Standard Chartered sees ETH upside

June 02, 2026

 

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Toobit launches Win the World tournament with $1M USDT prize pool

  • Toobit’s Win the World campaign combines crypto trading and match predictions during the 2026 World Cup.

  • Early participants can earn bonus rewards, while top performers compete for a share of $1M USDT and physical prizes.

Toobit has launched Win the World, a World Cup-themed trading tournament running from June 4 to July 22. The campaign introduces $GOAL, an event asset that traders can earn through platform activities and use to predict match outcomes.

An early-bird phase will run from June 1 to June 4, giving participants a 5 $GOAL bonus before the tournament begins. Across four activities, traders can compete for a share of a $1M USDT prize pool, with top performers also eligible for prizes including a gold World Cup trophy.

Toobit is a global DEX that focuses on deep liquidity, transparency, and security.

Mt. Gox $739M Bitcoin move tests market nerves

Key points:

  • Mt. Gox moved 10,422.65 BTC worth roughly $739 million, but on-chain data did not show an immediate sale or exchange deposit.

  • Bitcoin fell below $70,000 as traders also weighed liquidations, ETF outflows, Strategy’s small BTC sale, macro pressure, and geopolitical tension.

News - Mt. Gox returned to the market spotlight after moving 10,422.65 BTC, worth about $739 million, from cold storage as its creditor repayment deadline approaches.

The transaction sent 10,306.35 BTC to a fresh wallet, while 116.30 BTC was routed to a known Mt. Gox hot wallet. On-chain data showed the larger transfer remained unspent, with no immediate movement to exchanges or custodians.

That distinction matters. Mt. Gox still holds roughly 34,500 BTC, worth about $2.4 billion, but the latest transfer appears closer to repayment logistics than confirmed selling pressure.

A known overhang, not a confirmed dump - Mt. Gox has weighed on market sentiment since its 2014 collapse, when about 850,000 BTC went missing. Creditor repayments began in mid-2024, but the process has faced repeated delays, with the current deadline set for October 31, 2026.

Large wallet movements can still trigger speculation because creditors may sell once they receive funds. Still, earlier distributions have not caused sustained market breakdowns, and observers noted that ETF flows, macro conditions, and institutional positioning now matter more than the remaining Mt. Gox supply.

Bitcoin had more than one pressure point - Bitcoin’s drop below $70,000 came during a wider market squeeze. Crypto liquidations topped $766 million in 24 hours, mostly from long positions.

Strategy also sold 32 BTC for about $2.5 million to fund preferred stock distributions. Traders are now watching whether Bitcoin can hold the $68,000 to $69,000 support zone.

Standard Chartered sees Ethereum treasury demand driving outperformance

Key points:

  • Standard Chartered’s Geoffrey Kendrick said ETH could outperform BTC by more than 40% if the ETH-BTC ratio rises to 0.04 by year-end.

  • BitMine added $52 million in ETH, even as whale shorts, exchange deposits, and falling active addresses kept pressure on Ether near $2,000.

News - Ethereum is drawing a sharper treasury narrative just as its price action remains fragile.

Standard Chartered’s Head of Digital Asset Research, Geoffrey Kendrick, argued that Strategy’s small Bitcoin sale may mark the start of ETH outperformance against BTC. His view rests on a simple difference between the two treasury models: Bitcoin holdings do not generate yield, while ETH can be staked for income.

That distinction gained attention after Strategy sold about $2.5 million in BTC to fund preferred stock distributions. Kendrick noted that ETH has already gained 5% relative to BTC since Monday, and he expects the ETH-BTC ratio to climb from around 0.028 to 0.04 by year-end.

BitMine leans into the Ethereum thesis - BitMine Immersion Technologies added 26,497 ETH worth about $52 million, bringing its total holdings to more than 5.4 million ETH. The firm is now roughly 90% of the way toward its goal of holding 5% of Ethereum’s circulating supply.

Chair Tom Lee said ETH’s price is not yet reflecting Ethereum’s stronger fundamentals, pointing to crypto’s early recovery phase and longer-term use cases like tokenization, decentralized identity, and smart contracts.

The tape still looks messy - The bullish treasury story has not erased near-term stress. ETH has been hovering around the $2,000 level, while one whale opened a roughly $44 million ETH short and another moved about 5,000 ETH to Kraken as prices weakened.

On-chain signals also looked cautious, with active addresses falling, exchange supply rising, and ETH trading near $1,975. Traders are now watching whether ETH can stabilize near $2,000 or risk deeper support near $1,920.

edgeX token crash puts low-float risks on trial

Key points:

  • EDGE plunged from around $1.20 to an intraday low near $0.36, while edgeX blamed deliberate market manipulation by an unnamed external party.

  • ZachXBT challenged the explanation, pointing to low float, insider control concerns, and unanswered market-maker disclosure questions.

News - edgeX is trying to separate a token collapse from a protocol failure, but the market’s concern has shifted to how EDGE was structured in the first place.

The decentralized exchange said it saw a sudden and irregular EDGE price movement on June 2 and began investigating the event. The team later said the protocol had not been hacked, exploited, or compromised, framing the drop as a market integrity issue tied to deliberate actions by an external party.

Market data showed EDGE falling from roughly $1.20 to an intraday low near $0.36 before recovering near $0.64 to $0.65. The move left the token down more than 40% over 24 hours.

ZachXBT questions the supply story - On-chain investigator ZachXBT rejected edgeX’s explanation and argued that EDGE supply was controlled by a small group of insiders with a low circulating float. He called for the team to disclose counterparties and market-maker agreements linked to the crash.

Only 350 million EDGE tokens are currently circulating out of a maximum supply of 1 billion, meaning roughly 65% of total supply has not entered the market.

A DEX can be active while its token stays fragile - edgeX still ranks among the larger DEXs by daily volume, with DeFiLlama data showing roughly $135 million to $137 million in TVL across the provided sources.

Still, limited circulating supply, thinner market conditions, and unclear liquidity arrangements can magnify sharp moves. Until edgeX publishes more details, the unanswered questions remain who sold, how much supply insiders controlled, and whether market-maker terms played a role.

Toncoin’s Gram comeback puts $3 back in view

Key points:

  • Toncoin stabilized near $2 after Pavel Durov proposed rebranding the token back to Gram, its original name from TON’s first white paper.

  • TON’s double-bottom breakout kept buyers in control, but the bullish setup depends on the $1.80 support floor holding.

News - Toncoin’s latest rally is not just a price move. It is a branding reset tied to Telegram’s renewed control over The Open Network.

Telegram founder Pavel Durov said Toncoin is planned to be rebranded as Gram, the original name of the network’s cryptocurrency in its 2018 white paper. He said the change would take around three weeks and form part of the “Make TON Great Again” roadmap.

The Open Network also launched a community vote on the proposal, clarifying that there would be no swap, migration, bridge, claim, or conversion. Balances, addresses, contracts, and positions would remain unchanged.

Telegram brings the old name back - The rebrand follows Telegram’s May move to replace the TON Foundation as the network’s main driver and become its largest validator. Earlier roadmap steps included a Catchain upgrade, lower transaction fees, and faster block processing.

The market responded quickly. TON jumped more than 15% from around $1.95 to above $2.25 on Monday before easing back near $2.03 to $2.07 on Tuesday.

The rally still has levels to prove - The move revived interest across spot and derivatives markets, with trading volume climbing and funding rates staying positive.

Technically, TON reclaimed the $1.92 neckline of a double-bottom setup after finding support near $1.75 to $1.80 in late May. Resistance sits at $2.11, $2.30, and $2.53, while a stronger breakout could reopen the $2.80 to $3.00 zone. A drop below $1.80 would weaken the bullish structure.

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Interesting facts

  • Football collectibles are turning into ticket gateways: FIFA Collect’s Right to Buy collectibles give holders exclusive access to purchase tickets from a special FIFA Collect allocation, though the ticket cost is not included. It shows how digital collectibles are moving beyond fandom into real-world access.

  • India’s paperwork quietly found a blockchain backbone: India’s National Blockchain Framework has already supported the verification of more than 34 crore (340 million) documents, including property records, public documents, logistics data, and judiciary records.

  • Ethereum’s cheap data lane is built to forget: Ethereum blobs help rollups post data more cheaply, but that data is not meant to live on-chain forever. It is automatically deleted after about 18 days because rollups only need it available long enough for verification.

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Top 3 coins of the day

Zcash (ZEC)

Key points;

  • ZEC climbed to $576 on the 4H chart after rebounding from the $500 region, turning a breakdown threat into a fresh test of the $590 to $600 area.

  • The Higher High Lower Low indicator marked a late-May low near $500 followed by a lower high near $590 to $600, while DMI showed +DI above -DI.

What you should know:

Zcash’s chart had the look of a token that was pulled back from the edge before sellers could take full control. After sliding from the $680 to $690 zone, price found buyers near $500, where the Higher High Lower Low indicator marked its recent low. The rebound then carried ZEC toward $576, but the latest lower-high marker near $590 to $600 showed that buyers still had a ceiling to break. Reported 24H volume growth of 58% and rising futures Open Interest suggested traders added exposure into the bounce. DMI also favored buyers, with +DI above -DI, but ADX stayed below 20. The $540 to $550 zone is support, while $590 to $600 is the resistance to watch.

Stellar (XLM)

Key points:

  • XLM traded near $0.233 on the 4H chart, with the latest green candle showing buyers trying to defend the $0.228 to $0.230 area after the post-rally pullback.

  • The Parabolic SAR sat above price near $0.274, while the MACD line stayed below the signal line and the histogram remained red.

What you should know:

The DTCC-driven surge left XLM with a heavy cleanup phase, but the latest candle showed buyers had not fully stepped away. Price had raced out of its $0.140 to $0.160 base before profit-taking dragged it back toward $0.230. That pullback coincided with broader leveraged stress, as $743M in crypto liquidations, including $633M in longs, added pressure across risk assets. The chart still leaned cautious: Parabolic SAR stayed above the candles, MACD remained below the signal line, and red histogram bars showed fading momentum. Volume held high at 41.59M XLM, but it had cooled from the breakout burst. For now, $0.228 to $0.230 is the floor buyers need to protect, while $0.250 to $0.260 is the first zone they need to reclaim for a stronger reset.

Worldcoin (WLD)

Key points:

  • WLD traded near $0.422 on the 4H chart after marking a fresh higher high near $0.480, with the latest red candle showing profit-taking after the surge.

  • The Higher High Lower Low indicator confirmed the new HH, while MACD stayed bullish with the MACD line above the signal line and the histogram positive.

What you should know:

Worldcoin’s rally did not fade because momentum disappeared. It cooled because the trade had moved fast. Price had lifted from the $0.220 to $0.240 area, built a higher low near $0.270, and then stretched into a new higher high near $0.480 before sellers stepped in. The move was backed by AI-sector speculation after Anthropic’s IPO filing, Arthur Hayes’ public WLD call, and whale accumulation of roughly 30M WLD. Chart volume stayed heavy at 41.36M WLD, while MACD still favored buyers despite the latest red candle. The $0.400 to $0.406 area is the first support zone, while $0.450 to $0.460 is the zone buyers need to reclaim before challenging $0.480 again.

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