Live updates just in: Bitcoin is currently poised to potentially drop to $60,000, with Zcash investors distancing themselves from ZEC amidst a downturn in crypto markets.
Forward Industries Moves SOL, Facing Significant Losses
After a month of inactivity, Forward Industries transferred 455,784 SOL, approximately valued at $31.87 million, to Coinbase Prime, as per data from the on-chain tracker Lookonchain. This transaction marks the first notable activity from the company’s treasury wallets in over four weeks, coinciding with a steep decline in Solana's value, which has fallen 18.5% this week.
The firm initiated its Solana treasury strategy in September 2025, investing about $1.59 billion to acquire 6.83 million SOL at an average price of $232.08 per token. Currently, Solana's price stands at $66.51, which means these holdings are now worth $458.6 million.
This investment is now showing a paper loss of more than 70%, or approximately $1.13 billion. Although transferring to Coinbase Prime doesn't guarantee that the tokens will be sold, it does make them available for potential sale, ending a month-long period of inactivity for the SOL position. Forward Industries is known for its aggressive approach to Solana treasury strategies, and its average cost per token positions it as one of the most vulnerable corporate investors if the current market downturn persists.
Arthur Hayes Sells Off Complete Zcash Holdings, Claims 'Holy Trinity is Dead'
Arthur Hayes, founder of Maelstrom and former CEO of BitMEX, announced on X that he completely liquidated his Zcash holdings following reports of a vulnerability in Zcash's Orchard shielded pool. Hayes had previously been a notable supporter of the privacy token, particularly during its rally in 2026, where it was part of his "Holy Trinity" concept alongside bitcoin and ether.
While Hayes expressed that he believes the likelihood of improper minting is minimal, he noted that the issue cannot be ruled out as impossible and that the privacy principle he adhered to for ZEC requires absolute certainty, not mere improbability. The recent 30% decline in Zcash’s value over the past day prompted him to reevaluate his position and exit entirely rather than risk further losses.
Zcash Experiences 37% Decline in a Single Day
A significant vulnerability was revealed by Shielded Labs in Zcash's Orchard privacy pool, which could have permitted the creation of unlimited undetectable counterfeit tokens. This flaw, which has existed since the activation of Orchard in May 2022, was identified on May 29 by security engineer Taylor Hornby utilizing Anthropic’s Opus 4.8 AI model, and was urgently patched by June 1.
Shielded Labs stated that there is no cryptographic method to determine if the vulnerability was exploited prior to the fix and is advocating for a network upgrade that includes new accounting measures and enhanced security protocols to regain trust in ZEC's supply integrity.
Bitcoin Faces Potential Drop Below $60,000
Bitcoin is trading slightly above $62,000, which is about $2,700 higher than the $60,000 mark that appears to be the next major support level. The cryptocurrency has experienced a nearly 16% drop from the previous week's levels above $74,000, with most of the decline occurring in the last three days as the global AI investment trend faltered.
If Bitcoin breaks below $60,000, it would return to levels last seen during the drawdown in February, with the next support closer to $55,000. Previous support levels that had helped Bitcoin through earlier downturns in 2026 are no longer effective. Furthermore, U.S. spot Bitcoin ETFs have reported 15 consecutive sessions of net outflows totaling more than $4.7 billion. Recently, Strategy disclosed its first Bitcoin sale since 2022, indicating it is no longer the marginal corporate buyer that previously absorbed selling pressure in 2024 and 2025.
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The Pre-IPO Perpetuals Category Takes Shape
The Pre-IPO Perpetuals Category Takes Shape
On May 21, Binance launched its Pre-IPO perpetuals, quickly capturing over 60% of the market share in this category; cumulative trading volume has reached approximately $400 million, with SPACEX accounting for 79% of this volume.
May 29, 2026
Binance launched its Pre-IPO perpetuals on May 21, capturing more than 60% of the market share within days; the cumulative volume has now approached $400 million, with SPACEX dominating at 79%.
Why it matters:
Binance's launch of Pre-IPO perpetuals on May 21 has led to a rapid capture of over 60% of the market share; total volume now stands at around $400 million, with SPACEX taking a significant share at 79%.