TLDR:

• Bybit launched IPO Express, enabling eligible users to access tokenized IPO shares directly.
• SpaceX becomes the first IPO available through Bybit’s new tokenized equity subscription platform.
• Users can subscribe through Bybit accounts without opening traditional brokerage accounts.
• Allocations will be distributed pro-rata, with tokenized shares trading on Bybit Spot afterward.

Bybit announced the launch of IPO Express, a new platform offering tokenized access to initial public offerings.

The cryptocurrency exchange said the service makes it one of the first centralized exchanges to provide tokenized IPO participation at the offering price. The first available offering will be SpaceX through tokenized shares powered by Payward Services’ xStocks.

The Dubai-based exchange stated that eligible retail investors worldwide can subscribe to tokenized representations of publicly traded equities.

The service allows users to participate directly through their Bybit accounts. Customers do not need traditional brokerage accounts to access the offering.

The launch reflects growing integration between traditional capital markets and crypto-based infrastructure. The company described IPO Express as a way to expand access to investment opportunities that were previously concentrated among institutional participants and select brokerage clients.

Expanding Access to IPO Participation

Participation in major IPOs has historically faced several barriers. Geographic restrictions, brokerage relationships, and allocation requirements often limited access for retail investors. Many investors could only purchase shares after public listings had already occurred.

According to Bybit, xStocks provides compliant tokenization solutions designed to broaden access to IPO subscriptions.

The framework brings investor participation, liquidity, and underlying assets onto blockchain networks. The company said the model enables wider access through global platforms.

The tokenized IPO offering complements xStocks’ existing tokenized equities products. Those products provide exposure to listed shares trading on secondary markets. xStocks stated that its framework supports onchain interoperability and crypto-native settlement capabilities.

Bybit said eligible users can subscribe to IPO allocations without navigating traditional cross-border financial systems.

The exchange added that investors can participate through a streamlined process within the platform. Funds are committed during subscription and refunded automatically if unused.

SpaceX Becomes First Offering on IPO Express

SpaceX will serve as the inaugural IPO available through the new platform. Bybit announced that registration and subscription periods will run from June 7 through June 11, 2026. Eligible users can review offering details and register their interest during that period.

During the subscription window, users may submit requests within the announced IPO price range. Bybit said allocations will be determined on a pro-rata basis according to overall demand. The allocation process is scheduled to take place between June 11 and June 12.

Following allocation, tokenized SpaceX shares will be distributed to users’ accounts. Unused subscription funds will be returned automatically. The tokenized shares are scheduled to begin trading on Bybit Spot on June 12.

Emily Bao, Head of Spot at Bybit, said the launch represents a milestone in the company’s platform development. She stated that the partnership with xStocks allows customers to access U.S.-listed IPOs alongside digital assets.

Bao added that the initiative aims to combine traditional finance and crypto services within a single platform.

Bybit also linked the launch to increasing interest in tokenized real-world assets. The company noted that both crypto-focused firms and traditional financial institutions continue exploring the sector. It described tokenized assets as an area of ongoing growth within blockchain adoption efforts.

TLDR:

• Vietnam’s digital law recognises crypto assets as property while enabling five-year pilot exchange prog
• SSC officials said Vietnam is building a regulated crypto framework with AML, custody and investor safeguards
• Tokenised assets including real estate and infrastructure could reach $70–80B in Vietnam by 2030, per projections
• Vietnam ranks 7th globally in crypto users as ETF growth and APAC volumes continue rising sharply

Vietnam’s State Securities Commission said crypto assets and tokenised real-world assets are entering the country’s formal digital economy framework.

Officials said preparations are underway for a regulated crypto asset market launch planned for the third quarter of 2026. 

Authorities described crypto and tokenised assets as emerging pillars supporting Vietnam’s broader digital economy development strategy.

The SSC said Vietnam’s Law on Digital Technology Industry took effect on January 1, 2026, recognising digital assets as property.

Government Resolution No. 05/2025/NQ-CP launched a five-year pilot program for licensed crypto asset trading platforms nationwide. 

The framework aims to support structured market development while providing legal recognition for digital asset ownership. Officials emphasised that recognition of digital assets provides clearer legal protection for investors and institutions.

Regulatory Framework and Pilot Market Development

SSC vice chairman Bùi Hoàng Hải said Vietnam is building a legal framework for digital financial markets. He spoke at a conference in Hà Nội attended by regulators, banks, and blockchain associations. Industry participants discussed tokenization trends and digital exchange development during the conference. 

The conference included representatives from central banks, security regulators, and industry associations collaborating on policy design.

He stated that sustainable market growth requires transparent ecosystems and stronger investor protection mechanisms. Officials also discussed anti-money laundering controls, cybersecurity risks, and regulatory safeguards for digital assets. 

These measures aim to strengthen compliance and reduce systemic risks in emerging digital markets. Cybersecurity resilience was also identified as a core requirement for sustainable digital asset markets.

Draft orientations outline licensed virtual asset service providers as central to the domestic trading system. Authorities indicated all trading activity will eventually occur through approved domestic platforms denominated in Vietnamese đồng. 

Foreign investors would be allowed to participate through licensed platforms under the proposed regulatory framework. Investors may continue holding assets in personal wallets alongside regulated exchange participation.

Market Expansion and Tokenisation Outlook

Officials said tokenisation of real-world assets is viewed as part of future financial infrastructure. Potential assets include real estate, gold, infrastructure projects, data centers, energy projects, and ports. 

Tokenization is expected to improve asset liquidity and enable fractional ownership across large-value assets. Experts noted tokenisation could streamline settlement processes across multiple asset classes.

Industry projections estimate global tokenized asset markets could reach nineteen trillion dollars by 2033. Vietnam’s market may expand to between $70 billion and $80 billion by 2030. 

Growth projections reflect increasing institutional interest in blockchain-based financial instruments worldwide. Adoption figures place Vietnam among leading global markets for retail crypto participation.

Vietnam ranks seventh globally in crypto users and fifth in transaction growth rates. Officials noted Bitcoin ETF growth and rising Asia-Pacific digital asset transaction volumes of around 2.4 trillion dollars. 

The market has shown increased stability following periods of earlier volatility in crypto cycles. Institutional products such as Bitcoin ETFs have expanded access for traditional investors globally.

TLDR:

• PiggyBank closed its LAB hedge after negative funding rates made the strategy too costly to maintain.
• The protocol expects NAV declines of 15% for USDC, 12% for SPYx, and 9% for JitoSOL.
• Locked LAB tokens valued at $1.35 million will remain excluded from NAV until the August unlock.
• ZachXBT criticized the trade and renewed concerns over LAB token supply concentration claims.

PiggyBank reported expected net asset value (NAV) drawdowns of up to 15% after unwinding a hedged position tied to the LAB token.

The protocol said it closed the hedge after extreme volatility, declining liquidity, and deeply negative funding rates made the strategy unsustainable.

According to a statement released by the team, the position originated from a basis trade executed last month. PiggyBank purchased locked LAB tokens through an over-the-counter transaction for approximately $100,000 while simultaneously shorting LAB perpetual futures contracts.

The protocol said the trade initially represented about 2% of portfolio assets and was designed to reduce directional market exposure.

However, changing market conditions increased the cost of maintaining the hedge and ultimately forced its closure.

PiggyBank said it will exclude its locked LAB holdings from NAV calculations until the first token unlock on August 14.

The team cited insufficient liquidity and said the approach represents the fairest method for managing user liquidity during the period.

Current NAV estimates indicate an approximate 15% decline for the USDC vault, a 12% decline for SPYx, and a 9% decline for JitoSOL. PiggyBank said it plans to publish a detailed report and follow-up handling plan next week.

Market Conditions Forced Closure of Hedged Position

PiggyBank said the strategy combined discounted purchases of locked LAB tokens with perpetual futures shorts. The structure aimed to capture value from the discount while limiting price risk.

The protocol said LAB later experienced severe market manipulation and worsening liquidity conditions. Trading conditions became increasingly difficult as liquidity in the token market deteriorated.

PiggyBank also reported deeply negative funding rates on LAB perpetual contracts. Those funding payments increased hedge maintenance costs and reduced the strategy’s effectiveness.

According to the team, maintaining the hedge became economically impractical under those conditions. The protocol ultimately chose to close the short position to limit additional downside exposure.

PiggyBank said the locked LAB position currently carries an estimated value of $1.35 million. Despite that valuation, the holdings will remain excluded from NAV calculations until the scheduled unlock.

The team said conditions surrounding the position remain subject to change. It added that excluding the holdings provides a transparent framework for current portfolio reporting.

NAV Declines Draw Scrutiny From Market Observers

The reported NAV reductions affected multiple PiggyBank products. The largest projected decline was recorded in the protocol’s USDC vault.

The losses also extended to SPYx and JitoSOL products. PiggyBank attributed those declines to the effects of unwinding the LAB-related hedge.

The protocol acknowledged what it described as a serious error in the basis trade. The statement outlined the circumstances that contributed to the outcome.

Meanwhile, on-chain investigator ZachXBT publicly criticized PiggyBank’s involvement with LAB. His comments focused on the protocol’s exposure to the token.

ZachXBT previously alleged that insiders controlled more than 95% of LAB’s supply. PiggyBank has not announced any changes to the August unlock schedule and said further details will be provided in its upcoming report.

TLDR:

• Total3 altcoin market cap sits near $670B–$680B, mirroring the 2022 bear market bottom structure. 
• Weekly RSI on Total3 is approaching 34.66, close to the oversold zone seen at the 2022 cycle floor. 
• Analysts project up to $1T in altcoin market cap expansion over the next two to three months. 
• Over 83% of Binance-listed assets trade below their 200-day moving average amid broad altcoin weakness.

The Total3 altcoin market cap is drawing attention from crypto analysts after its weekly chart began resembling the structure seen at the 2022 bear market bottom.

Currently sitting in the $670B–$680B range, Total3 tracks all crypto assets excluding Bitcoin and Ethereum.

Analysts point to a familiar convergence of price compression and weakening sell-side momentum. The setup is raising questions about whether the altcoin cycle may be approaching a structural turning point.

RSI Compression Raises Early Recovery Signals

Total3’s weekly Relative Strength Index is approaching the same exhaustion zone that preceded the 2022 market floor.

The RSI on the weekly timeframe sits near 34.66, approaching but not yet at the oversold readings that accompanied the 2022–2023 bear market floor.

That level, while still below neutral, shows that selling pressure is losing its earlier intensity. Momentum is not collapsing the way it did during the sharpest legs of the previous downturn.

In the 2022 cycle, RSI spent weeks compressing inside a tight range before gradually reversing. Price did not immediately recover during that compression.

Instead, the market built a base quietly while the chart formed its floor. That same pattern of slow stabilization is what analysts are now observing across the Total3 weekly structure in 2026.

Crypto analyst account Our Crypto Talk noted on X that alts are “rhyming again,” pointing to how similar bottoms in 2022 preceded massive moves in assets like FET, KAS, SOL, TRAC, and ICP.

Those gains ranged from 300% to over 2,600% during the subsequent recovery phase. The post framed the current period as a possible dollar-cost averaging window before 2027.

Whether the compression reflects a structurally healthier altcoin market or simply an incomplete correction remains the central unresolved question. Still, the RSI trajectory alone is giving some traders reason to watch closely.

Price Structure and Altcoin Outlook for 2026

Beyond RSI, the price action on Total3 is forming a recognizable descending support structure. In 2022, that same trendline looked bearish for months before the market began building a base above it.

Once RSI turned upward from its low range, the next altcoin uptrend gradually took hold. A similar technical alignment is now visible on the 2026 weekly chart.

Nearly 83% of assets listed on Binance are currently trading below their 200-day moving average, according to CryptoQuant analyst Darkfost.

That figure captures the broad scope of the ongoing altcoin weakness. However, Darkfost also noted that the most meaningful opportunities in past cycles emerged during periods of extreme pessimism rather than during widespread strength.

Our Crypto Talk projected that the next two to three months could bring roughly $1 trillion in altcoin market cap expansion.

The post stopped short of calling a traditional altseason, instead pointing to a more selective recovery tied to specific assets with strong chart setups. That distinction matters, as not every token moved equally during the 2022-to-2023 recovery.

The current drawdown, at 44.65%, is tracking at roughly half the severity of the 2021–2023 bear market, which erased 75.11% from Total3 before recovery began.

That comparison, while not definitive, adds context to the argument that the current cycle may be less extreme and potentially closer to its floor.

Michael Saylor may have offered a clue about Strategy’s (MSTR) next move after last week’s surprise bitcoin BTC$62,281.68 sale.

On Sunday, the company’s executive chairman posted the chart traditionally used to track Strategy’s bitcoin purchases on X, writing: “A good time to add more dots.”

Market observers have viewed such posts as a precursor to a new acquisition, although the company has yet to officially announce any transaction and will likely broadcast any action on Monday.

Strategy CEO Phong Le appeared to reinforce that message in a reply to Saylor’s post. “Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time,” Le wrote. “Rumors otherwise are just rumors.”

The messages came after Strategy found itself under renewed scrutiny last week. The company disclosed last Monday that it had sold 32 bitcoin, worth roughly $2.5 million, its first sale since 2022. While immaterial relative to its more than 843,000-BTC treasury, the transaction sparked debate because investors have long viewed Strategy as one of bitcoin’s most consistent sources of demand.

Some market participants interpreted the BTC sale as a potential sign that Strategy could sell more of its bitcoin holdings to support dividend payments or shore up liquidity if market conditions deteriorate further. Those concerns have only grown as bitcoin slumped below $60,000 on Friday, its weakest level since October 2024.

Adding to the spotlight, SEC filings on Friday showed two senior executives’ plans to sell a combined $15 million worth of MSTR shares.

CEO Phong Le disclosed plans to sell roughly $11.1 million of stock, while CFO Andrew Kang filed to sell about $3.9 million. The transactions were tied to recently vested stock awards.