TLDR:

• A NY judge stayed the Noah Doe lawsuit on June 5, halting any default judgment on 39,069 dormant wallets. 
• An amicus brief argues NY’s lost-and-found statute cannot legally apply to dormant bitcoin wallet addresses.
• The targeted wallets hold an estimated 3.8 million BTC worth around $234 billion, per Galaxy Research analysts.
• Several dormant defendant wallets moved BTC after the lawsuit was filed, including a $3M transfer flagged in June. 

A New York Supreme Court judge has stayed a lawsuit targeting nearly 40,000 dormant bitcoin wallets, blocking any default judgment.

Justice Kathy J. King signed the order on June 4, filed publicly on June 5. The case involves plaintiffs seeking ownership of 39,069 wallets under New York’s lost-and-found statute.

A July 14 oral argument will determine whether a critical amicus brief is admitted. The brief argues the statute was never designed to apply to blockchain assets.

The Lawsuit and Its Legal Theory

The case, captioned ABC Company, XYZ Company, and Noah Doe v. John Does 1–39,069, draws on New York Personal Property Law Article 7-B.

The anonymous plaintiffs argue that dormant wallets qualify as “lost” property under state law. Under this theory, ownership can transfer to a finder if the original owner fails to claim assets within a statutory period.

Galaxy Research estimated the 39,069 addresses hold roughly 3.8 million BTC. At current prices, that figure is worth approximately $234 billion.

However, the complaint itself values each wallet at under $10, citing the difficulty of recovering assets without private keys.

The listed addresses include the “1Feex” wallet, long tied to the 2011 Mt. Gox hack. Several addresses also match what Galaxy Research describes as Satoshi-era “Patoshi” patterns, connecting them to Bitcoin’s creator. No defendant wallets have appeared in court, which had been clearing a path to default judgment.

The Amicus Brief Challenging Ownership Claims

M&A attorney Ian R. Cohen filed a May 29 motion to appear as amicus curiae. His 26-page brief argues the lost-and-found statute requires physical custody of a tangible object.

A blockchain address cannot be placed in an evidence locker, so the statute does not apply. Cohen holds no financial interest in the outcome and represents no named party.

Cohen’s brief also turns the complaint’s own language against the plaintiffs. Paragraph 27 of the amended complaint states that wallet owners lost access to funds due to a security issue.

Cohen argues this makes the dormancy involuntary, not abandonment. His brief puts it plainly: “A wallet that has been dormant for ten years, whose private key is stored on a steel plate in a bank vault, is not abandoned property. It is securely held property.”

Cohen also argues Noah Doe’s method does not constitute finding under the law. His brief states that Doe’s algorithm amounts to “data mining,” not discovery, and that claiming 39,069 wallets in a single sweep is “industrial-scale asset identification” that no provision of the statute contemplates.

He further warns that any ownership declaration would be functionally useless, writing that “the decentralized architecture of the Bitcoin network renders it structurally indifferent to judicial decrees.”

Cohen also noted that the Legislature amended New York’s Abandoned Property Law in 2022 to specifically address virtual currency, routing dormant crypto assets to the State Comptroller — not to private claimants.

Wallet Movements and the ‘Great Bitcoin Dusting’

Noah Doe used a proprietary algorithm to flag the wallets, then delivered USB drives to the NYPD’s 17th Precinct between December 2024 and April 2025.

A blockchain expert then sent OP_RETURN messages to each address, pointing to an abandonment notice page. Wallets that did not respond within 90 days were treated as abandoned.

Galaxy Research documented this campaign in October as the “Great Bitcoin Dusting.” It involved roughly 41,000 OP_RETURN messages sent to wallets collectively holding about 2.3 million BTC.

Analysts Zack Pokorny and Will Owens wrote that “whoever carried out the operation clearly understands the Bitcoin network on [a] deep technical level and took elegant measures to cover his tracks.”

Since the lawsuit was filed, several named wallets have moved funds. Galaxy Research head Alex Thorn flagged a June 6 transfer of 47.26 BTC, worth nearly $3 million, from defendant wallet number 37923.

A separate wallet dormant since March 2011 moved 35.55 BTC worth approximately $2.2 million on June 2. Those movements have drawn attention across the Bitcoin community and suggest some wallet holders are aware of the proceedings.

TLDR:

• Nearly $26 billion in short liquidation leverage sits above Bitcoin’s current $62,000 price level.
• Shorts lost $218 million in 24 hours, more than double long liquidations across the crypto market.
• A single $82 million short position on OKX was wiped out amid Bitcoin’s 24-hour liquidation wave.
• Cycle Bands flashed an oversold signal for the first time since 2023, hinting at a possible base.

Bitcoin traders are staring down a potential short squeeze as lopsided leverage positions build across major exchanges.

Coinglass data shows nearly $26 billion in short liquidation leverage sitting above Bitcoin’s $62,000 price level. Meanwhile, long liquidation exposure below that level remains well under $2 billion.

This stark imbalance is drawing attention from analysts and active traders watching the market closely.

Lopsided Leverage Builds Across Major Exchanges

The concentration of short positions is spread primarily across three platforms. Binance, OKX, and Bybit hold the bulk of this leveraged exposure on the short side.

Over the past 24 hours, total crypto liquidations reached $332 million across the broader market. Shorts accounted for $218 million of that figure, more than double the losses on the long side.

Bitcoin alone drove $124 million in liquidations during that same window. A single short position on OKX was wiped out for $82 million, standing out as the largest closure.

Open interest across the market climbed 3% to $103 billion despite trading volume pulling back. That combination of rising open interest and falling volume points to a buildup of speculative positioning rather than active price discovery.

Traders are now divided on what comes next for Bitcoin. One camp sees the lopsided short exposure as fuel for a sharp upside move.

The other argues that a break below $60,000 support could trigger a bearish reversal instead. Both scenarios carry real risk given the current leverage environment.

The $60,000 level has become the key line in the sand for market participants. A sustained move below it could unwind the short squeeze thesis quickly and accelerate selling pressure.

Market Data Points Toward Possible Base Formation

Technical analysts are watching Bitcoin’s behavior around the $60,200 yearly low. Crypto analyst account Alpha Extract noted on X that Bitcoin failed to close below that level on the four-hour timeframe. The account described this as a constructive development, even while maintaining a cautious near-term outlook.

Alpha Extract added that lower prices may still come before any meaningful recovery takes hold. However, the analyst noted that each move lower builds a better risk-reward setup for an asymmetric upside trade.

That framing reflects a measured view common among experienced traders navigating prolonged downtrends.

Adding to the discussion, Alpha Extract pointed out that Cycle Bands flashed an oversold signal for the first time since 2023.

That type of reading has historically appeared near market turning points, though it does not guarantee an immediate reversal. Traders are treating it as one more data point in an evolving picture.

The broader market is watching whether Bitcoin can hold current levels and build a credible base. Until that case strengthens, short squeeze risk and downside pressure will continue to define the trading environment.

TLDR:

• Stellar (XLM) is attracting institutional interest through fast, low-cost cross-border payment infrastructure.
• Growing stablecoin activity and real-world asset tokenization are strengthening Stellar’s on-chain economic case.
• Potential CBDC integrations and institutional partnerships could serve as major long-term catalysts for XLM.
• Continuous network upgrades and scalability improvements position Stellar for sustained growth beyond short-term volatility.

Stellar (XLM) is showing signs that a long-term breakout may be forming as blockchain adoption moves toward real-world utility. The network has built a foundation around fast, low-cost cross-border payments and institutional integration.

With growing activity across stablecoins and tokenized assets, Stellar’s infrastructure is drawing closer attention from market observers and financial institutions alike.

Institutional Adoption Could Be the Catalyst Behind XLM’s Breakout

Stellar’s growing institutional presence is one of the strongest arguments for a potential long-term breakout. Financial institutions are increasingly evaluating networks that offer practical payment solutions at low cost. Stellar fits that profile more directly than most competing blockchain networks currently available.

Payment providers are also beginning to build on Stellar’s infrastructure at a measurable pace. As more real transactions flow through the network, its on-chain economic activity grows steadily.

That kind of organic growth tends to support sustained price movement over time rather than short-term speculation.

Crypto commentator SylvianGuibal on X captured this sentiment, noting that Stellar “continues to attract growing institutional interest while expanding its footprint across payments, stablecoins, and tokenized assets.”

If that trajectory holds, institutional adoption alone could serve as a meaningful breakout trigger for XLM going forward.

Real-World Asset Tokenization and Stablecoins Could Push XLM Higher

Tokenization of real-world assets is emerging as a strong driver for Stellar’s long-term growth outlook. Institutions exploring regulated digital finance are looking for networks that can handle asset issuance reliably. Stellar’s architecture is built to support exactly that kind of activity at scale.

Stablecoin usage on the network is also growing at a notable rate. Stablecoins need fast, affordable infrastructure to move value efficiently across borders. Stellar meets those technical requirements, positioning it well within a rapidly expanding stablecoin market.

Beyond that, potential central bank digital currency integrations could further strengthen XLM’s long-term case. Several central banks are actively researching CBDC frameworks, and Stellar has been part of those early discussions. A confirmed CBDC partnership would represent a considerable step toward a sustained breakout scenario.

Continuous Network Upgrades Keep XLM Positioned for Long-Term Growth

Stellar’s development team has maintained a steady schedule of technical upgrades aimed at improving scalability and interoperability.

These improvements ensure the network remains competitive as global financial infrastructure evolves. Consistent development is one of the clearer signs that the project is building for the long term.

The network’s ability to handle high transaction volumes without sacrificing speed or cost remains a core strength.

As adoption grows, this technical capacity reduces the risk of bottlenecks that have slowed other blockchain networks.

That reliability makes Stellar a more credible choice for institutions considering long-term infrastructure commitments.

As @SylvianGuibal stated, “the real question is whether Stellar can continue capturing meaningful economic activity on-chain.”

If adoption across payments, tokenized assets, and stablecoins keeps accelerating, XLM may already be laying the groundwork for the breakout that many in the market are watching for.

TLDR:

• The LTH-SOPR to STH-SOPR ratio has dropped sharply, showing long-term holders are no longer booking large profits.
• Bitcoin’s Supply in Profit has fallen to 47%, matching levels historically seen at the floor of past bear markets.
• Bitcoin is approaching the 200-week moving average and Realized Price, two key support zones from prior cycles.
• Capital rotation toward AI stocks and tech IPOs is driving Bitcoin’s demand shortage, not a structural failure.

Is the market structure starting to change for Bitcoin? That question is gaining traction among analysts and long-term investors.

Bitcoin has slid toward the $60,000 range despite ETF approvals, growing corporate adoption, and clearer regulatory frameworks.

Three on-chain indicators are now offering a data-driven answer to that question — and what they show points toward a bottoming phase rather than a structural breakdown.

What the Data Says About Bitcoin’s Current Market Position

The first indicator drawing attention is the LTH-SOPR to STH-SOPR ratio. This metric compares how long-term holders and short-term holders are realizing gains or losses.

The ratio has fallen sharply in recent weeks. Long-term holders are no longer booking the large profits seen during the previous bull run.

That change in behavior carries weight. When long-term holders stop selling into strength, one major source of sell-side pressure begins to ease.

Historically, this pattern has appeared during the later stages of market corrections. It does not confirm a bottom, but it does reflect a meaningful shift in holder sentiment.

Supply in Profit has also dropped to roughly 47%. That means more than half of all circulating Bitcoin is now held at a loss or near break-even.

In bull markets, this figure typically exceeds 90%. The current reading aligns closely with levels seen at the floor of previous bear cycles in 2018 and 2022.

Taken together, these two indicators suggest that speculative excess has largely been removed from the system. Investors who entered during peak euphoria have either sold or are sitting on unrealized losses. That kind of market cleanup has historically preceded recovery phases.

Why Bitcoin’s Price Decline May Not Signal a Structural Failure

Bitcoin is competing for capital against some of the most powerful investment narratives in global markets right now.

Artificial intelligence stocks and anticipated major technology IPOs are drawing liquidity away from crypto. That rotation is creating a demand shortage, not a collapse in Bitcoin’s fundamentals.

This distinction matters when reading the on-chain data. Bitcoin is approaching two historically important valuation benchmarks — the 200-week moving average and the Realized Price.

Both have acted as strong support zones during past downturns. Buyers who monitor these levels tend to treat them as favorable long-term entry points.

The convergence of these three signals — softening long-term holder profit-taking, a majority of supply in loss, and proximity to key valuation support — paints a consistent picture.

The market structure appears to be transitioning away from distribution and toward accumulation. Sentiment has moved from euphoria to measured caution.

Still, the bottoming phase is not yet confirmed. The next sustained move upward will depend on whether fresh capital returns to Bitcoin.

Until that rotation happens, the market remains in a critical testing zone — and on-chain data remains the clearest tool available for reading its direction.

TLDR:

• Ethereum’s 3-day chart has printed a TD Sequential “9” buy signal after a drop from $2,300 to $1,600.
• The TD Sequential signal indicates potential seller exhaustion but does not confirm a full trend reversal.
• CryptoQuant data shows ETH exchange reserves across all centralized platforms continue trending lower.
• Bulls must defend the $1,600 support zone for ETH to target a recovery toward the $1,800–$1,950 range.

Ethereum’s 3-day chart has printed a TD Sequential “9” buy signal amid a sustained price decline from above $2,300 to near $1,600.

The technical pattern, which tracks nine consecutive bearish candles, points to potential seller exhaustion at current levels.

Meanwhile, on-chain data from CryptoQuant shows exchange reserves across centralized platforms trending sharply lower. Together, the two datasets present a case for a short-term price recovery in ETH.

TD Sequential Flags Possible Trend Exhaustion Near $1,600

Ethereum has been under consistent selling pressure over recent weeks, forming a clear series of lower highs and lower lows.

The decline has been steep, with prices dropping roughly 30% from the $2,300 range to the $1,600 zone. That move reflects broad bearish sentiment across the crypto market during this period.

The TD Sequential indicator works by counting nine consecutive candles that each close lower than four candles prior. When the count reaches nine, the signal suggests the existing trend may be losing strength.

Crypto analyst Ali Charts flagged this development on X, noting a small bullish candle has appeared immediately after the signal printed.

According to Ali Charts, if bulls manage to hold the $1,600 support zone, ETH could recover toward the $1,800–$1,950 resistance range.

That area represents the next logical ceiling based on prior price action. A failure to hold support, however, would likely resume the broader downtrend.

The TD Sequential does not guarantee a reversal. Instead, it marks a point where trend momentum may be weakening.

Traders typically wait for confirmation from subsequent candles before entering positions based on the signal alone.

Exchange Reserve Decline Points to Reduced Selling Supply

On-chain researcher Rei Researcher highlighted a separate but complementary dataset. Based on CryptoQuant’s “Ethereum Exchange Reserve — All Exchanges” metric, ETH reserves across centralized exchanges continue declining after a brief upward recovery. That brief uptick saw some retail investors move coins onto exchanges to restructure their portfolios.

The renewed decline in exchange reserves indicates that available sell-side liquidity is shrinking on order books. When holders withdraw ETH to personal wallets rather than exchange accounts, it reduces the immediate supply available for sale. That dynamic tends to ease downward pressure on price over time.

The dominant outflow pattern seen in the data neutralizes a portion of potential sell pressure sitting on exchange order books.

Rei Researcher noted this as clear evidence that most current holders prefer storage over selling at present price levels. That shift in holder behavior matters because it changes the supply dynamics around the $1,600 support level.

Taken together, the TD Sequential signal and the exchange reserve trend suggest the $1,600 zone carries meaningful technical and on-chain support.

Whether ETH can sustain a recovery remains contingent on broader market conditions and buyer follow-through at current levels.

TLDR:

• XRP’s long-term rising trendline converges with the closely watched $0.90 support zone.
• Analysts view the current decline as a controlled pullback rather than a broader trend breakdown.
• Market participants remain divided as XRP trades above $1 despite changing investor sentiment.
• Commentary on the Clarity Act has renewed discussion around XRP and crypto regulation.

XRP recent market analysis identified $0.90 as a key area within XRP’s monthly structure. The assessment pointed to a rising trendline that has remained intact since the 2020–2021 base formation. According to the analysis, each major correction has produced a higher low, preserving the broader upward trend.

The analysis noted that XRP’s rally toward approximately $3.32 ended with a rejection that formed a macro lower high.

Since that move, price has entered what was described as a controlled pullback rather than a sharp breakdown. The projected scenario suggests a gradual decline toward the ascending support zone. Analysts said the importance of $0.90 comes from several converging factors.

Technical Structure Draws Attention to $0.90 Support Zone

The analysis described $0.90 as a confluence area where technical and psychological factors intersect. The level sits near multi-year ascending support and below the current consolidation range around $1.14. Analysts said such conditions can attract increased market attention.

According to the assessment, late buyers may face losses while longer-term participants evaluate opportunities. It also noted that sentiment often shifts negatively near major support tests.

The report emphasized that confirmation would remain essential. Analysts said declining volume and slowing momentum near support could strengthen a bullish continuation case.

However, a decisive breakdown below $0.90 would invalidate the current structure and shift attention to lower support levels.

Market Participants Debate XRP’s Long-Term Outlook

Crypto commentator Crypto Patel compared current XRP sentiment with investor attitudes during 2017. Patel noted that many holders once viewed $1 as a major long-term target. According to the post, XRP trading above that level today has produced very different reactions.

Patel argued that investor emotions have changed despite similar price levels. The post stated that traders celebrated when XRP first crossed $1 in 2017.

It contrasted that period with current frustration among some market participants despite XRP remaining above the same threshold.

Patel identified a personal accumulation range between $1 and $0.60. The commentator described the current period as one requiring patience and perspective. Patel also stated that investors should conduct their own research before making investment decisions.

Meanwhile, Ripple Bull Winkle drew attention to developments surrounding the Clarity Act. In a social media post, the commentator claimed the legislation had been halted in Congress.

The post suggested the development could affect discussions involving XRP and broader cryptocurrency regulation. Ripple Bull Winkle said additional details were provided in a video discussing the issue.

TLDR:

• Ripple Prime joins 50+ firms in DTCC’s tokenization working group, including BlackRock and JPMorgan.
  
• DTCC plans limited live production trades in July 2026, with a full service rollout set for October 2026.
  
• The SEC issued a No-Action Letter in December 2025, authorizing DTC’s tokenization service for three years.
  
• Ripple Prime gains access to DTCC clearing rails, helping link tokenized securities with XRP Ledger liquidity.
  

Ripple Prime has joined the Depository Trust & Clearing Corporation’s (DTCC) tokenization initiative alongside BlackRock, JPMorgan, and more than 50 other institutions.

The service targets tokenized equities, ETFs, and U.S. Treasuries, with limited production trades set for July 2026 and a full rollout planned for October 2026.

The move places Ripple Prime at the center of one of the most closely watched developments in institutional finance this year.

Ripple Prime Steps Into a Historic Institutional Push

More than 50 organizations are collaborating within DTCC’s Industry Working Group to help shape the service, representing a broad cross-section of the financial sector.

Major participants include JPMorgan, Bank of America, Citadel Securities, Invesco, HSBC, Charles Schwab, BlackRock, Nasdaq, NYSE, Robinhood, and Wells Fargo.

Ripple Prime is the prime brokerage born from the $1.25 billion Hidden Road acquisition. Its presence in the working group puts it directly alongside institutions that collectively manage trillions in assets. That positioning carries weight well beyond the digital asset sector.

From the digital assets sector, Ripple Prime joins USDC issuer Circle, digital asset infrastructure firm Fireblocks, tokenization leader Ondo Finance, and exchanges Kraken and Backpack.

Together, these firms represent the crypto-native layer of what is otherwise a largely traditional financial initiative.

Social media reactions followed quickly after the announcement. Account @InvestWithD noted that Ripple Prime is helping test, validate, and shape institutional infrastructure alongside Wall Street’s biggest players.

The post also clarified that Stellar is separately positioned as the public blockchain for DTCC’s multi-chain strategy — a point that had caused confusion among many observers.

What the DTCC Initiative Means for Ripple Prime

DTCC is working to connect traditional clearing and settlement rails with blockchain-based representations of real-world assets.

Rather than building separate systems, the goal is to embed tokenization directly within existing post-trade infrastructure.

The target assets are those already held inside its subsidiary, The Depository Trust Company — Russell 1000 equities, major ETFs, and U.S. Treasuries.

The SEC issued a No-Action Letter in December 2025 authorizing DTC to operate a defined tokenization service for three years.

That ruling provided the regulatory foundation institutions needed to participate openly. It also signaled broader federal comfort with tokenized securities operating within established financial systems.

Ripple Prime’s participation grants it access to DTCC clearing rails as a prime broker, a direct view into how tokenized securities will be issued and settled, and the ability to design products linking DTCC-based assets with XRP Ledger-based collateral and liquidity. Those capabilities stand to strengthen Ripple Prime’s offering across institutional markets.

For Ripple Prime, securing a seat alongside JPMorgan, BlackRock, Bank of America, and Goldman Sachs elevates its credibility massively across institutional markets.

Whether XRP plays a direct settlement role remains an open question, but Ripple’s formal place in this process is now confirmed.