Spot bitcoin ETFs cap their second-worst week ever as IBIT investors sit on ~40% losses
A seventh consecutive week of net outflows — the longest negative weekly streak on record for the category — has left the average IBIT holder down roughly 40%, with daily outflow records shattered and bitcoin sliding below $73,000.
Spot bitcoin ETFs topped $1 billion in single-day outflows for the first time on Tuesday
The milestone came after a single investor sold $1.29 billion of IBIT shares in one dark-pool block trade, helping push total sector outflows past the billion-dollar threshold in a single session.
IBIT came within $500,000 of its all-time single-day outflow record on Wednesday
BlackRock's fund shed $527.84 million Wednesday — its second-largest daily outflow since launching in January 2024 — just shy of the $528.3 million record set on Jan. 30, per SoSoValue data.
All 11 U.S. spot bitcoin ETFs combined to lose $754.53 million on Wednesday alone
Beyond IBIT, Fidelity's FBTC dropped $60.30 million and Grayscale's GBTC shed $104.76 million the same day, per SoSoValue.
Bitcoin broke below $73,000 on Thursday after U.S. airstrikes reignited conflict fears
The price fell to $72,978 in Asian hours — down 3.4% over 24 hours — after strikes on an Iranian military site near the Strait of Hormuz added to macro pressure already weighing on risk assets.
The Fear and Greed Index hit 10 on Wednesday, its lowest reading since 2022
That score is lower than the level recorded when FTX collapsed, and the market swung from greed to extreme fear in under two weeks, according to the Fear and Greed Index tracker.
IBIT still ranks sixth by 2025 year-to-date inflows despite a 9.6% loss on the year
Bloomberg Intelligence analyst Eric Balchunas noted IBIT's inflows even outpace the SPDR Gold Trust, which is up more than 64% in 2025 — making IBIT the only top-flow ETF showing a year-to-date loss.
Strategy loses its bitcoin premium as enterprise mNAV falls below 1
Strategy's preferred shares (STRC) hit a record low of $71.40 on Friday — about 25% below their $100 par value — as the company's enterprise multiple of net asset value dropped to 0.70x, meaning the market now values Strategy at a discount to its own bitcoin holdings.
Strategy's enterprise mNAV collapses to 0.70x as of June 25
BitcoinQuant puts Strategy's enterprise value at $48.8B against a Bitcoin NAV of roughly $69.2B — an mNAV of 0.70x, confirming the company has fully lost the premium investors once paid for its bitcoin accumulation strategy.
STRC shares have shed 82% from their 52-week high
The preferred stock peaked at $457.22 over the past year and closed Friday at a record low of $71.40, a drop of roughly 82%. The one-year total return stands at -78.82%, per BitcoinQuant.
STRC is trading 25% below its $100 par value despite an 11.50% dividend
Strategy's perpetual preferred stock pays 11.50% annual dividends in cash, semi-monthly, on a $100 stated amount — yet the market price has fallen so far that buyers are now picking it up at a steep discount to face value.
Strategy holds 845,256 BTC — over 4% of Bitcoin's total supply
As of June 25, Strategy's bitcoin treasury is worth approximately $69.2B and represents 4.025% of the full 21 million coin supply, keeping it ranked number one globally among bitcoin treasury companies.
STRC's preferred claim on assets carries no bitcoin collateral
Strategy has disclosed that its preferred securities — including STRC — are not backed by its bitcoin holdings and hold only a residual claim on company assets, a key risk as the discount to par deepens.
STRC's next dividend payout is scheduled for June 30, 2026
The upcoming semi-monthly cash dividend will be distributed to shareholders on June 30. The dividend rate adjusts monthly and is designed to anchor trading near the $100 par value, though that mechanism has so far failed to stem the selloff.
Strategy loses its bitcoin premium as mNAV slips below 1 for the first time since 2024
Strategy's market cap has fallen below the value of its bitcoin holdings, ending a long-running premium that once reached nearly 4x NAV. The shift signals growing investor concern about dilution risk, leverage, and intensifying competition from rival bitcoin treasury companies.
Strategy's mNAV dropped to roughly 0.97, a first since 2024
At 10:56 AM EST on November 12, 2025, Strategy's market cap stood at $63.2B while its 641,692 BTC were worth $65.1B at $101,531 per coin, putting the mNAV at approximately 0.97.
The premium has collapsed from nearly 4x NAV in late 2024
Strategy's price-to-NAV ratio hit 1.32 as recently as October 27, per its own dashboard, and peaked at close to 4x in late 2024 — meaning the slide has erased most of the premium accumulated during bitcoin's bull run.
Trading at a discount is now hampering Strategy's ability to raise capital
Strategy relies on issuing new shares to fund bitcoin purchases. When it trades below NAV, that fundraising mechanism becomes self-defeating, as new issuance dilutes existing holders without adding equivalent asset value.
Investors who bought at peak premium have seen bitcoin gains wiped out
The mNAV collapse in 2025 has essentially neutralized any appreciation in Strategy's BTC holdings for shareholders who entered when the premium was highest, according to the Bankless analysis by Jack Inabinet.
A wave of copycat bitcoin treasury firms is eroding Strategy's uniqueness
The proliferation of publicly listed companies deploying Saylor's bitcoin treasury playbook in 2025 is a key driver of the shrinking premium, as the market pulls MSTR closer in line with rivals that trade near the value of their underlying assets.
Preferred shares also hit a record low, sitting 25% below par
Strategy's preferred shares (STRC) briefly touched $71.40 on Friday, their lowest level on record and roughly 25% below par value, reflecting broad stress across the company's capital structure.
Bitcoin slides to $58K as Fed rate fears and ETF outflows compound macro pressure
Hotter-than-expected PCE inflation data on June 25 reinforced bets that the Fed will hike rather than cut rates, hammering Bitcoin to $58,000. A six-day ETF outflow streak and deteriorating technicals have left the market searching for a floor.
Fed dot plot flips hawkish, markets now price 77% chance of a hike
The June FOMC held rates at 3.50–3.75% but 9 of 18 participants penciled in at least one hike for 2026, pushing the median dot to 3.8%. Fed-funds futures now imply roughly 77% odds of a hike by year-end, per BIT Weekly Market Watch.
SEP raises 2026 PCE inflation forecast to 3.6%, slashing rate-cut hopes further
The Fed's Summary of Economic Projections lifted its 2026 PCE forecast from 2.7% in March to 3.6%, while trimming GDP to 2.2%. With May CPI at 4.2% and April PCE at 3.8%, the data argue against any near-term easing.
Spot Bitcoin ETF outflows push 2026 year-to-date flows into negative territory
Bloomberg's Eric Balchunas noted the six-day outflow streak tipped cumulative 2026 ETF flows below zero. Lifetime inflows still stand at roughly $55 billion, but the near-term redemption pressure is adding direct selling weight.
Jane Street cut Bitcoin ETF holdings by ~70%, Goldman trimmed by 10%
First-quarter 13F filings show Jane Street rotated much of the freed capital into Ether ETFs, while Goldman Sachs made a smaller but still notable reduction — signaling broad institutional caution heading into the summer.
Bitcoin trades below all key moving averages with a bearish trend confirmed below $73,700
A June 1 plunge broke the recovery trend in place since February, pushing prices under the 20-, 50-, and 200-day moving averages. BIT Research says the broader trend stays bearish until Bitcoin reclaims $73,700.
Options market splits sharply: $60K put wall faces off against $120K calls
Open interest on $60,000 December puts is roughly equal to that on $120,000 calls on Deribit, reflecting deeply divided expectations. The $60,000 strike also holds the largest put wall in the chain at ~19,000 contracts, making it the key near-term directional pivot.
Corporate Bitcoin treasuries grow fast — and so do the risks
Public companies are racing to add Bitcoin to their balance sheets, inspired by Strategy's (formerly MicroStrategy) all-in bet. The trend is reshaping corporate finance, but regulators, accountants, and governance experts are flagging serious pitfalls.
Strategy holds 582,000 BTC worth roughly $62 billion as of June 2025
The company, founded in 1989 as a software firm, pivoted to Bitcoin in 2020 under CEO Michael Saylor, who called cash a 'melting ice cube.' It now funds further purchases through repeated issuances of convertible debt and equity.
BlackRock's Bitcoin ETF hit $10 billion in assets in just seven weeks
The SEC's 2024 approval of spot Bitcoin ETFs was a turning point for institutional adoption. According to Natixis CIB analysts, BlackRock's iShares Bitcoin Trust became the fastest ETF ever to reach the $10 billion milestone.
Companies hold Bitcoin for very different reasons — and boards need a written policy
Skadden identifies motivations ranging from inflation hedging and portfolio diversification to signaling tech leadership and chasing outsized returns. Lawyers advise boards to document a formal policy covering permissible assets, exposure limits, and custody procedures.
Strategy's model creates a self-reinforcing loop — but it can reverse sharply
Investor sentiment drives a premium on Strategy's shares, enabling more Bitcoin purchases, tracked via a proprietary 'Bitcoin Yield' metric. Natixis CIB warns the model collapses if Bitcoin underperforms, leaving the company with heavy debt and eroding confidence.
Crypto assets carry operational and total-loss risks boards must confront explicitly
Skadden advises directors to ask whether the company can afford to lose the entire value of its crypto holdings — a real scenario given volatility — and to weigh hacking, theft, and loss of private key access as live operational risks.
Regulatory and accounting rules remain unsettled, adding corporate governance pressure
Crypto assets are not classified as cash under IFRS, the SEC requires transparent risk-factor disclosures, and both U.S. and U.K. regulators are actively drafting new digital asset rules. Skadden warns boards to monitor developments and stay ready to adapt.
Bitcoin slides below $59,000 as macro selloff drags crypto and Asian equities lower
A broad risk-off wave pushed Bitcoin to $58,800 and hammered Asian stock markets, with leverage-driven liquidations accelerating the crypto decline. The selloff underscores how tightly Bitcoin now tracks the AI-fueled tech trade rather than acting as an independent hedge.
Bitcoin touches $58,800 as selling pressure mounts
The price dipped to $58,800 according to Yahoo Finance, breaching the $59,000–$60,000 support floor that analysts say, if cleanly broken, would signal the selloff has entered a new phase.
$450 million in leveraged long positions wiped out in a single hour
Crypto market data providers recorded $450 million in forced liquidations of leveraged long positions within one 60-minute window during the morning plunge, creating a feedback loop of forced selling that deepened the decline.
Strategy sits on a $14.3 billion unrealized loss
Michael Saylor's Strategy holds 847,363 BTC at an average cost of $75,651 per coin, leaving the firm roughly $14.3 billion underwater at current prices — a "what if they need to sell?" overhang that Bitfire Group Holdings says is keeping a lid on market sentiment.
Asian equities and US futures fall in tandem with crypto
A gauge of Asian stocks dropped more than 2%, South Korea's Kospi plunged over 6% on chipmaker fears, while S&P 500 futures fell 0.8% and Nasdaq 100 futures slid 1.3%, reflecting synchronized global risk-off pressure.
US institutional demand signals turn tepid
The Coinbase premium — a proxy for American institutional buying appetite — has widened to the downside, according to Bitfire Group Holdings, suggesting big US buyers are stepping back at a critical price level.
Four macro catalysts loom in the next four weeks
Bitfire Group Holdings flagged Micron earnings on Wednesday, the June US jobs report on July 2, CPI on July 14, and the start of Q2 corporate earnings in mid-to-late July as the next major tests for global risk sentiment.
Pension funds are quietly building Bitcoin positions through regulated vehicles
Once synonymous with ultra-conservative investing, pension funds are now allocating to Bitcoin via spot ETFs and advisory-led mandates. Fiduciary constraints are shaping the pace and size of these moves, but the trend is broadening fast.
Wisconsin and Michigan pension systems both bought into spot Bitcoin ETFs
The State of Wisconsin Investment Board and the State of Michigan Retirement System each made multi-million dollar commitments to Bitcoin through regulated spot ETF vehicles, marking two of the clearest U.S. public pension entries into crypto.
A UK pension scheme put 3% of its portfolio into Bitcoin
An unnamed UK pension fund allocated 3% to Bitcoin with guidance from advisory firm Cartwright, whose Sam Roberts cited Bitcoin as the best-performing financial asset of the last decade in the case presented to trustees.
Small, low-single-digit allocations are the standard entry playbook
The winning formula for winning over pension trustees is typically a 1–3% initial allocation, a range small enough to contain volatility concerns while still giving the fund meaningful exposure to Bitcoin's long-run performance.
Pension funds treat Bitcoin as a store of value, not a speculative trade
Most funds are drawn to Bitcoin the way cities and states are drawn to reserve assets — as a long-duration store of value. Funds also draw a sharp distinction between Bitcoin and other cryptocurrencies, a bias expected to persist among institutional players with decade-plus time horizons.
Blue-collar unions and firefighter funds are joining general pension funds in the move
Dom Bei of Proof of Workforce notes that public and private sector unions, including firefighter unions, are beginning to add Bitcoin to their balance sheets, broadening adoption well beyond large general pension vehicles.
Illiquidity constraints make Bitcoin's long time horizon a feature, not a bug
Pension funds typically require investment horizons of at least ten years and cannot easily liquidate holdings — a structural reality that aligns more naturally with Bitcoin's store-of-value proposition than with short-term crypto trading strategies.
Ark Invest doubles down on crypto stocks as prices slide
Cathie Wood's Ark Invest is buying crypto-related equities including Coinbase, Circle, Bullish, and Robinhood during a broad market selloff. The moves signal continued conviction in the sector even as several positions sit at a loss.
Ark Invest spent over $500 million accumulating crypto-linked stocks amid the downturn
Purchases spanned Coinbase, BitMine Immersion Technologies, Circle, Bullish, and Robinhood across multiple Ark ETFs during the recent selloff, per post author and coinfeeds-bot summaries.
Coinbase alone saw roughly $10 million added on a single trading day
Ark bought approximately $10 million worth of Coinbase shares on November 22, 2025, even as Bitcoin and Ethereum continued to decline that session.
Ark's Coinbase position holds 2.37 million shares valued at $338 million but sits at an estimated 17% loss
The stake was built at an estimated average purchase price of $407 million in total cost basis, making it the firm's 12th largest holding at 2.30% of its equity portfolio.
Circle, Bullish, and Robinhood each received roughly $9 million in fresh buying
Ark invested approximately $9 million each into Circle, Bullish, and Robinhood shares on November 22, 2025, according to post author data.
Ark has traded Coinbase 19 times since first buying in Q2 2021
Since establishing a 5.62 million-share position at an average closing price of $259.62 in Q2 2021, Ark has bought shares eight more times and sold on eleven occasions, per StockCircle data.
Cathie Wood says falling inflation reinforces the buying case
Wood cited rising productivity as a key disinflationary force, arguing that inflation is trending downward — a macro backdrop she views as supportive for growth and crypto-related assets.
THORChain resumes trading five weeks after $10.7 million vault exploit
THORChain reopened trading after a five-week shutdown triggered by a May 15 exploit that drained $10.7 million from one of its five Asgard vaults. The restart caps a recovery process that required a new software version, validator votes, and a governance loss plan.
Single vault exploit drained $10.7 million on May 15
A newly added node exploited a weakness in THORChain's GG20 threshold signature implementation, draining approximately $10.7 million from one vault. The other four vaults remained unaffected, according to THORChain's own incident report.
Automatic solvency checks stopped the bleed within minutes
Built-in imbalance detection halted signing shortly after the exploit began. THORChain's Mimir governance module then flipped trading and signing halt parameters to active, with the full node pause running about 12 hours and 42 minutes from block 26190429.
Stolen funds split across Bitcoin and EVM chains
ZachXBT and PeckShield traced the breach to two main addresses — one on Bitcoin holding 36.85 BTC worth $2.97 million, and one on EVM-compatible chains including Ethereum, BNB Smart Chain, and Base holding 3,443 ETH worth $7.77 million, per Arkham Intelligence.
RUNE token fell 10% on the day trading halted
RUNE dropped 10% on the day of the halt to $0.5229, according to CoinGecko, reflecting immediate market reaction to news of the breach.
Recovery hinged on validators approving version 3.19.0
The upgrade bundles security patches with the ADR-028 loss-recovery plan, which uses protocol-owned liquidity to absorb losses without minting or selling new RUNE. Validators had to vote to approve it before the staged 11-step restart could begin.
ADR-028 governance plan approved; attacker bounty and node slashing activated
THORChain approved ADR-028 in May and simultaneously activated a bounty window for the attacker while fully slashing the linked malicious node. Innocent nodes that shared the affected vault were designated as protected under the recovery framework.
Nakamoto shuts legacy healthcare clinics as bitcoin treasury pivot reaches finish line
David Bailey's Nakamoto closed its inherited KindlyMD healthcare clinics on June 19, marking the near-complete transformation of the NASDAQ-listed company into a bitcoin operating company following a May merger deal.
KindlyMD and Nakamoto agreed to merge on May 12, launching a bitcoin treasury strategy
The Salt Lake City-based healthcare firm KindlyMD (NASDAQ: KDLY) signed a definitive merger agreement with Bailey's bitcoin-native holding company, with the combined entity to be led by Bailey as Founder and CEO.
The deal's capital raise set records as the largest of its kind in crypto
Nakamoto raised $510 million in PIPE financing and $200 million in convertible notes — described as the largest capital raise to launch a bitcoin treasury and the largest PIPE for any public crypto-related transaction.
More than 200 investors across six continents backed the PIPE
Institutional backers include VanEck, ParaFi, Arrington Capital, and Yorkville Advisors, while notable individual investors include Adam Back, Balaji Srinivasan, Ricardo Salinas, and Metaplanet CEO Simon Gerovich.
Nakamoto aims to build a global network of bitcoin treasury companies
Per its press release, Nakamoto is developing the first publicly traded conglomerate designed to place bitcoin at the center of global capital markets, packaging it into equity, debt, preferred shares, and hybrid instruments listed on every major exchange.
Bailey invoked finance dynasty names to frame Nakamoto's ambition
"The financial institutions who defined their chapter in history have all carried the names of their founders: Medici, Rothschild, Morgan, Goldman. Today, we stake that legacy on Nakamoto," Bailey said at the merger announcement.
KindlyMD shares remain on Nasdaq under KDLY pending a rename and new ticker
The combined company's board will include six Nakamoto-appointed directors and one from KindlyMD, with a new ticker symbol expected once the transaction formally closes.
TurboFlow raises $6M seed led by Pantera Capital to build APAC prediction markets
TurboFlow, a Kalshi-style prediction markets platform targeting Asian users, closed a $6 million seed round led by Pantera Capital. The startup combines ultra-short-duration prediction markets with high-leverage perpetual futures on BNB Chain and Solana.
Pantera Capital leads $6M seed round for TurboFlow
TurboFlow positions itself as the 'Kalshi of APAC,' aiming to capture Asian demand for localized prediction markets and derivatives — a gap left by Western-centric platforms like Kalshi and Polymarket.
Platform offers prediction markets with windows as short as 30 seconds
TurboFlow's rolling, short-duration markets cover assets including gold, Bitcoin, and Ethereum, with the minimum tradeable time window starting at just 30 seconds.
TurboFlow partners with Chainlink for real-time price feeds
Announced June 11, the Chainlink integration powers continuous prediction markets on gold, Bitcoin, and Ethereum using Chainlink's oracle network for live price data.
Platform supports up to 1,000x leverage on perpetual contracts
At maximum leverage, a 0.1% adverse price move is enough to wipe out an entire position entirely — a significant risk for retail traders on short-duration contracts.
TurboFlow charges fees only on profitable trades
The platform's 'profit-only' fee model means traders pay no upfront fees and face no slippage when entering positions; costs apply only when a trade closes in the green.
Platform holds $1.53M in total value locked across two chains
BNB Chain accounts for $1.12M of TVL and Solana contributes $414K, per Crypto Briefing. TurboFlow was founded in 2024 and previously operated under the names Coin-box and Surf Protocol.
Bitcoin stalls near $64,000 as Fed risks and ETF outflows offset Iran deal hopes
Bitcoin traded in a tight range around $64,200 on Monday, with hawkish Fed signals and a sixth straight week of spot ETF outflows neutralizing any relief from tentative U.S.-Iran ceasefire progress. Mixed signals from Trump on the deal's status added to uncertainty.
Bitcoin erased Saturday's gains as deal optimism faded on Sunday
After jumping on news of a largely negotiated U.S.-Iran memorandum of understanding, Bitcoin gave back its gains and ticked lower Sunday as ETF outflows and a post-legislative-breakthrough pullback reasserted pressure.
Trump contradicted himself on the Iran deal within 24 hours
On Saturday Trump said a peace memorandum had been largely negotiated; by Sunday he posted on Truth Social that the agreement had not even been fully negotiated yet and told U.S. negotiators not to rush.
Reported deal terms include a 60-day ceasefire extension and Hormuz reopening
Media reports from the weekend outlined a potential agreement covering a 60-day extension of the current ceasefire, reopening of the Strait of Hormuz to commercial shipping, and unrestricted Iranian oil exports.
Crypto ETFs logged a sixth consecutive week of outflows
Sustained redemptions from crypto-linked exchange-traded funds continued to cap Bitcoin's upside, compounding a pullback that began after a U.S. Senate legislative breakthrough on May 14.
Bitcoin briefly dipped below $75,000 before spiking on Saturday's ceasefire news
The token plumbed a session low under $75,000 on Saturday before surging when Trump's largely negotiated memorandum headline crossed, illustrating how sensitive prices remain to geopolitical headlines.
