Welcome to today’s market bulletin! We’ve gathered the most relevant trends and developments shaping the crypto and finance world, all in one place. Clear, concise, and focused, here’s what you need to know to stay on top of the markets this week. Let’s begin:
Surfing the Market, with the Big Caps Index and DASH.
Don’t miss about Bitcoin’s breakout toward $107K and the legal snags slowing the White House’s strategic BTC reserve!
Canton Network is under the spotlight.
A short article about LUNA, UST and Do Kwon: the collapse that shook crypto.
The Big Caps Index remains struggling after the main breakout but still defending the main $920 support. Really important to consolidate above this level:
DASH continues pushing leading this week’s privacy race. Showing strength while ZEC struggles:
Three Signals Bitcoin’s Breakout Toward $107K Is the Real Deal
Bitcoin is pushing higher after clearing a multi-week consolidation zone, with analysts eyeing a potential run toward roughly $107,000. A clean breakout and retest of an ascending triangle, plus an imminent bullish EMA cross on the daily chart, are reinforcing the move. At the same time, long-term holders are selling less, coins are flowing off exchanges, and macro liquidity trends are turning in BTC’s favor.
Highlights
Ascending triangle resolved higher: BTC has broken above the upper band of a multi-week triangle near $95K and successfully retested it as support, a classic pattern that projects upside toward the $107K region.
Bullish EMA setup: The 20-day and 50-day exponential moving averages are on the verge of a bullish crossover; the last similar signal preceded a double-digit percentage advance in the following weeks.
OG supply tightening: On-chain data show coins dormant for over five years are hitting the market far less than earlier in the cycle, indicating veteran holders are again leaning toward accumulation rather than profit-taking.
Exchange balances falling: The latest readings point to the strongest net BTC outflows from centralized exchanges since late 2024, implying fewer coins are immediately available for sale.
BTC–gold divergence: Periods when Bitcoin decouples negatively from gold have historically been followed by strong BTC rallies, and this dynamic is reappearing against a backdrop of ending Fed QT and expanding global liquidity.
If these technical, on-chain and macro signals keep aligning, traders may treat dips toward reclaimed support as part of a healthy breakout structure rather than the start of another fake-out. Sustaining prices above the former consolidation zone and confirming the EMA bull cross would strengthen the case that BTC is transitioning into a new, higher trading range on the road toward that six-figure target.
‘Obscure’ Laws Slow Down U.S. Strategic Bitcoin Reserve, Says White House Crypto Aide
Progress toward a formal U.S. Strategic Bitcoin Reserve is ongoing, but hidden legal roadblocks are delaying the rollout, according to White House Crypto Council director Patrick Witt. Multiple agencies, including the DOJ and Office of Legal Counsel, are hashing out which entity can actually hold and manage the reserve under existing statutes. While the initiative remains on the administration’s priority list, critics argue the current framework falls far short of real nation-state Bitcoin accumulation.
Highlights
Executive order constraints: Trump’s March 2025 order created a Strategic Bitcoin Reserve and “Digital Asset Stockpile” but only allows BTC to be added via seizures, not open-market purchases.
Interagency tangle: Witt says seemingly simple steps become complex once overlapping, little-known legal provisions determine which federal body is permitted to hold or buy Bitcoin.
Community backlash: Bitcoin advocates have blasted the plan as underwhelming, accusing Washington of delivering speeches and headlines instead of a credible, accumulating reserve strategy.
Budget-neutral ideas: Treasury Secretary Scott Bessent has floated ways to grow the reserve without widening the deficit, such as reallocating existing reserve assets or revaluing precious metals.
Fear of being “front run”: Industry voices warn that if the U.S. drags its feet, other nations may build sizeable BTC reserves first, potentially weakening America’s monetary influence.
How the legal wrangling is resolved will determine whether the U.S. Bitcoin reserve becomes a symbolic stash of seized coins or evolves into a serious strategic asset. A shift toward active accumulation would mark a major milestone for BTC’s status in global finance, while continued delays risk eroding confidence in Washington’s digital-asset ambitions.
Project Research: Canton Network
ORIGIN
Canton Network is a privacy enabled public blockchain designed specifically for institutional and regulated finance. It was launched through collaboration between Digital Asset and a consortium of global financial institutions, including major banks, exchanges, and technology partners such as Goldman Sachs, BNP Paribas, Microsoft, Deutsche Börse, and Deloitte. The project aims to overcome the barriers that traditional blockchains face in institutional environments; namely, lack of configurable privacy, interoperability, compliance, and scalability while preserving decentralization where necessary. Canton was developed as a network of networks, allowing independent ledgers to interoperate without exposing sensitive data across all participants.
OPERATIVE
Privacy First Architecture
Canton’s core innovation is its privacy centric design, built to maintain confidentiality in transactions while enabling real time interoperability between applications. Unlike many public blockchains that broadcast all data to all nodes, Canton’s architecture distributes transaction information only to parties with a need-to-know, preserving data privacy essential for regulated institutions. Its smart contracts are typically written in Daml, a language designed for expressing complex business logic with fine-grained authorization control.
Network of Networks & Global Synchronizer
The Canton Network implements a unique “network of networks” topology in which each participant can operate one or more sub-ledgers that remain interoperable through a shared coordination layer known as the Global Synchronizer. This mechanism enables atomic, cross-application transactions meaning a multi-party transaction either completes fully or not at all which is crucial for institutional workflows such as tokenized securities settlement, payment processing, and collateralized transactions.
Institutional Interoperability
Unlike many blockchains that struggle to meet regulatory and privacy needs, @CantonNetwork allows financial institutions to connect siloed financial systems securely. For example, separate systems for digital assets, cash, or collateral can be synchronized without exposing confidential data across unrelated parties. This makes it easier for institutions to launch compliant blockchain applications and integrate with legacy financial infrastructure.
Token & Incentives
Canton’s native token, Canton Coin (CC), is the utility token used to power the network’s Global Synchronizer and align incentives among validators, super validators, and application providers. Instead of traditional pre mined or privately allocated tokens, $CC’s supply increases through a burn and mint equilibrium where transaction fees are burned and new tokens are minted as rewards for participants who secure and grow the network. CC is also used to pay fees and incentivize ecosystem contributions, making it a functional infrastructure asset rather than a speculative token.
SUMMARY
The Canton Network stands out as one of the most institutionally oriented blockchain platforms in the space. Instead of focusing on retail DeFi or consumer apps, its design prioritizes privacy, compliance, interoperability, and real-time synchronization capabilities that traditional public blockchains struggle to offer simultaneously. Canton’s architecture enables regulated organizations to transact, tokenize real-world assets, and share information across applications with control over who sees what data. The Global Synchronizer is a key innovation, allowing seamless cross-application settlement and the atomic execution of multi-party workflows, crucial for capital markets and real-world financial use cases.
COMPETITORS
Canton’s closest peers are blockchains and enterprise platforms aimed at financial infrastructure, such as R3 Corda, Hyperledger Fabric, and public chains like Algorand or Ethereum (for tokenized finance). However, unlike these platforms, Canton uniquely combines configurable privacy, institutional governance, and interoperability via the Global Synchronizer while preserving a public, permissionless backbone a balance few others achieve.
LUNA, UST and Do Kwon: the collapse that shook crypto
Few events in the history of the crypto world have left such a mark on the market as the collapse of Terra (LUNA) and its stablecoin UST in May 2022. What had been presented as one of the most innovative projects in the ecosystem ended up imploding, wiping out tens of billions of dollars in days. Let’s take a look at what happened and why understanding this story matters if we want to avoid repeating it.
Who was Do Kwon?
He was the co-founder and public face of Terraform Labs, the company behind the Terra ecosystem. Young, charismatic, and extremely confident, he quickly became an influential figure within crypto. His style was confrontational: he downplayed risks, mocked critics, and defended his model with absolute certainty. That personality was part of the appeal… and later, part of the problem.
What was Terra?
Terra was a blockchain ecosystem whose core was UST, an algorithmic stablecoin that aimed to maintain a 1:1 peg with the US dollar without direct dollar backing, instead relying on an arbitrage mechanism with its sister token: LUNA (in hindsight, the disaster seems obvious, right?).
How did the model work?
1 UST could be exchanged for USD 1 worth of LUNA (and vice versa).
If UST > USD 1 → UST was minted and LUNA was burned.
If UST < USD 1 → UST was burned and LUNA was minted.
In theory, this mechanism incentivized the market to maintain the peg.
What was its main strength?
The main engine of the ecosystem was Anchor Protocol, which offered: 20% annual yield on UST, marketed as “low risk” and supposedly stable. This attracted Institutional and retail capital, massive liquidity and a sense of blind trust in the system. UST became one of the most widely used stablecoins in the market, and LUNA reached the top 10 by market capitalization.
Why did it fail?
The core issue was that the system depended entirely on constant market confidence, almost like a Ponzi scheme. Key weak points:
The 20% yield was not sustainable
A reflexive and fragile model: Once UST began to lose its peg, the system needed to issue massive amounts of LUNA to absorb the outflows.
The death spiral: UST is sold > LUNA is minted > LUNA price collapses > Confidence is lost > More selling > an unstoppable feedback loop
Lack of liquidity and stress testing: the model was not designed to survive a panic event.
In just a few days UST fell far below USD 1, LUNA collapsed from over USD 80 to nearly zero (more than USD 40 billion in value was destroyed).
Lessons
There is no high return without high risk
Trust is a fragile asset
Models must survive worst-case scenarios
Narrative cannot replace mathematics
But I would like to focus on two Do Kwon’s tweets from that time that became symbolic of this story:
The first was: “By my hand $DAI will die.”
DAI was a competitor to UST in the stablecoin space.
The second, perhaps even more reckless, was: “Deploying more capital — steady lads.”
This came after the first major shock to LUNA.
From that point on, whenever a project faces liquidity issues or rumors of trouble, similar statements from founders are often taken as a negative signal (and usually, they are). As for DAI, it did not die, instead, it was Do Kwon’s own hand that killed UST
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