This week, Nonco’s Caue Teixeri argues that, irrespective of which coin ultimately prevails, infrastructure is the key currency in the realm of digital assets. Additionally, utilizing CoinDesk's liquidation data, Liquibit Capital's Alen Pavlović reveals that forced selling in June reached its peak near $68,000, just days prior to Bitcoin hitting its lowest point.
By Caue Teixeira|Edited by Alexandra Levis Jun 24, 2026, 4:00 p.m. 6 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Joel Ambass/Unsplash)SummaryShowYou're reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign up here to get it in your inbox every Wednesday.
Welcome to our institutional newsletter, Crypto Long & Short. This week:
- Infrastructure remains the key currency in digital assets, regardless of which coin gains dominance, argues Caue Teixeira, CTO of Nonco.
- According to CoinDesk's liquidation data, Alen Pavlović from Liquibit Capital indicates that early June's forced selling peaked at around $68,000, just days prior to Bitcoin's low.
- Important headlines for institutions to watch by Helene Braun.
- In the Chart of the Week, “Backpack: Tokenized Equity DEX Volume Spikes, BP Price Responds in Step.”
Expert Insights
Infrastructure as the Key Currency in Digital Assets
- By Caue Teixeira, CTO, Nonco
Over the years, the digital asset sector has been characterized by discussions about which cryptocurrency would become the dominant medium of exchange. Bitcoin, Ethereum, stablecoins, and central bank digital currencies have all had their moments in the spotlight. However, as the sector evolves, it is becoming clear that the true winner is the infrastructure itself, regardless of which digital asset ultimately facilitates transactions.
The digital assets landscape is designed to function continuously, unlike traditional financial markets. Operating around the clock, it allows for liquidity to flow across borders and blockchain networks to process transactions instantly. This always-active environment is not just a technological milestone; it forms the basis of a new financial framework that requires resilience, reliability, and trust.
While technology enables this framework, it is not enough to sustain a market on its own. In the past ten years, a new wave of companies has emerged to support digital assets on a large scale. Exchanges, custodians, payment processors, compliance experts, market makers, and settlement networks have all adjusted to meet the unique needs of a 24/7 market. Through ongoing innovation and operational excellence, these firms have become essential components of the ecosystem.
Consequently, infrastructure now represents more than mere software and connectivity. It encapsulates processes, personnel, governance, intermediaries, and trusted partnerships. It is the unseen framework that allows participants to engage in transactions confidently, irrespective of the underlying asset. The ecosystem's value increasingly lies not in any single token but in the capacity to transfer value efficiently and securely across various networks and jurisdictions.
This trend is particularly important as real-world assets begin to transition into digital formats. Stablecoins have already showcased the effectiveness of blockchain representations of traditional values, becoming the most successful application of digital assets to date. Tokenized deposits, bonds, funds, and other physical assets are expected to follow, broadening the possibilities for businesses and individuals globally.
From the user’s perspective, the specific asset may become less significant. Most individuals are unlikely to focus on the blockchain protocol, token standard, or settlement method involved in a transaction. Instead, they prioritize accessibility, speed, security, and trust. Users desire to tap into global opportunities using local resources through familiar partners and reliable platforms.
In this context, the long-term advantage will belong to those who develop and manage the infrastructure that connects participants, assets, and markets. While cryptocurrencies may evolve, protocols may shift, and new forms of digital value will emerge, the institutions that foster trust, connectivity, and seamless access will continue to play a pivotal role in the ecosystem.
The leading currency in digital assets may change over time, but infrastructure is what endures.
Principled Perspectives
Bitcoin’s Liquidation Cascade Peaked Before the Bottom
- By Alen Pavlović, Portfolio Manager, Liquibit Capital
According to CoinDesk’s liquidation data, the forced selling occurred early and at higher price points. By the time Bitcoin reached its low on June 5, the liquidation cascade had already concluded.
Bitcoin's price dropped from roughly $74,000 to $59,081 in the first week of June. While the extent of the decline was noteworthy, the timing was even more telling.
By utilizing CoinDesk’s liquidation feed, we analyzed each hour of forced selling alongside the price trajectory. The most significant hour of long liquidations, totaling approximately $28 million, occurred on June 2, while Bitcoin was still trading around $68,000. This was three days and nearly $9,000 above the eventual low of $59,081, which was reached on June 5. The liquidation of leverage occurred while the market was still relatively high.
Bitcoin’s hourly liquidation intensity mapped onto the price trajectory. The most intense hours occurred early and at high price points, several days above the June 5 low. Source: CoinDesk.
The selling was notably concentrated. Out of the 168 hours in that week, 17 hours accounted for 64% of all liquidations. This was not a smooth unwinding process; rather, it consisted of a few intense hours on June 2 and June 4, interspersed with long periods of calm.
When the week’s liquidations occurred, detailed by day and hour (UTC). Most hours are quiet; the highlighted hours are where the activity surged. Source: CoinDesk.
This timing challenges the typical narrative around liquidations. They are often thought to accumulate at the capitulation low, driving the final sell-off. In this case, the opposite transpired. The forced selling peaked early, close to $68,000, and the final drop to $59,081 was driven by regular spot supply, not by excessive leverage. The bottom was not a liquidation climax; it followed one.
It’s worth noting that most liquidation statistics tend to underreport actual activity. Exchanges often limit their public feeds to one message per second, which conceals volume during these intense bursts. We confirmed that CoinDesk utilizes Bybit’s uncapped stream, providing a complete figure for the $440 million cleared on Bybit, of which 82% were long positions. Across Bybit, Binance, and OKX, the total liquidations for the week exceeded $1.55 billion, with capped venues only providing a minimum figure.
The hallmark of a cascade is not its magnitude, but its timing; this one peaked long before the bottom.
Headlines of the Week
- By Helene Braun
Several significant trends in crypto converged this past week, including Mexican billionaire Ricardo Salinas Pliego reaffirming his commitment to Bitcoin, discussions surrounding Strategy’s (MSTR) STRC preferred stock after it lost its par value, and an incident where Ethereum’s (ETH) largest sandwich bot operator lost $7.5 million due to a fraudulent trading exploit.
- Mexican billionaire with 70% of his investment portfolio in Bitcoin claims it's superior to real estate: Ricardo Salinas Pliego, estimated to have a net worth of about $5 billion, is a Bitcoin enthusiast who advised his wife to mortgage their home to buy Bitcoin.
- How STRC lost its par: the timeline behind Strategy's preferred-stock collapse: A sequence of events from a bond buyback and dwindling cash reserves to a Bitcoin bear market led to the discussion around STRC's par-value issue.
- Ethereum's largest 'sandwich' bot drained of $7.5 million in exploit: Blockaid reported that an attacker deceived Jaredfromsubway.eth into approving fake trading routes, which were then exploited to drain WETH, USDC, and USDT.
Chart of the Week
Backpack: Tokenized Equity DEX Volume Surges, BP Price Follows Suit
Backpack's tokenized equity DEX volume surged sharply through mid-June, peaking at approximately $150 million on June 16 before tapering off later in the week. Instead of lagging behind, BP's price tracked this activity closely, rising from around $0.27 to $0.67 during this period (an increase of roughly 2.5x), and continuing to climb even as daily volumes declined towards June 20–21.
Listen. Read. Watch. Engage.
- Listen: “We’re still in the ‘early innings’ of Bitcoin-related ETPs.” David LaValle spoke with Dominic Chu on CNBC's ETF Edge about the current crypto landscape and the factors driving investor interest.
- Read: In “Crypto for Advisors”, Markus Thielen from 10x Research discusses why a cycle-smart strategy outperforms traditional Dollar-Cost Averaging for Bitcoin. Eric Tomaszewski from Verde Capital Management also shares insights on why advisors should delve deeper than surface-level data to identify actual growth areas.
- Watch: “The Convergence Is Coming: David LaValle on Crypto’s Next Chapter for Advisors.” Dave LaValle, President of CoinDesk Data & Indices, discussed the digital asset landscape and important insights for advisors.
- Engage: Will you be attending TokenizeThis in NYC this week? Connect with us there!
For more updates, visit coindesk.com for the latest crypto news and market updates.
Note: The opinions expressed in this article are those of the author and do not necessarily reflect those of CoinDesk, Inc., CoinDesk Indices, or its owners and affiliates.
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CEX Volumes Hit Lowest Levels Since September 2024 as RWA Perps Reach New Heights
CEX Volumes Hit Lowest Levels Since September 2024 as RWA Perps Reach New Heights
In May, total exchange volumes fell by 3.45% to $4.41 trillion, the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes rose by 10.4%, marking a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, total exchange volumes fell by 3.45% to $4.41 trillion, the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes rose by 10.4%, marking a new all-time high.
Why it matters:
In May, total exchange volumes fell by 3.45% to $4.41 trillion, the lowest level since September 2024. Meanwhile, RWA perpetual futures volumes rose by 10.4%, marking a new all-time high.
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