OVERVIEW

The Only Thing Bearish About Crypto Is The Price Action 🧠

Here’s What’s Happening 👇️

Today’s top trending tickers: $DOG ( ▲ 0.03% ) , $XRP ( ▼ 3.35% ) , $KTA ( ▼ 4.59% ) . $VVV ( ▲ 9.6% ) , and $RE ( ▼ 14.71% )

STOCKTWITS
24 Hour Tug Of War ⚔️

NEWS
So… That Was Weird 🤔

Yesterday’s newsletter, depending on when you got it, came out either last night around 1730 EST or somewhere between then and this afternoon. The smart people who know stuff about things in the interwebz and all that fancy magical fancy shmancy code things and stuffs know what it is and fixed it.

So there you go. 👍️

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NEWS
Beyond The Bloodbath, Things Are Fine 👍️

It sucks out there. No doubt about it. What makes it suck worse than other bears is, well, we’ve never had an environment more friendly, accepting and fundamentally sound than where we are today.

But the price action, especially for altcoins, looks like a hate crime. So it’s easy to get caught up in the OMG NOOOOOOOoooooooo of red day after red week after red month.

But if you step back, you’ll quickly see that there’s a stupid amount of growth and adoption still happening. Some of these you know, some you might not.

By The Numbers

16

Sixteen is the number of crypto assets the SEC and CFTC jointly reclassified as commodities in March. The GENIUS Act is law, the CLARITY market-structure bill cleared Senate Banking 15-9 and now sits on the Senate floor calendar… and it’s still in limbo. Polymarket has the chances of it passing in 2026 at around 48%.

$12,000,000,000,000

12T is the pool of US 401(k) money that federal rulemaking is working to open to digital assets. In August of last year (2025), an executive order told the Labor Department to let retirement plans hold crypto.

In March the DOL delivered, proposing a safe harbor that shields the fiduciaries running plans for more than 90 million Americans if they follow a documented review process. States are piling on - Indiana already mandates a crypto option in certain state plans by 2027, with Texas, Arizona and Wyoming close behind.

100+

There are now over 100 crypto ETF products now filed or in the pipeline, up from just two spot funds a year ago.

H1 2027 

The first half of next year is when JPMorgan, Citi, Bank of America and Wells Fargo plan to launch a shared tokenized-deposit network. It is the most coordinated move US banks have ever made involving crypto and blockchain.

2.8x

Institutions have scooped up nearly 3x the amount of Bitcoin being mined since 2024. The US government now sits on an estimated 325k-ish BTC, the largest sovereign stash anywhere. $MSTR ( ▼ 9.35% ) holds around 700k. Public companies added nearly half a million coins in 2025 and another 62,000 in the first quarter of 2026.

$315,000,000,000

I’ve been in crypto since around 2015ish. I choose to forget Mt. Gox. FML.

If you would have told me in 2014 -2015 that the first major accomplishment and use case of crypto would be making the US Dollar faster, easier, and more dominant, I would have laughed at you. And I definitely would have laughed at you if I saw this stat:

$USDT ( ▼ 0.02% ) and $USDC ( ▼ 0.01% ) combined, are the 15th largest holder of US Treasuries in the world. Above India, Brazil, Saudi Arabia, South Korea, Israel, and the UAE.

$30,000,000,000

There are now roughly $30B in real-world assets now living on-chain, about four times where it was a year ago. Tokenized US Treasuries are near $14 billion, tokenized commodities sit around $7.5 billion and gold-led, and tokenized stocks have grown more than 3,300% in two years to north of $6 billion.

$61,700,000,000,000

Perps are absolutely dominating spot right now. How much? In 2025 there was $61.7T in perp futures volume. That’s 3.4x spot trading. And $HYPE ( ▲ 1.08% ) alone is doing between 55% to 86% of the $CME ( ▼ 2.88% ) ’s crypto derivatives volume on a daily basis.

And it’s not just crypto perps now. Hyperliquids volume on equity perps has 4x in the past 90 days. Hell, their HIP-3 markets went from $12.65B in Q4 2025 to $130.87B in Q1 2026. That’s over 10x.

NEWS
Tokenized Gold Goes Stellar; The Bars Stay In London 🇬🇧

Matrixdock put XAUm, its tokenized $GC_F ( 0.0% ) , on $XLM ( ▼ 5.96% ) , each token backed 1:1 by LBMA (London Bullion Market Association)-accredited bullion, audited by Bureau Veritas. Buereau Veritas is one of the few firms that does the whole ‘I really need to see what’s in that vault mmk?’ They’re the dudes that check and make sure the gold is, well, physically there.

XAUm is in the top 4 tokenized gold products globally, so not a small player.

Stellar Development Foundation is buying XAUm with its own treasury. This is happening right after the recent news that the DTCC picked Stellar as one of their tokenization service networks.

Like everything else, Stellar is getting beat up, but it’s still holding onto some gains from the May 28 DTCC news. It rallied from $0.146 to $0.297 before suffering the same suck everything else is. It’s currently at $0.176.

NEWS
The Least Predatory Wrapper Crypto Has Ever Had 🍬

Credit unions are awesome. Not everyone is familiar with them, but they’re a little different than banks. One of the primary differentiators (beyond the not-for-profit status) is they're owned by their members. Not shareholders.

So when a credit union adds a product, the upside flows back to the people actually using it, which makes a credit union about the least predatory place crypto could possibly land.

Stablecore is bringing stablecoins, tokenized deposits, Bitcoin, on-ramps, and staking to credit unions through Circuit and Curql, with RBFCU, Stanford FCU, and La Capitol FCU as the first stop, representing about $25 billion in member assets between them.

Which, oddly, is something waaaaay ahead of what traditional banks are doing. Almost the opposite, in fact. And really, the more I think about it, it’s kind of hilarious.

It’s hilarious because Big Banking is rabidly opposed to the CLARITY Act - their favorite future poster of a victim that they’re trying to rescue is the small town community bank that could be harmed, irreparably, by CLARITY.

Credit unions are big in small communities - sometimes the only type of banking available. And here they are (credit unions), implementing the very things that GASP could destroy them.

Or they’re just seeing the benefits and making sure they stay competitive. It’s a huge middle finger to big banks.

NEWS
Read Whose Letterhead This Is On 📧

Japan's three megabanks are doing some major, major tokenization here.

MUFG, Mizuho, and SMBC - with State Street, SBI Securities, the Japan Exchange Group, and BlackRock Japan - have formed a working group under Progmat to tokenize Japanese Government Bonds and move repo on-chain.

Tokenized JGB collateral against stablecoin cash legs. T+0, 24/7, cross-border. Their target is the hugenormous JGB repo market: ¥250-270 trillion, about $1.6 trillion, roughly a tenth of the global government-bond repo pool.

To put it into perspective, this lineup is the most serious sovereign-tokenization signal Asia has produced, and it's overdue.

Zenith (no, not the TV company, are they still around?) announced it. Zenith is an execution layer on $CC ( ▼ 2.15% ) (EVM (Ethereum Virtual Machine) and Solana Virtual Machine (SOL)). Zenith also joined it - as a contributor on protocol design and interoperability standards.

Japan's cumulative tokenized issuance to date runs about $2.1 billion, almost all real estate. Not one repo trade has settled.

DEFI
An FX Layer With Exactly One Currency So Far 🤦 

I see Forex/FX and I my ears perk up. I mean my eyes. Wait. None of that makes sense. Anyway, FX (forex, foreign currency) is the deepest market on earth - $7.5 to 9 trillion a day - and the one thing crypto never properly rebuilt.

So when a $UNI ( ▼ 0.47% ) update pops up with "FX layer for stablecoins", I get all sorts of giddy. 

Then I read it. And I’m reminded of the time I really wanted Lords of the Realm II for Christmas 1996 and instead got stoopid Pandora Directive.

$SPK ( ▲ 5.92% ) moved $150M of stablecoin liquidity to Uniswap v4, headed for DualPool, a v4 hook built with Uniswap Labs. To be fair, it is a cool idea: idle inventory sits in yield-bearing ERC-4626 vaults, and when a swap hits, the hook pulls only what that trade needs, deploys it as concentrated liquidity, executes, and returns the rest to the vault in the same block. Earn yield and quote swaps from the same dollar. That solves a real tradeoff. Capital usually has to pick one.

But… this is USD stablecoin-to-USD stablecoin routing - USDS, USDT, PYUSD, all dollar pegs trading near 1:1. That's not FX. FX is dollar-yen ($USDJPY ( ▲ 0.02% ) ), euro-pound ($EURGBP ( ▼ 0.07% ) ), or any other FX that moves against each other. A true stablecoin FX layer needs deep non-dollar pegs - euro, yen, real - and a reason they trade.

This is dollar plumbing, and good plumbing, but not a currency market yet.

OLD NEWS
Crypto Stuff That Happened Today, But A Long Time Ago 📜

Here’s what was happening in the newsletter a year ago today:

• June was the real villain - BTC historically stinks in June, ETH’s worst average month is June, XRP has closed June red in 8 of the last 10 years, DOGE has done it 7 straight years, and ADA usually joins the misery parade too.

• The message was basically “zoom out before you doom-post” - ugly month, ugly sentiment, but the larger setup hadn’t actually broken.

• Cardano was pushing more layer-2 stuff beyond Hydra - Midgard, zkFold, and Gummiworm were the names getting paraded around.

Here’s what was happening in the newsletter two years ago today:

• Memecoins finally punched back - DOGE was up about 8% and WIF had ripped more than 30% over two days.

• Both charts were at make-or-break spots - DOGE was fighting its 20-day moving average, while WIF was running into trendline resistance around $2.15.

• GBTC was doing most of the dumping - Fidelity was the one standout buyer, adding about 5,160 BTC.

OLD NEWS
Other Stuff That Happened Today, But A Long Ass Time Ago ⌛️

June 25

• 841 - The Battle of Fontenoy tore Charlemagne’s empire apart, with his grandsons fighting a family inheritance war like medieval Succession, but with more swords.

• 1530 - The Augsburg Confession was presented, giving Lutheranism one of its core documents.

• 1678 - Elena Cornaro Piscopia earned a doctorate at Padua, becoming one of history’s first women to do i.

• 1788 - Virginia ratified the U.S. Constitution, barely passing it 89-79.

• 1876 - The Sioux defeated Custer at Little Bighorn.

• 1938 - FDR signed the Fair Labor Standards Act, creating federal minimum wage, overtime protections, and child labor limits.

• 1947 - Anne Frank’s diary was first published.

• 1950 - North Korea invaded South Korea.

• 1951 - CBS aired the first commercial color TV broadcast.

• 1975 - Mozambique became independent from Portugal.

• 1991 - Slovenia and Croatia declared independence from Yugoslavia.

• 1993 - Kim Campbell became Canada’s first woman prime minister.

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Author Disclosure: The author of this newsletter holds positions in AVAX, ADA, PUDGY, WLD, NEAR, INJ, LTC, LINK, ZEC, XLM, and FET. 📋