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TL;DR
- XRP on-chain map points to $0.51: Key support at $1.06 holds 830M+ coins; a breakdown targets $0.80, $0.62, and $0.51 where 1.06B XRP cost basis is concentrated.
- Dormant 2024 whale moves $2.5 million in SHIB: 600 billion tokens routed through OTC-linked smart contracts; over $20M moved via similar channels in the past month amid a 23% price drop.
- Singapore adds Hyperliquid to investor alert list: Project insists no rules were broken; Multicoin's Kyle Samani accuses the team of misrepresenting decentralization; Bitwise CEO backs its fundamentals.
- Bitcoin tests $58,000 as Q2 concludes: $900 million in liquidations, seven weeks of ETF outflows at $1.34B, hawkish Fed wipes out Q3 rate cut hopes.
On-chain roadmap plots XRP trajectory down to $0.51
As the crypto market tries to find solid ground, well-known analyst Ali Martinez shared fresh Glassnode on-chain data on XRP, clearly showing where buyers are hiding and what traders should prepare for. Through the URPD metric, or realized price distribution, he effectively drew a roadmap for the market that, in the event of a decline, leads straight to the $0.51 mark.
Right now, the coin is undergoing a tough strength test, attacking a major volume block at $1.06. Investors should watch this level closely: more than 830 million XRP changed hands there in the past, so this threshold may define the trend for the coming weeks. If it holds, XRP may move higher; a close below it would open the door to a prolonged correction.
If bears do manage to break through this defense, the transaction history chart points to three main zones where billion-scale volumes were previously accumulated and where the price is likely to be bought most aggressively:
- $0.80 — the first stop on the way down, where 923 million XRP was historically traded.
- $0.62 — the densest liquidity node, with an impressive turnover of 1.16 billion XRP.
- $0.51 — the final and strongest support target, which could become an ideal bottom. The cost basis of 1.06 billion coins is concentrated here, making this level a key reference point for smart money.
Bottom line: the blockchain shows a clear picture — major players have already marked their price interests with real capital. XRP's next move will depend on whether the market has enough liquidity to hold the current psychological barrier or whether a gradual descent toward long-term accumulation levels is ahead.
2024 whale awakens: $2.5 million in SHIB on the move
At the same time, on-chain monitoring recorded a large movement of funds on the Shiba Inu network. A major holder that had been inactive since 2024 transferred 600 billion SHIB tokens worth $2.51 million, as Arkham data indicates.
Behind this transfer is a chain of several addresses. The original wallet, "0x34596…", sent a tranche of 486.98 billion SHIB through an intermediate address to the "0x3Ece6…" hub, where the funds were merged with other flows and redirected to the final address, "0x9999f…". As a result, the recipient's balance accumulated more than $3.24 million in SHIB and stablecoins.
The transaction structure itself points to the involvement of large players rather than retail traders. The sending hub regularly processes billion-token blocks, from 113 billion to 1.25 trillion SHIB, through ForwarderV4 smart contracts. This node can be linked to the infrastructure of over-the-counter, or OTC, desks or market makers providing liquidity for Binance and OKX.
This transfer fits into the broader trend of large holders locking in positions. Over the past month alone, more than 3.8 trillion SHIB, or about $20 million, has been moved through similar on-chain channels. The capital movement is taking place against the backdrop of a local decline in the meme token's value: over the past 30 days, SHIB has lost about 23% of its value and is trading near $0.0000042.
The use of OTC channels allows large players to move volume without direct pressure on exchange order books. However, the trend of funds being moved out still forces the market to remain cautious.
Singapore takes aim at Hyperliquid
An even bigger surprise, however, was the decision by Singapore's regulator, MAS, to add the DeFi protocol Hyperliquid to its Investor Alert List, or IAL, which is designed to protect consumers from unlicensed entities.
The Hyperliquid team quickly clarified the situation and tried to calm the market. There is no panic, because inclusion on this list does not mean a ban, enforcement action, or identified violations. The project was originally created as open, permissionless infrastructure and never claimed to be authorized by MAS, so users still retain full self-custody, while all transactions continue to pass transparently through the blockchain as usual.
Moreover, Hyperliquid emphasized its willingness to work constructively with regulators around the world to help create clear rules for on-chain finance.
Nevertheless, the platform's public statement triggered criticism from professional market participants over its terminology. Well-known investor Kyle Samani of Multicoin sharply criticized the platform's statement and directly accused the team of gaslighting the industry.
According to him, Hyperliquid simply has no right to call itself "permissionless" while the project's source code is closed and its mainnet validators are physically located almost in the same building instead of being distributed around the world.
Against this wave of criticism, Bitwise CEO Hunter Horsley unexpectedly came to the defense of the protocol's business model, urging skeptics to look at the situation more broadly.
Horsley believes the era of tying value to the relative market capitalization of Bitcoin or Ethereum has passed. A new generation of platforms is emerging, where real products, revenue, fees, and the volume of tokens held by users matter. By these fundamental metrics, Hyperliquid has enormous value.
Crypto market outlook: Bitcoin holds the line at $58,000 as Q2 pressure peaks
Bitcoin is testing the psychological $58,000–$60,000 zone as the market remains overloaded with selling pressure. Quarter-end positioning, ETF loss-taking, and tough U.S. macro data have all converged. Excessive margin leverage has been washed out by a wave of liquidations, sentiment has moved into deep risk-off mode, but the technical removal of the derivatives overhang opens a window for stabilization.
Key checkpoints:
- Bitcoin price: Bitcoin is testing a local low at $58,100. The current spot range is trapped within a daily decline of 5.81%. A sustained move below $58,000 would open the way to a strong order block at $54,000.
- ETF outflows at $1.34 billion: Funds are recording their seventh week of net outflows. BlackRock's IBIT saw $265.2 million withdrawn in one day. The secondary hit is coming from Ethereum ETFs, which have been losing liquidity for six consecutive days, with $81.87 million in outflows as of June 25.
- Liquidations at $900 million: A cascade of forced long-position closures occurred as the price was squeezed toward $58,000. The derivatives market has been fully cleared of speculative leverage, and open interest has fallen to multi-month lows.
- Macro and PCE inflation: The U.S. Personal Consumption Expenditures index exceeded the Federal Reserve's 2% target. Hawkish rhetoric from the Fed's new leadership wiped out the chances of a rate cut in Q3, triggering a capital shift into U.S. Treasuries.
- $10.6 billion options expiry: Quarterly Deribit options expired today at 16:00 UTC+4. Around 80% of call positions expired out of the money, as the price remained far from the maximum pain point of $72,000. Market makers completed their hedging.
- MiCA on June 30: Four days remain before strict EU rules come into force. Binance is reducing operations in Greece and several eurozone countries. A local sell-off in altcoins and unauthorized stablecoins by European retail investors is being observed.
U.Today Editorial Team
Dan Burgin
