News linked to both this project and an event.
CryptoQuant analyst Darkfost posted that since October 2025, the market value of holdings of Bitcoin treasury companies has declined from $396 billion to $272 billion, a cumulative drop of over $100 billion. Data shows that although these companies' Bitcoin holdings increased from 953,000 to the current 1.14 million, most of the Bitcoin reserves were accumulated at high prices. November 2024 to October 2025 was the most aggressive buying phase for corporate treasury companies, when Bitcoin prices were mainly in the $75,000 to $125,000 range. Currently, the pace of accumulation has nearly stalled. Whether these enterprises will follow Strategy's example and choose to sell holdings at low levels remains to be seen.
Standard Chartered stated that it maintains its Bitcoin price prediction of reaching $100,000 by the end of 2026, believing that the recent market decline triggered by Strategy's (formerly MicroStrategy) related activities is not due to a deterioration in the company's balance sheet, but rather a strategic adjustment that the market has not fully understood.Geoffrey Kendrick, Head of Digital Assets Research at Standard Chartered, noted in a report that Strategy's recent behavior is disrupting short-term market expectations for Bitcoin. The market had previously accepted the company's narrative of "never selling Bitcoin," but now Strategy appears to be shifting towards a more complex capital operation model. How clearly the company can communicate this change will determine when market pressure eases.Currently, Strategy holds 843,775 Bitcoins, representing approximately over 4% of the total 21 million Bitcoin supply. From 2020 to mid-2025, Strategy's mNAV (Market Value of Enterprise / Bitcoin Asset Value) was consistently above 1, allowing the company to raise funds through stock issuances to purchase Bitcoin and achieve shareholder value growth. The commitment to "never selling Bitcoin" was central to this model gaining market acceptance. However, with the current mNAV approaching 1, the leverage effect of this financing model is weakening.Kendrick believes Strategy is transitioning from a "Bitcoin accumulation tool" to a "Bitcoin credit support tool." This involves using its Bitcoin holdings as the credit basis for its perpetual preferred stock, STRC. Currently sized at approximately $10 billion, STRC is the largest financial instrument launched by Strategy, offering an annualized dividend rate of 12%, paid semi-monthly in cash, and is designed to maintain a price near its $100 par value through interest rate adjustment mechanisms.Standard Chartered indicated that STRC is currently trading around $90, while Strategy's dollar reserve for paying dividends stands at approximately $2.55 billion, covering an estimated 17.4 months of dividend expenses.Kendrick stated that Strategy's policy adjustment allowing for Bitcoin sales does not necessarily mean the company will continuously sell. He believes that as long as the market believes the new capital structure arrangement can stabilize the STRC price, Strategy may not actually need to sell Bitcoin. He compared this mechanism to a central bank's commitment to "do whatever it takes": mere restoration of market confidence may mean actual intervention never occurs. (The Block)
According to The Block, JPMorgan analysts pointed out in their latest report that although Strategy's Bitcoin selling plan has triggered market attention, it is not the core risk facing Bitcoin. The real structural threat lies in the fact that blockchain applications such as tokenization, payments, and settlements are increasingly occurring on permissioned chains (Permissioned Blockchain), rather than on public chains such as Ethereum. If this trend continues, the public chain ecosystem will face issues such as declining liquidity and weakened capital inflows, ultimately dragging down Bitcoin valuations. The analysts also warned that the proliferation of bank-built blockchain infrastructure and tokenized deposits could undermine the position of stablecoins in institutional payments; regulated alternatives such as SWIFT's blockchain plan, the digital euro, and the digital yuan also constitute competitive pressure. However, the analysts also pointed out that if hybrid public-private chain models emerge, stablecoin regulation becomes clearer, or Bitcoin continues to be held as "digital gold", the aforementioned risks may be mitigated.
Bitfinex Alpha 最新报告指出，Strategy 近期进行了首次大规模比特币出售，但市场表现出较强韧性，并未出现明显抛售压力，7 月走势目前保持积极。现阶段约 1083 万枚 BTC 处于未实现亏损状态，而约 922 万枚 BTC 仍保持盈利，市场尚无法完全判断投资者是否已经消化近期资金流变化，但现货交易量并未完全反映此前大规模资金流出的影响，因此可能接近熊市底部形成阶段。 随着 ETF 资产配置变化以及资金流重新转正，7 月比特币市场可能迎来新的变量。随着长期持有者及部分巨鲸重新积累，比特币正在从低信念持有者向更高信念投资者转移，未来 2至 3 个月可能成为确认阶段性底部的重要窗口。
According to Lookonchain monitoring, despite Strategy selling BTC, three whales are still holding leveraged long positions. Among them, one whale holds a 40x leveraged long position of 1,000 BTC, valued at $63.8 million; another whale holds a 10x leveraged long position of 30,627 ETH, valued at $54.9 million; and a third whale holds a 20x leveraged long position of 470.4 BTC, valued at $30 million.
According to monitoring by on-chain analyst Ember, Bitcoin treasury company Strategy (MSTR) sold 3,588 BTC ($216 million) at a price of $60,197 last week. They currently hold 843,775 BTC ($52.343 billion) with an average cost of $75,476, resulting in an unrealized loss of $11.341 billion (-17.8%).Ethereum treasury company Bitmine (BMNR) purchased 42,197 ETH ($69.03 million) at approximately $1,636 last week. They now hold a total of 5,742,237 ETH ($10.037 billion) with an average cost of $3,386, resulting in an unrealized loss of $9.406 billion (-48.4%).
According to on-chain analyst EmberCN, a whale just opened a long position on Bitcoin but encountered selling activity by Strategy. The price of Bitcoin subsequently dropped by approximately $1,000, resulting in an unrealized loss of $410,000 on the whale’s position.
According to on-chain analyst Ember Monitoring, last Monday, Strategy disclosed the approval of a BTC sale plan worth up to $1.25 billion, intending to sell approximately a maximum of 20,000 BTC. Last week, it sold 3,588 BTC ($216 million) at an average price of $60,197, while their average BTC cost is $75,651. This means the sale of this portion resulted in a realized loss of $55.45 million.
Citrini analyst jukan posted on X, citing South Korean media, stating that Kim Yong-kwan, President and Head of Business Strategy for Samsung Electronics' Device Solutions division, remarked at a full management meeting of the DS division on July 3 that this year's operating profit is expected to align with market consensus. South Korean brokerage firms estimate Samsung Electronics' operating profit for this year to be around 300 trillion Korean Won, equivalent to approximately $200 billion. Kim Yong-kwan reportedly stated that the profit for just this year will exceed the cumulative profits Samsung has generated over the 40 years since it entered the semiconductor business.
Coinbase released a monthly review on July 1, stating that in the first half of the year, it advanced its product layout around the strategy of "every asset, every market, one platform," covering tokenized stocks, pre-IPO perpetual contracts, stock options, crypto options, stock index perpetual futures, AI tools, payments, stablecoins, and on-chain infrastructure. Coinbase stated that the tokenized stocks are 1:1 backed shares of US companies, expected to include dividends, on-chain trading, holding, and redemption functions, and are not available to US persons. Coinbase also noted that its pre-IPO perpetual contracts will start with SpaceX and then expand to OpenAI and Anthropic, and will offer crypto options through integration with Deribit. Coinbase CEO Brian Armstrong said on July 3 that Coinbase is one of the companies with the highest level of AI application globally. Coinbase also stated that it has launched a direct INR on-ramp in India, become the official deployer of the USDC treasury wallet for Hyperliquid, partnered with Ethena across over $50 billion in assets, and mentioned transferring approximately $4.4 billion USDC to the Hyperliquid deployer. (Bitcoin.com News).
According to JPMorgan analysts, Michael Saylor’s Strategy recently officially launched a Bitcoin sale policy, transforming the company from a pure BTC buyer into a potential seller, introducing an “avoidable two-way risk” to the crypto market.Strategy’s Bitcoin sale policy, named the BTC Monetization Program, allows the company to sell Bitcoin to raise up to $1.25 billion in cash reserves. These funds will be used to pay preferred stock dividends and interest expenses, or to repurchase preferred and common shares, in order to optimize its capital structure.JPMorgan believes that Strategy’s potential future sale of BTC will increase market uncertainty and volatility regarding the price of Bitcoin. Analysts stated that if the company had instead supplemented its future dividend payment reserves by issuing equity, this risk could have been avoided.Strategy currently has a minimum cash reserve target covering 12 months of preferred stock dividends and interest expenses, with its current cash reserves of $2.55 billion sufficient to cover approximately 17 months of dividends. JPMorgan believes the company should increase its cash reserves to cover 24 to 36 months of related obligations. Even if this results in the common stock trading at a discount to net asset value, it would provide greater assurance to investors that the company will not be forced to sell Bitcoin in the short term.
Odaily Wall Street investment bank TD Cowen has lowered its price target for Bitcoin treasury company Strategy (STRC) from $400 to $260, a reduction of approximately 35%, while maintaining a "Buy" rating. The firm noted that the company's newly launched digital credit capital framework is constructive, with continuous improvements in credit transparency and capital flexibility.Analysts explained that this valuation adjustment is unrelated to the new capital framework, but is primarily driven by lowered Bitcoin price expectations: the BTC price forecast for end-2026 has been reduced from $140,000 to $100,000, and the end-2027 forecast from $190,000 to $135,000. Even after the adjustment, the $260 price target still implies over 200% upside from the closing price of $92.68. The investment bank also acknowledged that this valuation differential appears relatively high.On the capital front, Strategy has rebuilt $2.55 billion in USD reserves. Last week's issuance of 12 million common shares was not used to increase Bitcoin holdings. Existing cash can cover more than 17 months of interest and preferred stock dividends, and combined with BTC monetization capacity, can cover 26 months of expenses. The company has received approval for $1 billion in common stock buybacks and $1 billion in preferred stock buybacks, marking a shift from one-way equity issuance to proactive capital structure optimization. The $1.25 billion in Bitcoin monetization proceeds will replenish cash reserves, while the preferred stock dividend rate has been raised from 11.5% to 12%, alleviating the previously significant 26% discount issue. (TheBlock)
Bitcoin (BTC) has been trading narrowly between $59,000 and $60,000 for the fifth consecutive day. However, analysts warn that this "calm" market condition may conceal greater risks, with the key issue being that this oscillation is occurring within a downtrend.FxPro's Chief Market Analyst, Alex Kuptsikevich, stated that the current price action resembles Bitcoin's consolidation between $55,000 and $70,000 from March to October 2024, but the contexts differ. The previous consolidation occurred in a rising market, whereas the current oscillation is below support levels. Additionally, both the 50-day and 200-day moving averages are trending downward, indicating the market remains bearish.Kuptsikevich noted that if this consolidation pattern breaks to the downside, rather than forming a base for a rebound, Bitcoin's next significant support zone could be near the $40,000 level.On-chain data is also signaling pressure. CryptoQuant analyst Darkfost indicated that long-term holders may be engaging in loss-making selling behavior. In historical cycles, this phase is typically accompanied by short-term pressure, but it may also become a long-term buying opportunity.Meanwhile, market demand remains relatively weak, with active address counts and on-chain transaction activity both at recent lows. Financial pressure on corporate Bitcoin giant Strategy has also heightened market concerns. Its preferred stock, STRC, recently fell to around $71, while its common stock dropped approximately 25% in a week, hitting its lowest level since February 2024.Strategy previously stated that it might sell over $1 billion worth of its Bitcoin reserves to improve its financial situation. This is seen as a significant shift from founder Michael Saylor's "never sell" strategy.Additionally, a strengthening US dollar and continued capital flows into AI-related assets in the US stock market are exerting pressure on dollar-denominated risk assets like Bitcoin. BTC is currently on track to end the second quarter with a decline of approximately 13%, while US stocks remain strong due to the AI investment boom. (CoinDesk)
According to the weekly market report released by BIT Official, heavy selling in semiconductor and AI stocks on June 23-24 triggered defensive adjustments by institutional capital. BTC fell below $60K on June 24, hitting a low of ~$59,000 (intraday decline of approximately 5%). Approximately $994 million in liquidations occurred during the same period (of which approximately $780 million were long positions). Approximately $1.2 billion in nominal Put positions at the $60K level forced market makers to short, exacerbating the downward trend. As of the weekend, BTC was quoted at ~$59,992, down 6.9% for the week; ETH was quoted at ~$1,578, down 9.3% for the week. In terms of volatility, DVOL only rose slightly (BTC 44.1→45.7, ETH 57.3→59.5), front-end skew tended to stabilize, and convexity returned to normal. The institutional defensive hedging ratio decreased from 29.6% to 19.7%, shifting towards two-way balance, overall showing characteristics of an "orderly decline" rather than panic selling. In terms of ETFs, for the week ending June 26, US spot BTC ETFs saw net outflows of approximately $1.79 billion, marking the second-highest weekly outflow record in history, and have seen net outflows for 7 consecutive weeks; IBIT net assets decreased to approximately $44.4 billion, with average holders having an unrealized loss of approximately 40%. Strategy purchased only 520 BTC this week (approximately $34.9 million), significantly slowing down compared to the previous two weeks. MSTR stock price has fallen below its BTC book value, and the flywheel effect has been affected
on-chain analyst Ember CN posted on platform X, stating that MicroStrategy did not make any BTC purchases last week. Bitcoin treasury company Strategy (MSTR) currently holds a total of 847,363 BTC, valued at $50.842 billion, with an average cost price of $75,651, an unrealized loss of $13.262 billion, and an unrealized loss rate of 20.7%. Ethereum treasury company BitMine (BMNR) last week purchased 27,084 ETH at approximately $1,648 each, valued at $44.63 million. It currently holds a total of 5.70004 million ETH, valued at $8.978 billion, with an average cost price of $3,399, an unrealized loss of $10.397 billion, and an unrealized loss rate of 53.6%.
On-chain analyst Ember posted on X platform, stating that Strategy currently has $2.55 billion in dollar reserves, which can support interest payments for one and a half years. Strategy may sell some BTC at any time soon, raising up to $1.25 billion to replenish dollar reserves, which equates to approximately 20,600 BTC at current prices. Strategy may also conduct share buybacks of up to $1 billion.
Odaily Ripple CEO Brad Garlinghouse stated in a recent CNBC interview that he remains long-term bullish on Bitcoin, while strongly criticizing Michael Saylor and his strategy of continuously purchasing Bitcoin by financing through preferred stock, arguing that this "financial engineering" approach is negatively impacting the crypto market.Garlinghouse pointed out that Strategy's reliance on issuing preferred stock (such as STRC) to raise funds for Bitcoin purchases essentially acts as a distraction in the market rather than creating long-term value. He emphasized: "Financial engineering does not create long-term value; the long-term value of digital assets comes from real utility." He specifically noted that STRC's stock price has fallen to a discount of approximately 25% from its par value, which he described as a "strong vote of no confidence" in that financing structure. Against the backdrop of market pressure this week, Strategy's common stock hit its lowest level since February 2024, and Bitcoin briefly fell below $59,000.On the market front, a CryptoQuant report indicated that if the dividend structure continues, Strategy's cash buffer has decreased from over seven years to approximately 14 months, suggesting a pause in Bitcoin purchases and a rebuilding of reserve funds. Currently, STRC trading below $100 has also rendered its "issue tokens—buy Bitcoin" funding flywheel temporarily ineffective. However, Benchmark-StoneX analyst Mark Palmer believes this model reflects more of a "decline in efficiency" rather than a systemic breakdown. Meanwhile, Ripple continues to adopt an industry-contrarian perspective, reiterating the distinct value path of its ecosystem asset XRP compared to Bitcoin. (CoinDesk)
Odaily Ripple CEO Brad Garlinghouse criticized Strategy and its Chairman Michael Saylor's Bitcoin purchasing funding model during a CNBC interview on Friday, stating that "financial engineering cannot create long-term value" and that the long-term value of digital assets should ultimately be driven by real-world utility.Garlinghouse said the Saylor team is not focused on the right direction and believes this approach has already harmed the overall crypto market. He also emphasized that he remains bullish on Bitcoin but opposes Strategy's strategy of continuously adding BTC positions through complex funding structures.His criticism was primarily directed at Strategy's model of issuing preferred stock to fund Bitcoin purchases. STRC is one of the preferred stocks issued by Strategy, carrying an annual dividend obligation of 11.5%. Recently, STRC traded at a discount of approximately 25% to 26% compared to its $100 face value. Garlinghouse described this performance as a "severely negative assessment" of Strategy's approach.
According to Hyperinsight monitoring, MicroStrategy (MSTR), the Bitcoin treasury proxy stock, continues to face downward pressure. Since the company’s first Bitcoin sale this year—selling 32 BTC in late May to cover preferred stock dividends—MSTR’s share price has fallen 48% cumulatively. Over the past 24 hours alone, it dropped another 13.8%, trading at $84 on Hyperliquid—the lowest level in two years—and leading declines across the HIP-3 market. The company’s unrealized losses on its Bitcoin holdings have now exceeded $13 billion.
on-chain analytics platform CryptoQuant stated Strategy should stop buying Bitcoin and strengthen cash reserves.US stock market data shows Strategy's share price has fallen below the $90 mark, currently trading at $89.9, with its market cap approaching a drop below $2 billion.