Cryptocurrency markets started June with a decline. The continuation of mutual attacks between the USA and Iran and the failure of peace talks to reduce tension in the region suppressed risk appetite. While the CoinDesk 20 Index has decreased by 2 percent since the first hours of the day, bitcoin and ether have lost approximately 1 percent of their value.
First appearance on the market
While Bitcoin is trading at $72,700, it has remained in the negative zone for six of the last seven days. The asset, which decreased by 3.5 percent in May, normally rose by an average of 7.4 percent in the same period, according to Coinglass data. Spot bitcoin ETFs experienced a total fund outflow of $2.97 billion, with net outflows lasting 10 consecutive days.
The decentralized finance-focused CoinDesk DeFi Select Index was also among the weakest performing indicators of the day, falling 2.6 percent. While all six assets in the index declined, Ondo Finance’s ONDO token lost 2.8 percent. The token fell a total of 17 percent after the unexpected death of its founder, Nathan Allman, last week.
In contrast, Hyperliquid’s HYPE token stood out. The asset rose 1.26 percent on the day, reaching a new high of $73.94 with a five-day breakout streak. It was reported that this rise was due to the capital entering into new token-based ETFs that started trading last month.
Limited optimism in derivatives markets
A more balanced picture was observed in US stock index futures. S&P 500 and Nasdaq 100 micro futures contracts rose about 0.2 percent. While Bitcoin open position size was at $19.5 billion, this figure remained largely flat compared to last week.
Funding rates remained positive between 0 percent and 10 percent on an annualized basis across various platforms. The three-month annualized base difference increased from 2.2 percent last week to 2.8 percent. On the options side, the outlook remained limitedly upward. In the last 24 hours, put and call volume was in favor of calls, with 61 percent against 39 percent.
According to Coinglass data, a total of $282 million in liquidations took place in the last 24 hours. The distribution of this amount was approximately 60 to 40 between long and short positions; The highest nominal liquidation was seen on the ETH side with 59 million dollars and BTC with 48 million dollars.
The same data showed that the $72,280 level on the Binance liquidation heat map is one of the key thresholds to watch on the downside for bitcoin. The increase in short-term implied volatility from multi-month lows to 37 levels indicated that the recently stuck price movement may begin to unravel.
XLM rose sharply
The most notable movement of the day was seen in Stellar’s XLM token. XLM increased by 40.4 percent in the last 24 hours to $ 0.2862 and its market value moved over $ 9.6 billion. This jump follows a May 27 announcement that Wall Street’s central clearing house, DTCC, will connect its tokenized securities platform to the Stellar network in the first half of 2027.
Stellar is an open-source blockchain network developed specifically for cross-border payments and asset transfers. DTCC is known as one of the institutions that plays a critical role in the clearing and custody infrastructure of the US financial system and manages very large-scale securities transactions.
Mini dictionary: DTCC is the infrastructure organization that plays a central role in clearing, settlement and custody processes in the US capital markets. Tokenization means creating a digital representation of traditional assets such as stocks, bonds or treasury securities on the blockchain. Multi-chain tokenization strategy refers to designing these assets to be able to run on more than one blockchain network.
With the agreement, Stellar becomes the first public blockchain selected in DTCC’s multi-chain tokenization strategy. According to Coinglass data, the open position size in XLM perpetual futures increased by 10.9 percent, reaching approximately $361 million. Daily spot transaction volume also increased by approximately 34 percent to 2.3 billion dollars. This chart indicated that the movement was fueled directly by demand, not low liquidity.
The price action has also broken out of the descending channel that has been suppressing the token since late last year. It was seen that the rise started from the long-term support around $0.14 and broke through the resistances at $0.20 and $0.26. Considering that DTCC oversees more than $114 trillion in assets and processes approximately $2.5 quadrillion of securities transactions annually, this election could be a significant step in moving tokenized stocks, ETFs and U.S. Treasury securities to the public blockchain.
