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

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

Key takeaways

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

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

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

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

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

Fairshake signals a long runway after reporting a large cash position

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

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

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

Industry-aligned PAC spending expands to other primaries

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

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

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

What Moore’s win changes—and what remains uncertain

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

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

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

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

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

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

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

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

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

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

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

Technical structure leaves Bitcoin trapped beneath major resistance

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

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

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

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

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

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

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

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

Loss of $64K support could expose June lows

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

Liquidation data supports that view. Below current prices, large leverage concentrations remain visible between $60,000 and $61,000, creating a potential magnet if selling pressure accelerates. At the same time, Bitcoin’s failure to reclaim the Supertrend resistance and its position beneath major moving-average resistance clusters leaves bulls with limited room for error.

A recovery above $66,000 would likely force another round of short liquidations and bring the $68,000–$69,000 resistance region back into focus. Until then, traders remain caught between deteriorating macro conditions, persistent ETF outflows, and a derivatives market still carrying elevated leverage.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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

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

Key takeaways

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

Spot selling hits a record low while futures stay crowded

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

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

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

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

What the divergence may mean for liquidity recycling

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

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

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

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

Stablecoin balances look resilient, while deployment gets more selective

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

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

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

Traditional-asset derivatives and pre-IPO contracts gain traction

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

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

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

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

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

More than $12 million in crypto-aligned political action committee (PAC) media buys helped propel Barry Moore to victory in Tuesday’s Alabama Republican US Senate runoff over Barry Moore.

The runoff was necessary after neither candidate was able to secure a majority of the vote on May 19, Moore will be the Republican candidate for a US Senate seat in Alabama, facing off against Democrat Everett Wess. Moore won with 55.8% of the vote to Hudson’s 44.2%, giving him an opportunity to replace outgoing Republican Senator Tommy Tuberville. 

Filings with the Federal Election Commission (FEC) showed that the Defend American Jobs PAC, a committee affiliated with the cryptocurrency company-backed Fairshake, spent more than $12 million on media and ads to back Moore’s candidacy in the May 19 primary and Tuesday’s runoff. The Coinbase-affiliated advocacy organization Stand With Crypto rated Moore as “strongly supports crypto,” based on public statements and his voting record while representing Alabama’s 1st Congressional district.

“Our biggest spend of the cycle yielded yet another pro-innovation champion in the Senate, and with nearly $150 million cash on hand we are ready to continue driving the construction of the largest pro-crypto caucus in history,” said Fairshake spokesperson Geoff Vetter.

Source: NBC News

Related: US lawmakers warn against presidential pardon for Sam Bankman-Fried

Based on Vetter’s statement, Fairshake and its affiliates may have spent more than $40 million across several US states in an attempt to support what it considers “pro-crypto” candidates for the next session of Congress. The PAC reported holding a $193 million war chest as of January.

More primaries set for next week before November general election

The Alabama runoff was the latest vote that’s seen industry PACs spending millions of dollars on media for candidates facing primaries in several US states, including South Carolina, Texas, California, South Dakota and New Jersey. Fairshake affiliate Protect Progress also reported spending about $5.2 million and $587,000 in media buys for House seats, respectively, for Maryland Democrat Adrian Boafo and fellow party member Ritchie Torres in New York, scheduled to hold primaries on June 23.

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Binance has been left relying on France as its last realistic route to secure a Markets in Crypto-Assets license after its expected authorization bid in Greece reportedly stalled ahead of the European Union’s June 30 deadline.

According to a report published Wednesday by The Big Whale, European Central Bank President Christine Lagarde played a key role in blocking Binance’s Greek application despite the exchange having cleared most regulatory requirements.

Sources familiar with the matter told the publication that concerns raised at the political level over stablecoins and Binance’s influence within the European crypto sector ultimately halted the process.

The setback has increased pressure on the world’s largest crypto exchange as MiCA’s transition period approaches its final days. Under the EU’s new regulatory framework, crypto firms must secure authorization from a member state regulator by June 30 to continue serving customers across the bloc through MiCA’s passporting system.

Should Greece fail to approve, Binance would lose access to that route entirely, leaving France as the only remaining jurisdiction considered capable of issuing authorization within the required timeframe, according to The Big Whale.

Discussions between Binance and France’s financial regulator, the AMF, are reportedly continuing, although no formal application has yet been submitted.

France emerges as Binance’s remaining option

Attention has now turned to France after reports surfaced earlier this week that Greek regulators were expected to dismiss Binance’s application. Because MiCA operates under a single-license structure, approval in one member state allows crypto firms to offer services throughout the European Union.

With the Greek pathway reportedly closed, Binance’s ability to maintain uninterrupted access to European customers now depends on securing authorization elsewhere before the deadline.

Responding to reports surrounding the Greek application, Binance reiterated its commitment to the European market. The company said it had adopted what it described as a prudent approach during the MiCA transition and was focused on minimizing disruption for users while providing clarity on any upcoming changes.

The exchange also stated that it had worked alongside regulators for the past 18 months and participated in the authorization process in good faith. According to Binance, its understanding is that Greece’s regulator completed its review and considered the application compliant with MiCA requirements, while the filing was also reviewed at the European Securities and Markets Authority level.

Binance warns of market consequences from delays

Beyond its own application, Binance argued that delays to MiCA authorizations could affect the European crypto market more broadly. According to the company’s statement, prolonged uncertainty could reduce liquidity, limit competition and consumer choice, and encourage some activity to move outside the European Union.

Maintaining that it remains committed to Europe, Binance said it is continuing to pursue what it described as the right path forward under MiCA and plans to provide additional updates before June 30.

The latest challenge adds to a series of licensing hurdles the exchange has faced in several jurisdictions. Earlier this year, the Bangko Sentral ng Pilipinas stated that neither Binance nor its local partner, BlockShoals Technologies, possessed the virtual asset service provider license required to conduct certain crypto-related activities in the Philippines.

Despite those regulatory obstacles, Binance has consistently supported MiCA publicly. The company has previously described the framework as a positive step for the industry, arguing that it improves legal certainty, strengthens consumer protections, and creates a more structured environment for crypto businesses operating across Europe.