Trading

On Tuesday, XRP slid to around $1.35, its lowest level since late April, after failing to hold a breakout above $1.50 that briefly reached $1.54 last Thursday. Analysts are watching whether the token can reclaim key weekly EMA levels at $1.50 and $1.80, or if weakness below the $1.29–$1.50 range could put the $1.00 area back in play.

Ethereum trader sentiment has turned notably bearish, with a Binance taker buy/sell ratio reading of 0.91 and returning to levels last seen in September 2023. ETH was down 8% over the past seven days and slipped to a six-week low just under $2,100 in late trading on Tuesday, with traders watching $2,000 as the next support.

Japan's SBI Holdings is reportedly working on Bitcoin and XRP ETF proposals for the Tokyo Stock Exchange, pending regulatory approval. Separately, Binance flow data over the last 7 days showed XRP withdrawals at 51.5% versus deposits at 48.4%, as XRP traded around $1.37 after pulling back from the $1.50 area.

NEAR Protocol (NEAR) was up 11% over the past day at press time, as derivatives positioning and on-chain activity strengthened. Open Interest climbed about 20% in 24 hours to $300 million, including $60 million in newly opened leveraged positions, while spot net inflows totaled $454,000 in the same window. On the network side, holder count reached 11,720 and monthly transactions were reported near 209 million, with 87 million labeled private transactions.

USDC deposits to centralized exchanges climbed to $350 million following Bitcoin's pullback below $77,000, a move some interpret as potential dip-buying activity. The inflow spike coincided with BTC sliding to around $76,800, while stablecoin market capitalization was reported at $323.1 billion.

Injective (INJ) bounced after defending $4.5, rallying to $5.4 before pulling back to around $5.01, a daily gain of 8%. Trading volume rose 113% to $169 million alongside a 17% increase in open interest to $103 million, though spot and futures flows point to continued profit-taking and active selling.

CME Group and Nasdaq plan to roll out the Nasdaq CME Crypto Index Futures on June 8, with XRP included in the index basket. The cash-settled, market-cap-weighted contract is designed to provide institutional investors regulated exposure to multiple digital assets through a single futures product.

Bitcoin fell 5.15% from $81k to $76.9k since Friday, 15 May, with data pointing to heavy short-term holder capitulation. Metrics cited include roughly 15,000 BTC sold at a loss versus 112 BTC of profit-taking over the prior 24 hours, while a break below $74,937 could turn the 4-hour structure bearish. Analysts say a move above $78.2k, steadier spot ETF inflows, and stronger derivatives activity would be needed to improve the setup.

Bitcoin moved between $76,200 and $77,245 on Tuesday before settling around $76,750, up 0.7% on the day but down nearly 5% over seven days. Coinglass data showed $37.6 million in leveraged positions were liquidated, including $17.3 million in long bets, as broader market sentiment softened amid renewed U.S.-Iran tensions.

Wintermute said a recent Bitcoin move higher was largely powered by leverage and short covering, not strong spot buying, and that renewed macro worries are now weighing on digital assets. Bitcoin fell 5.7% for the week after briefly trading above $82,000, while Ethereum dropped more than 10%, alongside nearly $657 million in liquidations over the weekend.