Německé spořitelny a družstevní banky začnou nabízet obchodování s kryptoměnami klientům institucí s přibližně 80 miliony bankovních vztahů přímo v bankovních aplikacích. DZ Bank už v meinKrypto nabízí BTC, ETH, LTC a ADA.
Germany’s savings and cooperative banks are rolling out crypto trading to retail clients, wiring Bitcoin (BTC) into the apps of institutions that hold roughly 80 million customer relationships in a country of 84 million people.
The Sparkassen serve about 50 million customers, per DSGV data, and the cooperative banks another 30 million, per BVR figures. Both groups dismissed the asset class as too risky just four years ago.
German Banks That Rejected Crypto Trading Now Court MillionsAccording to Bloomberg, both groups are building in-house services rather than steering clients to outside exchanges. DZ Bank’s meinKrypto platform already runs inside the VR Banking App, offering BTC, Ethereum (ETH), Litecoin (LTC), and Cardano (ADA).
BaFin licensed meinKrypto under the EU’s Markets in Crypto-Assets (MiCA) framework in late December 2025, per DZ Bank’s announcement. Boerse Stuttgart Digital handles custody, keeping the whole chain under German supervision.
DekaBank is building the equivalent product for the roughly 340 savings banks, with a phased launch later this year. Each of the almost 650 cooperative banks and every Sparkasse opts in individually. DZ Bank product specialist Markus Bärenfänger expects hundreds to join.
Germany’s Local Banks Bring Crypto Trading to Millions in Major Mainstream Adoption PushThe reversal is stark. The savings banks considered crypto trading in 2021, then shelved it over incalculable risks. MiCA has since opened the door for Germany’s largest financial institutions.
Trust Advantage Collides With Total Loss WarningsThe trust math explains the bet. Germans trust their primary bank twice as much as specialized crypto platforms, 38% to 19%, per a Boerse Stuttgart Digital survey. However, only about a quarter have invested in crypto, in line with broader European adoption figures.
That trust is precisely what worries critics. Co-Pierre Georg, professor at the Frankfurt School of Finance & Management, argues that traditional bank customers may not grasp the risks.
“It is concerning that the floodgates to the cryptocurrency market are now being opened by savings and cooperative banks,” Co-Pierre Georg, professor at the Frankfurt School of Finance & Management, via Bloomberg.
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Even the savings banks’ own lobby group, DSGV, calls crypto a highly speculative investment carrying the risk of total loss. It frames the service as suitable for self-directed investors only.
Timing sharpens the debate. Bitcoin trades near $62,483 after falling roughly 50% from its October 2025 record of $126,080.
Bitcoin Price Performance. Source: BeInCryptoThe German lenders also join a wider European shift. UBS opened crypto trading for private clients in January.
For local banks, the payoff may be relevance rather than revenue. Westerwald Bank chief Ralf Kölbach warns that lenders skipping crypto lose younger, tech-savvy customers.
The bigger test is whether bank-branded credibility can survive the market’s next deep drawdown.
Wallets belonging to the Royal Government of Bhutan sent 700 BTC valued at about $43.75 million to the crypto exchange Binance. This move comes as Bitcoin pushed past $62,000 on Saturday.
Bhutan Govt. Offloads $43 Million In Bitcoin The largest single transaction, according to Arkham Intelligence data, was 634 BTC worth approximately $39.6 million was transferred from a wallet associated with the government to a Binance deposit address. Another 66 BTC valued approximately $4.12 million were also sent to the same exchange deposit wallet in a separate transaction.
Moreover, the combined amount of the two transfers amounted to 700 BTC. It is worth approximately $43.75 million based on the current BTC price.
Even with the whiff of a large sell-off, a move to a central exchange does not necessarily indicate a real sale. Exchange wallets can be used by governments and institutional investors for various purposes. These include over-the-counter (OTC) trades, collateral management, intra-fund consolidations, or liquidity operations. It remains unclear what prompted the transfers.
The Royal Government of Bhutan deposited 700 $BTC ($43.75M) into #Binance.https://t.co/TEKoW47knShttps://t.co/f2cL5LdzN2 pic.twitter.com/1WAWC0VN1a
— Onchain Lens (@OnchainLens) July 4, 2026
According to the blockchain records, around 1,750 BTC is still in Bhutan’s hands. This stash is valued at around $109.27 million after the most recent transfers.
The recent activity comes after a couple of past Bitcoin transactions by Bhutan-related wallets back in the previous month. Some of the earlier transfers that have been traced to Arkham involved 364.984 BTC worth some $22.26 million and 188.558 BTC valued near $11.47 million.
It also included movement of 150.458 BTC valued at approximately $9.14 million. Overall, it sent 1,095 BTC, totaling over $67 million at the time.
Bitcoin Climbs Above $62,000 Meanwhile, Bitcoin’s resurgence above $62,000 coincided with the most recent U.S. labor market data. The U.S. economy created 57,000 jobs in June, far short of the 115,000 expected and a downward revision of 43,000 jobs in May, according to the Bureau of Labor Statistics.
The U.S. jobless rate was 4.2%, just below the 4.3% forecasts. It suggests that the markets’ fears that employment data may have been weaker than anticipated were unwarranted. This narrative is supporting hopes that the Federal Reserve will keep cutting rates to combat inflation.
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CryptoQuant varuje před vyšší volatilitou, protože vklady Bitcoinu na burzy vyskočily téměř na 49 000 BTC. Podle firmy za tím stojí hlavně velcí držitelé a Bitcoin se zároveň drží u supportu 60 000 USD.
Why Are Bitcoin Exchange Deposits Raising Concern? Bitcoin deposits to exchanges have surged to levels seen only a handful of times this year, a pattern that has historically preceded sharper volatility and larger directional moves across the crypto market, according to CryptoQuant.
Daily bitcoin deposits climbed to nearly 49,000 BTC on June 30, close to the 50,000 BTC threshold that has appeared only 4 other times this year. Julio Moreno, head of research at CryptoQuant, described the move as a “rare extreme” and said similar spikes have previously been followed by stronger price swings.
“At these inflow levels, the market is absorbing a large volume of bitcoin being repositioned to exchanges, a pattern that has historically preceded significant directional moves,” Moreno wrote.
The concern is not only the size of the inflow. Exchange deposits often rise when holders are preparing to sell, adjust collateral, rebalance positions, or move assets into more liquid trading venues. When the increase is large and sudden, it can change market depth and make price action more sensitive to order flow.
Are Whales Driving the Latest Move? The latest increase appears to be driven mainly by large holders rather than retail investors. Moreno said the average bitcoin deposit to exchanges doubled from about 1 BTC to 2 BTC, pointing to larger transfers by whales and institutional investors.
That detail matters because average deposit size can carry a different market message than total deposits alone. High deposit volumes may reflect broad activity across many participants. A jump in average deposit size suggests larger holders are moving more bitcoin at once, which can create heavier selling pressure if those coins are placed into active exchange liquidity.
Moreno said spikes in average deposit size have historically been a more bearish signal than deposit volume alone because they reflect “deliberate repositioning” by larger market participants. He added that such moves have been a reliable leading indicator of downward price pressure.
The spike also comes as bitcoin tests the $60,000 support area. Moreno said a break below that level could put bitcoin on course toward its realized price near $53,000. Bitcoin was recently trading around $62,180, while U.S. spot bitcoin ETFs recorded $221.7 million in net inflows on Thursday, ending a 10-day outflow streak, according to SoSoValue data.
Investor Takeaway The exchange inflow data does not confirm that a sell-off has started, but it shows that larger holders are moving bitcoin into venues where selling, hedging, or repositioning becomes easier. That raises the risk of wider price swings while bitcoin remains close to key support.
Why Are Ether And Altcoin Deposits Also Important? The pattern is not limited to bitcoin. Ether deposits to exchanges climbed above 1.25 million ETH in late June, a level Moreno said is consistent with elevated selling pressure.
Simultaneous increases in bitcoin and ether deposits are more important than isolated weakness in one asset. When both major crypto assets see exchange inflows rise at the same time, the signal points to a broader risk-off move rather than a single-asset adjustment.
Altcoin deposits have also increased sharply. The number of altcoin deposit transactions reached nearly 45,000 earlier this week, the highest level in almost 2 months. Moreno described the move as “a historical inflection-point signal for prices.”
For altcoins, exchange deposit spikes can be especially sensitive because liquidity is often thinner than in bitcoin or ether markets. A rise in deposits can quickly translate into sharper price moves if holders decide to sell into weaker order books.
What Does This Mean For Market Direction? The current setup resembles an earlier pattern that preceded a broad crypto decline. Moreno said a similar spike in altcoin deposits occurred before bitcoin fell from about $82,000 in early May to below $58,000 in late June.
“With the threshold being breached again while bitcoin tests $60,000 support, the current configuration closely mirrors the pattern that preceded the prior leg down, warranting heightened caution from market participants,” Moreno said.
The immediate market risk is a volatility break rather than a guaranteed move lower. Exchange inflows show that assets are being moved into tradable venues, but they do not reveal whether holders will sell immediately, hedge exposure, provide liquidity, or prepare for other transactions.
Still, the mix of higher bitcoin deposits, larger average transfer sizes, rising ether inflows, and stronger altcoin exchange activity creates a more fragile market structure. If bitcoin fails to hold the $60,000 area, the same inflow pressure could deepen momentum toward lower realized-price levels.
Investor Takeaway CryptoQuant’s data points to a market entering a higher-risk phase. The clearest issue is not just that more coins are moving to exchanges, but that larger holders appear to be behind the move while bitcoin trades near a major support level.
JPMorgan varuje, že nová politika společnosti Strategy kolem prodeje bitcoinů vytváří „two-way risk“, protože firma může BTC podle potřeby i prodávat. Společnost má v trezoru 847 363 BTC.
For a while now, Michael Saylor’s Strategy has been on a wild ride of criticism. Now, major players like JPMorgan are beginning to issue some warnings. In fact, the banking giant recently called out Strategy’s Bitcoin sales policy.
For context, Strategy has long relied on a straightforward business model: Raise capital through debt and equity offerings, then use that money to purchase additional Bitcoin [BTC].
As a result, a sizeable amount of the circulating supply was essentially locked away rather than actively traded due to its enormous treasury of 847,363 BTC. However, the company’s most recent capital structure is now altering that dynamic.
Strategy’s new game plan raises red flags To pay dividends on its preferred stock or other financial commitments, Strategy has now formally permitted itself to sell a limited quantity of Bitcoin. At the same time, it authorized preferred stock repurchases and launched a $1 billion common stock buyback program.
Even though the company’s cash reserves of about $2.55 billion cover about 17 months’ worth of preferred dividends and interest costs, JPMorgan thinks this buffer is still insufficient to completely rule out the possibility of future Bitcoin sales.
The team led by Nikolaos Panigirtzoglou argued,
A higher coverage of 24-36 months would be needed (by issuing common equity to further increase dollar reserves even if this leads to the common equity trading at a discount to NAV) to make investors more comfortable with the idea that Strategy would not need to sell bitcoins in the foreseeable future.
What is the underlying issue? The primary issue is the rise of what JPMorgan refers to as “two-way risk.”
In the past, Strategy operated virtually solely as a Bitcoin buyer, continuously consuming supply whenever it raised new funds. However, under the new framework, the business can switch between buying and selling based on how much cash it needs.
The fact that Strategy is no longer assured of removing Bitcoin from the market—it might even turn into a source of supply when money is needed—introduces uncertainty.
What’s ahead? In fact, in one of the few times the company has sold Bitcoin for operational rather than portfolio adjustments. Even though the $1.25 billion authorized sale capacity only makes up a small portion of its total holdings, the psychological impact could be far greater than the volume of sales.
Unfortunately, these shifts occur at a time when the U.S. Spot Bitcoin ETFs are facing net withdrawals, and the price of Bitcoin is also struggling.
Henceforth, the only hope at this point is the approval of the CLARITY Act. It has the potential to restore market integrity and the price of Bitcoin, in turn improving the air surrounding Strategy.
Final Summary Instead of an actual warning, JP Morgan has suggested a higher coverage of 24-36 months for Strategy. Though the recent sell-off by Strategy was minimal, it has still induced fear and uncertainty in the market.
Strategy držela ke konci června 2026 847 363 BTC za zhruba 64,1 miliardy USD. Při průměrné nákupní ceně 75 651 USD za minci má nyní asi 14 miliard USD nerealizované ztráty.
Strategy (formerly MicroStrategy) held 847,363 BTC as of late June 2026, acquired for approximately $64.1 billion at an average cost basis of $75,651 per coin, making it the largest corporate holder. Bitcoin’s 52% decline from its October 2025 peak of $126,080 exposed the leverage embedded in Saylor’s treasury model, with Strategy reporting a $12.5 billion loss in Q1 2026 alone. Strategy raised $25.3 billion in 2025 through equity offerings and preferred stock instruments, including STRF, STRK, STRC, and STRD, making it the largest U.S. equity issuer that year. Michael Saylor broke his longstanding pledge never to sell Bitcoin when the company made its first-ever BTC liquidation in May 2026, signaling a shift in operational flexibility. JPMorgan warned in July 2026 that Strategy’s concentrated buying could increase volatility, and any forced liquidation could have an outsized impact on Bitcoin’s overall price dynamics. Few corporate strategies have generated more debate than Michael Saylor’s transformation of Strategy (formerly MicroStrategy) into what he calls a Bitcoin Treasury Company. Since buying its first 21,454 BTC in August 2020, Strategy has accumulated more Bitcoin than any public company or government, SEC filings show.
With 847,363 BTC as of late June 2026, it controls over 4% of Bitcoin’s total supply, StealthEX confirms. But Bitcoin’s steep decline from its October 2025 peak has raised questions about sustainability. This article examines the mechanics, rewards, risks, and how Saylor’s strategy fits the broader crypto ecosystem.
How the Treasury Model Works Strategy’s approach is built on a capital markets flywheel. The company raises capital through at-the-market (ATM) equity offerings, convertible debt, and perpetual preferred stock, and uses the proceeds to purchase Bitcoin. The company’s Q1 2026 SEC filing disclosed that it held 818,334 BTC as of May 3, 2026, reflecting 22% year-to-date growth. The company raised $11.68 billion in that same period.
Strategy measures performance using a proprietary metric called BTC Yield, which tracks the increase in Bitcoin holdings relative to diluted shares outstanding. The company reported 9.4% BTC Yield year-to-date through Q1 2026.
Michael Saylor has described the strategy as stretching Bitcoin from a nonyielding asset into a capital-markets engine, CoinDesk reported at an April 2026 Mizuho event. Strategy’s preferred stock product STRC carries an 11.5% yield, which the company considers well below Bitcoin’s expected long-term appreciation rate.
The BTC Yield metric obscures a critical dynamic: it measures Bitcoin accumulation relative to diluted shares, but dilution itself has been extreme. Fortune reported in February 2026 that Strategy’s Class A common shares outstanding grew from 76 million in mid-2020 to approximately 314 million by February 2026, an increase of 313%.
No other major U.S. company has diluted shareholders at anywhere near this rate. This means existing shareholders are receiving more Bitcoin per share, but each share represents a smaller piece of the overall company.
The Risks Materializing in 2026 Bitcoin hit an all-time high of $126,080 in October 2025, and by late June 2026, it had fallen over 52% to approximately $58,500. With an average cost basis of approximately $75,651, Strategy has roughly $14 billion in unrealized losses at current prices.
In May 2026, Saylor broke his longstanding pledge never to sell Bitcoin. Strategy executed its first-ever BTC liquidation, a small sale relative to total holdings, BYDFi reported. The sale was modest, but it shattered the narrative of unconditional accumulation that had underpinned investor confidence.
JPMorgan issued a warning in early July 2026 that Strategy’s concentrated buying could lead to increased volatility and market instability, Phemex reported. The bank cautioned that any liquidation could have outsized impacts on Bitcoin’s price.
Broader pressure compounded: $2.8 billion left spot Bitcoin ETFs in nine consecutive sessions through late May 2026, the longest withdrawal streak since their 2024 debut, Axios reported.
The Reward Case: What Has Worked Despite the drawdown, Saylor’s strategy created significant value over its five-year run. Strategy’s stock appreciated over 1,000% from pre-Bitcoin levels at the peak. The model inspired copycat treasury strategies, including Strive, whose CEO Matt Cole disclosed 14,557 BTC as of April 2026, CoinDesk reported.
Saylor’s thesis received indirect validation from the U.S. government. The White House announced a Strategic Bitcoin Reserve, lending government weight to the argument that Bitcoin can sit alongside gold on national balance sheets.
At the Bitcoin 2026 conference, Saylor argued that as capital flows into the Bitcoin network, the price should increase, and outlined conditions under which Bitcoin could eventually reach $10 million per coin.
TD Securities maintained a buy rating on Strategy with a $500 price target, citing the company’s $2.25 billion cash reserve as a buffer against a prolonged crypto winter, The Block reported. Understanding the interplay between Bitcoin treasury strategies and broader market dynamics is essential for evaluating whether the reward thesis still holds.
Regulatory Implications Strategy faces regulatory scrutiny on multiple fronts, and the SEC has reviewed its accounting under ASU 2023-08, which requires fair-value measurement and recognizes price changes in net income.
Strategy urged MSCI to reject a proposal to bar companies with over 50% of their assets in crypto from equity benchmarks. Pending U.S. market structure legislation could reshape how corporate Bitcoin treasuries are reported.
What’s Next? Strategy’s near-term trajectory is tethered to Bitcoin’s price. If Bitcoin recovers toward its cost basis, the model’s leverage amplifies gains. If it declines further, the company faces growing pressure on its preferred stock dividends and potential credit downgrades. Saylor’s 42/42 Plan aims to raise $84 billion over two years to continue accumulating Bitcoin, TradingKey reported.
Whether capital markets remain willing to fund that ambition at current prices is the central question. Projections about Bitcoin’s future price are speculative and should not be treated as forecasts. The leveraged model carries the risk of substantial loss if sustained weakness forces sales at depressed prices.
FAQs How much Bitcoin does Strategy own?
Strategy held 847,363 BTC as of late June 2026, acquired for approximately $64.1 billion at an average cost basis of $75,651, representing more than 4% of total supply.
What is BTC Yield?
BTC Yield is Strategy’s proprietary metric measuring the percentage increase in Bitcoin holdings per diluted share, designed to show value creation for shareholders over time.
Has Michael Saylor ever sold Bitcoin?
Yes, Strategy executed its first-ever Bitcoin sale in May 2026, breaking Saylor’s longstanding pledge never to sell, though the amount was small relative to total holdings.
What is the 42/42 Plan?
The 42/42 Plan is Strategy’s goal to raise $84 billion over two years through equity and debt offerings to fund continued Bitcoin accumulation at unprecedented institutional scale.
What risks does Strategy’s model face?
Key risks include Bitcoin price declines below cost basis, extreme shareholder dilution, preferred stock dividend obligations, potential forced liquidation, and regulatory or accounting changes.
What did JPMorgan warn about Strategy?
JPMorgan warned in July 2026 that Strategy’s concentrated Bitcoin buying could increase market volatility and that any forced liquidation could disproportionately impact Bitcoin’s price.
Is Strategy’s Bitcoin strategy financial advice?
No, Strategy’s model is a corporate treasury strategy with substantial leverage and concentration risk that may not be appropriate for individual investors with different risk profiles.
References Strategy Inc. “Q1 2026 Financial Results 8-K Filing.” SEC. https://www.sec.gov/Archives/edgar/data/0001050446/000105044626000024/mstr-20260505x8kxex991.htm CoinDesk. “Michael Saylor Says Bitcoin Has Likely Bottomed.” April 2026. https://www.coindesk.com/markets/2026/04/08/michael-saylor-says-bitcoin-has-likely-bottomed-quantum-risk-overblown Fortune. “When Bitcoin Prices Turned Against Michael Saylor.” February 2026. https://fortune.com/2026/02/20/michael-saylor-bitcoin-prices-preferred-shares-dilution-strategy/ Axios. “Bitcoin Faces Mounting Pressure Beyond Strategy Sale.” June 2026. https://www.axios.com/2026/06/03/bitcoin-saylor-strategy-stocks
Americké spotové Bitcoin ETF po deseti dnech odlivů otočily trend a přilákaly čistý příliv 221,7 milionu dolarů. Hlavní zásluhu měl Fidelity s asi 166 miliony, zatímco BlackRock IBIT dál zaznamenal odliv 40,4 milionu dolarů.
After ten consecutive sessions of capital outflows, US spot Bitcoin ETFs have finally regained momentum with 221.7 million dollars of net subscriptions. This rebound ends a historic sequence of disengagement that had weakened institutional investors’ sentiment. Is this the first sign of a sustainable capital return or just a pause in an still fragile trend ? Behind this recovery lie major divergences between issuers and on-chain indicators, which invites to temper the significance of this rebound.
In Brief Bitcoin ETFs end ten consecutive sessions of capital outflows thanks to 221.7 million dollars of net inflows, a first positive signal for the market. The rebound remains mixed, with Fidelity carrying the bulk of subscriptions while BlackRock continues to record significant withdrawals. On-chain data shows that long-term investors continue their accumulation, despite hesitations observed on the ETF side. The confirmation of a true turnaround will now depend on several consecutive days of capital inflows and broader participation of major issuers. Bitcoin ETFs regain positive flows after ten days of capital outflows The US spot Bitcoin ETF market has recorded a break in its outflow momentum. Data compiled at the close of the July 2 session reveal the following accounting elements :
A reversal of net flows : regulated financial products captured a total net inflow of 221.7 million dollars, breaking a ten-session consecutive withdrawal streak ; Fidelity (FBTC) dominance : the fund managed by asset manager Fidelity carried most of the recovery, recording net inflows of about 166 million dollars on its own ; A negative streak in June : this technical performance comes immediately after the worst month ever for US spot ETFs, with June 2026 ending with about 4.5 billion dollars of cumulative net outflows. This sudden liquidity injection marks a statistical break from the massive outflows that heavily damaged short-term investor confidence. The surge led by Fidelity shows there is responsive demand and that some traders were ready to inject liquidity as soon as the price tested institutional support zones. This outcome temporarily stabilizes the general sentiment by putting an end to a correction phase on these financial instruments.
The persistence of outflows at BlackRock Although the overall balance of July 2 is positive, a detailed analysis of issuers reveals fundamental disparities, led by the case of BlackRock. The IBIT fund, the largest vehicle in the category, did not participate in this positive momentum and showed a net outflow of about 40.4 million dollars during the same session.
This negative performance extends a critical trend, with IBIT having been the main driver of June’s decline with about 3.55 billion dollars of withdrawals alone, bringing its recent wave of capital outflows to about 2.2 billion dollars. This lack of synchronization between Fidelity and BlackRock highlights the absence of widespread issuer participation, a factor considered essential to turn an isolated technical reaction into a true lasting trend reversal.
Alongside this contrasted situation on traditional stock markets, on-chain data provides a different perspective on the available supply structure. Research firm Glassnode reveals that long-term investors are in an accumulation phase, despite the turbulence observed in ETFs.
At the same time, the supply breakdown showed that about 10.83 million bitcoins were held at a loss, versus about 9.22 million in profit. This fact demonstrates a progressive absorption of volumes by the network’s historical investors, who take advantage of the price drop to accumulate tokens even as the traditional institutional sector shows signs of uncertainty and portfolio restructuring.
Validation conditions for a true market pivot The evaluation of the long-term viability of this rebound now rests on compliance with a strict technical protocol to which analysts and allocators frequently refer. The first validation milestone requires recording three to five consecutive days of positive net inflows, ideally accompanied by an expansion of participation to other mid-sized funds.
The decisive factor will remain the ability of BlackRock’s IBIT fund to stabilize its flows and stop its negative trend, which would send a capitulation signal among the largest base of institutional holders. Without this convergence, the gains of a single day will amount to a mere statistical anomaly.
In the short and medium term, the implications of this divergence between ETF flows and on-chain accumulation require cautious monitoring of market indicators. If capital inflows do not extend to the majority of issuers and the funding rates of perpetual futures contracts spiral speculatively, this rebound could quickly be invalidated.
Conversely, the conjunction of a drop in institutional selling pressure and continued accumulation by historical wallets could lay the foundation for a solid floor for the coming months. Fund managers must therefore orchestrate their inflows in a phased manner, closely monitoring the five-day cumulative average of flows and the maintenance of low closing prices on the US market to avoid exposure to false recovery signals.
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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.
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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.
XRP ETF v USA přilákaly 6,55 milionu USD čistých přílivů, a to už osmý týden v řadě. Bitwise pokryl celý denní příliv a aktiva ve správě dosáhla 987,91 milionu USD.
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TL;DR
XRP ETFs took in $6.55M in net inflows on July 2, all from Bitwise. That marks an eighth consecutive positive week, pushing assets under management to $987.91M across seven funds — about 1.5% of XRP's market cap. The coin is trading at $1.09 against $1.10 resistance heading into a low-liquidity holiday weekend.Blockstream CEO Adam Back called the BIP-110 transaction-filtering proposal effectively dead, with mining-pool support at just 0.31% of hashrate.Shiba Inu coin slipped to 32nd place with a $2.55B market cap, overtaken by NEAR Protocol and Tether Gold. Exchange reserves are climbing back toward 87 trillion tokens after whales returned 493B coins in early July, following a 781B withdrawal in June. About $50M separates SHIB from re-entering the top 30.Bitcoin is holding its $59,000–$62,000 accumulation zone after whales added 270,000 BTC and spot ETFs flipped back to $221.7M in net inflows, but the prolonged Independence Day weekend leaves the market exposed to thinner order books, miner selling pressure, and exaggerated moves if BTC fails to hold above $61,000.American XRP ETFs closed their eighth positive week before the weekendFresh capital entered American spot XRP ETFs right before trading closed for the U.S. Independence Day holiday. The final pre-holiday session brought the funds a net inflow of $6.55 million, closing an eighth consecutive week of institutional buying firmly in positive territory, as per SoSoValue.
Bitwise's fund accounted for the entire day's haul, taking all of the week-ending volume while competitors such as Canary and Grayscale stood at zero. Total assets under management across the seven approved XRP funds have now moved close to the $1 billion mark, reaching $987.91 million. For a young sector, that is a meaningful 1.5% of the asset's total market capitalization.
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Total XRP Spot ETF Net Inflow Over the Last 30 Days, Source: SoSoValueTraders calmly absorbed even the freezing of the CLARITY Act crypto bill, whose vote on Capitol Hill was postponed until the end of the summer because of the recess. Accumulation was also not disrupted by the scheduled release of 1 billion tokens from escrow contracts on July 1. The network absorbed the entire volume without a drawdown, against the backdrop of a three-month record in new wallet creation on the XRPL blockchain.
The coin is now trading at $1.09, pressing against key resistance at $1.10. Thin trading over the holiday weekend could easily tip the balance: if buyers lock in a breakout, the asset will have an open road toward the psychological $1.15 mark, justifying July's historically strong status for XRP.
Adam Back declares collapse of Bitcoin's censoring BIP-110 soft forkBlockstream CEO Adam Back entered the ongoing debate around the BIP-110 proposal, calling the attempt to introduce transaction filtering into Bitcoin commercially stillborn. The well-known cypherpunk reacted harshly to the current disputes in the ecosystem, stating that the initiative had failed because of a lack of interest from investors and traders.
At the center of the conflict is a proposal to limit the network's capacity for non-monetary data such as Ordinals and Runes. According to Back, the desire to artificially clean blocks in the name of imaginary security directly contradicts Bitcoin's p2p nature.
i'm a cypherpunk, and have been running nodes since 1990s. exit remailers, tor, file sharing, bitcoin nodes. p2p networks don't exist unless people with mettle run nodes. filter bippers are weak leeches, scared to p2p, demanding to censor to make nodes "safe" for the weak to run.
— Adam Back (@adam3us) July 3, 2026 He stressed that this filtering fork is already dead on arrival, as the market has completely rejected it and exchanges currently have no long positions in fork futures. Back's words are also confirmed by current on-chain metrics: support for BIP-110 from mining pools has stalled at 0.31% of the total hashrate, making soft-fork activation through the UASF mechanism unrealistic.
Back compared the proposal's authors to people who unsuccessfully tried to burn down a rented house, only to end up outside and now "living in a tent" of their own filtering coin. At the same time, BIP-110 supporters continue to strengthen the defenses around their "granite castle."
The industry veteran concluded that the network's antifragility had once again rejected poorly thought-out ideas, and urged censorship supporters either to adapt or finally split off into their own altcoin.
87 trillion trap: Why Shiba Inu fell out of the top 30Shiba Inu (SHIB) has fallen out of the world's top 30 cryptocurrencies, settling at 32nd place with a market capitalization of $2.55 billion. The meme token failed to withstand direct pressure from NEAR Protocol at $2.6 billion and the tokenized gold asset Tether Gold (XAUt) pushing from behind.
While retail traders remain passive, keeping SHIB's daily trading volume at a modest $70.2 million, major players have started a tough positional battle as exchange reserves return to the critical level of 87 trillion coins, as per CryptoQuant.
This trillion-coin barrier has become a liquidity trap for the token. In late June, whales temporarily eased the pressure by moving 781 billion SHIB to cold wallets, but by early July they had replayed the scenario and returned a fresh batch of 493 billion tokens to exchanges.
Netflow of Shiba Inu (SHIB) coin on centralized exchanges month-to-month, Source: CryptoQuantThe rise in supply to 87 trillion is weighing on price action: investors see it as a sign that large wallets are ready to lock in profit on any local rebound, which firmly blocks growth in market capitalization.
Still, it is too early to write SHIB off. The gap from the coveted top 30 is a symbolic $50 million. Against the backdrop of Japanese competition between Mercari and Rakuten Wallet and expectations for a U.S. ETF from T. Rowe Price, the current drop looks more like a prolonged consolidation.
Whether the token returns to the top league depends on only one thing: whether July demand can absorb those trillions of coins hanging in exchange order books.
Crypto market outlook: Bitcoin accumulation and stablecoin pressure define July openingThe crypto market enters the prolonged Independence Day weekend with Bitcoin recovering above $61,000 after ETF outflows stopped, whales rebuilt exposure near $59,000–$62,000, and stablecoin competition intensified against Circle’s USDC dominance.
Bitcoin price action in Summer 2026, Source: TradingViewKey checkpoints:
Bitcoin accumulation phase confirmed: Whales added 270,000 BTC around $59,000 over two weeks, equal to roughly $16.7 billion in fresh accumulation. Long-term holders also shifted from distribution back to accumulation. The $59,000–$62,000 range is now the main investor positioning zone. Whale behavior and sentiment capitulation show larger holders are treating this area as a buy zone.ETF pressure eased before the holiday weekend: Bitcoin cleared $61,000 after a 10-day spot ETF outflow streak ended. U.S. spot Bitcoin ETFs recorded $221.7 million in net inflows on July 3 after the jobs report reduced fears of a fresh rate-hike shock.July 4 liquidity risk: U.S. markets are entering a prolonged Independence Day weekend. That leaves crypto exposed to thinner liquidity, weaker institutional participation and exaggerated weekend moves.Stablecoin competition is escalating: OUSD launch pressure hit Circle, USDG scaled to $100 million on Robinhood Chain, and non-USD stablecoins reached $1.1 billion in supply, with transfer volume up 16x since 2023.Open USD targets USDC dominance: A new Open USD consortium backed by more than 140 firms, including Visa, Mastercard, BlackRock, Coinbase and Stripe, went live with free minting/redemption and shared reserve yield for partners. Circle stock dropped 14–17% as investors priced in direct competition.What matters next week: BTC needs to hold the $59,000–$62,000 accumulation base and keep ETF flows positive. The upside trigger is continued ETF demand plus progress on U.S. crypto market-structure legislation; the downside risk is renewed miner selling, failed ETF follow-through or thin-liquidity weekend pressure. You Might Also Like
Obžalovaný „John Doe 33“ chce v New Yorku zamítnout žalobu proti 39 069 neaktivním bitcoinovým adresám s tím, že adresy jsou jen data a nelze je žalovat. Tvrdí také, že kontroluje jednu z neaktivních peněženek uvedených v případu.
A pseudonymous defendant has moved to dismiss a New York lawsuit seeking ownership of 39,069 dormant Bitcoin addresses, arguing that Bitcoin addresses are merely data strings that cannot be sued.
The defendant, identifying themselves as “John Doe 33,” filed a notice of appearance and motion to dismiss on Thursday, claiming they control one of the dormant wallets named in the lawsuit.
According to the motion, the lawsuit is legally defective because Bitcoin address strings are neither persons nor legal entities subject to the court's jurisdiction. The filing argues that a public Bitcoin address cannot itself be “found” under New York's lost-property law because it has always been publicly visible on the blockchain.
The filing challenges the lawsuit filed in May by plaintiff “Noah Doe” and two Wyoming-based LLCs, ABC Company and XYZ Company. The plaintiffs claim the Bitcoin tied to the listed addresses constitutes abandoned property that they reported to the New York Police Department and claimed under New York lost-property law.
Regardless of how the court rules on ownership, it remains unclear how the plaintiffs could recover any Bitcoin without possessing the private keys needed to access the wallets.
Defendant files a motion to dismiss the case seeking ownership of 39,069 Bitcoin wallets. Source: iapps.court.state.ny.us
The complaint lists 39,069 Bitcoin addresses, including wallet addresses widely associated with Bitcoin creator Satoshi Nakamoto and the Mt. Gox hacker. The listed wallets collectively hold an estimated 3.7 million BTC (worth about $234 billion), according to Sani, founder of Bitcoin analytics platform Timechain Index.
Defendant appears to control $300 million Bitcoin walletBlockchain data suggests that “John Doe 33” controls a wallet holding 5,000 BTC received in April 2014 that has remained untouched for more than 12 years, making it worth more than $300 million at current prices, according to a Friday X post from Galaxy Digital head of research Alex Thorn.
“That's ~100x the median defendant address. This is a real holder with real standing choosing to fight, not a bystander.”
Source: Alex Thorn
Thorn added that the filing prevented what had been a “near-certain” default judgment and challenged jurisdictional and statutory defects in the plaintiffs' case.
The supply of Bitcoin has been dormant for the past five and 10 years. Source: Bitbo
There are currently 3.5 million BTC, worth about $215 billion, that have been dormant for the past 10 years and another 6.6 million coins, worth around $406 billion, that have been dormant for over five years, Bitbo data shows.
Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Velcí držitelé nakoupili za dva týdny přes 270 000 BTC za 16,7 miliardy USD, zatímco americké spotové bitcoinové ETF v červnu odčerpaly rekordních 4,06 miliardy USD. Tento rozpor často bývá blízko cyklických minim.
U.S. spot bitcoin ETFs saw a record $4.06 billion in outflows in June, pushing them negative for 2026 before a modest $221 million inflow on Thursday.Large bitcoin holders, or whales, accumulated more than 270,000 BTC ($16.7 billion) over the past two weeks even as U.S. spot demand remained weak, a pattern often seen near market cycle lows.While most major cryptocurrencies have slumped alongside bitcoin, Solana has gained about 15% since early June, whereas some Ethereum Layer 2 tokens have sunk to record lows amid shifting technology and fee dynamics.The next U.S. inflation reading, following a hot 4.2% May print, is seen as crucial for the Federal Reserve’s rate path and could reshape the pressure that has weighed on bitcoin this month.Large bitcoin holders bought more than 270,000 bitcoin BTC$61,899.78 ($16.7 billion) over the past two weeks, stepping in as U.S. institutions pulled money out at a record pace.
U.S. spot bitcoin exchange-traded funds (ETFs) shed $4.06 billion in June, their worst month since listing, past the previous record of $3.56 billion set in February 2025.
The outflows pushed the funds into the red for 2026 as a whole for the first time, and these products finally recorded a $221 million inflow on Thursday.
Large wallets, often called whales, went the other way, analysts at crypto exchange Bitfinex shared with CoinDesk in a Friday note. They added more than 270,000 BTC over two weeks while the spot premium, a gauge of how hard U.S. buyers are bidding, stayed negative, meaning the buying was not coming from spot desks.
Institutions selling and large holders accumulating at the same time is the pattern that has shown up near past cycle lows, where long-term holders take coins off sellers before any recovery reaches the price.
Solana is the exception among the majors. SOL has risen about 15% since early June, even as bitcoin touched 21-month lows, helped by protocol upgrades and a jump in onchain transfers of tokenized real-world assets, which rose 120% to $8.53 billion.
Bitfinex analysts called the split a "familiar one," with alts tending to sell off first and recover first.
Not every alt fits that read, however. Optimism and other layer-2 tokens, networks built to take load off Ethereum, are trading near record lows after Base, Coinbase's network, dropped Optimism's shared technology, removing the fee-capture argument that propped up their value.
The next inflation reading is the pivot from here. May inflation ran hot at 4.2%, but Warsh's comment at the ECB's Sintra forum that inflation risks have eased already gave risk assets a small lift. A softer print would start to shift the rate-path story that has weighed on bitcoin all month, ahead of the Fed's next meeting.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Irská policie znovu převedla na blockchainu bitcoin za 30 milionů USD, který dříve zabavila v případu Cliftona Collinse. Účel transakce zatím úřady nevysvětlily.
A total of $30 million worth of Bitcoin, linked to criminal investigations involving Clifton Collins in Ireland, has once again moved on the blockchain. This unexpected development has raised questions about whether the previously seized digital assets are being prepped for sale or if the movement was simply a technical wallet transfer initiated by authorities.
Focus on Coinbase and Irish policeClifton Collins is widely known for amassing over $400 million in Bitcoin through illegal activities. However, reports stated that Collins later lost access to most of these holdings. In March 2024, the Irish national police force, An Garda Siochana, seized $30 million worth of Bitcoin from the case and transferred the funds to Coinbase for safekeeping.
Recent on-chain activity revealed that the same $30 million has been relocated once again. Blockchain analytics firms such as Arkham Intelligence and Lookonchain tracked this transaction. As of now, Irish authorities have yet to issue an official statement clarifying the intention behind the transfer.
Glossary: An Garda Siochana is the national police force of Ireland. Arkham Intelligence and Lookonchain are analytics platforms that monitor wallet movements using publicly available blockchain data.
Irish authorities have not yet provided an official rationale for the latest transaction, leaving it unclear whether the movement signals preparations for sale or merely represents a custody adjustment.
Transparency sets this case apart from traditional seizuresThe open ledger structure of Bitcoin allows these seized assets to be tracked in real-time, in stark contrast to conventional asset forfeiture processes which typically lack transparency. Public traceability of wallet activity enables both market participants and regulatory bodies to scrutinize such moves more closely than ever before.
Another key issue for the sector is the role exchanges and custodians play in holding state-controlled Bitcoin assets and facilitating potential sales. Aspects such as wallet security, authorization of transfers, and the timing of sales are likely to be critical as these processes evolve.
Market impact expected to remain limitedTechnical teams partnering with institutional investors monitor such cases not only from a legal perspective but also for possible market implications. Movements of wallets controlled by state entities could set benchmarks for future seizure and sale protocols.
According to Glassnode data, inflows from government wallets typically account for less than 0.1% of daily BTC trading volume, indicating that such transactions are unlikely to pose systemic pressure on the market.
TitleDataAmount seized in March 2024$30 million BTCMost recent transfer$30 million BTCShare of government wallet inflows in daily BTC volumeBelow 0.1%Glassnode data shows that inflows from government-controlled wallets have generally remained below 0.1% of daily BTC trading volumes.
Next steps: sale or auction might be aheadIrish authorities are expected to make an official announcement in the near future. While possibilities include a public auction or an over-the-counter sale, it remains premature to conclude that the recent movement signals an imminent sale without formal confirmation.
The case has become a focal point for ongoing discussions on how governments should handle confiscated crypto assets. While Bitcoin’s pseudonymous design remains a factor, on-chain traceability allows for detailed tracking of asset movements, contributing to broader debates over digital asset management practices by state actors.
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.
V Keni lze přes Lightning Network platit bitcoinem za taxi, jídlo i kávu, zatímco obchodníkům okamžitě přicházejí keňské šilinky přes M-Pesa. Tando navíc umožnil asi 40 milionům Keňanů přijímat bitcoin přes jejich telefonní čísla.
Somewhere in Nairobi, someone just paid for a cab ride with Bitcoin. Not in the “sold BTC on an exchange, withdrew to a bank account, then transferred funds” kind of way. The actual, tap-your-phone-and-go kind of way. And the driver received Kenyan shillings instantly without ever touching a crypto wallet.
That’s the promise of Tando, a Kenyan payments app founded by Jason and Sabina Waithira that has quietly built a bridge between Bitcoin’s Lightning Network and M-Pesa, Kenya’s dominant mobile money system.
How Tando actually works A customer pays in Bitcoin over the Lightning Network. Tando converts it to Kenyan shillings instantly. The merchant receives KES directly into their M-Pesa account. No crypto wallet required on the merchant’s end, no volatility risk, no waiting around for block confirmations.
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The app launched in July 2024 and was already processing over 100 transactions daily by mid-2025. Users pay no additional transaction fees, which removes one of the biggest friction points that has historically plagued crypto payments.
In May 2026, Tando hit a milestone that explains why this story matters beyond Kenya’s borders. The app enabled approximately 40 million Kenyans to receive Bitcoin payments by converting their M-Pesa phone numbers directly into Lightning addresses. Forty million people, roughly the entire adult population of Kenya, can now be on the receiving end of a Lightning payment without downloading anything new or understanding what a satoshi is.
Why Kenya is the perfect testing ground To understand why this works in Kenya specifically, you need to understand M-Pesa. Launched in 2007 by Safaricom, M-Pesa essentially turned every phone number into a bank account long before the rest of the world started talking about “financial inclusion.”
Real-world use cases have already been demonstrated publicly. During the 2024 African Bitcoin Conference, attendees used Tando to pay for transportation fares and restaurant bills. By the time the Bitcoin Nairobi Conference rolled around in June 2026, the app’s new capability of converting M-Pesa numbers into Lightning addresses was a major talking point.
The founders champion a “spend, not sell” approach to Bitcoin. Rather than treating BTC as a speculative asset you eventually cash out, the idea is to use it as actual money.
What this means for investors and the broader market Tando has demonstrated that you can plug Bitcoin into an existing, trusted, widely adopted financial system without asking merchants to change anything about how they operate. The merchant doesn’t need a wallet. They don’t need to understand Lightning channels. They just get shillings.
The risk, of course, is regulatory. Kenya’s approach to crypto regulation has been evolving, and any sudden policy shift could disrupt Tando’s operations. There’s also the question of sustainability: processing payments with zero fees is a great user acquisition strategy, but it’s not an obvious business model.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Hyperscale Data přidala do rezerv 67 bitcoinů a celkem drží 849 BTC. Firma tak posílila pozici mezi veřejně obchodovanými společnostmi s největšími bitcoinovými rezervami.
US-based artificial intelligence data center company Hyperscale Data has announced the addition of 67 more Bitcoin to its reserves. With this latest purchase—which took place between June 30 and July 1—the company’s total Bitcoin holdings have now increased to 849 BTC. That makes Hyperscale Data the second most prominent public company acquiring Bitcoin in July, coming just behind Metaplanet.
Headquartered in Las Vegas, Hyperscale Data has moved up to 49th place among publicly traded companies holding Bitcoin, following its most recent acquisition. With this latest purchase, the company has surpassed Ming Shing Group, Yueda Digital Holdings, and SOS Limited in listed Bitcoin reserves.
The company’s management has positioned Bitcoin as a core asset on its balance sheet. Milton Todd Ault III, Executive Chairman of the Board, stated that Hyperscale Data plans to continue steadily accumulating Bitcoin via a disciplined dollar-cost averaging approach in order to maximize long-term returns for the company.
Milton Todd Ault III emphasized that the company aims to maintain its disciplined dollar-cost averaging strategy for Bitcoin acquisitions, as this approach is expected to strengthen Hyperscale Data’s long-term potential.
As an enterprise investing in AI-focused data center infrastructure, Hyperscale Data’s latest Bitcoin purchase comes right after a separate, recently announced addition of 53.54 BTC made just two days earlier. At the time of that statement, the company’s total reserves had climbed to 780.48 BTC.
Stock performance and asset valuation debateIn its announcement dated June 30, the company revealed that the combined value of its Bitcoin, cash, restricted cash, and silver assets was approximately $106.7 million. On that date, this figure amounted to roughly 117% of Hyperscale Data’s common stock market capitalization.
Milton Todd Ault III pointed to these figures as evidence that investors currently undervalue Hyperscale Data. He argued that the market cap of the company’s common shares does not fully reflect the value of its declared assets, operations, or the significant opportunity created by a major service contract at its Michigan-based AI data center.
Milton Todd Ault III stated that the company’s market capitalization does not accurately represent its reported assets, operations, or the scale of opportunities arising from the Michigan AI data center agreement.
According to Yahoo Finance, GPUS shares are trading at $0.1529, giving Hyperscale Data a market capitalization of $53.212 million. The company recently signed a computing power agreement with a California-based neocloud provider. Management projects this contract could generate up to $1.2 billion in revenue.
On the same day, Metaplanet also announced it had acquired 2,823 BTC as of July 1. This brought Metaplanet’s total Bitcoin holdings to 43,000 BTC, propelling the company to third place among public firms with the largest Bitcoin reserves—surpassing MARA Holdings.
Data from Bitcoin Treasuries shows that total Bitcoin held by public companies now stands at 1.268 million BTC, representing a 0.6% increase over the last 30 days. Despite this rise in holdings, the price of Bitcoin fell more than 10% in the same period. At a price of $61,809, the total value of public companies’ Bitcoin reserves stands at approximately $78.4 billion.
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.
Stacks představil USDCx, první stablecoin krytý USDC podle specifikace Circle pro Machine Payments Protocol. Má podpořit standardizované strojové platby na Bitcoinu prostřednictvím Stacks.
Circle just published the official USDC method specification for the Machine Payments Protocol, and Stacks’ USDCx is the first stablecoin built under that framework. The move positions Bitcoin’s leading layer 2 as a hub for standardized machine-to-machine payments, the kind of infrastructure that makes AI agents capable of settling transactions on their own.
What USDCx actually is and how it works USDCx is a stablecoin pegged 1:1 to USDC, fully backed by reserves held in Circle’s xReserve infrastructure. It launched on Stacks mainnet on December 17-18, 2025, with a specific contract ID (SP120SBRBQJ00MCWS7TM5R8WJNTTKD5K0HFRC2CNE.usdcx) that anyone can verify on-chain.
USDCx doesn’t rely on third-party bridges to function. It connects directly with Circle Gateway and CCTP (Cross-Chain Transfer Protocol), which means moving value between chains doesn’t require trusting some random bridge operator with your funds.
The stablecoin maintains its peg near $1 and is actively traded on platforms tracked by CoinGecko. Ethereum bridging was already supported at launch, with plans to expand CCTP network support that kicked off in Q1 2026.
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The machine payments angle The MPP spec is where things get genuinely interesting. The Machine Payments Protocol establishes a standardized way for machines, think AI agents, automated services, and IoT devices, to send and receive payments without human intervention. The MPP spec was published by Circle on June 23, 2026.
USDCx being the first USDC-backed stablecoin under this spec means Stacks is effectively positioning itself as the settlement layer for AI commerce on Bitcoin. Cross-chain machine-to-machine payments on Bitcoin through Stacks are now technically possible.
Ecosystem adoption and DeFi implications Major wallets including Asigna, Fordefi, Leather, and Xverse all adopted USDCx shortly after launch. On the DeFi side, protocols like Zest and Granite integrated the stablecoin, enabling lending, borrowing, and trading with dollar liquidity on Stacks.
For Bitcoin holders specifically, USDCx creates an option that didn’t cleanly exist before: accessing stablecoin functionality without leaving the Bitcoin economy entirely. You can collateralize Bitcoin-backed assets, borrow against them in a dollar-denominated stablecoin, and do it all within an ecosystem that settles on Bitcoin through Stacks’ Proof of Transfer consensus mechanism.
Stacks uses PoX to anchor its security to Bitcoin’s blockchain, and runs Clarity smart contracts, a language designed to be decidable, meaning you can mathematically verify what a contract will do before executing it.
What this means for investors Institutional players care about two things above all else: compliance and security in cross-chain interactions. Circle’s direct involvement through xReserve and CCTP addresses both concerns in ways that third-party wrapped tokens simply cannot. The 1:1 USDC backing, verified through Circle’s own infrastructure rather than an independent bridge, reduces counterparty risk substantially.
Trading volumes and user growth across Stacks DeFi protocols will be the metrics to watch. If USDCx drives meaningful increases in total value locked and daily active users on platforms like Zest and Granite, it validates the thesis that Bitcoin users want native stablecoin liquidity.
The risk worth monitoring is concentration. USDCx’s entire value proposition depends on Circle’s continued support and the stability of the xReserve infrastructure. Any disruption to Circle’s operations, whether regulatory or technical, would cascade directly into USDCx’s functionality.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
While price action has long dominated the cryptocurrency market, attention in 2026 is steadily shifting toward the technical foundations of blockchain networks. With Ethereum, Solana and Avalanche preparing for some of their most ambitious protocol upgrades to date, Coinbase’s layer-2 network Base activated its Beryl hard fork just last Friday. In contrast, Bitcoin developers remain deadlocked over several contentious proposals and have yet to reach consensus.
Focus shifts from speed to resilienceTim Sun, a senior researcher at Hong Kong-based asset manager HashKey Group, explained that previous protocol upgrades have typically prioritized adding new features, speeding up transactions and boosting capacity. However, Sun observed that by 2026, the industry’s priorities are tilting towards more predictable governance, greater reliability and the development of robust, enterprise-scale infrastructure to support widespread financial use cases.
Tim Sun stresses that, looking ahead to 2026, simply adding more features is no longer the main concern; instead, reliability and institution-grade infrastructure are taking center stage.
Spotlight on Ethereum’s Glamsterdam upgradeAmong Ethereum’s key roadmap milestones, the Glamsterdam upgrade stands out as one of this year’s most pivotal steps. Currently being tested on developer networks, it is expected to roll out to the mainnet in the second half of 2026. Planned changes include improved scalability, reinforcement of the layer-1 base, and a streamlined user experience aimed at simplifying network usage.
Sun noted that the upgrade could enable higher transaction throughput, expand data capacity, and reduce database bloat. The overarching goal is to make Ethereum a more favorable environment for stablecoin settlements and on-chain use of real-world assets.
Holly Atkinson, chief product and technology officer at 1inch, described Glamsterdam as Ethereum’s most significant upgrade since The Merge in September 2022. One highlight is ePBS—short for enshrined proposer builder separation—a structure aimed at making block creation and proposal processes more transparent. However, RuleSpark founder Pavan Kaur cautioned that while this step might help, it will not eradicate maximal extractable value (MEV) issues altogether, as some harmful practices may simply adapt and persist in new forms.
Mini glossary: ePBS stands for enshrined proposer builder separation. It aims to clarify the distinction within the protocol between validators who propose blocks and entities that build their content, with the objective of minimizing concentration in transaction sequencing.
Solana and Base aim for lightning-fast confirmationsOn the Solana front, the Alpenglow upgrade is the year’s most significant development. After receiving strong backing in governance votes in September 2025, Alpenglow is still under development and slated for release in the latter half of 2026 alongside the Agave 4.1 validator client. This system will replace the current TowerBFT mechanism with an innovative voting component named Votor.
One of the most concrete impacts is a dramatic reduction in transaction finality time. The goal is to bring finality down to between 100 and 150 milliseconds under optimal network conditions, compared to the present average of approximately 12.8 seconds. The upgrade also targets reducing network load by removing on-chain voting operations, ultimately improving validator communication efficiency.
NetworkUpgradeKey objectiveEthereumGlamsterdamScalability and stronger layer 1SolanaAlpenglowCut finality time to 100–150 msBaseBerylReduce withdrawal time from 7 to 5 daysAvalanchePost-Etna L1 modelLower custom chain setup cost by over 99%Elsewhere, Base deployed its Beryl hard fork following a brief sequencer outage that paused block production for about two hours due to an invalid block. Jesse Pollak, one of Base’s co-founders, emphasized that users’ assets remained unaffected by the disruption, but acknowledged the downtime was unacceptable and added that lessons learned will help reinforce Base as a round-the-clock global financial platform.
Jesse Pollak underscores that user funds were secure during the incident, but says Base recognizes the network pause was not acceptable and is using this experience to guide technical improvements.
According to Base documentation, the Beryl hard fork introduces the B20 native token standard, shortens withdrawal finality from seven days to five, and implements the Reth V2 integration. These updates are expected to decrease node storage requirements and enhance execution efficiency.
Avalanche goes institutional, Bitcoin debates persistOn Avalanche, there is less focus on a single named hard fork and more on sweeping changes to attract enterprise users and boost performance. According to Sun, the Etna hard fork replaced the legacy subnet model with a system of sovereign Avalanche L1 chains, slashing the startup cost for launching a private blockchain by over 99%. He also highlighted that Progmat, which he says represents about 63% of Japan’s security token market, recently moved more than $2 billion in tokenized assets to a dedicated Avalanche L1 chain.
Bitcoin, meanwhile, stands apart from rival networks. Its main challenges in 2026 are not scheduled upgrades but debates over whether to make the protocol more programmable or to strengthen it against quantum computing threats. Proposals like OP_CAT, CTV and Lightning-focused LNHANCE—each associated with covenants and programmability—remain under discussion but lack an agreed activation path. Proposals such as BIP 360 and similar efforts to ease the shift to quantum-resistant spending methods are also still on the table without a clear consensus.
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.
Metaplanet koupila dalších 2 823 bitcoinů a zvýšila svou zásobu na 43 000 BTC. Tím se přiblížila k Twenty One Capital v boji o třetí největší firemní zásobu bitcoinů.
Metaplanet just added another 2,823 Bitcoin to its balance sheet, pushing its total stash to 43,000 BTC. For a company that didn’t own a single satoshi before April 2024, that’s a remarkable trajectory.
The Tokyo-listed firm, which trades on the Tokyo Stock Exchange under ticker 3350.T and as an ADR under MPJPY in the US, has been on a relentless accumulation spree. This latest purchase puts Metaplanet in direct competition with Twenty One Capital, which holds roughly 43,514 BTC, for the title of third-largest corporate Bitcoin holder on the planet.
The numbers behind the buying binge To appreciate how fast Metaplanet is moving, look at the timeline. The company ended 2025 with 35,102 BTC. By March 31, 2026, it had reached 40,177 BTC after scooping up 5,075 BTC in Q1 alone, a haul worth approximately $398 million to $405 million at an average price between $78,000 and $80,000 per coin.
Now, with this fresh 2,823 BTC purchase, the total sits at 43,000 BTC. That’s a jump of roughly 22.5% from where the company started the year.
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The average acquisition cost across Metaplanet’s entire portfolio sits somewhere between $97,000 and $104,000 per BTC, depending on the reporting period. With Bitcoin trading well above that range in recent weeks, the company is sitting on meaningful unrealized gains.
Metaplanet has publicly stated its goal of reaching 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. That means CEO Simon Gerovich and his team need to acquire another 57,000 BTC in roughly the next six months.
How Metaplanet keeps funding the machine Metaplanet has been financing its purchases through a combination of equity raises, debt arrangements, and mNAV warrants — a financing mechanism designed to let Metaplanet raise capital while managing dilution for existing shareholders.
The company also opened Level I ADRs for US investors in December 2025, giving American traders a straightforward way to get exposure to Metaplanet’s stock without the friction of buying on the Tokyo Stock Exchange. Level I ADRs don’t require full SEC registration, which makes them cheaper to issue, though they also come with trading limitations compared to higher-tier listings.
Gerovich has been tracking what he calls “Bitcoin yield,” a metric that measures how much additional Bitcoin per share the company generates through its treasury operations. That figure hit 2.8% year-to-date in recent reports.
What this means for investors The risk profile here is worth examining carefully. Metaplanet is using equity dilution and debt to buy a volatile asset. In a prolonged downturn, the company’s average cost basis of $97,000 to $104,000 per BTC becomes the line in the sand investors need to watch.
The 100,000 BTC target by year-end also deserves scrutiny. Acquiring 57,000 BTC in six months would require spending somewhere north of $5 billion at current prices, meaning Metaplanet will likely need multiple large equity raises and debt issuances, each of which carries execution risk and potential dilution.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Metaplanet vykázal ve 2. čtvrtletí fiskálního roku 2026 tržby 10,75 milionu USD z bitcoinového byznysu, téměř přesně podle vlastního odhadu kolem 11 milionů USD.
Metaplanet, Japan’s most prominent publicly traded Bitcoin treasury company, pulled in $10.75 million in revenue from its Bitcoin income business during the second quarter of fiscal year 2026. That figure, announced on July 2, lands right in line with the company’s own forecast of roughly $11 million.
The Bitcoin income operation now represents the core of Metaplanet’s entire revenue engine. The Bitcoin income business launched in Q4 2024.
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How Metaplanet actually makes money from Bitcoin Metaplanet generates revenue primarily through premiums collected from cash-secured Bitcoin options. The company sells options contracts on its Bitcoin holdings, collecting fees (premiums) from buyers regardless of whether those contracts are exercised.
This strategy drove 95% of the company’s revenue growth in FY2025, according to the company’s disclosures.
The bigger picture: full-year guidance and Bitcoin ambitions Metaplanet’s guidance for the full fiscal year 2026 projects total revenue of approximately 16 billion yen, which translates to roughly $103 to $104 million. Operating profit is expected to land around 11.4 billion yen, or about $73 to $74 million. The vast majority of that revenue is expected to come from the Bitcoin income segment.
As of March 31, 2026, Metaplanet held 40,177 BTC on its balance sheet. The company has publicly stated its goal of holding more than 100,000 BTC by the end of 2026 and is targeting 210,000 BTC by the end of 2027. 210,000 BTC represents 1% of Bitcoin’s total fixed supply of 21 million coins.
Diversifying beyond options premiums In June 2026, the company acquired Siiibo Securities for approximately 2.1 billion yen, or about $13 million. The acquisition is designed to let Metaplanet offer Bitcoin-linked yield products to a broader investor base.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy a Strive v červnu přidaly do svých rezerv 6 989 BTC, financovaných téměř výhradně z preferenčního kapitálu. Strategy nakoupila čistě 3 625 BTC a Strive 3 364 BTC.
Two of the most aggressive corporate Bitcoin buyers just had a very busy June. Strategy Inc. and Strive Inc. collectively added 6,989 BTC to their treasuries, funded almost entirely through preferred equity instruments rather than traditional stock sales or debt offerings.
Strategy picked up 3,625 BTC on a net basis, while Strive added 3,364 BTC. Each company deployed approximately $200 million raised from their respective preferred equity products: STRC for Strategy and SATA for Strive.
The preferred equity playbook Neither company went the conventional route of issuing new common shares or tapping revolving credit lines. Instead, both relied on preferred equity instruments designed to trade near $100 par value with effective yields ranging from 11% to 13% or higher.
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For Strategy, the STRC instrument has become the primary engine for Bitcoin accumulation. The company did sell 32 BTC during the month to cover STRC dividend obligations, which is why the net figure comes in at 3,625 rather than the gross amount purchased.
Strive’s approach was even more front-loaded. The company’s largest single transaction in June was a 2,500 BTC purchase funded almost entirely through SATA proceeds. That single buy accounted for roughly three-quarters of Strive’s monthly total.
The running scoreboard Strategy’s total Bitcoin holdings now exceed 845,000 BTC as of early June, roughly 4% of all Bitcoin that will ever exist. Strive, meanwhile, has climbed to nearly 20,000 BTC.
Both companies were buying during a period when Bitcoin prices fluctuated between roughly $60,000 and $65,000. At those levels, each company’s $200 million deployment bought somewhere around 3,000 to 3,500 BTC, which lines up neatly with the reported figures.
The combined haul of nearly 7,000 BTC represents meaningful demand at a time when Bitcoin’s supply dynamics continue to tighten following the April 2024 halving event. Miners now produce roughly 450 BTC per day, meaning Strategy and Strive alone absorbed the equivalent of about 15 days’ worth of new Bitcoin supply in a single month.
Why preferred equity changes the game The 11% to 13% yields on these instruments aren’t trivial, but they’re manageable as long as Bitcoin’s price trajectory cooperates. If Bitcoin appreciates faster than the cost of the preferred dividends, the companies are effectively borrowing at a negative real rate to accumulate a scarce asset.
Strategy’s small 32 BTC sale to cover STRC dividends hints at this dynamic. The company is already using its Bitcoin stash to service the preferred equity, creating a direct link between the treasury’s size and its ability to sustain the financing mechanism.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy má poprvé mNAV pod 1x: hodnota firmy je nižší než tržní hodnota jejích 847 363 bitcoinů, které mají hodnotu zhruba 51,1 miliardy USD. Akcie spadly zhruba na 82 USD a společnost má přes 10 miliard USD nerealizovaných ztrát.
For years, Strategy Inc. traded at a hefty premium to its Bitcoin stash. Investors were willing to pay more than the underlying crypto was worth just for the privilege of exposure through a publicly traded stock. That era appears to be over.
Bloomberg reports that Strategy’s enterprise multiple to net asset value, known as mNAV, has fallen below 1x. In English: the company’s total enterprise value is now less than the market value of the Bitcoin sitting on its balance sheet. As of late June 2026, Strategy’s enterprise value sat at roughly $50.4 billion, while its 847,363 Bitcoin were worth approximately $51.1 billion.
From premium darling to discount bin The stock, which once traded near $540 in November 2024, has cratered to around $82. That’s an 85% decline from its peak.
Bitcoin’s own trajectory tells much of the story. After surging past $126,000 during the 2025 rally, the largest cryptocurrency has retreated to approximately $60,000. Strategy, which has staked its entire corporate identity on accumulating Bitcoin, absorbed every bit of that decline and then some.
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The company, which rebranded from MicroStrategy in February 2025 to better reflect its Bitcoin-centric mission, essentially operates as a leveraged Bitcoin vehicle. Because investors valued Strategy stock above the Bitcoin it held, the company could issue new shares at inflated prices and use the proceeds to buy more Bitcoin. Each share issuance was accretive, meaning existing shareholders got more Bitcoin exposure per dollar invested.
$10 billion in unrealized losses and a shrinking playbook With Bitcoin trading near $60,000, Strategy is now sitting on more than $10 billion in unrealized losses based on the average acquisition cost of its holdings.
The vanishing premium has also killed the equity issuance strategy that fueled the company’s buying spree. To adapt, Strategy has reportedly pivoted toward alternative capital strategies. The company’s playbook now includes debt mechanisms and preferred stock instruments, with plans that could involve up to $1.25 billion in either Bitcoin buybacks or sales. A company that built its brand on never selling Bitcoin is now keeping the option on the table.
Strategy’s balance sheet features a mix of convertible notes, preferred stock offerings, and traditional debt, all layered on top of a single underlying asset.
What this means for investors The mNAV falling below 1x fundamentally changes the investment thesis for Strategy stock. What remains is a stock that gives you slightly less than one dollar of Bitcoin for every dollar you invest, plus corporate debt and preferred stock obligations sitting on top.
Spot Bitcoin ETFs now offer investors direct Bitcoin exposure without the corporate overhead, debt obligations, or management risk that come with owning Strategy stock. When Strategy traded at a premium, it offered something ETFs couldn’t: leveraged upside. At a discount, the value proposition gets murkier.
Investors watching this space should pay close attention to whether Strategy actually executes any Bitcoin sales from that $1.25 billion authorization. The company still holds 847,363 Bitcoin, making it by far the largest corporate holder of the asset.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy oznámila program monetizace Bitcoinu v objemu 1,25 mld. USD a zvýšila dividendu na STRC na 12 %. Firma tím přechází od pouhého hromadění Bitcoinu k aktivní správě bilance.
Strategy, formerly known as MicroStrategy, has announced a significant shift in its financial strategy, unveiling a $1.25 billion Bitcoin monetization program. This move marks a transition from solely accumulating Bitcoin to actively managing its balance sheet, as the company also increased the dividend on its STRC perpetual preferred stock to 12%. This development comes as Strategy’s USD reserves stand at $2.55 billion, with substantial Bitcoin purchases overshadowing U.S. spot Bitcoin ETF inflows. The market is now assessing whether this strategy pivot indicates a halt in the company’s previously aggressive Bitcoin accumulation approach.
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The impact of this announcement is reflected in the prediction markets. Current pricing suggests a high likelihood of Bitcoin maintaining a value above $54,000 on July 2, with some markets pricing in a near certainty. The strategic use of Bitcoin as a capital tool appears to be interpreted by market participants as a positive financial indicator, potentially bolstering confidence in Bitcoin’s price trajectory.
Key Takeaways Strategy’s $1.25 billion Bitcoin monetization program and increased STRC dividend suggests a strategic shift towards active balance sheet management. Market pricing indicates high confidence in Bitcoin maintaining a value above $54,000 by July 2, 2026. The company’s move is seen as a positive indication of financial health, likely influencing Bitcoin’s price in the short term. What to Watch Observers will closely monitor Strategy’s subsequent actions and whether its shift in strategy affects Bitcoin’s market dynamics. Key factors include further announcements from Strategy and broader market reactions to Bitcoin’s monetization. Additionally, developments related to Bitcoin ETF inflows and regulatory actions could either support or challenge the current pricing expectations.
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Term Structure
Contract Odds Δ since publish Volume 24h July 2 99.8% — — View market → July 2 99.9% — — View market → July 2 0.7% — — View market → July 2 0.1% — — View market → July 2 99.9% — — View market → July 2 2026 76.5% — — View market → July 2 2026 97.8% — — View market → July 2 2026 13.7% — — View market → July 2 2026 99% — — View market → July 2 2026 0.2% — — View market → July 2 2026 0.2% — — View market →
K Wave Media prodala všechny své bitcoiny za 64,2 milionu USD a výtěžek použila na splacení dluhu. Firma tak ukončila méně než rok trvající krypto strategii.
K Wave Media had a Bitcoin strategy. Then it didn’t. On May 6, 2026, the Nasdaq-listed K-Pop and entertainment company sold its entire Bitcoin holdings for $64.2 million, closing the book on a treasury experiment that lasted less than a year.
The company used proceeds from the sale to repay debt, completing a strategic reversal that left KWM holding zero Bitcoin and a very different roadmap than the one it pitched to investors in 2025.
From $1 billion Bitcoin bet to zero Less than a year ago, K Wave Media looked like it was building a serious crypto treasury operation. In 2025, the company secured $1 billion in capital capacity through two separate financing agreements: a $500 million SPA with Anson Funds and a $500 million SEPA with Bitcoin Strategic Reserve.
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The terms were explicit. Eighty percent of net proceeds from certain instruments were designated specifically for Bitcoin purchases. The company followed through, acquiring 88 BTC in July 2025 as the foundation of that strategy.
Then the pivot happened. On May 4, 2026, KWM announced it would redirect up to $485 million of its remaining financing capacity toward artificial intelligence infrastructure initiatives. Two days later, the Bitcoin was gone.
The company also sold its main subsidiary, Play Co., a move designed to eliminate roughly $48 million in debt and liabilities, pending shareholder approval. In a matter of days, KWM went from crypto treasury company to AI infrastructure play.
The market reaction was not subtle Investors who bought into KWM for its Bitcoin exposure were not given much warning. Shares dropped 24% on the day the strategic pivot was announced.
KWM is incorporated in the Cayman Islands and trades on Nasdaq under the ticker KWM. The company’s core business has historically centered on K-Pop content and entertainment.
What this means for corporate Bitcoin holders KWM’s exit is a useful case study in the gap between a company announcing a Bitcoin strategy and actually committing to one. MicroStrategy, now rebranded as Strategy, has held Bitcoin through multiple severe drawdowns and built its entire corporate identity around the position.
The K Wave situation illustrates a specific risk that applies to smaller companies mimicking the treasury playbook: the financing structures used to accumulate Bitcoin often come with conditions, counterparties, and redemption mechanics that can make the position less permanent than it looks from the outside.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Vývojáři Bitcoinu řeší BIP-110, který by omezil typy transakcí jen na platby a peer-to-peer převody. Debata míří hlavně na Ordinals a Runy, ale nejde o plánovaný hard fork.
A new Bitcoin improvement discussion is putting one of the network’s most divisive questions back in the spotlight: what should Bitcoin block space be used for? BIP-110, a proposal under developer discussion, aims to limit transaction types to payments and peer-to-peer transfers, a move that could affect inscription-heavy activity such as Ordinals and Runes.
TL;DR Bitcoin developers are discussing BIP-110. The proposal would aim to filter transaction types viewed as on-chain spam. Ordinals and Runes traffic sit at the center of the debate. BIP-110 is a proposal, not an active or scheduled hard fork. The debate is not new. Since Ordinals brought inscription-style activity to Bitcoin, users have argued over whether that demand is a healthy fee market or a misuse of the chain. Supporters say Bitcoin is a permissionless network and users should be free to pay for block space. Critics argue that non-payment data clogs the network and moves Bitcoin away from its original monetary purpose.
The payment purist argument The case behind BIP-110 is rooted in a simple view of Bitcoin: the network should prioritize payments and value transfer. From that perspective, transactions that carry inscription data are treated as a distraction from Bitcoin’s core function. If the network becomes too congested with non-payment traffic, regular users may face higher fees and slower confirmation times.
That argument has gained renewed attention because Ordinals and Runes reportedly account for a large share of current Bitcoin network traffic. Some estimates place inscription-related activity at more than two-thirds of traffic. Even if that figure changes over time, it explains why the issue keeps returning. Block space is scarce, and everyone using Bitcoin is competing for it.
The open block-space argument The other side sees the proposal very differently. For Ordinals and Runes supporters, the point of Bitcoin is that users can broadcast valid transactions without asking permission. If someone pays the fee and follows consensus rules, they argue the network should not decide whether the transaction is morally or culturally acceptable.
There is also an economic argument. More activity means more fees. As Bitcoin’s block subsidy continues to decline over time, transaction fees become increasingly important for miner revenue. From that view, inscriptions may be messy, speculative, or even annoying, but they also help build the fee market that Bitcoin eventually needs.
Proposal, not policy The most important caveat is that BIP-110 is not a scheduled hard fork and should not be reported as one. It is an active proposal and debate. Bitcoin’s development process is deliberately slow, conservative, and difficult to force through. A technical idea can create a lot of noise without ever becoming network policy.
Still, the conversation matters because it shows Bitcoin’s identity debate is far from settled. Is Bitcoin only money, or is it a settlement layer where any valid transaction can compete? BIP-110 may or may not advance, but the argument around it will continue to shape how users, miners, and developers think about the network’s future.
For readers, the next few sessions matter because Bitcoin often needs confirmation from several places at once: spot demand, exchange flows, derivatives positioning, and the broader macro mood. One signal can start the conversation, but the stronger read comes when those signals begin lining up.
This report is based on information from Bitcoin BIPs GitHub Repository.
This article was written by the News Desk and edited by Samuel Rae.
Arkham uvedl, že Winklevossovi přesunuli na Gemini BTC za 60 milionů USD a ETH za 7 milionů USD, což podle něj odpovídá prodejním vzorcům. Bitcoin i Ethereum zůstávají pod tlakem.
Winklevoss Twins are moving Bitcoin (BTC) and Ethereum (ETH) to Gemini crypto exchange, blockchain analytics firm Arkham Intelligence flagged the transfers as selloffs by Cameron and Tyler Winklevoss. Meanwhile, BTC and ETH prices continue to remain under pressure.
Winklevoss Twins Are Dumping Bitcoin and Ethereum to Gemini Arkham Intelligence reported on July 1 that the Winklevoss Twins transferred $60 million in Bitcoin (BTC) to hot wallets associated with their Gemini crypto exchange. The blockchain analytics firm claimed that the move signals usual selling patterns.
The Winklevoss Twins have made about $1.7 billion in total Bitcoin profit since 2015. They still hold over $300 million in BTC.
In addition, they moved $7 million in Ethereum (ETH) to Gemini hot wallets from custody. These transfers come amid recent weakness in the broader crypto market. Also, it coincided with a significant drop in odds of the Clarity Act passing this year after President Trump disclosed $1.4 billion in crypto windfall.
Cameron and Tyler Winklevoss last transferred Bitcoin worth $67.5 million to hot wallets associated with their Gemini crypto exchange in June. They also transferred $130 million in March this year.
Winklevoss Twins Move Bitcoin and Ethereum to Gemini. Source: Arkham BTC and ETH Prices to Fall Deeper? Citigroup further lowered its 12-month price forecasts for Bitcoin and Ethereum. Citigroup cut Bitcoin price target from $112,000 to $82,000 and Ethereum price target from $3,175 to $2,240.
Bitcoin price tanked to a low of $57,747 over the past 24 hours and is currently trading near $58,600. Furthermore, trading volume has increased by 9% over the last 24 hours, but $4.5 billion in net outflows from Bitcoin ETFs in June kept investors at bay.
Analyst Ted Pillows said “Sellers are still dominating, while Coinbase Bitcoin Premium is at its lowest level this cycle.” If Bitcoin loses the $57,000-$58,000 zone, the price could drop deeper towards $50K.
Bitcoin Price in Daily Timeframe. Source: Ted Pillows Meanwhile, Ethereum price is trading 1% lower at $1,572. The intraday low and high are 1,549 and 1,600, respectively, with a further drop in trading volume over the past 24 hours.
Analyst Cheds Trading pointed out that Ethereum has made its lowest monthly close since 2023. Also, the monthly chart has formed Red Marubozu pattern, indicating bearish continuation.
Ethereum Monthly Price Chart. Source: Cheds Trading If you’re looking to buy the dip in the crypto market across both centralized and decentralized lending models, check out our Best Crypto Loan Platforms of 2026 recommendations list.
CSWAP přidal podporu Phantom Wallet do BTC Karma, takže držitelé bitcoinu mohou přímo připojit peněženku a během pár kliknutí stakovat BTC na Cardanu. Firma říká, že tím snižuje bariéry pro vstup bitcoinové likvidity do ekosystému Cardano.
CSWAP has highlighted a new integration aimed at simplifying how Bitcoin holders can participate in decentralized finance on the Cardano network.
The update follows an announcement from BTC Karma, CSWAP’s Bitcoin-native DeFi protocol, confirming support for the Phantom Wallet. With the integration now live, Bitcoin users can connect their Phantom wallets directly to BTC Karma and stake BTC in just a few clicks.
According to BTC Karma, the new wallet support removes onboarding friction and creates a more straightforward path for Bitcoin holders seeking yield opportunities through decentralized finance applications.
CSWAP Positions Wallet Expansion as a Liquidity Gateway Following the announcement, CSWAP emphasized the broader importance of the integration for the Cardano ecosystem.
The protocol noted that every additional wallet it supports lowers the barriers that prevent Bitcoin liquidity from flowing into Cardano-based applications. Consequently, the addition of Phantom support marks another step toward attracting the next generation of Bitcoin DeFi users.
“Every wallet we support makes it easier for Bitcoin liquidity to enter the Cardano ecosystem,” CSWAP remarked.
CSWAP CEO Hints at More Integrations Reacting to the launch, CSWAP founder and CEO Jon Kravetz reiterated the team’s commitment to expanding BTC Karma’s reach across additional wallets and user communities.
He described the Phantom integration as part of a broader effort to extend the BTC Karma ecosystem across the cryptocurrency industry. Furthermore, Kravetz hinted that the team is already developing additional integrations, signaling plans to continue lowering entry barriers for Bitcoin holders interested in Cardano’s DeFi opportunities.
Just added @phantom wallet support on @btc_karma.
We're spreading good $KARMA far and wide.
We're turning bitcoin…in to productive capital one wallet at a time. (There's more coming!) https://t.co/npV7lJoNyQ
— Jon Kravetz (@CSWAP_Destroy) June 30, 2026
For context, BTC Karma is widely regarded as the first Bitcoin-native DeFi protocol operating directly on the Cardano mainnet. The platform serves as a bridge, allowing Bitcoin holders to earn yield and receive new tokens while participating in the Cardano ecosystem.
Notably, the protocol’s design aligns closely with Cardano founder Charles Hoskinson’s vision of bringing idle Bitcoin capital into the ADA ecosystem. Hoskinson argued that Cardano can unlock more than $2 trillion in Bitcoin DeFi opportunities, stressing that the network has a strong chance of becoming a major player in the emerging sector.
Cardano Continues to Expand Its Bitcoin DeFi Ambitions Meanwhile, Cardano continues to advance its broader DeFi strategy through several processes, including Bitcoin integration initiatives.
Earlier this year, Fluid Tokens completed the first atomic swap between Bitcoin and Cardano, demonstrating growing interoperability between the two networks. In addition, Cardano previously introduced its first Bitcoin DeFi protocol, Cardinal, which allows BTC holders to bridge and stake their assets without selling them.
Hoskinson also revealed plans earlier this year to launch a one-click Bitcoin yield system on Cardano before year-end. However, the project has yet to provide an update on its progress.
In the meantime, competition in the Bitcoin DeFi sector continues to intensify, with rivals such as Flare arguing that they are better positioned to lead the race for Bitcoin-based decentralized finance.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Americké spotové Bitcoin ETF zaznamenaly v červnu čisté odlivy 4,5 miliardy USD, nejvíc od spuštění v lednu 2024. Nejvíc utrpěl IBIT od BlackRocku s odlivem 3,55 miliardy USD.
US-listed Bitcoin (BTC) exchange-traded funds (ETFs) recorded $4.5 billion in net outflows during June 2026. This was the worst monthly figure since the products launched in January 2024.
The redemptions coincided with a sharp price decline. Bitcoin fell 20.48% over the month, its steepest monthly drop since June 2022, when the asset shed 37.28% during that cycle’s collapse.
IBIT Leads the Institutional RetreatJune’s outflows broke the previous monthly record of $3.56 billion, set in February 2025 during an earlier stretch of market stress.
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Bitcoin ETF Monthly Flows. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of the outflows. The fund alone shed $3.55 billion, close to 79% of the category’s total redemptions.
That concentration is striking. IBIT’s single-fund outflow nearly matched the entire category’s prior monthly record on its own.
The price data reinforces the pressure. Bitcoin closed four of 2026’s first six months in negative territory, with June’s 20.48% decline the deepest of the year.
How Crypto ETFs Performed in June 2026The weakness extended beyond Bitcoin, though the scale varied across categories. Ethereum (ETH) ETFs posted $528.99 million in June outflows, SoSoValue data showed.
Solana (SOL) ETFs recorded net outflows of roughly $786,580. The figure is small, but it marks the first monthly outflow for Solana ETFs since their launch, ending a run of positive months.
Top Crypto ETFs Performance in June. Source: BeInCryptoNot every category turned negative. XRP (XRP) ETFs drew $59.46 million in net inflows during June, holding positive despite the broader downturn.
Hyperliquid (HYPE) ETFs led the group with $161.05 million in inflows, the strongest June showing across the products.
The split suggests capital rotated within crypto rather than exiting entirely. Newer altcoin products absorbed fresh money even as the two largest categories saw sustained redemptions.
Whether that rotation hardens will depend on how Bitcoin trades in July, since a price rebound could pull capital back toward the incumbents.
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Bitcoin zůstává pod tlakem po odlivech z ETF, které za pět dní dosáhly -34 267 BTC. K33 ale čeká, že kvartální rebalancování může v příštích dnech přinést dočasnou úlevu.
Bitcoin (BTC) could see a short-term relief from heavy selling pressure as quarter-end portfolio rebalancing could potentially revive spot BTC exchange-traded funds (ETFs) inflows, according to a K33 report on Tuesday.
The firm stated that aggressive ETF selling has become one of the biggest drivers of Bitcoin's recent weakness, noting that five-day net ETF flows plunged to -34,267 BTC last week, marking the second-largest five-day outflow on record.
1-Week Flow BTC ETFs. Source: K33Bitcoin ETF selling pressure could ease due to quarter-end rebalancingDespite the outflows, the firm noted that quarter-end portfolio rebalancing could offer temporary relief in the coming weeks.
"As we await the end of yet another quarter of significant BTC underperformance, rebalancing may once again push flows from negative to positive over the coming week," K33's Head of Research Vetle Lunde wrote.
The firm stated that in nine of the past 18 months, ETF flows diverged from the prevailing trend for the rest of the month during the six trading days around month-end.
In several instances, periods when Bitcoin underperformed the S&P 500 were followed by stronger ETF inflows as investors increased their Bitcoin exposure during portfolio rebalancing.
Bitcoin Monthly Returns Relative to SPX vs ETF Flows +-3 Days From Month End. Source: K33However, K33 cautioned that the relationship has not been consistent enough to be viewed as a reliable market signal. The firm stated that the other nine months failed to follow the same pattern, indicating that rebalancing is only one of several factors influencing ETF demand.
"If this relationship persists, quarter-end rebalancing could provide a well-needed relief for Bitcoin during the first few trading days of July," the report said.
K33 also examined recent changes at Strategy, saying the company's expanded liquidity reserve reduces immediate concerns about forced Bitcoin sales while introducing a new source of uncertainty.
The report noted that Strategy increased its USD reserve to $2.55 billion, extending preferred dividend coverage from roughly 10 months to more than 17 months.
The company also established a Bitcoin Monetization Program, allowing it to sell up to $1.25 billion in Bitcoin to fund obligations and share repurchases.
"The possibility of BTC sales from its 847,363 BTC holdings remains a risk to market sentiment, particularly if investors continue to worry about a potential doom loop in which Strategy ultimately suspends dividends on its preferred securities,” K33 added.
Wintermute suggests downside could persist before a market bottomWintermute analysts shared a similar sentiment in a report made public on Tuesday, arguing that although several indicators point to an advanced stage of Bitcoin's bear market, a definitive bottom has yet to form.
Wintermute pointed to deeply depressed sentiment, with the Crypto Fear & Greed Index remaining in extreme fear territory and an increasing share of Bitcoin's circulating supply now being held at a loss.
The firm also viewed Strategy's newly announced capital framework as reducing the risk of a disorderly unwind while underscoring the current market environment.
"A Bitcoin treasury company now reserving the right to sell Bitcoin to cover its dividends tells you something about where we are in the cycle," Wintermute wrote.
Wintermute analysts noted that Bitcoin has historically not bottomed during the summer months, as thin trading volumes limit meaningful accumulation.
The firm expects further downside into September or October before a potential recovery, depending on macroeconomic conditions.
Bitcoin is trading at $58,690, down 2% over the past 24 hours at the time of writing.
Tchajwanský parlament schválil zákon, který zavádí licencování pro VASP a vyžaduje plné krytí u emitentů stablecoinů. Trh to vnímá jako pozitivní impuls pro Bitcoin a Ethereum.
Taiwan’s legislature has enacted a new law establishing comprehensive regulations for crypto platforms and stablecoin issuers, marking a significant shift from the previous anti-money laundering registration system. The legislation introduces a formal licensing regime for virtual asset service providers (VASPs) and mandates that stablecoin issuers maintain full reserve backing in domestic financial institutions. The move aligns Taiwan with regional trends towards enhanced oversight of digital assets and indicates a major step into the regulated crypto era. This development is viewed by market participants as a potential boost for Bitcoin and Ethereum, given the positive regulatory clarity in a key Asian market.
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Key Takeaways Taiwan’s regulatory move appears to provide a boost to Bitcoin’s prospects, with market pricing indicating increased confidence in achieving higher price targets. The regulatory clarity in Taiwan suggests a potential increase in institutional interest in cryptocurrencies, which could positively impact future price predictions. Market activity reflects a supportive stance towards Ethereum’s market sentiment, albeit with less direct impact compared to Bitcoin. What to Watch Observers should monitor how the new regulations influence institutional behavior towards Bitcoin and Ethereum in Taiwan. The timeline for existing VASPs to obtain full licenses and achieve regulatory approval could be a key indicator of market adaptation. Further developments in regional regulatory stances may continue to shape market dynamics and influence investor confidence in digital assets.
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When Will Bitcoin Hit 150k
Contract Odds Δ since publish Volume 24h June 30, 2026 0.1% — — View market → December 31, 2026 4.2% — — View market → What Price Will Bitcoin Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 1.8% — — View market → December 31 2.1% — — View market → December 31 4.7% — — View market → December 31 5.5% — — View market → December 31 6.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 46% — — View market → January 1 2027 8.5% — — View market → January 1 2027 1.7% — — View market → January 1 2027 2.5% — — View market → January 1 2027 4.3% — — View market → January 1 2027 5.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 82.5% — — View market → January 1 2027 16.5% — — View market → January 1 2027 1.4% — — View market → January 1 2027 4% — — View market → January 1 2027 64.5% — — View market → January 1 2027 29.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 1.4% — — View market → January 1 2027 1.1% — — View market → January 1 2027 15.5% — — View market → January 1 2027 18.5% — — View market → ⚡ Also Impacted by This Story
Bitcoin má i přes volatilitu silnější aktivitu na blockchainu: denně potvrzuje 600 000 až více než 800 000 transakcí. Lightning Network v listopadu zaznamenala objem 1,17 miliardy USD ve 5,22 milionu transakcí.
Bitcoin’s price chart might still look like an EKG readout, but underneath the drama, something quieter and arguably more important is happening. The network’s actual payment infrastructure is getting busier, faster, and bigger.
On-chain transaction counts have been holding steady in the range of 600,000 to over 800,000 confirmed transactions per day. Meanwhile, the Lightning Network, Bitcoin’s Layer-2 scaling solution designed to make payments fast and cheap, processed an estimated $1.17 billion across 5.22 million transactions in November 2025 alone.
Lightning grows up The average transaction size on Lightning nearly doubled year-over-year in 2025, climbing from $118 to $223. That shift matters because it signals the network is being used for real commerce and settlement, not just hobbyist micropayments.
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The most dramatic example came in January 2026, when a $1 million payment was routed through Lightning to the exchange Kraken. That single transaction demonstrated that Lightning can handle large-scale transfers, not just the sub-$50 payments it was initially designed to facilitate.
Channel capacity on the Lightning Network reached multi-year highs of over 5,400 BTC by early 2026. Channel capacity is essentially the amount of Bitcoin locked into Lightning’s payment channels, ready to be used for instant transactions. More capacity means the network can handle larger individual payments and greater aggregate volume without bottlenecks.
Base layer stays busy Daily confirmed transaction counts ranging from 600,000 to over 800,000 suggest that on-chain activity remains robust even when prices are volatile. During previous market downturns, on-chain activity tended to crater alongside price. The current pattern breaks that historical tendency.
The growing use of Bitcoin for cross-border remittances is a particularly notable development. Sending money internationally through conventional channels still involves fees that can eat 5-10% of the transfer amount, plus multi-day settlement times. A Lightning transaction settles in seconds for a fraction of a cent.
What this means for investors The doubling of average Lightning transaction sizes is a leading indicator worth watching. If that trend continues, it means Bitcoin’s payment infrastructure is moving upmarket from consumer micropayments to business-to-business settlement and institutional transfers.
For investors evaluating Bitcoin’s fundamental case, the on-chain data tells a story that price charts alone cannot. Transaction counts aren’t declining during volatile periods. Lightning capacity keeps expanding. Average payment sizes are growing. The network is being used for increasingly serious financial activity, from remittances to million-dollar institutional transfers.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bolívie opouští pevné navázání boliviana na USD a přechází na plovoucí kurz kvůli vyčerpaným rezervám. Zároveň roste role kryptoměn, zejména USDT, a Bitcoin se znovu objevuje jako možná alternativa rezerv.
Bolivia changes its monetary strategy after fifteen years of artificial stability. The country abandons its fixed peg to the dollar due to the decline of its reserves and economic pressure. This decision also revives the debate around financial alternatives like Bitcoin, as cryptocurrencies advance in economies facing currency tensions. The new exchange rate regime marks a new stage for the boliviano and transforms the country’s monetary environment.
In Brief Bolivia abandons its fixed peg to the Dollar after fifteen years to adopt a flexible exchange rate regime due to the exhaustion of its reserves. The end of monetary control occurs as the gap between the official rate and the parallel market Dollar rate has widened significantly. The lifting of restrictions on cryptocurrencies in 2024 caused a strong rise in trading volumes and accelerated the adoption of stablecoins in the country. Bolivian banks are beginning to integrate services related to digital assets, notably USDT, amid financial transformation. Facing currency tensions, Bitcoin appears as a strategic reserve considered by several states and could be a diversification path for Bolivia. Bolivia Abandons Its Dollar Peg After Fifteen Years of Control The US dollar just took another hard hit in Bolivia, where it played a central role in the fixed exchange system established since 2011. The country has just ended this system. The Minister of Economy José Gabriel Espinoza announced in a press release the abandonment of the official rate of about 6.96 bolivianos per US dollar. The country now adopts a flexible floating exchange rate regime, with a rate determined by market forces. This decision comes as the old mechanism no longer reflected the economic reality.
Before this announcement, the Central Bank’s reference rate had already exceeded 10 bolivianos per dollar. The gap between the official exchange rate and the parallel market had significantly increased, reaching about 12.9 to 13.1 bolivianos per dollar by late 2025. The old monetary system could no longer maintain sustainable stability. The government chose a new approach to address accumulated imbalances.
The fixed exchange rate regime worked when Bolivia had enough reserves to support its currency. In 2014, foreign exchange reserves exceeded 15 billion dollars, giving the central bank the means to defend the official rate. Since then, reserves have sharply decreased, reducing their intervention capacity. Rising budget deficits also made maintaining this model increasingly difficult.
The shift to a flexible system is part of a broader economic stabilization strategy. This evolution could also accompany new dealings with international financial institutions. For Bolivian authorities, the goal is to restore a balance between the official market and economic reality. This transformation also opens a new chapter for alternative monetary solutions.
The Rise of Cryptocurrencies Accelerates in the Country For ten years, Bolivia had banned virtual assets on its territory. The situation changed in June 2024, when the central bank lifted restrictions with resolution no. 082/2024 from its board. This opening quickly changed the local financial landscape. Users began exploring cryptocurrencies more as a tool for protection against monetary tensions.
Transaction volumes via official channels rose from 46.5 million dollars in the first half of 2024 to 294 million dollars in the first half of 2025. This increase represents a rise of over 530% in one year. The Bolivian crypto market thus developed a new dynamic after the end of restrictions. Local players gradually adopted new digital uses.
In April 2026, three Bolivian banks already offered services related to USDT. This evolution shows that stablecoins now hold an important place in the national financial ecosystem. Bolivia’s central bank also signed a memorandum of understanding with El Salvador’s National Digital Assets Commission in 2025. The country thus seeks to better understand opportunities related to digital assets.
The disappearance of the fixed rate could, however, change the demand for cryptocurrencies. If citizens can access foreign currencies at market price via official channels, the use of certain stablecoins as protection against dollar shortages could evolve. However, the infrastructure built in recent years remains in place. Users now have digital wallets and master virtual asset transactions.
This situation shows that monetary crises can accelerate stablecoin adoption. Bolivia thus becomes a case observed by crypto market players. Investors now monitor volume evolution after the exchange regime reform. Continued institutional demand around USDT could confirm the lasting establishment of cryptocurrencies in the local financial system.
And Why Not Bitcoin as a New Strategic Reserve? Beyond stablecoins, Bitcoin appears as a monetary alternative used by several states seeking to diversify their reserves. Unlike traditional currencies, its supply is limited to 21 million units. This characteristic makes it a digital asset considered by some governments as a long-term store of value. Its decentralized operation represents a major difference from currencies controlled by central banks.
The United States has integrated Bitcoin into its strategic thinking around national digital asset reserves. This approach is based on the idea that an asset independent from the classic monetary system can strengthen a country’s financial diversification. El Salvador has also placed Bitcoin at the core of its monetary policy since its official adoption. The country continues accumulating Bitcoin reserves totaling 7,696.37 BTC in a logic of financial sovereignty despite IMF pressures.
Bhutan is also among the countries that have developed significant exposure to Bitcoin. Thanks to its energy resources, the country has participated in the development of Bitcoin mining and holds this digital asset in its reserves. This strategy shows that some states now consider Bitcoin a new financial instrument on the same level as certain traditional reserves. The objective is to have an alternative asset in the face of global economic uncertainty.
In this context, Bolivia could also consider Bitcoin as a complementary tool to strengthen the diversification of its reserves. After abandoning its dollar peg and facing difficulties in maintaining sufficient foreign currency levels, the country has an opportunity to explore new financial mechanisms. A Bitcoin reserve would not replace traditional currencies but could offer additional protection against tensions on international markets.
For Bolivia, progressively integrating Bitcoin into a national strategy could represent a new step in modernizing its financial system. The experience of other countries shows that a digital asset can become a diversification instrument when framed by a clear policy. As the country seeks to restore economic stability, BTC could become an additional component of its strategic reserves alongside traditional assets.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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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.
Americké spotové Bitcoin ETF zaznamenaly odliv 231 mil. USD a prodlužují sérii na osm dní v řadě. Spotové Ethereum ETF tentýž den ztratily 30 mil. USD.
US spot Bitcoin ETFs hemorrhaged $231 million on June 29, extending a painful streak to eight consecutive days of net withdrawals. Spot Ethereum ETFs joined the exodus with $30 million leaving the same day, according to data from SoSoValue.
The June rout by the numbers The $231 million Bitcoin outflow on June 29 wasn’t even the worst single day this month. On June 10, Bitcoin ETFs saw $214 million in redemptions while Ethereum products lost $35.6 million.
June 2026 is on pace for over $4 billion in total outflows from US spot Bitcoin ETFs. That would make it the largest monthly decline since these products first hit the market in January 2024.
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BlackRock’s IBIT, the dominant fund in the space, has been a significant contributor to the recent redemptions.
On the Ethereum side, the $30.043 million net outflow on June 29 is smaller in absolute terms but still part of a broader negative trend. Ethereum ETFs have historically shown mixed flow patterns, oscillating between modest inflows and outflows. But June has tilted firmly negative.
What’s driving the pullback The short answer: macroeconomics. Rising interest rates make safe-haven assets like Treasury bonds more attractive relative to volatile ones like crypto. When a money market fund pays you a competitive yield for doing essentially nothing, the case for sitting in Bitcoin through a choppy stretch gets harder to make, especially for institutional allocators who answer to risk committees and compliance officers.
What’s changed is the duration and consistency of the selling. Previous outflow episodes tended to reverse within a few days as dip-buyers stepped in. Eight straight days without a positive session suggests something more structural is happening beneath the surface.
What this means for investors For traders watching this space, a few things are worth monitoring closely. First, whether the outflow streak breaks. Second, keep an eye on IBIT specifically. BlackRock’s fund is the bellwether for institutional sentiment in crypto ETFs.
Third, watch the macro calendar. Any shift in Fed rate expectations, whether from economic data surprises or central bank commentary, could rapidly change the calculus for institutional allocators. Crypto’s correlation with rate-sensitive assets means that a dovish surprise could reverse outflows just as quickly as hawkish expectations triggered them.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Metaplanet má už asi 212 571 domácích akcionářů, tedy zhruba 1 z 600 obyvatel Japonska. Firma zároveň drží 40 177 BTC a je největším korporátním držitelem Bitcoinu v Asii.
Think of a mid-sized Japanese hotel company pivoting to become one of the world’s largest corporate Bitcoin holders. That’s Metaplanet in a nutshell.
Metaplanet (TSE: 3350) now counts approximately 212,571 domestic shareholders, a figure that works out to roughly 0.2% of Japan’s population. That shareholder base grew 66% in recent months.
From 10,000 to 212,000 shareholders in two years When Metaplanet launched its Bitcoin treasury strategy in April 2024, the company had around 10,000 shareholders. It blew past 64,000 on the way to today’s 212,571 figure. The company’s long-term target is exceeding one million shareholders.
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Metaplanet is essentially trying to redirect capital toward Bitcoin through the comfort of a traditional stock listing. Strategy, formerly MicroStrategy, pioneered this model in the US.
The company now holds 40,177 BTC, making it Asia’s largest corporate Bitcoin holder and the third-largest among public companies globally, behind Strategy and Twenty One Capital. It purchased 5,075 BTC in Q1 2026 alone as part of its ongoing accumulation push.
Building the infrastructure for Bitcoin yield products In June 2026, the company acquired Siiibo Securities for approximately $13 million. The deal gives Metaplanet a Type I financial instruments business license, which is the regulatory key needed to sell Bitcoin-linked yield products directly to Japanese investors.
The company is also pursuing a $5.4 billion equity facility, denominated at roughly 770.9 billion yen. That capital is earmarked for buying more Bitcoin. Metaplanet’s stated ambition is to accumulate up to 210,000 BTC in total, which represents 1% of Bitcoin’s total 21 million supply cap.
What this means for investors The dilution risk is a key consideration. A $5.4 billion equity facility means Metaplanet will be issuing a lot of new shares. If Bitcoin’s price rises fast enough, the BTC-per-share metric improves. If Bitcoin stalls or drops, shareholders absorb dilution without the offsetting gain.
If Metaplanet successfully launches Bitcoin yield products for Japanese retail investors via the Siiibo Securities acquisition, it creates a revenue stream beyond simple price appreciation, potentially differentiating it from pure treasury plays.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Silicon Valley Bank uvádí, že půjčování bitcoinů se po kolapsu Celsius, BlockFi a Genesis obnovuje na přísnějších základech. Krypto-zajištěné půjčky dosáhly v 1. čtvrtletí 2026 objemu 67 miliard USD, meziročně o 49 % více.
The $BTC lending market that imploded with Celsius, BlockFi and Genesis in 2022 is quietly rebuilding, and this time on very different foundations. A new report from @SiliconVlyBank argues that what was once a lightly regulated corner of crypto is now adopting the conventions of traditional finance: overcollateralized loans, transparent risk management and conservative underwriting.
A Market Rebuilt on Stronger Ground The numbers back the narrative. According to Silicon Valley Bank, citing Galaxy Research data, total crypto-backed lending reached $67 billion in Q1 2026, a 49% increase year over year. The failures of Celsius, BlockFi and Genesis were defining moments. Each firm shared common vulnerabilities: maturity mismatches, excessive leverage and the rehypothecation of customer assets. Today's lenders have responded by requiring borrowers to post significantly more collateral than they borrow in dollars, and by monitoring that collateral continuously.
A landmark deal underlines how far the market has come. In February 2026, lending firm Ledn closed a $188 million Bitcoin-backed asset-backed security, the first Bitcoin-collateralized deal to receive an investment-grade rating from S&P Global. That kind of institutional credibility was unthinkable at the height of the 2022 crisis.
Costs Remain High, But Change Is Coming Borrowing is still expensive. SVB puts current annualized rates for Bitcoin-backed loans at between 7.5% and 16%, well above comparable traditional credit products. But the bank expects that spread to narrow as mainstream banks and private credit funds enter the market. Several major U.S. banks now offer Bitcoin-backed credit facilities, and JPMorgan has reportedly been considering similar products for institutional clients.
SVB also flagged the Lightning Network as a potential efficiency driver, noting that near-instant, low-cost collateral transfers and automated margin calls could make Bitcoin-backed lending more scalable within established financial markets.
The consumer slice of the market remains modest, estimated by Ledn at around $3 billion today. But the firm has argued that figure could scale toward $1 trillion over the next decade as long-term $BTC holders seek liquidity without selling their coins. For now, SVB's report signals that the infrastructure to support that kind of growth is finally being put in place.
Sources:
CoinDesk: Bitcoin-backed lending is making a comeback, according to Silicon Valley Bank
Silicon Valley Bank: The Bitcoin-Backed Lending Renaissance
Bitcoinový těžař a AI firma Ionic Digital podala žádost o přímý listing na Nasdaq pod tickerem IOND. Společnost chce v nabídce prodat až 10,8 milionu akcií.
June 29 : Bitcoin miner and AI infrastructure firm Ionic Digital filed on Monday to go public through a direct listing.
The company was formed in January 2024 to acquire the cryptocurrency mining assets of Celsius Mining, a subsidiary of Celsius, which received U.S. bankruptcy court approval for a restructuring in November 2023.
A direct listing allows a company to list its existing shares on an exchange without an underwritten offering. No new shares are created, and insiders can sell their holdings instantly.
Ionic's registered stockholders plan to sell up to 10.8 million shares of common stock in the listing.
As part of Celsius' reorganization, Ionic issued about 37 million Class A shares to Celsius creditors, turning them into shareholders in the new company.
New Jersey-based Celsius filed for Chapter 11 protection in July 2022, one month after freezing customer accounts to prevent withdrawals. It is one of several crypto lenders to go bankrupt following the rapid growth of the industry during the COVID-19 pandemic.
Last week, Ionic raised $400 million at a pre-money valuation of $2 billion in a funding round led by new investors Attestor, Oaktree Capital Management and Sachem Head Capital Management.
Ionic plans to list its shares on Nasdaq under the symbol "IOND". J.P.Morgan, Jefferies and BTIG are the financial advisors for the listing.
Ukrajina poprvé převedla zabavené kryptoměny v hodnotě přes 8,3 milionu dolarů do státem spravované peněženky. Jde o USDT z případu mezinárodní hackerské skupiny.
Ukraine has placed more than $8.3 million in seized crypto under state management, the first time the country has moved confiscated digital assets into a government-controlled wallet.
The National Agency for Finding, Tracing, and Management of Assets, known as ARMA, received the funds from wallets tied to an alleged member of an international hacking group.
Seized Crypto from an International Hacking CaseThe holding is Tether (USDT), the largest stablecoin, valued at over 372 million Ukrainian hryvnias at the time of the transfer, according to prosecutors.
Investigators say the group attacked people and companies across Europe and the United States. The case reflects a rise in stablecoin-driven crypto crime.
The attackers stole confidential data, demanded ransom payments, and laundered the money in Ukraine through real estate and cars.
Authorities estimate the network caused more than $100 million in damage. The pattern mirrors other crypto laundering networks that ended in multiple arrests.
Four suspects, including the alleged organizer, remain in custody. Total seizures in the case topped $11.1 million, covering homes, apartments, vehicles, and cash.
What State Custody Means for the FundsUntil now, crypto seized in Ukrainian cases sat frozen, with no agency actively holding or moving it. The transfer gives ARMA direct control of the wallet.
A 2025 reform law overhauled how ARMA manages seized property, adding independent audits and tighter oversight. The change was a condition of hundreds of millions of euros in European Union support.
The step stops short of confiscation, which requires a court conviction. For now, the agency holds the assets rather than owning them.
USDT sits near its dollar peg, trading close to $1. That gives ARMA a relatively stable asset to manage, hold, or eventually sell.
USDT Near Its Dollar Peg. Source: BeInCryptoA stablecoin avoids the price swings tied to bitcoin, making the holding easier to value. But USDT is centrally controlled, and Tether can freeze tokens at law enforcement requests.
Under Economic Fury, @USTreasury will continue to systematically degrade Tehran’s ability to generate, move, and repatriate funds.
Treasury’s Office of Foreign Assets Control is sanctioning multiple wallets tied to Iran — resulting in the freeze of $344 million in…
— Treasury Secretary Scott Bessent (@SecScottBessent) April 24, 2026 Follow us on X to get the latest news as it happens
What to do with seized crypto has split governments. The United States ordered forfeited Bitcoin into a strategic reserve it pledged not to sell. It treats confiscated coins as a long-term asset.
Germany took the opposite path, and critics still debate its seizure of Bitcoin sales after prices later climbed.
Ukraine has not said whether it will sell the USDT or hold it. That choice may shape how it treats future seizures, and whether seized tokens become state revenue.
Japanese Bitcoin treasury firm Metaplanet has announced its plan to expand its Bitcoin ambitions, with Director of Bitcoin Strategy Dylan LeClair revealing that the company intends to acquire an additional 170,000 BTC as part of its long-term goal of controlling 1% of Bitcoin’s total supply.
The strategy would increase Metaplanet’s holdings to 210,000 BTC by the end of 2027, making it one of the world’s largest Bitcoin treasuries. At Bitcoin’s fixed maximum supply of 21 million coins, the target represents approximately 1% of all Bitcoins that will ever exist. Such a milestone would place the Tokyo-listed company alongside Strategy among the most influential institutional owners of the digital asset.
5/5 Proposals Approved at the @Metaplanet Extraordinary Shareholder Meeting
1) Approve shift of capital stock and capital reserve to capital surplus to increase capacity for preferred share dividends & potential share buybacks. ✅
2) Increase the total number of authorized…
— Dylan LeClair (@DylanLeClair) December 22, 2025
Metaplanet Is Doubling Down on Its Bitcoin Treasury Strategy The latest target follows board approval of Metaplanet’s revised Bitcoin accumulation plan, which significantly expands the company’s original objective.
Rather than stopping at 40,000 BTC, the company now plans to acquire a total of 210,000 BTC by the end of 2027. Since the company already holds roughly 40,000 BTC, the updated strategy implies purchases of approximately 170,000 additional Bitcoin over the next 18 months.
LeClair described the goal in straightforward terms.
“Our target is 1% of the Bitcoin supply.” The executive has consistently argued that Metaplanet measures success not through fiat-denominated returns but by increasing Bitcoin per share, a philosophy that mirrors Strategy Executive Chairman Michael Saylor’s long-standing approach to corporate treasury management.
To finance the expansion, the company plans to continue using equity issuance, preferred shares, warrants, and other capital market instruments rather than relying solely on cash generated from operations.
Earlier this year, Metaplanet announced a major equity financing initiative designed specifically to accelerate Bitcoin accumulation. The company has repeatedly emphasized that the objective is to raise capital efficiently while minimizing shareholder dilution.
Corporate Competition for Bitcoin Is Intensifying Metaplanet’s announcement highlights how competition among corporate Bitcoin treasury companies is escalating.
Over the years, Strategy has dominated the corporate Bitcoin accumulation narrative. However, more recently, treasury companies like Metaplanet, Twenty One Capital and MARA Holdings have created an institutional race to accumulate scarce Bitcoin supply.
Top Bitcoin treasury companies. Source: Bitcointreasuries.net
If Metaplanet succeeds, its holdings would account for one out of every hundred Bitcoin that will ever exist. That concentration could have broader implications for market liquidity.
Unlike exchange-traded funds, which purchase Bitcoin on behalf of investors, treasury companies typically accumulate BTC as long-term balance sheet assets. Those coins are rarely sold, effectively reducing the liquid supply available to the market.
The strategy also reflects growing confidence among Bitcoin-focused corporates that long-term appreciation will outweigh short-term volatility.
LeClair has repeatedly argued that Bitcoin should be viewed as a superior treasury reserve asset capable of protecting corporate purchasing power over time, particularly in an environment of persistent fiat currency debasement.
Whether investors continue supporting those financings will depend largely on Bitcoin’s long-term performance and Metaplanet’s ability to generate value on a per-share basis.
Strategy, the company formerly known as MicroStrategy, has officially broken its own cardinal rule. The company can now sell Bitcoin to buy back stock, repurchase debt, and pay preferred dividends.
Strategy already sold 32 BTC for approximately $2.5 million at the end of May 2026, marking the first Bitcoin sale in the company’s treasury history. The company still holds roughly 843,738 BTC.
The new framework, explained On June 29, 2026, Strategy formally introduced what it calls the Digital Credit Capital Framework, a set of rules that lets the company treat Bitcoin as a flexible treasury asset.
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The framework authorizes up to $2 billion in stock repurchases. It also includes a Bitcoin monetization program allowing for up to $1.25 billion in sales to shore up the company’s USD reserves and overall liquidity.
Back on May 15, 2026, Strategy announced plans to repurchase $1.5 billion of its 0% convertible senior notes due 2029 at a discount. The proposed funding sources for that buyback included cash reserves and Bitcoin sales.
CEO Phong Le stated the firm would sell Bitcoin “when advantageous,” marking a shift from passive accumulation to active balance-sheet management. The same framework update also raised the dividend on STRC preferred shares to 12%.
What this means for investors For Strategy shareholders, stock buybacks funded by Bitcoin sales could boost per-share value in the near term. The $2 billion buyback authorization suggests management sees its own equity as undervalued. The 12% dividend on STRC preferred shares also gives income-oriented investors a concrete reason to stick around.
The risk is that this new framework erodes the very premium that made Strategy stock attractive in the first place. Many investors bought shares precisely because they believed the company would hold Bitcoin indefinitely, acting as leveraged long exposure to the asset. If that conviction trade unwinds, the stock could lose its appeal as a Bitcoin proxy, forcing it to be valued more on its software fundamentals.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Strategy schválila nový rámec správy kapitálu, který jí může umožnit prodat až 1,25 miliardy USD v Bitcoinu. Neznamená to odklon od BTC, ale flexibilnější treasury model.
For more details, visit the official Decrypt platform.
TL;DR Strategy has approved a new Digital Credit Capital Framework for active capital management. Under the framework, the company could sell up to $1.25 billion worth of Bitcoin. The move does not mean Strategy is abandoning Bitcoin, but it does show a more flexible treasury model. Strategy Adds A New Layer To Its Bitcoin Playbook Strategy has approved a new Digital Credit Capital Framework that could allow the company to sell up to $1.25 billion worth of Bitcoin as part of a broader active capital management approach.
That sounds dramatic because Strategy has spent years being viewed as the public-market symbol of relentless Bitcoin accumulation. Investors are used to hearing about purchases, convertible notes, preferred stock, and balance-sheet expansion. A framework that allows Bitcoin sales naturally gets attention because it cuts against the simplest version of the story.
But the more useful read is a little more nuanced. This is not necessarily “Strategy turns bearish on Bitcoin.” It is closer to Strategy formalizing how it may manage liquidity, dividends, buybacks, and reserves while still operating around a Bitcoin-heavy balance sheet.
Why A Bitcoin Sale Authorization Matters The authorization matters because it changes how investors think about Strategy’s treasury model.
A company can be bullish on Bitcoin and still need a mechanism for capital management. That is especially true when the company has layered financing instruments around its balance sheet. Dividends, credit products, buybacks, cash reserves, and market volatility all create situations where flexibility may become valuable.
The risk is perception. Strategy’s brand is closely tied to Bitcoin conviction. Any suggestion that it could sell BTC, even for corporate finance reasons, may invite questions from investors who bought into the idea of continuous accumulation.
That does not mean the framework is negative by default. A rigid treasury strategy can become fragile if market conditions change. A flexible one can be stronger, provided investors trust the rules and understand when sales may happen.
The Bigger Question For Bitcoin Treasury Companies This development also speaks to the next phase of Bitcoin treasury adoption. The first phase was simple: buy BTC and hold it. The next phase may be more complicated: manage Bitcoin-backed capital structures in public markets.
That is where the story gets more interesting. If Strategy can use its Bitcoin position to support credit products, dividends, reserves, or buybacks, then it is no longer just a holder. It becomes a capital manager built around Bitcoin as the core reserve asset.
For Bitcoin, the immediate market impact depends on whether any sales actually occur and how they are executed. A maximum authorization is not the same thing as a completed sale. Still, traders will watch closely because Strategy remains one of the most closely followed corporate BTC holders.
The takeaway is simple: Strategy’s Bitcoin story is maturing. The company is not just stacking BTC; it is building rules around how that stack can support a wider financial structure. That may make the model more durable, but it also makes it more complex.
—
This article was written by the News Desk and edited by Samuel Rae.
BitMine minulý týden přidala do bilance Ethereum za téměř 43 milionů USD a drží přes 5,7 milionu ETH v hodnotě kolem 9 miliard USD. Strategy naopak minulý týden Bitcoin nepřikoupila.
In brief BitMine added another $43 million in Ethereum to its balance sheet last week, despite falling prices. The firm now holds more than 5.7 million ETH valued around $9 billion. As BitMine continued its consistent purchases, top Bitcoin treasury firm Strategy did not add to its holdings last week. Leading Ethereum treasury firm BitMine Immersion Technologies stayed consistent in the face of declining crypto prices last week, adding nearly $43 million in ETH to its stash even while top Bitcoin treasury company Strategy opted against accumulating BTC.
The firm now holds more than 5.7 million ETH, valued around $9 billion. It also holds around 206 Bitcoin, worth $12.3 million.
“This past week was a challenging one for crypto investors as ETH fell by 8%, even as Ethereum witnessed notable positive developments such as the creation of Ethlabs, and even the Bank of England softened its stance around stablecoins,” said BitMine Chairman Tom Lee in a statement. (Disclaimer: Lee is an investor in Decrypt parent company, Dastan).
Ethlabs, a new nonprofit research and development lab dedicated to championing the future of the Ethereum network and its native asset, is financially backed by BitMine and competing treasury firm Sharplink.
Lee maintained that crypto's future looks bright, and said the firm “remains focused on the longer-term horizon,” highlighting tailwinds like agentic payments and institutional adoption of crypto rails.
“We are nearing quarter-end for June, and it is not surprising to see 'window dressing' leading to investors reducing their holdings in assets which have fallen in the past three months,” he said.
The firm’s primary treasury asset, ETH, has now fallen 22% in the last month of trading, recently trading hands at $1,567. At that mark, ETH is now 68% off its all-time high of $4,946.
Bitcoin has performed marginally better, dipping 19% in the last month of trading and more than 52% from its all-time high of $126,080, changing hands on Monday at $59,324.
As its primary treasury vehicle slides, so too have shares in BitMine (BMNR). The firm’s stock has fallen nearly 17% in the last five trading days and more than 31% in the last month of trading, recently trading at $13.21—down about 2.6% so far Monday.
Shares are now down more than 91% from a 52-week high of $161 established shortly after the firm adopted its Ethereum treasury strategy last June.
That crypto-amassing model was pioneered by Bitcoin giant Strategy and its co-founder and Executive Chairman Michael Saylor, who started aggressively accumulating BTC in 2020. While the firm had aggressively and consistently added BTC on a nearly weekly basis in recent years, it did not add to its holdings last week amid scrutiny of its preferred equity offering, STRC, which fell to new lows on Friday.
Instead, the firm approved plans to sell up to $1.25 billion worth of Bitcoin to build up its cash reserves to fuel dividend payments.
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Breez přidal do svého SDK možnost posílat USDC a USDT na více než 30 blockchainů přímo z bitcoinového zůstatku, bez nutnosti držet stablecoiny. Platby běží přes Lightning Network a automatickou konverzi.
Bitcoin infrastructure company Breez has added a feature to its developer toolkit that lets users send USDC (USDC) and USDt (USDT) across more than 30 blockchain networks directly from a Bitcoin balance, without first converting or holding stablecoins.
According to an announcement shared with Cointelegraph, the feature uses the Lightning Network alongside automated conversion to route payments from Bitcoin (BTC) to USDC or USDT before delivering funds to the recipient's preferred blockchain.
When a user enters a recipient's wallet address, the Breez SDK identifies the destination blockchain, calculates a conversion route and displays the amount, network and fees before the payment is confirmed. The transaction is then routed through liquidity providers, including Flashnet and Boltz, which convert the sender's Bitcoin into stablecoins and deliver it on the recipient's chosen blockchain.
Roy Sheinfeld, CEO of Breez, told Cointelegraph the feature does not require USDT or USDC to be issued on the Lightning Network. Instead, it relies on "interoperability" to let users spend from a Bitcoin balance while recipients receive stablecoins on supported blockchain networks.
Breez said users continue holding Bitcoin until they initiate a payment, while recipients receive stablecoins on their preferred blockchain without requiring the sender to manage separate stablecoin balances. The feature is non-custodial and initially supports only outbound stablecoin payments, with support for receiving stablecoins from external blockchain networks planned for a future release.
The feature is designed to allow developers to add stablecoin payments without integrating multiple blockchain networks or requiring users to manage separate Bitcoin and stablecoin balances.
Bitcoin payment infrastructure expandsThe launch comes as companies expand Bitcoin and the Lightning Network, a layer-2 payment network designed to make Bitcoin transactions faster and less expensive, into new financial and commercial applications.
In February, Secure Digital Markets, an institutional trading and lending desk, completed a $1 million Bitcoin payment to Kraken over the Lightning Network in less than half a second, demonstrating the protocol's potential for high-value institutional transfers. The transaction illustrated how Lightning is increasingly being tested for use cases beyond small retail payments.
That same month, Bitcoin infrastructure company Voltage introduced a US dollar-settled revolving credit line that embeds business credit into Lightning payment flows, allowing companies to settle repayments in either US dollars or Bitcoin. The product is intended to enable businesses to access working capital using Lightning for payments, without holding crypto on their balance sheets.
Event platform Satlantis also launched a Bitcoin-native ticketing platform with embedded Lightning wallets, allowing organizers to sell tickets and accept BTC alongside traditional payment methods.
In March, Tether-backed Bitcoin infrastructure startup Ark Labs in a $5.2 million funding round to develop technology supporting stablecoin issuance, transfers and settlement on Bitcoin.
Lightning adoption has continued to grow. A February report from River estimated the network surpassed $1 billion in monthly transaction volume in late 2025, up from around $12 million in 2021.
Lightning Network transaction volumes continue to grow. Source: River
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Více než 550 000 BTC se přesunulo na vkladové adresy spojené s Binance a OKX, když Bitcoin znovu testoval oblast 60 000 USD. Podle CryptoQuant to může zvyšovat krátkodobý prodejní tlak, ale zatím nejde o potvrzený výprodej.
More than 550,000 BTC moved to deposit addresses linked to Binance and OKX as Bitcoin retested the $60,000 area, according to CryptoQuant analyst Darkfost. The transfers came during a weak period for Bitcoin, when traders have focused on whether the $59,000–$60,000 range can hold as support.
Summary
More than 550k BTC moved to Binance and OKX deposit addresses during Bitcoin’s $60k retest. CryptoQuant says the spike may show potential selling pressure, but not completed market sales yet. Recent exchange data shows BTC holdings rising while stablecoin balances decline across major trading platforms. “550 000 BTC flood Binance and OKX a level last seen during the 2023 Bear Market,” Darkfost wrote. The analyst said more than 220,000 BTC moved to Binance-linked deposit addresses, while more than 330,000 BTC moved to OKX-linked deposit addresses.
🗞️ 550 000 BTC flood Binance and OKX a level last seen during the 2023 Bear Market
BTC has been moving sideways since February, after testing the $60,000 level for the first time.
→ This sideways action makes investors even more sensitive to the smallest price moves,… pic.twitter.com/xUH9PKmrvF
— Darkfost (@Darkfost_Coc) June 29, 2026 The data does not mean that all coins were sold. Deposit addresses are often the first stop before funds move into an exchange’s main wallets. Users may send BTC there for selling, collateral, trading, custody changes or internal transfers. Still, large exchange-bound flows often draw attention because they can raise near-term sell-side pressure.
Bitcoin’s $60k level remains under pressure The move came as Bitcoin tested a key price area after several weeks of weaker trading. A recentBitcoin price analysis said BTC briefly fell below $59,000 as ETF outflows and long liquidations hit the market. The same report said short-term holders were sending coins to exchanges at a loss, raising questions about capitulation and seller exhaustion.
“BTC has been moving sideways since February, after testing the $60,000 level for the first time,” Darkfost wrote. He said that rangebound trading made investors more sensitive to small price moves near the edges of the range.
That context matters because Bitcoin traders often treat $60,000 as both a technical and psychological level. A clean recovery can ease pressure on leveraged positions. A break lower can invite more selling, especially when large deposit flows appear at the same time.
Binance and OKX flows raise caution Darkfost said the latest transfer activity was well above normal. He compared it with yearly averages of about 60,000 BTC for Binance-linked deposit addresses and about 95,000 BTC for OKX-linked deposit addresses. The latest totals were far higher than those figures.
“These inflows suggest that this new test of $60 000 sparked panic among many investors on Binance and OKX,” Darkfost wrote. The comment points to fear-driven transfers rather than proof of actual liquidation.
Recent exchange data also shows changing user balances across large platforms. A Binance proof-of-reserves report showed users added 25,838 BTC in May, lifting reported BTC holdings to about 630,000 BTC. The same snapshot showed USDT balances fell by about 460 million tokens.
Reserve data offers only a snapshot Proof-of-reserves and exchange-flow data can help traders track where coins move, but they do not show full intent. A transfer to a deposit address can lead to a sale, but it can also support derivatives trading, collateral moves or wallet management. That makes the size of the flow important, but not final evidence of market selling.
A recent proof-of-reserves explainer noted that exchange transparency tools show on-chain assets and, in stronger versions, customer liabilities. The guide also said such reports cannot fully confirm off-chain obligations, asset claims or long-term exchange health.
The latest CryptoQuant data adds another caution signal as Bitcoin trades near a watched support zone. If the coins later move into exchange wallets and sell orders rise, pressure could increase. If the transfers fade without heavy spot selling, the move may remain a stress signal rather than a confirmed selloff.
Bitcoin se blíží vzácnému týdennímu death crossu, který dříve předcházel dalšímu 28% poklesu. Michael Saylor zároveň naznačil další nákupy BTC, i když má Strategy poprvé v tomto cyklu mNAV pod 1,0.
TLDR:Bitcoin Weekly Death Cross Raises Fresh BTC Price ConcernsMichael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure Bitcoin approaches a rare weekly death cross as traders monitor long-term market direction closely. Strategy’s mNAV has dropped below 1.0 for the first time during this market cycle. Michael Saylor hinted at more Bitcoin discussions despite growing valuation concerns. Technical signals and institutional buying remain key factors shaping Bitcoin sentiment. Bitcoin could soon print a rare weekly death cross as bearish technical signals return to the market. At the same time, Michael Saylor has hinted that Strategy may continue accumulating Bitcoin despite growing pressure on its valuation.
The two developments have reignited discussion around Bitcoin’s price outlook and institutional demand. Investors are now watching technical charts alongside corporate buying activity for the next major market signal.
Bitcoin Weekly Death Cross Raises Fresh BTC Price Concerns Crypto Rover shared that Bitcoin is approaching a weekly death cross, a technical pattern that appears when the long-term moving average falls below the shorter trend. The account noted that the previous weekly death cross preceded another 28% decline in Bitcoin’s price.
🚨 BITCOIN WEEKLY DEATH CROSS IS NOW INCOMING.
Last time this happened, BTC crashed another -28%.
If history repeats again, the real bottom may not come until late Q3 or early Q4 2026.
That would also perfectly match Bitcoin’s 4-year cycle. https://t.co/NgE8PlCamN pic.twitter.com/sbPGjGTIv4
— Crypto Rover (@cryptorover) June 28, 2026
The same post highlighted Bitcoin’s historical four-year market cycle. According to Crypto Rover, another extended correction could align with the later stages of the current cycle if previous patterns repeat.
The signal has attracted attention because weekly chart formations appear far less often than daily indicators. Traders typically monitor them for broader market direction rather than short-term volatility.
Despite the technical setup, the pattern alone does not determine future price action. Market participants continue weighing macroeconomic conditions, liquidity, and institutional demand alongside historical chart behavior.
Michael Saylor Hints at More Bitcoin Buying Despite Strategy Valuation Pressure While bearish technical signals circulated, Michael Saylor posted that more charts would be needed, a familiar response that often precedes fresh Bitcoin discussions. His comment followed renewed debate surrounding Strategy’s ability to continue funding Bitcoin purchases.
🚨 JUST IN: Michael Saylor hints at buying more $BTC.
What's interesting is the timing.
Strategy's mNAV has now fallen below 1.0 for the first time this cycle, meaning the company is trading below the market value of the Bitcoin it holds.
Management has previously indicated… https://t.co/WkFYTYOyBi
— Wise Advice (@wiseadvicesumit) June 28, 2026
Wise Advice pointed to Strategy’s market value relative to its Bitcoin holdings. The account noted that the company’s modified net asset value, or mNAV, has fallen below 1.0 for the first time during the current market cycle.
According to the same discussion, Strategy previously suggested that issuing new equity below roughly 1.22 times mNAV could reduce shareholder value. That threshold has prompted questions about whether additional equity-funded Bitcoin purchases remain practical under current market conditions.
Even so, Saylor’s brief response has kept attention on Strategy’s long-standing Bitcoin accumulation strategy.
Investors now await any official filings or announcements that could clarify whether another Bitcoin purchase is approaching while the company navigates changing market dynamics.
El Salvador koupil dalších osm bitcoinů a zvýšil své rezervy na 7 696,37 BTC. Nákupy pokračují i po změnách pravidel, které zrušily povinnost přijímat bitcoin jako platbu.
Bitcoin continues to hold an important place in El Salvador’s financial strategy, which continues its regular purchases despite changes in its regulatory framework. The country has just added new digital assets to its national treasury, confirming the continuity of its reserve policy. This new acquisition comes as sovereign cryptocurrency reserves remain closely monitored by market observers and institutional players around the world.
In brief El Salvador purchased eight new bitcoins, bringing its national reserves to 7,696.37 BTC. The country continues its weekly accumulation strategy despite recent changes to its legislative framework. The new rules remove the obligation to accept Bitcoin as a means of payment without affecting the national reserve policy. Regular acquisitions continue to strengthen El Salvador’s treasury, whose sovereign reserves remain closely monitored. El Salvador Continues Its Accumulation Strategy El Salvador has strengthened its national bitcoin treasury by acquiring eight additional units during the past week. This operation now brings public reserves to 7,696.37 BTC, according to the official data from the Ministry of Finance.
The government thus maintains a regular purchase pace, which has become a component of its digital asset management strategy. This progression confirms the country’s intention to pursue its accumulation plan without interruption.
Moreover, the Bitcoin Office continues to monitor the evolution of national reserves through public data. This transparency makes it possible to measure each new acquisition made by the authorities. Several observers have also relayed this recent increase in sovereign holdings. El Salvador remains among the states whose digital asset reserves receive constant attention.
Bitcoin Retains a Place in the National Strategy Despite IMF Reforms The latest purchase comes after several adjustments made to the legal framework regarding Bitcoin, as part of the agreement concluded with the International Monetary Fund (IMF). The adopted changes mainly concern its use in daily commercial activities. Private companies are no longer obliged to accept this asset as a means of payment. However, Bitcoin remains integrated into the legal framework implemented by the authorities.
At the same time, the national reserve policy has not experienced any interruption. Official data show that weekly purchases continue according to the same logic as before. This separation between payment policy and reserve strategy now appears clearer. El Salvador therefore continues to develop its holdings while adapting certain rules governing the use of the digital asset.
A National Reserve That Keeps Progressing Each new acquisition gradually increases the volume of public reserves of the country. With a total of 7,696.37 BTC, El Salvador confirms the continuity of its long-term accumulation policy.
Regular purchases remain at the core of this strategy, regardless of changes in the legislative framework. Sovereign reserves thus continue to be closely monitored by industry players.
This new progression also illustrates the stability of the acquisition mechanism adopted by the authorities. Official data allow precise tracking of the evolution of the national treasury over the weeks. The BTC thus retains a central role in this reserve strategy, which continues regularly. El Salvador therefore maintains its course, while the evolution of its holdings will continue to be observed in upcoming official updates.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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.
Strategy drží 847 363 BTC v hodnotě 64,1 miliardy USD, ale BTC pod 60 000 USD uvádí firmu do ztráty a zvyšuje tlak na akcionáře i věřitele. Klíčové riziko už není likvidace, ale splatnost 1,01 miliardy USD konvertibilního dluhu 15. září 2027.
MicroStrategy’s $64 billion Bitcoin (BTC) bet has become a stress test for everyone who funded it. BTC now trades below $60,000, and the renamed company, Strategy, sits at a discount to its own holdings.
The question dividing investors is no longer whether Strategy gets liquidated tomorrow. It is who absorbs the losses while the company keeps its coins and keeps paying to hold them.
How the Bitcoin Flywheel was BuiltBy June 22, Strategy held 847,363 BTC bought for $64.1 billion, an average of $75,651 each. That is the largest corporate Bitcoin position anywhere.
MicroStrategy Bitcoin Purchases in 2026. Source: StrategyThe model runs like a flywheel. The company sells stock and debt, buys more Bitcoin, and its shares climb when BTC rises. However, falling prices spin the machine in reverse.
BTC has fallen below $60,000 this week, its lowest level since 2024. The stock has slid with it, dropping under the value of the Bitcoin on its books.
A new accounting standard made the pain visible. Since 2025, FASB rule ASU 2023-08 forces firms to mark Bitcoin to fair value each quarter. As a result, Strategy booked a $14.46 billion unrealized loss in early 2026. That produced a $12.54 billion net loss, or $38.25 for every diluted share.
Michael Saylor's Strategy currently has a $14 billion unrealized loss on bitcoin.
Tom Lee's Bitmine currently has a $10.5 billion unrealized loss on ETH.
This is why it's foolish to follow the smart money and not take profit.
They can survive a crypto winter, most of will not!
— Layah Heilpern (@LayahHeilpern) June 25, 2026 Follow us on X to get the latest news as it happens
Who Actually Pays for MicroStrategy’s Bitcoin BetThe bill does not fall on Strategy alone. As the flywheel slows, the cost spreads to five groups, in rough order of exposure.
Common shareholders They stand first in line. When the stock trades below the value of its Bitcoin, the company still raises cash by selling new shares. Each sale buys less Bitcoin than it hands away.
“If we decide to sell $1 billion of MSTR stock and buy $1 billion of Bitcoin… when you do it at 1.0x MNAV… it is dilutive. It is a minus 48 basis point yield. It costs the shareholders $310 million,” Michael Saylor, Executive Chairman, Strategy, said during Q1 2026 earnings call.
Existing owners are left holding a smaller claim on the same coins, and that dilution is how the strategy gets funded.
Investors in other treasury companies The copycats have fared worse than the original. Their shares once traded far above the Bitcoin they held, lifted by hype.
As that premium faded, many Bitcoin treasury company stocks fell much harder than Bitcoin itself, leaving late buyers deep underwater.
“If that’s not already a bubble burst, how would that bubble burst?” Tom Lee, Chairman of BitMine, said while many treasury stocks traded below net asset value.
Passive and index fund investors This group never chose the bet. MSCI has proposed removing companies whose digital assets exceed half their total assets from its global indexes.
“Feedback from the consultation confirmed institutional investor concern that some DATCOs exhibit characteristics similar to investment funds, which are not eligible for inclusion in the MSCI Indexes,” MSCI said in its official announcement earlier this year.
Strategy clears that bar with ease. An exclusion would force index funds and pension trusts to sell automatically, whatever the price, just to keep tracking the benchmark.
Convertible bondholders and preferred shareholders These investors lent on the assumption that MicroStrategy could always refinance. If Bitcoin stays depressed into 2027, that assumption breaks.
“Proceeds from the bitcoin sales are expected to be used to fund distributions on preferred stock,” Strategy indicated in the June 1 Form 8-K.
Bondholders can demand cash, and preferred holders still expect dividends, both drawing on a reserve of just $1.4 billion.
MicroStrategy itself The company is the backstop of last resort. On its first quarter 2026 earnings call, Michael Saylor again framed Strategy as a net buyer that never sells.
“We will probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it.”
Yet if financing freezes while debt and dividends come due, keeping that vow could become impossible.
“We will sell Bitcoin when it is advantageous to the company. We are not going to sit back and just say we will never sell the Bitcoin,” Strategy co-CEO Phong Le added.
The Real Test Arrives in 2027MicroStrategy faces no margin call today. Its main debt is unsecured, so a falling price alone cannot trigger a forced sale. The threat is a date, not a level.
Holders of a $1.01 billion convertible note can demand repayment on September 15, 2027. If the shares sit below the conversion price, that claim becomes a cash bill the company must cover.
Strategy has neared this edge before. A 2022 Silvergate loan backed by Bitcoin carried a margin call near $21,000 before the firm repaid it. Moving to unsecured notes and preferred stock removed the automatic trigger, but not the obligation.
Microstrategy took a loan to buy more #bitcoin a few months ago using 19,000 $BTC as collateral.
Margin call price is $21,000…
Time to post some more collateral I think!
— Lark Davis (@LarkDavis) June 13, 2022 Some peers have already blinked. This month one Nasdaq company sold Bitcoin to repay debt, and its shares jumped. Analysts have also questioned Strategy’s exit liquidity if it is ever forced to sell at scale.
For now, no forced sale looms. The pressure has simply moved from a price trigger to a calendar. The number that matters is no longer $60,000, but the September 2027 repayment date.
Stacks se zařadil do indexu Coinbase COIN50 a obsadil zhruba 40. místo s váhou 0,04 % a tržní kapitalizací kolem 319,6 milionu USD. Zařazení potvrzuje splnění likviditních a tržních kritérií Coinbase.
Stacks has secured a place in Coinbase’s COIN50 Index, the exchange’s flagship benchmark that tracks the 50 largest and most liquid digital assets. STX sits at roughly the 40th position with an index market cap of around $319.6 million and a weight of 0.04%.
What the COIN50 Index actually is Coinbase launched the COIN50 Index on November 12, 2024, as a transparent benchmark for institutional investors looking to gauge the broader crypto market without manually sorting through thousands of tokens.
The index is weighted heavily toward the obvious giants. Bitcoin commands roughly 50% of the total weight, with Ethereum, XRP, Solana, and even Dogecoin rounding out the top positions. The remaining assets, including STX, occupy the long tail with individually small weightings.
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Coinbase also built a perpetual futures contract tied to the COIN50, giving traders a single instrument to express a view on the entire top-50 basket.
A 0.04% weight means Stacks isn’t moving the needle on any portfolio allocation by itself. But inclusion in the index signals that STX meets Coinbase’s liquidity and market cap thresholds, which are the same filters institutional compliance teams use when deciding what’s investable and what isn’t.
Why Stacks matters in the Bitcoin Layer 2 conversation Stacks occupies an unusual niche. It’s a smart contract platform that settles transactions on Bitcoin, effectively giving Bitcoin programmability without modifying Bitcoin’s base layer. The protocol enables mining rewards, staking, and decentralized applications, all anchored to Bitcoin’s security model. Its flagship product in this regard is sBTC, a Bitcoin-backed asset designed to let holders earn yield while keeping their BTC exposure intact.
The protocol also completed an integration with Fireblocks on June 17, 2026, the institutional custody and settlement platform. That integration matters because Fireblocks is the plumbing behind many of the largest crypto funds and trading desks. If an institution can’t custody an asset through its existing infrastructure, it typically won’t touch it. Fireblocks support removes that friction.
What this means for investors STX’s $319.6 million index market cap makes it one of the smaller constituents in the COIN50. Smaller assets in weighted indexes can get dropped during quarterly rebalances if their market cap or liquidity deteriorates. Staying in the index requires Stacks to maintain its current market position, which is far from guaranteed in a sector where rankings shift quickly.
For traders, the COIN50 inclusion creates a subtle but real liquidity benefit. Index-linked products generate baseline trading volume, and market makers who arbitrage the index against its components will naturally add depth to STX order books.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Zach Pandl z Grayscale uvedl, že zvýšení dividendy STRC o 50 bazických bodů zřejmě neobnoví důvěru trhu. Podle něj by ji mohl vrátit až prodej více než 3 miliard USD v Bitcoinu.
Grayscale Research Head Zach Pandl said that Strategy’s 50 basis point increase in the STRC dividend next week may not be enough to restore market confidence.
According to Pandl, such an increase would raise the company’s dividend obligations by approximately $100 million over the next two years. However, this step is not expected to significantly improve investor confidence.
Pandl stated that a more effective step to restore market confidence might be for Strategy to sell over $3 billion worth of Bitcoin. He noted that this sale would be enough to cover almost all of the cash liabilities the company will face over the next two years.
Pandl stated the following in his assessment:
“What I expect to happen for Strategy next week is a 50 basis point increase in the STRC dividend. That translates to approximately $100 million in additional dividend obligations over the next two years, and that probably won’t help market confidence. What I hope will happen is that the company sells over $3 billion worth of Bitcoin to cover almost all of its cash obligations over the next two years. That would likely restore market confidence.”
*This is not investment advice.
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BIP-110 má před srpnovou aktivací jen 0,31 % podpory hashrate, daleko od potřebných 55 %. Návrh na omezení nefinančních dat na Bitcoin tak míří k tichému neúspěchu.
Bitcoin’s most polarizing governance battle of 2026 is heading toward a quiet defeat. BIP-110, the proposal designed to restrict non-financial data on Bitcoin’s blockchain, has mustered roughly 0.31% of total hashrate support as of late June, with major mining pools conspicuously absent from the signaling effort.
The mandatory signaling phase is projected to begin around block height 961,632, somewhere between August 7 and August 15. The proposal needs 55% of miners to signal support for an early lock-in. It currently has 0.31%.
What BIP-110 actually tries to do In technical terms, the proposal caps transaction output data at 34 bytes and restricts OP_RETURN usage to 83 bytes. It would make it significantly harder to embed images, tokens, and other non-monetary content directly on Bitcoin’s base layer.
The proposal was originally introduced as BIP-444 back in October 2025 before being formally reassigned. Its author, Dathon Ohm, designed it as a temporary measure, a one-year consensus soft fork that would essentially give Bitcoin a trial period of tighter restrictions on data usage.
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Proponents argue that protocols like Ordinals and Runes have driven up transaction fees and placed unnecessary strain on node operators.
The numbers tell a bleak story Node support for BIP-110 sat at 2-3% in early 2026. That translated to roughly 583 out of approximately 24,481 nodes in January, with much of that support attributed to Bitcoin Knots software rather than deliberate ideological alignment.
Miner support is even thinner. The 0.31% hashrate figure translates to about 5 EH/s out of a total network hashrate of approximately 940 EH/s.
The first block signaling support for BIP-110 was mined by Ocean pool back in March 2026. Since then, no major mining pool has followed suit. Ocean, run by Bitcoin Core developer Luke Dashjr, has long been an outlier in the mining world, known for filtering certain transaction types that larger pools process without hesitation.
Why the big pools aren’t biting Critics of the proposal have been vocal. Blockstream CEO Adam Back and well-known Bitcoin developer Jameson Lopp have both raised concerns about the risks involved. Their objections center on several points: the potential for a chain split if enforcement is inconsistent, reputational damage to Bitcoin from a contentious fork attempt, and the fundamental enforcement problem that only nodes running the new rules would actually uphold the restrictions.
Even if BIP-110 somehow activated, its restrictions would only apply to nodes that chose to enforce them. Miners and nodes that didn’t upgrade would continue processing the transactions BIP-110 seeks to block.
What this means for investors The near-certain failure of BIP-110 carries implications beyond the technical debate. For market participants, the immediate takeaway is that Ordinals, Runes, and similar protocols aren’t going anywhere. The economic incentives for miners to process these transactions remain intact, and the political will to restrict them doesn’t exist at the hashrate level where it matters.
Bitcoin’s upgrade mechanism requires overwhelming consensus. BIP-110’s failure to gain traction shows that even proposals with passionate grassroots support can stall completely if they don’t align with miner economics.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Mike Novogratz varuje, že slabost Bitcoinu souvisí s tlakem na Strategy a jejím financováním. Klíčová je zóna 59 000 až 60 000 USD; proražení může otevřít cestu k 45 000 USD.
Galaxy Digital CEO Mike Novogratz has linked Bitcoin’s latest price drop to growing concern around Strategy, the company formerly known as MicroStrategy.
Summary
Novogratz says Strategy stress has become a core reason behind Bitcoin’s latest confidence shock. Weak crypto demand and strong-dollar policy comments added macro pressure as traders watched support levels. Related Strategy reports show STRC pressure, dividend costs, and cash reserves remain market concerns. Speaking on an All Things Markets episode, Novogratz said the sell-off reflects a mix of Strategy pressure, weak crypto sentiment, and macro stress.
Strategy pressure takes center stage Novogratz said the current Bitcoin weakness is tied to what he called a “MicroStrategy-led breakdown in confidence.” He said the problem is not only Bitcoin’s price, but also investor concern around Strategy’s funding model.
Mike Novogratz (@novogratz) is sounding the alarm this week. If the ultra-wealthy don't figure out a way to share the gains from AI, the pitchforks are coming, and history tells us exactly what that looks like. We're breaking down the widening wealth gap, Alan Greenspan's lasting… pic.twitter.com/egwAeghtUn
— Anthony Scaramucci (@Scaramucci) June 27, 2026 Strategy remains the largest public corporate holder of Bitcoin. Its stock and preferred securities have become a key part of how traders judge risk across the wider Bitcoin market.
The comments follow weeks of debate over Strategy’s capital structure. As previously reported, the company’s Bitcoin flywheel has come under pressure as its stock traded below the value of its Bitcoin holdings.
That shift matters because Strategy used its stock premium for years to raise capital and buy more Bitcoin. When that premium weakens, raising fresh capital becomes harder and market confidence can fade.
STRC weakness adds to market concern Novogratz also pointed to poor trading in Strategy’s preferred products. He said “the Saylor thing is real” and noted that the company’s perpetuals were trading weakly.
The pressure centers on STRC, Strategy’s preferred stock product. STRC was designed to trade close to $100, but market stress has pushed it below that level at several points.
As previously reported, CryptoQuant said Strategy’s annual dividend obligations had risen to about $1.2 billion. The firm also said dividend coverage had dropped to about 14 months as cash reserves declined.
That warning added to earlier concerns after Strategy sold 32 BTC in late May. The sale raised about $2.5 million and marked the company’s first reported Bitcoin sale since December 2022.
Macro pressure weighs on Bitcoin Novogratz also cited macro policy as another reason for Bitcoin’s weak price action. He pointed to hawkish central bank signals and stronger support for the U.S. dollar.
He said “strong dollar is weak Bitcoin.” His view is that a stronger dollar can reduce demand for risk assets, including Bitcoin, during periods of market stress.
That view fits with the wider market mood. Bitcoin has also faced pressure from ETF outflows, weaker liquidity, and cautious options positioning.
Aspreviously reported, ETF flows and Strategy concerns have weighed on trader sentiment. Bearish exposure near the $60,000 area also showed that traders were preparing for more downside risk.
Bitcoin faces key support test Novogratz said the $59,000 to $60,000 zone is now important for Bitcoin. He warned that if this level fails, the market could open a path toward $45,000.
He also said the next move remains hard to call. In his words, the chance of a deeper drop or recovery is “50/50” because the setup is complicated.
The comments show how closely traders now watch Strategy as part of the Bitcoin market. The company’s balance sheet, STRC performance, and cash position have become market signals.
For now, Bitcoin’s next test sits near the same level Novogratz named. A hold above the $59,000 to $60,000 area could calm traders, while a break below it may bring more selling pressure.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Michael Saylor naznačil další nákup Bitcoinu, když na X napsal, že „budeme potřebovat víc grafů“. Jde o stejný signál, který už tento měsíc předcházel dalším oznámením nákupů.
Michael Saylor is doing the thing again. The Strategy executive chairman posted on X on June 28, sharing the company’s Bitcoin acquisition tracker alongside a single line: “We’re gonna need more charts.”
If you’ve been paying attention, you know what that means. It’s the same playbook Saylor has run all month, with similar teaser posts on June 7 and June 21 preceding formal disclosures of additional Bitcoin purchases.
Strategy, formerly known as MicroStrategy, has built its entire corporate identity around one bet: Bitcoin goes up over the long run, and anyone who buys enough of it will be rewarded. The company is the largest public corporate holder of Bitcoin on the planet, having accumulated thousands of coins across multiple acquisition cycles funded primarily through equity and preferred stock offerings.
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What makes this latest tease notable is the context surrounding it. At one point in June 2026, Strategy’s Bitcoin holdings were reportedly $11.7 billion underwater. Saylor has previously stated that the company is “not going to be selling” even in adverse scenarios, and has gone further by saying Strategy will continue buying Bitcoin “forever.”
How Strategy keeps buying The company doesn’t just dip into a corporate checking account when it wants more coins. It raises fresh capital through equity offerings and preferred stock sales, then deploys that capital into Bitcoin.
Recent transaction data illustrates the company’s approach. Small sales of 32 BTC were followed by substantially larger repurchases, a pattern that reinforces the idea that any selling is tactical and temporary, while the buying is structural and ongoing.
What this means for investors The $11.7 billion in unrealized losses is a number worth sitting with. Most companies that find themselves that deep underwater on an investment start talking about “strategic reviews” and “reassessing priorities.” Saylor is posting memes about needing more charts.
What to watch next is straightforward: the formal acquisition announcement that almost certainly follows this latest tease. If the pattern from June 7 and June 21 holds, a specific purchase disclosure should land within days.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin se drží poblíž 60 000 USD i přes napětí na Blízkém východě a obavy kolem Strategy. Klíčová podpora je 58 000 USD, návrat nad 64 000 až 66 000 USD by mohl obnovit momentum.
Bitcoin is trading near $60,000 after a volatile week that pushed the largest cryptocurrency to its lowest level since late 2024.
Summary
Bitcoin is holding near $60,000 despite Middle East tension and renewed pressure from Strategy concerns. Analysts say a break above $66,000 could revive momentum, while $58,000 remains key support. On-chain data shows weaker short-term holder dominance, a structure often seen near accumulation zones. The price has stayed calm through the weekend, even as new tension in the Middle East tested risk appetite across global markets.
BTC had opened the previous business week with strength, rising to about $65,500 after reclaiming support near $64,000. That move failed to hold. Sellers later pushed the asset below $62,400, then toward $59,000, before another drop sent Bitcoin near $58,000.
Bitcoin steadies after sharp weekly sell-off Bitcoin’s latest price action shows a market trying to hold a base after a fast decline. BTC now trades around the $60,000 area, with bulls defending the zone after repeated tests below that mark.
The weekend calm stands out because the U.S. and Iran exchanged fresh blame over the broken ceasefire. Earlier this month, Bitcoin had climbed above $65,500 after a U.S.-Iran deal eased oil and inflation fears across markets.
That relief rally did not last. Bitcoin soon lost strength as traders returned to concerns around liquidity, ETF flows, and Strategy-related risk.
The current setup leaves BTC stuck between two near-term levels. A move below $58,000 could invite more selling, while a clean recovery above $64,000 to $66,000 may show that buyers are regaining control.
Strategy fears remain a market pressure point One of the main pressure points remains Strategy, the company formerly known as MicroStrategy. Growing concern around its capital structure has affected Bitcoin sentiment because the firm remains the largest corporate holder of BTC.
As previously reported, Bitcoin fell below $60,000 for the second time in June as liquidations topped $850 million. Strategy shares also dropped sharply as traders watched the company’s stock, preferred shares, and Bitcoin treasury.
Another report said Strategy’s Bitcoin flywheel has started to work in reverse. The company once used a stock premium to raise capital and buy more BTC, but weaker market pricing now makes that model harder to sustain.
CryptoQuant has also urged Strategy to pause Bitcoin purchases and rebuild cash reserves. The firm said dividend coverage tied to STRC had fallen to about 14 months as cash reserves declined.
This pressure does not mean Strategy must sell Bitcoin now. Still, the market is watching whether further stress in STRC or MSTR could create more fear around BTC.
Analysts split on breakout or deeper chop Crypto analyst Market Watcher said Bitcoin’s weekly structure remains clear. The analyst pointed to a downtrend from the July and August highs near $70,000 and $67,000 and said a break of that line would make them more willing to deploy capital.
$BTC (1W)
break of downtrend (July ~70k, august ~67k): more actively looking to scale capital into positions while trading the breakout momentum
indecisive summer chop (~59k – ~66k): doing mostly nothing, day trading whats there
break of main trend (~ 58k): popcorn and TL on… pic.twitter.com/XB5uU0sICt
— Market Watcher (@watchingmarkets) June 28, 2026 The same analyst described the current zone as “indecisive summer chop” between about $59,000 and $66,000. That range matches the current market, where BTC has not broken down fully but has also failed to reclaim lost momentum.
Market Watcher said a break of the main trend near $58,000 would change the setup. The analyst also compared the current downtrend to the December 2022 and January 2023 breakout, which later started a major BTC uptrend.
EGRAG CRYPTO took a longer view and focused on Bitcoin’s 12-month cycle. The analyst said the usual rhythm has been three years up and one year down, but this cycle may be different if 2026 closes as a red yearly candle.
EGRAG said the four-year cycle remains intact for now, but added that structure matters more than hope. That view keeps attention on the yearly close and whether Bitcoin can regain a stronger long-term pattern.
#BTC – The 12M Cycle Is Flashing Something Different 👀
The historical $BTC rhythm has been clear:
🔸3 years UP → 1 year DOWN
🔸3 years UP → 1 year DOWN
🔸3 years UP → 1 year DOWN
But this cycle is different so far:
🔸2 years UP → and now potentially 2 years DOWN
🔸That is… pic.twitter.com/dczPLUMesG
— EGRAG CRYPTO (@egragcrypto) June 27, 2026 On-chain data points to possible reset CryptoQuant analyst Crazzyblockk said Bitcoin’s short-term holder realized dominance has fallen to 27.6%. The analyst said that places BTC inside a historical undervaluation zone where long-term holders control most realized capital.
In past cycles, market tops formed when short-term holders held most realized capital. That often showed heavy speculation and late-cycle buying.
Bitcoin’s short-term holder realized dominance, source: CryptoQuant analyst Crazzyblockk Bear markets have shown the opposite setup. Short-term holders realize losses, their share of realized capital falls, and long-term holders regain control.
The analyst said current data looks closer to past accumulation phases than cycle tops. However, they also warned that bottoms often form through a process, and another capitulation phase remains possible.
Another CryptoQuant analyst, Facundo Fama, pointed to long-term holder SOPR. The analyst said when LTH-SOPR moves near or below 1, long-term holders are selling coins at or near a loss.
The last time LTH-SOPR stayed below 1 on the monthly timeframe for more than three months was in October 2022, when BTC traded near $20,000. That data does not guarantee a bottom, but it shows that long-term holder stress has returned to a rare zone.
Bitcoin price outlook Bitcoin’s short-term outlook now depends on whether bulls can defend $58,000 and recover the $64,000 to $66,000 range. A close above that upper band could support a stronger recovery attempt.
A loss of $58,000 would weaken the current base and could expose lower areas as traders reduce risk. In that case, Bitcoin may revisit deeper support before building a new range.
For now, BTC is neither breaking down nor confirming a strong reversal. The market remains calm near $60,000, but that calm depends on support holding, Middle East risk staying contained, and Strategy-related fear easing.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Americké spotové Bitcoin ETF zaznamenaly za týden čistý odliv 1,79 miliardy USD, jeden z největších od jejich spuštění. Bitcoin přesto držel nad 60 000 USD.
Despite strong outflows from US spot Bitcoin ETFs, Bitcoin managed to hold steady above the $60,000 mark on Saturday. In the last 24 hours, Bitcoin rose by 1.44 percent, trading around $60,260. Its daily trading volume reached $30.16 billion, while its market capitalization stood at $1.21 trillion. Controlling 58.1 percent of the total crypto market, Bitcoin continued to set the pace for the broader industry even amid ongoing selling pressure.
Weekly outflows from ETFs accelerateUS spot Bitcoin ETFs recorded a staggering $1.79 billion net outflow last week. This figure ranks as one of the largest weekly withdrawals since these products launched in January 2024. The recent movement has also pushed the total 2026 US spot Bitcoin ETF flow back into negative territory.
These outflows impacted major issuers, including BlackRock’s IBIT fund. IBIT had earlier ranked among 2024’s fastest-growing ETFs thanks to robust inflows from institutional investors. As one of the world’s largest asset management companies, BlackRock brings significant influence to the global ETF market.
Analysts at Glassnode note that this current wave marks one of the lengthiest periods of outflow since spot Bitcoin ETFs began trading, explaining that most investors are now opting to reduce risk rather than buying more at lower levels.
Bloomberg data shows that about $4.5 billion has exited Bitcoin ETF products since the start of the year. This trend points to the scale of institutional selling pressure throughout 2026.
IndicatorDataBitcoin price$60,26024-hour changeUp 1.44%Weekly ETF net flow-$1.79 billion2026 total ETF outflowApproximately $4.5 billionUnderlying market weakness persistsLosses in Bitcoin ETFs have occurred against a backdrop of persistent weakness in the overall crypto market. Since the severe sell-off that began in October, digital assets have struggled to recover. The total market capitalization of all crypto assets has dropped to roughly $2 trillion, a steep fall from its pre-correction peak of over $4 trillion.
A slowdown in investor activity and a waning of institutional interest have made recovery even more difficult. Capital that might have flowed into the crypto sector instead moved toward artificial intelligence-oriented investments and prediction market platforms. This shift redirected funds that could have supported digital asset valuations.
Early investors see gains erasedThe latest wave of selling has hit those who entered Bitcoin ETFs during stronger periods particularly hard. According to Bespoke Investment Group, early investors were up nearly 30 percent by mid-2025. However, Bitcoin’s extended decline has wiped out much of those gains, leaving the average investor facing a loss approaching 40 percent.
Spot Bitcoin ETFs have emerged as a major channel of institutional demand since their approval. High-value outflows from these products may signal weakening professional investor confidence, which could create additional downside pressure on prices.
Still, ETF flows represent just one aspect of the market. Bitcoin has previously rebounded after periods of heavy institutional selling, especially when overall risk appetite improved or new sources of demand appeared.
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.
Fidelity Digital Assets tvrdí, že bezpečnost Bitcoinu po halvingu neklesá. Růst hashrate, úpravy obtížnosti a poplatky podle ní drží síť odolnou. Firma ve své zprávě z června 2026 navazuje na analýzu z března 2024 a upozorňuje, že odměna za blok po halvingu v dubnu 2024 klesla z 6,25 BTC na 3,125 BTC.
Every four years, Bitcoin cuts its mining rewards in half. Fidelity Digital Assets has spent the last two years building a detailed case for why concerns about network security are overblown.
The firm’s June 2026 report, titled “Bitcoin’s Programmed Security: Part Two,” is a follow-up to its March 2024 analysis and digs into the economic mechanics that keep Bitcoin resilient even as miners earn fewer coins per block. The core argument: the combination of rising hash rates, automatic difficulty adjustments, and growing transaction fee revenue creates a self-reinforcing security model that doesn’t collapse when subsidies decline.
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The numbers behind the argument Since the 2016 halving, Bitcoin’s hash rate has surged by over 8,000%. Since 2020, it has climbed 394%. Both of those stretches included halvings that cut miner rewards in half.
The most recent halving occurred in April 2024, dropping block rewards from 6.25 BTC to 3.125 BTC. The next one, expected around 2028, will reduce rewards further to 1.5625 BTC.
Why the doomsday math doesn’t add up Bitcoin’s difficulty adjustment mechanism recalibrates every 2,016 blocks (roughly two weeks), automatically adjusting how hard it is to mine a block. If miners drop off the network, difficulty falls, making it cheaper for remaining miners to operate. If miners flood in, difficulty rises.
Fidelity notes that while temporary hash rate dips have occurred after halvings, none have resulted in significant security breaches. The report also finds that even in projected low-subsidy environments beyond 2040, the cost of mounting a 51% attack on the network remains disproportionate to any potential gains from doing so.
Transaction fees as the long-term bridge During the April 2024 halving, transaction fees in a single block reached approximately 12 times the block subsidy. That spike was partly driven by the Runes protocol launch, which created unusual demand for block space.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
