Key Takeaways:
- Forward Industries sent 455,784 SOL to Coinbase Prime, signaling possible sell pressure ahead.
- Zcash patched Orchard’s June 1 bug as Hayes sold ZEC, leaving traders watching exploit fallout.
- JPMorgan, Citi and Binance framed 2027 deposits and $5T equities as TradFi’s next crypto push.
WEEK IN REVIEW
Largest Solana Treasury Moves $32M in SOL to Coinbase Prime While Sitting $1.13B Underwater
Forward Industries, the largest corporate holder of SOL, has moved 455,784 SOL worth about $31.87 million to Coinbase Prime… read more
Editor’s comment:
One of the bullish aspects of the rise of DATs was that they were supposed to be diamond-handed entities with ultra-long-term time horizons. Evidently, that is not always the case. SOL is currently down 77% from its all-time highs, so you’d think this would be a better time to accumulate, rather than to capitulate.
Arthur Hayes Dumps His Entire ZEC Bag After Orchard Exploit, Prices Down Nearly 50%
Arthur Hayes has sold his entire ZEC position following the Zcash Orchard pool exploit, declaring that “the Holy Trinity is dead.”… read more
Editor’s comment:
Hayes was one of the early ZEC bulls, so this is an abrupt reversal, albeit potentially justified. As Mert Mumtaz put it in a recent interview: “You can be as angry as you are, but like fundamentally, that just means he has edge over you.”
Zcash Patches Critical Bug Enabling Unlimited Counterfeit ZEC Minting as Price Crashes 41%
Zcash developers have patched a critical flaw in the Orchard shielded pool that a security researcher showed could forge an unlimited supply… read more
Editor’s comment:
Researcher Taylor Hornby essentially found a bug that would let him create unlimited counterfeit ZEC within a shielded pool, and while it has been fixed as of June 1, it’s unclear as to whether or not any bad actors were actually able to take advantage of it. Further research will be needed, but all things considered, ZEC is still up 500% in the last year.
JPMorgan, Citi and America’s Biggest Banks Plan Tokenized Deposit Network: Report
The largest U.S. banks are reportedly planning a joint tokenized deposit network set to launch in 2027, positioning regulated bank money directly against stablecoins… read more
Editor’s comment:
At first glance, this looks like a way for banks to potentially neutralize some of the competitive effects of stablecoins. A tokenized deposit network would, in theory, allow the banks to hold their own tokenized dollars rather than stablecoins directly, keeping stables largely at bay from tradfi rails.
Binance Research: Crypto Exchanges Could Funnel $5 Trillion of New Equity Capital Into Markets
Crypto exchanges could channel as much as $5 trillion in fresh equity capital into global markets over the next five years, according to Binance Research… read more
Editor’s comment:
Just as stablecoins are bullish the dollar and US Treasuries, tokenized equities may be bullish the US stock market and a form of “Wall Street Imperialism.” Crypto exchanges offering tokenized stocks can sidestep much of the rules, paperwork, and geographical friction that existing platforms deal with. Depending on how it’s designed, it could open a floodgate of new capital to the US.
