CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.
The CoinDesk 20 is currently trading at 1708.48, down 1.4% (-23.82) since 4 p.m. ET on Monday.
None of the 20 assets are trading higher.
Leaders: ETH (-0.6%) and SUI (-0.6%).
Laggards: UNI (-2.9%) and AAVE (-2.6%).
The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.
Bitcoin continues to flash warning signs, according to Quinn Thompson, CIO at Lekker Capital, as his fund remains firmly bearish on crypto heading into the summer.
Thompson argues that the market faces a combination of structural challenges, including ongoing digital asset treasury (DAT) concerns, unresolved questions about Strategy’s preferred stock STRC, and lingering fears about quantum computing risks to Bitcoin’s security model.
Combined with weakening liquidity conditions and heavy selling pressure, these factors have contributed to one of the largest divergences between bitcoin and technology stocks in recent history, with crypto significantly underperforming despite continued strength across much of the tech sector.
Thompson’s broader concern extends beyond crypto and believes a wave of blockbuster IPOs (SpaceX, Anthropic and OpenAI) could absorb trillions of dollars in investor capital, creating a liquidity drain.
One of the clearest signs for Thompson is the Magnificent Seven’s underperformance relative to the broader Nasdaq. Historically, healthy bull markets are characterized by leaders leading. Today, however, many of the index’s gains are being driven by semiconductor and AI supply chain names rather than the hyperscalers that sparked the initial rally.
The challenge for those hyperscalers is growing, Thompson says. Massive AI-related capital expenditure commitments pressure free cash flow, increasing debt levels, and reducing share buybacks.
Yet cutting spending could undermine the semiconductor and AI infrastructure trade that has supported the broader technology complex.
Thompson concludes that rising IPO supply is set to compete for capital and investor attention, while He sees a difficult path forward for both AI leaders and the wider market.
A genesis-block Ethereum wallet labeled “Joseph Lubin?” by Arkham Intelligence deposited 110,000 ETH into three Sky Finance vaults on Friday, shoring up collateral behind $259M in DAI debt as ETH fell sharply. Neither Lubin nor ConsenSys has made any public statement on ownership of the address.
A genesis-block Ethereum wallet labeled “Joseph Lubin?” by Arkham Intelligence deposited 110,000 ETH into three Sky Finance vaults on Friday, shoring up the collateral behind $259.05 million in outstanding DAI debt as ETH prices fell sharply, per Lookonchain.
The transfers arrived in four transactions totaling 110,001 ETH: three batches of 40,000, 40,000, and 30,000 ETH, plus one of 1 ETH. The wallet had been inactive for more than three years before Friday’s movement. ETH was trading around $1,575 during the transfers, off roughly 10% over 24 hours.
The originating address carries the label “Joseph Lubin?” on Arkham Intelligence. Arkham also tags the address as a Genesis Block Address, meaning it received ETH in Ethereum’s original July 2015 distribution to early contributors.
Lookonchain flagged the transfer on X on June 6, framing it as a potential sell signal before the Sky vault destination became clear. Neither Lubin nor ConsenSys has made any public statement confirming or denying ownership of the address.
Attribution accuracy is relevant. Three days before this transfer, Lookonchain publicly attributed a 20 million LDO token sale to Lido co-founder Cobie, only to retract the claim after Cobie identified the wallets as belonging to Wintermute. On-chain labels can be wrong.
The 110,000 ETH moved to three intermediate wallets, which then supplied collateral into three separate Sky (formerly MakerDAO) vaults. Following the deposit, total WETH backing the vaults stands at roughly 412,430 WETH, worth approximately $677 million at current ETH prices of $1,642 per CoinGecko, against the $259.05 million DAI debt load.
The three vault liquidation thresholds sit at $899, $1,020, and $1,056 per ETH. At $1,642, the position clears the closest liquidation price by about 55%. Before Friday’s deposit, with ETH down sharply on the week, that margin was considerably thinner.
A Sky vault operates as a collateralized debt position: the borrower locks ETH and mints DAI against it. If collateral value falls below the liquidation ratio, typically 130 to 145% for ETH-backed vaults, the vault becomes eligible for automated liquidation by keepers who repay the debt and collect a penalty. Adding collateral raises the liquidation price floor and extends the position’s runway during a downturn.
Ethena continues to deepen its ties with traditional finance, announcing a deal with asset manager Janus Henderson that includes a strategic investment in the protocol’s governance token.
Under the agreement, Ethena will allocate and help distribute Janus Henderson’s tokenized funds of collateralized loan obligations (CLO), the protocol said in a Tuesday X post.
Meanwhile, Janus Henderson, with $480 billion in assets under management, made a strategic investment in Ethena’s ENA token and plans to use USDe, Ethena’s yield-bearing synthetic dollar, as part of its treasury cash management strategy, according to a Thursday announcement.
The firms are also exploring ways to offer USDe to Janus Henderson clients through exchange-traded investment products.
ENA jumped 5% following the announcement before paring gains. It was down 8% over the past 24 hours as braoder crypto markets slipd
“We are really excited about the possibility here,” Nick Cherney, head of innovation at Janus Henderson Investors, told Coindesk in a message. “We believe very deeply that innovation in blockchain is being led by the defi community, and that we need to continue to forge partnerships with leading founders and protocols.”
The deal fits into the trend of traditional finance firms increasingly embracing and backing decentralized finance (DeFi) infrastructure. Earlier this year, BlackRock (BLK) expanded its tokenized money market fund through a partnership with Uniswap and also invested an undisclosed amount in the decentralized exchange’s UNI token, while Apollo Global Management (APO) stroke a deal with lending protocol Morpho to bring tokenized private credit assets onchain and investing in the protocol’s governance token.
Last week, Coinbase Ventures disclosed its first investment in Ethena and announced a partnership that will bring Ethena products to Coinbase’s more than 100 million users. Separately, Ethena expanded its relationship with crypto bank Anchorage Digital to support institutional lending activity through Anchorage’s Atlas collateral management platform.
Ethena has grown into one of the largest decentralized finance protocols by offering yield through its USDe token, which combines stablecoin demand with derivatives-based hedging strategies. After reaching roughly $15 billion in assets during last year’s market rally, the protocol currently manages about $5 billion as crypto markets continue to recover from a prolonged downturn.
“Ethena has proven that even now it is possible to innovate in the stablecoin arena, and we continue to see huge opportunity in their business,” Janus Henderson’s Cherney added.
A new feature documentary is making the case that Bitcoin belongs in the boardrooms of professional basketball — and it has the access to back it up.
Bitcoin Season, directed by Mike Nicoll, follows Swan Bitcoin, a Bitcoin wealth services company, on its mission to establish Bitcoin-only partnerships inside the professional basketball industry. The film centers on Swan’s groundbreaking deal with the Cleveland Cavaliers — described as the first Bitcoin-only partnership with an NBA franchise — and a separate agreement with Klutch Sports Group, the player agency founded by Rich Paul that represents some of the biggest names in the sport.
The film frames Bitcoin not as a financial product but as a tool of player empowerment, arriving at a moment when athletes are increasingly asserting control over their careers, their brands, and their money.
Former NBA guard Matthew Dellavedova, who appears in the film, called it “a blueprint” for franchises, leagues, and athletes looking to transform what they stand for beyond the balance sheet.
“[Bitcoin Season] shows franchises, leagues, and athletes that Bitcoin can transform more than a balance sheet, it can transform what you stand for and the legacy you leave. We’re in the player-empowerment era, and owning Bitcoin is part of that,” Dellavedova said.
Expert voices in the film include Michael Saylor, Lyn Alden, Adam Back, Max Keiser, Pierre Rochard, Greg Foss, and Natalie Brunell, alongside executives from the Cavs and Klutch organizations.
The film’s central argument: as legacy financial models erode in the digital age, storing value in Bitcoin represents a winning strategy for athletes and institutions alike.
Nicoll is no stranger to basketball documentaries. His 2017 film At All Costs was acquired by Netflix and earned comparisons to Hoop Dreams from the LA Times. His follow-up, The Spoils: Selling the Future of American Basketball, premiered at the NBA Summer League Film Festival in June 2024 and drew praise from filmmaker Ken Burns. It is now available on Amazon Prime.
Bitcoin Season had its premiere on June 3, 2026, in San Clemente, California, hosted by Swan founder and CEO Cory Klippsten. A sneak peek is scheduled for the NBA Summer League in Las Vegas on July 18.
You can watch the trailer here.
Trad.Fi, which lends money to companies buying heavy equipment, said it is working with W3, a developer of AI agents for enterprises, to deploy $650 million in private credit onchain over the next 48 months.
The program targets the heavily paper-based U.S. equipment distribution sector, focusing on manufacturing systems, industrial electrical infrastructure and residential solar installations. By using AI to evaluate risk, conduct due diligence and price loans, Trad.Fi aims to compress the typically monthslong financing timelines for small and mid-sized businesses into a single day.
“Small businesses lose deals waiting for financing, and the only way to fix that is to move the capital, the records and the workflow onto programmable rails,” Trad.Fi CEO Alexander Szul said in a statement. “This is what private credit looks like when it finally meets the speed of the real economy.”
Institutional capital is undergoing a structural shift as it interacts with digital asset infrastructure. The tokenization of real-world assets (RWAs), spanning commodities, equities, and private credit, is now a $25 billion market, having quadrupled from roughly $6.4 billion a year ago. It could become a $30 trillion industry by 2030, according to Security Token Market.
The $650 million figure represents Trad.Fi’s targeted equipment-financing origination pipeline over the next four years, the firm said.
In an initial phase, institutional capital from established, traditional private credit lenders will fund the bulk of the underlying equipment loans directly offchain. At the same time, the companies will work on the initial bridge technology, the ability to predict corporate stability and effect blockchain capital placement.
The long-term goal of the project is a fully programmable treasury in which 100% of senior and equity capital flows natively through the Avalanche blockchain.
A tokenized liquidity pool managed by an unidentified third-party operator will start up in the coming weeks. The pool provides eligible investors with direct onchain access to the equity portions of the private credit generated by the program.
A package of several crypto tax bills may not be ready yet for prime time, as a U.S. House Ways and Means Committee hearing revealed potentially significant questions from lawmakers that suggested the panel hasn’t achieved a bipartisan embrace of the bills that would tailor a clearer tax code for digital asset gains.
The latest legislative drafts are meant to address tax-filing burdens from crypto users and investors, though House lawmakers — especially Democrats — raised pointed questions about the proposed tax treatments during a Tuesday hearing to discuss the bills, and some key members reportedly objected in advance of the session. This preliminary hearing is an opening step of a process that would typically proceed through revisions and markup before the bills could be considered by the wider House of Representatives, and committee Chairman Jason Smith indicated an intent for bipartisan progress.
“I’m aligned with that goal — eventually,” said Richard Neal, the committee’s ranking Democrat, during the hearing. “There’s healthy skepticism on both sides.”
Though the Digital Asset Market Clarity Act that’s slowly winding its way through the U.S. Senate represents the crypto industry’s top policy effort in Washington, a set of new crypto tax laws would rank second on the priority list. As the U.S. rules stand, the taxes on digital asset gains are difficult for investors to manage — especially those who benefit from mining, staking or who make a high number of transactions.
“The committee’s legislation addresses key gaps in the tax code, including parity in tax treatment with comparable traditional financial asset transactions, clarity for tax situations unique to digital assets, and reduction in paperwork burdens for digital asset owners and brokers,” the chairman, Smith, summarized in a statement before the hearing.
One of the bills would address the longtime industry request that small transactions with very minimal gains should be exempted from tax reporting, which could ease the accounting burdens on users as well as freeing up digital assets to be used for routine payments. Another bill would eliminate the double-taxed scenario for mining and staking proceeds, which are taxed upon receipt and when they’re sold.
“If Americans want to pay with a stablecoin instead of a credit card or cash, they should be able to without a pile of tax paperwork,” Smith said during the hearing.
But one of the hearing’s witnesses, Mike Kaercher, deputy director of the Tax Law Center at NYU Law, said the bills still contain pitfalls, including his own objection to the mining-and-staking provision that could be abused.
“The problem is that the bill then provides an election for stakers and miners to defer income paid in the form of newly minted coins until disposition,” he said, suggesting it could create a new tax subsidy. He argued that it “violates parity with traditional finance and the principle that income is taxed on receipt.”
“Despite some thoughtful guardrails in the bill, it may be possible for taxpayers to permanently escape tax by earning rewards through certain business structures,” he said.
That concept drew significant attention from the committee’s Democrats, concerned about abuse of such deferral.
It’s unclear whether there will be a viable window for major crypto tax legislation before the current session of Congress ends at the close of 2026. It’s late in that session, and the agenda is already crowded, including with the remaining work on the crypto Clarity Act.
“Regulatory clarity and tax clarity go hand in hand,” said Kevin Wysocki, Anchorage Digital’s head of policy, in a post on social media site X. “If we want innovation, investment, and jobs to stay in America, policymakers need rules that are clear, workable, and built for modern technology.
For its part, the U.S. Senate hasn’t made significant progress on crypto tax bills, though Senator Cynthia Lummis has sought to move similar legislation through Congress’ upper chamber — so far unsuccessfully. Both chambers would ultimately need to approve legislation before it could become law that governs U.S. crypto activity.
A potential reduction of burden on taxpayers in the newly unveiled bills would also be shared by the Internal Revenue Services, which has already been inundated this year with a new tax-reporting regime. The U.S. tax agency has cut a significant portion of its staff under the administration of President Donald Trump at the same time as getting a rapidly increasing influx of crypto filings.
“Millions of Americans own or use digital assets, yet much of the tax code still treats this technology as though it were a niche experiment rather than a growing part of the financial system,” said Coinbase’s vice president of tax, Lawrence Zlatkin. “The result has been confusion for taxpayers, compliance challenges for businesses and unnecessary burdens for the IRS.”
Read More: U.S. House tax committee weighs crypto bills, including relief for small transactions
The Ether (ETH) futures market saw its open interest (OI) on Gate.io fall by 45% to levels last seen in April 2025. At the same time, nearly 480,000 ETH left Binance, OKX, Gemini and Bitfinex over the past few days, reducing the exchange-held supply.
The combined shift highlights a market with less leverage and declining exchange balances, placing greater focus on the $1,500 support zone, which some analysts view as critical to preventing a deeper move toward $1,000.
Ether’s futures market has undergone a broad reset during the recent sell-off. Crypto analyst Amr Taha noted that total ETH open interest across exchanges has dropped 25%, to $12.6 billion from $16.6 billion in May, with several major trading platforms now at levels last seen in April 2025.
Ether open interest. Source: CryptoQuant
Gate.io recorded the largest decline. ETH open interest fell to $2.68 billion on June 9 from $4.84 billion on May 7, a drop of about 45%. The figure is now nearly identical to the $2.67 billion level recorded on April 11, 2025.
Bybit has followed a similar path. ETH OI currently stands near $805 million, close to the $795 million recorded in early April 2025. The move points to a significant reduction in leveraged positions that accumulated during the latter stages of 2025 and early 2026.
ETH open interest on multiple exchanges. Source: CryptoQuant
However, Binance presents a different picture. ETH open interest remains near $2.76 billion, holding within its recent range. The funding rates have also turned negative on the exchange, with the latest reading near -0.0047, showing short traders are paying a premium to maintain their positions.
ETH funding rate on Binance. Source: CryptoQuant
The divergence is notable. Gate.io and Bybit have already seen a major leverage reset. Futures traders on Binance remain active, but the negative funding points to a cautious sentiment.
Related: Bitmine boosts Ethereum treasury to 5.54M ETH, nearing 5% supply target
Ether exchange reserves also posted a notable decline in early June. Across Binance, OKX, Gemini and Bitfinex, tracked ETH balances fell by 480,000 ETH over the past few days.
ETH multi-exchange reserve. Source: CryptoQuant
Binance reserves dropped to 3.65 million ETH on June 9 from 3.87 million ETH on June 4. Bitfinex holdings declined to 2.50 million ETH from 2.67 million ETH at the end of May. OKX recorded the sharpest percentage decline, with reserves falling from 424,000 ETH to about 336,000 ETH. Gemini balances also slipped to roughly 522,000 ETH.
Continued ETH outflows could reduce the amount of readily available supply on exchanges if buying demand starts to recover.
Onchain data shows many ETH holders are still far from large profits. According to market commentator Gonza Goth, only 11% of Ethereum’s supply is currently sitting at a 3x or greater gain, the lowest level since February 2017. However, Goth said,
“Historically, extreme pessimism has created the best opportunities.”
ETH: relative supply by profit and loss. Source: Glassnode
Meanwhile, traders are also watching the $1,500 level next. Investor Ash Crypto noted that Ether failed to hold every support level during the 2022 bear market, when the price eventually bottomed near $880.
The analyst said a weekly close above $1,500 would keep ETH above a historically important support zone, while a break below it would shift attention toward the next major support area near $1,000.
ETH/USD, one-week chart analysis by Ash. Source: X
Related: ETH falls to 13-month low on Zcash bug, Bitcoin below $60K: Is $1.4K next?
Bitcoin (BTC) hit week-to-date lows at Tuesday’s Wall Street open as analysis put $65,000 as bulls’ level to beat.
Key points:
Data from TradingView tracked 1.2% BTC price downside on the day as sell-side pressure returned ahead of key US inflation data.
A double rejection at $64,200 put BTC/USD on course for another test of the key $60,000 support level.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Commenting, trader and analyst Michaël van de Poppe said that for bulls to gain the upper hand, they would need to crack $65,000.
“Bitcoin is stalling beneath $65K as breaking that level would trigger a strong run to $72-74K,” he wrote in one of his latest posts on X.
“The $65K support level was the previous level of support after the crash early in February and is now acting as the resistance to break through.”
BTC/USD one-day chart. Source: Michaël van de Poppe/X
Van de Poppe called into question the validity of Bitcoin’s latest macro lows, which took the market to $59,100 last week.
“I don’t think it will take long before the markets will be doing this, as the recent selloff was relatively irrational,” he added.
In an update on the bear market, trader and analyst Rekt Capital flagged two more key similarities between current BTC price action and the road to previous cycle lows.
BTC/USD, he noted, had lost both its 50-month exponential moving average (EMA) and the support of a triangle construction — just like in 2018 and 2022.
“Now Bitcoin needs to fully confirm this breakdown to enter additional Bearish Acceleration to the downside,” he told X followers.
BTC/USD one-month chart with 21, 50 EMA. Source: Rekt Capital/X
Bitcoin once again diverged from US stocks on the day, heading lower while both the S&P 500 and Nasdaq Composite Index opened up by nearly 1%.
Related: Bitcoin ‘normal’ 4-year cycle puts focus on $53K low before 2028 BTC price high
S&P 500 one-hour chart. Source: Cointelegraph/TradingView
This helped alleviate an initial drop at the start of the week after Asian markets came under pressure from a tech-stock rout.
Oil prices, meanwhile, also fell as hopes of a US-Iran peace deal steadily reemerged.
“It’ll be a total victory,” US President Donald Trump said in a telerally for Republican Senator Lindsey Graham on Monday, quoted by Al Jazeera and others.
“It’ll happen very soon, and oil prices will come tumbling down.”
CFDs on US WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
WTI crude dropped under $88 per barrel, reaching its lowest level since May 29.
Securitize CEO Carlos Domingo said he believes tokenized equities and ETFs, not private credit or Treasury products, will be the asset class that ultimately drives the real-world asset (RWA) market into the trillions.
Speaking at a ETHConf panel in New York on Tuesday, Domingo argued that bringing stocks and exchange-traded funds onchain could unlock a market far larger than today’s roughly $30 billion tokenized asset sector.
“The entire equities and ETF market worldwide is probably like $150 trillion,” Domingo said. “Only if a small percentage of that, like 2% or 3%, moves onchain, it gets you very close to that $5 trillion.”
The comments come as Securitize prepares to go public and seeks to expand its role as one of the largest tokenization providers for institutions, including BlackRock.
While tokenized U.S. Treasuries have emerged as the dominant RWA category over the past two years, Domingo argued that tokenized stocks could become the industry’s next major growth engine. Securitize has announced partnerships with the New York Stock Exchange and transfer agent Computershare aimed at enabling on-chain trading and settlement of equities.
Domingo also drew a distinction between what he considers “real” tokenized equities and the growing number of blockchain-based stock products offered outside the U.S.
“A lot of people that today say that they tokenize equities, they’re not tokenizing equity,” he said, arguing that many offerings rely on derivatives or synthetic structures rather than direct ownership of the underlying shares.
According to Domingo, the long-term goal is for blockchain-based securities to offer the same investor rights as traditional shares while benefiting from instant settlement, 24/7 transferability and deeper integration with decentralized finance.
Domingo maintained that public blockchains, particularly Ethereum, remain the preferred infrastructure for institutional tokenization despite concerns around transparency and compliance. Securitize uses smart contracts to restrict ownership to approved investors while allowing assets to move on permissionless networks.
Looking ahead, Domingo said he expects blockchain-based markets to develop alongside existing financial infrastructure before gradually absorbing a larger share of activity.
“The traditional markets are going to stay,” he said. “We’re going to see a new market emerge in parallel that will run on blockchain rails and be much more efficient.”
Read more: BlackRock-backed tokenization firm Securitize clears key hurdle to go public on NYSE
