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- Crypto Saving Expert Newsletter - Issue 192
Crypto Saving Expert Newsletter - Issue 192
GM.
Bitcoin has fully retraced its recent upside move and is now sitting at a major decision point.
After falling back towards the $66,000 region, the market needs to see buyers step in soon or the next leg could take Bitcoin even lower.
The high-time-frame structure is starting to look worryingly similar to the previous cycle, with Bitcoin now moving through a phase that could decide whether this is just another correction or the start of a deeper move down.
Sentiment has also collapsed, with the Fear and Greed Index dropping into Extreme Fear at just 11, showing sellers are firmly in control for now.
But while most of the market is struggling, a few altcoins are still showing strength.
Hyperliquid remains one of the strongest assets in crypto, pushing into record highs before slowing at a key high-time-frame resistance zone.
Ethena is also starting to look interesting after bullish news from Coinbase, with ENA consolidating in a zone that could set up a stronger breakout if momentum returns.
With ADP employment data and Nonfarm Payrolls landing this week, volatility could pick up quickly.
Let’s break it down.👇
Table of Contents
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Bitcoin’s Car Crash Move
Bitcoin has retraced all of its upside move, crashing back to where it started. The next move will tell two very different stories.
Bitcoin
Bitcoin has fallen 20% since it made that high just under $83,000 in mid-May.
The route back towards $66,000 has been more of a staircase down, rather than an elevator. Instead of plunging to the downside, it has taken over two weeks for Bitcoin to retrace its rally up.
However, while it has come into demand, it must begin to show strength or it could continue to fall further.
High-Time Frame
Bitcoin’s cycle structure is looking more and more similar to the previous one as the weeks go by.
We have outlined 7 key structural points which are starkly similar to 2021/2022.
The first being the initial top after a surge to the upside. Then a volatile, quick drop before coming into re-accumulation as number two.
The price then bounced both times before entering a small consolidation, point three.
Point four sees the top recorded, before an aggressive correction and consolidation, point five.
The price then falls further before putting in a dead cat bounce, point six. Finally, and what we are waiting to see, is point seven this time around, another strong leg down before a bottom comes.
What Broke Bitcoin?
Something broke in Bitcoin following its all-time high in October. Whether that is the 4-year cycle playing out is one possibility.
However, another explanation is the 10th October crash, which saw $20 billion in liquidations and the start of Bitcoin’s demise.
As we can see, following the 10/10, Bitcoin completely disconnected from Gold (orange), Nasdaq (red) and S&P 500 (green).
Up until that point, Bitcoin was on par or outperforming for most of the time. Which suggests the amount of damage the mass liquidation event caused.
Hyperliquid
Hyperliquid is one of the very few strong assets in crypto right now.
While most of the market has been selling off, HYPE has been making record highs and surging to the upside.
Still, HYPE has now hit the high time frame diagonal, which has seen momentum slow down.
This could mark the top of this move, or if HYPE can flip it, see the momentum continue.
Ethena
Yesterday saw some bullish news for Ethena ENA, with Coinbase announcing a large purchase of the token. As we see stables continue to proliferate, this puts ENA in a strong position to capitalise on this.
From a chart perspective, ENA is consolidating nicely in this zone, positioning itself for a strong breakout. Should we break, the next area of interest is .30.
You can trade ENA on Yubit here
Important Dates
Wednesday 3 June, 13:15 BST - ADP Employment Change
Automatic Data Processing Inc. (ADP) releases employment change for the US. A higher figure is bullish for the markets due to Solana’s increased employment, which suggests economic strength.
The consensus is set at 117,000, with the previous data coming in at 109,000.
Friday 5 June, 13:30 BST - Nonfarm Payrolls (NFP)
The US Bureau of Labour Statistics releases the NFP. This form of data represents the number of new jobs created in the previous month, which will be December and is another signal of economic health.
The consensus is set at 85,000, with the previous data at 115,000.
Fear And Greed Index
The Fear and Greed Index has plummeted into Extreme Fear, scoring just 11.
Following Bitcoin’s cascade down, sentiment has dropped massively, as sellers have control over the market.
Gainers
Losers
Bitcoin Crashes to Nine-Week Low as US-Iran Tensions Trigger $1.8bn Liquidation Event
Bitcoin fell more than 7% to its lowest level since March as escalating US-Iran tensions and leveraged liquidations wiped $150bn from the crypto market.
Bitcoin plunged to its lowest level in more than two months on Wednesday as escalating tensions between the United States and Iran triggered a wave of panic selling across crypto markets.
The world's largest cryptocurrency fell to $65,385 on Coinbase during early trading, marking its lowest price since late March and extending losses to more than 7% over the past 24 hours.
The selloff represents Bitcoin’s largest single-day decline since February and comes amid a broader risk-off move that erased approximately $150bn from the total cryptocurrency market capitalisation.
$1.8bn in Liquidations Rock Crypto Markets
The sharp decline triggered one of the largest liquidation events of the year.
According to CoinGlass data, roughly 277,000 traders were liquidated across crypto markets during the past 24 hours.
Total liquidations reached approximately $1.83bn.
More than 90% of those liquidations came from long positions, indicating that bullish traders were caught offside as prices rapidly collapsed.
Bitcoin and Ether accounted for the majority of forced liquidations.
The cascade of leveraged selling intensified downward momentum as exchanges automatically closed positions that no longer met margin requirements.
Iran Conflict Amplifying Existing Market Weakness
While geopolitical tensions contributed to the selloff, analysts argue the decline was already building beneath the surface.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, said the move was driven by a combination of factors rather than geopolitical headlines alone.
“Bitcoin’s current drop is more about leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear,” Adziima said.
Institutional demand has weakened significantly in recent weeks, with Bitcoin ETFs recording persistent outflows and several major technical support levels breaking down.
The escalation in Middle East tensions simply accelerated an already fragile market structure.
Fresh Military Escalation Sparks Risk-Off Sentiment
The latest market weakness followed reports of renewed military exchanges between the United States and Iran.
According to US Central Command (CENTCOM), American forces intercepted multiple Iranian ballistic missiles and drones before conducting what it described as “self-defence strikes” on Qeshm Island.
CENTCOM also claimed that several Iranian missiles launched toward regional targets failed to reach their intended destinations.
Officials reported two missiles were fired toward Kuwait and three toward Bahrain.
The developments have heightened concerns that tensions could escalate further despite ongoing diplomatic discussions.
Ceasefire Talks Remain Uncertain
The military exchanges come during a fragile two-month ceasefire period between Washington and Tehran.
Both sides have reportedly continued indirect negotiations aimed at extending the ceasefire and resolving disputes surrounding the Strait of Hormuz.
The strategic waterway remains one of the most important shipping routes in the world, handling roughly one-fifth of global oil supplies.
However, talks have yet to produce a lasting agreement.
Adding further confusion, conflicting reports emerged regarding the status of diplomatic discussions.
Iran’s Tasnim news agency reported that Tehran intended to suspend talks with the United States until Israel halted military operations in Lebanon.
Meanwhile, President Donald Trump rejected claims that negotiations had stopped.
“The conversations between us have been going on continuously,” Trump wrote on Truth Social.
Analysts Watching Key Support Zone
Despite the severity of the selloff, some analysts believe Bitcoin may be approaching a meaningful support region.
Adziima identified the $64,000 to $65,000 range as an important technical area where buyers could begin stepping back into the market.
He expects near-term price action to remain volatile.
“Real support sits lower around $64,000 to $65,000, with any de-escalation or strong macro rebound potentially sparking a sharp relief rally,” he said.
For now, Bitcoin remains caught between deteriorating market sentiment, weakening institutional demand and heightened geopolitical uncertainty.
Whether the latest decline develops into a deeper bear market leg or simply represents another capitulation event may largely depend on both macroeconomic conditions and developments in the Middle East over the coming weeks.
TON to Rebrand as ‘Gram’ as Telegram Pushes Ahead With Web3 Expansion Plans
The Open Network plans to rename Toncoin back to Gram, reviving the cryptocurrency’s original branding as Telegram accelerates its Web3 ambitions.
The Open Network (TON) is planning to rename its native cryptocurrency from Toncoin to Gram, reviving the token’s original identity from the project's earliest days.
The proposed rebrand was announced on Monday and has already received overwhelming support from token holders, with nearly 80% of votes cast backing the change.
Telegram founder Pavel Durov described the move as a return to the network’s roots and the beginning of a new phase in TON’s development.
“Gram was the original name of TON’s currency in the first white paper. We’re returning to our roots and starting a new chapter,” Durov said.
Returning to TON’s Original Vision
The name Gram traces back to TON’s original 2018 white paper, when Telegram first unveiled plans to launch its own blockchain ecosystem.
At the time, Telegram raised approximately $1.7bn through one of the largest private token sales in crypto history.
However, the project was forced to abandon the original launch after the US Securities and Exchange Commission successfully challenged the offering in 2020.
The network eventually evolved into The Open Network, with the token being branded as Toncoin rather than Gram.
The proposed rebrand effectively revives the cryptocurrency’s original identity six years after the SEC halted Telegram’s initial plans.
No Token Swap or Migration Required
TON developers emphasised that the rebrand is purely cosmetic and will not require any action from token holders.
According to the proposal, there will be:
No token swap
No migration process
No bridge requirements
No claims process
No balance changes
Wallet addresses, smart contracts, balances and network infrastructure will remain unchanged.
The only difference will be the public name used to refer to the cryptocurrency.
The transition is expected to take approximately three weeks if the proposal is formally approved.
Telegram Tightens Control Over TON Ecosystem
The rebrand follows a major shift in TON’s governance structure earlier this year.
In May, Telegram assumed a more prominent role within the ecosystem, becoming the network’s primary driver and largest validator.
The move effectively positioned Telegram at the centre of TON’s future development roadmap.
Durov has framed the latest changes under a broader initiative called the “Make TON Great Again” roadmap.
The rebranding represents the fourth phase of that strategy.
Part of a Broader Network Upgrade Strategy
The first three stages of the roadmap focused on technical and operational improvements to the network.
These included:
A Catchain upgrade designed to improve blockchain performance
Reduced transaction fees
Telegram’s expanded role within network operations
TON developers said the rebrand reflects how significantly the network has evolved in recent months.
“These changes mark a milestone for the network, and a natural moment to refresh how the token is known publicly,” TON stated.
Telegram’s Web3 Ambitions Continue Expanding
The long-term goal remains to integrate blockchain functionality directly into Telegram’s ecosystem of more than one billion users.
TON aims to become the foundation for a Web3 "super app" experience that combines messaging, payments, digital ownership, mini-applications and AI-powered services within a single platform.
Recent initiatives such as TON Pay have already begun laying the groundwork for crypto-powered payment functionality inside Telegram.
The network hopes tighter integration with Telegram will accelerate mainstream blockchain adoption.
TON Price Jumps Following Announcement
Investors initially reacted positively to the rebranding news.
TON surged more than 15% shortly after the announcement, climbing from approximately $1.95 to above $2.25 during Monday trading.
Some of those gains were later erased, with the token retreating to around $2.07 by Tuesday morning.
Despite the rebound, TON remains significantly below its previous highs.
According to CoinGecko data, the token is still down roughly 75% from its June 2024 all-time high of $8.25.
For supporters, however, the Gram rebrand represents more than a name change; it signals Telegram’s intention to fully reconnect TON with the original vision that launched one of crypto’s most ambitious blockchain projects.
Sui Network Suffers Second Major Outage of 2026 After Software Bug Halts Blockchain
Sui Network resumed operations after a nearly six-hour outage caused by a software bug, marking the blockchain’s second major downtime event of 2026.
Sui Network has resumed normal operations following a nearly six-hour outage that temporarily halted transaction processing across its mainnet.
The layer-1 blockchain confirmed Thursday that the disruption was caused by a software bug introduced in a recent network update, marking the second significant outage the network has experienced this year.
According to Sui’s status page, the outage lasted approximately five hours and 55 minutes before validators successfully restored network activity.
Bug in Latest Update Triggered Network Stall
Sui developers said the disruption stemmed from a flaw introduced in version 1.72 of the protocol.
In a statement posted to X, the team explained that activity on the mainnet had resumed following a crash in the blockchain’s gas charging logic.
“Activity has resumed after a halt due to a crash bug in the gas charging logic introduced by the 1.72 release,” Sui said.
The team added that a full post-mortem and incident review will be published in the coming days.
Earlier during the outage, Sui warned users that the network was experiencing a “network stall” and that transactions could remain paused until a fix was deployed.
Although the blockchain has resumed operation, Sui’s status page continued to show validators operating with “degraded performance” following the restart.
Second Outage This Year Raises Reliability Questions
The latest incident marks the second major outage suffered by Sui during 2026.
In January, the network experienced a similar disruption that left the blockchain offline for more than six hours.
Sui also suffered a notable outage in November 2024 when all validators became trapped in a crash loop for roughly two and a half hours.
That incident prevented transactions from being processed across the network until validators coordinated a recovery.
The repeated outages may raise concerns among developers and institutions evaluating the network for large-scale financial applications.
SUI Token Drops During Outage
The network disruption triggered an immediate reaction from traders.
According to CoinGecko data, SUI fell approximately 6.6% during the outage, dropping to a low near $0.90.
The token later recovered some losses and was trading around $0.93 by early Friday.
The decline interrupted what had otherwise been a strong month for the asset.
Earlier in May, SUI rallied roughly 50% to reach $1.41 following a series of positive ecosystem developments.
Recent Momentum Fueled by Institutional and Product Updates
Prior to the outage, Sui had benefited from several bullish announcements.
Those included a Nasdaq-listed company revealing plans to stake a significant amount of SUI tokens and developers outlining new network features.
Upcoming upgrades include:
Zero-fee stablecoin transfers
Private transaction functionality
Additional enterprise-focused payment infrastructure
At Consensus 2026, Mysten Labs co-founder Adeniyi Abiodun reiterated plans to launch private transactions while also confirming that zero-fee stablecoin transfers are expected soon.
The features are designed to make Sui more attractive for financial institutions and payment-focused applications.
Sui Remains a Significant DeFi Ecosystem
Despite the latest disruption, Sui remains one of the larger blockchain ecosystems in the industry.
According to DefiLlama data, the network currently ranks as the 13th-largest blockchain by total value locked (TVL), with approximately $542 million locked across 137 protocols.
Sui launched its mainnet in May 2023 and has positioned itself as a high-performance blockchain capable of supporting institutional-grade financial applications.
However, recurring downtime incidents could place additional scrutiny on the network’s reliability as competition among layer-1 blockchains continues intensifying.
Crypto Industry Continues Facing Operational Risks
The outage also serves as a reminder that technical failures remain a significant risk across the crypto industry.
Not all recent disruptions have been caused by software bugs.
In April, decentralised exchange Drift Protocol temporarily suspended deposits and withdrawals following a security breach.
That same month, liquid restaking platform Kelp paused smart contracts tied to its rsETH token after suffering a cyberattack.
As blockchain networks continue scaling and handling larger amounts of capital, operational resilience remains one of the industry's biggest long-term challenges.
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