Track market-moving stories before they get noisy

Bitcoin (BTC) dropped below $60,000, a key psychological support, on Thursday as losses in megacap technology stocks weighed on investors' broader risk appetite, adding pressure to an already fragile crypto market.

BTC/USD vs. Nasdaq and S&P 500 daily performance chart. Source: TradingView

The decline has triggered a classic bearish reversal setup that may push the BTC price under the $54,000 mark in the coming days.

Key takeaways:

Bitcoin’s break below $60,000 has erased its June gains and activated multiple bearish setups.Bitcoin’s rounded top and daily bear flag breakdowns are both projecting a downside target below $54,000.BTC's rounded top breakdown signals more pain aheadThe BTC/USD pair fell as much as 4.8% on Thursday, hitting an intraday low near $58,000 and erasing its entire June advance. The pullback also completed what appears to be a rounded top pattern on the four-hour chart.

BTC/USD four-hour chart tracking the rounded top bearish setup. Source: TradingView

In technical analysis, a rounded top forms when buying momentum gradually exhausts, shifting the asset from an uptrend to a downtrend in an inverse-U-shaped structure. The pattern officially resolves when the price breaks below the "neckline" or the structure's base support.

By measuring the distance from the top of the dome to the neckline and projecting that same distance downward from the breakdown point, analysts calculate a clear target.

For Bitcoin, this measured downside target sits just under the $54,000 level, representing an approximate 8.9% drop from current prices.

On the daily chart, Bitcoin has simultaneously triggered a bear flag breakdown.

BTC/USD daily chart tracking the bear flag breakdown setup. Source: TradingView

This secondary pattern independently projects an identical move toward the $54,000 zone, adding substantial weight to the bearish case.

Bitcoin MVRV bands increase $54,000 target oddsBitcoin’s on-chain price bands also point to the same downside area highlighted by the rounded-top and bear-flag setups.

Glassnode’s MVRV pricing bands compare Bitcoin’s market price with its realized price, or the average price at which coins last moved on-chain. In simple terms, they show whether the market is trading at unusually high profit or loss levels.

BTC MVRV pricing bands vs. price. Source: Glassnode

As of Wednesday, Bitcoin was trading near $60,997, while the 1.0 MVRV band, shown in green, sat around $53,390. That level closely matches the technical downside target near $54,000, making it an important support zone if BTC extends its decline.

A deeper selloff, however, could push Bitcoin toward the 0.8 MVRV band, shown in blue, near $42,700. Historically, Bitcoin’s major bear-market bottoms have formed around this lower blue band, where unrealized losses become extreme, and capitulation risk rises.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.

Blockchain

25 June 2026 | 21:12 Grayscale's head of research laid out where the firm sees value in a beaten-down market, and his answers are more measured than a simple "buy everything."

Key Takeaways Grayscale’s Zach Pandl says Bitcoin is cheap, but not at historic-extreme levels. He sees the Clarity Act as the single biggest catalyst for ending crypto winter. He’s structurally bullish on Ethereum as the leader in tokenization. He calls AI crypto the biggest asymmetric opportunity Grayscale sees. Grayscale is an asset manager, so its bullish framing carries that context. Speaking with Cointelegraph, Zach Pandl made the case that Bitcoin is cheap but not screaming, that one piece of legislation could end the downturn, and that the most asymmetric opportunity isn’t Bitcoin at all.

Bitcoin: Cheap, but Not “Close Your Eyes and Buy” Pandl’s read on Bitcoin is nuanced. On-chain valuation indicators confirm it’s cheap relative to its long-term average, but he draws a careful distinction: cheap isn’t the same as exceptionally cheap. After the FTX collapse, those same indicators flashed extreme undervaluation. Today they’re below average, not at historic extremes. As he put it, “It’s not quite the time to close your eyes and buy.”

His guidance splits by investor type. For long-term holders, the answer is simpler, dollar-cost average now rather than trying to time the exact bottom. For tactical allocators, he flags two conditions that would confirm the low: progress on the Clarity Act in the Senate, and Strategy stabilizing its balance sheet. If both happen, in his words, it’s a “green light” that the market has probably reached bottom levels.

Here’s a snapshot of where Grayscale sees opportunity, ordered from the nearest-term call to the most speculative, and what each one depends on:

Bitcoin (Near-term) View: Cheap, but not extreme; prioritize DCA over timing.

Catalyst: Clarity Act progress + Strategy stabilizing.

Ethereum (Long-term) View: Structurally bullish; the “biggest boat” in tokenization.

Catalyst: Tokenization adoption (long-term), Clarity Act (short-term).

Hyperliquid (Emerging) View: Buzziest name; perps going mainstream.

Catalyst: Revenue-to-token-holder model gaining institutional traction.

AI Crypto (Asymmetric / Speculative) View: Biggest asymmetric bet; potential for a trillion-dollar asset.

Catalyst: Network-effect winners in decentralized AI networks. 

The Clarity Act: The Single Biggest Catalyst Pandl is direct that one event matters more than any other: if the Clarity Act passes, he believes crypto winter likely ends. Not because the rules change overnight, he points out the Genius Act passed last year and its rulebook still isn’t finished 18 months later, but because institutional confidence would unlock immediately. The signal it sends, as he frames the mindset, is “now’s the time to write the big checks.”

He describes a practical sequence: Clarity passes, M&A transactions follow, IPOs follow, and Wall Street and the major banks finally get the signal to deploy capital that’s been sitting on the sidelines. He’s honest about the downside too, if Clarity doesn’t pass, a longer crypto winter becomes a real possibility. It’s a catalyst with a clear binary attached.

Ethereum: The Biggest Boat in a Rising Tide Despite ETH’s price weakness and the turbulence around the Ethereum Foundation, Pandl is structurally bullish, and his reasoning rests on one megatrend. Tokenization, he argues, is a 10-, 20-, even 30-year shift that will reshape capital markets, and Ethereum sits at the top of the blockchain pyramid by nearly every metric that matters: on-chain assets, stablecoin volume, DeFi value locked, ecosystem depth, and architecture. “Ethereum is the biggest boat,” he said, in a tide he expects to rise.

That structural view is echoed beyond Grayscale. PwC’s 2026 Global Crypto Regulation Report frames the current moment as a shift from regulation-as-constraint to regulation-as-architecture, with 2026 marking a move from policy design to operational implementation, tokenization pilots scaling and major institutions beginning to issue regulated digital instruments.

The report argues that as institutions fold crypto into their treasury and settlement layers, the utility value of core smart-contract platforms begins to decouple from retail sentiment. This is precisely why institutional players remain bullish on infrastructure-heavy assets like Ethereum: they are betting on the migration of global financial plumbing onto regulated, on-chain rails, rather than speculating on a short-term price cycle.

So the framing splits cleanly by time horizon. Short-term, ETH’s direction depends on the Clarity Act like everything else. Long-term, it depends on tokenization adoption, and on that score Pandl thinks Ethereum is better positioned than any other technology to capture the trend.

Hyperliquid: The Buzziest Name With Institutions Asked what’s generating the most interest among Grayscale’s investors, Pandl points to Hyperliquid, “probably the most buzzy thing with our investors today.” The appeal, in his telling, is that it represents something genuinely new to institutional eyes: a crypto-native exchange exporting perpetual-futures technology into mainstream finance, with a direct revenue-to-token-holder model that traditional finance can actually understand and value. Grayscale has launched its own Hyperliquid ETF (ticker HYPG), one of several now on the market alongside products from Bitwise and 21Shares, so its enthusiasm here comes with a commercial stake worth noting. His broader point is that perpetual futures are following the same path stablecoins and tokenized assets did, from crypto-native curiosity to mainstream financial infrastructure.

AI Crypto: The Biggest Asymmetric Bet This is where Pandl gets most forward-looking. His logic: Bitcoin is already a large asset class with much of its upside priced in, while the AI crypto sector is still an emerging segment. Grayscale tracks it as a distinct category, made up of AI-focused decentralized networks, protocols that use blockchain to coordinate and pay for machine-learning resources, including names like BitTensor, Near, and World. His call is bold: “I think there will be a trillion-dollar asset in that market segment,” adding that there certainly isn’t one today. BitTensor is the current category leader on network effects, but he stresses the race isn’t over. For investors hunting asymmetric upside rather than established exposure, this is where Grayscale is looking, though it’s worth remembering that’s also a category Grayscale builds products around.

The Through-Line.  Pull Pandl’s views together and a consistent logic emerges. Bitcoin is cheap but not a layup; the Clarity Act is the hinge the whole market turns on; Ethereum is the long-term tokenization play; and the genuinely asymmetric bets sit further out the risk curve, in Hyperliquid and AI crypto. It’s a coherent framework, and a useful window into how a major asset manager is positioning. Two caveats keep it honest, though: nearly every bullish call here hinges on the Clarity Act actually passing, which Pandl himself admits is not guaranteed, and Grayscale has product interests across several of these themes, so its enthusiasm is informed analysis rather than neutral observation. The ideas are worth weighing on their merits, with that context in view.

This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Strategy’s preferred shares are trading well below their $100 par value, and the company just spent $1.38 billion in cash to buy back its own debt instead of buying more Bitcoin. For a firm whose entire identity revolves around accumulating as much Bitcoin as humanly possible, that’s a notable pivot.

The STRC preferred shares have slid to roughly 14% below par, pushing yields up to around 11.5%. Meanwhile, Bitcoin short interest has jumped 9%, adding external pressure to a company that has effectively turned itself into a leveraged Bitcoin proxy.

The debt buyback that raised eyebrows In May 2026, Strategy repurchased $1.5 billion in face value of its 0% convertible senior notes due in 2029. The price tag: approximately $1.38 billion in cash, a discount that looks smart on paper but raises uncomfortable questions about what the company is prioritizing.

Advertisement

Strategy didn’t use that $1.38 billion to buy more Bitcoin. It used it to reduce its debt load. The company currently holds between 843,738 and 846,842 BTC, acquired at an average cost of roughly $76,000 per coin. That puts the total acquisition cost basis at approximately $63.88 billion, making Strategy the largest corporate holder of Bitcoin on the planet by a wide margin.

The $1.5 billion dividend problem Strategy’s annual preferred dividend obligation sits at roughly $1.5 billion. The company’s older convertible notes carried 0% coupons, meaning they cost nothing to service until maturity or conversion. The newer preferred share structure is a fundamentally different animal. An 11.5% yield on preferred shares trading below par tells you the market is pricing in meaningful risk that those dividends might become difficult to sustain.

The suspension of new Bitcoin acquisitions is particularly telling. Strategy built its entire brand on relentless accumulation, and stepping off that treadmill, even briefly, changes the narrative.

Rising short interest adds pressure Bitcoin short interest climbing 9% during this period isn’t coincidental. Nearly 850,000 BTC represents a meaningful percentage of Bitcoin’s liquid supply, and even the perception that forced selling might occur can move markets.

Strategy’s financial health depends on Bitcoin’s price. Bitcoin’s price is partially supported by the market’s confidence that Strategy won’t sell. The broader “digital credit” market is also feeling the chill — when STRC trades 14% below par, it sends a message to every issuer considering similar structures that the market’s risk appetite has limits.

What this means for investors The key metric to watch is whether Strategy resumes Bitcoin purchases or continues prioritizing debt reduction. The spread between STRC’s trading price and its par value is another real-time indicator of market confidence.

Strategy’s decision to repurchase its 0% notes at a discount — buying back debt at 92 cents on the dollar — is rational treasury management, but it also means the market was willing to sell that debt at a loss. The 9% increase in Bitcoin short interest is worth monitoring as a sentiment gauge, as shorts continuing to build while Strategy’s bonds trade below par could create a volatile environment where any negative catalyst gets amplified.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Bitcoin experienced one of its steepest sell-offs in recent weeks on June 25, with the price dropping from above $61,000 to around $58,000 within an hour. The sharp downturn prompted renewed concerns in the market about whether Bitcoin could maintain its key support levels.

According to data from Coinglass, total liquidations across the market reached $1.27 billion in the past 24 hours, affecting 209,000 traders. The most volatile period saw liquidations exceeding $430 million. Coinglass is a well-known market data platform tracking liquidation activity in derivative markets.

Sell pressure was not limited to a single pair, with synchronized selling seen across BTC/USD, BTC/USDT, BTC/FDUSD pairs, and perpetual futures on Binance.

This demonstrates that the selling pressure was broad-based, spanning multiple channels. Market indicators showed sell-offs happening simultaneously in spot and perpetual futures markets on Binance, underscoring that the drop was rooted in a wider market context, not just isolated trading activity.

After the first sharp drop, Bitcoin saw a brief rebound, but the recovery quickly lost momentum and the price settled around $59,000. A market analyst noted that buying activity increased after the decline, though this failed to translate into a lasting change in trend.

Order flow confirms weak sentimentAnalysts suggest that coins sold by panicking retail investors may have been snapped up by larger, more experienced players. At the same time, the continued build-up of short positions indicated that market participants were increasingly expecting further losses.

Order flow data supported this negative outlook. The Cumulative Volume Delta (CVD) indicator, which measures the aggressiveness of buyers versus sellers, swung sharply negative as prices fell. This pointed to a dominance of sell orders over buy orders at the height of the downturn.

Mini glossary: CVD (Cumulative Volume Delta) is a market indicator used to track the aggressiveness of buying and selling. When the indicator moves into negative territory, it signals that selling pressure dominates.

Even after the initial decline, CVD readings did not recover significantly, suggesting that the rebound was largely driven by short covering rather than genuine spot demand. As selling resumed, the indicator continued to move lower, signaling ongoing weakness.

Spot ETF outflows add to pressureAn additional factor weighing on Bitcoin was persistent outflows from spot Bitcoin ETFs. Updated figures showed a single-day net outflow of 7,439 BTC, equivalent to roughly $441.88 million. Over the past seven days, net outflows reached 12,619 BTC, representing around $749.58 million.

These ETF outflows highlight a weakening of one of the key demand drivers that previously supported Bitcoin’s rally phases. The declining interest from ETF investors has been a notable headwind for the cryptocurrency in recent sessions.

PeriodNet outflowApproximate value1 day-7,439 BTC$441.88 million7 days-12,619 BTC$749.58 million$60,000 remains a critical support zoneTechnical analyst Rekt Capital notes that Bitcoin’s current situation resembles the correction phase seen in 2022. On the monthly chart, BTC has slipped below its short-term trendline and is now testing the longer-term moving average near $60,000. Rekt Capital is well known for in-depth technical analysis focused on crypto markets.

If BTC can hold above the long-term support around $60,000, there is a chance for a relief rally in July. However, falling below this level could increase the risk of a deeper correction.

Whether Bitcoin manages to stay above this pivotal support may shape the short-term direction. Sustaining above $60,000 could open the door for a rebound next month, while a loss of this level keeps the risk of a more pronounced correction firmly in play.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

June saw the highest miner-to-Binance Bitcoin transfers in four months.

Bitcoin miners significantly increased their transfers to Binance during June. Data suggests that the total miner inflows to the exchange have surpassed 150,000 BTC.

According to CryptoQuant, the figure marks the highest level of miner deposits to Binance in more than four months and points to a sharp rise in activity from wallets associated with mining operations.

Massive Miner Transfers Miner inflows had remained relatively moderate in previous months before climbing sharply in June. The latest rise indicates that miners have become more active in moving their holdings to the exchange. This could reflect profit-taking after a period of price stability or efforts to secure liquidity to cover operational costs amid changing mining conditions and ongoing market volatility.

CryptoQuant explained that higher miner deposits do not automatically mean that all of the transferred Bitcoin will be sold immediately. However, the increase does place a larger amount of Bitcoin on the exchange, which increases the potential supply that could enter the market.

The analysis said that if these higher inflows are accompanied by weaker demand or lower buying activity, they could add selling pressure to Bitcoin prices. On the other hand, if the market absorbs the additional supply without a significant price decline, it could indicate strong demand and the ability of buyers to handle the increased supply.

At the same time, Alphractal’s Mining Equilibrium Index was at 0.75, which means that BTC miners are earning less than the annual average.

Bigger Story Behind Miner Pressures The decline in mining profitability comes as several public mining companies have already reduced their Bitcoin holdings to cope with weaker economics and rising operating costs. But prominent independent analyst Shanaka Anslem Perera argued that these miners are not abandoning mining because the business has collapsed, but because artificial intelligence companies are offering far higher returns for the same energy infrastructure.

You may also like: 3 Key Metrics Show Bitcoin Miners Are Under Mounting Pressure Trump-Backed American Bitcoin Posts $82M Loss Despite Record BTC Mining Output Bitcoin Mining Giants Sold More BTC in Q1 Than Entire 2025 Combined In a post on X, Perera said many publicly listed miners now face average production costs of around $80,000 per BTC. Some operations have become unprofitable when Bitcoin trades below that level. The downward difficulty adjustments this year indicated that some mining machines had already gone offline.

According to Perera, the major factor behind the industry’s shift is the growing demand for AI computing. He said a megawatt of electricity that generates roughly $1 million annually through Bitcoin mining can produce between $10 million and $20 million through AI hosting services. As a result, valuable assets such as power contracts, land, grid connections, and cooling infrastructure are increasingly being redirected toward AI operations.

Perera also added that Bitcoin’s network remains resilient because mining difficulty adjusts automatically when miners leave, which allows remaining participants to operate more profitably. He also said that the larger long-term issue is BTC’s dependence on block subsidies, which continue to decline through future halving events.

Tags:

Michael Saylor just did something nobody expected: he hinted that Strategy Inc. might actually sell Bitcoin.

Speaking at the Bitcoin 2026 conference in Las Vegas on April 28, the co-founder and executive chairman of Strategy Inc. laid out an ambitious funding model centered on STRC, the company’s Bitcoin-backed preferred stock. But the real headline was his suggestion that the firm could liquidate some of its Bitcoin holdings by the end of 2026 to better manage cash reserves, a notable departure from the company’s long-standing “never sell” ethos.

STRC: from launch to largest preferred stock in eight months The centerpiece of Saylor’s keynote was STRC’s meteoric rise. Within just eight months of its debut, the instrument has become the world’s largest and most liquid preferred stock, according to Saylor. It offers tax-deferred yields of 11.5%, putting it in direct competition with traditional equity returns.

Advertisement

Saylor framed the company’s financial architecture in three layers: Bitcoin as “digital capital,” MSTR stock as “digital equity,” and STRC as “digital credit.”

The sell signal that wasn’t supposed to happen For years, Saylor has been Bitcoin’s most vocal corporate evangelist, famously advocating a buy-and-hold-forever approach. Strategy Inc., which rebranded from MicroStrategy in February 2025, has accumulated one of the largest corporate Bitcoin treasuries in existence.

So when Saylor indicated during his keynote that the firm might liquidate some holdings in 2026 to manage cash reserves, it registered as a genuine strategic pivot. Not a panic move. Not a capitulation. But a calculated acknowledgment that running a Bitcoin-backed financial conglomerate requires actual cash management.

The logic isn’t hard to follow. STRC’s 11.5% yield has to be paid somehow. If cash reserves run thin, the company faces two unpleasant options: sell Bitcoin or issue more MSTR shares. The latter dilutes existing equity holders. The former contradicts the core thesis.

Risks lurking beneath the innovation The conference didn’t shy away from the uncomfortable questions surrounding STRC’s structure. Chief among them: what happens if STRC issuances continue to grow while cash reserves don’t keep pace?

The answer is dilution. Ongoing STRC issuances create obligations that must be serviced. If Bitcoin’s price stagnates or declines, Strategy’s ability to cover yields without selling BTC or issuing new MSTR shares gets considerably harder.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Bitcoin and artificial intelligence have become two of the most closely watched investment themes of 2026. Yet recently, the relationship between them has become increasingly uneven.

While major AI companies continue attracting investor capital, Bitcoin has faced renewed selling pressure. The world’s largest cryptocurrency recently slipped toward the $60,000 level as traders redirected funds toward rapidly growing AI opportunities.

This shift has created a new conversation among investors: can a project exist at the intersection of both trends? For many participants, MemeToro ($MT) is emerging as one of the more closely watched attempts to bridge AI innovation with blockchain participation.

Why Bitcoin Has Been Losing Ground Bitcoin remains the dominant asset in crypto, but recent market behavior has highlighted growing competition for investor attention.

Several market observers have noted that capital is increasingly flowing toward artificial intelligence companies and technology-focused opportunities. As a result, some investors are reducing exposure to traditional crypto assets in favor of sectors perceived to offer stronger growth potential.

The divergence has been noticeable.

While major technology indices have posted gains, Bitcoin has struggled to maintain momentum. This trend has contributed to growing caution across the broader digital asset market.

At the same time, leveraged positions have been flushed from the system.

Recent volatility triggered significant liquidations across crypto markets, further reinforcing defensive investor behavior.

The result is a market environment where capital is becoming increasingly selective.

AI Has Become One of the Market’s Strongest Narratives Artificial intelligence is no longer a niche investment theme.

Across both traditional finance and crypto markets, AI-related projects continue attracting attention from developers, venture capital firms, and retail investors. New applications appear almost daily, ranging from automation tools to autonomous decision-making systems.

This growth is helping reshape investor priorities.

Rather than focusing exclusively on speculative assets, many participants are exploring ecosystems connected to technological innovation and practical utility.

Crypto is experiencing the same shift.

Projects built around artificial intelligence continue attracting visibility because they sit at the intersection of several expanding trends.

That environment has helped create strong interest in AI-focused blockchain ecosystems.

Why Some Investors Want Exposure to Both Trends For many investors, choosing between Bitcoin and AI is not necessarily the goal.

Instead, they are looking for opportunities that combine blockchain participation with AI-driven functionality. This is where projects like MemeToro are attracting attention.

Rather than operating as a traditional meme coin, the platform combines artificial intelligence, SocialFi participation, token creation tools, and community engagement within a single ecosystem.

The result is a project positioned inside one of crypto’s fastest-growing sectors while remaining native to blockchain infrastructure.

MemeToro AI Agent: Automating Token Creation via Predictive Analytics MemeToro AI functions as an autonomous creator tool that converts real-time social data into deployable cryptocurrency assets. By continuously processing data from digital communities and news networks, the engine identifies market narratives as they form.

Once a high-probability narrative is selected, the system programmatically generates the complete branding suite, including logos, concepts, and promotional assets.

Every token is launched directly to the market under a fair-distribution model, ensuring no insider allocations or early-access pools exist. Prospective participants can view a complete overview of the token data and visual assets before final deployment.

The native $MT token facilitates access to this automated ecosystem.

More Information on MemeToro ($MT) Presale Here:

Website: https://memetoro.com/

X: https://x.com/memetoro_mt

Telegram: https://t.me/memetoro_mt

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

21h05 ▪ 6 min read ▪ by Luc Jose A.

Summarize this article with:

The history of financial markets often unfolds through the psychological crises of its most exposed players, and the crypto sector has just provided a spectacular illustration. The abrupt reversal of a seasoned bitcoin investor from the Silicon Valley elite exposes the fragility of technological certainties in the face of the brutal economic cycles of the blockchain. As the market goes through a period of severe turbulence, this radical decision echoes the latent doubts of a part of the tech community.

In brief A former Google engineer liquidates his entire bitcoin portfolio after a massive financial loss. He attributes his downfall to excessive leverage and the violent market volatility. Patrick Shyu believes that the decrease in liquidity and mining challenges weaken the future of the Bitcoin network. His spectacular announcement divides observers, who wonder about the real impact of this capitulation. A financial disaster linked to leverage On June 25, Patrick Shyu, a tech sector media personality better known under the nickname “TechLead”, announced the complete liquidation of his crypto portfolio. This former chief engineer at Google and Meta publicly acknowledged his defeat in the face of a market reversal of unprecedented violence through several strong statements :

The admission of his financial collapse : “I sold all my bitcoin and suffered a massive financial loss” ; The surprise at the speed of the crash : “If you had told me a year ago that I would say that on camera, I would have laughed” ; The explicit acknowledgment of his strategic mistakes : “I used excessive leverage. A small mistake led to dramatic consequences”. This financial collapse originates from a poor assessment of volatility and excessive exposure to speculative financing tools. The price of the market’s leading crypto experienced a sharp drop, falling from a historic peak of around 126,000 dollars last October to the 60,000-dollar range this summer, marking what the engineer calls a “50% crash”.

This plunge below the major psychological threshold of 60,000 dollars triggered automatic liquidation mechanisms on his trading positions, wiping out his reserves and turning a technical correction into a dry, definitive loss.

Bitcoin: the structural flaws of a market exit Beyond his own financial failure, Patrick Shyu bases his definitive rejection of bitcoin on structural weaknesses related to the global liquidity of the ecosystem. He explains that the depth of order books has become particularly shallow compared to previous cycles, meaning current market conditions would prevent an orderly evacuation of capital in the event of widespread panic. He believes that exit liquidity for investors is now much thinner than in 2021.

The former Google engineer cites the latent pressure from institutional giants and historic fund repatriations to illustrate this macroeconomic trap. “We are walking on a thin layer of ice”, he warns, pointing to the danger represented by about 35,000 coins held by Mt. Gox creditors and 850,000 tokens owned by the company Strategy. If these entities increase their sales, retail investors will serve, according to him, as simple “exit liquidity”, because “there may not be enough liquidity for everyone to get out”.

The second technical pillar justifying this complete divestment is a fundamental questioning of the long-term economic security model of the protocol. With 95% of the total bitcoin supply already in circulation, the programmed reduction of block rewards for mining companies represents an existential challenge for financing the computing power needed to protect the network.

For security to remain viable, a transition to an economy solely based on level 1 transaction fees is necessary, an evolution in which Shyu no longer believes. He skeptically notes that “the fee economy they are supposed to rely on has not emerged.” In his eyes, if overall costs remain low, mining companies will gradually shut down their machines, weakening resistance to attacks and exposing the network to future technological threats, such as the advent of quantum computing.

A sensational capitulation This announcement cannot be analyzed without a rigorous examination of the influencer’s history, whose spectacular reversals are a trademark on social networks. In the past, Patrick Shyu has multiplied media stunts, alternately claiming that code was dead, that artificial intelligence had definitively won, or organizing fake retreats from his broadcasting platform.

This tendency towards sensationalism leads seasoned observers to dissociate the technical reality of his financial losses from the prophetic scope of his conclusions. Media treatment must recall that staging ruin is a powerful audience driver, which requires a relatively critical distance from the definitive death verdict of the protocol it seeks to impose.

This capitulation should be interpreted with many nuances, as history shows that failure declarations often coincide with major inflection points. Shyu does not surrender to condemning the underlying technology, specifying: “I am still a long-term bullish investor”, while reminding that bitcoin has always managed to regain attention at each cycle’s end.

Seeing a highly exposed tech influencer give up saying the market is “over” is a classic psychological indicator. For observers, this degree of abandonment and extreme pessimism among public figures does not foreshadow an imminent end for bitcoin, but rather resembles, as the engineer paradoxically points out, a bottom market signal.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

PANews, June 25 – In the past hour, the crypto contract market saw liquidations of approximately $635 million, of which long positions accounted for roughly $597 million and short positions approximately $38.16 million, with longs making up about 94% of the total, according to CoinGlass. By exchange, Binance recorded around $279 million in liquidations, Hyperliquid about $185 million, and Bybit approximately $80.6 million, predominantly from long-side forced liquidations. By token, BTC had roughly $329 million in liquidations over the past hour, ETH about $140 million, and XRP, SOL, HYPE, and others also saw liquidations in the millions of dollars.

Over the past 24 hours, total liquidations across the network reached approximately $1.457 billion, with about 215,700 traders forcibly liquidated, mostly on the long side.

BlackRock remains affected by the consistent outflows witnessed across both the Bitcoin and Ethereum ETF markets, and has continued to offload large amounts of its holdings.

In a familiar move showcased by blockchain monitoring platform Lookonchain, BlackRock has deposited another 3,410 BTC and 5,132 ETH to Coinbase Prime in multiple transfers spotted on Thursday, June 25.

BlackRock dumps crypto non-stopThe data further revealed that the Bitcoin and Ethereum transfers were worth $209.64 million and $8.43 million, respectively, per the assets' prices at the time of the transactions.

HOT Stories

The total deposits happened in a series of about seven separate transfers, with nearly all of them carrying 300 BTC each, while only one separate transfer moved Ethereum to the Coinbase wallet.

You Might Also Like

While this transfer happened at a time when the broader crypto market is facing downside pressure, market watchers fear that the move from BlackRock could further fuel the ongoing volatility.

Did BlackRock actually sell?Although BlackRock did not clarify the reason it has continued to offload large stashes of its Bitcoin and Ethereum holdings on Coinbase, the transfers have triggered speculation across the market, with traders interpreting them as potential attempts to sell.

It is important to note that deposits to Coinbase Prime or other crypto exchanges do not necessarily confirm an immediate sale. However, investors have become suspicious of BlackRock's frequent deposits, as the timing of the transfers has intensified concerns and signals that BlackRock might actually be selling.

This is more apparent, as the company has been found to sell only when its ETF products record withdrawals during their daily trading sessions.

In brief Prediction market traders think Bitcoin and Ethereum are headed even lower as markets sell off. Traders now strongly favor dumps to $55,000 for BTC and $1,500 for ETH before any rebounds. The market's near-term fate may hinge on the performance of STRC, the preferred equity offering from Bitcoin behemoth, Strategy, according to one analyst. Prediction market traders are becoming increasingly bearish on near-term price action for Bitcoin and Ethereum, expecting downwards momentum to carry them further downwards towards $55,000 and $1,500, respectively. 

Traders on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—place odds of a Bitcoin dump to $55,000 before a rise to $80,000 at 77%, and odds of an Ethereum drop to $1,500 before a jump to $3,000 at 88% as markets sell off on Thursday. 

The bearishness has been accelerating over the course of the last month, with odds of Bitcoin’s dump to $55,000 jumping 44% on Myriad in that time. As it stands, Bitcoin has fallen to $59,511, around a 1% drop in the last 24 hours and now 23% in the last month of trading. Bitcoin dipped to nearly $58,000 earlier Thursday, its lowest price since 2024.

The plunge is being amplified in traditional markets as well, as shares in Strategy (MSTR), Bitcoin’s leading treasury firm, have fallen even further, dropping nearly 7% since trading opened on Thursday to change hands around $88. 

Shares in the firm have now fallen nearly 45% in the last month, while STRC—its preferred equity offering that is designed to trade around a par value at $100—is now down 22% in the last month, recently trading around $77. STRC touched an all-time low of $73.62 soon after the opening bell on Thursday.

“On a short-term basis, STRC is the tail wagging the Bitcoin dog,” Bitwise CIO Matt Hougan told Decrypt.

“While there are also macro factors at work—rising concerns about inflation, worries about rate hikes, etc.—the market can't keep its eyes off STRC trading in the $70s,” he added. “It's worried Strategy will enter some kind of death spiral and be forced to sell Bitcoin. This pressure will likely continue until Strategy clarifies how it plans to deal with the issue.”

As the market projects its fears into prices, analysts have noted that the firm’s best path forward may be shoring up its cash position, providing it more runway to pay dividend obligations, ultimately easing shaky investors. 

The second-largest crypto asset has not been spared, with Ethereum sinking to $1,576—a drop of 2.6% in the last 24 hours, fueling a more than 25% plunge in the last 30 days. At its current mark, ETH sits just 5.2% above its resolution point of $1,500 on Myriad. According to Hougan, ETH is “mostly caught in the crossfire” as “collateral damage” amid the STRC concerns. 

Traders on other prediction market platforms are similarly pointing to more long-term bearishness on top crypto assets, as well. Kalshi markets that ask how low Bitcoin and Ethereum will go during 2026 give BTC a 36% chance of falling below $40,000, plus a 34% chance of ETH falling below $1,000. 

Bitcoin is currently nearly 53% off its all-time high of $126,080 set last October. Meanwhile, ETH is more than 68% off its all-time high of $4,946 from last August.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

TLDR BlackRock transferred 3,410 BTC and 5,132 ETH to Coinbase Prime. The combined value of the transfers reached approximately $217 million. Bitcoin transfers accounted for about $209.64 million of the total value. Ethereum transfers were valued at approximately $8.43 million. Lookonchain tracked the transactions across multiple blockchain transfers. BlackRock transferred another $217 million worth of Bitcoin and Ethereum to Coinbase Prime on June 25. The transactions followed continued ETF outflows across both products and renewed attention on the asset manager’s blockchain activity. Lookonchain tracked the transfers, while BlackRock did not disclose the purpose behind the deposits.

Lookonchain reported that BlackRock deposited 3,410 BTC and 5,132 ETH to Coinbase Prime through several transactions. The transfers carried an estimated value of $209.64 million in Bitcoin and $8.43 million in Ethereum. The movement occurred on Thursday, June 25.

Blockchain data showed about seven transfers during the operation. Nearly every Bitcoin transaction moved 300 BTC to Coinbase Prime. One separate transaction carried the Ethereum holdings to the same platform.

Market participants linked the transfers with recent ETF withdrawals because similar activity appeared during previous outflow sessions. However, BlackRock did not issue a statement explaining the latest deposits. The company also provided no public update regarding the destination of the transferred assets.

Exchange deposits often attract attention because they can precede trading activity. However, blockchain transfers alone do not confirm that an asset manager has sold any holdings. The available on-chain data only confirms the movement between wallets.

Bitcoin and Ethereum Transfers Follow ETF Withdrawals The latest deposits arrived while both Bitcoin and Ethereum exchange-traded funds continued recording withdrawals. BlackRock has transferred digital assets to Coinbase Prime during earlier outflow periods. Those previous transactions also prompted market discussion about possible sales.

Some traders interpreted the latest deposits as preparation for another disposal of holdings. Others pointed out that Coinbase Prime supports institutional custody and settlement services. Therefore, wallet transfers alone cannot establish whether any sale occurred.

BlackRock has not confirmed any direct sale connected to the June 25 transfers. The company also has not addressed market speculation surrounding the transactions. As a result, only the blockchain records remain publicly available.

Lookonchain’s published wallet activity showed that the combined transfers reached about $217 million. Bitcoin represented most of the transferred value, while Ethereum accounted for a smaller portion. The deposits reached Coinbase Prime through multiple wallet movements.

Previous blockchain records showed similar transfer patterns during sessions with ETF redemptions. Those observations have contributed to continued discussion whenever BlackRock moves assets to Coinbase Prime. Still, no public filing connected the latest transfers to completed market sales.

The recorded transfers included 3,410 BTC and 5,132 ETH. Based on prices during execution, the combined value reached approximately $217 million. BlackRock has not released any further information regarding the June 25 wallet activity.

HYPE Drops 17% From Record High but Hyperliquid Fundamentals Remain Strong

Binance will delist the IPUSDT and IPUSDC USDT-margined perpetual contracts due to the rebranding of the Story brand.

Per an official announcement, following the rebranding of the Story (IP) brand to Data Network, Binance will automatically liquidate IPUSDT and IPUSDC U-margined perpetual contracts at 17:00 CST (UTC+8) on June 28, 2026, and remove these perpetual contract trading pairs after liquidation concludes. Users are advised to close their positions voluntarily before trading is suspended to avoid automatic settlement of their positions. Starting from 16:30 CST (UTC+8) on June 28, 2026, users will no longer be able to submit new non-reduce-only orders for the aforementioned perpetual contracts. A separate announcement will be released when the new contract goes live.

2 hours ago

Sources: Israeli military withdrawal from Lebanon is an important "red line" for Iran.

Local time on June 25, a source close to the negotiation team said that Israel's withdrawal from Lebanese territory is one of the conditions for a final Iran-US agreement, and is regarded as an important "red line" by Iran's negotiation team. The source further stated that the final memorandum of understanding will guarantee Lebanon's sovereignty and territorial integrity. The agreement text previously reached in Switzerland already emphasized a "conflict resolution mechanism" that is participated in and uniformly implemented by Iran. Iran is currently following up on the specific implementation timeline. (CCTV)

2 hours ago

Apple's stock price fell by 6%, marking its largest decline since April 2025.

According to Bitget's market data, Apple's stock price fell by 6%, marking its largest decline since April 2025.

2 hours ago

Analyst: Bitcoin falls below $60,000, but institutions and whales are not continuing to bet on further declines.

Greeks.live macro researcher Adam posted on X: "Tomorrow is the quarterly expiry, and Bitcoin has dipped below $60,000. As seen in the GEX chart, $60,000 is clearly the highest open interest price point. Meanwhile, large positions are also starting to accumulate at $58,000 and $59,000, signaling rising market risk. Institutional investors and major holders have not continued to bet on a downward move; they are just waiting for the expiry."

2 hours ago

TD Cowen Analyst: SpaceX May Acquire T-Mobile

TD Cowen analysts said SpaceX could acquire T-Mobile to accelerate its wireless communication ambitions if a network sharing agreement cannot be reached. The report points to Starlink’s existing partnership with T-Mobile US as a strategic fit. This idea is purely speculative, but it underscores the growing competitive pressure the space exploration firm faces in the telecom industry.

2 hours ago

The cryptocurrency market was shaken by another wave of decline last night. Bitcoin (BTC) fell below $60,000, while Ethereum and major altcoins also saw significant pullbacks.

No single trigger has been identified for the sell-off. Reasons cited include the Fed’s hawkish stance, six consecutive weeks of outflows from spot ETFs, decreased liquidity during the summer months, and the expiration of quarter-end options on June 30th.

Due to the recent declines, the negative sentiment and outflows in US spot ETFs continue. At this point, outflows from ETFs have reached record levels.

According to a report by the US financial platform Kobeissi Letter, there has been a net outflow of $6.4 billion from US spot Bitcoin ETFs in the last 30 days. This figure represents the largest monthly net outflow recorded to date.

With these outflows, cumulative inflows into spot BTC ETFs over the past 12 months have also fallen to $5 billion. The current figure is about half of the $10 billion recorded in October last year.

According to Farside Investors data, US spot Bitcoin ETFs saw net outflows for the fifth consecutive day. On Wednesday, ETFs experienced net outflows of $469 million.

BlackRock’s IBIT fund led the way in Bitcoin ETF outflows with $239.3 million, followed by Fidelity’s FBTC fund with $120.8 million.

Bitwise’s BITB fund saw outflows of $27.5 million, Ark Invest’s ARKB fund outflows of $50.7 million, and Grayscale’s GBTC fund outflows of $54.3 million, while Grayscale’s Mini BTC fund was the only fund to experience an inflow of $23.6 million.

In contrast, Morgan Stanley’s MSBT; Wisdom Tree’s BTCW; VanEck’s HODL; Invesco’s BTCO; Franklin Templeton’s EZBC; and Valkyre’s BRRR fund recorded 0 flow.

Outflows Continue in Ethereum ETFs! Ethereum ETFs also experienced outflows. According to Farside Investors data, spot Ethereum ETFs saw net inflows for the fifth consecutive day, resulting in a total net outflow of $30.2 million.

According to the data, outflows were observed in three funds. Fidelity’s FETH fund topped the list with an outflow of $15.7 million. It was followed by BlackRock’s ETHA fund with $8.1 million and Grayscale’s Mini Ethereum (ETH) fund with $6.5 million.

In contrast, BlackRock’s ETHB; Bitwise’s ETHW; 21Shares’ TETH; VanEck’s ETHV; Invesco’s QETH; and Franklin Templeton’s EZET funds all recorded 0 flows.

What’s the Situation with Solana and XRP ETFs? While Bitcoin and Ethereum ETFs are experiencing outflows, the situation is mixed in altcoin ETFs.

Accordingly, XRP spot ETFs saw inflows of $2.05 million, while Solana spot ETFs recorded zero inflows yesterday.

*This is not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

Jun 25, 2026, 3:14 p.m.

3 min read

Summary

A set of four rare on-chain indicators tracked by hedge fund Hyperion Decimus has aligned for only the sixth time in bitcoin’s history, a pattern that previously coincided with market bottoms.Portfolio manager Chris Sullivan said bitcoin is likely either to break above a key $82,000 resistance level or fall to as low as $48,000 in a final capitulation within 90 days before a new uptrend can be confirmed.Sullivan argued that structural changes in U.S. spot bitcoin ETFs and improvements in onchain fundamentals are more important than bearish narratives, even as he maintains that the bear market pattern has not yet fully completed.Bitcoin BTC$59,249.85 could be approaching a major turning point after a rare combination of onchain indicators flashed signals that have historically coincided with market bottoms, according to Chris Sullivan, co-founder and portfolio manager at digital asset hedge fund Hyperion Decimus.

In a recent report, the hedge fund explained that four proprietary onchain signals have aligned only five times during bitcoin's 15-year history. Each previous occurrence marked a cycle bottom, although Sullivan cautioned that this time still lacks final technical confirmation.

"We have literally like every box checked, except for a final pattern," Sullivan said in an interview with CoinDesk. "Either we have to break above the $82,000 pivot to confirm, or we have one final low, call it between $54,000 and $57,000. Perhaps a wick to $48,000 to capitulate. One of those two conditions we expect to happen in the next 90 days."

If either scenario unfolds, Sullivan believes bitcoin could quickly diverge from broader financial markets. The crypto asset is trading at $59,386 after losing 23% over the past month, extending its divergence from U.S. equities, which had climbed to record highs before also coming under pressure this month.

The firm's outlook stands in contrast to cautious market sentiment following months of subdued price action. Many popular crypto voices online have voiced concern about the future of the largest crypto asset on the market.

Billionaire hedge fund manager Philippe Laffont earlier this week said he has become "a little bit more worried" about bitcoin's future, especially with increasing opportunities for risk investments. Last month, billionaire investor Mark Cuban said he sold most of his bitcoin as it failed to act as a hedge during geopolitical turmoil and dollar weakness.

But Sullivan argues investors have become too focused on narratives rather than market mechanics.

"Narrative is nothing more than people trying to explain why a condition exists or persists instead of asking the correct question, which is how," he said.

One of the biggest puzzles, according to Sullivan, is bitcoin's breakdown in its historical relationship with global liquidity.

He said bitcoin previously tracked changes in global money supply, or global M2, with a relatively high degree of correlation. That relationship has now diverged for roughly nine months, according to his data.

That disconnect extends beyond bitcoin, with Sullivan noting that precious metals have also failed to respond as historical macro relationships would suggest.

Instead of macroeconomics, he believes structural changes in crypto markets since the launch of U.S. spot bitcoin ETFs have altered price behavior and created a market structure that suppresses volatility by encouraging hedging activity.

Despite muted prices, Sullivan sees several fundamental indicators improving beneath the surface. He pointed to rising wallet activity, growing bitcoin holdings moving off exchanges and continued strength in network metrics.

"The backdrop of anybody who pays attention to on-chain for astute patient prudent capital for raw beta exposure, it's about as attractive a risk reward as we're going to see," he said.

Still, Sullivan stressed that he does not believe the bear market has definitively ended. "I do not think the bear market is over, because I'm looking at the fractals," he said. "I want to see a completed pattern. I do not see that yet."

Until bitcoin either reclaims key resistance near $82,000 or experiences what Sullivan views as a final capitulation, he expects investors to remain skeptical, even as the data increasingly points toward a potential turning point.

Related Assets

12345678910

China’s Top Bitcoin Miner Suggests Arthur Hayes Is Right About BTC Bottom

Bitcoin price slipped near the $59,000 level, marking its second major drop this month. This drop has led the BTC to fall more than 50% below its October peak.

So, what’s the key reason why Bitcoin is dropping?

MSTR Stock Crash, But Bitcoin Under Pressure One of the key factors behind Bitcoin’s decline is the sharp fall in MSTR Stock, which has dropped about 82% from its peak and recently hit a two-year low near $97, erasing more than $150 billion in market value. 

Adding to the pressure, Strategy recently sold 32 BTC to help cover dividend payments, the company’s first known Bitcoin sale in years. 

While it still holds 847,363 BTC, the move has raised concerns about its long-standing “never sell Bitcoin” strategy.

If MSTR continues to struggle, investors fear the company may need to rely on more share dilution, use additional cash reserves, or eventually sell more Bitcoin to meet financial obligations.

Liquidations and ETF Outflows Add More Selling PressureThe decline is not being driven by Strategy alone. According to CoinGlass, nearly 176,900 traders were liquidated over the past 24 hours, with total liquidations reaching $1 billion. 

Long traders accounted for almost $800 million, while short liquidations totaled about $220 million. The single largest liquidation was a $12.2 million BTCUSDT position on Binance.

Institutional demand has also weakened. Spot Bitcoin ETFs recorded more than $900 million in net outflows this week, showing that large investors are pulling money out rather than adding fresh capital.

Can Bitcoin Recover?With market sentiment weakening and liquidity tightening, Bitcoin could face further downside before finding a strong bottom. Despite the recent decline, Bitcoin is still down about 50% from its all-time high, which is relatively modest compared to previous bear markets that saw drawdowns of 64% and 73%. 

If those historical patterns repeat, Bitcoin may have more room to fall before the next major recovery begins.

Currently trading around $61,749, a move below $50,000 cannot be ruled out if selling pressure continues.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

Table of contents

Bitcoin’s inability to hold the $60,000 floor is no longer just a technical wobble. On-chain data now shows that a specific cohort of large holders has been actively distributing coins, applying downward pressure that finally pushed the price below that psychological level for the first time in over eight months.

According to the on-chain update from Santiment, wallets holding between 10 and 10,000 BTC collectively offloaded 45,074 coins in the past eight days. That selling aligned with Bitcoin’s drop beneath $60,000, a level the asset had held since October 10, 2024.

The sheer volume of coins dumped over such a short window points to conviction-driven selling rather than casual profit-taking. This bracket of stakeholders includes mid-sized whales and smaller institutional addresses that can move markets when they act in concert. The fact that they reduced exposure while Bitcoin was flirting with a multi-month support suggests they viewed $60,000 as a liability rather than an opportunity.

The move also coincides with broader macro uncertainty. Regulatory horse-trading in Washington has kept crypto markets on edge, with a landmark crypto bill facing a last-minute bank assault. Such legislative friction can shift risk appetite for large holders who need clarity before maintaining outsized positions.

The sell-off also arrives as liquidity conditions tighten. Spot volume on major exchanges has been declining, and the derivatives market has seen repeated long squeezes. Should the 10-10K cohort continue offloading, the path of least resistance could lead toward the $55,000 area, which coincides with the 200-day moving average and represents the next major support cluster.

What the Distribution Tells Us About Market Structure Whale distribution of this size usually leaves traces on exchange balance sheets. If the 45,074 BTC moved to trading platforms, it would represent a direct increase in liquid supply. If instead the coins shifted into custodial services or OTC desks, the market impact might be more muted in the short term. Santiment’s post did not specify the destination, so exchange flow data in the coming days will be critical for gauging near-term selling pressure.

Historically, prolonged distribution from the 10-10K BTC cohort has marked local tops or at least extended consolidation periods. In the 2024 cycle, similar behavior from these wallets preceded the multi-week pullback that ended in the October low. Traders will be watching whether spot CVD turns negative again and whether perpetual funding rates stay negative, signaling a persistent shift in sentiment rather than a one-off flush.

What remains uncertain is whether this selling wave has run its course. The dataset covers only eight days, and the break below $60,000 could trigger stop-loss cascading and fresh short entries that magnify the move. On the other hand, should exchange reserves stay flat or decline, it would suggest the coins have simply changed hands within the whale cohort rather than flooding the market. That scenario would leave Bitcoin in a rangebound battle rather than confirming a full-scale breakdown.

For now, the on-chain signal is unambiguous: important stakeholders lightened positions ahead of the support breach. Whether that proves to be a prudent de-risking or a missed opportunity will depend on how the broader market digests the return to sub-$60,000 territory.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Lummis: A Bitcoin Reserve Could Wipe Out America's DebtUS Senator Cynthia Lummis (@SenLummis) has made her boldest case yet for a national Bitcoin reserve, telling a Bitcoin Magazine podcast that acquiring more than 5% of $BTC's total supply and holding it for two decades could go beyond reducing the national debt and "actually erase" it entirely.

In a conversation with Bitcoin Magazine host Spencer Nichols, Lummis stated that acquiring just 5% of Bitcoin's total supply, roughly 1 million BTC, and holding it for 20 years could reduce the national debt, currently over $39 trillion, by one-third to one-half. She went further, adding that holding even more than 5% of the world's Bitcoin "could actually erase our debt," describing it as "an important asset in a buy-and-hold strategy."

The comments reflect a fiscal argument Lummis has been building for years. She has argued that Bitcoin's fixed supply and long-term price trajectory make it a credible fiscal tool, not just a speculative asset for retail traders.

The BITCOIN Act and the Push for Congressional ActionThe remarks track closely with Lummis's formal legislative effort, the BITCOIN Act. The legislation, formally designated S. 954, directs the Treasury to acquire up to 1 million Bitcoin over a five-year period, representing roughly 5% of Bitcoin's total possible supply of 21 million coins, with holdings locked in a secure reserve for a minimum of 20 years. The acquisition would be financed through budget-neutral strategies such as Federal Reserve remittances and gold certificate revaluations.

Lummis was candid about the Senate bill's prospects. She was not optimistic about the bill's chances in the Senate, but expressed hope that the House version, introduced by Nick Begich (R-AK), would pass. Congressman Begich, alongside co-lead Congressman Jared Golden (ME-02), introduced the American Reserve Modernization Act of 2026 (ARMA), landmark bipartisan legislation to establish a Strategic Bitcoin Reserve and modernize how the United States manages digital reserve assets.

Lummis has also said she expects the US Treasury to start acquiring Bitcoin before the end of 2026, pointing to growing support within the Trump administration, including backing from Treasury Secretary Scott Bessent and senior White House officials. For now, no official purchase plan has been announced.

Critics have raised concerns about the strategy. In a February 2025 survey of economists by the University of Chicago, not a single economist agreed that borrowing money to create a strategic crypto reserve would benefit the US economy. A government holding 5% of Bitcoin's supply also raises concentration concerns and potential market manipulation questions, and if the reserve were ever liquidated, the downward price impact would be severe.

Sources:
Benzinga: Lummis Says US Could Erase Its $39 Trillion Debt by Holding More Than 5% of World's Bitcoin
Senator Lummis Official Press Release: BITCOIN Act of 2025
TheStreet: Senator Says Bitcoin Can Pay Down America's National Debt

Key Highlights BTC declined to $59,200 before bouncing back near $60,700, marking a 5.4% weekly drop Major altcoins including Ether, XRP, Solana, Dogecoin, and HYPE suffered significant weekly declines; Tron bucked the trend with gains Micron surged approximately 15% following exceptional earnings results, pushing Nasdaq 100 futures up 1.8% Qualcomm revealed data center chip expansion plans, aiming for $15 billion in AI-driven revenue growth Market observers note Bitcoin’s proximity to its 200-week moving average, historically signaling extended bearish periods The cryptocurrency market experienced significant pressure this week as Bitcoin dipped beneath the $60,000 threshold, dragged down by spot ETF withdrawals and Federal Reserve hawkishness, while artificial intelligence-focused equities rebounded strongly following Micron’s impressive quarterly performance.

Bitcoin Tumbles as Broader Crypto Market Bleeds Bitcoin’s price touched approximately $59,200 during Wednesday’s session before mounting a modest recovery toward $60,700 by Thursday. Despite this rebound, the leading cryptocurrency remained down 2.9% over 24 hours and suffered a 5.4% weekly decline, based on CoinDesk market data.

Bitcoin (BTC) Price Altcoins experienced even more severe drawdowns throughout the period. Ether retreated 2.8% to $1,616, accumulating a 7.9% weekly loss. XRP declined to $1.07, shedding 9.2% across seven days. Solana contracted to $68.

Dogecoin and Hyperliquid’s HYPE token suffered the steepest weekly corrections, plummeting 11.9% and 11.7% respectively. Tron emerged as the sole major cryptocurrency posting weekly gains, advancing 1.9%.

Alex Kuptsikevich, FxPro’s chief market analyst, identified three primary headwinds: persistent withdrawals from U.S. spot Bitcoin ETF products, the Federal Reserve’s restrictive monetary policy position, and a U.S. dollar that reached seven-month highs.

Dollar strength typically increases Bitcoin’s cost for international investors and redirects capital away from speculative assets.

Kuptsikevich highlighted Bitcoin’s current position near its 200-week moving average as particularly concerning. Historical analysis shows that Bitcoin’s previous encounters with this technical level preceded extended weakness periods: approximately nine months in 2015, six months during 2018, and roughly six quarters following the 2022 market collapse.

According to FxPro’s assessment, this pattern indicates a potential prolonged downturn rather than a rapid recovery scenario.

The analyst identified $61,800 to $62,000 as the critical resistance zone ahead. Should Bitcoin fail to reclaim these levels, $55,000 represents a reasonable downside target for the current cycle. Kuptsikevich recommended prioritizing capital preservation strategies over directional speculation.

Micron and Qualcomm Drive Technology Sector Rally While digital assets faltered, technology equities experienced substantial gains. Micron surged approximately 15% during premarket hours after delivering quarterly financial results that significantly exceeded analyst expectations. The company’s forward guidance also impressed investors, demonstrating robust demand for memory components powering artificial intelligence infrastructure.

Nasdaq 100 futures advanced 2.2% while S&P 500 futures climbed 0.8%. Dow Jones futures registered a modest 0.1% increase.

E-Mini S&P 500 Sep 26 (ES=F) Qualcomm contributed additional momentum to technology sentiment. The semiconductor giant unveiled strategic expansion into data center infrastructure, including processors and server systems, with ambitious targets of capturing $15 billion in AI-related revenue streams. Qualcomm shares climbed over 12% on the announcement.

The technology sector’s strength failed to provide support for cryptocurrency markets. Digital assets are grappling with distinct challenges—ETF capital flight and diminished institutional appetite—that equity market recoveries cannot address.

Market participants are now focused on Thursday’s Personal Consumption Expenditures data release, the Federal Reserve’s preferred inflation metric, seeking direction on future monetary policy adjustments.

June 25, 2026 at 8:53 AM UTC

Bitcoin steht vor einem umfangreichen Verfall von Optionen. Dies könnte den Druck auf den Markt erhöhen, der bereits unter nachlassender institutioneller Nachfrage und makroökonomischem Gegenwind leidet.

Am Freitag um 16 Uhr in Singapur laufen auf Deribit, der größten Handelsplattform für Krypto-Optionen, Bitcoin-Optionen mit einem Nominalwert von rund 10 Milliarden Dollar aus. Da es sich bei den meisten dieser Optionen um bullische Wetten handelt und der Bitcoin-Kurs gefallen ist, könnten Händler eine defensivere oder bärischere Positionierung einnehmen.

American Bitcoin Corp has approved a 1-for-15 reverse stock split, meaning every 15 shares currently held will be consolidated into a single share. The board set the ratio after shareholders gave the green light at the company’s 2026 annual meeting on June 22.

What happened at the meeting ABTC’s annual stockholder meeting drew strong participation, with approximately 93.56% of voting shares represented.

Beyond the reverse split, two other items of business were settled. Asher Genoot was elected as a Class I director. And KPMG LLP was ratified as the company’s auditor for the fiscal year ending December 31, 2026.

Advertisement

The charter amendment authorizing the reverse split consolidates the outstanding share count without decreasing the total number of authorized shares. The company can still issue new shares up to its previous ceiling, even though there are now far fewer shares circulating in the market.

Implementation is expected as soon as practicable following the meeting’s decisions, though no specific effective date has been publicly pinned down.

A familiar playbook The company executed a 1-for-20 reverse stock split back in 2022. Then, when ABTC completed its merger with Historical ABTC on September 3, 2025, a 5-for-1 reverse split came along with it. Now, less than a year after that merger closed, shareholders are signing off on yet another consolidation.

NASDAQ requires listed companies to maintain a minimum bid price of $1 per share.

What this means for investors Because the charter amendment preserves the full number of authorized shares while reducing the outstanding count, the gap between authorized and outstanding shares just got significantly wider. That gives the board substantial room to issue new shares in the future, whether for capital raises, acquisitions, or compensation plans.

Some projections have flagged the possibility of a near-term decline in share value of around 8%, reflecting the caution that typically accompanies these corporate actions.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Table of contents

The next Bitcoin bear market bottom won’t arrive until the final quarter of 2026, and it could push prices down to the $42,000 to $44,000 range, according to one of China’s most recognized Bitcoin miners. Jiang Zhuoer laid out the forecast in a note that draws on Strategy’s (formerly MicroStrategy) declining market-to-net-asset-value (mNAV) ratio, which he sees as a forward-looking gauge for the broader BTC cycle.

The projection, first covered in the original report from WuBlockchain, comes as Strategy’s mNAV has slipped to about 0.72, approaching the 0.7 level that marked the top of the previous bull-to-bear transition in May 2022. Jiang argues that while the mNAV itself may be carving a bottom, Bitcoin’s final low historically trails by roughly six months. If the pattern repeats, BTC could be grinding sideways into late 2026 before the recovery begins.

Strategy’s mNAV and the Six-Month Lag mNAV measures the premium or discount a public company’s shares trade at relative to the net value of the Bitcoin it holds. For Strategy, a sub-1.0 mNAV means the market is pricing the firm below the spot value of its coin stack. That’s happened before. In May 2022, during the unwind from the 2021 highs, the mNAV touched 0.7 and stayed around that level for weeks. Bitcoin’s own cycle bottom, however, didn’t materialize until November 2022, around $15,500.

Jiang’s takeaway is straightforward: the current mNAV compression is signalling the next trough, but it’s a leading indicator, not a coincident one. October to December 2026 now becomes the window where selling pressure could culminate, assuming the lag holds. That places the projected bottom roughly nine to eleven months from now, given the article was published in June 2026.

The $42,000–$44,000 range is notable because it sits well above the 2022 floor but far below the 2025 peak. For miners operating with thin margins, a drop to that level would squeeze profitability unless hashprice holds up through difficulty adjustments and transaction fee spikes.

Why Miners Are Watching This Cycle Closely Chinese miners like Jiang have unusual insight into the cost side of the network. China’s mining industry, while officially shadowed by the 2021 ban, still accounts for a significant share of global hashrate through overseas hosting operations. A drawn-out bear market would pressure less efficient rigs offline, especially if electricity costs remain elevated. Jiang’s call isn’t just a market prediction; it shapes how large-scale operators manage treasury, expansion, and ASIC procurement through the end of the year.

The mining sector has already shown signs of preparation. Several public miners sold into strength earlier in 2026, raising cash and upgrading fleets. If the $42,000 level becomes a magnet into Q4, those with older-generation machines and high all-in sustaining costs could face a survival test. It’s the kind of scenario where consolidation picks up speed, and well-capitalized players gain hashrate share.

The lag between mNAV and Bitcoin’s bottom also gives miners a planning runway. Instead of panic, the metrics provide a timeline: the next six months may be about preserving capital and positioning for the next halving cycle, which by late 2026 will be well into its second year. Jiang’s note implicitly warns against expecting a quick V-shaped bounce.

Broader Market Forces at Play While miners brace for a potential retreat, other corners of the crypto market are showing divergent signals. Real-world asset tokenization, for example, continues to expand rapidly, crossing the $20 billion on-chain milestone earlier this month, as highlighted in BlockchainReporter’s recent Weekly Tokenization Roundup. That institutional push suggests deep capital is still flowing into digital assets infrastructure, even if spot prices face headwinds.

On-chain developer activity also tells a story that doesn’t align neatly with a bearish Bitcoin price chart. Metrics tracking commits and core protocol contributions across Layer-1 networks remain elevated, as observed in the latest Top 10 Blockchains by Developer Activity ranking. This disconnect reinforces the view that while Bitcoin’s four-year cycle dynamics still exert a gravitational pull, the broader ecosystem has matured beyond single-asset price swings.

Still, Bitcoin miners sit at the intersection of macro energy costs, ASIC technology cycles, and pure coin economics. Their outlook often filters through to hashprice expectations and, eventually, the security budget of the network. If Jiang’s timing is correct, the second half of 2026 will demand patience from miners and traders alike. The question now is whether Strategy’s mNAV stabilizes at these levels or dips further. A move below 0.6 would almost certainly darken the outlook, while a swift recovery could shorten the projected timeline.

The miner’s projection leaves little room for a sudden reversal. By zeroing in on a narrow price window and a specific end-of-year date, Jiang bets that the crypto winter’s final act will follow a script written by cycles past.

AUTHOR

Freelance writer and crypto enthusiast with a focus on Web3, delivering clear and engaging articles. Known for his well-researched articles and insightful analysis, Shayan covers a broad range of topics including market trends, blockchain technology, decentralized finance (DeFi), and emerging crypto projects. His writing aims to educate both beginners and experts, providing clear, engaging content that helps readers stay informed about the fast-evolving crypto space. Shayan's expertise and dedication make him a trusted voice in the blockchain community.

TLDR Micron Technology reported record-breaking quarterly performance with revenue climbing 346% year-over-year, propelling shares 18% higher in premarket activity Qualcomm unveiled ambitions to enter the data center chip market and server space, setting a $15 billion target for AI-driven revenue growth Nasdaq 100 futures soared 2.2% while S&P 500 futures advanced 0.8% during Thursday’s premarket session Bitcoin declined 1.3% in the 24-hour period, settling at $61,724 following a drop to 20-month lows Market participants are preparing for the PCE inflation data release, which represents the Federal Reserve’s primary inflation measurement tool Wednesday’s after-hours session brought exceptional earnings from Micron Technology, triggering a substantial rally in technology equities ahead of Thursday’s market open. The memory chip manufacturer reported a staggering 346% revenue increase compared to the same period last year, while the company’s forward guidance projecting approximately $50 billion for the upcoming quarter exceeded Wall Street forecasts.

Shares of Micron skyrocketed over 18% during premarket hours. The stellar performance provided much-needed relief for investors following multiple challenging trading days for semiconductor equities.

Micron Technology, Inc., MU

Henry Allen, a macro strategist at Deutsche Bank, noted that the earnings “reignited hopes about AI-fuelled growth and helped to push back against fears we were in some kind of bubble.”

Market indices reacted swiftly to the positive news. Nasdaq 100 futures climbed 2.2%, S&P 500 futures increased 0.8%, and Dow Jones futures posted a modest 0.1% gain. These gains came after Wednesday saw both the Nasdaq and S&P 500 decline amid a semiconductor sector selloff.

Qualcomm Unveils Data Center Strategy Qualcomm contributed to the optimistic market atmosphere by revealing strategic plans to diversify beyond its smartphone chip business into data center infrastructure, encompassing processors and server hardware. The telecommunications giant established an ambitious $15 billion revenue goal from these AI-focused initiatives.

Qualcomm’s stock surged more than 12% following the announcement. This strategic pivot highlights intensifying rivalry in the data center semiconductor sector as corporations scramble to satisfy surging AI infrastructure requirements.

The combined impact of both announcements successfully restored confidence in the artificial intelligence investment theme following several days of negative market momentum.

Energy Markets and Pending Inflation Report Crude oil markets provided additional support to Thursday’s trading session. Brent crude decreased 0.9% to $73.18 per barrel, while West Texas Intermediate dropped 0.7% to $69.83. Pricing levels retreated to ranges observed prior to late February military operations by the United States and Israel against Iranian targets.

Market attention has shifted toward the upcoming Personal Consumption Expenditures Price Index report scheduled for Thursday release. This PCE metric serves as the Federal Reserve’s primary inflation tracking instrument.

May’s consumer price and producer price statistics exceeded analyst projections, sparking anxiety about possible interest rate increases. Thursday’s PCE report should deliver more definitive insight into monthly inflation trends.

The benchmark 10-year Treasury yield increased by 3 basis points to reach 4.42%. The U.S. dollar index showed minimal movement against major global currencies.

Bitcoin experienced a 1.3% decline across the trailing 24-hour period, trading at $61,724. This downturn followed the digital currency touching its lowest valuation in 20 months during the session. Gold prices also retreated, dipping beneath the $4,000 threshold, pressured by mounting expectations for monetary tightening.

The combination of Thursday’s PCE inflation data and Micron’s impressive quarterly results will likely influence market direction as the trading week concludes.