Crypto news

The morning of June 26 sees the crypto market in a sideways trend. Bitcoin (BTC) is trading near the $59,881 mark, recording a 24-hour low of $58,269 and a high of $61,868. Ethereum (ETH) also shows no clear momentum, hovering around $1,550. Among the top 10 by market cap, Solana (+0.49%) leads daily gains, while Tron (+0.38%) leads weekly gains. The biggest daily losses are seen in Ethereum (-4.42%), and weekly losses in Dogecoin (-9.89%). In the top 100, Audiera (+42.09% daily) and DeXe (+41.13% weekly) stand out, while Mantle (-15.61%) and MemeCore (-76.50%) are the main laggards.

StablecoinX Lists on Nasdaq

The key event of the day is the completion of the merger between StablecoinX and SPAC entity TLGY Acquisition Corp. Starting Friday, the issuer's shares will trade on Nasdaq under the ticker "USDE." This is the first public company purposefully building infrastructure for the Ethena ecosystem. Recall that the Ethena USDe stablecoin maintains its dollar peg not through fiat reserves, but via a delta-neutral strategy using BTC and ETH as collateral alongside short positions. However, the model is vulnerable during negative funding rates. Since its October peak, USDe's market cap has collapsed by 70% to ~$4.5 billion, placing it only sixth among stablecoins. The Nasdaq listing is a strong signal of institutional interest, but the fundamental risks of the model remain.

Sharplink Returns to Buying Ethereum

For the first time in eight months, Sharplink has purchased 5,000 ETH worth $7.85 million via FalconX. The last purchase was dated October 2025. As of June 21, Sharplink held 876,285 ETH (~$1.3 billion) at an average entry price of $3,609 per coin, implying an unrealized loss of approximately $1.79 billion. Despite this, the company remains the second-largest public ETH holder globally, after Tom Lee's Bitmine Immersion. Resuming purchases at current levels is a bullish signal, indicating faith in Ethereum's long-term potential.

BitGo Cuts Staff Amid Losses

Crypto custodian BitGo has announced a 15% reduction in its workforce. The company plans to focus on key areas: security, trading, stablecoins, settlements, and AI-based infrastructure. The layoffs come amid growing losses: first-quarter revenue surged 112.6% year-over-year to $3.8 billion, but net loss widened to $60.7 million from $25.7 million a year earlier. BitGo shares fell 4.76% on Thursday to $4.80. We are also seeing a trend toward AI reorientation among other giants like Coinbase, Dune, and Jack Dorsey's Block. This is a systemic shift, not a one-off measure.

My view: The market is consolidating, and fundamental narratives are coming to the forefront—StablecoinX's Nasdaq listing and Sharplink's resumption of ETH purchases underscore sustained institutional interest in stablecoins and Ethereum, despite the current correction. However, the BitGo case reminds us that even with revenue growth, operational efficiency remains a critical challenge for many players.