control earlier this week.

Strategy’s (MSTR) perpetual preferred stock, STRC, is down 3% during Friday’s pre-market and is trading below $73 around 27% below its $100 par value, as investors focus on June 30, a date that brings two important events.

First, June 30 is the ex-dividend date. Investors who own shares before the ex-dividend date will receive the next payment, while buyers on or after June 30 will not. The date also serves as the record date, when Strategy shareholders qualify for the distribution. Eligible investors will receive STRC’s first semi-monthly dividend of $0.48 per share on July 15.

Normally, a stock declines by roughly the amount of its dividend when it begins trading ex-dividend. For STRC, a $0.48 adjustment on a $73 stock represents less than 0.7%, during a time when STRC is falling as much as 2-3% a day. So the ex-dividend date in theory should not be a huge catalyst for further downside in the STRC price.

The bigger catalyst is Strategy’s monthly dividend rate reset. STRC is a perpetual preferred stock, meaning it has no maturity date and pays a dividend that can be reset periodically.

As the first half of 2026 draws to a close, major cryptocurrencies are deeply in the red, lagging far behind traditional assets. Bitcoin BTC$59,412.26 bulls can at least take one small consolation: they’ve outperformed shares in bitcoin-holder Strategy (MSTR).

These diverging trends point to investor preference for assets linked to economic activity and geopolitical trends rather than narrative-led plays.

While bitcoin, the crypto market leader by market capitalization, is down 32% as June nears an end, ether has slumped 47% and Strategy 43%. The total crypto market cap has declined by roughly 30% to nearly $2 trillion, a level not seen since before President Donald Trump’s election victory in November 2024.

Most of the biggest coins are down, except a select few like HYPE, which has gained over 140%. HYPE’s strength is the result of increased volatility and the stellar performance of TradFi-linked assets available on its parent decentralized exchange, Hyperliquid.

US-listed spot Bitcoin exchange-traded funds (ETFs) saw their largest daily net outflows of June on Thursday, withdrawing $696.3 million as Bitcoin slipped below $60,000. The selloff in ETF demand added to a broader cooling in institutional appetite for the asset during the month.

SoSoValue data shows the withdrawals pushed June’s cumulative net outflows to $3.61 billion, taking year-to-date net outflows to $4.6 billion. For investors tracking institutional flows, Thursday’s figures underscored how quickly sentiment can shift when price weakness triggers faster redemptions from ETF wrappers.

Key takeaways

• US spot Bitcoin ETFs recorded $696.3 million in net outflows on Thursday, the largest day of June.
• June outflows total $3.61 billion, with year-to-date net outflows at $4.6 billion, according to SoSoValue.
• ETF total net assets dropped to about $72.6 billion—down roughly 57% from a peak of $169.5 billion recorded in October 2025.
• WalletPilot data indicates US spot Bitcoin ETFs held 1.24 million BTC as of Tuesday, with about 63,500 BTC leaving over the past 30 days.
• Strategy’s Bitcoin buying slowed materially in June to about 3,600 BTC, intensifying debate about whether it should conserve cash during drawdowns.

Spot Bitcoin ETF outflows accelerate as price weakens

The timing of Thursday’s ETF outflows is notable: they came as Bitcoin moved through the $60,000 area, a level that has often acted as a psychological pivot for market participants. In that context, SoSoValue’s figures point to a stronger-than-usual willingness among ETF investors to exit positions during a short-term downswing.

SoSoValue reported that June’s outflows already surpassed a prior monthly high—$519.2 million logged on June 2—before extending even further on Thursday. With June net outflows now at $3.61 billion, the pattern suggests that redemptions are not just sporadic, but persistent enough to compound quickly.

That matters because spot ETFs are one of the most accessible channels for traditional capital. While other markets can absorb volatility, sustained ETF outflows typically remove a steady source of incremental demand. Traders often watch these flow metrics for confirmation that spot selling is spreading beyond spot exchanges and into regulated products.

ETF assets shrink sharply from the sector’s 2025 peak

Alongside daily flow data, the broader balance-sheet picture for the ETF complex has weakened. According to SoSoValue, total net assets for US-listed spot Bitcoin ETFs fell below $73 billion for the first time since late 2024.

SoSoValue cited a peak of $169.5 billion in October 2025. By Friday, that figure stood at roughly $72.6 billion—an approximate 57% decline. Even without assuming any change in investor behavior beyond price, the reduction reflects both falling BTC value and net withdrawals from the funds.

Complementing that, WalletPilot data shows US spot Bitcoin ETFs held a combined 1.24 million BTC as of Tuesday. Over the prior 30 days, about 63,500 BTC left the products. For readers trying to separate price effects from flow effects, this distinction is critical: holdings dropping over a month signals that the outflows are affecting the underlying exposure, not just the market valuation.

Strategy’s June slowdown raises questions over capital discipline

As ETF demand cooled, another large institutional-style buyer also moderated its pace. Strategy—frequently cited as the world’s largest corporate Bitcoin holder—purchased about 3,600 Bitcoin so far in June, according to Strategy filings. That rate is far below its recent activity: roughly 25,000 BTC in May and more than 50,000 BTC in April.

The slowing has fueled discussion around whether the company should continue accumulating aggressively during market drawdowns, or instead rebuild liquidity. The debate intensified after Strategy recorded a net sale of 32 BTC earlier in the month, an uncommon move during its broader accumulation period.

Some analysts argue that Strategy should pause purchases and preserve cash until conditions improve. Earlier coverage by Cointelegraph noted scrutiny around Strategy’s broader financial posture, including aspects of how it manages dividend coverage. In the current environment, such questions have become harder to ignore as both ETF flows and price momentum have weakened.

STRC share pressure, and the “self-repairing” debate

Part of the scrutiny has centered on Strategy’s perpetual preferred stock, STRC, which has traded below its intended $100 benchmark. On Thursday, STRC closed at $75.69, down 6.37%. The price action has contributed to renewed debate about whether Strategy’s financing mechanics are robust during volatility.

CryptoQuant analysts raised concerns about Strategy’s timing and risk management. Others, including Bitcoin advocate Samson Mow, pushed back by pointing to a feature described as a “self-repairing mechanism.” In an X post, Mow said that when STRC trades below its $100 benchmark, Strategy pauses new share issuance through its ATM program at that level, limiting new supply.

At the same time, the fundamental question for investors remains whether pauses in issuance and changes in acquisition pace translate into long-term restraint or just short-term adjustment. Strategy’s pace of buying can influence market psychology, particularly because the company is often viewed as a persistent demand backstop—something that may become less reliable if the market downturn causes repeated slowdowns.

Looking ahead, readers should watch whether ETF outflows continue to dominate daily flow prints and whether holdings shrink further month-over-month. In parallel, Strategy’s next purchase cadence and any further signals from STRC’s trading dynamics could clarify whether June represents a temporary slowdown—or the start of a more durable shift in institutional behavior.

A third-party vendor compromise discovered Thursday allowed attackers to inject a malicious script into Polymarket’s frontend, affecting multiple users.

Blockchain analyst Specter said the malicious script appeared to facilitate a phishing attack that drained an estimated $2.94 million from at least 11 Polymarket user wallets.

Polymarket said on X that the compromise has been contained and that the affected dependency has been removed. It added that users would be fully refunded.

Cointelegraph has approached Polymarket for comment but did not receive a response before publication.

The attack was the 89th reported crypto security breach of the second quarter, according to DefiLlama data, extending the most-hacked quarter on record by incident count.

Source: Specter

Crypto exploit losses reach $74.9M across 29 June incidents

Crypto exploit losses climbed to $74.9 million across 29 reported incidents in June, surpassing May’s $60.5 million total but remaining far below April’s $644 million, according to DefiLlama data.

Total value hacked by monthly sum, 1-year chart. Source: DefiLlama.

The largest June incidents included the $36 million Humanity Protocol exploit, the $4.7 million Secret Network bridge exploit, two separate Aztec exploits worth $2.1 million each and a $1.7 million bridge exploit on Taiko.

Related: About 60% of World Cup bettors on Polymarket are first-time crypto users

Over the past 30 days, private key compromises accounted for 43% of reported exploit losses, making them the leading attack vector, according to DefiLlama. Fake proof exploits accounted for 10%, followed by reverse MEV honeypots at 8%, which present deceptive trading opportunities to lure and manipulate automated trading bots.

About a month before Polymarket’s latest attack, the prediction market disclosed a separate $600,000 exploit that was traced to a six-year-old private key used for internal top-up operations. Josh Stevens, Polymarket’s vice president of engineering, said the platform’s contracts and user funds remained safe and that all permissions tied to the key had since been revoked.

Total value hacked by technique over the past 30 days. Source: DefiLlama

Polymarket currently holds over $450 million in total value locked, up 301% from $112 million a year ago, according to DefiLlama.

Magazine: Should users be allowed to bet on war and death in prediction markets?

Key Highlights

• Base postpones Beryl implementation by 24 hours to ensure B20 registry readiness
• B20 token standard introduces native support for stablecoins and real-world assets
• Registry initialization must complete before native B20 token deployment can proceed
• Withdrawal timeframe from Base to Ethereum reduced from seven days to five days
• Integration of Reth V2 promises up to 50% reduction in node storage requirements

The Ethereum layer 2 network Base has postponed its Beryl mainnet implementation by 24 hours to ensure proper B20 Activation Registry configuration. Beryl will now go live on June 26 at 18:00 UTC, providing additional time for the registry to initialize before the hard fork executes.

B20 Registry Initialization Necessitates Schedule Adjustment

Base initially targeted June 25 for Beryl’s launch, but development teams discovered a critical timing dependency. The B20 Activation Registry needs to complete its initialization sequence before developers can begin deploying native B20 tokens. This initialization process could take up to 60 minutes following activation.

The registry manages B20 feature flag availability throughout the network post-hard fork. To prevent activating Beryl before these critical functions were operational, the team rescheduled the mainnet deployment. While the timeline has shifted, the upgrade’s technical components remain unchanged.

Beryl brings B20 to Base—a protocol-native token standard designed specifically for stablecoins and tokenized real-world assets. B20 tokens function through Rust precompiles embedded directly within Base node software, unlike conventional ERC-20 contracts. Despite this fundamental difference, B20 maintains full ERC-20 compatibility and incorporates ERC-2612 permit functionality.

Enhanced Token Management and Accelerated Bridge Transfers

The B20 Issuer Toolkit provides comprehensive features including role-based permissions, minting and burning controls, transfer restrictions, and configurable supply limits. Additionally, it offers freeze and seizure capabilities for token issuers navigating regulatory compliance requirements. These functionalities embed core token governance directly into the protocol rather than relying on external smart contracts.

Beryl simultaneously decreases the standard withdrawal duration from Base to Ethereum from seven days down to five days. The majority of bridge providers utilize this single-proof withdrawal mechanism for cross-network transfers. Base attributed this improvement to Multiproofs enhancements delivered through the preceding Azul upgrade.

The upgrade further incorporates Reth V2 into Base’s node architecture. According to Base, this software implementation can cut node storage demands by as much as 50 percent. It additionally accommodates higher block gas limits, creating opportunities for expanded network throughput.

Recent Network Disruption Unrelated to Upgrade Postponement

Base encountered a block production halt lasting approximately two hours on June 25, prior to Beryl’s adjusted activation schedule. Engineering teams identified the cause as a consensus failure triggered by an invalid block entering the sequencing pipeline. Production subsequently resumed, and the team confirmed the incident bore no connection to the Beryl postponement.

The network emphasized that user assets remained secure throughout the disruption, despite the temporary cessation of block creation. Base founder Jesse Pollak stated that network interruptions are incompatible with infrastructure supporting worldwide financial operations. While the outage increased operational scrutiny, it didn’t affect Beryl’s planned functionality.

Beryl succeeds Azul, which deployed to mainnet in May as Base’s inaugural independent upgrade. The network has scheduled Cobalt, its subsequent major upgrade, for September. Cobalt is expected to deliver account abstraction capabilities, smart account support, gas sponsorship, transaction batching, and expanded B20 features.