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A U.S. appeals court has dismissed an appeal by FTX founder Sam Bankman-Fried (SBF) challenging his conviction and 25-year prison sentence for fraud, Reuters reported. This follows a U.S. court's final rejection of SBF's request for a retrial in April. SBF now has no remaining legal recourse.

Ethena Labs plans to allocate $250 million to the Securitize tokenized AAA CLO fund (STAC) launching on the Solana chain, The Block reported. The fund, launched by Securitize in partnership with BNY, invests in AAA-rated collateralized loan obligations (CLOs) with exposure to both primary and secondary markets and currently has $102 million in assets under management. The allocation is part of Ethena Labs' strategy to diversify the collateral backing USDe and USDtb into real-world assets (RWA), moving beyond its crypto-based delta-neutral position. Meanwhile, the fund's issuer, Securitize, is scheduled to list on Nasdaq in the second half of this year through a SPAC merger under the ticker SECZ.

Cumulative trading volume for U.S. spot Bitcoin ETFs is nearing $2 trillion, The Block reported. As of June 11, the total volume stood at $1.99 trillion. With recent daily trading volumes ranging from $2 billion to $5 billion, the products are expected to cross the $2 trillion mark within days. BlackRock's IBIT has dominated the market, accounting for 73.7% of all spot Bitcoin ETF trading volume. In terms of fund flows, the ETFs have seen a total net inflow of $53.9 billion since their launch. This includes $62.2 billion in net inflows for IBIT, offset by over $26.8 billion in net outflows from GBTC. However, the report notes that since Bitcoin reached its all-time high last year, the ETFs have experienced a total net outflow of $7.6 billion. This year alone has seen $3 billion in net outflows. Recently, the funds recorded their longest consecutive net outflow streak since launch, with $4.3 billion withdrawn over 13 straight trading days.

An Iranian source has claimed that reports of a potential U.S.-Iran agreement in Geneva are completely false, Walter Bloomberg reported. The denial follows earlier reports from multiple media outlets suggesting the two countries might discuss an agreement to reopen the Strait of Hormuz ahead of the G7 summit.

The Solana-based memecoin creation platform Pump.fun (PUMP) deposited approximately 67,000 SOL, worth around $4.51 million, to Kraken within the last 30 minutes, according to analysis from EmberCN. Deposits to exchanges are typically interpreted as a precursor to selling. The platform has consistently deposited a portion of the SOL generated from its fee revenue. Since the beginning of 2024, Pump.fun is estimated to have sold 4.61 million SOL, valued at roughly $795 million, at an average price of $172.

Whale Alert reported that 250,118,000 USDC has been transferred from Ethena to Coinbase Institutional. The transaction is valued at about $250 million.

As SpaceX (SPCX) proceeds with its largest-ever initial public offering, the crypto market is facing both concerns about a potential liquidity drain and hopes for a cyclical rally, Decrypt reported. The company aims to raise $75 billion by offering 555 million shares at $135 each, targeting a valuation of $1.77 trillion. The listing is scheduled for 2:00 p.m. UTC on June 12. Adam Morgan McCarthy, a senior analyst at liquidity research firm LO:TECH, suggested that both retail and institutional investors have been selling risky assets to participate in the SpaceX offering. He believes the IPO could absorb more capital from the market, acting as a short-term bearish factor. Conversely, CEX.IO senior analyst Illia Otychenko projected that if SpaceX experiences a strong rally on its first day of trading, the profits secured could flow back into the cryptocurrency market. Many experts predict that the market's future direction will be signaled by whether SpaceX can maintain its stock price post-listing and whether the current trend of outflows from spot crypto ETFs subsides. In its IPO filing, SpaceX disclosed that it holds 18,712 BTC. For comparison, Tesla (TSLA) holds 11,509 BTC.

KuCoin is defying a court order to pay $2 million in damages to a user whose delisted cryptocurrency was arbitrarily frozen, Cointelegraph reported. The Seychelles Supreme Court had ordered the exchange to compensate a Swiss investor, ruling that KuCoin had frozen the user's CoinPoker tokens after delisting them without proper notification. In response to KuCoin's non-compliance, Seychelles authorities have reportedly rejected a license application from a KuCoin-affiliated entity and ordered it to cease operations. The affected investor, who has yet to receive any compensation, is now preparing further legal action.

LAB has risen by 4.08% in the past five minutes on the COINNESS market. Currently, LAB is trading at $10.16.

Magic Internet Money (MIM), the dollar-pegged stablecoin issued by DeFi protocol Abracadabra (SPELL), has experienced a depegging event, blockchain security firm Blockaid has warned. Blockaid noted it detected the depegging on Arbitrum, with MIM currently trading at approximately $0.87, a 13% deviation from its $1 peg. The firm explained that the situation appears to be caused by a thin and imbalanced state within the MIM liquidity pool on Arbitrum.

Israel is pressuring the United States not to include the unfreezing of Iranian assets in any ceasefire agreement, CNN reported, citing an Israeli source. Israeli Prime Minister Netanyahu is in regular communication with U.S. President Donald Trump, with the two leaders holding a phone call on the night of June 11. This follows an earlier claim by President Trump that Israel was among the Middle Eastern nations supporting the proposed agreement. In response, Netanyahu issued a statement claiming Trump had promised that a final deal would include the removal of Iran's enriched uranium, the dismantling of its nuclear program, limits on missile development, and an end to its support for proxy forces. However, Trump's public remarks have focused on the enriched uranium issue, and he has not mentioned the missile or proxy force issues for several weeks. The Israeli source added that Israel believes that even if the U.S. and Iran sign a memorandum of understanding (MOU), it will not lead to a final agreement.

Chun Wang, founder of the major crypto mining pool F2Pool, which has Chinese roots, withdrew 15,740 ETH ($26.4 million) from Binance in the past two hours, Lookonchain reported. Withdrawals from exchanges are typically interpreted as a move to hold assets. Wang also withdrew ETH from Binance on June 5 and 6.

Cryptocurrency wallet service provider Exodus (EXOD) announced it has partnered with Ondo Finance (ONDO) to launch Exodus Market, a marketplace for trading stock tokens. The Solana-based platform offers trading for over 200 tokenized stock ETFs. The stock tokens on the platform do not confer shareholder rights.

Institutional investment in early-stage cryptocurrency projects is in a sustained decline, according to data from CryptoRank. The data shows that since the second quarter of 2024, the number of investment deals has fallen by 63% and the total investment amount has dropped by 50%. In the second quarter of this year, total investment amounted to just $2.9 billion across 63 deals. The analysis noted that while there was a temporary increase in investment volume and deal count in the third quarter of last year, it was not enough to reverse the downward trend. CryptoRank added that the gap between early- and late-stage investments is widening, as investors are increasingly favoring larger and more mature projects.

The market capitalization of the Solana-based memecoin TRUMP has surpassed $2 billion, rallying ahead of U.S. President Donald Trump's birthday on June 14. The community speculates the upcoming date is the reason for the price increase. According to CoinMarketCap, TRUMP is trading at $2.11, up 23.8% over the past 24 hours.

Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has defended the right of individual U.S. states to regulate prediction markets, Decrypt reported. In a recent amicus brief filed with an appellate court, Gensler argued that the law does not grant the Commodity Futures Trading Commission (CFTC) exclusive authority to regulate sports betting. He contended that gambling-related issues, such as youth addiction, should be handled by state governments. Currently, 16 U.S. states are in conflict with the federal government over jurisdiction for prediction markets.

Investor sentiment for XRP on major social media networks has fallen to its lowest level in eight months, a level of fear, uncertainty, and doubt (FUD) that tends to precede bull rallies, according to an analysis by Santiment. On-chain analytics firm Santiment explained that its weighted sentiment indicator, which combines social media mention volume with the ratio of positive to negative comments, shows XRP sentiment has dropped to its lowest point since October 2025. The firm attributes this to a sharp price decline from its peak and a lack of clear, positive catalysts on the horizon. However, Santiment noted that, ironically, XRP's most powerful rallies have always started amid widespread public indifference.

Decentralized perpetual futures exchange Hyperliquid (HYPE) has announced an upgrade to its AQAv2 mechanism, which automatically adjusts the USDC balance between its contract execution layer and treasury reserve layer at a 1:9 ratio. The system, designed for risk isolation, operates without manual intervention. Technical deployment will be handled by Circle (CRCL), with treasury management provided by Coinbase (COIN). Under the AQAv2 mechanism, stablecoin issuers operating reserves within the Hyperliquid ecosystem are required to share 90% of the interest earned with the exchange. Previously, all interest generated from user-deposited USDC was retained by Circle and Coinbase. The upgrade ensures this revenue is now returned to the Hyperliquid ecosystem. Revenue settlement is set to begin on Aug. 26, with actual payments to Hyperliquid commencing on Oct. 3. Hyperliquid plans to use these funds for HYPE token buybacks or as a source for user rewards.

Nasdaq announced that trading for the SpaceX Initial Public Offering (IPO) will begin at 1:50 p.m. UTC today.

Bitcoin could fall by up to an additional 20% from its current level, André Dragosch, head of research for Europe at Bitwise, told The Block. He said support levels would be found at the 200-week moving average of $61,000 and the on-chain realized price of $56,000. If these supports fail, the price could drop to the long-term holder cost basis of $48,000. Dragosch noted that while Bitwise's proprietary "bottom-cycle probability model" began to rise last week, key on-chain indicators have not yet reached levels seen at previous market bottoms. He added that recent selling pressure originated from ETFs, creating an effect equivalent to approximately 50,000 BTC being sold. Similarly, Alex Thorn, head of research at Galaxy Digital, predicted that BTC will form a bottom in the fourth quarter of this year, trading in the $40,000 to $46,000 range. Thorn noted that only four of 13 historical bottom signals have appeared so far.

Iran has stated that it will not restore the Strait of Hormuz to its pre-war condition, according to the state-run Islamic Republic News Agency (IRNA). The country also added that it would secure war reparations within a "realistic framework."

Global cryptocurrency exchange Bitget announced today in an official blog post that it has completed its registration as a Virtual Asset Service Provider (PSAV) with Argentina's regulatory authority, the National Securities Commission (CNV). According to Bitget, the move is intended to accelerate its business expansion across Latin America and strengthen regulatory compliance in key markets.

Trust Wallet (TWT) announced on its official X account that it now supports Binance's stock tokenization service, bStocks.

Circle, the issuer of the world's second-largest stablecoin USDC, transferred 4.397 billion USDC, worth approximately $4.4 billion, from HyperEVM to Coinbase about five hours ago, on-chain analysis platform Arkham (ARKM) reported. This marks the largest-ever single transfer of USDC.

Following the release of details from a U.S.-Iran peace memorandum of understanding (MOU) by Iran's Mehr News Agency, a rumor is circulating on social media platforms, including X, regarding the unfreezing of $12 billion in Iranian assets. The payment, which represents half of a $24 billion total to be released before negotiations, could be made using USD1, a stablecoin from the DeFi project World Liberty Financial (WLFI), according to the rumor. The project is described as having close ties to President Donald Trump. The crypto news account Solid Intel added that officials are reportedly considering this possibility, with any transaction requiring approval through a governance vote by World Liberty Financial. The rumor has not been confirmed by the U.S. or Iranian governments, nor by World Liberty Financial.