Bitcoin’s (BTC) latest bout of panic selling produced significantly smaller realized losses than those seen during the February correction. Realized losses peaked at $1.4 billion during the June decline, compared to $2.6 billion in February, while the buy-side liquidity on Binance strengthened above recent lows at $60,000, according to Glassnode. 

BTC realized drop 46% from February highs

Bitcoin’s realized profit-to-loss ratio has fallen into capitulation territory, signaling that loss-taking continues to outweigh profit-taking across the market. The 30-day smoothed ratio currently sits near 0.28, one of the lowest readings of the year.

However, the magnitude of those losses tells a different story. Bitcoin’s seven-day moving average realized loss peaked at $2.6 billion during February’s sell-off. The June decline reached $1.4 billion before cooling to approximately $558 million.

Bitcoin Realized Loss. Source: CryptoQuant

The gap between the two events highlights a notable shift in traders’ behavior. Fewer investors are choosing to sell at a loss despite another period of market stress, where BTC prices range near identical levels.

Crypto analyst Axel Adler Jr. described the current episode as the second wave of panic selling in 2026. The analyst noted that realized loss data shows the latest capitulation is “almost twice as low” as February’s event.

Glassnode’s capital flow metrics also show pressure easing on the price. The realized cap, which measures the aggregate cost basis of all circulating Bitcoin, stands at $1.07 trillion. The metric has declined by 1.45% over the past 90 days, indicating a steady withdrawal of capital.

The realized cap’s seven-day change has narrowed to -0.18%, indicating that capital outflows have nearly stalled compared to Q1. 

Related: Bitcoin price sets $64.5K week-to-date low as Strategy selling worries return

Bitcoin spot orderbooks turn supportive

According to Glassnode, Binance’s spot orderbook depth imbalance has shifted decisively toward bids, with a ratio of 0.8, with buy-side liquidity exceeding resting sell orders by the widest margin since December 2025. The change signals a stronger demand to absorb supply during pullbacks rather than distribute into rallies.

BTC: spot orderbook depth imbalance. Source: Glassnode

At the same time, the derivatives positioning has become less aggressive. Bitcoin’s open interest (OI) on Binance recorded one of its largest daily reversals since April. Open interest shifted to -$620 million, from $258 million over the past 24 hours, marking a net reversal of nearly $878 million. 

For now, the strongest improvement is visible in spot liquidity. Glassnode added,

“Although this alone is insufficient to confirm a durable bottom, the emergence of strong buy-side depth suggests spot market participants are becoming more willing to defend current price levels.”

Related: Bitcoin is setting up ‘meaningful floors’ in $60K–$70K range: Analyst

Key Takeaways

• In June 2026, SpaceX launched its IPO with a $1.77 trillion valuation, rapidly surpassing the $2 trillion market capitalization threshold
• Despite generating $18.67 billion in 2025 revenues, SpaceX continues operating at a loss with $4.94 billion in net deficit
• Following a June 17 SpaceX launch, AST SpaceMobile expanded its orbital constellation to nine BlueBird satellites
• AST SpaceMobile’s Q1 2026 financials show $14.7 million revenue with $3.5 billion cash reserves and projected 2026 revenues between $150-$200 million
• Analyst sentiment on AST SpaceMobile skews negative with a Reduce consensus and $81.33 average target price

The space industry witnessed a monumental event in June 2026 when SpaceX entered the public markets with a staggering $1.77 trillion valuation. Trading activity quickly pushed the company’s market capitalization beyond $2 trillion, positioning it among the planet’s most valuable enterprises.

Space Exploration Technologies Corp., SPCX

Financial results from 2025 revealed revenues of $18.67 billion, representing substantial growth from the previous year’s $14.02 billion. However, aggressive capital deployment in rocket technology and infrastructure resulted in a $4.94 billion net deficit.

SpaceX has evolved far beyond its original rocket-launching mission. Today’s operations encompass launch services, reusable rocket technology, and the Starlink satellite internet division. Reuters characterizes the company as a comprehensive “space, satellite and AI provider.”

The Starlink division provides SpaceX with predictable, subscription-based income that distinguishes it from traditional aerospace competitors. This broadband operation has achieved meaningful scale, with future expansion tied to Starship advancement, government procurement, and global Starlink deployment.

Investors must grapple with valuation concerns. The current price reflects extraordinary growth expectations despite ongoing profitability challenges.

AST SpaceMobile Expands Its Orbital Infrastructure

AST SpaceMobile pursues an alternative strategy. This company develops satellite infrastructure enabling direct communication with standard mobile devices without specialized equipment.

AST SpaceMobile, Inc., ASTS

A SpaceX launch on June 17 deployed three additional AST BlueBird satellites, expanding the operational constellation to nine units. The company projects having 45 satellites operational before 2026 concludes.

First-quarter 2026 financial results showed $14.7 million in revenue alongside a -$0.66 earnings per share. The balance sheet reflects $3.5 billion in cash reserves, with management reaffirming annual revenue projections of $150-$200 million for 2026.

The investment narrative remains speculative. Market participants are wagering on eventual commercialization rather than existing scale.

Despite the recent launch success, uncertainties persist. Barron’s highlighted that investors await confirmation of complete satellite deployment and operational functionality.

Fundamental Differences Between These Space Investments

The chasm separating these companies centers on operational validation. SpaceX operates an established, revenue-generating commercial space enterprise. AST SpaceMobile continues demonstrating its direct-to-device concept can achieve global viability.

SpaceX delivers greater predictability. It possesses established revenue streams, developed infrastructure, and proven execution. AST SpaceMobile presents superior upside potential should its network achieve commercial maturity, though execution risks remain substantially elevated.

Analyst coverage mirrors this distinction. Eleven analysts track AST SpaceMobile with a Reduce consensus: one buy rating, seven hold recommendations, and three sell ratings. Their average price objective sits at $81.33.

SpaceX’s recent public debut precludes comprehensive analyst consensus, though its immediate post-IPO valuation demonstrates significant investor confidence in its market dominance.

While both organizations operate within the broader space sector, their developmental stages differ dramatically.

Investor selection ultimately hinges on preference: established operations versus speculative growth potential.

Illinois has approved a new 0.2% tax on crypto transactions that state officials estimate could generate up to $60 million annually, prompting public criticism from Strategy co-founder Michael Saylor and several industry groups.

In a June 17 X post, Saylor called Governor J.B. Pritzker’s decision to sign the Digital Asset Privilege Tax Act into law a “Big Mistake.” The measure, which takes effect on Jan. 1, 2027, imposes a 0.2% levy on covered digital asset transactions, including transfers between wallets.

State lawmakers approved the tax as part of Illinois’ budget package. Alongside the crypto provisions, the legislation also includes a 1.75% tax on sports bets placed through prediction market platforms such as Polymarket.

The law arrives as lawmakers in Washington continue discussing digital asset taxation at the federal level. Earlier this month, the House Ways and Means Committee released seven discussion drafts covering various aspects of crypto tax policy.

Industry groups warn the law could drive firms away

Opposition to the Illinois measure began shortly after it cleared the legislature. In a joint letter, the Digital Chamber and the Illinois Blockchain Association urged state officials to reject the proposal, arguing that it could harm the state’s digital asset sector.

According to the groups, no other U.S. state currently imposes a comparable tax on crypto transactions. They also criticized the legislative process, noting that the proposal was inserted into a 1,624-page budget bill rather than advancing as standalone legislation.

Separately, the Crypto Council for Innovation sent a letter to Governor Pritzker requesting a veto. The organization argued that the tax departs from traditional tax systems because it applies to digital asset activity itself rather than gains, profits, or income.

CCI also stated that the legislation does not include exceptions for routine transactions or a de minimis threshold that would exempt small transfers from taxation. The group warned that the framework could place an outsized burden on Illinois residents using digital assets and discourage companies from building in the state.

Adding to those concerns, Miles Jennings, head of policy and general counsel at a16z Crypto, wrote that there is “no comparable state financial transaction tax” on stocks, bonds, or derivatives anywhere in the United States.

Brokers face new registration and reporting requirements

Beyond the tax itself, the legislation creates new compliance obligations for digital asset brokers.

According to tax advisory firm BDO, the rules can apply not only to Illinois-based businesses but also to out-of-state brokers that generate at least $100,000 in annual receipts from Illinois customers.

BDO noted that state sourcing rules are broad and may rely on customer location data, account records, mailing addresses, IP addresses, or other indicators showing Illinois as the primary place of use.

Under the law, brokers must collect the tax as a separate line item, maintain records, and file monthly reports covering the previous month’s activity. Registration requirements must also be completed before the Jan. 1, 2027, start date, with registrations renewing automatically unless canceled or revoked.

Compliance questions remain unresolved. Commenting on the legislation, litigator Joe Carlasare pointed to uncertainty around wallet transfers and sales, asking whether moving Bitcoin from self-custody to Coinbase and immediately selling it would create one taxable event or two.

The Illinois measure has also intensified existing tensions between the state and parts of the crypto industry. Illinois is already facing a lawsuit from the CFTC over prediction markets after state regulators attempted to restrict platforms including Polymarket and Kalshi.

With the tax now signed into law, attention has turned from legislative debate to how brokers and users will prepare for the new rules before 2027.

Ready, a self-custodial wallet and crypto payments company, has reportedly disabled USDC-related card functionality for users located outside the European Economic Area (EEA), according to multiple user reports shared on social media.

Users say they received an in-app warning that their “Ready Card will be deactivated within the next hour,” with the message indicating the change affects users “primarily outside the EEA” after what appears to be a card-provider update.

Key takeaways

• Multiple users report Ready disabled Ready Card access outside the EEA with only a short notice period.
• The company linked the change to a card-provider shift, but it has not yet publicly clarified the new provider or the reason for the restriction.
• Screenshots shared by users indicate automatic refunds would be issued for remaining subscription time, within 10 business days.
• Ready’s card functionality centers on USDC spending, while users can still custody and transfer USDC onchain.

Short notice, sudden loss of card access

The reports describe a rapid transition: at least some users say they lost card access within hours of receiving the in-app notice.

One user, posting under the handle TapSatoshi, said the timing left them frustrated, pointing to what they characterized as delays in features such as Apple Pay support and the prioritization of additional product elements like a “Rewards” section. Other screenshots circulating online show the notice framing the deactivation as a change affecting users mostly outside the EEA.

According to those same screenshots, Ready stated that automatic refunds would be processed for any remaining subscription period, with the refund window described as within 10 business days.

Provider change reported, details still unclear

While users attribute the restriction to a change in Ready’s card provider, it remains unclear which provider will be responsible for the Ready Card moving forward, or what specifically triggered the shift.

Public documentation previously associated the program’s issuer-side partner with Kulipa. However, it was not possible to confirm from the user reports whether Kulipa remains involved in any capacity, or whether the restriction is tied to a broader contractual or compliance update.

Cointelegraph reached out to Ready for comment but did not receive a response by the time of publication.

How Ready Card works around USDC

Ready is a wallet designed for the Starknet ecosystem, an Ethereum layer-2 network that uses zero-knowledge rollups. While the wallet supports multiple assets—including Bitcoin (BTC) and Ether (ETH)—the Ready Card functionality is reported to be built primarily around USDC.

Ready documentation states that when a purchase is made, the system checks a user’s USDC balance in real time. Transactions are then processed via Mastercard’s payment network, with crypto converted to fiat at the point of sale. In that design, the card acts as a spending interface layered on top of the user’s self-custody.

That distinction is important for what the restriction likely means for users: if card access is limited, users can still hold and transfer USDC onchain without interruption. The deactivation appears to affect the payment rail connected to the card rather than the underlying ability to transfer funds.

Broader lesson for crypto-linked payments

For users, the reports raise a practical question: how quickly can access to crypto-linked payment cards be curtailed when issuer-side or provider-side arrangements change?

In this case, the combination of a short deactivation window and an as-yet unclear explanation from the issuer highlights a recurring risk in the “self-custody + off-chain spending” model—while the wallet may remain under user control, card availability can depend on external counterparties and their operational or regulatory constraints.

Moving forward, the key items readers should watch are whether Ready publishes an official explanation for the provider change and restriction, how refunds and any future card availability in the EEA are handled, and whether additional regions are affected in subsequent notifications.

TLDR:

• BTC open interest on Binance swung nearly $878M, from +$258M to -$620M within 24 hours. 
• ETH Binance open interest dropped $821M, falling from +$131M to -$690M in under 48 hours. 
• Bybit and Deribit also posted negative OI changes, confirming a broad cross-venue deleveraging.
• BlackRock’s IBIT and ETHA led spot ETF inflows even as derivatives exposure contracted sharply. 

Bitcoin and Ethereum derivatives markets recorded a sharp synchronized open interest reset on Binance, the sharpest since April 2026.

BTC open interest change on Binance swung from +$258 million to -$620 million within 24 hours, a net reversal of nearly $878 million.

Ethereum followed almost simultaneously, with open interest change on Binance falling from +$131 million to -$690 million. Together, the two assets posted a combined Binance open interest swing of roughly $1.7 billion.

BTC and ETH Derivatives Exposure Contracts Across Major Venues

The Bitcoin open interest reset on Binance marked one of the sharpest single-day reversals recorded since April 2026.

The move from +$258 million to -$620 million represents a net swing of nearly $878 million over 24 hours. That scale of reversal reflects a meaningful shift in how traders were positioning across BTC derivatives.

Ethereum’s open interest change on Binance fell from +$131 million to -$690 million within a window of less than 48 hours.

The net decline came in at approximately $821 million, making it a near-mirror of what played out on the Bitcoin side.

Both moves occurred within the same narrow time frame, pointing to a coordinated reduction in derivatives exposure rather than isolated activity.

The reset was not confined to Binance alone. Other major derivatives platforms recorded negative open interest changes during the same period. Bybit posted approximately -$116 million on Ethereum, while Deribit recorded around -$78 million on Bitcoin.

Together, the cross-venue contraction adds further evidence that this was a broad derivatives deleveraging event. Position closures spanning multiple platforms and both major assets suggest traders were broadly reducing risk rather than rotating within specific markets.

Spot ETF Inflows Continue Amid Derivatives Pullback

On the spot market side, U.S. spot Bitcoin ETFs recorded total net inflows of $10.0643 million on June 16, according to SoSoValue data.

BlackRock’s IBIT led the Bitcoin ETF category, pulling in $16.3526 million in net inflows on that date. The inflow data shows continued institutional appetite for Bitcoin exposure through regulated products.

Spot Ethereum ETFs recorded total net inflows of $9.5876 million on the previous day. BlackRock’s ETHA led the ETH ETF category, recording $17.3358 million in net inflows.

The positive flows occurred even as derivatives positioning across ETH markets contracted sharply on Binance and other venues.

This type of synchronized open interest contraction typically reflects aggressive position closures, reduced leverage, or traders cutting risk after a heavily positioned market period.

It does not automatically confirm bearish price continuation. However, it does confirm that derivatives exposure across both BTC and ETH has been sharply reduced.

The divergence between declining open interest and continued spot ETF inflows presents a split picture across market structure.

Derivatives traders appear to be reducing risk, while ETF investors continue adding exposure through regulated channels. How these two dynamics interact in the near term will likely shape price behavior for both assets going forward.

Crypto-linked political spending helped shape the outcome of Alabama’s U.S. Senate runoff, where Republican nominee Barry Moore defeated Democrat Everett Wess. The race hinged on advertising campaigns backed by industry-aligned political committees, according to Federal Election Commission (FEC) filings reviewed in reporting by NBC News.

Moore’s win came with him set to replace retiring Republican Sen. Tommy Tuberville. After no candidate secured a majority in the May 19 primary, the runoff took place Tuesday, with Moore winning 55.8% of the vote to Wess’s 44.2%, NBC News reported: https://www.nbcnews.com/politics/2026-primary-elections/alabama-senate-runoff-results.

Key takeaways

• FEC filings show Defend American Jobs PAC—affiliated with crypto advocacy group Fairshake—spent more than $12 million on media buys supporting Barry Moore in Alabama’s May primary and the Tuesday runoff.
• Stand With Crypto rated Moore as “strongly supports crypto,” citing his public statements and his voting record as Alabama’s 1st Congressional district representative.
• Fairshake spokesperson Geoff Vetter said the cycle’s spending helped secure another “pro-innovation” senator and referenced a large remaining cash position.
• Industry PAC spending is extending into additional primaries across multiple states ahead of the November general election.

FEC filings tie Fairshake-linked spending to Moore’s runoff

FEC records indicate Defend American Jobs PAC invested heavily in the Alabama contest. The committee, described as affiliated with cryptocurrency company-backed Fairshake, reported spending more than $12 million on advertising tied to Moore’s candidacy in both the May 19 primary and the Tuesday runoff.

Stand With Crypto, a Coinbase-affiliated advocacy organization, also weighed into the narrative around the candidate. It rated Moore as “strongly supports crypto,” attributing that assessment to his prior statements and voting record during his time representing Alabama’s 1st Congressional district.

In comments carried in the coverage, Fairshake spokesperson Geoff Vetter characterized the results as validation of the group’s strategy. “Our biggest spend of the cycle yielded yet another pro-innovation champion in the Senate,” Vetter said, adding that Fairshake believes it is positioned to keep pushing for crypto-friendly policy outcomes in Congress.

Fairshake signals a long runway after reporting a large cash position

Vetter’s remarks also put the Alabama results into a broader spending picture. Based on his statement, the Fairshake network and related affiliates may have deployed more than $40 million across several U.S. states to back candidates the group describes as “pro-crypto” ahead of the next legislative session.

That broader effort is supported by the committee’s reported financial position. The PAC reported holding a $193 million war chest as of January, according to the same coverage.

While Alabama’s runoff provides a high-profile win for the industry-aligned political wing, the more investor-relevant takeaway may be continuity: the existence of a substantial remaining cash buffer suggests this spending push is not a one-off event. Instead, it appears designed to support multiple races as election dates move forward.

Industry-aligned PAC spending expands to other primaries

Alabama is not the only state where crypto-aligned political committees have been active. Coverage notes that the runoff follows other primary contests in which industry PACs reportedly spent millions on media supporting candidates facing intra-party elections.

Fairshake affiliates have also been tied to House races in multiple states, with reporting citing Protect Progress—another Fairshake-linked entity—as having filed disclosure documents with the FEC. Those filings indicated media-buy spending totaling about $5.2 million and $587,000 for House seats, respectively, for Maryland Democrat Adrian Boafo and New York Democrat Ritchie Torres, according to FEC reporting referenced in the article. The primaries for those contests were scheduled for June 23.

That pattern underscores how crypto-linked political activity is increasingly concentrated around the primary phase—when candidates are selected within party structures—rather than waiting until November general-election matchups. For market participants, this matters because the primary election cycle can determine who ultimately holds negotiating leverage on crypto policy once Congress convenes.

What Moore’s win changes—and what remains uncertain

Moore’s victory gives the pro-crypto advocacy ecosystem a new potential legislative ally in the Senate as he prepares to take a seat expected to be vacated by outgoing Sen. Tuberville. His anticipated policy influence is likely to be watched closely by observers tracking the growing involvement of industry PACs in federal elections.

At the same time, several unknowns remain. A candidate’s stated stance and prior voting record—reflected in ratings like Stand With Crypto’s—does not guarantee how they will vote on complex legislation once in the Senate. The immediate impact will depend on committee assignments, coalition-building, and how political priorities evolve during the next session.

With additional primaries already set across the calendar, the next question for voters and industry watchers is whether similar spending and messaging translates into more wins for candidates viewed as aligned with crypto policy preferences—especially as the Fairshake network continues to indicate substantial available resources.

Readers should watch the next round of primary outcomes and subsequent FEC disclosures for how much ad spend is deployed, which races are targeted, and whether crypto-aligned PACs maintain the momentum signaled by Alabama’s runoff result.

Bitcoin has fallen back toward $64,000 after a hawkish Federal Reserve outlook erased a relief rally driven by easing Middle East tensions, with traders now debating whether support near $64,000 can prevent a deeper retracement toward June lows.

According to data from crypto.news, Bitcoin (BTC) climbed to an intraday high of $66,315 on June 17 before reversing sharply and dropping to as low as $64,103 during early June 18 trading.

The reversal followed the Federal Reserve’s decision to keep interest rates unchanged at 3.50%–3.75%, though policymakers surprised markets by projecting additional rate hikes in 2026. The announcement arrived just hours after reports of a preliminary U.S.-Iran agreement had fueled a risk-on move across crypto and equity markets.

Before the Fed decision, traders had welcomed news that Washington and Tehran were moving toward a framework that could reopen the Strait of Hormuz and ease pressure on global energy markets.

Oil prices had already retreated sharply from recent highs, helping risk assets recover. Bitcoin’s initial rally also triggered a wave of short liquidations, with more than $150 million in bearish positions forced out of the market as BTC price pushed above $66,000.

Away from macro headlines, institutional demand has remained under pressure. U.S. spot Bitcoin ETFs have continued to record net outflows over recent weeks, reducing a key source of structural demand that supported previous rallies.

Capital has also gravitated toward traditional risk assets, particularly artificial intelligence-related equities and newly listed high-growth companies such as SpaceX, which have attracted significant speculative flows from institutional investors.

Technical structure leaves Bitcoin trapped beneath major resistance

The daily chart shows Bitcoin’s rebound stalled almost precisely at the 78.6% Fibonacci retracement level near $64,230, calculated from the decline between the May peak around $82,939 and the June low near $59,136.

The larger 61.8% retracement level sits much higher near $68,229, reinforcing the importance of the $68,000–$69,000 zone as a major resistance area should buyers regain control.

Momentum indicators remain mixed. The daily MACD has begun recovering from deeply negative territory, but the histogram remains below levels typically associated with trend reversals. Meanwhile, the daily RSI sits below 40, showing that bearish momentum still dominates despite last week’s rebound from sub-$60,000 levels.

On the four-hour chart, Bitcoin has retreated back to test an ascending trendline that has supported price since the June 5 low. The asset also remains below the Supertrend resistance level near $67,113, a threshold that has repeatedly rejected recovery attempts throughout June. BTC price currently trades just above Supertrend support around $64,500, placing the market at a technically important inflection point.

Derivatives positioning adds another layer of risk. CoinGlass liquidation heatmaps show one of the largest nearby liquidity clusters concentrated between $64,500 and $65,000, where heavily leveraged long positions accumulated during the latest rebound. Bitcoin’s drop through that area triggered a cascade of liquidations and exposed additional liquidity pockets near $64,000.

According to analyst Ardi, the current rally bears similarities to the move that preceded Bitcoin’s previous decline from $83,000.

“If we don’t see spot volume play catch up, there’s very little doubt in my mind we’ll eventually see a similar outcome.”

Ardi noted that perpetual futures activity has continued to rise while spot demand remains near cycle lows, suggesting leverage rather than fresh capital has driven much of the recent recovery.

Loss of $64K support could expose June lows

Several traders now view the $64,000 region as the market’s most important short-term support level. Commenting on the latest breakdown, analyst Wealthmanager argued that a sustained move below that zone could reopen the path toward $60,000.

Altcoin spot demand has been under sustained pressure, but derivatives activity suggests traders are still heavily engaged with non-Bitcoin assets. On June 16, altcoins (excluding Ether) recorded $266 billion in net selling volume on centralized exchanges—the deepest reading since CryptoQuant began tracking spot demand in 2020—according to figures cited by analyst IT Tech on CryptoQuant.

At the same time, altcoins are taking a leading share of derivatives attention. CryptoQuant data referenced in the report shows altcoins accounted for 51% of daily futures trading volume on Binance on June 16, versus 28.85% for Bitcoin and 20.20% for Ether—an imbalance that points to capital rotating within crypto markets and into other exchange-linked products rather than consistently flowing into altcoin spot.

Key takeaways

• Altcoins excluding Ether saw one-year cumulative net outflows of $266 billion on centralized exchanges on June 16, the lowest since CryptoQuant’s 2020 tracking began.
• Despite those spot outflows, altcoins represented 51% of Binance futures trading volume on June 16, leading both Bitcoin and Ether.
• The divergence implies active trading and potential recycling of liquidity rather than fresh spot accumulation.
• Exchange stablecoin balances appear broadly steady since December 2024, suggesting liquidity remains available even as allocation becomes more selective.
• CryptoQuant data cited in the report points to rapid growth in exchange-linked “traditional asset” derivatives, including metals and pre-IPO perpetual products.

Spot selling hits a record low while futures stay crowded

The clearest tension in the data is between spot flows and market participation. IT Tech, quoting CryptoQuant analytics, said the one-year cumulative buy-sell difference for altcoins (excluding Bitcoin and Ether) fell to -$266 billion on June 16. The metric’s significance lies in what it represents: aggregate spot demand strength versus selling pressure over an extended period.

Such a persistent negative balance typically indicates that, at least on net, buyers have not been able to absorb the supply leaving exchanges. In this case, the report frames the shift as selling pressure outweighing buying demand “for an extended period,” pushing the cumulative figure to a new low.

But the story changes when looking at trading activity. CryptoQuant data cited alongside the spot metric shows that altcoins are dominating daily futures volume on Binance. On June 16, altcoins made up 51% of trading volume, while Bitcoin and Ether lagged with 28.85% and 20.20% respectively.

CryptoQuant’s referenced coverage also notes that altcoins have led exchange trading volumes for most of 2025, except for a short interval in February when Bitcoin temporarily overtook the sector. For investors, this is an important nuance: negative spot demand and heavy futures participation can coexist, often because derivatives positions do not require the same net spot purchases as long-only spot strategies.

What the divergence may mean for liquidity recycling

The report’s interpretation is that the combination of low or deeply negative spot demand and high futures turnover suggests capital rotation within altcoin markets—potentially involving repeated entering and exiting of positions—rather than a sustained inflow of spot capital.

In practical terms, when net selling pressure rises, traders may still keep deploying into altcoin exposure via futures, perps, or other leveraged instruments. That can sustain high derivatives volume even when exchange spot balances reflect ongoing selling. Meanwhile, fresh buying—if it exists—may be getting directed elsewhere or arriving in smaller, less consistent bursts.

This matters for market participants monitoring “demand” signals. For example, a decline in spot buy-sell balances might not immediately translate into reduced trading activity, especially if leverage and hedging strategies continue to concentrate volume in altcoins. Traders watching for a directional shift may therefore want to track whether futures dominance changes at the same time as spot outflows improve—or if futures remain strong while spot selling persists.

The report also flags a broader pattern: attention and liquidity may be spreading beyond altcoin spot entirely, moving toward other exchange products that can absorb stablecoin and trading capital.

Stablecoin balances look resilient, while deployment gets more selective

Another pillar of the report concerns exchange-held stablecoins. Analyst MorenoDV indicated that exchange stablecoin balances have changed little since December 2024. Using CryptoQuant’s “exchange supply ratio” for ERC-20 stablecoins, the report states that the figure has generally fluctuated between 0.40 and 0.46—meaning roughly 40% to 46% of circulating ERC-20 stablecoins have remained on exchanges for more than a year.

In other words, the liquidity needed to trade has not disappeared. Instead, the allocation of that liquidity appears to be shifting. The report contrasts this stability with price volatility: it says Bitcoin experienced swings exceeding 50% during the same period, trading between $60,000 and $120,000. Meanwhile, Binance’s share of total stablecoin supply has been described as sitting in the 25% to 30% range, accounting for more than half of exchange-held reserves.

For investors, the key takeaway is that “available liquidity” and “where it gets deployed” are becoming two separate questions. Stablecoin balances may remain broadly steady, but traders and capital providers may be deploying that liquidity into a wider set of instruments rather than keeping the money concentrated in spot.

Traditional-asset derivatives and pre-IPO contracts gain traction

The report points to a possible explanation for that shift: exchange users are increasingly spreading liquidity across assets that resemble traditional-market instruments. CryptoQuant data cited in the piece highlighted the expansion of metals futures and other non-crypto exposures.

According to CryptoQuant, metals futures volume peaked at nearly $500 billion in March 2026 as gold and silver reached record highs. The report also notes that the trading activity in “pre-IPO perpetual” products expanded rapidly—from about $2 million in March to $715 million in May and $2 billion in June.

On Binance specifically, the report says the exchange processed $10.3 billion in pre-IPO perpetual volume in June, roughly 20 times higher than the entire month of May, while maintaining around 83% control of that segment. It links this acceleration to growth across multiple asset categories—metals, oil, equities, and pre-IPO contracts—suggesting that exchange venues are pulling liquidity into derivatives that do not rely solely on crypto-native token spot demand.

The inclusion of these product categories helps contextualize why altcoin futures might stay active even as altcoin spot selling worsens. If stablecoin liquidity is being reallocated into broader derivative suites, altcoin spot buyers may face stronger competition for capital—while traders still retain access to altcoin exposure through leveraged instruments.

For market participants, the main uncertainty is whether the current pattern is temporary rotation or a longer structural rebalancing. Readers should watch next for signs of stabilization in altcoin spot buy-sell balances and whether altcoin dominance in futures changes as liquidity continues to migrate toward metals, oil, equities, and pre-IPO perpetual markets—areas where the report indicates Binance retains the largest concentration of deployable stablecoin capital.