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Coinbase, Circle underperform Big Tech as crypto stock slump deepens

A broad selloff in technology stocks has weighed even more heavily on crypto-focused companies, highlighting a growing divergence between digital asset equities and the broader US stock market.　　Shares of Coinbase (COIN) and Circle (CRCL) have fallen 69% and 72%, respectively, from their all-time highs. Those declines exceed the drawdowns seen in several major technology companies, including Oracle (ORCL), Salesforce (CRM), Netflix (NFLX) and Palantir (PLTR), which are down between 48% and 57% from their peaks, according to data from The Kobeissi Letter　　By comparison, the large-cap Ss high.　　Bear market conditions have also weighed on corporate earnings, with Coinbase reporting first-quarter results that missed Wall Street expectations. Revenue fell 21% from the previous quarter, while the company posted a loss of $1.49 per share, versus analysts expectations for a profit of $0.27 per share.　　Analysts downgrade crypto markets 2026 outlook despite strong institutional adoption　　The crypto markets prolonged downturn has prompted analysts at 21Shares to lower their expectations for 2026, arguing that digital asset prices have significantly underperformed the industrys underlying fundamentals.　　In its midyear outlook, 21shares said institutional adoption continues to strengthen, particularly in stablecoins, tokenization and prediction markets. However, the asset manager argued that Bitcoins four-year market cycle remains the dominant force driving

06-28

The Stablecoin Founder Map Doesn't Match the Stablecoin Volume Map

In briefStablecoin volume topped $28 trillion in 2025, beating Visa and Mastercard combined, yet founders and venture capital stay concentrated in the U.S. and Europe.The real demand is in emerging markets, where stablecoins are a financial lifeline: Nigeria has 26 million-plus crypto users, and Argentinas stablecoin purchases top half of all exchange trades.Alex Witt, General Partner at Verda Ventures, argues the funds backing founders in Lagos, São Paulo, and Manila now will reap the biggest stablecoin returns of the next decade.　　Most assume the stablecoin opportunity is centered where the capital is, in New York, San Francisco, and London. The largest stablecoin markets on Earth are in countries where most VCs have never held a meeting.　　In 2025, stablecoin transaction volume crossed $28 trillion globally, surpassing Visa and Mastercard combined. Most founders and capital remain concentrated in the U.S. and Europe, where stablecoins remain an institutional product. That layer is already contested: BlackRock, JPMorgan, and Fidelity are moving into tokenized money markets and enterprise settlement, leaving far less room for venture-backed startups than the narrative implies.　　The real demand is happening somewhere else. Nigeria alone has over 26 million crypto users, more than one in eight adults, and 59% of them hold USDT.

06-28

Ethereum down 45% YTD – So why do SharpLink and whales keep buying？

Amid the ongoing crypto weakness, Ethereum [$ETH] remains underwater, down 20%-45% YTD. Despite this drawdown, the leading altcoin continues to draw institutional interest.　　SharpLink resumed purchases after eight months, adding 5,000 $ETH, worth roughly $7.88 million at an average price of $1,576, through FalconX.　　Moments later, the crypto treasury reinforced the inflow with another 26.324K LSETH worth $45.54 million. These purchases pushed Sharplinks total holdings to 876,285 $ETH, including 22,102 staked tokens.　　Source: Arkham　　Although the treasury holds nearly $1.71 billion in unrealized losses, accumulation suggests conviction in Ethereums long-term utility and staking income.　　If broader institutions continue absorbing weakness, selling pressure could gradually ease. However, sustained recovery still depends on renewed network demand and improving market sentiment.　　Whales increase Ethereum exposure　　That institutional conviction is no longer limited to corporate treasuries. Instead, whale wallets are beginning to mirror the same accumulation pattern despite lingering market uncertainty.　　In the last nine days, a newly created wallet accumulated 18,361 $ETH worth $28.9 million, alongside 152,986 Hyperliquid [HYPE] worth $9.73 million through FalconX.　　Source: Arkham　　The consistent buildup of assets by this whale indicates that these larger whales are creating exposures for future price swings instead of trying to react to each days price movement.　　At the same time, BlackRock moved 2,700 Bitcoin

06-28

The UK softened stablecoin rules, but may still be capping its own market

The Bank of England has dropped the piece of its stablecoin plan that the industry hated most, the proposed £20,000 limit on how much sterling stablecoin any one person could hold, along with the £10 million ceiling for businesses. In their place, the central banks June 22 policy statement set a single £40 billion cap on how much of each systemic sterling stablecoin can exist in the UK, and loosened the reserve rules so issuers can finally earn a decent yield on the money backing their coins.　　Households and companies can now hold as much of a regulated pound stablecoin as they like, and any one of those coins can grow to £40 billion before it has to stop.　　This puts the UK in a rather unusual spot among large economies. The US and the EU both regulate stablecoins heavily, yet neither puts a hard ceiling on how large a token denominated in its own currency may become. The UK was the first to do that, while calling the limit “temporary” and promising to review it.　　Sterling tokens account for roughly 0.5% of a global stablecoin market worth around $315 billion, which puts the real test of the new regime well past legality

06-28

Michigan Survey Brings Relief, Yet Chip-Led Tech Sell-Off Hits Risk Assets and Crypto

Michigan inflation cooled and helped U.S. stocks recover late Friday, but pressure in tech stocks kept risk assets under stress. Bitcoin and Ethereum also remained weak as traders watched key levels after a chip-led sell-off reached crypto markets.　　The late recovery followed the University of Michigan survey. The report showed consumers expect inflation at 3.3% over the next five to 10 years, down from the prior 3.4% reading.　　Michigan Inflation Eases Pressure as Tech Stocks Slide　　The lower Michigan inflation figure helped ease part of the market pressure. It reduced some concern that inflation expectations could keep rate-hike fears active.　　However, Ash Crypto said in an X post that $780 billion entered the U.S. stock market in the last 45 minutes. The move came after Michigan inflation expectations arrived lower than expected.　　$780,000,000,000 added to the US stock market in last 45 minutes as Michigan 5Y inflation expectations came lower than expected.　　The late buying helped the St in yet.　　Huge buy orders are pending between $1580-$1500.　　The real test of Ethereum sellers will start now.　　However, Ted highlighted Ethereum liquidity clusters. He placed upside liquidity around $1,700 and $1,600, while downside liquidity sat near $1,500. A move back above $1,600 could improve sentiment, while a fall toward $1,500

06-28

What Is Wrapped Bitcoin？ How WBTC brings BTC to Ethereum and DeFi

Bitcoin is the largest pool of value in crypto, but on its own, it cannot touch Ethereums world of lending, borrowing, and yield. Wrapped Bitcoin is the bridge. This guide explains how WBTC works, the mint-and-burn model behind it, the alternatives, and the custodial risks that set it apart from holding real BTC.　　Table of ContentsWhy Bitcoin needs wrappingHow the mint-and-burn model worksWho governs WBTC, and why it mattersA worked example: putting Bitcoin to workWBTC versus native Bitcoin and the alternativesRisks and what to check before wrappingFrequently Asked Questions　　Wrapped Bitcoin, known by its ticker WBTC, is an ERC-20 token that runs on the Ethereum blockchain and is backed 1:1 by real Bitcoin held in reserve, so that one WBTC is always meant to equal one Bitcoin. Its entire purpose is to solve a fundamental incompatibility in crypto: Bitcoin, the largest and most valuable cryptocurrency, lives on its own blockchain and cannot natively participate in the decentralized finance applications built on Ethereum, because those applications run on smart contracts that Bitcoins design does not support.　　An enormous amount of crypto wealth sits in Bitcoin, while an enormous amount of programmable financial activity happens on Ethereum, and for years, there was no way to

06-28

Shiba Inu: Shibarium DEX Volume Drops to Zero as DeFi Activity Nearly Vanishes

Trading activity across the decentralized finance (DeFi) ecosystem on Shiba Inus L2 blockchain, Shibarium, has disappeared, as DEX volume currently sits at zero. 　　At press time, Shibarium DEX volume stood at zero, according to data from DeFiLlama, reflecting extremely weak on-chain participation.　　Zero Trades Since June 23　　Decentralized exchanges operating on Shibarium, including WoofSwap and ShibaSwap, have recorded no trading activity since June 23. The last recorded DEX transaction on the network occurred on June 22, when traders exchanged just $60 worth of assets.　　Furthermore, throughout most of June, daily trading volumes on these platforms remained below $100, underscoring the lack of activity across the ecosystem. The slowdown highlights Shibariums struggle to attract meaningful DeFi adoption since its launch.　　Shibarium DEX VolumesDwindling DEX Activity　　After the mainnet went live in August 2023, the network initially showed encouraging signs of growth. DEX volume reached $6,800 in October 2024 before climbing to $54,000 in December 2024.　　However, activity weakened in the following months. Although the development team attempted to revive optimism by promising faster ecosystem growth and higher DEX participation, trading activity continued to decline.　　Shibarium briefly recovered in September 2025, when DEX volume rose to $47,000, before reaching a cycle peak of $86,000 in December 2025. Since then,

06-28

What Robinhoods recent layoffs say about the current state of crypto investments

Read the recent headlines about trading platform Robinhood‘s c-suite departure and layoffs, or BitGo’s 15% workforce reduction, and youll see that things are looking grim in the world of crypto investing. One outlet reports that Robinhoods recent decision to reduce its headcount is occurring amid a “crypto revenue crunch.” Another called the current crypto season a “slump.”　　For investors, understanding the correlation between tech layoffs and crypto market performance is valuable. In this case, the lesson to be learned is that Robinhood‘s layoffs aren’t influencing the market, but revealing where we are in the market cycle.　　Based on declining trading volumes, sector-wide cost-cutting, reduced venture funding, and subdued retail participation, eight months after Bitcoin topped, these signals point to a late bear market environment. That is not a reason to panic. In fact, late bear markets have historically been some of the best times to position for the next bull run.　　Robinhoods layoffs are an indicator of market sentiment　　Crypto market movements are influenced by factors such as liquidity, interest rates, institutional adoption, regulation and overall market sentiment. Because these are the factors that drive movement, these are the things investors look at as they try to predict movement.　　Layoffs like those announced by Robinhood

06-28

Coinbase CLO Praises Amicus Brief by Former Acting Deputy AG in Support of Kalshi

Coinbase Chief Legal Officer Paul Grewal has publicly commended a legal brief filed by former U.S. Acting Deputy Attorney General Elizabeth Prelogar in support of Kalshi, a regulated prediction market platform. Grewal described the amicus brief as a ‘masterpiece,’ emphasizing its detailed historical analysis of how the Commodity Futures Trading Commission (CFTC) obtained exclusive regulatory authority over prediction markets in the United States.　　Background of the Amicus Brief　　Prelogar, who served as Acting Deputy Attorney General during the Biden administration, submitted the brief in a legal proceeding involving Kalshi. The brief argues that state-level laws are ill-suited to regulate prediction markets, which are inherently national in scope and require a uniform federal framework. The CFTC, according to the brief, is the appropriate agency to oversee these markets, given its existing expertise and statutory mandate under the Commodity Exchange Act.　　The filing comes at a time when the regulatory landscape for prediction markets remains unsettled. Kalshi, which offers contracts on events ranging from economic indicators to political outcomes, has faced scrutiny from both federal regulators and state authorities. The brief aims to clarify that the CFTCs jurisdiction preempts state efforts to regulate such markets, a position that could have significant implications for the industry.　　Coinbases

06-28

Coinbase and OKX try to lure in Binances EU users after it failed to secure a MiCA license

Coinbase and OKX are offering sign-up bonuses to users after reports broke out that rival exchange Binance told its users in the European Union (EU) it is suspending some services because it will not have a Markets in Crypto-Assets (MiCA) license in place by July 1.　　Brian Armstrong, CEO and founder of Coinbase, wrote on X Friday evening offering users in Germany, France, Italy, Belgium, Poland, Sweden and the U.K. sign up bonuses. He pointed to his firms website where the offers were explained in more detail.　　“Coinbase has been MiCA licensed since 2025 and offers unified global liquidity across spot and derivatives,” the crypto exchange says in its offer to new users.　　“Were offering a 5% transfer bonus for people moving funds to Coinbase before July 13th,” it adds.　　Star Xu, OKX founder and CEO, also offered bonuses to new users in Europe in an X post on Saturday saying that MiCA marks the start of a new era for crypto in the region.　　“If you‘re looking for a regulated platform built for the long term, we’re excited to welcome you to OKX,” he said. “To celebrate this new chapter, were offering one of our biggest welcome campaigns for eligible EEA users, including welcome

06-27

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