Demand for ETH leverage remains low, but corporate accumulation and stakers’ dedication may prevent an Ether price crash to $1,500. Key takeaways: Ether (ETH) price failed to reclaim the $1,700 level over the past week, tracking a broader weakness across cryptocurrency markets. This correction contrasts sharply with the bullish momentum seen in the US stock market. Traders worry that Ether's appeal has faded due to sluggish on-chain activity and a distinct lack of demand for bullish leveraged positions. Read more
Anthropic has abruptly disabled its flagship AI models after a US government directive citing national security concerns. Anthropic said it suspended access to its Fable 5 and Mythos 5 AI models after receiving a US government export control directive citing national security concerns. In a statement posted Friday, Anthropic said it received the directive at 5:21 pm ET, instructing it to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. Anthropic abruptly disabled the models for all users in order to ensure compliance. It said all other Anthropic models, such as Opus 4.8, are not affected. Read more
Elon Musk’s SpaceX completed its landmark IPO on the Nasdaq on Friday, but crypto users seeking tokenized exposure to the IPO were left empty-handed after allocations fell through. Crypto trading platforms Bybit, Binance, Bitget Wallet and MEXC canceled their tokenized SpaceX IPO campaigns as SpaceX went public on the Nasdaq on Friday. SpaceX’s IPO, which was reportedly more than four times oversubscribed, raised $75 billion as it became a publicly traded company. SpaceX shares opened for trading at $150 on Friday, up from its IPO price of $135. It closed the day at $161.11, valuing the company at over $2 trillion. However, major crypto platforms offering tokenized access to the IPO were unable to fulfill demand for SpaceX allocations, with several blaming Kraken-owned xStocks’ inability to deliver the underlying assets. Read more
New data from Galaxy Research suggests that Bitcoin's floor price may not drop as low as previous bear markets, but the bottom-finding process is still playing out. New research from Galaxy Digital suggests that Bitcoin's cycle low could form at higher price levels than previous bear markets due to the absence of speculation. The analysis places the potential bottom between $62,000 and the network's realized price at $53,600. Galaxy head of research Alex Thorn analyzed every Bitcoin cycle top and bottom and noted that the four-year cycle continues to track closely with BTC’s historical timing. The peak-to-trough declines have steadily narrowed across market cycles, falling from 85% and 84% in earlier periods to 77% in 2022 and 51% in 2026. Read more
A positive bid-ask readings and a bullish RSI divergence support Bitcoin's recovery, with $70,000 emerging as a key target. Bitcoin (BTC) is gaining buyers’ interest after setting a new yearly low at $59,000 last week. Order book data and liquidity suggest a rally is pending and more than $2 billion in short liquidity is concentrated near $65,000. BTC's bid-ask ratio has remained positive since last Friday. The shift in positioning and sentiment also aligns with a bullish chart pattern targeting the $67,000–$70,000 range. Bitcoin's recent rebound to $63,500 followed a bullish divergence between the price and the relative strength index (RSI) on the four-hour chart. The price printed a lower low during the early-June sell-off while the relative strength index (RSI) formed a higher low. The signal pointed to fading downside momentum before buyers stepped in. Read more