BitcoinKE

Strategy has formally tied its over 840,000-bitcoin treasury to its shareholder payout strategy marking a significant shift in how the world’s largest corporate Bitcoin holder intends to monetize its digital assets without abandoning its long-term accumulation strategy.
The company has unveiled a new capital framework that authorizes future Bitcoin sales to
build U.S. dollar reserves,
fund preferred-share dividends, and
meet interest obligations.
While Executive Chairman, Michael Saylor, has long championed a ‘never sell’ approach to Bitcoin, the new policy acknowledges that the company’s massive BTC holdings have become an active financial asset rather than simply a long-term store of value.

MILESTONE | Strategy Surpasses 800, 000 Bitcoins After a Record Purchase

Strategy currently holds about 847,000 BTC, roughly 4% of Bitcoin’s total supply, making its treasury one of the largest concentrations of the cryptocurrency in the world. Those holdings have historically served as collateral supporting the company’s equity and debt fundraising, which in turn financed additional Bitcoin purchases.

The latest framework changes that equation by allowing Bitcoin itself to contribute to funding shareholder returns.

The company also raised the annual dividend on its STRC preferred shares to 12% and said its approximately $2.55 billion U.S. dollar reserve is sufficient to cover more than 17 months of preferred dividend and interest obligations. Rather than relying exclusively on issuing new securities to meet those payments, Strategy can now selectively monetize portions of its Bitcoin portfolio when necessary.
The move comes after growing investor scrutiny over Strategy’s preferred-share funding model. As STRC traded well below its $100 target price during June 2026, the company’s ability to issue new preferred shares to finance additional Bitcoin purchases weakened, increasing pressure on alternative funding sources.

CASE STUDY | The Financing Model that Fueled Rapid Expansion of Bitcoin Treasury Companies is Showing Signs of Strain

Importantly, the new policy does not signal an end to Strategy’s Bitcoin accumulation strategy.
The company emphasized that any future BTC sales are intended to
improve balance-sheet flexibility,
preserve long-term Bitcoin exposure, and
support capital management
rather than represent a strategic exit from the asset.
The board also approved up to $2 billion in share buybacks although the programs remain discretionary and may never be fully utilized.

For investors, the announcement highlights a broader evolution in Strategy’s Bitcoin treasury model.
The company’s BTC holdings are no longer viewed solely as an appreciating reserve asset used to secure financing, they are increasingly becoming a productive balance-sheet resource capable of supporting dividends, liquidity, and future capital allocation while maintaining substantial exposure to Bitcoin’s long-term upside.


Strategy’s Bitcoin Sale Sparks Debate Over Treasury Model and Future Buying Pace




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BlackRock’s iShares Bitcoin Trust (IBIT) is increasingly becoming one of the clearest indicators of institutional sentiment toward Bitcoin as traders watch whether money is entering or leaving the world’s largest spot Bitcoin exchange-traded fund.

Why IBIT is becoming a market signal:
Largest U.S. spot Bitcoin ETF by assets.
Accessible through mainstream brokerage accounts.
Its flows increasingly reflect institutional positioning.
Large inflows often coincide with improving crypto sentiment.
Large outflows can signal broader risk reduction across markets.

Data from Farside Investors cited by analysts showed U.S. spot Bitcoin ETFs recorded roughly $1.79 billion in net outflows during the June 22–26 2026 trading week with IBIT accounting for about $1.30 billion, or nearly 73% of the total withdrawals.

On June 26 alone, the ETF complex saw $444.5 million in net outflows, all of which came from IBIT.

MILESTONE | June Records the Largest Monthly Outflows for Bitcoin ETFs in 2026

That concentration is what has caught traders’ attention. Since spot Bitcoin ETFs launched in 2024, IBIT has been viewed primarily as a channel through which institutional and wealth-management capital entered the crypto market. Its rapid asset growth helped reinforce the narrative that regulated investment vehicles were absorbing Bitcoin supply and supporting prices.
Now, market participants are increasingly treating IBIT flows as a real-time barometer of risk appetite. Large inflows tend to signal renewed institutional demand, while outsized redemptions are being interpreted as evidence that traditional investors are reducing exposure to Bitcoin.

“The same ETF that validated Bitcoin for many brokerage-account investors is now being watched as a potential source of selling pressure,” one analyst wrote, arguing that IBIT has become the “marginal flow” to monitor around the closely watched $60,000 Bitcoin level.

CASE STUDY | This Massive Bitcoin Transaction Shows the Depth of Institutional Liquidity and Absorption Ability

Bitcoin was trading near $60,000 over the weekend after posting negative performance over both the previous seven and 30 days, according to market data.
Analysts say the importance of IBIT lies less in the size of a single week’s outflow and more in what it reveals about institutional behavior.

MARKET ANALYSIS | What the Collapse of Bitcoin Treasury Inflows in May 2026 to 19-Month Lows Suggests

Because the fund is the largest regulated Bitcoin access vehicle, its flows carry more informational value than movements in smaller ETFs. If IBIT stabilizes and resumes attracting capital, investors may view it as a sign that institutional demand is returning. Continued large outflows, however, could reinforce concerns that Bitcoin is facing broader de-risking from traditional investors.
The episode also highlights how Bitcoin’s market structure has evolved since the approval of U.S. spot ETFs. Rather than tracking only on-chain activity or crypto exchange flows, traders are increasingly watching ETF creation and redemption data as a leading indicator of market sentiment and potential price pressure.


INSIGHTS | How Whale Liquidations Are Emerging as Crypto’s New Trading Signal





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Nigeria’s regulated Naira stablecoin, cNGN, has recorded nearly $145 millionin cumulative trading volume across approximately 350,000 transactions, as of June 2026, since its launch in early 2025, but adoption among the country’s fintech sector remains limited as firms struggle to justify the cost of integrating another settlement asset according to several Nigerian fintech leaders.

INTRODUCING | Africa’s First Regulated Stablecoin, the Nigerian Naira-Pegged Stablecoin, $cNGN, Goes Live on Local Nigerian Exchanges

Seun Langele, a prominent Nigerian Web3 developer and founder, said cNGN’s biggest hurdle was achieving product-market fit and building distribution rather than the underlying technology.
“How many people are actually building applications on cNGN? How many fintechs have integrated it?
We can philosophize all we want on how we can become infrastructure builders, but if we operate in a culture that is distrustful of new technology, then that is not the welcoming environment for builders.”

Harri Obi, another prominent community builder within the Nigerian Web3 space said:
“For the few fintechs I’ve spoken to, the economics aren’t compelling enough,” Harri said.
“If they’re already settling via bank transfers or dollar stablecoins, adding another asset means engineering work, compliance reviews, treasury management and liquidity provisioning.”

CASE STUDY | A UK-Based e-Commerce Platform Pays African Suppliers with USDC via Flutterwave

Harri added that unless cNGN can deliver significantly lower transaction costs, faster settlement, or new revenue opportunities, many fintechs are unlikely to prioritize integration over existing payment infrastructure.

“If builders aren’t building and liquidity isn’t growing, regulation alone won’t drive adoption,” said Harri.
“Beyond fintechs and businesses, CNGN’s most important adoption drivers are developers i.e blockchain ecosystems and developer communities. Yet I haven’t seen CNGN invest meaningfully in developer activations, technical workshops, or hackathons at scale.”

“Nigerian Fintechs aren’t integrating CNGN” – Seun Langele
CNGN’s biggest challenge is product-market fit and distribution. It’s a problem that whoever owned growth never really had the bandwidth to solve.
For the few fintechs I’ve spoken to, the economics aren’t compelling… pic.twitter.com/LPkwSbBD73
— Harri (@Harri_obi) June 28, 2026
The comments underscore the challenge facing regulated local-currency stablecoins growth in on-chain activity. Backed by the Nigerian Naira and issued by a consortium of licensed financial institutions under regulatory oversight, cNGN was launched to provide a compliant digital alternative for domestic payments and tokenized finance.

STABLECOINS | Ethereum Share of Non-Dollar Local Stablecoin Market Drops to ~65% in 3 Years

One year after launch, cNGN has become one of Africa’s most active regulated stablecoin projects by transaction value. However, its transaction count suggests activity remains concentrated among a relatively small number of high-value transfers rather than widespread retail or merchant usage.
The adoption gap also reflects Nigeria’s increasingly competitive digital payments landscape. Most fintechs already rely on instant bank transfers for local settlements, while businesses involved in international payments often use U.S. dollar-backed stablecoins such as USDT and USDC, which benefit from deep liquidity and broad exchange support.
For cNGN to expand beyond regulated financial institutions and crypto-native users, industry participants say it will need to offer clear economic advantages that outweigh the costs of integration, positioning it as more than simply another digital settlement option.


OPINION | All Aboard the Stablecoin Hype Train – By Founder, Frontier Fintech





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Binance has clarified that the Ethiopian Birr (ETB) remains unavailable on its platform walking back earlier reports suggesting the exchange had restored support for the local currency after regaining access for users in Ethiopia.
The exchange said that while Ethiopian users can once again access Binance through the country’s telecom network following regulatory engagements, trading pairs and services involving the Ethiopian birr have not been reinstated.
“Binance remains committed to complying with all applicable laws and guidance from the Ethiopian authorities and will continue to support users while contributing to the long-term development of the industry in Ethiopia,” the company said.

The clarification comes after Ethiopia’s central bank tightened its stance on cryptocurrency transactions involving the birr earlier this year.
In a public notice, the National Bank of Ethiopia declared that birr-denominated peer-to-peer (P2P) cryptocurrency transactions are prohibited unless explicitly authorized, warning that such activities expose users to
fraud,
foreign exchange manipulation,
money laundering risks, and
the absence of consumer protections.

REGULATION | Binance Suspends Trading in Ethiopian Birr Following Regulatory Pressure

The restrictions prompted Binance to suspend Ethiopian birr trading on its platform in May 2026 saying it was working with regulators and hoped to restore the service in the future. The move highlighted the growing regulatory scrutiny of crypto-fiat trading channels in Ethiopia where Binance’s P2P marketplace had become an important avenue for freelancers, remote workers, importers, and businesses seeking access to foreign currency amid persistent dollar shortages.

REGULATION | Binance Birr (ETB) Trading Suspension Triggers Backlash, Exposes Ethiopia’s Hidden Crypto Economy
According to one user, the USDT-Birr market size in Ethiopia could be over $1 million daily with the most important component being the Birr-USDT P2P market.… pic.twitter.com/H7sENtl8LY
— BitKE (@BitcoinKE) May 1, 2026

Binance has not indicated when, or if, support for the Ethiopian birr will return.

REGULATION | Nigeria Sues Binance for $81.5 Billion in Economic Losses and Unpaid Taxes




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U.S. spot Bitcoin exchange-traded funds are on track to record their largest monthly net outflows of 2026 underscoring a sharp deterioration in institutional sentiment as the world’s largest cryptocurrency slipped below the psychologically important $60,000 level.


The funds have shed more than $3.6 billion in June 2026 surpassing previous monthly withdrawals this year and reversing much of the steady inflows seen earlier in 2026. The latest wave of redemptions comes after several weeks of persistent selling, making June 2026 the weakest month for the asset class since the start of the year.
While the June 25’s nearly $700 million in net outflows marked the largest single-day withdrawal of the month, analysts say the broader trend is more significant than any individual trading session. June’s sustained selling reflects institutional investors steadily reducing exposure to Bitcoin rather than reacting to isolated market events.

Several macro-economic factors have combined to drive the exodus.

Stronger-than-expected U.S. economic data has reduced expectations for near-term Federal Reserve rate cuts lifting Treasury yields and making fixed-income assets more attractive relative to non-yielding assets such as Bitcoin. At the same time, escalating geopolitical tensions and broader risk-off sentiment have prompted portfolio managers to cut exposure across volatile asset classes, including cryptocurrencies.

MARKET ANALYSIS | Spot Bitcoin ETFs Hit Historic Outflows as Other Sectors Absorb Capital

The prolonged outflows have also coincided with Bitcoin’s retreat below $60,000, triggering additional risk reduction among institutional investors and reinforcing negative market momentum. ETF redemptions have become one of the clearest indicators of institutional demand since the products launched in early 2024, making June’s withdrawals a closely watched signal for broader market sentiment.
Despite the heavy selling, some analysts argue the weakness reflects a repositioning rather than a structural loss of confidence in Bitcoin. Corporate treasury accumulation has continued even as ETF investors have withdrawn capital suggesting some institutions are opting for direct Bitcoin ownership instead of exchange-traded products.


REALITY CHECK | Bitcoin Still Trading 50% Below All-Time High Over Half a Year Later




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Bitcoin is showing fresh signs of investor capitulation after nearly 50,000 BTC were transferred to exchanges at a loss over the past 24 hours signaling mounting stress among recent buyers as macro-economic uncertainty continues to weigh on the world’s largest cryptocurrency.
On-chain data from CryptoQuant showed the realized market capitalization of short-term Bitcoin holders – investors who have held the asset for less than 155 days – fell to about $237.7 billion on June 26 2026, its lowest level since October 2024.

The metric suggests many recent buyers are now holding unrealized losses.

MILESTONE | Over Half of All Bitcoins in Circulation in Unrealized Loss, the Highest on Record

CryptoQuant data also showed roughly 50,000 BTC from short-term holders flowed to exchanges at a loss during the past day marking the largest such movement since early June 2026.
Around 9,500 BTC of those transfers were sent to Binance, the highest daily reading for the exchange this month.
The increase in loss-driven selling comes as institutional demand has softened with the Coinbase Premium Index remaining negative for about 40 consecutive days suggesting weaker buying interest from U.S. professional investors relative to global markets. Stronger-than-expected U.S. inflation and economic growth data have also reduced expectations for near-term monetary easing limiting appetite for risk assets such as cryptocurrencies.

INSTITUTIONAL | Bitcoin ETF Boom Stalls as Trump-Era Inflows Evaporate

Despite the selling pressure, long-term investors continue to accumulate Bitcoin. CryptoQuant data showed inflows into accumulation addresses climbed to a record 181,000 BTC this week indicating that long-term holders are absorbing supply even as short-term traders exit positions.
Historically, periods of elevated capitulation among short-term holders have coincided with major market bottoms although analysts cautioned that such signals reflect heightened stress rather than confirming that Bitcoin has reached a price floor.

REALITY CHECK | Bitcoin Still Trading 50% Below All-Time High Over Half a Year Later




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China has authorized Standard Bank Group Ltd. and Industrial and Commercial Bank of China (ICBC) to establish a Renminbi clearing network spanning 19 African countries, expanding Beijing’s efforts to embed the Yuan more deeply into one of its fastest-growing trading relationships.
The approval from the People’s Bank of China gives businesses and financial institutions across much of Africa direct access to China’s domestic financial infrastructure allowing cross-border transactions to be settled in Renminbi without relying on intermediary currencies such as the U.S. dollar. The two lenders will jointly operate as the Renminbi Clearing Bank of Africa, marking the continent’s largest coordinated Yuan-clearing initiative to date.
The move reflects Beijing’s broader campaign to internationalize the Yuan as geopolitical tensions and shifting trade patterns encourage emerging markets to diversify payment channels. While the U.S. dollar remains the dominant global settlement currency, China has steadily expanded alternative infrastructure through its Cross-Border Interbank Payment System (CIPS), bilateral currency swap agreements, and offshore Yuan clearing centers.

Africa has become an increasingly important test case for that strategy.

BANKING | Standard Bank Becomes First African Bank to Connect Directly to China’s Cross-Border Payment System (CIPS)

China remains the continent’s largest trading partner with bilateral trade rising nearly 18% last year, according to Chinese customs data. Beijing has also eliminated tariffs on imports from 53 African countries, strengthening commercial ties and increasing demand for direct Renminbi settlement.
For Standard Bank, Africa’s largest lender by assets, the approval builds on its admission to CIPS in late 2025. The bank said it processed roughly $500 million in Yuan transactions during its first four months on the network driven primarily by trade finance.

The expansion comes as African businesses increasingly pivot toward Asian suppliers.

Standard Bank’s latest Africa Trade Barometer found that 35% of companies across ten African markets now identify Asia as their preferred trading partner, up from 24% a year earlier, with China cited as the leading source of imports by most respondents.
While the new clearing arrangement is unlikely to challenge the dollar’s dominance in global finance in the near term, it lowers transaction costs, shortens settlement times, and provides African companies with greater access to Chinese capital markets. It also reinforces China’s long-term objective of making the Yuan a more widely used trade and reserve currency across emerging markets, particularly within regions where Beijing has become a dominant investor and infrastructure partner.


STABLECOINS | Chinese Warns on Potential of Stablecoins to Consolidate Dollar Hegemony




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Lagos-based fintech startup, Daya, has raised $2.4 million in a pre-seed funding round to expand its stablecoin-powered cross-border payments platform, as investor interest grows in blockchain infrastructure for global commerce.
The round was led by
Hivemind Capital,
with participation from
Lattice,
Alliance,
Globelink Holding, and
the Aptos Foundation.
Founded in 2025 by former Circle executive Aleph Lasebikan and Paul Joe, Daya is building financial infrastructure that allows businesses to collect local payments, convert currencies using stablecoins, and settle globally through a single platform.
The startup aims to hide the complexity of blockchain while reducing the cost and delays associated with traditional cross-border payments.

This Alliance DAO Nigerian Alumni Wants to Cut the Cost of Cross-Border Business Payments to as Little as 0.1% via Stablecoins

The new funding will support product development and expansion as Daya targets exporters, startups, freelancers, and businesses that regularly move money across borders.
The raise reflects a broader shift in African fintech, where startups are increasingly leveraging stablecoins to modernize international payments and treasury operations rather than focusing solely on consumer crypto services.

STABLECOINS | Nigerian Startup, Grey, Processes Over $60 Million via Stablecoins in Just 4 Months After Product Launch




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Singapore’s financial regulator has placed decentralized derivatives platform, Hyperliquid, on its Investor Alert List intensifying scrutiny of one of crypto’s fastest-growing trading venues and highlighting a growing regulatory challenge facing decentralized finance (DeFi).
The Monetary Authority of Singapore (MAS) added Hyperliquid to the public warning list on June 26 2026 cautioning investors that entities appearing on the register may be perceived as licensed or regulated when they are not. The list is intended as a consumer protection measure and does not constitute an enforcement action or a finding of legal wrongdoing.
Hyperliquid responded by saying the protocol remains permissionless infrastructure rather than a centralized financial intermediary adding that it has never claimed to be licensed by MAS. The project said users retain custody of their assets while transactions settle transparently on-chain.
The development represents one of the clearest examples yet of regulators shifting their attention from blockchain infrastructure itself toward the user-facing applications that provide access to decentralized markets.

EDITORIAL | Centralized Exchanges Are Moving On-Chain – Here is Why This is No Longer Optional

Unlike centralized crypto exchanges, DeFi protocols cannot easily be shut down once deployed on-chain. Instead, regulators are increasingly focusing on websites, interfaces, marketing materials and jurisdiction-specific consumer protections that connect retail investors to those protocols.

The Singapore warning follows similar regulatory attention elsewhere.

REGULATION | SEC Philippines Issues Public Investor Alert Over Unauthorised dYdX and 6 Other Crypto Trading Platforms

Earlier this month, the UK’s Financial Conduct Authority warned that Hyperliquid and affiliated entities may be offering or promoting financial services without authorization underscoring growing concerns over decentralized perpetual futures platforms operating across multiple jurisdictions.

The Financial Conduct Authority (FCA) on the Crypto Asset AML / CFT Regime in the United Kingdom

The scrutiny comes despite Hyperliquid emerging as one of crypto’s largest decentralized derivatives platforms. The protocol has become a dominant venue for perpetual futures trading while its native HYPE token has grown into one of the industry’s largest digital assets by market capitalization. Its rapid growth has also drawn attention from traditional financial institutions exploring similar market structures.
For the broader DeFi sector, the MAS warning highlights a regulatory gray area that many protocols may increasingly face. While decentralized settlement and self-custody reduce reliance on centralized intermediaries, regulators continue to expect clear disclosures around
licensing status,
jurisdictional restrictions, and
the consumer protections available to users.
Industry observers say the case could become a blueprint for how regulators supervise permissionless financial infrastructure without directly targeting the underlying blockchain protocols.
Rather than banning decentralized networks, authorities appear increasingly willing to regulate the interfaces and businesses that make those networks accessible to retail users.

REGULATION | ‘ByBit is Not Licensed or Regulated in the Country,’ Warns the Monetary Authority of Singapore




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Binance has notified users across the European Union that it will suspend some of its services after failing to secure authorization under the bloc’s Markets in Crypto-Assets (MiCA) regulation before the July 1 2026 deadline marking a major setback for the world’s largest cryptocurrency exchange in one of its key markets.
The move comes just one day after Binance withdrew its MiCA license application in Greece while insisting it was ‘not leaving Europe’ and remained committed to obtaining regulatory approval through another EU member state.
In notifications sent to customers across the bloc, Binance said certain services would no longer be available from July 1 2026 because it had not obtained the authorization required to operate under the EU’s unified crypto framework. The company told users their digital assets remain safe and that they are not required to withdraw funds by the deadline.
The suspension follows Binance’s unsuccessful attempt to use Greece as its MiCA licensing hub. Under the regulation, crypto firms must obtain authorization from an EU national regulator to passport services across the 27-member bloc.

REGULATION | Binance Operations in Europe Hang in the Balance as MiCA Deadline Approaches

Without a license, exchanges cannot legally continue serving EU customers after the transition period expires.

Binance has said it intends to re-apply for authorization through France although any approval is unlikely to arrive before the July 1 2026 deadline forcing an interruption to its European operations.
The development is another regulatory challenge for Binance following years of heightened scrutiny worldwide. The exchange agreed to pay more than $4.3 billion to U.S. authorities in 2023 over anti-money laundering and sanctions violations while founder Changpeng Zhao stepped down as chief executive after pleading guilty to related charges.
Binance has maintained that it remains committed to the European market and will continue working toward obtaining MiCA authorization describing the suspension as temporary while it pursues regulatory approval.

INSIGHTS | Why a MiCA Licensing Setback for the World’s Largest Exchange Matters




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Australia’s corporate regulator has extended temporary enforcement relief for cryptocurrency businesses by three months giving digital asset firms until September 30 2026 to comply with new licensing requirements as the country prepares to implement one of its most comprehensive crypto regulatory frameworks.
The Australian Securities and Investments Commission (ASIC) said the extension applies to digital asset businesses that may require an Australian Financial Services (AFS) licence as well as firms seeking market or clearing and settlement licences. The regulator also broadened the relief to include businesses operating through authorised representatives or intermediary arrangements with existing licence holders.
ASIC introduced the temporary ‘no-action’ position after updating its Information Sheet 225 (INFO 225) in late 2025 clarifying that many digital asset products fall within Australia’s existing financial services laws and therefore require licensing.

The regulator said it has received about 30 license applications from digital asset businesses since the updated guidance took effect but acknowledged the industry needed additional time to complete the transition.

REGULATION | Australia Bill Now Requires Crypto Exchanges & Custody to Secure a Financial Services License with Financial Regulator

The extension comes as Australia accelerates efforts to bring crypto businesses under mainstream financial regulation following Parliament’s approval of the country’s Digital Asset Framework in early 2026. The framework, scheduled to take effect in April 2027, will establish a dedicated licensing regime for digital asset platforms and tokenised custody providers.
ASIC has cautioned that firms obtaining licences under the current framework may still need to secure additional authorisations once the Digital Asset Framework becomes operational underscoring that the current relief is intended as a transitional measure rather than a relaxation of oversight.

“Many digital asset firms that apply for a licence based on INFO 225 will also need to add DAP and TCP authorisations to their licence once that regime commences,” said ASIC.

Australia has steadily adopted a more assertive approach to crypto regulation balancing stricter licensing requirements with targeted regulatory relief. In recent months, ASIC has intensified enforcement against firms operating without appropriate licences while providing transitional arrangements designed to prevent disruption for compliant businesses.

REGULATION | The Latest Binance Penalty is ‘A Clear Warning to Entities Setting Up Shop in Australia,’ Says Regulator

The regulator has maintained that digital asset activities should generally be regulated under existing financial services laws until the new framework is fully implemented.

EXPERT OPINION | Crypto Regulation Focus Should Be on the Economic Function, Not the Delivery Technology – Australian Regulator




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UBS has completed a series of joint proof-of-concept projects with Ethereum infrastructure developer, Nethermind, demonstrating that regulated financial institutions can meet stringent compliance requirements while operating on the public Ethereum blockchain, a milestone that could accelerate institutional adoption of public blockchain infrastructure.
The Swiss banking giant said the tests showed compliance controls can be implemented at the infrastructure layer without altering Ethereum’s underlying protocol preserving the network’s permissionless nature while satisfying operational and regulatory obligations expected of large financial institutions.

The experiments focused on enforcing compliance at two critical stages of Ethereum transaction broadcasting:

First, they configured an Ethereum node to apply customizable compliance policies and risk rules, including restricting transactions to approved wallet addresses and preventing interactions with selected smart contracts.

Second, they developed an infrastructure component that routes approved transaction bundles through relay services directly to selected block builders, helping ensure transactions are reliably included on-chain.

Both proofs of concept were successfully tested on Ethereum’s Sepolia testnet and did not involve live client transactions.

Andreas Kubli, Group Head of Digital Assets at UBS, said:
“At UBS, we are building the core infrastructure to support tokenized assets and digital assets, always guided by a client-led and responsible approach.
These proofs of concept demonstrate the value of close collaboration between UBS and Nethermind in shaping the next generation of compliant blockchain infrastructure.
Together, we co-designed the approach, aligned on technical and governance requirements, and validated solutions end-to-end. The results show that institutional-grade controls and public-network interoperability can be achieved without compromising Ethereum’s openness or neutrality.
We value Nethermind’s technical expertise and will continue to build on this work as the ecosystem evolves.”

STABLECOINS | Financial Institutions and Corporate Treasury Teams Driving Stablecoin Adoption in Europe

Tomasz Kurowski, Head of Enterprise Business at Nethermind, said:
“These two proofs of concept reflect Nethermind’s institutional strategy of delivering enterprise-grade Ethereum infrastructure, built on deep protocol and client expertise.
By implementing compliance controls at the infrastructure layer, we have shown that institutional requirements can be met without compromising Ethereum’s openness or interoperability. UBS has been a great partner throughout this work, pragmatic, thoughtful, and clearly at the forefront of institutional digital asset adoption.
These results provide a strong foundation for further joint development and broader partnership.”

REALITY CHECK | Lack of On-Chain Privacy Risks Holding Back Business, Corporate Payments, Says Founder, Binance

The work reflects a growing shift among global financial institutions away from private blockchain experiments toward using public blockchain infrastructure with institution-specific compliance controls layered on top.
For years, banks viewed permissionless networks as incompatible with regulatory expectations around transaction monitoring, sanctions screening and operational governance. UBS’ latest research suggests those controls can increasingly be implemented without fragmenting the underlying blockchain or sacrificing interoperability with the broader Ethereum ecosystem.
The development comes as tokenized assets continue moving from pilot programs toward production deployments. Large financial institutions including UBS have expanded investments in tokenized securities, digital cash infrastructure, and on-chain settlement systems with Ethereum emerging as one of the preferred settlement layers for institutional tokenization initiatives.

2025 RECAP | The Stealth Takeover – How Wall Street Quietly Started Building Digital Rails on Ethereum

The announcement also reflects a broader trend in financial infrastructure:
Trust is shifting from modifying blockchain protocols to securing the systems built around them.

As banks integrate AI-powered automation into transaction routing, compliance monitoring and operational workflows, cybersecurity researchers increasingly argue that AI agents should be treated as untrusted systems by default. Rather than granting autonomous software broad authority, institutions are being encouraged to apply zero-trust principles, including
continuous verification,
least-privilege access,
human oversight for high-risk actions and
cryptographic validation of outputs
to reduce operational and security risks.

EXPERT OPINION | Google and Meta Researchers Recommend AI Agentic Security Be Enforced at the Infrastructure Layer
Companies including @Google, @Meta, @Microsoft, and Amazon Web Services (@awscloud) are investing heavily in AI agents for enterprise and consumer applications.… pic.twitter.com/F6lqdfDLdO
— BitKE (@BitcoinKE) June 26, 2026
That philosophy closely mirrors UBS’ latest Ethereum work.
Instead of assuming public infrastructure is inherently compliant or that autonomous software can be fully trusted, the bank is demonstrating that compliance, governance and security should be enforced through independently verifiable infrastructure layers, a design increasingly viewed as essential as blockchain networks and AI systems become core components of institutional financial markets.

AI | AI Agents Should Be Treated as ‘Untrusted’ Systems, Say Google and Meta Researchers




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Crypto custody and infrastructure provider, BitGo, has laid off nearly 15% of its workforce as the newly public company reallocates resources toward
artificial intelligence,
stablecoins, and
institutional financial infrastructure,
becoming the latest digital asset firm to cite AI as a driver of corporate restructuring.
Chief Executive, Mike Belshe, described the cuts as a ‘one-time action,’ saying the company would focus investment on security, trading, settlement, stablecoins and AI-powered infrastructure as the digital asset industry evolves. Employees affected by the restructuring were informed before the announcement which was also disclosed in a regulatory filing.


The move comes after the firm reported its Q1 2026 losses had more than doubled amidst falling bitcoin prices and costs tied to its public listing weighed on results.

INSTITUTIONAL | BitGo Q1 2026 Losses More Than Double Despite Over 40% Growth in Client Base

The subsequent layoffs reflect a growing shift across the crypto sector where firms are increasingly replacing broad hiring with targeted investment in AI-driven automation and engineering roles rather than expanding headcount.
BitGo is not alone.
In early 2026, Coinbase eliminated roughly 14% of its workforce as part of a restructuring aimed at flattening management layers and accelerating AI adoption with CEO, Brian Armstrong, outlining plans for leaner, AI-assisted teams capable of operating with fewer employees.

REALITY CHECK I America’s Largest Crypto Exchange Cuts 14% Workforce as it Pivots to AI-Driven Operations

Other crypto companies have followed a similar path.
Crypto.com, Block and several fintech firms have also tied workforce reductions to AI deployment and operational efficiency reflecting a broader technology industry trend in which automation is increasingly replacing routine functions while companies continue hiring for specialized AI, security and infrastructure roles.

AI | Another Large Crypto Company Cuts 12% Workforce as it Integrates AI into Operations

Unlike the crypto layoffs of 2022 and 2023, which were largely triggered by collapsing token prices and bankruptcies following the FTX crisis, the latest wave is occurring during a period of renewed institutional investment and stablecoin growth. Instead of cutting costs for survival, many firms are restructuring to redirect capital toward AI capabilities they see as essential for the next generation of financial infrastructure.


Layoffs Continue to Rock Crypto World with Over 2,000 Employees Laid Off So Far in 2023 (Updated)




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Coinbase-backed Base has resumed normal operations after a roughly two-hour outage halted block production and temporarily disrupted applications running on the Ethereum layer-2 network underscoring the growing operational importance of one of crypto’s largest scaling platforms.
The interruption prevented new blocks from being produced before developers restored the network. Coinbase said the issue had been resolved and block production had resumed though it did not immediately disclose the root cause.
The outage comes as Base has become one of Ethereum’s most important scaling networks processing millions of low-cost transactions for
decentralized finance,
stablecoin transfers,
consumer applications, and
Coinbase’s expanding on-chain services.

The network ranks among the largest Ethereum rollups by users and value secured making even short disruptions noticeable across the broader Ethereum ecosystem.

MILESTONE | Base Surpasses One Million Daily Active Addresses Outpacing the Next Several Ethereum Layer 2s Combined

The incident also highlights a growing trade-off facing blockchain infrastructure. Ethereum’s scaling strategy increasingly relies on independent layer-2 networks such as Base to handle transaction throughput allowing the main Ethereum blockchain to remain decentralized while offloading execution. That architecture improves scalability but also introduces additional operational dependencies, meaning outages on major rollups can temporarily affect a significant share of Ethereum activity even if the base layer remains fully operational.
The disruption contrasts with Solana, whose reputation was once defined by repeated network-wide outages between 2021 and 2023. Since introducing major validator and networking upgrades, Solana has operated with significantly improved reliability, avoiding the prolonged chain-wide failures that previously drew criticism despite handling sustained periods of high transaction volumes.
While Base’s outage was shorter and affected only a single Ethereum layer-2 rather than the entire Ethereum network, it serves as a reminder that operational resilience remains a key competitive metric as blockchains compete for institutional and mainstream adoption.

PRESS RELEASE | Western Union Launches USDPT on Solana Advancing Regulated Digital Infrastructure for Global Payments




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Asset management giant, Invesco, has filed with the U.S. Securities and Exchange Commission to launch a tokenized money market fund designed for the rapidly expanding stablecoin reserve market marking the firm’s latest push into on-chain finance as Wall Street intensifies efforts to capitalize on digital asset infrastructure.
The proposed Invesco Stablecoin Reserves Onchain Fund would issue fund shares directly on public blockchains while investing in cash, short-term U.S. Treasuries and overnight repurchase agreements backed by Treasuries, the types of highly liquid assets commonly used to back dollar-pegged stablecoins.

The filing does not involve direct investment in cryptocurrencies.

The filing deepens Invesco’s blockchain strategy after the firm in early 2026 assumed management of Superstate’s tokenized U.S. Treasury fund, one of the largest on-chain government securities funds.

The move comes as traditional financial institutions race to secure a share of what is increasingly viewed as one of the fastest-growing businesses in digital finance:
Managing the reserve assets that underpin stablecoins.

INSTITUTIONAL | World’s Largest Asset Manager Deepening its Involvement into On-Chain Fund Offerings

Those reserves, typically held in Treasury bills, cash and money market funds, generate billions of dollars in fee-producing assets for fund managers.
Competition has accelerated following the implementation of the U.S. GENIUS Act which established a regulatory framework for payment stablecoins and specified the types of assets issuers may hold as reserves. Asset managers including
BlackRock,
State Street,
Fidelity,
Franklin Templeton and
BNY
have either launched or announced products aimed at serving stablecoin issuers.

INSTITUTIONAL | JPMorgan to Launch a Tokenized Money Market Fund Supporting Stablecoin Issuers Under GENIUS Act

Industry forecasts cited by State Street estimate the global stablecoin market could expand to between $1.9 trillion and $4 trillion by 2030, prompting major asset managers to view tokenized money market funds and reserve management as a significant long-term growth opportunity.


EXPERT OPINION | ‘Tokenized Deposits Are Probably Going to Take Over from Stablecoins ​5 Years from Now,’ Says Bank of England Policymaker




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Bitcoin’s brutal 2026 downturn has pushed a record 10.83 million BTC into unrealized losses, underscoring the scale of investor pain as the cryptocurrency struggles to hold above key long-term support levels.

REALITY CHECK | Bitcoin Still Trading 50% Below All-Time High Over Half a Year Later
Historically, major Bitcoin bear markets have not bottomed until prices move near or below their realized cost basis, currently estimated around $53,000.
Prediction markets are increasingly… pic.twitter.com/lmr1aSgJEx
— BitKE (@BitcoinKE) June 24, 2026
The figure, tracked by on-chain analytics firm, Glassnode, marks the highest amount of Bitcoin supply ever held below its acquisition price.
The milestone comes after Bitcoin shed roughly 50% of its value from its October 2025 all-time high near $126,000 extending one of the sharpest drawdowns of the current cycle.

REALITY CHECK | Bitcoin Still Trading 50% Below All-Time High Over Half a Year Later

Earlier this year, Glassnode data showed more than 400,000 BTC being accumulated between $60,000 and $70,000 as investors attempted to buy the dip. Many of those positions are now underwater as prices hover near the low-$60,000 range.
The latest reading means more than half of Bitcoin’s circulating supply is currently sitting at a loss, a condition historically associated with the later stages of bear markets. Previous instances occurred during
the 2015 downturn,
the 2018-19 crypto winter,
the March 2020 pandemic crash and
the 2022 bear market.

$BTC realized loss in 2022 stood at roughly $396 million daily average.#BearMarket2022 #Bitcoin pic.twitter.com/tHfro9O76t
— BitKE (@BitcoinKE) April 4, 2026
While those periods ultimately preceded major recoveries, the duration of investor pain varied widely.
The record loss-bearing supply highlights how rapidly sentiment has deteriorated across the market. Data from late 2025 already showed short-term holders carrying the largest underwater positions since the collapse of FTX, suggesting recent buyers have borne the brunt of the selloff.

MARKET ANALYSIS | Over 1/4 of Total Circulating Bitcoin Supply is Sitting on Unrealized Loss

Yet the on-chain picture is not entirely bearish.

Glassnode data from earlier in June 2026 indicated investors accumulated more than 250,000 BTC between $59,000 and $67,000 with buying activity spanning both retail traders and larger holders. The firm’s accumulation metrics reached their strongest level of the current drawdown signaling that some investors view current prices as an opportunity rather than a warning.
Market participants remain divided on whether the surge in supply held at a loss marks capitulation or merely another stage in Bitcoin’s correction. Some analysts argue that the metric has historically coincided with major cycle bottoms while others warn that macro-economic headwinds and a stronger U.S. dollar could still push Bitcoin toward the mid-$50,000 range before a durable recovery emerges.
For now, the record 10.83 million BTC sitting underwater serves as a stark reminder that Bitcoin’s 2026 bear market has evolved from a routine correction into a broad-based test of investor conviction.

MARKET ANALYSIS | Bitcoin Whales Bleed Billions in Q1 2026 as Losses Hit 2022 Levels





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Public whale liquidations were once viewed as little more than social media entertainment – dramatic screenshots of traders losing millions of dollars in highly leveraged bets. But on decentralized derivatives platforms such as Hyperliquid, these events are increasingly becoming a source of actionable market intelligence.
The shift stems from a structural change in market transparency.
Unlike traditional exchanges, where large positions are often hidden from public view, Hyperliquid allows traders to monitor major leveraged positions in real time. This visibility has given rise to an ecosystem of whale-tracking dashboards, liquidation monitors, and analytics platforms that follow the movements of large traders, creating what some analysts describe as a new form of on-chain market intelligence.

The result is that whale liquidations are no longer simply the consequence of market moves, they are increasingly becoming indicators of where the market may move next.

EDITORIAL | Centralized Exchanges Are Moving On-Chain – Here is Why This is No Longer Optional

From News to Predictive Signal
Crypto markets have always been heavily influenced by leverage.
Large liquidations can trigger cascading buying or selling pressure as positions are forcibly closed creating feedback loops that accelerate price movements.
Recent market events have demonstrated how concentrated whale positions can reveal hidden market vulnerabilities long before liquidation occurs.
In February 2026, the liquidation of a massive Ethereum position on Hyperliquid contributed to a broader deleveraging event that resulted in billions of dollars of forced selling across the crypto market. Analysts noted that the liquidation itself was less important than the signal it provided about excessive leverage embedded throughout the market.
Similarly, clusters of leveraged positions can act as forward-looking indicators for potential price moves. Analysts say dense liquidation zones often create self-reinforcing market dynamics as traders anticipate where forced selling may emerge.
This has led many traders to monitor liquidation maps alongside more traditional indicators such as funding rates, open interest, and spot demand.

MARKET ANALYSIS | Why Did a Bitcoin Wallet Transfer ~$40 Million After Over a Decade of Inactivity?

How Hyperliquid Changed the Game
What makes Hyperliquid unique is the public visibility of large positions.
Market participants can often estimate liquidation levels for heavily leveraged traders allowing the broader market to identify potential pressure points before they are reached.
According to research cited by 10x Research, this transparency has effectively ‘democratized whale hunting’ enabling smaller traders to collectively identify and trade around vulnerable positions that would previously have been visible only to sophisticated market makers.

In practice, this has transformed certain whale positions into market-wide events.

A number of high-profile liquidations over the past year have attracted significant attention from traders who watched liquidation levels become focal points for short-term price action. Rather than reacting after liquidations occur, market participants increasingly position ahead of these events.


Reading Whale Pain as Market Sentiment
The most useful signal may not be the liquidation itself, but what it reveals about broader market positioning.

Reading Whale Pain as Market Sentiment
The most useful signal may not be the liquidation itself, but what it reveals about broader market positioning. pic.twitter.com/c5cCLyNkTU
— BitKE (@BitcoinKE) June 25, 2026
When large bullish positions are liquidated, it often signals that leverage has become excessive and that a deleveraging cycle is underway. Conversely, large short liquidations can indicate that bearish positioning has become overcrowded, creating conditions for further upside.
Community traders have increasingly used these events as sentiment indicators. Discussions across trading communities frequently highlight shifts in liquidation balances between longs and shorts as early signs of changing market direction.
Recent Hyperliquid data has also shown that changes in whale positioning often precede broader market sentiment shifts. In late 2025, analysts observed major traders reducing bearish exposure weeks before sentiment improved across the market.


Signals Come with Caveats
Not every whale liquidation provides useful information.
Some traders intentionally attract attention while others may hedge positions on centralized exchanges making their apparent exposure misleading. Large visible positions can also become targets for coordinated trading activity creating temporary distortions rather than genuine directional signals.

THEY MADE $3 MILLION MANIPULATING $XPL
7 accounts deposited a total of $1.85M to Hyperliquid to manipulate XPL.
They pushed the XPL price up with leverage longs, then they withdrew a total of $4.63M from their collateral balances at exactly the same time, making $2.78M. pic.twitter.com/bdfevNf824
— Arkham (@arkham) April 3, 2026
Several recent incidents on Hyperliquid involving concentrated trading activity and liquidation cascades have demonstrated how whale behavior can sometimes create noise rather than predictive insight.
For that reason, professional traders typically combine whale liquidation data with:
open interest,
funding rates,
order-book depth, and
spot market flows
rather than relying on liquidation events in isolation.
The rise of transparent on-chain derivatives markets is creating a new category of market data that did not exist in traditional finance.
Whale liquidations are increasingly functioning as real-time indicators of leverage, sentiment, and liquidity risk. While they remain imperfect signals, their growing predictive value explains why liquidation trackers have become essential tools for many crypto traders.
As more trading activity migrates to transparent on-chain venues, the ability to monitor large positions and identify liquidation clusters may become as important to crypto markets as options flows and positioning data are to traditional financial markets.
In that sense, whale liquidations are no longer just viral content — they are becoming one of crypto’s most closely watched trading signals.


MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History




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Prediction market platform, Polymarket, has launched a TON-native decentralized application on Telegram allowing users to access and trade prediction markets directly within the messaging app using USDT on The Open Network (TON), the companies have announced.
The integration marks Polymarket’s latest effort to expand beyond its traditional crypto-native user base and tap into Telegram’s nearly one billion users as competition intensifies among blockchain networks seeking mainstream consumer adoption.

REGULATION | Why Indonesia Blocked Access to a Leading Prediction Markets Nationwide

The new application is powered by cross-chain infrastructure from Omniston and was developed in partnership with Top and GetGems, two prominent builders within the TON ecosystem.

Users can fund accounts and interact with prediction markets using USDT on TON without leaving Telegram.

Prediction markets allow users to buy and sell shares tied to the outcomes of future events ranging from politics and economics to sports and technology. Polymarket has emerged as one of the sector’s largest platforms, gaining prominence during recent election cycles and major geopolitical events. Academic research published this year found that Polymarket’s first-generation exchange processed more than $61 billion in cumulative trading volume between 2022 and early 2026.
The launch also strengthens TON’s position as Telegram’s preferred on-chain infrastructure. TON markets itself as a high-speed, low-cost Layer-1 network with direct access to Telegram’s global user base, while Telegram has increasingly integrated blockchain services through mini apps, payments, and wallet functionality.

LAUNCH | Telegram Launches In-App Browser and Mini App Store with Decentralized Websites and Apps

The move comes amid a broader push to bring financial applications directly into messaging platforms reducing the friction associated with external wallets and standalone decentralized applications. Developers behind the launch said Omniston’s cross-chain technology enables liquidity and market access while maintaining compatibility with TON-based assets.
The integration could provide a significant distribution channel for Polymarket as Telegram continues to deepen its relationship with the TON ecosystem and expand crypto services within the platform.


REGULATION | Brazil Blocks 27 Prediction Markets – Including Polymarket and Kalshi




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Prediction market operator, Kalshi, is in talks to raise fresh funding at a valuation of about $40 billion, less than two months after securing a $1 billion financing round that valued the company at $22 billion, according to media reports and people familiar with the matter.
If completed, the fundraising would mark another sharp increase in Kalshi’s valuation, which has climbed from $2 billion in June 2025 to $11 billion in December and $22 billion in May 2026, reflecting growing investor appetite for event-based trading markets.
The latest discussions come as prediction markets move further into the financial mainstream, attracting institutional investors and challenging traditional exchanges, sportsbooks and derivatives platforms.

Kalshi has emerged as the dominant regulated player in the sector.

The company, which operates under oversight from the U.S. Commodity Futures Trading Commission (CFTC), reported that annualized trading volume grew from $52 billion to $178 billion over the past six months, while institutional trading activity increased eightfold. Industry estimates place Kalshi’s monthly trading volume at roughly $17 billion, up from about $5 billion a year earlier.

REGULATION | Prediction Markets Fall Under Our Federal Mandate, Says Chairman, CFTC

The company has also benefited from partnerships with major brokerages and growing demand for contracts tied to sports, politics, economic indicators, and real-world events.

Kalshi’s regulatory position has become a key differentiator from rival, Polymarket.

While Polymarket built a global user base through crypto-based markets and gained prominence during the 2024 U.S. election cycle, Kalshi operates as a federally regulated exchange in the United States and has repeatedly highlighted its compliance framework and direct CFTC supervision.

REGULATION | Why Indonesia Blocked Access to a Leading Prediction Markets Nationwide

That regulatory advantage has translated into a valuation premium.

REGULATION | Kalshi Prediction Markets Secures Regulatory Approval for Institutional Traders

Polymarket has reportedly been seeking funding at around a $15 billion valuation, well below Kalshi’s current $22 billion valuation and significantly behind the $40 billion target now under discussion.
Still, Kalshi faces mounting scrutiny.
Several U.S. states have challenged the legality of some of its sports-related contracts, while CME Group recently sued the CFTC over the agency’s approval of perpetual futures products offered by Kalshi and Coinbase. Kalshi has maintained that its contracts fall under federal derivatives regulation rather than state gambling laws.
The fundraising discussions also come as the company explores a potential initial public offering, though executives have indicated any listing would likely occur no earlier than 2027.

For investors, the latest fundraising effort underscores a broader shift in financial markets:
Prediction markets are increasingly being valued not as niche betting platforms, but as regulated financial infrastructure capable of attracting institutional capital and competing with established exchanges.

REGULATION | ‘Gambling by Another Name is Still Gambling,’ Says New York as It Sues Coinbase, Gemini Over Prediction Markets Offerings




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Bitcoin’s difficult 2026 has persisted with the world’s largest cryptocurrency now trading below $62,000 – roughly 50% below its October 2025 all-time high now for over 6 months – as investors continue to unwind positions tied to the so-called ‘debasement trade.’

bitcoin:native’s decline continues as investors continue to unwind positions tied to ‘debasement trade.’ pic.twitter.com/nYAAq90BCE
— BitKE (@BitcoinKE) June 24, 2026
The decline marks one of Bitcoin’s sharpest post-cycle corrections in recent years and underscores how dramatically market sentiment has shifted since last year’s rally when investors piled into hard assets amid concerns that growing fiscal deficits, rising government debt, and persistent inflation would erode the value of fiat currencies.
Throughout 2025, Bitcoin was expected to be one of the primary beneficiaries of those fears.
Instead, much of the debasement narrative was dominated by gold and silver while Bitcoin spent most of the year trading around the $100,000 level before eventually reaching its record high in October 2025.

That narrative has since reversed.

MARKET ANALYSIS | Here Are 3 Theories Behind Bitcoin’s Fall 50% Below All-Time High

Markets are increasingly pricing in a more hawkish Federal Reserve under Chair, Kevin Warsh, with traders expecting additional rate hikes through early 2027. Higher interest-rate expectations have strengthened the U.S. dollar and reduced demand for non-yielding assets triggering broad declines across gold, silver, and cryptocurrencies.

Bitcoin’s fall below its long-term 200-week moving average has added to investor concerns with analysts closely watching whether support emerges near the $50,000-$54,000 range.
Historically, major Bitcoin bear markets have not bottomed until prices move near or below their realized cost basis, currently estimated around $53,000.

MARKET ANALYSIS | Over 1/4 of Total Circulating Bitcoin Supply is Sitting on Unrealized Loss

The correction also reflects a broader challenge facing digital assets in 2026.

While U.S. equity markets continue to benefit from enthusiasm around artificial intelligence and semi-conductor stocks, capital has rotated away from crypto markets.
Heavy spot Bitcoin ETF outflows,
weakening institutional demand, and
growing competition from high-performing technology stocks
have all weighed on sentiment.

MARKET ANALYSIS | Spot Bitcoin ETFs Hit Historic Outflows as Other Sectors Absorb Capital

Despite the sell-off, Bitcoin has still outperformed precious metals relative to their February 2026 lows, gaining roughly 30% against gold and more than 55% against silver. Yet that relative strength offers little comfort to investors who have watched Bitcoin lose half its value since setting records less than nine months ago.
The key question facing markets now is whether the current decline represents a cyclical reset after Bitcoin’s explosive 2025 rally or the beginning of a deeper crypto winter. Prediction markets are increasingly betting on further downside, with traders assigning high probabilities to Bitcoin falling below $55,000 before the end of 2026.


MARKET ANALYSIS | ‘There is No Retail Interest in Crypto Right Now,’ Say Analysts




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