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    Kraken Brings Perpetual Futures Onshore With CFTC-Regulated U.S. Launch – NFT Plazas

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    Kraken Brings Perpetual Futures Onshore With CFTC-Regulated U.S. Launch – NFT Plazas


    Kraken has switched on perpetual futures trading for eligible U.S. customers, delivering one of crypto’s most widely used derivatives products through a domestically regulated venue for the first time at meaningful scale. The launch, announced Monday via the Kraken blog, marks a turning point in a years-long effort to bring the offshore perps market back onshore.

    What Are Perpetual Futures — and Why Do They Matter?

    Perpetual futures, universally known in the industry as “perps,” are derivative contracts that let traders take leveraged long or short positions on assets such as Bitcoin (BTC) or Ethereum (ETH) without actually owning them. Unlike traditional futures, positions can remain open indefinitely as long as margin requirements are met. The mechanism that keeps the contract price anchored to the underlying asset is a funding rate: every eight hours, a payment is exchanged between long and short position holders depending on whether the perpetual price is trading above or below spot.

    The product’s flexibility has made it the engine of global crypto trading. Industry data shows perpetual contracts accounted for $61.7 trillion in trading volume during 2025, making up the majority of activity across the sector. For years, nearly all of that volume flowed through offshore exchanges beyond U.S. regulatory reach, leaving American traders with limited compliant options.

    The Bitnomial Backbone

    The launch rests on Bitnomial, which holds the full stack of U.S. derivatives licenses — exchange, clearinghouse, and brokerage. Payward closed the Bitnomial acquisition in May 2026, one year after completing its purchase of NinjaTrader in May 2025. Those two acquisitions gave Kraken the regulated infrastructure needed to offer perpetuals within a domestic venue.

    The Bitnomial deal is valued at up to $550 million, with its regulatory footprint seen as a key strategic factor. Perps on Kraken Pro are offered through NinjaTrader Clearing, LLC — now operating as Kraken Derivatives US — which is registered with the CFTC as a Futures Commission Merchant.

    Perpetual contracts sit in the same futures wallet as Kraken’s existing CME-listed products, so traders can manage both types of positions with the same funds. Payward and Kraken co-CEO Arjun Sethi said the goal was straightforward: “Spot, margin, futures, and now perpetuals all live in the same account at Kraken.”

    US perpetual futures are live on Kraken Pro

    US perpetual futures are live on Kraken Pro

    A Shifting Regulatory Landscape

    The launch did not happen in a vacuum. In May 2026, the CFTC approved Kalshi’s Bitcoin perpetual contract and issued guidance that also cleared a path for Coinbase to connect U.S. customers to global options and perpetual markets. Kalshi’s own perps debut earlier this month generated more than $1 billion in volume within a week, signaling strong pent-up domestic demand.

    Late Friday, the CFTC went a step further, issuing a no-action letter that allows regulated exchanges to convert expiring futures contracts into true perpetuals, provided they meet customer protection conditions. That letter is set to expire at the end of June, making the timing of Kraken’s rollout particularly well-placed.

    CFTC Chair Mike Selig also moved this week to address skepticism about whether perps are legally permissible under the Commodity Exchange Act. Selig rejected the claim that perpetual futures conflict with the Commodity Exchange Act because they do not expire, arguing that neither the Act nor the agency’s regulations explicitly define “futures contract” or require a fixed expiration or delivery date.

    A Shifting Regulatory LandscapeA Shifting Regulatory Landscape

    A Shifting Regulatory Landscape

    What’s Available at Launch

    At launch, contracts cover major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, Dogecoin, Litecoin, and Avalanche. Kraken said it plans to expand both the range of contracts and collateral options over time.

    Darius Tabatabai, Head of Kraken Pro, said the integrated setup changes how U.S. clients can build and manage positions: “Perpetuals, spot, margin and CME-listed futures now sit on one interface.” He credited Bitnomial’s regulatory infrastructure for enabling the rapid rollout.

    Who Comes Next?

    Kraken’s head of derivatives John Palmer suggested the adoption curve could mirror what happened with spot Bitcoin ETFs — sophisticated traders and proprietary desks entering first, followed by investment advisers and asset managers once they complete compliance reviews.

    The launch marks one of the first opportunities for eligible U.S. traders to access perpetual futures through a CFTC-regulated venue, a market that has historically been dominated by offshore exchanges. Platforms like Hyperliquid have built substantial followings by serving the professional trader segment that found no regulated domestic alternative. That dynamic may now begin to shift.

    For U.S. crypto traders, the calculus is simple: a product that drove more than $60 trillion in global volume last year can now be accessed without routing capital offshore, without counterparty risk on an unregulated venue, and — critically — within a single account that already holds their spot and futures positions.



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    Pudgy Penguins NFT Game ‘Pudgy Party’ Shuts Down Less Than a Year After Launch – NFT Plazas

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    Pudgy Penguins NFT Game ‘Pudgy Party’ Shuts Down Less Than a Year After Launch – NFT Plazas


    Pudgy Penguins has pulled the plug on Pudgy Party, its mobile battle royale game co-developed with Mythical Games, less than a year after its global debut. The official shutdown was announced on June 12 via the game’s X account, @PlayPudgyParty, triggering an immediate wave of community backlash as hundreds of replies and quote tweets flooded the post within hours. The game has since been removed from both the iOS App Store and the Google Play Store.

    Pudgy Penguins Ends Pudgy Party Game Development

    Pudgy Penguins Ends Pudgy Party Game Development

    From Times Square to Takedown

    When Pudgy Party launched in August 2025, it offered fast-paced mini-games, customizable avatars, and collectible NFT items, backed by support from Mythical Games — the studio behind FIFA Rivals and NFL Rivals. The launch was so heavily publicized that it included a Times Square promotional event in September 2025.

    The game showed strong early momentum: shortly after launch, it ranked No. 1 on Apple’s App Store download chart, surpassed 1 million cumulative downloads, and cultivated a solid daily active user community. With its approachable design and optional NFT trading mechanics, Pudgy Party was even named the 2025 Game of the Year by Decrypt’s GG editorial team.

    Despite the strong launch metrics, the outlook behind the scenes told a different story. CEO Luca Netz reportedly told community members on a call that the company had lost millions of dollars trying to sustain the project. A Pudgy Penguins spokesperson confirmed the accuracy of that statement.

    Pudgy Penguins’ 8,888-piece NFT collection has a 4.54 ETH floor price and 5,100 unique holders (Source: OpenSea)Pudgy Penguins’ 8,888-piece NFT collection has a 4.54 ETH floor price and 5,100 unique holders (Source: OpenSea)

    Pudgy Penguins’ 8,888-piece NFT collection has a 4.54 ETH floor price and 5,100 unique holders (Source: OpenSea)

    Pivoting to Pudgy World

    The team’s stated rationale for the shutdown centers on a strategic consolidation of gaming resources. Pudgy Penguins said Pudgy World is on a completely different trajectory in terms of scalability, storytelling potential, and its ability to attract users into the broader Pudgy ecosystem — and that the platform is on track to surpass Pudgy Party’s milestones.

    Pudgy World launched in March 2026 as a free browser-based game featuring 12 towns, plot-driven quests, and mini-games. The team describes it as the “coziest place on the internet” — a casual social hangout space that has drawn comparisons to the classic Club Penguin. In-game items can be minted as NFTs on Abstract, an Ethereum Layer-2 network built by Pudgy Penguins’ parent company.

    “Pudgy World continues to grow rapidly, delivers one of the most fun and novel web experiences out there, and being wholly ours, has everything we need to make it the flagship gaming product of the Pudgy Penguins universe,” the team wrote in their announcement.

    The phrase “being wholly ours” is notable. Unlike Pudgy Party, which was co-developed with an external studio, Pudgy World is entirely in-house — giving the team full control over the product roadmap, revenue model, and branding.

    Community Backlash and Legal Headwinds

    The decision has generated serious resistance from fans who feel that time and money invested in Pudgy Party since its August 2025 launch have been effectively wasted. The shutdown also arrives at a turbulent moment for the broader Pudgy Penguins brand. In March 2026, PEI Licensing — the parent company of the “Original Penguin” apparel brand, which has operated since 1955 — filed a federal trademark infringement lawsuit in Florida, alleging that Pudgy Penguins’ penguin-themed branding and merchandise was confusing consumers and diluting the value of its own brand.

    Details regarding a formal server shutdown timeline for Pudgy Party or a transition plan for existing players have not yet been disclosed.

    A Widening Crisis in Blockchain Gaming

    Pudgy Party’s closure is far from an isolated case. The game joins a growing list of prominent blockchain-powered titles that have shut down or ceased development in 2025 and 2026, including Deadrop, Nyan Heroes, and MetalCore, with many developers citing falling player interest and an inability to secure further funding.

    On Sunday, the developers of Fishing Frenzy — a crypto game running on the Ethereum-based gaming network Ronin — also announced that the game would go offline on June 25. “Despite our best efforts, we were ultimately unable to prove our thesis on crypto gaming and could not find product-market-business fit,” the team wrote on X.

    Web3 gaming has been a brutal space — projects launch with big promises, burn through runway, then quietly fold or pivot. Getting players to actually spend money inside a Web3 game remains one of the sector’s most persistent unsolved problems.

    PENGU Ticks Up Despite the News

    The Pudgy Penguins token PENGU climbed more than 10% on the day of the announcement, reaching around $0.0072, amid a broader market rebound — though it remains down nearly 15% over the past month. NFT market capitalization for the Pudgy Penguins collection also rose from roughly $1.3 billion to nearly $1.5 billion in the days following the announcement, suggesting some investors interpreted the strategic consolidation as a net positive for the brand’s long-term direction.

    Whether Pudgy World can succeed where Pudgy Party fell short remains to be seen. But the broader message from Pudgy Penguins is clear: in an environment where blockchain gaming projects are folding at an accelerating pace, the team is betting that a single, fully owned platform is more sustainable than a fragmented, externally co-developed portfolio.



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    Philippines Central Bank Bans Privacy Coins Under New Crypto Rules – NFT Plazas Philippines Central Bank Bans Privacy Coins Under New Crypto Rules

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    Philippines Central Bank Bans Privacy Coins Under New Crypto Rules – NFT Plazas Philippines Central Bank Bans Privacy Coins Under New Crypto Rules


    The Bangko Sentral ng Ngipinas (BSP) is tightening oversight of licensed virtual asset service providers that support privacy coins under a new set of crypto regulations, aiming to mitigate the risks of money laundering, terrorist financing, and untraceable transactions.

    The move applies to Virtual Asset Service Providers (VASPs) supervised by the BSP, marking the next step in the Philippines’ efforts to bring the digital asset market under the same regulatory standards as remittance and cross-border payment services.

    Privacy Coins Face New Limits

    The Philippines is tightening control over highly anonymous digital assets, with privacy coins becoming the most scrutinized group due to the difficulty of meeting regulators’ requirements for identity verification and transaction monitoring. For BSP-licensed VASPs, the risk lies in the fact that these tokens can conceal the sender, recipient, transaction value, or remittance history.

    The mentioned group of privacy coins includes Monero (XMR), Zcash (ZEC), Dash, and assets utilizing privacy-enhancing technologies. This move does not target the entire crypto market but focuses on restricting untraceable tokens within the licensed service system.

    The BSP has long warned that virtual assets can facilitate faster and cheaper money transfers but come with risks due to their high degree of anonymity, high transaction speeds, price volatility, and global accessibility.

    Why VASPs Should Care

    This move is notable because the Philippines is one of the major crypto markets in the region. Chainalysis ranked the country 8th in the 2024 Global Crypto Adoption Index, while personal remittances to the Philippines reached approximately $38.34 billion in 2024, equivalent to 8.3% of GDP.

    For users, the most visible change is that the ability to buy and sell tokens like Monero or Zcash on licensed exchanges may be narrowed. This will not eliminate the demand for privacy coins, but it could push a portion of transactions out of monitored channels.

    For crypto businesses, a license in the Philippines is no longer just a story of capital, KYC, or reporting. How VASPs select tokens for listing will also face stricter scrutiny, especially regarding untraceable assets.

    The Compliance Thresholds

    The BSP has set specific compliance thresholds for VASPs. According to Circular No. 1108, these entities must perform customer due diligence for transactions of ₱5,000 or above. For virtual asset transfers of ₱50,000 or above, VASPs must collect and retain information on the sender and recipient, similar to the “travel rule” requirements in international wire transfers. For payouts exceeding ₱500,000, the BSP requires enhanced due diligence and only allows payments via check, direct transfer, or account-to-account transfer.

    These thresholds demonstrate why privacy coins have become a sensitive point. If a token conceals wallet addresses, transaction amounts, or the links between transactions, it becomes difficult for VASPs to fulfill their obligations to verify funds, identify beneficiaries, and detect suspicious transactions.

    Impact On Local Platforms

    As of May 31, 2026, the BSP recorded 11 VASPs on its published list, including notable names such as Coins.ph/Betur, Maya Philippines, PDAX, GoTyme Bank, and UnionBank. This is the group directly affected if restrictions on privacy coins are applied to listing, custody, or asset transfer activities.

    For Monero or Zcash, the impact on global prices may not be significant because the Philippines accounts for only a small fraction of the trading liquidity for these tokens. But for the domestic market, this change could force licensed platforms to review their token lists, custody policies, and transaction monitoring procedures.

    Monero and Zcash are also not identical in their privacy design. Zcash allows both transparent transactions and shielded transactions, while Monero defaults to concealing more information, including the sender, recipient, and amount. This difference could affect how each token is evaluated, although in compliance, they are still typically grouped under anonymity-enhanced assets.

    Regulatory Context

    Targeting privacy coins aligns with how the Philippines regulates crypto, as the country focuses on controlling services that connect users with fiat currency and digital assets rather than treating the entire market as a single group. Since 2024, Philippine authorities have also increased pressure on unregistered foreign crypto platforms, highlighted by the SEC’s request to block Binance for providing services to local users without a proper license.

    Within this framework, the BSP focuses on regulated VASPs, while the SEC handles issues related to securities offerings, investment products, and unregistered platforms. With privacy coins, the focus shifts to the risk of each specific asset on the listing roster, rather than just whether the platform holds a license.

    What To Watch Next

    The extent of the impact will depend on the compliance deadlines and how the BSP defines privacy coins in its implementation guidelines. If the scope only targets tokens that are anonymous by default, Monero could be among the most clearly affected. If the definition is broader, assets with shielded transaction features or built-in mixing could also face review.

    The first practical signals will come from delisting announcements or trading restrictions by domestic VASPs. Following that will be the users’ reaction, the shift in liquidity, and the potential for authorities to continue pressuring unregistered offshore platforms.

     



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    75% of Crypto Firms in Europe Face Exit as MiCA Grace Period Nears End – NFT Plazas

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    75% of Crypto Firms in Europe Face Exit as MiCA Grace Period Nears End – NFT Plazas


    Europe’s crypto industry is heading into one of its most disruptive weeks in years. With just 16 days left before the European Union’s MiCA grace period officially closes, as many as three-quarters of the continent’s crypto firms are set to lose their legal right to operate — a regulatory reckoning that could reshape the market and leave millions of retail users scrambling for alternatives.

    July 1, 2026 marks the absolute hard deadline under the EU’s Markets in Crypto-Assets Regulation. After that date, any entity providing crypto-asset services to EU clients without a valid MiCA license will be in breach of EU law and must immediately cease operations. ESMA has been explicit: there will be no further grace periods or extensions.

    A Market Left Behind

    The numbers tell a stark story. Legal analysis by Hogan Lovells estimated that Europe had more than 3,000 registered virtual asset service providers before MiCA, with Poland alone accounting for more than 1,400 legacy registrations. By May 2026, the number of authorized crypto-asset service providers had fallen to just 194, including credit institutions — and the firm estimated roughly three-quarters of the pre-MiCA VASP population could lose their registration status as transitional periods expire.

    The licensed figure is even thinner when broken down by function. According to ESMA and sector data from June 2026, roughly 183 firms hold full MiCA authorization across the EU, but those cleared to run an actual trading platform number just 14. Ten EU member states have issued zero licenses entirely.

    Poland is the most urgent case, having been among the most popular European jurisdictions for pre-MiCA crypto licensing, yet as of March 2026, local MiCA implementation legislation had still not passed. France presents a different kind of warning sign: as of January 2026, only 30% of roughly 90 unlicensed French firms had applied for MiCA authorization, while a further 40% did not intend to apply at all.

    75% of Crypto Firms in Europe Face Exit as MiCA Grace Period Nears End

    75% of Crypto Firms in Europe Face Exit as MiCA Grace Period Nears End

    Who Got Licensed

    Among the major names that did make it through, Bitvavo received authorization from the Netherlands’ AFM, Bitpanda from Austria’s FMA, Kraken from the Central Bank of Ireland and Luxembourg’s CSSF, and Coinbase from the Central Bank of Ireland. Binance secured its first full MiCA authorization in 2025 after redomiciling its EU entity, with its passport now covering all 27 member states. Crypto.com and OKX received authorizations via Malta’s MFSA, while Bitstamp was approved in Luxembourg and Revolut through CySEC in Cyprus.

    But these represent a small fraction of the broader market. The compliance cost for MiCA authorization runs between €250,000 and €500,000, a burden that effectively prices out smaller and mid-tier operators that lack the capital reserves and legal infrastructure to support an application.

    What Unlicensed Firms Must Now Do

    Unlicensed entities now face five options after July 1: obtain a license, stop operating entirely, pursue an orderly wind-down, transfer clients to an authorized provider, or merge with a license holder. For firms that have not already applied, the first option is no longer realistic — MiCA authorization typically takes months of regulatory review, meaning the window effectively closed weeks ago.

    Platforms that remain unlicensed are expected to gradually restrict services by halting new deposits, limiting onboarding activity, and encouraging customers to withdraw assets or move them to authorized providers. ESMA previously indicated that firms relying on transitional arrangements should have contingency plans prepared well before the July 1 deadline.

    France Sets the Enforcement Standard

    France has made it clear it is not playing around. The AMF has instructed unlicensed crypto firms to cease operations from July 1, and AMF president Marie-Anne Barbat-Layani warned at a Paris press event on May 28 that companies continuing to serve EU customers without a license after the deadline face criminal prosecution — up to two years in prison and a €30,000 fine under French law. The AMF can also place non-compliant operators on a public blacklist, issue consumer warnings, and ask courts to order ISPs to block access to unlicensed platforms’ websites.

    A Test for EU Passporting

    Beyond the immediate market disruption, the July 1 deadline will also serve as a litmus test for MiCA’s core promise — a single license granting access to all 27 EU member states. ESMA’s own Interim MiCA Register, last updated on June 12, remains the official source that users and firms must consult. The key distinction for users is not whether an exchange has a recognizable brand or a working app, but whether the exact legal entity serving them holds MiCA authorization.

    Questions have already surfaced about the consistency of national regulators. Malta drew scrutiny from ESMA over the pace of its approvals, and the European Commission has proposed centralizing CASP supervision within ESMA itself — a move Malta has publicly opposed over concerns about losing oversight of major firms licensed on its soil.

    Law firms tracking the transition expect a wave of consolidation through the second half of 2026. The European crypto market that emerges after July 1 will be significantly smaller, dominated by well-capitalized institutions that could absorb the cost and complexity of MiCA compliance. For the hundreds of firms that could not — and the users who relied on them — the coming weeks will force rapid decisions about where, and whether, they can continue to participate in Europe’s digital asset market.



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    Major​‍​‌‍​‍‌​‍​‌‍​‍‌ Developments in Crypto Gaming

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    Major​‍​‌‍​‍‌​‍​‌‍​‍‌ Developments in Crypto Gaming


    It wasn’t long ago that crypto gaming was considered a tiny offshoot of the gaming world, but now it represents one of the most thrilling segments of digital entertainment by far. Players these days are no longer satisfied with receiving tokens as rewards for merely playing games. They desire deep gaming experiences, quick transactions, vibrant communities, and getting actual ownership of digital items. In recent years, developers have radically altered how crypto games operate, making them not only more entertaining but also more user friendly for ordinary players.

    From competitive multiplayer games to blockchain powered virtual economies, the sector is rapidly progressing. The latest trends are reshaping how players engage with games, earn rewards, and trade digital assets. Here are the most significant transformations taking place in crypto gaming right now and their ​‍​‌‍​‍‌​‍​‌‍​‍‌implications.

    Crypto Wallets Are Transforming Online Gambling

    Crypto wallets have become an essential part of the modern online gambling experience, helping users make faster deposits, manage digital assets securely, and access blockchain-based payment systems with greater convenience. As more gambling platforms adopt cryptocurrency payments, players are increasingly looking for solutions that simplify the process of sending, storing, and using digital currencies online.

    The growing visibility of bitcoin slots jiggle reflects this broader shift toward self-custody crypto wallets and streamlined blockchain transactions in gambling environments. Instead of relying on traditional banking systems or complicated wallet transfers, users now prefer crypto wallet technologies that prioritize speed, accessibility, and user control.

    Another reason bitcoin slots jiggle continues to gain attention is the demand for frictionless payment experiences. Modern crypto wallets help reduce the complexity commonly associated with blockchain transactions, allowing users to complete deposits more efficiently while maintaining the privacy and flexibility that cryptocurrency offers.

    Play​‍​‌‍​‍‌​‍​‌‍​‍‌ To Earn Is Becoming More Advanced

    Back then, the focus of most crypto gaming projects was simply rewarding the players with tokens. Although that was a great way to attract attention, players didn’t take long to realize that the rewards alone weren’t enough to keep the game interesting. Developers nowadays are making a great effort to create high quality gameplay experiences.

    In fact, here is what some of the latest play to earn games feature:

    Improved graphics and animationsCompetitive multiplayer systemsOpen world explorationCharacter progressionCommunity driven events

    Players primarily want games that are simply enjoyable, with rewards being like a bonus rather than the main reason to play. This change is significantly contributing to the growth of the crypto gaming ​‍​‌‍​‍‌​‍​‌‍​‍‌audience.

    NFTs​‍​‌‍​‍‌​‍​‌‍​‍‌ Are Becoming More Practical

    While NFT technology still accounts for a significant part of crypto gaming, developers are radically transforming the function of these digital goods. Rather than merely serving as collectibles, NFTs are gradually turning into integral elements of gameplay.

    Among the different ways players can use NFTs are:

    Unlocking unique skillsEntering special game zonesExchanging rare itemsCreating unique charactersEngaging in game markets

    By linking digital items to real gameplay experiences, the value of games is elevated in a way that players genuinely appreciate. On top of that, certain games are experimenting with the idea of allowing NFTs to transfer from one game to another within the same ecosystem, thereby contributing to the development of larger interconnected gaming ​‍​‌‍​‍‌​‍​‌‍​‍‌worlds.

    Faster​‍​‌‍​‍‌​‍​‌‍​‍‌ Blockchain Networks Are Transforming Gameplay

    Speed was one of the main issues with early blockchain games. Besides the lack of game interaction, players were frequently discouraged by high transaction fees and network slowness, which could even spoil the gameplay experience. The good news is that this problem is getting solved very fast with the help of new blockchain solutions.

    Gaming specific blockchain networks give you:

    Almost immediate transactionMuch cheaper feesEnhanced scalabilityBetter game integration

    All these changes make it possible to develop games that are much more similar to standard online games. Also, players will not have to endure long wait times to perform actions, purchase items, or receive rewards. The better blockchain environment makes crypto games more accessible to regular users who want to have a good time playing without dealing with technical complications.

    Communities​‍​‌‍​‍‌​‍​‌‍​‍‌ Are Steering the Development of Games

    https://unsplash.com/photos/a-bunch-of-cubes-that-have-some-letters-on-them-sWBGwy95y5o

    Community empowerment is another significant transformation in crypto gaming. Most projects nowadays not only accept player feedback but also let them be part of key decisions regarding the game, new features, and development plans.

    Such involvement leads to deeper commitment since gamers see themselves as part of the game’s victory. Members often guide the development of:

    New content releasesCharacter featuresIn game activitiesEconomic aspectsCompetitive elements

    Game developers have come to understand that a lively community can be the game’s backbone, ensuring longevity and rapid expansion. Besides gameplay features, online socialization is becoming an equally important factor in many crypto gaming ​‍​‌‍​‍‌​‍​‌‍​‍‌projects.

    Mobile​‍​‌‍​‍‌​‍​‌‍​‍‌ Crypto Gaming Is Expanding

    Domestic crypto gaming was the primary focus for desktop users for quite some time. The industry is now in a rush to go mobile. Producers acknowledge that target users want to access games on the go and at any time.

    Some factors leading to the enhancement of mobile crypto gaming are:

    More straightforward wallet integrationsSpeedier blockchain systemsImproved mobile graphicsMore convenient account setupsUser friendly interfaces

    This change is highly significant because it is well established that mobile gaming is the dominant component of the global gaming market. As crypto games get more and more usable on smartphones, the industry may get millions of new ​‍​‌‍​‍‌​‍​‌‍​‍‌users.

    Virtual​‍​‌‍​‍‌​‍​‌‍​‍‌ Worlds Are Becoming More Social

    The concept of virtual worlds built on blockchain technology continues to grow in popularity. People playing games are not merely participating for missions and rewards anymore. They want virtual environments where they can meet, form communities, and showcase their creativity.

    Current crypto gaming metaverse features:

    Virtual concerts player owned territoriesSocial centersInteractive shopping platformsDigital fashion systems

    Such development is positioning crypto gaming as part of a broader entertainment ecosystem alongside other forms of entertainment, rather than just a gaming category. Hence, the division between gaming, social media, and digital identity is becoming increasingly ​‍​‌‍​‍‌​‍​‌‍​‍‌indistinct.



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    SeerDEX: Leading Crypto Presale to Buy Now

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    SeerDEX: Leading Crypto Presale to Buy Now


    You’ve seen SeerDEX flagged as one of the leading crypto presales running — same name, three different feeds, a price that steps up with each new stage. Before the next stage closes, you want to know what the project actually does and whether the entry price today matters six months from now.

    What Prediction Market Platforms Aren’t Giving You

    Polymarket leads the prediction market category — correct crowd forecasts on elections, economic events, price targets, billions in trading volume. But it gives traders no asset to accumulate. You can take a position on any event, be right, and walk away owning nothing in the platform you contributed volume to. No native token exists; Polymarket’s TGE is expected Q4 2026. Until then, every dollar of trading flows through a platform where early users hold no stake. That gap — you trade, the platform captures value — is what SeerDEX fills. Starting at $0.00050, the presale is how early buyers get ownership before the platform scales.

    What Is SeerDEX?

    SeerDEX is a Solana-based prediction market and binary options platform with an Ethereum ERC-20 token, $SEERX, already in public presale and bridgeable to Solana and other networks.

    Two instruments are live. Prediction markets — buy YES/NO on any real-world event; a correct position settles at $1, wrong at $0. A market pricing an outcome at 35% probability trades YES shares at ~$0.35. Binary options let traders bet whether an asset closes above or below a set price by a fixed time: fixed payoff, no complex model. A third instrument, perpetuals, is planned for Phase 5.

    Market creation is permissionless — no centralized approval queue. To open a market, creators stake $SEERX, which adds accountability; an AI engine then validates every submission for structure, duplicates, and oracle-resolveability before it reaches the chain. Settlement aggregates Chainlink + Pyth + UMA, a multi-oracle system with no single point of failure. The $SEERX token contract has been audited by CredShields with zero critical or high-severity findings. Buy with ETH, BNB, or card; no KYC required up to $1,000.

    Q: Why Does Owning the Token Matter?

    Having $SEERX is having a stake in the platform — something Polymarket and Kalshi don’t offer at all right now.

    FeaturePolymarketKalshiSeerDEXNative tokenNoneNone$SEERX (presale live)Market creationCentralized approvalCentralized / regulatedPermissionless + AIMulti-chainNoNoYesTGE / token statusQ4 2026 expectedNo public tokenRunning now

    $SEERX holders get governance votes (market categories, listings, treasury), staking rewards of 2% per year for three years from a 1.2 billion token pool, and fee discounts up to 50%. Forty percent of trading fees fund $SEERX buybacks; platform volume flows back to holders. Polymarket’s token event is months away; SeerDEX early buyers are already accumulating.

    Presale Structure: Price Rises With Each Stage

    The presale runs across multiple stages. Stage 1 price: $0.00050. Each stage releases a fixed allocation of $SEERX, with the price stepping up with each new stage.

    Total presale allocation: 8 billion $SEERX (40% of total supply). The remaining 60% covers development (24%), ecosystem (15%), liquidity (15%), and staking (6%). Total supply: 20 billion $SEERX.

    $SEERX is among the leading crypto presale structures running now — a multi-stage price ladder that steps up with each new stage, with purchase bonuses at each tier: $500 = +5% tokens; $1,000 = +10%.

    Q: What Do the Entry Numbers Look Like?

    These figures show what Stage 1 entry buys — not an exchange or listing guarantee.

    $500 at Stage 1 ($0.00050): 1,000,000 $SEERX. With the +5% purchase bonus: 1,050,000 $SEERX.

    $1,000 at Stage 1: 2,000,000 $SEERX. With the +10% bonus: 2,200,000 $SEERX.

    Neither figure projects post-listing performance. Early buyers lock in the lowest available entry; later buyers pay more for the same tokens.

    How to Buy $SEERX

    SeerDEX is a Solana-native prediction market platform with an Ethereum ERC-20 token, permissionless AI-validated market creation, multi-oracle resolution, and a CredShields-audited token contract. The presale is live at seerdex.com.

    Connect a wallet and buy with ETH, BNB, or card. No KYC is required for purchases up to $1,000. The current stage price is valid only until the next stage opens.

    About SeerDEX: SeerDEX is a Solana-native trading platform that integrates prediction markets, binary options, and perpetual trading within a unified ecosystem. Driven by an AI-powered governance engine that enables permissionless market creation, the platform is designed to support a more flexible and decentralized trading experience. Its native token, $SEERX, is launched on Ethereum as an ERC-20 asset with a multichain architecture, allowing it to be bridged to Solana and other supported networks for seamless utility across ecosystems. Users can participate using traditional card payments, ETH or BNB, with purchases of up to $1,000 available without KYC requirements.

    Twitter/X: @seerdexmarkets

    Website: https://seerdex.com/

    Telegram: @seerdexofficial



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    Binance, Bybit and Bitget Cancel SpaceX Tokenized IPO Campaigns After Allocation Shortfall – NFT Plazas

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    Binance, Bybit and Bitget Cancel SpaceX Tokenized IPO Campaigns After Allocation Shortfall – NFT Plazas


    Three of the world’s largest cryptocurrency exchanges — Binance, Bybit, and Bitget — were forced to cancel their tokenized SpaceX IPO campaigns on Friday after failing to receive share allocations through xStocks, the tokenized equities platform operated by Kraken, exposing a critical structural vulnerability in crypto’s fast-growing push into real-world asset tokenization.

    A Historic IPO, an Unhappy Outcome for Crypto Users

    SpaceX began trading on the Nasdaq under the ticker SPCX on June 12, with shares opening at $150 — roughly 11% above the $135 IPO price. By some measures, demand for the stock at IPO price was unprecedented, with orders outnumbering available shares by a ratio of four to one. SpaceX raised $75 billion from the share sale at a valuation of approximately $1.77 trillion, making it the largest IPO in history. The debut also pushed founder Elon Musk into trillionaire territory, with his net worth surging above $1 trillion.

    The frenzy extended deep into crypto markets, where Binance, Bybit, and Bitget had all offered users early exposure to SpaceX shares through SPCXx, a tokenized version of the stock issued via xStocks. Binance’s campaign alone attracted roughly $557 million in commitments across nearly 27,700 on-chain addresses before the deadline — a staggering level of retail demand for a tokenized equity product. But when it came time to deliver, the underlying shares simply were not there.

    Crypto Exchanges Cancel SpaceX Tokenized IPO Campaigns After Allocation Shortfall

    Crypto Exchanges Cancel SpaceX Tokenized IPO Campaigns After Allocation Shortfall

    What Went Wrong

    The three exchanges had relied on xStocks to source physical shares from the IPO pipeline and deliver them to their centralized platforms. That handoff is where the failure sat. Bybit was the first to act, telling subscribers that “due to xStocks’ inability to deliver the underlying assets, no SpaceX allocations were received,” and that all subscription funds would be returned automatically. 

    Bitget cited “unforeseen market circumstances,” adding that the xStocks team had made every effort to secure the allocation but it ultimately was not available as expected. Binance, for its part, cited “circumstances outside of its control” in scrapping the campaign entirely.

    An xStocks spokesperson acknowledged the breakdown, attributing it to “overwhelming demand” that prevented all orders from being fulfilled, and confirmed that client funds tied to unfilled subscriptions had been returned. The platform added that SPCXx, its tokenized SpaceX product, did launch following the IPO and was available for trading over the weekend — though its pre-IPO disclaimer had noted that SPCXx tokens provide price exposure only, not direct share ownership.

    What Went WrongWhat Went Wrong

    What Went Wrong

    Not an Isolated Failure

    The shortfall was not limited to the three major exchanges. Kraken’s own xStocks customers also received only a fraction of the allocations they had requested. Even traditional brokerages set up lottery systems and share restrictions to cope with the unprecedented demand for SPCX.

    Crucially, the cancellations do not represent a broad failure of tokenized equities as a concept. Competing products — including Ondo’s SPCXon and Backpack’s SPCX — went live on the same day, routing through different structures that did not depend on the same IPO pipeline. About $24 million worth of tokenized SpaceX shares were circulating on-chain by Friday afternoon, according to Arkham data. The breakdown was specific to the share-sourcing route into the three centralized exchanges through xStocks.

    Compensation Packages

    All three platforms moved quickly to limit the reputational damage. Bybit confirmed it would pay participants an additional bonus equivalent to a 10% annualized rate over the four-day holding period as consolation for the failed allocation. Bitget went further, refunding its 5% handling fee in full, whitelisting affected wallets for future tokenized IPO opportunities, and issuing $10 gas fee vouchers to impacted users.

    Binance pledged a $1 million airdrop of SPCXB — its own forthcoming bStocks token designed to track SpaceX shares and backed 1:1 by stock held with a regulated custodian — to be distributed equally among campaign participants by June 18. Binance also pointed users to its US equities service, where whole-share limit orders for SPCX were already live.

    A Stress Test for the Tokenized Equity Narrative

    The episode arrives at a sensitive moment. Major exchanges have been aggressively expanding into tokenized stocks, IPO access, and broader real-world asset products, positioning these offerings as a bridge between traditional finance and the on-chain economy. SpaceX was intended to be a flagship deal for that narrative — the biggest IPO in history wrapped into a blockchain-native product. Instead, it became a live stress test that revealed a persistent friction point: the challenge is not the tokenization itself but securing access to the underlying asset in the first place.

    Binance co-founder Changpeng “CZ” Zhao acknowledged the incident on X, posting “protect users when things don’t go as planned” — a tacit endorsement of the refund-and-compensate approach taken across the board.

    For now, SpaceX shares have continued to rally strongly since their debut, with the stock touching an intraday high of $172.65 on its first day of trading. Crypto investors who missed out on the tokenized offering will need to find alternative routes in — whether through secondary market tokenized products now live on-chain or through traditional brokerage channels.



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    Coinbase Launches “Coinbase for Agents”, Letting AI Trade and Pay on Your Behalf – NFT Plazas

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    Coinbase Launches “Coinbase for Agents”, Letting AI Trade and Pay on Your Behalf – NFT Plazas


    Coinbase Global (NASDAQ: COIN) has taken one of its most ambitious steps yet into the convergence of artificial intelligence and cryptocurrency, unveiling a new platform that allows AI agents to connect directly to users’ accounts and carry out financial transactions autonomously. The product, called “Coinbase for Agents,” went live on Wednesday and is now available to all Coinbase account holders.

    What Is Coinbase for Agents?

    Coinbase for Agents is a platform that lets AI assistants like ChatGPT and Anthropic’s Claude connect to users’ Coinbase accounts to trade crypto, access market data, and eventually make payments and purchases autonomously. In practical terms, this means a user can authorize an AI agent to manage portions of their crypto portfolio, execute trades, and pay for digital services — all without picking up their phone or logging in to approve each transaction manually.

    CEO Brian Armstrong demonstrated the product on social media, showing the agent being set up and instructed to research top tokens on the Base blockchain and place limit orders with take-profit targets. The implication is clear: routine financial tasks that once demanded constant human attention can now be delegated to a software agent operating around the clock.

    Coinbase Launches "Coinbase for Agents”

    Coinbase Launches “Coinbase for Agents”

    How It Works

    Users can integrate the agent with their main Coinbase account and start trading immediately. For those who prefer not to give an agent access to their primary account, Coinbase also offers the option to have the agent operate within a separate sandbox.

    Once connected, users can issue instructions in plain language. Commands such as “rebalance portfolio” or “execute arbitrage strategy” allow the AI to handle transactions autonomously, making the trading process more accessible to a broader range of users.

    At launch, agents can trade spot crypto and derivatives markets. Support for equities and prediction markets is planned for future updates.

    The x402 Protocol: AI That Can Pay Its Own Bills

    One of the most technically novel aspects of the launch is integration with x402, Coinbase’s machine-to-machine payments protocol. The x402 protocol allows agents to make small payments for services such as premium research, data APIs, and computing resources — without subscriptions or manual checkout processes. In other words, an AI agent managing a portfolio could autonomously pay for the real-time market data or research reports it needs to do its job, bypassing human intervention entirely.

    The x402 protocol was created in May 2025 and has already logged more than 100 million transactions since its debut, according to Lincoln Murr, Coinbase’s AI product lead.

    “Agentic Commerce”: The Bigger Vision

    Coinbase is framing this launch as the opening chapter of something far larger. The company describes the shift as “agentic commerce” — a future in which AI systems increasingly handle financial and commercial activity on behalf of users, and has cited forecasts suggesting autonomous agents could account for as much as 20% of e-commerce activity by 2030.

    “In the 2010s, every internet company dealt with the transition from desktop and web into a mobile environment. And now in the late 2020s, we’re seeing the exact same thing happen where agents are going to be the new primary economic actors on the internet,” Murr told CNBC.

    The launch builds on earlier Coinbase infrastructure: AgentKit, introduced in 2024, gave developers a framework for embedding wallets into AI agents, while the x402 protocol followed in 2025 to enable machine-native payments. Coinbase for Agents now sits on top of that foundation, moving from developer infrastructure to a consumer-facing product that any account holder can theoretically use.

    Coinbase AdvisorCoinbase Advisor

    Coinbase Advisor

    Security and Guardrails

    The prospect of AI agents autonomously moving money raises legitimate questions about risk. Coinbase has sought to address these directly. Agents can operate within isolated portfolios, and Coinbase says it will soon support customizable controls such as spending caps, trade limits, and restrictions on which services agents can access.

    The security stakes are significant: AI-powered crypto exploits drained $600 million from decentralized finance protocols in April alone, and an agent that can trade and pay on a user’s behalf introduces a new potential attack surface. Whether user-defined limits will prove sufficient as the product scales is a question regulators and security researchers are expected to scrutinize closely.

    A Crowded, Fast-Moving Space

    Coinbase is not moving into this territory alone. Just days before the Coinbase launch, trading platform Robinhood introduced its own product allowing AI agents to trade on users’ behalf. In May 2026, Swiss bank Sygnum completed what it described as the first live AI agent transaction executed by a regulated Swiss bank, and Anchorage Digital unveiled its own Agentic Banking product that same month. The pace of launches signals that agentic finance is transitioning rapidly from concept to competitive product category. 

    Business Model and Stock Performance

    Coinbase earns trading fees on agent-executed trades, and for payments it captures fees and spreads on USDC movement, which serves as the settlement currency for agentic transactions. The company also stands to benefit from increased transaction volume on Base, its in-house Layer 2 blockchain.

    Despite the headline-grabbing product launch, Coinbase shares have faced headwinds. COIN stock is currently trading around $160 per share, down approximately 36% over the past 12 months. GuruFocus’s valuation model places the stock’s fair value at $241.37, suggesting the current price represents a significant discount to intrinsic value.

    Coinbase has described Coinbase for Agents as “the start of a full consumer agentic suite,” signaling that this week’s launch is an opening move rather than a finished product. Users can get started today by visiting Coinbase’s developer documentation and following the setup for either the MCP or CLI integration.



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    Are Managed AI Trading Bots the 2026 Trend? Why BulkQuant Stands Out

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    Are Managed AI Trading Bots the 2026 Trend? Why BulkQuant Stands Out


    The financial landscape in 2026 is undergoing a massive paradigm shift. As macroeconomic volatility increases and market dynamics across traditional equities and digital assets become more intertwined, retail investors face an uphill battle. Managing a diversified portfolio manually is no longer just time-consuming—it is highly inefficient.

    This environment has triggered the rise of a major financial technology movement: Managed AI Trading Bots. Among the platforms pioneering this space, BulkQuant has rapidly emerged as a notable ecosystem redefining how modern traders approach algorithmic automation across Crypto, Forex, and Stock markets.

    The Shift Toward Managed AI Automation in 2026

    For years, algorithmic trading was considered an exclusive playground for institutional hedge funds with massive budgets and dedicated quantitative coding teams. Retail traders who wanted to leverage automation were often left with two flawed options: learning complex programming languages like Python or using rigid, single-asset bots that failed during sudden market black-swan events.

    In 2026, the demand has shifted toward holistic, fully managed AI strategy workflows. Modern traders want a unified system that handles the heavy lifting—data digestion, cross-market correlation, and risk execution—without requiring a computer science degree.

    Platforms like BulkQuant are gaining traction precisely because they bridge this gap, transforming advanced quant techniques into accessible, code-free solutions.

    Why BulkQuant Stands Out in the Competitive AI Trading Space

    BulkQuant’s rise within the 2026 fintech ecosystem is driven by its unique product architecture, which focuses on three core pillars: Multi-Asset Synergy, No-Code Simplicity, and Guided Risk Management.

    1. Unified Multi-Asset Integration

    Most legacy trading bots isolate users into a single market—either pure crypto or traditional stocks. BulkQuant breaks down these operational silos. Its advanced data engine allows users to deploy automated strategies across cryptocurrencies, forex currency pairs, and global stock markets simultaneously. This allows for genuine cross-market hedging, enabling users to manage risk dynamically when volatility spikes in one particular asset class.

    2. True No-Code Workflow Builder

    BulkQuant eliminates the technical barriers to entry with a highly intuitive, visual drag-and-drop workflow builder. Instead of writing lines of code to set up indicators and execution parameters, beginners and experienced traders alike can configure logical, data-driven automation sequences in minutes. The platform prioritizes a guided user experience, ensuring that strategic logic is completely transparent to the user before deployment.

    3. Data-Driven Risk Controls over Hype

    While the market is flooded with platforms making unrealistic claims of “guaranteed returns,” BulkQuant stands out by strictly focusing on capital preservation. The platform’s AI engine serves as a rational “co-pilot,” utilizing predictive risk modeling, automated stop-loss mechanisms, and position-sizing guardrails designed to curb emotional over-trading.

    Compliance and Transparency: The New Gold Standard

    A significant reason behind BulkQuant’s notable position in 2026 is its rigorous alignment with global digital advertising and financial technology regulatory standards.

    In an era where search engines like Google heavily crack down on high-risk, misleading financial claims, BulkQuant advocates for complete transparency. The platform maintains a clear, upfront subscription and fee structure with zero hidden costs. Furthermore, it operates with verified corporate identity standards, providing accessible technical documentation and clear operational visibility for its global user base.

    As the team at BulkQuant frequently emphasizes: “AI tools should be utilized to enhance data rationality and execution efficiency, not to chase illusions of risk-free wealth. Financial markets possess inherent risks, and technology is here to manage that risk, not eliminate the reality of market volatility.”

    Conclusion: The Era of Rational Trading

    Are managed AI trading bots the next big trend? The structural shifts in 2026 point to a definitive yes. As markets become faster and more complex, reliance on manual execution and emotional decision-making is a liability.

    By delivering a code-free, multi-asset, and highly risk-conscious automation platform, BulkQuant is not just riding the trend—it is actively shaping the future of retail quantitative trading.

    Risk Disclosure: BulkQuant provides automated strategy workflow software for educational and informational purposes only. Trading stocks, forex, and digital assets involves substantial risk of loss. Past performance does not guarantee future results



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    Half of All Bitcoin Is Now Underwater — But Is the Real Bottom Still Months Away? – NFT Plazas

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    Half of All Bitcoin Is Now Underwater — But Is the Real Bottom Still Months Away? – NFT Plazas


    For the first time since the depths of the 2022 bear market, more than half of Bitcoin’s entire circulating supply is sitting at an unrealized loss. The milestone is historically significant — and historically ominous. It marks a threshold that has always preceded a cycle bottom, yet in every prior instance, it also arrived before one final, punishing leg lower.

    After a brutal stretch that saw Bitcoin drop 28% from a high of around $82,000 to below $60,000, more than 50% of its circulating supply is now underwater, according to research and brokerage firm K33, with more than 10 million BTC last having moved at prices above current levels — up from just 30% a month ago.

    According to Glassnode data, the number of coins in loss peaked at approximately 10.5 million BTC as the price fell to as low as $61,300, against a supply in profit that declined to around 9.8 million BTC. The crossover of losses over profits, Glassnode analysts noted, has historically coincided with major bear market bottoms.

    A Threshold That Has Defined Every Major Bottom

    The 50% level carries well-established analytical weight. Every major Bitcoin bear market bottom in 2011, 2014, 2018, and 2022 saw more than 50% of supply fall into loss territory, and the figure rarely climbs far beyond that ceiling, according to K33. The structural reason is straightforward: a large share of old coins simply never moves — either lost forever or held by long-term holders with no intention of selling — meaning they never register as being in loss, placing a natural ceiling on supply at a loss of around 50% to 56% in all former bear markets, according to K33 head of research Vetle Lunde.

    The 50% threshold did not arrive in isolation. Bitcoin briefly traded 4.29% below its 200-week moving average during the June decline, a trend line that earlier bear markets also reached before forming their final lows. The current drawdown has reached about 53% over roughly eight months — previous major declines lasted about one year and erased between 76% and 85%, making the present correction shorter and shallower. The Fear & Greed Index simultaneously dropped to an extreme fear reading of 8, and Bitcoin’s RSI touched its lowest level since November 2018.

    BTCUSD vs 200-week moving average. (Source: K33)

    BTCUSD vs 200-week moving average. (Source: K33)

    History Says Bottom Is Near — But Not Yet

    The optimistic read is clear: every time this cluster of signals has fired together, a major low followed within weeks. In the 2011, 2018, and 2022 bear markets, Bitcoin bottomed within one month of first seeing more than 50% of supply trading at a loss, with one-year returns from that crossing ranging from 69% to 359%.

    The consistent caveat, however, is that the final low always came after one more flush. In each prior case, Bitcoin printed its trough 15% to 26% below the level at which the 50% underwater threshold was first crossed. The 2014 cycle was the starkest warning. Bitcoin took 101 days to bottom after crossing the 50% mark and fell another 46% in the process — demonstrating that the signal can arrive significantly early.

    Meanwhile, Wintermute analysts flagged Strategy’s disclosure that it sold 32 BTC — the firm’s first Bitcoin sale since 2022 — as carrying outsized symbolic weight. “32 BTC is immaterial. Saylor selling for the first time in four years, into a market already bleeding flows, is not,” Wintermute wrote, noting that US institutions led the sell-off with ETF data reflecting the trend.

    The percentage of the circulating bitcoin supply trading at a loss. (Source: K33)The percentage of the circulating bitcoin supply trading at a loss. (Source: K33)

    The percentage of the circulating bitcoin supply trading at a loss. (Source: K33)

    Capitulation Has Not Arrived

    The single most important reason analysts are reluctant to call a confirmed bottom is the absence of true capitulation in realized loss data. Bitcoin holders realized losses totaling 187,000 BTC over the past 30 days — substantial in isolation, but well below the 400,000 BTC recorded when Bitcoin first fell below $60,000 in February 2026, and far short of the 1.2 million BTC realized during the FTX-driven market bottom in November 2022.

    CryptoQuant head of research Julio Moreno said realized losses have not reached capitulation levels, adding that a confirmed bottom or bullish reversal may still take time to develop. CryptoQuant places Bitcoin’s realized price — the aggregate on-chain cost basis of all market participants — at $53,600, a level approximately 13% below where Bitcoin currently trades. Historically, Bitcoin has bottomed at or marginally below the realized price in each major bear cycle. 

    Demand indicators compound the picture. Total Bitcoin demand fell by 652,000 BTC last week — the largest weekly contraction since January 2022. The 30-day change in demand for US spot Bitcoin ETFs dropped to negative 74,000 BTC, the lowest since the products launched in January 2024, meaning the funds are now acting as a source of additional supply rather than absorbing selling pressure.

    BTCUSD vs periods of more than 50% of supply trading at a loss. (Source: K33)BTCUSD vs periods of more than 50% of supply trading at a loss. (Source: K33)

    BTCUSD vs periods of more than 50% of supply trading at a loss. (Source: K33)

    A Different Kind of Bear Market

    Despite the near-term caution, there is a structural case that the worst of this cycle is shallower by design. Bitcoin is down roughly 50% from its October 2025 all-time high of $126,080, making it the shallowest bear market drawdown in Bitcoin’s history. Previous cycles produced 82% to 90% losses. “Bitcoin is now a more institutionalized macro asset, supported by ETFs, deeper liquidity, and a larger base of long-term allocators,” according to Jeff Ko, chief analyst at CoinEx.

    During the 2018 bear market, supply in loss stayed above 50% for several months before the ultimate December bottom. In 2022, it briefly crossed the threshold in June before final capitulation arrived in November. The pattern suggests the bottom may not be three months away — but it is likely not today either. The signals are right. The process is not yet complete.



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