<h2 id="market-overview">Market Overview 📉</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/a005e6d1c89b4f4897bb417b3b23df50.png">*Data as of 6:45 AM UTC on June 12, 2026.<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> took a breather this week, alongside the broader stock market recovery, rising 1.77%, while <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, unsurprisingly underperformed again, rising just 0.03% in the same week. Total crypto market cap also recovered slightly, rising 1.41% to $2.16T, up from $2.13T in the previous week.Weekly <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">liquidations</a> also resetted with the market volatility dropping this week. Most days saw less than $400M in liquidations across shorts and longs, with short liquidations spiking to just over $500M on Sunday. <a href="https://www.coinglass.com/FundingRateHeatMap" rel="noopener noreferrer nofollow">Funding rates</a> recovered ever so slightly, but several majors still remain in negative funding territory, highlighting the market’s bearish stance.📌 Michael Saylor’s Strategy announces the purchase of 1,550 BTC for $101M, bringing their total holdings to 845,256. - <a href="https://x.com/Strategy/status/2063954632414487001" rel="noopener noreferrer nofollow">Link</a>📌 Citigroup announces the launch of Digital Depositary Receipts on private shares, increasing access to private markets. - <a href="https://www.citigroup.com/global/news/press-release/2026/citi-market-first-tokenized-depositary-receipts-connect-private-companies-investors" rel="noopener noreferrer nofollow">Link</a>📌 Disgraced FTX founder, Sam Bankman-Fried, formally applies for a Trump pardon. - <a href="https://www.bloomberg.com/news/articles/2026-06-08/ftx-co-founder-bankman-fried-formally-applies-for-trump-pardon" rel="noopener noreferrer nofollow">Link</a>Why does it matter?Markets chop through the week following last week’s bloodbath, with markets still uncertain over the situation in Iran and inflationary fears. Nevertheless, markets ended the week stronger, as positive sentiment creeps back. The S&amp;P 500 is up 0.10% since Friday’s close, while the Nasdaq is up a slight 1.6%.Notable altcoin outperformers this week included <a href="https://coinmarketcap.com/currencies/audiera/" rel="noopener noreferrer nofollow">Audiera (BEAT)</a>, <a href="https://coinmarketcap.com/currencies/stargate-finance/" rel="noopener noreferrer nofollow">Stargate Finance (STG)</a>, <a href="https://coinmarketcap.com/currencies/eth-gas/" rel="noopener noreferrer nofollow">ETHGas (GWEI)</a>, <a href="https://coinmarketcap.com/currencies/curve-dao-token/" rel="noopener noreferrer nofollow">CurveDAO (CRV)</a>, and <a href="https://coinmarketcap.com/currencies/keeta/" rel="noopener noreferrer nofollow">Keeta (KTA)</a>.View <a href="https://coinmarketcap.com/gainers-losers/" rel="noopener noreferrer nofollow">CMC Gainers &amp; Losers board</a><h2 id="narrative-of-the-week">Narrative of the Week 📰</h2>Pre-IPO trading takes centre stage, providing a novel service that traditional finance providers are yet unable to replicate.📌 Bybit introduces IPO Express, a new product enabling the trade of pre-IPO assets, powered by xStocks and Kraken, with their first product being the upcoming SpaceX IPO. - <a href="https://x.com/benbybit/status/2063533592404455459" rel="noopener noreferrer nofollow">Link</a>📌 TradeXYZ announces that their SPCX pre-IPO contracts are purely price-based, with no consideration for share count. This resulted in discrepancies between trading prices on various pre-IPO venues over confusion from total share count. - <a href="https://x.com/tradexyz/status/2064467412489994699" rel="noopener noreferrer nofollow">Link</a>📌 SpaceX shares will go live on Solana immediately after its IPO, powered by Backpack Securities, enabling users to off-ramp on-chain SPCX shares to their brokers. - <a href="https://x.com/solana/status/2065072298407719310" rel="noopener noreferrer nofollow">Link</a>Why does it matter?The increase in interest in crypto projects and exchanges, driven by pre-IPO hype, sets the stage for a new hot narrative for the crypto space, amidst the weak price action of major crypto assets.<h2 id="major-project-updates">Major Project Updates 🗓️</h2>📌 Pump.fun introduces Pump fun GO, a bounty-based system allowing anyone to pay anyone to do anything, anywhere across the world. - <a href="https://x.com/Pumpfun/status/2062557004829233504" rel="noopener noreferrer nofollow">Link</a>📌 Humanity Protocol experiences an alleged compromise of team wallet private keys, resulting in the collapse of the token price by more than 90%, although the price has since recovered slightly. - <a href="https://x.com/Humanityprot/status/2064363800082751837" rel="noopener noreferrer nofollow">Link</a>📌 Rarichain, the NFT-focused chain launched by Rarible, announces plans to sunset the chain, with all assets to be moved off the chain by 14th June 2026. - <a href="https://x.com/rarichain/status/2062579818181362055" rel="noopener noreferrer nofollow">Link</a>Why does it matter?Pump.fun continues to expand their product suite beyond their original plans of memecoin launches and trading, with their new bounty program feature.<h2 id="defi-brief">DeFi Brief 🏦</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/642bad6ead72486fbd46005ed08942e1.png">*Data as of 6:45 AM UTC on June 12, 2026.Source: <a href="https://coinmarketcap.com/chain-ranking/" rel="noopener noreferrer nofollow">https://coinmarketcap.com/chain-ranking/</a>📌 Solana DEX aggregator, Jupiter, introduces Jupiter Forecast, Solana’s first fully native prediction markets. Instead of a single pool of liquidity, users trade against competing market makers. - <a href="https://x.com/JupiterExchange/status/2062527793053974908" rel="noopener noreferrer nofollow">Link</a>📌 Oracle network, Pyth, introduces Pyth Indices, their proprietary 24/7 oracle solution for U.S. equities, oil, metals and thematic baskets. - <a href="https://x.com/PythNetwork/status/2064709232658964898" rel="noopener noreferrer nofollow">Link</a>📌 Circle introduces cirBTC, bringing 1:1 BTC-backed collateral to Ethereum, with plans to launch of their own chain, Arc, soon. - <a href="https://x.com/circle/status/2064024623931678882" rel="noopener noreferrer nofollow">Link</a>📌 A legacy AMM V3 pool on Raydium has been exploited for $1.34M. The pool was already deprecated on the frontend and no current users are affected. - <a href="https://x.com/0xINFRA/status/2064738005697384476" rel="noopener noreferrer nofollow">Link</a>Why does it matter?Prediction markets and traditional market integrations continue to remain the focus in the DeFi space, with the heavy pessimism surrounding crypto native narratives.<h2 id="fundraises">Fundraises 💰</h2>📌 Lending protocol, Morpho, raises $175M in a funding round led by Paradigm, a16z crypto and Ribbit, with support from Apollo Funds, Circle Ventures, VanEck, and Ledger, among others. - <a href="https://morpho.org/blog/morpho-association-raises-175m-to-build-the-open-credit-network-for-the-world/" rel="noopener noreferrer nofollow">Link</a>📌 Canton Network raises $355M in a funding round led by a16z crypto, with participation from ABN Amro, Apollo Funds, BNP Paribas, HSBC, Coinbase Ventures, Polychain, and more. - <a href="https://x.com/i/trending/2065036465630028153" rel="noopener noreferrer nofollow">Link</a>📌 Institutional on-chain structured products protocol, TVL Capital, raises $5M in a seed round led by Framework Ventures, with support from Flow Traders and other strategic partners. - <a href="https://x.com/TVLCap/status/2064697340254978089" rel="noopener noreferrer nofollow">Link</a>📌 Prediction market firm, EDGE Markets, raises $29.2M in a Series A funding round led by CoinFund, with support from Indicator Ventures, Mantis VC, Stepstone Group, and Bullpen Capital. - <a href="https://www.prnewswire.com/news-releases/edge-markets-raises-29-2-million-series-a-funding-round-302793671.html" rel="noopener noreferrer nofollow">Link</a><h2 id="tweet-of-the-week">Tweet of the Week 📝</h2><img src="https://academy-public.coinmarketcap.com/optimized-uploads/1fe55b65743c48129613f6e6e7a6f5e4.png">Source: @CointelegraphSomething, something, double standards.

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