Altcoin Selling Reaches $266 Billion as Spot Demand Hits Six-Year Low – Capital Rotates Within and Beyond Crypto Markets

Key Takeaways

Altcoin Spot Demand Drops to Deepest Level Since 2020

Altcoin markets, excluding Bitcoin and Ether, have experienced $266 billion in net selling volume on centralized exchanges. According to data cited by CryptoQuant and referenced by market analyst IT Tech, the one-year cumulative buy-sell difference for altcoins declined to minus $266 billion on June 16. This marks the lowest reading since the metric began tracking spot demand in 2020.

The cumulative figure reflects sustained selling pressure over an extended period. In practical terms, more capital has exited altcoin spot positions than entered them over the past year. The scale of the imbalance indicates that aggregate buying activity has not kept pace with selling volume.

For users active in crypto markets, including those who hold altcoins for payments or platform use cases, the data signals reduced net spot demand across the broader altcoin segment.

Futures Trading Activity Remains Concentrated in Altcoins

Despite the negative spot demand, derivatives trading tells a different story. On June 16, altcoins accounted for 51% of daily futures trading volume on Binance. In comparison, Bitcoin represented 28.85% and Ether 20.20%.

Throughout most of 2025, altcoins have led exchange trading volumes on Binance, aside from a brief period in February when Bitcoin overtook the sector. This indicates that while spot buyers have been limited, trading activity in derivatives markets remains heavily focused on altcoins.

The divergence between cumulative net selling in spot markets and strong futures volume suggests that capital is being recycled within the crypto ecosystem. Traders continue to engage with altcoins through leveraged or short-term instruments even as long-term spot accumulation remains weak.

For market participants, including those evaluating crypto-based platforms, this split between spot and derivatives flows highlights differing risk preferences and trading strategies within the same asset class.

Stablecoin Liquidity Remains Available on Exchanges

Data from analyst MorenoDV shows that exchange stablecoin balances have changed little since December 2024. The exchange supply ratio for ERC20 stablecoins has fluctuated between 0.40 and 0.46. This means that roughly 40% to 46% of the circulating supply has remained on exchanges for more than a year.

During the same period, Bitcoin experienced price swings exceeding 50%, trading between $60,000 and $120,000. Despite this volatility, the proportion of stablecoins held on exchanges remained relatively stable.

Binance held between 25% and 30% of the total stablecoin supply and accounted for more than half of exchange-held reserves. This concentration indicates that a significant share of deployable liquidity sits on a single platform.

The stable exchange supply ratio suggests that capital has not broadly exited the crypto ecosystem. Instead, liquidity appears to be available but deployed selectively across different instruments and sectors.

Capital Expands Into Metals and Pre-IPO Perpetual Products

Part of the capital circulating on exchanges has shifted toward traditional asset products offered within crypto trading environments. According to CryptoQuant data, metals futures volume peaked at nearly $500 billion in March 2026, coinciding with record highs in gold and silver prices.

In addition, trading activity in pre-IPO perpetual products expanded significantly. Volumes rose from $2 million in March to $715 million in May and $2 billion in June. Binance processed $10.3 billion in pre-IPO perpetual volume in June, roughly 20 times higher than the entire month of May. The exchange controlled about 83% of this segment.

Growth was also recorded in contracts linked to metals, oil, and equities. The expansion of these products shows that exchange users are allocating liquidity across a wider range of assets beyond cryptocurrencies alone.

For users of platforms that integrate crypto trading with broader financial instruments, this trend indicates a diversification of activity within centralized exchanges rather than a simple contraction of overall participation.

Our Assessment

The data shows a record $266 billion in cumulative net selling across altcoin spot markets, marking the weakest demand level since tracking began in 2020. At the same time, altcoins continue to dominate futures trading volume on Binance, accounting for more than half of daily activity.

Stablecoin balances on exchanges have remained relatively stable since late 2024, and Binance holds a significant share of deployable stablecoin liquidity. Concurrently, trading volumes in metals futures and pre-IPO perpetual products have increased sharply in 2026, with Binance leading these segments.

Taken together, the figures indicate that capital has not broadly exited centralized exchanges but has shifted between spot altcoins, derivatives, and alternative asset products within the same trading venues.

CFTC Approves KalshiEX Bitcoin Perpetual Futures – Regulated US Access Reshapes Crypto Derivatives Market

Key Takeaways

CFTC Approval Gives Bitcoin Perpetuals a Regulated US Path

In late May 2026, the US Commodity Futures Trading Commission approved KalshiEX to list a Bitcoin perpetual futures contract called BTCPERP. The contract references the spot price of Bitcoin and operates under federal regulatory oversight.

The decision marks a structural change for crypto derivatives in the United States. Until now, most Bitcoin perpetual futures trading has taken place on offshore platforms. US traders and institutions faced limited choices: avoid perpetuals, use offshore venues where permitted, or rely on regulated alternatives such as CME Bitcoin futures or spot Bitcoin exchange traded funds.

By approving BTCPERP, the CFTC clarified that perpetual futures can fit within existing US futures rules if proper safeguards are in place. Rather than treating perpetuals as entirely new instruments, regulators allowed them under the current regulatory framework.

What Bitcoin Perpetual Futures Are and Why They Matter

Perpetual futures are derivative contracts that allow you to take positions on Bitcoin price movements without holding the underlying asset. Unlike traditional futures contracts, they have no expiration date. You can keep a position open as long as you maintain sufficient margin.

Traditional futures require traders to roll over positions when contracts expire. Perpetual futures remove that step, which simplifies ongoing trading and reduces the need for repeated contract management.

To keep perpetual prices aligned with the spot market, platforms use a funding rate mechanism. Depending on market conditions, traders in long or short positions make periodic payments to each other. This mechanism helps prevent large deviations between the contract price and the underlying Bitcoin spot price.

Over time, perpetual futures have become one of the most widely used products in crypto markets. They provide leveraged exposure, allow traders to position for rising or falling prices, and are used by speculators, hedge funds, market makers, and arbitrage traders. In many cases, trading volumes in perpetual futures exceed spot market volumes for major cryptocurrencies. They also play a central role in short term price discovery.

Why US Markets Previously Lagged Behind

US regulators have long allowed futures trading in traditional markets. However, they were cautious about crypto perpetual futures due to the structure of many offshore platforms.

Concerns included very high leverage, weak customer protections, limited transparency, and potential market manipulation risks. As a result, perpetual futures largely remained outside the regulated US environment.

This created a gap. One of the most important instruments in global crypto trading operated mostly beyond the reach of the world’s largest financial market. American traders often relied on regulated CME Bitcoin futures or, more recently, spot Bitcoin ETFs, but these products differ from perpetual contracts in structure and functionality.

The approval of BTCPERP begins to close that gap by allowing a perpetual contract to operate within a federally supervised framework.

How Regulated Perpetuals Differ From Offshore Platforms

While regulated and offshore perpetual contracts may appear similar in offering leveraged exposure to Bitcoin, their market structures differ significantly.

US regulated products must comply with know your customer and anti money laundering requirements. Exchanges are required to monitor trading activity for signs of abuse and to implement risk management systems subject to regulatory review. Margin rules are generally more conservative than on many offshore venues.

For you as a trader, this means leverage levels may be lower compared to some offshore platforms. At the same time, regulated platforms operate under established compliance standards and federal oversight.

Regulation does not remove trading risk. Perpetual futures remain high leverage instruments. Rapid market movements can still lead to significant losses and liquidations if risk controls are insufficient. The regulatory framework affects market structure and protections, but not the underlying volatility of Bitcoin.

Implications for Retail and Institutional Participants

For retail traders, a regulated Bitcoin perpetual contract offers access within the traditional US financial system. Instead of relying on offshore platforms with varying regulatory standards, you can trade within a federally supervised environment.

For institutions, the impact may be more pronounced. Hedge funds, asset managers, and proprietary trading firms have often limited their involvement with offshore perpetuals due to compliance constraints. A regulated US market provides a clearer framework for leveraged exposure, hedging strategies, and arbitrage between spot markets, ETFs, and futures.

The coexistence of spot Bitcoin ETFs and regulated perpetual futures also expands the range of available strategies. Spot ETFs provide direct exposure to Bitcoin price movements. Perpetual futures add leverage and more flexible positioning tools. Together, these products contribute to a more developed derivatives and spot market structure within US financial markets.

Competitive Impact on Crypto Exchanges

KalshiEX is the first to receive approval for a regulated Bitcoin perpetual contract, but it is unlikely to be the last. The decision establishes a precedent for how such products can be structured under US futures rules.

Coinbase has shown strong interest in crypto derivatives and has expanded its capabilities through acquisitions, including Deribit, and through regulatory efforts involving its CFTC regulated futures commission merchant. Other exchanges may seek similar approvals if regulators continue reviewing perpetual products within this framework.

Crypto derivatives generate significant trading volumes and play a central role in market activity. The introduction of regulated perpetuals in the United States increases competitive pressure among exchanges that aim to capture derivatives flow under compliant structures.

Our Assessment

The CFTC approval of KalshiEX’s BTCPERP contract brings Bitcoin perpetual futures into a regulated US market framework for the first time. Perpetuals are already a core component of global crypto trading, often surpassing spot volumes and influencing price discovery. By allowing these contracts under existing futures rules with compliance and risk controls, US regulators have opened a new access point for both retail and institutional traders. The decision integrates a widely used crypto derivative into the federally supervised financial system while maintaining the high leverage and volatility characteristics inherent to the product.

Ventuals Shuts Down On-Chain Pre-IPO Markets on Hyperliquid – Settlement Freezes Trading and Returns 500,000 HYPE to Users

Key Takeaways

Ventuals Freezes Flagship Pre-IPO Markets and Halts Trading

Ventuals has shut down its on-chain pre-IPO derivatives platform, ending one of the first venues that allowed traders to take leveraged positions on the valuations of private companies such as OpenAI and Anthropic.

The closure was announced on the platform’s X account. As part of the wind-down, Ventuals froze its two flagship markets, OPENAI and ANTHROPIC, at their trailing 24-hour time-weighted average prices. OPENAI was fixed at $1,341.80 and ANTHROPIC at $1,618.90. Trading in these markets was halted at 10:30 a.m. and 11:30 a.m. ET respectively.

The time-weighted average price mechanism smooths short-term volatility by calculating an average over a defined period. In this case, it was used to determine final settlement values before permanent closure.

In addition to the pre-IPO markets, Ventuals operated commodity markets including WHEAT and SOY, as well as index markets such as MAG7 and SEMIS. These remaining markets are scheduled to settle on June 18.

User Funds and vHYPE Redemptions

Ventuals stated that every vHYPE holder can withdraw deposited HYPE at a 1:1 rate plus accrued staking yield. The platform described vHYPE as its liquid staking token and the receipt issued for HYPE deposited into the protocol.

Over its operating period, Ventuals reported raising more than 500,000 HYPE. At a reported market price of around $67 on Monday, this amount represents roughly $33 million. HYPE was trading up approximately 12 percent over 24 hours and about 64 percent over the past 30 days. The price movement was described as independent of the Ventuals closure, with builder-deployed markets continuing to generate activity on the Hyperliquid network.

By staggering settlement dates and using averaged pricing for final marks, the platform structured its shutdown as an orderly settlement process rather than an immediate halt. The points and referral programs have been discontinued, and Ventuals confirmed that no Ventuals token will be issued.

How Ventuals Structured Pre-IPO Exposure

Ventuals operated on Hyperliquid, a layer-one blockchain that enables external teams to deploy perpetual futures markets using the HIP-3 framework. Under this standard, outside builders can launch their own markets backed by a HYPE stake.

The platform offered synthetic, leveraged exposure to private company valuations. Traders did not acquire equity or tokenized shares. Instead, they traded perpetual derivatives that tracked a synthetic price linked to the perceived valuation of companies that are not publicly listed. Positions were settled in stablecoins rather than equity.

Ventuals described itself as the first on-chain derivatives protocol focused on private, pre-IPO company valuations. By using synthetic pricing instead of blockchain-wrapped shares, it positioned its products separately from tokenized-equity offerings. This distinction became relevant after Anthropic flagged wrapped versions of its private shares that had appeared on-chain as unauthorized.

Earlier this year, The Block reported that Ventuals compensated traders after its pre-IPO SpaceX perpetuals dropped 45 percent in a single session. The episode highlighted the sensitivity of price discovery in markets tied to private company valuations.

Pre-IPO Trading Activity Within the Hyperliquid Ecosystem

Ventuals was part of a broader wave of pre-IPO and tokenized-equity style activity on Hyperliquid. Trade.xyz launched the first pre-IPO perpetual market for SpaceX on the same network. Builder-deployed markets under the HIP-3 framework contributed to Hyperliquid reaching a record share of global perpetuals trading volume.

Demand for private-company exposure has also appeared beyond Hyperliquid. Polymarket introduced prediction markets on private-company valuations using Nasdaq data, and Citi rolled out tokenized private-company shares for wealth and institutional clients. These developments indicate interest in accessing valuations of companies such as OpenAI across both crypto-native and traditional financial platforms.

Ventuals reported more than $650 million in trading volume during its operation. The platform did not disclose how long it had been active. It also did not name the Hyperliquid ecosystem project that its team will join following the shutdown, nor did it provide a detailed timeline for that transition beyond the specified settlement dates.

Our Assessment

Ventuals has formally exited the on-chain pre-IPO derivatives market after processing more than $650 million in trading volume and raising over 500,000 HYPE. Its OPENAI and ANTHROPIC markets have been settled using 24-hour average pricing, and remaining commodity and index markets are set to close on June 18. Users can redeem deposited HYPE at a 1:1 rate plus staking yield. The team will integrate into another, unnamed Hyperliquid ecosystem project, marking the end of one of the network’s early pre-IPO trading venues.

LeoVegas Subsidiary Roar Vegas Wins Appeal Against SEK 8 Million Fine – Swedish Court Cites Insufficient Evidence of Duty of Care Breach

Key Takeaways

Administrative Court Cancels SEK 8 Million Fine

The Administrative Court in Linkoping has overturned a SEK 8 million administrative fine previously imposed on Roar Vegas, an operator owned by the LeoVegas group. The fine, originally issued by Spelinspektionen on 25 March 2025, followed a regulatory review of customer activity during the first quarter of 2024.

In its ruling dated 12 June under case number 3061-25, the court concluded that the regulator had not demonstrated a clear breach of the duty of care obligations set out in the Swedish Gambling Act. According to the court, the evidence presented did not meet the standard of being clear and unambiguous, which is required to impose a financial sanction.

For operators active in Sweden, the ruling clarifies how courts may assess the evidentiary threshold in enforcement actions related to safer gambling obligations.

Regulator Focused on High-Loss and Younger Players

Spelinspektionen based its enforcement decision on a review of 12 customer accounts identified as high-loss cases between 1 January and 31 March 2024. The regulator selected the highest-loss players across two age groups: 18 to 24 and 25 and older.

Three of those accounts formed the core of the regulator’s concerns. These players had monthly deposit limits ranging from SEK 100,000 to SEK 300,000. Spelinspektionen also cited rapid deposits, quick losses following deposits, and extended playing sessions as indicators of potentially harmful gambling behavior.

The regulator concluded that Roar Vegas had failed to intervene sufficiently or in a timely manner. On that basis, it issued both a formal reprimand and the SEK 8 million fine, equivalent to approximately $852,867.

Operator Cited Automated Alerts and Manual Reviews

In its defense, Roar Vegas did not dispute that the accounts in question showed risk indicators. However, the company argued that it had taken multiple steps to mitigate potential harm.

According to the court record, the operator’s safer gambling system included automated alerts, manual account reviews, deposit limits, and account suspensions. Roar Vegas also presented documentation such as action plans, system updates, and follow-up notes to demonstrate ongoing monitoring and intervention.

The company further argued that certain behavioral indicators, such as long login sessions or rapid losses after deposits, do not automatically prove gambling harm. It noted that similar patterns can occur in sports betting. Roar Vegas also referred to legal uncertainty prior to regulatory changes that took effect on 1 June 2024, particularly concerning the processing of personal health and financial data in responsible gambling checks.

The court accepted parts of this reasoning. It stated that license holders must balance privacy considerations, voluntary player tools, and stronger restrictive measures when assessing risk.

Court Applies Reasonable Time Standard

A central issue in the case was the timing and adequacy of interventions. Spelinspektionen argued that Roar Vegas acted too late and that its measures were insufficient.

The court agreed that certain interventions could have been implemented earlier. However, it emphasized that the law does not set fixed response times for every scenario. Instead, it applied what it described as a reasonable time standard, taking into account that online gambling operates continuously.

The ruling noted that some automated alerts were triggered quickly, in some cases as early as the day after initial deposits. The court concluded that while earlier action might have been possible in specific instances, the delays identified by the regulator did not reach the threshold required to justify a financial penalty.

Implications for Swedish Duty of Care Enforcement

Sweden has strengthened enforcement of safer gambling requirements in recent years. Duty of care provisions require operators to act when player behavior indicates elevated risk, but the legislation leaves room for judgment in determining when and how to intervene.

In this case, the court’s decision underscores that regulators must present detailed and conclusive evidence when alleging a breach. The documentation provided by Roar Vegas, including records of alerts and follow-up measures, played a role in undermining the regulator’s claim that a clear violation had occurred.

For licensed operators in Sweden, the ruling provides judicial guidance on how courts may evaluate internal control systems, response times, and documentation in future enforcement proceedings.

Our Assessment

The Administrative Court in Linkoping cancelled the SEK 8 million fine against Roar Vegas after finding that Spelinspektionen did not prove a clear breach of duty of care obligations. The court acknowledged areas where earlier intervention might have been possible but determined that the evidence did not justify a financial sanction. The ruling clarifies the evidentiary standard required in Swedish enforcement actions related to safer gambling and highlights the importance of documented internal procedures when regulatory decisions are challenged.

BitGo Enters 2026 Fortune 500 With $16.2 Billion Revenue – Regulated Crypto Custody Reaches New Scale

Key Takeaways

BitGo Joins the 2026 Fortune 500 After Public Listing

BitGo Holdings, Inc. has been included in the 2026 Fortune 500 list following reported revenue of approximately $16.2 billion for the 2025 financial year. The company ranks No. 273 in this year’s edition. Its inclusion comes five months after its initial public offering on the New York Stock Exchange in January 2026, where it began trading under the ticker BTGO.

According to the published information, BitGo is the first company focused primarily on digital asset infrastructure to reach the Fortune 500. While crypto miners, exchanges, and companies holding digital assets in corporate treasuries have previously gone public, BitGo’s business model centers on custody, wallets, settlement, and related infrastructure services.

For users and institutional clients operating in crypto markets, this milestone reflects the scale that regulated digital asset service providers have reached within traditional corporate rankings.

From Bitcoin Wallet Provider to Institutional Infrastructure Company

BitGo was founded in 2011 by Mike Belshe, who currently serves as CEO, together with Bill Lee, Ben Davenport, and Will O’Brien. The company initially focused on secure Bitcoin wallets and institutional grade custody, emphasizing multi signature technology and enterprise security.

Over time, BitGo expanded its services beyond wallet technology. It now provides infrastructure for custody, trading, settlement, and operational support to exchanges, funds, ETF issuers, and other institutions active in digital assets.

The company states that it serves clients in more than 100 countries. Its global footprint includes a VARA license in Dubai, an office in London, a Latin America headquarters in Mexico City, and an Asia Pacific base in Singapore.

OCC Charter Establishes Federal Oversight Framework

A central element of BitGo’s regulatory position is its operation as BitGo Bank & Trust, National Association. In December 2025, the company received approval for a federal charter from the Office of the Comptroller of the Currency. This status designates it as a federally chartered national trust bank.

The OCC charter subjects the company to federal requirements, including capital standards, audits, risk management obligations, and fiduciary oversight. It also provides a unified federal supervisory framework, replacing certain state level licensing requirements with federal preemption.

According to statements cited in the source material, the charter is presented as offering regulatory clarity for institutional clients. In combination with its status as a publicly listed company, the structure positions BitGo within established U.S. banking supervision.

For market participants, especially those evaluating custody arrangements for large crypto holdings, federal oversight and public reporting obligations are relevant factors in risk assessment and compliance planning.

Custody, Prime Services, and Stablecoins Drive Revenue

BitGo identifies custody fees as its primary revenue source. In addition, the company has expanded its Prime services, which include over the counter trading, electronic trading, and derivatives. These services allow clients to access liquidity and execute strategies while assets remain in qualified custody.

The firm also offers staking services that enable clients to generate yield on assets such as Ethereum and Solana while maintaining cold storage custody.

Stablecoin infrastructure has become another revenue segment. Through its Stablecoin as a Service platform, BitGo provides minting, burning, and custody functions. Examples cited include support for World Liberty Financial’s USD1 stablecoin and infrastructure for SoFiUSD, described as a U.S. national bank issued stablecoin on a public blockchain with an initial mint of $150 million.

The company states that Bitcoin continues to generate significant volume on its platform, alongside Ethereum, Solana, and stablecoins.

Bitcoin Holdings and Institutional Client Base

BitGo reports that it holds more than 470,000 BTC in custody, placing it among the largest Bitcoin custodians globally based on the figures disclosed. In addition to client assets, BitGo Holdings holds approximately 2,449 BTC in its own corporate treasury, ranking it among the larger corporate Bitcoin holders according to the published data.

Its client base consists primarily of institutional and sophisticated market participants. Named examples include 21Shares, which uses BitGo for Bitcoin ETF custody, Fold for core infrastructure, World Liberty Financial for stablecoin custody and infrastructure, and SoFi for stablecoin related services.

The company has maintained a focus on institutional services rather than expanding into a broad retail platform.

Tokenization as an Area of Development

BitGo has identified tokenization as a strategic area of interest. In this context, tokenization refers to the representation of traditional assets, including public and private equities, on blockchain infrastructure.

The company indicates that it is examining tokenization of both public market instruments and private company equity. At the same time, it emphasizes that such activities must be conducted within a controlled and responsible framework.

For institutional users and platforms assessing future infrastructure providers, tokenization initiatives may affect how traditional securities and private assets are integrated into blockchain based systems.

Our Assessment

BitGo’s entry into the 2026 Fortune 500 with reported revenue of $16.2 billion highlights the scale achieved by regulated digital asset infrastructure providers. The company combines public market listing, federal trust bank status under the OCC, and large scale Bitcoin custody operations. Its revenue mix spans custody, trading services, staking, and stablecoin infrastructure, with a client base focused on institutional participants across multiple regions.

Paradigm Leads $9 Million Funding Round in El Dorado – Stablecoin Payments App Expands Dollar Access in Latin America

Key Takeaways

Paradigm Leads New Investment in Latin American Stablecoin Platform

Paradigm has led a funding round of roughly $9 million in El Dorado, a stablecoin-powered payments application focused on Latin America. The transaction was reported by The Block and marks another investment by the venture capital firm in crypto-based payment infrastructure.

Neither Paradigm nor El Dorado have published detailed public statements on the financing. According to the report, additional information such as the company’s valuation, the complete list of investors and the specific allocation of the new capital has not been disclosed.

The investment places El Dorado among a growing group of companies building payment applications around dollar-pegged stablecoins in emerging markets.

El Dorado’s Product: Peer-to-Peer Marketplace and Stablecoin Payments

El Dorado operates a peer-to-peer marketplace and a broader payments application that allows users to buy, hold and send digital dollars. The platform relies primarily on Tether’s USDT stablecoin, while also supporting Mountain Protocol’s USDM.

The company describes its product as a SuperApp that integrates stablecoins with dozens of local payment channels. Users can move value between bank applications, cash networks and digital wallets within the app’s supported countries.

One of the core features is El Dorado Pay, which enables instant transfers between users. Settlement is routed through USDT on the Arbitrum network, a design choice intended to reduce transaction costs. By combining peer-to-peer exchange functionality with payment services, El Dorado has expanded beyond its original marketplace model into a more comprehensive payments stack.

According to the company, the app has crossed the milestone of one million users across Latin America.

Geographic Focus and Market Conditions in Latin America

El Dorado targets markets where access to US dollars can be limited by capital controls, inflation and restricted banking coverage. The app currently connects stablecoins to local payment rails in Argentina, Bolivia, Brazil, Colombia, Panama and Peru.

The company previously operated in Venezuela, which had been described as one of its strongest markets. It has since wound down operations there. No further details were provided regarding the reasons for that decision.

By linking USDT and other dollar tokens to domestic financial channels, El Dorado positions its service as a bridge between digital dollar assets and everyday payment infrastructure. This model allows users to convert between local currencies and stablecoins and transfer funds within the app’s ecosystem.

Previous Funding and Investor Background

This latest round follows a $3 million seed raise completed in 2024. That round was led by Multicoin Capital and included participation from Coinbase Ventures, UC Berkeley SkyDeck and Awesome People Ventures.

Paradigm’s involvement in the new financing continues its activity in crypto payments and decentralized finance. In December, the firm made its first investment in Brazil by committing $13.5 million to Crown, a startup issuing a Brazilian real stablecoin for institutional use.

More recently, Paradigm co-led a $175 million funding round in the lending protocol Morpho alongside a16z Crypto and Ribbit Capital. That transaction was described as one of the largest fundraises in decentralized finance to date.

The El Dorado investment therefore fits into a broader pattern of backing projects that focus on tokenized assets, stablecoins and payment infrastructure.

Competition in Latin America’s Stablecoin Payments Segment

Latin America has become an active market for stablecoin-based payment solutions. Established remittance and payment companies have also introduced blockchain-related initiatives in the region.

Western Union recently made its USDPT stablecoin available through Bybit’s fiat channels in Latin America. In addition, MoneyGram has signed on as an anchor remittance validator on the Tempo blockchain.

El Dorado’s model differs in that it operates as a crypto-native application rather than as an extension of a traditional remittance provider. The company aims to facilitate everyday dollar transactions within its supported countries through a dedicated app built around stablecoins.

The presence of both crypto-native startups and established financial companies underscores the level of activity in the region’s digital dollar market.

Our Assessment

Paradigm’s approximately $9 million investment in El Dorado provides additional capital to a stablecoin payments app that reports more than one million users in Latin America. The company connects USDT and other dollar tokens to local payment channels in six countries and has expanded from a peer-to-peer exchange into a broader payments platform. While financial details of the round remain limited, the deal aligns with Paradigm’s recent investments in stablecoins, tokenized assets and crypto-based financial infrastructure in emerging markets.

Tokenized Real-World Assets Surge 589% Since Early 2025 – Kraken Launches Tokenized SpaceX IPO as Prediction Markets Overtake Onchain Gambling

Key Takeaways

Tokenized Real-World Assets Expand Despite Crypto Market Volatility

Tokenized real-world assets, often referred to as RWAs, continue to grow even as broader crypto prices react to macroeconomic headlines and regulatory uncertainty. According to Binance Research, the market for active tokenized RWAs has surged 589% since early 2025.

Bonds and money market funds accounted for $6.5 billion in additional value, while tokenized stocks recorded a 422% increase over the same period. The data indicates that tokenization is not limited to a single asset class. Instead, multiple traditional financial instruments are being represented on blockchain infrastructure.

The sector has also diversified. Platforms such as Ondo Global Markets have driven demand for tokenized equities. At the same time, tokenized precious metals added $1.5 billion as investors sought safe-haven assets earlier this year. This suggests that tokenization is being used for both growth-oriented and defensive asset strategies.

Traditional financial institutions are also expanding blockchain-related initiatives. Apex Group has introduced tokenized fund services, while The Clearing House is planning a tokenized deposit network. These developments point to adoption beyond crypto-native firms and show that established financial entities are integrating tokenization into their existing frameworks.

For users evaluating crypto platforms, this growth highlights how tokenized assets are becoming a distinct segment within the broader digital asset market, separate from price movements in cryptocurrencies themselves.

Kraken Rolls Out Tokenized Access to SpaceX IPO via xStocks

Kraken has launched tokenized access to the anticipated SpaceX initial public offering through its xStocks product. Eligible users in more than 110 markets can participate by purchasing tokenized shares ahead of the company’s public debut.

Investors who receive an allocation will be issued SPCXx, a tokenized representation backed 1:1 by the underlying equity. According to Kraken, these tokens can be traded 24 hours a day across participating platforms.

The launch comes amid rising demand for tokenized equities. SpaceX targeted a $75 billion raise in its Nasdaq debut. The offering was reportedly oversubscribed by roughly four times before public trading, positioning it to become the largest IPO in history.

For crypto users, tokenized IPO access represents a structural shift in how equity exposure can be obtained. Instead of going through traditional brokerage channels alone, eligible participants can access tokenized representations that trade continuously. The 1:1 backing model means each token corresponds directly to the underlying share allocation.

Kraken’s move follows broader industry efforts to expand tokenized stock offerings across multiple jurisdictions, as exchanges seek to bridge traditional capital markets and blockchain-based infrastructure.

Prediction Markets Surpass Onchain Gambling in Quarterly Volume

Blockchain intelligence firm TRM Labs reported that prediction markets generated $36.6 billion in volume in the first quarter of 2026. During the same period, onchain gambling recorded $14 billion. This marks the first time prediction markets have surpassed onchain gambling in quarterly volume.

Both sectors exceeded $50 billion in annual volume in 2025, underscoring their rapid expansion. While prediction markets took the lead in early 2026, crypto gambling maintained near record quarterly wagering volumes despite the broader market pullback.

According to TRM Labs, resilience in crypto gambling activity is linked to a loyal and expanding user base. High rollers continue to account for a significant share of betting volume. On average, these users placed $13,558 per bet and accumulated $378,000 in lifetime gambling volume.

However, the fastest growth has come from casual bettors and daily users, broadening overall participation. For users of crypto betting and iGaming platforms, these figures indicate that activity levels remain elevated even during periods of crypto price volatility.

The shift in volume leadership toward prediction markets reflects changing user engagement patterns within blockchain-based wagering and event-based speculation platforms.

Sam Bankman-Fried Files Formal Pardon Application

Former FTX CEO Sam Bankman-Fried has formally applied for a presidential pardon from US President Donald Trump. The request appears on the US Department of Justice Office of the Pardon Attorney’s list of pending clemency applications.

Bankman-Fried is appealing his 2023 fraud conviction and 25-year prison sentence related to the collapse of FTX. A separate request for a new trial was previously denied.

In recent months, he has posted a series of social media messages that appear increasingly aligned with President Trump, although the president previously stated that he did not plan to pardon the former crypto executive.

The clemency application adds another legal avenue to ongoing appeal efforts connected to one of the largest exchange failures in the crypto industry.

Our Assessment

The latest data shows sustained expansion in tokenized real-world assets, with significant growth in bonds, money market funds, equities, and precious metals despite broader crypto market volatility. Kraken’s tokenized access to the SpaceX IPO demonstrates how exchanges are extending blockchain infrastructure into traditional capital markets across more than 110 jurisdictions.

At the same time, TRM Labs data indicates that prediction markets have overtaken onchain gambling in quarterly volume, even as crypto gambling maintains high activity levels. Separately, Sam Bankman-Fried’s formal pardon request introduces a new development in the ongoing legal aftermath of the FTX collapse. Together, these events highlight structural shifts across tokenization, wagering markets, and regulatory processes within the crypto sector.

Standard Chartered Says Bitcoin Cycle Low Is In – Bank Points to $59,000 Bottom and Improving Market Conditions

Key Takeaways

Standard Chartered Declares End of Latest Crypto Downturn

Standard Chartered’s head of digital asset research, Geoff Kendrick, said on June 12 that the crypto market has likely reached its cycle low. According to Kendrick, Bitcoin’s recent decline to approximately $59,000 marked the bottom of the latest downturn.

The move represented a 53 percent drawdown from Bitcoin’s October all-time high of $126,000. At the time of Kendrick’s note, Bitcoin had rebounded to around $64,000, reflecting a gain of roughly 5 percent over the previous week.

Standard Chartered reiterated its $100,000 Bitcoin price target for year-end. The bank first communicated that projection in February and has not revised it following the recent volatility.

For market participants, including users of crypto trading and betting platforms, the statement signals that a major international bank views the recent correction as a completed phase rather than an ongoing decline.

SpaceX IPO Linked to Bitcoin ETF Outflows

One of the main factors cited by Kendrick is the Nasdaq debut of Elon Musk’s SpaceX. The company priced its $75 billion initial public offering at $135 per share under the ticker SPCX on June 12. Shares opened about 20 percent above the IPO price on their first trading day.

Kendrick argued that part of the recent pressure on Bitcoin came from investors reallocating capital to participate in the IPO. Since the second week of May, Bitcoin exchange-traded funds have recorded more than $5.72 billion in outflows, described as among the sharpest since their inception.

According to Kendrick, some investors liquidated crypto positions to secure allocations in SpaceX. With the IPO now completed and trading underway, that specific source of selling pressure may ease.

Activity on the crypto derivatives platform Hyperliquid reflected overlapping demand. Ahead of the debut, perpetual contracts for SpaceX accumulated more than $240 million in open interest and $220 million in 24-hour trading volume. This made SPCX the eighth-largest asset on the platform at that time.

The data highlights how capital flows between equities and digital assets can influence short-term liquidity conditions in crypto markets.

Geopolitical Developments and Oil Prices as Macro Drivers

The second major catalyst identified in Standard Chartered’s analysis concerns geopolitical developments involving the United States and Iran. A potential peace deal, possibly timed ahead of the upcoming G7 summit, could affect global oil supply expectations.

Oil markets have remained tight since the start of hostilities in the Middle East. Lower oil prices could reduce inflationary pressure and contribute to lower U.S. Treasury yields. Elevated yields have weighed on risk assets, including cryptocurrencies, by increasing the relative attractiveness of government debt.

On June 12, West Texas Intermediate crude fell roughly 1.5 percent to around $85 to $86 per barrel. However, the diplomatic situation remains uncertain. President Trump stated that a breakthrough could come over the weekend but later indicated on Truth Social that the publicly discussed deal did not reflect the agreed terms, urging Iranian officials to “get their act together.”

For crypto markets, oil prices and bond yields remain part of the broader macro environment that influences institutional asset allocation.

Three Indicators Standard Chartered Is Monitoring

Kendrick outlined three specific signals that would support the bank’s view that the cycle low has been established.

First, he is watching for Strategy to announce an additional Bitcoin purchase. The company’s CEO, Michael Saylor, has a history of acquiring Bitcoin, and such purchases are described as a demand signal for institutional appetite.

Second, Kendrick expects U.S. spot Bitcoin ETFs to return to net-positive daily inflows. A reversal from recent outflows would indicate renewed investor demand through regulated investment vehicles.

Third, he is monitoring continued declines in global oil prices as the situation involving Iran develops. Sustained easing in energy prices could influence bond yields and broader risk sentiment.

These factors, taken together, are presented by the bank as measurable indicators of shifting institutional and macro conditions.

Market Context: Recovery After a 53 Percent Drawdown

Bitcoin’s fall from $126,000 in October to about $59,000 represents a significant contraction in market value over several months. The subsequent rebound to around $64,000 occurred within a week of Kendrick’s latest assessment.

The scale of ETF outflows, exceeding $5.72 billion since mid-May, underscores the extent of capital movement during the correction. At the same time, trading activity tied to the SpaceX IPO illustrates how major equity events can coincide with liquidity shifts in crypto markets.

For users of crypto-focused platforms, including those who rely on Bitcoin for deposits or balances in betting and gaming services, price volatility and ETF flows can affect both asset valuation and transaction behavior.

Our Assessment

Standard Chartered has publicly stated that Bitcoin’s drop to approximately $59,000 marked the cycle low, maintaining its $100,000 year-end target. The bank links recent selling pressure to capital allocation around the SpaceX IPO and identifies geopolitical developments affecting oil prices and bond yields as additional macro drivers. It is monitoring corporate Bitcoin purchases, ETF inflows, and energy markets as confirmation signals of a broader recovery phase.