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Cantor says crypto market near bottom as bitcoin (BTC) cycle points to October low

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Crypto markets have struggled in recent months, with bitcoin falling more than 50% from its late-2025 peak after a sharp June selloff driven by persistent exchange-traded fund (ETF) outflows, elevated interest rates and weaker risk appetite.

Ether (ETH) and most major altcoins have underperformed bitcoin during the downturn, although a handful of sectors, including decentralized finance (DeFi) and tokenization, have shown relative resilience.

While crypto adoption is expanding across stablecoins, tokenized real-world assets, onchain credit and DeFi, the bank argued that usage alone does not drive token value. Instead, long-term winners will convert activity into sustainable cash flow or lasting monetary demand.

Cantor identified Hyperliquid as the clearest example of fee-driven token economics through HYPE buybacks and burns, while bitcoin remains the benchmark monetary asset and Ethereum the dominant collateral layer for onchain finance.

Solana, Sui, XRP and Zcash each have differentiated strengths, the report said, but still need to prove they can translate ecosystem growth into durable token demand.

The bank also highlighted digital asset treasury companies as an overlooked investment theme, arguing the strongest firms are evolving beyond passive crypto holders into active operators that generate yield, build infrastructure and provide institutional access to digital assets.

It initiated coverage of digital asset treasury companies Forward Industries (FWDI) and Cypherpunk Technologies (CYPH) with overweight ratings and price targets of $7.90 and $0.90, respectively.

EthLabs launches as Ethereum undergoes its biggest leadership transition in years

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That transition has also reshaped the Ethereum Foundation itself.

Earlier this year, the foundation published a renewed mandate emphasizing Ethereum’s core values: including credible neutrality, self-sovereignty and open infrastructure, while reducing its involvement in some implementation-focused initiatives. Combined with ongoing budget constraints, the shift has resulted in restructuring across the organization.

Dietrichs views those changes less as a crisis than an overdue evolution. “It’s more a transition period,” he said. “Ethereum is now much more intentionally, proactively reorienting itself to be ready for this new time period.”

Filling in the gaps

But as the turmoil started to unveil itself at the EF, many have started to wonder whether EthLabs would replace it. Dietrichs sees that rather than competing with the foundation, EthLabs intends to complement it. “We’re deliberately positioning ourselves to fill the gaps that the Ethereum Foundation now deliberately leaves,” Dietrichs said. “We’re not trying to create a competing vision for Ethereum.”

Those gaps, he argues, center on adoption-oriented engineering work, like improving Ethereum’s scalability, strengthening layer-1 performance, advancing interoperability, and identifying the technical barriers preventing broader institutional use.

“The gap we see is this more practical, adoption-oriented work, making Ethereum, practically useful for the real world,” he said. EthLabs plans to continue work its founders previously led within the foundation, including layer-1 scaling research, while expanding into areas like interoperability and engagement with financial institutions exploring blockchain infrastructure.

Bitcoin (BTC) climbs toward $60,000 level after Fed Chair Warsh said inflation risks has come down

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Bitcoin climbed back toward the $60,000 level on Wednesday after Federal Reserve Chair Kevin Warsh said inflation risks had eased while reaffirming the central bank’s commitment to returning inflation to its 2% target.

Warsh declined to provide guidance on the Federal Reserve’s next interest-rate decision, saying policymakers would debate incoming data at their meeting in four weekds, during a panel discussion at the European Central Bank’s annual forum in Sintra, Portugal.

Instead, he emphasized that the Fed remained focused on price stability.

“Inflation risks have come down,” Warsh said. “If there were people in households or the business sector, in the financial markets, who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they’d be disappointed. We’re going to deliver price stability in the U.S.”

Bitcoin pared earlier losses to trade back around the $60,000 level, an increase of more than 2% over the past 24 hours, according to CoinDesk Data.

UK Sets Landmark Crypto Rules In Race To Become Global Hub

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The UK’s Financial Conduct Authority published a landmark crypto regulatory framework this week, establishing capital requirements, market abuse controls, and stablecoin standards for the country’s digital asset industry ahead of a mandatory authorization regime that takes effect in October 2027.

The package represents the most expansive expansion of the FCA’s oversight in years. Legislation passed in February 2026 brought cryptoassets within the regulator’s remit for the first time.

The framework covers a wide range of activities: crypto trading platforms, custodians, stablecoin issuers, lending and borrowing providers, staking firms, and certain decentralized finance firms where an identifiable controlling entity exists.

Under the new regime, all regulated crypto firms must meet prudential requirements, including minimum capital buffers and annual stress tests. Unlike banks, which receive specific scenarios from the Bank of England, crypto companies will design their own tests based on internal risk models and submit results to the FCA each year. 

Each firm determines how much risk sits on its balance sheet — a figure that sets the level of capital it must hold.

In other more layman terms, crypto firms operating in the UK must hold capital against their riskiest assets and run annual stress tests of their own design. This is a looser standard than banks face, but a first for the sector.

The framework introduces market abuse rules covering insider trading and market manipulation, areas where the crypto sector has faced scrutiny but limited enforcement action. Large trading platform operators will follow an industry-led monitoring approach, while the scope of mandatory on-chain surveillance has been narrowed from an earlier draft. 

Eligible cryptoassets admitted to UK qualifying trading platforms will face a single 40% net risk position requirement and a 40% counterparty default volatility adjustment — replacing a two-tier classification system proposed during consultation.

Stablecoin and crypto concessions

The FCA made concessions to stablecoin issuers after pushback from the industry. The capital coefficient for stablecoin issuance was cut to 1% of the aggregate value of issued tokens, down from 2% in the original proposal. 

The reduction is designed to keep the UK competitive with the European Union’s MiCA regime and with emerging US stablecoin legislation, both of which are drawing crypto firms to rival jurisdictions.

Stablecoin firms will be allowed to hold a cash surplus of up to 5% inside their backing asset pools to manage liquidity pressures. Redemption forecasting obligations for backing assets were removed, and limited intragroup custody arrangements are permitted subject to additional safeguards.

The FCA’s authorization window

Crypto firms must obtain FCA authorization to operate under the new regime. Existing anti-money laundering registrations will not convert to authorization under the new rules — firms must apply fresh. The application window opens September 30, 2026 and closes February 28, 2027. The FCA will offer pre-application support meetings from July to help firms prepare submissions.

Until the regime takes effect on October 25, 2027, the regulator’s oversight of crypto firms remains limited to financial promotions and anti-money laundering controls.

David Geale, the FCA’s executive director of payments and digital finance, called the framework a milestone. “We’ve created a framework that doesn’t force firms to choose between regulatory certainty and room to innovate,” he said. “For consumers, it means firms will be held to similar standards to other financial providers, though we can’t regulate away risk.”

The framework arrives as the global race to regulate crypto heats up. The EU’s MiCA regime is in force, and the US is pushing through stablecoin legislation under President Donald Trump, whose administration has been a driver of crypto’s legitimization. The UK is positioning its regime as a stable, innovation-friendly alternative for firms weighing where to base their operations.

Europe is rewriting its landmark MiCA regulatory rulebook as hard July 1 deadline passes

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Nevertheless, MiCA has achieved many of its original goals, according to Hansen. There are around 20 euro-denominated stablecoins that have been authorized by the regime, with adoption buoyed by their formal regulation.

It’s not perfect, though, he added, pointing to reserve rules that require minimum bank deposits. Attention is also shifting beyond domestic regulation to global oversight. The next phase of policymaking could focus on allowing tokens regulated in one jurisdiction to circulate in another through mutual recognition regimes.

“We could benefit from the global, internet-native nature of these assets instead of fragmenting their circulation through locally fragmented rulebooks,” he said.

The EU may have had something of a first-mover disadvantage with regard to regulating crypto assets, as there was no framework in major markets like the U.S or Hong Kong to work with like there is now.

Fortress Europe

Sebastian Barling, partner for financial institutions regulatory at Skadden, compared the EU’s approach to building a “fortress.”

“The consultation is clearly a serious review intended to make sure the European regime aligns internationally and remains competitive,” he told CoinDesk.

Barling and Legler explored the Commission’s pivotal shift toward evaluating a third-country equivalence regime and managing cross-border multi-issuance structures in a recent article. They highlighted that while MiCA currently lacks a mechanism to defer to foreign frameworks, an equivalence regime could transform the market by enabling mutual recognition and allowing globally circulating stablecoins to be listed on EU exchanges.

Bitcoin (BTC) opens the third quarter in a red zone that precedes bear markets

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The seasonal pattern normally runs the other way. Across bitcoin’s full record, the fourth quarter has been its strongest by a wide margin, averaging a 77% gain with a median near 48%, the stretch that has repeatedly salvaged mediocre years.

The third quarter is the opposite, the weakest quarter on average and often flat. The calendar, in other words, would normally argue for a quiet third quarter and a strong fourth-quarter finish. In 2018 and 2022, that seasonal strength failed. The bear market overrode the calendar, and the fourth quarter, usually the best, became one of the worst.

A sample of two may tell little on its own and both of those years turned on specific collapses that have no exact equivalent today. The comparison does not mean 2026 must follow 2018 or 2022, but it does mean the only other times bitcoin started a year this weakly, the weakness was a symptom of something structural rather than a passing dip.

Whether 2026 belongs in that category depends on what is driving the selling, and the drivers look more like a grind than a panic.

U.S. spot bitcoin exchange-traded funds (ETFs) have seen record outflows over the past month, the number of active users onchain has stayed near the low end of its range, and capital has rotated steadily into AI stocks, which just posted their best quarter in years while crypto fell.

Taiwan Lawmakers Pass First Crypto, Stablecoin Laws

Taiwanese lawmakers on Tuesday passed a law to establish a regulatory framework for crypto, which includes licensing and rules for stablecoins.

Taiwan’s financial watchdog, the Financial Supervisory Commission (FSC), said that the Legislative Yuan passed the law requiring all virtual asset service providers, or VASPs, to get approval from the regulator to operate.

The law also says stablecoins issued in Taiwan must get approval from the central bank and the FSC, and issuers must maintain sufficient reserves with a trustee and undergo regular audits.

The law is the first to regulate crypto and stablecoins in Taiwan, bringing it in line with other governments in the region, such as Japan, Singapore and Hong Kong, that have long passed laws to regulate the sector in a bid to attract the industry.

The FSC said the bill further strengthens the protection of traders’ rights and that issuing stablecoins will help Taiwan integrate with the international market and secure a place in the global crypto market.

Source: Cointelegraph

Taiwan’s rules outline seven types of VASPs, including exchanges, trading platforms, custodians and lenders, which will all be subject to rules for internal control and audits, cybersecurity systems, crypto listing and delisting rules, customer asset segregation and financial reporting.

The rules outlaw crypto-based fraud and price manipulation, with violators facing between three and 10 years in prison and fines ranging from about 10 million New Taiwan dollars ($300,000) to 200 million New Taiwan dollars ($6.3 million).

Those caught operating a VASP or issuing a stablecoin without a license face up to seven years in prison and fines of up to 100 million New Taiwan dollars ($3.1 million), Taiwan’s national news agency, CNA, reported on Tuesday. 

Related: US ban on stablecoin yield could see others fill the void: Ledger exec

The implementation date of the bill is still to be determined, and the law will take effect only after it is published by the government’s executive branch.

The FSC said VASPs that complete anti-money laundering registration before the bill is implemented, and institutions that provide related services under the agency, should apply for a license within 12 months after the bill is implemented.

CNA reported that lawmakers also passed a resolution asking the FSC to propose a plan within a year outlining how the crypto industry can provide derivative crypto commodity services, with the aim of providing diversified investments and improving the sector’s health.

Asia Express: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers

Crypto claws back some losses but derivatives markets point to more pain ahead: Crypto Markets Today

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Bitcoin rose 0.3% to $58,700 on Wednesday, showing a sliver of strength after spiking down to $57,700, the lowest point since September 2024, shortly after midnight UTC.

Ether (ETH) is at $1,580, having also experienced a slight relief bounce since 01:00 UTC.

U.S. equity index futures are lower since midnight UTC, with S&P 500 futures and Nasdaq 100 futures in the red by 0.2%-0.4%

Risk assets like crypto and tech stocks have been struggling in recent weeks as concerns of impending inflation have lifted the U.S. dollar and made traders cautious.

The altcoin market has been the hardest hit because it lacks the liquidity and demand to deal with precipitous moves to the downside and liquidation cascades.

Derivatives positioning

  • A total of $395 million worth of crypto futures bets have been liquidated in 24 hours, with bullish plays accounting for most of the tally. That’s hardly surprising given BTC’s dip to lows under $58,000 early in the day.
  • The real story is crude futures listed on crypto exchanges. They have seen liquidations worth $15 million, the fifth-largest tally among all tokens. The figure shows just how popular TradFi trading has become on crypto exchanges.
  • BTC’s futures open interest (OI) jumped to 768K BTC from 740K BTC a day ago. While the influx of money is encouraging, it’s unclear whether the bias is for bullish or bearish bets. For instance, the annualized funding rates hover near 5%, hinting at a bullish bias, while the 24-hour cumulative volume delta is negative, suggesting bears are being more aggressive and trading with market orders rather than passive limit orders.
  • Gold perpetual futures OI hit a record high of 222K XAU tokens. This comes as the metal’s spot price shows a bearish death cross, signaled by the 50-day simple moving average crossing below the 200-day SMA. Prominent gold ETFs are displaying a similar bearish pattern.
  • Bitcoin and ether’s 30-day implied volatility indexes are steady after June’s double-digit gains. Bitcoin’s index, BVIV, is now hemmed between the 200-day average as resistance and the 50-day as support. A break above the 200-day MA might mean new turbulence and a deeper price slide.
  • On Deribit, bitcoin and ether puts remain pricier than calls across all time frames as traders seek downside protection.
  • Key flows at over-the-counter desk Paradigm featured demand for the September expiry bitcoin put at the $50K strike price. This is a bet that prices could slide below $50K by the end of the third quarter. Meanwhile, someone lifted a SOL call option at the $86 strike. The token is currently trading around $75.

Token talk

  • While the broader altcoin market is struggling, Solana-based DeFi token jupiter (JUP) has posted a trend reversal, rising by 11% since midnight UTC with a 55% increase in daily trading volume.
  • The increase comes alongside a jump in total value locked (TVL), with the protocol, a decentralized exchange (DEX) aggregator. TVL has risen to more than 20 million SOL from 13.9 million in May.
  • Stellar lumens (XLM) extended gains, rising from $0.168 on Sunday to $0.196, an increase of 17%.
  • The strong performance of a select few altcoins kept CoinMarketCap’s “Altcoin Season” index sticky at around 48/100 after ending June little changed despite weakness across the sector.
  • AI tokens have been the recipient of that weakness. Bittensor (TAO) lost 2.5% on Wednesday and is now down by over 30% since June 15.

XRP, HYPE funds are the bright spots as investors flee bitcoin, ether ETFs: Crypto Daily

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XRP and Hyperliquid’s HYPE have emerged as notable bright spots amid record outflows from U.S. spot crypto exchange-traded funds (ETFs).

XRP-linked ETFs added $59.4 million in June, a third straight month of net inflows, albeit at a slower pace than during the previous two months, according to SoSoValue data. HYPE funds notched up $161 million in net inflows during the month.

In contrast, bitcoin ETFs suffered record outflows of more than $4 billion, ether (ETH) ETFs saw $528.99 million in outflows and solana (SOL) ETFs shed $786,000.

The positive flows into both XRP and HYPE funds signal potential for significant spot price appreciation, particularly if bitcoin and the broader market stabilize.

HYPE also has support at the fundamentals level. Its parent, the decentralized exchange Hyperliquid, generated just over $80 million in fees over the past 30 days, according to DefiLlama. This places it third among all protocols and behind only stablecoin giants Tether ($486.9 million) and Circle Internet ($184.07 million).

Speaking of potential for market stability, July offers hope. According to Alex Kuptsikevich, the chief market analyst at the FxPro, July tends to be a positive month for the largest cryptocurrency.

UAE-Based Goldman Lampe Private Bank Acquires $137 Million In Bitcoin

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Goldman Lampe Private Bank has purchased €120 million (roughly $137 million) worth of Bitcoin, the UAE-based institution announced Monday, timing the buy to coincide with a recent pullback in cryptocurrency markets.

The Ras al Khaimah-headquartered bank said the acquisition strengthens its institutional Bitcoin holdings and reflects its conviction in digital assets as a long-term store of value. The move positions Goldman Lampe as one of the more aggressive institutional buyers to act on the current market downturn.

“Bitcoin continues to demonstrate remarkable resilience as a store of value and strategic asset,” said Abdullah Hamad Al Shamsi, Chairman of the Board. “By capitalizing on this market dip, we are not only enhancing our institutional holdings but also reaffirming our leadership in bridging traditional private banking with cryptocurrency solutions.”

Goldman Lampe did not disclose the exact number of Bitcoin acquired, the price at which the purchase was executed, or the bank’s total Bitcoin holdings to date.

Founded in 1934 and regulated in the UAE, Goldman Lampe markets itself as the first bank in the world to offer crypto term deposits — a product that lets high-net-worth clients earn yields on digital asset holdings within a regulated framework. The bank also offers gold bullion trading and private wealth management services.

The Bitcoin purchase adds to a broader thesis the bank has pushed publicly: that digital assets belong inside institutional portfolios, not alongside them as a speculative side bet. The bank’s term deposit product, it says, gives clients structured, compliant exposure to crypto in a format familiar to traditional wealth management clients.

The acquisition comes as institutional Bitcoin buying has become a more common playbook. Companies including MicroStrategy and a range of sovereign wealth vehicles have made similar dip-buying moves in recent cycles.

Bitcoin price action

Bitcoin entered June 2026 trading near $73,674 and has since fallen to around $58,500 as of this morning— a decline of roughly 18% for the month. The drawdown has been driven by ETF outflows, a stronger U.S. dollar, elevated interest rate expectations, and rotation into AI equities.

Technically, Bitcoin is trading below both its 20-month and 50-month exponential moving averages, signals that analysts associate with bearish intermediate-term pressure. The 50-day moving average sits above the current price, a potential resistance level if BTC attempts a recovery. The 100-month EMA, however, remains below the current price, leaving the long-term structural trend intact.

Bitcoin is down roughly $48,000 from its price one year ago, though that comparison reflects what was a period of peak pricing in mid-2025.

Goldman Lampe’s purchase puts its acquisition cost somewhere in the current trading range, with the bank betting that the dip represents an entry point rather than the beginning of a longer decline.