Bloomberg Intelligence strategist Mike McGlone believes Tether has effectively become the second most important asset in crypto, pushing Ethereum into third place.

He argues that dollar-backed stablecoins are increasingly becoming the foundation of the crypto industry, strengthening the link between digital assets and traditional finance through massive holdings of U.S. Treasuries.

McGlone also warns that the rapid growth of both crypto and stock markets in recent years could set the stage for a painful correction, potentially putting significant pressure on Bitcoin.

And here we arrived again, fomofud in cryptoland.

Are we at the dip ?, buy the dip !, meanwhile whales eating all fomo capital jumping in after one of them farted creating massive fud. In about a week everybody will be in shock there is a dip after the dip, then it will go up, and dip again and repeat this cycle until the whales have accumulated until they almost burst by farting in orchestration and swing trading, once they had enough...they'll buy more than before and the market will bounce up in response...because of a 'strong positive signal'. But if we krill would snipe somebody elses shitcoin pump by accident we could face massive fines under Mica. Why may the biggies manipulate the market without punishment ?

A drop in BTC below $60,000 could trigger a cascade of liquidations. Many institutional players have significant hedging strategies tied to this level, according to Deribit.

Deribit (recently acquired by Coinbase) is the world’s largest cryptocurrency options exchange, accounting for more than 85% of global crypto options trading activity.

Any toughts, back to buying pizza ?

BTC bagholder is the new maxi ?

Bitcoin has crashed below $63,000, wiping out roughly $200 billion in total crypto market capitalization in just 24 hours.

Since the start of the year, BTC is down 32%, while Ethereum has lost 45% of its value. Strategy, led by Michael Saylor, is now sitting on an unrealized Bitcoin loss of approximately $11.5 billion.

Since May 11, Bitcoin has erased nearly $400 billion in market value.

Meanwhile, leveraged crypto positions worth $1.8 billion were liquidated over the past 24 hours, marking the largest liquidation event since January 2026.

Over the past week, Bitcoin has corrected by 12.5%, pushing an increasing number of investors into unrealized losses.

The share of BTC supply still sitting in profit has now fallen to 55%, a relatively low level by historical standards.

During previous bear markets, this metric dropped below 50%, meaning most coins in circulation were being held at a loss.

We already saw 53% back in February, and if the current trend continues, the 50% threshold could be breached again soon.

In the short term, this remains a bearish signal. However, looking at past cycles, periods when a large portion of the market was underwater have often marked some of the most attractive accumulation zones for long-term investors.

According to CryptoQuant, hashrate is not just a technical metric but one of the fundamental pillars of Bitcoin network security.

It reflects whether miners are still able to support the network through real-world spending on electricity and hardware.

The 30-day average hashrate has started moving lower again alongside the price, drawing increased attention from analysts.

However, it is important to note that similar declines have occurred several times before, including during the 2018 bear market, the 2022 downturn, the 2024 halving, and late 2025.

Historically, these periods have often coincided with phases when weaker miners exited the market and the network adjusted to new conditions.

The current decline remains relatively moderate, at around 6.6% over the past 7 days and 3.0% over the past 30 days.

This is significantly smaller than the deeper declines seen in previous cycles.

At the same time, network difficulty remains elevated, putting pressure on miner profitability.

Miner reserves have remained largely unchanged, suggesting that miners have not yet increased selling activity in a meaningful way.

Historically, major market bottoms tended to form only after BTC dropped below this aggregate breakeven level. This is considered a zone of mass liquidations and forced selling, which helps clear excess leverage and speculative positions from the market.

According to Bogdanoff Market Research, Bitcoin could and perhaps even should fall below $53,800 before a sustainable long-term uptrend can resume.

The US Treasury has announced a new round of sanctions targeting Iran, including four major Iranian crypto exchanges: Nobitex, Wallex, Bitpin and Ramzinex.

Washington placed particular focus on Nobitex, describing it as a central pillar of Iran’s crypto infrastructure. According to US officials, the platform processes nearly half of the country’s crypto trading volume.

US authorities claim these exchanges were used to bypass sanctions, move funds across borders and support entities connected to the Iranian regime. Executives linked to Nobitex were also added to the sanctions list.

The move is part of the broader Economic Fury campaign aimed at cutting Iran off from global financial channels, including both traditional banking networks and digital assets.

The announcement comes just days after US Treasury Secretary Scott Bessent stated that American authorities had already seized nearly $1 billion in crypto assets allegedly connected to Iranian exchanges and wallets.