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ZEC, the native token of the privacy focused Zcash network, is recovering strongly after losing nearly 60 percent of its value in a recent downturn. In the past few days, the asset has climbed back above $400, recovering from earlier lows near the $300 range.

The rebound coincides with the Zcash development team revealing a major protocol upgrade designed to fix a critical integrity issue. The upcoming Ironwood Upgrade, expected in late July, will allow users to independently verify the total circulating supply of ZEC and reduce the risk of counterfeit token creation.

Zcash Ironwood Upgrade Set for July

The need for this upgrade emerged after Zcash researcher Taylor Hornby identified a vulnerability in Orchard, the network’s most recent shielded pool. The flaw raised concerns about possible counterfeiting within the system. In response, developers rolled out a two phase fix, completed by June 2.

Following community concern, the development team acknowledged that it was not possible to determine whether the vulnerability had already been exploited before the patch was applied. This uncertainty meant that attackers may have been able to mint unauthorized ZEC tokens, potentially inflating the circulating supply.

Because there was no reliable way to verify the total supply under the affected system, the Ironwood Upgrade was introduced as a long term solution.

Once activated in late July, the upgrade will introduce a turnstile mechanism intended to prevent hypothetical counterfeit coins from persisting in the system. It will also transition ZEC accounting from the Orchard pool into a new Ironwood pool, allowing node operators to independently audit the total supply without relying on trust in developers.

Although the Ironwood pool is built on the same underlying Orchard protocol, it effectively resets the accounting system. Wallet activity will continue normally for users, as payments will automatically be routed into the new pool without requiring manual action.

ZEC Price Recovery Strengthens

A key benefit of the Ironwood upgrade is the reassurance it provides to the community that no unauthorized minting occurred before the vulnerability was patched. This confidence boost could help reduce further panic driven selling, which had previously contributed to sharp price declines.

The market reaction to the earlier vulnerability news was severe. BitMEX co founder Arthur Hayes reportedly liquidated his entire ZEC position, adding to downward pressure as uncertainty spread. During that period, ZEC dropped from around $578 to nearly $255 amid heightened fear.

As development efforts continue, sentiment has improved significantly. ZEC has gained more than 56 percent over the past week and is currently trading above $470, according to CoinMarketCap data.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Recent market turbulence has pushed several leading cryptocurrencies into historically favorable accumulation zones, according to on chain analytics platform Santiment. Using its 30 day Market Value to Realized Value (MVRV) metric, the firm noted that Bitcoin, Ethereum, XRP, and other major assets have entered levels that previously signaled attractive buying opportunities during past market cycles.

Cardano stood out with the most negative reading among the group, placing it in what Santiment described as a stronger accumulation range based on historical MVRV trends.

Understanding the MVRV Indicator

Santiment’s 30 day MVRV ratio tracks the average profit or loss of traders who purchased assets within the previous month. When the metric turns deeply negative, it suggests that many recent investors are holding unrealized losses.

According to the analytics firm, these conditions often mark the point where selling pressure begins to fade as short term holders exit the market and long term investors start accumulating positions.

During the sharp decline that unfolded between mid May and early June, several major cryptocurrencies simultaneously recorded negative MVRV readings. Bitcoin registered a reading of negative 10 percent, Ethereum fell to negative 12 percent, while XRP reached negative 8 percent. Santiment classified all three as being within a “fair buy” range.

Chainlink and Cardano also entered negative territory. Cardano’s MVRV dropped to negative 18 percent, earning it a place in the platform’s “strong buy” category. Santiment observed that many of these assets had already begun recovering after reaching those levels, reinforcing a pattern that has appeared repeatedly throughout previous market cycles.

However, the firm cautioned investors against treating the indicator as a guarantee of immediate profits. While no metric can perfectly predict market direction, Santiment suggested that the recent rebound indicates that losses among average traders may have reached an extreme capable of creating attractive risk to reward opportunities across the crypto market.

Current State of the Crypto Market

Despite signs of stabilization, the broader market picture remains uncertain. Bitcoin was trading near $63,000 at the time of writing, posting a modest 1 percent gain over the previous 24 hours. However, the leading cryptocurrency remained down nearly 11 percent over the past week after briefly falling to $59,000 last Friday, its lowest level since November 2024.

Market analyst Merlin The Trader said he anticipated the rebound from the $59,000 region but warned that the recovery may not signal the end of the downturn. Drawing comparisons to the 2022 bear market, he noted that a similar bounce occurred shortly before the final capitulation phase. In his view, Bitcoin could climb toward the $65,000 to $70,000 range before experiencing another decline into a dollar cost averaging zone between $48,000 and $59,000.

Ethereum was trading just below $1,700, gaining roughly 2 percent on the day. Even so, the second largest cryptocurrency by market capitalization remained down nearly 16 percent over the past seven days. The asset had also endured a difficult weekend, falling to a 14 month low near $1,500.

Other large capitalization cryptocurrencies, including the remaining assets highlighted by Santiment, also recorded modest daily recoveries. Despite the short term bounce, most continued to post significant losses across both weekly and monthly time frames.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

XRP continued its rebound with fresh gains, while Bitcoin’s latest attempt to break above $64,000 lost momentum. Meanwhile, WLD and ZEC emerged as the strongest performers over the past 24 hours, and ADA also showed signs of recovery following last week’s sharp decline.

Bitcoin Pulls Back to $63K

Bitcoin endured a turbulent start to June. The leading cryptocurrency opened the month around $73,000 before slipping below the $70,000 mark and extending its losses to levels not seen in years. The downturn accelerated after several key support zones, including $65,000 and later $60,000, failed to hold.

The $60,000 threshold finally gave way on Friday following days of relentless selling pressure. Bitcoin briefly dropped to $59,100, its lowest level since late 2024. However, buyers quickly stepped in, helping the asset reclaim the $60,000 region shortly afterward.

The recovery continued over the weekend as Bitcoin climbed back above $61,000 and later touched $63,000. On Monday, optimism surrounding comments from Donald Trump regarding a potential permanent peace agreement with Iran helped push the cryptocurrency to a high of $64,200. Despite the rally, Bitcoin was unable to maintain its momentum, with repeated attempts to surpass that level falling short. It currently trades near $63,000.

Bitcoin’s market capitalization has steadied at approximately $1.265 trillion, while its market dominance has edged lower to 56.1 percent.

XRP Leads Gains Among Major Altcoins

Ethereum remained on an upward path, trading close to the $1,700 level after posting another modest daily increase. Binance Coin also moved higher, reclaiming the $600 mark following a gain of about 1.25 percent.

XRP posted the strongest performance among the top ten cryptocurrencies by market capitalization, advancing 2 percent and climbing comfortably above $0.17. Market analysts continue to express confidence in XRP’s long term outlook, with some forecasting ambitious targets as high as $27.

Among the broader altcoin market, ZEC delivered the biggest gain within its group, surging 7.5 percent to reach $470. WLD stood out as the top performer among the 100 largest altcoins, jumping 9.5 percent to trade above $0.50.

Cardano also staged a recovery after suffering steep losses during last week’s market selloff and amid concerns surrounding Charles Hoskinson’s decision to step away temporarily. ADA has since rebounded by more than 4 percent and now trades around $0.17.

Despite the mixed price action across individual assets, the total cryptocurrency market capitalization has remained relatively stable, holding just below the $2.56 trillion mark.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Humanity Protocol has advised users to avoid using its bridges and liquidity pools following a major security incident.

The project’s native asset, the H token, suffered a dramatic decline on June 9, falling nearly 88 percent from approximately $0.78 to about $0.099. The sharp drop followed reports of a significant breach involving wallets linked to the protocol.

Multi Million Dollar Exploit

On chain investigator Specter was the first to raise concerns, revealing that more than 17 wallets holding H tokens had been drained. Additional reports suggested that attackers gained access to private keys associated with the project and stole assets worth more than $30 million.

Humanity Protocol later acknowledged the incident. In a post on X, the blockchain identity platform disclosed that private keys belonging to a member of the Humanity Foundation had been compromised. The team urged users to refrain from interacting with bridges and liquidity pools until further notice.

The project stated:

“We are actively working with leading security experts and our exchange partners to assess the scope of the incident and secure all affected systems. We’re deeply sorry that this has happened. Protecting this community is our responsibility, and we don’t take that lightly.”

However, not everyone accepted the explanation provided by Humanity Protocol. On chain investigator ZachXBT criticized the project on X, accusing the team of heavily promoting the token for weeks despite offering little real value. He also called for transparency regarding any active market maker agreements involving a Hong Kong based entity.

In another post, ZachXBT suggested that the breach may have been “possibly staged,” adding that it appeared to be “a convenient way for the active market maker to have exited.”

Humanity Protocol is a blockchain based digital identity project designed to help users verify that they are real people. It combines biometric authentication with privacy preserving technology, allowing individuals to prove their identity without exposing personal information.

The platform launched its mainnet last year and quickly emerged as a competitor to Sam Altman’s Worldcoin, which has since been rebranded as World Network.

Attacker Cashes Out Millions

According to blockchain analytics platform Lookonchain, the attacker continued minting H tokens after the exploit. The hacker initially created 100 million H tokens on BB Smart Chain before minting another 100 million tokens.

Investigators found that a portion of these tokens had already been sold. The attacker reportedly received 18,510 ETH, valued at roughly $30.83 million, along with 1,548 BB worth approximately $924,000.

Despite these sales, the attacker still controls around 111.36 million H tokens, currently valued at nearly $14 million. Lookonchain also noted that the token’s on chain liquidity has been almost completely depleted.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Bitcoin continues to face heavy selling pressure, but several long-term indicators are beginning to suggest that the cryptocurrency may be approaching a major market bottom, according to a recent analysis from Fidelity Digital Assets.

The asset manager noted that while short-term conditions remain bearish, a number of historical metrics are moving into zones that have previously coincided with the final stages of bear markets.

Bear Market Conditions Remain Intact

According to Fidelity’s research team, Bitcoin has remained under a “death cross” for more than 200 days, a technical condition that occurs when a shorter-term moving average falls below a longer-term one and is often viewed as a sign of prolonged weakness.

The analysts also highlighted Bitcoin’s recent drop below its 200-week moving average, a level widely regarded as one of the market’s most important long-term support zones.

Historically, extended periods below this benchmark have often occurred during major liquidation events and forced selling episodes, including the severe downturn experienced in 2022.

The report argues that such conditions are often associated with the final capitulation phase of a bear market, when investors surrender positions after months of losses.

Bitcoin has also retraced roughly 50% from its cycle peak, although previous bear markets have generally produced even deeper corrections before reaching their ultimate lows.

Valuation Metrics Suggest Growing Undervaluation

Fidelity observed that Bitcoin’s Market Value to Realized Value ratio, commonly known as MVRV, is moving toward levels that have historically indicated undervaluation.

At the same time, the asset’s market price is approaching its realized price of approximately $53,600, which represents the average acquisition cost of all Bitcoin currently in circulation.

According to the analysts, this trend could indicate that a broader market reset is taking place beneath the surface, potentially laying the groundwork for future recovery.

Fear Remains Elevated

Investor sentiment also remains deeply negative.

While market fear has reached extreme levels, Fidelity noted that current readings have not yet fallen as low as those recorded earlier this year. Even so, the combination of depressed sentiment and declining valuations suggests that Bitcoin is entering territory often associated with long-term opportunities.

The firm concluded that short-term indicators continue to point toward further downside risk, but longer-term signals are beginning to improve.

Analysts See Capitulation Taking Shape

Research firm Swissblock believes Bitcoin is currently undergoing a capitulation phase, with momentum indicators reaching deeply negative levels.

According to the firm, meaningful market recovery will likely require momentum to move back above critical thresholds before a sustainable uptrend can emerge.

Until then, analysts caution that the market remains vulnerable and that the current base-building process is still fragile.

Similarly, analysts at 10x Research said that while the broader market is unwinding, Bitcoin appears to be establishing a foundation for future gains.

They pointed to several ongoing challenges, including declining Bitcoin dominance, shrinking stablecoin reserves, and continued concerns surrounding large corporate holders such as Strategy.

Despite these headwinds, the firm expects higher Bitcoin prices later in the year as regulated derivatives markets continue to expand and institutional infrastructure matures.

Bitcoin Enters Consolidation Phase

After briefly recovering to $64,000 on Monday, Bitcoin struggled to maintain upward momentum and slipped back toward $62,500 during Asian trading on Tuesday.

The asset has now spent several days trading within a relatively narrow range, suggesting a consolidation phase may be underway.

Some analysts believe Bitcoin could remain trapped within this price zone for an extended period, similar to the lengthy sideways trading pattern observed between March and October 2024.

While uncertainty remains high, the growing divergence between bearish short-term sentiment and improving long-term indicators is fueling speculation that Bitcoin may be entering the early stages of a bottoming process rather than the beginning of another major decline.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

The XRP Ledger is scheduled to activate version 3.2.0 of its core server software on June 15, introducing a series of backend improvements designed to enhance performance, efficiency, and long term scalability.

Although the upgrade does not include major new features for everyday users, it represents an important step in strengthening the network’s infrastructure as adoption continues to grow.

Rippled Becomes XRPLD

One of the most visible changes in the update is the renaming of the network’s server software from “rippled” to “xrpld.”

Developers say the change better reflects the broader XRP Ledger ecosystem and helps distinguish the software from other products associated with Ripple.

After the upgrade is activated, node operators checking software versions through command line tools will see “xrpld 3.2.0” displayed instead of the previous naming convention.

The transition is intended to highlight the increasing independence and maturity of the XRP Ledger’s technical infrastructure.

Significant Performance Improvements

A key focus of version 3.2.0 is improved operational efficiency.

According to developers, the update could reduce memory consumption for nodes by as much as 40%, allowing servers to handle heavier workloads while using fewer resources.

The release also includes broader optimizations aimed at improving network responsiveness and supporting future growth.

As activity expands across decentralized finance applications, tokenized assets, and real world blockchain use cases, the enhancements are expected to help maintain smooth network performance and increase transaction handling capacity.

Stability and Maintenance Upgrades

In addition to efficiency gains, the update contains a variety of technical improvements and bug fixes.

Developers have refined numerical processing, rounding mechanisms, and several core components of the codebase. These adjustments are intended to improve overall reliability and stability without changing the user experience.

The upcoming release builds on version 3.1.3, which was deployed to the mainnet in late May and addressed issues affecting NFTs, Permissioned Domains, Vaults, the Lending Protocol, and Multi Purpose Tokens.

Strong Adoption Ahead of Launch

Network statistics indicate that approximately 84% of XRPL nodes have already upgraded to version 3.1.3, suggesting that the ecosystem is well positioned for a smooth transition to version 3.2.0.

Developers have encouraged validators and node operators to complete their upgrades before the activation date. Nodes running outdated software may encounter restrictions when participating in network consensus and other essential functions once the new version goes live.

Security Remains a Priority

Alongside the performance and maintenance improvements, the XRP Ledger development team continues to strengthen the network’s security framework.

The latest efforts include expanded AI assisted testing procedures and ongoing bug bounty initiatives designed to identify vulnerabilities before they can affect the ecosystem.

These measures are part of a broader strategy to improve resilience and reliability as institutional adoption, tokenization projects, and blockchain based financial services continue to expand on the XRP Ledger.

While most users may not immediately notice changes following the upgrade, version 3.2.0 represents a significant infrastructure enhancement that could improve the network’s efficiency, scalability, and readiness for future growth.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Dogecoin posted a modest gain of around 2% on Monday, trading near $0.086 and remaining above a critical support area that analysts believe could play a major role in the asset’s next major market move.

Recent technical and on chain data suggest that Dogecoin has entered an important accumulation zone, a region that has historically served as the foundation for significant long term price advances.

Strong Demand Emerging Around Current Levels

Crypto analyst Ali Martinez noted that Dogecoin has spent much of its history moving through lengthy consolidation periods within broad trading channels. These phases typically reduce volatility, redistribute supply among investors, and often precede larger bullish trends.

Currently, DOGE is trading above the $0.081 level, which represents an important midpoint support area within a long term parallel channel that has remained intact since 2021.

Martinez highlighted data from the UTXO Realized Price Distribution metric, commonly known as URPD, to explain the significance of this level. The metric tracks the prices at which circulating coins last changed hands.

According to the data, more than 30 billion DOGE were last transacted around $0.081, creating one of the largest concentration zones of investor activity on the network. This cluster is viewed as both a psychological and structural support level because a large number of holders established positions near that price.

Whale Activity Signals Growing Confidence

Adding to the bullish case, large investors appear to be increasing their exposure.

Over the past week, whale wallets reportedly accumulated more than 200 million DOGE, suggesting continued demand around current prices despite broader market uncertainty.

Such accumulation often indicates that major holders view the area as attractive for long term positioning.

Key Levels to Watch

Rather than attempting to predict exact market bottoms, Martinez advocates a gradual accumulation strategy focused on two primary price zones.

The first area sits at $0.081, where the URPD data shows significant historical buying activity. The second is near $0.058, which marks the lower boundary of Dogecoin’s multi year trading channel.

Under his outlook, there are two possible paths forward.

If buyers continue defending the $0.081 support zone, Dogecoin could stabilize and begin moving toward higher levels within its broader channel structure, supported by ongoing whale accumulation.

However, if the asset closes below $0.081 on a weekly basis, it could enter a deeper correction phase, with the next major support area located near $0.058.

Additional Indicator Points to a Potential Bottom

In a separate assessment, Joao Wedson argued that Dogecoin may already be approaching a market bottom.

His view is based on the CVDD Signal, an on chain indicator that has historically identified major turning points for DOGE.

According to Wedson, previous instances where Dogecoin approached or briefly traded beneath this indicator were often followed by strong recoveries. He added that another significant signal could emerge if the meme coin falls below the $0.08 level.

While short term volatility remains possible, both technical and on chain metrics suggest Dogecoin is trading within a zone that has attracted substantial long term interest, making it a closely watched asset as traders look for signs of the next major trend.#crypto#cryptpnews https://coinsignals.net https://t.me/coinsignalpublic

Bitcoin managed to recover some ground late Sunday after several days of selling pressure, but one market analyst believes the broader downtrend remains intact and that the most psychologically demanding phase of the bear market is only beginning.

According to crypto analyst Doctor Profit, Bitcoin has now entered Stage 5 of his six stage bear market model, a period characterized by heightened volatility, investor uncertainty, and repeated emotional swings.

Analyst Warns of a Major Bear Market Trap

In his latest market assessment, Doctor Profit argued that Bitcoin’s recent drop below $60,000 should not be interpreted as the final market bottom.

Instead, he described the move as a “trapdoor” leading into a deeper phase of the bear cycle, where many investors may incorrectly believe the worst has already passed.

Drawing comparisons to previous market downturns, the analyst noted that temporary recoveries often create false confidence before another significant decline unfolds.

He continues to identify the $40,000 to $48,000 range as Bitcoin’s most likely ultimate bottom. The analyst refers to this zone as the “BlackRock Bottom” because it aligns with the price area where BlackRock’s spot Bitcoin ETF was introduced in early 2024.

$60K Remains a Critical Support Level

For the near term, Doctor Profit considers the $60,000 level to be a key technical support area.

If Bitcoin manages to remain above that threshold, he believes the cryptocurrency could rebound toward the $65,000 to $66,000 region before broader bearish momentum reasserts itself.

However, he emphasized that bear markets rarely move in a straight line. Temporary rallies against the prevailing trend are common and often contribute to confusion among traders.

Volatility Expected to Intensify

Looking ahead, the analyst expects Stage 5 to feature sharp and unpredictable price movements.

Under this scenario, Bitcoin could repeatedly fall below $60,000 before staging rapid recoveries above the same level, creating a difficult environment for both bulls and bears.

According to Doctor Profit, this phase serves as a prolonged test of investor conviction, generating maximum emotional stress before the market eventually establishes a definitive bottom.

He does not expect the bear market to conclude anytime soon and believes Bitcoin’s final low could emerge sometime between September and October 2026.

The analyst also anticipates a major industry event, similar to the collapse of FTX during the previous cycle, acting as the catalyst for a final capitulation phase that catches much of the market by surprise.

Several Factors Continue to Pressure Bitcoin

Recent market weakness has been driven by a combination of factors, including outflows from spot Bitcoin ETFs, a recent Bitcoin sale by Strategy, and ongoing geopolitical uncertainty.

Although Bitcoin later recovered toward $63,000, Michael Saylor fueled speculation of another corporate purchase after posting Strategy’s acquisition tracker alongside his familiar “add more dots” message.

Crypto Winter May Be Taking a Different Shape

Not everyone believes this market cycle is following the same pattern as previous downturns.

Matt Hougan recently suggested that investors are behaving differently during the current crypto winter.

Rather than moving capital exclusively into Bitcoin as a defensive asset, Hougan argues that market participants are increasingly allocating funds to smaller cryptocurrencies that demonstrate strong fundamentals, sustainable revenue generation, and real world utility.

This shift could indicate a maturing digital asset market where investors are becoming more selective instead of simply seeking safety in the largest cryptocurrency.

While opinions differ on the timing of Bitcoin’s eventual recovery, analysts agree that volatility remains elevated and that market participants should prepare for continued uncertainty in the months ahead.#cryptp#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

A recent analysis by crypto market commentator ChartNerd suggests that XRP’s current bear market may be significantly less severe than previous cycles, raising the possibility that the asset could establish a major bottom before the end of 2026 and eventually climb toward much higher price levels.

According to the analyst, XRP’s latest correction has been relatively modest compared to historical downturns, potentially signaling a shift in the asset’s long term market behavior.

Current Bear Market Less Severe Than Past Cycles

ChartNerd compared XRP’s previous market cycles and found that past bear markets typically lasted between 400 and 790 days while wiping out 85% to 90% of the asset’s value from peak levels.

In contrast, the current downturn has lasted roughly 350 days and has resulted in a decline of nearly 70% from XRP’s all time high of $3.65 reached in July 2025.

The analyst argued that both the duration and depth of the current correction are notably milder than historical examples, suggesting that each cycle may be becoming less extreme over time.

He noted that XRP is entering a price range where investors should begin paying closer attention to the possibility of a long term bottom forming, even if a major breakout is not immediately expected.

Further Weakness Still Possible

Despite the optimistic longer term outlook, ChartNerd cautioned that additional downside cannot be ruled out.

His broader market view suggests that XRP may still need to experience further weakness before establishing a definitive cycle low. If that occurs, he expects a period of accumulation to follow before the asset begins a new upward trend.

Using Fibonacci extension analysis, the analyst identified potential future targets of $8, $13, and $27 if a new bullish cycle develops after the market bottom is confirmed.

Historical Exception Highlights Market Risks

ChartNerd also pointed to XRP’s 2014 bear market as a notable exception to historical trends.

During that period, XRP lost approximately 96% of its value in about 210 days. However, the recovery proved much slower than in later cycles, with the asset taking more than 1,200 days to surpass its previous record high.

A significant wick low formed toward the end of 2017 before XRP eventually reached its cycle peak in January 2018.

XRP Remains Under Pressure

At the time of analysis, XRP was trading around $1.15.

The token has fallen roughly 12% over the past week and remains about 19% lower than its price one month ago. During the recent market selloff, XRP dropped to a 19 month low near $1.05 before staging a rebound to approximately $1.20. It has since eased slightly from those recovery highs.

XRP ETFs Offer a Positive Signal

While XRP’s price performance has struggled, investor interest in XRP exchange traded funds has provided a rare bright spot.

Spot XRP ETFs recorded net inflows of approximately $2.62 million last week. Although modest in absolute terms, the figure stands out given the broader weakness across the ETF market.

During the same period, spot Bitcoin ETFs experienced more than $1.7 billion in net outflows, while spot Ethereum ETFs saw withdrawals totaling around $173 million.

Among major crypto ETF products, only HYPE related funds attracted stronger demand, recording nearly $17 million in net inflows. Meanwhile, investment products tied to Litecoin, Avalanche, and Hedera saw little to no notable activity.

Although short term uncertainty remains, ChartNerd believes XRP could be approaching a critical stage in its market cycle, with a potential bottom over the next year laying the foundation for a future move toward significantly higher price levels.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic

Fresh blockchain data has sparked speculation that Arthur Hayes may have reentered the HYPE market just days after announcing he had exited his position. However, Hayes has firmly denied making any new purchases.

According to blockchain analytics platform Lookonchain, a wallet linked to Hayes withdrew 33,978 HYPE tokens worth approximately $2.09 million from Bybit during Monday’s Asian trading session.

The reported transaction attracted significant attention because it came only four days after Hayes publicly stated that he had sold his entire HYPE position while the token was trading above $72 in order to secure profits.

Hayes Rejects Purchase Claims

Following Lookonchain’s report, HYPE gained roughly 2%, with some traders interpreting the wallet activity as a sign that Hayes was returning to the market.

Hayes quickly dismissed those assumptions. Responding to the claims on social media, he bluntly denied purchasing any HYPE tokens.

His response has done little to end the debate, as market participants continue to speculate about the ownership of the wallet identified by blockchain trackers.

Community Still Critical After Previous Sale

When Hayes previously revealed that he had exited his HYPE holdings, the token experienced a sharp decline, falling from above $72 to around $54 before beginning a recovery.

Since then, HYPE has regained much of the lost ground and is currently trading above $61.

The controversy has fueled criticism from parts of the crypto community. Some traders accused Hayes of promoting the token before taking profits, while others argued that investors who mirrored his trades suffered losses as a result of the sudden sale.

The criticism has persisted even after his denial of the latest purchase. Several users on X claimed that influential market participants often benefit at the expense of smaller investors, warning traders against becoming “exit liquidity” for prominent figures.

Others alleged that public endorsements followed by well timed trading activity create an uneven playing field for retail investors.

Large HYPE Withdrawals Continue

Despite the ongoing debate surrounding Hayes, blockchain data suggests investor demand for HYPE remains strong.

Lookonchain reported that a newly created wallet withdrew an additional 82,089 HYPE tokens valued at approximately $5.16 million from exchanges on Monday.

The same wallet has reportedly accumulated around 1.14 million HYPE over the past week, worth nearly $79.2 million. The tokens were subsequently transferred to the Hyperliquid ecosystem and committed to staking.

Hyperliquid Reaches Major Milestone

Interest in HYPE has been supported by the rapid growth of Hyperliquid, which has emerged as one of the leading decentralized derivatives exchanges since launching in 2023.

This month, HYPE entered the top ten cryptocurrencies by market capitalization after surpassing Dogecoin. The achievement marks the first time since Uniswap in 2021 that a decentralized finance protocol has broken into the industry’s top ten assets by market value.

While questions remain about the wallet activity linked to Hayes, continued large scale accumulation and staking activity suggest that confidence in HYPE remains strong among major market participants.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic