Your Weekly Deep Dive into The World of Crypto

June 10, 2026 · 5 Min Read

GM, Readers!

If last week felt like crypto stubbed its toe, this week was a full-body face-plant.

Bitcoin lost $12,000 in ten days. The ghost of Mt. Gox stirred for the first time in months, $1.1 billion in leveraged longs got vaporized in a single Friday session, and Strategy and BitMine were sitting on a combined $23 billion in paper losses by Saturday. The Fear & Greed Index hit 8, the lowest reading since the FTX collapse.

Crypto did not have a week. The week had crypto.

Let’s get into it...

On June 2 at 04:47 UTC, the Mt. Gox estate moved 10,422 BTC, worth about $739 million, in a single transaction. It was the largest move from the defunct estate in months, with 10,306 BTC going to a brand-new address.

The market did not wait to see if the coins ever touched an exchange order book. Within an hour of the headline, BTC fell from $71K to $69.9K. The trustee still controls 34,500 BTC ($2.13B), with a distribution deadline of October 31, 2026.

The ghost of Mt. Gox does not need to sell to move markets. It only needs to move.

June 5 was the kind of session that ends careers. BTC sliced through $63K on a hot May NFP print, and the leverage that had been quietly stacking finally found the floor. CoinDesk tracked $1.1 billion in liquidations over 24 hours, with longs accounting for 87% of the carnage.

For the full week, total BTC and ETH liquidations topped $2.2 billion. Forced selling does not need a reason. It just needs the wrong price.

By June 6, Lookonchain estimated that BitMine Immersion and Strategy were sitting on a combined $23.1 billion in paper losses on their ETH and BTC stacks (BitMine down roughly $10.4B, Strategy down $12.3B).

BitMine still holds about 5.42 million ETH, close to 4.5% of all circulating supply. Strategy holds 843,706 BTC after its first small sale since 2022. Both are betting the next leg up arrives before their preferred stock obligations roll over.

The 'corporate HODL' narrative just got its first stress test in 18 months.

Hyperliquid has spent 2026 being the one crypto venue that still feels like 2021. This week reminded everyone what 2021 also meant. A prominent perpetual whale on the exchange is sitting on more than $58 million in unrealized losses, flagged repeatedly by on-chain trackers as the broader market unwound through the week.

The position is large enough that traders have been openly debating in Discord whether a forced liquidation would compound the BTC and ETH selloffs already underway. Hyperliquid's fully on-chain order book is part of the appeal. It is also why this whale is now being watched in real time, like a slow-motion crash with a public dashboard.

Translation: The most degen exchange in crypto has its first nine-figure ghost. Whether it gets exorcised or sticks around through the next leg down is the trade everyone is staring at.

Investors face a dilemma. When the S&P 500 finished its worst quarter since 2022 last month, diversifiers like bonds and bitcoin fell too.

Even with the turnaround in mid-April, analysts at Goldman Sachs and Vanguard have projected low-single-digit annualized returns from 2024-2034.

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US spot Bitcoin ETFs broke their record 13-session outflow streak on June 5, taking in $3.05 million after $4.4 billion in redemptions since May 15. Spot Ether ETFs ended an even uglier 17-session streak the same day with $19.3 million of inflows. The worst single day was May 26 at -$733 million.

The relief was brief. BTC ETFs logged another $91 million in outflows on June 8 (now around $5 billion drained since May 15), while Ether ETFs flipped to an $82 million net inflow.

A streak break, not a clean reversal. The Ether rotation is the first 'maybe' signal the tape has thrown in three weeks.

That investor was wrong. Gamma is now worth $2B, with 50M users and more than half their growth driven by word of mouth.

They're one of 6 AI-native startups in HubSpot for Startups' free Bold Bets Playbook. Replit grew revenue 50x after half the team pushed back on the strategy. Ramp generated 100M+ views from a single stunt. Clay's co-founder wouldn't hang up a sales call until the prospect DMed him in Slack.

Each one took a GTM risk most founders would never greenlight. Each one paid off.

Get the free Bold Bets playbook

October 2021. The 'dog coin' craze was peaking. A new project called AnubisDAO showed up with an Egyptian dog-headed logo, anonymous developers, no website, and no whitepaper. It claimed to be a fork of OlympusDAO and used the Copper platform's Balancer liquidity bootstrapping pool.

Twenty hours and one Twitter influencer cycle later, AnubisDAO had attracted 13,556 ETH, worth about $60 million at the time. The pool was managed by a single developer.

At 11:58 UTC on October 29, all 13,556 ETH were drained from the liquidity pool into a new wallet. ANKH crashed to zero. Lead dev 'Beerus' claimed he had been phished. Other team members insisted it was an inside job. The US and Hong Kong police got involved. No one was ever arrested. The funds were never returned.

Lesson: 'No website, no whitepaper, send ETH' is somebody's strategy. Not yours.

Celsius Network's slogan was 'Unbank Yourself.' It marketed double-digit yields and 'safer than a bank' security to retail. At the 2021 peak, it managed $25 billion in customer assets. Then, in July 2022, withdrawals were frozen, and the company filed for Chapter 11.

In December 2024, Celsius founder and ex-CEO Alex Mashinsky pleaded guilty to two counts: commodities fraud and a scheme to manipulate the CEL token. Prosecutors said he personally pocketed about $48 million by quietly selling his own CEL while telling customers everything was fine.

On May 8, 2025, Judge John Koeltl of the SDNY sentenced him to 12 years. Defense asked for one. Prosecutors wanted twenty. Mashinsky is now serving his 120-and-144-month concurrent sentences at the minimum-security federal facility in Otisville, New York.

Translation: 'Banks are not your friend' became 'and neither am I.'

👉 Read the DOJ Press Release Here.

A week ago, it was 13%. After the slide to $61.5K and a still-tight macro tape, the bet has more than tripled. A soft CPI print on Wednesday is the most viable path back below 30%.

A soft print reopens the Fed rate-cut window. A hot print grinds the dollar higher. The crypto bid is downstream of this one number.

Hezbollah rejected the ceasefire on June 5. Tankers are rerouting. Oil is sticky near $99. Traders are pricing the next escalation rather than the next deal.

May CPI lands on Wednesday (June 10). 30-year Treasury auction on Thursday, June 11. Friday brings preliminary Michigan consumer sentiment. And every Mt. Gox transaction will be parsed like a coroner's report.