The crypto market showed signs of resilience on Thursday, with bitcoin BTC$61,176.51 adding 1.1% since midnight UTC after dipping below $60,000 on Wednesday to its lowest since October 2024.

The largest cryptocurrency remains at a critical level in terms of broader market structure. A potential break lower in price could trigger a slide to around $52,000. For now, it appears to have weathered the storm.

Ether (ETH) rose 1.5% on Thursday and was recently trading at $1,644 after briefly tumbling to $1,550 at around 17:00 UTC on Wednesday.

Thursday’s gains can possibly be linked to a recovery in U.S. equities. S&P 500 and Nasdaq 100 futures are 0.7% and 2.2% higher, respectively.

Derivatives positioning

• BTC revisited lows near $59,000 on Wednesday and has since bounced back to over $61,000.
• The two-way volatility has proven costly for leveraged futures bets across the market. Centralized exchanges liquidated nearly $1 billion in crypto futures positions within 24 hours, with longs accounting for the largest portion.
• Still, bitcoin’s futures open interest (OI) has jumped to 763K BTC, the most since June 4, ending a stretch of steadiness around 730K BTC. In other words, the price drop has triggered an inflow of money, but not necessarily on the bullish side. In fact, annualized funding rates have flipped negative, a sign of traders paying a premium for downside exposure.
• The ether futures market hasn’t seen any notable increase in OI, and funding rates remain slightly positive.
• SOL’s OI remains near Wednesday’s record high, alongside largely neutral funding rates that point to balanced positioning in the market. The same is true for XRP, whose OI is hovering at its highest levels since October.
• The OI-normalized, 24-hour cumulative volume delta for most coins, including BTC, is negative for a third straight day. That’s a sign bears are leading the price action by shorting at market prices rather than using passive limit orders.
• BVIV, which measures the 30-day implied volatility in BTC, has pulled back to 46% a high of 51%. This decline in the so-called “fear gauge,” representing demand for options, supports the cryptocurrency’s overnight rebound. The same is true for ether’s implied volatility index, EVIV.
• Still, ether is seen as more volatile than BTC, with implied volatilities richer by 10 points or more compared with bitcoin’s across all timeframes.
• Option skews for the two largest cryptocurrencies indicate downside concerns that are both persistent and strengthening . For instance, BTC’s one-week skew shows a nearly 25-point volatility premium for puts. This also means upside bets are currently cheap and could draw strong demand should Thursday’s U.S. Core PCE for May reveal a slowdown in inflation.

Token talk

• The altcoin market posted an exaggerated bounce on Thursday after losses on Wednesday, a reflection of a low-liquidity environment.
• Jupiter (JUP) fell by more than 12% in six hours on Wednesday before bouncing by more than 18%, liquidating futures traders in both directions.
• Coinglass data shows that $1 billion in futures positions were liquidated in the past 24 hours, with $585 million of that being attributed to altcoin trading pairs.
• Decentralized finance (DeFi) tokens AAVE and ETHFI also performed well on Thursday, rising by 2.5% and 4.7%, respectively, since midnight.
• AI tokens, meanwhile, struggled to recover. RENDER and NEAR posted losses of between 0.8% and 1.9% despite a bounce across other crypto sectors.
• Layer-1 network token solana (SOL) tumbled to $64 on Wednesday to complete a 75% slide since September. A break below June 6’s low of $60 would mark its lowest point since December 2023.

Key Takeaways

• Shares of Hertz plummeted 41% to $3.00 on Wednesday following a sharp reduction in second-quarter adjusted EBITDA expectations to $50M–$80M
• Deteriorating used-vehicle market conditions drove net monthly depreciation to approximately $300 per vehicle, exceeding previous projections
• The company launched a dual capital raise: $100M in common equity and $300M in exchangeable notes (subsequently increased to $350M)
• Year-to-date losses now stand at 28%, with shares down nearly 50% over the trailing twelve months
• On June 25, Hertz priced 37,037,037 shares at $2.70 apiece, with J.P. Morgan serving as lead underwriter

Hertz (HTZ) experienced its most devastating trading session on record Wednesday, with shares collapsing 41% to close at $3.00. The unprecedented decline came after the rental car company issued a disappointing earnings preview and unveiled plans to raise hundreds of millions in fresh capital.

Hertz Global Holdings, Inc., HTZ

Management revealed that second-quarter adjusted corporate EBITDA would likely land between $50 million and $80 million. This figure sits at the bottom of the company’s earlier projections.

The primary driver? Unexpected weakness in the pre-owned vehicle marketplace. Hertz disclosed that deteriorating conditions in May erased gains achieved through April vehicle disposals, resulting in elevated depreciation expenses.

Monthly net depreciation per vehicle — representing the value decline of each rental unit over thirty days — is projected to reach approximately $300 for the second quarter. Just weeks ago, management had indicated this metric would come in substantially lower.

In response to these pressures, Hertz initiated two simultaneous financing transactions. The first involves $100 million in common equity. The second consists of $300 million in payment-in-kind (PIK) exchangeable notes, subsequently expanded to $350 million at 6.75% interest, maturing in 2030.

The company priced 37,037,037 common shares at $2.70 per share on June 25, lending them to lead underwriter J.P. Morgan Securities. The investment bank will sell these borrowed shares, establish a short position to facilitate hedging for note purchasers, and later return equivalent shares to Hertz.

Hertz receives a minimal lending fee from the equity arrangement — but captures no direct cash proceeds from the share sale. Net proceeds from the notes transaction are anticipated to total roughly $339.5 million, potentially reaching $388 million if the overallotment option is fully exercised.

Management intends to deploy the capital to reduce outstanding balances on its revolving credit facility and support general corporate operations.

Extended Downturn

Wednesday’s collapse adds to an already punishing period for shareholders. HTZ has declined 28% since January and approximately 50% over the past year. During this same timeframe, the S&P Small Cap 600 — Hertz’s benchmark index — has advanced more than 19% and 34%, respectively.

The stock currently trades 54% beneath its 52-week peak of $7.97, reached in July 2025.

Hertz has dedicated the past year to operational improvements. The company modernized its vehicle fleet, implemented cost-reduction initiatives, and announced two partnerships with Uber in April to support autonomous taxi development — announcements that temporarily boosted the share price.

However, the turnaround has proven unstable. Shares received a temporary boost earlier this year when travel disruptions linked to a partial government shutdown increased rental demand, but those gains evaporated once TSA personnel received payment and air travel normalized.

Bankruptcy Legacy

The company’s 2020 Chapter 11 bankruptcy filing continues to cast a long shadow. Hertz entered bankruptcy protection as international travel evaporated and used-vehicle valuations plummeted. The company notably became an early meme stock phenomenon, with retail investors driving shares up 800% despite its bankruptcy status.

Hertz completed its restructuring in June 2021, generating over $1 billion in value for equity holders — an uncommon bankruptcy outcome.

Legal challenges persist. In January, the Supreme Court refused to review Hertz’s appeal of a lower court decision, leaving the company responsible for $270 million in interest obligations owed to bondholders who were repaid ahead of schedule during bankruptcy proceedings.

The latest analyst recommendation on HTZ is rated as Sell, with a $3.00 price target.

New forensic research published yesterday suggests that Hal Finney might not have been the second person to run a BTC node.

For 17 years, the man who tweeted “Running bitcoin” earned an unofficial title. In the eyes of many Bitcoin historians, Finney was the second person after creator Satoshi Nakamo to run a Bitcoin node.

Indeed, thousands of articles credit Finney as Bitcoin’s second participant.

However, it turns out that he might actually have been the third.

Although it is an indisputable, on-chain fact that Finney earned the first coinbase reward after Nakamoto for mining a block, forensic researcher Alex Waltz argues that another man was running a mining-capable node before Finney.

According to Waltz’s timestamps, although Dustin Trammell was running a node before Finney, an idiosyncratic network connectivity issue in Bitcoin software prior to version 0.1.3 prevented Trammell from connecting to Nakamoto’s nodes fast enough to outpace Finney.

Besides, both core and headline readings may be seen as stale, or backward looking, considering the recent slide in oil prices. WTI crude futures have dropped to $70, significantly below the $100-plus level seen during the Iran war in March and April. Headline inflation is expected to hit 4.1%, the highest since early 2023, driven largely by energy prices.

“The main question is less whether both headline and core go up—they are widely expected to—but rather how “stale” these numbers already are,” economist Mohamed A. El Erian, the former CEO of Pimco, noted on X.

“These numbers come before the recent sharp fall in oil prices, which will result in lower headline inflation and ease some of the pressures on core. The question being debated is by how much, including whether May will prove to be the peak inflation month.”

Beyond inflation numbers, watch out for volatility in Strategy’s common shares, MSTR, and preferred stock, STRC, plus AI names on Wall Street. MSTR is flashing a well-recognized major bearish pattern (Check the Daily Signal). Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

Key Highlights

• Meta Platforms is transitioning content moderation responsibilities to artificial intelligence powered by large language models
• Approximately 50% of content review tasks are currently managed by AI systems in 2026
• The social media giant aims to exceed 90% AI-driven moderation for specific content categories before year’s end
• This initiative aligns with broader cost reduction efforts as CEO Mark Zuckerberg invests heavily in AI development
• The company has eliminated approximately 8,000 positions (representing 10% of total staff) while maintaining Strong Buy analyst consensus at $815.82 target price

Meta Platforms is aggressively accelerating its transition toward AI-driven content moderation. The tech behemoth, valued at $1.4 trillion, is systematically replacing human content reviewers with advanced large language models throughout its social media ecosystem, based on reporting from the Financial Times this Thursday.

META shares experienced a 0.81% decline during trading.

Meta Platforms, Inc., META

The social media company has already transitioned approximately half of all human content moderation requests to artificial intelligence systems throughout this year. Industry observers anticipate this percentage could surge beyond 90% for particular content classifications prior to 2026’s conclusion.

This represents a significant timeline acceleration. Meta had previously communicated intentions to maintain human reviewers as part of its moderation framework, with initial projections suggesting a multi-year phased approach.

Traditionally, Meta deployed a combination of proprietary automated detection systems alongside human moderators — including external contract workers — to identify posts and advertisements violating platform policies. User dispute resolutions were similarly managed by human staff.

Currently, artificial intelligence systems are assuming the majority of these responsibilities.

Zuckerberg’s Vision for an AI-Powered Organization

The content moderation transformation represents one component of a comprehensive cost optimization and AI investment initiative championed by CEO Mark Zuckerberg.

Meta recently reduced its global employee count by 10%, eliminating roughly 8,000 positions. Zuckerberg has publicly attributed artificial intelligence technologies with generating substantial productivity improvements company-wide.

“I think that 2026 is going to be the year that AI starts to dramatically change the way that we work,” Zuckerberg said publicly.

The organization has allocated billions toward acquiring AI expertise and infrastructure development, with Zuckerberg articulating his ambition to create “personal superintelligence” — highly customized AI assistants tailored to individual users.

Reports also indicate Meta attempted implementing monitoring systems to track U.S.-based employees’ screen activity for productivity assessment purposes, though the initiative was abandoned following employee resistance.

Concerns Regarding Implementation Speed and Platform Security

The aggressive transition has encountered obstacles. A recent AI chatbot security incident at Meta has sparked concerns about whether the company is advancing too rapidly with AI deployment.

Meta’s artificial intelligence tools now serve multiple functions beyond standard moderation, including detecting fraudulent schemes and eliminating prohibited content. These responsibilities continue expanding.

The company’s moderation infrastructure has historically relied upon third-party contractors managing complex cases requiring nuanced judgment. The impact on these positions as AI assumes greater responsibilities remains unclear.

Wall Street analysts maintain strong confidence in the stock. META carries a Strong Buy consensus rating supported by 31 Buy recommendations and 6 Hold ratings from 37 analysts surveyed during the past three months.

The consensus price target stands at $815.82, suggesting approximately 46% potential appreciation from present trading levels.

Bitcoin has come under the influence of several factors simultaneously. The wave of selling at the beginning of June was linked to Strategy’s first disclosed Bitcoin sale in several years, a prolonged series of outflows from spot ETFs, and a large transfer of funds from a Mt. Gox wallet to a new address. The run of outflows from US spot Bitcoin ETFs became one of the longest and largest since these products were launched in January 2024.

Bloomberg Intelligence analyst James Seyffart noted that around $9 billion has exited Bitcoin ETFs since their peak, although most long-term fund investors have chosen to maintain their positions.

Technical picture

On the H4 chart of BTC/USD, an ascending corrective channel formed after an impulsive decline towards the $59,000 area. Price subsequently advanced to the upper boundary of the channel at $67,250, but failed to hold those levels. The channel was then broken to the downside, with quotations moving towards a test of the lower boundary of the current profile at $60,800.

The Point of Control (POC) is concentrated in the $62,700–$62,800 area and could attract market attention if price rebounds from the lower boundary.

The upper boundary of the profile is located near $64,180 and could act as resistance if the POC zone is breached. The RSI + MAs indicator stands at 34, 37 and 42 respectively. The oscillator remains below the neutral zone but has recovered from oversold territory, while the moving averages remain bearish and continue to point lower.

At the same time, vertical volume surged sharply during the decline on 24 June, which may have been interpreted by market participants as a sign that the local downtrend was nearing completion.

Summary

The unusually high volume recorded on 24 June, combined with the current RSI position, does not provide strong confirmation that the latest local impulse will continue, although the moving averages remain pointed lower for now.

Further price action may be influenced by upcoming US inflation data, as well as flows into Bitcoin ETFs, which experienced record outflows during June.

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Quick Summary

• Precious metal breached the $4,000 threshold for the first time since November 2025
• Yellow metal has plummeted approximately 30% from its January peak of $5,595.46
• Dollar strength at 13-month highs is pricing out international purchasers
• Traders now see 66% probability of Federal Reserve tightening by September
• Declining geopolitical risk premium has diminished safe-haven buying interest

The precious metal market is experiencing significant downward pressure as the strengthening U.S. dollar combined with mounting anticipation of Federal Reserve monetary tightening drives prices to their lowest point in seven months.

Spot gold declined 0.2% to settle at $3,984.83 per ounce during Thursday’s trading session. U.S. Gold Futures remained largely unchanged, hovering around the $4,008 level.

The yellow metal crashed through the psychologically significant $4,000 barrier on Wednesday, marking its first breach of this level since November 2025. Market participants had been closely monitoring this threshold as a critical support zone.

The precious metal has experienced a dramatic decline of nearly 30% from its all-time high of $5,595.46 recorded in January 2026. This represents a substantial correction within a relatively compressed timeframe.

The U.S. dollar’s performance has emerged as a primary catalyst behind the selloff. The currency has reached a 13-month peak following six consecutive sessions of appreciation.

A robust dollar increases the cost of gold for international buyers operating in alternative currencies. This dynamic typically suppresses demand for the precious metal.

Federal Reserve Policy Expectations Pressure Precious Metals

Market participants are currently assigning approximately one-third probability to an interest rate increase in July. These odds escalate to 66% for policy tightening by September, based on CME FedWatch analytical data.

Elevated interest rates create headwinds for gold since the commodity generates no income stream. As rates climb, investors can secure superior returns from fixed-income securities and cash equivalents, diminishing gold’s relative appeal.

ANZ research team noted that worries surrounding persistent inflationary pressure have triggered a “re-rating of monetary policy expectations.” They further observed that the Federal Reserve’s hawkish posture seems to have “derailed the debasement trade” that previously supported gold valuations.

ING market strategists indicated that gold’s underperformance demonstrates how market sentiment has pivoted away from defensive positioning toward focusing on the implications of rising rates and restrictive financial conditions.

Diminishing Geopolitical Risk Premium

Decreasing tensions across Middle Eastern regions have contributed to the downward trajectory. Advancement in U.S.-Iran diplomatic negotiations has eliminated portions of the risk premium that had underpinned gold valuations during the earlier months of this year.

Weakening oil prices have reinforced this transition. Investors demonstrate reduced appetite for gold as an insurance mechanism when geopolitical uncertainties appear to be subsiding.

Market observers are now directing attention toward Friday’s scheduled release of U.S. Personal Consumption Expenditures figures. The PCE represents the Federal Reserve’s prioritized inflation metric and could significantly influence projections for subsequent policy adjustments.

Silver registered a modest 0.1% gain to reach $57.50 per ounce on Thursday, recovering slightly after dropping more than 6% in the previous trading session. ING analysts observed that several of silver’s most robust demand catalysts are showing signs of weakening.

Platinum decreased 0.3% to settle at $1,581.60 per ounce. Copper futures advanced approximately 1.7% on the London Metal Exchange to reach $13,255.95 per ton.

Gold continues facing downward momentum with limited visible catalysts to reverse the prevailing trend ahead of the PCE data release.