Happy Tuesday!

Bitcoin has tumbled below $68,000 and altcoins are not faring much better, with one notable exception. What is happening to crypto?

Polymarket is embroiled in a new scandal, after a trader lost $500,000 betting that Strategy will sell Bitcoin. Strategy sold, but why did the trader lose?

Plus, join Direxion on June 11 at 11:00 AM ET to discuss the market’s biggest themes shaping retail trading, including precious metals, crypto, and the ongoing momentum in technology and semiconductor stocks. Hosted on Benzinga’s platform, this live bootcamp will explore how active traders are navigating volatility, macro trends, and sector-driven opportunities using ETFs.

TOP STORY

Bitcoin Plunges Below $68,000, ETH, XRP Lose Over 2%: What Is Going On With Crypto?

Bitcoin plunged below $68,000 Tuesday as Ethereum $ETH dropped 3.5% and XRP shed nearly 5%.

The Nasdaq kept ripping on AI momentum and Strategy cratered 8% after Saylor selling added fuel to an already burning fire.

The institutional bid that drove Bitcoin from $70,000 to $80,000 earlier this year has evaporated: spot Bitcoin and Ethereum ETFs combined for roughly $2 billion in outflows over 10 days — the longest redemption streak since launch — leaving spot markets heavy with no strong new buyer base in sight.

The one standout in the wreckage is Hyperliquid, which crossed above $70 and continues posting the strongest relative strength in crypto.

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Benzinga’s Gianni Di Poce will be joined by Direxion’s Ed Egilinsky for a dynamic conversation covering gold and silver trends, the evolving crypto landscape, AI-driven semiconductor momentum, and broader tech sector opportunities. Attendees will gain insights into current market narratives, trader sentiment, and tactical ways investors are positioning around today’s most closely watched sectors.

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QUICK N DIRTY

XRP was not spared from the market dump and is down over 3% at this point. Any way XRP can decouple from the general market weakness?

Bitcoin ETFs keep bleeding asset, with almost $500M being pulled on Monday again. What is going on with institutional interest?

Anthony Pompliano remains undeterred by all the selling and has a contrarian take: ‘sellers are getting exhausted!’

FINTECH FOCUS

'I Was Just Scammed!' Trader Loses $500,000 On Saylor Bitcoin Sale After Polymarket Rules Controversy

A trader is out $500,000 after Polymarket's $54 million "Strategy sells Bitcoin by May 31" contract resolved "No" — even though Strategy MSTR actually sold 32 BTC for $2.5 million between May 26 and May 31.

The catch: the disclosure landed in a June 1 Form 8-K, one day after the deadline, and Polymarket posted a bulletin ruling that confirmation outside the window didn't count — collapsing "Yes" shares from 80 cents to less than a penny.

The same sale triggered clean "Yes" resolutions on the June 30 and December 31 versions of the identical contract, leaving Polymarket in the position of arguing one Bitcoin sale is simultaneously valid and invalid depending on which contract you're holding.

The trader posted on X: "I was just scammed."

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