REX-Osprey Solana and Ethereum ETFs have received warning by the SEC, which raised questions about their legality.

SEC pushes back on Ethereum and Solana ETF plans by REX-Osprey

The California State Assembly passed a bill that would allow state agencies to 
accept crypto for payment in a unanimous 68-0 vote, which will now head to the 
Senate.

California assembly passes bill to allow crypto payments to state

Trump-linked decentralized finance project World Liberty Financial is 
distributing 47 USD1 stablecoins to wallet addresses that participated in its 
presale. The airdrop was first flagged by blockchain analytics firm 
Lookonchain in a June 4 post on X, which noted that…

World Liberty Financial airdrops 47 USD1 to WLFI holders

Stablecoins have quietly exploded into a multi-billion-dollar payments 
juggernaut, with several businesses leading the charge – and Tether dominating 
the field. Artemis, Castle Island, Dragonfly Study: Stablecoin Monitoring 
Shows Several Unique Trends Stablecoin payments totaled $94.2 billion from 
January 2023 through February 2025, according to a new industry study. The 
research, conducted by analytics firm […]

Report: Tether’s USDT Dominates Stablecoin Payment Market, Tron Most-Used Chain

Bitcoin’s price is still struggling to regain its upward momentum following 
the establishment of a new all-time high above $111,000 last week. Today, 
Bitcoin trades below $106,000 with a current trading price of $105,381, 
marking a 1.2% increase in the past day and a 5.8% decrease from its peak. The 
current movement suggests a cooling-off period as traders and analysts monitor 
for potential market reentry points. Despite the price retreat, the mood 
across the market remains relatively stable, with the Crypto Fear &amp; Greed 
Index still hovering in the neutral zone. This suggests that the market is yet 
to enter the euphoric stage typically associated with aggressive buying 
sprees. While the immediate trend appears sideways, analysts are beginning to 
highlight certain technical and on-chain signals that may shape Bitcoin’s 
short-term trajectory. Related Reading: Bitcoin Warning Signs? Long-Term 
Holders Exit While Retail Buyers Rush In Bitcoin Short-Term Investors Watch 
$96.7K as Critical Support A recent assessment by an on-chain contributor to 
CryptoQuant’s QuickTake platform, known as abramchart, identifies $96,700 as a 
crucial level of interest. This figure aligns with the average acquisition 
price for short-term holders, making it a potential rebound zone if Bitcoin 
experiences a further dip. According to the analyst, this support may serve as 
a trigger point for renewed buying interest should a correction continue to 
unfold. Additionally, rising Bitcoin dominance is placing pressure on 
alternative cryptocurrencies, including Ethereum. The analyst notes that 
corrections in Bitcoin often redirect capital away from altcoins, potentially 
weakening their short-term performance. In this context, the broader crypto 
market may experience liquidity fragmentation until Bitcoin reestablishes 
directional clarity. Abrahchart wrote: If liquidity is available, it is 
advisable to wait and observe market movements, with the possibility of 
entering new positions after the anticipated correction completes. 
Accumulation Activity Suggests Institutional Involvement In a separate insight 
shared on CryptoQuant, another analyst, Mignolet, highlights a notable 
relationship between movements in Bitfinex’s Bitcoin reserves and price 
action. Historically, declining reserves on Bitfinex have often preceded 
upward trends in Bitcoin’s price, suggesting these outflows may signal 
increased accumulation. On the latest occasion, around 24,000 BTC were 
transferred to two wallets, one of which has been officially identified by 
Bitfinex and Tether CEO Paolo Ardoino as belonging to 21 Capital (XXI), a 
Tether-backed entity. The second wallet involved in receiving 14,000 BTC was 
not formally disclosed, but timing and transaction behavior suggest a similar 
purpose. Unlike earlier transactions often linked to cold storage adjustments, 
these movements appear to reflect strategic acquisitions. Related Reading: 
Analyst Suggests Altcoin Recovery May Follow Bitcoin’s Final Cycle 
Stage—Here’s Why This level of accumulation, particularly by a known Tether- 
affiliated entity, adds another dimension to Bitcoin’s current price 
narrative. As institutional players position themselves, retail participants 
may find additional confirmation of long-term interest in the asset despite 
short-term fluctuations. Featured image created with DALL-E, Chart from 
TradingView

Bitcoin Pauses Below $106K as Analyst Reveals Key Support Level To Watch

The Bitcoin supply held by whale entities has declined by 40% over the past 
eight years as profit-taking continues.