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Parcourez tous les articles et actualités sur Bitcoin. Les dernières infos, analyses et décryptages sur Bitcoin.
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.
Bitcoin’s Long-Time Holders Pause Selling
Long-term investors who have held Bitcoin for at least five years, the group often referred to by the market as “OGs,” appear to have paused their profit-taking for now. This is not a minor detail. These investors had been one of the largest sources of selling pressure on Bitcoin over the past two years; whenever the price climbed, they released their coins into the market and effectively capped the rally themselves. Now, that cycle seems to have slowed, offering important clues about how current price levels and the broader market trend should be interpreted.According to CryptoQuant data, the 90-day average amount of BTC spent by these investors has fallen to 962 BTC. This marks the lowest level seen since November 2024.A CryptoQuant analyst commented on the issue on X, noting that the 90-day average of BTC spent by OGs had fallen below the 1,000 threshold and settled at 962, its lowest level since November 2024. According to the analyst, these investors are choosing to hold their positions rather than sell at current price levels, helping ease selling pressure in the market.The Most Aggressive Selling Period of the Last Two Years Is OverTo understand why this slowdown matters, it is necessary to look at OG behavior over the past two years. The bull cycle that began in early 2023 saw some of the most intense OG selling in Bitcoin’s history. These sales became particularly heavy last year, when BTC was trading above $100,000.Whenever the price jumped, these long-term investors moved to sell in large waves. Notable selling peaks were seen in May 2024, February 2025 and September 2025.Analysts track this behavior through a metric known as STXO, or spent transaction outputs. This metric shows the movement of BTC on-chain. When an OG moves coins that have been held for five years, it is almost always interpreted as a sign of an upcoming sale or profit-taking. At the peak of the bull cycle, single-day sales exceeded 142,000 BTC in some periods, causing sharp market swings. Now, the picture looks different.Why the $63,000 Level MattersAccording to CryptoQuant analysts, the timing of this slowdown in selling is not a coincidence. Bitcoin is currently trading around $63,000; according to the assessment shared by analysts on X, this level corresponds to the “break-even” point for the most expensive coins this group may have purchased five years ago.By choosing to hold their positions at these levels, OG investors have effectively removed a major source of selling pressure that limited Bitcoin’s rise above $100,000 last year.In other words, while pressure on the sell side is weakening, some contrary indicators are also pointing to a possible bottom formation. The slowdown in spot ETF outflows over the past two weeks has also been recorded as another positive signal for the cryptocurrency.You can see the current Bitcoin price in the one-month chart below:
Franklin Templeton Establishes Active Crypto Investment Unit
Global asset management giant Franklin Templeton has expanded its institutional growth strategy in the cryptocurrency market with a new step. The company has completed its acquisition of 250 Digital, which operates in active crypto investment management, and officially established a new dedicated digital asset management unit called Franklin Crypto.According to Franklin Templeton’s statement, Franklin Crypto will offer actively managed cryptocurrency strategies to institutional investors. The new unit will combine the crypto investment expertise of the 250 Digital team with Franklin Templeton’s global distribution network. This structure shows that the company does not want to limit its digital asset strategy to passive products alone, and is instead moving toward a more selective, strategy-driven investment model.Franklin Templeton, which manages approximately $1.78 trillion in assets, has become increasingly visible in the digital asset space in recent years. The company had already been working to build a strong position in the sector through spot crypto ETFs, tokenization initiatives and blockchain-based fund infrastructure. The completion of the 250 Digital acquisition now shows that this strategy is being extended into active investment management.250 Digital Team Joins Franklin CryptoAs part of the acquisition, 250 Digital’s entire investment team has joined Franklin Templeton. The statement also noted that the liquid cryptocurrency strategies previously managed by the team under CoinFund have been transferred to Franklin Crypto. This positions the new unit not only as an advisory or research-focused structure, but as a division with direct portfolio management and active strategy development capabilities.Franklin Templeton will also invest its own capital in these liquid strategies as part of the transaction. This detail shows that the company is not merely providing operational support to the newly formed unit, but is also demonstrating financial commitment to its strategies. For institutional investors, such a move can be seen as a sign of the manager’s confidence in its own products. Two well-known names from the crypto industry will lead the new division. Christopher Perkins will serve as Head of Franklin Crypto, while Seth Ginns will serve as the unit’s Chief Investment Officer. They will be joined by Tony Pecore, an experienced figure on Franklin Templeton’s digital asset investment side. Franklin Crypto will operate under Sandy Kaul, the company’s Head of Innovation.Institutional Investor Demand in FocusThe launch of Franklin Crypto also reflects the changing approach of major asset managers toward the cryptocurrency market. In recent years, institutional access to crypto has become significantly easier through spot Bitcoin and Ethereum ETFs, but demand in the market is no longer limited to passive products that simply track prices. More sophisticated investors are also showing interest in actively managed strategies built around market cycles, liquidity conditions, token economics and risk management.Franklin Templeton’s move aims to respond directly to this need. Through Franklin Crypto, the company will seek to bring a more traditional asset management discipline to the cryptocurrency market. Elements such as active portfolio management, fundamental research, risk control and institutional reporting could play a decisive role in offering crypto strategies to a broader investor base.A Strategy Beyond ETFsFranklin Templeton already had a separate structure focused on research, active portfolio construction and institutional risk oversight in digital assets. Franklin Crypto now adds a more specialized layer to this infrastructure, directly focused on cryptocurrency strategies.
Strategy Adds Another 520 BTC to Its Bitcoin Reserve
Bitcoin treasury company Strategy acquired another 520 BTC between June 15 and June 21. According to an 8-K filing submitted to the SEC on Monday, the purchase was made at an average price of $67,068 per BTC and cost a total of $34.9 million.With the latest purchase, the company’s total Bitcoin holdings have reached 847,363 BTC. According to co-founder and executive chairman Michael Saylor, those holdings are currently worth around $54.8 billion. The average cost basis of the position stands at $75,651 per BTC, while the total bill, including fees and expenses, has climbed to $64.1 billion.The numbers show that Strategy now holds more than 4% of Bitcoin’s fixed 21 million supply cap. At current prices, the company’s paper loss is approaching $9.3 billion.Funding Came From MSTR Share SalesThe latest purchases were funded with cash raised through at-the-market sales of Strategy’s Class A common stock, MSTR. Last week, Strategy sold 2,714,839 MSTR shares for approximately $335.5 million. As of June 21, the company still had $25.4 billion worth of MSTR shares available for sale under that program.The company also expanded its ATM programs. It added $21 billion in capacity for MSTR, $21 billion for STRC preferred shares and $2.1 billion for STRK preferred shares. On Sunday, Saylor shared Strategy’s Bitcoin purchase chart with the caption, “Looking better with more dots.” The market is familiar with the phrase; it is usually seen as a signal that Strategy will announce the previous week’s Bitcoin purchase on Monday.STRC Is Still Trading Below ParSTRC, the company’s monthly dividend-paying, floating-rate preferred stock, is designed to trade close to its $100 par value and currently offers an annual yield of 11.5%. Earlier this year, it was Strategy’s main funding source for Bitcoin purchases. However, it has failed to return to par value since mid-May and has not been used to fund Bitcoin purchases over the past month.Strive CEO Matt Cole described last Thursday, when STRC fell to a record low of $82.53, as “the hardest day in digital credit history.” SATA also dropped as low as $92.88 on the same day. STRC closed the session at $88.59, while SATA ended at $97.71. U.S. markets were closed on Friday due to the Juneteenth holiday.Cash Reserve Keeps GrowingStrategy’s dollar reserve is also growing. As of June 21, the reserve balance had risen to $1.4 billion, up from $1.1 billion on June 14. The figure also includes expected cash from shares sold under the ATM program but not yet settled.A small 32 BTC sale last week was criticized by some observers as a move that “spooked” the market. Benchmark and TD Cowen analysts disagreed with that view. Benchmark analyst Mark Palmer said the collapse scenario overlooked the fact that Strategy would not sell Bitcoin before using the $1 billion in cash it had set aside for dividend payments.TD Cowen analysts Lance Vitanza and Jonnathan Navarrete also said Strategy’s STRC dividend burden could be covered with current reserves. There is one condition: Bitcoin needs to continue rising at least modestly.There Are 199 Companies on the ListAccording to Bitcoin Treasuries data, 199 publicly traded companies have adopted a Bitcoin acquisition model. After Strategy, the top 10 includes Tether-backed Twenty One, Metaplanet, MARA, Adam Back, Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, SpaceX, Coinbase and Riot Platforms. They hold 43,514 BTC, 40,177 BTC, 36,303 BTC, 30,021 BTC, 24,300 BTC, 19,105 BTC, 18,712 BTC, 16,492 BTC and 15,680 BTC, respectively.Shares of these companies have fallen sharply from their summer 2025 highs. Market value-to-net asset value ratios, or mNAVs, have also dropped significantly. MSTR is down roughly 75% from its peak. According to Bitcoin Treasuries, its mNAV stands at 0.81, while Strategy’s own calculation, which includes debt and preferred shares, puts the figure at 1.12.Strategy shares lost 5.8% last week and closed Friday at $112.53. The stock is down 27.2% since the start of the year. Over the same period, Bitcoin has declined by around 4%.
JPMorgan: Bitcoin Miners Have Been Operating at a Loss for Five Months
According to JPMorgan analysts, Bitcoin mining economics have deteriorated significantly this year. The cryptocurrency has traded below its estimated production cost for five consecutive months, increasing pressure on miners across the industry.JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou said Bitcoin’s hash rate, which represents the network’s total computing power, and mining difficulty have become more sensitive to price movements this year. These two indicators normally move relatively independently from the price because deploying or shutting down mining equipment takes time. However, the relationship has strengthened recently.Over the past six months, the beta of mining difficulty relative to Bitcoin’s price has risen to 0.62. According to the analysts, this suggests that a growing share of miners are operating near their break-even point and are more prepared to switch their machines on or off when the price changes. In other words, miners are now reacting to price fluctuations much faster than before.The analysts said in the report:“When Bitcoin trades below its production cost, higher-cost miners shut down their machines, the hash rate declines and mining difficulty adjusts downward accordingly. This pattern was also observed in the second week of June, when difficulty fell by 10%, marking the second decline of this magnitude this year. The previous drop occurred in January.”Production Cost Rises to $78,000JPMorgan currently estimates Bitcoin’s production cost at approximately $78,000. Bitcoin, meanwhile, is trading at around $62,500. The difference represents a gap of roughly $15,500, forcing a significant share of miners to produce Bitcoin below cost. According to CoinShares’ mining report for the first quarter of 2026, approximately 20% of Bitcoin miners are now operating at a loss. This figure is considerably higher than at the beginning of the year and points to growing consolidation pressure across the industry.Faced with these conditions, publicly traded mining companies sold more than 32,000 Bitcoin during the first quarter alone to cover their operating expenses. That figure exceeded their total sales for the entirety of 2025. The rapid depletion of miner reserves suggests that cash flow problems are affecting major publicly listed companies as well as smaller operators.Difficulty Adjustments Expected to Become More FrequentJPMorgan analysts expect the hash rate to remain highly sensitive to price movements as long as Bitcoin continues to trade significantly below its production cost. They also anticipate larger and more frequent mining difficulty adjustments. The current production cost is estimated at approximately $78,000.The cycle is considered somewhat self-correcting in the short term. As weaker miners shut down, the hash rate declines, partially restoring profitability for those that remain. However, as long as Bitcoin stays below its production cost, the balance is disrupted again and the cycle repeats.JPMorgan has previously maintained a cautious stance on the cryptocurrency market. This time, however, the analysts added an unexpected observation, describing the market’s current weakness as a potential “forward-looking bullish signal.”According to the analysts, periods of severe stress in the mining industry have historically tended to coincide with the formation of price bottoms.
Franklin Templeton Files With SEC for Two New Bitcoin ETFs
Asset management firm Franklin Templeton has filed with the U.S. Securities and Exchange Commission (SEC) to launch two exchange-traded funds (ETFs) that would reinvest stock dividends into Bitcoin.According to filings submitted on Thursday, Franklin is seeking to register the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF. The funds have an early estimated effective date of September 1, 2026. The funds are designed to track the VettaFi US Large-Cap 500 Bitcoin DRIP Index and an innovation-focused variation of the same index. Under the proposed mechanism, dividends generated by the stocks held in the funds would be systematically invested in Bitcoin instead of being reinvested in equities.The name “DRIP” refers to dividend reinvestment plans, which have traditionally been used to expand equity positions. In this case, the same approach would be used to accumulate Bitcoin.Exposure to Bitcoin would be obtained through Bitcoin exchange-traded products, futures, options and other instruments. In some cases, the funds could gain this exposure through a subsidiary established in the Cayman Islands. VettaFi will manage the underlying indexes.The indexes will begin with a 95% allocation to large-cap US equities and a 5% allocation to Bitcoin. During quarterly rebalancing periods, any Bitcoin allocation exceeding 5% will be reduced to 4.5%. Between rebalancing dates, the total Bitcoin allocation will be capped at 20%.As of April 30, the equity index included approximately 498 securities, with market capitalizations ranging from $7.5 billion to $4.9 trillion.The filing remains preliminary. It does not provide details about the funds’ fees. Under the regulatory framework used for the filing, the ETFs could become effective in approximately 75 days, pointing to a potential launch in early September.A New Entrant Joins the Crowded ETF RaceFollowing the SEC’s introduction of generic listing standards for crypto-linked funds in late 2025, issuers have accelerated efforts to bring new products to market. Bitwise estimates that more than 100 similar ETFs could launch during 2026.Bloomberg Intelligence analyst James Seyffart said late last year that the number of pending applications had surpassed 100, highlighting the intense flow of new products from issuers.Much of this activity has moved beyond simple spot Bitcoin exposure, a category dominated by BlackRock’s iShares Bitcoin Trust with tens of billions of dollars in assets. Issuers are increasingly competing through fund structures and income strategies.These products include covered-call income funds such as BlackRock’s recently launched iShares Bitcoin Premium Income ETF, alongside other structured offerings. Franklin’s model of converting stock dividends into Bitcoin represents the latest example of this trend.The ETF filings also expand Franklin Templeton’s aggressive push into digital assets. The company already operates its own spot Bitcoin ETF, EZBC, which held $358.9 million in net assets and had recorded $329.6 million in cumulative net inflows as of Thursday.Franklin also acquired 250 Digital from CoinFund this year and established a dedicated Franklin Crypto division. The company formed a tokenization partnership with Kraken’s parent company, Payward, while its BENJI tokenized money market funds are now available across multiple blockchains.In May, Franklin Templeton partnered with Payward to explore new ways of tokenizing traditional investment products. Earlier this month, the company integrated its BENJI tokenized money market fund and other tokenized products with MoonPay Trade.The integration allows institutional users to move between stablecoins such as USDC and USDT and Franklin’s tokenized fund through MoonPay’s onchain trading infrastructure.
$2.1 Billion in Bitcoin and Ethereum Options Expire
The Bitcoin and Ethereum options market has shifted its focus back to price dynamics following the weekly expiry. Contracts with a combined notional value of $2.1 billion expired, with both assets trading below their respective maximum pain levels.Bitcoin and ETH Options ExpireBitcoin and Ethereum options contracts dated June 19 expired with a combined notional value exceeding $2.1 billion. According to data shared by Adam, a macro researcher at Greeks.live, approximately 31,000 BTC options expired with a put-call ratio of 0.78, a maximum pain point of $65,000 and a notional value of $1.9 billion.Meanwhile, 138,000 ETH options expired on the same day. These contracts had a put-call ratio of 1.03, a maximum pain point of $1,725 and a notional value of $230 million. Calls Still Dominate Overall Open InterestThe broader open interest picture tells a slightly different story. Bitcoin has 284,786.70 call contracts and 182,440.60 put contracts outstanding, bringing the overall put-call ratio to 0.64.Ethereum has 1,432,297 call contracts and 800,389 put contracts, leaving its ratio at 0.56. While selling pressure was more visible in the daily expiry, calls continue to dominate across the broader market.A significant share of this open interest is concentrated on a single date. Contracts expiring on June 26 account for 35.09% of total Bitcoin open interest and 44.67% of Ethereum open interest. Adam said next week’s quarterly expiry will cover approximately 15% of total open interest.Prices Remain Below Maximum Pain LevelsAccording to Adam, Bitcoin attempted to recover toward $67,000 this week, but the move lacked sufficient momentum. The market’s buying capacity remained limited amid institutional selling pressure.Both BTC and ETH are currently trading below their respective maximum pain levels and continue to fluctuate around these ranges.This week’s expiry represents approximately 6.5% of total open interest. The figure is lower than last week’s level and remains within the average range recorded in recent periods.Gamma Concentration Sits Between $60,000 and $63,000The options structure shows gamma exposure, or GEX, concentrated between $60,000 and $63,000. These positions will expire over the next two weeks and could affect price action through released margin or changes in implied volatility.The skew indicator also remains in negative territory, suggesting that market participants are still seeking protection against a potential decline.MicroStrategy Pressure Weakens Market ConfidenceAdam identified MicroStrategy’s continued coin sales and the discount affecting its shares as two major factors weakening market confidence and making fresh capital inflows more difficult.Market sentiment remains subdued for now.
Fed’s Hawkish Stance Shakes Crypto Market as $111 Million Flows Out
The Federal Reserve kept interest rates unchanged at its first meeting chaired by Kevin Warsh, but delivered a more hawkish message than expected. The impact was immediate: Bitcoin declined for a third consecutive day, institutional money began flowing out of exchange-traded funds, and the relief rally triggered in equities by the peace agreement with Iran failed to reach the crypto market.Fed Decision and Warsh’s First TestThe Federal Open Market Committee unanimously voted on Wednesday to keep its policy rate unchanged within the 3.50%-3.75% range. Markets had already priced in the decision; the surprise came elsewhere.The committee raised its inflation forecasts and slowed the projected pace of interest rate cuts compared with its March outlook. Nine of the 18 members even raised the possibility of a rate hike this year. The median projection placed the policy rate at 3.8% by the end of 2026, a significant increase from the 3.4% forecast in March.Matt Mena, senior crypto research strategist at 21Shares, said the decision carried unusual weight despite being widely expected because it marked Warsh’s first meeting as Fed chair. Mena noted that the real signal came from the updated projections, which showed that policymakers remained concerned about inflation despite easing geopolitical tensions and falling energy prices.The meeting also provided the first clues about Warsh’s communication style. Unlike statements issued during the Jerome Powell era, the document was kept notably brief and excluded the forward-guidance language Powell used throughout his tenure. Warsh said the format was designed to present “the facts” rather than steer market expectations.Broad-Based Selling Hits the MarketThe crypto market’s reaction was swift and widespread. Bitcoin slipped below the $64,000 level following the decision and traded between $63,800 and $63,900. That range corresponds to the midpoint of the rally it had built over the previous 11 days. Ethereum declined by between 3% and 3.6%, falling as low as $1,733. XRP dropped nearly 4% to $1.17, while Solana lost between 3% and 3.6% and traded at around $71.Hyperliquid’s HYPE token, the week’s standout performer, recorded the sharpest decline. After reaching an all-time high the previous day, HYPE fell nearly 7% to the $69-$72 range. The token nevertheless remains up by around 28% on a weekly basis. Tron was the only major cryptocurrency to finish the session in positive territory.The GMCI 30 Index, which tracks the 30 largest cryptocurrencies, declined by 2.6%, bringing its year-to-date loss close to 36%. Selling pressure extended beyond crypto; gold fell by 2.2%, while silver declined by nearly 4%.Iran Agreement Lifted Stocks, but Not CryptoAnother major development announced on the same day directed market attention elsewhere. US President Donald Trump signed an interim agreement that ended the war with Iran and reopened the Strait of Hormuz.Equity markets welcomed the news. S&P 500 futures rose by 0.9%, while Nasdaq futures gained 1.5%. Brent crude fell toward $78.Crypto assets failed to benefit from the relief. The divergence suggests that the market is currently responding more strongly to the Fed’s policy stance than to geopolitical developments.ETF Outflows Signal Waning Institutional DemandThe institutional picture became even clearer. US spot Bitcoin and Ethereum ETFs returned to net outflows on Wednesday. According to SoSoValue data, Bitcoin funds recorded $82 million in net withdrawals, while Ethereum funds lost $29 million.The outflows were broad-based. BlackRock’s IBIT recorded $31 million in withdrawals, while ARKB lost $44 million. Every Ethereum ETF ended the day with net outflows.The move suggests that institutional buying, which helped fuel the recovery rally in recent weeks, has paused for now. The total cryptocurrency market capitalization has remained around $2.26 trillion since Tuesday’s close, while expectations for interest rate cuts, one of the rally’s main drivers, have largely faded.Gerry O’Shea, head of global market insights at Hashdex, said Bitcoin is likely to remain confined to a $60,000-$70,000 range in the coming weeks unless a major catalyst emerges. According to O’Shea, developments such as the signing of the CLARITY Act, which would regulate the structure of the crypto market, or a further easing of tensions between the US and Iran could provide the trigger needed to break that range.O’Shea also said that recent initial public offerings and artificial intelligence stocks have diverted attention away from the crypto market. However, he expects capital to return as institutional participation grows and regulatory rules become clearer.
Bhutan Sends 533 Bitcoin to Binance as Reserves Fall to $113 Million
The Royal Government of Bhutan transferred 533 BTC, worth $34.5 million, to Binance. According to data tracked by onchain analytics platform Arkham, the transaction was completed in multiple batches, showing that the country’s outflows over recent months are continuing without slowing down.Transfer Completed in Multiple BatchesThe transfers were made from a wallet labeled as belonging to Druk Holding & Investments (DHI), Bhutan’s state-owned investment arm, to a Binance deposit address. According to Arkham data, the largest single transaction involved 227.194 BTC, worth approximately $14.7 million, while another transfer contained 48.228 BTC valued at $3.1 million. The remaining amount was divided into smaller transactions ranging from fractional Bitcoin amounts to 2 BTC, all sent to the same address. The fact that the transfers were completed in several consecutive batches rather than as a single transaction has strengthened speculation that the movement was part of a planned liquidation process.Bhutan has been making similar transfers for months. Last month, Arkham reported that the government sent 100.44 BTC, worth $8.2 million, to an unlabeled address. At the time, the platform said total outflows from Bhutan-linked wallets had exceeded $230 million since the beginning of 2026.This figure suggests that Bhutan has transferred significant amounts of Bitcoin to exchanges or unlabeled wallets nearly every month since the start of the year.The government has not issued any statement regarding the latest transfer. In a post shared on X on Wednesday, Arkham announced the transaction and asked whether the Bhutanese government was selling Bitcoin. Bhutanese officials have also avoided directly answering similar questions in the past and have not provided clear information about the nature of these wallet movements.Reserves Fall From a Peak of 13,000 BTCBhutan now holds 1,749.96 BTC, representing a decline of approximately 11,250 BTC from its peak of 13,000 BTC in October 2024. This means the country’s reserves have fallen by nearly 86% from their highest level.The total value of the government’s wallets is estimated at $113.7 million, including 1.034 ETH worth approximately $1,820.While most nation-states acquired their Bitcoin reserves through seizures, Bhutan followed a different path by operating hydroelectric-powered mining facilities. The small Himalayan kingdom directed its surplus electricity generation capacity toward Bitcoin mining, becoming one of the few countries to pursue such a strategy.As a result, Bhutan ranks seventh among known nation-state Bitcoin holders. According to Bitcoin Treasuries data, the countries ahead of Bhutan include the United States, China with 190,000 BTC, the United Kingdom with 61,245 BTC, Ukraine with 46,351 BTC, El Salvador with 7,649 BTC and the United Arab Emirates with 6,420 BTC.The continued decline in Bhutan’s Bitcoin reserves is also raising questions about the future of the country’s mining strategy. The absence of an official explanation for the ongoing reduction in reserves has allowed market speculation to continue.Bitcoin was trading at $64,775 on Wednesday, down 1.2% over the previous 24 hours.
7-Year Silence Ends: Whale Moves 2,373 BTC
A major Bitcoin wallet that had been dormant for years suddenly became active as the crypto market staged a sharp rally. According to findings shared by Maartun, an analyst at CryptoQuant, an unidentified Bitcoin whale moved 2,373 BTC after leaving it untouched for five to seven years.Dormant giants are waking upThe chart shared by the analyst is based on CryptoQuant’s Spent Output Age Bands metric. This metric shows when Bitcoin that has remained inactive for a certain period is transferred. The sudden spike reflected in the chart specifically covers coins held for five to seven years, with the most notable movement being the transfer of 2,373 BTC. The transfer came as Bitcoin retested the $66,000 level. Worth roughly $156 million at the time of the transaction, the movement quickly became one of the main talking points in the crypto community. Dormant supply moves of this scale have been relatively rare in recent weeks, prompting market observers to watch the development closely.Did the market rally trigger it?The timing does not appear entirely random. Long-dormant large wallets have historically shown similar patterns during periods when Bitcoin records a sharp price increase. Investors may wait for market momentum to review their portfolios or act once certain profit targets are reached.So, was this a sale or something else? For now, there is no clear answer. Did the whale sell the BTC, move it to another wallet, or transfer it as part of a portfolio restructuring? None of these possibilities can be confirmed. On-chain data shows that the transfer happened; it does not reveal the intent behind it.Several scenarios are on the table. A long-term holder may be taking profits accumulated over the years. Or the opposite may be true; the holder could be moving BTC to a different address for safer or more accessible storage. Some large holders also make such moves as part of routine security updates, such as upgrading wallet infrastructure or reorganizing cold storage. In short, the transfer itself may be a signal, or it may mean nothing at all.What does it mean for Bitcoin’s price?It is difficult to draw a firm conclusion. Historically, the activation of large wallets that have been dormant for years can create short-term uncertainty in the market, as these moves are often associated with potential selling pressure. However, that link does not always hold. Sometimes such transfers are purely technical and pass without any impact on price.The key point to watch now is whether the 2,373 BTC reaches exchange addresses. If the transfer went directly to an exchange, the likelihood of a sale would increase. If not, the move becomes much harder to interpret. For now, that information has not been confirmed.
Strategy and Strive Started the Week with Bitcoin Purchases
Bitcoin treasury company Strategy bought another 1,587 BTC between June 8 and June 14 at an average price of $63,024 per coin. The purchase, worth roughly $100 million, was disclosed in the company’s 8-K filing with the SEC and brought Strategy’s total Bitcoin holdings to 846,842 BTC. At current market prices, that amount is worth around $56 billion. However, Strategy acquired these Bitcoin holdings at an average price of $75,656, for a total cost of $64.1 billion. That means the company is currently sitting on an unrealized loss of about $8.1 billion. Its position now represents more than 4% of Bitcoin’s total supply.Financing source: Share salesThe latest purchases were funded through the sale of Strategy’s Class A common stock, which trades under the ticker MSTR. Last week, the company sold 1,732,553 MSTR shares for approximately $209 million. Strategy still has $25.75 billion worth of shares available for issuance under the program.The company also expanded its existing ATM programs. An additional $21 billion in MSTR shares, $21 billion in STRC preferred stock and $2.1 billion in STRK preferred stock are now included under these programs.Strategy founder Michael Saylor shared a new Bitcoin purchase tracker chart on social media on Sunday, writing, “Still adding dots.” These posts are widely seen as a signal that a fresh Bitcoin purchase announcement may follow on Monday.STRC was not used this timeSTRC preferred shares, which had been one of Strategy’s main financing tools earlier this year, were not used in this latest purchase. The floating-rate preferred stock pays monthly dividends at an annual rate of 11.5%, but it has traded below its $100 par value since mid-May. Strategy has not used this instrument to fund Bitcoin purchases over the past month.At last week’s annual general meeting, shareholders approved a change that will allow STRC dividend payments to be made every two weeks instead of monthly. CEO Phong Le said the move would support price stability and give investors faster interest rate resets.Cash reserve replenishedStrategy’s dollar reserve also increased. The balance rose from $1 billion the previous week to $1.1 billion as of June 14. JPMorgan analysts said last week that the company’s earlier sale of 32 BTC had unsettled markets and that the reserve needed to be rebuilt. At the time, the reserve covered only 6.3 months of dividend payments.Sygnum Bank frames the issue differently. According to its analysts, dividends can be paid under any conditions by selling a small portion of the company’s Bitcoin holdings, so this is not a survival issue. But there is an image problem. “The premium is the only thing that makes Strategy worth more than the Bitcoin it holds. A treasury company selling from its reserves while the underlying asset loses value is not the model most investors originally expected,” Sygnum said in its report. The bank added that in the long run, everything still depends on Bitcoin’s performance.Sector snapshotAccording to Bitcoin Treasuries data, 199 publicly traded companies now follow some form of Bitcoin accumulation strategy. After Strategy, the largest corporate Bitcoin holders are Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 35,303 BTC and Adam Back-led Bitcoin Standard Treasury Company with 30,021 BTC.Strategy’s stock, however, continues to disappoint investors during this period. MSTR is down about 73% from its summer 2024 highs and has lost 19.8% since the start of the year. It closed at $123.97 on June 14. According to Bitcoin Treasuries calculations, the company’s market value stands at 0.91 times its net asset value. Strategy argues that when debt and preferred shares are taken into account, that ratio is 1.17.Strive also bought BTCInstitutional bitcoin purchases this week weren't limited to Strategy. Asset management firm Strive also acquired 73 BTC at an average price of $63,646 per coin, bringing its total holdings to 18,712 BTC.
The US-Iran Peace Deal Pushes Bitcoin to $65,700
Bitcoin climbed above $65,000 late Sunday. As the geopolitical risk premium that markets had been pricing in for months suddenly unwound, a broad wave of buying also spread across crypto assets.At the time of writing, Bitcoin was trading at $65,605, up 1.90% over the past 24 hours. Its intraday low was $63,663, while its high stood at $65,935. Ethereum rose 2.8% to $1,720, XRP gained 3.5% to $1.19, and Solana advanced 4.2% to $71.11. The surprise performer of the day was Hyperliquid’s HYPE token, which climbed 7.5% to around $65. Peace deal and the Strait of HormuzCNN reported Sunday that the United States and Iran had reached a ceasefire agreement set to take effect on Friday. President Donald Trump said the U.S. would lift its naval blockade and reopen the Strait of Hormuz as soon as the agreement was signed. The first announcement came from Pakistani Prime Minister Shehbaz Sharif, and Trump and Iranian state media confirmed it shortly afterward.The Strait of Hormuz is a narrow waterway through which roughly one-fifth of global oil trade passes. The possibility of its closure had been one of the main factors keeping oil prices elevated in recent months. As that risk faded, crude oil prices saw one of their sharpest daily declines in three months. WTI futures fell 4.84% to $80.77 per barrel, while Brent crude dropped 4.33% to trade at $83.53.Analysts: Crypto move was macro-drivenZeus Research analyst Dominick John said markets were repricing risk after the U.S.-Iran agreement and the reopening of the Strait of Hormuz, triggering a broad risk appetite move. John described the rally as a positioning and risk rotation move rather than a change in underlying fundamentals.Min Jung of Presto Research painted a similar picture. She said Bitcoin and Ether benefited from improving risk appetite as the peace deal reduced concerns over further geopolitical escalation.Rick Maeda, markets director at crypto derivatives analytics platform Laevitas, described the move as “not a crypto-specific story, but macro relief beta amplified by thin weekend liquidity.” According to Maeda, the selling pressure began to ease after Trump’s remarks on the U.S.-Iran framework, which removed the risk premium from crude oil and lifted pressure from crypto.CoinEx chief analyst Jeff Ko offered the same framework: “The recovery in crypto was largely driven by a compression in the macro risk premium triggered by Trump’s latest signal that a deal was close. It pulled oil lower while lifting Asian markets at the same time.”Asian markets turned greenWith geopolitical risk receding, equities also started the day on strong footing. The Nikkei 225 was up about 4.89% around midday, nearing a record close. The Kospi jumped 5.63%. The Hang Seng rose 0.45%, while the Shenzhen Composite Index was up 2.53%. S&P 500 futures gained 1.2%, while the dollar weakened against major currencies.Fed week and institutional flowsAnother source of uncertainty is on the agenda this week: the Federal Reserve will hold its first meeting under new Chair Kevin Warsh. BTSE COO Jeff Mei said Warsh’s remarks would offer “the first clues about how interest rate policy will take shape for the rest of the year.” Maeda listed the key factors to watch as confirmation of the deal and the terms around Hormuz, the risk of renewed escalation, and the direction of oil prices. He added that all of this coincides with a busy central bank week.The peace deal removed an important source of pressure, but it did not answer every question. Strategy’s disclosure earlier this month that it sold 32 Bitcoin to make a preferred stock dividend payment exposed the presence of demand built around the assumption that Saylor would never sell. ETF outflows are also keeping pressure on the market; neither the Strategy issue nor the institutional demand dynamic is the kind of problem that can be solved by a peace agreement. Whether institutional flows return alongside this wave of risk appetite will become clearer in the coming days.
U.S. Producer Inflation Hits 3.5-Year High: How Did Bitcoin and Altcoins React?
Producer price inflation in the United States rose more than expected in May, reaching its highest level since November 2022. While the increase in energy prices triggered by the Iran war deepened inflationary pressures, uncertainty over the Federal Reserve’s interest rate policy continues to keep markets cautious. Crypto markets, meanwhile, are moving sideways without establishing a clear direction.PPI Data Came in Above ExpectationsAccording to data released by the U.S. Bureau of Labor Statistics on June 11, the Producer Price Index (PPI) rose 1.1% on a monthly basis in May. Market expectations were for a 0.7% increase, while the previous month’s figure had been recorded at 1.4%. On an annual basis, PPI reached 6.5%, exceeding forecasts of 6.4% and surpassing April’s 6.0% reading.Core PPI, which excludes energy and food prices, painted a more moderate picture. The core index rose 0.4% month-on-month, below expectations of 0.5%, while the annual reading came in at 4.9%, significantly missing the 5.4% forecast. According to data cited by The Kobeissi Letter, headline PPI has returned to levels last seen during the period when pandemic-era stimulus packages were being injected into markets.Consumer price inflation, released a day earlier, had also recorded its fastest increase in three years, although core CPI had come in below expectations. The PPI figures largely confirm that picture: overall price pressures remain strong, while non-energy components are relatively more controlled.The Iran War Is at the Center of the EquationThe key variable markets are now focused on is the impact of the U.S.-Iran military tensions on oil prices. As the conflict environment continues, crude oil prices are being pushed higher, feeding energy-driven inflation and pushing back expectations for the Fed’s rate-cut timeline. Since PPI is one of the indicators the central bank closely monitors when making interest rate decisions, the stronger-than-expected reading reinforced the market view that the Fed may keep policy tight for longer.Expectations for a Fed rate cut this year had already weakened considerably; with the latest data, those expectations declined further. Futures pricing shows that most investors do not expect any rate cut before the September meeting at the earliest.Bitcoin Holds Near $62,000 as Markets Move SidewaysIn this environment of deepening macro uncertainty, crypto markets are also struggling to find a clear direction. Bitcoin has been stuck in the $61,000 to $63,000 range after weeks of sharp declines. Around the time the data was released, BTC was trading at $62,719, up 1.77% over the past 24 hours. Its 24-hour trading range stood between $61,101 and $63,139, while its market capitalization was around $1.25 trillion. Major altcoins showed a similarly cautious performance. Ethereum remained almost flat at $1,643 after rising 0.17% over the past day, while BNB gained 1.75% to trade near $597. XRP, Solana and Dogecoin have yet to recover their weekly losses in the 5% to 7% range. Hyperliquid (HYPE) stood out among the weaker performers, falling 17.57% over the past seven days.All Eyes on the June Fed MeetingAnalysts are now focused on the Fed’s June meeting. The fact that both CPI and PPI surprised markets in the same week strengthens the central bank’s case for maintaining a tight monetary policy stance. This picture is likely to extend pressure on risk assets, and crypto markets are not immune to that process.
