The market is on pause: BTC consolidates, Sharplink resumes ETH purchases, and BitGo lays off 15% of its staff
The morning of June 26 finds the cryptocurrency market in a state of sideways movement. Bitcoin has stabilized near the $59,881 mark, trading in the range of $58,269 – $61,868 over the past 24 hours. Ethereum is also showing flat movement at the $1,550 level. The overall picture suggests a wait-and-see stance by major players ahead of a potential impulse.
In the top 10 by market capitalization, Solana stands out with a daily gain of +0.49%, while the best weekly result belongs to Tron (+0.38%). The laggards are Ethereum (-4.42% in 24 hours) and Dogecoin, which lost nearly 10% over seven days. In the top 100, the growth leader is Audiera (+42.09% in a day), while DeXe added 41.13% over the week. The biggest losses were recorded for Mantle (-15.61% in a day) and MemeCore, which plummeted by 76.50% over the week.
Sharplink returns to buying Ethereum. For the first time in eight months, the company purchased 5,000 ETH worth $7.85 million via FalconX. The previous purchase dated back to October 2025. As of June 21, Sharplink held 876,285 ETH (approximately $1.3 billion) with an average entry price of $3,609 per coin. This implies an unrealized loss of roughly $1.79 billion. Nevertheless, Sharplink remains the second-largest public company globally in terms of ETH reserves, after Tom Lee's Bitmine Immersion.
StablecoinX prepares for Nasdaq listing. The company has completed its merger with the SPAC structure TLGY Acquisition Corp and will begin trading on Friday under the ticker "USDE." This is the first public company building infrastructure for the Ethena ecosystem — through decentralized verifier nodes and software. Recall that the Ethena USDe stablecoin maintains its peg to $1 not through fiat collateral, but via a delta-neutral strategy with BTC and ETH collateral and short positions. The scheme is vulnerable during negative funding rates. Since October 2025, USDe's market cap has fallen by 70% to ~$4.5 billion (sixth place among stablecoins).
BitGo cuts 15% of its workforce. The crypto custodian is focusing on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The layoffs come amid growing losses. BitGo's first-quarter revenue rose 112.6% year-over-year to $3.8 billion, but net loss widened to $60.7 million from $25.7 million a year earlier. The company's shares fell 4.76% to $4.80. BitGo is not alone: earlier, Coinbase (14% reduction), Dune (a quarter of its staff), and Jack Dorsey's Block pivoted toward AI.
My analysis: The market is going through a consolidation phase, and a breakout above the $62,000 level for BTC will be a key signal. Sharplink's purchases are a positive sign for ETH, but the fundamental risks of Ethena and layoffs at BitGo remind us of the fragility of the current structure. Investors should be cautious and not succumb to short-term euphoria.