Bitcoin's selloff extended into a 12-week low, with BTC briefly reaching about $67,500 before recovering toward $69,800; it was $68,314 at the observation point, down 4.3% over 24 hours. Reported liquidations included $870 million in bullish bets and $798 million in crypto positions over four hours, of which $718.5 million were longs, while ether traded at $1,932.28, down 4.2%. Reports cited weakening demand, thin liquidity and ETF withdrawals alongside concern over interest-rate expectations, although the relative contribution of each factor cannot be established from the available data.
The move demonstrates how leveraged derivatives remain capable of amplifying a spot-market decline when liquidity thins, raising the near-term importance of collateral management and hedging costs for treasury companies and leveraged holders. Bitcoin was headed for a sixth weekly loss and was down 22% in 2026, but liquidation figures do not distinguish forced deleveraging from durable selling, and neither ETF flows nor macro conditions alone can determine the next price direction.
Coinbase received final OCC clearance for its US trust company, completing the process that had received conditional approval in April. The charter places its custody business within a federal framework but does not authorize commercial banking activities, making the change principally relevant to institutional safekeeping rather than deposits, lending or stablecoin issuance. It may lower a regulatory-friction point for institutions selecting US crypto custodians, though the practical effect will depend on the firm's rollout and customer adoption.
US authorities obtained court authority to seize $1.2 billion tied to a North Korea-linked Binance hack, after freezing more than $2.7 billion in associated proceeds, according to reports. Separately, authorities described a FaceStealer social-engineering operation that allegedly stole more than $400 million over 18 months. The action shows that large-scale tracing and restraint can reach illicit onchain assets, but seizure authority and frozen balances do not establish the timing or extent of victim restitution.