XRP finally lost the $1.30 area traders had been defending for weeks, and the breakdown came on the heaviest volume of the session. Tokens continue leaving exchanges, which normally points to accumulation, but the market is still treating rallies as selling opportunities, leaving price stuck in a clear downtrend.

News Background

• More than 25 million XRP moved off exchanges in recent days after the largest single-day inflow of 2025, suggesting some investors are accumulating into weakness.

• Despite those outflows, XRP continues to track broader crypto sentiment closely, showing little evidence of asset-specific demand driving price higher.

• Analysts remain focused on whether the recent selloff is a temporary washout or the start of a deeper move toward support levels last tested earlier this year.

Price Action Summary

• XRP fell from $1.3109 to $1.2668 during the 24-hour session, posting a 3.4% decline.
• The key breakdown came during the June 1 13:00 UTC session, when volume surged to 96.26 million and pushed price below support at $1.2960.
• XRP later attempted a recovery toward $1.2791, but sellers quickly regained control and forced price back toward session lows.

Technical Analysis

• The break below $1.30 matters because it removes one of the most closely watched support levels on the chart.
• Exchange outflows remain constructive beneath the surface, but they are not yet translating into stronger price action.
• Failed recovery attempts near $1.2730-$1.2750 suggest sellers remain active on even modest rallies.
• The broader structure continues to show lower highs and lower lows, keeping momentum firmly tilted to the downside.

What traders should watch

• $1.2650-$1.2670 is now the immediate support zone after the latest selloff.
• $1.2730-$1.2750 becomes the first resistance area XRP needs to reclaim before downside pressure can ease.
• A recovery above $1.30 would improve sentiment materially, but until then traders are likely to focus on whether support near $1.26 can hold.
• If current support breaks, attention shifts toward the $1.20 area as the next major downside target.

U.S. spot bitcoin ETFs have suffered their largest and longest withdrawal streak on record, with investors pulling roughly $3.45 billion across 11 consecutive trading sessions as bitcoin slid toward $70,000, according to data provider SoSoValue.

The 11-session run, which began May 15, marks the longest stretch of net redemptions since the funds debuted in January 2024, surpassing the eight-day record set in February 2025.

However, Wall Street’s appetite for risk remains strong, with Nvidia up 6%, and other stocks linked to semiconductors and AI attracting the interest of investors.

The latest session saw investors withdraw another $484 million from the funds, helping push down BTC’s price by 4% during the Asian trading day.

Meanwhile, Strategy (MSTR), the largest corporate holder of bitcoin, disclosed on Monday that it sold 32 BTC, worth roughly $2.5 million, to fund distributions on one of its preferred stock offerings.

While the sale represented a tiny fraction of the company’s holdings, it marked Strategy’s first bitcoin sale since December 2022 and came after months of Executive Chairman Michael Saylor championing a buy-and-hold approach.

The move also comes as other measures of institutional demand are beginning to weaken.

In its most recent weekly report, CryptoQuant warned that bitcoin is increasingly becoming a market of holders rather than buyers.

CryptoQuant noted that ETF and corporate treasury accumulation has slowed markedly in recent months, making the current record ETF withdrawal streak another sign that one of the primary sources of demand underpinning bitcoin’s rally may be fading.

Defunct bitcoin exchange Mt. Gox moved 10,422.65 bitcoin BTC$70,175.63 worth roughly $739 million to a new wallet at 04:47 UTC on Tuesday, marking the largest single transfer in months and its biggest move ahead of the October 31, 2026 deadline to complete creditor repayments.

The transaction, recorded on Bitcoin block 952,072, sent 10,306.35 BTC ($730.78 million) to a previously unseen address starting with 14FEEM, while a smaller 116.30 BTC ($8.25 million) slice routed to Mt. Gox’s known hot wallet at 1Jbez, per Arkham Intelligence.

The split pattern mirrors earlier administrative transfers that preceded creditor distributions, though none of the coins has yet been forwarded to a custody provider or exchange.

Mt. Gox still holds roughly 34,504 BTC valued at $2.43 billion, the largest unresolved holding tied to any failed crypto exchange.

Repayments officially began in mid-2024 and around 19,500 creditors have received funds, though trustee Nobuaki Kobayashi has pushed back the final deadline twice.

The most recent extension, approved by a Tokyo court in October 2025, moved the deadline from October 31, 2025 to October 31, 2026, with the trustee citing incomplete creditor procedures and pending processing issues.

The movement comes during a sharp bitcoin slide that has taken BTC below $71,000 for the first time in weeks, with Strategy’s first publicized bitcoin sale, a record 10-session spot ETF outflow streak, and stalled U.S.-Iran ceasefire talks all weighing on the market.

Mt. Gox creditor coins were largely acquired before the 2014 collapse, meaning any distribution would meet sellers ready to realize substantial gains at current prices.

Crypto asset manager Grayscale could launch its exchange-traded fund tied to the Hyperliquid token in the US as soon as this week after it amended a regulatory filing for the fund, an analyst says. 

Bloomberg ETF analyst James Seyffart posted to X on Monday that the launch of Grayscale’s ETF was “likely imminent” and was “expecting the launch this week” after the company amended the fund’s filing for the sixth time to add its ticker and fee.

Grayscale’s amended filing added that the ETF would trade under the ticker HYPG with a 0.29% management fee, which Seyffart noted “slightly undercuts” rival Hyperliquid (HYPE) ETFs from 21Shares and Bitwise that launched in mid-May.

Source: James Seyffart

21Shares ETF has a fee of 0.3%, while Bitwise charges 0.34%. Together, the ETFs have recorded nearly $140 million in net inflows since launch as investors looked to get exposure to HYPE,  the token for the layer 1 blockchain and perpetual futures platform, Hyperliquid.

Hyperliquid has become one of the most popular trading platforms for crypto traders in recent months, with blockchain data showing that it now consistently facilitates over $170 billion in monthly trading volume across a broad range of asset classes.

Grayscale’s HYPG is also seeking to follow 21Shares and Bitwise by staking HYPE to earn yield, an offering that asset managers have added to similar crypto ETFs to attract investors.

Related: Hyperliquid launches prediction markets for real-world events 

The Hyperliquid ETFs have helped push HYPE to a new all-time high of $75.3 on Monday. 

Its market capitalization has risen to $16.7 billion as a result, making it the 10th largest cryptocurrency by market value.

Grayscale’s potential launch comes as US-listed Bitcoin (BTC) ETFs have recorded net outflows over 10 consecutive trading days, bleeding nearly $3 billion.

US Ether (ETH) ETFs are also on a 14-day net outflow streak, as investors are reducing positions faster than fresh capital is flowing into the market.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

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Stablecoins nearing a $300 billion market value have prompted fresh warnings from the European Central Bank, whose officials say a digital euro is needed to protect financial stability and maintain the role of central bank money in the payments system.

According to Isabel Schnabel, a member of the European Central Bank’s Executive Board, the rapid growth of stablecoins has introduced risks that could affect financial stability, monetary policy, and the international monetary system.

Speaking at the 2026 Bank of Korea International Conference in Seoul on Monday, Schnabel said stablecoins remain vulnerable to runs if users lose confidence in the assets backing them.

Schnabel told conference participants that stablecoins face liquidity mismatches and can become unstable when trust in reserve assets deteriorates. She also warned that the sector’s heavy reliance on dollar-denominated tokens could reinforce the U.S. dollar’s position in global finance.

“The growing use of stablecoins may further cement the international dominance of the U.S. dollar. Today, virtually all stablecoins in circulation are denominated in dollars, with other currencies playing a negligible role,” – Isabel Schnabel.

ECB figures cited by Schnabel show that the stablecoin market has grown to almost $300 billion, even though expansion has slowed compared with earlier periods. She said Tether’s USDT and Circle’s USDC together account for about 90% of the market.

ECB points to digital euro as policy response

Rather than opposing technological innovation, Schnabel said central banks should establish safeguards that preserve trust in money and maintain effective monetary control.

“The appropriate response is therefore not to resist innovation but to ensure that it develops within a framework that preserves stability, monetary control and trust in the currency.”

Within Europe, Schnabel argued that a digital euro would help preserve public access to central bank money while reducing dependence on foreign payment providers. She said a retail central bank digital currency could serve as a pan-European payment option with legal tender status and help address fragmentation across the region’s payments market.

Her comments build on the ECB’s ongoing digital euro project. Back in March, ECB Executive Board member Piero Cipollone told European lawmakers that the central bank expects to publish digital euro technical standards in 2026, allowing banks, payment firms, and merchants to prepare their systems before any final issuance decision.

Under agreements announced in April, the ECB partnered with the European Card Payment Cooperation, nexo standards, and the Berlin Group to reuse existing European payment standards for digital euro transactions. The ECB said the approach would reduce implementation costs and allow payment providers to integrate digital euro services through existing infrastructure rather than building entirely new systems.

According to Cipollone, the digital euro would complement cash and bank deposits rather than replace them and argued that maintaining a European payment infrastructure could help retain payment revenues within the region and reduce reliance on international payment networks.

Launch readiness targeted for 2029

As work on the project continues, the ECB’s website states that the digital euro is currently in a technical preparation phase. The central bank expects digital euro legislation to be adopted in 2026, followed by a 12-month pilot beginning in the second half of 2027 that will test person-to-person and point-of-sale payments.

Provided the legal framework is approved, the ECB has said it wants to be technically ready for a potential issuance by 2029.

Elsewhere, Schnabel contrasted Europe’s approach with that of the United States. Her remarks came just days after U.S. Treasury Secretary Scott Bessent reiterated that the current administration does not support the creation of a U.S. central bank digital currency while encouraging Congress to advance the Clarity Act.

Gnosis Pay users were urged to withdraw funds after an active exploit linked to the platform’s Zodiac delay module, according to posts from Gnosis co-founder Martin Köppelmann and blockchain security firm PeckShield.

“If you are a Gnosis Pay user – unfortunately I have to recommend: withdraw all funds (EURe and GNO),” Martin Köppelmann said on X.

He said the delay module has a bug and warned that users “might be affected.” The post told users to move both EURe and GNO from Gnosis Pay while the team worked on the issue.

“Users are strongly urged to withdraw all funds (EURe and GNO),” PeckShield said in a separate alert.

The blockchain security firm said Köppelmann had warned about an active exploit related to Gnosis Pay. It also told users to check their exposure because they may be affected.

Zodiac delay module bug tied to attack

“The bug is related to the Zodiac delay module,” Köppelmann said in a later update.

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He said the attacker can initiate transactions from Safes that use the delay module. The update gave more detail on the technical source of the exploit after the first warning referred only to a delay module bug.

The bug is related to the “Zodiac delay module”. The attacker is able to initiate tx from Safes with such a delay module. We are doing various measures to contain the damage like asking bridge validators to pause.https://t.co/blaDkLpnuF

— koeppelmann (@koeppelmann) June 1, 2026

Gnosis Pay uses Safe-based accounts with smart contract modules. Its own documentation says Gnosis Pay accounts use a Delay Module and a Roles Module to support card payments while keeping users in control of their accounts.

The Delay Module is designed to place a short wait before outgoing transactions can execute. In normal use, that gives users time to react before certain transfers are completed.

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Gnosis moves to contain damage

“We are doing various measures to contain the damage like asking bridge validators to pause,” Köppelmann said.

The statement shows that Gnosis is working with outside infrastructure providers while it responds to the exploit. Bridge validators can play a role in cross-chain movement, so a pause may help slow further movement of affected funds.

“Rest assured, Gnosis will cover all user losses,” Köppelmann said.

No final loss figure had been published at the time of writing. The team has also not released a full post-mortem explaining how many accounts were affected or whether all attacker activity has stopped.

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Wider payment security context

As previously reported by crypto.news, Gnosis Pay launched a self-custody card for crypto spending at Visa merchants. The product was built to connect blockchain wallets with real-world payments.

That design places Gnosis Pay in a growing group of crypto payment tools that use smart contracts to support everyday spending. It also puts more attention on the code that controls wallet permissions and transaction timing.

The latest warning does not describe Gnosis Pay as shut down. It says users should withdraw EURe and GNO while the team works to contain the exploit.

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Anchorage Digital launched a settlement platform that allows institutions to trade on crypto venues while keeping assets in custody at its federally regulated bank, which it said will help manage counterparty and operational risks.

According to Monday’s announcement from the company, Coordinated Multiparty Settlement (CMS) connects trading venues, prime brokers and institutional clients through a shared settlement layer while keeping assets at Anchorage Digital Bank throughout the trade lifecycle.

Anchorage said CMS verifies funding obligations and coordinates settlement across participants, reducing the number of asset transfers needed to complete trades. The company said the system is designed to reduce the need for pre-funded exchange accounts, a common practice in crypto markets.

In a Monday X post, Anchorage said much of crypto trading still takes place on offshore platforms where “a single platform acts as exchange, custodian, and settlement agent” and client assets are often commingled and titled to the exchange.

Source: Anchorage Digital on X.com

Under the CMS model, prime brokers manage client balances and credit relationships, trading venues act as matching engines and Anchorage provides custody and settlement services.

The rollout will begin with foreign exchange trading platform Spotex, which Anchorage said processes billions of dollars in daily volume, with additional venue integrations under development.

Related: Anchorage Digital, Mexico’s Grupo Salinas partner on stablecoin cross-border settlement

Institutional trading infrastructure continues to evolve

Financial institutions and digital asset companies are fast expanding infrastructure for tokenized assets and institutional trading, with the Canton Network emerging as one focal point for those efforts as firms explore blockchain-based settlement. 

In December, DTCC partnered with Digital Asset and the Canton Network to support the tokenization of DTC-custodied US Treasury securities, with plans to expand the initiative to additional asset classes. Two months later, Fireblocks integrated the network, enabling banks, custodians and asset managers to custody and settle assets on a blockchain built for regulated financial markets.

Banks are also investing in digital asset custody and market infrastructure. In May, Standard Chartered agreed to acquire Zodia Custody while spinning out Zodia Solutions, a standalone platform serving institutional digital asset clients. The transaction consolidates the bank’s custody operations while creating a separate company focused on services for financial institutions.

Magazine: ETH bears growling, Tom Lee’s buying, XRP to ‘explode’: Market Moves

The Open Network says it is planning to rebrand its Toncoin (TON) token to Gram (GRAM), the original name of the network’s cryptocurrency in its first white paper.

“Gram was the original name of TON’s currency in the first white paper,” Telegram and TON founder Pavel Durov posted to Telegram on Monday. “We’re returning to our roots — and starting a new chapter.”

The rebranding will “pave the way for what comes next,” and the transition will take around three weeks, he added. 

The change revives the original token name from TON’s 2018 whitepaper, which Telegram abandoned after the US Securities and Exchange Commission blocked its $1.7 billion initial coin offering (ICO) in 2020.

The move follows Telegram’s takeover from the TON Foundation as the network’s primary driver and largest validator in May. 

The Open Network launched a vote on the proposal on Monday, explaining that there is no swap, migration, bridge, claim or conversion, and every balance, address, contract and position stays exactly as it is currently. 

At the time of writing, there were 1.8 million TON, or almost 80%, pledged in favor of the rebrand. 

Voting for TON rebranding is underway. Source: The Open Network

Durov has positioned the token rebrand as part of the “Make TON Great Again” roadmap. The rebrand is the fourth stage of the roadmap, with the first three coming earlier this year that included an upgrade to Catchain in April to boost blockchain speed, a decrease in transaction fees, and the Telegram takeover. 

“These changes mark a milestone for the network — and a natural moment to refresh how the token is known publicly,” TON stated. 

The endgame is to power a seamless Web3 “super app” experience inside Telegram for its one billion users, turning the messenger into a global platform for payments, mini-apps, digital ownership, AI agents, and more.

Related: TON Pay aims to turn Telegram into a crypto checkout layer for TON

TON prices reacted strongly to the announcement, surging more than 15% from around $1.95 to top $2.25 in late trading on Monday.

The token had retreated by Tuesday morning, falling back to $2.07, and it remains down 75% from its June 2024 all-time high of $8.25, according to CoinGecko.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves