The XRP Ledger (XRPL) drew more new tokenized real-world asset capital than Ethereum, Solana, and other major blockchains over the past three months, giving XRP bulls a fresh network-growth argument as traders rebuild exposure to the token.

XRPL recorded $1.9 billion in net real-world asset inflows over the last 90 days, ahead of Ethereum’s $1.6 billion and Stellar’s $1.4 billion, according to RWA Foundation data. BNB Chain followed with $848 million, Solana with $611 million, Avalanche with $362 million, Sei Network with $202 million, and Mantle with $90 million.

The data does not mean XRPL has displaced Ethereum as the main venue for tokenized assets. Ethereum still holds more than half of the tokenized real-world asset value tracked by RWA.xyz.

However, the 90-day flow ranking shows new capital moving more aggressively toward XRPL at a time when XRP’s derivatives and exchange-flow data are also improving.

New RWA money tests Ethereum’s lead

The acceleration of capital moving onto the XRP Ledger underscores a shifting competitive dynamic among Layer 1 networks competing for institutional issuance.

Tokenized real-world assets (RWAs), which range from digitized sovereign debt and private credit to multi-asset funds, have expanded significantly.

Data from platform RWA.xyz indicates the global market has reached $33.5 billion in distributed asset value, alongside $350 billion in broader represented asset value.

While Ethereum remains the primary venue for tokenized assets, holding a 52.8% market share with approximately $17 billion in tokenized asset value, its rate of expansion has met stiffer competition from alternative chains.

Ethereum’s asset base grew by roughly 35% over the course of 2026, a substantial rise from its baseline but a clip that is currently being outpaced by XRPL on a relative basis over the short term.

According to a recent analysis from institutional treasury firm Evernorth, XRPL’s growth trajectory sits in the top tier of established legacy networks.

Analysts at the firm noted that the deployment of institutional capital onto the XRPL is distinct due to its structural composition, especially when evaluated against peer infrastructures like Stellar, Avalanche, and Solana.

Evernoth pointed out that the XRPL network’s inflows are primarily defined by episodic, treasury-scale commitments rather than fragmented retail transactions.

This pattern aligns with institutional deployment behavior, where large-scale financial entities execute major programmatic bond and fund originations in single tranches rather than gradual market accumulation.

XRPL’s RWA footprint

The measurement of network activity inside the real-world asset segment requires strict technical distinctions to avoid mischaracterizing on-chain liquidity.

On the XRPL, data from RWA.xyz splits the network’s footprint into two specific accounting layers: distributed asset value and represented asset value.

Currently, the total tokenized assets represented on XRPL stand at approximately $3.6 billion. This layer captures financial assets that utilize the ledger for tracking, compliance, or structural representation.

In contrast, the network’s active distributed asset value, representing assets natively settled and circulating within decentralized protocols, sits at $360.25 million.

This multi-layer architecture is being utilized by commercial banking institutions and asset managers to test the structural efficiency of tokenized fixed-income securities and fund products. The operational plumbing relies heavily on underlying stablecoin liquidity to settle these transactional flows efficiently.

On-chain metrics reflect an expansion of this specific settlement infrastructure. The stablecoin market capitalization on the XRPL reached $907.63 million, marking a 73.44% increase over a rolling 30-day period.

Correspondingly, active transactional velocity has expanded, with 30-day stablecoin transfer volumes rising 90.90% to settle at $4.86 billion.

Ripple has continued adjusting its infrastructure footprint to absorb this institutional activity, advancing payment rails via corporate integrations and ramping up operational settlement mechanics linked to its RLUSD stablecoin.

Upbit becomes the center of XRP trading

The fundamental momentum across the XRPL coincides with a pronounced, though fragmented, return of liquidity to the underlying XRP cryptocurrency.

Data from CryptoSlate shows that the token increased by more than 5% over the past 24-hours, testing intraday highs of $1.29 before moderating to trade around $1.24.

The price increase occurred against a broader ascending crypto market that has been fuelled by the peace deal between the US and Iran.

However, granular wallet analysis reveals that the capital flows underpinning this market structure are unevenly distributed across international trading hubs.

According to blockchain data published by CryptoQuant, wallet-flow dominance has experienced a sharp geographic rotation rather than uniform global buying pressure.

Data tracking net wallet flows shows that deposit and withdrawal activity has concentrated heavily inside South Korea via Upbit, the nation’s largest digital asset exchange. Upbit’s share of global XRP wallet-flow dominance climbed from 13% on June 7 to 31% by June 14, representing its highest concentration of network interaction since May 2024.

This localized acceleration stands in stark contrast to Western platforms, which have experienced a simultaneous decline in dominance.

Coinbase’s wallet-flow dominance fell from 27% on May 7 to 0% by June 14, indicating a near-total normalization or cessation of net deposit activity relative to global volumes. Over the identical timeframe, Binance’s dominance slid from 16% to 13%, and Crypto.com observed a contraction from 9% to 3%.

This internal divergence shows that the ongoing market participation is structurally divided, driven primarily by intensive capital rotation within East Asian trading venues rather than a broader retail resurgence across US or European platforms.

Derivatives markets rebound without excess leverage

The spot market shifts are mirrored within the cryptocurrency derivatives complex, where open interest metrics indicate a disciplined rebuilding of risk positions.

On Binance, which serves as the primary clearing venue for digital asset futures, the 30-day rolling average for XRP open interest climbed to its highest level in more than four months.

CryptoQuant stated that the total open interest within the contract reached approximately 486.8 million XRP, with the 30-day moving average stabilizing at 484.8 million XRP.

The steady upward arc follows an extended multi-month correction that purged built-up leverage from the system, pointing to a methodical return of positioning rather than speculative spikes.

Further analysis of this positioning suggests the current market structure remains balanced, with the XRP Open Interest Z-Score registered at 0.19.

By remaining firmly within normal historical boundaries, the indicator suggests that the expansion in open interest is the byproduct of a gradual accumulation of directional and hedging positions rather than unhedged leverage.

This measured build-up suggests market participants are positioning for structural volatility rather than immediate speculative liquidations.

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SpaceX shares rose in early market trading Monday, extending gains from its record IPO debut after Elon Musk said the company could reach $1 trillion in annual revenue by the end of the decade.

Yahoo Finance data show the stock traded near $170, up about 6% from Friday’s close.

The move followed a strong first session in which SpaceX priced its initial public offering at $135 a share, opened at $150, and closed at $161.11, giving the company a market value of about $2.2 trillion.

The rally also spilled into crypto-linked derivatives tied to the stock. CoinGlass data show SpaceX futures volume climbed 140% to about $930 million, while open interest rose above $540 million.

The early market advance added fresh momentum to one of the most closely watched listings in years, underlining investor appetite for exposure to Musk’s rocket, satellite, and artificial intelligence company after the largest IPO on record.

Retail fuels SpaceX’s record IPO debut

SpaceX raised $75 billion on its first day of trading, making it the largest IPO on record and immediately placing the rocket, satellite, and artificial intelligence company among the most valuable publicly traded companies in the US.

The company’s market value of over $2 trillion put it behind Amazon, valued at about $2.54 trillion, and ahead of Broadcom, valued at about $1.81 trillion.

Available data shows that retail investors played a central role in that debut.

Vanda Research data shows that individual investors bought a net $93.8 million of SpaceX shares on Friday, the largest single-day net retail purchase for any IPO on record.

Moreover, SpaceX accounted for about 4% of all single-stock retail turnover that day, with net purchases more than 3.5 times those of Nvidia, the next most purchased stock.

Meanwhile, the listing also spilled into crypto markets, where traders used tokenized equity products and derivatives to gain exposure to the stock. This is particularly notable, given the challenges that marked the first trading day on some crypto trading platforms, such as Binance.

Still, CryptoQuant data showed strong activity across platforms that listed SpaceX-linked instruments. On Gate.com, trading volume for the tokenized SPCX ticker exceeded $100 million on its first day, compared with about $4 million for Circle and $3.5 million for Tesla on the same venue.

Equity-linked tokens on Gate.com typically generate daily volumes between $10 million and $25 million across the assets shown in the platform’s data. SpaceX’s first-day activity stood well above that range, showing the scale of demand among crypto-native traders.

The activity suggests tokenized equities are becoming a more visible outlet for major stock-market events. These products remain small compared with traditional equity markets, and their regulatory treatment varies by jurisdiction.

Still, the SpaceX debut showed that crypto traders are willing to use on-chain or exchange-based instruments to gain exposure to high-profile public companies without leaving digital asset venues.

Musk stretches the growth case

SpaceX’s rally gained further momentum after Musk posted on X over the weekend that the firm could generate $1 trillion in annual revenue by 2030. He added that he would be surprised if the company failed to exceed that level by 2031.

The projection gave investors a new benchmark for a stock already trading at one of the richest valuations in the public market. SpaceX reported about $18.7 billion in revenue in 2025, meaning Musk’s target would require revenue to increase more than 50-fold in roughly five years.

That forecast also sits well above some of the most optimistic Wall Street estimates. Morgan Stanley projects about $330 billion in revenue by 2030, meaning Musk’s figure is roughly three times that estimate.

Meanwhile, Brett Winton, chief futurist at Ark Invest, has taken a more aggressive long-term view, saying Starlink and Starshield could generate more than $1 trillion in excess cash through 2035 while reaching $400 billion in annualized earnings.

The wide gap between current revenue and those projections helps explain the debate around SpaceX’s valuation.

The company’s revenue base is large for an aerospace business, but still small compared with the market value now attached to the stock. Its 2025 revenue marked strong growth from the previous year, while first-quarter 2026 revenue came in around $4.69 billion.

The company, however, remained in the red as spending increased.

This means that investors backing the stock are betting that several businesses can scale at once. Starlink, SpaceX’s satellite broadband network, is the company’s largest near-term revenue driver. It has become a meaningful source of recurring sales and gives SpaceX a global consumer and enterprise product outside traditional launch services.

Starshield, its government-focused satellite communications unit, has also become part of the bullish case as demand for secure connectivity grows among defense and public-sector customers.

Starship carries the more speculative upside. The launch system is designed to reduce the cost of reaching orbit and support larger commercial, government, and scientific missions. SpaceX has framed it as central to future markets in space logistics, lunar operations, Mars development, and other forms of transport.

The company has also broadened its pitch around artificial intelligence, telecommunications, and space infrastructure.

Its prospectus placed the total addressable market for those ambitions at up to $28.5 trillion, a figure that includes several industries still in their early stages of development.

Those projections help explain the intensity of demand around the IPO. They also show how much of SpaceX’s valuation depends on businesses that must scale quickly, absorb heavy investment, and avoid major technical or regulatory setbacks.

Scrutiny emerges around SpaceX’s valuation

Meanwhile, SpaceX’s market momentum has also drawn warnings from analysts who say its valuation leaves little room for slower growth, higher costs, or delays in its major projects.

CFRA analysts cited SpaceX’s demanding growth assumptions, elevated valuation, and heavy capital needs as key reasons for their cautious view.

Those costs are already rising. SpaceX reported $10.1 billion in capital expenditures for the three months ended March, compared with $4.1 billion a year earlier. The increase reflected spending on artificial intelligence infrastructure, Starship development, and other long-term projects.

At the same time, profitability remains another pressure point. The company lost nearly $5 billion in 2025, while accumulated losses over the past several years are estimated at $50 billion.

SpaceX also warned in its prospectus that it may never become profitable, a disclosure that underlines how much spending may still be required before its biggest bets mature.

Henrik Zeberg, a macro analyst at Swissblock, said the market is treating SpaceX as one of the world’s most valuable companies despite its losses.

He compared the valuation with past periods of market excess and argued that investors are paying ahead for the earnings power the company has yet to prove.

According to him:

“There is no doubt! We have the largest Bubble ever. And it will burst. Not yet. Expect surge into final top…. But soon!”

Nonetheless, Wall Street’s early targets show little agreement on where the stock should trade.

Loop Capital has the highest target at $349, followed by Baird at $320 and Bernstein at $310. Oppenheimer set its target at $190, while New Street Research is at $165.

The average sits near $267, but the wide range reflects sharply different views on SpaceX’s future revenue, margins, and market opportunity.

To sustain the rally, SpaceX will need to show that its largest businesses can grow fast enough to support the price investors are paying. The market will be looking for updates on Starlink growth, Starship progress, government contracts, AI-related spending, and any sign that revenue is moving closer to Musk’s $1 trillion target.

For now, investors are paying a premium for access to a company that was out of reach in public markets for years. That premium could remain intact if SpaceX keeps expanding quickly, but it also leaves the stock exposed if costs rise faster than expected or its path to profitability takes longer than the market currently assumes.

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Bitcoin price started a fresh decline below the $62,500 zone. BTC is showing bearish signs and might continue to move down if it dips below $61,200.

• Bitcoin failed to stay above $63,200 and extended losses.
• The price is trading below $62,500 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance near $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $62,500 and $63,500 levels.

Bitcoin Price Dips Toward Support

Bitcoin price failed to stay above the $63,500 support zone. BTC remained in a bearish zone and extended losses below the $63,200 level. There was a move below the $62,500 level.

The price even dipped below $61,200. A low was formed at $60,746 and the price is still showing many bearish signs. There was a minor increase above the 23.6% Fib retracement level of the downward move from the $64,613 swing high to the $60,746 low.

Bitcoin is now trading below $62,500 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance near $62,400 on the hourly chart of the BTC/USD pair.

If the price remains stable above $60,750, it could attempt a fresh increase. Immediate resistance is near the $62,500 level and the trend line. The first key resistance is near the $63,200 level or the 61.8% Fib retracement level of the downward move from the $64,613 swing high to the $60,746 low.

A close above the $63,200 resistance might send the price further higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send the price toward the $64,500 level. The next barrier for the bulls could be $65,000.

More Losses In BTC?

If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support is near the $61,650 level.

The first major support is near the $61,200 level. The next support is now near the $60,750 zone. Any more losses might send the price toward the $60,200 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,650, followed by $61,200.

Major Resistance Levels – $62,500 and $63,500.

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Bitcoin rose above $62,000 after the latest US inflation report gave traders enough relief to step back from a deeper test of the $60,000 level.

The move followed several days of pressure across crypto markets, where investors had been preparing for the possibility that a hotter inflation print would revive rate-hike concerns and push risk assets lower.

However, the report gave Bitcoin room to rebound, shifting the immediate question from whether the market would break down to whether the post-CPI bounce can hold.

Inflation lands close enough to expectations

The US consumer price index rose 4.2% in May from a year earlier, matching consensus expectations and marking its fastest pace in three years. Core CPI, which excludes food and energy, rose 2.9%, slightly above April’s 2.8% reading.

Ole Hansen, head of commodity strategy at Saxo Bank, said the report came in broadly in line with expectations and the figures supported the market’s focus on persistent inflation risks tied to higher energy prices and the prospect of higher-for-longer interest rates.

That distinction shaped BTC’s market reaction. Investors had been watching to see whether the jump in prices was mostly the result of higher gasoline costs and Middle East tensions or evidence that inflation was becoming more entrenched across services, rents, and supply chains.

A broader acceleration would have been harder for traders to dismiss. It would have strengthened the argument that the Fed may need to keep policy restrictive for longer or consider another rate increase if inflation expectations begin to move higher.

While the report did not give markets a clean all-clear, it also did not deliver the kind of shock that would have made a break below $60,000 more likely.

Bitcoin rebounds from a fragile setup

Bitcoin’s reaction was sharper because the asset entered the CPI release from a weakened position.

The largest cryptocurrency had been under pressure for weeks, with research firm 10x Research noting that Bitcoin was down $21,000 over 30 days. The slide had left traders focused on whether the $60,000 area would hold as support or become the next level to fail.

That weakness reflected a mix of macro and crypto-specific pressures.

Spot Bitcoin exchange-traded funds had seen demand cool after helping support earlier gains. Rising yields also made non-yielding assets less attractive, while investors reduced exposure to volatile trades ahead of the inflation report.

At the same time, market leverage had also been cut down. CryptoSlate previously reported that a severe liquidation wave recently wiped out more than $10 billion in bullish long positions across the market. That forced selling reduced the speculative depth that had helped absorb earlier declines.

The options market also showed caution before the CPI release. BIT Official said put options were commanding a significant implied volatility premium over calls, a sign that traders were paying more to protect against further downside.

That defensive setup helped fuel the rebound once the report failed to produce a major upside surprise. Traders who had prepared for a deeper selloff had less reason to keep pressing the downside after Bitcoin defended $60,000.

Still, the move above $62,000 does not by itself mark a full trend reversal. Bitcoin remains below levels reached earlier in the month, and the market’s recovery depends on whether buyers return beyond a short-term relief trade.

The Fed risk remains in place

The CPI report gave crypto markets room to breathe, but it did not settle the interest-rate debate.

Headline inflation at 4.2% remains more than double the Fed’s target. Even if much of the increase came from energy, policymakers may be cautious about easing policy while price growth remains elevated.

That leaves investors focused on the composition of future inflation data. If oil prices retreat and core inflation remains contained, markets may continue treating May’s increase as a temporary supply shock. If higher energy costs feed into services, wages, or retail prices, rate-hike expectations could return quickly.

The fixed-income market had already been preparing for that risk before the CPI report. US Treasury yields had moved higher as traders reassessed whether the Fed could cut rates at all in the near term.

That backdrop remains important for Bitcoin because the asset has increasingly traded as part of the wider risk complex. When yields rise and liquidity tightens, crypto tends to struggle. When rate pressure eases, Bitcoin can rebound quickly.

The post-CPI spike above $62,000 fits that pattern because the report simply reduced the immediate risk that inflation would force traders into a more hawkish view.

The next test moves toward $64,000

Bitcoin’s immediate task is to show that the move above $62,000 can extend beyond a CPI relief bounce.

Before the report, analysts had pointed to oversold technical conditions as a reason Bitcoin could recover if inflation came in softer than feared. The rebound suggests that some traders were positioned too defensively going into the release.

The next level to watch is near $64,000, where previous resistance could test whether buyers are willing to chase the move higher. A push toward that area would suggest the market is rebuilding confidence after defending $60,000.

A failure to hold the post-CPI gains would send a different message. It would show that the rally was mainly a reaction to a less-bad inflation report rather than evidence of renewed demand.

For a more durable recovery, Bitcoin will likely need support from several areas at once. ETF flows would need to stabilize, options positioning would need to become less defensive, and broader risk appetite across equities and credit would need to improve.

The CPI report gave Bitcoin one immediate win. It kept the $60,000 level intact and forced traders to reassess the downside risk that had built before the release.

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Bitcoin traders have identified Michael Saylor as a new suspect in the latest sell-off, while the numbers tell a different story.

Strategy disclosed in a June 1 Form 8-K that it sold just 32 BTC between May 26 and May 31 for $2.5 million, at an average net price of $77,135, with proceeds earmarked to fund preferred-stock distributions.

The company still held 843,706 BTC as of May 31, with that sale representing 0.0038% of Strategy’s total holdings and roughly 0.014% of Bitcoin’s reported daily volume of $17.45 billion on that day.

A sale of that size carries no supply-side weight against a $17 billion daily market, and it lands as a narrative event that cracks a story traders had built their confidence on.

Bitcoin fell below $71,500 after the disclosure, a drop also attributed to Iran-related geopolitical tensions and over $90 million in BTC-tracked futures liquidations, making Strategy’s sale one of several.

The bigger sellers hiding in May

Four other companies accounted for the bulk of public treasury Bitcoin reductions in May, and their combined total dwarfed Strategy’s sale.

According to BitcoinTreasuries, public-company Bitcoin reductions totaled roughly 7,500 BTC during the month, with Strategy’s 32 BTC counted in the following month’s tally because of its June 1 filing date.

Excluding Strategy, MARA cut 3,386 BTC, Core Scientific reduced by 1,990 BTC, Sequans shed 1,481 BTC, and Prenetics exited 502 BTC, a combined 7,359 BTC.

At Bitcoin’s May 31 price of $73,579, that reduction carried a face value of roughly $541 million, about 230 times the size of Strategy’s sale.

BitcoinTreasuries noted that its May recap used a methodology that incorporated backdated entries and specifically flagged Core Scientific’s 1,990 BTC reduction as one that would not have appeared under its previous method.

MARA’s larger reduction also traced back to a March disclosure, when the company sold 15,133 BTC between Mar. 4 and Mar. 25 to fund $1 billion in convertible-note repurchases, not a fresh May decision.

Sequans was unwinding a failed Bitcoin treasury strategy to redeem debt, and Prenetics had already authorized a full exit from Bitcoin to redirect capital toward its IM8 health business.

Each reduction had its own logic and timeline, and none reflected a shared judgment that May was a good time to sell.

The net picture from BitcoinTreasuries makes the dump thesis harder to sustain, as public Bitcoin treasury companies added or disclosed 51,000 BTC before the May reductions and 43,500 BTC net after the reductions.

Why Saylor’s sale landed differently

The market’s disproportionate reaction to 32 BTC reflects Strategy’s position as the symbol of corporate permanence in Bitcoin.

Since 2020, Michael Saylor has built that reputation into the company’s identity as an accumulator that never distributes and treats every dip as a buying opportunity. That positioning attracted a class of investors who used Strategy as a proxy for conviction that corporations would become structural Bitcoin buyers.

A single sale to meet a preferred-stock distribution obligation left the accumulation thesis intact mechanically, but it introduced a variable that Strategy has ongoing financial obligations, and Bitcoin is the only asset available to meet them.

The follow-on anxiety is rational, even if the immediate reaction was overblown, since Strategy carries debt and preferred stock obligations with fixed distributions.

If Bitcoin prices fall further, the spread between those obligations and the company’s ability to fund them through equity issuance or operating cash narrows.

The 32 BTC sale confirmed that the option to sell exists and that management will exercise it under sufficient financial stress.

Traders who built positions on the premise of a permanent buyer now have to price in an occasional seller, and that repricing does not require a large sale to begin.

The correction’s actual anatomy

Attributing Bitcoin’s more than 12% weekly decline solely to treasury selling misreads the flow data.
US-traded spot Bitcoin ETFs saw roughly $4.4 billion in outflows over the last 13 recorded trading days through June 3.

Those outflows dwarf Strategy’s $2.5 million sale and the combined $541 million in May treasury reductions by an order of magnitude.

Geopolitical tensions tied to Iran added a separate risk-off layer, and futures liquidations exceeding $90 million amplified whatever directional move was already underway.

Strategy’s disclosure entered that environment as a narrative accelerant, traders looking for a reason to reduce exposure found one, and the symbolic weight of Saylor selling gave the move a headline that stuck.

Standard Chartered’s Geoffrey Kendrick maintained a $100,000 year-end 2026 Bitcoin target after the decline, treating the drawdown as a positioning reset.

That framing holds as long as the ETF outflow cycle reverses and treasury-sector net accumulation continues, and gives way if Strategy or other debt-carrying treasury holders face sustained stress requiring liquidation at scale.

What the treasury model now has to prove

If the market absorbs that small tactical sales can fund obligations without ending the accumulation thesis, Strategy’s June 1 disclosure becomes a governance footnote.

Net treasury accumulation of 43,500 BTC in May, continued ETF inflows once the current outflow cycle exhausts itself, and Standard Chartered’s unchanged price target all support that reading.

Bitcoin stabilizes, Strategy’s premium to net asset value recovers, and the 32 BTC sale gets filed under balance-sheet housekeeping.

If investors reprice the treasury model instead, deciding that firms carrying debt and preferred obligations are conditional buyers, May becomes a template for repeated headline risk.

Every quarterly filing season, every preferred distribution date, every convertible-note maturity creates a window for another small sale that lands with outsized narrative force.

The price correction from that repricing would come from the erosion of the premium investors assigned to Strategy’s perpetual-accumulation posture.

Corporate Bitcoin treasuries built their market value partly on the promise of one-way buying, and the 32 BTC sale raised the question of how many times a permanent buyer can sell before the market stops treating it as permanent.

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