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BTC’s Rising Leverage Trades Show Signs of Stress, Galaxy Digital Says

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Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

Leverage in crypto markets is surging back to bull-market levels, even as last Thursday’s pullback reminded traders how quickly overextended bets can unwind.

Galaxy Research’s Q2 State of Crypto Leverage shows crypto-collateralized loans expanded 27% last quarter to $53.1 billion, the highest since early 2022, powered by record demand in DeFi lending and a renewed appetite for risk.

That backdrop set the stage for last week’s shakeout.

Bitcoin’s retreat from $124,000 to as low as $118,000 triggered more than $1 billion in liquidations across crypto derivatives, the largest long wipeout since early August. Analysts framed it as healthy profit-taking rather than the start of a reversal, but it underscored how fragile the market becomes when leverage builds this quickly.

Galaxy’s analysts argue that stress points are already visible.

In July, a wave of withdrawals on Aave pushed ETH borrowing rates above Ethereum’s staking yields, breaking the economics of the popular “looping” trade where staked ETH is used as collateral to borrow more ETH. The unwinding triggered a rush to exit staking positions, sending Ethereum’s Beacon Chain exit queue to a record 13 days.

Galaxy has also flagged that borrowing costs for USDC in the over-the-counter market have been climbing since July, even as on-chain lending rates remain flat.

The spread between the two has widened to its highest level since late 2024. That disconnect suggests demand for dollars off-chain is outpacing liquidity onchain, creating a mismatch that could amplify volatility if conditions tighten further.

With institutional demand and ETF inflows still supporting the bullish backdrop, strategists remain constructive on crypto.

But between ballooning loan volumes, concentration of lending power, DeFi liquidity crunches, and a widening gap between on-chain and off-chain dollar markets, the system is showing more points of stress, Galaxy writes.

Thursday’s $1B flush was a warning that the return of leverage is cutting both ways.

Market Movers

BTC: Volatility has plunged across markets ahead of Jerome Powell’s Jackson Hole speech, with traders betting on September rate cuts, but some warn complacency could mask risks as BTC trades at $118,061.51, up 0.44%.

ETH: A record $3.8B in Ether is queued for unstaking with a 15-day wait, adding potential profit-taking pressure even as ETF and treasury demand surges, with ETH trading at $4,524.10, up 2.13%.

Gold: Gold is trading at $3,332.95, down 0.11%, as hotter U.S. inflation data cut Fed rate-cut bets and left XAU/USD consolidating above key $3,310 support ahead of Powell’s Jackson Hole speech.

Elsewhere in Crypto

  • Stablecoin Boom Has Made Crypto Ramps ‘Sexier’ M&A Targets, Says VanEck VC (Decrypt)
  • Why Circle and Stripe (And Many Others) Are Launching Their Own Blockchains (CoinDesk)
  • Gemini Hires Goldmans, Citi, Morgan Stanley and Cantor as Lead Bookrunners For its IPO (CoinDesk)



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Are POL, XYZ, DOT setting up for their next price shift?
NFT Gaming

This rising memecoin has potential to100x sooner than a leading coin hits 6k

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

While eyes are on Ethereum, a rising memecoin shows breakout signs that could deliver bigger gains much sooner.

Summary

  • XYZVerse unites sports fans in crypto, presale surges with 100x potential.
  • The sports-backed memecoin targets mass adoption through partnerships.
  • XYZVerse presale nears $0.10 goal, offering early buyers massive upside.

A fast-rising memecoin has been drawing attention while many focus on Ethereum’s price path. The digital asset quietly outpaces bigger names and could offer much larger gains. 

Few have taken notice, but those watching closely see the early signs of a major run. This coin may break out long before Ethereum reaches its next big milestone.

From sports fans to crypto traders: Inside the rise of XYZVerse

XYZVerse, a new entrant in the memecoin market, is positioning itself at the intersection of sports fandom and digital assets. The project aims to unite communities of football, basketball, mixed martial arts, and gaming enthusiasts under its native token, XYZ.

The token launched at $0.0001 and has advanced to Stage 10 of its presale at $0.002. The final presale target is $0.10, giving early buyers access at up to a 99% discount. The presale’s rapid progression underscores growing retail interest in lower-cap, community-driven tokens.

Token structure and supply management

XYZVerse has allocated 15% of supply to liquidity and 10% to community rewards, including bonuses and airdrops. The project plans to burn 17.13% of tokens over time to reduce circulating supply, a move intended to support price stability and potential appreciation.

Partnership strategy and market reach

The team is pursuing collaborations with high-profile sports figures to broaden its audience beyond traditional crypto investors. The aim is to leverage sports celebrity endorsements to drive adoption and integrate non-crypto audiences into the token’s community.

Outlook

With momentum from its presale and a targeted marketing push via sports partnerships, XYZVerse is seeking to position itself as a crossover asset in both the entertainment and financial spheres. Execution on partnerships and liquidity deployment will be critical to sustaining post-launch performance.

Invest in $XYZ before it surges.

Ethereum

Source: TradingView

Ethereum has sprinted higher this spring. The coin is up 18.85% in the last 7 days, 48.11% over the past month, and 72.58% in 6 months. Today’s band sits between $3719 and $4557, a zone far above last winter lows. Bulls have shown steady control, yet the latest candle pauses just under the 10-day average.

Relative strength is neutral at 54.10 while stochastic heat flashes 90.15, hinting at a market that is warm but not boiling. The price now shadows the 100-day average at $4523, keeping the uptrend intact. First resistance stands at $4863; if buyers fade, the nearest cushion waits at $3187.

If ETH bursts through $4863, momentum could lift it toward $5701, adding about 20% above today and 28% above the current mid-range. Failure to clear that mark may invite a slide of near 30% back to $3187. Given the positive MACD of 0.3312 and the rising long-term trend, odds still lean toward a fresh push higher once the overheated oscillators cool.

Conclusion

ETH is good, but XYZVerse is the first sports memecoin, uniting fans across games, targeting a 100x surge with presale, community power, and GameFi roadmap that could outrun the cycle.

To learn more about XYZVerse, visit the website, Telegram, and Twitter.

Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.



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Trader makes $17M by betting against James Wynn's high-risk strategy 
GameFi Guides

Coinbase warns of forced crypto sales due to rising debt

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Coinbase is raising red flags about the financial health of publicly traded crypto vehicles, cautioning that debt-related obligations could soon force some firms to liquidate their crypto holdings. 

In a report from Coinbase, the firm emphasized concerns around refinancing risks and loan-to-value ratios, but said most large firms still have options to avoid liquidation.

“The risk of forced selling pressure arises because many of these PTCVs have issued convertible bonds to raise cheap money to buy various crypto assets,” the report read.

The report continued to say that if crypto prices fall and companies can’t refinance their debts, they may be forced to sell their crypto holdings, triggering broader market liquidations.

Coinbase highlighted that while loan-to-value ratios are manageable, the ability to refinance is crucial, and capital structures in private transit capital vehicles are inconsistent and hard to monitor.

Optimism due to corporate accumulation

Despite these risks, Coinbase remains cautiously optimistic, especially as corporate accumulation of crypto assets continues. The firm sees room for growth in the second half of 2025, as more traditional companies take interest in on-balance sheet crypto strategies.

On the regulatory front, Coinbase anticipates that 2H25 will be transformative for the U.S. digital asset industry. A shift away from “regulation by enforcement” under the previous administration has created momentum for new legislation. 

The STABLE and GENIUS Acts—pending in the Senate—could be reconciled into a single bill and signed by President Trump before the August 4 Congressional recess. These bills would introduce consumer protections, reserve rules, and AML compliance requirements for stablecoin issuers.

Coinbase also flagged the potential impact of the Digital Asset Market Clarity Act, which aims to define the regulatory roles of the SEC and CFTC. If passed, the bill could establish a dual framework for distinguishing between “digital commodities” and “investment contract assets.”

Meanwhile, the SEC is reviewing about 80 ETF applications, including multi-asset index funds, staking-enabled products, and single-name altcoin ETFs. Decisions on several proposals are expected between July and October.

Coinbase concluded that while forced selling and yield risks persist, Bitcoin (BTC) remains well-positioned and only select altcoins may outperform based on project-specific fundamentals.



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Dow drops 245 points as Fed minutes spooks Wall Street
GameFi Guides

Dow Jones snaps win streak as Fed Beige Book flags weak growth, rising costs

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U.S. stocks ended mixed Wednesday after a weak private payrolls report and a cautious economic outlook from the Fed’s Beige Book fueled concerns about growth, inflation, and tariffs.

The Dow Jones Industrial Average snapped a four day winning steak, closing lower by 91.90 points, or 0.22%. The S&P 500 was nearly flat, while the Nasdaq Composite gained 0.32% to end at 19,460.49.

Wednesday’s stock trading session sentiment was hit by a weaker-than-expected ADP employment report, which showed private payrolls rose by only 37,000 in May, notably below estimates. The reading comes ahead of Friday’s nonfarm payrolls data and may force the Federal Reserve to cut interest rates.

The yield on the 10-year Treasury dropped to 4.349%, its lowest since early May.

Fed’s Beige Book flags weakening growth, rising price pressures.

Further clouding the economic outlook, the Federal Reserve’s Beige Book, released on Wednesday morning, reported a “slight decline” in U.S. economic activity over the past six weeks. Hiring activity was mostly flat as business owners put off expansion plans due to elevated policy uncertainty from Washington and tariff-related cost pressures.

“All Districts reported elevated levels of economic and policy uncertainty,” the Fed noted. The report also cited “widespread reports of contacts expecting costs and prices to rise at a faster rate going forward.”

Tariffs were mentioned 122 times in the Beige Book, up from 107 in April.

Businesses across multiple regions, including New York and Philadelphia, reported rising input costs. Some firms are expecting reduced profit margins or passing along some additional cost to consumers to manage input spikes.

Boston, New York, and Philadelphia saw declines in activity. However, regions like Richmond, Atlanta, and Chicago reported modest growth. Overall, the Fed found that even in stronger districts, hiring activity was cautious.



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Xrp Is The Solution Rising Us Debt Black Swan Capitalist (1)
Crypto Trends

XRP is the Solution to Rising US Debt: Black Swan Capitalist

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As the US debt continues to grow at an alarming rate, reaching $36 trillion, some experts are looking for innovative ways to stabilize the financial system. Versan Aljarrah, the founder of Black Swan Capitalist, believes XRP could be the answer.

In the recent post on X, he suggests that the current debt-based system needs a fresh foundation, “you need a new anchor” to reset it without causing global financial panic. 

If you want to reset a debt-based system without triggering global panic, you need a new anchor. And gold, repriced and tokenized, is that anchor.

The Treasury can tokenize debt with RLUSD peg it to gold and use #XRP to bridge it globally. pic.twitter.com/xzvymglLYQ

— Versan | Black Swan Capitalist (@VersanAljarrah) June 4, 2025

According to him, tokenizing gold and linking it with Ripple’s RLUSD stablecoin can provide this anchor. By tying debt to a gold-backed digital currency and utilizing XRP as a global bridge for transactions, governments would be able to control debt better and more transparently. 

For context, the United States has $36.2 trillion in its national debt, which represents 122% of the country’s annual economic output or gross domestic product (GDP).  This amount is growing by about $1 trillion every three months.

The rising debt situation could lead to higher taxes and interest rates, making life more expensive for average Americans. Hence, people are resorting to crypto for a hedge against such a crisis, with XRP, RLUSD, and Bitcoin (BTC) stealing the spotlight.

Meanwhile, it’s worth noting that real-world asset (RWA) tokenization is a rapidly growing market. According to RWA.xyz’s figures, the on-chain value has increased by 10.49% in just the last 30 days to $22.11 billion. The overall value, including stablecoins, is $30 billion. There are 189 issuers and over 100,000 asset holders on the platform. The value of stablecoins alone is an astounding $232.08 billion.

Underpinning this vision, Ripple’s RLUSD stablecoin has just been approved by the Dubai Financial Services Authority (DFSA), enabling it to be used in the Dubai International Financial Centre.

Also Read: Ripple’s XRP Ledger Enrolls Major Upgrade for RLUSD, Memecoins





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Golden Cross could ignite rally to $4,000
GameFi Guides

Ethereum reclaims $2.7K amid rising institutional interest

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Ethereum has crossed $2,700 for the first time since February, rising nearly 5% over the past 24 hours to trade at $2,736 at press time. 

The move extends its impressive recovery, with Ethereum (ETH) now up 53% over the past month after a rough Q1 that saw prices drop more than 45%. A major driver behind the rally appears to be growing institutional interest. 

U.S. spot Ethereum exchange-traded funds have attracted $402 million in inflows over the past month, according to SoSoValue data. BlackRock’s iShares Ethereum Trust alone brought in $53 million in the past 24 hours, pushing its cumulative inflows to $4.3 billion.

Some industry leaders are now pushing for the U.S. Securities and Exchange Commission to approve staking for Ethereum ETFs. SEC Commissioner Hester Peirce recently clarified that Ethereum’s proof-of-stake functions, such as node operations and validation, are not considered securities. If ETF staking requests from companies like 21Shares are approved, more inflows could follow.

The trend is further highlighted by the large-scale ETH purchases made by institutions. Over 350,000 Ethereum, worth about $837 million, were purchased by Abraxas Capital between May 7 and May 21. In addition, the company pulled 185,000 ETH from exchanges during a 44% price increase at the beginning of May, demonstrating long-term conviction.

Earlier in April, trading firm DRW also made headlines for investing $150 million in an Ethereum ETF, surpassing its exposure to Bitcoin (BTC). In another sign of growing adoption, online gambling firm SharpLink Gaming raised $425 million on May 27, led by ConsenSys, to establish an Ethereum treasury. The news sent its stock soaring 400%, and Ethereum co-founder Joseph Lubin joined the company’s board.

On the daily chart, Ethereum is currently displaying bullish momentum as it tests the upper Bollinger Band. The price is still above the $2,573 20-day simple moving average, which has served as a crucial support level for the rally. ETH is forming a rising wedge pattern, which could indicate continuation if it breaks above the $2,800 resistance. 

ETH price analysis. Credit: crypto.news

The 50-day and 100-day EMAs, as well as the majority of other significant moving averages, are flashing buy signals. The relative strength index, which is at 71.5, indicates that ETH may be approaching overbought territory. A brief pause or pullback may result from this, particularly as the market gets closer to the psychological $2,800 and $3,000 levels. 

Ethereum may retest support at $2,650 or the 20-day SMA at $2,573 if it is unable to maintain above $2,700. However, a breakout above $2,800 could result in $2,900 and higher if momentum continues.



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