June swoon
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 4th June 2026.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Readying For A Rocket Ride
SpaceX IPO enthusiasm seems to have taken over the market although there’s still room for AI, meme and DeFi hype, provided, that is, these trends all intertwine via one controversial token: SIREN.
Streaking into the Top 100 on a dismal day for most other coins, SIREN has spiked more than 30% in 24 hours to reach roughly $0.80. Siren is a trading platform that features animated, fantasy-world-style AI agents. As usual with the platform’s native token, there’s some circulating suspicion that a few large wallets are engaging in manipulative behavior. Back in March, SIREN pumped from $0.50 to $3.50. By early April, though, it had fallen to $0.15.
Meanwhile, Reuters reported that SpaceX’s IPO will take place June 12. Factoring in an estimated per-share price of $135, the aerospace company’s debut stands to make Elon Musk the first-ever trillionaire. Just in time for this event, Coinbase is launching a new type of product: a perpetual futures contract for pre-IPO companies. And naturally, the first pre-IPO “perp” to be traded on the platform is going to be SpaceX. (Decrypt)
What's down
Bitcoin Slide Steepens
Bitcoin plunged to as low as $61,500 last night, its lowest level since February. BTC has lost 21% in the past 30 days.
Yesterday, U.S.-listed spot BTC ETFs saw net outflows of nearly $400M, according to Cointelegraph. That marks 13 straight trading days in which flows were net negative. Some $4.4B has left this cadre of funds during this stretch.
Positive BTC catalysts are in short supply. Institutional demand seems to be waning, or at least that’s what fund flows seem to suggest. Capital is rotating into AI, analysts told CoinDesk.
What's next
Searching For Signs Of A Bottom
Bitcoin hasn’t sported a $50K handle since September of 2024 but now that spot price mark is being eyed as “a bottom this year," said Paul Howard, senior director at Wincet, a liquidity provider, in an email to CoinDesk.
Today, traders are keeping a close watch on $60K. There’s support there, seemingly. BTC’s early-February swoon saw prices nearly test that level before the sell-off abated.
Somehow $60K doesn't feel like a bottom. Traders on prediction market platform Kalshi have assigned a 1-in-5 chance to the notion that the largest crypto will stay above $60K in 2026.
Standard Chartered’s Geoff Kendrick has a somewhat comforting take: “The low is almost in.”
His “best to hang tough” case rests on three contingencies: Michael Saylor's Strategy resumes buying; ETFs remain sneakily sturdy (on a cumulative net flow basis); and leveraged long liquidation activity crescendos.
"I think when we look back at the end of 2026 with BTC at $100K we will say this was the buying zone we all wanted," Kendrick said.
