US Federal Reserve governor Christopher Waller said Sunday that the growing use of dollar-backed stablecoins could bolster the global influence of US monetary policy.

Waller told participants at the 32nd Dubrovnik Economics Conference that countries that increasingly rely on stablecoins backed by the US dollar may effectively import US monetary conditions, Bloomberg News reported Sunday.

“I’ve always just looked at ​stablecoins as a payment instrument; there’s nothing evil about it, nothing dangerous about it,” Waller said. “They ​are just bringing competition into the payments world,” Reuters reported.

Source: The 32nd Dubrovnik Economic Conference

A contrary view was presented by his fellow presenter, Bank of England policymaker Megan Greene, who said stablecoins could fade from view in a matter of a few years. She said:

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“I think tokenized deposits are probably going to take over from stablecoins and ​five years from now, I suspect we might wonder why we were talking about stablecoins.”

Both were part of a panel discussion titled “Stablecoins and monetary policy” at the annual Croatian National Bank event.

A long-time skeptic of central bank digital currencies (CBDC), Waller said that enthusiasm for CBDCs has faded among many central banks. BoE’s Greene disagreed.

“I like to think of it as a massive race between the tortoise, the hare and the rhino.” Greene said. “The tortoise is the central ⁠bank ​digital currency …the hare is stablecoins and the rhino is tokenized ​deposits. We’ll probably end up with all three, but if I had to put money in one … it would be the ​rhino, tokenised deposits, which I think will probably take off,” Reuters reported.

Related: ECB pushes back on euro stablecoin proposals, citing financial stability risks

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Stablecoin policy stymies US crypto legislation

Debate over US policy on stablecoin yield has stymied progress on the US Digital Asset Market Clarity Act under consideration in the US Senate. 

The crypto market structure bill is one of the most significant pieces of crypto regulations in the US, but it is unclear if it will be signed into law in 2026 due to opposition from the banking lobby and the looming US midterm elections.

The CLARITY Act, which aims to establish a federal regulatory framework for digital assets passed out of the Senate Banking Committee on May 15 after months of debate between banks and the crypto industry over stablecoin yield provisions. However, it must still pass both chambers of Congress before heading to the president’s desk.

Wyoming Senator Cynthia Lummis warned Saturday that the US will lose its leadership position in crypto to other countries, including China, if lawmakers fail to pass the legislation this year.

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Source: Senator Cynthia Lummis

“America built the dollar-dominated financial system that has anchored global stability for a century. The Clarity Act ensures we build the next one. The time to act is now, before Beijing decides it will,” Lummis said in an X post.

Learn: Why banks are fighting stablecoins after shaping the rules

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Crypto and its neighboring markets spent the week separating conviction from hype. Bitcoin (BTC) shook off sell-off fears and pushed its long-term floor higher, even as a $500 million AI bill and a 50% stock crash showed how fast unbacked bets unravel.

That split ran through the week’s biggest names. SpaceX banked a $2.29 billion defense win, and Bitcoin holders bought weakness, while a runaway AI tab and a Las Vegas sports flop supplied the cautionary half.

MicroStrategy Reversal Cools Bitcoin Sell-Off Fears

Bitcoin trades near $73,600 after a week that tested nerves more than support. MicroStrategy, the largest corporate holder, withdrew 411.5 BTC worth about $30 million from Coinbase Prime hours after depositing it.

The deposit was its first direct exchange move in nearly two years. The round trip eased fears that Michael Saylor was lining up a sale. Prediction-market odds of a 2026 sale eased but stayed high.

The firm still holds 843,738 BTC and has bought none since May 18. Tom Lee’s BitMine bought the weakness too, adding 25,000 ether (ETH) for $50.6 million.

Bitcoin’s 200-Week Floor Climbs Past $61,000

The structural picture looks steadier than the price. Bitcoin’s 200-week moving average has climbed past $61,000, up from $60,000 in early May.

Blockstream CEO Adam Back flagged the move on May 30 as a long-term bull signal. The average smooths nearly four years of weekly closes and has marked every prior cycle bottom.

Only the 2022 bear market saw a weekly close below it. With BTC near $73,600, the spot price sits roughly $12,600 above that rising floor. Back paired the chart with a discipline argument borrowed from the late Charlie Munger.

A $500 Million Claude AI Bill Lands in One Month

The fallout from the week’s biggest AI bill is still spreading. An unnamed enterprise client ran up a $500 million charge on Anthropic’s Claude AI in a single month, Axios reported.

The cause was simple. Nobody set usage limits or spending caps for thousands of employees. Microsoft later trimmed internal Claude Code licenses after per-engineer costs hit $500 to $2,000 a month.

Uber reportedly exhausted its 2026 AI budget by April. Amazon even shut an internal AI leaderboard after staff gamed it with low-value prompts. The blowup is accelerating enterprise AI discipline across the sector.

SpaceX Banks a $2.29 Billion Space Force Contract

Defense and space names ended the week higher on a single award. SpaceX secured a $2.29 billion US Space Force contract to build the Space Data Network Backbone.

The system will move secure military data over low-orbit satellites, with a prototype due by the end of 2027. It feeds the Pentagon’s wider Golden Dome plan and deepens Elon Musk’s role in national security. Rocket Lab (RKLB) climbed about 13% on the week.

The deal also sharpens the SpaceX IPO speculation that crypto prediction markets keep pricing.

Thiel-Backed Enhanced Games Stock Halves After Vegas Flop

Enhanced Group (ENHA) closed the week as the market’s clearest hype check. The Peter Thiel-backed stock fell about 50% on Tuesday.

A six-hour Las Vegas debut produced just one unofficial world record. The May 24 event paid a $25 million purse, and the company’s own data showed 91% of athletes used testosterone.

Swimmer Kristian Gkolomeev set the lone record, while clean athletes won three events outright. The slide wiped close to $800 million from a firm that went public this month at a $1.2 billion valuation. The setup echoed another venture-backed spectacle in which a human intern recently outpacked a humanoid robot.

The post This Week in Crypto: MicroStrategy’s Bitcoin Fears Fade, $500M Claude Bill, Thiel Stock Halves appeared first on BeInCrypto.

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Michael Saylor, founder and executive chairman of Strategy, posted “Working ₿etter” on X on May 31, drawing immediate speculation from traders and market watchers about another Bitcoin (BTC) acquisition.

The message echoes a familiar pattern that market watchers have learned to follow. Strategy has historically disclosed new Bitcoin purchases within days of similar posts, turning each update from Saylor’s account into a closely followed signal for a potential 8-K filing.

Longest Purchase Pause in Recent Months

Strategy has not added to its holdings since May 18, the longest gap in its recent weekly buying run. The company holds 843,738 Bitcoin as of May 31, per StrategyTracker data.

The reserve value stands at approximately $62.24 billion, with an average acquisition cost of $75,701 per coin.

The post also follows Strategy’s brief Coinbase Prime move last week. The company deposited 411 BTC there, which pushed Polymarket odds of a 2026 Bitcoin sale above 90%, then withdrew the funds hours later in a reversal that cooled the sell-off narrative.

Bitcoin Balance Sheet Scrutiny Grows

A new purchase would come amid rising concern over MicroStrategy’s capital position. The company spent $1.38 billion in May buying back $1.5 billion face value of its 2029 convertible notes, trimming its USD reserve to approximately $871 million from around $2 billion before the transaction.

Arca chief investment officer Jeff Dorman published a direct warning about the capital flywheel, arguing that roughly $15 billion in outstanding preferred stock and approximately $1.5 billion in annual dividend obligations now put real strain on the accumulation model.

“MSTR, BTC and Pref holders are really in a bind. Someone is going to lose badly here, and it will happen in the next 4 months,” Dorman stated.

Saylor acknowledged at Q1 2026 earnings that Bitcoin sales remain an option if other capital sources run short. Gold advocate Peter Schiff has repeatedly cited that comment in his ongoing liquidity critique of the firm.

A June 8 vote by STRC holders on shifting preferred dividends to semi-monthly payments adds another near-term capital deadline to the mix.

The post may precede a formal acquisition filing or simply be routine communication. Either way, the next few days will indicate where Strategy’s treasury playbook is headed.

The post Michael Saylor’s Post Fuels New Bitcoin Purchase Speculation for MicroStrategy appeared first on BeInCrypto.

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Hyperliquid’s HYPE token has officially surpassed Dogecoin in market capitalization, securing a top-10 spot and marking a major victory for utility-driven assets over meme coins.

As of late May 2026, HYPE trades around $69, with a market cap hovering near $15.4 billion to $17 billion depending on intraday moves, briefly pushing it as high as #9. Dogecoin sits just behind at #11 with a nearly identical valuation.

HYPE Flips DOGE: Hyperliquid Enters Top 10 Crypto by Market Cap

Hyperliquid operates a high-performance Layer-1 blockchain optimized for decentralized perpetual futures and spot trading.

It delivers sub-second finality, an on-chain central limit order book, and gasless trading, rivaling centralized exchange speed while remaining fully decentralized.

The platform has processed trillions in cumulative volume and generated over $1.16 billion in revenue since launch.

Nearly all trading fees flow into an Assistance Fund for continuous HYPE buybacks and burns, creating powerful token value accrual.

Recent catalysts include CFTC approval for regulated U.S. perps, inflows into spot ETFs like Bitwise’s BHYP, and strong user growth exceeding 2 million addresses.

Unlike pure meme coins driven by sentiment, HYPE benefits from real usage metrics: daily volumes often exceeding $1 billion, high open interest, and a deflationary mechanism tied directly to platform success.

Experts note this shift highlights 2026’s preference for tokens with clear revenue streams and on-chain utility. HYPE’s 7-day performance shows strong green momentum, contrasting DOGE’s relative stagnation.

With HyperEVM expanding the ecosystem for broader DeFi applications and ongoing buyback programs, analysts watch for sustained momentum.

Key milestones ahead include further ETF developments, potential governance proposals, and continued competition in the derivatives sector.

This milestone reflects a maturing crypto market where product-market fit and cash flow increasingly determine rankings.

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The post HYPE Flips DOGE: Hyperliquid Cracks Top 10 Crypto As Price Nears $70 appeared first on BeInCrypto.

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A pointed critique from inside Ethereum’s developer ranks argues that ether’s 65% slide against Bitcoin (BTC) since the Merge stems from specific execution failures at the Ethereum Foundation, not from broad market cycles or coordination problems.

Reid, an ICO-era participant who still builds on Ethereum (ETH), published the indictment, framing the underperformance as accumulated execution debt with names, dates, and missed product calls.

A 65% Drop With Names Attached

Reid’s central data point lines up with public market data. The ETH/BTC ratio peaked near 0.085 around the Merge in September 2022.

It has fallen to roughly 0.028 by late May, capturing ether’s underperformance against Bitcoin. Ether currently trades below $2,000, down 21% over the past year.

Reid rejects Bankless co-founder David Hoffman’s framing of ether’s “deserved cap” as a noble ceiling. He argues the cap sits lower than bulls expected, for reasons with names and dates rather than coordination theory.

Reid covers credit and real-world assets at firms including Figure and Securitize, and discloses he is still long ether.

ESG Marketing and a Missing Staking Interface

Reid argues the Merge’s 99.95% energy-reduction message answered questions capital allocators never asked.

Institutions wanted yield, developers wanted finality, and users wanted cheaper transactions. Solana sold raw speed during the same window.

Proof-of-stake sat on the roadmap from 2015 and took seven years to ship. Solana launched mainnet beta in March 2020 and shipped wallets, decentralized exchanges, and money markets while Ethereum debated specs.

Vitalik Buterin’s writing through 2024 and 2025 shifted from Casper specs toward pluralism and network states.

Reid reads that tone as an established Ethereum cultural posture rather than an active competitive one.

The smoking gun, in Reid’s read, is the absence of a first-party staking app three years after the Merge.

The official path still requires running a validator with at least 32 ETH. Most users route through Lido, which holds about 24% of staked ETH despite repeated centralization warnings from developers.

“‘We don’t pick winners’ is what an organization says when it does not want to compete,” Reid remarked.

Follow us on X to get the latest news as it happens

Rollups as Managed Decline

The rollup-centric roadmap drained the base layer. EIP-4844 went live in March 2024 and pushed blob fees near 1 wei through most of 2024 and 2025.

Ethereum’s quarterly transaction fee revenue has fallen roughly 95% from a Q4 2021 peak of $4.3 billion.

Arbitrum has marketed 90% to 98% operating margins on its L2s. Base captured close to 70% of rollup profits by mid-2025.

Every major L2 issued its own token, fragmenting capital flows inside the ecosystem.

Reid contrasts this with Solana’s integrated L1, which has shown fee capture accruing directly to its native token.

The remaining question is whether Foundation product cadence shifts. The ETH/BTC ratio’s path through the rest of the cycle will reflect the answer.

The post Insider Reveals Real Reason Ethereum Is Down 65% vs Bitcoin Since The Merge appeared first on BeInCrypto.

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Micron Technology surged to a record high on May 26, jumping nearly 23% intraday before closing up more than 19% at $895.88. The rally briefly pushed the company’s market capitalization above $1 trillion, marking a milestone that places Micron among the largest technology firms globally. 

In overnight trading, shares extended gains toward $920 as momentum continued.

The explosive move was fueled by two major catalysts: accelerating AI memory demand and an aggressive price target upgrade from UBS. With MU now trading at historically elevated levels, the key question for investors is whether the rally represents the early stages of a structural re-rating or a short-term momentum surge.

AI Memory Boom Reshapes Micron’s Outlook

Micron’s rally reflects the broader expansion of artificial intelligence infrastructure, which continues to reshape the semiconductor sector. 

AI model training and inference require enormous volumes of high-performance memory, particularly advanced DRAM and high-bandwidth memory solutions.

Supply constraints across the industry have tightened pricing power for leading memory producers. Micron sits at the center of this cycle as one of the few global players capable of delivering advanced memory at scale.

The company recently began full-scale operations at its new $2 billion manufacturing facility in Manassas, Virginia, producing 1-alpha DRAM. The site strengthens domestic US memory production and supports critical sectors such as aerospace, defense, automotive, industrial systems, and healthcare. 

Management has framed this expansion as part of a broader $200 billion long-term investment strategy to reinforce domestic semiconductor manufacturing capacity.

Chairman and CEO Sanjay Mehrotra described the facility as a strategic milestone in securing advanced memory production within the United States while supporting long-lifecycle enterprise customers.

UBS Price Target Adds Fuel to the Rally

Investor enthusiasm intensified after UBS raised its price target on Micron to $1,625 from $535, representing one of the most aggressive analyst revisions in the semiconductor space this year.

The new target implies roughly 80% upside from recent levels. UBS analyst Timothy Arcuri expects AI-driven memory shortages to persist through at least the second quarter of 2028. Prolonged supply tightness would strengthen Micron’s pricing power and potentially stabilize historically volatile earnings cycles.

UBS also projects Micron could generate more than $100 per share in annual profits between 2027 and 2029 if current industry conditions persist. That outlook significantly reshapes long-term valuation assumptions.

The upgrade triggered broader gains across semiconductor stocks and reinforced the narrative that memory producers are becoming primary beneficiaries of AI infrastructure spending, alongside GPU manufacturers.

Financial Performance Reflects AI Cycle Acceleration

Micron’s recent financial results already reflect this structural shift. In the quarter ended February 26, revenue reached $24 billion, nearly tripling year over year. Adjusted net income surged almost eightfold to $14 billion, driven by improved pricing and AI-related demand strength.

Stock performance has mirrored that momentum. Shares are up more than 200% year to date and have gained over 800% in the past 12 months, dramatically outperforming the broader S&P 500.

Such rapid appreciation, however, raises questions about sustainability. Markets now price in continued supply shortages, stable margins, and durable AI demand. Any moderation in those assumptions could introduce volatility.

Technical Outlook: Elevated but Supported

After its sharp breakout, MU is entering a potential consolidation phase. Parabolic moves often lead to short-term cooling before continuation. If the stock holds above recent breakout levels near $870–$890, the broader bullish structure remains intact.

However, extended rallies can produce profit-taking as momentum indicators approach overbought territory. Traders will monitor whether volume remains elevated during pullbacks, as strong volume support would reinforce institutional participation.

The broader semiconductor ETF strength suggests sector-wide momentum remains supportive, reducing the probability of isolated weakness.

The post Micron Stock Forecast: Can MU Sustain Its AI-Driven Breakout After Record High? appeared first on BeInCrypto.

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Strategy chairman Michael Saylor on Sunday signaled the Bitcoin treasury company would be announcing fresh purchases of the cryptocurrency in the coming days.

The social media post comes just days ahead of a proxy vote that depends in large part on retailer shareholders to enable semi-monthly dividend payouts on the company’s STRC perpetual preferred stock.

“Working Better” was Saylor’s tweet late Sunday morning to accompany a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ahead of news of a purchase by the biggest publicly traded Bitcoin holder.

To be sure, any purchases to be announced will likely reflect the company bought at or below the average cost of previous BTC purchases. While, the average cost of Strategy’s 843,738 Bitcoin is $75,701 apiece, the biggest cryptocurrency by market cap has lost 3.65% of its value during May and was trading at about $73,566 at the time of publication, according to CoinMarketCap data.

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“Working Better” tweet. Source: Michael Saylor

Blockstream CEO Adam Back highlighted on Sunday that BTC’s 200-week moving average has pushed far above the $61,000 mark. That moving average is seen by some technical investors as a signal of a long-term upward price trend.

Related: Strategy situation ‘out of hand,’ says Arca exec on $15B preferred stock burden

Retail investors get pressed to vote on STRC dividend change

Strategy is proposing to pay semi-monthly dividends on STRC, instead of monthly. The company claims that if approved and adopted, it will lead to reduced reinvestment lag, enhanced liquidity, market efficiency and increased price stability.

Just days ahead of the June 7 proxy vote deadline, Saylor and Strategy are making a full press to get retail shareholders to return their proxy votes. On an internal company channel, Strategy’s investor relations team posted a message to all employees concerning the company’s 2026 annual meeting and provided links to the proposals under consideration by shareholders.

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Part of message to Strategy employees from internal website. Source: Company filing on Edgar

“The amendment for STRC to pay semi-monthly dividends, needs 50% of all 85M shares outstanding as of April 17, 2026, to pass, which means every single vote counts,” read a May 28 post on Strategy’s verified feed on X.com.

CEO Phong Le posted a video a day earlier thanking STRC shareholders for their trust. “I wanted to personally walk you through the proposed amendment and what it means for you,” he said as an introduction to the minute-and-a-half video.

Retail investors have shown limited interest in casting proxy votes. A November research note from The Harvard Law School Forum on Corporate Governance revealed data that showed retail investors have consistently voted only about 29% of their owned shares during the past five proxy voting seasons. Institutional holders have voted about 77%.

Magazine: Guide to the top and emerging global crypto hubs — Mid-2026

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Google’s Debug initiative has asked the US Environmental Protection Agency to approve the release of up to 32 million Wolbachia-treated male mosquitoes in Florida over two years.

The proposal sits under EPA docket EPA-HQ-OPP-2025-3951. The public comment period closes on June 5, after which the agency will decide whether to approve, deny, or place conditions on the test.

The application is part of a wider experimental-use request from Google LLC. It also includes a similar release plan for California.

In Florida, Google proposes releasing up to 16 million male mosquitoes in the first year and another 16 million in the second year. California would see the same maximum release volume under the same application.

What Google’s EPA Filing Covers

The EPA notice identifies the mosquitoes as male Culex quinquefasciatus carrying Wolbachia pipientis wAlbB.

Culex quinquefasciatus, often called the southern house mosquito, is linked to the spread of mosquito-borne diseases, including West Nile virus. 

The Florida test would help Google collect field data for a possible future product registration under federal pesticide law.

The word “pesticide” can sound confusing here. In this case, the EPA is reviewing Wolbachia as a biological control method because it is being used to suppress a pest population.

That makes the proposal a regulated field test, even though it does not involve conventional chemical spraying.

How Debug’s Wolbachia Technology Works

Debug uses male mosquitoes carrying Wolbachia, a bacterium found naturally in many insect species.

When these treated males mate with wild females that do not carry the same Wolbachia strain, the resulting eggs do not hatch. Repeated releases can gradually reduce the local mosquito population.

Only male mosquitoes are released. That matters because male mosquitoes do not bite or spread disease.

The difficult part is sorting males from females on an industrial scale. Debug uses artificial intelligence and automation to separate mosquitoes by sex, rear them in large numbers, and release them across target areas.

This is where Google’s role becomes important. The project depends on software, robotics, AI-based sorting, and field logistics, not just mosquito biology.

The Idea Has a Real-World Example in Singapore

Debug’s strongest real-world reference point is Singapore.

Since 2018, Debug has worked with Singapore’s National Environment Agency on Project Wolbachia. The program uses Wolbachia-carrying male mosquitoes to suppress Aedes aegypti, the main dengue vector in Singapore.

Singapore’s results have been significant. Official program data show 80% to 90% suppression of Aedes aegypti populations in treated areas and more than 70% lower dengue risk among residents after sustained releases.

Debug has also expanded its Singapore site into its first international research and development hub. The facility now supports AI-based sex sorting, robotics, and large-scale mosquito production.

The company says more than 10 million male Wolbachia mosquitoes are now released weekly in Singapore.

AI is Moving into Public Health Field Work

The Florida application also shows how AI is moving beyond software products and into biological field operations.

Debug’s system uses AI to solve a practical bottleneck: sorting mosquitoes accurately and quickly enough for mass release. Without that, Wolbachia programs cannot scale safely.

Automation also helps with consistency. Large mosquito-control programs need predictable production, reliable sex separation, and repeatable release patterns across neighborhoods.

That makes this proposal part of a wider trend. AI is increasingly being used to manage physical-world systems, from agriculture to public health.

What Happens Next

The EPA will review public comments after the June 5 deadline.

If the agency approves the permit, Google could begin a two-year field test in Florida and California under federal conditions. If the EPA denies the request, the company would need to revise or abandon the proposed trial.

A positive decision would give Debug its first large-scale US regulatory pathway for this type of mosquito-control deployment.

It could also shape how future biological interventions are reviewed in the US, especially as mosquito-borne disease risks rise and cities look for alternatives to chemical control.

For now, the decision rests with the EPA.

The post Why Google Wants to Release 32 Million Mosquitoes in Florida appeared first on BeInCrypto.

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A $1.26 billion block sale of BlackRock’s iShares Bitcoin Trust (IBIT) this week might have been driven by a large investor seeking a rapid exit from bitcoin exposure rather than the unwinding of a common hedge-fund trading strategy.

That’s according to an analysis published by crypto investment firm NYDIG.

The transaction took place on May 26, when 29.21 million IBIT shares changed hands off-exchange at $43.16 per share. The trade was executed at a $1.01 discount to IBIT’s market price of $44.17 at the time, representing a 2.3% concession and roughly $29.5 million in execution costs.

NYDIG said the size of the discount suggests the seller prioritized certainty and speed over maximizing price. The trade was reported through the FINRA/Nasdaq TRF Carteret facility, which is commonly used for privately negotiated off-exchange transactions.

Some market participants had speculated the block could have been tied to a bitcoin basis trade, in which investors hold spot bitcoin exposure while shorting futures contracts.

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NYDIG rejected that explanation, arguing that the discount would have significantly reduced the strategy’s expected returns.

The firm also pointed to activity in CME bitcoin futures. The IBIT position represented exposure equivalent to roughly 3,700 CME bitcoin futures contracts.

Yet only 91 contracts traded during the minute in which the block was executed, with no unusual spike in futures volume.

“The size of the trade, the 2.3% execution discount, the absence of corresponding CME futures activity, and the limited universe of potential sellers collectively weigh against the view that the transaction represented a contemporaneous basis-trade unwind,” NYDIG’s global head of research, Greg Cipolaro, wrote.

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The sale came as U.S. spot bitcoin ETFs see sustained outflows. According to SoSoValue data, the funds recorded daily net outflows on every trading day from May 15 through May 29. Total assets across the category fell from $107.75 billion on May 14 to $94.17 billion by May 29. Meanwhile, the bitcoin price fell 16% this year, while most other assets, such as equities and commodities, have surged as capital continues to flow out of crypto.

Read more: Bitcoin drops to 13th largest asset as capital flees to AI and precious metals

Difficult to identify

While IBIT recorded about $720 million in net redemptions across May 26 and May 27, NYDIG said ETF flow data cannot be used to directly identify the seller or link specific redemptions to the block transaction.

NYDIG noted that the position exceeded the reported holdings of every disclosed IBIT investor in recent 13F filings, making identification difficult.

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The firm said public data cannot determine whether the sale was driven by investor redemptions, risk-management constraints or a discretionary decision to reduce bitcoin exposure.

Still, NYDIG said the transaction stands out because a large holder chose to accept a significant discount to exit a bitcoin-linked position worth more than $1 billion during a period of persistent outflows and as the price of bitcoin remains below $80,000.

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