The cryptocurrency market reached its definitive bottom for the currency cycle, Standard Chartered Analyst Geoffrey Kendrick said in a note on Friday.

The cycle low is now locked in at $59,000 for bitcoin, a 53% drop from its Oct. 6 all-time high of $126,000, according to Kendrick.

“Winter is over. Welcome back to crypto Spring, he said.

CoinDesk data shows bitcoin touched as low as $59,375 on June 5 in the evening, around 18:00 UTC. At the time of writing, bitcoin hovered just shy of $64,000.

Kendrick, who has $4,000 ether and a $100,000 bitcoin price target by the end of this year, identified two core drivers on Friday that support this market turnaround.

First, recent weeks saw some of the sharpest spot bitcoin ETF selling since inception. Total redemptions exceeded $5.72 billion since the second week of May. He also noted that ETF holders have anecdotally been liquidating their positions to free up cash to participate in the SpaceX initial public offering (IPO).

Elon Musk’s SpaceX shares began trading on Nasdaq at around $150 on Friday and are now about 26% above their IPO price.

The Solana price has started to move again, with weekly gains above 4%.

This recent Solana price trend comes at a time when the SpaceX IPO token, SPCX, has gone onchain on Solana. This new momentum has made market participants weigh in on where the Solana price will target in the next few days as bulls take the current limited lead. 

Solana’s price climbs 3.38% 

According to CoinMarketCap data at the time of press, Solana’s price traded at $67.73, up 3.38% over the past 24 hours. The price began the session near $65.30 and moved sharply higher early in the period. Following that advance, SOL traded within a relatively narrow range around the $66.7 level. Several short-term fluctuations appeared throughout the session, although the broader movement remained upward.

Source: CoinMarketCap

Midway, the price briefly slipped toward the $66.0 area before recovering. It then returned above $66.5 and continued moving within a stable range. Later, SOL recorded another upward move that pushed the price beyond $67.0. The rally accelerated during the final section of the session and lifted the token above $68.5.

After reaching that intraday peak, the price retreated and gave back part of the advance. However, the decline remained limited, and SOL stayed above earlier trading levels. The token then stabilized near $67.0 before posting another moderate recovery. By the end of the observed period, SOL traded at $67.73, maintaining most of the gains recorded during the session. 

SpaceX tokenized shares launch on-chain. 

As previously reported by crypto.news, the ongoing Solana price movement comes as the project has become the foundation for a new tokenized SpaceX product. Backpack and Sunrise recently launched SPCX, a blockchain-based asset backed by underlying SpaceX shares. 

The product allows eligible users to convert tokenized holdings into actual shares through regulated brokerage partners. At the same time, users can transfer SPCX across supported Solana platforms like other digital assets. The launch places Solana at the center of a tokenized equity framework that connects traditional securities ownership with onchain trading. 

According to the companies, SPCX supports trading, redemption, and self-custody through compatible Solana applications. The rollout also coincides with SpaceX’s Nasdaq debut that happened today, allowing tokenized and traditional share markets to operate simultaneously. As a result, Solana now supports another high-profile real-world asset use case as tokenized securities continue expanding into private equity markets. 

Solana bulls test bears after months of pressure 

According to a TradingView technical analysis, bears have controlled the market for most of the observed period. The red trend line remained below the green line for several months, reflecting sustained bearish pressure. During that stretch, bearish signals appeared frequently, while bullish signals failed to produce lasting reversals. Each recovery attempt lost strength quickly, allowing bears to maintain lower highs across the trend.

Source: TradingView (SOL/USD)

The regression channel on the right side of the chart reinforces this bearish structure. Price continued moving lower within the channel, confirming that sellers remained in control. However, the most recent signals reveal a change in behavior. Bullish markers have started appearing more frequently near the lower boundary of the channel. At the same time, the distance between bullish and bearish signals has narrowed.

The latest candles show bulls defending an area that previously attracted strong selling pressure. The indicator also displays a fresh bullish pin bar near recent lows. While bears still hold the broader trend advantage, their momentum has weakened compared with earlier months. If bullish signals continue to increase and the red trend line begins to flatten, bulls could challenge the current bearish structure and attempt a trend reversal.

Binance’s tokenized SpaceX IPO campaign has drawn more than $557 million in USDC deposits from roughly 27,689 wallet addresses ahead of SpaceX’s public-market debut on Friday. The flow, tracked through Dune analytics, points to sustained demand for crypto-based routes to pre-IPO exposure.

At the same time, trading in decentralized derivatives has helped pull expectations toward the upper end of market chatter. On Hyperliquid, SpaceX perpetual futures moved in a wide band around $180–$200 after the pre-IPO market opened on May 18, according to analytics cited in a Talos report, with the implied valuation hovering near multi-trillion-dollar levels.

Key takeaways

• Binance’s SpaceX tokenized IPO product drew over $557 million in USDC deposits from about 27,689 wallets, based on Dune data.
• Small-to-mid contributors dominated participation counts, while a smaller number of large depositors accounted for a disproportionate share of total USDC.
• On Hyperliquid, SpaceX perpetual futures traded roughly in the $180–$200 range after May 18, with implied valuations discussed around the $2.5 trillion area.
• Coin-market activity is increasingly shaping “price discovery” for pre-IPO expectations, Talos argues—especially as crypto exchanges list proxy instruments.

Deposits on Binance: participation vs. concentration

Dune data for Binance’s SpaceX IPO campaign shows that wallets contributing up to $20,000 made up more than 81% of participating addresses, but only 18.39% of total USDC deposits. That indicates a heavily skewed distribution: many smaller wallets participated, while the bulk of capital was concentrated among fewer accounts.

In contrast, 114 addresses deposited more than $500,000 each. Together, these larger contributors accounted for about 10.2% of the total funds, highlighting how pre-IPO crypto access can attract both broad retail participation and significant whale-sized positioning.

These deposits are being framed as demand for crypto rails that offer early or proxy exposure to a major equity event. For traders, the campaign also functions as a sentiment barometer—though the deposits themselves do not necessarily translate 1:1 into IPO allocation outcomes.

What SpaceX is seeking—and how crypto pricing is responding

SpaceX is pursuing a large-scale public offering, with filings referenced in the reporting describing an intention to raise $75 billion at $135 per share and an approximately $1.8 trillion valuation. The scale is part of what makes the stock so widely tracked ahead of the Nasdaq debut.

However, the crypto derivatives market has shown a different sensitivity to the “what if” scenarios of valuation. Talos, in a Tuesday report, said that on Hyperliquid the SpaceX perpetual futures traded in a $180–$200 range after the pre-IPO market went live on May 18. That price action was described as implying a valuation closer to $2.5 trillion.

The movement wasn’t linear. As the IPO date approached, the implied share price reportedly moved closer to the IPO level but then rebounded to around $179, according to the same reporting. For participants, the key takeaway is that decentralized pricing can oscillate quickly as liquidity and positioning shift—potentially reflecting expectations, risk premia, and arbitrage opportunities rather than only a single “consensus” forecast.

Crypto as a new venue for pre-IPO “price discovery”

Beyond the SpaceX-specific numbers, Talos used the episode to argue that crypto exchanges are increasingly acting as a price discovery venue for pre-IPO stocks. The report cited Hyperliquid’s pre-IPO perps market pricing as having closely tracked Cerebras’ (CBRS) subsequent Nasdaq debut—within 1.3% of its $350 opening price.

If that relationship holds across other listings, crypto venues may become more than just off-ramp speculation; they could increasingly inform how market participants anchor expectations before the first print on traditional markets.

Still, the mechanism differs from conventional equity markets. Perpetual futures and tokenized proxy offerings are shaped by leverage, market depth, and trading incentives—factors that can cause divergences from IPO terms. That doesn’t invalidate the signals, but it does mean investors should treat crypto-implied levels as expectations under a different trading framework.

Derivatives bets and the expanding menu of SpaceX proxy products

Outside exchange order books, Polymarket’s event page shows participation split across valuation ranges. In the figures cited, 56% of participants bet that SpaceX will close its first day with a market cap between $2 trillion and $2.5 trillion, while 25% predict a $1.5 trillion to $2 trillion close.

Meanwhile, exchange support for pre-IPO exposure is broadening. According to the reporting, OKX told Cointelegraph it is preparing to list SpaceX on its X-perps on Friday, designed to give Europe-based traders futures exposure with up to 10x leverage. The report also notes that the launch adds to a wider roster of crypto platforms offering SpaceX-linked products, including Bitget, Blockchain.com, Bybit, Kraken and Coinbase.

For users, this expansion matters because it increases access points—potentially tightening spreads and improving liquidity in crypto-based pre-IPO markets. For regulators and market structure watchers, it raises another question: how closely these crypto proxies should be viewed as substitutes for equity price formation, especially as their influence grows across retail and sophisticated traders.

As SpaceX begins trading on Friday, the most important thing to watch is whether crypto-implied levels converge toward the first traditional-market prints—or whether the divergence persists. The answer will help clarify whether crypto derivatives and tokenized campaigns are merely reflecting speculation, or whether they are increasingly capturing durable, first-order expectations for major listings.

Latest developments: VanEck recently launched the first U.S. spot BNB ETF, trading under the ticker VBNB on Nasdaq.

• The fund gives investors exposure to BNB through traditional brokerage accounts.
• VanEck Director of Digital Assets Product Kyle DaCruz said the firm focuses on blockchains with measurable adoption rather than purely technical promises.
• The ETF has attracted roughly $2 million in assets since launch, according to DaCruz.
• DaCruz joined CoinDesk’s Jennifer Sanasie and Bloomberg’s James Seyffart on Public Keys.

Why it matters: VanEck argues BNB has already achieved the user adoption many crypto projects are still pursuing.

• DaCruz said BNB Chain has 33 million monthly active users and 2.1 million daily active users.
• He cited roughly $100 billion in monthly stablecoin transfer volume and $16 billion in stablecoins minted on the network.
• The firm’s investment thesis centers on identifying chains with active users and economic activity rather than what DaCruz called “ghost chains.”

Reading between the lines: VanEck is increasingly emphasizing blockchain revenue as a key metric for investors.

• DaCruz said advisors are becoming less interested in technical distinctions between blockchains and more interested in sustainable business models.
• He described BNB and Hyperliquid as examples of “revenue chains” generating tangible economic value.
• According to DaCruz, BNB generates roughly $160 million in annual revenue.

TLDR:

• USDC news is in focus after Circle moved 4.397 billion USDC to a Coinbase-linked wallet through HyperEVM.
• The record transfer appears to be tied to Coinbase’s treasury role on Hyperliquid rather than to immediate market selling.
• Hyperliquid’s reliance on USDC shows how stablecoins are becoming central to on-chain trading and settlement.
• Traders are watching the transfer because large stablecoin flows can signal future liquidity shifts across crypto markets.

USDC news is drawing fresh market attention after Circle moved 4.397 billion USDC to a Coinbase-linked address through HyperEVM. Arkham described the transaction as the largest single on-chain USDC transfer ever recorded. 

The movement was not tied to a normal exchange deposit. Instead, it appears connected to Coinbase’s role as Hyperliquid’s official USDC treasury deployer.

That role places Coinbase near the center of stablecoin liquidity management for one of the busiest on-chain trading ecosystems.

USDC News Puts Coinbase and Hyperliquid Treasury Role in Focus

The transfer came from Circle’s CoreDepositWallet and was sent to a Coinbase-linked treasury address. The size of the transaction made it stand out immediately across on-chain dashboards.

Large stablecoin moves often raise questions because they can precede changes in market activity. Traders watch these flows to see whether capital is moving toward exchanges, lending markets, or new trading venues.

In this case, USDC news points more toward treasury coordination than immediate trading demand. Coinbase recently became Hyperliquid’s official USDC treasury deployer under the Aligned Quote Asset framework.

That structure supports USDC as a preferred settlement asset across the Hyperliquid ecosystem. It also reduces the need for users to move between competing stablecoins before trading.

Hyperliquid already uses USDC as a core quote and settlement asset. Its markets rely heavily on stablecoin liquidity for spot trading, perpetual futures, collateral, and internal settlement.

Coinbase said the arrangement could improve market efficiency by concentrating liquidity around USDC. Circle supports the technical side through native USDC and cross-chain transfer infrastructure on HyperEVM.

The transfer also comes as Native Markets’ USDH stablecoin faces a planned transition. Coinbase said users can continue converting USDH into USDC without fees during the shift.

Why USDC News Matters for Stablecoin Liquidity Flows

USDC news often matters because stablecoins serve as the cash layer of crypto markets. Large transfers can show where liquidity is being prepared before volume becomes visible.

That does not mean every major transfer creates immediate buying or selling pressure. Issuers and exchanges often move stablecoins to balance their treasuries, adjust custody, or provide liquidity support.

The 4.397 billion USDC transaction appears more like infrastructure rebalancing. It aligns with Coinbase’s new treasury role and Hyperliquid’s deeper move toward USDC-based settlement.

Still, the scale gives the market a reason to watch follow-on activity. If the funds support trading demand, Hyperliquid could see stronger liquidity across its order books.

The move also reinforces Circle’s growing role in on-chain capital markets. USDC is no longer just a payment token or an exchange-balance asset. It is becoming a settlement layer for trading venues, treasury systems, and cross-chain markets.

Justin Sun’s made-up micronation Liberland has fired its secretary of technology after he allegedly blocked President Vít Jedlička from voting and centralised control of the country’s blockchain. 

That’s according to a “congress resolution” published by Liberland today.

As part of the resolution, Dorian Stern Vukotić was removed from the country’s blockchain-based congress and accused of “gross misconduct, abuse of power, and breach of trust.”

Specifically, it claims that in November 2024, Vukotić removed multisig protections from the Sudo account, which grants administrative powers, and in turn “unlawfully centralized control of the Liberland Blockchain.”

In October 2025, he allegedly tried to take over Liberland’s web domain Liberland.org, and when this failed, pushed for a fraudulent liberland.io site. 

A previous warning also links Vukotić to an unauthorized token launch connected to the Liberland name.

Read more: The jailed $6B bitcoin fraudster who wanted to be Liberland’s queen

During that same month, he also allegedly received funds from Liberland’s Ministry of Finance, made up of BNB and Liberland’s own Liberland Merit (LLM) token, to help create a trading pair for the two tokens. 

Advertisement

Liberland claims the funds still haven’t been deployed and that “Mr. Vukotić refuses to honor the request of the Ministry of Finance and Congress to return these funds.”

Vukotić also allegedly tweaked “critical governance parameters,” increasing the congressional voting period from four to 75 days while blocking Jedlička’s voting powers.

Liberland wants its liquidity pools back

Liberland has demanded that Vukotić return the funds and hand over control of all the liquidity pools to the Ministry of Finance.

It said, “Should Mr. Vukotić fail to comply within seven days, Congress shall treat his continued actions as defiance and misappropriation and shall take all appropriate measures, including public censure.”

Advertisement

Public censure essentially involves a government body publicly scorning an individual for their actions. 

As a result of Vukotić’s alleged transgressions, Liberland has announced some changes: 

• The congressional voting period will be reverted to four days.
• Jedlička’s voting powers will be restored.
• The Sudo account will be transferred to Senate members before plans are made to remove the account altogether.
• LLM held within the Sudo account, will be moved to the Senate. Newly minted tokens will be distributed to Congress. 
• The introduction of a “three-judge system” with a 2-of-3 multisig wallet arrangement.

Who is Vukotić?

In his pitch for the 2026 March congressional election, Vukotić claims he’s been involved in the Liberland project since 2021 and that he’s lived in the micronation for over a year. 

He notes that he met his girlfriend there, and that they “have a kid who was also kinda made in Liberland.”

Vukotić’s congressional pitch complains that Liberland is suffering from “disorganization and lack of direction.” 

Advertisement

He claimed that the micronation wasn’t transparent about the money it received and where it was being spent, and he promised to overhaul Liberland’s budgeting and planning.

Read more: Justin Sun’s Forbes article prompts geography lesson from Liberland

Some of his more drastic proposals include establishing a “Ministry of Propaganda” that would feed Croatians, Serbs, and Hungarians “good Liberland vibes,” and an Intelligence agency called “The Invisible Hand.”

In his proposed final “attack” phase for Liberland, he hypothesizes, “Maybe with a large enough bribe, we can straight up buy the land. Maybe we will need a D-Day style landing operation with 10 ships and 1000 people.”

He added, “Maybe some dumbf**kistan somewhere sees how great we are and sells us the land somewhere else entirely.”

Advertisement

Liberland comprises 7km² of disputed land between Serbia and Croatia. The micronation isn’t officially recognised by any other country and continues to maintain a balancing act of complex entry and off-site camps to avoid upsetting Croatian and Serbian authorities.  

Read more: Justin Sun is now prime minister of Liberland, an entirely made-up country

The congressional election that elected Vukotić — albeit in a test election — has voted Tron billionaire Justin Sun as its prime minister seven times. Protos is confident Sun has never set foot in Liberland.

Advertisement

Protos has reached out to Vukotić for comment and will update this piece should we hear anything back. 

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.

The last real shot FTX founder Sam Bankman-Fried had at undoing his fraud conviction just collapsed. A three-judge panel of the powerful, Second US Circuit Court of Appeals in Manhattan upheld his conviction and 25-year prison sentence on Friday.

The panel flatly rejected his claim that he never got a fair trial.

The evidence against him, the judges wrote in a 42-page opinion, was “conservatively stated” and “robust.”

Bankman-Fried’s only remaining possibility to escape prison before the 2040s has narrowed to a presidential pardon.

Judges Barrington Parker, Eunice Lee, and Maria Araújo Kahn heard oral arguments in November 2025. Bankman-Fried’s appellate lawyer, Alexandra Shapiro, argued that US District Judge Lewis Kaplan hamstrung Bankman-Fried’s defense.

The appeal failed to convince the panel.

Bankman-Fried’s convictions and prison sentence sustained

In November 2023, a Manhattan jury convicted Bankman-Fried on two counts of fraud and five counts of conspiracy.

Kaplan duly sentenced him to prison in March 2024, delivering a 25-year sentence and ordering an $11 billion forfeiture.