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JPMorgan stated in a report that crypto perpetual futures are unlikely to replace traditional derivatives for institutional investors, as they offer few additional benefits. According to CoinDesk, the bank argued that perpetuals are dominated by traders making leveraged directional bets rather than by market participants looking to hedge underlying asset risk, noting that current institutional demand is "non-existent or extremely limited." The report identified several barriers to institutional adoption, including unlimited basis risk, a lack of price benchmarks for different maturities, and no support for physical delivery. Citing data from Hyperliquid, JPMorgan also raised questions about market depth, pointing out that about half of all offshore perpetual futures trading volume originates from just 12 wallets. However, the bank expects demand from retail traders to continue, given the advantages of 24-hour trading and built-in leverage structures.

Bybit has announced the suspension of its cryptocurrency trading services for users residing in Europe. The exchange explained it plans to migrate these users to its European Union (EU) entity, which has obtained a license under the Markets in Crypto-Assets (MiCA) regulation. This move is part of a transition to a service framework that complies with local rules.

Leveraged ETFs based on MicroStrategy (MSTR) are experiencing a sharp decline, according to market analysis firm The Kobeissi Letter. In a post on X, the firm noted that the 2x long leveraged ETFs MSTX and MSTU have each fallen 82% year-to-date, hitting their lowest levels since their 2024 launch. Meanwhile, MSTP, which was introduced last year, has dropped 81% year-to-date to an all-time low. Over the same period, MSTR's stock has fallen 46% and plunged 27% in the last week alone. Consequently, MSTX, MSTU, and MSTP lost about half their value in a single week. "Despite all MSTR-linked long and short leveraged ETFs launched in 2024 having fallen more than 90% since their inception, they have still attracted billions of dollars in inflows," The Kobeissi Letter stated, concluding that "leverage is amplifying losses across the broader cryptocurrency market."

The three major U.S. stock indices opened higher today. - S&P 500: +0.47% - Nasdaq: +0.76% - Dow Jones: +0.31%

Strategy made no additional Bitcoin (BTC) purchases last week, Onchain Lens reported via X. According to the report, Strategy currently holds 847,363 BTC, valued at $51.32 billion, with an unrealized loss exceeding $12.9 billion.

Bitmine (BMNR), a company focused on accumulating Ethereum (ETH), announced it has purchased an additional 27,084 ETH over the past week, valued at $42.41 million. According to the company, it now holds 5,700,040 ETH as of June 29, representing 4.7% of the total ETH supply. In response to ETH's 8% price decline over the same period, Bitmine Chairman Tom Lee suggested the drop was likely due to investors engaging in window dressing ahead of the quarter-end. He noted this practice involves selling off assets that have underperformed over the last three months.

Wall Street investment bank Bernstein has analyzed that Kalshi and Polymarket are potential M&A targets as consolidation in the prediction market industry accelerates. Bernstein explained that the lines between sports betting, exchanges, and consumer finance are rapidly blurring as prediction market platforms pursue vertical integration to secure both customer distribution networks and trading infrastructure. The bank noted that while Kalshi and Polymarket have established trading infrastructure, their relatively weak distribution capabilities make them more likely to be acquired than to act as acquirers.

BlackRock plans to support Ethena's dollar-pegged stablecoin USDe on its Aladdin portfolio risk management platform, The Block reported. The move is expected to improve institutional clients' access to Ethena products and enhance the liquidity of BlackRock's tokenized fund, BUIDL. As part of the collaboration, Ethena will provide a $100 million liquidity support program through Securitize, BUIDL's tokenization platform.

BNY (formerly The Bank of New York Mellon) announced an expansion of its collaboration with Circle, the issuer of USDC, to support the custody, transfer, issuance, and redemption of the stablecoin on its digital asset custody platform for institutional clients. With this move, USDC becomes the first stablecoin to be utilized on BNY's platform. Clients can now hold USDC in their BNY digital asset custody wallets and use BNY to convert U.S. dollars into USDC or redeem USDC for U.S. dollars. BNY also stated it plans to extend its support to other stablecoin issuers and digital cash services in the future.

Ethereum Layer 2 project Taiko announced via X its plan to gradually restart its chain after blocking the path of a recent exploit and completing a review by external security experts. The project will first deploy a fix, confirm the final chain state, and replenish its bridge collateral to ensure all Layer 2 (L2) assets are verifiably backed 1:1 on-chain. Following this, L2 transfers, swaps, and transactions will be re-enabled. The bridge itself will be reactivated through a Security Committee proposal once block finalization returns to normal and network stability is confirmed, initially with conservative withdrawal limits. The project team stated that there would be no loss of user funds. Previously, on June 22, Taiko announced it had identified the root cause of a $1 million exploit in one of its vaults and would work to restart the chain within days.

Strategy (Nasdaq: MSTR) announced in a filing with the U.S. Securities and Exchange Commission (SEC) that it has adopted a "Digital Credit Capital Framework." The framework is composed of five key policies: - A USD reserve policy - An adjustment to its STRC dividend policy - A preferred stock buyback program - A common stock buyback program - A plan to sell BTC The company plans to maintain sufficient USD reserves to cover preferred stock dividends and debt interest payments for the next 12 months. Its current reserves stand at $2.55 billion. Starting July 1, Strategy will increase the annual dividend rate for STRC to 12% and has established new buyback programs of $1 billion each for its preferred stock, including STRC, and its Class A common stock. Additionally, the board of directors has approved the sale of up to $1.25 billion worth of BTC. The proceeds from the sale are slated to be used to increase USD reserves, pay preferred dividends and interest, and fund the stock buybacks.

While Bitcoin continues to show weakness, an unwinding of overheated bets on a stronger U.S. dollar and higher interest rates could provide downside support for the cryptocurrency, CoinDesk reported. According to data from the U.S. Commodity Futures Trading Commission (CFTC) and Intercontinental Exchange (ICE) Europe, net long positions on the dollar rose by 18% to $34.5 billion in the week ending June 22, the highest level in seven years. Additionally, speculative funds such as hedge funds held a record 2.97 million short contracts on U.S. short-term interest rate futures. CoinDesk analyzed that if oil prices fall and the U.S. employment data released on July 3 comes in below expectations, these crowded bets could unwind quickly. "This scenario would lead to a weaker dollar and lower interest rates, which could positively affect risk assets like BTC," the outlet noted.

KOSDAQ-listed companies with digital asset treasuries (DAT) that profit from virtual asset investments are facing delisting risks ahead of revised listing regulations set to take effect on July 1, the Chosun Ilbo reported. Under the new rules, which begin in the second half of the year, stocks whose price or market capitalization falls below a set standard for 30 consecutive trading days will be designated as administrative issues. After being designated, they are given a 90-trading-day recovery period, but delisting is confirmed if they fail to meet the standard for another 45 consecutive days. The assessment is that with virtual asset prices falling in both the first and second quarters, it has become difficult for DAT companies to maintain their listings as they must report large-scale valuation losses.

Institutional financial services firm FundBank has changed its name to IRACE Digital and announced the acquisition of Cayman Islands-based Tenet Bank. The company plans to expand its business from its existing institutional financial services to include digital asset custody, liquidity management, and execution services. The acquisition price was not disclosed.

XRP's daily active addresses have increased by 36% in two weeks, a trend that diverges from its recent price decline, The Crypto Basic reported. Citing Santiment data, the report noted that active addresses grew from 27,205 on June 14 to 37,202 on June 28. Despite XRP's price falling 43% year-to-date and 21% this month, the outlet suggested that the steady number of active addresses, hovering around 38,000, indicates sustained demand for the XRP Ledger's infrastructure. The report also highlighted CryptoQuant data showing active receiving addresses at 39,916, significantly outnumbering the 12,676 active sending addresses, which could point to accumulation through exchange withdrawals and peer-to-peer transfers. With XRP currently trading around $1.04, The Crypto Basic identified the next major support levels at $0.80 and $0.62 should the downtrend continue.

Ukrainian prosecutors announced via Telegram that they have begun state-level management of $8.3 million in Tether (USDT) seized from a criminal organization. According to Decrypt, prosecutors stated on June 27 that the USDT, confiscated from a suspect believed to be part of an international hacking group, has been transferred to a cryptocurrency wallet managed by the Asset Recovery and Management Agency (ARMA). Ukrainian officials emphasized that this marks the first time seized cryptocurrency has been formally integrated into the country's state management system.

The Singapore International Commercial Court (SICC) has found Terraform Labs and its founder Do Kwon liable for fraud in a lawsuit related to the 2022 collapse of TerraUSD (UST), Bloomberg reported. The court ordered the defendants to pay over $3 million in damages to 40 plaintiffs who had filed a class-action suit. The ruling came during a second hearing in a case initially brought by a total of 275 plaintiffs who claimed losses from the UST collapse. The court recognized the defendants' fraudulent actions, leading to the damages award for the group of 40.

Derivatives data from futures and options markets indicates that the cryptocurrency market could continue to decline in the coming months, according to an analysis by CoinDesk. The report noted that the Cumulative Volume Delta (CVD) for the top 25 cryptocurrencies has turned negative, suggesting that short sellers are currently in control of the market. On the Deribit exchange, buying activity has been concentrated in put options, which are used for downside protection and bearish bets. CoinDesk also highlighted that approximately $1 billion in put option open interest is clustered around the $60,000 level. A break below this support could set the next downside target at $50,000. Market strength has been further weakened by over $200 million in futures liquidations over the past 24 hours, primarily affecting long positions that were betting on a price increase. The altcoin market has also stalled in response to these bearish signals from Bitcoin derivatives, failing to find clear rebound momentum and adopting a wait-and-see approach.

According to Coinglass data, if Bitcoin breaks through $60,697, short positions worth $502.05 million will be liquidated across major centralized exchanges (CEX). Conversely, a drop below $58,841 would trigger the liquidation of $383.61 million in long positions.

The first on-chain signal of a potential Bitcoin bottom has been observed, according to on-chain analyst MorenoDV. He noted that the Bitcoin UTXO block profit/loss ratio has dropped to a level historically associated with market bottoms. However, he clarified that this does not mean a bottom has already formed. For a stronger signal to emerge, the 365-day moving average would need to show a much steeper decline. In other words, the current bear market could still face additional declines and market shocks before it is completely over, he explained.

Decentralized exchange (DEX) Aster (ASTER) announced via X that it has completed its first token buyback and team supply burn as part of a recent tokenomics upgrade. Since June 17, the project has used 99% of its daily fees to buy back 2,937,125.53 ASTER, valued at $1.855 million. An equivalent number of tokens were also burned from the team's allocation. The repurchased tokens will be used for future staker rewards. Previously, Aster announced it would increase its fee revenue allocation for buybacks and burns to 198%, with 99% designated for buying back ASTER for staking rewards and an equal amount burned from the team's supply.

According to Onchain Lens, a whale investor holding 2,510 BTC, worth approximately $160 million, has purchased an additional 340 BTC from Binance. The transaction is valued at around $20.34 million.

Metaplanet, a Japanese firm focused on strategic Bitcoin acquisition, has announced a long-term plan to purchase 1% of Bitcoin's total supply. To achieve this goal, the company intends to buy an additional 169,823 BTC.

Decentralized cryptocurrency exchange Aster (ASTER) has announced a USDF reward campaign for traders of ANSEM, SOL, and PUMP. According to its official X account, the campaign will run from 8:00 a.m. UTC on June 29 to 2:00 p.m. UTC on July 6, with a total reward pool of 10,000 USDF. The top trader by volume will receive 2,000 USDF, while tiered rewards will be distributed to those ranking from second to 10th. Additionally, a separate pool of 5,000 USDF will be equally distributed among all other participants who are not in the top 10 and have a market order trading volume of over $10,000.

Rafael Schultze-Kraft, co-founder of on-chain analytics firm Glassnode, noted on X that institutional investor demand is failing to absorb the new supply of Bitcoin, increasing supply-side pressure on the market. He argued that an inflow of institutional funds is necessary for any further BTC rally. Over the past month, spot BTC ETFs have seen a net outflow of 71,600 BTC, while Digital Asset Treasuries (DATs) have only made net purchases of 7,500 BTC. Factoring in newly issued coins, Schultze-Kraft calculated a net supply of approximately 77,000 BTC hitting the market. He explained that until this figure turns positive again, any BTC rebound will have to contend with persistent net supply pressure.