Hey Crypto Addicts,

The ceasefire lasted ten days. Now Iran is back in the headlines and Bitcoin is below $63,000.

Reports of renewed US-Iran military tensions broke overnight, sending Bitcoin sliding from $67,000 to below $63,000 in a matter of hours. Oil spiked. The dollar strengthened. Risk assets sold off hard across the board. The same playbook that has driven this bear market since February 28 just ran again.

The liquidation cascade was brutal. $1.1 billion in crypto positions were wiped out in 24 hours, with long traders accounting for the overwhelming majority of the damage.

The next key support levels are now firmly in focus. $60,000 is the first major area of interest. Below that, the $54,000 to $58,000 zone represents the next significant demand region where buyers have historically stepped in.

Bitcoin ETF outflows have accelerated alongside the price decline. The institutional bid that held markets stable through May has now reversed for a third consecutive week.

The honest context: this is exactly the kind of violent, sentiment-destroying move that historically precedes a genuine market bottom.

Not guaranteed. But historically consistent.

$63K broke. $60K is the line. Watch it very closely. .☕

The pig butchering era is ending. One coordinated operation at a time.

The DOJ, in partnership with Coinbase, Meta, Microsoft and Starlink, just executed one of the most comprehensive takedowns of Southeast Asian crypto scam networks ever recorded.

Coinbase froze over $3 million in crypto. Meta took down 1.4 million accounts tied to scam operations. Microsoft disrupted key digital infrastructure. Starlink terminated satellite internet services to scam compounds in Myanmar that had been using them to reach international victims.

The operation targeted romance scam and pig butchering networks primarily operating out of Myanmar, Laos and Cambodia, the same compounds that have collectively stolen an estimated $37 billion globally since 2020.

The coordination across a government agency and three of the world's largest tech companies is unprecedented.

FBI San Diego's Operation Level Up has now notified over 9,000 US victims and prevented an estimated $562 million in losses since launch.

The best defence remains the same: if someone online is introducing you to a crypto investment opportunity, assume it is fraud until proven otherwise.

Every time.☕

Israel Expected $1B

Israel's Tax Authority launched its voluntary crypto disclosure program expecting a windfall. The results so far are awkward.

The program targeted crypto holders who had not previously declared gains, offering reduced penalties in exchange for voluntary disclosure. The ITA projected up to $1 billion in tax revenue from the initiative.

Actual filings to date: approximately $50 million.

The $950 million gap tells a story about how crypto holders actually behave when faced with a tax disclosure request. Most are choosing not to participate, either because they believe they will not be caught, because they have already moved assets offshore, or because the penalties for non-disclosure are still perceived as a manageable risk compared to the tax bill itself.

The ITA had already moved to close enforcement gaps before the disclosure program launched. Binance and Bybit were ordered to hand over Israeli user data in March 2026. Israeli banks were required to report crypto-linked transfers above a certain threshold. The reporting infrastructure is tightening.

The honest read: the voluntary disclosure window will close and enforcement will follow. The ITA has the exchange data. They know who holds what.

Voluntary disclosure is almost always cheaper than being caught.

The $950 million gap will narrow. One audit at a time. ☕

Late last year, a Klimt sold for the highest price ever paid for modern art at auction.

An outlier sure, but it wasn't a fluke. U.S. auction sales grew 23.1% in 2025. The $1-5mm segment even grew 40.8% YoY.

Meanwhile, Apollo’s chief economist Torsten Slok said to expect ‘zero in return in the S&P 500 over the coming decade.’

So, that's where it gets interesting.

Each environment is unique, but after dot-com, post war and contemporary art grew about 24% annually for a decade. After 2008, about 11% for 12 years.

It’s also had near-zero correlation with the S&P 500 since ‘95.*

Now, Masterworks lets you invest in shares of artworks featuring legends like Banksy, Basquiat, and Picasso.

Shares can sell quickly, but my subscribers can skip the waitlist:

Skip the waitlist

^{*Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}

SpaceX IPO

SpaceX lists on Nasdaq on June 12. And Bitcoin holders have two very different reasons to pay attention.

The IPO is targeting a $75 billion raise at a $1.77 trillion valuation, which would make it the largest public listing in US history by capital raised. SpaceX holds 8,285 BTC worth approximately $560 million on its balance sheet at current prices.

Here is the first concern.

SpaceX has an estimated $20 billion in GPU leasing obligations guaranteed on its balance sheet through xAI-related deals. Once public, those liabilities become quarterly disclosures. If institutional investors balk at the leverage, SpaceX could face pressure to monetise assets including its Bitcoin position to improve optics.

The second concern is about liquidity.

A $75 billion IPO pulls significant capital out of existing markets. Institutional allocations to SpaceX come from somewhere. In a market already experiencing crypto ETF outflows and broad risk-off sentiment, a mega-IPO absorbing fresh institutional capital is not a positive backdrop for Bitcoin.

The bull case: SpaceX's Bitcoin position going public validates corporate Bitcoin treasuries at the largest scale yet. Thousands of ETFs buying SPCX gain indirect Bitcoin exposure whether they intended to or not.

Bear case: leverage concerns force a Bitcoin sale. Capital rotates from crypto into SPCX.

June 12 is eight days away. Watch the pre-IPO market closely. ☕

The Future of Crypto Banking Is Here

While most people are still juggling wallets, exchanges, and banks… a small group is already moving faster with all-in-one crypto banking.

Veil Bank isn’t just another tool.

It’s a privacy-first omni-bank where you can swap, bridge, borrow, and spend ~ all in one place, without friction.

No delays. No unnecessary steps. No outdated systems holding you back.

The reality? The people who adopt better tools early are the ones who win long term. Everyone else catches up later… at a cost.

Don’t be the one still figuring it out when the edge is already gone.

👉 Get ahead here: https://veilbank.co/#products

Bitcoin Roadmap

The current Bitcoin cycle continues to follow a broader roadmap that suggests the market may still be in the process of forming a long-term bottom before the next major bull run begins.

The first key phase is the development of a bottoming and accumulation zone, which is expected to occur between July and August. Under this scenario, Bitcoin could establish a local low before entering a period of consolidation as buyers gradually return to the market.

Following the accumulation phase, attention shifts toward a new all-time high.

The base-case outlook projects Bitcoin reaching fresh highs between April 2027 and July 2027, although a slower cycle could see this milestone delayed until late 2027 or early 2028.

Looking even further ahead, the next major bull market peak is expected to occur between July and October 2029, with upside targets ranging between $160,000 and $180,000.

The most important level in the near term remains the potential bottoming zone.

While many market participants continue to anticipate a deeper decline toward the $40,000 region, the current outlook suggests that increasing institutional participation could support Bitcoin much sooner. As a result, the preferred accumulation range sits between $50,000 and $55,000, with $60,000 acting as the first major area where long-term buyers may begin building positions.

If this roadmap continues to play out, the coming months could mark the beginning of Bitcoin's next major accumulation phase.☕

House Democrats are calling for a federal investigation into prediction markets such as Polymarket and Kalshi, citing concerns over potential insider trading, market manipulation, and the use of non-public government information to profit from high-profile events. Lawmakers have pointed to a series of suspiciously timed trades related to geopolitical developments, military actions, and government decisions

Anthropic revealed that 67% of the accounts it banned for policy violations were linked to cyberattack-related activity, highlighting the growing role AI is playing in modern hacking campaigns. The company said malicious actors have been using AI tools to assist with tasks such as phishing campaigns, malware development.

Business adoption is rapidly becoming the dominant force behind the stablecoin economy. According to new data from Paybis, nearly 98% of the platform's stablecoin volume in 2026 has come from business-related transactions, highlighting a major shift away from retail speculation and toward real-world payment usage.

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Michael Saylor sold 32 BTC and accidentally unlocked the "Sell in May" achievement…