Key takeaways:

• Bitcoin derivatives show weak conviction with 2% futures basis and elevated put options premium signaling caution.
• Institutional buying via $86 million ETF inflows plus Strategy’s (MSTR US) ongoing accumulation counters market fear.

Bitcoin (BTC) jumped above $67,000 after US President Donald Trump announced a late Sunday ceasefire deal with Iran. Despite this short-term optimism, derivatives metrics show that crypto traders remain highly skeptical, raising concerns that this sudden rally could be a massive bull trap.

Brent crude oil (left) vs. Nasdaq 100 Index (right). Source: TradingView

Crude Brent oil declined to a 100-day low on Monday, while the Nasdaq Index gained 3%. However, Bitcoin traders remained cautious due to the lack of a final deadline and clear operational details for shipping companies following the peace deal with Iran, though an interim agreement is expected this Friday. 

Bitcoin 2-month futures basis rate. Source: Laevitas

The Bitcoin futures annualized premium (basis rate) stood at 2% on Monday, signaling a lack of demand for leveraged bullish positions. This indicator has failed to break above the neutral 4% threshold for over 3 months, reflecting Bitcoin’s -24% year-to-date performance. Still, Bitcoin’s 4% daily spike caught short sellers off-guard, triggering $210 million in liquidations.

Bitcoin price is supported by spot ETF inflows and Strategy acquisitions

Part of the bullish sentiment stemmed from the $86 million net inflows into US-listed spot Bitcoin exchange-traded funds (ETFs) on Friday. While positive, this inflow was not nearly enough to reverse the heavy $730 million in net outflows seen since June 5. ETF activity is widely tracked as a proxy for institutional demand, bulls are likely waiting for stronger confirmation.

Bitcoin 30-day options skew (put-call). Source: Laevitas

The weak conviction among bulls was also evident in the options market, where traders actively avoided protection against downside risk. Bitcoin put (sell) options traded at a 16% premium over call (buy) instruments, flashing a clear warning sign of downside fear. This crypto weakness stood out even more as the Nasdaq 100 Index rallied, trading just 1% shy of its all-time high.

Traders’ skepticism is also being fueled by conflicting claims over future shipping tolls in Iran, especially since the current agreement only locks in a two-month window, according to Yahoo Finance. Meanwhile, equity investors are finding plenty of reasons for optimism elsewhere, with the artificial intelligence sector getting a massive boost from the record-breaking SpaceX (SPCX US) IPO.

Public companies Bitcoin treasury ranking, BTC. Source: CoinGecko

SpaceX, the aerospace and artificial intelligence powerhouse founded by Elon Musk, recently secured $75 billion in the largest IPO in history. SPCX shares surged 14% on Monday, driving the company’s valuation to a massive $2.1 trillion. The multi-billionaire is a vocal proponent of cryptocurrencies, and the latest SEC filings reveal that SpaceX itself holds 18,712 Bitcoin on its balance sheet.

Related: These Bitcoin charts show how BTC price could hit $100K before October

For now, Bitcoin bears maintain control as persistent weakness across derivatives markets shows low conviction in the $60,000 support level. However, a sustained rally back above $70,000 could quickly materialize if falling oil prices continue to ease recession risks, giving the Federal Reserve more room to implement a less restrictive US monetary policy.

There is no indication of a bull trap here, especially as Strategy (MSTR US) continues to aggressively accumulate coins, completely erasing market fear of a sudden capitulation.

Key Highlights

• CervoMed (CRVO) shares surged 32.3% during premarket hours Tuesday following disclosure of a significant director transaction
• Board member Joshua Boger acquired 955,414 shares priced at $3.14 each on June 11 through a private placement arrangement
• The investment totaled approximately $3 million, executed via the Joshua S. Boger 2021 Trust
• The placement structure included one common share plus two warrant series (B and C) per unit
• Wall Street firm H.C. Wainwright maintains a Buy recommendation with a $25.00 target price on CRVO shares

Shares of CervoMed (CRVO) experienced a dramatic 32.3% surge in premarket activity Tuesday morning following the disclosure of a substantial stock purchase by board director Joshua Boger in a Form 4 regulatory filing.

CervoMed Inc., CRVO

Acting through the Joshua S. Boger 2021 Trust, Boger acquired 955,414 shares priced at $3.14 each on June 11. The aggregate value of this transaction reached approximately $3 million.

Prior to this filing becoming public, the stock had faced significant headwinds. CRVO shares were changing hands at $2.48 before the announcement, representing a decline of roughly 15% during the previous week and a steeper 70% pullback over the trailing six-month period.

This acquisition formed part of a private placement offering that CervoMed anticipates will yield approximately $10.5 million in total gross proceeds. The arrangement was structured through a securities purchase agreement executed on June 9 involving Boger’s trust alongside additional accredited investors.

The placement’s unit structure featured one common stock share accompanied by one Series B warrant and one Series C warrant. Series B warrants feature a $3.32 strike price, become exercisable immediately, and remain valid through June 11, 2031. Series C warrants carry a $3.14 exercise price, are similarly exercisable right away, and expire on June 11, 2027.

Notably, Chief Executive Officer John J. Alam also took part in this financing round, making it a particularly significant insider-backed transaction at the executive level.

Updated Ownership Position

After completing this transaction, Boger’s total position includes 1,795,865 shares held indirectly via two separate trusts — the JSB 2021 Trust and The Amy S. Boger 2021 Trust — along with an additional 216,817 shares owned directly.

The warrant agreements contain an ownership limitation provision. Boger and related entities are restricted from exceeding 19.99% ownership of CervoMed’s total outstanding common stock when exercising these warrants. Should exercising approach this ceiling, he has the option to instead receive pre-funded warrants subject to identical restrictions.

Before Tuesday’s premarket rally, CervoMed carried a market capitalization of $23.42 million. According to InvestingPro’s valuation analysis, fair value stands at $3.40, indicating the stock had been trading beneath that benchmark entering Tuesday’s session.

Wall Street Perspective

H.C. Wainwright has reaffirmed its Buy rating on CRVO stock with a price objective of $25.00. This recommendation followed CervoMed’s presentation of findings from its Phase 2b RewinD-LB clinical study evaluating neflamapimod at the AD/PD 2026 Conference.

The ongoing trial is assessing neflamapimod’s effectiveness in treating dementia with Lewy bodies. Results from the study indicated that participants exhibiting reduced plasma pTau181 levels experienced more pronounced clinical improvements from the therapeutic intervention.

In separate corporate news, CervoMed stockholders granted approval to all measures presented at the company’s 2026 Annual Meeting, which included the selection of eight board directors. Boger secured re-election to his director position during this voting process.

According to the Form 4 disclosure, Boger’s trust maintains ownership of 1,600,117 shares, while The Amy S. Boger 2021 Trust controls 195,748 shares, with Boger serving as sole trustee for both entities.

Tokenized real-world assets (RWAs) are continuing to gain ground even as broader crypto markets show softness. Data compiled from onchain metrics points to a sharp increase in the value of tokenized financial products over the past six months, underscoring how incremental adoption by issuers and infrastructure providers is gradually expanding beyond a narrow “tokenized Treasuries” narrative.

According to Token Terminal, the market for tokenized financial assets has surpassed $43 billion, representing an increase of about 37% over the last 180 days. The same figures also show that tokenized funds remain the largest slice of the sector, while other categories—commodities and tokenized stocks—still trail by a wide margin.

Key takeaways

• Token Terminal estimates tokenized onchain financial assets now exceed $43 billion, up ~37% in 180 days.
• Other trackers, including RWA.xyz, report a lower combined market value (below $33 billion), likely due to methodology differences.
• Tokenized funds account for nearly 80% of the sector’s capitalization, with commodities at 16.6% and tokenized stocks at 3.8%.
• Ethereum is still the dominant network for tokenized assets at 57.8%, but several chains collectively account for meaningful share.
• Major institutions are increasingly framing tokenization as a shift from pilots toward regulated, mainstream issuance—though many market metrics exclude stablecoins.

Why tokenized asset totals differ across trackers

The headline growth in tokenized RWAs becomes even more notable when compared with alternative market estimates. Token Terminal’s reported market size is larger than figures compiled by RWA.xyz, which puts the combined RWA market at less than $33 billion. The gap appears rooted in how each dataset defines and counts tokenized financial products.

Token Terminal’s broader inclusion criteria likely help explain the higher total, especially given how tokenized ecosystems can blend categories such as funds, credit products, and other structured yield instruments. For investors and builders, this matters: differing scopes can change how quickly the “market cap” appears to expand and can influence how readily people compare performance across dashboards.

Tokenized funds lead; the sector’s asset mix is still concentrated

While tokenized RWAs are widening in attention, Token Terminal data suggests the sector’s capitalization remains heavily concentrated. Tokenized funds make up nearly 80% of the overall market value. Commodities rank second at 16.6%, while tokenized stocks account for about 3.8%.

That ranking highlights where demand and issuance infrastructure are currently strongest. Funds, by design, can package exposure into a standardized structure, making them easier to deploy across multiple investor bases. Meanwhile, stocks and other equity-like instruments generally require more complex regulatory, custody, and operational alignment—helping explain their smaller share today even as adoption progresses.

Networks: Ethereum stays on top, but momentum is spreading

Ethereum continues to be the central settlement and issuance chain for tokenized assets, with Token Terminal putting its share at 57.8%. Other networks contribute additional—if smaller—parts of the pie: BNB Chain at 8.5%, zkSync Era at 7.5%, XRP Ledger at 5.8%, and Stellar at 5.4%.

For market participants, the multi-chain distribution is an important signal. Tokenized RWAs are not only scaling in value; they are also extending across different technical ecosystems. That can affect liquidity venues, compliance tooling, and even investor accessibility, since different networks often come with distinct integration partners and user journeys.

Issuance concentration is also visible in the top providers. Token Terminal lists Sky as the largest issuer at $6.1 billion in tokenized assets, followed by Securitize and Ondo Finance, each at $3.6 billion.

From “Treasuries first” to a broader yield ecosystem

Institutional interest in tokenization continues to move beyond academic or pilot-era discussions. Earlier this week, Standard Chartered initiated coverage of Uniswap, arguing that the UNI token could appreciate significantly by 2030 as tokenized assets increasingly move onto blockchain rails. The bank also projected that decentralized finance could reach $2.7 trillion over the same period, with growth largely driven by the expansion of tokenized financial products. (See earlier coverage: Cointelegraph’s report on Standard Chartered’s thesis.)

Meanwhile, Citigroup has framed tokenization as an industry poised to scale with improving regulatory clarity. In a base-case outlook, Citi projected tokenization reaching $5.5 trillion by 2030, and in a bull scenario up to $8.2 trillion. Citi pointed to a shift from pilots toward integration into core issuance infrastructure, identifying potential catalysts including efforts around the Depository Trust & Clearing Corporation and major market operators such as the NYSE and Nasdaq incorporating tokenization into issuance processes. (For the report referenced in the original coverage, see Citi’s Tokenization 2030 PDF.)

Stablecoins are also expected to play a major role in sector growth, even though many tokenization-focused market dashboards exclude them. That creates an analytical blind spot for readers relying solely on RWA market-cap figures: the onchain settlement layer can be expanding even if specific token categories are measured differently.

Beyond funds and credit, tokenized equities are beginning to show clearer momentum through platforms such as Ondo Markets and xStocks, reflecting a diversification trend. Binance Research previously concluded that RWA growth is becoming more diversified, with its report noting that 2026 could represent maturation from a “Treasury-dominated narrative” into a more varied yield ecosystem (as described in Cointelegraph’s earlier coverage).

For investors, the practical takeaway is that tokenized RWAs are still dominated by a small number of asset types and issuers, but the direction of travel is widening. The sector is also increasingly tied to mainstream financial infrastructure and regulated processes—an evolution that could reshape how capital moves onchain over the next cycle.

Going forward, readers should watch whether tokenization metrics continue to converge across data providers as methodologies tighten, and whether more issuance pipelines and trading venues broaden access to non-fund products like equities and commodities—areas that currently account for smaller shares but may determine the next phase of growth.

State regulators got sidelined in the U.S. Department of the Treasury’s effort to implement the new U.S. stablecoin law, according to several senators from both parties who insist that the states need to be given an explicit process for proving their supervision and standards are on par with federal regulators’.

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act to regulate stablecoin issuers is being translated into regulations across several federal financial agencies, including the Treasury. But the opening effort may not have satisfied state regulators who are trying to push their own GENIUS-related regulations, according to a Tuesday letter from the lawmakers, led by Republican Senator Cynthia Lummis, chair of the Senate Banking Committee’s crypto subcommittee.

“Treasury’s finalized principles for assessing whether state regimes are substantially similar to the federal regulatory framework are critical in this process,” according to the letter, also signed by fellow Republicans and a few Democrats, including Angela Alsobrooks, Catherine Cortez Masto and Kirsten Gillibrand. “The proposed principles were published by Treasury but did not address the timeline and procedural requirements related to state certification.”

Bitcoin has fallen back toward $65,000 after renewed tensions involving Israel and Lebanon tempered optimism surrounding a potential U.S.-Iran agreement, while traders also reduced risk ahead of the Federal Reserve’s policy decision.

According to crypto.news market data, Bitcoin (BTC) price dropped from an intraday high near $66,900 on June 16 to a low around $65,400 before stabilizing near $65,700 at press time.

Bitcoin price retreated following reports that Iran’s military accused Israel of violating the ceasefire in southern Lebanon dozens of times since the U.S.-Iran deal was announced, warning of a “harsh response” if attacks continue.

The decline interrupted a rally that had gained momentum earlier in the session after reports suggested Washington and Tehran were preparing to sign a memorandum of understanding later this week. The agreement would reportedly allow tanker traffic through the Strait of Hormuz, a development that helped push crude oil prices down more than 6% to roughly $75.5 per barrel, their lowest level since early March.

Alongside the geopolitical headlines, traders remained focused on the Federal Reserve’s two-day policy meeting. Markets widely expect rates to remain unchanged, but uncertainty surrounding Fed Chair Kevin Warsh’s outlook has limited risk appetite after inflation accelerated to 4.2% year-over-year in the latest CPI report.

Bitcoin faces resistance near major technical inflection point

On the daily chart, Bitcoin is attempting to reclaim a key horizontal level near $65,150 that served as support throughout February and March before breaking during the early June sell-off. Bulls briefly pushed above that zone, but sellers emerged near $67,000 and forced a pullback.

The recovery has nevertheless improved the short-term technical structure. On the four-hour chart, Bitcoin remains above a rising trendline drawn from the June 6 low near $59,200. The move has also carried the asset above the descending trendline that capped prices throughout late May and early June.

Fibonacci retracement levels place immediate resistance near $66,400, corresponding to the 61.8% retracement of the decline from roughly $78,100 to $59,200. A successful breakout could expose the 50% retracement level around $68,650, followed by resistance near $70,900.

Momentum indicators remain constructive despite the latest pullback. The four-hour RSI held above 55 while the Aroon Up indicator remained dominant over the Aroon Down reading, suggesting buyers still retain near-term control. On the daily timeframe, the MACD histogram has turned positive for the first time since the June breakdown, although Chaikin Money Flow remains slightly below zero, showing capital inflows have yet to fully recover.

Commenting on the market structure, crypto analyst Ardi noted that Bitcoin’s ability to defend the $64,000 region remains critical ahead of the Fed meeting.

“If price holds that level, then even with a typical post-FOMC correction, bulls can keep the local structure with a chance to extend the rally.”

Additional support comes from longer-term moving averages. According to crypto analyst Daan Crypto Trades, Bitcoin is currently trading between its weekly 200-day moving average and 200-day exponential moving average.

“Bulls want to close the weekly candle back above the 200EMA while holding the 200MA as support.”

Fed decision and geopolitical risks threaten Bitcoin recovery

CoinGlass liquidation data shows one of the largest nearby liquidity pools sits around $65,000, where leveraged long positions have accumulated over the past 24 hours. A break below that area could expose another concentration of liquidation interest near $64,500 and potentially accelerate downside volatility.

Meanwhile, substantial short liquidation clusters remain stacked between $67,000 and $68,500. Those levels could act as upside magnets if Bitcoin regains momentum following the Fed decision.

Geopolitical developments remain another source of risk. Israeli Prime Minister Benjamin Netanyahu has stated that Israeli forces will continue occupying southern Lebanon despite the U.S.-Iran agreement, while Iran has threatened retaliation if alleged ceasefire violations persist. 

Any deterioration in regional stability could quickly reverse the market’s recent optimism surrounding the Strait of Hormuz and energy supplies.

Failure to hold the $64,000-$65,000 support zone would weaken the current recovery structure and shift attention back toward the June low near $59,200. Conversely, a break above $66,400 could open the door to a move toward $68,600 and potentially $71,000 as traders unwind short positions after the FOMC meeting.

The report comes amid a dramatic shift in the bitcoin mining industry. Following the collapse in mining profitability after the 2024 halving, many operators began repurposing their power infrastructure to support AI workloads, betting that technology companies would pay significantly more for electricity and data center capacity than bitcoin miners.

Core Scientific (CORZ) signed a multibillion-dollar hosting agreement with AI startup CoreWeave, helping transform the company from a bitcoin miner into an AI infrastructure provider. TeraWulf (WULF), Hut 8 (HUT), Iren (IREN), and Cipher Mining (CIFR) have all announced plans to lease power and data center capacity to AI and high-performance computing customers, while Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK) are pursuing hybrid strategies that maintain bitcoin mining operations while exploring AI opportunities.

While bitcoin (down about 24% since January), along with other big public crypto names, have lost significant value so far this year as crypto prices continue to slide amid shifting investor focus to AI, bitcoin miners have seen largely green candles across the sector. RIOT is up nearly 94% year-to-date, while CIFR is 62% higher. Others are showing similar gains over the same period.

The fresh narrative has helped drive some of the biggest stock moves in the crypto sector over the past year, and investors have rewarded many of these companies with valuations that increasingly reflect their AI potential rather than their mining businesses.