A crypto trader known as Jawz posted Friday that he turned a presale allocation into $80 million, only to see his net worth evaporate to $500,000 after a streak of financial excess.

From $80 Million To $500,000: How It Happened Step By Step

Jawz got a presale allocation in OlympusDAO in 2021, staked everything, and watched the position compound daily to $80 million at peak. 

Rather than taking profits, he started spending.

Private jets to Dubai, $40,000 weekends in Monaco, a garage of cars driven twice, and high-limit casino rooms in Vegas and Macau where he would lose $2 million in a night.

When OHM unwound, he did not sell. He doubled down, then leveraged at 5x, then 10x, trying to trade…

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Bitcoin is holding $63,000 as optimism around a peace deal in the middle East fuels positive social sentiment.

Notable Statistics:

Coinglass data shows 108,898 traders were liquidated in the past 24 hours for $284.06 million.       

SoSoValue data shows net outflows of $19.03 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net outflows of $15.9 million.

In the past 24 hours, top gainers include Humanity, OFFICIAL TRUMP and Audiera.

Notable Developments:

Trader Notes:

Trader Byzantine General explained that Bitcoin is testing the $64,000-$65,000 resistance zone for a third time, signaling persistent bullish pressure and a growing likelihood of a breakout.

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What Happened

GameStop rolled over covered call contracts tied to nearly all of its Bitcoin holdings after the previous batch expired on May 29, based on its latest quarterly filing.

The arrangement allows Coinbase to potentially acquire the Bitcoin at a predetermined price if the cryptocurrency rises above the strike price before expiration.

In exchange, GameStop collects an upfront premium.

The new contracts carry an $80,000 strike price, down from the prior range of $105,000 to $110,000.

Because the Bitcoin is pledged under the arrangement, accounting rules require GameStop to remove the cryptocurrency from its balance sheet and instead record a receivable representing its right to get…

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Dimon Trying To Protect

Speaking on Fox Business on June 11, Garlinghouse pushed back against Dimon’s recent criticism of the CLARITY Act, a bill designed to establish a regulatory framework for digital assets in the U.S.

Dimon had argued that certain provisions could weaken oversight and allow crypto firms to offer reward programs that compete with traditional banking products.

Garlinghouse rejected those claims.

He noted that a large portion of global crypto trading activity remains offshore, arguing that clear domestic regulations would improve consumer protections while attracting more activity back to the U.S.

“What Jamie Dimon did a disservice,” Garlinghouse said. “Representing that…

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Former FTX CEO Sam Bankman-Fried has lost his appeal seeking a new trial, with a federal appeals court upholding his fraud conviction and 25-year prison sentence.

What Happened

On Friday, the U.S. Court of Appeals for the Second Circuit affirmed the conviction of Sam Bankman-Fried, rejecting arguments that he was denied a fair trial and improperly prevented from presenting key evidence.

The decision leaves intact the verdict reached by a New York jury in November 2023, which found Bankman-Fried guilty on seven counts of fraud and conspiracy tied to the collapse of cryptocurrency exchange FTX, The Block reported.

Prosecutors characterized the scheme as one of the largest financial frauds in…

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Hoskinson Moving AMAs To Discord While Keeping X For Broadcasts Only

Hoskinson posted Friday that he is working with community member Phillip Pon to build a new Cardano Discord server, framing it as a move toward better-moderated discussions away from X’s noise. 

He will continue broadcasting livestreams to his million X followers but will only take AMA questions from the new Cardano and Midnight Discord servers going forward.

“I will continue broadcasting live streams to X as I have a million followers here, but will only take AMA questions from the new Cardano and current Midnight discords,” Hoskinson posted. 

He dismissed critics who interpreted his continued broadcasts as a full…

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Three Support Levels Stack Between $48,000 and $61,000

Dragosch mapped out the structural supports sitting beneath current spot price at BTC Prague Thursday. 

The 200-week moving average sits near $61,000, the realized price near $56,000, and the long-term holder cost basis near $48,000. 

Each level represents a zone where historically buyers have stepped in, with $48,000 being the worst-case floor if all three give way.

Despite the bearish downside scenario, Bitwise’s experimental bottom-cycle probability model began ticking higher last week, even as on-chain indicators remain below the extremes that typically mark prior cycle lows. 

Dragosch attributed the recent sell-off primarily to…

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