Altcoin spot demand has been under sustained pressure, but derivatives activity suggests traders are still heavily engaged with non-Bitcoin assets. On June 16, altcoins (excluding Ether) recorded $266 billion in net selling volume on centralized exchanges—the deepest reading since CryptoQuant began tracking spot demand in 2020—according to figures cited by analyst IT Tech on CryptoQuant.

At the same time, altcoins are taking a leading share of derivatives attention. CryptoQuant data referenced in the report shows altcoins accounted for 51% of daily futures trading volume on Binance on June 16, versus 28.85% for Bitcoin and 20.20% for Ether—an imbalance that points to capital rotating within crypto markets and into other exchange-linked products rather than consistently flowing into altcoin spot.

Key takeaways

• Altcoins excluding Ether saw one-year cumulative net outflows of $266 billion on centralized exchanges on June 16, the lowest since CryptoQuant’s 2020 tracking began.
• Despite those spot outflows, altcoins represented 51% of Binance futures trading volume on June 16, leading both Bitcoin and Ether.
• The divergence implies active trading and potential recycling of liquidity rather than fresh spot accumulation.
• Exchange stablecoin balances appear broadly steady since December 2024, suggesting liquidity remains available even as allocation becomes more selective.
• CryptoQuant data cited in the report points to rapid growth in exchange-linked “traditional asset” derivatives, including metals and pre-IPO perpetual products.

Spot selling hits a record low while futures stay crowded

The clearest tension in the data is between spot flows and market participation. IT Tech, quoting CryptoQuant analytics, said the one-year cumulative buy-sell difference for altcoins (excluding Bitcoin and Ether) fell to -$266 billion on June 16. The metric’s significance lies in what it represents: aggregate spot demand strength versus selling pressure over an extended period.

Such a persistent negative balance typically indicates that, at least on net, buyers have not been able to absorb the supply leaving exchanges. In this case, the report frames the shift as selling pressure outweighing buying demand “for an extended period,” pushing the cumulative figure to a new low.

But the story changes when looking at trading activity. CryptoQuant data cited alongside the spot metric shows that altcoins are dominating daily futures volume on Binance. On June 16, altcoins made up 51% of trading volume, while Bitcoin and Ether lagged with 28.85% and 20.20% respectively.

CryptoQuant’s referenced coverage also notes that altcoins have led exchange trading volumes for most of 2025, except for a short interval in February when Bitcoin temporarily overtook the sector. For investors, this is an important nuance: negative spot demand and heavy futures participation can coexist, often because derivatives positions do not require the same net spot purchases as long-only spot strategies.

What the divergence may mean for liquidity recycling

The report’s interpretation is that the combination of low or deeply negative spot demand and high futures turnover suggests capital rotation within altcoin markets—potentially involving repeated entering and exiting of positions—rather than a sustained inflow of spot capital.

In practical terms, when net selling pressure rises, traders may still keep deploying into altcoin exposure via futures, perps, or other leveraged instruments. That can sustain high derivatives volume even when exchange spot balances reflect ongoing selling. Meanwhile, fresh buying—if it exists—may be getting directed elsewhere or arriving in smaller, less consistent bursts.

This matters for market participants monitoring “demand” signals. For example, a decline in spot buy-sell balances might not immediately translate into reduced trading activity, especially if leverage and hedging strategies continue to concentrate volume in altcoins. Traders watching for a directional shift may therefore want to track whether futures dominance changes at the same time as spot outflows improve—or if futures remain strong while spot selling persists.

The report also flags a broader pattern: attention and liquidity may be spreading beyond altcoin spot entirely, moving toward other exchange products that can absorb stablecoin and trading capital.

Stablecoin balances look resilient, while deployment gets more selective

Another pillar of the report concerns exchange-held stablecoins. Analyst MorenoDV indicated that exchange stablecoin balances have changed little since December 2024. Using CryptoQuant’s “exchange supply ratio” for ERC-20 stablecoins, the report states that the figure has generally fluctuated between 0.40 and 0.46—meaning roughly 40% to 46% of circulating ERC-20 stablecoins have remained on exchanges for more than a year.

In other words, the liquidity needed to trade has not disappeared. Instead, the allocation of that liquidity appears to be shifting. The report contrasts this stability with price volatility: it says Bitcoin experienced swings exceeding 50% during the same period, trading between $60,000 and $120,000. Meanwhile, Binance’s share of total stablecoin supply has been described as sitting in the 25% to 30% range, accounting for more than half of exchange-held reserves.

For investors, the key takeaway is that “available liquidity” and “where it gets deployed” are becoming two separate questions. Stablecoin balances may remain broadly steady, but traders and capital providers may be deploying that liquidity into a wider set of instruments rather than keeping the money concentrated in spot.

Traditional-asset derivatives and pre-IPO contracts gain traction

The report points to a possible explanation for that shift: exchange users are increasingly spreading liquidity across assets that resemble traditional-market instruments. CryptoQuant data cited in the piece highlighted the expansion of metals futures and other non-crypto exposures.

According to CryptoQuant, metals futures volume peaked at nearly $500 billion in March 2026 as gold and silver reached record highs. The report also notes that the trading activity in “pre-IPO perpetual” products expanded rapidly—from about $2 million in March to $715 million in May and $2 billion in June.

On Binance specifically, the report says the exchange processed $10.3 billion in pre-IPO perpetual volume in June, roughly 20 times higher than the entire month of May, while maintaining around 83% control of that segment. It links this acceleration to growth across multiple asset categories—metals, oil, equities, and pre-IPO contracts—suggesting that exchange venues are pulling liquidity into derivatives that do not rely solely on crypto-native token spot demand.

The inclusion of these product categories helps contextualize why altcoin futures might stay active even as altcoin spot selling worsens. If stablecoin liquidity is being reallocated into broader derivative suites, altcoin spot buyers may face stronger competition for capital—while traders still retain access to altcoin exposure through leveraged instruments.

For market participants, the main uncertainty is whether the current pattern is temporary rotation or a longer structural rebalancing. Readers should watch next for signs of stabilization in altcoin spot buy-sell balances and whether altcoin dominance in futures changes as liquidity continues to migrate toward metals, oil, equities, and pre-IPO perpetual markets—areas where the report indicates Binance retains the largest concentration of deployable stablecoin capital.

More than $12 million in crypto-aligned political action committee (PAC) media buys helped propel Barry Moore to victory in Tuesday’s Alabama Republican US Senate runoff over Barry Moore.

The runoff was necessary after neither candidate was able to secure a majority of the vote on May 19, Moore will be the Republican candidate for a US Senate seat in Alabama, facing off against Democrat Everett Wess. Moore won with 55.8% of the vote to Hudson’s 44.2%, giving him an opportunity to replace outgoing Republican Senator Tommy Tuberville. 

Filings with the Federal Election Commission (FEC) showed that the Defend American Jobs PAC, a committee affiliated with the cryptocurrency company-backed Fairshake, spent more than $12 million on media and ads to back Moore’s candidacy in the May 19 primary and Tuesday’s runoff. The Coinbase-affiliated advocacy organization Stand With Crypto rated Moore as “strongly supports crypto,” based on public statements and his voting record while representing Alabama’s 1st Congressional district.

“Our biggest spend of the cycle yielded yet another pro-innovation champion in the Senate, and with nearly $150 million cash on hand we are ready to continue driving the construction of the largest pro-crypto caucus in history,” said Fairshake spokesperson Geoff Vetter.

Source: NBC News

Related: US lawmakers warn against presidential pardon for Sam Bankman-Fried

Based on Vetter’s statement, Fairshake and its affiliates may have spent more than $40 million across several US states in an attempt to support what it considers “pro-crypto” candidates for the next session of Congress. The PAC reported holding a $193 million war chest as of January.

More primaries set for next week before November general election

The Alabama runoff was the latest vote that’s seen industry PACs spending millions of dollars on media for candidates facing primaries in several US states, including South Carolina, Texas, California, South Dakota and New Jersey. Fairshake affiliate Protect Progress also reported spending about $5.2 million and $587,000 in media buys for House seats, respectively, for Maryland Democrat Adrian Boafo and fellow party member Ritchie Torres in New York, scheduled to hold primaries on June 23.

Magazine: The end of anon? AI could unmask crypto’s hidden identities

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Binance has been left relying on France as its last realistic route to secure a Markets in Crypto-Assets license after its expected authorization bid in Greece reportedly stalled ahead of the European Union’s June 30 deadline.

According to a report published Wednesday by The Big Whale, European Central Bank President Christine Lagarde played a key role in blocking Binance’s Greek application despite the exchange having cleared most regulatory requirements.

Sources familiar with the matter told the publication that concerns raised at the political level over stablecoins and Binance’s influence within the European crypto sector ultimately halted the process.

The setback has increased pressure on the world’s largest crypto exchange as MiCA’s transition period approaches its final days. Under the EU’s new regulatory framework, crypto firms must secure authorization from a member state regulator by June 30 to continue serving customers across the bloc through MiCA’s passporting system.

Should Greece fail to approve, Binance would lose access to that route entirely, leaving France as the only remaining jurisdiction considered capable of issuing authorization within the required timeframe, according to The Big Whale.

Discussions between Binance and France’s financial regulator, the AMF, are reportedly continuing, although no formal application has yet been submitted.

France emerges as Binance’s remaining option

Attention has now turned to France after reports surfaced earlier this week that Greek regulators were expected to dismiss Binance’s application. Because MiCA operates under a single-license structure, approval in one member state allows crypto firms to offer services throughout the European Union.

With the Greek pathway reportedly closed, Binance’s ability to maintain uninterrupted access to European customers now depends on securing authorization elsewhere before the deadline.

Responding to reports surrounding the Greek application, Binance reiterated its commitment to the European market. The company said it had adopted what it described as a prudent approach during the MiCA transition and was focused on minimizing disruption for users while providing clarity on any upcoming changes.

The exchange also stated that it had worked alongside regulators for the past 18 months and participated in the authorization process in good faith. According to Binance, its understanding is that Greece’s regulator completed its review and considered the application compliant with MiCA requirements, while the filing was also reviewed at the European Securities and Markets Authority level.

Binance warns of market consequences from delays

Beyond its own application, Binance argued that delays to MiCA authorizations could affect the European crypto market more broadly. According to the company’s statement, prolonged uncertainty could reduce liquidity, limit competition and consumer choice, and encourage some activity to move outside the European Union.

Maintaining that it remains committed to Europe, Binance said it is continuing to pursue what it described as the right path forward under MiCA and plans to provide additional updates before June 30.

The latest challenge adds to a series of licensing hurdles the exchange has faced in several jurisdictions. Earlier this year, the Bangko Sentral ng Pilipinas stated that neither Binance nor its local partner, BlockShoals Technologies, possessed the virtual asset service provider license required to conduct certain crypto-related activities in the Philippines.

Despite those regulatory obstacles, Binance has consistently supported MiCA publicly. The company has previously described the framework as a positive step for the industry, arguing that it improves legal certainty, strengthens consumer protections, and creates a more structured environment for crypto businesses operating across Europe.

Global markets slid on Wednesday as uncertainty resurfaced around US-Iran diplomacy and the outlook for inflation. Bitcoin, meanwhile, struggled to reclaim key levels, weighed down by continuing spot Bitcoin ETF outflows in June and signs of softer institutional demand.

At the same time, US Treasury yields remained elevated, limiting risk appetite across equities and crypto. For traders, the near-term question is whether improving geopolitical clarity and easing rates expectations can restart inflows into Bitcoin—or whether current momentum continues to stall.

Key takeaways

• Spot Bitcoin ETFs have recorded about $2.1 billion in net outflows so far in June, according to earlier Cointelegraph coverage linked in the original report.
• Bitcoin has traded at a discount on Coinbase vs. international USDT-based markets for roughly the past five weeks, pointing to weaker US institutional appetite.
• The discount has coincided with persistent caution around Strategy’s STRC preferred equity structure, where dividends depend on fixed issuance mechanics.
• US macro conditions are still hostile for risk assets: inflation concerns and uncertainty around the Fed’s near-term cutting path kept yields around 4.16%.

Geopolitics, inflation worries, and why yields matter for Bitcoin

Wednesday’s risk-off move followed President Donald Trump’s comments that a memorandum of understanding with Iran is not yet final. Markets are focused on whether oil flows through the Strait of Hormuz can stabilize quickly enough to avoid renewed inflation pressure.

US and Iran are expected to formally sign an agreement on Friday, initiating a 60-day negotiation period. Trump said the deal should satisfy markets and suggested oil prices could fall, but he also indicated further military action if Iran does not “behave.”

In energy markets, crude Brent dropped to its lowest level in 100 days, but traders appeared cautious about how long that relief can last. US 5-year Treasury yields were around 4.16%, unchanged from roughly two weeks prior, reinforcing the view that the Federal Reserve may not be able to cut interest rates quickly.

That linkage matters for Bitcoin because higher yields increase the opportunity cost of holding non-yielding assets. When investors expect fewer or later rate cuts, liquidity typically tightens—not just for equities, but also for highly volatile markets like crypto.

Bitcoin’s demand signals: ETF outflows and Coinbase-at-discount dynamics

While Wednesday’s US retail sales data showed 6.9% growth from May 2025, the report’s implication for crypto is indirect: the rise likely reflects higher costs for items such as fuel, which can keep inflation risk alive. At the same time, the first Fed Committee meeting since Chair Kevin Warsh took the role has kept attention on whether rate-cut expectations are truly shifting.

On the price action side, Nasdaq-100 futures traded about 2% below their all-time high, while Bitcoin has failed to hold above $80,000 since mid-May—an environment consistent with reduced conviction rather than a clean breakout.

One key driver highlighted in the underlying reporting is demand from institutions. The spot Bitcoin ETFs listed in the US have seen $2.1 billion in net outflows in June, according to the Cointelegraph-linked figure in the provided text. Meanwhile, a comparison between Coinbase’s Bitcoin pricing and international exchanges quoted in USDT showed a persistent discount over the past five weeks.

In practical terms, that Coinbase-at-discount behavior suggests capital is finding it easier to buy Bitcoin outside the US-listed venue—or that US-based buyers are temporarily less aggressive. Either way, weak relative demand can make it harder for Bitcoin to sustain rallies, even when broader narratives improve.

Strategy’s STRC weakness revives concerns over preferred dividends

Another element weighing on sentiment is Strategy’s STRC preferred equity structure. The original reporting noted that STRC is marketed as offering an 11.5% yield, but the mechanics of how new shares can be issued limit Strategy’s flexibility.

Specifically, new stock issuance can only occur at a fixed $100 price. The same report points to a looming mismatch between the dividend commitment and available financial capacity: Strategy has to support roughly $142 million in cash dividends each month, while new issuance at a constrained price can pressure existing holders. That has contributed to dilution concerns for MSTR shareholders.

The reporting also cites that Strategy’s USD cash reserves are around $1.1 billion and that the total preferred shares issued by Strategy stand at $15.5 billion. The implication is not that Strategy must sell its Bitcoin immediately, but that the market is questioning leverage and the sustainability of financial optics if capital requirements remain fixed.

Importantly, the underlying text states there is no evidence Strategy will be forced to sell its Bitcoin reserves anytime soon. Still, the STRC price weakness is being treated as a visible signal of investor skepticism about financial leverage—even if the company’s Bitcoin holdings are not expected to be liquidated in the near term.

What to watch as negotiations begin

With an agreement between the US and Iran expected to be signed on Friday and talks set to last 60 days, traders will likely monitor whether geopolitical headlines translate into sustained energy relief or renewed inflation fears. For Bitcoin, investors should also watch whether spot ETF flows stabilize and whether Coinbase’s pricing discount versus international USDT markets narrows—signs that demand is broadening rather than just shifting location.