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GM!
Here are today’s top stories:
- Major cryptocurrencies keep sliding, dropping another 3–5%; BTC now at $66,800
- Altcoins rally strongly, led by LIT, WLD, ENA, NEAR, and ZEC
- Coinbase makes a market purchase of the ENA token as both firms gear up for a new partnership
- The Wall Street Journal highlights Hyperliquid as the go-to platform for weekend and after-hours trading
- Senators Sanders and Warren call for blocking crypto from 401(k) plans
📉 Bitcoin Drops Below $67K as MSTR Tumbles
The ripple effects from Saylor’s Bitcoin sales are still unfolding.
On Tuesday, Bitcoin plunged below $67,000, triggering over $1.4 billion in long-position liquidations across the crypto market. Ethereum dipped under $1,900, while Solana fell below $74.
The current sell-off is fueled by a 10-day streak of Bitcoin ETF outflows now surpassing $3 billion, combined with Strategy’s first Bitcoin sale in four years shaking the market’s most dependable bullish narrative.
Strategy’s stock closed down over 9% on Tuesday, now more than 70% below its 52-week peak of $457.22, trading at $136.08. It has fallen nearly 15% over the past five trading sessions and more than 23% this month. Bitcoin itself has dropped roughly 46% from its all-time high of $126,080.
At the same time, STRC—the instrument Saylor seems to be prioritizing—fell to $96.90. That’s well short of its $100 par value, and with only nine trading days remaining until this month’s dividend payment date, it’s uncertain whether STRC will recover to par. When STRC trades below par, Strategy can’t efficiently issue new shares at $100, and new share issuance is the main mechanism funding both Bitcoin acquisitions and dividend payouts.
After the $1.5 billion convertible debt repurchase, Strategy’s cash reserves have dwindled to approximately $871 million, enough to cover only about six months of its estimated $1.7 billion in annual preferred dividend obligations. So their primary way of raising funds will likely be selling MSTR shares—which could push the stock lower unless significant buyers emerge.
All of this means the near-term outlook for Bitcoin has grown considerably more uncertain…
🚫 Bernie Sanders and Elizabeth Warren Push to Keep Crypto Out of 401(k) Plans
Senators Bernie Sanders and Elizabeth Warren have called on the Labor Department to abandon a proposal that would make it easier to include crypto in 401(k) plans, arguing the rule undermines fiduciary standards and could put retirees at greater risk.
The senators also claimed the policy could benefit President Donald Trump and his family by broadening access to crypto products associated with them.
The proposal stems from a Trump executive order instructing the Labor Department to open the door for alternative assets in retirement accounts. The March rule establishes a safe harbor for fiduciaries who include alternative investments—such as digital assets, private equity, private credit, real estate, and annuities—in 401(k) plans, provided they can show they considered relevant factors.
Sanders and Warren argue that the “safe harbor” language dilutes fiduciary responsibility into a mere “check-the-box exercise” that eliminates accountability without delivering better outcomes for retirees. In a 14-page letter to Acting Labor Secretary Keith Sonderling, the senators pointed to FBI data showing crypto-related fraud losses exceeded $11 billion in 2025, and referenced Trump’s namesake meme coin, which once surged above $73 before crashing to around $2.
The letter cautions that the proposal could put an estimated $14.2 trillion in 401(k) savings at risk, citing a GAO study that found Bitcoin’s volatility was roughly four times that of the S&P 500 benchmark and Solana’s was about twelve times higher.
💰 Coinbase Throws Its Weight Behind Ethena
Coinbase Ventures purchased Ethena’s ENA token directly from the open market on Tuesday, as both companies gear up to roll out a new onchain savings product aimed at the exchange’s massive user base of over 100 million people.
Ethena’s suite of products will be accessible to Coinbase users through a service set to launch next week. The protocol also deepened its collaboration with Anchorage Digital to facilitate institutional lending. USDe, Ethena’s stablecoin, will be distributed across the Base network and the broader Coinbase ecosystem. ENA’s price jumped 20% on the announcement.
Coinbase Ventures usually invests in projects through standard venture funding rounds at pre-negotiated prices. This open-market acquisition is notable because it shows strong conviction without the typical VC discounts or lockup periods, sending a powerful signal to institutional investors. Coinbase already serves as Ethena’s main custodian, wallet provider, and perpetuals trading venue.
The ENA token has fallen more than 90% from its 2025 peak. Can this partnership reverse its fortunes?
🚩 US Blacklists Iran’s Four Biggest Crypto Exchanges
The US Treasury Department placed sanctions on four Iranian crypto exchanges on Tuesday — Nobitex, Wallex, Bitpin, and Ramzinex — along with several of their executives.
Nobitex is the primary focus. As Iran’s largest crypto exchange, it handled half of the country’s crypto transaction volume in 2025. At the same time, the State Department announced a $15 million reward for information that could help dismantle IRGC financial networks.
This move marks a major escalation in the US financial warfare campaign against Iran’s digital asset infrastructure. Tether had previously frozen $344.2 million across two wallets linked to the Central Bank of Iran — the largest onchain freeze of Iranian sovereign crypto reserves ever recorded. Bessent stated that the US has now seized roughly $1 billion in Iranian crypto assets.
🌎 Macro Crypto and Markets
- Major cryptocurrencies slipped again, dropping 3–5%; BTC fell 3% to $66.8k; ETH dropped 5% to $1,870; SOL declined 5% to $74.89; HYPE held steady at $72.87
- LIT (+31%), ENA (+21%), and WLD (+20%) topped the gainers; NEAR and VVV also rose 10%
- Oil climbed 5% to $96; Gold dipped 1% to $4,490
- Stock futures were mixed, with the Nasdaq up 0.1% and the DOW down 0.4%
- Bitmine’s Tom Lee forecast that Ethereum could hit $250,000, driven by corporate treasury firms, institutional stakers, and sovereign wealth funds increasingly taking control of network validators
- Andrew Yang’s Noble Mobile acquired Helium Mobile on Tuesday; Noble plans to leverage the Helium Network’s 137,000 community-run hotspots to expand coverage (HNT fell 9%)
- MoneyGram launched a USDC stablecoin payment service on the Stellar network on Tuesday, enabling consumers to send dollar-pegged cross-border transfers using Stellar’s infrastructure
- Franklin Templeton partnered with MoonPay to allow institutional investors to convert stablecoins into yield-bearing assets around the clock, combining Franklin Templeton’s $1.74 trillion in assets under management and tokenized money market funds with MoonPay’s institutional settlement infrastructure
- Galaxy Research entered the institutional prediction markets arena by brokering a $10 million Arca trade on Tuesday — the first nine-figure institutional prediction market position facilitated by a major crypto research firm
- NewLimit, the anti-aging biotech company co-founded by Brian Armstrong, closed a $435 million Series C funding round backed by Founders Fund, Thrive, Greenoaks, and others, while also revealing it has developed a prototype drug that reverses the biological aging of human cells by restoring the function they had when younger
Corporate Treasuries & ETFs
Meme Coin Tracker
- Leading meme coins were in the red; DOGE fell 5%, SHIB dropped 3%, PEPE declined 4%, PENGU slipped 2%, TRUMP fell 3%, BONK dropped 4%, SPX gained 5%, FARTCOIN fell 3%
- SPCZ (+23%), Troll (+17%), and Worldcup (+30%) led the notable gainers on Solana
- Base gainers were led by BV7X (+32%), ODAI (+15%), and Zora (+15%)
📈 Myriad Market of the Day
💰 Token, Airdrop & Protocol Tracker
- Hyperliquid gained coverage from the Wall Street Journal, spotlighting its role in enabling weekend and after-hours trading
- Movement Labs revealed a strategic shift from an Ethereum Layer-2 network to stablecoin infrastructure tailored for emerging markets, restructuring its Move-language blockchain to facilitate cross-border payments and dollar access across Latin America, Southeast Asia, and Sub-Saharan Africa
🚚 What is happening in NFTs?
- NFT leaders showed mixed results: Punks dropped 3% to 31 ETH, BAYC climbed 1% to 8.1 ETH, Pudgy rose 1% to 4.11 ETH, while Hypurr declined 4% to 297 HYPE
- Captainz (+15%) and mfers (+11%) topped the list of biggest movers
- A Skull of Luci changed hands for $350,000 on Tuesday
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