The largest cryptocurrency began the week with a break of the $70,000 level<\/a>. Key pressures included an escalation of tensions between the US and Iran and a partial reserve sale by Strategy.<\/p>\n Prices extended their decline<\/a> and on the evening of June 5 slid below $60,000.<\/p>\n A subsequent bounce took the rate back above $62,000, where it\u2019s trying to hold.<\/p>\n Bitcoin fell 15.4% over the week.<\/p>\n Some major altcoins dropped even more. Solana declined 20.5%, Ethereum fell 18.6%, and BNB lost 18%. The Hyperliquid<\/a> token ended its rally and slid 13.5% for the period, but held ninth by market cap as Dogecoin fell 15.2%.<\/p>\n Spot bitcoin-ETF<\/a> products continued to see outflows for a fourth straight week. The tally reached $1.72 billion.<\/p>\n In the prior three weeks, outflows steadily increased: $1 billion, $1.26 billion and $1.42 billion, respectively.<\/p>\n Ethereum funds also turned negative, losing $168.2 million. However, the pace of outflows isn\u2019t accelerating: the previous weeks saw $255 million, $216 million and $241.4 million.<\/p>\n The crypto Fear and Greed Index<\/a> predictably plunged from 28 to 12, deep in \u201cextreme fear.\u201d<\/p>\n Total market capitalization fell to $2.14 trillion \u2014 roughly 17%. Bitcoin dominance slipped from 59.3% to 58%. Ethereum\u2019s share fell to 9.2%.<\/p>\n The digital-asset industry is experiencing<\/a> its toughest downturn in aggregate. According to Bloomberg Odd Lots hosts Joe Weisenthal and Tracy Alloway, the current period is defined not just by falling prices but by a \u201closs of faith\u201d and a systemic crisis of ideas.<\/p>\n Weisenthal noted that Bitcoin has seen deeper drawdowns before, but the present environment is marked by investor demoralization. Among the key reasons, they cited:<\/p>\n The situation is compounded by an \u201cidentity crisis\u201d amid a lack of fresh growth drivers. Even the launches of powerful models like Claude 4.6 from Anthropic and GPT-5.3 from OpenAI are grabbing the spotlight, leaving crypto in the shadow of broader tech progress.<\/p>\n The Bank of Russia doesn\u2019t plan to expand the list of cryptocurrencies available to non-qualified investors or raise investment limits after new rules take effect, First Deputy Governor Vladimir Chistyukhin said<\/a>.<\/p>\n At the initial stage, only three of the most liquid assets will be available to non-qualified investors: Bitcoin, Ethereum and USDT, he said.<\/p>\n He noted that an amendment for the second reading gives the central bank the right to expand the list, but the regulator doesn\u2019t intend to use that option at first.<\/p>\n The central bank still considers cryptocurrencies high-risk \u2014 with high volatility and a risk of being blocked. Under such conditions, Chistyukhin stressed, investments in crypto by non-qualified investors \u201cshould not be a priority.\u201d The limit for this category will also remain unchanged \u2014 300,000 rubles via a single professional intermediary.<\/p>\n Ethereum co-founder Vitalik Buterin unveiled<\/a> a concept for recreating synthetic assets using options instead of traditional debt positions.<\/p>\n He argues the approach removes forced liquidations and reduces reliance on high-speed oracles.<\/p>\n The developer said current DeFi models are vulnerable during sharp market drawdowns. Using collateralized debt leads to cascading liquidations that exert excessive stress on the network and prices.<\/p>\n The proposed scheme relies on a pair of assets (P and N) with a strike price S and maturity date M. They are issued by splitting 1 ETH and can be redeemed at any time. At expiration, an oracle records the index value and funds are allocated between P and N holders.<\/p>\n To maintain a stable exposure (for example, a dollar peg), Buterin suggested using deep in-the-money options with regular automatic rebalancing via a DAO<\/a> or local scripts.<\/p>\n Also on ForkLog:<\/strong> <\/p>\n Nearly nine years after the failed ICO<\/a> of HongCoin, a white-hat hacker using the pseudonym Florent unlocked<\/a> 1,003.62 ETH (about $2 million).<\/p>\n The funds were stuck in the HONG smart contract deployed on August 29, 2016. The sale didn\u2019t meet its minimum target, so investors were supposed to be refunded automatically. But a critical bug in the refund function froze the coins.<\/p>\n The mechanism rejected user requests if their balance exceeded the value of a global counter.<\/p>\n Florent found a vulnerability in an administrative function of the contract, written in Solidity v0.3.5. Older versions of the language lacked protection against integer overflow. The hacker discovered that a specific function call could zero out an address balance, allowing the check to pass.<\/p>\n Because admin access was gated by the HongCoin team\u2019s multisig, the researcher contacted the developers. Together they executed 41 transactions to unlock addresses for 48 investors.<\/p>\n We examined<\/a> why, with digital transformation and AI development, the internet is ceasing to be a space for people \u2014 and whether the \u201ccozy\u201d Web 1.0 can be a form of resistance.<\/p>\n We explored<\/a> the surge in popularity of perpetual contracts and answered why these instruments can turn the market into a casino.<\/p>\n![\"image\"](\"https:\/\/forklog.com\/wp-content\/uploads\/img-1eda21626ef2f9b3-6445848907411628.webp\")
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Bloomberg hosts forecast the \u201ccoldest\u201d crypto winter on record<\/h2>\n
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What to discuss with friends?<\/strong><\/h2>\n
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Bank of Russia will allow non-qualified investors access only to BTC, ETH and USDT<\/h2>\n
Vitalik Buterin outlined a crash-resilient synthetic-assets model<\/h2>\n
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White-hat hacker unlocked $2 million from a 2016 smart contract<\/h2>\n
What else to read?<\/strong><\/h2>\n