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CoinEx Named as Iran Largest Crypto Sanctions Exit Route by TRM Labs
Blockchain analytics firm TRM Labs traced $3.84 billion in flows from wallets linked to more than 60 sanctioned Iranian entities through CoinEx since 2019, identifying the exchange as the primary external conduit for Iran-linked capital moving into global crypto markets.
Of that total, $2.7 billion flowed specifically between CoinEx and Nobitex, Iran’s largest domestic exchange, at an average rate of approximately $1 million per day since 2018. By any documented measure, this is the largest single-exchange crypto sanctions-evasion pipeline tied to Iran yet identified.
The TRM Labs report landed three weeks after the US Treasury sanctioned four Iranian crypto exchanges as part of its Economic Fury campaign, with Treasury Secretary Scott Bessent separately confirming the seizure of $1 billion in crypto from Iranian exchanges and wallets since the start of the war.
CoinEx is not among the sanctioned entities. That gap, between what the blockchain data shows and what enforcement has acted on, is the structural tension this report forces into the open. The Iran-CoinEx controversy is now squarely on the US Treasury’s radar.
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CoinEx’s 8% Illicit Rate Is 27x the Industry Benchmark
The compliance gap TRM Labs documents is not marginal. CoinEx’s share of illicit transaction volume sits at nearly 8%, against a 0.3% threshold observed at compliant exchanges, a ratio of roughly 27 to one.
That number is not cosmetic; it is the quantitative basis for TRM’s conclusion that the CoinEx-Nobitex relationship reflects a “coordinated arrangement rather than organic adoption.”
The specifics reinforce that reading. By 2024, CoinEx was Nobitex’s largest external counterpart by volume, nearly nine times larger than the next-biggest exchange, a concentration TRM called “inconsistent with independent market behaviour.”
Major Iranian domestic exchanges route between 5% and 10% of their trading volume through CoinEx, a uniformity across platforms that would be statistically improbable if each exchange were making independent routing decisions.
CoinEx-affiliated mining pool ViaBTC adds another layer. TRM Labs traced $154 million in ViaBTC exposure to Nobitex through mining payouts.
More pointedly, ViaBTC supplied emergency liquidity to Nobitex following the Predatory Sparrow hack in June 2025, a $90 million breach that left Nobitex operationally stressed. An affiliated mining pool stepping in as a liquidity backstop for a sanctioned exchange is not a pattern that emerges from coincidence.
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Nobitex Was the On-Ramp, CoinEx Was the Exit
The architecture of the pipeline is straightforward. Sanctioned Iranian entities, including IRGC-linked wallets and entities tied to Iran’s domestic financial system, moved funds into Nobitex, which handled approximately 50% of Iran’s crypto trading volume, per a June 2 Chainalysis report.
Nobitex then routed capital outward through CoinEx, which provided access to global liquidity and the ability to convert into dollar-equivalent stablecoins beyond the reach of Iranian sanctions enforcement.
This flow pattern has been running since at least 2018 on the CoinEx-Nobitex corridor, and since 2019 for the broader universe of sanctioned entities TRM Labs tracked. Nobitex’s own political exposure sharpened the stakes: in May 2026, the exchange was reportedly linked to members of a powerful family with ties to Supreme Leader Ali Khamenei, suggesting the pipeline served interests at the apex of the Iranian state, not just retail traders seeking dollar access.
The displacement of other exchanges from Nobitex’s external routing is also analytically significant. CoinEx overtook Binance as Nobitex’s largest foreign counterparty by 2024, after Binance faced US enforcement pressure. That transition illustrates precisely the rerouting dynamic critics of venue-specific enforcement consistently flag: pressure on one exchange does not eliminate the demand, it reassigns it.
CoinEx Denies Government Ties. The On-Chain Data Is Not a Contract.
CoinEx issued a denial on X following the TRM Labs report, stating it has no commercial relationship with the Iranian government or domestic Iranian exchanges and has never provided funding channels to sanctioned parties.
The exchange also disputed TRM Labs’ interpretive framework directly, arguing that “onchain fund flows do not demonstrate a platform’s knowledge of or participation in illicit activity.”
The denial addresses contractual relationships; the TRM Labs report documents transaction flows. Those are not the same evidentiary category, and the distinction matters.
OFAC sanctions exposure does not require proof of a formal commercial agreement – it requires demonstrated facilitation of transactions involving sanctioned parties.
Whether CoinEx knew the identities behind the wallets routing $3.84 billion through its platform is a compliance question. That the flows existed at 27 times the illicit-volume rate of compliant exchanges is the data point that precedes that question.
Discover: The Best Crypto to Diversify Your Portfolio
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Strategy director Jarrod Patten has sold another 1,500 MSTR shares as the company’s stock has fallen to a fresh 52-week low and investor scrutiny over its Bitcoin treasury strategy has intensified.
Summary
- Strategy director Jarrod Patten sold another 1,500 MSTR shares after exercising stock options, extending a months-long insider selling streak.
- MSTR stock fell to a fresh 52-week low near $86 as Bitcoin weakened and Rosen Law Firm launched a shareholder investigation.
- Two Prime CEO Alexander Blume said investor trust, rather than dividend payments, has become Strategy’s biggest challenge.
According to a recent U.S. Securities and Exchange Commission filing, Patten exercised options to acquire 1,500 Strategy Class A shares on June 23 at a strike price of $18.236 per share before selling the entire position the same day at $106.08 per share.
The filing shows the options cost roughly $27,354 to exercise, while the sale generated about $159,120, leaving an estimated pre-tax gain of approximately $131,766.
The latest transaction extends a selling streak that has continued for months. SEC records show Patten has sold 55,750 Strategy shares during the past three months, with those transactions producing roughly $9 million in proceeds.
The insider sales have coincided with growing criticism from some investors over the company’s financing strategy and the potential impact of additional share issuance.
Earlier this month, Patten completed another options exercise using the same $18.236 strike price before selling the shares at around $134 each. As crypto.news previously reported, that transaction generated more than $200,000 in profit.
Strategy stock continues to face heavy selling pressure
While the insider sale occurred earlier this week, pressure on Strategy shares has intensified in recent trading. Yahoo Finance data show MSTR fell below the $100 mark earlier this week before sliding to around $86 on Thursday, leaving the stock down more than 6.5% on the day and roughly 23% over the past week.
The decline has unfolded alongside another sharp move lower in Bitcoin, which briefly slipped below $59,000 after stronger-than-expected U.S. inflation data reinforced expectations that interest rates could stay higher for longer. As cryptocurrency prices weakened, investors also reassessed companies with large Bitcoin holdings, including Strategy.
At the same time, legal pressure surrounding the company has increased. Rosen Law Firm recently announced that it is investigating whether Strategy made materially misleading business disclosures and said it is evaluating possible securities claims on behalf of shareholders.
Analysts say investor confidence has become the key concern
Market criticism has also expanded beyond the stock’s recent decline. In a June 25 X post, longtime Bitcoin critic Peter Schiff argued that Strategy’s falling share price was adding pressure to the cryptocurrency market. Schiff wrote, “As I warned, MSTR’s death spiral has pricked the Bitcoin bubble,” before adding that both MSTR and the company’s STRC preferred shares had suffered steep losses while Bitcoin fell toward $58,000.
Meanwhile, comments from Two Prime CEO Alexander Blume, as reported by CoinDesk, point to investor confidence as the central issue facing Strategy. Blume argued that repeated changes to Michael Saylor’s stated plans have weakened trust among retail investors, potentially making it harder for the company to regain market confidence even if its financial obligations remain intact.
XRP is trading just above $1 and is testing what traders often treat as psychologically important support. While the market price remains under pressure, multiple on-chain signals suggest the token’s network positioning and capital flows may be improving.
CryptoQuant data highlighted shrinking XRP held on major exchanges, seven straight days where withdrawals have outpaced deposits on Binance by transaction count, and continued positive whale accumulation. In parallel, spot XRP exchange-traded funds (ETFs) have gathered meaningful inflows since April, including $243 million in cumulative net purchases.
Key takeaways
- Binance’s XRP reserve has fallen to its lowest level since March, with roughly 100 million XRP leaving over the past month.
- On Binance, XRP withdrawals have exceeded deposits for seven consecutive days since June 17, based on transaction counts (not token volume).
- Whale flows on a 90-day moving average have remained positive throughout the quarter, indicating net accumulation by large holders.
- Spot XRP ETFs have drawn $243 million in cumulative inflows since April, with June inflows totaling $31 million.
- Technically, XRP remains in a broader bearish structure on higher timeframes and is approaching a potential demand zone between $1 and $0.63.
Exchange reserves keep sliding
One of the clearest on-chain themes in recent days is the continued reduction of XRP sitting on exchanges. Crypto analyst Amr Taha pointed out that Binance’s XRP reserve dropped to about 2.68 billion XRP as of June 25, down from roughly 2.78 billion XRP on May 12.
That shift followed an outflow of approximately 100 million XRP from the exchange over the past month, marking what CryptoQuant described as the lowest Binance reserve level since March. Among major trading venues, Binance led in absolute outflows, while other platforms showed smaller but still notable declines.
CryptoQuant data also showed that Upbit’s XRP reserve eased to about 2.48 billion XRP on June 25 from approximately 2.51 billion XRP on May 31. Bybit’s holdings declined to about 82 million XRP from around 92 million XRP on June 2, with Bybit recording the steepest percentage drop among the tracked exchanges.
Withdrawals outpacing deposits on Binance
The story isn’t only about balances—it’s also about flow behavior. Taha flagged a significant change in Binance’s activity: XRP withdrawal transactions have exceeded deposits for seven straight days since June 17.
On June 23, the seven-day withdrawal share climbed to 53.8%, the highest reading since June 2024, while deposits fell to 46.1%, the weakest level since 2024. Importantly, CryptoQuant’s metric tracks transaction counts rather than the total amount of XRP moved.
Even so, the direction of the imbalance matters for how traders interpret positioning. A withdrawal-led stretch typically implies that users are moving coins off the exchange more frequently than they are sending them in, which can reduce readily available liquidity for short-term selling pressure—at least in aggregate.
Whale accumulation supports the flow picture
Large holders appear aligned with the exchange-reserve trend. CryptoQuant data cited in the reporting showed XRP whale flows on a 90-day moving average have stayed positive throughout the quarter at about 5.143 million XRP per day.
In practical terms, positive whale flows generally suggest that large wallets have been adding to positions rather than distributing at scale over the period. While whale activity does not guarantee a near-term price reversal, it can change the balance of who is absorbing supply during downturns.
Spot XRP ETFs add a separate layer of demand
Institutional-style demand has also contributed to a more supportive backdrop. According to SoSoValue’s ETF tracking, spot XRP ETFs recorded $2 million in net inflows on June 24. That helped lift June’s total net inflows to $31 million.
Since April, cumulative net inflows across spot XRP ETFs have reached $243 million, the figure referenced alongside the on-chain flow updates. For investors, ETF inflows are notable because they represent sustained access to XRP exposure through regulated market structures, which can complement—or at times counter—retail-driven volatility.
Price remains weak, but a key chart area is coming into focus
Despite improving on-chain signals, XRP’s price action still reflects a market that has not fully found stabilization. The token was reported trading near $1.01, which was cited as its lowest level of 2026 at the time of the coverage. This placed XRP close to its first move below $1 since November 2024.
With XRP down about 43% year-to-date, traders are watching for whether any bounce can materialize from a defined technical region. The coverage pointed to a potential demand area within a “fair value gap” between $1 and $0.63. That zone corresponds to an unfilled price gap created during a sharp rally in late 2024, and such gaps are frequently monitored by market participants for possible mean-reversion buying if declines extend.
At the same time, higher-timeframe structure remains bearish, according to the analysis summarized in the article. So even if a local demand zone attracts buyers, broader market trend conditions may continue to limit upside follow-through until the structure shifts.
Long-range accumulation thesis still on the table
Beyond near-term technicals, the reporting also included a longer-term view from Versan Aljarrah, founder of Black Swan Capitalist. In commentary shared on X, Aljarrah argued XRP has spent years building an accumulation range, with higher lows appearing on both weekly and monthly timeframes.
The thesis frames prolonged consolidations as setups for stronger breakouts once the range eventually resolves. Aljarrah’s target—$10—implies a move around 900% from current levels, a projection that underscores the bullish end of a spectrum that remains dependent on a confirmed breakout rather than a single bounce.
For now, investors may want to track whether exchange outflows and ETF inflows continue to line up with price stabilization—especially as XRP approaches the $1 to $0.63 area. The next decisive question is whether on-chain strength can translate into a trend shift on higher timeframes, or whether the market continues treating the $1 region as a breakdown point.
Bitcoin (BTC) dropped below $60,000, a key psychological support, on Thursday as losses in megacap technology stocks weighed on investors’ broader risk appetite, adding pressure to an already fragile crypto market.
BTC/USD vs. Nasdaq and S&P 500 daily performance chart. Source: TradingView
The decline has triggered a classic bearish reversal setup that may push the BTC price under the $54,000 mark in the coming days.
Key takeaways:
- Bitcoin’s break below $60,000 has erased its June gains and activated multiple bearish setups.
- Bitcoin’s rounded top and daily bear flag breakdowns are both projecting a downside target below $54,000.
BTC’s rounded top breakdown signals more pain ahead
The BTC/USD pair fell as much as 4.8% on Thursday, hitting an intraday low near $58,000 and erasing its entire June advance. The pullback also completed what appears to be a rounded top pattern on the four-hour chart.
BTC/USD four-hour chart tracking the rounded top bearish setup. Source: TradingView
In technical analysis, a rounded top forms when buying momentum gradually exhausts, shifting the asset from an uptrend to a downtrend in an inverse-U-shaped structure. The pattern officially resolves when the price breaks below the “neckline” or the structure’s base support.
By measuring the distance from the top of the dome to the neckline and projecting that same distance downward from the breakdown point, analysts calculate a clear target.
For Bitcoin, this measured downside target sits just under the $54,000 level, representing an approximate 8.9% drop from current prices.
On the daily chart, Bitcoin has simultaneously triggered a bear flag breakdown.
BTC/USD daily chart tracking the bear flag breakdown setup. Source: TradingView
This secondary pattern independently projects an identical move toward the $54,000 zone, adding substantial weight to the bearish case.
Bitcoin MVRV bands increase $54,000 target odds
Bitcoin’s on-chain price bands also point to the same downside area highlighted by the rounded-top and bear-flag setups.
Glassnode’s MVRV pricing bands compare Bitcoin’s market price with its realized price, or the average price at which coins last moved on-chain. In simple terms, they show whether the market is trading at unusually high profit or loss levels.
BTC MVRV pricing bands vs. price. Source: Glassnode
As of Wednesday, Bitcoin was trading near $60,997, while the 1.0 MVRV band, shown in green, sat around $53,390. That level closely matches the technical downside target near $54,000, making it an important support zone if BTC extends its decline.
Related: Bitcoin nearly loses $59K as DXY surges: Are traders bracing for more pain?
A deeper selloff, however, could push Bitcoin toward the 0.8 MVRV band, shown in blue, near $42,700. Historically, Bitcoin’s major bear-market bottoms have formed around this lower blue band, where unrealized losses become extreme, and capitulation risk rises.
Amid recent bouts of stock volatility and a new Fed chair coming into a complex inflation environment, the action in bond ETFs is sending an important signal to the market.
“Flows tell the story,” Steve Laipply, global co-head of iShares fixed-income ETFs at BlackRock, told CNBC’s Dominic Chu this week. And that is a story of rising investor interest in yield across the fixed-income market. “In the U.S., bond ETF flows are up a shocking 60% relative to last year,” Laipply said.
Laipply said a significant share of the flows are going into U.S. treasuries, but there also has been a significant move by investors into multi-sector income ETFs.
“The income story is very robust and enduring, because rates will continue to move around and ‘real yields’ are definitely an opportunity,” he said, a reference to bond yields net the rate of inflation. “Real yields reflect a growth story,” he said, led by the AI boom and the anticipated increase in productivity that is tied to it.
Investor interest in multi-sector income funds, according to Laipply, is also an indication of greater emphasis on “income per unit of duration.”
“The idea of getting a little more duration, but really still focusing on income … that’s sort of the sweet spot,” he said.
“As a bond investor, real yield is your very good friend,” George Bory, chief investment strategist of fixed income at Allspring Global Investments, told Chu.
How the Fed fits into the fixed-income investment picture
New Federal Reserve chairman Kevin Warsh has put the market on watch for signs of greater volatility in bonds as he shapes a new approach at the Fed. “The most significant one, at least right now, is about the lack of forward guidance,” Bory said. When the Fed telegraphed its every move, managing duration risk was a less active process for investors. Now there will be more of an “uncertainty premium” built into the market, he said.
At his first FOMC meeting last week, Warsh was clear about maintaining the Fed’s inflation-fighting credentials for the time being, Bory said.
“The very front end of the curve is now very steep, as the market is now pricing in multiple rate hikes from the Fed. You don’t have to move very far out the curve to start to see a very material increase in yields,” Bory said.
Laipply said recent declines in what is known as the breakeven inflation rate, which have been falling “very, very sharply” at both the short and long end of the treasuries curve, say to him that “the market is sniffing out something here.”
The breakeven inflation rate is a measure of the difference between standard treasury yields and treasury- inflation protected securities.
Laipply said with “breakevens’ where they are, it is not necessarily a bad time for investors still worried about inflation to consider short-dated TIPS. But many bond investors, he said, are “looking past this volatility, and no matter what yields are, they are at a level where income is very attractive relative to what it has been,” he said.
U.S. 10-year treasury bond yield performance in 2026.
One of the biggest recent debates in the market among investors is the declining risk premium for holding stocks over bonds.
Bory described it as a “pretty attractive” environment for bond investors, but said there are caveats. “We need to be a little careful because credit spreads are very tight,” he said, and he added that he thinks those spreads are likely to “stick with us.”
Tighter credit spreads between various bonds along the traditional risk spectrum are typically a sign of higher investor confidence, but some worry potentially a sign of market complacency.
“Modest inflation is a meaningful tailwind to credit worthiness and I think we are in bit of a super-cycle for credit more broadly,” Bory said. He added that as a fixed-income investor he would be “happy to take the extra income, but won’t be too aggressive in going after it.”
The latest core inflation data from the government was at the highest level since October 2023, but it was in line with market expectations and reinforced the need for the inflation-fighting stance to remain at the Fed.
Oil prices are back at their pre-war level as tankers flow through the Strait of Hormuz again, though gas prices are likely to remain elevated, according to Chevron.
The labor market complicates the story for investors and the Fed as it attempts to balance its dual mandate of maximum employment and price stability. Laipply said about 90% of recent job creation has been in healthcare, government services, and leisure. “Most of the labor market is soft,” he said.
“The real trick is … how much weight do you put on that near-term inflation concern versus a softening labor market, or if you want to put it another way, a labor market that’s very, very concentrated,” Laipply added.
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Google Gemini AI just predicts a number to Micron price prediction that treats the stock’s wild run this year as the beginning rather than the peak. The model sees $1,650 by the end of 2026, a fresh high for a name that started the year trading nowhere close to these levels.
The bull case centers on a supply crunch unlike anything the memory industry has seen in over a decade. Micron is riding an unprecedented DRAM supply demand deficit, described as the tightest the industry has experienced in 15 years.
That scarcity is showing up directly in the numbers, with an explosive year over year quarterly earnings leap fueling the entire move.
The bigger story, though, is a transformation in how the market views this company. Micron is shifting from a cyclical commodity play to something closer to an AI infrastructure powerhouse, and that shift in identity underpins the path toward $1,650.
The most important structural catalyst is that Micron’s advanced HBM4 capacity is entirely sold out through 2026 under rigid multi-year agreements, which lock in demand regardless of short-term market swings. Gross margins are expanding past 80%, fueling a projected fiscal 2026 earnings per share of $57.71.
On top of that, Micron is getting immediate tailwinds from feeding Nvidia’s next-generation Blackwell and Vera Rubin architectures, putting it directly in the supply chain of the biggest names in AI computing. Even with the stock’s massive run already behind it, it still trades at a forward price to earnings ratio under 10, which the model frames as remarkably cheap given the growth on display.
The bear case is fairly narrow but worth noting. High beta-driven volatility makes this stock exceptionally sensitive to any broader macroeconomic shock, meaning a market-wide pullback could hit shares harder than most.
Aggressive capital expenditures tracking over 25 billion dollars also create a real risk of oversupply by mid 2027 if competitors like Samsung and SK Hynix flood the market right as hyperscaler AI infrastructure demand eventually normalizes.
That combination of risks is exactly why the model stops short of calling for an outright push toward $2,000 this year.
Micron Rides A Supply Crunch Straight Into Uncharted Territory
The daily chart shows Micron at $1,048.51 after one of the most dramatic runs in this entire series, climbing from around $200 late last year to briefly touching highs above $1,230 just this week.
That kind of vertical move, especially the acceleration visible from May onward, is the definition of a parabolic breakout rather than a typical grinding uptrend.
Price recently pulled back from that intraday high near $1,232 down to the current level around $1,048, which looks like healthy profit taking after an earnings driven spike rather than a trend reversal.
The chart shows clear support building near $1,000, a round number level that price has tested and held multiple times over the past few sessions. Resistance now sits at that recent high near $1,232, with the broader trendline from the entire 2026 run continuing to point sharply upward.
Given the size and speed of this move, momentum on the daily candles still looks strongly bullish overall, even with this short term cooling off period factored in.
The pullback from the highs reflects normal digestion after a binding multi year HBM4 contract story and a blowout earnings beat, not a change in the underlying trend.
If Micron can hold the $1,000 level and push back toward its recent highs, the climb toward that $1,650 target starts looking like a continuation of the same story that has driven this stock all year rather than a stretch into new territory.
Bitcoin Hyper: Building the Layer Bitcoin Was Always Missing, Here is Why Gemini AI Predicts Its The Next Big Thing
The largest returns in crypto rarely go to the people who wait for confirmation. They go to early supporters who back the infrastructure before the rest of the market catches on.
Bitcoin Hyper is positioned for exactly that. The project brings Solana-grade smart contracts and execution speed directly to Bitcoin, without touching the security model that makes Bitcoin the most trusted network in crypto.
Lower fees, higher throughput, full programmability, all running on top of Bitcoin rather than competing with it.
Inside the ecosystem, users can stake for rewards, swap assets, and interact with smart contracts while their funds stay secured within the Bitcoin network itself.
The presale has already raised $32.8 million, pulling attention from major investors and prominent crypto platforms. That momentum has made $HYPER one of the most talked-about presales this year.
The price is still fixed at early-stage levels. To participate, head to the official Bitcoin Hyper website and connect a supported wallet such as Best Wallet. Credit and debit card purchases are also accepted directly on the site.
The post Google Gemini AI Predicts Jaw-Dropping Micron Technology Stock Price by End of 2026 appeared first on Cryptonews.
Key Takeaways
- GF Securities’ Jeff Pu downgraded Dell from Buy to Hold following a nearly 200% stock surge, saying upside potential is now constrained
- Despite keeping a $445 price target, Pu warned that valuations exceeding 20x FY28 consensus earnings leave little room for error
- Dell director Lynn Radakovich offloaded $5.06 million worth of shares on June 22, exercising options priced at $31.14 and selling at $421.00
- The analyst expressed concern that Super Micro may capture Dell’s market position in SpaceX’s upcoming deployment phase beginning in 2027
- Shares of Dell were hovering around $434 Thursday, marking approximately a 5% decline following the rating cut
Dell Technologies (DELL) saw its shares slip to around $434 on Thursday, falling more than 5% after GF Securities analyst Jeff Pu downgraded the stock from Buy to Hold.
The rating change comes on the heels of an impressive nearly 200% rally in Dell shares following the company’s fiscal fourth-quarter earnings release in February.
While Pu maintained his $445 price objective, he indicated that the current risk-reward profile has become less favorable given recent price appreciation.
“Despite near-term momentum from GB300/HGX orders, we believe upside potential is constrained given already lofty market expectations,” Pu stated. He pointed out that projections for AI revenue reaching $70 billion or higher, along with corresponding boosts to overall revenue and earnings per share, are already factored into current valuations.
Trading at over 20x consensus fiscal 2028 earnings estimates—or applying a sum-of-the-parts methodology of 25x for AI operations and 15x for legacy business—the analyst concluded the valuation no longer justifies a bullish stance.
Competitive Threats Cloud Long-Term Prospects
Pu also flagged a significant long-term headwind that contributed to Thursday’s negative market reaction. He anticipates Super Micro (SMCI) will capture a larger share of SpaceX’s next-generation gigawatt-scale infrastructure rollout scheduled to commence in 2027.
Dell presently maintains a substantial supply relationship with SpaceX and serves as the exclusive server provider to CoreWeave (CRWV). However, Pu observed that both organizations are exploring an ODM-direct procurement strategy, which could gradually erode Dell’s dominant market position.
This competitive risk appears to have caught investors off guard, amplifying Thursday’s decline.
The downgrade coincided with a regulatory disclosure revealing that Dell director Lynn Radakovich disposed of $5.06 million in company shares on June 22. The transaction involved exercising stock options at $31.14 per share and immediately selling 12,022 shares at $421.00 each.
These trades were executed through a pre-established Rule 10b5-1 trading plan set up in March 2026. After the sale, Radakovich continues to own 25,267 shares directly while maintaining options on an additional 51,979 shares.
Impressive Gains Create High Bar for Future Performance
Dell has delivered exceptional returns this year. Shares have surged more than 247% year-to-date, pushing the company’s market capitalization to approximately $277 billion.
The technology giant recently unveiled its PowerEdge XE8812 server featuring Nvidia’s Vera Rubin NVL4 architecture, capable of supporting up to 144 GPUs per rack. Additionally, Dell secured a substantial $1.4 billion contract with the U.S. Air Force to provide Microsoft enterprise software licenses.
The company also closed a $3 billion senior notes offering, distributed across three separate tranches maturing in 2031, 2034, and 2037.
Despite these achievements, certain analysts have raised red flags regarding Dell’s substantial debt burden and negative equity position, which could become problematic should credit market conditions deteriorate.
Dell’s stock was trading down approximately 5.36% Thursday afternoon, changing hands near the $434 level.
Strategy faces new legal pressure after Rosen Law Firm opened a securities investigation into the Bitcoin treasury company this week. The review follows a steep MSTR selloff and a deeper Bitcoin decline across the wider crypto market and related shares. Together, the events place Michael Saylor’s firm under legal, market, and balance sheet pressure during a volatile trading week.
Strategy Faces Securities Investigation
Rosen Law Firm said it began an investigation into potential securities claims against Strategy and related securities. The firm linked the review to allegations of misleading business information shared with market participants during recent disclosures. It said affected shareholders may seek compensation through a contingency fee arrangement if claims move forward in court.
The firm also said it is preparing a class action to recover possible market losses through the planned lawsuit. Therefore, the legal process could add another challenge for Strategy and its securities program during a weak market. The company already faces pressure because its business model depends heavily on Bitcoin prices, capital markets, and equity sentiment.
The investigation comes after Peter Schiff criticized Saylor’s Bitcoin-backed securities push in recent public comments as Bitcoin prices weakened. Schiff argued that STRC buyers could bring claims tied to promotional statements and offering materials for the security. However, that argument remains separate from Rosen Law Firm’s planned legal action and any future court filing.
Mstr Stock Slides To New Lows
MSTR fell to a new low near $86 after breaking below $100 earlier this week. TradingView data showed the stock dropped more than 5% on the day during regular trading as pressure accelerated. The stock also lost about 23% across the past week as sellers controlled momentum.
The decline reflects heavy selling pressure across crypto-linked equities and Bitcoin treasury names during the current session. Moreover, MSTR often trades as a leveraged proxy for Bitcoin exposure in public markets during volatile trading. That link strengthens during rallies, but it also magnifies losses during sharp selloffs as market risk rises.
Market commentator Zerohedge pointed to heavy put buying across the latest trading session as prices fell today. That options activity added pressure as traders positioned for more downside in the stock during the session. Meanwhile, Bitcoin also weakened after PCE inflation reached 4.1%, the highest level since 2023.
Bitcoin Drop Tests Strategy Treasury Model
Bitcoin’s drop below $60,000 deepened concern over Strategy’s treasury-heavy structure and balance sheet risk. The company holds a large Bitcoin reserve on its balance sheet, so BTC price moves affect sentiment. As a result, every major Bitcoin selloff can weigh on MSTR shares and financing conditions.
Strategy reportedly carries an unrealized Bitcoin loss of more than $13.6 billion after the latest crash. That figure reflects current market prices rather than completed asset sales by the company. Still, it raises questions about leverage, liquidity, and future capital decisions if market stress continues.
Schiff has suggested that Strategy may sell Bitcoin to fund stock buybacks if pressure increases. However, Strategy has not announced any plan to sell its Bitcoin reserves despite the market pressure. Saylor has instead said current reserves exceed debt by over $40 billion, unlike the 2022 downturn.
The self-proclaimed Dogecoin killer followed the red wave sweeping through the broader crypto market, with its price collapsing to its lowest level since May 2021.
In a sudden twist of events, though, it reclaimed its position as the second-biggest meme coin.
Trailing Behind DOGE Again
SHIB has slipped by another 15% over the past week and currently trades at around $0.000004104 (per CoinGecko). Perhaps the most evident reasons for the pullback are the bearish conditions across the entire market and waning interest in the meme coin niche.
Other potential factors include the recent whale activity. The X account BSCN revealed that a Shiba Inu investor who purchased 17.4% of the token’s supply in August 2020 for less than $14,000 has moved 600 billion SHIB (worth $2.83 million) to a ForwarderV4 address.
While some interpreted the move as a pre-sale step, BSCN clarified that nothing has been confirmed yet and promised to unveil further details in time. The X account also noted that the whale’s position was worth a whopping $9.1 billion when SHIB’s price reached an all-time high in 2021.
Speaking on the meme coin was also James Wynn. The trader, known for his highly risky crypto bets, described the asset as “old, dead, and boring,” predicting a potential revival in 5-10 years when “a bit of nostalgia” can bring it back.
Despite its price slump, SHIB has once again secured its position as the second-largest meme coin. This happened after MemeCore (M) nosedived by 76% in a single day amid allegations of manipulation. Dogecoin (DOGE) remains the undisputed leader of the niche with a market capitalization of almost $11.5 billion, while SHIB has less than $2.5 billion.
More Pain Ahead?
The crypto market’s conditions remain unstable (to say the least), which could result in further declines for SHIB in the near term. The rising amount of tokens stored on crypto exchanges is another bearish factor.
Earlier in June, the figure dropped to a five-year low, but since then it has headed north sharply, suggesting that investors have been abandoning self-custody solutions and moving to centralized platforms, thereby increasing the likelihood of an additional sell-off.
The post Shiba Inu (SHIB) Crashes to a 5-Year Low, Yet Makes an Unexpected Comeback: Details appeared first on CryptoPotato.
TLDR
- BlackRock transferred 3,410 BTC and 5,132 ETH to Coinbase Prime.
- The combined value of the transfers reached approximately $217 million.
- Bitcoin transfers accounted for about $209.64 million of the total value.
- Ethereum transfers were valued at approximately $8.43 million.
- Lookonchain tracked the transactions across multiple blockchain transfers.
BlackRock transferred another $217 million worth of Bitcoin and Ethereum to Coinbase Prime on June 25. The transactions followed continued ETF outflows across both products and renewed attention on the asset manager’s blockchain activity. Lookonchain tracked the transfers, while BlackRock did not disclose the purpose behind the deposits.
BlackRock Moves Bitcoin and Ethereum to Coinbase Prime
Lookonchain reported that BlackRock deposited 3,410 BTC and 5,132 ETH to Coinbase Prime through several transactions. The transfers carried an estimated value of $209.64 million in Bitcoin and $8.43 million in Ethereum. The movement occurred on Thursday, June 25.
Blockchain data showed about seven transfers during the operation. Nearly every Bitcoin transaction moved 300 BTC to Coinbase Prime. One separate transaction carried the Ethereum holdings to the same platform.
Market participants linked the transfers with recent ETF withdrawals because similar activity appeared during previous outflow sessions. However, BlackRock did not issue a statement explaining the latest deposits. The company also provided no public update regarding the destination of the transferred assets.
Exchange deposits often attract attention because they can precede trading activity. However, blockchain transfers alone do not confirm that an asset manager has sold any holdings. The available on-chain data only confirms the movement between wallets.
Bitcoin and Ethereum Transfers Follow ETF Withdrawals
The latest deposits arrived while both Bitcoin and Ethereum exchange-traded funds continued recording withdrawals. BlackRock has transferred digital assets to Coinbase Prime during earlier outflow periods. Those previous transactions also prompted market discussion about possible sales.
Some traders interpreted the latest deposits as preparation for another disposal of holdings. Others pointed out that Coinbase Prime supports institutional custody and settlement services. Therefore, wallet transfers alone cannot establish whether any sale occurred.
BlackRock has not confirmed any direct sale connected to the June 25 transfers. The company also has not addressed market speculation surrounding the transactions. As a result, only the blockchain records remain publicly available.
Lookonchain’s published wallet activity showed that the combined transfers reached about $217 million. Bitcoin represented most of the transferred value, while Ethereum accounted for a smaller portion. The deposits reached Coinbase Prime through multiple wallet movements.
Previous blockchain records showed similar transfer patterns during sessions with ETF redemptions. Those observations have contributed to continued discussion whenever BlackRock moves assets to Coinbase Prime. Still, no public filing connected the latest transfers to completed market sales.
The recorded transfers included 3,410 BTC and 5,132 ETH. Based on prices during execution, the combined value reached approximately $217 million. BlackRock has not released any further information regarding the June 25 wallet activity.
Jiang Zhuoer, one of China’s best-known Bitcoin (BTC) miners, sees the Bitcoin bottom landing between $42,000 and $44,000 in late 2026, closely matching Arthur Hayes’ recent $40,000 call.
The founder of mining pool BTC.TOP laid out the forecast in a post, building it on a bearish signal from Strategy’s stock, MSTR. His timing and target both land near the BitMEX co-founder’s.
Strategy’s mNAV Discount Echoes the 2022 Low
Jiang’s case rests on Strategy’s mNAV, which he pegs at 0.72. The metric weighs the stock against the Bitcoin the company holds per share. A reading under 1.0 leaves the firm valued below its own Bitcoin.
The level sits near the 0.7 trough from May 2022, the last time its mNAV collapsed this far. Jiang treats that as the signal, not the timer.
In that cycle, the mNAV bottomed in May with Bitcoin near $31,000. The price then kept sliding to about $15,650 by late November, as the FTX collapse deepened the rout. That gap ran about six months.
“But note that the mNAV low is not the BTC price low,” he added.
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His broader timing comes from a four-year cycle model, one he likens to a bouncing ball losing height. It points to a bottom around October 31, 2026.
Jiang, who has mined through several halving cycles, is already short and plans to buy back near the low.
Hayes Points to a Similar Bitcoin Bottom
Arthur Hayes reached a similar destination by a different route. The BitMEX co-founder laid out the call to content creator EllioTrades on June 12. He sees the Bitcoin bottom near $40,000 within six months.
The bet is tactical, not structural. Hayes holds put spreads as a hedge even as his core positions stay heavily long. His year-end target still runs above $200,000.
Bitcoin recently traded near $61,345, down 2.3% in 24 hours. Jiang’s range sits roughly 30% below that level, while Hayes’ $40,000 floor implies a drop closer to 35%.
Whether mNAV leads price by six months once more is the real test, and it will shape Bitcoin price forecasts heading into late 2026.
The post China’s Top Bitcoin Miner Suggests Arthur Hayes Is Right About BTC Bottom appeared first on BeInCrypto.
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