Standard Chartered has kept its $100,000 Bitcoin target and $4,000 Ethereum target after the selloff.

Standard Chartered digital-assets research head Geoffrey Kendrick said the drop likely set the cycle bottom in his latest note. Bitcoin fell toward $59,000 before rebounding near $63,500, while Ethereum traded near $1,665.

Bitcoin’s price target stays at $100,000

Kendrick described the $59,000 Bitcoin move as the “likely low” for the current cycle. He kept the bank’s $100,000 year-end Bitcoin target after the rebound toward $63,500. His note framed the latest move as the end of crypto winter. It did not treat the drop as the start of another breakdown.

Kendrick tied the selling pressure to forced selling, weak ETF flows, and liquidity stress. He said those factors had caused the deepest damage during the drawdown. The bank’s call extends its earlier bullish Bitcoin view after a sharp decline.

Bitcoin trades far below Standard Chartered’s target, despite its recovery from $59,000. Kendrick’s call depends on stronger confirmation from ETF flows and institutional demand. The note kept its focus on price levels, flows, and treasury demand.

Bitcoin ETF flows and SpaceX liquidity stay in focus

Spot Bitcoin ETF redemptions remain a central test for Kendrick’s bottom call. Market context showed U.S. funds saw heavy outflows during the selloff. Those redemptions weakened the institutional bid that supported Bitcoin earlier. Kendrick said consistent inflows would support his recovery thesis.

The liquidity picture also includes the SpaceX IPO window, according to Kendrick’s note. He cited cash demand around the listing as pressure on risk assets. Crypto markets tracked SPCX trading on Nasdaq after SpaceX’s $75 billion IPO, according to related context. 

Synthetic SpaceX-linked markets drew crypto-native volume during the same period. Strategy remains a demand factor in Bitcoin’s short-term market setup. Market participants tracked whether Michael Saylor’s company would keep absorbing Bitcoin supply.

Ethereum’s target remains at $4,000

Kendrick also kept his $4,000 Ethereum target and expects ETH to outperform Bitcoin. Ethereum traded near $1,665, well below that target. Standard Chartered’s existing Ethereum thesis links ETH demand to stablecoins, tokenized assets, and onchain settlement. 

The bank has argued that Ethereum network use remains stronger than price action. Ethereum’s recent weakness kept the ETH/BTC ratio under pressure. Kendrick said a ratio rebound would show renewed investor demand for Ethereum exposure.

The note placed Ethereum’s path beside Bitcoin’s ETF flow test. It also kept institutional demand and macro stress in view as market confirmation points. Kendrick listed several markers for the next market stage. They include Bitcoin holding $59,000, ETF inflows returning, Strategy demand stabilizing, and Ethereum regaining relative strength.

Key Takeaways

• Ethereum currently sits around $1,670, posting a modest 1% gain over the past day while maintaining bearish technical signals
• Technical analysis reveals a bear flag formation constraining upside potential below the $1,700 threshold
• Bulls need a decisive move above $1,700 to target $1,850–$1,900; downside breakdown could revisit $1,500
• Approximately 500,000 ETH tokens valued at roughly $800 million exited centralized exchanges in the past week
• Spot Ethereum ETF products recorded $16 million in net redemptions on Thursday, marking the third consecutive session of outflows

Ethereum’s price action reveals tentative stabilization following recent declines, though bearish momentum continues to dominate the technical landscape. The second-largest cryptocurrency by market capitalization currently hovers around $1,670, registering slight positive movement of approximately 1% in the 24-hour window.

This marginal uptick follows substantial losses that began in mid-May, fueled predominantly by escalating geopolitical tensions and broader macroeconomic headwinds. The current bounce appears tentative and lacks the conviction needed for a sustained reversal.

Market technician Ted highlighted that ETH remains confined within a bear flag configuration. This particular chart pattern traditionally indicates additional downward pressure unless price action decisively escapes the formation’s boundaries.

For Ethereum to fundamentally alter its trajectory, a convincing daily close above the $1,700 resistance zone becomes essential. Successfully clearing this technical hurdle could unleash momentum toward the $1,850–$1,900 price range.

Should resistance at $1,700 prove insurmountable, the probability of renewed downside increases substantially. Under such circumstances, traders would likely refocus attention on the $1,500 support threshold.

Significant Exchange Outflows Suggest Potential Accumulation Phase

Cryptocurrency analyst Ali Charts highlighted via social media platform X that approximately 500,000 ETH tokens — representing roughly $800 million in value — departed centralized trading venues during the previous seven-day period. Substantial token migrations away from exchanges frequently suggest investors are transferring holdings into self-custody solutions, which market participants often interpret as preparatory accumulation behavior.

Blockchain metrics provide additional perspective on current market dynamics. Active Ethereum wallet addresses declined to approximately 480,000 on Thursday, retreating from 554,000 in recent sessions and substantially below the 738,000 figure recorded in late April.

Declining network participation during attempted price recoveries indicates the rally lacks widespread engagement across the user base. Such divergences between price and fundamental activity metrics frequently precede correctional moves.

Investment Product Redemptions Compound Selling Pressure

Ethereum-focused exchange-traded fund products have experienced three consecutive sessions of net capital withdrawals. Thursday’s redemptions totaled $16 million, following $41 million and $36 million in outflows on Tuesday and Wednesday respectively.

Derivatives market indicators similarly reflect cautious positioning. Aggregate open interest across Ethereum futures contracts contracted to $22.98 billion on Friday, down sharply from $30.95 billion recorded at June’s beginning.

The Moving Average Convergence Divergence indicator registers approximately -138.24, positioned beneath its signal line at -130.37, confirming sellers maintain market control. Meanwhile, the Relative Strength Index hovers marginally above 30, indicating the asset approaches oversold conditions without yet confirming directional reversal.

ETH currently trades substantially below its 50-day, 100-day, and 200-day exponential moving averages positioned at $2,000, $2,148, and $2,405 respectively. These technical levels constitute formidable overhead resistance barriers.

The most current pricing data places ETH at $1,688, remaining constrained beneath the pivotal $1,700 level with no confirmed bullish reversal signal evident on daily timeframe charts.

According to a recent SoSoValue update, U.S. spot Bitcoin ETFs recorded $85.85 million in daily total net inflow on June 12.

Total value traded reached $1.81 billion, while total net assets stood at $79.65 billion. Those assets represented 6.26% of Bitcoin’s market capitalization after the update completed.

BlackRock IBIT draws $57.69M as Fidelity FBTC adds $18M 

A deep dive into the performance of individual Bitcoin ETFs reveals that market data showed BlackRock’s IBIT leading the group by assets and daily inflow. IBIT held $48.70 billion in net assets, equal to a 3.83% Bitcoin share. The fund drew $57.69 million in daily net inflow and 906.37 BTC in daily BTC inflow. IBIT traded at $36.04, down 0.03%, with $1.32 billion in value traded. Its premium or discount stood at minus 0.05%, and volume reached 36.52 million shares.

Source: SoSoValue (Bitcoin ETFs)

Fidelity’s FBTC ranked second with $11.45 billion in net assets and a 0.90% Bitcoin share. FBTC added $18.00 million in daily net inflow and 282.85 BTC in daily BTC inflow. The fund traded at $55.35, up 0.11%, with $180.39 million in value traded. Its premium or discount stood at minus 0.09%, and volume reached 3.25 million shares.

Grayscale Bitcoin ETFs record zero daily inflows as BITB adds $5.18M 

Grayscale’s GBTC held $9.06 billion in net assets and carried no daily net inflow. The fund also showed zero daily BTC inflow during the session. GBTC traded at $49.34, up 0.04%, with $109.79 million in value traded. Its premium or discount stood at positive 0.02%, and daily volume reached 2.22 million shares.

Grayscale’s BTC product held $3.39 billion in net assets and also recorded no daily inflow. It traded at $28.13, up 0.07%, with $47.28 million in value traded. BITB held $2.34 billion in net assets and added $5.18 million in daily net inflow. BITB traded at $34.52, up 0.03%, with $70.12 million in value traded.

ARKB and HODL post modest inflows as smaller Bitcoin ETFs stay flat 

Ark 21Shares’ ARKB held $2.09 billion in net assets and added $3.17 million in daily inflow. Its price stood at $21.08 with no daily change, while the value traded reached $34.77 million. VanEck’s HODL held $1.05 billion and added $1.80 million in daily net inflow. The HODL Bitcoin ETF traded at $17.97 with no daily change and $24.80 million traded.

Smaller funds showed limited movement across inflows and prices. BTCO, BRRR, EZBC, MSBT, BTCW, and DEFI recorded zero daily net inflow. BTCO, BRRR, and EZBC held $402.86 million, $378.10 million, and $369.71 million in net assets. MSBT, BTCW, and DEFI followed with $262.04 million, $143.65 million, and $12.25 million. 

Daily price changes stayed narrow across these funds, ranging from flat to positive 0.11%. Fee data showed GBTC at 1.50%, the highest level among listed funds. DEFI Bitcoin ETF followed at 0.90%, while several large funds carried fees near 0.25%. FBTC showed a 0.00% fee, the lowest displayed figure.

Sam Bankman-Fried’s latest attempt to overturn his FTX fraud conviction has been rejected. In a unanimous decision issued by a three-judge appeals panel of the US Court of Appeals for the Second Circuit in Manhattan, the court denied his bid for relief and upheld the conviction and 25-year prison sentence linked to the 2022 collapse of FTX.

According to Reuters, the panel characterized the government’s case as “conservatively stated, robust,” signaling that the appeals court found the original trial record supported the conviction.

Key takeaways

• Bankman-Fried’s appeal was rejected unanimously by a Second Circuit panel, leaving the fraud conviction and 25-year sentence intact.
• The appellate court said the government’s case against him was “robust,” indicating strong support in the trial record.
• The ruling does not end the matter for Bankman-Fried, who is pursuing other legal options including clemency.
• His effort to seek a presidential pardon appears to face uncertainty given prior public statements from President Donald Trump.

A conviction upheld, not reopened

The Second Circuit decision means Bankman-Fried’s conviction for fraud and conspiracy charges tied to FTX’s collapse will stand for now. The appellate court’s ruling did not suggest the case was close or that errors undermined the verdict. Instead, the judges described the prosecution’s evidence as substantial.

In the decision, Circuit Judge Barrington Parker wrote about what the court viewed as the contradiction between Bankman-Fried’s public messaging and the conduct alleged in the case. As reported by Reuters, Parker noted that while Bankman-Fried was publicly reassuring customers, investors, and regulators that FTX customer funds were safe, the government’s narrative portrayed FTX as being used to cover spending tied to Bankman-Fried personally—described as including real estate expenditures, political contributions, and investments.

For investors and crypto market participants who have been tracking the long legal aftermath of the FTX bankruptcy, the appeals ruling underscores how firmly the judiciary has treated aspects of the case. The longer this process runs without reversal, the more difficult it becomes for defendants relying on appellate arguments to change outcomes, even as other avenues remain open.

Clemency replaces appeal as the next path

The appeals court’s rejection shifts the focus to Bankman-Fried’s other legal strategy. Earlier coverage from Cointelegraph said he formally applied for a presidential pardon from Donald Trump. The request appeared on the US Department of Justice Office of the Pardon Attorney website in early June, according to the reporting cited in that article.

Bankman-Fried was sentenced to 25 years in 2024 after being convicted on fraud and conspiracy charges related to FTX’s multibillion-dollar collapse.

While clemency is a different process from appeals—often grounded more in executive discretion than legal error—it remains a meaningful watch point for the broader crypto community. It is also a reminder that even when appeals fail, defendants may still seek relief through political or executive channels.

Why a pardon remains uncertain

Public signals around the clemency effort appear mixed. In an interview with Fox Business, Bankman-Fried said he was “absolutely” seeking a presidential pardon from Donald Trump. However, the strongest obstacle is the president’s prior posture.

Trump told The New York Times in January that he had no plans to pardon Bankman-Fried. Separately, a White House spokesperson declined to comment on the clemency request, Bloomberg reported, referencing the earlier remarks.

Even so, Trump has demonstrated willingness to grant high-profile pardons in the past. One example cited in the reporting is a pardon granted in January 2025 to Ross Ulbricht, the founder of the dark web marketplace Silk Road. Ulbricht had been serving two life sentences plus 40 years before the pardon. Silk Road’s platform used Bitcoin as a primary payment method, which keeps the case relevant to crypto-linked audiences even years after the marketplace was shut down.

For observers trying to interpret Bankman-Fried’s odds, the key tension is straightforward: past statements suggest reluctance, but precedent shows the executive branch can change course depending on the case.

What to watch next

The immediate development is clear—Bankman-Fried cannot undo the conviction through this appeals ruling. The next decisive question is whether his pardon application gains traction, and what any further statements from the White House or the DOJ’s Pardon Attorney process indicate about the likelihood of executive relief.

TLDR:

• SpaceX opened its IPO on June 12 targeting a valuation above $1.7 trillion at the New York opening bell.
• The SPCX perpetual on Hyperliquid implied a $2.3T valuation, sitting well above the actual IPO target price.
• Real SpaceX equity grants ownership, voting rights, and dividends, while SPCX perps offer only price exposure.
• SpaceX holds 18,712 BTC, making it the eighth-largest publicly traded Bitcoin treasury company after its IPO.

The SpaceX IPO opened on June 12, with the company targeting a valuation above $1.7 trillion at the New York opening bell.

Traders now have two distinct routes to gain exposure: purchasing actual SpaceX equity or trading the SPCX perpetual contract on Hyperliquid.

Each instrument operates under different mechanics, carries different rights, and suits different trader profiles. Understanding those differences is critical before making any capital commitment.

What the Actual SpaceX Stock Offers Investors

Buying SpaceX stock at IPO gives investors direct ownership over real company equity. Shareholders receive primary-market IPO allocations and retain voting rights where the company grants them.

Any future dividends SpaceX distributes would flow exclusively to equity holders, not derivative traders. That ownership structure creates a fundamentally different relationship between the investor and the business.

Leverage, however, is not a standard feature of purchasing equity through traditional channels. Before the IPO, access to real SpaceX shares was entirely restricted to accredited investors and institutions.

Retail traders had no direct path to the stock during the pre-IPO period. That gating pushed speculative demand toward crypto-native alternatives in the weeks leading up to the listing.

SpaceX also brings a notable Bitcoin treasury to public markets. The company holds 18,712 BTC, making it the eighth-largest publicly traded Bitcoin treasury firm after its IPO.

Equity investors therefore gain indirect Bitcoin exposure through the company’s balance sheet. That detail adds another layer to the investment profile worth considering.

For traders with a long-term outlook, traditional equity remains the more straightforward choice. Real shareholders accumulate rights over time that no synthetic instrument can replicate.

How the SPCX Perpetual Contract Works and Where It Falls Short

The SPCX perpetual contract, deployed by TradeXYZ on Hyperliquid’s HIP-3 upgrade, gave retail traders pre-IPO price discovery access ahead of the listing.

As Arkham research noted, the contract allowed users to take long or short positions on the implied SpaceX share price.

Traders could speculate on price movements before the stock officially opened on public markets. That early access, however, came with a visible pricing premium attached.

At the time of publication, the SPCX perpetual implied a SpaceX valuation of roughly $2.3 trillion. That figure is materially higher than the actual IPO target valuation of $1.7 trillion.

The gap could reflect anticipated Day 1 price appreciation, a premium for early access, or speculative positioning. Traders should not interpret that premium as a reliable signal of where the stock will actually trade.

Holding a SPCX contract confers no ownership over real SpaceX equity whatsoever. Active positions also do not convert into actual stock once the IPO completes.

After the listing, those positions transition into standard stock-linked perpetual futures. That structure allows derivative traders to capture post-IPO price movements while still using leverage.

Liquidation risk remains a serious concern for leveraged SPCX positions. A flash crash driven by low liquidity or technical issues could wipe out an entire position rapidly.

Traders with lower risk tolerance should weigh that possibility carefully against the appeal of early access and leverage.

TLDR:

• Bitcoin trades near $63.8K as June performance trends toward weakest since 2022 bear market phase
• Summer liquidity conditions from July to September continue limiting strong directional breakouts in BTC
• Traders are actively monitoring $61K–$66.8K range as short liquidations and rejections persist
• Macro cycle models still point toward potential reversal zones forming closer to the October window

Bitcoin is tracking toward its weakest June performance since 2022. That year marked the depths of the previous bear market cycle. 

CoinGecko data shows BTC trading at $63,781, up 1.21% over the past 24 hours and 5.01% over the past week. Despite the modest recovery, the broader monthly picture remains underwhelming for bulls.

Bitcoin’s Worst June Since Bear Market Lows Raises Seasonal Concerns

Seasonal data has become a focal point for traders this month. Crypto analyst Daan Crypto Trades noted that July, August, and September tend to be slow periods. 

Lower summer liquidity historically suppresses volatility across those three months. Big directional moves have typically waited until October to materialize.

The October thesis carries added weight under the four-year cycle framework. According to Daan Crypto Trades, that month would also mark the end of the current bear phase under that model. 

Bitcoin’s 24-hour trading volume stood at roughly $24.28 billion, per CoinGecko. That figure reflects moderate activity but no major breakout momentum. 

The market remains range-bound heading into mid-June. No clear catalyst has emerged to push price decisively in either direction.

Summer seasonality has historically produced choppy, low-conviction price action. That pattern may keep BTC pinned within its current range for the near term. Traders appear to be positioning accordingly. High-conviction directional bets remain sparse.

Traders Eye $65K and $66.8K as Critical Zones for BTC Direction

Price action near range highs drew attention over the weekend. 

Analyst Lennaert Snyder flagged that Bitcoin swept its range high before rejecting. Short liquidations triggered on the move up, but there was no meaningful follow-through to the downside.

Snyder identified roughly $65,000 as the next point of interest for shorts. A test of $66,800 represents the secondary zone he is monitoring. 

Both levels would require a confirmed trigger before he enters a position. For long setups, a pullback toward $61,000 to $62,000 remains on his radar.

Range lows are also being watched for potential bounces. Snyder stated his bias remains tilted to the downside overall. That view aligns with broader bearish seasonality expectations. No immediate long opportunity stands out at current levels.

Analyst Astronomer Zero shared a high-timeframe read pointing to a potential bottom zone around $60,000. That call still stands, despite price sitting above it. 

He noted a prior short from $82,300 played out, and he is now monitoring a fresh reversal area. The macro picture, in his view, has not materially shifted.

Bitcoin has entered a period where preparations for quantum-resistant security should begin immediately, according to a new report from Coinbase’s independent advisory board of cryptography experts.

According to the report published by Coinbase’s advisory board, the Bitcoin community should start developing and implementing a migration path to post-quantum cryptography now rather than waiting for consensus on how to handle vulnerable legacy coins.

The June report, authored by a group that includes Ethereum Foundation researcher Justin Drake, states that quantum computers do not currently threaten Bitcoin. Even so, the authors argue that uncertainty around future advances in quantum computing warrants early planning to avoid disruption later.

At the center of the discussion is the growing debate over Bitcoin held in addresses protected by existing ECDSA and Schnorr signatures. According to the report, some community members support establishing a migration deadline after which those signature schemes would no longer be accepted, effectively freezing coins that have not moved to quantum-resistant addresses. 

Supporters of that approach argue it would prevent future quantum attackers from gaining control of large amounts of BTC and potentially affecting the market.

Others within the Bitcoin community take the opposite view. As outlined in the report, critics argue that rendering coins unspendable would amount to confiscation of private property and would conflict with Bitcoin’s long-standing principles of immutability and user control over assets.

The report leaves the governance decision to Bitcoin users

Rather than endorsing either position, Coinbase’s advisory board said the question of whether vulnerable coins should eventually be frozen, burned, or left untouched must be decided by the Bitcoin community itself.

Instead of backing any of the competing proposals, the authors declined to recommend a preferred outcome for legacy Bitcoin holdings.

“We refrain from providing any specific recommendation regarding the treatment of vulnerable coins.”

On the governance question, the report argued that the final outcome should emerge through Bitcoin’s consensus process rather than being dictated by a small group of researchers.

“The decision should be made by the Bitcoin community.”

Several figures cited in the report illustrate why the debate has become increasingly significant. According to the advisory board, roughly 1.7 million BTC are held in older pay-to-public-key addresses whose public keys are already exposed, making them potentially vulnerable to future quantum attacks.

The report notes that many of those coins are believed to belong to lost wallets, including holdings commonly attributed to Bitcoin creator Satoshi Nakamoto.

Drawing on research from Project11, the report also notes that as many as 5 million BTC could face exposure through address reuse, although a substantial portion of those holdings are believed to remain under the control of active users and institutions.

Technical proposals are already being explored

Alongside the debate over legacy coins, the report outlines several proposals designed to ease Bitcoin’s eventual transition to quantum-resistant security.

One proposal, known as Hourglass, would limit how many BTC from vulnerable addresses could be moved in each block, reducing the risk of a sudden influx of recovered coins entering circulation. Another proposal, BIP-361, would allow users to prove ownership through post-quantum cryptographic methods even after legacy signatures are retired.

The report also discusses Post Quantum Address Commitments, or PACTs, a mechanism that would let users commit to future quantum-safe addresses before a migration deadline without immediately moving funds on-chain.

While the advisory board stopped short of recommending any single solution, it delivered two clear conclusions. According to the report, development of quantum-resistant migration tools should begin immediately, and Bitcoin users should receive clear information about potential risks and available migration paths well before quantum computing becomes a practical threat.

The publication comes as Coinbase pursues a wider expansion of its platform, with the company recently outlining plans to integrate trading, lending, payments, derivatives, and AI-powered services into a unified financial ecosystem.

Major crypto trading and wallet platforms have canceled their tokenized access campaigns tied to SpaceX’s IPO after the company began trading on the Nasdaq on Friday. Bybit, Binance, Bitget Wallet and MEXC all said they were unable to obtain SpaceX allocations through xStocks, leaving participants without the promised shares and triggering refunds.

SpaceX’s IPO—reported as more than four times oversubscribed—raised $75 billion. Shares opened at $150, above the $135 IPO price, and closed the day at $161.11, valuing the company at more than $2 trillion.

Key takeaways

• Bybit, Binance, Bitget Wallet and MEXC canceled tokenized SpaceX IPO campaigns after xStocks could not deliver underlying allocations.
• Several platforms linked their failure to the same delivery bottleneck—xStocks’ inability to provide the underlying assets.
• Refunds are being processed for affected users, but no SpaceX allocation distribution is expected from these campaigns.
• The episode highlights operational and settlement risks for tokenized access to high-demand traditional IPOs.

Cancellation across multiple crypto platforms

The cancellations followed SpaceX going public on the Nasdaq on Friday, ending the tokenized IPO access windows these platforms marketed to users. The common thread across announcements was that the platforms did not receive allocation support from xStocks, the conduit used to provide tokenized access.

Bybit was among the first to suspend its effort. Through its “Bybit IPO Express,” the exchange had previously announced tokenized access to SpaceX using xStocks. In its cancellation notice, Bybit cited xStocks’ inability to deliver underlying assets, adding that “no SpaceX allocations were received” and that subscribed users would not receive allocations.

Binance’s tokenized IPO campaign faced a similar outcome. Earlier, Binance had reported strong interest, stating the campaign attracted more than $557 million in USDC deposits. But Binance later said it could not proceed due to “circumstances outside of our control.” Binance Wallet was also reliant on xStocks, tying its outcome to the same underlying delivery issue.

Bitget Wallet and MEXC likewise indicated they would refund users after failing to secure xStocks’ tokenized SPCX allocation. The cancellations underscore how tokenized IPO models can concentrate settlement dependencies on a single intermediary for allocation delivery.

What happened with xStocks and the allocation gap

Multiple platforms pointed to xStocks as the reason allocations could not be fulfilled. The key operational problem was not that demand for SpaceX was weak—reports leading into the IPO suggested significant oversubscription—but that the tokenized structure did not convert that interest into actual delivered allocations.

Bybit explicitly connected its inability to fulfill the campaign to xStocks’ failure to deliver underlying assets. Binance’s and the other platforms’ references to “circumstances outside of our control,” along with their confirmation that refunds would follow, aligned with that explanation.

For participants, the practical consequence was straightforward: subscriptions did not translate into SpaceX allocations delivered via the tokenized wrapper. Even with a completed IPO and a first day of trading that reflected high market confidence, the allocation mechanism for tokenized access failed to reach end users.

Why this matters for tokenized IPO access

This episode represents a setback for crypto platforms seeking to offer users a bridge to widely anticipated public offerings. Tokenized IPO access has been positioned as a way to bring retail and crypto-native users closer to traditional markets, especially when demand is intense and allocations are scarce.

However, the SpaceX cancellations illustrate a recurring challenge: tokenized delivery depends on real-world allocation rights and the ability to source and settle underlying shares. When any part of that chain fails—particularly at the delivery stage—users can be left without the core benefit of the offering.

There is also a trust dimension. Earlier marketing emphasized access to a high-profile listing; after the cancellation, the focus shifted from participation to remediation. Bitget Wallet’s chief operating officer, Alvin Kan, said on X that refunds were being processed and acknowledged disappointment that the outcome did not materialize as expected. He also said the setback affected confidence in the industry, while expressing that the company would move forward.

Refunds begin, but questions remain

While the platforms have indicated that affected users will receive refunds, the broader implications for future tokenized IPO campaigns are less clear. Investors and traders watching this space should pay close attention to whether platforms adjust their structures, add additional intermediaries, or change how they handle allocation delivery risk for future high-demand listings.

With SpaceX now publicly traded, the immediate question is how quickly and cleanly refunds are handled—and whether other upcoming tokenized IPO offerings will proceed under tighter operational safeguards. The next test for the model will be whether failures like this remain an exception or become a pattern when real-world allocation delivery runs into constraints.

TLDR:

• Stellar now holds over $2B in tokenized RWAs as payment volume climbs 72% year-over-year to $5.5B. 
• Circle’s CCTP brings native USDC to Stellar, enabling transfers across 23+ chains without bridge risk. 
• Figure’s SEC-registered YLDS offers compliant yield on Stellar, targeting fintechs and LATAM markets.
• Bermuda is migrating wages, government fees, and payments onto Stellar in a full national deployment.

Stellar is moving beyond its payments roots in 2026, stepping into tokenized real-world assets, compliant yield products, and institutional settlement infrastructure.

The network now holds over $2 billion in tokenized RWAs. Payment volume has grown 72% year-over-year to $5.5 billion.

Developer participation is up 86%. These figures point to active usage across the ecosystem, not just projected growth.

Cross-Chain Liquidity and Regulated Yield on Stellar

Circle’s Cross-Chain Transfer Protocol is now live on Stellar. Native USDC can move between Stellar and more than 23 blockchains without wrapped tokens.

This removes traditional bridge risks for payments, exchanges, and DeFi applications. The integration gives these platforms access to deeper liquidity at a critical time for the network.

Figure has also launched YLDS on Stellar, an SEC-registered yield-bearing dollar asset. It is designed to serve as a compliant onchain savings product for fintechs and retail users.

Markets like Latin America stand to benefit from combining stablecoin liquidity with money-market-style yield. This fills a gap that standard stablecoins have not addressed within a regulated framework.

The DTCC is also engaging with Stellar’s settlement infrastructure. This adds a major institutional layer to the network’s growing financial stack.

Settlement-grade infrastructure alongside regulated yield products creates a more complete offering. Institutions looking for compliant, onchain alternatives now have more options on Stellar.

Stablecoin activity and enterprise participation are both growing alongside these product launches. The network is attracting users who need more than simple transfers.

As @ourcryptotalk noted, this is usage, not just another roadmap. That distinction matters when evaluating where the network stands today.

Bermuda Builds a National Economy on Stellar

Bermuda is conducting one of the most ambitious real-world tests of blockchain infrastructure. The country is migrating wages, merchant payments, government fees, and stablecoin disbursements onto Stellar.

Financial services are also moving to the network as part of this national effort. This is a live deployment, not a pilot program.

The scale of Bermuda’s adoption is rare in the blockchain space. No comparable national economy has attempted a full transition of this kind on a public network.

Stellar’s existing focus on cross-border payments made it a practical fit for this use case. The infrastructure was already built for speed, low fees, and compliance.

For Stellar, sovereign adoption adds a concrete use case to its institutional narrative. Bermuda’s activity will generate real transaction data across government and commercial settings.

That data will be visible on-chain and open to analysis by developers and institutions alike. It gives Stellar a proof point that few other networks can match.

XLM is currently trading near $0.19, testing a key support zone between $0.18 and $0.20. On the four-hour chart, the price is compressing inside a falling wedge with RSI forming higher lows.

A confirmed breakout above $0.20 would be the first technical signal of buyer control returning. The coming weeks will show whether the fundamental activity translates into price recovery.