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According to Bloomberg, UK Prime Minister Keir Starmer announced his resignation on June 22, stepping down after it became clear he had lost the support of his cabinet and the broader parliamentary Labour Party — a fall from power coming just two years after he led Labour back to government with a landslide majority. Starmer said he accepted the decision with "good grace," though the emotional toll was evident as his voice broke during his farewell statement while thanking his wife and family. His wife Victoria is reported to have urged him to fight on in recent weeks, but Starmer concluded over the weekend that his position was untenable.
Starmer said a new leader will be in place by September. Candidates for the leadership must secure nominations from 20% of Labour MPs, along with the support of either 5% of constituency Labour parties or at least three affiliated organizations, two of which must be trade unions.
Financial markets reacted with relative calm: ten-year gilt yields were little changed and the pound held a 0.3% decline after the announcement. Traders are now focused on whether the incoming administration will reignite concerns over the UK's fiscal outlook, adding further pressure on sterling and gilts.

CNN reported that mediators Qatar and Pakistan issued a joint statement saying the first round of US-Iran talks in Switzerland concluded in a "positive and constructive atmosphere" with "encouraging progress" achieved. The two sides agreed to establish a High Level Committee to provide political oversight of the mediation process, with chief negotiators reporting to the committee regularly and leading dedicated working groups covering nuclear issues, sanctions, and a monitoring and dispute resolution mechanism tied to the implementation of the existing memorandum of understanding.
The parties have agreed on a roadmap aimed at reaching a final deal within the 60-day window established under the MOU, with technical talks set to continue through the rest of the week in Switzerland across all outstanding issues. A notable new element is the creation of a "de-confliction cell" involving Lebanon, facilitated by Qatar and Pakistan, intended to bring an end to military operations there — a development that connects the broader Iran negotiations to the ongoing conflict between Israel and Iran-backed Hezbollah, which has continued despite a prior ceasefire agreement.

Bitcoin is consolidating around $64,000 after pulling back from its October 2025 all-time high near $126,000, and two on-chain indicators are giving conflicting answers to the market's most important question: is a bottom forming? Long-term holder realized supply is maturing in the right direction — moving toward levels historically associated with cycle bottoms. But the sales pressure indicator, which captures the final capitulation event that confirmed every prior bottom, has not produced a single signal in 1,256 days. That silence is the longest in Bitcoin's entire history.
What Long-Term Holder Realized Supply Is Showing
Bitcoin's LTH Realized Supply — the total realized supply of coins that have matured into the long-term holder cohort — currently sits at 12.17 million BTC. The metric reached a local cycle high of 12.42 million in early June before a slight pullback, but remains in a zone of strong year-over-year growth. Over the past year, LTH Realized Supply has more than doubled — a rate of growth that reflects active supply maturation and a significant transition of coins from short-term traders into a more resilient, conviction-driven holder base.
The structural implication is straightforward. As more Bitcoin moves into the long-term holder cohort, it exits active circulation — reducing the pool of coins available for immediate sale and diminishing the selling pressure that has characterized the current bear phase. Historically, strong spikes in this metric occurred during cycle-bottom phases, when price weakness drew in long-term accumulators who were absorbing supply from capitulating short-term holders.
The trend is correct. The level is not yet there.
The Gap Between Now and Historical Bottom Thresholds
LTH Realized Supply at 12.17 million BTC is still materially below the levels that coincided with confirmed bottoms in prior cycles. The metric reached approximately 15 million BTC near the 2015 bottom. It was approximately 16 million at the 2018-19 bottom. And it reached close to 19.7 million at the 2022-23 bottom — the most recent and best-documented cycle low.
The gap between today's 12.17 million and the minimum historical threshold of 15 million means Bitcoin's supply structure, while maturing, has not reached the confirmation range that prior data would identify as a bottom. Supply maturation is moving in the right direction, but the confirmation threshold has not been reached. A stronger signal would appear if the metric moves into the 15 million-plus zone — where supply maturation has historically coincided with seller exhaustion in prior cycles.
The Missing Half: 1,256 Days Without a Sales Pressure Signal
The more significant divergence — and the reason this cannot yet be classified as a capitulation bottom by historical standards — comes from Bitcoin's sales pressure indicator. This metric only activates under a specific set of conditions: NUPL must be negative, meaning the market as a whole is in an aggregate loss position, and SOPR must deviate from 1, capturing the moment when spending is happening at realized losses. Together, these conditions identify the genuine capitulation phase — when holders are forced to sell at a loss, releasing the final wave of selling pressure that clears the market before a durable recovery begins.
The indicator has not fired in 1,256 days. The last signal appeared on January 13, 2023, in the final stage of the previous bear market. The current stretch of silence is the longest in Bitcoin's entire history.
In every prior cycle, capitulation signals appeared in dense clusters around the bottom. At the 2015 bottom, multiple signals fired. The 2018-19 bottom saw sustained activation periods. The March 2020 COVID crash triggered the indicator. At the December 2018 bottom — the most severe of the modern era — the metric reached an all-time high of approximately 32%. The 2022-23 bottom similarly produced dense signal clusters, with peaks ranging from 15% to near 32%. By these standards, the current cycle is a significant historical outlier: Bitcoin has fallen 53% from its all-time high without triggering a single sales pressure signal.
The Main Divergence: Supply Side Yes, Capitulation Side No
The connection between the two indicators defines the current market's structural reality. LTH Realized Supply points toward bottom formation — supply is maturing, coins are moving into stronger hands, and the metric is trending in the direction that has preceded every major recovery. But the sales pressure indicator does not confirm it: the final capitulation stress that accompanied every prior confirmed bottom has been absent for more than three years.
This is the central analytical tension in the current market. Formal signs of "looks like a bottom" exist only on the supply side. The capitulation indicator remains silent. The current structure looks more like a phase of holding, consolidation, and supply maturation without the final stress signal than like a classic cyclical bottom that has completed its pressure release.
By the standards of 2015, 2018, and 2022, this is not a capitulation bottom. The market is in an accumulation and supply redistribution phase — which is consistent with the three-to-five month basing periods that followed similar early-stage bottom signals in prior cycles.
Why the Supply Side Without Capitulation Is Not Enough
Supply maturation is only half of the historical bottom pattern. In previous cycles, rising LTH Realized Supply was accompanied by capitulation — negative NUPL and dense series of sales pressure signals that together marked the clearing of forced sellers from the market. The second half of that pattern is missing from the current cycle.
This does not mean a bottom cannot form without the traditional capitulation signal — market structures evolve, and the unprecedented 1,256-day absence of the indicator may reflect structural changes in Bitcoin's holder base, including the emergence of ETF wrappers that absorb selling without generating on-chain UTXO movements that the metric captures. But by the classic historical framework, the absence of capitulation confirmation means the bottom cannot be declared with the same confidence that prior cycle data provided.
Two Triggers That Would Change the Assessment
Two specific developments would confirm a regime change. On the capitulation side: NUPL moving into negative territory and the sales pressure indicator producing its first signal in more than three years — confirming that the market has entered genuine loss-realization and forced-selling territory. On the supply side: LTH Realized Supply moving into the 15 million-plus zone — the minimum threshold where supply maturation has historically coincided with seller exhaustion and recovery.
Until one of those two conditions is met, the on-chain picture is best described in exactly the terms the data provides: maturing supply structure, absent capitulation, incomplete bottom. The floor may be forming. The confirmation has not arrived.

CryptoQuant's Bitcoin cycle momentum indicator has touched -30 — a reading that has appeared at every major cyclical bottom in Bitcoin's history. But analyst Gaah is clear: being in the bottom zone is not the same as confirming the bottom. The bear market continues until two specific conditions are met, and neither has been met yet.
What the -30 Reading Means
The cycle momentum indicator measures directional strength across the full Bitcoin market cycle. Readings below 0 indicate bear market conditions remain in force. Readings above 0 indicate bullish momentum has returned. The -30 level specifically represents the deepest accumulation zone in the indicator's history — the readings where prior bear markets have found their structural floor before meaningful recoveries developed.
The indicator reaching -30 in the current cycle places Bitcoin at a historically significant juncture. It is not a common reading — it requires sustained selling pressure, extended price weakness, and the kind of capitulation conditions that only develop at genuine cycle extremes. The fact that it has now touched this level is meaningful precisely because of how rarely it occurs.
Every Prior Cycle Produced a Recovery From This Zone
The -30 range has marked major support at the bottom of the 2015, 2018-19, and 2022-23 bear markets — each of which was followed by a substantial and sustained recovery. The current reading places Bitcoin in that same historically significant territory for the first time in the current cycle, adding the cycle momentum indicator to a growing list of bottom signals that have triggered throughout June.
That list now includes Bitcoin's Sharpe ratio dropping to -20 on June 11 — a level seen at each of those same three prior cycle bottoms. The RHODL Ratio has begun rolling over from its peak, matching the pattern seen at the 2015 and 2022 troughs. Glassnode's Accumulation Trend Score has held at its maximum reading of 1.0 for more than two weeks. K33 Research reports long-term holders now control a record 79% of Bitcoin's circulating supply. And 259,000 BTC have been net accumulated between $59,000 and $67,000 since June 5.
The -30 cycle momentum reading is the latest addition to this convergence — each indicator measuring a different dimension of the same underlying condition: the market is in the deep zone where bottoms form.
Why This Is Not Yet a Confirmed Buy Signal
Analyst Gaah's framing is deliberately precise, and the distinction matters. The indicator being in the -30 range creates the structural conditions for a bottom. It does not confirm one. The bear market, by this indicator's definition, continues until two conditions are met simultaneously: the price must form a recognizable bullish pattern on the chart, and the cycle momentum indicator must break above the neutral zone of 0.
Neither condition has been met as of June 22. The indicator remains below neutral. Bitcoin's price, while holding above its $59,375 cycle low, remains in a downtrend of lower highs that Standard Chartered's Geoffrey Kendrick has identified as requiring a reclaim of $83,000 to invalidate. The current range of $60,000 to $67,000 — identified by XS.com's Simon-Peter Massabni as the near-term holding zone — has produced technical bounces but not the kind of sustained directional move that would constitute a confirmed bullish pattern.
This discipline — distinguishing between bottom-zone conditions and confirmed reversals — is consistent across every credible analytical framework applied throughout this correction. CryptoQuant's "close to value, not confirmed recovery" framing from weeks ago remains accurate. The Sharpe ratio's -20 reading preceded three to five months of basing before durable recoveries in each historical case. Glassnode's maximum Accumulation Score signals the floor is forming, not that it has formed. And Galaxy Research's warning that ETF outflows are "still deepening day over day" confirms that the institutional demand signal necessary for confirmation has not yet materialized.
How This Fits the Broader Bottom Picture
The value of the cycle momentum indicator reaching -30 is not that it tells us the bottom is here — it is that it tells us we are in the zone where the bottom is likely to develop. That distinction shapes how investors should position: not as a timing signal to deploy capital immediately, but as a structural signal that the risk-reward at current levels is historically favorable for those with the time horizon to wait for confirmation.
Every prior instance of the -30 reading rewarded those who began accumulating at that level, even if they endured further volatility before the trend reversal was confirmed. The 2015 bottom required five months of basing after similar signals appeared. The 2018-19 bottom required approximately three months. The 2022-23 bottom similarly required roughly three months before a durable uptrend established itself.
If those historical timelines apply to the current cycle — which began deteriorating from the October 2025 peak near $126,000 — the base formation period is likely still underway rather than complete, and the confirmation signals Gaah identifies as necessary prerequisites may still be weeks or months away from materializing.
The Catalyst That Could Trigger Confirmation
The most proximate scheduled catalyst for the cycle momentum indicator to begin moving toward 0 is the Federal Reserve's policy trajectory — specifically whether incoming data allows the Fed to soften its hawkish stance. The June FOMC meeting's dot plot showed 9 of 18 officials projecting 2026 rate hikes, maintaining the higher-for-longer pressure that has been the primary macro headwind throughout this correction.
Core PCE — the Fed's preferred inflation measure — releases next week and represents the most immediate opportunity for that narrative to shift. A softer-than-expected reading would validate the thesis that oil's decline from $120 to $75 following the US-Iran peace deal is feeding through into measured inflation, potentially giving Warsh's Fed cover to soften its language at the next meeting. A hawkish surprise would do the opposite, extending the macro conditions that have kept institutional ETF buyers on the sidelines through six consecutive weeks of net outflows.
Until the macro backdrop shifts, the ETF flows stabilize, and Bitcoin's price forms the bullish pattern Gaah identifies as a necessary precondition, the -30 cycle momentum reading is best understood as confirmation that the current correction has reached the historical depth where major bottoms form — not as a signal that the bottom has already been reached and confirmed.

US stock futures fell Monday morning as two converging forces hit investor sentiment simultaneously: renewed Iran uncertainty after Trump issued fresh military warnings despite active Switzerland diplomacy, and the approaching Thursday core PCE release that will determine whether the Fed's hawkish June dot plot is validated or challenged. Oil reversed a significant portion of its post-deal decline. Equities pulled back. Bitcoin's $60,000-$67,000 range faces its most important macro test of the week.
What the Futures and Oil Markets Are Saying
S&P 500 futures slipped 0.4%, Nasdaq 100 futures lost 0.6%, and Dow futures declined 0.3% — a broad risk-off move across all three major US indices. Energy markets moved the opposite direction. WTI crude jumped nearly 3% to trade near $78 per barrel, while Brent climbed above $81 — reversing a significant portion of the post-Iran-deal decline that had pushed Brent toward $75 just days ago.
The simultaneous equity decline and oil surge is the clearest possible market signal: geopolitical risk premium is being rebuilt into energy prices at exactly the moment investors had begun pricing it out.
Why Iran Risk Has Returned Overnight
Market sentiment was rattled after Trump warned Iran of potential additional military action unless Tehran moved to rein in allied groups operating in Lebanon — a warning pattern that has now triggered twice before in this conflict. A ceasefire in April collapsed on similar dynamics. US strikes broke a second truce on June 9. Bitcoin gave back its entire relief rally both times.
The warning arrived simultaneously with Vice President JD Vance opening a new round of diplomatic talks with Iranian representatives in Switzerland — the same diplomatic channel through which the June 19 memorandum of understanding was signed. Active diplomacy and active military threats operating in parallel is precisely the ambiguity that markets have learned to treat with maximum caution after five months of false dawns.
How the Oil Rebound Changes the Inflation Picture
The Iran risk resurfacing matters beyond geopolitics because of its direct inflation implications. The mechanism through which the June 19 deal was expected to ease Fed pressure was specific: Hormuz reopening → oil declining toward pre-war levels → energy-driven CPI decelerating → Fed rate hike pressure easing → crypto and risk asset recovery. Brent climbing back above $81 from $75 begins to close that channel before it opened.
If oil holds or extends gains through the week, core PCE Thursday becomes a more consequential event rather than a confirmatory one. The June CPI data that would have reflected oil's post-deal decline has not yet been published — meaning Thursday's PCE will still reflect the higher energy environment that preceded the deal. But forward guidance from Warsh's Fed will be shaped by whether oil's post-deal decline proves durable or whether Monday's reversal signals the deal remains too fragile to anchor commodity markets.
What Thursday's Core PCE Will Determine
Economists expect core PCE — which excludes food and energy costs — to show a modest acceleration from April levels. The report arrives just days after the Fed's most hawkish dot plot in the current cycle, with 9 of 18 officials projecting 2026 rate hikes and markets having pushed forward expectations for the next rate increase. Thursday's PCE is the first major inflation print since that hawkish shift.
Two scenarios define the week. A hot core PCE print validates the hawkish dot plot, extends dollar strength, keeps Treasury yields elevated, increases rate hike probability, and raises the risk of Bitcoin's $60,000 floor being retested — the scenario SPI Asset Management's Stephen Innes warned would put gold at risk of testing $4,000 and that Goldman Sachs baked into its $500 downgrade of the year-end gold target. A soft reading provides the first concrete data confirmation that core inflation is genuinely decelerating, potentially shifting Fed language at the next meeting and giving the macro backdrop that the accumulation signals — Glassnode's 1.0 Accumulation Score, K33's record 79% LTH supply, 259,000 BTC accumulated since June 5 — have been building toward.
What to Watch: Iran Talks in Switzerland and Friday's Positioning
Two developments will shape the week before Thursday's PCE even arrives. The progress — or breakdown — of JD Vance's Switzerland talks with Iranian representatives will determine whether Monday's oil spike proves a temporary risk-premium rebuild or the beginning of a more sustained reversal of the post-deal energy decline. And Friday's weekly close will reveal whether institutional investors use any PCE-driven relief to add Bitcoin ETF exposure — the sustained inflow return that remains the missing piece in every bottom-confirmation framework applied throughout June.
Bitcoin enters the week at approximately $64,000. The on-chain structure supporting the floor is intact. The macro catalyst needed to confirm it remains Thursday's core PCE and whatever emerges from Switzerland. Both arrive this week.

Gold is expected to remain volatile next week as investors await the release of the US core personal consumption expenditures price index — the Federal Reserve's preferred inflation gauge — for clues about the central bank's rate path following this week's hawkish dot plot, according to market analysts cited by Jinshi on June 20.
Why core PCE is the key event
"With the Fed now appearing more adaptable to changing circumstances and increasingly sensitive to upcoming inflation data, every important economic data release will have an impact, but the core PCE will be a key event for both the gold and interest rate markets, and next week will be highly data-dependent," said Stephen Innes, Managing Partner at SPI Asset Management.
The core PCE reading takes on outsized importance given the context established by Wednesday's FOMC meeting. With 9 of 18 Fed officials now projecting rate hikes in 2026 and the committee's policy statement completely rewritten with reduced forward guidance, markets have fewer pre-committed signals to rely on — meaning each incoming data point, starting with core PCE, will carry disproportionate weight in shaping rate expectations until the Fed's communication framework stabilizes under Warsh.
The downside risk: a test of $4,000
Innes warned that stronger-than-expected inflation readings could boost the dollar, push up Treasury yields, and increase the risk of gold testing the $4,000 per ounce level. Gold closed the week near $4,100 — already just over $100 above that psychologically and technically significant threshold, following Goldman Sachs' decision to cut its year-end gold target by $500 to $4,900 on the assumption that the Fed's first rate cut is now pushed to March 2027.
A core PCE print above expectations would reinforce exactly the dynamic Goldman flagged: with the Fed's easy-money thesis already being repriced following the hawkish dot plot, additional confirmation of persistent inflation would extend the pressure on gold's no-yield holding cost relative to bonds and cash, pushing the metal further into territory not seen since November.
What investors should expect
Innes advised gold investors to prepare for increased volatility and remain wary of potential further selloffs heading into the data release. The framing is consistent with the broader "tactically cautious, structurally constructive" view that Goldman's commodity analysts articulated — near-term risk skews to the downside while the metal's longer-term thesis around central bank buying and currency debasement remains intact for those with a multi-year horizon.
The read-through for Bitcoin
Core PCE's significance extends beyond gold. Given Bitcoin's established pattern of moving in tandem with gold during this macro-dominated phase — both assets falling together when rate hike fears intensify, both rising together on the Iran deal's disinflationary signal — a hot core PCE print carries similar downside risk implications for Bitcoin as it does for gold. With Bitcoin closing the week at $63,671 after a volatile stretch that included the STRC selloff and the hawkish FOMC dot plot, a core PCE surprise to the upside would test the accumulation-driven resilience that has kept Bitcoin above its $59,375 cycle low, while a softer reading could provide the disinflationary confirmation that Mike McCluskey of tx identified as one of the three conditions needed for a genuine, sustained crypto market shift.

SpaceX shares fell as much as 4.6% in premarket trading on Monday as US markets reopened after a public holiday. According to Bloomberg, the move put the stock on track for a third straight decline.

US-listed spot Bitcoin ETFs have recorded their largest 30-day net outflow since launching in January 2024, with $6.35 billion exiting the products over 30 trading days, according to Galaxy Research data. The record outflow period coincides with Bitcoin falling 17.4% over the past month to approximately $64,167 — and Galaxy Research warns that daily outflows are "still deepening day over day."
The numbers in context
Cumulative net flows into US spot Bitcoin ETFs have now fallen to $53.4 billion — down from a peak of $63 billion in October 2025. Six consecutive weeks of net outflows have erased nearly $10 billion in cumulative inflows built since the funds' January 2024 launch. The 30-day record of $6.35 billion surpasses every prior outflow period in the products' roughly 18-month history, including the February 2026 correction and the November 2025 pullback.
The scale and persistence of the outflow — six weeks with daily deepening according to Galaxy Research — distinguishes this episode from prior shorter-lived redemption periods and raises the question of whether this represents a structural repositioning by institutional allocators or a cyclical response to macro pressure that will reverse when conditions improve.
BlackRock: "a million reasons" for outflows, view unchanged
BlackRock's Jay Jacobs, US head of equity ETFs, pushed back against interpreting the outflows as evidence of waning institutional conviction. "What I think is maybe sometimes misunderstood by the market is that if we see a day of outflows, there could be a million reasons why," Jacobs told CoinTelegraph. "It could be someone selling IBIT and buying BITA" — referring to BlackRock's newly launched iShares Bitcoin Premium Income ETF, which generates income through covered call options on Bitcoin holdings.
Jacobs' point is methodologically important: aggregate ETF outflow data captures redemptions but not rotations within the Bitcoin exposure ecosystem. An investor selling IBIT and buying BITA remains fully allocated to Bitcoin — but the transaction registers as an outflow from IBIT without a corresponding inflow, since BITA's underlying holdings are reflected differently in the data.
Jacobs was equally direct about BlackRock's unchanged institutional view. "Every asset class has volatility — we have over 450 exchange-traded funds within iShares. So we see inflows and outflows every day across a wide range of assets from large cap, small cap, Bitcoin, gold, etc. So in the short term, it's absolutely not something that changes the way we view the asset or the utility of the asset." BlackRock holds 765,936 BTC across IBIT with $48 billion in AUM, making it the world's largest spot Bitcoin ETF despite the outflow environment.
What's driving the outflows
The macro narrative behind the $6.35 billion in 30-day outflows is well-established at this point. Bitcoin has been pressured by US inflation accelerating to 4.2% year-over-year in May — the highest since April 2023 — alongside the ongoing US-Iran conflict that drove oil above $92 per barrel before the interim peace deal pushed it back toward $75. The Federal Reserve's response — a dot plot showing 9 of 18 officials projecting 2026 rate hikes and a completely rewritten policy statement under new Chair Kevin Warsh — has reinforced the higher-for-longer rate environment that makes non-yielding risk assets like Bitcoin less attractive relative to yield-bearing alternatives.
The 10x Research framework identified this dynamic precisely: $5.4 billion of the outflows (updated to $5.72 billion and now $6.35 billion as the 30-day window extends) originated with the April CPI shock on May 12, when institutional ETF holders reassessed their Bitcoin allocation in light of a higher-for-longer or potentially higher Fed rate path. Some portion of that selling was also attributed anecdotally to investors liquidating Bitcoin ETF positions to fund SpaceX IPO participation — a one-time event that has now passed.
The accumulation versus outflow tension
The $6.35 billion ETF outflow figure sits in direct tension with the on-chain accumulation signals that have accumulated throughout June. Glassnode's Accumulation Trend Score has been at its maximum reading of 1.0 for more than two weeks. K33 reports long-term holders now control a record 79% of Bitcoin's circulating supply. CryptoQuant's UTXO data shows 259,000 BTC net bought between $59,000 and $67,000 since June 5. Morgan Stanley added 266 BTC last week through its own Bitcoin ETF position.
The divergence between ETF outflows and on-chain accumulation suggests the selling has been disproportionately institutional and ETF-wrapper-specific, while the accumulation has been disproportionately on-chain and long-term-holder-driven. These are two different investor populations making different decisions simultaneously — which is why CryptoQuant's framing of "close to value, not confirmed recovery" has been the most accurate single characterization of the current market throughout the period.
What would reverse the trend
Jacobs himself implied the answer: a sustained return of ETF inflows. Standard Chartered's Kendrick identified this as one of three necessary conditions for confirming the cycle bottom — alongside continued Strategy buying (now confirmed twice over) and continued oil price weakness (Brent near $75, a pre-war level). With Galaxy Research noting outflows are "still deepening day over day" as of last week, that third condition remains unmet even as the other two have materialized.
Core PCE next week — the Fed's preferred inflation measure — is the next scheduled catalyst that could shift the ETF flow picture if it comes in softer than expected, providing the first concrete evidence that oil's decline to $75 is feeding through into measured inflation in a way that might shift the Fed's language and reduce the rate hike odds that are keeping institutional ETF buyers on the sidelines.

XRP is holding just above a key neckline support on its 12-hour chart, but a head-and-shoulders pattern keeps the setup bearish and points to a potential move toward $0.96. According to BeInCrypto, long-term holders (155+ days) increased net positions from about 258.95 million XRP on June 19 to roughly 264.25 million by June 21, suggesting dip-buying near current levels.
BeInCrypto cites cost-basis data showing about 56.2 million XRP last bought near the current level, while the next zone at $1.10–$1.11 holds only about 24.6 million XRP. A clean break below the neckline and $1.10 could open $1.04, then $0.96, with $0.89 below; bulls need a reclaim of $1.14 and $1.17, and a move above $1.29 to negate the bearish view.

According to Bloomberg, Asian equities rallied and oil reversed early gains Monday as diplomatic progress in US-Iran talks in Switzerland buoyed risk sentiment. The MSCI Asia Pacific Index rose more than 1%, led by technology-heavy markets in Taiwan and South Korea, where a regional tech subgauge surged nearly 3%. LG Electronics jumped over 12% in Seoul after a report that LG Group executives will visit Nvidia headquarters to discuss cooperation in physical AI and robotics.
Brent crude fell 1.5% to below $80 a barrel after earlier climbing more than 2%, while spot gold rose 1% to $4,197.76 an ounce and the 10-year Treasury yield edged up two basis points to 4.48% as cash trading resumed following Friday's US holiday. The dollar index was little changed, while the yen slipped 0.1% to 161.49 per dollar.
Iran's Foreign Ministry Spokesman Esmail Baghaei said Tehran and Washington had made progress in discussions on oil sales permits and the unfreezing of Iranian assets. Qatar and Pakistan confirmed the first session of high-level talks had concluded, with technical negotiations set to continue through the week. The session had begun on uncertain footing after reports that Iran briefly halted talks following fresh threats by Trump to strike Iran if Hezbollah continued attacks on Israel.
"The market sees the Iran agreement as fragile but not fragile enough to trigger an aggressive repricing of geopolitical risks at this stage," said Dilin Wu, a strategist at Pepperstone Group.

The Bank of England published its final stablecoin policy and draft rules Monday, delivering a meaningfully softer framework than last year's industry consultation proposed. Personal holding caps have been scrapped. A £40 billion total issuance limit has replaced them. Reserve asset requirements have been relaxed. Final rules are due by end of 2026.
What the Bank of England's Final Stablecoin Framework Actually Says
The BoE replaced individual holding caps — which would have limited how much of a given stablecoin any single user could hold — with a total issuance cap of £40 billion, approximately $52.84 billion, per stablecoin. Reserve asset requirements were also slightly relaxed from consultation proposals. The shift moves the BoE's systemic risk management approach from the individual level to the aggregate level — targeting stablecoins that could threaten financial stability at scale rather than restricting individual user participation.
Why the Bank of England Dropped Its Harder Stance
The BoE had signaled in May it was reconsidering parts of its framework after crypto companies warned that holding caps and strict reserve requirements could stifle adoption and push issuance offshore. The final framework reflects that feedback directly. Individual caps were operationally unworkable for institutional transactions, and the reserve proposals had been criticized as making UK stablecoin issuance economically unviable relative to lighter-touch offshore alternatives. The £40 billion issuance threshold is large enough to accommodate meaningful institutional adoption while giving the BoE a macro-prudential tool if any single stablecoin grows toward systemic relevance.
How This Compares to Prior BoE Proposals and Global Frameworks
The softened UK approach arrives in a competitive global context. The US passed stablecoin legislation this year explicitly designed to enhance dollar stablecoin dominance — a framework that, as Kong Jianping noted, poses direct competitive pressure to non-dollar stablecoin initiatives. The UK's lighter final rules may reflect an acknowledgment that overly restrictive regulation would cede ground to dollar stablecoins and offshore issuers without meaningfully reducing systemic risk. Japan is bringing crypto assets under its Financial Instruments and Exchange Act. The FCA proposed 10% crypto ETN allocations for retail funds earlier this month. The BoE's stablecoin softening is part of a synchronized global regulatory normalization.
What the UK's Broader Crypto Regulatory Picture Looks Like Now
Monday's stablecoin framework is the latest piece in the UK's accelerating crypto regulatory buildout. The FCA and BoE have been jointly consulting on crypto custody and staking rules alongside the stablecoin framework. In April, the FCA made new rules for tokenized funds. Earlier this month, the FCA proposed allowing retail funds to hold up to 10% in crypto ETNs. Together, these developments position the UK as one of the most proactively constructive major jurisdictions for institutional crypto adoption — one that is building a comprehensive framework across stablecoins, custody, staking, tokenization, and retail access simultaneously.
What to Watch: Finalization by Year-End and the Rate Cut Window
The BoE targets final rule publication by end of 2026 — timing that would deliver a live UK stablecoin regulatory framework in early 2027. Goldman Sachs has identified March 2027 as the likely window for the Fed's first rate cut and the broader liquidity improvement that historically accelerates stablecoin adoption alongside crypto market recovery. A finalized UK framework arriving at exactly that juncture positions UK-domiciled stablecoin issuers to benefit from both regulatory clarity and improving macro conditions simultaneously. The draft rules published Monday are the most important step toward that outcome.

Morgan Stanley has amended its S-1 filings with the SEC for two upcoming crypto ETFs — an Ethereum product trading as MSSE and a Solana product trading as MSOL — revealing fees of just 0.14% for both. Bloomberg ETF analyst Eric Balchunas described the pricing as "the cheapest in the US and world" for both asset classes.
The fee comparison: undercutting every existing rival
The current lowest-fee spot Ethereum ETF in the US is Grayscale's Ethereum Staking Mini ETF at 0.15%. Morgan Stanley's 0.14% MSSE would undercut that by one basis point, becoming the most competitively priced Ethereum ETF in existence. On the Solana side, Franklin Templeton's SOEZ currently holds the lowest fee at 0.19% — Morgan Stanley's MSOL would undercut it by five basis points, again claiming the global low.
One basis point may sound trivial, but in the competitive ETF market it is decisive. Fee-conscious institutional allocators systematically favor the cheapest equivalent product, and a global record low creates a marketing anchor that draws assets regardless of the magnitude of the fee difference. BlackRock demonstrated this dynamic with IBIT — the combination of brand, liquidity, and competitive pricing created a self-reinforcing inflow flywheel that ultimately captured more than $48 billion in AUM.
Second amendment signals imminent SEC approval
This is the second time Morgan Stanley has updated its ETF filings since the original January submissions — a detail that carries procedural significance. S-1 amendments typically signal that the SEC is close to approving the products for trading. If approved, MSSE would become the 11th spot Ethereum ETF in the US and MSOL the seventh spot Solana ETF — entering markets that are already established but where competitive fee pressure and brand differentiation continue to matter for asset accumulation.
Staking built in: Figment, Galaxy, and Coinbase Canada
Both ETFs include staking exposure. Figment, Galaxy Blockchain Infrastructure, and Coinbase Canada will provide staking services for each product, with a 5% fee applied to staking rewards earned by the fund. The inclusion of staking differentiates MSSE and MSOL from purely passive spot exposure products — allowing investors to earn yield on their ETH and SOL holdings through a regulated, traditional brokerage account wrapper, consistent with the "Great Convergence" theme BlackRock's Jay Jacobs described earlier this week.
The staking yield component is particularly relevant for Ethereum, where staking returns have been cited by Bitmine's Tom Lee as the structural advantage that makes Ethereum treasury companies — including Bitmine's 5.62 million ETH position — more sustainable than Bitcoin treasury companies that generate no passive cash flow. A Morgan Stanley Ethereum ETF offering staking yield at the world's lowest fee creates a product that addresses both the cost-sensitive institutional allocator and the income-seeking retail investor simultaneously.
The fee strategy: Morgan Stanley's playbook for late entry
Low fees are a deliberate Morgan Stanley strategy for entering a crypto ETF market already dominated by BlackRock and Fidelity. Its Bitcoin ETF, launched in April at 0.14%, demonstrated the approach works in practice — recording $30.6 million in first-day inflows and accumulating $331 million in total inflows since, surpassing ETFs from Invesco, Franklin Templeton, and CoinShares, all of which launched in January 2024 with higher fees. The same logic applied to MSSE and MSOL suggests Morgan Stanley expects fee leadership to offset its later market entry, capturing AUM from investors who want the cheapest available exposure to each asset class.
The broader context: crypto ETF market expansion continues
Morgan Stanley's Ethereum and Solana ETF filings arrive as the crypto ETF landscape continues expanding at a pace that would have seemed improbable even two years ago. BlackRock launched BITA, its covered-call Bitcoin income ETF, this week. VanEck launched the first US spot BNB ETF. The UK's FCA proposed allowing retail funds to hold up to 10% of assets in crypto ETNs. And the US SEC is reportedly preparing a framework for tokenized stock trading. The infrastructure layer connecting crypto and traditional finance is being built at every level simultaneously — and Morgan Stanley's entry into Ethereum and Solana with the world's cheapest products is the latest and most cost-competitive addition to that infrastructure.

A Japanese corporate pension fund serving approximately 1,200 small and medium-sized businesses is planning to allocate roughly 1% of its assets to cryptocurrency during fiscal year 2026 — a milestone for institutional crypto adoption in Japan, where pension funds have historically maintained conservative, yen-heavy investment profiles.
According to Nikkei, the Nationwide Business Corporate Pension Fund, based in Okayama, will invest through a passive fund managed by an unnamed major hedge fund that holds multiple crypto assets. The pension fund manages approximately 21.3 billion yen in assets — roughly $130 million — meaning the 1% allocation would represent approximately 213 million yen, or about $1.3 million, entering the crypto market through institutional channels.
A conservative fund making an unconventional move
The fund's current allocation illustrates how conservative its baseline positioning has been: 80% in yen, 15% in US dollars, and 5% in other currencies. The pension fund is adding crypto as part of a broader effort to diversify exposure — a motivation that mirrors the rationale driving corporate treasury Bitcoin adoption globally, but applied here to a small and medium-sized business pension pool rather than a large institutional allocator.
The absolute dollar size of the allocation is modest. The significance lies in the precedent and the signal: a Japanese corporate pension fund with fiduciary obligations to 1,200 participating businesses has concluded that a small crypto allocation is appropriate for its risk profile and investment mandate. If that reasoning spreads to other similarly structured pension funds across Japan — and there are thousands of them — the aggregate institutional demand generated could be substantially larger than this single fund's $1.3 million position.
Japan's regulatory environment is actively enabling this shift
The pension fund's planned allocation arrives amid a rapid acceleration of Japan's digital asset regulatory framework. On June 11, Japan's House of Representatives passed legislation that would bring crypto assets under the Financial Instruments and Exchange Act — subjecting digital assets to rules more closely aligned with conventional financial products. The legislation is expected to proceed to the House of Councillors and could create a path for crypto ETFs in Japan, while also supporting a shift from the current maximum 55% tax rate on digital asset gains to a 20% flat tax rate — a change that would dramatically reduce the tax friction discouraging Japanese retail and institutional participation in crypto markets.
The regulatory direction in Japan is unambiguous: digital assets are being integrated into the traditional financial framework rather than regulated separately or restricted, and the pace of that integration is accelerating.
A broader Japanese institutional crypto wave
The pension fund move is part of a broader pattern of Japanese financial institutions building crypto exposure across multiple dimensions simultaneously. SBI Shinsei Bank has begun testing a deposit-linked rewards program offering vouchers redeemable for Bitcoin, Ether, or XRP — ahead of a planned permanent launch this autumn, effectively introducing crypto exposure through traditional banking relationships for the first time. Metaplanet, Japan's largest publicly listed Bitcoin holder, acquired Siiibo Securities for 2.1 billion yen on June 12, with plans to develop and distribute Bitcoin-linked yield products through a newly formed securities arm. Japan's Liberal Democratic Party has previously proposed a formal framework for crypto ETF trading.
The global institutional context
Japan's pension fund allocation adds to a widening global picture of institutional crypto adoption occurring across multiple jurisdictions simultaneously. The UK's FCA has proposed allowing retail funds to hold up to 10% in crypto ETNs. Morgan Stanley filed the world's lowest-fee Ethereum and Solana ETFs. BlackRock's IBIT has accumulated $48 billion in AUM despite six weeks of net outflows. Goldman Sachs, Morgan Stanley, and other major banks are actively developing tokenized asset infrastructure. And Standard Chartered's Kendrick has argued that the current bear market accumulation dynamic — with 79% of Bitcoin supply in long-term holder hands — is consistent with every prior cycle bottom that preceded major institutional adoption phases.
A 1% allocation from a $130 million Japanese pension fund may not move Bitcoin's price. But as a data point in the accumulation narrative — adding an institutional precedent from a jurisdiction with strict fiduciary standards and historically conservative investment mandates — it contributes to the picture of structural demand building beneath the surface of six weeks of ETF outflows and a $64,000 range-bound price.

Sunday's four Group G and H fixtures delivered drama at every turn: Spain swept aside Saudi Arabia to announce themselves as genuine title contenders, Mohamed Salah wrote his long-awaited World Cup story against New Zealand, Cape Verde produced yet another stunning result by holding Uruguay, and Belgium stumbled to a goalless draw with Iran — finishing with ten men — to leave their knockout hopes on a knife's edge.Spain were electric in Atlanta, dismantling Saudi Arabia 4–0 in a display that instantly erased memories of their drab opening draw with Cape Verde. Lamine Yamal, returning from a hamstring injury, needed just ten minutes to open the scoring, sliding in at the far post to convert Mikel Oyarzabal's delivery — only Pelé has scored a World Cup opener at a younger age. Oyarzabal then ran riot, adding two more goals within 13 minutes: the first a crisp finish after Saudi Arabia collapsed at a corner, the second a composed side-foot following a flowing team move. Marc Cucurella forced the fourth just after the break and Spain were already coasting — Yamal withdrawn at half-time, Merino and Nico Williams given cameos as the game wound down. Saudi Arabia barely got a look-in. Spain look every inch the tournament favourites their ranking suggests.The day's most emotional moment came in Miami, where Egypt ended a 92-year wait for a World Cup victory. Against New Zealand, the Pharaohs fell behind to Finn Surman's 15th-minute header and looked set to continue their long history of near-misses. Hassan's half-time adjustments changed everything. Mostafa Zico equalised with a headed finish in the 58th minute, then Salah — who had endured injury misery in 2018, missed out in 2022, and a difficult final season at Liverpool — took matters into his own hands. A sharp one-two with Zico on the edge of the area, a low finish into the corner, and Egypt led for the first time. Substitute Trezeguet headed home Salah's corner to seal a historic 3–1 win. It was Salah's 68th international goal, one short of his manager Hassan's Egypt record. "It's a great achievement," Salah said. "A great vibe." Egypt top Group G and need only a point against Iran to reach the last 32 for the first time.Belgium delivered the afternoon's most frustrating performance in Vancouver. Facing an Iran side unbeaten but yet to score in the tournament, the Red Devils mustered little of note across 90-plus minutes against a well-organised defensive block. Romelu Lukaku and Kevin De Bruyne, both working their way back from hamstring injuries, looked short of sharpness throughout — De Bruyne still conjured the game's best chance, crossing for Maxim de Cuyper, who could not convert. Defender Nathan Ngoy was sent off late on for a second booking, compounding Belgium's misery. "Their two best players are not match-fit," said Patrick Vieira. "Belgium didn't impress." The Red Devils must beat New Zealand in their final match and rely on other results to stay alive.In Miami Gardens, Cape Verde's fairy tale continued. Having held second-ranked Spain to a 0–0 draw in game one, the tiny Atlantic island nation came from 2–1 down to earn a point against two-time winners Uruguay. Kevin Pina's free-kick — straight through the middle of the wall — gave Cape Verde a 21st-minute lead. Uruguay hit back through Maxi Araujo's header and Agustín Canobbio's close-range finish to lead at half-time. But Cape Verde equalised when Helio Varela pounced on a calamitous Mathias Olivera backpass to steer the ball into an empty net. Uruguay thought they had won it when Valverde bundled the ball home late on, only to be flagged offside. Both sides sit on two points with their fate still undecided — and Cape Verde, ranked 67th in the world, are writing one of the tournament's great stories.Upcoming Matches for June 22 (all times ET):1:00 PM, Dallas Stadium, Dallas — Argentina vs. Austria (Group J)5:00 PM, Philadelphia Stadium, Philadelphia — France vs. Iraq (Group I)8:00 PM, New York/New Jersey Stadium, New Jersey — Norway vs. Senegal (Group I)11:00 PM, San Francisco Bay Area Stadium, San Francisco Bay Area — Jordan vs. Algeria (Group J)

According to Bloomberg, Hong Kong Financial Secretary Paul Chan said the city is in active discussions with Chinese authorities to expand cross-border investment channels, including granting mainland investors access to Hong Kong IPOs and raising southbound quotas under the existing Connect programs. The proposals include lowering qualified investor entry thresholds, broadening eligible product categories, and extending cross-border access to Shanghai's tech-focused Star Market. The push comes after Beijing last month launched its most aggressive campaign yet against unauthorized offshore trading, with the China Securities Regulatory Commission imposing more than $330 million in combined penalties on three online brokerages for providing offshore trading services to mainland retail clients without regulatory approval; all non-compliant accounts have been ordered liquidated within two years.
Hong Kong regulators have moved in parallel, requiring local banks to obtain explicit declarations from new clients confirming that investment funds originated outside mainland China. Chan framed the compliance tightening as complementary to market deepening, telling China Daily that bringing cross-border flows into a regulated framework will reassure Beijing and create conditions for further relaxation of outbound asset allocation. Net southbound inflows via Stock Connect exceeded HK$1.4 trillion ($178.6 billion) in 2025 — a record since the program's 2014 launch. While an "IPO Connect" mechanism has long been a Hong Kong ambition, the proposal has historically encountered resistance from risk-averse regulators in Beijing.

According to the announcement from Binance, the exchange will open spot trading for the XLM/U and XLM/USD1 trading pairs at 2026-06-23 08:00 (UTC), expanding the available trading options on Binance Spot. The company also said it will enable Trading Bots services at the same time for these pairs, specifically through Spot Algo Orders for XLM/U and XLM/USD1.
Zero-Fee Promotion Details
Binance said it will introduce a zero-fee promotion for eligible users on U spot and margin trading pairs, with the schedule specifying that all eligible users will receive zero maker fees on the XLM/U spot and margin trading pairs (if applicable). The validity period is set to run from 2026-06-23 08:00 (UTC) until further notice. Binance added that during the validity period, standard taker fees will apply to all users for XLM/U, and trading volume for these pairs will count toward all users’ VIP tier volume calculation. The announcement also noted that standard trading fees will apply after the validity period ends.

SK Hynix’s market capitalization rose intraday to $1.35 trillion, up 5.61% over the past 24 hours, moving ahead of Bitcoin’s total market capitalization of $1.29 trillion.
According to Odaily, data from 8MarketCap showed SK Hynix climbed to 16th in the global asset market-cap rankings, while Bitcoin fell to 18th.

According to Odaily citing SoSoValue data, Bitcoin spot ETFs recorded a net outflow of $227 million during last week's trading days (June 14 to June 18, Eastern Time).
The Bitcoin spot ETF with the largest net outflow last week was the Grayscale Bitcoin Trust GBTC, with a weekly net outflow of $156 million. GBTC's total historical net outflow now stands at $27.01 billion. This was followed by the Ark & 21 Shares ETF ARKB, which saw a weekly net outflow of $50.1627 million, bringing its total historical net inflow to $1.2 billion.
The Bitcoin spot ETF with the largest net inflow last week was the Grayscale Bitcoin Mini Trust BTC, with a weekly net inflow of $14.9529 million. BTC's total historical net inflow has now reached $2.31 billion.
As of press time, the total net asset value of Bitcoin spot ETFs stands at $78.32 billion, with the ETF net asset ratio (market value as a percentage of Bitcoin's total market cap) at 6.19%. The cumulative historical net inflow has reached $53.4 billion.

South Korea’s Financial Intelligence Unit (FIU) proposed expanding the scope of the virtual asset Travel Rule to cover small-value transactions and suggested transaction restrictions on high-risk, unregistered virtual asset service providers (VASPs) at a Financial Action Task Force (FATF) plenary meeting.
According to ChainCatcher, the proposal was reported by Digital Asset and was framed as a response to rising money-laundering risks tied to cross-border digital asset transfers.
South Korea’s delegation said FATF member jurisdictions should apply the Travel Rule to both the remitter’s and recipient’s VASPs, and extend coverage to smaller transactions. Citing an increase in cases where criminal groups use overseas and unregistered VASPs, South Korea also called for stronger customer identity verification obligations and consideration of transaction limits for high-risk unregistered VASPs.
The FIU has previously advanced similar measures in a planned August revision to the Enforcement Decree of the Act on Reporting and Using Specified Financial Transaction Information, which would expand the Travel Rule’s application from transactions of 1 million won and above to transactions below 1 million won.

On Jun 22, 2026, 08:51 AM(UTC). according to Binance Market Data, SNDKB has achieved a new all-time high, trading at 2,271.72 USDT. The 24-hour increase of 1.15%

Taiko’s ERC20 Vault on Ethereum was attacked, with losses exceeding $1 million, according to Blockaid monitoring. According to ChainCatcher, Blockaid said the root cause was a defect in the verification of source-signal proofs in Taiko’s cross-chain bridge.
Blockaid reported that a crafted message proof was accepted as valid on Ethereum L1 without a corresponding legitimate MessageSent event on Taiko’s source chain. This allowed an attacker to register and withdraw fraudulent cross-chain messages, leading to the unauthorized release of assets from the ERC20 Vault.

Mohamed Salah led Egypt to their first-ever World Cup victory as they came from behind to beat New Zealand 3-1 on Sunday, moving top of Group G, according to Yahoo Sports. Finn Surman headed New Zealand in front in the 15th minute from Tim Payne’s corner before Mostafa Zizo equalised in the 58th, Salah scored nine minutes later after combining with Zizo, and Trezeguet added a third from Salah’s corner. Egypt, who drew 1-1 with Belgium in their opener, have four points from two matches, while New Zealand sit bottom with one point after a 2-2 draw with Iran.

According to the announcement from Binance, the platform will launch a new Word of the Day (WOTD) game with the weekly theme “Multi-Asset Superapp” during 2026-06-22 00:00 (UTC) to 2026-06-28 23:59 (UTC）. Binance said WOTD is an educational word-guessing game designed to help users build crypto-related vocabulary and follow market developments. Eligible users may play up to two WOTD games per day during the activity period.
Reward Pools and Eligibility: Binance said users who record at least three correct answers during the activity period will be eligible to share a 12 BNB reward pool. Distribution will be based on each eligible user’s proportion of correct answers relative to the total correct answers of all eligible users, with a maximum reward cap of 0.01 BNB per user. Binance also said users who meet the three-correct-answers threshold and participate on five or more separate days during the activity period will be eligible to equally share an additional 3 BNB reward pool. Rewards are scheduled to be distributed by 2026-07-13 23:59 (UTC) to users’ Rewards Hub, and vouchers must be claimed before expiration.
Second Game Access and New User Offer: Binance said users can enable a second daily WOTD game after completing the first game by using the “Get A New WOTD” button and sharing a featured link on social media, which unlocks the second game once clicked by a logged-in user. Separately, Binance said new users who register during the activity period using the “WOTD” referral code or via the referral link will receive 10% off Spot trading fees, and may qualify for additional welcome rewards by completing tasks in the Rewards Hub within 14 days after registration.

Cape Verde drew 2-2 with two-time champions Uruguay in Miami as Kevin Pina and Helio Varela scored to earn a point in Group H, according to Yahoo Sports. Pina put Cape Verde ahead with a long-range free-kick in the 21st minute before Maxi Araujo headed Uruguay level after a Sidny Lopes Cabral flick, and Agustin Canobbio made it 2-1 in first-half stoppage time. Cape Verde equalised when Mathias Olivera’s attempted pass across his own box was intercepted by Varela, who rounded the goalkeeper and finished into an empty net; Federico Valverde later had a potential winner ruled out for offside. Uruguay are second and Cape Verde third in Group H with two points from two games.

On Jun 22, 2026, 08:51 AM(UTC). according to Binance Market Data, MUB has achieved a new all-time high, trading at 1,172.75 USDT. The 24-hour increase of 2.37%

Iran boosted its chances of reaching the World Cup Round of 32 with a 0-0 draw against 10-man Belgium on Sunday in Los Angeles. Belgium fullback Nathan Ngoy was sent off in the 66th minute for denying a goal-scoring opportunity when he fouled Iran forward Mehdi Tahremi, and Belgium later substituted Romelu Lukaku as it played for the tie, according to Yahoo Sports.
Both teams have two points: Iran opened with a 2-2 draw vs. New Zealand and Belgium drew Egypt. Iran has never advanced from the group stage in six previous World Cup appearances, while Belgium played without ill forward Jeremy Doku and created few clear chances despite Kevin De Bruyne, Leandro Trossard and captain Youri Tielemans featuring.

Spain scored three goals in the first 24 minutes and cruised to a 4-0 Group H win over Saudi Arabia on Sunday, with Mikel Oyarzabal scoring twice after Lamine Yamal opened the scoring from Oyarzabal’s cross. Spain’s fourth goal came early in the second half when Marc Cucurella’s shot went in off Saudi Arabia defender Hassan Al-Tambakti for an own goal, according to Yahoo Sports.

Hong Kong will launch a new gold clearing system in July, according to Ming Pao, citing Bloomberg and people familiar with the matter.
The report said that among the 11 banks participating in the system, at least four are said to be importing large gold bars.

Gold held a decline after US President Donald Trump issued a fresh threat to strike Iran, raising tensions during high-level talks to find a permanent resolution to the war that has roiled global markets, according to Bloomberg.

Gold rose after negotiators cited progress in talks between the US and Iran to find a permanent resolution to the war that has roiled global markets. According to Bloomberg, negotiators said the discussions had made headway.

SK Hynix’s market capitalization has surpassed Samsung Electronics’ market capitalization, according to an analyst.
According to Odaily, Citrini analyst jukan wrote on X that SK Hynix’s market capitalization reached 209.11 trillion won, exceeding Samsung Electronics’ 209.04 trillion won, excluding preferred shares.

The Kobeissi Letter said on X that a Hong Kong-listed 2x leveraged long ETF tied to SK Hynix has reached $13 billion in assets under management, a record high.
According to Odaily, the figure has more than tripled over the past two months, making it the second-largest product among about 250 listed ETFs in Hong Kong.
The Kobeissi Letter added that the fund accounts for about 13% of total assets in Hong Kong’s local ETF market. It also said the ETF has set a record for the fastest growth in assets under management among Asian ETFs, ranking fourth globally.
The post said the fund launched in October 2025, less than eight months ago.

US stock futures fell and oil climbed as talks between Washington and Tehran were clouded by a renewed threat from US President Donald Trump to strike Iran. The pound slipped on speculation around Keir Starmer’s future as UK prime minister, according to Bloomberg,

South Korea’s presidential policy chief said policymakers need to consider how gains from the country’s chip-led boom will spread through the broader economy. In the warning, according to Bloomberg, the official said excess liquidity has historically found its way into the property market.

Asian stocks rallied while oil erased early gains as the US and Iran agreed on a roadmap toward reaching a final peace deal within 60 days. According to Bloomberg, talks are expected to continue for the rest of this week.

According to CoinMarketCap data, the global cryptocurrency market cap now stands at $2.2T, up by 0.06% over the last 24 hours.Bitcoin (BTC) traded between $63,270 and $64,824 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $64,210, down by 0.06%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include SYN, ID, and RESOLV, up by 103%, 32%, and 28%, respectively.Iran Talks Show Real Progress — But Bitcoin's Most Important Bottom Signal Has Been Silent for 1,256 DaysSwitzerland talks ended with a structured 60-day roadmap — the most concrete Iran progress yet. But Trump issued fresh military warnings the same morning and oil bounced back above $81. Thursday's core PCE now decides the week for Bitcoin. Meanwhile, on-chain data reveals a puzzle: every supply signal says a bottom is forming, but the one indicator that confirmed every prior Bitcoin bottom since 2015 hasn't fired once in 1,256 days.Starmer Resigns as UK Prime Minister After Losing Cabinet and Parliamentary Party SupportKey Takeaways:UK PM Keir Starmer announced his resignation after losing cabinet and parliamentary Labour Party support — stepping down just two years after leading Labour back to government with a landslide majority; a new leader will be in place by SeptemberLeadership candidates must secure nominations from 20% of Labour MPs plus support of 5% of constituency Labour parties or at least three affiliated organizations (including two trade unions)Initial market reaction was muted: ten-year gilt yields little changed, pound held a 0.3% decline — markets reacting to political uncertainty rather than an immediate policy shockTrader focus is shifting to whether an incoming Labour administration reignites concerns over the UK's fiscal outlook — the key risk channel for sterling and gilts as the leadership contest unfolds through the summerSummary:Starmer resigning is the most significant UK political event since the 2022 Truss mini-budget moment — but markets are treating it very differently, with contained gilt and sterling moves reflecting a "wait and see" posture rather than a fiscal panic. The crypto read-through is indirect but real: UK regulatory momentum for stablecoins, tokenized assets, and crypto ETN access has been accelerating under the current regulatory framework. A new Labour leader shifting fiscal priorities or regulatory emphasis could slow — or accelerate — that momentum depending on who emerges from the September contest. For now, the Bank of England's independent publication of the softened stablecoin framework Monday suggests the regulatory agenda continues regardless of who sits in Downing Street.1,256 Days Without a Capitulation Signal — Bitcoin Looks Like a Bottom on the Supply Side, But the Final Stress Is Absent, According to CryptoQuant's AnalystKey Takeaways:Bitcoin's Long-Term Holder Realized Supply currently sits at 12.17 million BTC — strong year-over-year growth trending in the right direction, but still materially below the 15–19.7 million BTC levels that coincided with confirmed bottoms in 2015, 2018-19, and 2022-23The sales pressure indicator — which requires both negative NUPL (market in aggregate loss) and SOPR deviation from 1 (spending at realized losses) — has not fired in 1,256 days; last signal: January 13, 2023; current stretch is the longest silence in Bitcoin's entire historyEvery prior confirmed bottom produced dense clusters of capitulation signals: the December 2018 bottom saw the metric hit ~32%; the 2022-23 bottom produced peaks from 15% to near 32%; the current 53% decline from ATH has produced zero signalsA possible structural explanation: ETF wrappers absorb selling without generating on-chain UTXO movements the metric captures — meaning the classic capitulation fingerprint may not appear even if genuine forced selling is occurring through institutional channelsTwo triggers that would change the assessment: NUPL turning negative + sales pressure firing (capitulation confirmation), or LTH Realized Supply reaching 15M+ BTC (supply maturation confirmation)Summary:Supply maturing without capitulation is the central on-chain puzzle of this cycle. The floor is forming on one side of the equation — coins moving into stronger hands, accumulation trend scores at maximum, long-term holder supply at records — while the forced-selling stress event that cleared the market in every prior cycle remains absent. Whether that absence reflects structural change (ETFs absorbing capitulation off-chain) or simply means the final flush hasn't happened yet is the question that separates the bulls from the bears right now. Thursday's core PCE and the Iran talks outcome may force the answer.U.S.-Iran Talks Reportedly Make Encouraging Progress, Mediators SayKey Takeaways:Qatar and Pakistan issued a joint statement: the first round of Switzerland talks concluded in a "positive and constructive atmosphere" with "encouraging progress"; a High Level Committee will provide political oversight with chief negotiators reporting regularlyThe parties agreed on a 60-day roadmap toward a final deal under the existing MOU framework; dedicated working groups will cover nuclear issues, sanctions, and a monitoring and dispute resolution mechanism; technical talks continue through the weekA new "de-confliction cell" involving Lebanon — facilitated by Qatar and Pakistan — directly links the Iran nuclear/sanctions talks to the ongoing Israel-Hezbollah conflict, connecting the two threads that have been the primary sources of military escalation throughout the ceasefire periodThe Lebanon de-confliction cell is the most structurally significant new element — Trump's Monday military warning specifically cited Hezbollah-linked groups in Lebanon; a functional de-confliction mechanism could reduce the trigger risk that has collapsed prior ceasefiresSummary:A joint Qatar-Pakistan statement calling progress "encouraging" with a structured 60-day roadmap and new institutional oversight mechanisms is meaningfully more concrete than prior "largely negotiated" headlines — this is process, not just optics. The Lebanon de-confliction cell is the detail that matters most: it directly addresses the Hezbollah escalation that triggered Trump's Monday military warning and has collapsed prior ceasefires. If the cell functions, it reduces the most frequent detonator of the kind of overnight escalation that sent oil surging 3% this morning. Markets have been burned enough times to wait for results rather than headlines — but this is the most structured Iran diplomatic framework yet.Trump Warns Iran, Oil Rebounds 3%, and US Futures Slide — All Eyes Now on Thursday's Core PCEKey Takeaways:S&P 500 futures -0.4%, Nasdaq 100 -0.6%, Dow -0.3%; WTI jumped nearly 3% to ~$78/bbl, Brent climbed back above $81 — reversing a meaningful portion of the post-deal decline that had pushed Brent toward $75Trump warned Iran of potential additional military action unless Tehran reined in Hezbollah-linked groups in Lebanon — a warning pattern that has triggered ceasefire collapses twice before in this conflict; each time, Bitcoin gave back its entire relief rallySimultaneous military warnings and active JD Vance diplomacy in Switzerland is the exact ambiguity markets have learned to treat with maximum caution after five months of false dawnsTwo scenarios for Thursday: a hot core PCE validates the hawkish dot plot, keeps yields elevated, raises rate hike probability, and risks a retest of Bitcoin's $60,000 floor; a soft reading provides the first concrete data confirmation that core inflation is decelerating and gives the accumulation floor something to build onOil climbing back above $81 begins to close the disinflationary channel before it opened — Hormuz reopening → lower energy → lower CPI → easier Fed → crypto recovery remains the thesis, but it needs oil to stay downSummary:Monday's oil spike is a sharp reminder that the Iran deal's disinflationary effect is only as durable as the deal itself. The mechanism the market was pricing — Hormuz reopening → oil falling to pre-conflict levels → energy-driven CPI reversing → Fed pressure easing → Bitcoin recovering — requires oil to actually stay down, and Brent reversing from $75 back to $81 in days starts to close that channel. Thursday's core PCE print arrives into this uncertainty, which makes it more consequential than it would have been if oil had held its post-deal lows. The week's setup is binary: soft PCE into resolving Iran talks = recovery confirmed; hot PCE into military escalation = floor tested again.The Bank of England Just Softened Its Stablecoin Rules — Here Is What Changed and Why It MattersKey Takeaways:The BoE scrapped personal holding caps and replaced them with a £40 billion (~$52.84B) total issuance limit per stablecoin — shifting systemic risk management from the individual user level to the aggregate/macro-prudential levelReserve asset requirements were also slightly relaxed from consultation proposals; the changes directly reflect industry feedback that holding caps were operationally unworkable for institutional transactions and strict reserves made UK issuance economically unviable vs offshore alternativesFinal rules are targeted by end of 2026 — timing that would deliver a live UK stablecoin framework in early 2027, coinciding with Goldman's projected March 2027 Fed first rate cut window and the broader liquidity improvement that historically accelerates crypto adoptionThe softened UK approach is part of a synchronized global regulatory normalization: US passed stablecoin legislation to reinforce dollar dominance; Japan bringing crypto under its Financial Instruments Act; FCA proposed 10% crypto ETN allocations for retail funds; BoE stablecoin softening completes the pictureThe BoE and FCA are also consulting simultaneously on custody, staking, and tokenized fund rules — the UK is building a comprehensive framework across every crypto product category at onceSummary:The BoE's stablecoin U-turn from personal caps to a £40B issuance ceiling is the clearest signal yet that major central banks are converging on a pragmatic "systemic risk management without adoption suppression" approach — and that global regulatory competition is forcing their hand. Overly restrictive rules don't eliminate stablecoin risk; they just push issuance offshore. The UK framework arriving in early 2027 — right as Goldman projects the Fed begins cutting and crypto liquidity conditions improve — is well-timed if the macro forecast holds. The piece that still requires resolution is whether a new Labour leader post-September maintains the same regulatory momentum the current government has built toward becoming a serious crypto hub.Market movers:NVDAB: $209.77 (-0.11%)SPCXB: $178.2 (-1.50%)MUB: $1171.56 (+2.19%)TSLAB: $395.14 (-1.83%)SNDKB: $2263.78 (+0.80%)ETH: $1745.89 (+0.98%)BNB: $592.76 (+0.62%)XRP: $1.1339 (-1.04%)SOL: $73.65 (+0.07%)TRX: $0.331 (+1.10%)

Emerging-market stocks climbed to a fresh record as the US and Iran agreed on a roadmap to a final peace deal, indicating progress in talks that have proceeded in fits and starts amid threats by US President Donald Trump. Oil fell, according to Bloomberg,

Sellers of Iranian crude to China have cut prices after the Islamic Republic began shipping out millions of barrels following an interim peace deal with the US, according to Bloomberg.

JPMorgan estimates quarter-end rebalancing could trigger up to $165 billion in equity selling before June ends, adding risk of sharp moves in crowded technology trades. According to BeInCrypto, Goldman Sachs prime brokerage data show gross hedge fund leverage hit about 294% in June 2025, a five-year high, and Goldman trader Lee Coppersmith said net leverage has since pushed to four-year highs. JPMorgan strategist Nikolaos Panigirtzoglou warned stretched semiconductor positioning could amplify pullbacks, while Japan’s $1.9 trillion Government Pension Investment Fund may sell about $60 billion. JPMorgan also flagged spillover risk to Bitcoin (BTC).

UK government bonds were little changed and the pound stayed lower after UK Prime Minister Keir Starmer said he will step down, according to Bloomberg.