The market is bottoming out: StablecoinX lists on Nasdaq, BitGo cuts staff, and Sharplink buys ETH again
The morning of June 26 greets the cryptocurrency market with mixed signals. While Bitcoin and Ethereum are moving sideways, events are unfolding in the industry that could determine the development trajectory for months to come. Key news concerns both institutional adoption and internal optimization by major players.
Market Overview: Calm Before the Storm?
Bitcoin (BTC) started the day consolidating within a narrow range. As of 07:46 MSK, the leading cryptocurrency is trading near the $59,881 mark, equivalent to approximately 4,497,821 rubles per coin. Over the past 24 hours, the low was $58,269 and the high was $61,868. This dynamic indicates a lack of clear direction, which often precedes a sharp move.
The second-largest cryptocurrency by market cap, Ethereum (ETH), is also showing a sideways trend, trading around $1,550 (~116,336 rubles). Among the top 10 by market cap, Solana shows the best daily performance (+0.49%), while Tron leads over the week (+0.38%). The largest losses over 24 hours are recorded by Ethereum (-4.42%), and over seven days by Dogecoin (-9.89%).
Among the top 100 altcoins, Audiera stands out with a 42.09% daily gain, while DeXe added 41.13% over the week. The laggards are Mantle, losing 15.61% in a day, and MemeCore, which plummeted 76.50% over the week. Such volatility is a classic sign of capital redistribution between sectors.
Sharplink Returns to Ethereum Purchases
Sharplink has made its first purchase of Ether in eight months, acquiring 5,000 ETH for $7.85 million via FalconX. The previous transaction was dated October 2025. Sharplink has not publicly commented on the transaction so far.
As of June 21, the company's portfolio held 876,285 ETH (~$1.3 billion). The average purchase price is $3,609 per coin, implying an unrealized loss of approximately $1.79 billion at current prices. Despite this, Sharplink remains the second-largest public company with ETH reserves, after Tom Lee's Bitmine Immersion. This move could signal management's belief in Ethereum's long-term potential.
StablecoinX Prepares for Nasdaq Debut
StablecoinX, a company building infrastructure for the Ethena ecosystem, has completed its merger with the SPAC entity TLGY Acquisition Corp. Trading on Nasdaq under the ticker "USDE" will begin on Friday. This is the first public company purpose-built to create infrastructure for a synthetic stablecoin.
Recall that the Ethena USDe stablecoin maintains its peg to $1 not through fiat reserves, but via a delta-neutral strategy using BTC and ETH as collateral and short positions. The scheme is vulnerable during negative funding rates. Since its October peak, USDe's market cap has fallen by 70% and now stands at about $4.5 billion — sixth place among stablecoins. The listing of StablecoinX could be either a growth catalyst or a trigger for a new wave of criticism of this model.
BitGo Cuts Staff Amid AI Strategy
Crypto custodian BitGo has announced a 15% reduction in its workforce. The company intends to focus on key areas: security, trading, stablecoins, settlements, and artificial intelligence-based infrastructure. The layoffs come amid growing losses: first-quarter revenue rose 112.6% year-over-year to $3.8 billion, but net loss increased to $60.7 million from $25.7 million a year earlier.
BitGo is not alone in its push to pivot towards AI. Similar steps were previously taken by Coinbase (14% staff reduction), Dune (a quarter of its staff), and Jack Dorsey's Block. BitGo shares fell 4.76% on Thursday to $4.80. The trend is clear: crypto companies are seeking synergy with AI to improve efficiency, but the market is currently assessing such moves with caution.
My expert assessment: The current market consolidation is not stagnation, but preparation for the next phase. Institutional players like Sharplink and StablecoinX are making long-term bets despite the current drawdown. The optimization by BitGo and other companies is a painful but necessary process for survival amid intensifying competition and regulatory pressure. Investors should closely monitor capital flows between the AI and DeFi sectors — this is where, in my opinion, new growth points are emerging.