The largest cryptocurrencies remained under pressure for a fourth straight day, with bitcoin falling 2.5% in 24 hours to just below $62,400.

It’s not alone. The CoinDesk 20 Index (CD20) has dropped 3.3%, with ether (ETH), XRP (XRP) and solana (SOL) all weaker. The CoinDesk Smart Contract Platform Select Capped Index fell 4%, and the CoinDesk 80 and CoinDesk DeFi Select Index are following close behind.

Concerns about Strategy (MSTR), the Michael Saylor-led bitcoin treasury company, continue to dominate market sentiment, with particular focus on its dividend-paying preferred stock, STRC.

“Strategy, the largest listed BTC holder, has watched its STRC preferred collapse below par, and the market is now openly pricing the tail that it has to sell coins to defend the structure,” analysts at Marex said.

“Add five straight months of BTC trading under its estimated $78k production cost, quietly forcing the weakest miners to capitulate, and you have two real sellers that were not in the frame a week ago,” they added.

Derivatives Positioning

• Bulls continue to bleed as the market wilts in the wake of Wednesday’s hawkish Fed meeting. In the past 24 hours, more than $450 million in leveraged bets has been liquidated. As has been the case since the meeting, most are longs.
• Open interest (OI) in bitcoin and ether futures is largely unchanged over the past 24 hours. SOL futures OI increased to over 70 million tokens, just shy of the June 5 record 71.57 million. In other words, demand for leverage remains near all-time highs, pointing to potential for outsized volatility.
• The same is true of XRP, where futures OI is hovering at its highest since October last year.
• As for cumulative volume delta, most of the biggest 25 tokens, except TRX and LAB, show negative OI-adjusted CVD for the past 24 hours. That’s a sign sellers are trading at market orders, leading the price action, as opposed to passive limit orders. It’s been the same playbook since at least Wednesday.
• Funding rates for most tokens remain flat to negative, pointing to bearish sentiment. ADA, XLM, and BCH funding rates are down to between minus 20% and minus 30%.
• In the bitcoin options market, traders are lifting put options in size, prepping for a potential slide down to $52,000 or lower in the coming weeks.
• The bearish sentiment is also evident from 25-delta skews, which show one-week puts trading at a volatility premium of 10% or more.

Token Talk

• Need evidence of how frenzied sentiment about AI is? Check out the LAB token, the cryptocurrency native to the LAB Terminal, which is a browser-based and extension-accessible platform for high-performance trade execution. Its key feature: AI-powered research and trade routing to minimize slippage.
• LAB has gained 57% in seven days, a staggering rise compared with the malaise in the broader market.
• The outperformance doesn’t end there: The token has surged 92% this month, following gains of 900% in May, 250% in April and 78% in March. Talk about a bull market.
• Over the same period, bitcoin has ricocheted from $68,000 to $82,000 and back to $63,000.
• While LAB’s performance is impressive, their’s not apparent reason for it. And it’s not without controversy.
• Blockchain investigation expert ZachXBT recently highlighted that insiders supposedly own 95% of the token’s supply. He said they have used four methods concurrently to attract retailer investors. These include high-interest over-the-counter loans with promotional conditions, unilateral vesting period extensions, delayed or withheld market rewards and undisclosed market-making deals.
• As the old saying goes: All that glitters is not gold.

Key Highlights

• Bernstein SocGen launched coverage of GEV with an Outperform rating and set a $1,206 price objective
• Analyst Sunaina Ocalan highlighted three major tailwinds: decarbonization efforts, energy security needs, and surging AI power requirements
• First quarter orders surged to $18.3 billion, representing a 71% year-over-year increase, while backlog climbed to $163 billion
• Q1 free cash flow reached $4.8 billion — exceeding the entire fiscal 2025 total
• Shares have climbed 62.3% year-to-date, currently trading at $1,103, approaching the 52-week peak of $1,150

GE Vernova (GEV) saw its shares climb 5.2% Wednesday following Bernstein SocGen analyst Sunaina Ocalan’s initiation of coverage with an Outperform rating alongside a $1,206 price objective. At the time of the upgrade, shares were changing hands at $1,103, hovering near the 52-week high of $1,150 reached in April 2026.

GE Vernova Inc., GEV

Ocalan characterized GEV as the “right time, right business” — positioning the company at the convergence point of three significant structural trends currently fueling electricity demand.

These three catalysts include the push toward decarbonization, heightened energy security concerns, and the explosive growth in AI infrastructure. Each trend is amplifying demand for gas turbines and grid infrastructure. GEV’s order pipeline is experiencing unprecedented growth.

First quarter bookings totaled $18.3 billion, reflecting 71% organic growth compared to the prior year period. The total backlog now stands at $163 billion. Gas turbine capacity reservations reached 100 gigawatts during the quarter, with company leadership aiming for 110 GW by the close of the year.

First quarter free cash flow hit $4.8 billion. This figure surpasses what GEV produced throughout the entirety of fiscal 2025. The magnitude of this performance is noteworthy.

Small Modular Reactor Initiative Strengthens Growth Thesis

GE Vernova Hitachi Nuclear Energy revealed plans for a partnership focused on constructing a new production facility designed to support small modular reactor (SMR) rollouts throughout Europe. Additionally, the company continues advancing its SMR initiative in Ontario, Canada.

The recent Iran peace agreement contributed favorably to market sentiment. Reduced oil prices lower operational expenses for data centers and industrial operations that represent GEV’s primary customer base, supporting the financial viability of the AI expansion fueling its order growth.

GEV shares have appreciated 62.3% from the beginning of the year. Early investors who allocated $1,000 to GEV at its March 2024 initial public offering now hold positions valued at $8,401.

Market Context: Price Swings Are Common

GEV has experienced 19 single-day movements exceeding 5% throughout the past year, indicating today’s advance aligns with the stock’s established volatility pattern.

Just eight trading sessions ago, shares declined 6.6% following CPI data revealing 4.2% annualized inflation — the steepest level in three years — prompting markets to anticipate a December Federal Reserve rate increase. Elevated interest rates create challenges for capital-intensive industrial companies like GEV.

Previously, the Iran conflict weighed on investor sentiment, as Tehran directed attacks toward Bahrain, Kuwait, and Jordan, introducing supply chain disruptions and complications to international logistics operations.

Gas turbine capacity reservations totaled 100 gigawatts at first quarter end, with leadership establishing a 110 GW target for year-end.

Franklin Templeton has filed to launch two exchange-traded funds that would automatically direct stock dividend income into Bitcoin exposure.

A registration filing submitted on Thursday shows the asset manager has proposed the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF, with an anticipated effective date of Sept. 1, 2026.

The products would track the VettaFi US Large-Cap 500 Bitcoin DRIP Index and a related innovation-focused version. Under the index methodology, dividends generated by the underlying stock portfolios would be reinvested into Bitcoin-linked investments rather than remaining in cash or being distributed to investors.

The filing states that Bitcoin exposure could come through spot Bitcoin exchange-traded products, futures contracts, options, or other investment instruments. The strategy is scheduled to begin with a portfolio allocation of 95% U.S. large-cap equities and 5% Bitcoin exposure.

Quarterly rebalancing rules would reduce Bitcoin allocations above 5% back to 4.5%, while a separate cap would limit Bitcoin exposure to 20% between rebalancing periods, the filing states.

As of April 30, the equity index included approximately 498 securities. The filing states that constituent companies ranged in market capitalization from roughly $7.5 billion to $4.9 trillion.

Franklin expands crypto-linked investment offerings

The proposed ETFs add another product category to Franklin Templeton’s digital asset business, which already includes spot cryptocurrency ETFs, tokenized funds, and blockchain-based investment products.

Data from SoSoValue showed Franklin Templeton’s spot Bitcoin ETF, EZBC, held $358.9 million in net assets and had attracted $329.6 million in cumulative net inflows as of Thursday.

Source: SoSoValue.

The filing follows several digital asset initiatives announced by the firm in recent months. On June 15, Franklin Templeton said it would work with Ondo Finance to offer tokenized versions of its ETFs that can trade directly from crypto wallets on a 24/7 basis. The products target investors outside the United States and include exposure to U.S. equities, fixed income assets, and gold.

Earlier in June, Franklin Templeton integrated its BENJI tokenized money market fund into MoonPay Trade. The partnership allows institutional clients to exchange stablecoins such as USDC and USDT for BENJI through MoonPay’s on-chain trading infrastructure.

In May, Franklin Templeton announced a separate partnership with Payward, the parent company of crypto exchange Kraken. The companies said BENJI would be available on Kraken’s platform as a collateral and cash management product for institutional users. They also disclosed plans to develop additional tokenized investment products through Payward’s xStocks infrastructure.

AllUnity is extending its MiCA-regulated stablecoin lineup with SEKAU, a Swedish krona-backed token designed for institutional settlement and cross-border payments. The company said the new stablecoin is issued under the EU’s Markets in Crypto-Assets Regulation (MiCA) as an e-money token, with reserves held in segregated Swedish krona accounts.

The release also highlights how issuers are adapting to MiCA’s framework by moving beyond “early-stage” token concepts and toward bank- and infrastructure-style custody and settlement. AllUnity’s SEKAU follows its earlier Swiss franc stablecoin rollout, reinforcing a multi-currency strategy built for different blockchain ecosystems.

Key takeaways

• SEKAU is a Swedish krona stablecoin issued under MiCA as an e-money token, backed 1:1 by segregated SEK reserves.
• Banking Circle will hold and manage the reserves, with Marginalen Bank supporting the rollout as a banking partner.
• SEKAU launches on five networks—Ethereum, Solana, Base, Tempo, and Polygon—with plans to add more chains later in 2026.
• AllUnity frames SEKAU as the first fully reserved Swedish krona-denominated MiCA-aligned stablecoin, contrasting it with non-public tokenized experiments.

MiCA compliance becomes the product, not just the legal wrapper

In a statement shared with Cointelegraph, AllUnity described SEKAU as the first fully reserved Swedish krona stablecoin aligned with MiCA, issued as a regulated e-money token (“EMT”). The token’s backing is described as 1:1 by Swedish krona reserves held in segregated accounts, an approach intended to distinguish it from fiat-referenced crypto concepts that may not be designed for regulated redemption and governance.

AllUnity also emphasized that “SEK exposure has previously existed mainly through early-stage concepts,” which it said were not confirmed as MiCA-authorized, fully regulated EMTs. That distinction matters for market participants who care less about token branding and more about how fiat reserves are managed, what oversight applies, and whether the stablecoin is designed to operate as regulated private money under EU rules.

Who will hold the reserves and connect the infrastructure

SEKAU’s structure leans heavily on regulated financial infrastructure and integration partners. Banking Circle, a Luxembourg-based business-to-business bank and financial infrastructure firm, will hold and manage the reserves backing the token. Swedish Marginalen Bank is listed as a banking partner supporting the rollout.

For broader ecosystem access, Trust Anchor Group is named as the infrastructure integration provider for SEKAU. Together, these relationships suggest AllUnity is treating stablecoin deployment as a coordinated effort across custody, banking relationships, and technical connectivity—rather than a standalone token launch.

A multi-chain rollout aimed at liquidity across ecosystems

SEKAU is launching on five blockchain networks: Ethereum, Solana, Base, Tempo, and Polygon. AllUnity said the multi-chain approach is intended to improve access, interoperability, and liquidity across major ecosystems.

The company also signaled it does not intend to stop at the initial set of networks, stating it plans to expand SEKAU to additional blockchain networks later in 2026. The contrast with AllUnity’s previous stablecoin deployment is notable: its Swiss franc stablecoin CHFAU initially launched exclusively on Ethereum in February before expanding to Tempo, implying a more staggered chain rollout for the earlier product.

AllUnity also operates EURAU, a euro-backed stablecoin launched in 2025. According to CoinGecko data cited by Cointelegraph, EURAU has reached a market capitalization of $1.4 million and ranks as the 16th largest euro stablecoin among 23 tracked tokens. CoinGecko also shows the euro stablecoin market totals about $883 million in combined value at the time of writing.

SEK stablecoins in Sweden: public tokens vs closed pilots

AllUnity’s messaging around SEKAU also speaks to the broader question of whether Sweden has stablecoin activity beyond regulated, publicly redeemable products. The company pointed to Sweden’s e-krona project run by the Riksbank as a relevant initiative for tokenized payments infrastructure—but stressed it is fundamentally different from a stablecoin.

AllUnity noted that Swedish banking and fintech pilots have explored tokenized deposit money and settlement systems. However, the company characterized these as “closed, experimental infrastructures” rather than publicly redeemable stablecoins.

The company further referenced communication from the Riksbank earlier in 2026 indicating there were no stablecoins in Swedish kronor. While that does not preclude tokenized pilots or related experiments, it frames SEKAU as a distinct category: a regulated, publicly available krona token built under MiCA’s e-money rules.

What investors and users should watch next

With SEKAU now live across multiple chains, the immediate question is how liquidity and usage develop across Ethereum, Solana, Base, Tempo, and Polygon—especially as AllUnity plans additional network expansion later in 2026. Market participants will also want to monitor how reserve management and EMT compliance are handled in practice over time, and whether the SEK stablecoin narrative gains traction alongside other MiCA-regulated fiat tokens.

Bitcoin’s day-to-day activity is accelerating again, even as the asset’s price action remains relatively unimpressive. According to CryptoQuant, transactions smaller than 0.01 BTC—often associated with “dust” or data-driven on-chain activity—now make up about 80% of all daily transfers on the network, taking overall network activity close to record levels.

In a report released Thursday, CryptoQuant said its Bitcoin “Network Activity Index” has turned positive for the first time since 2024. The change matters because it signals that block space demand is increasingly being driven by non-financial usage—an environment that can translate into more competition for space and higher fees for users who rely on standard economic transactions.

Key takeaways

• CryptoQuant reports that sub-0.01 BTC transactions represent roughly 80% of daily Bitcoin activity, up sharply from earlier years.
• CryptoQuant’s Network Activity Index has moved into positive territory for the first time since 2024, despite weaker price performance.
• Data-inscription and related protocols—especially Ordinals, Runes, BRC-20 activity, and timestamping services—are cited as major contributors.
• Growing micro-transaction volumes can increase block space competition, potentially pushing up fees for “economic” transactions.
• Bitcoin’s mempool is reported at around 128,000 transactions, the highest level since February 2025.

Microtransactions rebound as share of daily volume grows

The most striking development is the shift in the composition of transactions. CryptoQuant notes that transactions below 0.01 BTC accounted for about 44% of daily transactions in 2023, but their share has nearly doubled since then.

CryptoQuant attributes this acceleration largely to inscription-centric demand and other data-writing approaches. In particular, the report highlights Ordinals and Runes—along with BRC-20 activity and data-timestamping protocols—as major drivers of low-value, high-count transactions. This helps explain why overall network activity can rise even when traders are not broadly chasing price momentum.

Research lead Julio Moreno wrote that sustained growth in non-financial activity could “increase block space competition and raise fees for economic transactions.” He also cautioned that the economic value of these transactions is “disproportionately small,” underscoring a key tension: the network can appear busier while the value per transaction remains low.

From earlier inscription booms to today’s renewed congestion

CryptoQuant’s report places the current wave in context by comparing it to past periods when inscription activity pushed Bitcoin toward congestion. The company says congestion levels today remain below the peaks associated with earlier inscription booms, when users embedded data such as images, text, and token-like information directly in blocks.

According to the report, transaction backlogs surged in 2023 as Ordinals and BRC-20 competed with routine transfers for limited block space. It then points to another spike emerging in late 2024 following the launch of the Runes protocol. The latest increase appears to follow that same pattern: bursts of on-chain data activity generate large numbers of transactions, which can swell network queues and raise the likelihood of fee pressure.

Importantly for readers, congestion is not just an abstract metric. When block space demand concentrates in low-value transactions, it can still alter fee dynamics for everyone—particularly those sending standard payments that depend on timely confirmation.

OP_RETURN usage and the mechanics behind higher transaction counts

Beyond the headline micro-transaction shares, CryptoQuant’s research also points to the specific transaction design choices fueling the trend. The report says Runes, Ordinals, BRC-20 tokens, and data-timestamping services produce large volumes of low-value transactions, helping drive the rise in the smallest cohort.

A central element in this mechanism is OP_RETURN, an opcode that allows users to embed data on-chain without creating spendable outputs. CryptoQuant reports that OP_RETURN usage has climbed to near-record levels in 2026.

That increase ties back to a contentious development within Bitcoin’s infrastructure: in 2025, Bitcoin Core developers removed a long-standing 80-byte relay limit. Critics argued the change would make it easier to use Bitcoin for non-financial data storage, effectively lowering friction for larger data embeddings. CryptoQuant frames OP_RETURN as the standard approach for many Bitcoin data-layer protocols, meaning changes in relay behavior can influence how much data activity the network can absorb.

These protocols generate high volumes of dust-value transactions (as low as 546 satoshis), directly explaining the low-value cohort surge.

Put differently, the “how” of transactions matters as much as the “how many.” Even when users are not transferring large amounts of value, on-chain data operations can still consume block resources—resulting in a higher count of transactions competing for inclusion.

Mempool pressure rises alongside the micro-transaction wave

CryptoQuant’s report also connects micro-transaction growth to observable network conditions. It says Bitcoin’s mempool—where unconfirmed transactions wait—has risen to roughly 128,000 transactions. That figure is described as the highest transaction count since February 2025.

For market participants and users, mempool size is often treated as a practical proxy for near-term congestion. While the report notes that current conditions are still below earlier inscription peaks, the combination of a high share of sub-0.01 BTC transactions and a swollen mempool suggests that fee markets may remain sensitive, especially for transactions that need confirmation during busy periods.

Another important implication is that the network’s “busy” signal may increasingly reflect data-layer usage rather than straightforward economic demand. That distinction can affect how participants interpret on-chain metrics: rising activity may not correspond to higher on-chain settlement value, even if it does correspond to greater resource competition.

Looking ahead, readers should watch whether this micro-transaction-driven activity persists and whether mempool levels remain elevated long enough to translate into sustained fee pressure for standard payments. CryptoQuant’s index turning positive after a multi-year stretch is a meaningful early sign—but the key question is whether non-financial activity continues to outpace demand for economic transactions, reshaping fee dynamics as the cycle progresses.

Microtransactions below 0.01 Bitcoin (BTC) now account for roughly 80% of all daily transactions on the network, pushing transaction activity close to record highs despite weak price performance.

The surge has pushed CryptoQuant’s Bitcoin “Network Activity Index” into positive territory for the first time since 2024, according to a Thursday report by the blockchain data company.

Transactions below 0.01 BTC represented about 44% of all daily Bitcoin transactions in 2023, but their share has nearly doubled since then, fueled largely by Ordinals, Runes and other data-inscription protocols.

The report, authored by CryptoQuant head of research Julio Moreno, said sustained growth in non-financial activity could “increase block space competition and raise fees for economic transactions.”

“The economic value of these transactions is, however, disproportionately small,” Moreno wrote.

Bitcoin’s network activity is 7% below its all-time high recorded in September 2024. Source: CryptoQuant

Bitcoin sees renewed inscription-driven congestion

The current congestion remains below the peaks seen during previous booms in Bitcoin inscriptions, when users embedded data such as images, text and token information directly on the blockchain.

Transaction backlogs surged in 2023 as Ordinals and BRC-20 activity competed with ordinary transfers for block space, while another spike emerged in late 2024 following the launch of the Runes protocol.

According to the report, Runes, Ordinals, BRC-20 tokens and data-timestamping services generate large volumes of low-value transactions, helping explain the sharp rise in microtransactions.

OP_RETURN, an opcode that allows data to be embedded onchain without creating spendable outputs, has climbed to near-record usage levels in 2026. It split the Bitcoin community in 2025 after Bitcoin Core developers removed a long-standing 80-byte relay limit. Critics argued the change would make it easier to use Bitcoin for non-financial data storage.

“The OP_RETURN opcode embeds up to 100,000 bytes of data onchain without creating spendable outputs, making it the standard mechanism for Bitcoin data-layer protocols,” Moreno wrote. 

These protocols generate high volumes of dust-value transactions (as low as 546 satoshis), directly explaining the low-value cohort surge.

The trend has also pushed Bitcoin’s mempool, a holding area for unconfirmed transactions, to roughly 128,000 transactions, its highest transaction count since February 2025.