Bitcoin Near $64K as $24M Leverage Liquidated, UBS Tokenized Fund Backs Bybit Trades

Crypto News

European early-stage investor Seedcamp closed two new vehicles totaling roughly $320 million, pairing a $220 million seventh flagship fund with a $100 million second Select fund and lifting assets under management to about $1 billion. Over nearly two decades the firm has backed some 550 startups, with early bets on names such as Revolut, Wise and UiPath. Notably, the new capital signals a strategic tilt away from the fintech dominance that defined European venture toward defense, healthcare and robotics. The plan targets around 35 new investments a year, leading roughly 70% of deals with initial checks up to $1.3 million and target stakes of 5 to 10%.

Derivatives markets stayed jittery as roughly $23.98 million in leveraged positions were liquidated over a four-hour window, with longs accounting for 82.41% of the total and shorts just 17.59%. Binance led the wipeout at $12.53 million, or 52.26% of forced closures, followed by Hyperliquid, OKX and Bybit. Bitcoin and Ethereum again formed the core of the damage, while several altcoins showed sharper directional skew. Derivatives open-interest data points to a market unwinding crowded long exposure even as spot prices held firm, with Bitcoin trading near $64,000 — a reminder that volatility management now matters more than trend-chasing.

South Korea is preparing to accelerate its digital-asset framework, with lawmakers signaling intent to advance a Digital Asset Basic Act in the second half of the legislative session. The proposed agenda moves beyond investor protection to address payment and remittance use of stablecoins and the rapid growth of real-world asset tokenization. Officials flagged that global institutions are adopting tokenized money-market funds and deposit tokens, blurring the line between traditional and digital finance. Follow-up legislation would revise electronic financial transaction rules so that stablecoin settlement participants face clearer responsibilities, an effort framed as closing the regulatory uncertainty that has constrained domestic market confidence and institutional adoption.

In a notable real-world asset milestone, a UBS-issued tokenized money-market fund known as uMINT began serving as trading collateral on derivatives exchange Bybit. The structure, built with a Singapore-based quant firm alongside a tokenization platform and a custody provider, lets investors pledge assets as margin while still earning fund yield — capital that would otherwise sit idle if posted as cash or stablecoins. The official disclosure shows uMINT held roughly $18.7 million in assets across just 29 holders as of June 21, modest in scale but symbolically significant as one of the first cases of a tokenized fund accepted in live exchange collateral infrastructure rather than mere issuance.

Traditional banking offered its own signal of the savings competition reshaping retail finance. NH NongHyup Bank will launch a special deposit tied to the merger of the Jeonnam and Gwangju regions into a new administrative city, capped at 100 billion won and running for three months from July 1. The 12-month product pays a base rate of 2.85% plus a 0.30 percentage-point preferential rate, reaching a maximum 3.15% annually. The bank also pledged to channel 0.1% of total sales into a public-interest fund for regional development, illustrating how lenders increasingly blend marketing, civic symbolism and deposit-gathering into single campaigns.

South Korean banks simultaneously opened an aggressive rate war around a new policy-backed Youth Future Savings product, which began accepting applications for citizens aged 19 to 34 who meet income and household criteria. The three-year plan combines a 5% base rate with bank-specific premiums of 2 to 3 percentage points, reaching headline yields of 7 to 8% and an effective return near 19.4% once government contributions and tax exemptions are included. Major lenders layered on cash prizes, electronics giveaways and linkage bonuses for existing youth-account holders, underscoring how intense competition for deposits has become as monetary conditions tighten across the region.

Taken together, these threads trace a single arc: capital is migrating toward structural themes — defense, tokenization, regulated stablecoins and yield-bearing collateral — even as speculative crypto leverage unwinds. COINOTAG aggregate market data underscores the caution, with the Fear and Greed Index at 20, deep in Extreme Fear, Bitcoin dominance elevated at 69.9% and total crypto market capitalization near $1.84 trillion — a configuration that historically reflects defensive rotation into majors. The UBS collateral case and South Korea legislative push show real-world assets and clear rules converging on the same institutional goal: making digital finance usable infrastructure. Until risk appetite recovers, our read is that disciplined position sizing, rather than directional automated trading bets, defines the prudent stance.