Presented by

OVERVIEW

Altcoin Bingo: Who Had ‘Total Soul-Crushing Despair’ On Their Card? 💀

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
Jupiter Hits Pause On Democracy, Says “Trust Us, Bro” 🤔

Decentralized Autonomous Organizations (DAO) is a blockchain-based group with a shared wallet where rules are coded, votes cost gas, and everyone pretends the founders aren’t still in charge. 🧠 

What triggered the pause? ⏯️ 

On June 19 Jupiter’s Kash Dhanda told X users the DAO vote button is disabled “so we can laser-focus on growth.” He promised governance will “return in 2026 with a fresh approach that unifies rather than divides.”

Recap of updates to Jupiter DAO while we work with the community to create a more effective and productive DAO structure:

✓ Pausing DAO voting through the end of 2025.

✓ Focus on growing Jupiter products & platform.

✓ Work with the community to design frameworks that grow

— Jupiter (🐱, 🐐) (@JupiterExchange)
7:46 AM • Jun 20, 2025

No new JUP emissions from the DAO treasury this year. Previously funded work groups keep running, but new proposals are dead on arrival.

Critics didn’t exactly appear out of nowhere. Days earlier, DAO members blasted the core team for swinging millions of vested JUP in proposals, calling the influence “unacceptable.”

Nothing To See Here 🧑‍🦯 

• 200 million JUP airdropped to users; team pocketed 20 %

• One dev wallet controlled 4.5 % of votes in a recent proposal

Why it matters for DAO governance

Jupiter just proved a DAO can become a SOO (Sort-Of Organization) the moment “speed” beats “votes.” That’s not an isolated glitch: Yuga Labs moved to scrap the ApeCoin DAO in favor of a tight-knit ApeCo because the old crowd was “too slow and distracted.”

Jupiter, like many centrally controlled DAOs, are neither decentralized, nor autonomous and they reminded everyone that decentralization is only as real as the last vote you’re allowed to cast. 🫠

SPONSORED
Bitcoin Depot’s Q1 Numbers Just Dropped!

While crypto keeps us on our toes, Bitcoin Depot (Nasdaq: BTM) is delivering serious results:

• BTM up 300+% this year

• Revenue up 19% YoY to $164.2M

• Q1 net income up to $12.2M vs. net loss of $4.2M in Q4 2024

• A growing Bitcoin treasury strategy

Their secret? As the world’s largest Bitcoin ATM operators, their revenue isn’t historically tied to Bitcoin’s price. Rather, Bitcoin ATM usage drives growth.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.  The above is for general informational purposes only and is not investment advice nor does it constitute an offer, recommendation, or solicitation to buy or sell a particular financial instrument. Bitcoin Depot is not a registered investment adviser under the U.S. Investment Advisers Act of 1940. Nothing contained herein constitutes a solicitation, recommendation, endorsement, or offer by Bitcoin Depot to buy or sell any securities or other financial instruments.

ON-CHAIN ANALYSIS
Supply Squeeze Looms: BTC And ETH Leave Trading Floors 🛑

Exchange Flow Balance tracks who’s stuffing coins into exchanges and who’s yanking them out. It tallies deposits minus withdrawals over a set window (I’m using 7-day chunks).

Positive number means more coins coming in than heading out – usually traders topping up hot wallets before pulling the sell trigger. Negative number means outflows – coins slipping into cold wallets, hinting at hodlers tightening the supply spigot.

Analysts read green ink (inflows) as short-term bearish, red ink (outflows) as bullish accumulation. 📊

Bitcoin – Drain the Tubs 🛁

BTC Exchange Flow Balance – Click to enlarge.

Investors yanked a net 392,375 BTC off the majors between October 2024 and June 12 2025. Roughly 2 percent of exchange-held supply just vanished. Peak panic? May 29’s 196,475 BTC sprint for the exits right after price punched through $105 k.

• 36-week average: -10,903 BTC

• Only seven weeks showed inflows – February 20 led with +22,387 BTC

• February closed as the lone “green” month thanks to ETF arbitrage flows

• Wallets holding 1,000+ BTC hit 1,455 in May – whales still hungry

Pattern stays simple: BTC rallies, flows flip crimson, scarcity pushes the next leg up.

Ethereum – The Moody Middle Child 😐️

ETH Exchange Flow Balance – Click to enlarge.

ETH looks confused as hell next to big bro. Net outflows hit 706,874 ETH, yet fifteen of thirty-six weeks printed inflows. November’s +279,416 ETH wave screamed “cash out,” while March’s -460,748 ETH drain marked capitulation near the $1.9 k floor.

• 36-week average: -19,635 ETH

• Biggest single-week tug-of-war: March 6 outflow versus February 27 inflow

• April swung positive on fresh staking hype – +221,579 ETH left exchanges

Price Meets Plumbing 👩‍🔧 

May’s monster BTC outflow lined up with the blast to six-figure prints. ETH’s mid-March drain tagged its local bottom and preceded a 25 percent bounce. Correlation isn’t causation – but when the pipes empty, prices tend to pop. 🔼 

TECHNICAL ANALYSIS
So, Circle’s On A Tear 🤯 

In case you missed it, Circle has been rocketing like crazy. 🚀 

How crazy?

This crazy*:

CRCL Daily Chart – Click to enlarge.

• After closing Wednesday higher by +34%, it gaped open today +16%

• +117% this week.

• +261% since it opened on June 5th.

If someone would told me a stablecoin compan would be moving like a memecoin even two years ago, I would have not believed you.

But here we are. 🤷 

_{*as of 1345 EST.}

SPONSORED
The New Bitcoin Credit Card™ From Gemini Is Here 💳️

Earn bitcoin instantly¹ with the Gemini Credit Card®. Get up to 4% back on gas, EV charging, and transit,² 3% on dining, 2% on groceries, and 1% on everything else. Plus, new cardholders can enjoy a $200 Bitcoin bonus after spending $3,000 in the first 90 days. 🤑 

With no annual fee or foreign transaction fees,³ it’s built for seamless spending and crypto rewards. Choose a sleek metal design in bitcoin orange, black, silver, or rose gold and benefit from security-first features. Earn bitcoin or one of over 50 cryptos, and swap anytime to maximize your rewards. 🤯 

Start growing your crypto portfolio today! 👍️

3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here. The Gemini Credit Card is issued by WebBank. 1 Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts. Subject to Rewards Program Terms. 2 All qualifying purchases under the 4% back category earn 4% back on up to $300 in spend per month (then 1% thereafter in that month). Spend cycle will refresh on the 1st of each calendar month. 3 See Rates & Fees.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🔒 Sui Waves Audit Flag, Puts Receipts On-Chain

Hackers might need new hobbies because the low-hanging fruit just vanished. Sui lined up a squad of auditors and stapled their reports to contracts through Move Registry for all to see. Heavyweights like Halborn and OtterSec poke Move code while transparent metadata turns “trust us” into “prove it.” Sui.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

🏗️ Dusk Splits Into Three Layers, Cuts the Fat

Dusk just morphed into a three-tier stack so compliant DeFi ships before the next bear market. Consensus and staking chill in DuskDS, Solidity hums on DuskEVM, privacy hides in DuskVM, and one DUSK token fuels the whole circus. If this clicks, lawyers will brag about chain design instead of billable hours. DUSK Network.

🛣️ Pocket’s PATH Turns RPC Traffic Into Toll-Free Highway

PATH gateways let builders stake POKT and serve JSON-RPC without kissing Infura’s ring. Shannon upgrade meters compute units on-chain, burns fees, and sprinkles rewards across gateways, miners, and suppliers. If your dApp still times out, blame your code – not a sleepy SaaS. Pocket.

📊 Avalanche Adds Chaos Labs Proof, Checks Its Bridged Couch Cushions

Avalanche integrated Chaos Labs Proof of Reserves to prove BTC.b and WETH.e aren’t Monopoly money. On-chain attestations match bridged supplies to native balances and stream live coverage ratios. When the math stops adding up, DeFi X will riot before your collateral does. Avalanche.

🧩 Tapp Exchange Lets Aptos Traders Snap-In Custom Hooks

Tapp is live on Aptos with a hook-based DEX that lets devs graft fees, yields, or compliance rules straight into swaps. Powered by Move and parallel execution, its testnet clocked a million transactions and 20,000 wallets in a week. Expect copycats once traders realize liquidity can be programmed like Lego instead of babysat. Aptos.

LINKS
Links That Don’t Suck 🔗

🇫🇷 France hit by 10th crypto ‘wrench attack’ of 2025 as kidnappers target 23-year-old near Paris

😱 $8,000 Disappears From a Couple’s Wells Fargo Account After Scammers Pose As the Bank’s Fraud Representatives: Report

😶 TikTok Rejects $300 Million TRUMP Coin Bribery Allegations

🏎️ Ford and Iagon test Cardano blockchain for legal data

Get In Touch 📬

Follow our social channels for great, real-time content on Stocktwits and Twitter. And check out our YouTube channel for in-depth video content! 📲

Email me (Jonathan Morgan) your feedback; I’d love to hear from you. 📧

Want to sponsor this newsletter and reach hundreds of thousands of crypto enthusiasts? Reach us here. 👍

Terms & Conditions 📝

Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital, and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The Content is to be used for informational and entertainment purposes only and the Service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on Content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks, and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which Content is published on the Service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍

Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋