BeInCrypto Global

Standard Chartered says the Bitcoin (BTC) bottom is in at $59,000, while Galaxy Research argues the true low remains months away. However, both firms now reject the brutal 80% collapse that closed every previous market cycle.
Geoffrey Kendrick of Standard Chartered made his call in a Friday client note. Meanwhile, Galaxy’s Alex Thorn released a data-heavy cycle study this week arguing for patience.
Bitcoin price chart showing the June drop to $59,000 and recovery above $63,000, alt text “Bitcoin bottom debate”, Source: BeInCrypto] Standard Chartered Calls the Bitcoin Bottom at $59,000
Kendrick, the bank’s global head of digital asset research, said the slide to $59,000 marked this cycle’s low. That level sits 53% below October’s $126,000 all-time high.
“I think we have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high)… Winter is over. Welcome back to crypto Spring,” Kendrick wrote in the note to clients.
Follow us on X to get the latest news as it happens
Two catalysts support his view. President Trump canceled planned strikes on Iran on Thursday and said a deal could be signed within days, before the June 15-17 G7 summit in Evian.
A truce could end the oil rally that pushed Treasury yields higher and punished risk assets.
SpaceX’s record $75 billion listing, the largest in history, is the second. Kendrick argued some ETF holders sold fund shares to free up cash for Friday’s Nasdaq debut.
Indeed, US spot Bitcoin ETFs lost roughly $4.3 billion across the record ETF outflow streak of 13 straight sessions.
Spot Bitcoin ETF Flows. Source: SoSoValue
Notably, the $59,000 turn sits above Kendrick’s own February forecast of a capitulation near $50,000, which he framed as a buy level for a $100,000 year-end target.
BTC traded near $63,854 as of this writing.
Galaxy Sees the Floor Closer to $40,000
Thorn, Galaxy’s head of firmwide research, reached the opposite conclusion. He said the four-year cycle is compressing, and that compression changes where the floor sits.
BITCOIN MAY NOT HAVE BOTTOMED YETHERE’S WHERE THE DATA DAYS IT COULDwe analyzed every cycle top and bottom in bitcoin’s history. the 4-year cycle is still real, but it’s compressing. and that compression changes where the floor sits pic.twitter.com/EA07kBZtEd
— Alex Thorn (@intangiblecoins) June 12, 2026
Galaxy anchored its thesis to the Bitcoin halvings that cut new supply every four years. It found that only four of the 13 signals that marked every prior bottom have triggered.
Moreover, the current 51% decline remains far milder than the 77% to 85% drops that ended past cycles.
Timing matters too. Past bottoms arrived 12 to 13 months after each top, and this cycle sits just eight months past its October peak.
Consequently, Galaxy’s base case puts the floor between $40,000 and $46,000, arriving by late 2026. That timing echoes separate calls for a bottom in October 2026.
Bitcoin Price Performance. Source: TradingView
“A calmer top has raised the floor, but it has not removed it,” read an excerpt in the Galaxy report.
The report also warns the floor itself can fall if a real panic emerges.
Where the Two Forecasts Meet
Despite the disagreement, both firms say the four-year cycle remains intact, just gentler. Galaxy’s data shows each bear market has grown shallower, shrinking from 85% to 84% to 77% across three cycles.
Market structure explains why.
Galaxy notes the aggregate cost basis of holders sits at 43.7% of the prior peak, versus roughly a third in earlier cycles.
Therefore, a classic capitulation would end at a much higher dollar price today.
ETF demand and corporate treasuries support that elevated cost basis. In contrast, retail-driven cycles produced the deep washouts of 2015, 2018, and 2022.
The coming days offer a quick test. Standard Chartered wants Friday ETF inflows, lower oil prices, and proof that Strategy’s 32 BTC sale was a one-off.
Those signals may show which forecast cracks first.

Dogecoin (DOGE) è schizzato quasi del 6% venerdì, salendo verso $0.0905 dopo che gli investitori hanno reagito all'IPO storica di SpaceX su Nasdaq. Il meme coin ha sovraperformato gran parte del mercato delle criptovalute mentre l'entusiasmo attorno all'offerta pubblica da record ha riacceso l'interesse per gli asset strettamente associati a Elon Musk.
Il rally evidenzia il crescente legame tra il sentiment di mercato, le imprese di Musk e l'attività speculativa nel settore delle criptovalute.
Dogecoin è un meme coin che spesso reagisce in modo forte a eventi importanti riguardanti Elon Musk. I suoi movimenti di prezzo sono frequentemente influenzati dal sentiment, dall'attività sui social media e dagli sviluppi legati alle aziende di Musk.

The US stock market trades higher on Friday as SpaceX (SPCX) shares jump around 22% in the largest IPO on record. Improved consumer sentiment and hopes for Middle East peace add support.
However, technology lags the rally because the $75 billion SPCX listing siphons capital from space peers and mega-cap leaders.
How Are SpaceX Shares Trading After Record Debut?
SpaceX raised $75 billion by selling 556 million shares at $135 each, the biggest IPO in history. The stock opened at $150, well below the $175 level that trading desks initially indicated. Demand was strong, but cooler than the pre-debut hype implied.
Buyers then stepped in. SPCX touched a session high of $168.73 at press time before settling near $166, up around 22% and worth above $2 trillion.
The five-minute chart shows the rally thinning out. Price holds above the volume-weighted average price (VWAP) at $162.62, the volume-adjusted average institutions use as an execution benchmark.
However, cumulative volume delta (CVD), which tracks the running gap between buying and selling pressure, keeps trending down. Net volume sits near 384,000 shares and needs to reclaim the 1.1 million mark to confirm genuine demand.
SpaceX Price Analysis: TradingView
Perpetual futures positioning tracked by Nansen signals caution. Shorting the listed stock is barely possible on the debut day, since shares have not settled and borrowing is scarce. That makes perps the only venue for bearish bets.
Whales hold a net short of $18.6 million and smart traders a net short of $7.2 million. This divergence could fuel a squeeze-like move on perps, or it may show experienced traders fading the rally.
SPCX Perp Positioning: Nansen Data
The opening range breakout (ORB) indicator marks the high and low of a stock’s first minutes of trading. These levels act as breakout triggers.
A five-minute close above the $168.73 range high could open $173.95. On the downside, SPCX should not lose $155. Below that, the $149.77 range low sets up a move lower.
Why Is the US Stock Market Up Today?
Three forces explain the move.
1. SpaceX’s Record IPO Lifts Risk Appetite
A successful mega-listing signals investors will still fund growth at scale, and that confidence spills into the broader tape. The flip side is rotation.
Rocket Lab (RKLB) fell 9.36% and Tesla (TSLA) dropped 2.32% because holders sold existing space and Musk-linked exposure to fund SPCX positions.
$TSLA – GLJ KEEPS TESLA ON SELL ALERTGLJ Research analyst Gordon Johnson maintained a Sell rating on Tesla with a $24.86 price target. He expects Q2 deliveries to improve but argues the rebound reflects inventory clearing, seasonal demand, and easier comparisons—not renewed…
— *Walter Bloomberg (@DeItaone) June 12, 2026
2. Consumer Sentiment Beats Expectations
The University of Michigan’s preliminary June consumer sentiment index, which measures household confidence in finances and the economy, rose to 48.9 from 44.8.
US consumer sentiment rose in early June for the first time in four months as the University of Michigan’s preliminary sentiment index increased to 48.9 in June. Joanne Hsu of University of Michigan provides background on the numbers https://t.co/1nHIp43V71 pic.twitter.com/7MFgSPUTZW
— Bloomberg TV (@BloombergTV) June 12, 2026
Consumption accounts for roughly two-thirds of US output, so a stronger reading eases recession fears even though sentiment remains depressed.
3. Middle East Peace Hopes Cut the Risk Premium
Reports that the US and Iran are nearing an interim deal to reopen the Strait of Hormuz pushed oil lower.
TRUMP STILL THINKS A DEAL WITH IRAN COULD BE SIGNED OVER THE WEEKEND OR ON MONDAY -AXIOS
— *Walter Bloomberg (@DeItaone) June 12, 2026
Cheaper energy reduces inflation risk and input costs, which benefits cyclicals and small caps the most.
What Happened to Major US Indexes?
S&P 500: +0.39%
Dow Jones: +0.58%
Nasdaq: +0.12%
Russell 2000: +1.16%
Small caps led because domestic cyclicals gain most from lower energy costs. Meanwhile, the Nasdaq lagged as the IPO drained flows from its largest members.
US Stock Market Indexes: FinViz
The S&P 500 trades near 7,423 after defending its 50-day exponential moving average (EMA) at 7,273. An EMA is a moving average that weights recent prices more heavily.
The index now battles the 20-day EMA at 7,422. A push above 7,459 would require only a 0.47% move and could open at 7,527 by the close, with 7,595 positioning the index for strength.
S&P 500 Daily Analysis: TradingView
Losing 7,237 would bring the 100-day EMA near 7,098 into play. How SPCX shares trade from here matters because the index needs the debut to feed sentiment, not drain liquidity.
Which Sectors Are Holding Up?
Basic Materials leads at 2.20% because peace hopes improve global trade and commodity demand expectations. Financials gained 1.21% as JPMorgan (JPM) rose 2.04%.
Banks earn underwriting fees from the record listing, and a hot SpaceX shares’ IPO pipeline lifts deal revenue forecasts.
US Stock Market Sectors: FinViz
Energy added 1.11% as investors rotated into cheap cyclical groups that lagged last week.
Which Sectors Are Falling?
Consumer Cyclical dropped 1.10% as Amazon (AMZN) fell 2.14%, and Tesla slid. Healthcare slipped 0.17% because defensives lose appeal on risk-on days.
Technology rose just 0.38% and trailed the tape. Nvidia (NVDA) sat flat at 0.08% while Microsoft (MSFT) lost 0.65%. A $75 billion IPO absorbs cash, so funds trim their most liquid holdings, mega-cap tech, to pay for allocations.
Weekly Sector Performance: FinViz
The drain started early. Technology gained only 0.98% last week while Basic Materials rose 3.50%, showing money moved out before the debut.
Major Stock News Investors Are Watching
Adobe (ADBE) sank 6.62% after Wolfe Research and Stifel downgraded. Both flagged a weaker organic annual recurring revenue (ARR) outlook, the yearly value of subscription contracts, tied to its freemium push, and the CFO’s departure.
$ADBE: Adobe -9.5% premarket despite beating Q2 estimates and guiding Q3/FY26 above consensus. Investors are focused on lowered ARR guidance, a CFO departure, and downgrades from Stifel, Evercore ISI, and Wolfe.
— Briefing.com (@Briefingcom) June 12, 2026
Arm Holdings (ARM) climbed around 9% after a Bank of America report sized the agentic AI opportunity at $170 billion. AMD rose 4.81% in sympathy as chip demand expectations improved.
What Are Investors Watching Next?
SPCX shares listed on the final session of the week, so Monday becomes the first test without debut-day mechanics, and today’s close sets next week’s tone. Traders will also watch which index baskets eventually add SPCX, since inclusion would force passive funds to buy.
JUST IN 🚨: There is now a 3.6% chance of a rate cut at this month's FOMC and a 0% chance of a rate hike 🤯 pic.twitter.com/sfVsfdln40
— Barchart (@Barchart) June 4, 2026
Next week brings the FOMC meeting, the first rate decision under Fed Chair Kevin Warsh, plus fresh consumer confidence data. An SPCX hold above $166 with the S&P 500 above 7,422 hands bulls control into Monday.

Genius has announced the development of G.OX (Genius Options Exchange), a new crypto derivatives platform designed to bring greater liquidity and efficiency to options trading, an area many believe remains underdeveloped compared to perpetual futures markets.
The launch represents the first stage of the broader Genius Options Protocol and reflects a growing belief among some market participants that crypto may be approaching an “options moment” similar to the evolution seen in traditional financial markets.
For years, perpetual futures have dominated crypto derivatives trading due to their simplicity, liquidity, and widespread availability. However, proponents of options argue that as the market matures and attracts more sophisticated traders, demand will increasingly shift toward products that offer greater capital efficiency and more defined risk profiles.
Genius is positioning G.OX as a platform built to accelerate that transition.
Betting on the Next Evolution Beyond Perpetual Futures
At the center of G.OX are what the company calls “up/down markets” simplified options-based contracts that allow traders to take directional positions on crypto assets through binary-style outcomes.
While the format may appear similar to prediction markets at first glance, Genius argues there are important distinctions.
Unlike event-driven prediction markets, which often rely on subjective outcomes and external resolution mechanisms, G.OX contracts are tied directly to objective market data. Settlement is determined by predefined prices, timestamps, and market feeds, removing ambiguity around outcomes.
“Prediction markets primarily price beliefs about events,” Genius founder Armaan Kalsi told BeInCrypto. “G.OX is intended to price risk and volatility in financial markets.”
The platform’s goal is to make options accessible to everyday traders without requiring them to navigate the complexity often associated with traditional options products.
Why Options Have Struggled in Crypto
Despite their popularity in traditional finance, options have historically remained a niche segment of crypto trading.
According to Genius, one of the biggest obstacles has been liquidity. Crypto’s high volatility makes it difficult for conventional options market-making models to update prices efficiently, often leading to stale quotes and poor execution during periods of market turbulence.
As a result, traders have gravitated toward perpetual futures, which offer continuous liquidity and leverage despite introducing their own complexities, including funding rates, liquidation risks, and collateral requirements.
“Perpetuals became crypto’s default leveraged product because the existing options experience was too complicated and often insufficiently liquid,” Kalsi said.
“That does not mean perpetuals are the optimal financial primitive. It means they were the product that best matched the infrastructure available at the time.”
Can Active Liquidity Solve the Options Problem?
To address these challenges, G.OX is being built around what Genius describes as an actively managed liquidity model.
Rather than relying solely on passive liquidity providers, the platform plans to utilize proprietary liquidity management systems that can adjust pricing and inventory in response to movements in the underlying asset.
The objective is to ensure that contract pricing remains responsive during volatile market conditions while maintaining sufficient depth for traders entering and exiting positions.
“An options venue is only useful when the quoted probability and available size reflect current market conditions,” Kalsi explained.
“Deep nominal liquidity is not enough if the quote is stale or disappears during volatility.”
The company believes this approach could allow options markets to offer a trading experience that more closely resembles the immediacy and execution quality users have come to expect from leading perpetual futures exchanges.
Competing in a Crowded Derivatives Market
The challenge facing G.OX is significant.
Crypto derivatives remain one of the industry’s most competitive sectors, with established centralized and decentralized exchanges commanding billions in daily volume.
To attract traders away from perpetual futures platforms, Genius is emphasizing several structural advantages.
Unlike leveraged futures positions, losses on up/down contracts are capped at entry, eliminating liquidation risk. The contracts also avoid recurring funding payments and allow traders to express a view over a specific time horizon rather than managing an open-ended position.
The company argues these features make options a cleaner instrument for traders seeking to express short-term directional views.
“For a trader who has a discrete view with a known time horizon, an option with a fixed maximum loss can be the cleaner and more capital-efficient expression,” Kalsi said.
Is Crypto Approaching Its “Options Moment”?
The launch comes amid broader discussions about the evolution of crypto market structure.
Institutional participation has increased significantly over the past several years, bringing greater focus to risk management, hedging, volatility trading, and structured financial products.
At the same time, options markets around Bitcoin and Ethereum have become increasingly important indicators for professional traders seeking insight into market sentiment and positioning.
Kalsi believes these developments signal a larger shift already underway.
“The market is becoming more institutional, and the focus naturally moves beyond simple leveraged directionality toward hedging, volatility, yield enhancement, and structured risk,” he said.
He also points to growing demand for short-duration trading products, where traders seek exposure over minutes or hours rather than maintaining positions indefinitely.
According to Genius, this trend could create a natural bridge between traditional options markets and newer forms of crypto-native trading.
Building the Genius Options Protocol
G.OX is intended to serve as the foundation for a broader ecosystem of options-based financial products.
Future iterations of the Genius Options Protocol are expected to introduce additional instrument designs, more advanced trading strategies, and deeper integrations across decentralized finance.
The long-term vision is to make options a core component of on-chain financial infrastructure rather than a niche product reserved for sophisticated traders.
Whether the industry ultimately shifts away from perpetual futures remains to be seen. However, as crypto markets continue to mature, the debate around capital efficiency, risk management, and derivative design is likely to intensify.
With G.OX, Genius is making a clear bet that the next chapter of crypto trading will be defined not by more leverage, but by better ways to express it.

Gli utenti di Binance, Bybit e Kraken hanno ricevuto solo una frazione delle azioni SPCX per cui si sono iscritti, poiché l'allocazione dell'IPO di SpaceX consegnata alle piattaforme crypto è stata ben al di sotto della domanda.
SpaceX ha iniziato a scambiare su Nasdaq sotto il ticker SPCX il 12 giugno dopo aver raccolto 75 miliardi di dollari a una valutazione implicita di 1,75 trilioni di dollari. Le borse che offrono accesso tokenizzato hanno iniziato a rimborsare gli ordini non evasi.
L'allocazione dell'IPO di SpaceX è arrivata al di sotto della domanda
Il team di crescita di Kraken ha dichiarato che l'allocazione pre-IPO ricevuta dagli underwriters è stata al di sotto delle aspettative per il suo programma di accesso tokenizzato all'IPO di SpaceX.

Former SEC and CFTC chair Gary Gensler has entered the legal war over sports prediction markets, backing Ohio against Kalshi in the Sixth Circuit Court of Appeals.
He is an unusual amicus. Gensler helped negotiate the 2010 Dodd-Frank Act, the very statute Kalshi says puts its sports contracts under exclusive federal control.
Why Gary Gensler Says Dodd-Frank Was Never a Betting Law
Gensler filed his amicus brief on June 11 in KalshiEX v. Schuler. Tribal gaming interests filed in support of Ohio as well, while the American Gaming Association submitted its own brief and Better Markets urged the court to affirm.
Kalshi is appealing after Chief Judge Sarah Morrison ruled in March that its sports contracts are likely not swaps.
However, the platform won a similar challenge in the Third Circuit, and a Tennessee judge sided with Kalshi in February.
Gensler chaired the CFTC from 2009 to 2014 and helped shape Dodd-Frank’s derivatives rules after the 2008 crash.
He insists nobody who drafted the law contemplated sports betting.
“I testified in Congress 54 times, and literally Republicans and Democrats alike, nobody said, oh, you know what? Gensler, I think we should give your small agency under President Obama authority to regulate sports betting,” Gensler made the remarks in a CNBC interview.
Follow us on X to get the latest news as it happens
His brief argues nobody slipped nationwide betting past the late Senate Majority Leader Harry Reid, who chaired the Nevada Gaming Commission before entering the Senate.
Preempting a $165 billion per year industry, it adds, is not something Congress hides inside a definition.
The brief also notes the CFTC voted unanimously in 2011 to bar contracts involving gaming, war, and assassination.
The agency’s new proposal would rewrite that rule.
States and Tribes Challenge Federal Control of Prediction Markets
Thirty Native American tribes and 11 tribal associations also backed Ohio, gaming attorney Daniel Wallach indicated.
He noted that Kalshi grounds its jurisdiction claim in statutes dating to 1974, potentially triggering the major questions doctrine.
Tribal amici brief highlights that Kalshi is not limiting its exclusive jurisdiction argument to Dodd-Frank, but also relies on the 2000 CFMA and the CFTC Act of 1974. Both of those statutes go far enough back in time to qualify as "long-extant statutes" for purposes of the MQD. pic.twitter.com/fPJgWaO6LK
— Daniel Wallach (@WALLACHLEGAL) June 12, 2026
Meanwhile, Minnesota banned prediction markets outright, making operation a felony from August 1.
The CFTC and DOJ have sued six states to defend exclusive federal jurisdiction, extending a federal preemption campaign President Donald Trump has publicly backed.
Gensler also opposed the CFTC’s 267-page June 10 proposal allowing most sports outcome contracts while banning injury and officiating wagers.
He argued addiction and consumer protection belong with the states, deepening the federal and state divide.
The stance is striking for a regulator who returned to MIT after leading one of the SEC’s most aggressive crypto enforcement campaigns.
He now sides with states against a CFTC-blessed market.
If the Sixth Circuit affirms, the clash with the Third Circuit could invite Supreme Court review.
The ruling may settle whether prediction markets answer to Washington or the states.

SpaceX opened its first day as a public company with indications near $171 per share, about 27% above its $135 offer price. However, SPCX has yet to print a single trade on Nasdaq one hour later.
The holdup is procedure, not malfunction. Nasdaq must finish a price discovery auction before a new listing opens, and record demand slows that process.
SpaceX (SPCX) Shares. Source: Google Finance How the SpaceX IPO Opening Auction Works
First indications for SPCX appeared around 9:50 AM ET, with trading initially expected near 10:00 AM. Those times were never guarantees.
Before the first trade, Nasdaq runs an IPO cross. Orders are entered during this quote-only window, but nothing executes.
Meanwhile, the exchange continuously updates an indicative opening price as buy and sell interest shifts.
The opening cross fires only when supply and demand balance. Until then, even traders holding tokenized SpaceX shares on crypto platforms can only watch the indication move.
Investors who studied pre-IPO investment routes are waiting on the same print.
Before trading begins, Nasdaq must complete a price-discovery auction where buy and sell orders are collected and matched.At around 9:50 AM ET, the first indications for $SPCX were released at $171 per share, a 27% premium to the $135 IPO price.During this process:1. Orders… https://t.co/xQ6DloBwvG
— BeInCrypto (@beincrypto) June 12, 2026
Follow us on X to get the latest news as it happens
Record Demand Made a Delay Likely
Based on reports, the $75 billion offering drew more than $350 billion in orders, with institutions bidding over $250 billion. Therefore, retail allocations were trimmed to the low 20% range as banks favored long-only funds.
That mismatch leaves a deep queue of unfilled buyers entering the auction.
Historically, the biggest debuts opened late.
Meta’s 2012 listing printed its first trade at 11:30 AM ET after Nasdaq’s systems stalled under order volume.
Trading veteran Brett Harrison recalled that day on X, describing how an overflow bug in a data vendor’s hardware crashed Jane Street’s US equities feeds during the Facebook open.
In light of today’s SpaceX IPO, a story from inside Jane Street on the day of the 2012 Facebook IPO:
— Brett Harrison (@BrettHarrison) June 12, 2026
Google also saw a similar delay in its 2004 public listing.
The deal has already minted employee equity windfalls and anchors a broader wave of mega IPOs headed for public markets.
The open question now is whether a 27% premium survives the first session once the cross finally clears.

Bitcoin miner fee revenue has dropped to its lowest level since 2019. Daily miner revenue also sits at levels last seen during past bear markets.
On-chain data from Glassnode and Capriole Investments suggests the squeeze is structural rather than cyclical. Many public miners now sell their bitcoin reserves to fund a shift into AI computing.
Miner Revenue Falls to Bear-Market Levels
Glassnode data shows total miner revenue below $25 million per day on a seven-day moving average. The network last paid miners this little in late summer 2024, through the 2023 bear-market floor, and during the summer 2021 crash (red circles).
Each of those episodes came at far lower prices (blue boxes). Bitcoin (BTC) traded near $30,000 in mid-2021 and below $28,000 through most of 2023. Today, miners earn the same dollar amount with BTC near $63,000.
BTC total miner revenue / Source: Glassnode
Three forces explain the gap. The April 2024 halving cut the block subsidy to 3.125 BTC. The price trades roughly 50% below its October 2025 all-time high. Meanwhile, transaction fees have almost disappeared.
The consequence is already visible on corporate balance sheets. Record sales saw public miners liquidate 32,000 BTC in the first quarter of 2026, more than in all of 2025.
Fees at 2019 Lows Push Miners Toward AI
Capriole Investments tracks annual fees, the trailing 12-month fee income miners earn on top of the block subsidy. The metric just fell to roughly $114 million, its weakest reading since 2019.
Back then, Bitcoin traded near $3,400. The same fee income now supports a network priced over 18 times higher. Since the halving, fees have often contributed less than 1% of total block rewards.
BTC miners’ annual fees / Source: X
Charles Edwards, founder of Capriole, called the chart one of the more concerning long-term Bitcoin metrics.
“Bitcoin’s transaction throughput fee revenue is in free fall, block rewards keep halving and AI compute demand is through the roof. It’s no wonder every single public Bitcoin miner is pivoting away from Bitcoin and into AI.”
The pivot is well underway. Mining companies have announced more than $70 billion in AI and high-performance computing contracts. Most leading firms already earn revenue from AI infrastructure.
Even MARA, the largest bitcoin holder among public miners, changed its treasury policy this year. The company may now sell coins from its entire balance-sheet reserve for the first time.
Bottom Signal or Broken Signal?
A third chart complicates the bearish story. Bitcoin’s hashrate holds near 850 to 900 exahashes per second, down from a late 2025 peak above 1.1 zettahashes.
That pullback still leaves network security far above its level at the April 2024 halving. Computing power protecting Bitcoin remains higher than at any point before 2025.
Mean hash rate of Bitcoin network / Source: Glassnode
The protocol also defends itself. Recent difficulty drops have already improved margins for the operators who stayed, as the network recalibrates every two weeks.
History adds a final twist. Fee and revenue lows have previously clustered near bear-market bottoms, when interest in Bitcoin was weakest. Edwards highlighted the same historical pattern in his commentary.
If the old signal holds, the current collapse could mark another cycle low. If miners now exit upward into AI rather than capitulate, that floor may never get tested the same way again.

SpaceX debutta su Nasdaq con un forte indicatore a $171, il 27% sopra il prezzo IPO di $135, spingendo la valutazione verso $2,24 trilioni.
Si dice che l'offerta abbia attirato oltre $250 miliardi di ordini istituzionali, portando la domanda totale a circa $350 miliardi in uno dei debutti di mercato più attesi e grandi di sempre.
SPCX Live su Nasdaq: SpaceX Finalmente Apre le Azioni per il Trading Pubblico
Le azioni sono indicate per aprire a $171, rappresentando un aumento approssimativo del 27% rispetto al prezzo IPO.
Questo valuterebbe l'azienda a circa $2,24 trilioni al debutto e renderebbe Elon Musk il primo trilionario al mondo sulla carta.

Il fondatore di FTX, Sam Bankman-Fried, ha perso oggi la sua battaglia per ribaltare la sua condanna per frode e la pena di 25 anni di carcere, poiché una corte d'appello federale ha respinto le accuse di processo ingiusto riguardo al crollo crypto da 8 miliardi di dollari.
La sentenza porta a conclusione uno dei più grandi casi di frode finanziaria della storia e segnala una responsabilità più severa per i dirigenti crypto.
Decisione della Corte d'Appello
Il 12 giugno 2026, un collegio di tre giudici della Corte d'Appello del 2° Circuito degli Stati Uniti a Manhattan ha respinto l'appello di Bankman-Fried.
Secondo un rapporto di Reuters, la corte ha confermato la sua condanna del 2023 per sette capi d'accusa di reato, tra cui frode informatica e accuse di cospirazione.

Rain (RAIN), Canton (CC), and Velvet (VELVET) are trading within reach of record territory heading into the weekend. Chart structure, Fibonacci levels, and momentum readings suggest each could print a new all-time high within days.
RAIN sits about 11% under its peak, while CC trades roughly 16% below its February top. VELVET is already in price discovery and set another record earlier today.
RAIN Holds 11% Below Its All-Time High After the $0.011 Breakout
Rain (RAIN) broke above its previous record near $0.011 on May 26 and extended the rally a day later. The move peaked at $0.0148 on May 27, and the token now trades around $0.0132.
The ongoing pullback has a clear downside target. The 0.5 Fibonacci retracement at $0.0108 overlaps the previous all-time high, creating a strong support confluence near $0.011.
A similar structure developed between November 24, 2025, and April 7, 2026. Back then, RAIN bounced from the 0.5 retracement, while a single long wick briefly tagged the 0.786 level. A repeat would allow a short-lived dip to $0.0085 before the uptrend resumes.
RAIN daily chart / Source: Tradingview
The daily Relative Strength Index (RSI) has eased to 63. The reading remains above neutral, which keeps the bullish bias intact.
Fundamentals support the setup. The protocol recently became a top-three prediction market by total value locked after its foundation deployed $100 million in liquidity. Betting activity around this month’s FIFA World Cup could lift volumes through the weekend.
Canton Price Coils Between $0.15 Support and $0.1725 Resistance
Canton (CC) trades near $0.163, around 16% below its February peak of $0.195. The token has spent months inside an ascending parallel channel and has just retested the channel’s midline.
Two levels now frame the next move. Resistance waits at the 0.618 Fibonacci retracement near $0.1725, while support rests in the $0.15 zone just under the 0.382 level at $0.158.
The channel’s upper band currently converges with that $0.1725 barrier. A daily close above it would expose the 0.786 retracement at $0.183 and then the record itself. However, CC already failed near this resistance earlier this year, so confirmation matters.
CC daily chart / Source: Tradingview
The daily RSI prints a neutral 59, leaving room for an impulsive leg in either direction.
Institutional demand may decide the outcome. The recent 21Shares ETF listing brought regulated exposure to CC just as network settlement volumes keep climbing.pr
VELVET Price Discovery Points to $2.46, Then $4.27
Velvet (VELVET) has climbed for roughly 10 consecutive daily candles, gaining more than 1,300% in a week. The token trades near $1.72 after setting a record above $1.80 earlier today.
With no price history above, logarithmic Fibonacci extensions offer the only roadmap. VELVET has already cleared the 1.618 extension at $1.14, leaving the 2.0 level at $2.46 as the next target. Above that, the 2.272 extension waits at $4.27.
VELVET daily chart / Source: Tradingview
The daily RSI sits near 99, an extreme overbought reading. The signal reflects historic momentum but also warns that a violent correction could arrive without notice.
Demand stems from the pre-IPO trading theme and Velvet’s integration with Trade.xyz, announced on June 2. If that flow persists, the exponential trend could stretch into the weekend.
Three new records now hinge on RAIN holding $0.011, CC clearing $0.1725, and VELVET extending its vertical run. Failure at any of those levels would turn the weekend into a momentum reset instead.

Metaplanet acquisterà Siiibo Securities, un broker giapponese autorizzato, per 2,1 miliardi di yen, ovvero circa 13 milioni di dollari. La società quotata a Tokyo prevede di rinominarla Metaplanet Securities e utilizzarla per vendere prodotti di rendimento legati al Bitcoin.
L'accordo, annunciato venerdì, è la prima acquisizione nell'ambito del Progetto Nova, il piano dell'azienda per costruire un'attività finanziaria basata sul Bitcoin in Giappone. La chiusura è prevista per il 13 luglio.
Cosa offre l'accordo Siiibo Securities a Metaplanet
Siiibo detiene una registrazione di tipo I per attività di strumenti finanziari, la licenza necessaria alle aziende giapponesi per strutturare e distribuire titoli.

Il prezzo del petrolio è sceso bruscamente di nuovo venerdì, mentre il presidente statunitense Donald Trump ha dichiarato che un accordo con l'Iran attende solo la finalizzazione della documentazione. Il Brent è stato scambiato vicino a $86,30, il suo livello più debole in quasi due mesi.
Tuttavia, la curva dei futures, il mercato delle previsioni e i dati sui derivati raccontano una storia più complicata. Quattro set di dati ora non concordano su quanto velocemente e completamente la pace venga prezzata nel greggio.
Perché il Prezzo del Petrolio Sta Calando Oggi
Il petrolio greggio Brent è sceso del 4,5% venerdì e ha perso quasi il 20% in un mese. La discesa ha accelerato dopo che Trump ha detto ai reporter che gli Stati Uniti avevano "raggiunto un grande accordo sulla guerra con l'Iran" che è "soggetto alla finalizzazione dei documenti."

Una presunta operazione di riciclaggio ha spinto parte di un bottino di 120,2 milioni di USDT in Monero (XMR), facendo salire la privacy coin del 27%. L'acquirente ha nascosto la propria identità ma ha trasmesso la propria attività su ogni grafico dei prezzi.
Tether ha bloccato 72 milioni di dollari dei fondi in meno di un giorno. Tuttavia, la lezione più dura si trova nei libri degli ordini di Monero, dove la dimensione si è rivelata impossibile da nascondere.
Una corsa da 120 milioni di dollari che ha lasciato tracce sul grafico
L'investigatore on-chain ZachXBT ha tracciato il flusso da un indirizzo Tron che ha ricevuto 120,2 milioni di USDT l'11 giugno.

Il sentiment di XRP (XRP) è sceso ai minimi storici da ottobre 2025, un dato che appare ribassista ma che spesso ha preceduto rimbalzi. Il token è sceso di circa il 22% nell'ultimo mese, ma i dati sottostanti al prezzo raccontano una storia più costruttiva.
La paura è reale, ma anche la configurazione lo è. Il comportamento dei holder, la posizione di leva e il grafico sono tutti orientati in un'altra direzione.
Il Sentiment di XRP è crollato e questo ha una storia.
Il sentiment è il punto di partenza, ed è cupo. Il sentiment di XRP, misurato da una metrica ponderata che fonde il volume sociale con il rapporto tra commenti positivi e negativi, è ai minimi storici da ottobre 2025.

In mezzo alle interruzioni nello Stretto di Hormuz, l'India si è rivolta agli Stati Uniti per soddisfare la sua domanda di gas.
Secondo i dati di Kpler, gli Stati Uniti sono diventati il principale fornitore di gas naturale liquefatto (LNG) e di gas di petrolio liquefatto (LPG) per l'India a maggio.
Il gas degli Stati Uniti riempie il divario di approvvigionamento del Golfo per l'India
Washington ha spedito 630.000 tonnellate di LPG in India a maggio, ha riportato CNBC, citando Kpler. Quel numero si attesta circa il 60% sopra le 380.000 tonnellate che l'India ha ricevuto da tutti i paesi del Golfo messi insieme.
Le esportazioni di LNG dagli Stati Uniti verso l'India hanno raggiunto 900.000 tonnellate nello stesso mese. Il volume ha coperto oltre il 40% della domanda totale e ha triplicato il livello di aprile.

Jim Cramer ci ha riprovato. L'host di CNBC ha avvertito questa settimana che le azioni di SpaceX potrebbero esplodere a livelli insostenibili al loro debutto, e per un numero crescente di investitori, quell'avviso si legge come il segnale più bullish che abbiano visto quest'anno.
SpaceX ha fissato il prezzo dell'IPO a $135 per azione, valutando l'azienda a $1,77 trilioni e rendendola la più grande IPO della storia. Con le azioni che dovrebbero iniziare a essere scambiate su Nasdaq oggi, 12 giugno, con il ticker SPCX, la domanda è stata straordinaria, con l'operazione che risulta essere quattro volte sovrascritta.

Charles Hoskinson sta preparando una migrazione di Cardano su Discord, progettata per spostare la discussione della comunità lontano da X. Il fondatore di Cardano ha dichiarato di lavorare con il CEO di EMURGO, Phillip Pon, su un piano per canali ben moderati.
Hoskinson continuerà a trasmettere in diretta su X, dove ha circa un milione di follower. Tuttavia, prenderà domande AMA solo dai nuovi server Discord di Cardano e da quelli esistenti di Midnight.
Perché Hoskinson Vuole Spostare le Conversazioni Fuori da X
Il piano segue settimane di conflitti pubblici all'interno dell'ecosistema Cardano. Hoskinson si è allontanato da X a fine maggio. Ha sostenuto che non era mai stato il suo compito pompare il prezzo di Cardano (ADA).

Il CEO di Blockstream, Adam Back, ha respinto le affermazioni virali secondo cui la rete Bitcoin (BTC) “licenzierà i miner” ad agosto 2026. Ha detto che lo sviluppatore Luke Dashjr sta semplicemente preparando una nuova moneta che funzionerebbe con regole di mining diverse.
La notizia si è diffusa su X questa settimana. Back ha chiarito che Bitcoin stesso rimane intatto e che il progetto è in realtà una moneta spin-off piuttosto che una chiusura del mining di Bitcoin.
Perché si è diffuso il discorso del ‘Licenziare i Miner’
Post circolanti sui social media affermavano che Dashjr si stava “preparando a licenziare i miner.” Tuttavia, Back ha risposto in un post su X e ha definito quella narrazione fuorviante.

Le azioni di Avalanche Treasury Co. sono scese di circa il 38% a $1.85 giovedì, in un primo giorno di trading turbolento su Nasdaq sotto il ticker AVAT.
L'azienda ha raggiunto i mercati pubblici attraverso una fusione da 675 milioni di dollari con la società di acquisizione per scopi speciali (SPAC) Mountain Lake Acquisition Corp., un affare annunciato per la prima volta a ottobre.
Seguici su X per ricevere le ultime notizie in tempo reale.
Avalanche Treasury Co. è guidata dall'ex dirigente di Susquehanna e AllianceBernstein Bart Smith. A differenza delle aziende che semplicemente accumulano AVAX nei loro bilanci, la società prevede di operare sia come tesoreria di asset digitali che come business operativo.