Tag: CRYPTOS FoxBusiness.

Solana price has entered a high-risk zone after falling below a major support level that had held since February, exposing the token to further downside.

According to data from crypto.news, Solana ($SOL) price traded near $73 on June 4 after losing more than 12% over the past week. The token slipped below the long-standing $76.6 support zone, a level that had contained downside moves since February, while daily trading volumes accelerated as selling pressure intensified across the crypto market.

The decline arrived as derivatives traders unwound heavily leveraged bullish positions. Earlier this week, more than $3.8 million in $SOL long positions were liquidated within hours after a modest pullback triggered cascading margin calls across perpetual futures markets.

The forced selling coincided with a broader crypto market rout that erased roughly $1.8 billion in leveraged positions after Bitcoin fell below the $66,000 threshold.

At the same time, risk sentiment deteriorated across financial markets following renewed geopolitical tensions in the Middle East. Higher oil prices and growing concerns over prolonged regional instability pushed investors toward safer assets, adding pressure to cryptocurrencies and other risk-sensitive markets.

Meanwhile, attention has also shifted to institutional activity after Strategy disclosed a rare Bitcoin sale, breaking a four-year accumulation streak. The move rattled crypto markets and contributed to fresh concerns about liquidity conditions at a time when ETF flows have remained weak and central banks continue to maintain restrictive monetary policies.

Solana charts flash multiple bearish signals

Technical indicators have deteriorated sharply following the latest breakdown. Solana has now fallen below both its 50-day and 200-day simple moving averages, which sit near $83.4 and $85.9, respectively. The failure to reclaim those levels has left bears firmly in control of the short-term trend.

The daily chart also shows a completed double-top pattern that formed between March and May, with peaks near the $97 area and a neckline around $76.6. The recent breakdown below that neckline confirms the structure and opens the door to a measured move toward the low-$50 region if sellers maintain control.

Momentum indicators continue to favor the downside. The MACD has crossed deeper into negative territory while histogram bars remain below the zero line, highlighting persistent bearish momentum. Although the 14-day RSI has dropped into oversold territory near 25, buyers have yet to establish a convincing rebound.

Commenting on the setup, crypto analyst Daan Crypto Trades noted that many altcoins are showing structures similar to Solana after losing multi-month trading ranges.

“Good setups would start unfolding upon retaking those local ranges which could then be played up to the range high or above.”

The analyst suggested bulls must first reclaim the broken support zone before a sustainable recovery can develop.

Many altcoin charts looking similar to $SOL.

4+ month ranges, breakdowns/sweeps of either the range low or 10/10 wick and now sitting down there.

Good setups would start unfolding upon retaking those local ranges which could then be played up to the range high or above.

Good… pic.twitter.com/rRLmJ4DJIE

— Daan Crypto Trades (@DaanCrypto) June 3, 2026

According to crypto analyst CryptoBullet, the latest breakdown has completed a large range structure that could expose $SOL to a move toward the $50-$55 region. The analyst described the token as “absolutely cooked” and warned traders to prepare for a larger downside extension if support fails to return.

Stablecoin growth offers a longer-term counterweight

Despite the weak price action, network activity remains resilient in one of Solana’s most important growth segments. Mastercard recently selected Solana as one of eight blockchain networks that will support regulated stablecoin settlement across its payments infrastructure.

The network processed roughly $832.7 billion in stablecoin transfer volume during the first quarter of 2026, according to ecosystem data compiled from Artemis and Token Terminal. Stablecoins accounted for approximately 76% of all activity on the chain during that period.

February alone generated about $650 billion in stablecoin volume, the highest monthly figure recorded by any blockchain that month. Solana also handles roughly 35% of global on-chain stablecoin transfers by transaction count, giving the network a significant foothold in one of crypto’s fastest-growing sectors.

For now, however, traders remain focused on technical damage and macro risks. A sustained recovery would likely require $SOL to reclaim the former $76.6 support level and push back above the 50-day moving average near $83. Until then, the path of least resistance remains tilted to the downside.

Joe Weisenthal, one of the hosts of Bloomberg’s Odd Lots program, suggested in a press release that the current period could be “the harshest crypto winter in history.”

According to Weisenthal, the cryptocurrency market is facing many negative trends simultaneously, unlike in past cycles.

Weisenthal noted that investors can no longer argue as strongly as before that “it’s too early,” stating that the significant institutional adoption and substantial maturity of the regulatory environment have reduced potential future catalysts. He also argued that the AI sector is attracting both investor interest and energy resources, creating additional pressure, particularly for Bitcoin mining.

Weisenthal, who also drew attention to the risks that quantum computers could pose to Bitcoin’s long-term security, said that digital asset companies that previously accumulated Bitcoin aggressively, such as Michael Saylor’s company Strategy, are now starting to become sellers rather than buyers. Strategy’s recent sale of 32 Bitcoins after a four-year hiatus was cited as an example of this view.

*This is not investment advice.

Bitcoin’s recent struggles to rise in tandem with U.S. stocks has sparked a wave of explanations, from concerns about Michael Saylor’s Strategy (MSTR) selling bitcoin to questions about whether institutional demand is beginning to fade.

Charles Schwab director of digital currencies research and strategy Jim Ferraioli sees a simpler explanation: Bitcoin is losing the momentum trade.

“Bitcoin has been in a bear market since October,” Ferraioli said in an interview. “Not to say it’s as simple as that, but it’s kind of simple as that.”

The comments stand in contrast to a market narrative that has remained largely focused on positive developments. Over the past year, crypto has secured spot ETF approvals, attracted billions of dollars in institutional capital and moved closer to regulatory clarity in Washington. Yet despite those developments, bitcoin has struggled to sustain the type of explosive rally many investors expected.

Instead, capital has been flowing elsewhere.

“We found a bottom in early February, and since then another large Wall Street firm had a successful ETF launch, and so you saw this kind of return to the institutional adoption narrative,” Ferraioli said.

That rebound helped bitcoin recover from its February lows. But unlike previous crypto cycles, the recovery stalled before developing into a broad speculative frenzy.

That’s because crypto investors are not fundamentally driven, but chase momentum, he said. In his view, bitcoin’s problem isn’t a lack of bullish news. It’s competition.

Historically, crypto has benefited when it becomes the market’s most compelling speculative opportunity. When prices rise, traders pile in. When another asset class begins attracting attention, capital often follows.

“Crypto investors historically just go wherever the momentum is,” Ferraioli said. “And momentum is out of crypto at the moment.”

The destinations for that capital have changed over the past year.

Some investors have gravitated toward precious metals. Gold has attracted significant inflows as investors seek alternatives to both equities and crypto. Others have become increasingly focused on artificial intelligence, which has emerged as the dominant growth narrative across financial markets.

The AI boom has created a new class of speculative opportunities that didn’t exist in previous crypto cycles. Public companies tied to AI infrastructure, data centers and advanced computing have generated strong returns, while anticipated IPOs from firms such as OpenAI and Anthropic have become focal points for investors looking for the next growth story.

According to Ferraioli, crypto investors are participating in that shift as well.

“I think people that are excited about momentum are getting excited about IPOs,” he said. “Then some of these you can actually access the private shares on these decentralized exchanges on Hyperliquid.”

That trend is significant because it highlights how crypto-native trading infrastructure is increasingly allowing investors to speculate on assets beyond cryptocurrencies themselves.

Platforms such as Hyperliquid (HYPE) have introduced perpetual contracts tied to private companies, commodities and other non-crypto assets, giving traders new places to deploy capital.

For bitcoin, that means it is no longer competing solely against other cryptocurrencies.

It is competing against every major speculative narrative in the market.

Ferraioli also downplayed concerns surrounding Strategy’s recent sale of 32 bitcoin, a transaction that sparked debate among investors because of Saylor’s long-standing reputation as one of bitcoin’s most committed advocates.

“The narrative has been that they’ll never sell,” Ferraioli said. Yet he believes the market impact of the transaction itself has been overstated. “But I don’t think [the sale] is what’s really driving it,” he said.

Instead, he views the sale as a convenient narrative attached to a broader trend that was already underway.

Part of that trend may be tied to investor cost bases and many ETF investors are still recovering from sharp swings over the past year and see the current price point as an opportunity to exit positions rather than increase them.

“I think you get to those levels and you get people that are saying, ‘Hey, I made my money back, maybe I’ll revisit it later,’” Ferraioli said.

That dynamic has contributed to a market that feels very different from the euphoric phases of previous cycles.

Ferraioli argues that institutional adoption, while real, remains smaller than many market participants assume. Bitcoin ETFs have expanded access to crypto, but much of the asset class remains dominated by retail investors and momentum-driven traders.

“Again, this is primarily a retail asset,” he said.

The distinction matters because retail investors often react differently than traditional institutional allocators. Rather than building positions based on discounted cash flow models or long-term valuation frameworks, they tend to chase trends.

That behavior helps explain why bitcoin has struggled to capitalize on positive regulatory developments.

The crypto industry is awaiting potential passage of the Clarity Act, a bill that many industry participants believe could provide a clearer framework for digital assets in the U.S. Over the longer term, Ferraioli believes such developments could support adoption.

In the short term, however, regulation alone may not be enough to reverse the current trend.

“There is still more demand for downside protection,” he noted elsewhere in Schwab’s market outlook, though that pressure has begun to ease in recent weeks.

Seasonality may also be contributing to the slowdown. Summer has historically been one of bitcoin’s weaker periods, as trading activity declines and investors shift attention elsewhere.

“People know that for bitcoin seasonally summer is the weakest time,” Ferraioli said.

That leaves the market in an awkward position.

Institutional adoption is improving. Regulatory clarity is advancing. Major financial firms continue building crypto products. Yet none of those developments guarantee higher prices if investor attention is focused elsewhere.

“There’s a lack of a reason to be buying here when there’s other things you can choose,” Ferraioli said.

For now, he argues, the biggest challenge facing bitcoin isn’t Saylor, regulation or even macroeconomics.

It’s that investors have found something else to chase.

Analyst CrediBULL believes $XRP may continue trading within its current range before making a decisive move in either direction.

$XRP fell 2.10% over the past 24 hours to trade at $1.19. The decline comes amid a market pullback. Bitcoin dropped 4% to $66,400 during the same period, while the total crypto market capitalization declined by 2.33%.

Key Points

• $XRP fell 2.10% to $1.23 as broader crypto markets weakened, with Bitcoin and total market cap also declining.
• Analyst CrediBULL expects $XRP to remain range-bound and says the asset is not yet ready for a major breakout.
• $XRP could continue trading between roughly $1.11 support and $1.67 resistance before a clearer trend emerges.
• The recent weakness appears tied to broader market pressures, not any $XRP-specific bearish development.

CrediBULL Sees Similarities Between $XRP and $HBAR

In a recent post on X, analyst CrediBULL said he has been closely monitoring $XRP’s lower-timeframe (LTF) trading range. He noted similarities between $XRP’s current structure and $HBAR’s recent price action.

According to the analyst, $HBAR has already swept the highs of its range. $XRP, however, remains trapped between key support and resistance levels.

Sharing a chart of $XRP/USDT, CrediBULL said he expects the token to eventually take both the highs and lows of its current range. However, he is uncertain which side will be reached first.

Despite that expectation, CrediBULL does not believe $XRP is ready for a major expansion move. Instead, he expects consolidation to continue in the near term.

More Volatility Expected Before a Breakout

CrediBULL’s chart highlights resistance near $1.67 and support around $1.11. He suggested $XRP could continue moving between these levels before establishing a clearer trend.

His view is partly based on his outlook for the $XRP/BTC pair. According to CrediBULL, that chart does not yet support an immediate bullish expansion phase.

As a result, traders may experience more “chop” and sideways volatility. Buyers and sellers are still battling for control within the current range.

$XRP Weakness Mirrors Broader Market Conditions

The recent decline in $XRP follows broader market forces. Bitcoin and the wider crypto market have faced pressure from continued institutional selling through U.S. spot Bitcoin ETFs. For instance, this new month has already seen more than $1 billion in ETF outflows.

The trend reflects a risk-off environment as investors reassess their exposure to digital assets. Market participants have also pointed to expectations that interest rates could remain elevated for longer. At the same time, capital continues to flow into rapidly growing artificial intelligence-related stocks.

In sum, $XRP continues to struggle in recent sessions, but the decline is driven by broader market weakness rather than any $XRP-specific issue. For analysts like CrediBULL, traders should watch the current trading range as it tests support and resistance levels before making its next major move.

Blockchain tracking service Whale Alert reported a significant transaction on Thursday, with 3,102 Bitcoin — valued at approximately $207 million — transferred from a Coinbase Institutional wallet to an unknown new wallet address. The movement of such a large amount of the leading cryptocurrency has drawn attention from market analysts and observers, who are assessing potential implications for the broader crypto market.

Details of the Transaction

According to Whale Alert’s public data feed, the transfer was executed in a single transaction. The sending address is associated with Coinbase Institutional, the exchange’s platform designed for high-volume traders, hedge funds, and other large-scale market participants. The receiving address has no prior transaction history, indicating it is a newly created wallet. The timing of the transfer, occurring during a period of relative price stability for Bitcoin, adds to the intrigue.

Potential Interpretations and Market Context

Large transfers from exchanges to unknown wallets are often interpreted in one of two ways. The first is a custodian or institutional client moving funds to cold storage for long-term holding, a signal of confidence in Bitcoin’s long-term value. The second possibility involves a client preparing for over-the-counter (OTC) trades or moving assets to a different platform or service. The lack of immediate market impact — Bitcoin’s price did not show significant volatility following the transfer — suggests the movement was likely not a standard sell order on the open market.

Why This Matters for Investors

Transactions of this magnitude are closely monitored because they can precede shifts in market sentiment or liquidity. While a single transfer does not dictate market direction, it provides a data point for understanding the behavior of large holders, often called ‘whales.’ For everyday investors, such movements underscore the importance of on-chain analysis as a tool for gauging market dynamics beyond price charts. The move also highlights the ongoing role of Coinbase Institutional as a key gateway for large-scale Bitcoin transactions.

Conclusion

The transfer of 3,102 BTC from Coinbase Institutional to an unknown wallet represents a notable on-chain event. While the exact purpose remains unconfirmed, the transaction aligns with patterns of large holders moving assets for custody or strategic rebalancing. As the cryptocurrency market matures, tracking such whale movements continues to provide valuable, albeit incomplete, insights into the behavior of major market participants.

FAQs

Q1: What is Whale Alert?
Whale Alert is a blockchain tracking service that monitors and reports large cryptocurrency transactions in real-time across multiple blockchains, including Bitcoin and Ethereum.

Q2: Why is a transfer from Coinbase Institutional significant?
Coinbase Institutional is a platform for large-scale traders and institutional investors. Transfers from such platforms can indicate changes in holdings by major market participants, potentially affecting market liquidity or sentiment.

Q3: Does this transfer mean Bitcoin is being sold?
Not necessarily. Moving Bitcoin from an exchange to an unknown wallet often suggests a transfer to cold storage for long-term holding or preparation for an OTC trade, rather than an immediate sale on the open market.

Lighter [$LIT], the decentralized perpetuals trading protocol, climbed 19% to a new high of $1.62.

The move came as investors reacted to growing discussion around the protocol’s plans for the U.S. market. Interest also appeared to strengthen across derivatives and spot markets.

Why is $LIT rallying?

The rally followed comments from Lighter founder and CEO Will Price, who confirmed the protocol’s interest in entering the U.S. perpetuals market.

Speaking during an interview on Bankless, Price said Lighter is pursuing regulatory licensing. He added that the $LIT token is issued through the firm’s Delaware C-corp and that the company maintains a presence in Washington.

Price cited the size of the U.S. market as the primary motivation.

The main reason is the size of the U.S. market and our desire to participate in it.

He acknowledged that neither the SEC nor the CFTC has finalized how the sector will be regulated. Even so, Price expects industry participants to contribute to future policy discussions.

According to Price, the onshore perpetuals market represents a roughly $100 billion opportunity. He argued that blockchain-based protocols could compete effectively regardless of the eventual regulatory requirements.

Are traders betting on more upside?

Market activity increased following the interview.

Data showed $63.8 million flowing into $LIT perpetual markets. Funding Rates stood at 0.0325%, suggesting that long positions remained dominant.

At the same time, protocol earnings continued climbing. Earnings data showed cumulative earnings reaching $50.4 million.

The figure represents gross profit after accounting for incentives. Rising earnings suggested stronger protocol revenue generation during the period.

Net income allocated to token holders reached $19.05 million.

$LIT on-chain data points to an upside swing

On-chain data shows a strong chance that $LIT swings to the upside, with a rebound likely to take hold in the near term.

At the moment, the spot market data points to a structural setup that raises the odds of a longer-run $LIT rally.

According to CoinGlass Netflow data, investors accumulated approximately $6.17 million worth of Lighter [$LIT] between the 30th of May and the 2nd of June.

Sustained inflows during that period suggested buyers continued adding exposure despite the token’s sharp advance.

Combined with positive Funding Rates and growing perpetual market participation, the accumulation trend may support bullish sentiment in the near term.

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Final Summary

Treasury Secretary Scott Bessent said the department is moving at a “deliberate speed” to establish a strategic bitcoin reserve while continuing to push for passage of a major cryptocurrency market structure bill this summer.

Speaking on Wednesday during a Senate Finance Committee hearing to discuss the 2027 budget, Bessent pressed lawmakers to “get behind” the bill, called the Clarity Act, and said he wants that legislation passed this summer.

“It’s very necessary to bring U.S. best practices onshore, and we work tirelessly in terms of custodying these assets and making the U.S. the innovation capital of the world,” Bessent said.

Lawmakers have spent the past year working to pass the Clarity Act, which would regulate the digital asset industry for the first time at the federal level. A version of the bill passed out of the full House last year, but has since found itself stuck in the Senate following hurdles around the treatment of stablecoin rewards, software developer protections and how to address conflicts of interest following President Donald Trump’s crypto ventures.

Time is dwindling now to pass the Clarity Act as priorities on Capitol Hill turn to budget bills before the end of the year, and midterm elections in November are expected to take up lawmakers’ time after the summer.

As debate over the bill continues, Bessent told lawmakers on Wednesday that his Treasury Department is moving forward with a strategic bitcoin reserve. In the first few months of the new presidential administration, President Trump signed an executive order to create that strategic bitcoin reserve, funded mainly through bitcoin already owned by the government through criminal or civil forfeitures, and a separate digital asset stockpile.

In April, the executive director of the President’s Council of Advisors for Digital Assets, Patrick Witt, said there would be a “big announcement” coming in the next few weeks on the next steps for the reserve.

On Wednesday, Bessent called the process complicated, but said they are moving forward.

“We are proceeding with all deliberate speed, and we are making sure that as we are doing this in this complicated process, we use best practices and things will be durable for the future,” Bessent said.

Global payments giant Mastercard is expanding its global settlement infrastructure to support additional intraday, weekend, and holiday settlement windows, as well as on-chain settlement using regulated stablecoins, the company announced Wednesday.

The company said the upgrades will provide issuers and acquirers with more options for managing liquidity and settling card transactions beyond traditional banking hours. The enhancements are intended to work alongside existing settlement processes and support use cases such as cross-border payments, treasury management, and business payouts.

Stablecoin settlement will be available through a range of regulated digital assets, including Circle’s USDC, Paxos-issued $PYUSD, $USDG, USDP, Ripple’s $RLUSD, and SoFiUSD. Mastercard plans to support these assets across several blockchain networks, including Ethereum, Solana, Polygon, Base, Arbitrum, XRPL, Canton, and Tempo.

“As demand grows for faster and more flexible movement of money, organizations are increasingly seeking infrastructure that can operate beyond traditional banking hours,” Kash Razzaghi, Circle’s chief commercial officer, said in a statement. “Mastercard’s expanded settlement capabilities help meet that need, offering greater choice in how value is transferred and settled.”

Initial ecosystem participants are expected to include ARQ, CBW Bank, Cross River, Lead Bank, and Nuvei, with deployments beginning in the US and Latin America before expanding to additional regions.

“We’ve seen firsthand the accelerating demand from our partners for faster, more transparent settlement, and stablecoins have emerged as a powerful tool to meet that need,” Luca Cosentino, head of on-chain finance at Cross River, commented on the move. ”Mastercard’s decision to bring on-chain settlement to its global network validates what we’ve been building toward: a future where digital asset rails operate seamlessly alongside traditional payments infrastructure.”

Mastercard said the initiative represents the next phase of its digital asset strategy, allowing financial institutions to access both traditional and blockchain-based settlement through the same network infrastructure while preserving established safeguards and operational standards.

“Mastercard’s move into on-chain settlement is a landmark validation that blockchain technology is ready for the world’s most critical payment infrastructure,” Jack McDonald, senior vice president of stablecoins at Ripple, said. “$RLUSD’s inclusion in Mastercard’s global settlement network reflects growing demand for trusted, regulated stablecoins built for real-world financial use cases on public blockchains like the $XRP Ledger. We’re excited to support the next evolution of faster, more flexible, always-on settlement.”

Mastercard’s US money transfer subsidiary, MTS US, has been granted a NYDFS BitLicense, allowing it to support settlement using stablecoins and tokenized deposits. Mastercard said the approval underscored its focus on regulatory standards and trusted digital payment infrastructure.

With the planned acquisition of BVNK and partnerships with Circle and Paxos, Mastercard is building a comprehensive infrastructure for stablecoin-based payments and settlement.

“The future of settlement is programmable, instant and global,” Peter Jonas, chief revenue officer of Paxos, stated. “Paxos’s regulated infrastructure gives partners like Mastercard a trusted path to on-chain settlement using $PYUSD, $USDG, and USDP that works seamlessly alongside existing systems, helping advance more efficient payment flows.”

Coinbase Ventures invested in Ethena through an open market purchase of $ENA as Coinbase expanded its partnership with the onchain synthetic dollar protocol.

Ethena and @coinbase have partnered to grow onchain finance and savings products for their 100m+ userbase, with the first growth initiative launching next week.

Alongside this partnership Coinbase Ventures have also made their first investment into Ethena on the open market. https://t.co/RGPUSlTRdU pic.twitter.com/6tBW404lYv

— Ethena (@ethena) June 2, 2026

The partnership makes Coinbase Ethena’s primary custodian, wallet provider, and perpetuals venue, supporting security and operations across more than $5 billion in assets. Ethena said $USDe is also coming to Base and the broader Coinbase ecosystem as the companies move to expand onchain finance and savings products.

Coinbase Ventures said Ethena is a critical player in onchain finance and that it is backing the protocol through its first open market investment in $ENA.

The move deepens Coinbase’s relationship with Ethena after Coinbase Prime was selected by Ethena in 2024 to provide custody, USDC, and self custodial wallet services for the protocol.

Ethena founder Guy Young said the upcoming integration will mark the first time Ethena products become available to Coinbase’s user base of more than 100 million. He said the evolving Clarity Act could create further tailwinds for onchain native products such as $USDe, particularly around idle balances on exchanges.

$ENA, the native token of Ethena, rose more than 15% on the news and was trading near $0.96 at press time, according to CoinGecko data.

Coinbase shares were trading near $173, down about 4% on the day, after opening at $176.85 and touching an intraday low of $171.70, according to Yahoo Finance data.