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Andrei Grachev, founder of crypto market maker DWF Labs, argued that cryptocurrency exchanges will become increasingly strict about listing new coins as they generate more revenue from perpetual futures based on traditional financial assets like stocks and commodities. In a post on X, Grachev explained that since an exchange's main revenue comes from trading fees, user activity drops when coin prices fall, which is why it is already difficult to secure spot listings on top exchanges. He identified stock-based perpetual futures as an emerging trend, noting that yesterday, trading volume for SpaceX futures on a leading exchange accounted for about 10% of the total for all perpetual futures. Grachev predicted that founders who already hold tokens will have little choice but to cash out as much as possible before it's too late, and the barrier to entry for new projects will also rise. He diagnosed that the crypto market is shifting from a cycle of "faith to recovery to hyper-competition" and is currently nearing the end of its recovery phase.

If Bitcoin breaks below the $62,000 level, its decline could accelerate toward $60,000, according to a weekly options analysis from Glassnode. The firm noted that a significant concentration of short gamma positions, valued at $1.8 billion, is clustered at the $62,000 mark, which could amplify a downward move if breached. However, some long gamma positions at $60,000 may help suppress volatility and cushion the fall. Meanwhile, the broader options market continues to position for a downturn. Glassnode pointed out that while one-week implied volatility has dropped from 60% to 35%, suggesting lower expectations of sharp price swings, one-month realized volatility (around 42%) still exceeds implied volatility (around 39%), indicating the market may be underestimating risk. With call options remaining unpopular, investors appear more focused on downside potential. Over the past seven days, buying put options was the most frequent trade, accounting for 28% of activity.

Bithumb has announced that it will temporarily suspend deposits and withdrawals for Polygon Ecosystem Token (POL) starting at 10:00 a.m. UTC on June 25 to support a network upgrade.

An address associated with BitMEX co-founder Arthur Hayes has deposited 6,000 ETH ($10.14 million) to FalconX and Galaxy Digital, Onchain Lens reported.

The South Korean government is pursuing a plan to grant Dunamu, the operator of crypto exchange Upbit, access to administrative data such as resident registration records and tax payment certificates, BloomingBit reported. South Korea's Ministry of the Interior and Safety is reportedly planning to designate Dunamu as an institution authorized for joint use of administrative information within this month. Industry observers suggest that this move, which would grant a crypto exchange access to public data for the first time, signals the beginning of the formal recognition of exchanges as financial institutions.

South Korean crypto exchange Upbit has announced it will temporarily suspend deposits and withdrawals for POL and GMT starting at 11:00 a.m. UTC on June 25 due to a planned Polygon hard fork.

South Korean crypto exchange Upbit announced it will list RE for trading against the Korean won (KRW), Bitcoin (BTC), and Tether (USDT) at 12:00 p.m. UTC on June 19.

Robinhood's prediction market trading volume hit an all-time high of 3.9 billion trades in May, The Block reported. This represents a more than tenfold increase since September of last year.

Ki Young Ju, CEO of CryptoQuant, argued that the greatest risk to Bitcoin is not a market crash but a prolonged period of sideways movement, stressing the need for a new narrative. He stated on X that while the market can endure sharp drops as long as there is faith in a future rally, a prolonged sideways trend erodes the narrative. He warned that if demand falls and the premium on MicroStrategy's (MSTR) stock shrinks, it would be difficult for the company to maintain its financing structure. Ki added that MicroStrategy founder Michael Saylor's real challenge is not buying more BTC, but giving the market a new reason to believe in it. He also noted that contrary to its "digital gold" narrative, Bitcoin has often behaved more like a tech stock. Ki concluded that while he still believes in BTC's long-term upward trend, a new focal point is needed to rally its supporters, some of whom have moved on to promoting other coins.

According to Coinglass data, a BTC price increase to $63,634 would trigger the liquidation of approximately $641.93 million in short positions on major centralized exchanges (CEXs). Conversely, a drop to $62,116 would lead to the liquidation of $275.16 million in long positions.

South Korea is considering allowing fintech companies, not just cryptocurrency exchanges, to participate in its upcoming virtual asset overseas transfer business, SBS Biz reported. The new system is scheduled for implementation this December. Authorities are reportedly reviewing whether to expand registration eligibility beyond exchanges. An official from the Bank of Korea explained that there is no need to limit the business solely to Virtual Asset Service Providers (VASPs) if an entity is capable of performing the transfers. The official added that operating the transfer business as defined by law may require registration related to foreign exchange.

Jay Jacobs, BlackRock's head of U.S. stock ETFs, said that spot Bitcoin ETFs are now serving to draw cryptocurrency investors into traditional financial products. Speaking on Cointelegraph's Chain Reaction podcast, he noted that while the funds initially brought traditional investors to crypto, the dynamic has shifted. Jacobs pointed out that approximately 75% of the holders of BlackRock's IBIT had never owned an ETF before, and that many who bought IBIT subsequently began purchasing the firm's other ETFs. He emphasized that BlackRock views the fusion of crypto, DeFi, and traditional finance as the "Great Convergence," predicting an era of coexistence between the sectors rather than a confrontation.

Binance announced that it will end support for QuarkChain (QKC) deposits and withdrawals via the BNB Smart Chain, effective from 8:00 a.m. UTC on June 26.

The first meeting to implement a memorandum of understanding between the United States and Iran, scheduled for June 19, has been tentatively postponed, the Swiss Federal Department of Foreign Affairs (FDFA) officially announced. The Swiss government stated that peace and security in the Middle East are a top priority for its foreign policy. It confirmed the postponement of the talks—which were to include the United States, Iran, Qatar, and Pakistan—scheduled to be held in Bürgenstock, Switzerland, on June 19. Switzerland added that it remains ready to support the meeting and that preparations are continuing in Bürgenstock.

Iran's Revolutionary Guard Corps (IRGC) announced in a statement today that recent remarks by Supreme Leader Mujtaba regarding an Iran-U.S. memorandum of understanding have further solidified the unity of the Iranian people and strengthened the military's resolve to defend its victories. The IRGC claimed that aggressors have already been defeated on the battlefield and have retreated to a position of desperately seeking understanding and negotiation, despite past boasts of wiping Iran off the map or returning it to the Stone Age. The statement warned that if any enemy attempts to infringe on Iran's national interests with unjust demands, the IRGC is prepared with enhanced capabilities across land, sea, air, and hybrid warfare domains and is ready to inflict a historic and crushing defeat upon receiving the order from the Supreme Leader.

Four Israeli soldiers were killed in a fierce clash with Hezbollah in southern Lebanon on June 19, Al Jazeera and other Middle Eastern media reported. Following the incident, Israel's far-right National Security Minister Ben-Gvir stated that for every Israeli mother who sheds a tear, a thousand Lebanese mothers must pay the price. He added that since Hezbollah has escalated the situation, all of Lebanon must be burned.

The preferred shares of Bitcoin-accumulating companies like MicroStrategy (MSTR) and Strive (ASST) are a structural cause of the recent cryptocurrency market downturn, according to an analysis by Chinese-language crypto influencer FLS_OTC. In a post on X, the influencer explained that MicroStrategy's STRC shares fell to an intraday low of $82, while Strive's SATA shares dropped to around $90. "Although Strive claims this decline is due to leverage liquidations rather than credit deterioration, the market interprets it as a sign of pressure on MicroStrategy's so-called 'flywheel' model for acquiring BTC," FLS_OTC noted. The analyst added that while MicroStrategy has continuously raised funds to buy BTC and grow its market capitalization for years, the recent de-pegging of its preferred shares from their face value indicates that the market is reassessing the model's stability. "The greatest perceived risk is not MicroStrategy's unrealized losses on its BTC, but the potential for it to sell its holdings," FLS_OTC wrote. "A scenario where funding pressure prevents further BTC purchases is entirely possible. While this situation is closer to a liquidity crisis than a credit crisis, a prolonged de-pegging of these preferred shares would cast doubt on a core market narrative, which would be negative for the entire market."

Upbit announced that it has removed KernelDAO (KERNEL) from its delisting watchlist.

South Korean exchanges Bithumb and Coinone announced they are removing KernelDAO (KERNEL) and Map Protocol (MAPO) from their delisting watchlists.

South Korea’s Financial Services Commission (FSC) is pursuing a plan to transfer the eligibility review regulations for major shareholders of cryptocurrency exchanges from the Act on Reporting and Using Specified Financial Transaction Information to a new Digital Asset Basic Act, iNews24 reported. Currently, virtual asset service providers are subject to these shareholder reviews under the existing financial information act. An amendment to this act, set to take effect on Aug. 20, will expand the scope of these reviews from CEOs and executives to include the largest shareholders and others with significant influence over management. The outlet explained that with the establishment of the Digital Asset Basic Act, the move is intended to place the regulations within a dedicated industry-specific legal framework, thereby improving legal consistency.

An anonymous new address suspected of belonging to the government of Bhutan has withdrawn 533 BTC, worth $33.4 million, from Binance, according to Onchain Lens. While the address's identity remains unconfirmed, the Bhutanese government deposited an identical amount of BTC to the exchange on June 17. Withdrawals from exchanges are typically interpreted as a move to hold assets.

Hunter Horsley, CEO of spot Bitcoin ETF issuer Bitwise, commented on X that the crypto market has consistently seen its dominant forces and core projects change over time. He added that this year marks another generational shift, with the market's structure and trends being reshaped.

South Korean crypto exchange Bithumb has announced it will delist Eclipse (ES) at 6:00 a.m. UTC on July 20. The exchange explained that the materials submitted by the Eclipse foundation were insufficient to resolve the issues that led to its investment warning designation. Bithumb stated that after a comprehensive review of factors—including the timeliness of disclosures on important matters and the transparency of its procedures for significant changes—it concluded that the project no longer meets the criteria for trading support.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.72% long, 51.28% short - Binance: 49.63% long, 50.37% short - OKX: 48.96% long, 51.04% short - Bybit: 48.45% long, 51.55% short

The cryptocurrency market is moving beyond technical experimentation into an industrialization phase, with its ultimate form being the creation of internet capital markets, according to a report from Tiger Research, an Asia-based Web3 research and consulting firm. The report identifies Solana (SOL) as the network where this transition is most concretely being realized. As the U.S. leads in establishing a legal framework for crypto, Solana is positioning itself as a central network for building institutional use cases while designing for regulatory compliance, the firm stated. As part of this effort, the network is supporting the on-chain onboarding of major global financial institutions, including JPMorgan, State Street, and Citigroup. Tiger Research concluded that among public chains, Solana is the most active in collaborating with institutions and is accumulating a track record of real-world transactions.