Today in crypto, Strategy’s latest Bitcoin purchase pushed its holdings to 846,842 Bitcoin, as the cryptocurrency’s continued recovery hinges on a successful deal between the US and Iran. Meanwhile, the CFTC poached an SEC crypto task force adviser with a strong blockchain forensics background.

Bitcoin recovery rests on US-Iran deal as momentum remains weak

Bitcoin’s continued recovery is hinged on a successful peace deal between the US and Iran as Swissblock shows on-chain metrics signal the cryptocurrency remains weak despite its recent recovery.

LVRG Research director Nick Ruck told Cointelegraph that despite Bitcoin (BTC) reclaiming $67,000 on Monday, its “momentum remains weak, with declining volume and stagnant on-chain metrics indicating that the recovery lacks conviction and could quickly fade.”

Swissblock said on Monday that Bitcoin’s price momentum, measuring the strength of its price movements, and on-balance volume (OBV), which measures buying and selling pressure, remain in a “weak momentum and participation regime.”

Price momentum and OBV remain at bear market lows. Source: Swissblock

Ruck said that if the peace deal between the US and Iran breaks down, the following geopolitical instability and potential oil shocks would see Bitcoin “face a volatile path” as geopolitical catalysts “continue to dominate crypto price action.”

US President Donald Trump said on Sunday that the US had completed a peace deal with Iran to end months of conflict, which is expected to be signed on Friday. Much of the deal remains unknown, but Trump said it would see the Strait of Hormuz reopen and the US lift its blockade.

CFTC hires SEC crypto task force adviser with blockchain forensics chops

The US Commodity Futures Trading Commission (CFTC) has hired a new chief data innovation officer with deep experience in blockchain forensics in what could be seen as the regulator’s move toward greater focus on the technology.

In a Monday notice, CFTC Chair Michael Selig said that Donald Battle, an adviser to the US Securities and Exchange Commission (SEC) crypto task force, would be the commission’s chief data innovation officer. Battle was appointed as an SEC crypto task force adviser in January 2025 with the incoming Trump administration, and previously worked as a blockchain data adviser for the CFTC and crypto enforcement specialist with the Treasury Department’s Financial Crimes Enforcement Network.

Selig cited Battle’s experience in “data science, blockchain forensics, programming interfaces, and cutting-edge AI solutions” among his reasons for his pick.

The appointment signaled the agency moving closer to addressing crypto regulation and enforcement at a time when Congress is seeking to overhaul the CFTC’s and SEC’s roles with a digital asset market structure bill, the CLARITY Act.

Source: CFTC on X.com

Saylor’s Strategy buys 1,587 BTC for $100M, holdings hit 846.8K

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its cryptocurrency reserves last week as BTC continued to trade below the company’s average cost basis of about $75,700.

Strategy acquired 1,587 Bitcoin (BTC) for $100 million between June 8 and 14, according to Monday’s 8-K filing with the US Securities and Exchange Commission.

The purchase was made at an average price of $63,024 per Bitcoin, bringing the company’s overall average cost basis slightly lower to $75,656.

Source: SEC

With the latest buy, Strategy now holds 846,842 BTC, accumulated at a total cost of $64.07 billion. At the current price of about $66,216 per bitcoin, those holdings are worth roughly $56.1 billion, according to CoinGecko data.

Similar to the previous 1,550 BTC acquisition announced last Monday, Strategy funded the latest acquisition through sales of its Class A common stock (MSTR).

Bitcoin miner IREN has completed its acquisition of the Spanish data center developer Nostrum Group, marking its entry into Europe as the company builds out its artificial intelligence cloud business.

IREN said in a press release on Monday that the acquisition adds about 490 megawatts of secured, grid-connected power in Spain, along with a development pipeline and over 50 employees across engineering, construction, development and operations.

The deal expands IREN’s global power portfolio to about 5 gigawatts, with the Spanish capacity representing about 10% of the total.

IREN co-founder and co-CEO Daniel Roberts said Spain offers a combination of renewable power and fiber connectivity, giving the company a base from which to serve growing European demand for AI infrastructure.

“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points,” Roberts said.

The acquisition is part of IREN’s push into AI cloud services, which can provide more predictable, contract-based revenue as rising mining difficulty and volatile Bitcoin (BTC) prices pressure the economics of crypto mining.

Related: Trump-linked American Bitcoin reports $82M Q1 loss, revenue miss

The move also aligns IREN with a broader trend among Bitcoin miners building AI infrastructure in Europe. HIVE Digital has been converting part of its facility in Sweden for AI computing, while Bitdeer is developing AI data center capacity in Norway.

IREN accelerates AI cloud pivot

According to IREN’s results for the quarter that ended March 31, Bitcoin mining remained its largest revenue source. The company reported $111.2 million in mining revenue, compared with $33.6 million from its AI cloud services.

IREN said AI cloud revenue rose from $17.3 million in the previous quarter, while Bitcoin mining revenue fell from $167.4 million. The company attributed the decline in mining partly to lower average BTC prices and the decommissioning of mining hardware.

Bitcoin’s year-to-date chart. Source: CoinGecko

Analysts at Bernstein previously said IREN could eventually phase out much of its Bitcoin mining business as it retrofits existing sites for AI cloud infrastructure. IREN reported having about 150,000 GPUs installed or on order as of March 31, which they estimate could support a $3.7 billion annual revenue run rate.

Magazine: China’s 107 Bitcoin memory thief, Bithumb CEO booked: Asia Express

The narrative of Crypto Winter seems to be changing course, as some key market parameters have signaled the onset of more positive trends within the industry. In the wake of Bitcoin falling toward $59,375, investors have been tracking various signs of possible market recovery, including institutional involvement, exchange activity, and interest from ETF investors.

Although there have been some fluctuations in the markets, long-term accumulation continues to be strong. Exchange outflows have continued unabated for both Bitcoin and Ethereum, and many experts view them as a sign of increasing investor optimism. Combined with stable ETF flows and bullish institutional projections, there is now increased speculation about an end to Crypto Winter.

Standard Chartered Sticks to Its Positive Outlook on Bitcoin and Ethereum

International banking firm Standard Chartered remains positive about the performance of cryptocurrencies in the coming months, despite recent declines. As noted by the Wu Blockchain report, the bank is still predicting Bitcoin will reach $100,000 and Ethereum will hit $4,000 by year-end.

As part of its outlook, the bank views the recent fall in prices as a temporary pullback rather than a long-term market trend. The decline in Bitcoin recorded on June 5 was considered to have been the lowest point of the current crypto bear cycle, suggesting investors may have experienced the toughest period of the current market decline.

According to the analysts, there are various reasons for the latest fall in the crypto market. For instance, spot redemptions of Bitcoin ETFs lowered institutional demand at particular times, while the upcoming SpaceX IPO brought additional market volatility.

Bitcoin Outflows From Exchanges Continue to Point to Accumulation

The Bitcoin exchange flow shows a market in which accumulation trends still play a dominant role. While price action may have been erratic, net outflows have continued to be the trend among exchanges for most of the year.

Significant outflows have been seen from August through November, with many days showing outflows in excess of $1 billion. This trend is usually a sign of traders shifting their holdings to a personal wallet or other long-term storage where coins are less readily accessible on exchanges for trading.

A smaller amount of exchange coins means that there is less supply on exchanges that are ready for trade. This can help improve future price action when demand starts to strengthen.

In an anomaly, exchange outflows changed course to inflows in February, with the figure at about $1 billion. This period was marked by higher levels of price volatility, which saw the Bitcoin price drop sharply.

Similar Accumulation Trends Can Be Observed in Ethereum

Similar trends can be observed in Ethereum exchange trading. Throughout the past few months, outflows have consistently been higher than inflows, suggesting traders kept withdrawing Ethereum from exchanges amid persistent market volatility.

A couple of days saw withdrawals of over $300 million, while some days saw outflows reaching up to $600 million to $700 million. This is likely to decrease the amount of ETH supply on exchanges, which many holders view as a positive sign.

Even though Ethereum’s price fell from above $4,500 to below $1,700 during the market correction, accumulation tendencies were still visible. The notable influx took place in early February, when over $600 million of ETH was moved onto exchanges due to market selling pressure.

ETF Demand Could Signal the End of Crypto Winter

Market players are currently looking at ETFs as a crucial metric of future performance. According to the Wu Blockchain report, Standard Chartered suggests that Ethereum may exceed Bitcoin’s performance in the short term thanks to ETF demand and increased institutional sentiment.

With ETF demand rising alongside robust exchange outflows, the two metrics could create positive supply and demand dynamics for both cryptocurrencies. In that case, it becomes even clearer that investors are buying, not selling.

Despite possible risks, stable ETF demand and high exchange outflows, coupled with optimistic sentiment from institutions, point to Crypto Winter coming to an end.

Bitcoin’s latest bounce is being framed as a macro-driven rebound rather than a fully confirmed technical reversal, with multiple analysts pointing to weak on-chain participation signals despite a move back toward $67,000.

According to LVRG Research director Nick Ruck, momentum remains muted and on-chain indicators have not yet caught up with the price recovery—leaving the rally vulnerable if geopolitical conditions deteriorate or liquidity thins.

Key takeaways

• Analysts say Bitcoin’s recovery lacks “conviction,” citing declining volume and stagnant on-chain metrics even after reclaiming $67,000.
• A possible US–Iran peace arrangement is positioned as a key macro catalyst; any breakdown could trigger renewed risk-off pressure.
• Swissblock reports Bitcoin remains in a “weak momentum and participation regime,” with on-balance volume (OBV) at bear-market lows.
• Swissblock notes historical bear-market behavior: momentum tends to weaken first, then OBV contracts—often before price breaks lower.

Recovery buoyed by geopolitics—signal still unproven

While Bitcoin has recently traded in closer alignment with broader market risk sentiment and institutional demand, Ruck argues that the internal data still points to hesitation. In comments to Cointelegraph, he said Bitcoin’s momentum is “weak,” pointing to declining volume alongside “stagnant on-chain metrics” that suggest the move upward may not have durable follow-through.

Ruck’s warning centers on what he sees as a concentration of influence from macro and geopolitical catalysts. He added that if a recently brokered US–Iran peace deal fails, the resulting instability—and potential knock-on effects for oil markets—could push Bitcoin into a more volatile trajectory.

“It may initially find bids as a hedge asset before broader risk-off flows push it toward key support zones, underscoring how macro and geopolitical catalysts continue to dominate crypto price action.”

What the US–Iran “peace deal” would change

Trump said on Sunday that the US had completed a peace deal with Iran meant to end months of conflict, with the agreement expected to be signed on Friday. The Associated Press reported on Monday that much of the agreement’s details remain unclear, but Trump’s statements indicated that the Strait of Hormuz would be opened and that the US would lift its blockade of the strait and Iran’s ports.

The report also notes that after the initial steps, the two countries would begin 60 days of negotiations relating to Iran’s nuclear program and potential sanctions relief.

For traders, the practical implication is that Bitcoin is reacting not just to crypto-specific narratives, but to expectations about shipping, energy pricing, and risk sentiment tied to the region.

Swissblock: weak momentum and OBV still point to bear-market conditions

On the market-structure side, Swissblock said on Monday that Bitcoin’s momentum—used as a gauge of the strength of price movements—remains in a “weak momentum and participation regime.” The firm also flagged on-balance volume (OBV), a metric intended to reflect buying and selling pressure through volume flows.

Swissblock characterized both measures as negative, arguing that the current state resembles bear-market behavior where participation fades. It highlighted that price momentum has been weak and that OBV sits at extremely low levels, reinforcing the view that the rebound is not yet backed by sustained demand.

In the same framework, Swissblock noted that once OBV and momentum both flip back into a positive regime, it typically provides a stronger recovery signal. Until that happens, the risk of another attempt at retesting recent lows remains material, the firm warned.

Quantitatively, the report cited that price momentum stood at -1 while OBV was at roughly -1.7 million, despite Bitcoin’s rebound back above $67,000 on Monday after it fell below $60,000 on June 6. It also observed that Bitcoin began to ease from Monday’s intraday high, slipping below $66,000 in early trading on Tuesday.

Why the difference between price and participation matters

A central theme across the commentary is the gap between a visible price recovery and the confirmation signals investors often look for—especially volume trends and on-chain participation indicators. Even when the market lifts, weak participation can mean that fewer buyers are stepping in strongly enough to absorb supply, leaving rallies susceptible to reversal on lighter liquidity or shifting macro expectations.

Ruck’s analysis points in the same direction: “stagnant on-chain metrics” and declining volume suggest that the recovery may not yet have the breadth needed to persist through changing conditions. Swissblock’s momentum/OBV framing provides a complementary lens, suggesting the underlying participation regime remains bearish.

For now, readers should watch whether Bitcoin can regain not only key price levels but also the participation signals that would indicate a regime shift—particularly as the US–Iran situation moves from announcements toward negotiated outcomes. If geopolitical headlines turn, the data-driven “weak conviction” view could quickly reassert itself; if negotiations proceed smoothly, the market may seek confirmation through stronger volume and improving on-chain flows.

Key Highlights

• SpaceX has decided to distribute quarterly and annual financial reports exclusively through its website and X, bypassing conventional wire services such as Business Wire and PR Newswire
• The aerospace company secured $75 billion through its initial public offering by selling 555.56 million shares priced at $135 apiece
• Following the greenshoe option activation by underwriters, the IPO’s total value reached $85.7 billion
• Trading saw SpaceX shares surge approximately 19% higher during Monday’s session, with an additional 2% gain in after-hours activity
• This strategy represents a significant shift from conventional investor communication practices employed by most publicly traded corporations

In an unprecedented move, SpaceX has announced it will abandon traditional wire distribution channels for releasing financial information. The company plans to share all quarterly and annual financial statements, alongside other significant corporate updates, solely through its corporate website and official X social media presence.

This declaration appeared in an official regulatory document filed Monday. According to SpaceX’s statement, the company “encourages members of the investment community, the media, and others to follow” both its dedicated investor relations webpage and its X social media handle.

Typically, publicly traded corporations rely on established platforms like Business Wire or PR Newswire for information dissemination. These intermediary services ensure simultaneous delivery of critical data to journalists, financial platforms, and shareholders. SpaceX’s decision represents a complete departure from this long-established practice.

The regulatory filing provided no detailed explanation for this strategic pivot. SpaceX characterized the decision as an initiative to communicate directly with stakeholders and the general public through proprietary digital platforms.

Historic IPO Generates $85.7 Billion in Total Proceeds

This announcement coincided with SpaceX revealing that its IPO underwriters had activated the greenshoe provision. This mechanism permits underwriters to offer additional shares when market demand exceeds initial expectations.

Activating this provision elevated the IPO’s total capital raised to $85.7 billion. Prior to this adjustment, SpaceX had already secured $75 billion from the initial share distribution of 555.56 million shares at the $135 price point.

This achievement established SpaceX’s market debut as the largest public offering ever recorded, even excluding the greenshoe component. The company, under Elon Musk’s leadership, operates diverse ventures spanning rocket technology, artificial intelligence development, and global satellite internet infrastructure.

Market participants reacted enthusiastically to both announcements. Monday’s trading concluded with shares climbing roughly 19%.

Space Exploration Technologies Corp., SPCX

Investor Response and Trading Activity

Extended trading hours showed continued momentum, with shares advancing approximately 2% beyond regular market close. The dual announcements regarding the greenshoe execution and unconventional disclosure approach appeared to maintain robust investor enthusiasm throughout the day.

The choice to designate X as a principal investor communication platform breaks from industry norms. X, the social media service also under Elon Musk‘s ownership, now holds equivalent status to SpaceX’s official investor relations portal for corporate announcements.

Regulatory reception of this approach remains uncertain. Securities regulations mandate that material corporate information must reach all investors simultaneously, and SpaceX’s filing indicates confidence that publishing through its website and X fulfills this regulatory obligation.

Stakeholders seeking timely SpaceX financial updates must now actively track these two specific platforms. The company has confirmed it will not employ alternative distribution mechanisms for financial reporting.

With its IPO recently concluded, SpaceX has emerged as among the most prominent and scrutinized newly public entities in today’s financial markets.

Cryptocurrencies have long promised faster and more efficient payments. The challenge for businesses, however, has always been volatility. A payment received today could be worth significantly less tomorrow, making it difficult to use cryptocurrencies for everyday transactions.

Stablecoins have helped solve that problem.

By maintaining a value tied to traditional currencies such as the US dollar, stablecoins allow businesses to benefit from blockchain technology without worrying about major price swings. As a result, they are becoming an increasingly popular payment option across a wide range of industries.

Faster Payments and Quicker Settlements

Traditional payment systems can be slow, especially when international transfers are involved. Businesses often wait several days for funds to clear, creating unnecessary delays.

Stablecoins operate on blockchain networks that run 24/7, allowing transactions to settle much faster. This can improve cash flow and give businesses quicker access to their funds, regardless of where customers are located.

Lower Transaction Costs

Payment processing fees remain a significant expense for many online businesses. Credit card providers, banks, and other intermediaries all take a share of each transaction.

Stablecoins can help reduce some of these costs by allowing funds to move directly between parties. For businesses processing large transaction volumes or serving international customers, the savings can add up over time.

Expanding Global Reach

One of the biggest advantages of stablecoins is accessibility.

Businesses can accept payments from customers around the world without relying entirely on traditional banking infrastructure. This makes it easier to serve international markets and reach customers who may have limited access to conventional payment methods.

As global commerce continues to grow, payment solutions that remove geographic barriers are becoming increasingly valuable.

Real-World Adoption Is Accelerating

Stablecoins are no longer used only by crypto traders.

E-commerce companies, freelancers, software providers, and digital service businesses are increasingly using stablecoins for everyday transactions. Adoption is also growing among crypto casino sites in Australia, where stablecoin payments can provide faster deposits and withdrawals compared to some traditional banking methods.

These use cases demonstrate how digital assets are moving beyond speculation and becoming practical tools for online commerce.

Greater Transparency

Blockchain transactions are recorded on public ledgers, providing a clear and verifiable record of payments.

For businesses, this can simplify transaction tracking and improve financial visibility. Rather than relying solely on third-party reports, companies can independently verify transactions whenever needed.

Regulatory Progress Is Driving Confidence

One of the biggest barriers to adoption has been regulatory uncertainty. That is beginning to change as governments and regulators establish clearer frameworks for digital assets and stablecoins.

At the same time, major financial institutions and payment companies are investing heavily in blockchain infrastructure. This growing institutional support is helping businesses view stablecoins as a legitimate payment solution rather than an experimental technology.

Final Thoughts

Stablecoins offer a combination of speed, stability, and accessibility that traditional payment systems often struggle to match. While businesses must still consider compliance, security, and operational requirements, the benefits are becoming increasingly difficult to ignore.

As digital commerce continues to evolve, stablecoins are well-positioned to play a larger role in how businesses send, receive, and manage payments worldwide.

The Enforcement Directorate has filed a prosecution complaint in a cryptocurrency fraud case involving more than $20 million in stolen digital assets and has attached assets worth about INR 64.55 crore (approx. $6.83 million) linked to the alleged proceeds of crime.

According to the agency, the complaint names Chirag Tomar, Pankaj Tomar, Kushagra Shakya, Akash Vaish, Rahul Anand, Ketan Luthra, Tomar Group of Industries Private Limited, and Exahomes Realtors. The case stems from allegations that cryptocurrency investors were tricked through fake websites designed to resemble the U.S.-based crypto exchange Coinbase.

Investigators alleged that Chirag Tomar, who is currently in custody in the United States, played a central role in the scheme. The agency said evidence and case details were obtained from U.S. authorities through Mutual Legal Assistance Treaty channels as part of the investigation.

Authorities alleged that the group created fraudulent websites resembling Coinbase and used them to collect login credentials and authentication details from unsuspecting users. Once access was obtained, cryptocurrency holdings were allegedly transferred from victims’ accounts into wallets controlled by the accused.

U.S. conviction tied to Coinbase spoofing scheme

Court records in the United States show that Tomar was arrested by the Federal Bureau of Investigation at Atlanta airport in December 2023. He later pleaded guilty to wire fraud conspiracy and was sentenced to 60 months in prison, followed by two years of supervised release.

U.S. prosecutors had alleged that the operation ran from at least June 2021 and targeted victims in the United States and other countries through spoofed Coinbase websites. According to court filings, the fraudsters used domains designed to imitate Coinbase’s services, including a fake version of the exchange’s Coinbase Pro platform.

Prosecutors also alleged that members of the scheme impersonated Coinbase customer support representatives and, in some instances, used remote desktop software to gain access to victims’ accounts. One victim in North Carolina reportedly lost more than $240,000 in February 2022.

U.S. authorities said the scheme generated more than $20 million in stolen cryptocurrency from hundreds of victims. Court documents further alleged that some of the proceeds were spent on luxury vehicles and international travel, including trips to Dubai.

ED traces alleged crypto proceeds to assets in India

Indian investigators alleged that after the cryptocurrency was stolen, the assets were moved through multiple wallets and converted into other virtual digital assets to obscure the transaction trail. 

The agency said the funds were eventually converted into Indian currency through peer-to-peer transactions and routed into bank accounts linked to Chirag Tomar and other accused individuals.

Those funds were then allegedly used to acquire properties and other assets in India, according to the investigation.

The prosecution complaint comes as Indian authorities continue to tighten oversight of the digital asset sector under the Prevention of Money Laundering Act. 

Under rules enforced by the Financial Intelligence Unit, cryptocurrency exchanges and other virtual asset service providers are required to maintain customer records, carry out know-your-customer checks, and report suspicious transactions. 

The Enforcement Directorate serves as one of the key agencies responsible for investigating alleged money laundering involving digital assets.