Strategy’s sale of 32 Bitcoin shouldn’t have mattered. The company still holds hundreds of thousands of BTC, and the transaction barely moved the needle on its balance sheet. Yet the market reaction was swift, exposing how much of the Bitcoin treasury trade had been built on a simple assumption: companies buy Bitcoin… and they never sell it.

Elsewhere in crypto this week, JPMorgan CEO Jamie Dimon escalated his fight against the industry’s preferred market structure bill and a French Bitcoin treasury company pushed the limits of capital formation by asking shareholders to approve a massive $122 billion fundraising mandate.

Strategy’s Bitcoin sale tests treasury trade

Michael Saylor’s Strategy rattled the market after disclosing the sale of 32 Bitcoin — its first reported BTC liquidation outside a 2022 tax-related transaction. 

The sale itself was tiny relative to the company’s massive holdings, but it challenged the long-standing narrative that Strategy would only accumulate Bitcoin and never sell. Shares of MSTR fell sharply following the disclosure as investors reassessed the assumptions underpinning the Bitcoin treasury model.

“The market learned that Strategy is no longer read as a pure one-way accumulation vehicle,” Delphi Digital wrote in a market summary. 

“The old ‘never sell’ meme is now broken in practice, not just in conference call language,” Delphi added. 

The transaction has reignited debate over how Bitcoin treasury companies should be valued. While Strategy remains committed to growing its Bitcoin-per-share metric, the sale served as a reminder that even the most committed corporate hodlers face financial realities.

Source: Michael Saylor

JPMorgan CEO draws a line in the sand on CLARITY

The battle over US crypto regulation intensified after JPMorgan CEO Jamie Dimon said banks would oppose the latest version of the CLARITY Act, arguing that crypto companies are being granted privileges without being subject to the same regulatory burdens as traditional financial institutions. 

Dimon specifically criticized provisions that would allow crypto companies to offer interest-bearing products while avoiding the capital and compliance requirements imposed on banks.

The comments underscore a growing divide between the banking sector and the crypto industry as lawmakers push for market structure legislation. Supporters see CLARITY as a long-awaited framework that would provide regulatory certainty and encourage innovation. Critics, however, argue that the bill risks creating an uneven playing field. 

Jamie Dimon said the banking industry opposes the latest CLARITY markup. Source: Fox Business

Capital B seeks approval for $122 billion Bitcoin war chest

Bitcoin treasury company Capital B is asking shareholders to approve a sweeping expansion of its fundraising capacity, seeking authorization to issue up to 5 billion euros ($5.8 billion) in new equity and roughly $116 billion in credit instruments to finance future Bitcoin purchases.

The proposal, which will be voted on at Capital B’s June 17 shareholder meeting, would give management access to a vastly larger pool of capital than it has raised to date. According to the company, Capital B has secured about $325 million in funding so far, including a recent raise backed by Blockstream CEO Adam Back and asset manager TOBAM.

The company purchased 192 BTC for $15.2 million last month and added another 4 BTC on Monday, bringing its total holdings to 3,139 BTC.

Source: Alexandre Laizet

Coinbase invests in ProShares stablecoin reserve ETF

Coinbase has invested an undisclosed amount in the ProShares GENIUS Money Market ETF (IQMM), a fund designed to hold assets that qualify as stablecoin reserves under the GENIUS Act.

The exchange-traded fund provides exposure to the cash, bank deposits and short-term US Treasury securities that payment stablecoin issuers are required to hold under the legislation. The GENIUS Act mandates that stablecoins be backed by highly liquid reserves, creating demand for investment products tied to those assets.

The investment highlights growing interest in stablecoin reserve assets as the US moves closer to establishing a federal regulatory framework for the sector. Stablecoin issuers are expected to become major buyers of Treasury bills and other highly liquid securities if adoption continues to grow.

Source: ProShares

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Securitize has moved closer to entering public markets after securing regulatory clearance for its planned SPAC merger.

According to the U.S. Securities and Exchange Commission, the agency has declared effective the S-4 registration tied to Securitize’s proposed combination with Cantor Equity Partners II, clearing the deal for a shareholder vote scheduled for June 29. If investors approve the transaction, the company said it expects to finalize the merger soon after and begin trading on the New York Stock Exchange under the ticker “SECZ.”

SPAC route advances toward listing

Through the planned merger, Securitize will combine with Cantor Equity Partners II, a special purpose acquisition company backed by an affiliate of Cantor Fitzgerald. Company statements confirm the resulting entity will operate as Securitize Corp. once listed.

From a regulatory standpoint, the SEC’s approval allows the process to move into its final stage. The shareholder vote now becomes the key hurdle before the listing proceeds. Securitize Chief Executive Carlos Domingo said in a company release that the milestone supports the firm’s effort to expand tokenization infrastructure at a global scale.

At a time when several crypto firms have delayed public listings, including reported pauses by Kraken and Consensys, Securitize’s progress highlights a different trajectory for companies tied to real-world asset tokenization.

Institutional demand shapes tokenization growth

Across financial markets, tokenization continues to attract major institutions. Data from RWA.xyz shows the tokenized asset sector has grown past $30 billion after nearly tripling within a year. Projections from Citigroup estimate the market could reach $5.5 trillion by 2030, while a joint study by Boston Consulting Group and Ripple suggests a potential $18.9 trillion market by 2033.

Participation from firms such as BlackRock, Franklin Templeton, JPMorgan Chase, and Fidelity Investments has expanded the sector’s reach into traditional finance. These institutions are exploring blockchain-based versions of bonds, funds, and private credit, with advocates pointing to faster settlement and lower operating costs.

Securitize’s role in market infrastructure

Operating within this environment, Securitize has built systems that support token issuance, fund administration, and secondary trading. The company reports it services roughly 650 funds through its Securitize Fund Services platform and oversees more than $4 billion in tokenized assets.

Its partnerships include infrastructure support for firms such as Apollo Global Management, KKR, Hamilton Lane, and VanEck. In addition, collaboration with the New York Stock Exchange has focused on developing tokenized equities platforms.

A notable product tied to the firm is BlackRock’s BUIDL fund, launched in 2024 as a tokenized money market fund and now counted among the largest tokenized Treasury offerings.

Recent disclosures show Securitize raised $47 million in a 2024 funding round led by BlackRock. Operational data from the company indicates it recorded $1.9 billion in transaction volume during the first quarter of the year.

Meanwhile, additional partnerships, including work with Computershare on issuer-backed tokenized shares, continue to expand its product range. As the June shareholder vote approaches, the outcome will determine whether Securitize becomes one of the first major tokenization firms to trade publicly in U.S. markets.

XRP is no longer fighting over $1.20. It’s fighting over whether $1.10 holds. The latest selloff came with the kind of volume usually associated with forced liquidations rather than orderly selling, pushing the token to its weakest levels in months before dip buyers finally showed up near $1.09.

News Background

• XRP ETFs recorded roughly $4 million in inflows after seeing their first daily outflow in three weeks, bringing cumulative inflows to around $1.5 billion.

• Market sentiment deteriorated sharply across crypto, with the Fear & Greed Index falling into extreme fear territory as traders reacted to broader macro uncertainty.

• XRP also slipped behind USDC in market capitalization rankings after the selloff pushed its value below $75 billion.

Price Action Summary

• XRP fell from $1.17 to $1.11 during the 24-hour session, touching lows near $1.09 before recovering slightly.

• The biggest move came during the June 5 06:00 UTC session, when volume surged to 268.2 million XRP and accelerated the breakdown.

• A failed rally toward $1.133 later reversed sharply, sending price to fresh lows before buyers stepped in near $1.10.

Technical Analysis

• The key takeaway is that support levels keep becoming resistance. What was a buying zone around $1.20-$1.25 just days ago is now where sellers are reappearing.

• The move below $1.10 briefly pushed XRP into one of the most oversold conditions seen in years, with weekly RSI readings reaching levels that historically appeared near major cycle lows.

• Even so, oversold does not automatically mean bullish. Markets can stay oversold for longer than traders expect, especially during liquidation-driven declines.

• The bounce from $1.09 showed signs of seller exhaustion, but recovery volume remained weaker than the selling that preceded it.

What traders should watch

• $1.09-$1.10 is now the most important support zone on the chart. Losing it would shift focus toward the $0.92 area highlighted by several analysts.

• $1.12-$1.13 becomes the first recovery zone XRP needs to reclaim before any stabilization narrative gains credibility.

• The broader trend remains bearish until XRP starts reclaiming former support levels rather than simply bouncing from oversold conditions.

• Traders looking for evidence of a durable bottom will likely want to see stronger volume on rebounds than on selloffs, something the market has not yet delivered.

Michael Saylor has urged Bitcoin supporters to balance purity, adoption, innovation, and stability as the asset trades near its weakest levels in almost two years.

Saylor, writing in a Friday post on X, said Bitcoin’s future should not depend on one dominant ideology. The Strategy chairman said the network needs several groups with different priorities, including Maximalists, Capitalists, Technologists, and Fundamentalists.

According to Saylor, each group serves a separate role in protecting Bitcoin’s long-term strength. He said the debate should not force a choice between “purity and adoption” or between “innovation and stability.” Instead, Saylor wrote that Bitcoin must remain true to its core while companies, banks, and governments build around it.

Cardano (ADA) reached its lowest price since 2020, falling to about $0.15 from over $0.37 earlier in 2023. The dip comes as cryptocurrencies face a challenging period, and ADA holders are watching to see if it will hold above this critical support level.

According to Coin Bureau’s official X account, ADA is hitting its lowest price since 2020. Traders are discussing possible risks and forecasting variables that could aid ADA’s price recovery.

Key Takeaways

• Cardano (ADA) hit a low of around $0.15 recently, its lowest since 2020
• The chart shows a consistent downtrend with lower highs and lows
• Market participants are watching for clues on whether ADA will stabilize or continue to drop

ADA Extends Multi-Month Downtrend

Coin Bureau’s weekly chart shows Cardano, or ADA, in a long-term downtrend. After hitting almost $0.37, it formed a series of lower highs and lows, indicating steady selling pressure over months.

ADA tried to bounce back in May, reaching close to $0.28, but the momentum didn’t last. As soon as that happened, buyers lost steam and the price dove again. This recent drop took ADA from about $0.24 to $0.15, one of the quickest and biggest falls on the chart.

The latest weekly chart highlights how challenging things have been for ADA lately.

Support Levels Come Into Focus

Right now, the $0.15 area is Cardano’s nearest support zone, the lowest point on the chart. Traders see this level as a spot where buying might kick in. If ADA holds above it, we could start to see stability after weeks of falling prices. People usually look at past support levels to find less selling pressure and more demand.

Resistance Zones and Recovery Outlook

For ADA to bounce back, it needs to overcome some hurdles left during its fall. The first is around $0.24, where the recent drop gained momentum. Next is a spot at $0.28; that was the peak in May. If ADA surges past these levels, it could signal growing positive sentiment and renewed buying interest.

There’s also a wider resistance zone between $0.34 and $0.37. This range started the big downtrend and remains a major test for traders watching a potential comeback.

Bitcoin BTC$61,368.12 tumbled below $60,000 on Friday, breaking the lows of the early February crypto crash and reaching its weakest level since October 2024.

The largest cryptocurrency is down nearly 20% in just the past week, and now has lost more than 52% since its October peak above $126,000.

Several headwinds have converged over bitcoin recently — the most important being its largest single buyer, Michael Saylor’s Strategy, having turned seller. Additionally, spot bitcoin ETFs suffered persistent outflows as investors pulled capital from the sector, instead allocating it to the red-hot artificial intelligence trade and related stocks.

Stubbornly elevated inflation and a hot labor market report Friday also prompted investors to rethink the path of U.S. monetary policy. Markets that earlier this year expected rate cuts have now fully priced in the Federal Reserve’s next move as a rate hike.

With that, U.S. stocks have lost momentum after a powerful run to record highs, weighing on risk appetite across markets. The Nasdaq is lower by more than 2% Friday.

Crypto investors have also been grappling with renewed concerns about whether artificial intelligence and quantum computing could expose weaknesses of crypto protocols. Privacy-focused cryptocurrency Zcash (ZEC) plunged more than 40% overnight after a critical vulnerability was discovered with the help of Anthropic’s latest Opus 4.8 AI model.

Bitcoin extended its slide into Friday’s U.S. session as traders prepared for a retest of the $60,000 level, underscoring persistent selling pressure even as a growing cohort of players looks for relief near that floor. The move comes amid a broader risk-off tone and a crowded battle around the round-number support that has guided momentum for weeks.

Key points:

• Bitcoin is testing the $60,000 support, entering its sixth consecutive red daily candle and erasing much of the spring rally.
• Early signals of “seller exhaustion” are surfacing from market observers watching funding dynamics and price differentials across exchanges.
• U.S. nonfarm payrolls data for May surprised to the upside, strengthening the case for a slower pace of Federal Reserve easing and lending a liquidity tailwind to risk assets only if inflation remains controlled.

BTC at the crosswinds of price action and macro data

Data from TradingView highlighted how quickly downside momentum was accumulating against Bitcoin, with the daily chart showing a retreat of roughly 5% as sellers dominated the session. The market’s focus zeroed in on the price region around $60,000, seen as a critical juncture after a period of fluctuations that has left traders debating whether a sustained bid can reassert itself above the barrier.

“Rapidly approaching its February low at $60K. Now in its 6th red daily candle and down more than the entire April/May rally,”

said Daan Crypto Trades in a reaction posted on X, underscoring how the rally’s momentum has been difficult to sustain in the face of renewed selling pressure. The chorus of traders has framed the $60K area as a potential hinge point—either a strong constructive turn or a fresh leg lower if selling accelerates.

“Eyes on that $60K area for now.”

Market chatter extended to the micro-structure of pricing, including the Coinbase Premium—the spread between Coinbase’s BTC/USD and Binance’s BTC/USDT quotes—and layers of funding on perpetual futures. In recent coverage, commentators highlighted that while price action remained under controlled selling, funding had edged toward negative territory and the Coinbase premium had narrowed. Those dynamics, if continued, could hint at a shift in sentiment as buyers re-engage at a perceived discount.

“Early signs of seller exhaustion.”

In this framework, traders are watching for a potential pause in the down move, a narrowing of wholesale selling pressure, and a probable rebalancing of bids as liquidity cycles through the market. The conversation around order-book depth and short-term dynamics is increasingly focused on whether sellers can maintain a decisive advantage near the $60K mark or if buyers can flip the script in the coming sessions.

Trader Morin noted that Bitcoin was “frontrunning a key range low,” with the $60,000 threshold appearing again as a decisive reference point. He pointed to a pattern of lower highs that has characterized the current slide, suggesting that a sustained breakout above that barrier would be a meaningful inflection. “Swept 61.3k internal low but failed to make higher high. Consistent lower highs —> Sellers in Control,” Morin wrote on X, signaling that without a decisive shift, the downside could extend into the 60Ks.

For market technicians, the price geometry remains a focal point. The immediate question is whether the shallow relief rallies seen in prior weeks can evolve into a more durable bounce that reclaims the mid-$60,000s region, or if the bears regain control and drive BTC toward the next visible support pockets.

Macro backstop or drag: payrolls reshuffle the Fed calculus

The broader macro backdrop did not provide a supportive push for risk assets on this occasion. U.S. nonfarm payrolls data for May surprised to the upside, adding 172,000 jobs versus a consensus of around 85,000. The figure came after April’s payrolls were revised higher by 64,000, reinforcing a view of a resilient labor market. The strength in the jobs print reduces the immediate odds of aggressive Fed easing and, in turn, dampens the impulse for a rapid liquidity withdrawal in some segments of the market.

The May payrolls release adds to a complex inflation trajectory: solid employment gains alongside ongoing price pressures. Market participants have been weighing how the Fed will balance the twin goals of containing inflation and sustaining growth. The CME Group’s FedWatch Tool reflected this tension by showing pricing that still contemplates a potential rate hike before year-end, even as investors assess the pace and magnitude of any policy shifts. In the near term, stronger labor-market data tends to complicate the path for central-bank easing, a dynamic that can reframe风险 appetite across assets, including digital markets.

Analysts have argued that a robust jobs market reduces the impulse for near-term rate cuts, especially if inflation remains a concern. Mosaic Asset Company, in its latest Mosaic Chart Alerts, noted that while solid economic activity supports stock indexes advancing toward prior highs, it also injects a degree of uncertainty around monetary policy. The argument is that a stronger economy raises the bar for easing and keeps liquidity conditions tighter, which can weigh on high-beta assets like BTC in the short term even as it supports the longer-term narrative of a healthier macro backdrop.

From a liquidity perspective, the payrolls data underscores a broader market theme: macro resilience does not automatically translate into crypto rallies. Instead, it can widen the divergence between traditional markets and digital assets, especially if inflation remains a friction point and investors seek shelter in cash or longer-duration risk assets depending on evolving expectations around the Federal Reserve’s policy path.

As traders parse the data, attention remains on how much of the May strength is driven by temporary factors—like short-covering or technical rebounds—and how much reflects a real re-accumulation of demand at price levels perceived to be fair value given macro constraints. The next few sessions could reveal whether Bitcoin can sustain a bottoming process or if the prevailing headwinds corral price action back toward the tighter end of its recent range.

Market watchers will also be mindful of liquidity patterns across exchanges. The Coinbase premium and funding signals have historically offered a real-time glimpse into US demand versus offshore liquidity pools. If the premium continues to narrow and funding remains negative, the market could be leaning toward a more balanced, less leveraged stance that may lift BTC only after a clear breakout above key levels or a sustained improvement in macro cues.

What to watch next in a market recalibrating around a critical level

With BTC languishing near a critical line in the sand, the immediate path forward hinges on a combination of price action, micro-structure signals, and the pace of macro normalization. A close above or below the $60,000 threshold in the coming sessions could set the tone for the next leg—whether a deeper test of support or a renewed bid from buyers that redefines expectations for the second half of the year.

On the price front, traders will scrutinize whether buyers can sustain a move back above the round-number barrier and convert it into a durable retest of the mid-$60,000s. In the event of renewed strength, a retest of recent highs may re-emerge as a topic of discussion; otherwise, the risk remains tilted toward a broader consolidation with potential downside targeting nearby support clusters.

From the macro lens, the balance between inflation trends and employment momentum will keep policy expectations in play. If inflation pressures ease further while the labor market cools, rate-cut expectations could brighten the picture for risk assets. Conversely, if inflation holds or accelerates and the Fed signals a cautious stance, BTC could remain tethered to a cautious risk-off regime even in the face of improving liquidity conditions elsewhere in markets.

In the near term, investors will want to monitor the evolving funding landscape, the behavior of inter-exchange price differentials, and any shifts in the Coinbase-Binance dynamic that could precede a broader shift in demand. The coming weeks will reveal whether the tested support at $60,000 becomes a launching pad for a more resilient bounce or a renewed springboard for a downleg that invites another retest of lower levels.

For now, the story remains a nuanced blend of price mechanics and macro uncertainty. BTC’s fate in the near term appears closely tied to whether buyers can demonstrate conviction around the $60,000 floor and whether macro expectations align with a sustainable re-pricing of risk assets in a post-pandemic, inflation-sensitive environment.

Next up, traders will be watching upcoming data milestones and central-bank signals to gauge whether the current backdrop is setting the stage for a meaningful shift in momentum or a protracted consolidation below key levels. The degree to which the payrolls print translates into policy caution will be a decisive factor shaping market sentiment in the days ahead.

Securitize, the tokenization specialist backed by BlackRock, moved a step closer to becoming a publicly traded company after the U.S. Securities and Exchange Commission approved a key filing tied to its planned merger with a special purpose acquisition company (SPAC).

The agency declared Securitize’s registration statement for its proposed combination with Cantor Equity Partners II (CEPT) effective. The merger is with a blank-check company sponsored by an affiliate of Cantor Fitzgerald, the companies said Friday.

The deal now heads to a shareholder vote scheduled for June 29. If approved, the transaction is expected to close shortly thereafter, with the combined company trading on the New York Stock Exchange under the ticker “SECZ.”

The milestone comes as tokenization has emerged as one of the fastest-growing trends in finance. The process involves creating blockchain-based representations of traditional assets such as funds, bonds, private credit and equities. Proponents argue the technology can reduce settlement times, lower costs and enable assets to trade around the clock.

The market has attracted growing interest from global banks and asset managers including BlackRock, Franklin Templeton, JPMorgan and Fidelity. The tokenized asset market nearly tripled in a year surpassing $30 billion, RWA.xyz data shows. Citi has projected tokenized assets could reach $5.5 trillion by 2030, while a joint report from Boston Consulting Group and Ripple estimated the market could grow to $18.9 trillion by 2033.

Securitize has become one of the sector’s most prominent infrastructure providers, supplying the tokenization, transfer-agent and trading technology behind products from firms including BlackRock, Apollo, KKR, Hamilton Lane and VanEck.

The company’s highest-profile partnership is with BlackRock’s BUIDL fund, a tokenized money market fund launched in 2024 that has grown into one of the largest tokenized Treasury products in the market.

The firm is also helping the New York Stock Exchange build its tokenized securities platform earlier this year.

Securitize going forward with its plan to go public is notable as several crypto companies such as Kraken and Consensys have halted efforts amid turbulent crypto markets.