Crypto Market Update June 26, 2026: Tether Surpasses Ethereum, Bitcoin Faces Sell-Offs, SBI Buys Bitbank

Key points

• •Bitcoin's price faced significant downward pressure, dropping from around $59,400 to nearly $58,000 amid a record $692 million spot ETF outflow and a massive options expiry valued at $10.6 billion. The combination of ETF redemptions, leverage liquidations, and derivative expiries is intensifying volatility and testing market resilience ahead of critical expiration dates.[Decrypt][NewsBTC]
• •Tether (USDT) has achieved a historic milestone by surpassing Ethereum's market capitalization amid a broad crypto market downturn, with ETH falling to $1,500. This shift underscores a growing market preference for stablecoins, especially during periods of heightened volatility and risk-off sentiment.[U.Today][Cointelegraph]
• •SBI Holdings is consolidating its position in Japan’s crypto scene by acquiring Bitbank for about ¥46.7 billion ($289 million), aiming to merge it with SBI VC Trade to create the nation's largest cryptocurrency exchange. This strategic move enhances SBI’s influence over Japan’s expanding crypto and stablecoin infrastructure market.[Bitcoinist]
• •Demand Pool conducted the first Bitcoin block mining using the Stratum V2 protocol, marking a significant advancement towards decentralizing Bitcoin mining. Stratum V2 promises enhanced security, improved communication between miners and pools, and potential reduction of censorship risks, which could empower smaller miners and strengthen network resilience.[Crypto Briefing]
• •StablecoinX has launched on Nasdaq with the ticker USDE and is backed by a $275 million ENA treasury following a SPAC merger, positioning itself as the first public stablecoin infrastructure company focused on Ethena. This development reflects increasing institutional interest and infrastructure growth within the stablecoin sector.[AMBCrypto]
• •Bitcoin demand has remained negative over several months, as on-chain data reveals significant realized losses placing pressure on existing holders. This persistent negative demand signals potential challenges for BTC price recovery and suggests cautious investor sentiment amid bearish market conditions.[AMBCrypto]
• •Geopolitical tensions escalated when Iran's strike on a US Navy base in Bahrain triggered approximately $80 billion in cryptocurrency liquidations, demonstrating how global political conflicts can sharply impact crypto market stability and investor confidence.[Crypto Briefing]
• •Ripple’s RLUSD stablecoin issuance on the XRP Ledger has surpassed that on Ethereum, reaching a circulating supply of around $801.79 million, showcasing Ripple’s growing stablecoin market presence, particularly in Japan’s cryptocurrency ecosystem.[Coingape]

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