Stablecoin Share Doubles to 15%, Coinbase Adds Tokenized Stocks as BTC Holds $66K

Ethereum News

The broader crypto market turned lower, dragging Ethereum (ETH) back under selling pressure. The latest pricing data put ETH near $1,754, down roughly 2.19% on the day, while Bitcoin slipped 1.88% to about $64,594. XRP fell 2.43%, Solana lost 2.00% and Dogecoin dropped 1.75%, leaving most major altcoins in the red. Bitcoin dominance eased to 58.25% and Ethereum’s share slipped to 9.52%, a joint decline that hinted at money rotating into cash-like positions. Stablecoin trading volume, by contrast, jumped 9.77% over 24 hours — a sign investors were building dry powder as volatility picked up.

Spot markets told a different story from derivatives. U.S.-listed spot digital-asset ETFs logged net inflows across Bitcoin, Ethereum and Hyperliquid products alike. Ethereum spot ETFs pulled in $9.59 million on the day, with BlackRock’s ETHA leading the charge at $17.34 million and driving the category’s overall haul. ETHA’s cumulative net inflows now stand at $11.34 billion. A handful of Grayscale, Fidelity and Bitwise products saw profit-taking outflows, but fresh BlackRock-driven buying more than offset them. Total net assets across Ethereum ETFs reached $9.89 billion, evidence that institutional spot accumulation continued even through the near-term pullback.

Options positioning sent mixed signals. Ethereum options open interest (OI) stood at $6.07 billion, down 0.16% on the day, split 59.62% calls to 40.38% puts — a still call-heavy structure for medium-term positions. On a 24-hour volume basis, however, puts edged ahead at 50.39%, underscoring short-term demand for downside protection. The most active contracts were the June 18 expiry $2,100 call, followed by the June 19 expiry $1,150 put. With calls dominating open interest while puts lead volume, traders appear to be hedging near-term swings even as they keep medium-term bullish bets in place.

Corporate accumulation of Ethereum also stood out. BitMine Immersion Technologies now holds roughly 5.62 million ETH — about $9.65 billion worth — making it the world’s largest Ethereum treasury operation. The company expects to generate around $219 million a year in staking income, which it plans to channel into preferred-stock dividends and shareholder returns. Its common shares, BMNR, closed down 3.15% at $15.70, while its 9.50% Series A preferred, BMNP, traded between $88 and $92, above the $80 issue price. Anticipated inclusion in the Russell 1000 index, due to be announced June 18, has drawn attention as a possible channel for additional institutional flows.

The core driver of the price drop was a wave of leveraged liquidations. Over the past 24 hours, $177.89 million in positions were forcibly closed, with longs accounting for $121.21 million, or 68.14% of the total. By venue, Binance saw $80.10 million wiped out — a 45.03% share. In the immediate aftermath, Ethereum slid 3.32% to $1,733. External factors added to the strain: the U.S. Federal Reserve held its benchmark rate at 3.50–3.75%, but the dot plot showed 9 of 18 officials flagging the need for a hike in 2026, signaling that tightening is not fully behind us. An overheated long trade unwound in one move, cooling short-term sentiment fast.

Derivatives positioning diverged sharply by asset. On Coinglass data, Ethereum’s 4-hour long/short ratio came in at 0.9814, tilting toward shorts, while whale indicators on both Binance and Bybit exchanges read ‘very bearish.’ Bitcoin printed the same 0.9814, reflecting an equally defensive stance. Hyperliquid, by contrast, surged 9.42% over 24 hours with a long/short ratio of 1.0437 favoring longs, and Worldcoin rallied 13.08%. The split left traders cautious on large-cap assets while concentrating aggressive long bets on a handful of altcoins riding fresh bullish momentum.

COINOTAG’s 42-indicator composite S/R scoring engine (as of 03:37 UTC) anchors off a spot price of $1,744.80 and rates the $1,734.44 support at 76/100, or strong, backed by the confluence of S3, the 0.236 Fibonacci level and the prior close. The $1,775.50 resistance above scores 70/100, anchored by the Ichimoku Senkou Span A and R3. In derivatives, open interest of $6.455 billion and a funding rate of 0.0048% read as neutral, but a long/short account ratio of 2.58 — 72.1% long — points to excessive optimism and embedded liquidation risk. The Fear and Greed Index sits at 15, or extreme fear. Holding $1,734 keeps a retest of $1,775 in play; a close below that support opens the door to $1,674 and invalidates the bullish scenario.