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Bitcoin Slips Slightly Ahead of Fed Minutes
The U.S. Federal Reserve will release the minutes of its June 16-17 meeting today, Wednesday, at 2:00 p.m. ET. For those expecting a rate hike in September, the text may offer less than they hope.Chair Kevin Warsh did not share his own rate projection during this period. The post-meeting statement was only 130 words long, and forward guidance was removed entirely. That leaves the minutes as the only detailed record available on the debate inside the committee.A committee split between hawks and dovesThe FOMC held rates steady at a range of 3.50% to 3.75% on June 17. It was the fourth consecutive hold. Nine of the 18 members projected at least one rate hike for 2026, while Warsh did not put forward his own forecast.The committee held this meeting before the Bureau of Labor Statistics released the June jobs report. The report showed only 57,000 new jobs, marking the weakest reading in four months. Any hawkish tone in the minutes may still reflect a labor market that looked strong at the time. The weaker picture emerged only days later.The CME FedWatch tool currently prices the probability of a September rate hike in the 50% to 55% range. Before the weak employment data, that probability stood at 66%. Warsh addressed the issue directly at his press conference. He said inflation had remained above the Fed’s 2% target for more than five years and that this was a burden for the American people, while also adding that the recent past does not have to determine the future.Silence itself becomes the storySince taking office, Warsh has pushed for a simpler communication style. In his view, forward guidance makes the Fed more dependent on markets than on the data it is supposed to respond to.This preference makes Wednesday’s release unusually important, because there is no previous statement text to compare it with. Speaking at the Sintra forum in July, Warsh clarified his stance on inflation: investors should not expect the Fed under his leadership to become comfortable with inflation above 2%.Bitcoin feels the weight of rate uncertaintyCrypto markets are already reacting to this uncertainty. Bitcoin recently slipped to $61,766, losing close to 1%. Ethereum, XRP and Solana also fell between 1% and 2.3%. The sell-off is not driven by rate uncertainty alone. WTI crude futures rose more than 2% to $72.27, while the dollar index held above the 101 level. A stronger dollar and rising inflation expectations are pushing investors toward safer assets such as bonds, while drawing them away from riskier instruments like Bitcoin.If the minutes show how close the hawkish wing came to supporting a rate hike in June, this cautious mood in the crypto market may continue. Signals on the September rate decision will matter not only for bond and currency markets, but also for Bitcoin investors.A Fed led by a chair who prefers silence may leave both stock and crypto investors waiting for real clarity even after Wednesday.
Vanguard, Managing $12 Trillion, Builds Crypto Department
Vanguard, the world’s second-largest asset manager, has started looking for an executive who will build its cryptocurrency strategy from the ground up. According to a job posting published on the company’s careers page on July 6, the role will be responsible for creating a digital asset roadmap for Vanguard’s personal wealth management clients.For the company, which manages a $12 trillion portfolio, this marks the first example of a senior-level appointment specifically focused on crypto. The posting was listed under job code 179858 and offers a hybrid working model across Vanguard’s Malvern, Dallas, Scottsdale and Charlotte offices. Executive Will Engage With RegulatorsThe person hired for the role will work as a senior subject matter expert on digital assets within Vanguard’s personal wealth division. The scope of responsibility will not be limited to product development. Risk management and communication with regulatory authorities will also be part of the job description. According to internal sources, the executive’s main goal will be to build a scalable, end-to-end strategy.The move stands in contrast to Vanguard’s previous stance on crypto. When spot Bitcoin ETFs launched in January 2024, the company did not allow these products to be traded on its own platform. For a long time, executives described crypto assets as speculative.Shift Began After New CEO Took OverThe picture changed in December 2025. Vanguard opened its platform to third-party crypto ETFs and mutual funds. The decision gave more than 50 million brokerage clients access to funds that include Bitcoin, Ethereum, XRP and Solana.Behind this shift was Salim Ramji, who became CEO in July 2024 and was the first person appointed to lead the company from outside Vanguard. Ramji previously ran BlackRock’s iShares unit, which launched the iShares Bitcoin Trust. That fund had reached nearly $54 billion in assets under management as of March 31. Vanguard also became the largest shareholder of Strategy, the biggest Bitcoin treasury company, last year.No Plan Yet for Its Own ETFStill, Vanguard has not yet filed for its own crypto ETF. The company’s published investment guidance continues to prioritize assets with transparent cash flows and offers crypto exposure only through third-party products, similar to gold. BlackRock and Fidelity, meanwhile, operate their own spot Bitcoin funds. Competition among issuers has pushed fee rates down to as low as 0.14%.Client demand is also supported by concrete data. U.S.-based spot Bitcoin ETFs reached $74.37 billion in net assets as of July 2. On the same day, the funds recorded $221.72 million in inflows after a 10-day outflow streak. At the time of writing, total net assets had risen to $77.32 billion.
Trump Defends Crypto Earnings: “There Is Nothing Wrong With It”
U.S. President Donald Trump responded to criticism over the high revenues his family earned from the cryptocurrency industry. In an interview with CNBC at the White House, Trump said there was “nothing wrong” with the money made from crypto investments.The debate grew after the U.S. Office of Government Ethics published its annual financial disclosure report. The report, made available on June 30, 2026, includes Trump’s financial disclosures for 2025.According to the disclosures, revenues from crypto ventures linked to Trump’s family exceeded $1.4 billion. This made Trump the largest crypto earner in U.S. politics.Trump’s crypto defenseDuring the CNBC interview, Trump was asked whether he knew about the crypto ventures in question. He responded, “I could know about it. I didn’t.”Trump also argued that there was nothing illegal about the business. According to him, the main goal is to make the U.S. a leader in the cryptocurrency sector.The statement reignited a long-running conflict-of-interest debate in Washington. Before taking office, Trump handed day-to-day control of his businesses to his two eldest sons. However, he did not divest his assets.For this reason, criticism is not focused only on the size of the revenues. The main debate revolves around how clearly the line has been drawn between the presidency and family businesses.Most of the revenue came from crypto projectsAccording to the financial disclosure, Trump’s crypto-linked revenues were concentrated in three main categories. The first was roughly $636 million from a memecoin venture associated with his name. The token was launched just before Trump’s return to office.The second major category came from World Liberty Financial. Around $594 million in revenue was reported from the crypto company, which Trump co-founded with his sons.The third category came from a stablecoin-linked venture. The disclosures showed that revenue from this business was around $197 million.According to Reuters, Trump had previously said he was not directly involved in his financial affairs. He stated that there were funds managing his money and that many people had profited because markets had risen.Revenue debate grows as the market weakensThe scale of Trump’s crypto earnings drew more attention at a time when the market was under pressure. Bitcoin has fallen roughly 50% from the record level above $126,000 it reached in October. The sector also spent the first half of the year under pressure.This picture made the gap between investor losses and revenues from politically linked crypto projects more visible. Some market commentators argue that memecoin revenues in particular are tied to political brand power.That is exactly where the criticism is centered. Trump supporters believe the president is trying to give the U.S. a competitive advantage by supporting the crypto sector. Opponents, however, say the process blurs the line between public office and private profit.Regulation agenda may be affectedThe Trump administration has followed a policy line that is more favorable toward the cryptocurrency industry. This approach has long been welcomed by industry representatives.However, the debate took on a different dimension after the financial disclosure. As the U.S. moves toward crypto regulation, the president’s high earnings from projects linked to his family could increase political pressure.Democrats may bring the ethical dimension of these revenues more forcefully onto the agenda. For Republicans, the issue creates a more delicate balance. On one hand, they want to preserve close ties with the crypto industry. On the other, growing criticism over retail investor losses is putting pressure on the administration.Trump, however, does not appear to be backing down. In his remarks, he defended the revenues as legal and emphasized the goal of U.S. leadership in crypto.For this reason, the debate does not seem likely to fade in the short term. The financial disclosure did more than show the crypto revenues of the Trump family. It also revealed that crypto, politics and ethics debates in the U.S. are now part of the same file.
Bitcoin ETFs End 10-Day Outflow Streak: Details
The capital that flowed out of Bitcoin ETFs throughout June had raised questions about whether institutional appetite was cooling. Consecutive daily outflows toward the end of the month kept the debate alive over whether investors were taking profits or moving into a more cautious wait-and-see mode. Today’s picture added a new data point to that discussion.U.S.-based spot Bitcoin ETFs, which had recorded uninterrupted outflows for 10 days, returned to net inflows on Thursday. According to SoSoValue data, the funds saw a total net inflow of $221.7 million on July 2. Fidelity’s FBTC fund accounted for $166 million of that amount on its own. Ark Invest and 21Shares’ joint fund, ARKB, attracted $91.8 million, while VanEck’s HODL fund brought in $4.4 million.This marked the first time since June 16 that the funds closed the day in positive territory. During the period in between, a total of $2.7 billion had flowed out of the funds. June also became the worst month for Bitcoin ETFs since their launch in 2024, with $4.5 billion in outflows.BlackRock Bucked the TrendBlackRock’s IBIT was the only fund to record an outflow on Thursday, losing $40.4 million. This marked its 11th consecutive day of outflows. During this period, around $2.2 billion has left IBIT, while the fund has also remained in negative territory for eight straight weeks on a weekly basis.According to LVRG Research Director Nick Ruck, this does not mean that IBIT is losing its reputation. The main reason, he says, is that capital is shifting toward smaller or lower-fee funds. Ruck sees this as a sign that capital has become much more selective across providers.There Is Also a Recovery on the Price SideBitcoin started July with upward momentum. The price, which was around $58,000 on July 1, rose to $61,730, marking a 2.8% increase over the past 24 hours.Glassnode analyst Chris Beamish wrote that long-term Bitcoin holders had started buying again after an extended period of selling. According to Beamish, this accumulation is not limited to a single group. It is spread across different wallet segments, including mid-sized holders with 100 to 1,000 BTC.A stronger buy-side presence on Coinbase’s order book and dealer positioning around the current price now providing more support to the market are two other indicators Beamish pointed to.Ruck lastly says the market has moved from defensive positioning toward more selective optimism, supported by recovering risk appetite and expectations for future adoption. However, he adds that inflows need to become sustained before a real directional shift can be confirmed.
Quiet Storm in Bitcoin Options: $1.9 Billion Expires Today
Today, Friday, July 3, roughly 31,000 Bitcoin options contracts are set to expire. Their total notional value is around $1.9 billion, well below last week’s quarter-end expiry. For that reason, a major shock in the spot market is not expected.Crypto markets, which had moved sideways throughout the week, came back to life on Friday. Since Monday, $70 billion has flowed into the market; losses have slowed after last month’s sharp sell-off.The picture in Bitcoin optionsThe put/call ratio stands at 0.7. The long side is slightly more crowded. The maximum pain point is $61,000, very close to the spot price; this means some contracts will expire in profit.The maximum pain point is defined as the price level at which options writers close the expiry with the least possible loss. The fact that the market price is moving close to this level is not a coincidence; on major expiry days, prices are often observed drifting toward the max pain level. This suggests that today’s $61,000 level could act as a magnet, at least in the short term.On Deribit, the largest open interest is at the $80,000 strike price, with $1.1 billion. At $60,000, short position holders are carrying $900 million in bets. The gap between these two levels shows that the market has not yet decided on a clear medium-term direction.According to Coinglass, total Bitcoin options open interest across all exchanges has fallen to $26 billion, a 16-month low. In its note this week, Greeks Live said the skew in short-term options continues to carry most of the downside premium in pricing. The firm links this more to short-term risk management than to a broader shift in market view. Ethereum side is calmerA total of 134,000 ETH contracts are also expiring today, with a notional value of $228 million. The maximum pain point is $1,650, while the put/call ratio is 1.3.Total open interest in Ethereum options stands at $3.6 billion, its lowest level since January 2023. When Bitcoin and Ethereum are calculated together, today’s total options expiry reaches $1.8 billion. This contraction in open interest can be read as a reflection of the broader decline in risk appetite seen in the derivatives market in recent months.A rare green day on the spot sideThe broader market recovered on Friday, with total market capitalization rising to $2.2 trillion. Bitcoin climbed as high as $62,000 after Thursday’s weak employment data, then slipped back to $61,500 during the Asian session.Ethereum held up more strongly. It reclaimed $1,700, gained 6% on the day, and has maintained that level for the past 12 hours.The long weekend in the United States suggests that trading volume could remain low in the coming days. During periods of low liquidity, price moves are known to produce exaggerated results; on days like this, even small orders can move prices more than usual, so investors are expected to remain cautious.
Weak U.S. Jobs Data Triggers Bitcoin Dip-Buying
The U.S. nonfarm payrolls report came in well below market expectations in July, paving the way for a short-term relief bounce in Bitcoin. According to the data, released one day earlier due to the July 4 holiday, the U.S. economy added only 57,000 jobs in June. Markets had expected an increase of 114,000, while the previous month’s figure stood at 172,000. The unemployment rate was also recorded at 4.2%, instead of the expected 4.3%.Bitcoin was trading around $61,700 when the data was released. According to TradingView data, the cryptocurrency briefly moved higher after the announcement and approached the $62,000 mark, before fluctuating within that range for the rest of the day. The limited price reaction suggests that the market interpreted the weak employment data as a development that could increase the likelihood of a Fed rate cut, but did not price it in with aggressive buying. Kyle Rodda of Capital.com described the nonfarm payrolls report as the most critical data release of the week. According to Rodda, markets had lowered the probability of a rate hike this month from 33% at the beginning of the week to 28%; weak employment figures could reinforce this expectation. It is also worth noting that the Fed kept interest rates unchanged in June for the fourth consecutive time, while rate cut expectations were pushed back to 2027 due to the hawkish stance of new Chair Kevin Warsh.Bitcoin spent most of the week under pressureBefore the employment data, Bitcoin had already been through a difficult week. The cryptocurrency fell to a 21-month low during the week, dropping to $57,800. According to Bitfinex analysts, this marked the fourth time in the cycle that a decline in bond yields and a drop in Bitcoin’s price occurred at the same time; Bitcoin continued to pull back even as the S&P 500 closed the quarter at a record high.Two main groups are behind the selling pressure. Spot Bitcoin exchange-traded funds recorded $4.5 billion in net outflows in June, marking their worst month since their launch in January 2024. BlackRock’s IBIT alone accounted for $3.55 billion in outflows. In addition, Strategy’s board approved the sale of up to $1.25 billion worth of Bitcoin on June 29 to build dollar reserves and meet liabilities. The company’s stock is now trading roughly 30% below the value of the Bitcoin it holds.Despite this, Glassnode analyst Chris Beamish noted that long-term investors have started accumulating again. According to Beamish, buying appetite is spreading across a wide range of participants, from small wallets to entities holding between 100 and 1,000 BTC. However, for the first time during this downturn, the amount of Bitcoin held at a loss has exceeded the amount held in profit; approximately 10.83 million BTC is currently being held below its cost basis.A similar picture is emerging on the Ethereum sideEthereum, meanwhile, recovered from its low near $1,500 and climbed into the $1,600-$1,620 range. Simon-Peter Massabni of XS.com described this move not as a confirmed reversal, but as buying from a technical bottom. Spot ETH funds have seen net outflows for seven consecutive weeks, with total outflows reaching $1.18 billion during this period.In the coming days, the market’s main focus will be how much the weak employment data influences the Fed’s rate decision. For now, whether Bitcoin can break above the $62,000 resistance level on a sustained basis appears to depend on both macro data and the direction of ETF flows.
Outflows Hit Bitcoin and XRP ETFs, While Ethereum and Solana See Inflows
The first trading day of July brought a mixed picture for spot crypto ETFs traded in the United States. While Bitcoin and XRP funds saw outflows, investors preferred to increase their positions in Ethereum and Solana. This divergence across the four assets suggests that investors entered July with mixed risk appetite. The size of the outflow from Bitcoin was especially notable, as it showed that the inflow trend seen in recent weeks had been interrupted, at least in the short term.Third Daily Outflow for BitcoinSpot Bitcoin ETFs closed July 1 with net outflows of $294.62 million. This marked one of the largest single-day outflows seen in recent weeks. Considering that institutional investors had largely added money to these funds throughout June, the pullback at the start of the month stood out. It is also worth noting that Bitcoin fell as low as $58,000 toward the evening yesterday. As shown in the chart below, the price move was sharp: Daily swings of this kind are not exactly new for the market. Since their launch, Bitcoin ETFs have experienced several similar days of sharp outflows, only to recover within a few days. Still, a figure approaching $300 million shows that short-term investors entered July with a more cautious stance.Ethereum Returns to Positive TerritoryEthereum ETFs recorded $14.89 million in net inflows on the same day. Unlike the outflows seen in Bitcoin, interest in Ethereum funds has remained relatively steady recently. This has also led to comments that some investors may be shifting their portfolios from Bitcoin toward Ethereum, although it is still too early to speak of such a rotation based on a single day of data.A Modest but Positive Picture for SolanaSolana ETFs ended the day with $521,000 in net inflows. The figure is small, but given Solana’s relatively new position in the spot ETF market, a consistently positive trend remains an important signal. Although total fund size is still far behind Bitcoin and Ethereum, the fact that daily flows have not turned negative shows that demand for Solana funds remains alive.Limited Outflow in XRPXRP ETFs saw net outflows of $1.86 million. This figure remains quite small compared with the outflow from Bitcoin and does not point to a trend reversal on its own.Looking at the broader picture for the day, the key takeaway is clear: some of the capital leaving Bitcoin and XRP funds was likely pulled from the market due to profit-taking or short-term risk reduction. The positive flows into Ethereum and Solana, meanwhile, show that interest in these two assets remains alive, at least for now.
Japanese Company Raises Bitcoin Reserves to 43,000 BTC
Tokyo-based Metaplanet announced that it purchased another 2,823 Bitcoin in the second quarter. The company’s total reserves have now climbed to 43,000 BTC. The purchase reportedly cost around $221 million.Known as Japan’s first publicly listed Bitcoin treasury company, Metaplanet has now grown its holdings by around 22.5% compared to where it started the year. The company’s average purchase cost across its portfolio stands in the $97,000 to $104,000 range. Since Bitcoin has been trading well above this range in recent weeks, the company is currently sitting on a significant paper profit.Buying pace accelerates quarter by quarterMetaplanet’s accumulation story actually goes back only a short time. The company closed 2025 with 35,102 BTC. It then added another 5,075 BTC in the first quarter of 2026, reaching 40,177 BTC as of March 31. That purchase required a budget of roughly $398 million to $405 million, with the average unit price landing in the $78,000 to $80,000 range. Now, with the additional 2,823 BTC bought in the second quarter, the total has risen to 43,000 BTC.The company began accumulating Bitcoin in April 2024, when it was still a small hotel and technology operator. At the time, its holdings stood at just 97.85 BTC. By the end of 2024, that figure had risen to 1,761 BTC, and by September 2025 it had reached 30,823 BTC. In other words, the company’s Bitcoin holdings have grown rapidly over the past year and a half.Target is 100,000 BTC, but the road is longMetaplanet’s publicly announced targets under its “555 Million Plan” are highly ambitious. The company aims to reach 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. The latter figure would equal roughly 1% of Bitcoin’s total supply. Based on the current picture, CEO Simon Gerovich and his team need to buy another 57,000 BTC in the next six months. At current prices, that would cost more than $5 billion, which means the company will likely need to pursue multiple large-scale share issuances and debt financing rounds to reach this target.The company mainly finances these purchases through share issuances, warrant sales and revenue generated from Bitcoin options. In January, it raised $137 million through a share and warrant sale aimed at overseas institutional investors. Its additional financing potential can also reach up to $276 million.Challenging third place in corporate rankingsWith this latest purchase, Metaplanet has entered a close race with Twenty One Capital in terms of corporate Bitcoin ownership. Strategy still sits at the top of the ranking with more than 762,000 BTC in reserves. Among the names Metaplanet has surpassed is MARA Holdings, which sold a significant portion of its Bitcoin holdings in recent months to repay debt.The risk side of the picture should not be ignored either. Metaplanet is using share dilution and debt financing to buy a highly volatile asset. In a prolonged downturn scenario, the company’s average cost base in the $97,000 to $104,000 range will become a critical threshold for investors to watch closely. The more than $5 billion in capital needed to reach the year-end target is another factor that must be evaluated together with the dilution risk that could come with successive share and debt issuances.
British Investors Sue Binance and CZ
Nearly 1,700 British investors have filed a group lawsuit against Binance, its founder Changpeng “CZ” Zhao, and Abu Dhabi-based Nest Exchange at the High Court in London. According to the claim form filed on June 29, the exchange allegedly sold crypto derivative products to retail investors for years without obtaining regulatory approval.The claim form, submitted by law firm KP Law on behalf of 1,692 claimants, including lead claimant Tomas Sutas, alleges that the defendants sold leveraged tokens, crypto futures, options, and margin trading products to British consumers from around September 13, 2019. The filing claims this violated the Financial Services and Markets Act.What does the legal basis say?The claim argues that the sales violated the general prohibition on carrying out regulated activities without authorization. It also alleges that the promotion of these products breached rules on unauthorized financial promotions.The claimants are seeking the return of money and property they paid, as well as damages and interest under the Senior Courts Act 1981.CZ and Binance Holdings are named as additional defendants in the case on the grounds that they allegedly acted in “common design” with the entities operating the platform. A fourth defendant, covering other entities that operated the Binance trading platform, is listed only as “Persons Unknown.”The gap between the figures stands outAccording to court documents, the amount claimed in the claim form is listed as “exceeding £200,000” ($264,900). This figure is actually the threshold that triggers a court fee of £10,067 when filing the case.KP Law, however, told media outlets including Reuters that the group is seeking more than £150 million ($200 million) in total. That figure does not appear in the claim form itself.In a statement, Binance said full compliance with UK regulations remains a priority for the company. A spokesperson said the exchange remains committed to its obligations to users and will defend itself against the allegations through the appropriate legal process when the time comes.Past records add weight to the caseThe lawsuit comes after Binance pleaded guilty in the United States in 2023 to anti-money laundering and sanctions violations. That case resulted in a $4.3 billion fine for the exchange and a four-month prison sentence for CZ. CZ was later pardoned by President Donald Trump.The development also came just days after Binance withdrew its MiCA license application in Greece. In comments to The Block, CZ claimed the application had been “fully compliant” and close to approval before unnamed political forces intervened.The case is still at an early stage. It is not yet clear when Binance will file its formal defense.
Trump’s Crypto Wallet Revealed: Eight Different Coins From Bitcoin to LINK
According to the annual financial disclosure report published on Tuesday, U.S. President Donald Trump’s income included hundreds of millions of dollars earned through his family’s crypto company World Liberty Financial, as well as thousands of dollars in investments in companies such as Coinbase and Strategy. The 927-page report, prepared by the Office of Government Ethics, covers a wide investment portfolio ranging from Domino’s Pizza and Costco to Victoria’s Secret, Lockheed Martin and major banks such as JPMorgan.The most striking item in the report was the income generated from World Liberty Financial, which came to light at a time when Congress is debating a comprehensive bill aimed at regulating the crypto sector. Democrats are demanding that an ethics clause be added to the bill, barring the president, vice president, members of Congress and other federal officials from certain cryptocurrency transactions in exchange for supporting the legislation.According to the disclosure, Trump earned more than $65.6 million from the sale of his stake in WLF Holdco and $236.25 million from distributed proceeds from World Liberty Financial’s token sales. The report also listed Bitcoin, Ethereum, USDC, LINK, AAVE, ENA, MOVE and ONDO holdings kept in cold wallets linked to World Liberty Financial, along with roughly $1.8 million in Ethereum staking rewards.Trump’s portfolio also includes an investment of up to $100,000 in crypto exchange Coinbase, as well as multiple investments in Strategy, the company formerly known as MicroStrategy.Vance’s Disclosure Was Much SimplerThe financial disclosure of Vice President JD Vance, released on the same day, was far shorter at just 17 pages. Vance reported holding up to $500,000 in Bitcoin.The Trump administration’s close ties to the crypto sector are once again becoming a point of debate at a time when the regulatory process is shaping a law that directly covers the products of these companies. The fact that World Liberty Financial was founded by the president’s own family and that Trump directly earned income from the company stands out as one of the factors strengthening conflict-of-interest claims.Crypto Lobby’s Rise in WashingtonThis disclosure also highlights how much the crypto sector’s influence in U.S. politics has grown over the past few years. During the 2024 election cycle, crypto companies and investors channeled hundreds of millions of dollars into election campaigns through super PACs, turning the industry into one of the most powerful lobbying groups in Congress.They have also begun to see returns on that investment. The market structure bill being debated in the Senate aims to clarify which regulatory agency will oversee digital assets and to provide exchanges with a more predictable framework.However, the fact that Trump’s own family directly earns income from a crypto company is raising more questions about the neutrality of the bill. World Liberty Financial was founded in late 2024 by a group that included Trump’s sons, Eric Trump and Donald Trump Jr., and quickly raised hundreds of millions of dollars through token sales. The company’s stablecoin, USD1, also drew attention after it began being used in transactions involving some Middle Eastern investment funds.Ethics experts have long argued that it is unprecedented for a sitting president to earn income from the private sector on this scale. Traditionally, presidents have transferred their assets into blind trusts to avoid conflicts of interest. The Trump administration has been criticized for not adopting this practice, and his stake in World Liberty Financial has become one of the clearest examples of that debate.
Bitcoin ETFs See Their Worst Month Since Launch as $4.5 Billion Flows Out
U.S.-based spot Bitcoin exchange-traded funds closed June with $4.5 billion in net outflows. This marked their worst month since launching in January 2024.Nine-Day StreakAccording to SoSoValue data, June 30 alone saw $222.6 million in outflows, extending the negative streak to nine days. BlackRock’s IBIT accounted for the largest share of the damage: the fund saw $3.55 billion in outflows this month alone. The total figure surpassed the previous record of $3.48 billion, set in February 2025, by 29%. Macro Rotation or Loss of ConfidencePaul Howard of Wincent said in a statement that the outflows were driven more by a broader macro rotation than by any deterioration in Bitcoin’s fundamentals. High interest rates, geopolitical uncertainty and a cautious macro environment have pushed institutions to reduce their exposure to risk assets.STS Digital CEO Maxime Seiler offered a simpler explanation: after last year’s heavy capital inflows, the market has run out of fresh money. On top of that, capital moved heavily in another direction throughout the month, toward SpaceX’s public offering.This scenario is not exactly unfamiliar. Some analysts had previously suggested that the SpaceX IPO could pull capital away from the crypto market. According to CNN, SpaceX’s public offering, with the sale of 555 million shares and $75 billion raised, created the highest single-day net buying volume by retail investors in history.Seiler’s view is clear: new capital flowing into Bitcoin is declining, while SpaceX has absorbed a significant amount of money from the market. The market structure bill still has not passed through Congress, and there is no new catalyst to wait for. What remains is an excess supply that is slowly being absorbed through ETFs.The numbers also support this view. Total net assets in ETFs have fallen from a peak of more than $110 billion at the start of the year to $70.9 billion. Still, cumulative net inflows since launch remain above $51 billion, meaning the overall picture is still positive.Pressure on Bitcoin’s Price ContinuesBitcoin is trading around $58,500, a level not seen since September 2024. It has lost 20% over the past 30 days and 45% over the past year, while volatility has increased in parallel.Bitfinex’s latest Alpha report is even more pessimistic: Bitcoin could fall toward the $40,000 area by the fourth quarter of the year.Lynq CEO Jerald David says ETF outflows could reduce spot demand and create short-term selling pressure. Combined with a cautious macro environment, this could increase volatility and make it harder for Bitcoin to maintain upward momentum.Still, not everyone is this bearish. Renna Ba, head of ecosystem at Morph, reads the picture differently: this is not institutions losing interest in Bitcoin, but speculative positioning cooling down. According to Ba, the crypto market is actually going through a period of stabilization, and real resilience will come not from trading volume, but from onchain usage.
Strategy Pauses Bitcoin Purchases, Shifts Focus to Cash Reserve
Bitcoin treasury company Strategy did not buy Bitcoin during the week of June 22-28. According to an 8-K filing submitted to the Securities and Exchange Commission (SEC), the company directed $1.15 billion raised through MSTR share sales not to Bitcoin, but to its USD reserve and a new buyback program.Its total Bitcoin holdings remained unchanged at 847,363 BTC. That is worth roughly $51 billion and represents more than 4% of Bitcoin’s 21 million supply cap. Strategy built this position at an average price of $75,651 per BTC, for a total cost of $64.1 billion including fees. At current prices, the company is sitting on an unrealized loss of around $13 billion.New Framework: The Reserve Is No Longer FlexibleStrategy’s new policy, called the Digital Credit Capital Framework, tightens the rules around where its USD reserve can be used. The reserve can now only be used for preferred stock dividends and debt interest payments, and nothing else. Under a board decision, the company must maintain a minimum balance equal to at least 12 months of dividend and interest obligations.As of June 28, the reserve balance had risen to $2.55 billion. On June 21, that figure was $1.4 billion, showing a rapid increase in just one week. Part of the increase comes from share sales that had not yet fully settled.The source of the increase was MSTR share sales. Strategy sold 12,669,017 MSTR shares last week for roughly $1.15 billion. As of June 28, the company still had $24.3 billion worth of MSTR shares available for sale under the program.CryptoQuant analysts made a sharper recommendation last week: building reserves is not enough, the company should stop buying Bitcoin completely. The reason is simple; as the dividend burden grows, cash is being depleted quickly.STRC, STRF, STRD, STRK: Buyback Priority Is SetStrategy announced a $1 billion buyback program for its outstanding digital credit securities, STRC, STRF, STRD and STRK. STRC is first in line.The new STRC Dividend Policy has also changed. The rate will now be recalculated every month. STRC’s trading level, market yields, credit spreads, Bitcoin’s price and volatility, the state of the USD reserve, market conditions and the company’s capital structure will all be included in the calculation. Strategy emphasized one point in particular: even if STRC trades below its stated value, that alone will not be considered a reason to increase the dividend.Through a separate program, independent of the USD reserve, the company also allocated $1 billion for buybacks of its Class A shares, MSTR. Finally, the BTC Monetization Program was launched. Under this program, Strategy may occasionally sell Bitcoin to generate up to $1.25 billion in cash to fund the USD reserve, dividend payments or other buyback programs.Saylor: “We’re Going to Need More Charts”Michael Saylor reshared the company’s Bitcoin purchase chart on X on Sunday, this time with the note, “We’re going to need more charts.” Unlike previous posts, there was no new Bitcoin purchase this time. Saylor appeared to be referring to the new framework.On Monday, the STRC dividend rate was increased by 50 basis points to 12.00%, effective from the July 2026 record dates. Saylor repeated that the goal is to keep STRC in the $99-100 range over time.Last week’s picture was grim. After Bitcoin fell below $60,000, STRC dropped as low as $71.25 and only recovered to $74.57 on Friday. MSTR had an even worse week. The stock lost 30% over five trading days and fell to $82.31, its lowest level since the start of 2024. Since its July 2025 peak of $455.90, the stock has lost 82% of its value.Behind this concern is the relationship between the company’s market value and its net asset value. Strategy’s mNAV ratio, calculated as market value plus debt and preferred shares, minus cash, divided by the value of its Bitcoin holdings, fell below 1 on Friday. Another name has now joined the list of Bitcoin treasury companies whose premiums are under pressure.On Monday, Saylor said the company would act cautiously with MSTR issuance, especially when the stock is trading near 1x mNAV.According to Bitcoin Treasuries data, 199 publicly traded companies currently hold Bitcoin. The four names following Strategy are Tether-backed Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 36,303 BTC, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.
Bitcoin ETFs Face Worst Month on Record as $4 Billion Flows Out
U.S. spot Bitcoin ETFs are on track to close June with $4.06 billion in net outflows. According to SoSoValue data, this marks the largest monthly outflow since the funds launched in January 2024. The previous record was set in February 2025, when outflows reached $3.56 billion; June has now surpassed that level by more than half a billion dollars. Data from the final two trading days of the month could still slightly change the total.Last week alone, the funds saw $1.79 billion in outflows, making it the second-largest weekly loss since trading began in 2024. More importantly, it marked the latest week in a seven-week negative streak, the longest weekly outflow series in the products’ history. The picture moved in the opposite direction of expectations at the start of the month. SpaceX’s public listing on June 12 was expected to draw institutional attention back to Bitcoin. What happened was the opposite.$6.5 Billion in Two MonthsIn May, the ETFs recorded $2.43 billion in net outflows. Combined with June, the two-month total has reached $6.5 billion; a figure close to the total market value of Zcash (ZEC), one of the world’s 15 largest cryptocurrencies by market capitalization. Net outflows in the first half of 2026 have now reached $5 billion.The decline in institutional demand is also visible in price action. Bitcoin lost nearly 30 percent in the first half of the year, making it one of the worst-performing major asset classes. Shares of Strategy, formerly MicroStrategy, the publicly traded company known for its Bitcoin treasury strategy, fell 45 percent over the same period.IBIT Investors Turn From Profit to Loss in One YearThe fund hit hardest by the outflows was BlackRock’s iShares Bitcoin Trust, IBIT. According to calculations by investment research firm Bespoke Investment Group, the average investor in IBIT is now down around 40 percent. In mid-2025, the same investor group was still up 30 percent. Nate Geraci, president of NovaDius Wealth Management, described the situation as a “brutal introduction to Bitcoin for mainstream investors.”The numbers also support that picture. IBIT has collected a total of $60.77 billion since launch, but its current net assets stand at $44.42 billion. The $16 billion gap is entirely the result of Bitcoin’s price decline and has widened from $13.4 billion in mid-June. On the final trading day of the week, all of the $444.51 million that flowed out of the funds came from IBIT alone.Fed’s Hawkish Stance Fueled the SellingThe wave of selling came at the same time as the Federal Reserve’s increasingly restrictive stance. At its June 18 meeting, the central bank kept interest rates unchanged, but removed language from its statement that had previously signaled possible easing. After that, markets began pricing in a more than 50 percent probability of a rate hike in December.Bitcoin was trading around $59,700 at the time of writing. That level is more than 50 percent below its record high of $126,272, reached in October 2025.Ethereum ETFs are showing a similar pattern. They saw $273.34 million in outflows during the same week, marking their seventh consecutive weekly loss. That streak is one week short of the category’s eight-week run of outflows in early 2025. Ethereum was trading around $1,570 at the same time.The only exception was seen in smaller crypto funds. Hyperliquid’s three funds attracted $108.09 million on Thursday, marking their strongest day since launching in mid-May. XRP funds also recorded $15.63 million in inflows, their highest daily figure in recent weeks. Still, even the best of these numbers remained below the $444.51 million that flowed out of IBIT alone on the final trading day of the week.
Bitcoin Drops to $58,000 as $560 Million Gets Liquidated
Bitcoin fell 4.8% in less than an hour on June 25, sliding from the $61,500 range to as low as $58,400. The decline was driven by a sell-off that started in technology stocks on U.S. exchanges and spilled over into the crypto market.According to market data, Bitcoin opened the day at $59,524 before a sharp breakdown in the afternoon. The price quickly dropped to the $58,400 range, then recovered to around $59,400. At the time of writing, Bitcoin was trading at $59,422. The speed of the move was striking. On the chart, the price had been moving calmly sideways in the $61,000-$61,600 range until around 16:00 TRT. Within the next hour, it turned into a steep red candle to the downside.Liquidations Accelerated QuicklyDuring the sudden decline, five separate positions worth more than $10 million were liquidated. In total, nearly $560 million in positions were closed across the market in less than half an hour. Leveraged long positions triggered the next layer of liquidations as the price kept breaking lower, creating the classic setup traders call a “liquidation cascade.”Bitcoin’s move below $59,000 marked the second major pullback of the month. The more striking detail is that Bitcoin fell below $59,000 for the first time since October 10, 2024. BTC has now lost more than half of its value since its October 2025 peak of $126,000.The Main Trigger Came From Outside CryptoAccording to some analysts, the drop was not driven by crypto-specific market dynamics. Instead, selling pressure from U.S. technology and semiconductor stocks spilled over from the previous day and weakened risk appetite more broadly. Bitcoin was caught in that wave. In recent months, when volatility rises in equities, Bitcoin has increasingly behaved less like a safe haven and more like a risk asset.Outflows from spot Bitcoin ETFs are also making the picture heavier. The funds have recorded seven straight weeks of net outflows, pointing to weaker institutional demand. Strategy, formerly known as MicroStrategy, also sold Bitcoin for the first time in years during this period, reigniting debate over whether the company’s long-standing “never sell” stance is still as firm as it once was.Key Levels AheadAnalysts warn that a break below the $58,000 level could trigger a fresh wave of liquidations. According to Coinglass data, nearly $1.6 billion in additional long positions could be at risk if the price slips below that threshold.On the technical side, analysts say the RSI indicator has entered oversold territory. Some investors see this as a possible reversal signal. Still, analysts remain cautious, noting that oversold conditions can last much longer than expected. Whether the market can hold the $58,000-$60,000 range in the coming days will likely determine the short-term direction.
Today’s PCE Data and Tomorrow’s $10 Billion Bitcoin Options Expiry Take Center Stage
Bitcoin is heading into Friday’s $10.5 billion quarterly options expiry under pressure, with market attention now focused on Deribit’s positioning data.Deribit, the world’s largest crypto options exchange, shows its Bitcoin volatility index, DVOL, at 41.5%. The index measures Bitcoin’s 30-day annualized implied volatility. That is far below the 90% peak recorded in February, but slightly above the lows seen in May.Jean-David Péquignot, Deribit’s head of commercial operations, said volatility is cheap compared with its own history, though it can no longer be described as “low-priced.”Cheap volatility means investors expect more limited Bitcoin price movements compared with the past year. It also makes options contracts used for hedging against price swings less expensive. Since volatility tends to revert to its mean, investors often turn to options when they believe volatility has become cheap relative to historical levels.According to Péquignot, implied volatility on call options is noticeably cheaper than on put options, making bullish call spread strategies more attractive. He said call spreads still look favorable for those positioning for a recovery after the quarterly reset, and they now look better from a volatility perspective as well. That is because call spread buyers are purchasing the cheaper side of the volatility curve, which is currently skewed in the opposite direction.Several factors could push volatility higher in the near term. The most important one is Friday’s options expiry, which Péquignot described as “one of the most important liquidity events in the annual calendar.”Put option buyers from recent months are currently in profit, while call buyers are seeing their positions move toward expiration without value. Péquignot said that with Bitcoin’s spot price around $64,000, the June 26 expiry book is clearly leaning toward profitable put positions and worthless call positions. Call buyers who chased strikes above $80,000 are now sitting on embedded losses. Another topic of debate ahead of the expiry is the “maximum pain” theory. According to this theory, options sellers tend to push the spot price toward the level where options buyers suffer the largest losses, causing as many contracts as possible to expire worthless. For this expiry, that level is calculated at $72,000, well above Bitcoin’s current price. The theory gained popularity during several expiries in 2020 and 2021, when the price appeared to move closer to those levels, but a similar “pinning” effect has not been clearly observed recently.Focus Turns to PCESignals from outside the Bitcoin market are also being watched closely. Sharp declines in Alphabet (GOOG) and SpaceX (SPCX) shares, combined with weakness in Asian equity markets, could add further pressure on Bitcoin. The cryptocurrency’s tendency to move in line with technology stocks is already a familiar market pattern.The core PCE index, the Federal Reserve’s preferred inflation gauge, is also on the agenda for Thursday. The data is expected to show the strongest price pressure since May 2024. Such a result could trigger volatility across a wide range of assets, from Treasury bonds to cryptocurrencies.
