Trading

Coinbase said earlier this week it rolled out pre-IPO perpetual futures, launching first with a SpaceX-linked contract for eligible users outside the United States. The product lets traders take long or short exposure to SpaceX's implied valuation with P&L settled in USDC, and Coinbase says positions will convert into a standard SpaceX perpetual contract if the company later completes an IPO.

Strategy executive chairman Michael Saylor posted "A good time to add more dots" on X after the firm's rare 32 BTC sale, reigniting talk that the company could return to buying during a pullback. Strategy still reports 843,706 BTC valued near $52.2 billion and says it sold 32 BTC for $2.5 million between May 26 and May 31 to support preferred stock distributions. Investors are also tracking MSTR around $120.44 and BTC near $62,000 as debate builds over financing, dividends, and the next disclosure.

On June 7, Pudgy Penguins (PENGU) rose 16% over 24 hours as the broader crypto market rebounded, even while PENGU volume slipped 30% and memecoin volume fell 40%. Exchange balances declined by more than 40 million PENGU to 18.33 billion tokens, alongside increases in whale, Smart Money, and retail holdings. Technical levels show momentum improving, but price still faces the Supertrend band around $0.0071–$0.0073.

Bitcoin finished the week ending June 5, 2026 down nearly 20%, marking its steepest weekly percentage fall since the FTX collapse in November 2022. After failing to reclaim levels above $82,000, BTC slid toward the $59,130 low area and later traded around $62,150, with analysts watching whether conditions resemble a late-cycle washout.

Bitcoin revisited the February low near $60k after sliding for three weeks, alongside signs of capital outflows and a shift in risk appetite. Transaction activity rose, with the 30-day moving average near 640,000 versus a prior 660,000 peak during the September 2024 correction, while miners' margins and hashrate weakened. Analysts also flagged elevated exchange inflows of 10k-12k BTC per day as a sign of ongoing sell pressure and a potential move toward $51k if capitulation persists.

US-listed spot XRP ETFs finished the week with $2.62 million in net inflows even as XRP fell from $1.33 to $1.05. June 3 saw $5.34 million in net outflows, but inflows on June 1 ($4.13 million) and June 4 ($3.83 million) helped keep the week positive.

AAVE sank 12% in the last 24 hours, trading around $61.12 even as spot taker activity stayed buyer-dominant. Trading volume surged 75.62% to $474.4 million, but sell-side pressure continued to outweigh demand. With RSI at 27.50 and liquidation liquidity clustered near $64–$66 and $69–$70, a short-term bounce remains possible if buyers hold the current area.

Six U.S. senators disclosed on June 4 that they are pressing U.S. bank regulators to reconsider a Basel capital rule that can assign certain cryptoasset exposures a 1,250% risk weight. They argue the formula can translate into a capital requirement equal to 100% of a bank's exposure, which they say makes holding BTC uneconomic for regulated institutions. The push follows a May 27 letter urging the Fed, FDIC, and OCC to update digital-asset capital standards and develop a new framework.

XRP slid to $1.05 early Saturday after six consecutive down days following a May 30 peak of $1.36, then rebounded slightly to around $1.09. Even with nearly $4 million in fresh XRP ETF inflows and cumulative inflows nearing $1.5 billion, traders are focused on whether $1.18 can be reclaimed or if the next support near $0.92 comes into play.

Bitcoin slid nearly 20% in under a week as fading rate-cut expectations and a risk-off shift triggered heavy deleveraging, including more than $2 billion in long liquidations over five days. Against that backdrop, BlackRock reversed course and recorded a net inflow of 537 BTC ($33.18 million), a move some view as an early sign of potential stabilization after the drawdown.