One person familiar with the matter told CoinDesk that xStocks and its distribution partners gathered more than $1 billion in customer orders. But when underwriters finalized allocations, many of those requests went unfilled.

Binance, Bybit and Bitget received no shares and canceled their offerings. Meanwhile, customers of Kraken and xStocks received only a fraction of the allocations they requested.

The shortfall wasn’t limited to crypto platforms, though. Data compiled by Access IPOs showed some retail investors at traditional brokerages received only a portion of the shares they had sought.

An xStocks spokesperson said “overwhelming demand” prevented all orders from being fulfilled and that funds tied to unfilled subscriptions had been returned.

The firm’s tokenized SpaceX stock, trading under the ticker SPCXx, still launched after the IPO. About $24 million worth of the tokenized shares were circulating onchain at publication time, according to Arkham data. Ondo Finance and Dinari, which did not offer pre-IPO access, also launched tokenized SpaceX products following the company’s market debut.

Lesson for tokenized asset

The episode underscores a key lesson for tokenized assets. Creating a token is easy; securing the real asset behind it is the crucial part.

“What appears to have gone wrong… is that demand significantly exceeded the available supply of underlying shares,” a spokesperson for tokenization platform Dinari said. “If the underlying stock cannot be sourced, allocated and held within the necessary regulatory framework, there is ultimately no asset to tokenize.”

io.net has launched a new token burn mechanism tied directly to network revenue and said the model could remove up to 12 million IO tokens from circulation over the next year, as the decentralized GPU provider reports rising enterprise demand and record AI inference activity.

According to a press release shared with crypto.news, the first burn was scheduled for June 11, coinciding with the network’s third anniversary, with future burns funded by revenue generated from customer usage rather than new token issuance.

io.net ties token burns to network revenue

Details released by io.net show that at least 50% of post-payout network revenue received in IO tokens will be permanently destroyed under what the company calls its Incentive Dynamic Engine, or IDE. Based on current earnings and its commercial pipeline, the company expects as many as 12 million tokens to be burned during the system’s first year.

The announcement comes as io.net reports its strongest commercial period to date. The company disclosed that it has signed an $8 million enterprise agreement, its largest contract so far, which it said contributes roughly $650,000 in monthly on-chain network earnings. Additional enterprise deals are currently progressing through advanced negotiation stages, according to the company.

Beyond enterprise adoption, io.net said it has become the largest decentralized physical infrastructure network, or DePIN, based inference provider on OpenRouter, an AI model routing platform used by developers to access multiple artificial intelligence models. Company figures show the network now processes more than 4 billion inference tokens each day while competing alongside centralized cloud computing providers.

Those developments arrive as demand for AI computing resources continues to climb. Citing industry spending trends, io.net noted that major technology companies have committed more than $500 billion toward AI infrastructure projects across 2025 and 2026. The company argued that access to high-performance graphics processing units remains limited by hyperscaler capacity constraints and pricing structures, creating opportunities for decentralized alternatives.

New model seeks to stabilize supplier earnings

Alongside the burn program, io.net said the IDE has been designed to address supplier retention challenges commonly faced by token-based infrastructure networks.

Under the framework, supplier payouts are linked to a stable U.S. dollar value rather than fluctuating token prices. According to the company, reserve mechanisms absorb market volatility, allowing providers to maintain predictable earnings even during periods of token price weakness.

CryptoEcon Lab, a tokenomics research firm that independently evaluated the system, tested the model under several stress scenarios. The firm found supplier returns remained stable during simulations that included a 55% drop in demand and a 50% decline in token price, according to results cited by io.net.

“Most token economies in our space are still built around the hope that prices go up. Ours is built around the certainty that people are paying to use the network. That’s a fundamentally different foundation,” said Gaurav Sharma, chief executive officer of io.net.

Looking beyond current operations, io.net said it is also developing capabilities that would allow AI agents to autonomously source and manage computing resources through its Agent Cloud platform. The company described the initiative as part of its effort to build a self-sustaining on-chain compute economy supported by decentralized infrastructure providers around the world.

BNB price has recovered from last week’s selloff, but a dense liquidation wall near $628 and persistent resistance across higher timeframes have kept traders divided over whether the rebound can extend further.

According to data from crypto.news, BNB (BNB) price was trading near $607 on June 12 after rebounding roughly 9% from its June 6 low around $556. The recovery followed a sharp decline from the late-May peak near $745, which wiped out more than 20% of the token’s value and pushed leveraged traders out of the market.

CoinGlass liquidation data shows part of the rebound was driven by a short squeeze after bearish positioning became crowded near local lows. The one-week liquidation heatmap highlights a large concentration of short liquidation liquidity between $615 and $620, with another notable cluster near $628.

As BNB rebounded from the $560 area, traders betting on further downside were forced to close positions, helping lift the token back above $600.

At the same time, sentiment across the BNB ecosystem remains mixed. While Binance continues expanding activity across BNB Chain and its AI-focused initiatives, speculative interest has yet to return to levels seen during the rally toward $745.

At press time, BNB price remains well below its recent high and continues trading inside a range that has dominated price action since February.

BNB faces major resistance between $628 and $700

The four-hour chart shows BNB recovering inside a rising channel after finding support near the 100% Fibonacci retracement level around $556. BNB has reclaimed the 0.786 retracement near $596, while RSI has climbed above 56 and MACD remains marginally positive, suggesting buyers retain short-term momentum.

However, several technical barriers remain overhead. The first major resistance sits near $628, which aligns with the 0.618 Fibonacci retracement and the upper boundary of the current ascending channel. A successful breakout could expose the 50% retracement near $650, followed by the 38.2% level around $673.

Liquidation data reinforces those levels. CoinGlass heatmaps show substantial leveraged positions concentrated around $620 to $628, creating a potential liquidity magnet for price. If BNB reaches that zone, forced liquidations could accelerate volatility in either direction.

Higher-timeframe charts remain less constructive. The weekly Murrey Math structure places BNB below the key 1/8 reversal level at $625, while the next major support remains near the 0/8 line around $500.

Analyst Umair Orakzai argued that resistance continues to outweigh support after months of consolidation, writing that “the easier path now is the downside.”

A similar view was shared by fellow analyst James Bull, who highlighted the long-term $500-$600 region as a major accumulation zone. 

​”Historically, massive corrections in this range have set the stage for explosive upward continuation.”

Macro risks could send BNB back toward $500

Macroeconomic conditions remain one of the largest obstacles for risk assets. Stronger-than-expected U.S. economic data in recent weeks has reduced expectations for aggressive Federal Reserve easing, keeping Treasury yields elevated and limiting capital flows into speculative assets such as cryptocurrencies.

Oil prices and geopolitical developments also remain important variables after recent volatility tied to Middle East tensions. Any renewed surge in energy markets or deterioration in global risk sentiment could pressure crypto markets and reduce demand for altcoins.

From a technical perspective, the bullish setup remains valid as long as BNB holds above the $556 support zone that triggered the latest rebound.

Losing that level would invalidate the current ascending-channel structure and shift attention back toward the long-term accumulation area between $500 and $520.

For now, traders are watching the battle around $628. A breakout above that level could open the path toward $650 and $673, while another rejection would leave BNB trapped inside its multi-month range with downside risks still firmly in play.

Sam Bankman-Fried has failed to overturn his fraud conviction in a federal appeals court, securing no relief from the 25-year prison sentence that followed the collapse of FTX. A unanimous three-judge panel of the US Court of Appeals for the Second Circuit rejected his bid, concluding that the government’s case was, in the court’s words, “conservatively stated, robust,” according to Reuters.

The ruling means Bankman-Fried remains bound to the sentence imposed in 2024, where the conviction stemmed from fraud and conspiracy charges related to the multibillion-dollar failure of FTX. The decision also arrives while he pursues an additional legal path: a request for a presidential pardon that was formally submitted to the US Department of Justice Office of the Pardon Attorney earlier this month.

Key takeaways

• Bankman-Fried’s appeal was rejected unanimously by the Second Circuit, leaving his 25-year prison sentence in place.
• The appeals court characterized the government’s evidence as “robust,” affirming that the conviction should stand.
• The decision does not end his efforts—Bankman-Fried is still pursuing clemency through the presidential pardon process.
• Public statements from President Donald Trump suggest clemency is unlikely, despite his history of granting at least one high-profile pardon.

Second Circuit rejects Bid for relief

In rejecting Bankman-Fried’s request for relief, the Second Circuit panel concluded that the trial and the government’s presentation of the case were sufficiently supported under the standards for overturning a criminal conviction. As reported by Reuters, the court’s unanimous ruling underscored that the prosecution’s case was strong and appropriately described.

Judge Barrington Parker’s written remarks, as quoted in the case reporting, emphasized the contrast between Bankman-Fried’s public reassurances and the conduct alleged in the prosecution. Parker wrote that while Bankman-Fried was publicly assuring customers, investors, and regulators that FTX customer funds were safe, he allegedly used FTX as “his own personal piggy bank,” spending customer funds on items including real estate, political contributions, and investments.

For observers who have followed FTX’s collapse and its aftermath, this appeal outcome matters beyond the individual defendant: it reinforces the judiciary’s willingness to treat the case as more than an industry failure, but as fraud and conspiracy serious enough to withstand appellate scrutiny.

A separate front: presidential pardon effort

Even with the appeals court setback, Bankman-Fried is continuing to challenge his situation through clemency. Cointelegraph reported earlier that he has formally applied for a presidential pardon from US President Donald Trump, with the request appearing on the US Department of Justice Office of the Pardon Attorney website in early June.

This pardon process represents a different type of review from an appeal. Where appellate courts evaluate legal errors and the strength of the record, clemency is discretionary and typically influenced by political and public considerations rather than courtroom standards.

Bankman-Fried has said in an interview with Fox Business that he is “absolutely” seeking a presidential pardon. However, the odds appear limited based on prior statements.

Trump’s prior comments and past pardons

According to reporting referenced in the article, Trump told The New York Times in January that he had no plans to pardon Bankman-Fried. A White House spokesperson, meanwhile, declined to comment on the clemency request, and Bloomberg pointed back to Trump’s earlier remarks in connection with the formal pardon application.

Still, the president has granted high-profile pardons before. The article notes Trump pardoned Ross Ulbricht, the founder of the darknet marketplace Silk Road, shortly after returning to office. Ulbricht had been serving two life sentences plus 40 years before the pardon in January 2025.

That example is often cited in discussions about whether clemency is politically plausible. But it also highlights an asymmetry: Bankman-Fried’s case is widely associated with mainstream financial fraud narratives in regulated markets, while Ulbricht’s case is commonly framed around the legality of the Silk Road marketplace and Bitcoin’s role as a payment method. Even when both outcomes involve pardons, the political calculus can differ markedly.

What the appeals ruling signals for the broader crypto legal landscape

The Second Circuit’s decision lands in a period when the crypto industry remains under intense regulatory and legal pressure following high-profile collapses. For market participants, the practical takeaway is that the legal system continues to treat major exchange failures and related conduct as potential criminal matters that can survive multiple layers of review.

Bankman-Fried’s appeal failure also suggests that arguments aimed at overturning convictions—at least in this instance—face a high bar once a conviction is supported by a trial record and withstands initial judicial scrutiny. While the outcome of a presidential pardon is not governed by appellate standards, the court’s affirmation narrows the room for incremental relief through the justice system itself.

In the near term, investors and builders are likely to focus less on legal “hopes” for reversal and more on the clemency track. Yet the public record around Trump’s earlier statements provides a caution flag: even where pardons are possible, expectations may be mismatched with political reality.

As the DOJ pardon process unfolds and the President’s stance remains the decisive variable, readers should watch two things closely: any movement on the clemency request and the continued stability of the criminal-legal outcome despite further attempts to seek relief.

Ether (ETH) has struggled to regain the $1,700 level over the past week, a sign that downside pressure is still outweighing demand from leveraged derivatives traders. The weakness in ETH has unfolded alongside broader market hesitation, but the details in futures positioning and on-chain activity point to a more specific problem: traders are less interested in adding bullish risk at current prices.

While ETH futures sentiment has turned clearly bearish, Ethereum’s staking backdrop remains firm. Network staking queues and ongoing accumulation by large holders suggest that at least part of the market is still positioning for long-term value, even if short-term trading appetite has cooled.

Key takeaways

• ETH failed to reclaim $1,700 this week, reflecting continued market-wide softness and lack of renewed bullish demand.
• According to Laevitas, ETH perpetual futures annualized funding flipped negative on June 5, with shorts paying to keep positions open.
• CoinGlass data shows total ETH futures exposure fell about 30% over a month to a 13-month low, indicating reduced institutional participation.
• Despite bearish derivatives, Ethereum staking demand remains strong: validator entry queue is about 50 days with a large staked base, while exit queue shows no wait time.
• On-chain activity has weakened, with Ethereum TVL down and DApp revenues falling—an imbalance that helps explain softer ETH utility and trader interest.

Derivatives positioning stays bearish as leveraged interest fades

The latest ETH price pullback is closely mirrored by deteriorating leveraged futures conditions. Traders monitoring perpetual funding rates saw a key inflection on June 5: ETH perpetual futures annualized funding moved into negative territory, a setup that typically signals persistent short-side pressure and discourages new longs from chasing upside with leverage.

Even though ETH has corrected roughly 30% over the past five weeks, bullish traders appear reluctant to “lean in” given the risk-reward profile implied by negative funding. This matters because funding is often treated as an early indicator of where the marginal demand for long exposure is coming from—or, in this case, where it is not.

Open interest has also declined. CoinGlass data cited in the report indicates that ETH futures aggregate open interest dropped sharply, pulling total futures exposure down about 30% in a month to a 13-month low. When open interest contracts alongside negative funding, it usually reflects less participation from larger players who tend to set the tone for institutional-style trades.

This shift is consistent with U.S.-listed Ether spot exchange-traded funds (ETFs). Over two weeks, those products recorded $323 million in net outflows, reinforcing the theme that institutional appetite has weakened even as staking-related demand appears to hold up.

Staking demand holds, but Ethereum usage looks softer

One of the most notable tensions in the current data is that staking metrics are supportive while broader on-chain indicators point lower. The report attributes the negative trading sentiment partly to declining Ethereum on-chain activity, which can translate into reduced fee generation and less perceived utility for ETH.

DefiLlama data shows Ethereum total value locked (TVL) fell 33% over two months to $37.5 billion. In parallel, decentralized application (DApp) revenues dropped 43% in May compared with the prior six-month period. For traders, sustained declines in TVL and DApp revenue often correlate with muted network activity expectations—making it harder for a price floor narrative to take hold quickly, even if staking remains attractive.

Yet staking is doing something different. The same period shows stronger demand for Ethereum staking exposure and continued accumulation by large holders. Although the spot ETF yield referenced in the report is modest at 2.7%, the direction of flows around staking-related positioning appears more constructive than what futures traders are reflecting.

Validator queues suggest long-term confidence despite short-term weakness

Staking “queue” data provides another window into how the market is thinking about Ethereum’s future. According to the report, the staking validator entry queue currently sits around 50 days, with more than 2.9 million ETH in the entry queue. Meanwhile, the exit queue shows zero wait time—meaning stakers are not currently facing delays to withdraw.

At the same time, the report notes that 39.5 million ETH are already staked. That combination—deep participation in staking alongside an exit queue with no wait—can be interpreted as confidence rather than panic. While staking does not guarantee investors will hold indefinitely, queue conditions are frequently treated as an indicator of how much demand exists to join validation right now.

Exchange deposits fall, pointing to accumulation even as derivatives shrink

The derivatives unwind is matched by behavior in spot supply indicators. Glassnode-based exchange balance figures cited in the report show ETH deposits on exchanges declined to 15.05 million from 16.15 million three months ago, suggesting a net movement away from exchanges that aligns with accumulation behavior.

Part of that accumulation is attributed to BitMine. CoinGecko data referenced in the report indicates BitMine added 337,078 ETH to its balance sheet over the past 30 days. The implication is that while traders may be stepping back from leveraged bullish positioning, at least some larger buyers are consolidating ETH off-exchange—often a supportive factor for longer-horizon price narratives.

Importantly, the report cautions against reading weak demand for bullish leverage as an automatic signal of rising downside risk. If staking metrics remain resilient and ETF outflows do not escalate into a more severe structural drain, the likelihood of an aggressive selloff appears lower than what bearish derivatives alone might imply. The same analysis argues that a crash toward $1,500 looks less likely under these conditions.

Still, investors should watch two things closely next: whether Ethereum’s on-chain activity continues to deteriorate (TVL and DApp revenue trends) and whether institutional flows in U.S. Ether spot ETFs keep moving decisively lower. If either of those turns worsens, it could pressure both staking enthusiasm and the tentative support implied by off-exchange accumulation.

XRP and Little Pepe highlight the trade-off between established crypto assets and higher-risk presale opportunities.

Investing $1000 in the crypto market is not as simple as it used to be. Before, there were fewer cryptocurrencies. However, with thousands of options today, investors are stuck between established meme coins and newer entrants.  

That is exactly what makes the XRP versus Little Pepe debate interesting. One is already a major player in crypto. The other is still in presale but is quickly attracting attention for its growth potential. This article will consider both sides and decide which crypto is best to buy now with $1000.

Ripple: Institutional gravity and a price that has not caught up

XRP trades at $1.14 as of when writing. Its market cap of $70.4 billion is large enough to give XRP real institutional gravity. It’s, however, not so large that meaningful upside becomes mathematically implausible.  XRP hit an all-time high of $3.84 in January 2018. This means the token is currently trading 70% below that peak. This is a gap that represents genuine recovery potential if the catalysts in play actually land. And the catalysts are real.

Ripple’s spot XRP ETF has accumulated $1.43 billion in cumulative inflows since its November 2025 launch. May 2026 alone set a monthly record of $131.94 million.  This is a remarkable figure given that it came during a period of broad market weakness. Additionally, daily transactions on the XRP Ledger recently grew 3x to 3 million.  

XRP price outlook: Can $5 still happen?

Many analysts believe XRP’s most bullish outcome for 2026 is $5. This represents a potential 340% gain from current levels. That is a credible scenario with identifiable catalysts. A $1,000 position in XRP at $1.14 would be worth approximately $4,380 at $5.  Hence, XRP is a serious asset in a serious position. However, the question for a $1,000 investor is whether serious is where the biggest returns come from right now.

Little Pepe: Where the math gets uncomfortable for anyone watching from the sidelines

LILPEPE is currently in Stage 13 of its presale at $0.0022 per token. Over $28 million has been raised, with more than 17 billion tokens sold. That is not a project in early discovery. That is a project at the edge of its presale entry before open-market pricing takes over entirely. What makes Little Pepe’s infrastructure argument worth taking seriously is not the token itself but what it represents within the ecosystem. 

This is a Layer 2 blockchain built from the ground up for one specific purpose: meme tokens. It’s a chain where every design decision, from the fee architecture to the sniper bot prevention baked into the protocol, was made with meme token communities as the primary user. Pepe’s Pump Pad, the project’s native launchpad, sits at the center of that ecosystem. Every meme project that launches through it generates fees, transactions, and demand that cycle directly back into the LILPEPE network.  

That is a revenue-generating mechanism tied to platform usage, not to speculation. It is the same kind of usage-tied value model that Coinbase’s institutional outlook identified as the differentiating factor between durable crypto projects and purely narrative-driven ones.

Little Pepe market position and catalysts

Little Pepe has achieved several key milestones since its presale began. It has completed a Certik audit. The token is also live on CoinMarketCap and CoinGecko listings, allowing users to track it. These are not easy feats for presale projects.  Additionally, two Tier-1 centralized exchange listings are confirmed at launch, with the world’s largest exchange in the pipeline. Such grand launches could position LILPEPE for rapid adoption.  

Its $777,000 community giveaway has strengthened community participation. With ten lucky participants set to win $77,000 worth of LILPEPE tokens each, the project has proven its value for community empowerment.  Now the math. A $1,000 position in LILPEPE at $0.0022 buys approximately 454,545 tokens. For that position to match a 340% return, XRP would need to reach its $5 bull case; LILPEPE would only need to reach $0.0097. This target doesn’t sound impossible. For it to reach $0.10, the return on that $1,000 entry is over $45,000. None of those numbers requires LILPEPE to become a top-10 asset. They require it to find a fraction of the audience that DOGE, SHIB, and the meme token sector broadly have already demonstrated exists.

The verdict

XRP is not a bad investment with $1,000. The institutional tailwinds are real, and the regulatory pathway is clearer than ever. A patient XRP holder may do very well over the next 12 to 18 months. But Little Pepe (LILPEPE) at $0.0022 is operating in a completely different return profile. XRP needs $70 billion in market cap to move meaningfully. LILPEPE needs a fraction of that. For the investor looking for the best crypto to buy now with $1000, the answer here is not complicated.  The Little Pepe presale is still open at $0.0022 on the official project website. The window is nearly gone.

For more information about Little Pepe, visit the official website, X, and Telegram, read the whitepaper, and join the 777k giveaway.

Key takeaways:

• While bearish ETH futures trends and spot ETF outflows signal weak institutional appetite, staking demand prevents further decline.
• Falling exchange deposits and accumulation by BitMine indicate holder confidence in ETH’s long-term value.

Ether (ETH) price failed to reclaim the $1,700 level over the past week, tracking a broader weakness across cryptocurrency markets. This correction contrasts sharply with the bullish momentum seen in the US stock market. Traders worry that Ether’s appeal has faded due to sluggish on-chain activity and a distinct lack of demand for bullish leveraged positions.

ETH futures annualized funding rate. Source: Laevitas

The ETH perpetual futures annualized funding rate flipped negative on June 5, meaning shorts are paying premiums to keep their positions open. Bullish traders remain uncomfortable adding risk despite a 30% price correction over the past five weeks. The ETH futures aggregate open interest has also dropped significantly, indicating a pullback in institutional activity.

ETH futures aggregate open interest on major exchanges, ETH. Source: CoinGlass

Total exposure on ETH futures has fallen 30% in a month, hitting a 13-month low. This shrinking institutional appetite is evident in US-listed Ether spot exchange-traded funds, which posted $323 million in net outflows over two weeks.

ETH staking demands contrast with weak on-chain activity

Regardless of whether the decline in ETH futures demand can be pinned to record-breaking demand for the SpaceX (SPCX US) IPO, the impact on trader sentiment remains negative. Declining Ethereum on-chain activity has likely fueled this ETH price downtrend.

Ethereum Total Value Locked vs. weekly DApp revenue, USD. Source: DefiLlama

The total value locked (TVL) on the Ethereum network dropped 33% in two months to $37.5 billion. Concurrently, decentralized application (DApp) revenues plunged 43% in May compared to the previous six months. This reduced on-chain volume is typically associated with lower network fee generation and falling ETH utility.

Curiously, rising demand for Ethereum staking contrasts sharply with the bearishness in ETH derivatives. Staking approval for US-listed ETFs and aggressive accumulation by BitMine (BTMN US) vastly outpaced outflows during the period, despite a modest 2.7% yield.

ETH staking validator queue, ETH. Source: ValidatorQueue

The entry queue for ETH staking validators currently sits at 50 days, totaling over 2.9 million ETH. In contrast, the exit queue has zero wait time, a major sign of strength, given that 39.5 million ETH are currently staked. While there is no guarantee that stakers will lock up their tokens forever, this metric signals deep confidence in Ethereum’s long-term prospects.

Related: ETH futures traders lean into $1.6K range lows: Will Ether lead market recovery?

ETH estimated balance on exchanges, ETH. Source: Glassnode

Meanwhile, exchange-held ETH deposits dropped to 15.05 million from 16.15 million three months ago, pointing to heavy accumulation. This shift was partly driven by BitMine, which added 337,078 ETH to its balance sheet over the past 30 days, according to CoinGecko data.

Ultimately, weak demand for bullish ETH leverage shouldn’t be misread as a sign of rising downside risk. As long as staking metrics stay solid and spot ETF outflows remain reasonably contained, the odds of an ETH price crash to $1,500 look slim.