THORChain: Network Recovery Enters Final Phase, Funds to be Transferred to New Treasury

On June 20, Binance founder CZ joined the Galaxy Brains podcast for an interview with Galaxy Research Director Alex Thorn. CZ explained the current crypto market pullback is still part of the normal four-year cycle: this round’s roughly 50% retracement is typical, as prior cycles saw 80% drops. He added that compared to the last cycle’s low, Bitcoin remains up about five times, and over the long term, each cycle hits a higher peak than the previous. When talking about his stance on the industry, CZ said he’s maintaining long-term positions, stating: “Crypto has no exit for me.” One major difference between this cycle and 2022 or 2018 is the 180-degree shift in the U.S. government’s attitude toward crypto. Four years ago, the U.S. took a suppressive approach to the industry; today, however, it’s pushing for crypto regulatory frameworks and holding related discussions—trends that are leading other countries to follow. CZ also highlighted ETFs, stablecoins, RWAs, and increased institutio

June 20th: Data from Coinglass shows that if Bitcoin breaks above $65,000, the total value of short positions liquidated across major centralized exchanges (CEXs) will reach $454 million. Conversely, if Bitcoin drops below $62,000, cumulative long position liquidations on leading CEXs will hit $581 million. BlockBeats notes: The liquidation chart does not display exact numbers for contracts awaiting or currently being liquidated. The bars on the chart represent the relative intensity of each liquidation cluster compared to adjacent clusters, not precise liquidation values. A taller "liquidation bar" indicates that a price hitting that level will trigger a more intense reaction driven by a liquidity cascade.

June 20 — Accenture PLC’s stock tumbled 18% on Thursday, closing at its lowest level since 2017, according to a Financial Times report. The consulting firm had cut its revenue outlook earlier, sparking investor anxiety that fast-advancing artificial intelligence (AI) is eroding its traditional IT consulting and outsourcing core business model. For the three months ended late May, Accenture booked $19.3 billion in new work, down 3% year-over-year. It now projects full-year revenue growth of no more than 4%, a reduction from its prior guidance range of 3% to 5%. The company’s market capitalization has collapsed from over $200 billion during the post-pandemic consulting boom to under $80 billion. Accenture CEO Julie Sweet said the firm is still winning enterprise AI adoption consulting contracts, but investors worry AI could lead clients to reduce reliance on human consultants or face new competition from AI startups. Sweet also noted the Middle East conflict hit the latest quarter’

June 20: According to HTX market data, Bitcoin is currently trading at $63,671.32, with a 1.60% increase over the past 24 hours. Ethereum is priced at $1,723.81, marking a 1.64% 24-hour gain. The crypto market has seen a minor rebound, but funding rates signal both BTC and ETH remain in bearish territory. For Bitcoin, funding rates across all platforms are fully below the threshold, with half now turning negative—meaning the recent price uptick hasn’t driven a corresponding boost in bullish sentiment. Ethereum’s overall funding rate is also stuck in bearish levels, though most of its rates stay positive, with sentiment slightly stronger than BTC’s. BlockBeats Note: Funding rates are fees set by cryptocurrency exchanges to keep perpetual contract prices aligned with their underlying asset prices. This is a fund swap mechanism between long and short traders; platforms do not collect these fees directly. The rate adjusts the costs or profits for traders holding contracts to ensure contra

June 20 – Tom Lee, chairman of BitMine (Ethereum’s largest treasury), told CNBC in an interview that investors overreacted to the recent Federal Reserve policy meeting. The new Fed chair, Kevin Warsh, has a distinct communication style and plans to monitor economic data in a more modern, real-time-focused manner, Lee explained. The market interpreted the Fed’s removal of forward guidance and adjustments to its dot plot as a hawkish pivot, but Lee argues this is Warsh signaling reliance on modern alternative data to assess inflation—not a clear, fixed policy stance right now. Lee called the meeting’s outcome actually market-friendly, noting investors should understand the dot plot will shift quickly as economic data evolves. Overall, he views the meeting as “quite dovish.” On the S&P 500’s outlook, Fundstrat expects a sudden market swing later this year that would feel like a bear market. Still, Lee stopped short of naming an official market top, pointing to the current favorab

Bitwise analysts said in a June 20 update that despite lingering hawkish risks from the Federal Reserve, Bitcoin’s valuation remains in a historically undervalued range. The Bitcoin Mayer Multiple has dropped below 1.0—a level that has historically correlated with long-term accumulation phases—indicating BTC carries "deep value" characteristics, per the firm. That said, investor participation in crypto stays low. CryptoQuant’s Realized Cap HODL Waves indicator has been in bear market territory since late October 2025, signaling a steady slowdown in new capital flowing into the Bitcoin network. As of June 17, the indicator’s 7-day and 59-day moving averages have fallen from roughly 70 in the fourth quarter of 2025 to 13.9 and 19.1, respectively. Bitwise also highlighted that Bitcoin’s valuation is significantly discounted compared to AI-focused stocks like NVIDIA, while those AI stocks boast notable premiums over their long-term trend levels. Meanwhile, potential funding or IPO deals