Amberdata Digital Asset Snapshot: Institutional Flows, Cyber Conflict, & DeFi Exploits

This week’s Digital Asset Snapshot was shaped by geopolitical shocks and regulatory momentum. A $90M politically motivated hack on Iran’s Nobitex exchange highlighted crypto’s role in cyber conflict, while the U.S. Senate’s passage of the GENIUS Act drove record stablecoin inflows and renewed institutional confidence in regulated digital assets. Ethereum showed signs of technical recovery, even as a major exploit on the ALEX Protocol underscored ongoing DeFi risks. Market reactions were mixed: ETF flows revealed selective accumulation, futures open interest stabilized across major platforms, and funding rates across BTC, ETH, and SOL reflected fast-moving sentiment amid macroeconomic and geopolitical uncertainty.

News

• Political Hack Targets Iran’s Largest Crypto Exchange: Pro-Israel hackers exploited Nobitex for $90M in a symbolic attack, highlighting crypto’s role in geopolitical cyber warfare and raising concerns over infrastructure risk in conflict zones.
  
  
• Stablecoin Market Surges After GENIUS Act Passes Senate: The U.S. Senate passed the GENIUS Act, driving stablecoin market cap to $251.7B as institutions welcomed stricter backing rules and clearer regulatory frameworks.
  
  
• Crypto Markets Dip Amid Fed Hawkish Pause and Geopolitical Tensions: Bitcoin and Ethereum slipped as the Fed maintained a hawkish stance and Iran–Israel tensions escalated, pulling total market cap to $3.25T.
  
  
• Ethereum Price Patterns Hint at Potential Rebound to $3,000: A triple-bottom formation around $2,500 suggests bullish potential for ETH, though macro and regulatory risks could limit upside.
  
  
• ALEX Protocol Suffers Major Exploit on Stacks Blockchain: A $8M–$16M hack on the ALEX protocol underscores ongoing smart contract risks, prompting governance responses in Bitcoin-adjacent DeFi.

Market Analysis

• Weekly Bitcoin ETF Movements Signal Investor Prudence Amid Uncertain Conditions: BlackRock and Bitwise recorded net inflows, while 21Shares saw redemptions of over 11,800 BTC. Flows reflect cautious repositioning by institutions navigating macro volatility and geopolitical tensions.
  
  
• Cumulative Bitcoin ETF Positions Signal Persistent Institutional Commitment: Despite mixed weekly flows, long-term holdings remain strong. BlackRock leads with ~683,740 BTC, Fidelity holds ~8,540 BTC, and Grayscale Mini ~46,510 BTC, underscoring continued strategic engagement.
  
  
• Major Altcoin Futures Consolidate as Ethereum and Solana Maintain Robust Interest: ETH and SOL open interest remains strong, signaling bullish sentiment. Altcoins like SUI, APT, ARB, and XRP showed mild contractions in positioning as traders reduce exposure to smaller caps.
  
  
• Crypto Futures Open Interest Reflects Institutional Prudence Amid Mixed Activity: Binance, Bybit, and Bitget saw slight declines in open interest, while CME recorded inflows from ~$18.7B to $20.1B. Hyperliquid rose sharply, suggesting increased DeFi derivative speculation.
  
  
• Long/Short Ratios Indicate Shifting Sentiment and Heightened Volatility: BTC long/short ratios rebounded from bearish lows, while ETH surged from 1.2 to 2.6. SOL, SUI, and XRP maintained consistently high bullish positioning, reflecting rising optimism among leveraged traders.
  
  
• Funding Rates Reflect Tactical Shifts Across BTC, ETH, and SOL: BTC and SOL funding rates swung sharply as traders reacted to macro risks and ecosystem developments, while ETH maintained predominantly positive rates with brief dips for hedging before rebounding on renewed bullish sentiment.

News

Political Hack Targets Iran’s Largest Crypto Exchange

On June 18, pro-Israel hackers identifying themselves as “Predatory Sparrow” launched a politically motivated cyberattack on Nobitex, Iran’s largest cryptocurrency exchange. The attackers stole and effectively destroyed around $90 million worth of Bitcoin, TRX, and other tokens by sending them to inaccessible wallets carrying anti-IRGC (Islamic Revolutionary Guard Corps) messages. The move was a symbolic gesture aimed at undermining Iran’s financial infrastructure. Blockchain analytics firms TRM Labs and Elliptic confirmed the attack’s connection to the broader cyber conflict between Israel and Iran. Nobitex has since acknowledged the breach and paused operations while an investigation is underway. This incident follows a related hack on Iran’s Bank Sepah, signaling a growing pattern of politically motivated cyberattacks targeting crypto infrastructure. The event raises concerns about the vulnerability of exchanges operating in conflict zones and the broader implications of cryptocurrencies being used in geopolitical cyber warfare.

Stablecoin Market Surges After GENIUS Act Passes Senate

The stablecoin market saw a significant boost following the U.S. Senate's passage of the GENIUS Act on June 18. According to CoinDesk, the total market cap of stablecoins reached a record $251.7 billion, up 22% so far this year. The legislation introduces strict new requirements for issuers, mandating full 1:1 backing with liquid assets and requiring regular transparency reports and annual audits for large issuers. Industry advocates see the bill as a major step toward legitimizing the stablecoin sector, with potential for large corporations like Amazon, Visa, and Mastercard to issue their own tokens under the new framework. However, critics have voiced concerns over gaps in anti-money laundering provisions and the fact that the executive branch is exempt from some restrictions. The GENIUS Act now moves to the House of Representatives, where it may be merged with broader crypto policy initiatives. If passed into law, it would mark the first comprehensive U.S. regulation of stablecoins.

Crypto Markets Dip Amid Fed Hawkish Pause and Geopolitical Tensions

On June 19, the crypto markets experienced a pullback as the U.S. Federal Reserve held interest rates steady while maintaining a hawkish tone on future monetary policy. Bitcoin remained above $104,000, while Ethereum hovered near $2,520. The Fed’s decision reinforced inflation concerns, causing investors to adopt a risk-off stance, particularly in volatile asset classes like crypto. At the same time, ongoing geopolitical tensions—particularly between Iran and Israel—added further pressure to investor sentiment. The total crypto market capitalization declined by approximately 0.3% to 2.3%, settling around $3.25 trillion. Analysts suggest that the crypto market’s sensitivity to macroeconomic and geopolitical developments will likely persist in the coming months. Until there is more clarity on inflation, interest rates, and geopolitical risks, market conditions are expected to remain choppy.

Ethereum Price Patterns Hint at Potential Rebound to $3,000

Ethereum is showing signs of a potential bullish reversal as technical analysts highlight a “triple bottom” formation on the charts. Despite a 1.7% dip on June 19 that brought the price to around $2,521, the chart pattern is traditionally viewed as a strong signal for an impending uptrend. If trading volumes support the move, Ethereum could rally toward the $3,000 level in the short term. The formation is attracting interest from traders and institutions, especially given Ethereum’s positioning in DeFi and infrastructure. However, analysts caution that macroeconomic variables, including Fed policy, stablecoin market movements, and global geopolitical instability, could either accelerate or delay the expected rebound. While optimism is growing around Ethereum’s technical setup, broader risk sentiment continues to influence investor behavior.

ALEX Protocol Suffers Major Exploit on Stacks Blockchain

In mid-June, ALEX Protocol, a key decentralized finance platform on the Bitcoin-connected Stacks blockchain, suffered a major exploit. Hackers managed to drain between $8.3 million and $16.2 million in crypto assets, with the exact amount still under review by security researchers. Preliminary reports suggest that the attack may have involved vulnerabilities in smart contract logic or manipulated oracle data. The ALEX team has begun discussions with blockchain security experts to assess whether the stolen funds can be recovered. There is also ongoing debate within the protocol’s community about possible compensation for affected users via governance mechanisms. The exploit has heightened awareness of persistent vulnerabilities in emerging DeFi systems—even those built on Bitcoin’s ecosystem. The incident serves as a reminder of the importance of robust security practices, code audits, and contingency planning in decentralized finance protocols.

Market Analysis

Weekly Bitcoin ETF Movements Signal Investor Prudence Amid Uncertain Conditions

Over the past two weeks, Bitcoin ETFs have exhibited varied dynamics, reflecting nuanced institutional strategies amid macroeconomic volatility. For the week ending June 11, BlackRock demonstrated strong inflows, adding approximately 11,990 BTC. This notable influx aligns with their established pattern of steady accumulation, highlighting persistent institutional confidence despite broader market uncertainties. Fidelity, meanwhile, experienced modest net outflows totaling about 390 BTC, possibly indicative of tactical profit-taking or cautious repositioning in anticipation of short-term price fluctuations. Bitwise also saw positive momentum, gaining around 770 BTC, underscoring its incremental but consistent attraction among certain investors.

The subsequent week of June 18, however, marked a pronounced shift for several prominent ETFs. Most notably, 21Shares encountered significant redemptions amounting to approximately 11,860 BTC, one of the largest weekly outflows recently observed. This dramatic reversal suggests heightened sensitivity among its investor base, potentially influenced by geopolitical tensions or regulatory speculation. Fidelity reversed its earlier outflow trend, accumulating roughly 740 BTC, likely signaling opportunistic buying after prior repositioning. In contrast, BlackRock experienced minimal net changes during this week, suggesting a strategic pause to reassess market conditions or achieve portfolio balance after substantial prior inflows. Smaller ETFs such as Grayscale Mini and Invesco collectively saw modest inflows totaling about 160 BTC, reflecting selective and cautious investor engagement. Overall, these contrasting movements illustrate investor discretion, as institutions carefully navigate volatile macroeconomic and geopolitical landscapes.

Cumulative Bitcoin ETF Positions Signal Persistent Institutional Commitment

As of June 18, cumulative Bitcoin ETF holdings continue to display clear institutional leadership and evolving investor dynamics. BlackRock remains the undisputed leader, amassing holdings of approximately 683,740 BTC. This substantial stake emphasizes BlackRock’s deep-rooted commitment to Bitcoin, with sustained accumulation reflective of long-term strategic conviction. Fidelity maintains a significant presence, holding around 8,540 BTC, underscoring its continuous yet measured participation in the market, despite intermittent weekly volatility.

Grayscale Mini has steadily built a meaningful position, currently holding about 46,510 BTC, highlighting sustained interest from investors favoring its established trust-based structure. Conversely, 21Shares, despite recent sizable weekly outflows, retains considerable cumulative holdings of roughly 35,860 BTC, illustrating that longer-term investor confidence persists despite short-term repositioning or tactical rebalancing prompted by market conditions.

Other ETFs like VanEck and Valkyrie hold relatively moderate positions, with cumulative totals around 9,810 BTC and 5,900 BTC, respectively. These figures indicate stable but cautious institutional engagement, balancing exposure to Bitcoin with prudent risk management strategies. WisdomTree remains notably smaller, holding approximately 1,550 BTC, signifying a cautious institutional approach amidst broader market uncertainties.

Overall, cumulative holdings among major Bitcoin ETFs remain robust, highlighting continued institutional interest and strategic long-term allocations. While weekly inflows and outflows reflect tactical adjustments responding to evolving market conditions, the substantial aggregated holdings underscore persistent confidence in Bitcoin's institutional adoption narrative.

Major Altcoin Futures Consolidate as Ethereum and Solana Maintain Robust Interest

Over the past two weeks, futures markets for major altcoins have largely consolidated, highlighting cautious sentiment among traders. Ethereum (ETH) futures maintained relatively robust open interest, rising modestly from approximately $13.35 billion on June 8 to $13.77 billion by June 18. This continued strength underlines sustained institutional commitment and long-term optimism, suggesting that traders remain confident in Ethereum's fundamentals despite the prevailing volatile market environment. Similarly, Solana (SOL) showed notable resilience, maintaining a stable level of open interest around $3.48 billion, reflecting persistent investor support and steady bullish sentiment driven by the blockchain's continued development and ecosystem expansion.

In contrast, newer layer-one assets exhibited more volatility and noticeable outflows. Open interest in SUI futures declined sharply, dropping from roughly $920 million to about $760 million, likely driven by profit-taking and reduced speculative exposure following previous market exuberance. XRP futures, meanwhile, saw modest stabilization, edging slightly higher from approximately $2.58 billion to around $2.60 billion, indicating cautious repositioning among investors after recent bouts of profit-taking. Similarly, Aptos (APT) and Arbitrum (ARB) experienced mild declines in open interest—APT from around $140 million to $122 million and ARB from approximately $120 million to $116 million—highlighting continued selectivity and risk aversion among altcoin traders.

Overall, the recent altcoin futures activity underscores careful risk management practices among market participants. While Ethereum and Solana continue to attract institutional optimism, traders remain selective and cautious in their positioning across smaller and more speculative altcoins. This disciplined approach indicates ongoing sensitivity to broader market signals and geopolitical developments, with investors poised to respond swiftly to changes in sentiment or economic outlook.

Crypto Futures Open Interest Reflects Institutional Prudence Amid Mixed Activity

Crypto futures markets demonstrated cautious stabilization over the two weeks up to June 18. Binance experienced a modest contraction in open interest, decreasing from approximately $12.12 billion on June 8 to around $11.80 billion by June 18, reflecting prudent repositioning as traders recalibrated their exposure amid persistent macroeconomic uncertainties. Similarly, exchanges like Bybit and Bitget exhibited mild reductions, with Bybit moving from approximately $8.15 billion to $7.88 billion, and Bitget from around $9.17 billion to $9.05 billion. These decreases likely represent tactical profit-taking or careful risk management strategies adopted by traders in response to recent price fluctuations and broader market uncertainty.

Conversely, CME futures saw a moderate rebound in institutional interest, increasing from about $18.69 billion on June 8 to roughly $20.08 billion by June 18. This uptick underscores a selective return of institutional confidence, potentially driven by a perceived stabilization in market conditions or favorable macroeconomic signals. Decentralized platforms, notably Hyperliquid, experienced heightened volatility as open interest grew significantly from $4.66 billion to about $5.22 billion. This rise likely indicates increased speculative trading activity and hedging among decentralized finance participants, reflecting continued interest and engagement within DeFi derivatives markets.

Overall, recent exchange-level trends emphasize a strategic caution among both institutional and retail traders. Open interest patterns indicate that market participants remain carefully balanced, weighing optimism about potential market recoveries against persistent concerns stemming from geopolitical tensions and regulatory developments. Moving forward, traders will likely remain vigilant, adjusting positions dynamically in response to macroeconomic data releases and policy announcements, thus maintaining market equilibrium amid ongoing volatility.

Long-Short Ratios Indicate Shifting Sentiment and Heightened Volatility

Long-short ratios across major crypto futures indicated notable shifts in sentiment from June 4 to June 18. Bitcoin (BTC) experienced considerable volatility, with its long-short ratio initially decreasing sharply from 0.92 on June 4 to a low of 0.52 on June 10, suggesting rising bearish sentiment or increased hedging activity as investors reacted cautiously to market uncertainty. This bearish sentiment was short-lived, however, with the ratio rebounding strongly to around 1.15 by June 18, reflecting renewed bullish conviction or potential short-covering as price stability returned.

Ethereum (ETH) exhibited similar volatility, with the ratio declining from approximately 1.78 on June 4 to around 1.20 on June 11, indicating a clear reduction in bullish positioning amid profit-taking or growing caution. Subsequently, sentiment reversed notably, with ETH’s long-short ratio increasing to about 2.58 by June 18, implying renewed confidence and increased speculative buying as institutional participants regained optimism.

Solana (SOL) and SUI displayed consistently bullish sentiment, albeit with fluctuations. SOL's long-short ratio rose from approximately 3.00 on June 4, briefly dipping to about 1.91 on June 11, before recovering to 2.76 by June 18. This pattern underscores investor resilience and optimism in SOL's underlying fundamentals. SUI showed considerable sentiment swings, decreasing from around 2.05 on June 4 to a low of 1.57 on June 11 before rebounding significantly to 2.15 by June 18, suggesting active speculative repositioning driven by short-term traders.

XRP maintained elevated bullish sentiment, with ratios generally staying above 2.5, briefly dipping to 2.33 on June 17 before sharply increasing to around 3.22 by June 18. This persistent bullishness likely reflects ongoing investor optimism tied to positive regulatory developments and continued institutional interest, despite occasional short-term profit-taking phases.

Bitcoin Funding Rates Reflect Market Volatility and Short-Term Sentiment Shifts

Bitcoin funding rates across major exchanges showed considerable volatility and rapidly shifting trader sentiment between June 5 and June 19. Early in the period, notably between June 5 and June 7, several exchanges, including Binance BTCUSDC, Bitget BTCPERP, and Bybit BTCPERP, reported negative rates, with Binance BTCUSDC reaching lows around -0.0093 on June 7. Such negative funding indicated increased short-positioning, signaling caution or bearish sentiment among traders due to prevailing market uncertainty or price declines.

However, sentiment reversed markedly between June 8 and June 11, as multiple platforms shifted to positive funding rates. Binance BTCUSDT notably peaked at around +0.0088 on June 11, while Bybit BTCUSDT similarly climbed to +0.0072. These higher positive funding rates suggest traders significantly increased leveraged long exposure, possibly anticipating upward price momentum or reacting positively to macroeconomic developments or market stabilization.

Yet, this bullish sentiment was short-lived, fluctuating rapidly in subsequent days. Exchanges displayed mixed signals, with occasional brief negative dips on platforms like Deribit BTC-USDT PERP and Huobi BTC-USDT. By June 18, sentiment again appeared cautious, with Binance BTCUSDC and BTCUSDT briefly dipping negative, while other exchanges maintained moderately positive rates. This volatility highlights traders’ active risk management strategies and rapid sentiment adjustments in response to market news or short-term technical indicators.

Ethereum Funding Rates Highlight Elevated Optimism and Strategic Rebalancing

Ethereum funding rates across major derivative platforms demonstrated predominantly bullish sentiment mixed with brief episodes of strategic rebalancing between June 5 and June 19. Exchanges such as Binance ETHUSDT, Bitget ETHPERP, and Bybit ETHPERP initially reflected a strongly optimistic sentiment, peaking notably around June 10–11, with several rates consistently hitting their upper limits (+0.0100). Such elevated funding levels signal substantial long-position leverage among traders, indicating sustained bullish expectations, possibly driven by positive developments in Ethereum’s ecosystem or favorable macroeconomic conditions.

However, notable sentiment reversals occurred intermittently, notably around June 13. Binance ETHUSDC registered a sharp negative swing, dropping to approximately -0.0110, and Bybit ETHPERP declined significantly to around -0.0123. These sudden negative spikes suggest rapid profit-taking or tactical hedging by institutional investors, responding swiftly to short-term price corrections or technical resistance levels.

Following these brief downturns, market sentiment again shifted positively. By June 16–19, platforms like Binance ETHUSDT and Bybit ETHUSDT had stabilized, registering modestly positive funding rates between +0.0035 and +0.0058. This return to moderate positivity highlights a recalibration among traders, balancing optimism with prudent risk management. Meanwhile, more institutionally-focused venues such as Deribit and OKEX maintained consistent positive funding throughout, underscoring continued institutional confidence in Ethereum’s market stability and longer-term outlook.

SOL Funding Rates Highlight Sentiment Volatility Amid Mixed Positioning

Funding rates for Solana (SOL) futures across major derivative exchanges demonstrated heightened volatility and rapidly shifting trader sentiment from June 5 to June 19. Early in the period, exchanges such as Binance SOLUSDT, Bybit SOLPERP, and Bitget SOLUSDT recorded negative or significantly reduced funding rates. For instance, Binance SOLUSDT briefly dipped sharply negative to around -0.0065 on June 6, accompanied by similar drops on Bybit SOLPERP (around -0.0058). This negative funding environment highlighted cautious sentiment and increased short positioning, reflecting bearish expectations amid concerns over market uncertainty or short-term technical pressures.

However, sentiment quickly rebounded and became distinctly positive by mid-period, peaking notably around June 11–12, where exchanges like Binance SOLUSDC, Bitget SOLPERP, and Bybit SOLUSDT consistently reached upper limits (+0.0100). This sharp positive reversal suggests substantial short covering or renewed bullish sentiment among traders, likely driven by positive news flow, ecosystem developments, or technical price rebounds favoring Solana.

Despite the strong positive momentum, volatility remained prevalent. On June 15, funding rates again fluctuated, with Binance SOLUSDT dipping back into negative territory (around -0.0038), and Bybit SOLPERP similarly declining to -0.0037. These fluctuations highlight traders’ tactical repositioning and active risk management in reaction to short-term market movements.

Links

AmberLens:  intelligence.amberdata.com

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Futures/Swaps charts were built using the following endpoints:

• https://docs.amberdata.io/reference/futures-exchanges-pairs
• https://docs.amberdata.io/reference/futures-ohlcv-historical
• https://docs.amberdata.io/reference/futures-funding-rates-historical
• https://docs.amberdata.io/reference/futures-long-short-ratio-historical
• https://docs.amberdata.io/reference/swaps-exchanges-reference
• https://docs.amberdata.io/reference/swaps-ohlcv-historical
• https://docs.amberdata.io/reference/swaps-funding-rates-historical

DeFi DEXs

DeFi DEX charts were built using the following endpoints:

• https://docs.amberdata.io/reference/defi-dex-liquidity
• https://docs.amberdata.io/reference/defi-dex-metrics
• https://docs.amberdata.io/reference/defi-impermanent-loss

DeFi Borrow/Lend

DeFi lending charts were built using the following endpoints:

• https://docs.amberdata.io/reference/defi-lending-protocol-lens
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Networks

Network charts were built using the following endpoints:

• https://docs.amberdata.io/reference/blockchains-metrics-latest
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• https://docs.amberdata.io/reference/get-historical-transaction-volume

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