Key takeaways

HYPE hit a new all-time high of $75 on Tuesday, driven by rising institutional demand amid broader market weakness.
Grayscale has advanced plans to launch its spot Hyperliquid ETF HYPG this week.

Hyperliquid’s native token, HYPE, surged to a new all-time high of $75.52 on Tuesday, extending its recent rally as growing institutional interest and expanding ecosystem activity continue to drive demand.

Grayscale to launch a Hyperliquid ETF

A key catalyst behind HYPE’s latest gains is increasing competition in the exchange-traded fund (ETF) market. 

Grayscale is preparing to enter the race with a spot Hyperliquid ETF after filing an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC).

Bloomberg ETF analyst James Seyffart noted that the amendment suggests the fund could launch in the near future, potentially within days. 

The proposed ETF will trade under the ticker HYPG and carry a management fee of 0.29%, undercutting competing products.

Institutional appetite for HYPE has already been demonstrated by the success of Bitwise’s Hyperliquid ETF, BHYP. The fund attracted roughly $20 million in inflows on Friday, marking its largest single-day inflow since launch.

After just 11 trading days, BHYP has surpassed $100 million in assets under management (AuM), supported by cumulative inflows of $81.8 million. The ETF has also generated average daily trading volumes of $35.1 million.

Bitwise has further aligned itself with the Hyperliquid ecosystem by committing to hold 10% of its annual management fees in HYPE tokens on its balance sheet for at least 12 months.

According to onchain analytics platform Lookonchain, Bitwise purchased an additional 336,474 HYPE tokens, valued at approximately $24.4 million, over the past 24 hours.

The latest acquisition highlights continued institutional accumulation as investors seek exposure to the rapidly growing Hyperliquid ecosystem.

Hyperliquid price outlook: HYPE retraces after reaching a new all-time high

Despite reaching a record high of $75.52 earlier in the day, HYPE was trading at $72.28 at the time of writing, up by 1% over the previous 24 hours. 

However, the token remains one of the strongest-performing digital assets as institutional adoption and ETF-related demand continue to accelerate.

The RSI of 65 shows that HYPE is bullish but is yet to enter the overbought region, creating room for further growth.

If the bullish trend persists, HYPE could extend its rally and create a new all-time high around the $80 level.

However, if the pullback extends, HYPE could retest the Sunday low of $67. An extended bearish trend could see HYPE drop below $60 for the first time since May 28.

Zcash developers temporarily suspended Orchard transactions after discovering a critical vulnerability in the privacy-focused blockchain’s latest shielded pool, then restored functionality through an emergency network upgrade.

On Wednesday, the Zcash Foundation said the vulnerability affected Orchard’s zero-knowledge proof circuit and could have allowed invalid state transitions within the pool. However, the Foundation said there was no evidence that the bug was exploited, no unauthorized value creation was detected, and user privacy was not affected.

The fix was carried out through a two-step emergency upgrade. Zebra 4.5.3 temporarily disabled Orchard actions, while Zebra 5.0.0 activated the NU6.2 upgrade to re-enable Orchard with a corrected circuit, according to the Foundation. 

The emergency response shows how a bug in core privacy infrastructure can require coordinated action across miners, exchanges and node operators, even when user funds and total supply are not affected.

The upgrade also appeared to have caused confusion across parts of the Zcash ecosystem. One Zcash block explorer showed block 3,364,601 as the latest block mined at 5:27 am UTC, while the page listed it as mined about four hours earlier, prompting reports on X that the Zcash network was down. 

Zcash Open Development Lab (ZODL)-affiliated contributor Tatyana said the network experienced “a brief period of instability” as miners upgraded and converged on new consensus rules. The post did not directly name the block explorer or wallet issues, but said network stability had been fully restored by about 3:00 am Eastern Time on June 2.

Cointelegraph reached out to the Zcash Foundation for comment but had not received a response by publication. 

Zcash Block Explorer showing the last mined block four hours ago. Source: Zcash Block Explorer

According to the Zcash Foundation, the vulnerability was discovered on May 29 by independent security researcher Taylor Hornby during an ongoing protocol audit for Shielded Labs. The issue was disclosed to ZODL core engineers, who confirmed it and began preparing remediation options.

Zcash incident sparks confusion among community members

Mert Mumtaz, CEO of Solana infrastructure firm Helius, disputed the reports, saying the network was “not down” and that some explorer apps were connected to a bad node. 

Pseudonymous community member Zerodarts echoed the sentiment, saying that “blocks are being mined” and that most block explorers need to update their nodes.

Related: Zcash is ‘running its own bull market’ as ZEC price paints 88% rally setup

However, community member Railgoon said Zcash miners and developers had frozen the Orchard shielded pool to patch a vulnerability before a hard fork. He said the network was therefore “partially intentionally down” at the time, but had since recovered. 

Zcash’s ZEC token briefly fell below $600 to $599 after reaching a daily high of $637, according to CoinGecko data. However, it had recovered to $614 at the time of writing. 

Magazine: Korea’s first memecoin rug-pull case, China’s crypto rules review: Asia Express

Real Finance and Anchorage Digital form RWA infrastructure pact.
Partnership combines tokenization, custody, and settlement tools.
Firms target institutional adoption of on-chain capital markets.

Real Finance and Anchorage Digital have entered into a strategic partnership aimed at supporting the full lifecycle of tokenized assets, as institutional interest in real-world asset (RWA) tokenization continues to grow.

The collaboration combines Real Finance’s blockchain-based tokenization infrastructure with Anchorage Digital’s regulated custody, treasury management, settlement, and institutional security capabilities.

The companies said the partnership is designed to address key operational challenges that have slowed broader institutional adoption of tokenized financial products.

Under the agreement, the two firms will work together across asset issuance, custody, settlement, servicing, and secondary market liquidity.

The initiative is intended to provide a more integrated framework for institutions looking to participate in on-chain capital markets.

Focus on custody and tokenization infrastructure

Real Finance operates an Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain developed specifically for real-world asset tokenization.

Anchorage Digital, meanwhile, is the parent company of the first federally chartered crypto bank in the United States and serves as a qualified institutional custodian.

As part of the partnership, Anchorage Digital will provide regulated custody and treasury infrastructure for the Real Finance ecosystem and its native ASSET token.

The companies also said Anchorage Digital will act as a foundational custody layer for tokenized financial instruments launched on the Real Finance blockchain.

The arrangement is intended to support broader institutional participation by offering regulated custody services alongside tokenized asset issuance.

In addition, both firms will support each other’s institutional client pipelines.

Real Finance expects to generate additional demand for custody services through asset issuers and onboarding initiatives, while Anchorage Digital plans to connect institutional clients with tokenization and blockchain infrastructure solutions built on Real Finance.

Companies target institutional adoption

Executives from both companies said the partnership is focused on building the infrastructure required for institutional-scale adoption of tokenized assets.

Ivo Grigorov, CEO of Real Finance, said:

“Real Finance and Anchorage Digital are collaboratively building the institutional infrastructure for the next generation of tokenized financial markets. Tokenization alone is not enough. Institutions need trusted, regulated layers that integrate custody, servicing, settlement, and lifecycle management. Together we are moving the industry from experimentation toward functional on-chain capital markets and delivering the unified experience institutions demand.”

Nathan McCauley, Co-Founder and CEO, Anchorage Digital, added:

“RWAs are one of the clearest examples of how blockchain can modernize capital markets, but institutions need more than tokenization rails alone. They need regulated, secure infrastructure that can support custody, settlement, and lifecycle connectivity at scale. Our partnership with Real Finance brings together the core building blocks institutions need to move from isolated pilots to real onchain capital markets.”

Addressing fragmentation in tokenized markets

The companies said the tokenized asset ecosystem remains fragmented across issuance, custody, compliance, settlement, servicing, and liquidity infrastructure.

According to the firms, institutions frequently cite operational trust concerns and disconnected counterparties as obstacles to wider adoption.

The partnership is intended to create a more connected framework by combining blockchain infrastructure, regulated custody, treasury management, settlement capabilities, and tokenization tools.

Real Finance and Anchorage Digital said the framework could support a range of tokenized asset classes, including private credit, investment funds, real estate, structured products, and bank-integrated financial instruments.

The announcement comes as financial institutions continue exploring tokenized assets as a way to modernize capital markets infrastructure and expand access to blockchain-based financial services.

By integrating custody, settlement, and tokenization capabilities within a single ecosystem, the two companies aim to address some of the operational challenges that have limited the growth of institutional on-chain markets.

Decentralized exchange edgeX has attributed a more than 40% collapse in its EDGE token to ‘deliberate’ market manipulation by an unnamed external party, a claim that onchain investigator ZachXBT has dismissed.

Data from CoinMarketCap shows edgeX (EDGE) plunged from roughly $1.20 to an intra-day low of $0.3663 on Tuesday, a drop of around 70%. The token is currently trading at $0.6474, down by around 45% over the past day.

In a post on X, the edgeX team acknowledged the sudden collapse in its native token, telling its community it had “observed a sudden and irregular price movement” and was actively investigating.

In response, ZachXBT claimed edgeX’s supply had been controlled by a small number of insiders operating with a low float, making the token inherently vulnerable to these types of events. He also demanded that the project publicly disclose the counterparties and market-maker agreements that contributed to the crash.

Only 350 million EDGE tokens are currently in circulation out of a maximum supply of 1 billion, meaning more than two-thirds of the total supply has yet to hit the market. A low circulating float can make a token more vulnerable to sharp price moves, especially if liquidity is concentrated or large holders sell into thin order books.

Related: Verus bridge exploiter returns $8.5M after bounty offer

EdgeX says project not hacked

In a follow-up statement, edgeX said the platform had not been compromised in any way. “What we have identified so far suggests deliberate attempts by certain external party to manipulate the market price of EDGE,” the project wrote, calling it a market integrity issue.

However, ZachXBT was unconvinced. “We investigated ourselves and did not find ourselves guilty even though we control nearly the entire supply,” he sarcastically wrote.

Source: CoinMarketCap

EdgeX is the 16th largest DEX in terms of trade volume over the past day, according to data from DefiLlama. The project has a total value locked (TVL) of $137 million.

Related: Recovery hopes fade as Kelp DAO hacker launders nearly all $220M in stolen funds

DEX trading volume declines

DEX trading volume across all chains has also pulled back sharply from its peak levels.

The broader pullback in DEX activity can make thinly traded tokens more vulnerable to sharp moves, though EDGE’s crash also involved project-specific questions over supply, market makers and insider control.

After hitting a spike close to $45 billion in early 2025, aggregate decentralized exchange volume has trended lower and largely stabilized in the $5 billion to $20 billion daily range through the first half of 2026, with a secondary peak around $30 billion in October 2025 before fading again, according to data from DefiLlama.

DEX trade volume. Source: DefiLlama

The cooling activity reflects a broader retreat in onchain trading appetite following the frenzy of early 2025, leaving DEX markets thinner and more vulnerable to outsized price impacts.

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SEC Puts Crypto Rules at the Front of Its Policy Agenda

The Securities and Exchange Commission (SEC) published a draft strategic plan on June 2 that places crypto rules in the first objective of its first regulatory policy goal. The ordering gives digital assets a prominent role in the agency’s 2026-2030 regulatory agenda.

Goal 1 focuses on innovation, capital formation, market efficiency, and investor protection. Its first objective calls for a firm regulatory foundation for digital assets and distributed ledger technologies. The securities watchdog says that framework should be rational, coherent, and principled. The language points to clearer rules across crypto markets, tokenized products, and onchain financial infrastructure.

The SEC draft plan states:

“ Blockchain and crypto asset technologies have the potential to revolutionize America’s financial infrastructure and deliver new optionality, efficiencies, cost reductions, transparency, and risk mitigation for the benefit of all Americans.”

Crypto’s growth has moved faster than existing regulatory structures, according to the plan. That gap affects token issuers, exchanges, custody providers, and firms developing blockchain-based financial infrastructure. The SEC also points to the need for greater clarity on how federal securities laws apply to digital assets. Clearer rules could help innovators meet those obligations while supporting market integrity and protecting investors.

Why the SEC’s Crypto Framework Could Matter for Investors

The plan identifies harmonization as a central objective for crypto oversight. The SEC says digital asset markets need clear and principled rules anchored in statute, giving firms and investors a more consistent basis for market decisions.

That framework could affect how crypto firms design products, structure token offerings, and manage custody or trading services. The draft also points to compliant tokenized capital formation and onchain financial infrastructure as areas where clearer rules may guide development.

SEC draft adds:

“This harmonization seeks to ensure that the crypto markets have clear and principled rules of the road, anchored in statute, that promotes innovation while maintaining the highest degree of investor protection.”

The plan’s reach could extend beyond crypto-native businesses. Asset managers, public companies, fintech firms, and investors may all be affected as tokenized assets become more integrated into regulated markets.

The proposal remains subject to public comment before the SEC finalizes the strategic plan. That process could give market participants, investor advocates, and technology firms a chance to shape the agency’s long-term approach to digital assets.

The document presents digital assets as part of a broader modernization effort that ties crypto policy to capital formation, market efficiency, and investor protection. It also points to legal certainty as a priority, suggesting clearer rules could help blockchain-based products develop within federal securities laws while giving market participants a more predictable path for compliance.

Coinbase’s IQMM Investment Points to a New Reserve Era for Stablecoins

Crypto exchange Coinbase Global Inc. (Nasdaq: COIN) announced on June 2 that it invested in Proshares’ GENIUS Money Market ETF, IQMM. The fund is built for stablecoin reserve eligibility under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The move pushes Coinbase deeper into stablecoin cash management.

Issuers now face rising pressure to hold liquid, high-quality assets. The GENIUS Act set a 1-to-1 backing standard for payment stablecoins. IQMM is structured around short-term U.S. Treasurys with maturities of 93 days or less, cash, and cash equivalents.

Coinbase said:

“As stablecoins become core to financial infrastructure, the industry needs better ways to manage the money that supports them.”

For the crypto firm, the fund adds another piece to its stablecoin strategy. That strategy already includes payments, distribution, and developer tools. Stablecoin competition may increasingly depend on reserve quality, redemption reliability, and institutional cash-management options as the market becomes more regulated.

The investment also reflects a broader push toward responsible stablecoin growth. Policy is beginning to define acceptable reserve assets and operating standards for issuers that want to serve mainstream financial users.

The GENIUS Act passed the Senate on June 17, 2025. The House passed the bill on July 17, 2025. President Donald Trump signed it into law on July 18, 2025, creating a federal framework for payment stablecoins.

Proshares ETF Infrastructure Could Help Bridge Crypto and Traditional Markets

Proshares’ fact sheet describes IQMM as the world’s largest money market ETF and the first designed to meet GENIUS Act requirements. As of March 31, 2026, the fund carried a 3.48% 30-day SEC yield, weekly distributions, and a 0.15% net expense ratio.

Its holdings centered on Treasury bills, with 100% daily and weekly liquid assets. That structure gives stablecoin issuers an ETF-based vehicle tied to short-duration government debt. It also shows how ETF products may become part of the reserve toolkit for digital-dollar markets.

Coinbase said:

“IQMM is built around a simple idea: as stablecoins scale, issuers need reserve tools built for this market.”

Proshares brings two decades of ETF experience to a market that overlaps with crypto, money markets, payments, and capital markets. Coinbase’s support for IQMM signals that stablecoin reserve management may move beyond narrow banking channels as issuers seek more flexible options.

Coinbase expects future creation and redemption activity to use a broader mix of cash-like instruments. Those instruments may include Treasurys, ETFs, money market funds, and tokenized versions of those products. That shift could connect stablecoin operations more closely with traditional-market plumbing.

Canadian Bitcoin miner HIVE Digital Technologies’ Bitcoin holdings fell by 331 BTC in the latest quarter, even as the miner reported a sharp rise in annual revenue from Bitcoin mining and high-performance computing (HPC).

The company reported holdings of 150 Bitcoin (BTC) in its fiscal year update on Monday, down from 481 BTC at the end of Q4 2025, according to company figures and CoinGecko data. The 331 BTC reduction represents about $23 million in value at current prices, with Bitcoin trading roughly 21% lower year-to-date.

HIVE did not explicitly say it sold Bitcoin. The company mined 2,885 BTC during fiscal 2026 and generated $297.8 million in revenue, up 158% from a year earlier, driven largely by expanded Bitcoin mining capacity and HPC revenue.

Source: Bitcoin Treasuries

The shrinking Bitcoin treasury highlights how public miners are balancing accumulation against expansion costs as they invest in energy-heavy mining sites and diversify into AI computing infrastructure.

Revenue jumps to $297.8 million as mining drives growth, costs rise

HIVE’s total revenue rose to $297.8 million from $115.3 million a year earlier, with digital currency mining revenue rising to $278.3 million, while HPC contributed $19.5 million, almost doubling year-over-year.

Source: HIVE Digital Technologies

Despite the sharp increase in revenue, rising costs continued to pressure results. Operating and maintenance expenses climbed as HIVE expanded its mining and data center footprint, while depreciation rose to $170.4 million, nearly triple the prior year and one of the largest expenses on the income statement.

Related: TeraWulf acquires Kentucky AI data center site with planned 1 GW capacity

Miner bets on AI alongside Bitcoin

HIVE said its HPC business revenue is up from $10 million a year earlier, as demand for AI computing services increased.

The company said contracted annual recurring revenue from its HPC division reached $35 million by year-end, supported by deployments of Nvidia-powered GPU clusters and new enterprise contracts.

It also highlighted plans for a 320-megawatt AI data center project in the Greater Toronto Area, which it said could eventually host more than 100,000 GPUs.

The expansion underscores a broader trend among public Bitcoin miners, many of whom are seeking new revenue streams from AI and cloud computing as mining economics become more competitive and capital-intensive.

Magazine: HYPE chases $100 target, ETH could dump below $1800: Market Moves

Key takeaways

XRP has dropped below $1.25 after three straight days of losses, its lowest level since February 6.
The bearish performance comes as the broader crypto markets remain under pressure from geopolitical tensions. 

Ripple’s XRP has dropped below the $1.25 support level on Tuesday after extending losses for a third consecutive day, marking its weakest price since February 6. 

The broader cryptocurrency market continues to face selling pressure as investors adopt a risk-off stance, driven by escalating geopolitical tensions in the Middle East.

Although U.S. President Donald Trump suggested that a peace deal with Iran could be reached “over the next week,” uncertainty persists. 

A CNN report also indicated that negotiations between the two countries resumed shortly after Iran paused talks following Israel’s offensive in Lebanon, further contributing to market volatility.

Mixed capital flows show continued institutional interest in XRP

Despite the price decline, XRP continues to attract institutional inflows across digital investment products, including U.S.-listed spot exchange-traded funds (ETFs).

According to CoinShares, roughly $20 million flowed into XRP-related products in the week ending June 1, making it one of only a few assets to record meaningful inflows above $1 million.

At the ETF level, XRP spot products recorded $4.13 million in net inflows last week, extending a five-week streak of positive flows. 

Cumulative inflows have reached approximately $1.43 billion, with total net assets under management standing at $1.11 billion, according to SoSoValue data.

XRP technical outlook: bearish pressure builds below key moving averages

XRP is currently trading around $1.23, remaining below its key short-, medium-, and long-term moving averages, reinforcing a bearish near-term structure.

Momentum indicators also reflect continued downside pressure. The MACD histogram remains negative, while the Relative Strength Index (RSI) sits near 37, approaching oversold territory but still indicating persistent bearish momentum.

If the bulls regain control, immediate resistance is seen at the 50-day EMA around $1.38, followed by the 100-day EMA near $1.45. 

A stronger rebound would require a break above a descending trendline near $1.52. A broader trend reversal would only be signaled if XRP can reclaim the 200-day EMA around $1.65.

While institutional inflows continue to provide underlying support, XRP remains under pressure from broader macro uncertainty and technical weakness. 

With the buyers failing to defend the $1.25 support level, XRP could likely drop below $1.20 in the near term.

MoneyGram launched MGUSD, a US dollar stablecoin on Stellar, as the remittance company deepens its push into blockchain-based cross-border payments.

The company said Tuesday that MGUSD will be integrated into the MoneyGram app through a self-custodial wallet, allowing users to hold dollar-denominated balances, move funds globally and convert into local currencies. The stablecoin initially launched in the US market, with plans to scale worldwide. 

MGUSD is backed by a notable infrastructure stack. The tokens are issued by Bridge, Stripe’s stablecoin platform, which received conditional approval from the US Office of the Comptroller of the Currency to operate as a federally chartered national trust bank in February. 

MGUSD is issued by Bridge, Stripe’s stablecoin platform, with mint-and-burn smart contract infrastructure from M0 and wallet infrastructure from Fireblocks.

The launch marks a deeper step in the remittance industry’s stablecoin push, shifting from backend settlement and payout partnerships toward app-based digital-dollar balances for consumers.

MoneyGram said MGUSD builds on its long-running partnership with the Stellar Development Foundation. The company described the stablecoin as a deeper move into issuance, balance infrastructure and broader network utility.

Remittance costs drive onchain push 

The launch comes as remittance firms increasingly test blockchain infrastructure for cross-border payments, a sector that remains costly and inefficient compared with domestic systems. 

Global cost of sending $200 in remittances. Source: World Bank

In a 2026 paper, the Bank for International Settlements (BIS) said cross-border payments remain “more costly, less accessible, slower, and less transparent” than domestic payments, despite new payment arrangements. Retail cross-border payments can also take several days, while transparency can be limited. 

Related: Western Union teams with Crossmint to support USDPT stablecoin on Solana

World Bank data showed that sending $200 across borders cost an average of 6.36% in the third quarter of 2025, meaning fees and foreign-exchange margins consumed about $12.72 of a $200 transfer. That remains more than double the United Nations Sustainable Development Goal target of 3%.

Stablecoin transfers can reduce the blockchain settlement component of a payment to a fraction of a cent, though users may still pay on-ramps, off-ramps, foreign exchange spreads and local payout fees. Stellar’s developer documentation says the network minimum fee is 100 stroops, or 0.00001 XLM (about $0.000002) per operation.

Stablecoins have also grown into a large enough market to draw attention from payment firms. DefiLlama data shows that the total stablecoin market cap is at around $320 billion, while Citi forecast in September 2025 that stablecoin issuance could reach a base case of $1.9 trillion by 2030. 

Stablecoin market cap. Source: DefiLlama

That cost gap and stablecoin growth help explain why remittance companies are testing stablecoin infrastructure. On May 5, MoneyGram partnered with crypto exchange Kraken to allow users to convert crypto into cash for pickup across 100 countries. On May 20, the company partnered with the Stripe-incubated blockchain Tempo to support stablecoin settlement and help validate remittance transactions. 

Its business rival, Western Union, has also moved into stablecoins. On May 5, the company began rolling out its USD stablecoin called USDPT on Solana, initially in Bolivia and the Philippines, with plans to expand to over 40 countries in 2026. 

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Bitcoin price has dipped to under $70,000 for the first time since early April.
Negative triggers include ETF outflows, corporate sales, and large on‑chain transfers.
With macro and geopolitical volatility persisting, bulls may struggle to reclaim recent highs.

Bitcoin price dipped below the $70,000 mark early Tuesday, slumping more than 4% in the past 24 hours amid rising negative sentiment across the crypto market.

The losses intensified after Monday’s slide, which was due to fresh capital flight from exchange-traded funds and a market reaction to Strategy’s BTC sale.

Bitcoin dips under $70k amid $4 billion ETF outflows

Bitcoin’s retreat beneath $70,000 on Tuesday marks a notable deterioration in market confidence after the cryptocurrency reached intraday highs above $82,800 in April.

Since then, Bitcoin has struggled to recapture momentum amid a confluence of macroeconomic and geopolitical headwinds, including volatility in risk assets tied to the US‑Iran conflict.

The bellwether token dropped to about $71,300 on Monday before extending losses to dip below $70,000.

Per CoinMarketCap, the benchmark digital asset touched lows of $69,300 across major crypto exchanges. The intraday lows mark levels not seen in nearly two months.

Market analysts have pointed to accelerated institutional outflows as a key driver.

According to SosoValue data, spot Bitcoin ETFs have recorded more than $2.43 billion in outflows over the past month, with roughly $483 million withdrawn on Monday alone.

Those flows contributed to a weekly streak that pushed total spot ETF redemptions above $1 billion, and aggregate outflows have now surpassed the $4 billion threshold since May 11, 2026.

The sustained withdrawals have heightened selling pressure and reduced the speed of any recovery.

Why else did Bitcoin price dump?

Compounding concerns, corporate and on‑chain moves are drawing attention.

Strategy, previously the largest corporate holder of Bitcoin, sold 32 BTC in May, prompting market participants to reassess supply-side risk.

On Tuesday, on‑chain monitoring showed Mt. Gox transferred 10,306 BTC, worth more than $731 million, to new addresses.

BREAKING: Mt. Gox just transferred 10,306 $BTC($731M) to a new wallet!https://t.co/toejNooaei pic.twitter.com/HzWU9REWCw

— Lookonchain (@lookonchain) June 2, 2026

CryptoQuant analysts observed that similar transfers have historically accompanied creditor repayments and distribution preparation and “did not lead to immediate selling pressure,” but the timing amid heavy ETF outflows amplified unease across trading desks.

BTC price outlook – is a deeper crash next?

From a price action point of view, it’s possible that the recent weakness exposes bulls to the risk of an extended slide. Currently, the coin is testing the 200-week EMA, below which a deeper crash could follow.

Notably, Bitcoin has lost over 12% in the past month, and a breach below the $65,000 zone would reopen March 2026 lows.

BTC dropped to $64,955 in March, and fear will likely trigger further short‑term liquidation events.

Conversely, a reclaim of key intraday support around $71,500 would be required to shift momentum back to buyers and set targets near $75,000 and $77,500. The 100-week EMA currently sits around $81,830.