More than half of Bitcoin's circulating supply is now below its onchain cost basis, with the share in loss rising to 51.6% from 34% in about a month. The shift leaves the market nearly evenly split between coins held at a profit and those held at a loss, a setup the article notes has been uncommon in Bitcoin's historical record.

Hyperliquid’s portion of all exchange perpetuals trading volume climbed above 7% for the first time, reaching 7.6% as of June 8. The move came during a market drawdown, with total crypto market cap down nearly 26% year to date and Bitcoin touching $59k on June 5. HYPE fell roughly 10% after Arthur Hayes said he closed his entire HYPE position, even as Hyperliquid’s platform volume continued to rise.

Bitcoin fell more than 16% over the past week, dropping from around $76k to about $62k and leaving a larger share of holders underwater. The count of loss-making Bitcoin UTXOs rose above 165 million on June 2, while realized price near $53,500 is highlighted as a key level to watch.

Hyperliquid accounted for 50.8% of on-chain perpetuals volume on June 2 after handling $10.319 billion out of $20.306 billion across all chains. Solana ranked second with $5.307 billion, while Ethereum and Arbitrum each posted under $2 billion. The report also highlights HYPE trading above $72 with a market cap over $18 billion, alongside expectations that Grayscale’s HYPG staking ETF will start trading this week.

Solana ranked first across all chains for May app revenue at $90.62 million, while SOL still closed May with its eighth consecutive red monthly candle. The slide began in October with SOL around $220 and ended May near $82, as spot Solana ETFs posted $115.34 million in cumulative inflows without any outflow days during the month.

Prediction markets posted $28.4 billion in trading volume in May, setting a new monthly high. The figure exceeded January's prior record of $27.1 billion and extended a run of four straight months of rising activity. Kalshi led the month with $17.3 billion, ahead of Polymarket's $8.4 billion.

CME Group is moving its regulated crypto futures and options to continuous trading, going live at 4 P.M. Central Time on CME Globex and CME ClearPort. The rollout lines up with about $6.25 billion in Bitcoin options expiring on Deribit and comes as BTC has slipped below $73,000 this week. Trading becomes 24/7, while clearing and settlement remain on a Monday-to-Friday schedule.

BlackRock's iShares Bitcoin Trust (IBIT) recorded -$527.84 million in net outflows on Wednesday, marking its second-largest outflow day on record. Bitcoin spot ETFs have now logged eight straight days of cumulative net outflows, with the month-to-date total at -$2.07 billion at the time of writing. The pullback coincided with April PPI printing 6% year over year, which reduced June rate-cut odds and weighed on the rate-sensitive Bitcoin narrative.

On Tuesday night, President Donald Trump said in a Truth Social post that it is "critically important" for the CFTC to retain "exclusive authority" over prediction market platforms as state regulators intensify scrutiny. The agency is litigating against Wisconsin, Illinois, Arizona, Connecticut and New York, while Minnesota has moved to criminalize prediction markets and a multi-state attorneys general coalition has backed Massachusetts against Kalshi's sports contracts.