News linked to both this project and an event.
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.
CryptoQuant 分析师 Moreno 建议 Strategy 停止购买比特币并积累现金，以缓解优先股 STRC 跌至历史新低的压力。
Economist and crypto skeptic Peter Schiff posted that market optimism toward Bitcoin is “excessively complacent.” While Strategy’s other end is connected to Wall Street, it is currently under clear pressure: its stock price has fallen roughly 80% from its peak, and dropped another ~20% within just five days; its flagship preferred stock STRC also declined approximately 13%. If short-selling pressure continues to depress Strategy’s stock price, it could trigger an extreme scenario—Strategy may be forced to betray its commitment and sell Bitcoin to repurchase shares. Yet this move may fail to lift the stock price and instead trigger further Bitcoin price declines, creating a negative-feedback death spiral—the very situation that Strategy’s own strategic structure has “trapped Michael Saylor in.”
: According to official sources, MGBX will list AMDB (Advanced Micro Devices), EWYB (iShares MSCI South Korea ETF), INTCB (Intel), and MSTRB (Strategy Inc) for spot trading at 18:00 (SGT) on June 24, 2026.Deposit opening time: 16:00 (SGT) on June 24, 2026Trading opening time: 18:00 (SGT) on June 24, 2026Withdrawal opening time: 19:00 (SGT) on June 25, 2026
According to Wintermute’s market weekly report, a significant macroeconomic shift occurred during the week ending June 22: The U.S. Federal Reserve held its benchmark interest rate steady at 3.50%–3.75%, but its statement adopted markedly tighter language—removing all references to accommodative policy. The median dot-plot projection rose from 3.4% to 3.8%, and 17 of the 18 FOMC members assessed inflation risks as skewed upward. The probability of a December rate hike surged from roughly 24% one month earlier to approximately 77%. Meanwhile, the Iran nuclear deal—originally scheduled for signing on June 19—collapsed following Israeli airstrikes on Lebanon, prompting Iran to withdraw from negotiations. Qatar is now attempting to extend talks until the end of June. With U.S. equity markets closed for Juneteenth, they failed to react promptly; crypto markets bore the brunt first—BTC peaked near $67,000 midweek before retreating to around $62,000, posting a weekly decline of 3.8%; ETH once again fell below $2,000, dropping into the mid-$1,700 range, down 1.2% for the week; over the weekend, approximately $600 million in long positions were liquidated, while less than $90 million in short positions were cleared—highlighting persistent leverage imbalance. Wintermute noted that the narrative of forced selling by “Strategy” players has dissipated (net BTC purchases totaled 1,587 BTC between June 8–14), yet marginal demand from both ETFs and Strategy participants has clearly weakened compared to prior periods. Capital inflow channels remain unopened, and the market is stabilizing primarily under light positioning and low leverage.
Benchmark-StoneX 分析师 Mark Palmer 指出，Strategy 旗下 STRC 产品虽近期波动，但其机制与导致 Terra 崩溃的算法稳定币存在根本差异。
: According to on-chain analyst EmberCN, Strategy (MSTR) purchased 520 BTC last week at a price of approximately $67,068, valued at $34.87 million. The company currently holds a total of 847,363 BTC, worth approximately $55.01 billion, with an average cost price of $75,651, resulting in an unrealized loss of $9.093 billion.Bitmine (BMNR) purchased 52,203 ETH last week at a price of approximately $1,751, valued at $91.43 million. The company currently holds a total of 5,672,956 ETH, worth approximately $10.007 billion, with an average cost price of $3,407, resulting in an unrealized loss of $9.32 billion.
BIT's analysis today notes that over the past 30 days, the combined capital flows from stablecoins, Strategy, and Bitcoin ETFs have turned net negative, reaching a record high of $8 billion. This indicates that institutional investors are reducing risk exposure ahead of the summer season.Unlike the Q4 2025 period when inflows only slowed slightly, capital flows have now clearly shifted to net outflows. Without a significant positive catalyst (such as the Fed turning dovish), buy-side recovery could prove challenging.This suggests that Bitcoin's decline from $82,000 to $62,000 may have a greater impact than its previous correction from $102,000 to $82,000. Against a backdrop of limited upside potential, short volatility strategies may still present opportunities.
Bitcoin has dropped approximately 40% since Strategy launched its Bitcoin financing instrument, STRC, which has now fallen below its $100 issuance par value. This has sparked market debate over the sustainability of Michael Saylor’s Bitcoin “flywheel” model. Strategy currently holds over 846,000 BTC, but its purchase pace has notably slowed recently. Data shows that during the week ending June 8, the company added 1,550 BTC, worth approximately $101 million. The following week, ending June 15, it added another 1,587 BTC, valued at about $100 million. In contrast, during a single week in April 2026, the firm bought 34,164 BTC for $2.54 billion, indicating a significant decline in its recent capital deployment.Meanwhile, Strategy previously sold 32 BTC to meet dividend obligations. While minimal relative to its total holdings, the market views this as a sign that cash flow pressures could intensify if STRC’s funding efficiency declines. STRC was originally designed as a preferred stock instrument trading near its $100 par value, using dividend adjustments to attract investors and help Strategy raise capital for Bitcoin purchases. STRC has now fallen to historic lows, once dropping to $82.53 before closing at $88.59—roughly 13% below par value.Critics argue that STRC’s dip below par indicates mounting pressure on Strategy’s funding channels. Peter Schiff, a long-time Bitcoin critic, labeled STRC “a typical centralized Ponzi scheme,” claiming the model relies on continuous financing or Bitcoin sales to sustain itself. Crypto trader DonAlt also questioned STRC’s recent performance, describing its trading behavior as resembling a “Ponzi scheme.”However, some analysts believe STRC’s decline is more due to leverage liquidations than a fundamental deterioration of Strategy. STRC had long traded around $99 to $100, attracting leveraged traders. When the price broke below a key level, forced liquidations were triggered, exacerbating the drop.Analyst Scott Melker noted that STRC’s current yield has actually improved due to the discount. Since dividends are calculated based on the $100 liquidation preference, at an STRC price of $90, the 11.5% annualized dividend translates to an actual yield of about 12.8%. If the price falls to $85, the yield could exceed 13%.Strategy is expected to announce its next STRC dividend adjustment by June 30. The market is now focused on whether the STRC discount will persist and whether Strategy’s model of using capital market financing to continuously accumulate BTC can remain stable. (Cointelegraph)
Odaily News Analyst Ansem posted on X platform, stating that a "quite astonishing data point" shows that compared to the strategy of holding a single long HYPE position against the US dollar, a paired trading strategy of going long Hyperliquid (HYPE) while simultaneously shorting Bitcoin (BTC) has actually delivered better performance so far this year. This result suggests that in the current market structure, relative strength trading may offer higher returns than directional bets on a single asset. It also reflects the intensified rotation and beta divergence within the crypto space, with the return structure between BTC and high-volatility altcoins showing clear stratification.
Bitcoin continues to face pressure amid macroeconomic uncertainty and institutional wait-and-see sentiment, hovering around $64,500, down approximately 2% on the day. The market is awaiting the outcome of the Fed FOMC meeting, which will be chaired by Kevin Warsh for the first time, with widespread expectations that interest rates will remain unchanged in the 3.50%–3.75% range.Analysts point out that the focus of this meeting has shifted from "whether to cut rates" to "policy path and inflation signals." Current US inflation is believed to remain near three-year highs, with energy prices and geopolitical developments keeping the market cautious about the future policy direction.Pressure is also emerging simultaneously on the chain and institutional levels. Structural concerns surrounding Strategy (formerly MicroStrategy) continue to escalate, with its preferred stock STRC falling to $91.79 on June 16, over 8% below its $100 par value, seen as a sign of weakening corporate Bitcoin buying power.Although spot Bitcoin ETFs recorded net inflows of approximately $10.1 million on June 16, with BlackRock's IBIT contributing the majority, the capital scale remains significantly lower than in previous periods, indicating limited buying momentum.Market research firms Bitfinex and QCP note that the recent Bitcoin rebound appears more like a "technical recovery driven by exhausted selling pressure" rather than being fueled by new demand. In the derivatives market, rising implied volatility in options and a skew towards put protection suggest traders are pricing in tail risks.In terms of price structure, Bitcoin is considered to be oscillating in the short term within the $60,000 to $68,000 range. If the Fed signals a hawkish stance or institutional buying weakens further, a pullback to the $62,000–$63,000 range is possible.Overall, the current market presents a combination of "macro wait-and-see, marginal institutional weakening, and heightened derivatives defense." The short-term direction still depends on FOMC policy signals and the potential return of ETF and corporate capital flows. (The Block)
Odaily News According to on-chain analyst Ember monitoring, Bitcoin treasury company Strategy (MSTR) purchased 1,587 BTC ($100 million) last week at approximately $63,024. They now hold a total of 846,842 BTC ($56.09 billion) with an average cost of $75,656, reflecting an unrealized loss of $7.979 billion (-12.4%).Ethereum treasury company Bitmine (BMNR) purchased 76,881 ETH ($129 million) last week at approximately $1,681. They now hold a total of 5,620,754 ETH ($9.909 billion) with an average cost of $3,422, reflecting an unrealized loss of $9.327 billion (-48.5%). Bitmine is only 400,000 ETH away from its target of holding 5% of the ETH supply, and at the current pace, this goal should be achievable next month.
Odaily News The prediction market platform Polymarket issued a "resolution clarification" that overturned a market result that had already appeared to be settled. This led to a 20-year-old student's $35,000 bet being declared invalid, while a total of approximately $3.8 million in positions across 1,838 accounts on the platform were liquidated.This clarification clause was written into the platform's rulebook, allowing for retroactive interpretative corrections to market settlement results, thereby altering the final payout. The incident has sparked strong dissatisfaction among traders, who argue that this "post-hoc ruling" mechanism undermines the certainty of market rules, and has ignited widespread controversy within the Polymarket and Kalshi communities.According to user disclosures, the incident originates from a case made public on June 13, where a market result that had ostensibly been settled was later reversed due to a change in rule interpretation.Industry analysts believe that this type of mechanism introduces "settlement clarification risk" into prediction markets, which is a type of tail risk event that cannot be hedged. If such operations occur frequently, they could drive high-risk liquidity away from the current platform towards trading venues regulated by the CFTC or those with formal arbitration mechanisms.Furthermore, this event is seen as one in a recent series of controversies, including settlement disputes surrounding the UMA oracle and Strategy's Bitcoin-related markets, which continue to test market participants' trust in the "finality" of prediction markets. (Cryptobriefing)
According to SoSo Value data, U.S. spot Bitcoin ETFs recorded net inflows of nearly $86 million last Friday, equivalent to approximately 1,350 BTC, with BlackRock's IBIT alone seeing net inflows of nearly $58 million. Standard Chartered's Head of Global Digital Assets Research, Geoffrey Kendrick, suggested that the recent ETF sell-off may be partly driven by some holders liquidating positions to free up cash for participation in SpaceX's IPO. Since October last year, U.S. spot Bitcoin ETFs have accumulated net outflows of $7.6 billion, including $3 billion in the first six months of 2026. Strategy remains the world's largest corporate holder of Bitcoin, with over 800,000 BTC in its treasury. Michael Saylor resumed Bitcoin purchases in early June, following sales by Strategy at the end of May.