Bitcoin (BTC) — Onchain News & Whale Tracking

Greeks.live: Rising market risk aversion may trigger sudden price movements in Bitcoin around the quarterly expiry period

Researcher Adam from Greeks.live wrote in a note that BTC put options are trading at a rapid pace currently. Over one-third of today’s block option trades are puts, mainly concentrated on put options expiring at the end of this month with strike prices between $60,000 and $63,000, signaling rising market risk aversion. US stocks have seen increased volatility over the past two days; accumulated risks in the broader market are unwinding, and the crypto market has been impacted, leading to a certain correction. Currently, the market is concerned about a synchronized downturn across multiple markets. He notes that with quarterly settlement approaching and low volatility having persisted for a long time, BTC is highly likely to see a sudden price swing.

Bitcoin fell below $62,000.

According to HTX market data, Bitcoin has fallen below $62,000, with a 0.4% drop in the past 24 hours.

Bitcoin breaks through $63,000

According to HTX market data, Bitcoin has broken through $63,000, with a 0.96% gain over the past 24 hours.

21Shares: Bitcoin Could Rebound to $100,000 by End of Year, Current Trend Aligns With Post-Halving Cycle Characteristics

Asset management firm 21Shares has released its mid-year crypto market report, revisiting its 2026 industry forecast and setting a base-case target of $100,000 for Bitcoin by year-end. Bitcoin previously hit an all-time high of around $126,000 in October 2025, and is currently trading at roughly $62,300, approximately 50% below that peak. 21Shares noted that Bitcoin’s post-halving price trajectory “still looks familiar”, with the current pullback aligning closely with historical post-halving patterns, though the decline is far smaller than the over 80% pullbacks seen in prior cycles. The report points out that Bitcoin remains above the $54,000 aggregate investor cost basis, with no signs of the capitulation sell-offs observed in previous bear cycles, signaling a more mature market and stickier capital flows. The report also shows that as of May 2026, global crypto ETP assets under management (AUM) stood at around $140 billion, down roughly 15% year-to-date; ETPs hold approximately 1.25 million BTC, about 8% below their prior peak. 21Shares attributes the decline primarily to price movements rather than widespread liquidations. While U.S. spot Bitcoin ETFs recorded net outflows of around $3 billion, underlying BTC allocations remain near cycle highs. Additionally, the report states that prediction market trading volume reached $57.5 billion by the end of May, already exceeding half of the firm’s full-year forecast. Full-year volume is on track to hit $100 billion, and could challenge $200 billion in the second half, driven by events including the FIFA World Cup and U.S. midterm congressional elections. Total value locked (TVL) in decentralized finance (DeFi) remains around $140 billion, below 21Shares’ earlier forecast of $300 billion. Public on-chain tokenized assets amount to $31 billion, including $15 billion in tokenized U.S. Treasuries.

Analysis: Bitcoin OG Selling Drops to Lowest Level in Nearly Two Years, Market Bottom Signs Multiply

On-chain data shows that selling activity by Bitcoin long-term holders (commonly known as "OGs") who have held coins for over five years has plummeted to its lowest level in nearly two years. According to CryptoQuant data, the 90-day average daily selling volume of these veteran investors has dropped to 962 BTC, the lowest since November 2024, falling below the 1,000 BTC threshold for the first time. This shift is significant. Since the start of the current bull market in early 2023, selling pressure from the OG cohort has reached an all-time high for Bitcoin, with massive sell-off peaks in May 2024, February 2025, and September 2025. Daily selling volumes once exceeded 142,000 BTC, exerting notable downward pressure on prices and considered one of the key reasons why Bitcoin struggled to sustain gains after breaking through the $100,000 mark last year. CryptoQuant analysts note that this slowdown in selling is no coincidence: Bitcoin’s current price of around $63,000 is nearly at the break-even point of the most expensive coins likely purchased by OGs five years ago. Holding rather than selling is now the rational choice, meaning a major core selling pressure that had been weighing on prices is substantially easing. Meanwhile, net outflows from spot ETFs have also narrowed significantly over the past two weeks, aligning with the slowdown in OG selling. Multiple contrarian indicators collectively point to a potential market bottom. As of press time, Bitcoin is trading at approximately $62,776, with little change over the past 24 hours.

Wintermute: Bitcoin may drop to $59,000 in the short term as market liquidity continues to tighten.

Wintermute’s over-the-counter (OTC) trading desk noted in a report that Bitcoin (BTC) and Ethereum (ETH) are gradually testing the lower boundary of their recent trading ranges, with BTC potentially retracing to around $59,000 in the short term. Options market pricing indicates BTC’s short-term expected trading range is $61,242–$63,563, while ETH’s is $1,606–$1,694, with implied volatility of roughly 1.9% and 2.7% respectively. The current market structure is weak, with no new buying inflows into ETFs. Summer liquidity declines, combined with macroeconomic and geopolitical uncertainties, have increased asset correlations and led to convergent price movements. It identifies $59,000 as a key support level, and notes that this week will see critical event-driven factors including Federal Reserve inflation data and month-end option expirations.

Analysis: Bitcoin has strong support near the $60,000 level ahead of this Friday’s options expiration, signaling a phased bottom.

Analyst Murphy noted that Bitcoin will hold strong support near $60,000 around the June 26 (this Friday) options expiration, making it unlikely to drop below this level easily. On the corresponding Gamma chart, the $59,000–$62,000 range shows significant positive Gamma; market makers’ hedging activities will suppress volatility, anchoring prices in this zone. Meanwhile, put option positions totaling 4,620 BTC have accumulated at the $60,000 strike price, forming a robust put wall that generates massive buying power to provide solid support when prices approach this level. Historically, similar option structures have mostly aligned with interim bottoms or the conclusion of pullbacks. Analyst Murphy considers $60,000 still a strong short-term support level, taking a cautiously optimistic stance on Bitcoin’s near-term performance.

Yesterday, U.S. spot Bitcoin ETFs posted a net outflow of $113.8 million, while U.S. spot Ethereum ETFs recorded a net outflow of $82.4 million.

According to data from Farside Investors, U.S. spot Bitcoin ETFs recorded a total net outflow of $113.8 million on June 23. BlackRock’s IBIT saw a net outflow of $182 million, while Fidelity’s FBTC, ARKB, HODL, and MSBT posted net inflows of $23 million, $31 million, $5.3 million, and $8.9 million respectively. For U.S. spot Ethereum ETFs, total net outflows reached $82.4 million. BlackRock’s ETHA had a net outflow of $86.1 million, ETHB saw a net outflow of $1.7 million, Fidelity’s FETH recorded a net inflow of $15.7 million, Grayscale’s ETH ETF posted a net outflow of $10.3 million, and the remaining products saw roughly flat fund flows.

Analysis: Bitcoin has traded below the cost basis of short-term holders for 8 consecutive months, with an average unrealized loss of 14.4%.

According to a post by analyst Darkfost, the realized price of Bitcoin’s Short-Term Holders (STH) is currently around $74,800, and BTC has traded below this cost level for eight consecutive months, leaving most short-term holders under unrealized loss pressure. The average unrealized loss for STHs is now roughly 14.4%, a notable improvement from the over 34% unrealized loss level seen in February this year. Notably, the STH cost basis has dropped from $95,700 to $74,800, indicating that some short-term holders continued accumulating BTC during the downturn, pulling down the overall average holding cost. During this cycle, STH unrealized profits hit a peak of 47% in March 2024, but stood at just 11% when BTC set its all-time high in October 2025, reflecting that the market’s profit-taking level is significantly weaker than in prior phases. The $74,800 STH cost level remains a key resistance point for BTC. If Bitcoin can reclaim this level, it could signal a positive shift in market structure; until then, this zone is likely to act as a sell-pressure area for short-term holders looking to break even.

Total 24-hour liquidations for SPCX contract trading across all platforms reached $40.51 million, second only to Bitcoin and Ethereum.

According to Coinglass data, total liquidations for SPCX futures contracts across the crypto network reached $40.51 million in the past 24 hours. Of this, long position liquidations amounted to $38.07 million, while short position liquidations hit $2.44 million. The total liquidation volume of SPCX ranks only second to Bitcoin (BTC) and Ethereum (ETH).

BlackRock: Bitcoin can be viewed as a diversification tool, and moderate allocation may help boost return potential.

BlackRock officially stated in a post that the role of Bitcoin in investment portfolios is evolving, and it can be regarded as a complementary diversification tool. The firm believes that, provided appropriate risk tolerance is maintained, a moderate allocation (usually around 1%–2%) may help enhance the return potential of investment portfolios.

Across all crypto platforms, SPCX derivatives trading recorded $40.51 million in liquidations over the past 24 hours, trailing only Bitcoin (BTC) and Ethereum (ETH).

According to Coinglass data, the global liquidation volume of SPCX futures contracts reached $40.51 million over the past 24 hours, with long positions accounting for $38.07 million and short positions $2.44 million. SPCX’s liquidation amount is second only to Bitcoin (BTC) and Ethereum (ETH).

BlackRock: Bitcoin can be viewed as a diversification tool, and appropriate allocation may help boost return potential.

BlackRock officially stated, "The role of Bitcoin in investment portfolios is evolving, and it can be regarded as a complementary diversification tool. We believe that with an appropriate level of risk tolerance, a moderate allocation (usually around 1% to 2%) may help enhance the return potential of investment portfolios."

SPCX contract trading recorded $40.51 million in liquidations across all crypto platforms over the past 24 hours, second only to Bitcoin (BTC) and Ethereum (ETH).

According to Coinglass data, global SPCX contract trading recorded $40.51 million in liquidations over the past 24 hours, with $38.07 million coming from long positions and $2.44 million from short positions. The total liquidation amount is second only to BTC and ETH.

BlackRock: Bitcoin can be viewed as a diversification tool, and moderate allocation may help boost return potential.

BlackRock officially stated in a post that Bitcoin’s role in investment portfolios is evolving, and it can be viewed as a complementary diversification tool. The firm noted that, while maintaining appropriate risk tolerance, a moderate allocation (typically around 1%–2%) may help enhance a portfolio’s return potential.

BlackRock: Bitcoin can be regarded as a diversification tool, and moderate allocation may help enhance return potential.

BlackRock officially stated, "The role of Bitcoin in investment portfolios is evolving, and it can be regarded as a complementary diversification tool. We believe that, while maintaining appropriate risk tolerance, a moderate allocation (typically around 1%–2%) may help enhance the return potential of investment portfolios."

BlackRock: Bitcoin can be viewed as a diversification tool, and moderate allocation may help enhance return potential.

BlackRock officially stated in a post: "The role of Bitcoin in investment portfolios is evolving, and it can be regarded as a complementary diversification tool. We believe that, provided an appropriate risk tolerance is maintained, a moderate allocation (usually around 1%–2%) may help enhance the return potential of investment portfolios."

JPMorgan: Bitcoin Mining Industry Increasingly Sensitive to Price Swings, More Miners Approaching Breakeven Point

On June 22, Morgan Stanley’s latest report noted that as more Bitcoin miners approach their breakeven points, the Bitcoin mining network is growing more sensitive to price swings, with both hashrate and mining difficulty responding more sharply to fluctuations. The bank’s analysis finds that the six-month “elasticity coefficient” for mining difficulty relative to Bitcoin price changes has climbed to 0.62, meaning hashrate is reacting more quickly to market shifts. Analysts added that Bitcoin has traded below production costs for five straight months, with roughly 20% of miners currently operating at a loss. Facing profit pressure, publicly listed mining firms have ramped up their Bitcoin selling: first-quarter sales alone topped 32,000 BTC, surpassing the full-year total for 2025. As higher-cost mining rigs go offline, network hashrate has fallen, prompting an adjustment to mining difficulty. Morgan Stanley forecasts that as long as Bitcoin remains below its roughly $78,000 producti

Strategy Bitcoin Holding Loss Narrows to $9.093 billion, Bitmine Loss Narrows to $9.32 billion

June 22 Per monitoring from EmberCN: Bitcoin treasury firm Strategy purchased ~520 BTC last week at roughly $67,068 per unit, totaling about $34.87 million in value. Strategy now holds a total of 847,363 BTC, valued at approximately $55.01 billion, with an average cost of $75,651 per BTC. It reports an unrealized loss of $9.093 billion, equal to a 14.2% deficit. Separately, Ethereum treasury firm Bitmine bought ~52,203 ETH last week at an average price of ~$1,751 per ETH, for a total of roughly $91.43 million. Bitmine’s current holdings stand at 5,672,956 ETH, worth about $10.07 billion, with an average cost of $3,407 per ETH. Its unrealized loss hits $9.32 billion, a 48.2% drop.

Bitcoin Short-Term Rebound Surpasses $65,000

On June 22, HTX market data shows Bitcoin posted a short-term rebound, breaking above $65,000 with a 1.53% gain over the past 24 hours.

Analyst: Bitcoin Shows Resilience After Fed's Hawkish Stance, But Market Demand Has Not Yet Returned

On June 22nd, multiple market analysts noted that despite Federal Reserve Chair Kevin Warsh’s hawkish stance and persistent macroeconomic uncertainty weighing on the crypto space, Bitcoin has shown more resilience than expected lately. Still, there’s no clear sign of a demand recovery taking hold in the market. Current data puts Bitcoin’s price hovering around $64,700, down roughly 13% over the past month and nearly 50% from its all-time high hit last October. Analysts believe selling pressure is nearing exhaustion, but buying interest has yet to return—leaving the market stuck in a phase of range-bound trading and deleveraging. Institutional fund inflows into Bitcoin remain weak. Analysts point out that U.S. Bitcoin spot ETFs have seen approximately $4 billion in outflows over the past month, indicating institutional investors are still trimming their positions. Meanwhile, the derivatives market is in deleveraging mode, and Bitcoin hasn’t broken below a key support area, signali

Strategy increased its Bitcoin holdings by 520 coins last week, with its USD reserves also rising to $1.4 billion.

June 22 – Strategy disclosed in a U.S. Securities and Exchange Commission (SEC) 8-K filing that it sold 2.71 million shares of MSTR stock via its At-The-Market (ATM) equity issuance plan between June 15 and 21, generating $335.5 million in net proceeds. A portion of these funds was used to purchase 520 bitcoins at an average price of $67,068, totaling $34.9 million. As of June 21, Strategy holds a total of 847,363 bitcoins, with a combined acquisition cost of $64.1 billion and an average holding price of $75,651. The firm’s U.S. dollar reserves also rose to $1.4 billion. Notably, the $67,068 average price of the recent bitcoin purchase is below the company’s current average bitcoin holding price of $75,651, marking another instance of Strategy "buying the dip" amid a recent Bitcoin price pullback.

BlackRock deposits 1,241 Bitcoins and 7,547 Ethereums into Coinbase

June 22, per OnchainLens monitoring: An address tied to BlackRock deposited 1,241 Bitcoin (worth roughly $80.07 million) and 7,547 Ether (approximately $13.29 million) into Coinbase, with further deposits expected to follow.

Bitcoin Holds Ground at $64,000, Fed's Hawkish Stance Dampens Iran Ceasefire Optimism, ETF Sees Six Straight Weeks of Net Outflows

June 22 – Bitcoin held steady around $64,000 on Monday, stuck in a tight trading range. Last week’s U.S.-Iran memorandum of understanding, which formally ended over 100 days of conflict and reopened the Strait of Hormuz, briefly pushed the cryptocurrency above $67,000—but that rally was short-lived, capped by the Federal Reserve’s hawkish policy stance. On the policy front, new Fed Chair Wash struck a hawkish tone for the first time at the latest FOMC meeting. The CME FedWatch Tool puts the probability of a July rate hike at 36%, with markets pricing in at least one 25 basis point increase this year. May’s year-over-year CPI clocked in at 4.2%, far above the Fed’s 2% target—erasing all remaining expectations for rate cuts. The U.S. Dollar Index (DXY) subsequently climbed to the 100.6 to 100.8 range, a level that historically weighs on Bitcoin performance. From a funding perspective, the U.S. Bitcoin spot ETF has seen six straight weeks of net outflows, totaling $63.5 billion over

Geopolitical Unrest Stirs Market Sentiment, Is Bitcoin Becoming More Correlated with the Stock Market?

June 22. The ongoing Middle East crisis and progress in U.S.-Iran talks continue to impact global markets. With both sides signaling optimism that an agreement could be reached within the next 60 days, oil prices have pulled back, global risk appetite has firmed somewhat, though investors remain wary of how the situation will unfold moving forward. Market analysts point out that, as institutional capital keeps flowing into the digital asset space, Bitcoin’s correlation with risk assets like U.S. tech stocks is strengthening. Shifts in geopolitical tensions, interest rate outlooks, or liquidity conditions often lead to traditional capital market volatility quickly spilling over into the crypto space. Notably, the Federal Reserve’s (Fed) maintenance of high interest rate expectations remains a key variable for current markets. At the same time, the Middle East situation, energy prices, and changes in global liquidity are also shaping how investors price risk assets. As a global one-st

Analyst: Bitcoin Exhibits Supply Structure Resembling Cycle Bottom, But Key Sell Pressure Indicator Yet to Signal Bottom

### Bitcoin’s Bottoming Traits Lacking Key Capitulation Signal: Analyst Crypto market analyst Axel Adler Jr. noted on June 22 that on-chain data shows Bitcoin’s market is mirroring the supply structure of a cycle bottom—though a critical “surrender indicator” has yet to confirm a bottom formation. The total supply held by Bitcoin’s long-term holders (LTHs) is climbing. Historically, this metric spikes sharply near cycle lows; today it sits at ~12.17 million BTC, hitting a recent local peak of 12.42 million BTC in early June. While it’s pulled back slightly since, it still boasts strong year-over-year growth: over the past year, the figure has more than doubled, signaling coins are steadily shifting from short-term traders to stable long-term holders. This transition boosts market resilience, as fewer Bitcoin remain in active circulation—reducing potential selling pressure and pointing to chip consolidation. But gaps remain to hit historical bottom levels: At 2015’s low, LTH-he

Analysis: Indicators Show Bitcoin Has Reached Depth Region of Cycle Bottom

June 22 — Analyst Gaah cited data from CryptoQuant, noting that Bitcoin’s Cycle Momentum indicator signals the current bear market isn’t over yet. The metric has failed to climb above its neutral zone (0), confirming the bear market is still ongoing. The indicator has dipped to the -30 level, a historically deep area where cyclical BTC bottoms tend to form. This -30 range has long acted as a major support level for Bitcoin, per past market cycles. That said, to validate a trend reversal, BTC’s price will need to carve out a bullish chart pattern, paired with the indicator crossing above the 0 neutral threshold.

Bitcoin Surges Over 1% in the Past Hour, Approaching $65,000

According to HTX market data, Bitcoin surged over 1% in nearly an hour on June 22 following a joint statement from Qatar and Pakistan. The cryptocurrency is now trading at $64,672.87, approaching the $65,000 mark.

Tensions Rise in US-Iran First Round of Talks, Traditional Finance Sees US Stock Retreat, Oil Prices Up Over 2%, Bitcoin Falls Below $64,000

June 22 – Last night and this morning, mediators from the U.S., Iran, and other parties gathered in Switzerland for the first round of talks since the signing of a memorandum of understanding. A key topic during the day’s discussions was the “Lebanon Conflict De-escalation Mechanism and the Enforcement of the Ceasefire Agreement.” Tensions between the U.S. and Iran ran high throughout the negotiations. The U.S. delegation and conference organizers had initially planned a handshake and photo op between the Iranian and U.S. teams to kick off the multilateral talks, but the Iranian negotiating team nixed the plan. That’s when President Trump issued a tough statement targeting Iran, sparking an immediate deadlock: the Iranian delegation walked out in sharp protest. Multiple media outlets are reporting that the Iranian delegation remains at the Swiss negotiation venue but refuses to hold further talks with the U.S. Meanwhile, discussions among other key parties and mediators from Pakistan

On This Day in Past Years: Satoshi Nakamoto Referred to Bitcoin Loss as a "Donation to All Holders"

June 21st: Exactly 16 years ago today, Satoshi Nakamoto responded to a community user’s question about how to solve Bitcoin loss issues, commenting: “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.”

Michael Saylor reiterates Bitcoin Tracker Update, Hinting at Another BTC Purchase

June 21: MicroStrategy founder Michael Saylor once again shared an update on the company's Bitcoin Tracker, commenting, "Looks better with more dots." As per its usual pattern, MicroStrategy typically reveals additional Bitcoin purchases the day after such an announcement is made.

Bitcoin Dips Below $64,000, 24-hour Gain Narrows to 0.7%

June 21: According to HTX market data, Bitcoin fell below $64,000, trading at $63,926 at press time, notching a 0.7% gain over the last 24 hours.

Bitcoin's Puell Multiple Indicator Shows Miner Pressure, Analysts Say $59,000 May Be This Cycle's Bottom

June 21 — Crypto analyst Lark Davis noted that the current reading for Bitcoin’s Puell Multiple indicator signals the market is either approaching or already in the bottoming phase of this cycle. This metric measures miner profitability by comparing their daily earnings to the 365-day average, and historically, periods where miner income stays low (forcing them to sell Bitcoin to cover operating costs) tend to align with the cycle’s lowest points. Davis added that while the indicator hasn’t hit the green oversold territory yet, signs of stress among miners have emerged — a development that typically marks the end of a bear market. He also pointed out that the price action in this cycle has been far milder than historical patterns would indicate. As for whether $59,000 will hold as the cycle’s low point? Davis says that will become clear over the coming months, though the clues pointing to that possibility are growing more distinct by the day.

Michael Saylor: Bitcoin Community Should Put Aside Infighting, Global Capital Yet to Arrive Is the Biggest Opportunity

June 21 — Michael Saylor, founder of Strategy, took to social media today to urge Bitcoin holders to stay unified. Saylor noted the Bitcoin community aligns on roughly 99% of core issues, advising that the remaining 1% of disagreements should not lead to division. He emphasized that the vast majority of global capital has yet to enter the Bitcoin network, pointing out this historic opportunity is far more significant than internal community debates. According to Saylor, any internal split amid such a massive shared interest would be a waste of this pivotal chance.

Organization: Bitcoin Miners Enter 'Surrender Period,' Mining Difficulty Drops Over 20% from ATH

June 21st, Galaxy Research announced that Bitcoin miners are entering a "Miner Capitulation" phase. The network’s current mining difficulty has fallen more than 20% from its all-time high, marking the largest pullback since China’s 2021 comprehensive crackdown on Bitcoin mining. The firm noted that this is the most significant drop in Bitcoin network difficulty from its peak in nearly five years, a sign that amid the bear market and squeezed profitability, some miners are continuously exiting the network or shutting down their equipment.

The US Bitcoin ETF Sees Record $973 Million Outflow in 30 Days, Crypto Market Under Pressure

June 21 – Data from Galaxy Research reveals that U.S.-listed spot Bitcoin ETFs logged a net outflow of roughly $6.35 billion over the past 30 trading days, marking the largest 30-day exit since the product’s launch in January 2024 and signaling a clear cool-down in institutional fund sentiment. The fund has notched six straight weeks of net outflows, bringing its cumulative net inflows down to around $53.4 billion—sharply lower than the peak hit back in October 2025. Galaxy Research notes that daily outflows are still widening. Market players believe these outflows may reflect institutional investors’ diminished short-term risk appetite for Bitcoin. The cryptocurrency has also fallen roughly 17% over the past month to trade around $64,167, pressured by factors including rising macroeconomic inflation and ongoing geopolitical conflicts. However, a BlackRock spokesperson stated that ETF flows are influenced by a range of factors, adding that single-day or short-term outflows don’t nec

Thai Authorities Raid Illegal Bitcoin Mining Operation in Five Northeastern Provinces, Seize Over 300 Mining Rigs

$13 billion Bitcoin options set to expire, with bears in control, bulls may face continued pressure in June

On June 21, a roughly $13 billion Bitcoin options contract set to expire on June 26 is facing an open interest structure that leans heavily bearish, stoking concerns that this month’s Bitcoin decline may continue. The cryptocurrency has fallen around 14% so far in June, with most call options concentrated at $68,000 and above, setting the stage for widespread long squeezes. Options market data shows the Deribit platform holds $10.4 billion in open interest, accounting for 79% of the total market share. Of this, $6 billion is in call options, 78% of which are concentrated above $72,000. With less than a week remaining until expiry, the actual active positions are likely to shrink significantly. For the $4.5 billion in put options, only 28% are betting Bitcoin will drop below $57,000, indicating a broadly robust bearish overall structure. Based on current price trends, all four potential scenarios for the June 26 expiry will favor bears, with a net advantage ranging from $1 billion to

Michael Saylor: Bitcoin Strategy Adds Roughly $48 Billion to Balance Sheet Compared to Debt

June 20th: MicroStrategy founder Michael Saylor posted on social media this week, reflecting on a speech he gave back in October 2022—when Bitcoin was hovering around $20,000. At the time, the firm held 130,000 BTC valued at roughly $26 billion, and its split-adjusted MSTR stock was trading at about $24. Just weeks later, Bitcoin dropped below $16,000, leaving Strategy’s total debt temporarily larger than its combined Bitcoin and cash reserves (a roughly $3 billion shortfall). By the end of the year, MSTR stock had fallen to around $13. Since then, the team has stayed focused, doubled down on strengthening its fundamentals, and stuck strictly to its core strategy. Over that stretch, they’ve raised more than $60 billion—every dollar put entirely toward accumulating more Bitcoin, adding over 716,000 BTC to their holdings. Today, MicroStrategy’s total Bitcoin and cash reserves sit roughly $48 billion above its total debt. Saylor also thanked everyone who’s believed in the company, stuck

CZ: If Satoshi's address remains inactive after the Bitcoin quantum upgrade, the related BTC should be frozen

On June 20th, Binance founder CZ (Changpeng Zhao) joined the Galaxy Brains podcast for an interview with Galaxy Research head Alex Thorn, covering key topics like quantum computing risks to Bitcoin and Satoshi Nakamoto’s undisclosed BTC holdings. CZ stated quantum computing isn’t an unsolvable problem for Bitcoin, citing existing post-quantum cryptographic algorithms—though he emphasized community-coordinated upgrades are critical to addressing the issue. Regarding BTC linked to Satoshi Nakamoto, CZ labeled "doing nothing" a poor choice. His proposal: If Bitcoin forks to a new cryptographic scheme in the future, the community could offer a 6 to 12-month transition window. Should those Satoshi-linked coins stay untouched, the new protocol should freeze the associated addresses, taking roughly 1 million BTC out of circulation. He warned inaction would eventually let anyone with a functional quantum computer crack those addresses and seize the funds—an unfair distribution outcome

If Bitcoin surpasses $65,000, the mainstream CEX total short liquidation volume will reach $454 million.

June 20th: Data from Coinglass shows that if Bitcoin breaks above $65,000, the total value of short positions liquidated across major centralized exchanges (CEXs) will reach $454 million. Conversely, if Bitcoin drops below $62,000, cumulative long position liquidations on leading CEXs will hit $581 million. BlockBeats notes: The liquidation chart does not display exact numbers for contracts awaiting or currently being liquidated. The bars on the chart represent the relative intensity of each liquidation cluster compared to adjacent clusters, not precise liquidation values. A taller "liquidation bar" indicates that a price hitting that level will trigger a more intense reaction driven by a liquidity cascade.

Bitwise: Bitcoin Significantly Undervalued Compared to AI Stocks, But Fed Hawkish Risk Remains

Bitwise analysts said in a June 20 update that despite lingering hawkish risks from the Federal Reserve, Bitcoin’s valuation remains in a historically undervalued range. The Bitcoin Mayer Multiple has dropped below 1.0—a level that has historically correlated with long-term accumulation phases—indicating BTC carries "deep value" characteristics, per the firm. That said, investor participation in crypto stays low. CryptoQuant’s Realized Cap HODL Waves indicator has been in bear market territory since late October 2025, signaling a steady slowdown in new capital flowing into the Bitcoin network. As of June 17, the indicator’s 7-day and 59-day moving averages have fallen from roughly 70 in the fourth quarter of 2025 to 13.9 and 19.1, respectively. Bitwise also highlighted that Bitcoin’s valuation is significantly discounted compared to AI-focused stocks like NVIDIA, while those AI stocks boast notable premiums over their long-term trend levels. Meanwhile, potential funding or IPO deals

CryptoQuant Founder: Era of Bitcoin-Led Alt Season May Be Over

June 20: CryptoQuant founder Ki Young Ju posted on social media, noting that the "Bitcoin-to-altcoin asset rotation" trend—an engine that powered the previous altcoin season—has mostly vanished. Since 2021, trading volume for altcoins paired with Bitcoin has dropped sharply. Ju believes the era when "altcoins rally alongside Bitcoin’s upward momentum" may have come to an end.

Analysis: Bitcoin Network Activity Approaching an All-Time High, Small Transactions and On-Chain Activity Drive Daily Transaction Volume Above 800,000 Transactions

CryptoQuant data as of June 19 shows Bitcoin network activity has risen to roughly 7% below its September 2024 all-time high—marking the first time since mid-2024 the network has broken above a long-term trendline, driven primarily by a surge in small transactions rather than traditional financial payment activity. In 2026, Bitcoin’s daily transaction count has topped 800,000, more than doubling from 2025’s lows and nearing the highs of the 2023–2025 cycle. CryptoQuant emphasizes this growth has structural characteristics, not just short-term fluctuations. Notably, the share of Bitcoin transactions under 0.01 BTC has climbed to around 80%, up sharply from roughly 44% in 2023. This shift is closely tied to OP_RETURN usage, which is nearing historical peaks. According to CryptoQuant, protocols including Runes, Ordinals, BRC-20, and data timestamp services are generating massive volumes of low-value transactions by writing data to the blockchain—some for as little as 546 satoshis. As o

If Bitcoin breaks $64,000, the mainstream CEX's total short liquidation volume will reach $786 million.

As of June 19th, Coinglass data shows two key liquidation trigger points for Bitcoin across major centralized exchanges (CEXs): If Bitcoin breaks above the $64,000 mark, the total value of short positions being liquidated on these platforms will hit $7.86 billion. Conversely, if Bitcoin drops below $62,000, cumulative long position liquidations on major CEXs will reach $6.55 billion. A critical note from BlockBeats: The liquidation chart does not display the exact number of contracts up for liquidation or the precise value of contracts being liquidated. Instead, the bars on the chart represent the relative importance of each liquidation cluster compared to adjacent clusters—this is what the chart defines as "intensity." Essentially, the chart illustrates how much a given price level will impact the market: taller liquidation bars signal a stronger price reaction (triggered by a liquidity cascade) when that price is reached.

Analyst: Bitcoin May Form Macro Bottom Around $50,000 to $60,000 in the Third Quarter

June 19: Trader Killa’s latest analysis suggests Bitcoin (BTC) could carve out a new macro bottom in the third quarter, with the price expected to land between $50,000 and $60,000. Killa notes BTC may absorb major high-timeframe liquidity well in advance—mirroring how the crypto previously soaked up liquidity around the $140,000 mark—with a potential downside move that could catch many traders off guard. Killa adds that the market doesn’t necessarily need to dip below $60,000 to “sweep” key liquidity levels, though markets often front-run widely watched price zones. If the liquidity sitting below $60,000 gets pulled, the next major liquidity pool set to form between July and September is unlikely to be touched, signaling a macro bottom could be in the works. Analyst Daan Crypto Trades, meanwhile, warns bulls must defend the $61,000 to $62,000 range, or the market could unravel rapidly. Commentator Exitpump also flags that traders on Binance are piling into aggressive short positions,

Franklin Templeton Files to Launch Dividend Reinvestment Bitcoin ETF

On June 19, Franklin Templeton filed an application with the U.S. Securities and Exchange Commission (SEC) to launch two exchange-traded funds (ETFs) that will automatically reinvest stock dividends into Bitcoin. Named the Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF, the funds are expected to launch no earlier than September 1, 2026. These ETFs will track the VettaFi US Large-Cap 500 Bitcoin DRIP Index and related innovation indices. Their initial asset mix consists of 95% U.S. large-cap stocks with a 5% Bitcoin overlay. During quarterly rebalancing, if Bitcoin allocation exceeds 5%, it will be adjusted to 4.5%. The maximum allowed Bitcoin exposure for the funds will not exceed 20%, and Bitcoin exposure will be accessed via instruments including spot Bitcoin ETPs, futures, and options.

Coinbase Bitcoin Premium Index briefly turns positive this week before turning negative again

As of June 19, data from Coinglass shows the Coinbase Bitcoin Premium Index briefly turned positive earlier this week before reversing course to negative, currently holding at -0.103% — a clear indicator of persistent weak buying momentum in the U.S. market. The Coinbase Bitcoin Premium Index is used to measure the spread between Bitcoin’s price on Coinbase and the global average Bitcoin price. A negative premium typically signals intense selling pressure in the U.S. market, a drop in investor risk appetite, heightened market risk aversion, or capital outflows.

CryptoQuant Founder: Bitcoin's biggest risk is not a crash, but a "boring" price action that undermines confidence

On June 19, CryptoQuant founder Ki Young Ju posted to social media, warning that Bitcoin’s biggest current risk isn’t a sharp price crash—it’s long-term consolidation leading to a "boring market." He believes this kind of stagnation, even without a major pullback, will slowly erode the market’s core narratives and investor confidence, ultimately hurting demand and Bitcoin’s institutional premium structure. He further noted that the capital model powering Michael Saylor’s STRC isn’t vulnerable to short-term price drops; instead, it faces pressure from this long-term stagnant market. Without a strong bullish narrative to back it up, MicroStrategy’s (MSTR) market premium could get squeezed, creating bigger hurdles for its ongoing financing and Bitcoin-buying strategy. Ju stressed that the core driver behind every Bitcoin cycle has always been updates to its bullish logic narrative—not just price performance. Looking back over the past decade, Ju pointed to key Bitcoin narratives that ha

Bitcoin mined an empty block at height 954,352 2 hours ago

June 19: Mempool data shows miners mined an empty Bitcoin block at height 954352—this block only contains the block reward’s Coinbase transaction, with just a 62-second gap between it and the prior block. Miners choose to mine empty blocks primarily for economic reasons, as it’s their most rational option. Given the extremely narrow time window between blocks, miners can’t fill the block with transactions without conflicting with transactions from the parent block, and they also need to maximize their own mining time. As a result, mining an empty block is the only feasible choice in this scenario.