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Bitcoin $3.3 Billion Surge: A Strong Signal for Long-Term Growth

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  • Bitcoin saw $3.3 billion flow into accumulation wallets, signaling strong confidence from long-term investors.
  • Accumulation wallets now hold 2.91 million BTC, showcasing whales’ continued optimism in the market.
  • With an average entry price of $64,000, long-term holders are betting on Bitcoin’s future growth.

Bitcoin experienced a major change in market structure when 3.3 billion dollars worth of BTC moved into accumulation addresses. A CryptoQuant analyst highlighted a huge outflow of 30,784 BTC, the largest inflow in 2021. This caused the total Bitcoin stored in accumulation addresses to rocket to 2.91 million BTC, highlighting strong confidence among long-term investors.

Accumulation addresses are deemed as one of the most significant market sentiment indicators. The characteristics of these wallets are that they have not moved any of their Bitcoin. They have a minimum of 10 BTC, are not associated with exchanges, and have moved at least once over the past seven years. These addresses are known as diamond hands, and they indicate either individual or institutional investors who have a strong desire to hold their assets despite the market changes.

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Source: X

Bitcoin’s Long-Term Bullish Outlook

This is a positive sign indicating that the whales, or large Bitcoin holders, are still optimistic about the future of the cryptocurrency as it surged into these accumulation addresses on June 11. As Bitcoin nears its all-time high, these investors continue to buy BTC, indicating that prevailing price levels do not deter them. Rather, they appear to be betting on the future rise and potential of Bitcoin, which supports the idea that the digital asset is nowhere near its all-time high.

This most recent inflow into accumulation fills the objections to the widely held notion that institutional investors are more likely to sell when prices are elevated. This implies that these whales are gambling on the assumed future rise of Bitcoin prices, as they are very sure that the markets will experience higher prices in the future. The issue now is whether other investors will also take the same path and start accumulating too.

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Source: X

Long-Term Confidence in Bitcoin

These wallets have an average entry price of approximately $64,000 per BTC. Such a price indicates that the investor has a lot of confidence in the future of BTC despite its volatility in the present. These long-term holders are not in it to make a quick profit but are preparing themselves to ride the next leg of the BTC expansion. Their approach is more patient and long-term in perspective, wagering on the long-term worth of the asset in the years ahead.

With the overall value of BTC in accumulation wallets rising steadily, the intent of these whales is apparent. BTC is a good investment to consider, especially with the ability to withstand market changes. Currently containing over 2.9 million BTC, worth over $ 107 billion, it is clear that long-term faith in BTC remains high. The whales have a pointed message, and that is that the accumulation phase is not even close to being finished.

Related Reading: Bitcoin Crashes Below $103K Signaling Intense Bearish Pressure

Bitcoin’s Volatile Plunge: Is it Still a Safe-Haven Asset Amid Geopolitical Tensions?

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  • Bitcoin dips below $103,000 amid Israel-Iran airstrike, raising concerns over its safe-haven status.
  • Peter Schiff questions Bitcoin’s ability to serve as a store of value during geopolitical crises.
  • Supporters argue Bitcoin has consistently rebounded stronger than gold and stocks in past crises.

Bitcoin experienced major volatility on Friday as the airstrike by Israel on Iran caused turmoil around the world. This sudden increase in tension caused serious market moves that have caused severe corrections in the cryptocurrency market. Bitcoin, which was trading over $107,000 since June 9, dipped under $103,000 momentarily. At press time, the cryptocurrency trades at $105,701, recording a 0.16% decrease in the last day.

The decline in the value of Bitcoin has raised questions regarding its placement as a safe-haven asset. Gold proponent Peter Schiff was quick to point out the huge difference between Bitcoin and conventional holdings in a crisis. When oil prices jumped by 5% and S&P futures declined by 1.5%, Bitcoin tumbled by 2%, unable to show the strength that gold demonstrated with a slight 0.85% gain.

Bitcoin as Digital Gold

The statement by Schiff revived the discussion on Bitcoin as digital gold and whether it is capable of serving as a store of value during turbulent times. He noted that, in a geopolitical crisis, investors usually pour into gold, which makes the gold price go up. In the meantime, Bitcoin failed to hold its own value, which brought its viability as a safe-haven asset during times of global uncertainty into question.

This story, however, was soon dismissed by Bitcoin enthusiasts. Blockstream CEO Adam Back pointed to the solid history of Bitcoin during geopolitical crises in the past. He stated that Bitcoin is likely to drop in the short term, but it will recover with more power than traditional assets like gold and stocks. Back still thinks that the long-term prospects of BTC are not hampered by its volatility in the short term.

This is supported by the history of BTC performance. As an example, at the point of the US-Iran tensions in January of 2020, BTC increased by 20% over the next two months, compared to the 6% rise in gold and -7% drop in the S&P 500. Likewise, following the Russia-Ukraine war in 2022, BTC rose by 15% in contrast to gold, which earned 9%, which demonstrates that BTC may rebound faster than conventional assets.

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Source: X

Nasdaq Listing Proposal

In March 2023, as the banking crisis transpired in the US, BTC jumped by 32% over the following two months, whereas gold gained 11% and equities mustered only a pathetic 4% gain. These numbers prove the strength of BTC and its capacity to bypass conventional markets during a crisis.

According to some industry players like Andrei Grachev, the cryptocurrency market would be better integrated with traditional finance. Grachev suggested that BTC should be listed on Nasdaq, as he was confident that this could open the door to institutional buyers as well as make the market more stable. The step can contribute to the enhancement of the long-term feasibility of BTC and its positioning as a safe asset.

Despite the recent dip in BTC value due to geopolitical tensions, which has caused concern, the BTC track record indicates that it could easily turn around and rise. BTC has proven to be strong and resilient during times of crisis, bouncing back every time and even performing better than traditional assets.

Related Reading: Coinbase Launches Bold CFTC-Regulated Perpetual Futures for U.S. Crypto Traders

MicroStrategy Insider Dumps $10M Stake Amid Bitcoin Strategy Concerns

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  • MicroStrategy board member Carl Rickertsen sold his entire $10M stake in MSTR stock.
  • No insider purchases were reported in 2025 despite 26 insider sales totaling $864M.
  • MSTR stock is down 10% in the past month, raising investor concerns.
  • The company holds 582,000 BTC, yet insider actions suggest waning internal confidence.

MicroStrategy, now rebranded as Strategy continues to double down on its Bitcoin-first approach, but behind the scenes, some of its top insiders are quietly heading for the exits. One of the company’s board members has just sold his entire $10 million stake in MSTR stock, raising serious questions about internal confidence in the company’s future.

What’s more surprising? Not a single insider has bought any shares in 2025. This glaring absence of insider buying has amplified concerns that the company’s stock performance, and possibly even the price of Bitcoin, could suffer as a result.

Carl Rickertsen, a board member of MicroStrategy since 2022, recently sold all of his MSTR shares, valued at over $10 million. This exit is especially striking given Rickertsen’s early involvement with the company’s Bitcoin pivot. He originally bought $700,000 worth of MSTR stock when shares were trading below $25. Since then, the stock has surged, making this a highly profitable exit.

According to reports from Protos, Rickertsen didn’t just sell his shares, he exercised stock options and offloaded them all on the same day. Moves like this often suggest a lack of long-term conviction in the company’s direction.

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Even more troubling, no other insiders have purchased MSTR shares so far in 2025. Protos reports that there have been 26 insider sales this year, with sell-offs outpacing purchases by over $864 million. This imbalance is raising red flags among retail investors, particularly as MSTR stock has dropped 10% in the past month alone.

MicroStrategy Insiders Sell Amid $63B Bitcoin Bet

The optics are unsettling: while Strategy promotes itself as the ultimate Bitcoin play, its executives appear unwilling to back that vision with their wallets. Retail investors are beginning to question whether insiders are seeing risks that the public hasn’t fully realized.

All of this is happening while Michael Saylor, the company’s founder and executive chairman, continues to champion Bitcoin as the company’s core asset. MicroStrategy now holds an enormous 582,000 BTC, valued at more than $63 billion. Yet, despite these holdings, MSTR shares are down 8% year-to-date, currently trading around $379.

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Critics are beginning to speak out. Longtime Bitcoin skeptic and economist Peter Schiff didn’t hold back, branding MicroStrategy’s business model a “complete fraud” and predicting bankruptcy is only a matter of time. While Schiff concedes he regrets missing out on early Bitcoin gains, he remains adamant that gold, not Bitcoin, will ultimately prevail.

As MicroStrategy deepens its commitment to Bitcoin, the widening gap between its public stance and insider behavior is casting a shadow over its strategy and possibly over the broader market as well.

Related | Bitcoin Crashes Below $103K Signaling Intense Bearish Pressure

Ethereum Outshines Bitcoin in ETF Inflows as Institutional Momentum Builds

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  • Ethereum ETFs saw 154,000 ETH in weekly inflows, a fivefold surge over the recent average.
  • A single-day record of 77,000 ETH flowed into spot ETFs on June 11.
  • Institutional investors are rotating from BTC to ETH, attracted by staking yields and broader utility.
  • Bitcoin ETFs recorded only 7,800 BTC in inflows, reflecting stagnation and growing volatility.

Ethereum is emerging as the dominant force in crypto ETF inflows this week, signaling a possible shift in institutional sentiment toward the second-largest cryptocurrency by market cap. According to on-chain analytics firm Glassnode, spot ETH exchange-traded funds (ETFs) saw a substantial 154,000 ETH in net inflows over the past week, marking a fivefold increase over its recent weekly average.

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The numbers sharply contrast with Bitcoin’s more modest performance, which saw just 7,800 BTC in total inflows during the same period. The highlight came on June 11, when a record-breaking 77,000 ETH flowed into Ethereum spot ETFs in a single day, the highest daily total for ETH so far this month. This unprecedented influx has sparked renewed discussions about Ethereum’s evolving role in institutional portfolios, especially as it inches closer to the critical $3,000 price level.

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Market observers attribute this surge in ETH ETF activity to a combination of technical and macro factors. Ethereum’s improving fundamentals, ranging from its expanding role in decentralized finance (DeFi) and staking to its growing developer ecosystem, are strengthening its case as a multi-functional crypto asset rather than just a speculative play. In particular, the recent buzz around ETH staking yields and ongoing Layer 2 scaling advancements may be contributing to the inflow momentum.

Ethereum ETF Momentum Surges as Bitcoin Inflows Stall

Meanwhile, Bitcoin ETFs, while still considered the cornerstone of institutional crypto adoption, have seen relatively flat activity. The 7,800 BTC in net inflows this week represents only a slight increase over the recent norm and pales in comparison to the 7,900 BTC that entered ETFs in a single day on May 23. Adding to the uncertainty, Bitcoin ETF flows have been increasingly volatile, with early June witnessing back-to-back sessions of sharp redemptions and inconsistent investor participation.

The widening gap in ETF inflows between Ethereum and Bitcoin may reflect a growing appetite for assets with broader utility and potential upside.

Analysts highlight several factors behind the growing divergence in ETF flows between Ethereum and Bitcoin. Institutions appear to be rotating capital from BTC to ETH in search of higher upside, especially as Ethereum’s price gains momentum. Speculation around new Ethereum ETF features, like staking-enabled products, is also boosting investor interest.

More broadly, Ethereum’s versatile use cases across DeFi, smart contracts, and NFTs are positioning it as a more dynamic asset compared to Bitcoin’s traditional store-of-value appeal, prompting a shift in institutional allocation strategies.

Although Bitcoin remains the dominant digital asset in terms of total ETF exposure, Ethereum is gaining ground. The recent uptick in institutional interest could mark the early stages of a broader reallocation trend in the crypto investment landscape.

If Ethereum’s ETF momentum persists, it could drive further price appreciation and solidify ETH’s position as not just a runner-up to Bitcoin, but as a leading force in the next phase of institutional crypto adoption.

Related | SEC Hits Pause on Grayscale Hedera ETF Amid 2025 Hype

Solana NFT Marketplace Solsniper Ends Operations After 3.5 Years

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  • The Solana NFT marketplace Solsniper shuts down after 3.5 years, officially closing on June 13, 2025.
  • All NFTs will be delisted, and user bids refunded, with leaderboard data preserved for future use.
  • Solsniper pivots away from NFTs, focusing on AI tools, Telegram bots, and memecoin trading terminals.
  • Closure reflects a broader NFT market slowdown, with trading volumes down 63% since December 2024.

Solana non-fungible token (NFT) marketplace Solsniper announced Friday that it is shutting down its 3.5 years of operation, including delisting NFTs and removing bids. The platform will officially close on June 13, 2025, at noon PST, according to a post shared on X (formerly Twitter).

“We will be automatically delisting everyone’s NFTs from Sniper Marketplace, removing bids, and refunding bid/order balances to your wallets,” the Solsniper team stated in the announcement.

While this marks the end of its NFT-related offerings, the company clarified that it is not ceasing operations entirely. In a follow-up post, the platform’s CEO explained, “In case anyone was confused, we are NOT shutting down as a company; we are simply shutting down all of our NFT-related products.”

Solsniper began as an analytics tool for NFT traders and later evolved into a mobile application, an NFT aggregator, and a marketplace tailored for the Solana blockchain. Over the years, it became a go-to destination for data-driven NFT trading and tools for advanced users in the Solana ecosystem.

Solana NFT Platform Solsniper Ends Marketplace Launches AI Bots

The team cited challenges in maintaining the marketplace sustainably as the key reason for the shutdown. However, they assured users that all pending bids and balances will be refunded directly to wallets and that leaderboard data will be preserved for potential use in future community incentive programs. “We don’t plan to stop building anytime soon,” the announcement added.

Even as it steps away from NFTs, SolSniper is repositioning itself within the broader crypto ecosystem. The platform has already launched several new products, including a Telegram-based trading bot, a web trading terminal, and an AI trading assistant designed for memecoin traders, signaling a clear pivot toward real-time, community-driven crypto trading tools.

The closure is unlikely to impact the Solana blockchain’s core infrastructure but could lead to a short-term dip in NFT trading volume as power users search for alternatives.

Solsniper’s exit mirrors a wider trend in the NFT space. In April 2025, NFT marketplaces Bybit and X2Y2 also announced their shutdowns. Bybit attributed its decision to a strategic pivot to streamline services and had also suffered a major $1.5 billion breach tied to North Korean hackers shortly before the announcement.

Recent data from DappRadar shows that NFT trading volumes have declined 63% since December 2024. “While NFTs had been showing signs of a comeback in recent months, their momentum has slowed since the start of the year,” said Sara Gherghelas, an analyst at DappRadar.

As the NFT landscape continues to evolve, Solsniper’s shutdown underscores the volatility of the sector and the need for platforms to adapt quickly or risk becoming obsolete.

Related | SEC Hits Pause on Grayscale Hedera ETF Amid 2025 Hype 

Chinese Suspect Arrested in Thailand Over $6.1M Bitcoin Scam

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  • Chinese Bitcoin scam suspect Tianwei was arrested at Don Mueang Airport while attempting to flee to Singapore.
  • The victims transferred 200 million baht in Bitcoin to Tianwei after a business meeting on April 23 but received no returns for their investment.

A Chinese suspect has been arrested by the Thai police for his role in a major ‘vanishing’ Bitcoin scam worth $6.1 million.

On the 12th of June, a local news outlet, Khaosod English, reported that a Chinese suspect by the name of Tianwei was arrested by Thai immigration police at Don Mueang Airport in Bangkok for his involvement in a major Bitcoin fraud case valued at 200 million baht, which is $6.15 million. 

According to the report, the arrest took place early in the morning, at about 6:00 a.m. on the 12th of June. The suspect, Tianwei, was attempting to flee the country on Lion Air flight SL100 to Singapore. Hours before the flight, the officers at the international departure terminal were alerted and were able to identify and detain him before he could leave Thailand.

How the Chinese Suspect Carried Out the Bitcoin Scam 

The case officially opened on the 30th of April, 2025, when two Chinese citizens filed a formal complaint through their legal representative at the Mae Sai Police Station in Chiang Rai. The details shared that the victims met with Mr. Tianwei on April 23rd for a business discussion that involved them making Bitcoin transactions.

After getting to an agreement, they transferred about 200 million baht to two different wallets that belonged to Tianwei. However, after the transfers were done, they didn’t receive the returns Tianwei had promised them. Realizing they had been deceived, they decided to take legal action.

Following the complaint, investigators started to work and do some intensive investigations into the case. During the course of the investigation, they were able to gather information on Tianwei, especially that he was served an arrest warrant on May 16 for fraud.

Authorities started to track his movements and got information that he was planning to flee Thailand via Don Mueang Airport. Thai immigration police were immediately notified and positioned themselves at the airport in preparation for his interception.

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Chinese Suspect Arrested in Thailand Over $6.1M Bitcoin Scam 9


When officers finally got Tianwei and confronted him, he did not resist his arrest. After verifying his identity, he confirmed that he was indeed the individual named in the arrest warrant and admitted that he had never been detained for this crime before. 

More Reading: Shiba Inu (SHIB) Price: Rally Above 2024 Highs Likely According to Analyst




SharpLink Stock Crashes 70% as SEC Filing Sparks Market Panic

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  • SharpLink stock plunged over 70% in after-hours trading after an SEC filing raised fears of major share dilution.
  • The S-3 registration revealed nearly 59 million shares could be resold by PIPE investors, sparking a rapid sell-off.
  • SharpLink still aims to raise $1B to build a massive Ethereum treasury, positioning itself as a bold Web3 financial pioneer.

SharpLink Gaming (NASDAQ: SBET), the Ethereum-based treasury startup and sports betting platform, saw its shares collapse by more than 70% during Thursday’s after-hours trading. The sharp drop followed the filing of an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC), which allows for the potential resale of nearly 59 million common shares, sending shockwaves through investors already eyeing the firm’s aggressive ETH-first strategy.

The turmoil marks a stark contrast to the optimism earlier this month when SharpLink emerged as a rising player in the crypto-financial sector after MetaMask creator Consensys led a $425 million private investment into the company. The funds were intended to build a pioneering corporate treasury structured around Ethereum, a bold move aimed at bridging TradFi and Web3 finance.

According to data from Google Finance, SBET closed regular trading Thursday down 12.25% to $32.50 before plunging as low as $8 in post-market trading. Although it later rebounded slightly to $11.15, the volatility unsettled both crypto and equity investors.

The trigger? SharpLink’s SEC S-3 filing revealed it had registered nearly 58.7 million shares for potential resale by over 100 investors from its recent PIPE (Private Investment in Public Equity) round. The filing led some traders to assume a flood of new shares would immediately hit the market, prompting a “prisoner’s dilemma” sell-off, according to BTCS CEO Charles Allen. But insiders say the panic was premature and potentially misplaced.

SharpLink Plans Massive Ethereum Treasury Build

Consensys CEO and SharpLink Chairman Joseph Lubin took to X (formerly Twitter) to clarify that the registration was a standard post-investment procedure and not indicative of actual sales. “The ‘Shares Owned After the Offering’ column is hypothetical,” Lubin emphasized, adding that neither he nor Consensys sold any shares.

Consensys General Counsel Matt Corva echoed that view, calling the market reaction “a bunch of FUD” and comparing the filing to a smart contract mint function, just procedural, not operational. “It doesn’t mean anyone sold anything,” he stated.

Despite the short-term market panic, SharpLink’s long-term strategy remains intact. Last month, the company announced its intention to raise to $1 billion from future equity offerings, to convert a substantial portion of that capital into Ethereum. If successful, it would establish one of the largest ETH-based treasuries in the public markets.

BTCS CEO Allen hinted that a strategic ETH acquisition announcement could still be on the horizon. “If they played their cards right, we might see a $1 billion ETH purchase announced tomorrow,” Allen speculated. “That would completely flip the sentiment.”

For now, SharpLink remains a volatile stock straddling the line between disruptive crypto innovation and traditional market skepticism. But with deep crypto ties and bold Ethereum ambitions, its next move could determine whether Thursday’s plunge was a short-term overreaction or a prelude to something bigger.

Related | Ripple-SEC Case Update: Joint Motion Seeks $125M Escrow Resolution

Ethereum’s Institutional Surge Signals $740K Potential: A Digital Oil Thesis Unfolds

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Key Takeaways:

  • Ethereum is positioned as the global financial system’s foundational digital infrastructure.
  • Institutional support and tokenized asset dominance point to significant underpricing.
  • ETH’s utility as productive digital oil underpins its long-term asymmetric investment thesis.

Ethereum is being rapidly embraced as the backbone of the evolving tokenized financial ecosystem. According to crypto researcher Leo Lanza from Etherealize_io, the shift from traditional financial systems to on-chain, composable networks has accelerated Ethereum’s institutional relevance.

Over 80% of tokenized assets today operate on Ethereum’s network, including stablecoins and tokenized securities, reflecting the trust placed in its secure and decentralized architecture.

Ethereum’s network has remained resilient with zero downtime, becoming the default layer for institutional-grade blockchain infrastructure. As financial giants build out digital strategies, Ether is increasingly the chain of choice. This has positioned ETH not as a speculative asset but as a productivity engine, comparable to oil in an industrial economy.

Ethereum’s Undervaluation Masks a Upside Opportunity

Despite its dominance, ETH trades far below its 2021 peak. Lanza’s institutional valuation model pegs ETH at a theoretical value of $740,000, based on its role in supporting the future of tokenized global finance.

The logic follows that as trillions of dollars in real-world assets move on-chain, Ethereum becomes indispensable as the settlement layer.

Yet, ETH’s current market pricing suggests that much of this transformational value remains unpriced.

Investors still perceive ETH in the same category as speculative tech tokens, failing to account for its core infrastructural role.

The opportunity, then, lies in this gap between present perception and future necessity, where ETH functions not just as collateral, but as yield-generating infrastructure in digital portfolios.

From Passive Value Store to Active Economic Engine

Over the past 15 years, Bitcoin has been acknowledged as digital gold, while Ethereum adds to this narrative by offering additional utility.

ETH can be both held and staked and, furthermore, utilized for computations, paid as a transaction fee, or used in decentralized applications. Lanza refers to ETH as digital oil, a reserve asset that is productive and sustains the wider blockchain economy.

Institutional frameworks in the U.S. and elsewhere seem more receptive to innovation based on blockchain technology. With regulations becoming clearer, traditional asset managers are beginning to invest in digital infrastructure, with ETH increasingly viewed as a must-have holding.

As Ethereum’s valuation increases to match its utility, Ethereum is poised to lead the coming wave of institutional investment into blockchain technology.

Related Reading | MFH Launches Bold $800M Bitcoin Treasury Plan with Blockchain Strategy

BlackRock Eyes XRP and Solana ETFs Amid Explosive Altcoin Momentum

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  • BlackRock is under growing pressure to join the XRP and Solana ETF race as rival filings surge and altcoin sentiment rises.
  • ETF Store President Nate Geraci says it is a matter of when, not if, BlackRock expands beyond Bitcoin and Ethereum.
  • XRP gains momentum after CME launches regulated futures, often a key step before a spot ETF filing.

BlackRock is facing mounting pressure to enter the race for XRP and Solana (SOL) ETFs as excitement builds across the crypto investment landscape. According to ETF Store President Nate Geraci, it is no longer a question of if the world’s largest asset manager will step in; it is when. While BlackRock has yet to make any official filings, Geraci suggests the firm is unlikely to let rivals dominate what could be the next major wave in digital asset ETFs.

Geraci believes that BlackRock, having already established leadership in Bitcoin and Ethereum ETFs through its iShares Bitcoin Trust and iShares Ethereum Trust, won’t want to miss the opportunity to extend its dominance into the altcoin ETF space. In particular, XRP appears well-positioned after recent legal clarity and the launch of regulated XRP futures on the CME. Futures contracts, he notes, are often a precursor to spot ETF filings.

Geraci even floated the possibility of converting Grayscale’s Digital Large Cap Fund, which already includes XRP, into a standalone ETF, potentially giving the asset a quicker path to U.S. markets.

The market sentiment also reflects growing optimism. On-chain prediction platform Polymarket currently shows a 90% approval probability for a Solana ETF and 87% for XRP, signaling strong investor expectations.

BlackRock Under Pressure as XRP ETF Filings Surge from Rivals

Bloomberg ETF analyst Eric Balchunas added fuel to the discussion by teasing an “Altcoin ETF Summer,” suggesting that Solana may lead the charge among the next wave of ETF approvals. He cited research from fellow analyst James Seyffart, who recently updated approval odds across a range of crypto ETF products, pointing to rising confidence in both individual altcoin ETFs and broader basket products.

Despite this growing buzz, BlackRock remains focused on its two flagship crypto funds. Last year, the firm’s global head of ETFs, Samara Cohen, said that only Bitcoin and Ethereum met their criteria for liquidity and maturity. Whether XRP’s evolving legal status and expanding derivatives market can change that assessment remains to be seen.

Meanwhile, other asset managers are wasting no time. Bitwise, 21Shares, WisdomTree, Grayscale, and Franklin Templeton have all submitted spot XRP ETF proposals. But approval remains elusive, with the SEC extending its review of 21Shares’ filing to October and requesting public comments on WisdomTree’s XRP Trust due to concerns around market manipulation.

Outside the U.S., the story is different. Switzerland’s 21Shares already offers the AXRP ETP, and Brazil has become the first country to approve a spot XRP ETF, highlighting the asset’s growing global institutional appeal.

As competitors advance and optimism swells, all eyes are on BlackRock. Will the ETF giant once again lead the charge, or risk falling behind in what many are calling the next frontier of crypto finance?

Related | Ripple-SEC Case Update: Joint Motion Seeks $125M Escrow Resolution 

Crypto Market Hit by $645M Liquidations as Bulls Suffer Blow

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  • Crypto market faced $645.67M liquidations, over 130,000 traders affected in 24 hours.
  • Bitcoin long liquidations surged 2,360% over shorts, with $3.42 million wiped in one hour.
  • One whale lost $201 million on Binance; Ethereum led hourly losses at $7.49 million.

The cryptocurrency market has witnessed over $645.67 million in liquidations within the past 24 hours, affecting more than 130,000 traders. Within just 60 minutes, $340 million was wiped out, highlighting the violent market turn. These figures, sourced from Coinglass, may still underestimate the total liquidation magnitude.

The broader market took a notable dip despite recent optimism. Today, however, nearly all top 100 cryptocurrencies saw losses. The global crypto market cap shrank 4.52%, settling at $3.44 trillion. The drop caught many off guard given earlier optimism driven by political and institutional developments in the digital asset space.

Trump Endorses Crypto at Coinbase Summit

Investor sentiment earlier leaned bullish. At Coinbase’s State of Crypto Summit, Donald Trump shared supportive views on digital assets. Meanwhile, the outgoing FSB chair warned of crypto’s growing systemic risks. Despite these signals, whales began moving funds, often signaling caution. Santiment data flagged increased whale activity during the downturn.

A whale was liquidated on Binance with a $201 million BTC/USDT long position. The massive loss underscored the consequences of high-leverage strategies amid volatile conditions. Long positions continue to show vulnerability as sudden reversals wipe out bullish leverage with little warning.

Bitcoin recently broke $110,000, stirred seven-month high sentiment levels. Santiment recorded 2.12 positive Bitcoin comments for every negative one on June 11. That ratio reflected the strongest retail and institutional optimism since Trump’s election, despite retail still lagging behind institutions in driving price action.

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Bitcoin Liquidations Surge Over $3 Million

However, that same optimism led to overexposure. CoinGlass data showed bulls suffered a 2,360% higher liquidation rate than bears in the past hour. $3.42 million in Bitcoin long positions were liquidated, compared to just $130,700 in shorts. A flash drop from $107,400 to $106,500 triggered cascading losses.

Although Bitcoin rebounded above $107,000 quickly, the damage was already done. The liquidation cascade demonstrated the risk of over-leveraged bets in unpredictable markets. In total, over 111,000 traders were liquidated in 24 hours, with 78% of losses hitting long positions a brutal reality for recent market optimists.

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While Bitcoin bore the brunt of attention, Ethereum topped liquidation charts this hour with $7.49 million lost. Solana followed at $2.36 million. Meme coins like DOGE and PEPE also faced modest sell-offs. Across the board, the message was clear, over-leveraged trades remain highly vulnerable to sudden market reversals.

Read More: NEAR Protocol Reaches 46 Million MAUs: Solana’s Next Challenger?