Bitcoin spot ETFs post second-worst week on record — seven consecutive weeks of outflows – Link
U.S. spot Bitcoin ETFs shed $1.79B in the week ending June 26, the second-largest weekly net outflow on record. BlackRock's IBIT led with $1.303B in outflows, followed by Fidelity's FBTC at $315M; total ETF net asset value is now $72.82B.
U.S. spot Bitcoin ETFs shed $1.79B in the week ending June 26, the second-largest weekly net outflow on record. BlackRock's IBIT led with $1.303B in outflows, followed by Fidelity's FBTC at $315M; total ETF net asset value is now $72.82B.
Matters because: Persistent institutional selling can keep pressure on BTC and make near-term altcoin rotation less likely.
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Securitize to list on NYSE as "SECZ" on July 2 after $400M SPAC raise – Link
Securitize, the largest RWA tokenization platform, said its merger with Cantor Equity Partners II is on track to raise about $400M. Shareholder vote is set for June 29, with NYSE listing under ticker SECZ targeted for July 2.
Securitize, the largest RWA tokenization platform, said its merger with Cantor Equity Partners II is on track to raise about $400M. Shareholder vote is set for June 29, with NYSE listing under ticker SECZ targeted for July 2.
Matters because: This is a meaningful step for the RWA sector's institutional credibility and signals growing TradFi appetite for on-chain asset infrastructure.
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These days, finding good crypto channels is a big challenge.
Many KOLs have capitulated – and I’m really thankful you’re still here. You’re OGs.
I love you.
Today, I’ve curated a list of 10 great, active Telegram channels covering different topics – from market research to degening and using crypto cards.
I’m sure you’ll enjoy this compilation and find your new favorite channels there.
Join here → https://t.me/addlist/jjQLMhQO_Wg1Yjlk
Many KOLs have capitulated – and I’m really thankful you’re still here. You’re OGs.
I love you.
Today, I’ve curated a list of 10 great, active Telegram channels covering different topics – from market research to degening and using crypto cards.
I’m sure you’ll enjoy this compilation and find your new favorite channels there.
Join here → https://t.me/addlist/jjQLMhQO_Wg1Yjlk
Telegram
Crypto Core
Stacy Muur invites you to add the folder “Crypto Core”, which includes 11 chats.
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Loopring DEX shuts down permanently, to return all user assets – Link
Loopring announced the immediate end of all trading services after failing to achieve meaningful adoption. User assets will be returned directly to L1 wallets at no gas cost after a two-week review period.
• The team cited the lack of a virtual machine, which limits composability.
• LRC was delisted from major exchanges in 2026.
• The architecture is now seen as obsolete relative to modern zkEVM solutions.
Loopring announced the immediate end of all trading services after failing to achieve meaningful adoption. User assets will be returned directly to L1 wallets at no gas cost after a two-week review period.
• The team cited the lack of a virtual machine, which limits composability.
• LRC was delisted from major exchanges in 2026.
• The architecture is now seen as obsolete relative to modern zkEVM solutions.
Matters because: It marks the end of first-generation zkRollup DEX models and highlights pressure from zkEVM-based L2s.
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StablecoinX (Ethena infrastructure) completes SPAC merger, lists on Nasdaq as "USDE" – <u>Link</u>
StablecoinX, the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem, completed its merger with TLGY Acquisition Corp and began trading on Nasdaq under ticker "USDE." The company holds about 3B ENA tokens, roughly 20% of total supply.
StablecoinX, the first publicly listed stablecoin infrastructure company focused on the Ethena ecosystem, completed its merger with TLGY Acquisition Corp and began trading on Nasdaq under ticker "USDE." The company holds about 3B ENA tokens, roughly 20% of total supply.
Matters because: The listing is a milestone for Ethena-linked infrastructure, but the sharp decline in USDe's market cap may weigh on the company's treasury valuation.
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U.S. FHFA orders Fannie Mae and Freddie Mac to prepare crypto mortgage proposal – Link
FHFA Director William Pulte has directed Fannie Mae and Freddie Mac to draft proposals that would recognize cryptocurrency held on U.S.-regulated centralized exchanges as an eligible asset in mortgage risk assessments, without forcing conversion to USD. The move fits the Trump administration's broader crypto-friendly policy agenda.
FHFA Director William Pulte has directed Fannie Mae and Freddie Mac to draft proposals that would recognize cryptocurrency held on U.S.-regulated centralized exchanges as an eligible asset in mortgage risk assessments, without forcing conversion to USD. The move fits the Trump administration's broader crypto-friendly policy agenda.
Matters because: If approved, this could expand crypto's role as collateral and support longer-term institutional demand.
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Aave V4 targets $4.6T securities lending market with tokenized stocks – Link
Aave founder Stani Kulechov said Aave V4 will let users deposit tokenized equities like AAPL and TSLA as collateral or lending assets, capturing lending yield now retained by brokers. The global securities lending market generates about $35B annually.
Aave founder Stani Kulechov said Aave V4 will let users deposit tokenized equities like AAPL and TSLA as collateral or lending assets, capturing lending yield now retained by brokers. The global securities lending market generates about $35B annually.
Matters because: If executed, this would expand Aave well beyond crypto-native assets and could drive meaningful protocol revenue growth.
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Daily news snapshot: Altcoins watchlist
• Synapse (SYN): +≈28% (24h)
• Market cap: ≈$114M
• Arthur Hayes disclosed a $2.2 million purchase of 6.16 million SYN tokens via FlowDesk, backing Synapse Protocol's Hypercall.
Catalysts:
• Lookonchain confirmed the on-chain buy
• Hypercall is described as a decentralized options exchange
• Hayes framed it as a potential Deribit competitor
2. Re Protocol (RE): +≈23% (24h)
• Market cap: ≈$116M
• RE launched its governance token on June 18 via a Binance Prime Sale and has since listed on 16 spot venues and 11 perpetual venues.
Catalysts:
• The protocol has close to $600M in TVL
• It operates in onchain reinsurance, a largely untouched DeFi vertical
• Only ≈16% of total supply is in circulation
3. Hyperliquid (HYPE): +≈5.6% (24h)
• Market cap: Large-cap (confirmed active on Bitget)
• HYPE outperformed the broader market while most altcoins stayed under pressure.
Catalysts:
• Hyperliquid ranked #1 in DeFi holder revenue last week
• About $12.3M was returned to token holders
• That represented ≈43.9% of total top-10 DeFi protocol revenue, per DefiLlama
• Synapse (SYN): +≈28% (24h)
• Market cap: ≈$114M
• Arthur Hayes disclosed a $2.2 million purchase of 6.16 million SYN tokens via FlowDesk, backing Synapse Protocol's Hypercall.
Catalysts:
• Lookonchain confirmed the on-chain buy
• Hypercall is described as a decentralized options exchange
• Hayes framed it as a potential Deribit competitor
Matters because: High-profile buying from a credible market participant can drive short-term momentum, even if some of the move was already priced in.
2. Re Protocol (RE): +≈23% (24h)
• Market cap: ≈$116M
• RE launched its governance token on June 18 via a Binance Prime Sale and has since listed on 16 spot venues and 11 perpetual venues.
Catalysts:
• The protocol has close to $600M in TVL
• It operates in onchain reinsurance, a largely untouched DeFi vertical
• Only ≈16% of total supply is in circulation
Matters because: The post-launch move reflects ongoing price discovery, but the December 2026 unlock could create future supply pressure.
3. Hyperliquid (HYPE): +≈5.6% (24h)
• Market cap: Large-cap (confirmed active on Bitget)
• HYPE outperformed the broader market while most altcoins stayed under pressure.
Catalysts:
• Hyperliquid ranked #1 in DeFi holder revenue last week
• About $12.3M was returned to token holders
• That represented ≈43.9% of total top-10 DeFi protocol revenue, per DefiLlama
Matters because: Strong and verifiable fee generation can keep rotation flowing into protocols with real revenue, even in a weak tape.
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Bitcoin ETF June outflows hit record $4.1B — largest monthly redemption since launch – Link
U.S. spot Bitcoin ETFs logged over $4.1 billion in net outflows in June 2026, topping the prior monthly record of $3.56 billion. Outflows for June 22–26 alone reached $1.79 billion.
U.S. spot Bitcoin ETFs logged over $4.1 billion in net outflows in June 2026, topping the prior monthly record of $3.56 billion. Outflows for June 22–26 alone reached $1.79 billion.
Matters because: Persistent institutional redemptions remove a key BTC demand pillar and may keep pressure on price recovery in the near term.
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Bitcoin clings to $60k as Fed rate hike bets mount – Link
Bitcoin is trading near $60,000 after falling more than 50% from its October 2025 peak of around $125,000. Markets are now pricing in at least one more Fed rate hike after the nomination of hawkish Kevin Warsh as Fed Chair.
Bitcoin is trading near $60,000 after falling more than 50% from its October 2025 peak of around $125,000. Markets are now pricing in at least one more Fed rate hike after the nomination of hawkish Kevin Warsh as Fed Chair.
Matters because: A tighter macro rate backdrop is now a direct headwind for crypto valuations, and traders are reportedly leaning into downside protection.
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India's USDT premium surges above 8.5% after crypto remittance crackdown – Link
India's Enforcement Directorate raided crypto-linked remittance firms in Bengaluru, squeezing local USDT supply and pushing the premium above 8.5%, more than double the usual range. A Parliamentary Standing Committee meeting with the RBI is set for July 2 to discuss the country's crypto regulatory path forward.
India's Enforcement Directorate raided crypto-linked remittance firms in Bengaluru, squeezing local USDT supply and pushing the premium above 8.5%, more than double the usual range. A Parliamentary Standing Committee meeting with the RBI is set for July 2 to discuss the country's crypto regulatory path forward.
Matters because: It points to tighter enforcement in a major crypto market, while the upcoming RBI meeting could shape near-term regional policy direction.
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BlackRock's Aladdin integrates Ethena (USDe/ENA) — $100M liquidity facility announced – Link
BlackRock and Ethena Labs announced a partnership integrating USDe into BlackRock's Aladdin platform, which manages infrastructure for over $20 trillion in institutional assets. The deal also includes a $100M liquidity facility via Securitize.
• Enables two-way conversions between BUIDL and USDC/USDtb during non-trading hours
• ENA rose about 8% on the news
BlackRock and Ethena Labs announced a partnership integrating USDe into BlackRock's Aladdin platform, which manages infrastructure for over $20 trillion in institutional assets. The deal also includes a $100M liquidity facility via Securitize.
• Enables two-way conversions between BUIDL and USDC/USDtb during non-trading hours
• ENA rose about 8% on the news
Matters because: This is one of the clearest institutional DeFi integrations yet and could expand USDe's addressable market at scale.
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Aave v4 launch appears imminent — Link
Aave founder Stani Kulechov signaled that Aave V4 is approaching launch, alongside indications of automated token buybacks and reported strategic interest from Kraken. Aave's blog also published a piece on rebuilding securities finance on V4.
Aave founder Stani Kulechov signaled that Aave V4 is approaching launch, alongside indications of automated token buybacks and reported strategic interest from Kraken. Aave's blog also published a piece on rebuilding securities finance on V4.
Matters because: V4 could expand Aave's institutional use case, while buyback signals may help reduce circulating supply pressure.
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Daily altcoin watchlist
1. Stellar (XLM): +9.1% (24h)
• Market cap: ≈$6.85B
• XLM outperformed the broader market.
Catalysts:
• Matrixdock introduced tokenized gold (XAUm) on Stellar
• The DTCC's planned July testnet for tokenizing U.S. stocks and Treasury bonds names XLM as a settlement token
• Franklin Templeton's BENJI tokenized fund suite continues to anchor on Stellar
2. SYN (Synapse / Hypercall): +67% (24h)
• Market cap: ≈$152M
• SYN surged over 67% in 24 hours and is up about 14x over the past 30 days.
Catalysts:
• Arthur Hayes publicly expressed bullishness on Hypercall
• He called it a potential challenger to Deribit
• On-chain data showed Hayes' address acquired ≈6.16 million SYN tokens (≈$2.2M) via FlowDesk ahead of his post
3. XRP: Diverging from market — ETF inflows continue
• Market cap: ≈$60B+
• Price: ≈$1.04 (broadly flat vs. market decline)
• XRP held up while the broader crypto market bled.
Catalysts:
• Bitwise's XRP ETF pulled in $11.94M on Monday
• Cumulative net flow has passed $505M since November
• XRP active addresses jumped 72% over two weeks while open interest fell to its lowest since July 2025
1. Stellar (XLM): +9.1% (24h)
• Market cap: ≈$6.85B
• XLM outperformed the broader market.
Catalysts:
• Matrixdock introduced tokenized gold (XAUm) on Stellar
• The DTCC's planned July testnet for tokenizing U.S. stocks and Treasury bonds names XLM as a settlement token
• Franklin Templeton's BENJI tokenized fund suite continues to anchor on Stellar
Matters because: The move is tied to renewed institutional RWA attention, though broader macro conditions may cap upside.
2. SYN (Synapse / Hypercall): +67% (24h)
• Market cap: ≈$152M
• SYN surged over 67% in 24 hours and is up about 14x over the past 30 days.
Catalysts:
• Arthur Hayes publicly expressed bullishness on Hypercall
• He called it a potential challenger to Deribit
• On-chain data showed Hayes' address acquired ≈6.16 million SYN tokens (≈$2.2M) via FlowDesk ahead of his post
Matters because: This looks like influencer-driven momentum, and the small market cap raises the risk of sharp reversals.
3. XRP: Diverging from market — ETF inflows continue
• Market cap: ≈$60B+
• Price: ≈$1.04 (broadly flat vs. market decline)
• XRP held up while the broader crypto market bled.
Catalysts:
• Bitwise's XRP ETF pulled in $11.94M on Monday
• Cumulative net flow has passed $505M since November
• XRP active addresses jumped 72% over two weeks while open interest fell to its lowest since July 2025
Matters because: The divergence may point to rotation or structural ETF demand, making XRP worth watching as a relative-strength signal.
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Bis annual report warns stablecoins risk fragmenting the global financial system – Link
The Bank for International Settlements said stablecoins fail on four core monetary attributes: singularity, resilience, interoperability, and integrity. It also warned about "stablecoin dollarization" in emerging markets and called for tokenized central bank money instead.
The Bank for International Settlements said stablecoins fail on four core monetary attributes: singularity, resilience, interoperability, and integrity. It also warned about "stablecoin dollarization" in emerging markets and called for tokenized central bank money instead.
Matters because: The report could add regulatory pressure on private stablecoin issuers globally, especially as the GENIUS Act advances in the U.S.
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Install growth is a weak proxy for usage
The chart compares year-over-year install and session growth across finance app categories in H1 2025, from Adjust’s Finance App Insights Report 2025.
Crypto stands out for the wrong reason: installs jumped 90%, but sessions only grew 2%. Banking went the other way, with installs down 76% and sessions down 3%. Across all finance apps, installs fell 15% while sessions rose 16%.
That gap is the useful part. Installs can look impressive without telling you whether people actually came back or used the product. This is why the benchmark needs to move beyond install volume and into qualified action.
Data source: Adjust Finance App Insights Report 2025
Related read: Influencer Marketing Benchmarks for Fintech and Web3: CPM, CR, UAC, and KOL Pricing in 2025–2026
The chart compares year-over-year install and session growth across finance app categories in H1 2025, from Adjust’s Finance App Insights Report 2025.
Crypto stands out for the wrong reason: installs jumped 90%, but sessions only grew 2%. Banking went the other way, with installs down 76% and sessions down 3%. Across all finance apps, installs fell 15% while sessions rose 16%.
That gap is the useful part. Installs can look impressive without telling you whether people actually came back or used the product. This is why the benchmark needs to move beyond install volume and into qualified action.
Data source: Adjust Finance App Insights Report 2025
Related read: Influencer Marketing Benchmarks for Fintech and Web3: CPM, CR, UAC, and KOL Pricing in 2025–2026
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Wealth clients switch when performance, tools, and clarity fall short
This EY chart shows why wealth management clients change providers. The biggest driver is better investment performance at 50%, followed by wider product access at 40% and better digital tools at 35%.
Other reasons are just as telling:
• lower fees: 34%
• better specialist access: 33%
• clearer goal guidance: 31%
In simple terms, retention in finance is not just about keeping an account open. Clients stay when the product helps them do better, understand more, and manage capital with less friction.
Very important lesson for CEXs / DeFi / Vault and RWA products here imo.
Data source: EY 2025 Global Wealth Research Report
Related read: From Speculation to Habit: What Web3 Apps Can Learn From Fintech Retention
This EY chart shows why wealth management clients change providers. The biggest driver is better investment performance at 50%, followed by wider product access at 40% and better digital tools at 35%.
Other reasons are just as telling:
• lower fees: 34%
• better specialist access: 33%
• clearer goal guidance: 31%
In simple terms, retention in finance is not just about keeping an account open. Clients stay when the product helps them do better, understand more, and manage capital with less friction.
Very important lesson for CEXs / DeFi / Vault and RWA products here imo.
Data source: EY 2025 Global Wealth Research Report
Related read: From Speculation to Habit: What Web3 Apps Can Learn From Fintech Retention
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Ondo finance integrates tokenized stocks with Uniswap — 430+ assets, $1B+ TVL – Link
Ondo Global Markets has integrated with Uniswap, enabling trading of 430+ tokenized stocks and ETFs, including Tesla, NVIDIA, Apple, SPY, and QQQ, on Ethereum and BNB Chain via UniswapX. The platform has surpassed $1B in TVL and $20B in cumulative trading volume since launch.
Ondo Global Markets has integrated with Uniswap, enabling trading of 430+ tokenized stocks and ETFs, including Tesla, NVIDIA, Apple, SPY, and QQQ, on Ethereum and BNB Chain via UniswapX. The platform has surpassed $1B in TVL and $20B in cumulative trading volume since launch.
Matters because: The integration expands DeFi composability for tokenized RWAs and may support further TVL growth if liquidity routing improves execution.
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Top insights and findings of the last week ↓
General
➖ Galaxy: The Last Model Problem
➖ Galaxy: Weekly Top Stories - 06/26/26
Market
➖ CoinShares: Digital asset bi-weekly digest | June 30th, 2026
➖ CoinShares: Market update | June 26th, 2026
➖ CoinShares: Equities update | June 26th, 2026
➖ Glassnode: Waiting for Buyers
➖ Glassnode: Accumulation Beneath the Surface
➖ Glassnode: BTC Market Pulse: Week 27
➖ Glassnode: Diversification Beyond Digital Assets
➖ Glassnode: Strategy Watch #5
➖ Galaxy: Risk Managing Prediction Markets
Blockchains & networks
➖ 4pillars: Collector Crypt
➖ 4pillars: Lido: The Most Important Protocol on Ethereum
➖ Galaxy: Backing Ornn: The Financial Layer for Compute
Tokens & currencies
➖ CoinShares: Do all currencies last?
General
➖ Galaxy: The Last Model Problem
➖ Galaxy: Weekly Top Stories - 06/26/26
Market
➖ CoinShares: Digital asset bi-weekly digest | June 30th, 2026
➖ CoinShares: Market update | June 26th, 2026
➖ CoinShares: Equities update | June 26th, 2026
➖ Glassnode: Waiting for Buyers
➖ Glassnode: Accumulation Beneath the Surface
➖ Glassnode: BTC Market Pulse: Week 27
➖ Glassnode: Diversification Beyond Digital Assets
➖ Glassnode: Strategy Watch #5
➖ Galaxy: Risk Managing Prediction Markets
Blockchains & networks
➖ 4pillars: Collector Crypt
➖ 4pillars: Lido: The Most Important Protocol on Ethereum
➖ Galaxy: Backing Ornn: The Financial Layer for Compute
Tokens & currencies
➖ CoinShares: Do all currencies last?
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SBI holdings acquires Bitbank for $289M, creating Japan's largest crypto exchange – Link
SBI Holdings announced the acquisition of Bitbank, one of Japan's largest spot BTC exchanges with an FSA license, for about $289M. The deal expands SBI's crypto footprint alongside SBI Shinsei Bank and SBI Digital Asset Holdings, as Japan's major banks push a joint stablecoin plan targeting March 2027.
SBI Holdings announced the acquisition of Bitbank, one of Japan's largest spot BTC exchanges with an FSA license, for about $289M. The deal expands SBI's crypto footprint alongside SBI Shinsei Bank and SBI Digital Asset Holdings, as Japan's major banks push a joint stablecoin plan targeting March 2027.
Matters because: It signals Japan's regulated financial sector is moving from exploration to consolidation around crypto and stablecoins.
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Poor product-market fit is still a top startup failure reason
CBInsights' ranking of 385 startup failures since 2023 puts running out of capital at the top, but PMF is not far behind.
The chart shows:
• Ran out of capital: 70%
• Poor product-market fit: 43%
• Wrong market timing or macro conditions: 29%
• Unsustainable unit economics: 19%
If the response is weak, the problem is often earlier than growth.
Data source: CBInsights
Related read: Best Places to Launch a Startup in 2026: 25 Platforms That Actually Drive Users, Feedback, SEO, and Revenue
CBInsights' ranking of 385 startup failures since 2023 puts running out of capital at the top, but PMF is not far behind.
The chart shows:
• Ran out of capital: 70%
• Poor product-market fit: 43%
• Wrong market timing or macro conditions: 29%
• Unsustainable unit economics: 19%
That’s the useful part for launch strategy. A public launch is not just about reach; it’s one of the fastest ways to test whether the market actually understands the product before more spend, hiring, or roadmap commitments go in.
If the response is weak, the problem is often earlier than growth.
Data source: CBInsights
Related read: Best Places to Launch a Startup in 2026: 25 Platforms That Actually Drive Users, Feedback, SEO, and Revenue
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