Weekly: Bitcoin falls below $63,000, the quantum threat gets closer, and Toncoin changes its name

Bitcoin slid from $74,000 to about $62,500 in just a few days, Ethereum dropped almost 20%, and the usual support points started falling apart along with the price — from ETF flows to the mood of major players. The market has again entered a phase where any new shock quickly amplifies the previous one.

Bitcoin went down

At the start of June, Bitcoin was still holding near $74,000, but then it kept falling almost every day and lost more than 17% of its value in a week. The decline was accompanied by billions in liquidations, while the market named Strategy’s sales, Mt. Gox asset movements, outflows from Bitcoin ETFs, and the escalation in the Middle East as the main reasons. In the first week of June, spot BTC ETFs lost $1.72 billion — one of the weakest results in the segment’s entire history.

Some experts see ETF outflows and Strategy’s sales as a normal part of the cycle, while Binance even called this move a rotation of capital, not an industry crisis. But the market is no longer in a condition where one neat explanation is enough. When the price falls this quickly, every argument gets tested more harshly.

Peter Schiff again spoke about a drop below $20,000, while Atlas Capital CEO Reza Bundy suggested a scenario of a decline toward $26,000–$30,000 if the stock market sees a deeper crash. At the same time, over the long term, he still allows a move toward $500,000. 

Strategy carries the pressure

One of the loudest stories of the week was the drawdown in Strategy’s Bitcoin position. The company’s current unrealized loss was estimated at about $10.8 billion, or roughly 17% of the average purchase price of the asset. Michael Saylor explained Bitcoin’s weakness by capital flowing into artificial intelligence. This is an important moment because the market is again seeing competition not only between tokens, but between two major narratives: crypto and AI.

Justin Drake estimated the probability of Q-day arriving by 2030 at 10%, and by 2032 already at 50%. According to him, Ethereum is already preparing to move to post-quantum protection, with a target migration date in 2029. Similar plans also exist at Google and Cloudflare. When such estimates come not from abstract futurists but from people inside the industry, the topic stops being background noise.

Ethereum also fell, but there are signals inside the ecosystem

Ethereum followed the overall market move and lost almost 19% in a week, falling from around $2,000 to roughly $1,600. On the chart, it looked weak, but inside the block itself there was another side to the story. Some analysts believe that this Bitcoin crash and Strategy’s sales are creating more favorable conditions for ETH, and forecast a move to $2,700 by the end of 2026.

A developer under the pseudonym Florent helped unlock 1003 ETH from the frozen HongCoin ICO contract from 2016, using an integer overflow vulnerability in an old version of Solidity. For 48 early investors, this means the return of funds almost nine years later. 

The US is again heavy on regulation

The US Department of Justice and the CFTC are investigating George Santos over bets on Kalshi related to his own presence at Trump’s address to Congress. At the same time, Treasury Secretary Scott Bessent called for the CLARITY Act to be passed this summer and admitted that the strategic Bitcoin reserve is effectively still not working. 

At the same time, Washington wants to regulate prediction markets more strictly. House Administration Committee Chair Bryan Steil plans to expand his H.R. 7008 bill so that it also covers bets on political and government events. Meanwhile, major Wall Street banks are already preparing their own tokenized deposit network for 2027 as a response to pressure from stablecoins. This is a very clear signal: old finance is no longer just watching, it is starting to rebuild itself for new competition.

AI this week was not background noise, but a separate center of gravity

Alphabet plans to raise $84.75 billion for the development of AI infrastructure, and separately signed a deal with SpaceX for access to computing power worth more than $30 billion. Against the same backdrop, TSMC is warning of a multi-year chip shortage due to the AI boom, while Morgan Stanley is opening its stock plan administration platforms to external AI agents. 

Anthropic, meanwhile, filed a confidential IPO application, while Goldman Sachs forecasts an almost 100-fold increase in revenue for SpaceX’s AI division by 2030 — from $3.2 billion to $322 billion. But alongside this, warnings about overheating are also becoming louder. In particular, Ray Dalio is talking about the risk of a new financial bubble in AI. This is the moment when the market is simultaneously afraid of missing a new growth wave and starting to get nervous about its pace.

Infrastructure is not standing still either

NEAR Protocol is already deploying post-quantum signatures on testnet this month. Binance is preparing trading in US stocks and ETFs for users outside the United States, and is also launching a tokenized stock service as part of its strategy to become a multi-asset financial super app. Pavel Durov announced the rebranding of Toncoin to Gram, while leaving the TON network name unchanged. On the back of this news, the token jumped from $1.3 to $2.9, then partly pulled back, but still remained significantly above previous levels.

Separately, the SEC published a draft strategic plan through 2030 with a strong focus on digital assets. It directly mentions the need to create a regulatory framework for tokens, exchanges, custodians, and staking services, as well as reduce jurisdictional conflicts with the CFTC. The Commission also wants to modernize its internal infrastructure and introduce AI into supervisory processes.

Kursoff’s view

The strength of the market is now measured not by how loudly someone talks about future growth, but by who can withstand stress without losing structure. In weeks like this, that is the main test for the entire industry.