Main Street Finance’s stablecoin msUSD has depegged to $0.27, sparked by a post addressing the “shutdown of [its] third-party proof-of-reserves dashboard.”

The following day, the firm behind the dashboard in question, Accountable, announced it was terminating its asset verification services with msUSD’s issuer.

In classic DeFi fashion, the fallout appears to have led to a bank run on Altura’s USDT vault, leading to the firm deciding to close down the vault.

At least $8.5 million was withdrawn ahead of the announcement and before a sell-off of the AVLT vault token led to an 11% depeg.

The weekend’s depegs come on the back of ongoing troubles for DeFi stablecoins apxUSD and sUSDat, which are backed by Strategy’s struggling STRC.

Read more: Saylor distances himself from STRC-backed DeFi after stablecoin wobble

Main Street Finance: ‘Institutional-grade yield’

Late on Saturday, Main Street Finance published a long post to X reassuring users that it “remains fully backed,” calling the loss of its dashboard a “reporting issue, not a solvency issue.”

By the time of the post, the price of msUSD had already collapsed. It sat at around $0.12 after losing its $1 peg around six hours previously but has since rebounded to around $0.27 from a low of $0.06 in the early hours of Sunday morning (UTC).

The advance reaction led some to believe that “insiders… got the memo that they should take the available liquidity to get out.”

Then, on Sunday, RWA accounting firm Accountable announced that, following Main Street Finance’s failure to provide adequate proof of reserves, it was terminating its contract with the firm.

Others questioned Accountable’s lack of prior action, given that doubts over Main Street’s transparency were publicly raised back in April.

Accountable’s post positions it as “neutral verification infrastructure,” however it also claims it “did not retain an ongoing, source-level view of [Main Street’s] reserves,” raising concerns over the reliability of its data on other clients.

Read more: DeFi projects under fire for inflated TVL and murky lending loops

Advertisement

Given Accountable’s entire business case, the post also drew ridicule, with one user comparing it to May 2022’s infamous Three Arrows Capital AUM statement.

In addition to the depeg of msUSD, Main Street’s yield token, msY, which it promises “turns box spreads into market-neutral” 12% yield also collapsed in price.

Blockchain auditor Peckshield highlighted the Morpho msY/USDC market hitting 100% utilization, trapping $18 million of AlphaPing assets.

Read more: Resolv hack shows DeFi learned nothing from last contagion

Advertisement

Altura: “the yield engine”

Altura runs a HyperEVM-based USDT yield vault, currently offering almost 30% yield.

In a post on Sunday, Altura distanced itself from the msUSD depeg, stressing it “never had any exposure to Mainstreet or any of its underlying investment strategies.”

It also assured users that it had successfully redeemed over $5 million during the previous 24 hours.

Rather than reassuring depositors, however, it appears the post had the opposite effect.

Advertisement

Twelve hours later, Altura co-founder and CEO Ranveer Arora revealed that, due to “sustained withdrawal demand and current market sentiment” the firm would proceed with “an orderly wind-down of the Altura vault.”

Redemptions had now climbed to $8.5 million.

The rush for the exits was reflected in the price of the vault’s yield-bearing AVLT token. Over the past 24 hours it has dropped 14%, from $1.09 to $0.93 at the time of writing. 

Between redemptions and price action, AVLT’s market cap dropped from $39 million to a low of $26 million over the weekend.

Advertisement

In a later update, Altura stated that “a maturity mismatch between our onchain and off-chain positions” forced it to pause withdrawals. It promised market making strategies would be closed within 72 hours but “RWA positions will take more time due to their inherent nature.”

On top of the $18 million exposed to the msY/USDC market, AlphaPing also has over $10 million of exposure to AVLT, according to its Morpho curator dashboard.

Read more: High yields to haircuts: Has DeFi learned anything from yield vault collapse?

DeFi’s risk curator “daisy chain”

Despite its premise as transparent, open finance, the DeFi sector has faced a number of shocks in recent months due to murky “daisy chains” and recursive lending.

Advertisement

In late October, concerns began to circulate over the stability of a number of high yield vaults. These tokens often used looped leverage against one another, inflating TVL far above the legitimate stablecoin backing.

The space exploded days later when one of the main offenders, Stream Finance, revealed it had lost $93 million. Its stablecoin, xUSD, immediately collapsed 75%.

Read more: Four months on, MEV Capital falls victim to $4B DeFi daisy chain implosion

Later, in March, a $23 million hack of Resolv’s USR due to a private key compromise wrought havoc across multiple yield vaults as opportunistic traders bought depegged USR and used it to drain liquidity in markets with hardcoded oracles.

Advertisement

So-called risk curators even continued to provide liquidity to the vulnerable markets via Morpho’s Public Allocator automation feature.

Such episodes go to show that rather than a novel financial system which operates autonomously and permissionlessly, DeFi is all too often forced to recur to the blame game when things go away.

Got a tip? Send us an email securely via Protos Leaks. For more informed news, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Advertisement

Crypto markets and policy did not move in a vacuum this week. On one side, the security environment in decentralized finance continued to produce major incidents tied to bridges, rollup infrastructure, and MEV-related trading. On the other, regulators in the United States and the European Union advanced proposals and rules that could reshape how transactions are processed, especially for centralized exchanges and custodial services.

Separately, a wallet application update brought a set of product changes, including expanded token and transaction display features and additional third-party trading providers. While these updates do not directly address protocol-level vulnerabilities, they influence user workflows around custody, routing, and compliance controls.

DeFi exploits: multiple incidents across bridges, rollups, and MEV

Aztec Connect and other deprecated bridge components targeted

The week’s most notable theme was how attackers continued to find value in systems that were already in decline. According to the roundup, Aztec Connect was drained twice via distinct exploits. The first incident involved an alleged $2.1 million outflow, described as linked to a privacy-focused rollup bridge that had been deprecated in 2023. A separate incident was then described as pulling an additional $2.15 million from another private rollup bridge, reportedly deprecated in 2022.

From an industry perspective, these cases underline a recurring challenge in DeFi security: “deprecated” does not always mean “fully unreachable” for every integration, contract dependency, or edge-case flow. Even when a product is scheduled for retirement, interfaces that remain technically exploitable can continue to create attack surfaces.

Taiko exploit described as forged proof verification

The roundup also described an incident on Taiko tied to chain-state verification. It characterizes the issue as attackers submitting forged message proofs that were accepted as valid by Ethereum mainnet.

The described impact included roughly $1.7 million drained in USDC and ETH, alongside nearly 2 million TAIKO tokens. If accurate, the incident highlights a critical class of risk for layer-2 and bridging systems, where correctness depends on verification logic. Even when verification is meant to protect downstream execution, weaknesses in proof-handling can create outsized consequences.

MEV bot manipulation: “fake wrapped assets” and simulated profitability

Beyond bridges and rollups, the roundup points to a case involving an MEV bot on Ethereum, identified as Jaredfromsubway.eth. The description focuses on attackers tricking automated trading logic by creating fake wrapped assets and liquidity pools that simulated a profitable sandwich trade.

The roundup states that approximately $7.5 million was siphoned through permissions already granted to the bot. In practice, MEV strategies often rely on pre-approved token allowances and on fast transaction execution. This incident, as summarized, fits a broader pattern where adversaries attempt to make an automated system believe in a profit opportunity that exists only in a simulated environment.

Illinois adopts a digital asset transaction tax plan

Regulation in the United States also featured in this week’s roundup. It describes Illinois’ passage of a $55.9 billion state budget that includes the Digital Asset Privilege Tax Act. The plan, as outlined, would impose a 0.2% transaction-level levy on crypto activity starting January 1, 2027.

The described scope focuses on digital asset brokers, including exchanges and custodians that exchange, transfer, or store crypto for Illinois customers. The summary also notes registration requirements and felony charges for noncompliance. Additionally, the roundup references concerns raised by the Crypto Council for Innovation, describing the tax as among the most punitive in the country and warning about precedent effects.

For businesses, a transaction tax at the protocol or transaction level can change unit economics. For users, it may ultimately influence which services offer custody and routing into and out of regulated intermediaries.

EU rules target cash, identity checks, and privacy-asset access via on/off-ramps

On the European side, the roundup summarizes a set of incoming rules affecting cash payments, identity verification, and the ability of regulated providers to handle certain transactions.

It describes a proposed cash cap in the EU: cash payments above €10,000 would be prohibited for goods and services. It also states that cash transactions over €3,000 would trigger mandatory identity verification. For regulated crypto service providers, the roundup notes identity checks on transactions of €1,000 or more and indicates that anonymous accounts are banned.

Crucially, the roundup frames privacy assets as not being outright criminalized for self-custody ownership, but it says the rules would restrict regulated intermediaries from touching privacy coins in certain contexts. It also emphasizes that peer-to-peer onchain transfers between self-custody wallets would remain outside the regulation’s reach, while on-ramps and off-ramps would face tighter constraints.

If these provisions are enacted as described, the immediate operational impact likely falls on exchanges, custodians, and payment providers, which may have to implement stricter routing, monitoring, and customer identification workflows. Over time, this could affect liquidity, pricing, and availability of certain assets through centralized channels.

Wallet and app update: UTXO address generation and expanded trading options

Alongside security and policy, the roundup includes a wallet product update labeled v5.39. While it is not a security incident response, it signals how mainstream crypto apps are adapting their user experience around transaction visibility and third-party trading providers.

MoonPay Trade, Apple Pay via Mercuryo, and provider controls

The roundup states that MoonPay Trade was added to the provider lineup, with features such as filtering between centralized exchanges and decentralized exchanges and the ability to rate providers after a swap. It also notes iOS support for purchasing crypto using Apple Pay through Mercuryo.

UTXO dynamic address generation and Solana history visibility

The update also reportedly includes dynamic address generation for selected UTXO networks, producing a new address for each incoming transaction. It further describes Solana transaction history appearing in the app.

Tangem Pay improvements and card management changes

Separately, the roundup mentions improvements to Tangem Pay, including the ability to reissue and rename a Tangem Pay card and adjust daily spending limits. It frames these changes as making real-world spending more flexible for users operating a self-custody setup.

What this week signals for security and compliance risk

Across the items summarized, a few themes stand out for industry watchers.

• Security risk persists after deprecation. Protocol retirement does not automatically close all pathways, especially where contracts remain technically accessible.
• Verification systems remain high-value targets. The Taiko incident description points to the importance of proof correctness and end-to-end validation across chains.
• Automation increases the stakes of trust assumptions. MEV bots can be exploited by adversaries who design fake liquidity and permissions-aware execution paths.
• Regulation is converging on intermediaries. U.S. and EU measures described in the roundup emphasize identity checks and transaction handling controls by exchanges, custodians, and regulated providers.

For users, the practical takeaway is not only to monitor security headlines, but also to understand how evolving compliance rules can change access paths and the reliability of on/off-ramps. For builders, the incidents reinforce the need for rigorous decommissioning plans, continuous audit coverage for legacy components, and stronger guardrails around automated trading logic.

• Hedera (HBAR) price is currently consolidating in a tight range.
• A falling wedge pattern is forming on the 15-minute chart.
• A confirmed move above the wedge resistance zone near $0.0815 would signal a rebound.

Hedera (HBAR) has been trading in a narrow range, with price action showing repeated compression around key short-term levels.

At the time of writing, HBAR was trading at $0.0801, moving within a 24-hour range of $0.07801 to $0.0803.

The market has shown minimal directional strength today, with a 24-hour change of +0.1%, reflecting near-flat momentum.

While the token has seen a mild gain today, it continues to show weakness across longer timeframes.

HBAR is down 2.4% over the past 7 days, 6.7% over the past 30 days, and approximately 39.9% over the past year.

This extended decline places current price action in a longer consolidation phase rather than a sustained recovery trend.

Tight consolidation dominates short-term structure

Looking at the charts, the lower boundary around $0.0780 has acted as consistent support, while upside movement has been capped near $0.0803–$0.0810.

This compressed structure has resulted in a tightly controlled trading environment where volatility is declining.

Each minor rebound has been followed by rejection at nearby resistance, while dips continue to attract buyers at similar levels.

The result is a market that is neither trending upward nor breaking down decisively, but instead moving sideways in a constrained channel.

Falling wedge formation

On lower timeframes, particularly the 15-minute chart, HBAR is forming a clearly defined falling wedge pattern.

The pattern is characterised by two downward-sloping trendlines that converge as price action tightens.

The lower boundary of this wedge sits near $0.0780, a level that has been tested multiple times without a breakdown.

Each retest has produced short rebounds, indicating that selling pressure is gradually weakening at this zone.

The upper boundary of the wedge is positioned around $0.0805 to $0.0815, where repeated rejection has occurred.

The price is gradually compressing toward the apex of this structure, a phase often associated with directional expansion once a breakout occurs.

Hedera price forecast

The current technical framework places clear importance on two primary levels.

On the upside, a confirmed move above the wedge resistance zone near $0.0815 would represent the first sign of a bullish rebound.

If followed by sustained momentum, short-term projections indicate a move toward $0.0830, with extended targets around $0.0840 to $0.0850.

On the downside, a breakdown below $0.0780 would invalidate the current wedge structure.

Such a move would expose lower liquidity zones and extend the existing bearish consolidation phase.

However, at present, price remains positioned almost exactly between these two thresholds, reinforcing the compression narrative.

TLDR:

• Strategy acquired 520 BTC at $67,068 avg, below its $75,651 overall cost basis
• 2.71M MSTR shares sold June 15–21 generated $335.5M in net proceeds
• Total bitcoin holdings now stand at 847,363 BTC worth $64.1B in cumulative cost
• USD Reserve reached $1.4B to cover preferred dividends and debt interest

---

Strategy Inc. disclosed a new 8-K filing on June 22, 2026, revealing fresh equity sales and bitcoin purchases. The company sold 2.71 million MSTR shares between June 15 and June 21, generating $335.5 million in net proceeds.

A portion of those proceeds funded the acquisition of 520 BTC at an average price of $67,068 per coin. The move brings Strategy’s total bitcoin holdings to 847,363 BTC, valued at a cumulative cost of $64.1 billion.

Strategy Converts ATM Proceeds Into Bitcoin

The share sales occurred through Strategy’s at-the-market offering program, a mechanism the company regularly uses to raise capital.

The 2,714,839 MSTR shares sold during the week generated $335.5 million in net proceeds after commissions. No preferred stock was sold during the same period across the STRF, STRC, STRK, or STRD programs.

Strategy deployed $34.9 million of those proceeds directly into bitcoin purchases. The 520 BTC were acquired at an average price of $67,068, inclusive of fees and expenses. That purchase price sits below the company’s overall average cost basis of $75,651 per bitcoin.

The company still has approximately $25.4 billion available under its MSTR stock offering program. That figure reflects remaining capacity across both the current offering and a $21 billion expansion announced in March 2026.

Proceeds from preferred stock programs remain untouched, with over $25.2 billion in combined issuance capacity still on the table.

The bitcoin purchases confirm that Strategy continues converting equity capital directly into digital asset reserves. The company’s acquisition pace has remained active throughout 2026 as it steadily grows its treasury position.

USD Reserve Climbs to $1.4 Billion

Alongside the Bitcoin update, Strategy reported that its USD Reserve reached $1.4 billion as of June 21. The company established this reserve in December 2025 as a designated liquidity buffer. It is intended to support dividend payments on preferred stock and interest on outstanding debt obligations.

The $1.4 billion figure includes expected cash proceeds from ATM share sales that had not yet settled by June 21. Strategy tracks this balance separately from its bitcoin holdings and considers it part of its broader capital management structure.

Strategy said it plans to replenish the reserve over time based on market conditions. The company frames the reserve as a tool for maintaining the credit quality of its Digital Credit securities. That approach ties equity capital markets activity directly to liability management.

The reserve balance reinforces Strategy’s multi-layered financial structure, which now combines a growing bitcoin treasury with a dedicated dollar liquidity cushion.

Both are funded through the same ATM equity issuance framework the company has used consistently throughout its bitcoin accumulation strategy.

A New York attorney has asked a state judge to unmask an anonymous claimant who wants to take legal ownership of roughly 3.8 million BTC, including Satoshi Nakamoto’s holdings.

The request landed in the New York State Courts Electronic Filing system a few weeks before an in-person hearing on July 14.

Soon, a judge will have the ability to decide whether one of the boldest property claimants in crypto history — seeking ownership of near a quarter trillion dollars worth of BTC — may keep its mask on.

The claimant calls itself “Noah Doe,” an obvious play on the John and Jane Doe placeholder names for legal procedures. Alongside two unnamed Wyoming companies, listed as “ABC Company” and “XYZ Company,” Doe sued in New York County Supreme Court.

Doe wants to obtain legal title to approximately 39,000 supposedly “dormant” crypto wallets holding roughly 3.8 million BTC.

At Monday’s BTC price near $64,500, that stash is worth approximately $245 billion.

the $10 trap: plaintiffs valued the claim at $10 to fit the lost-property statute.. cohen: so either it’s a $10 case with zero urgency, or it’s the largest attempted property seizure in us history hiding behind a $10 label

— Alex Thorn (@intangiblecoins) June 20, 2026

The $10 loophole

Despite the enormous value based on today’s BTC price, the plaintiffs pegged each wallet’s value below $10.

That dollar amount is no accident. New York’s lost property statute, Article 7-B of the Personal Property Law, can hand a finder a quicker path to legal title when a found item is worth under $10.

For this reason, Doe valued each wallet under $10, which might have been true in the past when the price of BTC was much lower.

Disturbingly, New York law defines “lost property” broadly.

Indeed, according to New York Personal Property Law Article 7‑B, § 251(3), “the term ‘lost property’ includes lost or mislaid property. Abandoned property, waifs and treasure trove, and other property which is found, shall be presumed to be lost property and such presumption shall be conclusive unless it is established in an action or proceeding commenced within six months after the date of the finding that the property is not lost property.”

On its face, that definition seems to favor Noah Doe. However, plenty of people disagree entirely.

$10 claims and a quarter trillion dollars

New York attorney Ian Cohen is among those who disagree, filing an amicus brief on May 29 calling Doe’s theory preposterous.

“A ruling accepting plaintiffs’ theory could open the door to systematic exploitation of long-dormant bitcoin wallets… effectively creating a private industry of ‘Bitcoin finders’ operating under color of lost property law,” Cohen wrote.

Protos reached out to Cohen, who referred us to his filings, including his granted motion to appear as amicus curiae, and his June 19 response.

Because Doe wants to repossess the property of people who prefer to remain anonymous — such as Satoshi Nakamoto — they’re unlikely to appear as defendants in court.

“Amicus curiae” allows a lawyer or organization who isn’t a party to the lawsuit, such as Cohen, to submit information to help the court decide.

Judge Kathy King granted Cohen’s request for amicus curiae and stayed the entire case pending the oral hearing on July 14. Cohen will participate in-person as amicus curiae.

The judge’s stay order ended the plaintiffs’ ideal outcome of a quiet, default judgment.

Back in the courtroom on July 14

Plaintiffs’ lawyer, David Lin of Brooklyn firm Lewis & Lin, tried to vacate that stay, but as it stands, will probably appear on July 14 to represent Doe.

As amicus curiae, Cohen has been clear: “If you want a judge to hand you Satoshi’s coins you should have to say your name out loud,” he posted on X. 

Although Cohen is one of many people who’d like Doe to unmask themselves, Cohen hasn’t demanded that Doe personally appear, since Lin is technically allowed to represent his plaintiff.

Cohen has, however, asked Lin to justify the pseudonym. There should be a very good reason a party seeking hundreds of billions of dollars should get to use a fake name, Cohen argued.

Defendants in Doe’s action are approximately 39,000 wallet addresses. Each address received a “dust” transaction carrying an OP_RETURN output notice with a short blurb of text about the lawsuit. 

Cohen called that method of legal service as indistinguishable from spam. “This is not service,” he said. “It is a broadcast into a void.”

Satoshi Nakamoto’s right to remain anonymous

Another problem with Doe’s claim is that supposedly abandoned wallets keep waking up.

Galaxy Research head Alex Thorn counted 52 named addresses that moved 34,335 BTC after the suit’s initial filing. Of those, 29 shifted 12,302 BTC after an OP_RETURN messaging scheme occurred.

These movements certainly weaken the premise that owners ever meaningfully abandoned their wallets in the first place.

This OP_RETURN dusting campaign surfaced last year under the revived “Salomon Brothers” brand name. Protos has previously documented that scheme, which sent tiny amounts of BTC and text to old BTC wallets.

Read more: BTC from 2011 moves after ‘Salomon Brothers’ repossession notice

Protos wasn’t able to easily verify whether the well-known Salomon Brothers actually published the messages.

Advertisement

A legal victory for Doe wouldn’t actually hand Doe private keys to the BTC, but it would grant legal title from the State of New York.

The court has scheduled oral arguments for July 14 at 60 Centre Street, in an open courtroom where members of the public may attend.

Got a tip? Send us an email securely via Protos Leaks. For more informed news and investigations, follow us on X, Bluesky, and Google News, or subscribe to our YouTube channel.

Advertisement

Cryptocurrency exchange OKX and the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, announced that former New York Governor Andrew Cuomo would co-lead a joint venture focused on digital assets.

In a Monday notice, OKX and ICE said Cuomo, who lost his bid to be New York City’s mayor in 2025, would co-chair the joint project between the two companies “focused on building next-generation infrastructure for tokenized and digitally native financial products.” The venture, which the companies said would allow OKX users to “access ICE futures and NYSE tokenized equities markets,” is subject to regulatory approval. 

Cuomo has largely been out of the public eye since his failed 2025 mayoral run, in which he said he intended to make New York City the “global capital for cryptocurrency.” He had the endorsement of the crypto-aligned Innovate NY political action committee (PAC), but lost to Democratic candidate Zohran Mamdani, who secured more than 50% of the vote. The former governor began working with OKX in 2023.

The joint venture notice followed a partnership between ICE and OKX announced in March in which the former invested an undisclosed amount in the exchange at a $25 billion valuation. ICE’s ventures into the crypto industry also included a $2 billion investment pledge into prediction markets platform Polymarket.

Related: NYSE owner ICE to launch oil-linked futures with OKX

Since taking office on Jan. 1, Mamdani has not announced any significant policies related to crypto or blockchain. He confirmed in January that he holds no digital assets as New York City mayor.

New York to hold party primaries on Tuesday

On Tuesday, New York, Utah and Maryland will hold primaries to determine candidates for US House of Representatives and Senate seats in the November general election. Cryptocurrency-aligned PACs, including Fairshake, have poured money into advertising and other campaign efforts to support candidates they view as favorable to the digital asset industry.

Magazine: Bitcoin decouples from tech stocks, Ether eyes ‘selling wave’: Market Moves

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Bitcoin is showing signs of stabilization after putting in a new 2026 low around $59,000 and then maintaining a weekly close above $63,000 for three straight weeks. Market observers say this behavior resembles earlier bottom-building phases, where BTC trades within a defined range for weeks before a more sustained trend develops.

That technical picture is being supported by derivatives and spot ETF flow data. Bitcoin futures open interest has dropped 19.5% from its June peak, funding rates have cooled to about 0.02% (from roughly 0.1%), and spot Bitcoin ETF outflows have slowed dramatically—falling to about $540 million over the past two weeks from $5.5 billion in the prior month.

Key takeaways

• Weekly closes above $63,000 have held for three weeks after a 2026 low near $59,000, suggesting range-building rather than immediate breakdown.
• Bitcoin futures open interest fell 19.5% from its early-June peak, indicating reduced leverage and position unwinds.
• Funding rates have cooled sharply, dropping to around 0.02% from about 0.1%, which points to less aggressive long positioning.
• Spot Bitcoin ETF selling pressure has eased, with outflows of roughly $540 million over two weeks compared with $5.5 billion earlier.
• Long-term holder supply metrics indicate maturation, while “sales pressure” has remained inactive for 1,256 consecutive days.

Weekly structure looks like earlier “bottom-building” behavior

According to the technical pattern described in the source analysis, Bitcoin’s recent weekly price action echoes setups that have appeared multiple times since 2023. The general theme in those periods: after a local bottom is put in place, BTC often trades near that zone for an extended stretch, and only later transitions into a clearer uptrend.

The article notes one notable exception in November 2025, when Bitcoin spent roughly 10 weeks moving sideways above $88,000 before falling back toward the $60,000 area. In contrast to that breakdown scenario, the current setup is characterized by repeated weekly closes above $63,000, which keeps price from testing—at least for now—the recent low near $59,000.

The comparison also draws on the late-2022 to early-2023 period. During that timeframe, the weekly relative strength index (RSI) moved through oversold conditions, then recovered. BTC later printed a lower low while RSI formed a higher low, creating a bullish divergence. The source frames that divergence as a turning point that preceded Bitcoin’s broader 2023 uptrend.

In the present case, the focus is again on the $63,000 region, where the same analyst argument is that a positive RSI divergence is forming. If this holds, the implication is not that the market has confirmed a full reversal yet, but that BTC may be building a base—trading between support and resistance rather than accelerating lower.

Derivatives cooling suggests leverage is being removed, not added

Beyond price charts, the derivatives data points to a market that is less crowded than it was in early June. Funding rates across exchanges have fallen to around 0.02% from roughly 0.1% at the start of June, a move that typically signals that the market is paying less to maintain leveraged long exposure.

The source attributes additional context to CryptoQuant analyst Woominkyuu, who noted that total Bitcoin open interest across exchanges peaked at $25.96 billion on June 1 and dropped to $20.89 billion by June 21. That represents a 19.5% decline in open interest, which the analysis says exceeded the 11.4% price drop over the same interval.

This relationship matters because open interest usually reflects how much leverage is embedded in outstanding derivatives positions. When price and open interest both decline, it often suggests that traders are closing positions or being forced out via liquidations—rather than new leveraged positions building up at current levels. In other words, the source argues that signs of excess leverage appear to be fading, and there is limited evidence (based on these metrics alone) of aggressive new short positioning at the current price range.

ETF flow data shows selling pressure has eased

Spot Bitcoin ETF flows provide a separate lens on demand and selling intensity. The source cites SoSoValue data showing about $5.5 billion leaving spot ETFs between May 15 and June 11. Importantly, it then narrows to the most recent period: over the past two weeks, outflows total roughly $540 million, indicating a sharp slowdown in sell pressure.

For market participants, this shift can be significant. ETF outflows are often interpreted as a proxy for broader spot selling, including systematic reallocations by traditional investors. A slowdown doesn’t automatically imply net buying, but it reduces the urgency of persistent spot absorption from the market’s side, which can help prices stabilize—especially when derivatives leverage is also cooling at the same time.

That combination—less leverage in futures alongside easing spot ETF outflows—fits the broader thesis that BTC is not only holding key support, but also losing some of the “forced selling” dynamics that can accelerate drawdowns.

On-chain signals point to supply maturation and absent capitulation

The source also brings in on-chain evidence from Bitcoin research analyst Axel Adler Jr. It states that long-term holder (LTH) realized supply has recently reached 12.42 million BTC, a level associated with supply maturation and coins moving into stronger hands. In practical terms for investors, LTH behavior is often watched as a proxy for whether earlier holders are distributing supply or whether they are holding through volatility.

At the same time, the source highlights that a Bitcoin sales pressure metric has stayed inactive for 1,256 consecutive days—described as the longest stretch on record. While on-chain metrics can never guarantee near-term price direction, the claim here is that extended inactivity in “sales pressure” aligns with the idea that Bitcoin may be stabilizing near a cycle low.

Taken together, the on-chain picture in the article is “mixed but constructive”: supply maturation appears to be progressing while forced selling conditions remain absent. When paired with the cooling derivatives landscape and reduced ETF outflows, the overall message is that BTC may be transitioning from a high-stress selling phase into something closer to consolidation.

Traders and long-term investors will likely watch whether Bitcoin can hold weekly support near $63,000 as futures positioning continues to unwind and spot ETF flows remain subdued. The next signals to monitor are whether open interest stops falling and whether ETF outflows stabilize into a net-neutral or net-positive pattern—changes that would help confirm that a base is actually forming rather than merely delaying the next move.