Wall Street is buying DeFi tokens again, even as everyone worries the code is unsafe

The total value locked (TVL) on DeFi fell from $172 billion to $148 billion as the sector logged $635 million in exploit losses across April alone. Coinbase Ventures bought Ethenas $ENA token on the open market, Janus Henderson took its own strategic $ENA position, and Morpho closed a $175 million round structured entirely around the $MORPHO token.  Apollo separately secured rights to acquire up to 90 million $MORPHO tokens over 48 months.  The bet these investors are making is that governance tokens attached to DeFi protocols with real institutional distribution will rerate as financial infrastructure, and that the security panic accelerates that outcome by flushing weaker protocols out of the running.  A timeline graphic contrasting DeFis $635 million in April 2026 exploit losses and falling TVL against four major institutional token purchases made in June 2026.The infrastructure bet  Morpho reports $11 billion-plus in deposits and counts Bitwise, Galaxy, Anchorage Digital, Coinbase, Kraken, and Binance among its institutional users.  Apollos token acquisition agreement was capped at 90 million $MORPHO over 48 months with transfer and trading restrictions, structured through open-market purchases, OTC transactions, or other contractual arrangements.  Fortune reported the $175 million raise valued the protocol at up to $2 billion, a figure derived entirely from the

06-11

Cryptos killer app may be selling stocks after its own tokens failed retail

A Delphi Consulting analysis of 652 CEX listings from January 2025 onward found that a user buying every new token across Binance, Bybit, Coinbase, Gate.io, and Kraken would have kept roughly 50 cents on the dollar.  The win rate across all listings was 12%, 52% of tokens lost more than 80%, and the median return was -82%. Tokenized stocks appear to be the answer that exchanges are giving to failing token launches.  Delphi Consultings analysis of 652 token listings across five major exchanges from January 2025 through May 2026 found a 12% win rate and a median return of -82%.  Kraken now offers more than 100 tokenized stocks and ETFs through its xStocks product, with 24/5 trading, $1 minimums, and self-custody support.  Robinhood EU lists more than 2,000 Stock Tokens linked to Nvidia, Microsoft, Apple, and the Vanguard Ss $2 trillion base case and $5 trillion bull case describe capital flowing through crypto infrastructure without necessarily creating demand for crypto-native tokens, which depend on separate design choices that exchanges have not yet committed to.

06-11

Circle Stock Drops to $81 as Visa and Mastercard Back Rival Stablecoin

Circle Stock (CRCL) trades around $81, deep below all major moving averages. Momentum indicators point south. A structural breakdown predates recent competitive headlines. A new rival stablecoin platform backed by Visa, Mastercard, and Stripe intensifies selling pressure on an already-broken chart.  CRCL — daily chart with candlesticks, EMA20/EMA50 and volume.Circle Stock (CRCL) Technical Structure: Distribution DeepensDaily Moving Averages Confirm Sustained Selling Pressure  Circle Stock closed at $81.10on June 9. Price sits well beneath the EMA20 at $99.54, the EMA50 at $101.99, and the EMA200 at $97.60. This full stack of declining averages above price signals sustained distribution. The Bollinger Band midline at $105.43 confirms how extended the downside move has become. Currently, price presses against the lower band at $78.06. That offers near-term support context, but no reversal signal yet.  Momentum Indicators Show No Stabilization  Daily RSI at 34.31approaches oversold territory but has not crossed below 30. Oversold readings near that threshold can precede technical bounces. However, in genuinely weak trends, RSI can remain depressed for extended periods without meaningful recovery. The MACD tells a more urgent story. The MACD line sits at -6.43, well below the signal at -2.67. The histogram deepens at -3.76. No bullish divergence or momentum stabilization is visible at

06-11

Robinhood secures underwriter status as crypto markets front-run mega IPOs

Robinhood Securities says it has secured approval to act as an IPO underwriter, moving from a distribution role into the main underwriting group alongside Wall Street banks.  Chief executive Vlad Tenev said in a Tuesday X post that Robinhood Securities is “now approved to serve as an underwriter,” without specifying which regulator granted the approval, a process that typically involves oversight from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).  Framing the move as the “natural next step” after launching IPO Access in 2021, Tenev said the question in equity capital markets had shifted from “why allocate to retail at all?” to “how big can the allocation be?”  Robinhood secures underwriter status. Source: Vlad Tenev  His comments land as SpaceX reportedly considers making as much as 30% of its record-setting offering available to retail investors and as demand already runs at close to four times the planned size.  Crypto rails race for SpaceX  Robinhoods push to sell IPO shares directly to app-based traders comes as crypto platforms race to build parallel rails around the same listings.  Major exchanges have begun offering alternative access to private markets through tokenized pre-IPO products, including Bybit‘s xStocks, Kraken’s pre-IPO equity tokens and Coinbases secondary markets.  On the

06-10

Hyperliquid price prediction – Is HYPEs 27% crash really a buying opportunity?

After rallying more than 3x since the February low of $20 to $75, Hyperliquid [$HYPE] has seen rising profit-taking. It has now fallen by 27% and traded at $55.7 as more whales booked profit.  Unsurprisingly, the recent sell-off also coincided with Bitcoins extended losses. This suggested that the dump was a broader risk-off move and not specific to the Hyperliquid ecosystem.  That said, the $HYPE pullback retested the golden ratio or the 50%-61.8% Fibonacci level zone, which is typically associated with potential rebounds if it holds as support. This coincided with the $48-$55 price zone when measured from the February lows and June highs.  Source: $HYPE/USDT, TradingView  If defended, the zone could be of key interest to the bulls, especially swing traders or long-term holders. A sustained dip below $48 would invalidate the bullish outlook.  In fact, such a bearish move would embolden short sellers to eye $40 and $36 (200-day MA, blue) levels.  Institutional $HYPE demand slows down  The pullback also coincided with a broader cooldown in spot ETF inflows. Last Friday, the products saw their first daily net outflow, worth about $3M. On Tuesday, there was zero flow, according to Soso Value data.  Source: Soso Value  This contrasted with the strong inflows seen in May, which drove

06-10

Pyth unveils continuous pricing indexes for US stocks and commodities

Pyth Network, a blockchain oracle and market data provider, has launched new pricing indexes for US stocks and commodities, a move aimed at supporting around-the-clock trading products across crypto exchanges.  The company announced Wednesday that Coinbase, Kraken, dYdX and Nado are already using the indexes to power new trading markets.  According to Pyth, the indexes are designed for perpetual futures, tokenized assets, prediction markets, derivatives settlement and exchange-traded product benchmarking, providing continuous reference prices even when traditional financial markets are closed.  The initial lineup includes major US stocks such as Nvidia, Tesla, Apple, Circle and Strategy, as well as gold, silver, West Texas Intermediate (WTI) crude and Brent crude.  Pyth also partnered with MarketVector, an index provider owned by VanEck, to develop thematic equity index futures covering sectors and themes including artificial intelligence, defense, technology and China.  The launch expands Pyths push into institutional market data services. Earlier this year, the blockchain oracle provider introduced a platform that allows financial institutions to publish and monetize market data across blockchain networks.  Continuous pricing could become critical infrastructure for tokenized assets  The launch reflects a broader push toward around-the-clock trading of real-world assets on blockchain rails. Platforms offering tokenized stocks, commodities exposure and perpetual futures require reference prices even

06-10

Wintermute warns Bitcoin lacks inflows needed to confirm market bottom

Bitcoins recent selloff has yet to establish a durable market bottom as institutional demand remains absent and capital continues to leave spot Bitcoin ETFs, according to a new market note from Wintermute.  According to data from crypto.news, Bitcoin ($BTC) traded near $61,828 on Tuesday, down 3.18% over the past 24 hours and more than 14% over the past week after falling to its lowest level since September 2024. The broader cryptocurrency market also remained under pressure, with total market capitalization dropping 2.8% to $2.21 trillion.  According to CoinGlass data, more than $1.78 billion in leveraged positions were liquidated over the past day as long traders absorbed most of the losses. Total crypto derivatives open interest stood at around $103.5 billion, while daily futures trading volume reached $173.8 billion.  According to the latest weekly note from algorithmic market maker Wintermute, the recent correction differs from previous pullbacks because institutional demand continues to deteriorate rather than stabilize. The firm argued that the market remains vulnerable to further downside as large buyers have yet to return in meaningful size.  Wintermute said attention surrounding Strategy‘s sale of 32 $BTC between May 26 and May 31 has overshadowed the broader issue facing the market. While the transaction itself was

06-10

XRP Tests Major Macro Support As Bulls And Bears Battle For Control

$XRP is testing a major macro support level that could play a decisive role in shaping its next trend. With momentum hanging in the balance, a strong rebound could signal the start of a recovery, while weakness may leave the door open for deeper losses.  $XRP Finds Strong Footing At Critical 0.786 Fibonacci Support  In a recent market evaluation, crypto analyst CasiTrades noted that $XRP has reached its major 0.786 macro support level, currently trading at $1.09 on Coinbase. The daily timeframe currently confirms the validity of this support, as the price action has respected this critical technical marker so far.  The immediate focus for traders now shifts toward how the market reacts to this placement. CasiTrades identifies $1.19 and $1.27 as the primary resistance levels to monitor. As long as the asset is capped by these levels, the broader correction remains active, leaving the door open for a potential decline toward the $0.90 support zone at the 0.854 fib level.  Source: Chart from CasiTrades on X  Conversely, a shift in market sentiment could render the bearish outlook invalid. If $XRP demonstrates genuine buying pressure and succeeds in breaking through the established resistances, it would suggest that the market is forming a new trend rather

06-10

Bitcoin‘s $100K year-end target holds as BTC sentiment resets – Here’s why

Is the current FUD actually setting up an underlying bullish signal the market hasnt priced in yet?  From a technical standpoint, Bitcoin [$BTC] is down over 25% in less than a month from its $82k local top, and that move has triggered a broad wave of FUD across the market. At press time, the Fear & Greed Index was sitting at just 8/100, putting sentiment in the bottom 1% of historical readings. In that context, we cant rule out a move into the $50K range, since extreme fear often aligns with broader capitulation phases.  Looking at recent flows, the odds of continued downside seem to be creeping higher. BlackRock reportedly moved $226 million worth of Bitcoin to Coinbase Prime, while nearly 26k $BTC ($1.6 billion) has flowed out of Bitcoin ETFs this week alone. Meanwhile, medium-term holders have also become more active during this correction, suggesting increased distribution into weakness.  Source: CryptoQuant  Against this backdrop, calling a bottom looks premature.  And yet, in recent commentary shared by Matt Mena, Senior Crypto Research Strategist at 21Shares to AMBCrypto, analysts are still looking for a possible retest of the $80k resistance level by the end of June.  Our view remains that this is more of a sentiment reset

06-10

Kraken signs FIFA World Cup 2026 partnership ahead of tourney kickoff

Kraken has been named the official crypto exchange supporter of the FIFA World Cup 2026, giving the crypto exchange a presence at one of the worlds largest sporting events.  The company said Tuesday that the partnership will include fan activations and product experiences throughout the tournament.  The 2026 World Cup is expected to be the largest in FIFA history, with an expanded field of 48 teams and 104 matches across 16 host cities in the United States, Mexico and Canada. FIFA projects the competition will attract a cumulative global audience of more than 6 billion viewers during its seven-week run.  The partnership places Kraken alongside some of FIFAs longest-standing corporate sponsors, including Adidas, Coca-Cola, Visa and Hyundai-Kia.  The agreement also expands Krakens sports sponsorship efforts, which already include partnerships with Tottenham Hotspur, Atlético de Madrid, RB Leipzig and Atlassian Williams Racing.  The tournament kicks off on June 11 in Mexico City, where Mexico is scheduled to face South Africa at Estadio Azteca.  Source: Kraken  Prediction markets expand their sports presence  The partnership comes four years after the 2022 “Crypto Bowl,” when Coinbase, FTX, Crypto.com and eToro aired advertisements during Super Bowl LVI. Sports marketing activity across the crypto industry slowed following the collapse of FTX later that year

06-10
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