In this week's Crypto Long & Short, Caue Teixeira argues that infrastructure, not any single cryptocurrency, is the true winner in digital assets. Continuous 24/7 markets and a new generation of service providers—exchanges, custodians, market makers—form the resilient framework enabling value transfer. Meanwhile, Alen Pavlović uses CoinDesk's uncapped liquidation feed to reveal that Bitcoin's June forced selling peaked near $68,000 on June 2, three days and nearly $9,000 above the $59,081 bottom on June 5. The heaviest hour of long liquidations ($28M) occurred early; the final leg down was driven by spot supply, not leverage. Across Bybit, Binance, and OKX, at least $1.55 billion was liquidated. Headlines include Mexican billionaire Salinas Pliego's bitcoin commitment, Strategy's STRC preferred stock par-value loss, and a $7.5M exploit of Ethereum's largest sandwich bot.

Key facts

• Infrastructure, not any single coin, is the prevailing currency in digital assets.
• Bitcoin forced selling peaked near $68,000 on June 2, days before the $59,081 bottom.
• 17 hours accounted for 64% of all liquidations; cascades peaked early, not at the low.
• CoinDesk's uncapped Bybit feed shows $440M in liquidations; total ≥$1.55B across venues.
• Mexican billionaire Salinas Pliego holds 70% of portfolio in bitcoin; Strategy STRC loses par value.

KeyAudit data perspective