Sam Bankman-Fried has lost his appeal to overturn his 2023 fraud conviction and 25-year prison sentence, leaving the former FTX chief with fewer legal options as a separate pardon request remains pending.

According to a ruling issued Friday by the U.S. Court of Appeals for the Second Circuit, a three-judge panel unanimously rejected Bankman-Fried’s challenge and upheld the verdict tied to the collapse of the FTX cryptocurrency exchange.

Writing for the panel, Circuit Judge Barrington Parker said the evidence presented by federal prosecutors was “robust” and supported the jury’s findings. The ruling stated that while Bankman-Fried publicly assured customers, investors and regulators that customer assets were secure, he was at the same time using FTX funds for personal expenditures, political donations, investments and real estate purchases.

Federal prosecutors in Manhattan had accused Bankman-Fried of diverting customer money from FTX to Alameda Research, the crypto trading firm he founded, describing the scheme during trial proceedings as a “fraud of epic proportions.” 

A federal jury convicted him in 2023 on seven counts, including fraud and conspiracy, after prosecutors alleged that approximately $8 billion in customer funds had been misappropriated.

Appeals court rejects key defense argument

In challenging the conviction, Bankman-Fried’s legal team argued that U.S. District Judge Lewis Kaplan improperly restricted evidence that could have supported his belief that FTX remained capable of covering customer withdrawals.

The appeals court disagreed, citing established legal precedent that fraud occurs when money or property is obtained through deception, regardless of whether a defendant later intends to repay victims.

Addressing that argument directly, the ruling stated that FTX customers were defrauded once their funds were transferred to Alameda Research, irrespective of any later belief that the money could eventually be returned.

At trial, Bankman-Fried acknowledged management mistakes at FTX but denied stealing customer funds. He had pleaded not guilty to all charges.

The latest setback follows earlier unsuccessful efforts to secure a new trial. Court records show Bankman-Fried previously filed a Rule 33 motion seeking a retrial based on what his lawyers described as new evidence and testimony. He later withdrew that motion without prejudice before Judge Kaplan formally rejected the request in April.

In that decision, Judge Kaplan wrote that the witnesses cited by the defense were not newly discovered and could have been called during the original trial. Federal prosecutors also challenged claims that FTX had remained solvent before its collapse, arguing in court filings that the exchange held only 105 Bitcoin against customer claims approaching 100,000 Bitcoin.

Pardon request remains active

Even as his appeal has now been rejected, Bankman-Fried continues to pursue clemency through a separate channel while he continues to claim that he is innocent.

Records from the U.S. Department of Justice’s Office of the Pardon Attorney show that he has submitted an application for a presidential pardon. The filing seeks what the agency lists as a “pardon after completion of sentence.”

Earlier this year, U.S. President Donald Trump told The New York Times that he had no plans to pardon Bankman-Fried. More recently, a White House spokesperson referred reporters back to those remarks when asked about the application.

Public support for clemency has remained limited. In comments reported by Politico in May, U.S. Senator Cynthia Lummis said she hoped Trump would not pardon the former FTX executive because of the harm caused to customers.

Now 34, Bankman-Fried is serving his sentence at a low-security federal prison near Santa Barbara, California. Federal Bureau of Prisons records indicate he is currently eligible for release in 2044.

His attorneys did not immediately respond to requests for comment on Friday’s ruling. Legal options still available include asking the full Second Circuit to review the case or petitioning the U.S. Supreme Court to hear the appeal.

Bitcoin is drawing fresh interest from buyers after printing a new yearly low near $59,000 last week, with market microstructure data suggesting downside momentum may be fading rather than accelerating. Since that low, BTC has rebounded to around $63,500, while several liquidity and positioning indicators point to a potential push higher if key resistance areas are reclaimed.

Order book and derivatives-related signals highlighted in recent analysis also point to a large concentration of short liquidity above current prices—an often-cited setup for a squeeze—while chart structure increasingly resembles patterns traders associate with breakouts toward the high-$60,000s.

Key takeaways

• BTC’s bid-ask ratio stayed positive after the $59,000 yearly low, suggesting buy-side orders are slightly outpacing sell-side pressure (Hyblock data).
• Analysts cite a short-liquidity cluster near $64,600 as a major upside magnet, with an estimated $2.68 billion in shorts.
• On the four-hour chart, divergence between price action and the RSI supported a rebound from the early-June sell-off lows.
• Traders are watching $64,000 and $66,000 as the most important levels to turn the current recovery into a sustained upside move (X analysis by Ardi and PLTR).
• Weekend flows may add volatility, with weekly profit-taking potentially producing opposing order-flow dynamics after long positioning builds (PLTR).

Order book signals hint at a squeeze setup

Following the yearly low near $59,000, Hyblock’s order book metrics showed BTC maintaining a positive bid-ask ratio of 0.05 after the drop, according to the data referenced in this report. In Hyblock’s framework, the bid-ask ratio is used to reflect whether aggressive buy-side market orders are stronger than aggressive sell-side orders. A positive reading indicates that—at least at the time of measurement—buyers were slightly more forceful than sellers.

Further support comes from cumulative volume delta (CVD) observations cited in the same analysis. CVD is used to estimate net buying or selling pressure over time by tracking volume imbalances. The article notes that smaller order cohorts (up to $10,000 and $100,000) showed improving buying activity, with $53 million and $157 million respectively. More notably for momentum traders, the largest cohort ($100,000 to $10 million) reportedly reduced net selling pressure by $900 million, suggesting that heavy participants were not adding to downside pressure.

At the same time, a crypto analyst identified a dense pool of short liquidity higher up. Kripto Holder pointed to a short-liquidity cluster near $64,600, describing it as the primary upside liquidity pool with $2.68 billion concentrated in that area. The practical implication for traders is that if price moves into that zone, it can increase the likelihood of shorts being forced to cover—potentially accelerating the move upward.

Chart structure: divergence and an ascending triangle

Beyond order book mechanics, the rebound also aligns with a technical signal seen on the four-hour timeframe. The referenced analysis describes a bullish divergence between BTC’s price and the relative strength index (RSI): during the early-June sell-off, price made a lower low, while the RSI formed a higher low. Divergences of this type are commonly interpreted as signs that downside momentum is weakening and selling pressure may be losing strength.

The same report also frames BTC’s current positioning within an ascending triangle pattern. If an upside breakout occurs, the analysis suggests BTC could target a daily fair value gap between $67,500 and $70,500—described as a liquidity gap left behind during the recent market correction. Traders often look to these “imbalance” zones as potential areas where price may mean-revert, especially when order book liquidity and derivatives positioning also favor upward movement.

Key levels to watch: $64,000 and $66,000

As BTC attempts to regain control, two horizontal/structural levels are being emphasized by market analysts. Crypto trader Ardi argued that BTC is still trading within a bear pennant after its decline from approximately $83,000 down toward $59,000. In that framing, $64,000 and $66,000 are presented as the most important prices for the current recovery.

According to Ardi, moving above $64,000 would help clear both a horizontal resistance area and the bear pennant structure. That would, in turn, open additional room for upside. The next hurdle is near $66,000, described as a former major range support level that has since turned into resistance.

If BTC can reclaim $66,000, the analysis claims it would strengthen the case for a move toward the liquidity zone above current price and toward the unfilled fair value gap area between $68,000 and $70,000. In other words, the argument is not just for a short-term bounce, but for a continuation if price can confirm its break through the key resistance levels.

Positioning is building—but weekend dynamics could complicate it

Attention is also on how derivatives positioning is evolving. Market analyst PILTR noted that BTC long exposure has been increasing over roughly the past five days, citing a long-versus-short imbalance of 237 long levels against 128 short levels. Based on that distribution, the report estimates a $4 billion positive imbalance.

Yet, the same analyst flagged weekend positioning as a near-term variable. The observation is that weekly profit-taking can sometimes create opposing flows into weekends, particularly after a sustained build-up of long exposure. For readers and traders, this matters because it highlights an uncertainty: even if the technical and liquidity setup is favorable, the timing of follow-through—especially around weekend trading—may determine whether buyers can sustain gains or whether momentum fades.

Ardi and PLTR’s outlooks share a theme: the path upward depends on BTC not only pushing higher, but also holding above specific thresholds long enough to invalidate the prior bearish structure. Until that happens, the market may remain sensitive to fluctuations in positioning and execution quality reflected in order book and CVD behavior.

Going forward, the most important things to monitor are whether BTC can hold above $64,000 and then reclaim $66,000 without losing momentum—since those levels are repeatedly cited as the triggers for a more durable upside move. Even with bullish microstructure signals, weekend positioning and profit-taking could still swing order-flow dynamics, so traders may want to watch how quickly liquidity reacts as price approaches the short-liquidity pool near $64,600.

New research from Galaxy Digital suggests that Bitcoin’s cycle low could form at higher price levels than previous bear markets due to the absence of speculation. The analysis places the potential bottom between $62,000 and the network’s realized price at $53,600.

Galaxy head of research Alex Thorn analyzed every Bitcoin cycle top and bottom and noted that the four-year cycle continues to track closely with BTC’s historical timing. The peak-to-trough declines have steadily narrowed across market cycles, falling from 85% and 84% in earlier periods to 77% in 2022 and 51% in 2026. 

Bitcoin’s four-year cycle peak-trough analysis. Source: Galaxy Research/X

Thorn argued that Bitcoin’s October 2025 top differed from previous cycle peaks. Only two of eleven traditional topping indicators flashed, while the widely followed Pi Cycle Top indicator failed to trigger for the first time. Bitcoin’s MVRV ratio, which compares market value to realized value, peaked at 2.29, compared with 2.93 to 5.91 in prior cycles. The analyst said, 

“The key insight: a calm top RAISES the floor. Because October’s top was so muted, the network’s cost basis sits at 43.7% of ATH, vs ~34%, 21%, and 17% in prior cycles.”

The report also found that several key bottoming signals are still absent. Only four of thirteen indicators have triggered so far, with most of the stronger signals yet to appear.

BTC cycle bottom indicator list. Source: Galaxy Research/X

Historical timing also points to the possibility of a bottom ahead. The previous cycle bottoms formed roughly 12 to 13 months after the market peak, while the current drawdown is about eight months old.

Thorn noted that, based on the current cost basis of $53,600, Galaxy estimates a base-case bottom range of $40,000 to $46,000. A deeper “washout scenario” points to $30,000-$37,000, while a shallower decline could hold near $51,000-$54,000. Despite the scenarios, Thorn also warns, 

“The catch: the floor can move. cost basis is reflexive. in a real panic, coins change hands at a loss and drag the average down. A 10-30% cost basis decline pulls the implied floor from ~$40k back toward $28k.”

Bitcoin bottom range based on realized price analysis. Source: Galaxy Research

Related: Big Tech crash, oil volatility rattles markets: Will Bitcoin hold above $60K?

Bitcoin demand still trends lower: CryptoQuant

Onchain analysis from CryptoQuant currently places Bitcoin inside a valuation zone historically associated with major bear-market lows. BTC recently traded near $59,000, leaving it roughly 9% above its realized price of $53,600. 

Bitcoin value zone based on realized price bands. Source: CryptoQuant

Past cycle bottoms, including the November 2022 FTX-driven sell-off, formed at or slightly below the realized price, suggesting the bottom range may again fall below the cost basis of $53,600 and overlap with Galaxy’s base projection between $46,000 and $40,000. 

Demand data paints a more cautious picture. CryptoQuant reported a combined weekly decline of 652,000 BTC across speculative futures demand and apparent spot demand, marking the sharpest contraction since January 2022. The firm’s one-year demand gauge has also turned negative, signaling fewer BTC buyers than a year ago.

Related: Bitcoin surfs SpaceX IPO at $64K as trader warns key BTC price support may crumble

Blockworks, a crypto data and media company, has acquired Messari in a deal valued at more than $10 million, according to a Wall Street Journal report. The transaction comes at a steep discount to Messari’s prior valuation and highlights how weaker market conditions have reshaped the cryptocurrency research and analytics space.

Messari, which is backed by investors including Brevan Howard Digital and Point72 Ventures, previously raised $35 million in a Series B funding round in 2022 that valued the firm at roughly $300 million. The Wall Street Journal said the purchase price reflects both Messari’s recent operational challenges and broader weakness across the crypto sector.

Key takeaways

• Blockworks acquired Messari for more than $10 million, a figure framed by the Wall Street Journal as a major discount.
• Messari’s earlier $300 million valuation from its 2022 Series B contrasts sharply with the reported deal size.
• The acquisition is intended to expand Blockworks’ combined data, research, compliance, and investor-relations offerings.
• Blockworks says Messari’s existing enterprise users and APIs will continue to operate without interruption after the deal.
• The deal fits a wider pattern of consolidation across crypto market data and research platforms.

Why Blockworks is buying Messari

Blockworks said in a blog post announcing the acquisition that Messari supplies data coverage for more than 40,000 digital assets and operates an API used by investors, exchanges, and developers. Blockworks also positioned the merger as a way to broaden the scope of its market data and research products, while strengthening adjacent areas such as compliance support and investor communications.

For customers, an important practical detail is continuity. In a post on X, Messari said existing users would continue to receive uninterrupted access to its enterprise services and APIs following the acquisition. That matters in a sector where data feeds and analytics workflows are often integrated into institutional dashboards, compliance routines, and trading-related research systems.

A discount tied to shifting company strategy

While the Wall Street Journal attributed the steep discount to Messari’s struggles, the company’s internal changes also point to a strategic pivot. Earlier this year, Messari replaced CEO Eric Turner with Diran Li and reduced headcount as part of a broader transition toward an “AI-first” approach. In a LinkedIn post announcing the leadership change, Li said the company had “parted ways with many teammates” while moving toward an AI-first model.

Messari was founded in 2018 and began as a crypto research and analytics firm, later expanding its footprint across enterprise-grade data and research use cases. The reported acquisition price—over $10 million—therefore suggests that Messari’s ability to maintain growth and market momentum deteriorated after its 2022 fundraising at a much higher valuation.

Consolidation accelerates across crypto intelligence

The Blockworks-Messari deal is part of a larger wave of consolidation among firms that sell crypto market data, research, and analytics to institutional users.

Earlier this month, Paris-based crypto data provider Kaiko acquired Amberdata, a US-focused digital asset data company. Kaiko said the move would expand its derivatives analytics, onchain data coverage, and AI-powered research tools, while strengthening service offerings for institutional clients such as banks, asset managers, hedge funds, and exchanges. Amberdata’s derivatives analytics and options data products were expected to complement Kaiko’s platform.

In January, oracle provider RedStone acquired Security Token Market and its TokenizeThis conference, adding a dataset covering more than 800 tokenized assets across categories including equities, real estate, debt, and funds as RedStone extended its institutional data business.

More recently, the Jito Foundation acquired SolanaFloor, a Solana-focused news, research, and analytics platform, after it shut down following a $40 million treasury wallet breach at parent company Step Finance. The deal reportedly revived the publication and kept its editorial team in place.

Together, these transactions underscore a sector-level dynamic: as budgets tighten and competition for institutional attention grows, scale and integrated data offerings increasingly determine which platforms can stay independent. Even when editorial teams or specialized datasets survive, buyers can consolidate distribution, infrastructure, and product roadmaps under a single umbrella.

What to watch after the deal

For market participants relying on Messari’s enterprise services, the immediate watch item is how Blockworks integrates Messari’s coverage—especially the breadth of its dataset across thousands of assets—and how it aligns that with Blockworks’ research and compliance positioning. More broadly, investors and developers should monitor whether the “AI-first” transition that Messari pursued earlier translates into new product capabilities or remains largely a cost-and-operations realignment under a larger data provider.

TLDR:

• Nearly 3 million ETH is waiting to enter staking, creating an estimated 50-day validator queue.
• Ethereum’s validator exit queue has dropped near zero, showing limited interest in unstaking ETH.
• Bitmine added 125,000 ETH to its treasury as institutional accumulation remains in focus.
• ETH faces resistance below $1,700 while traders monitor major liquidation zones on both sides.

Ethereum’s staking activity is showing continued participation despite recent price weakness. Validator exit demand has nearly disappeared, while millions of ETH are waiting to enter staking. The trend comes as Ethereum trades near $1,667 after a modest recovery from recent lows.

ETH has gained about 2% over the past 24 hours after touching local lows near $1,524. Even so, the asset remains under pressure and is down more than 21% during June. Market participants are also watching key liquidation zones and upcoming network developments.

Ethereum Staking Demand Continues to Rise

Ethereum staking data points to growing long-term participation across the network. The validator exit queue has fallen close to zero, meaning stakers can withdraw their ETH within minutes if they choose.

At the same time, demand to join the validator set continues to expand. Nearly 3 million ETH is currently waiting to enter staking. The backlog has pushed estimated waiting times to around 50 days for new participants.

A post shared by Ethereum Daily drew attention to the trend. The account noted that few validators are leaving the network while more participants continue seeking staking access.

The post stated that low exit activity combined with rising staking demand reflects continued confidence among ETH holders. The growing queue also suggests many investors remain willing to lock their assets despite recent market volatility.

Meanwhile, corporate accumulation has added another layer to market activity. Bitmine reportedly purchased 125,000 ETH in recent days, expanding its Ethereum treasury position.

Bitmine Chairman Tom Lee described the recent market decline as superficial. However, he also indicated that the company’s aggressive buying phase could be nearing its end.

Price Faces Resistance as Developers Prepare New Upgrades

Ethereum remains below the closely watched $1,700 level. The asset is also trading under its 50-day and 100-day exponential moving averages, keeping the broader trend under pressure.

Liquidation data from Coinglass shows large leveraged positions surrounding current price levels. A decline below $1,590 could trigger approximately $767 million in long liquidations.

Conversely, a move above $1,756 may force roughly $701 million in short liquidations. As a result, traders are closely monitoring both levels for potential volatility.

Analysts also continue watching support around $1,600. Failure to secure a daily close above that area could expose ETH to lower targets near $1,365.

Beyond price action, Ethereum developers are preparing the Glamsterdam upgrade scheduled for the third quarter of 2026. The planned hard fork aims to improve scalability, optimize transaction routing, and reduce network data costs.

Development discussions are also advancing around the proposed Hegotá upgrade. Among the proposals under consideration is EIP-8182, which focuses on native privacy transfers.

At the foundation level, Ethereum co-founder Vitalik Buterin recently outlined a framework known as CROPS. The initiative focuses on censorship resistance, privacy, and security while supporting Ethereum’s long-term network goals.

As staking demand grows and development work progresses, market participants continue balancing network fundamentals against ongoing price pressure.

Ethena Labs has planned a $250 million allocation to Securitize’s tokenized AAA-rated CLO fund as the product expands to Solana.

According to a June 12 press release, the Securitize Tokenized AAA CLO Fund (STAC) is now available on Solana, extending access to a fund focused on U.S. dollar-denominated AAA-rated collateralized loan obligation tranches sourced from both primary and secondary markets. The company said Ethena Labs intends to commit $250 million to the fund as demand grows for institutional-grade real-world assets that can be used within onchain financial markets.

Developed with BNY, which acts as custodian of the underlying assets and serves as sub-adviser through BNY Investments, STAC follows a fundamentals-based strategy and does not employ leverage. Fund managers invest substantially all assets in floating-rate CLO debt with the goal of generating risk-adjusted returns through exposure to structured credit.

Carlos Domingo, co-founder and chief executive officer of Securitize, said the expansion brings one of the world’s largest fixed-income markets onto one of blockchain’s most active networks.

“Tokenization is most powerful when it combines quality assets with the speed, efficiency and accessibility of blockchain infrastructure,” Domingo said. 

“Expanding STAC to Solana brings one of the largest fixed-income markets in the world onto one of the most active blockchain ecosystems. Ethena’s planned allocation further demonstrates how tokenized real-world assets are becoming core infrastructure for the next generation of finance.”

Ethena deepens exposure to tokenized assets

For Ethena, the planned allocation adds another institutional credit strategy to its growing footprint across onchain finance. Guy Young, founder of Ethena, said tokenized real-world assets could become an important component of capital-efficient financial systems as blockchain-based finance continues to mature.

“Our planned allocation to STAC reflects our conviction that institutional-grade credit products can become foundational components of the onchain economy,” Young said.

Recent developments have already increased Ethena’s reach across crypto financial infrastructure. Earlier this month, Coinbase introduced a High Yield USDC vault powered by Morpho and curated by Steakhouse Financial. Coinbase stated that the lending product includes Ethena-related assets within its collateral framework, creating another distribution channel for the protocol through the exchange’s onchain lending services.

At the same time, tokenized asset issuers continue to look for new blockchain networks capable of supporting institutional activity. Nick Ducoff, head of institutional growth at Solana Foundation, said the launch highlights the growing connection between traditional financial products and blockchain-based markets.

“Solana is the premier destination for institutional capital moving onchain,” Ducoff said. “The launch of STAC on Solana highlights the growing convergence between traditional financial assets and blockchain-based markets.”

With global CLO issuance exceeding $1.3 trillion, according to figures cited by Securitize, the company said tokenization can reduce operational hurdles associated with institutional credit investing while improving settlement, ownership tracking, and distribution.

The latest product expansion comes weeks after Securitize secured U.S. Securities and Exchange Commission clearance for its planned merger with Cantor Equity Partners II. The transaction is scheduled for a shareholder vote on June 29 and would allow the tokenization firm to begin trading on the New York Stock Exchange under the ticker SECZ if approved.

Company disclosures show Securitize oversees more than $4 billion in tokenized assets and services roughly 650 funds through its fund administration platform. Partnerships with firms including BlackRock, Apollo Global Management, KKR, Hamilton Lane, and VanEck have positioned the company among the largest infrastructure providers in the real-world asset sector.

Crypto data and media company Blockworks has acquired analytics firm Messari for more than $10 million, according to a Wall Street Journal report.

Messari is a crypto research and analytics company backed by investors including Brevan Howard Digital and Point72 Ventures. The company raised $35 million in a Series B funding round in 2022 that valued it at around $300 million.

Source: Messari

According to The Wall Street Journal, the steep discount reflects both Messari’s recent struggles and broader weakness across the crypto sector.

Earlier this year, Messari replaced CEO Eric Turner with Diran Li and reduced headcount as part of a broader shift toward artificial intelligence. In a LinkedIn post announcing the change, Li said the company had “parted ways with many teammates” while transitioning to an “AI-first company.”

Source: LinkedIn, Diran Li

Founded in 2018, Blockworks began as a crypto media and events company before expanding into research and data products. In April, the company announced a Series A extension at a $192 million valuation.

In a blog post announcing the acquisition, Blockworks said Messari provides data coverage for more than 40,000 digital assets and operates an API used by investors, exchanges and developers. The company said the combined business would expand its market data, research, compliance and investor-relations offerings.

In a separate post on X, Messari wrote that existing users would continue to have uninterrupted access to its enterprise services and APIs following the deal.

Related: Metaplanet to form securities arm through Siiibo acquisition

M&A activity reshapes crypto intelligence sector

The Blockworks-Messari deal comes amid a broader wave of consolidation across crypto data, research and media platforms.

Earlier this month, Paris-based crypto data firm Kaiko acquired Amberdata, a US-focused digital asset data provider, to expand its offerings in derivatives analytics, onchain data and AI-powered research tools.

Kaiko said the acquisition would help it serve institutional clients including banks, asset managers, hedge funds and exchanges, while adding Amberdata’s derivatives analytics and options data products. The company described the transaction as part of a broader strategy to consolidate institutional-grade crypto market data and analytics.

In January, blockchain oracle provider RedStone acquired Security Token Market and its TokenizeThis conference, adding a dataset covering more than 800 tokenized assets across equities, real estate, debt and funds as it expanded its institutional data business.

A few months later, the Jito Foundation acquired SolanaFloor, a Solana-focused news, research and analytics platform, after it shut down following a $40 million treasury wallet breach at parent company Step Finance. The deal revived the publication and kept its editorial team in place.

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