Crypto Pulse Media

The upgrade, known as Alpenglow, is live on a community test cluster, said Solana core developer Anza.
Alpenglow is live on the community test cluster,” Anza wrote on X. “The biggest consensus change in Solana’s history, now running on validator infrastructure ahead of mainnet.”
Today, Solana relies on Proof-of-History, a cryptographic clock that timestamps transactions, alongside TowerBFT, a voting mechanism validators use to agree on the state of the blockchain. While the design has helped Solana achieve high throughput and low fees, some have pointed to outages and network instability during periods of heavy demand.
Alpenglow proposes replacing major portions of that system with a redesigned framework centered around new components. In simple terms, the new model aims to let validators communicate and confirm blocks faster and more efficiently, potentially cutting transaction finality from several seconds to near real-time speeds.
The start of the community test cluster also suggests that validator software can successfully perform what developers are informally calling “Alpenswitch,” transitioning validator nodes from Solana’s existing process to Alpenglow in a live network environment.
The test milestone comes just days after Solana co-founder Anatoly Yakovenko said at Consensus Miami 2026 that Alpenglow could reach mainnet as soon as next quarter if testing continues smoothly.
#QUICK_BTC_UPDATE
#ETHETFsApproved
#haroonahmadofficial
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#XRPRealityCheck

Ronin, the gaming-centric blockchain once synonymous with the industry’s infamous $625 million exploit in 2022, is officially shedding its sidechain skin on May 12 to become an Ethereum layer 2 to improve security while maintaining throughput. Ronin, which announced the migration in April, will execute a hard fork at block 55,577,490, a process that will result in about 10 hours of downtime for users, the network said Monday on X. According to onchain data, the migration is expected to begin on Tuesday around 15:16 UTC. “Four years ago, we launched Ronin because Axie Infinity needed a faster and more efficient network,” Ronin said when announcing the migration. “It worked. Axie Infinity onboarded millions of gamers to crypto, and Pixels proved that it was possible to do it again.” The time has come to plug "back into the mothership." While operating as an independent sidechain in mid-May 2022, Ronin suffered what is still today the largest DeFI bridge exploit in history. Layer 2 protocols benefit from tighter links to the underlying blockchain than sidechains, offering benefits that include greater security. — Olivier Acuna Read more.
The Ethereum Foundation and a group of major crypto wallet developers are rolling out a new security standard designed to stop users from accidentally signing away their funds, a problem that has fueled some of the industry’s biggest hacks and scams. The initiative, called “Clear Signing,” aims to replace the confusing walls of code users currently see when approving Ethereum transactions with simple, human-readable explanations of what they’re actually agreeing to. The effort comes after years of phishing attacks and wallet drains that often boil down to the same issue: users unknowingly approving malicious transactions they don’t understand. The Ethereum Foundation pointed to incidents like the Bybit hack as examples of how attackers exploit “blind signing,” where users approve transactions filled with unreadable technical data. Right now, signing a crypto transaction can feel like clicking “accept” on a terms-of-service page written in another language. Wallets often display long strings of code that only highly technical users can decipher, leaving everyday traders vulnerable to fake apps, malicious links and compromised websites.
Charles Schwab, the brokerage giant that manages around $12 trillion in client assets, began the rollout of its spot cryptocurrency trading service for retail customers in the U.S. An initial group of clients can now trade bitcoin and ether (ETH) on the Schwab Crypto platform, the company posted on X.In July last year, CEO Rick Wurster said the company planned to introduce crypto trading in the near future, with a timeframe of first-half 2026 confirmed last month. The Westlake, Texas-headquartered firm already offers crypto investments through exchange-traded funds (ETFs) and futures trading.
JPMorgan (JPM) is preparing to launch a tokenized money market fund, the latest sign that major financial institutions and Wall Street asset managers are speeding up efforts to move traditional assets onto blockchain rails. A filing with the U.S. Securities and Exchange Commission SEC) outlined plans for a blockchain-based money-market fund investing exclusively in short-term U.S. Treasuries, cash and overnight repo agreements backed by government securities. The fund, dubbed JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX), will maintain blockchain-based token balances tied to investors' ownership records, allowing approved users to submit purchase, redemption and transfer requests through Ethereum, the filing said. The underlying blockchain infrastructure will be operated by Kinexys Digital Assets, JPMorgan’s blockchain unit formerly known as OnyxThe Senate confirmed Kevin Warsh to the Federal Reserve Board of Governors on Tuesday, moving President Donald Trump’s pick one step closer to becoming the next chair of the U.S. central bank. Lawmakers approved Warsh in a 51-45 vote. Sen. John Fetterman (D-Pa.) was the only Democrat to support the nomination. Warsh still must win a separate Senate vote to become Fed chair, which is expected Wednesday. Governors serve 14-year terms while the chair serves a four-year term. If confirmed as chair, Warsh, 56, will replace Jerome Powell, whose eight-year term leading the Fed ends Friday. Powell, however, has said he plans to remain on the board until a federal probe into renovations at the Fed’s headquarters concludes.#gonnarich #Robertkiyosaki #Write2Earrn #NOTCOİN

Wall Street and payment giants are quietly taking over Solana, moving billions onto the network for tokenized funds and global payments even as the broader crypto market cools down, according to a new report by Messari.
The research firm said Monday that Solana’s real-world asset market capitalization rose 43% quarter-over-quarter to $2.01 billion, led by growth in BlackRock’s tokenized money market fund BUIDL and new integrations tied to payments and tokenized finance.
BUIDL, developed by BlackRock and Securitize, grew to $525.4 million on Solana after Anchorage Digital added custody support for the fund. Anchorage held roughly 81% of the asset’s supply on the network by the end of the quarter, Messari said.
The report framed Solana as increasingly becoming infrastructure for tokenized finance rather than only a hub for speculative crypto trading.
Several traditional financial firms expanded activity tied to Solana during the quarter. Ondo Finance launched more than 200 tokenized stocks and ETFs on the network through Ondo Global Markets, while Franklin Templeton partnered with Ondo to bring tokenized ETF products onchain. Citigroup also completed a proof-of-concept for tokenized trade finance on Solana with PwC.
Messari said firms including Visa, Stripe, Worldpay, Western Union and PayPal either integrated Solana for stablecoin settlement or launched Solana-native payment products over the past year. The report said Solana’s low fees and near-instant settlement times have made it increasingly attractive for payment infrastructure.
Stablecoin market capitalization on Solana ended the quarter at $14.85 billion, ranking the network third among blockchains. Adjusted stablecoin transfer volume rose 13% quarter-over-quarter to $246.8 billion.
Despite falling crypto prices, Solana’s onchain activity remained resilient. Solana’s total application revenue, which Messari refers to as “Chain GDP,” held roughly flat at $342.2 million during the quarter.
Still, Messari argued the nature of activity on Solana is changing. The report pointed to rising adoption of high-speed trading infrastructure known as “Prop AMMs,” which it said are beginning to outperform centralized exchanges on execution quality and trading costs.
Messari also described Solana’s upcoming Alpenglow upgrade as one of the network’s most significant technical developments. The upgrade is expected to reduce transaction finality times from roughly 12.8 seconds to about 150 milliseconds. The firm said those performance gains could strengthen Solana’s position in payments, tokenized finance and AI-driven applications.
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In an interview with CoinDesk, the lead engineer at Firedancer gives an update on how the new client, also known as a software, is fairing in the Solana ecosystem.
The rollout, however, is intentionally restrained. Patel said the team preferred to roll out progressively across the network rather than through a broad public launch, as the team remains cautious about rapidly increasing adoption.
We don’t want everybody to run it yet,” Patel said. “If half the network upgrades before we’ve done full security audits, that would be a bit much.”
Firedancer, developed by Jump Crypto, is a validator client for Solana, or another version of the software that runs the blockchain. The effort emerged partly in response to concerns around Solana’s earlier outages and its reliance on a single dominant client maintained by Solana infrastructure firm Anza.
Rather than framing Firedancer as a competitor to Anza, Patel described the relationship as collaborative.
The project has also become a key part of Solana’s broader effort to prepare the network for institutional-grade trading activity and real-world financial applications. Patel said Firedancer has helped shift Solana engineering from a reactive posture during periods of heavy congestion to one where developers can confidently scale new use cases.
I remember when there were memecoin and NFT launches, we were frantically watching all the performance dashboards,” Patel said. “But now it’s like, ‘Oh yeah, yet another big launch, it’s fine.’”
The team recently completed a public security audit competition with a $1 million bug bounty pool, a move Patel said gave Jump additional confidence in expanding the rollout.
While Firedancer’s rollout remains gradual, its quiet move onto mainnet marks one of the most consequential infrastructure upgrades in Solana’s history, and a major test of whether blockchain networks can achieve trading speeds closer to traditional financial markets.
#SolanaStrong
#hottoken
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The fallen crypto mogul serving a 25-year sentence filed a clemency petition, betting on Donald Trump's history of crypto pardons even though the president had told him not to count on one.
The former crypto executive, known by his initials SBF, was convicted in 2023 for orchestrating the fraud and conspiracy scheme that ultimately undid FTX, once one of the world's largest cryptocurrency exchanges.
The company collapsed in November 2022 after CoinDesk reported on balance sheet concerns tied to affiliated trading firm Alameda Research, exposing an $8 billion hole in FTX's accounts and triggering a run on customer deposits.
Bankman-Fried confirmed his interest in clemency during a recent interview with FOX Business.
"I assume that you would want a pardon from the White House?" FOX Business correspondent Susan Li asked him by phone. "Absolutely," Bankman-Fried responded. "It would be obviously, you know, ultimately up to the president, not up to me."
He declined to say whether members of his family were lobbying the administration on his behalf. SBF’s parents, Stanford Law School professors Joseph Bankman and Barbara Fried, have previously reached out to individuals in Trump's orbit to explore a possible presidential pardon for their son. It's not clear whether any direct discussions with White House officials took place.
The pardon request follows months of public statements from Bankman-Fried that have aligned with Trump's positions. Writing through intermediaries using prison-approved communications, he has praised the president's decision to launch strikes against Iran, argued that Trump helped "save" the Securities and Exchange Commission by replacing former Chair Gary Gensler with Paul Atkins and highlighted lower gasoline prices during Trump's tenure.
He also appears to be following a playbook he wrote to try and ingratiate himself with Republicans after being seen as a Democratic mega-donor during the 2020 election. This playbook included items like appearing on Tucker Carlson's show, something he did last year.
The outreach has drawn attention because Trump has shown a willingness to pardon high-profile defendants, including several figures tied to the crypto industry. Since returning to office, Trump has pardoned Silk Road founder Ross Ulbricht, former Binance CEO Changpeng "CZ" Zhao and the co-founders of BitMEX.
Still, Trump's support is far from assured. In a January interview with The New York Times, the president said Bankman-Fried should not count on receiving clemency, grouping him with several other high-profile defendants he did not intend to pardon.
For now, Bankman-Fried remains incarcerated while his appeal efforts and clemency petition move through separate channels.
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CoinShares data shows investors are rotating into listed products based on XRP and SOL while bitcoin and ethereum products posted heavy weekly outflows.
Altcoins held up notably well,” CoinShares Head of Research James Butterfill wrote, pointing to inflows for TON, DOGE, and Chainlink listed products as well.
Investors are looking past Bitcoin and Ethereum for selective exposure," Butterfill continued.
The divergence comes as XRP has held up better than ether (ETH) during the recent selloff, down about 5.1% over the past week compared with ethereum’s 7.4% drop, while bitcoin has shed roughly $5,000 in days amid ETF outflows and aggressive selling pressure.
CoinDesk previously reported that bitcoin’s recent slide may be more than a routine pullback, with ETF outflow accelerating over the last two weeks as traders aggressively sold in both spot and futures markets.
Options markets are also flashing caution, with investors paying up for downside protection, a sign that some expect the selloff to deepen.
Prediction market traders appear to agree. On Polymarket, bettors now assign a 65% chance that bitcoin falls to $75,000 this month, compared with just an 11% chance of a rebound to $85,000, underscoring how quickly sentiment has shifted toward further downside.
#jasmyustd
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Researchers and builders believe that artificial intelligence may be accelerating the quantum timeline and forcing a broader rethink of how digital security works.
The security landscape of the future is going to be different,” said Alex Pruden, CEO of Project Eleven, a company focused on quantum-resistant infrastructure for crypto.
Between quantum and AI, we’re going to go into a world where security, and this is more broadly than just crypto, you simply cannot count on the way you’ve always done things,” Pruden said.
The convergence of AI and quantum computing has become increasingly urgent following warnings from major technology firms and researchers that cryptographically relevant quantum computers may arrive sooner than previously expected. While experts remain divided on exactly when a quantum computer capable of breaking modern encryption will emerge, many believe AI could dramatically compress development timelines.
AI is definitely being used to accelerate the development of quantum computing,” Pruden said. Researchers are already using machine learning systems to optimize quantum error correction, one of the field’s biggest engineering bottlenecks.
Illia Polosukhin, co-founder of NEAR Protocol and a former Google AI researcher, said AI has already been accelerating scientific discovery for years.
AI is becoming more and more of an accelerator,” Polosukhin said. “The rate of research is going to accelerate from here, and we have already seen progress that people didn’t expect would come this early.”
Polosukhin pointed to his time at Google in 2016, when machine learning systems were already being used to discover new materials. “It might be that the next generation quantum computer will be built with AI and quantum computers of this generation,” he said. “It’s feeding into itself.”
For security researchers, the threat is no longer simply theoretical. The growing concern is that governments and sophisticated actors are already collecting encrypted internet traffic today with the expectation that future quantum computers will eventually be able to decrypt it, a strategy often referred to as “harvest now, decrypt later.” “If I know quantum computers are coming in a couple of years, I will start trying to capture all possible data that’s going around,” Polosukhin said.
The broader implication, according to researchers, is that both AI and quantum computing are undermining a foundational assumption of the digital age: that encryption remains reliable for long periods.
Instead, security may increasingly become an adaptive, continuously evolving process, in which systems must constantly upgrade just to survive.
#Robertkiyosaki
#CryptoPatience
#GamingCoins
#jasmyustd

The launch comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.
Streamex, a company focused on tokenizing commodity-based assets, will be the first issuer to use the new system, according to Orca. The company said in a press release shared with CoinDesk that its tokenized gold-linked security, GLDY, will be the first regulated asset to trade through Orca’s new infrastructure.
The launch marks an expansion for Orca beyond pure crypto trading and into infrastructure for tokenized financial assets. This comes as crypto companies increasingly focus on tokenizing traditional financial assets, a market many in the industry see as a major growth opportunity.
Under the new setup, investors must complete know-your-customer (KYC) checks before they can buy, hold or trade regulated tokens. Issuers can also decide who is eligible to access their assets, with Orca’s system automatically enforcing those rules onchain.
The trading pools run on Orca’s existing liquidity infrastructure, while the exchange’s interface will show users whether an asset has restrictions and whether they qualify to trade it.
Orca has spent five years building the liquidity infrastructure that Solana’s market structure runs on,” said Orca CEO Michael Hwang in a press release. “As tokenized equities, funds and real-world assets arrive onchain at exponential rates, issuers need more than a place to list.”
#ETHETFsApproved
#devcripto
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#Shibarium

The 1LwWt address received a legal notice from Salomon Brothers via Bitcoin's OP_RETURN field in July 2025 demanding the owner prove ownership by November 5, 2025.
The lawsuit, filed March 11, 2026 at the New York County Supreme Court under index number 153119/2026 and amended on May 1, names a pseudonymous plaintiff identified only as Noah Doe along with two Wyoming LLCs holding assigned interests, ABC Company and XYZ Company.
The plaintiffs seek legal ownership of roughly 3.8 million bitcoin valued at approximately $285 billion under New York Personal Property Law Article 7-B, the state's lost-property statute, with Noah Doe positioned as a "finder" under abandoned-property doctrine.
The court authorized on-chain service of the defendants through OP_RETURN messages, a Bitcoin transaction field that lets users embed short text or URLs permanently on the blockchain.
Noah Doe's blockchain consultant, Salomon Brothers Strategic Advisors, broadcast 98 batches of dust transactions across Bitcoin blocks 950,446 to 950,576 in June and July 2025, each carrying 546 satoshis and a link to the abandonment notice. The 1LwWt wallet was served on July 31, 2025, with a 90-day window to respond.
Galaxy Research's Alex Thorn flagged the move on X Tuesday morning, identifying the wallet as the firm's tracked Noah Doe defendant #38215. "Apparently, they were not, in fact, abandoned," Thorn wrote.
The move came nearly seven months after the 90-day response window expired and roughly three months after the lawsuit was formally filed. Per Galaxy's analysis, hundreds of wallets moved coins during the original notice campaign and were excluded from the final defendant list.
The 1LwWt move, occurring after the lawsuit was already underway with the wallet named as a defendant, is among the first publicly visible responses from inside the active case.
1CDSyXAQxro4FPUoqAQb81642ruqDsUiNp, moved 20 BTC ($1.48 million) to a SegWit address approximately 13 hours before the 1LwWt move, per Arkham Intelligence data. The 1CDSy wallet received its original coins around the same 2011 window but does not appear to have been targeted by the Noah Doe notice campaign or named in the lawsuit.
The movements come amid a sharp bitcoin slide that has taken BTC to near $60,000, with Strategy's first publicly announced bitcoin sale, a record 10-session spot ETF outflow streak, massive capital rotation and stalled U.S.-Iran ceasefire talks all weighing on the market.
Satoshi-era coins were acquired before bitcoin had a meaningful dollar price, meaning any sale at current levels would mark a near-infinite gain on cost basis.
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That distinction matters because most derivatives, including futures, perpetual futures and options, require a view on where the price is going. Volatility futures eliminate that complexity, letting traders express a view purely on how BTC will move in either direction.
Shiliang Tang, CEO of Monarq, called the launch a positive step in broadening regulated volatility offerings.
As bitcoin continues to mature into a more mainstream institutional asset class, the demand for sophisticated risk management instruments grows alongside it. Robust tools like CME Group Bitcoin Volatility futures are exactly what investors need to accurately express their market viewpoints and efficiently hedge their portfolios within a secure, transparent framework," he said in the press announcement
Monarq Asset Management is an institutional-focused, quantitative, and systematic digital asset investment firm, managed by former executives from firms such as LedgerPrime, Tower Research, and BlockTower Capital. DV Chain is a liquidity and market-making service provider.
The launch of volatility futures expands CME's existing product suite, comprising bitcoin and ether standard and micro futures and options contracts. The platform's crypto derivatives business has reached roughly 266,900 contracts year-to-date, up 38% year-on-year, while average daily open interest stands at roughly 274,500 contracts, up 18%.
#Kriptocutrader
#FactCheck
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#Notcion

The plan would let anyone verify that no counterfeit coins are circulating, addressing the patched bug that triggered last week's crash. ZEC is still down about 22% on the week.
The flaw, undetected since 2022, could have allowed an attacker to create unlimited fake ZEC without anyone noticing and to withdraw tokens from the protocol's shielded pool, which offers opt-in privacy.
Developers, including Shielded Labs, the Zcash Foundation, and the Zcash Open Development Lab, patched the bug within days through emergency network upgrades, coordinated with the mining pools ViaBTC and Foundry. On June 6, the same groups proposed Ironwood, a plan to restore users' ability to confirm the coin's supply is sound.
Ironwood would create a new privacy pool using the repaired code and block the creation of new coins in the old Orchard pool. Once it activates, anyone running the Zcash software could add up the balances across pools and confirm that no more than the correct amount of ZEC exists.
Users would not have to trust the developers' word or wait for funds to migrate.
The plan could also reveal whether the bug was ever abused. As users move coins out of the old pool, any counterfeit ZEC would either be exposed when it tried to leave or be stranded and destroyed. Shielded Labs has said it believes exploitation was unlikely.
The proposal has drawn attention beyond the Zcash community. In his latest newsletter, investor Chamath Palihapitiya described Ironwood as a way for anyone running a node to tally the balances across pools and "verify the supply is clean."
Developers have not given a firm timeline for the upgrade, saying the work to build, test and coordinate it across the network could take longer than expected.
#PEPEATH
#ONDO‬⁩
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The company bought 126,971 ETH last week, worth roughly $214 million at current prices, despite chairman Tom Lee's earlier calls to slow purchases.
The purchase lifted the firm's total holdings to 5.54 million ETH, worth some $9.3 billion at current prices, according to the report. The firm also held $247 million in cash, some bitcoin and stakes in Beast Industries and Eightco Holdings.
The acquisition marks a reversal from the company's previous call to slow down accumulation as it nears its goal to corner 5% of ether's outstanding supply. The company now holds 4.59% of the token's supply and is set to reach the 5% goal later this year.
We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," Bitmine chairman Thomas Lee said in a statement.
Bitmine has remained one of the few large digital asset treasury firms still actively adding to its crypto holdings, while most peers have halted purchases and pivoted to sell as crypto prices turned sharply lower since October. That bet is sitting on an estimated $9.6 billion of paper losses as ETH fell to its weakest price in more than a year, down some 65% from its August record.
The firm also unveiled plans to issue a preferred equity class that pays dividends to raise more funds, taking a page from bitcoin-centric Strategy's playbook.
That model, however, has come under investor scrutiny. Investors are now debating whether Strategy will be able to comfortably pay its dividend obligations or shore up liquidity as bitcoin prices fell sharply last week. STRC, the firm's latest preferred share class, fell to $90 Friday, some 10% below its par value, underscoring those worries.
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Traders betting against bitcoin lost $504 million over 24 hours as it bounced from below $60,000, though a fresh Iran-Israel flare-up pulled prices back on Monday.
Total liquidations across crypto reached about $655 million and hit more than 104,000 traders. Bitcoin positions accounted for $315 million and ether for $201 million. The single biggest forced closure was a $12.3 million bitcoin futures position on the exchange OKX.
A liquidation is when an exchange automatically closes a leveraged bet that has moved too far against the trader.
The squeeze caps a volatile stretch for the world's largest cryptocurrency. Bitcoin fell nearly 14% last week and briefly traded below $60,000, dragged down by Strategy's first bitcoin sale since 2022, the unwind in artificial-intelligence stocks and a record run of outflows from spot bitcoin exchange-traded funds.
Many traders piled into shorts near the lows, then got caught when bitcoin rebounded to a high near $63,800 on Sunday, according to CoinDesk data.
The bounce lost some steam on Monday. Renewed strikes between Iran and Israel sent oil up more than 3% and Asian stocks sharply lower, with South Korea's KOSPI falling almost 7%. President Donald Trump urged Israel not to retaliate further. Bitcoin slipped back to around $62,900, still well above last week's floor.
Bitcoin reached as high as $63,700 on Monday morning before retreating, according to CoinDesk data, with volatility likely to stay high ahead of U.S. inflation figures and a wave of major IPOs, including SpaceX.
#ZeusInCrypto
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#VETUSDT
#Binance

Compare that with the first week of February, when bitcoin suffered a similar crash to $60,000. Back then, outflows were just $318 million, but the total weekly volume was $46.15 billion in a clear sign of panic and capitulation, reflecting a fiercely contested market with active participation from both bulls and bears.
That wasn’t the case last week, when outflows accelerated amid subdued trading volume. The combination suggests a steady exodus rather than a shock-driven capitulation that typically marks local bottoms.
As such, the sustainability of bitcoin's bounce is questionable. A dramatic resurgence in ETF demand might be needed to put the price on a convincing upward trajectory
That probability appears low, as looming initial stock sales from SpaceX and Anthropic, two of the largest IPOs in history, could keep sucking liquidity out of broader markets, including crypto.
Further, this week's U.S. inflation data for May, expected to show the cost of living rose above 4%, could add to volatility in both bonds and the broader financial market. Stay alert!
#looz_crypto
#NOTCOİN
#CryptoPatience
#BuyTheDip
#orocryptotrends

The metric shows bitcoin's market price is getting close to its realized fair value after the recent sell-off.
And right now, it is knocking on the door of the zone that has coincided with the lowest point of previous bear markets. It happened in 2011-2012 when bitcoin saw its first major crash. It happened again in 2014 and late 2018. Most recently, it fell below zero in the second half of 2022, marking a price bottom that paved the way for a three-year bull run.
The metric compares the deviation of bitcoin's market value – what the token is worth right now based on the current market price – from it's realized price.
The second figure, widely considered close to fair value, is obtained by averaging the prices of every bitcoin since the last time it was transacted onchain.
When the market price is far above fair value, bitcoin is considered expensive relative to its own history. When the market price falls toward or below the fair value, bitcoin is cheap. The Z-Score takes the difference between those two numbers and measures how extreme it is statistically.
The result is a single line that cuts through the noise of day-to-day price action and shows where the price is relative to the broader market cycle. A high Z-Score means the market is running hot, and a low or below-zero score means the opposite.
According to BitBo, the Z-Score is currently at 0.24, just above the upper boundary of the historically significant "green zone," which begins at approximately 0 and extends slightly below zero.
In other words, it's very close to the "accumulation" zone. To be clear, this is not a price level, but only a measure of how stretched or compressed bitcoin's market value is relative to its realized value
However, currently, STH-MVRV stands at 0.84, while LTH-MVRV remains elevated at 1.29. Meaning long-term holders are still sitting on relatively large unrealized profits, indicating that further downside in bitcoin may be required before a typical bear market bottom is established.
While it is impossible to time market bottoms, after the brutal selling last week that wiped hundreds of billions off crypto's market value, conditions that have historically preceded recoveries are beginning to emerge.
#BitcoinBreaksAbove$63K
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A week that began with Strategy's bitcoin sale ended with one of the largest crypto market drawdowns in years
Despite a modest stabilization on Saturday, both assets remained near their lows, with BTC trading just above $60,000 and ETH changing hands around $1,550.Bitcoin, ether eye worst weekly rout since FTX collapse as cryptos shed $390 billion
The damage extended far beyond the two largest cryptocurrencies. The digital asset market shed roughly $390 billion in value during the week, leaving total market capitalization hovering just above $2 trillion, according to TradingView data. That's less than half of the nearly $4.2 trillion peak reached in October.
It wasn't just prices that got hit. Crypto derivatives traders suffered one of the largest wipeouts of this year.
Roughly $7 billion in leveraged positions were liquidated across digital assets during the week, according to CoinGlass data, with Monday and Friday delivering the most severe flushes.
Starting the week, Strategy (MSTR), the largest corporate holder of bitcoin, disclosed it sold BTC for the first time in nearly four years. The transaction was negligible — just 32 BTC worth roughly $2.5 million — but the sale rattled investors who had long viewed Michael Saylor's company as a perpetual source of demand.
Investors also began questioning whether Strategy may need to sell additional bitcoin to help cover obligations tied to its growing stack of preferred equities.
At the same time, bitcoin ETFs continued to bleed assets. K33 Research head Vetle Lunde argued earlier this week that some of those outflows reflected a broader rotation of capital away from crypto and into artificial intelligence (AI) investments.
With AI-related stocks pushing to record highs and investors anticipating potential IPOs from companies such as OpenAI, Anthropic and SpaceX, "the opportunity cost of holding BTC" has become increasingly difficult for some investors to ignore, Lunde said.
Concerns about AI's ability to expose flaws in crypto protocols also added to the pressure. Zcash (ZEC), one of the best-performing cryptos earlier this year, tumbled more than 40% after researchers used Anthropic's latest AI model to uncover a critical vulnerability in the network's privacy system.
Whether this week's rout marked the capitulation that often comes at market bottoms or was merely the latest episode in the downtrend may come down to the broader macro picture. Higher bond yields, rate-hike fears and continued competition from AI investments and IPOs remain key hurdles for the recovery.
#Uniswap’s
#JohnCarl
#Notcoin
#xmucanX

As Abra prepares for a Nasdaq debut, CEO Bill Barhydt is betting tokenized yield products and onchain lending will drive the next phase of crypto wealth management.
Eight years later, as the company prepares to go public through a merger with SPAC New Providence Acquisition Corp. III, he said he believes the industry is entering an entirely new phase.
The deal, announced in March, values Abra at $750 million and will see the combined company renamed Abra Financial Inc., with plans to list on Nasdaq under the ticker ABRX, subject to regulatory approvals.
Today, Abra operates as an asset tokenization and distribution platform under its parent company, Abra Financial Holdings.
The distribution side centers on Abra Capital Management, an SEC-registered investment adviser that serves high-net-worth individuals, ultra-high-net-worth clients and institutions. Through the platform, clients can access digital asset investment strategies, yield products, staking and collateralized lending.
AbraFi, the tokenization arm, is focused on creating tokenized financial products on the Solana blockchain in partnership with a decentralized autonomous organization (DAO). Its flagship offering, USDAF, is a yield-bearing dollar-denominated asset that has attracted growing interest from institutions and wealthy investors, according to Barhydt.
The company plans to expand that lineup in coming months with BTCAF, a bitcoin-based yield product that will be available to advisory clients and, outside the U.S., retail investors. Barhydt says investors should expect a growing range of tokenized yield products built around digital assets.
That narrative, he says, is resonating with institutional investors because it connects crypto infrastructure to broader financial markets. Anything that can be pledged as collateral in traditional finance can eventually be represented onchain and used in decentralized lending markets.
As Abra works through the final stages of its public listing process, Barhydt sees the company positioned at the intersection of those trends: tokenization, yield generation and digital asset wealth management.
#BitcoinBreaksAbove$63K
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Not one, but several overlapping headwinds are hitting the crypto market at once, weighing on bitcoin's price, the firm's head of research Greg Cipolaro said.
The AI trade sits near the top of his list as bitcoin is increasingly competing for capital with a sector that has become the market's dominant growth story.
The overlap between AI and crypto investors is larger than many assume, he argued. Both attract investors seeking exposure to emerging technologies and outsized returns. As AI-related stocks continue to outperform, capital followed and rotated from crypto, he wrote.
Investors are also preparing for what could be the largest tech IPO cycle in years. Companies such as SpaceX, OpenAI, Anthropic are widely expected to eventually go public, with SpaceX already deep into the process of making its debut. Large IPOs often prompt institutions to raise cash and reduce existing positions ahead of new offerings, creating a potential headwind for crypto demand, he wrote.
Crypto has also been grappling with a series of industry-specific concerns.
Treasury Secretary Scott Bessent's claim that U.S. authorities seized roughly $1 billion of Iranian-linked crypto assets raised questions about government reach into digital asset markets. Details remain limited, but the episode challenged one of crypto's core narratives for some investors, Cipolaro said.
Threat of quantum computing also returned to the conversation after researchers published new work showing that the computational resources required to attack widely used cryptographic systems may be falling faster than previously thought.
The sale of 32 BTC, worth $2.5 million at the time, was insignificant from a supply perspective but carried more weight psychologically. Strategy has spent years acting as one of the market's most consistent buyers, Cipolaro said. Any suggestion that it could become a source of supply, he argued, forces investors to rethink an important pillar of the bull case.
Taken together, those developments could explain why bitcoin has struggled despite no obvious deterioration in underlying network activity or adoption trends.
Viewed independently, none of these developments appears sufficient to drive a major correction in bitcoin," Cipolaro wrote. "Viewed collectively, they help explain why price action has weakened despite the absence of a clear deterioration in underlying adoption metrics."
Several indicators are approaching levels that have historically coincided with major bottoms, he noted. Bitcoin's MVRV ratio has fallen to 1.2, close to the level where market value converges with investors' aggregate cost basis. The percentage of supply held in profit recently slipped below 50%, another metric often associated with capitulation.
Bitcoin fell down roughly 53% from its peak ($126,000 in October), a much shallower decline than the 75%-90% drawdowns seen in prior cycles, he pointed out.
There's also a time element: the previous three bitcoin bear markets lasted more or less a year from peak to trough, with the exception of its first-ever bear market ending in 163 days in 2011.
That means either institutional adoption has fundamentally changed bitcoin's cycle behavior — or that the market simply hasn't reached a true capitulation phase yet.
But whether the low is already in place "likely depends on whether institutional demand has structurally altered the cycle or merely delayed a deeper reset," he added.
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The firm's executive chairman posted a familiar chart with Strategy's previous BTC purchases writing "a good time to add more dots."
Market observers have viewed such posts as a precursor to a new acquisition, although the company has yet to officially announce any transaction and will likely broadcast any action on Monday.
Strategy CEO Phong Le appeared to reinforce that message in a reply to Saylor's post. "Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time," Le wrote. "Rumors otherwise are just rumors."
The messages came after Strategy found itself under renewed scrutiny last week. The company disclosed last Monday that it had sold 32 bitcoin, worth roughly $2.5 million, its first sale since 2022. While immaterial relative to its more than 843,000-BTC treasury, the transaction sparked debate because investors have long viewed Strategy as one of bitcoin's most consistent sources of demand.
Some market participants interpreted the BTC sale as a potential sign that Strategy could sell more of its bitcoin holdings to support dividend payments or shore up liquidity if market conditions deteriorate further. Those concerns have only grown as bitcoin slumped below $60,000 on Friday, its weakest level since October 2024.
Adding to the spotlight, SEC filings on Friday showed two senior executives' plans to sell a combined $15 million worth of MSTR shares.
CEO Phong Le disclosed plans to sell roughly $11.1 million of stock, while CFO Andrew Kang filed to sell about $3.9 million. The transactions were tied to recently vested stock awards.
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The House Ways and Means Committee is the group of lawmakers tasked with writing laws governing taxes. While we've seen draft bills addressing taxes already, it's this committee that's really going to handle a hefty part of the work of drafting crypto tax legislation and shepherding it through the legislative process.
The fact that the committee is at the point of discussing draft legislation in a hearing shows progress on this front, and it's likely the provisions will eventually become law in the coming years, whether as part of a tax-specific legislative package or as part of some other, broader bill.
Staking and mining, de minimis and stablecoin transactions are all covered in the draft bills circulated late Thursday by the House Ways and Means Committee, among various other issues.
It's unclear how much progress will be made in terms of actually turning these bills into law in the 2026 calendar year. The House — and Senate, for that matter — has a number of other priorities that are more advanced and require floor time, as CoinDesk has covered before. Still, the existence of the draft bills and a hearing are important steps.
Alison Mangiero, the head of industry affairs and U.S. policy at the Crypto Council for Innovation, an industry trade group, said in a statement that the group of bills was an "important first step."
The Ways & Means Committee’s decision to release seven bills and follow with a full committee legislative hearing on June 9 is significant on procedural grounds alone," she said. "This format, where members work through specific legislation with expert witnesses before any markup, is one the Committee has not used in years. That kind of deliberate, structured engagement represents the unique focus from the Committee on this important work."
Mangiero called the bills the third leg in the metaphorical three-legged stool of crypto legislation, with the other legs including the stablecoin-focused GENIUS Act and the market structure-focused Clarity Act (the latter of which, as we all know, is still elbow-deep in the legislative process).
Several provisions in this package reflect priorities we have long advanced: sensible tax treatment for GENIUS-compliant stablecoins that allows them to function as the payments instruments they are; a de minimis exception for routine network transaction fees, a relief we have long advocated for, and believe should be further broadened as the process continues; parity provisions extending securities lending, mark-to-market, and charitable deduction treatment to widely traded digital assets; and clear rules for the taxation of mining and staking rewards," she said.
In semi-related news, the Financial Accounting Standards Board's Investor Advisory Committee also met late last month to discuss, among other issues, whether stablecoins qualify to be treated as cash equivalents.
The committee believes there needs to be a "high threshold" to establish something as a cash equivalent, according to a summary of the meeting shared with CoinDesk. The members of the committee did not come to a consensus about what kind of information would be useful for investors.
Possible disclosure information includes how reserves are structured, the type of stablecoin, who the issuer is, where funds are held, disaggregated information about cash equivalents and currency risk and even whether disclosed information was made on an interim basis.
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