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50K BTC Flow Adds Pressure To Bitcoin Price: Will The Sell-off Deepen?

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50K BTC Flow Adds Pressure To Bitcoin Price: Will The Sell-off Deepen?

Bitcoin (BTC) is showing fresh signs of short-term holder capitulation after roughly 50,000 BTC moved to exchanges at a loss over the past day. At the same time, the market capitalization of short-term holders fell to $237.7 billion, its lowest level since October 2024. 

The rise in loss-driven selling comes as tighter monetary conditions and weakening institutional demand continue to weigh on Bitcoin, as analysts underlined a “deeply unfavorable” environment for BTC. 

Short-term Bitcoin holders show renewed stress

CryptoQuant analyst Amr Taha said Bitcoin’s short-term holder (STH) market capitalization fell to $237.7 billion on June 26, its lowest level since Oct. 2, 2024, when it stood near $239.7 billion.

BTC STH realized market cap. Source: CryptoQuant

The metric tracks the market value of coins held by investors who bought Bitcoin within the past 155 days. The latest reading shows the cohort’s market value is below its realized value, indicating many recent buyers are holding more unrealized losses.

A similar decline appeared during the October 2024 correction, which later aligned with an important Bitcoin bottom. The latest reading serves as a measure of stress rather than confirmation of a market low.

Exchange activity adds another layer to the picture. Around 50,000 BTC from short-term holders moved to exchanges at a loss during the past 24 hours, marking the largest loss-to-exchange flow since June 4. Binance alone received roughly 9,500 BTC under similar conditions, its highest reading since June 3.

This indicates that near-term sell-side pressure has increased as newer investors react to lower prices.

BTC short-term holder profit/loss to exchanges in 24-hours. Source: CryptoQuant

However, long-term holders’ activity provided a positive development. Bitcoin inflows into accumulation addresses climbed to a record 181,000 BTC on Thursday, almost doubling the previous high of 94,700 BTC recorded in February 2022. These wallets typically receive coins with little spending history, suggesting the surge signals that long-term investors are absorbing supply while short-term holders exit positions.

BTC inflows to accumulation addresses. Source: CryptoQuant

Related: Bitcoin may fall lower but BTC power-law frames crash to $58K as ‘normal’

Macro headwinds weigh on BTC buyers

Market analyst Darkfost said institutional demand has continued to weaken, with the Coinbase Premium Index staying below zero for 40 consecutive days since May 15.

Bitcoin Coinbase premium index. Source: CryptQuant

The indicator compares Bitcoin prices on Coinbase Advanced and Binance. A persistent discount on Coinbase points to heavier selling from professional investors than from retail traders.

US macro data also added to the cautious tone. Headline PCE inflation came in at 4.1% against expectations of 4.0%, while Core PCE printed 3.4% versus the 3.3% forecast. GDP also exceeded estimates at 2.1%, keeping expectations for easier monetary policy subdued. Commenting on the current outlook, the analyst said, 

“This dynamic is a perfect reflection of the current macro backdrop, which remains deeply unfavorable for risk assets such as BTC.”

Asset management firm Bitwise said that last week’s Federal Reserve meeting accelerated the hawkish shift after policymakers removed their easing bias and raised the median 2026 Fed funds projection to 3.8% from 3.4% in March. 

The firm added that tighter financial conditions coincided with continued outflows from crypto exchange-traded products such as the spot ETFs. 

The attention has also shifted toward Strategy, which has accumulated 174,300 BTC in 2026. Bitwise estimates that roughly 96,000 BTC, or 55% of those purchases, were financed through STRC preferred equity issuances, with another 77,500 BTC funded through MSTR common stock offerings.

Now, CryptoQuant noted that STRC traded at a record 17.5% discount to its $100 par value after falling to $82.5 last week, before slipping to around $73 in premarket trading on Friday. Strategy’s cash reserve has dropped 38% since the start of 2026, following the repurchase of a $1.5 billion convertible note. 

Strategy: Cash reserve and dividend coverage data. Source: CryptoQuant

Annual dividend obligations linked to STRC have also increased to $1.2 billion from $300 million, while dividend coverage has reduced to 14 months, down from as long as seven years. 

The figures point to tighter funding conditions for one of Bitcoin’s largest institutional buyers, adding another layer of pressure amid rising loss-driven exchange inflows.

Related: Bitcoin ETFs post June’s biggest daily outflows as BTC falls below $60K

Why a selloff in gold and silver is dragging bitcoin down

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Why a selloff in gold and silver is dragging bitcoin down

The ongoing artificial intelligence stock frenzy has pulled in capital from across the market, from traditional metals, considered the safest assets, to crypto, considered the riskiest.

Gold dropped below $4,000 for the first time since November earlier this week, silver has lost more than half its value from its high, and bitcoin has slipped to nearly $58,000.

The three selloffs are not a coincidence. For much of the past two years, they have been, to a large degree, the same trade, and now the same forces are unwinding it.

That trade even has a name, the “debasement” trade. It is the bet that heavy government spending and rising national debt will slowly erode the value of paper money, which pushes investors toward scarce assets that no government can print more of.

Gold and silver are the oldest versions of that bet, while bitcoin, with a supply capped at 21 million coins, got marketed as the digital version. Through 2025, as the dollar looked vulnerable, money poured into all three, and they were treated as one basket.

What Robinhood’s recent layoffs say about the current state of crypto investments

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What Robinhood’s recent layoffs say about the current state of crypto investments

Robinhood says layoffs aren’t being driven by AI integration

According to a Forbes report published on June 4, 2026, AI has been the top‌ reason cited for tech layoffs during 2026. Robinhood, however, seems to be taking a different tack.

Unlike BitGo, attributing its cuts to AI, Robinhood hasn’t indicated these layoffs were driven by AI adoption. The company’s stated reason is that it’s reducing management layers and streamlining operations to improve efficiency. And at this point, there is no clear evidence that Robinhood is replacing laid-off employees with AI.

That said, AI is likely part of the broader trend affecting how companies think about staffing. Rather than completely replacing employees, AI is often used to make existing teams more productive. Tasks involving research, customer support, coding, analysis and administrative work can frequently be handled faster and with fewer people than in the past.

As for service quality, users should probably expect the core user experience to remain largely unchanged. Functions such as trade execution, portfolio tracking, market data and charting are already highly automated.

The areas to watch are customer support and specialized assistance. AI can handle many routine questions effectively, but more complex issues, such as account restrictions, tax-related questions or crypto transfer problems, still benefit from human expertise.

17 Democratic Senators Seek to Bar CFTC From Funding Prediction-Market State Lawsuits

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17 Democratic Senators Seek to Bar CFTC From Funding Prediction-Market State Lawsuits

Seventeen Democratic senators are urging the Senate Appropriations Subcommittee to include a rider in the FY2027 spending bill that would prohibit the CFTC from using any federal funds to sue states over prediction-market regulation, escalating a multi-front jurisdictional battle spanning nine states and tribal gaming authorities.

Seventeen Democratic senators sent a letter to the Senate Appropriations Subcommittee on Thursday urging lawmakers to cut off CFTC funding for its campaign of lawsuits against states that have tried to regulate prediction-market platforms under local gambling laws.

Sens. Richard Blumenthal and Jeff Merkley led the effort, joined by 15 colleagues in a letter dated June 24 addressed to Subcommittee Chair Bill Hagerty and Ranking Member Jack Reed. The senators proposed an FY2027 appropriations rider that would prohibit the CFTC from using any funds under the bill “for the purposes of intervening, including through litigation, in state and tribal gambling laws and their enforcement with respect to event contracts.”

Ninth State, Same Week

The letter arrived days after the CFTC sued Kentucky on Monday, making it the ninth state to face federal litigation over the prediction-market jurisdiction question. The CFTC’s multi-state campaign began in April with suits against Arizona, Connecticut, and Illinois, followed by Wisconsin in late April and New Mexico earlier this month.

The CFTC’s legal theory across all nine suits holds that event contracts offered by federally registered platforms like Kalshi and Polymarket are swaps under the Commodity Exchange Act, giving the agency exclusive federal jurisdiction and preempting state gaming laws. States have pushed back, arguing their gambling statutes apply to the platforms regardless of federal registration.

Spending Power as Brake

The proposed rider would reach further than any single lawsuit. An appropriations prohibition would constrain all future CFTC enforcement actions under that budget year, not just the existing nine cases. The mechanism is Congress’s power of the purse: rather than legislating who wins the underlying legal dispute, the rider would simply deny the CFTC the funds to pursue it.

The senators are not the only Washington actors trying to shape the fight. Gary Gensler, former chair of both the CFTC and SEC, filed an amicus brief in the Sixth Circuit arguing that sports-event prediction contracts are not swaps under Dodd-Frank, directly contradicting the CFTC’s own litigation posture. A coalition of federally recognized tribes and Indian gaming bodies also filed amicus briefs in two federal cases, arguing CFTC preemption would strip them of authority to regulate prediction-market platforms on Native land.

On the industry lobbying front, the American Gaming Association and two hospitality unions pressed senators to insert a sports-betting carve-out into the CLARITY Act, the crypto market-structure bill moving through Congress. The prediction-market platforms have countered in court: Kalshi separately sued Illinois Gov. J.B. Pritzker over a state law imposing a new regulatory regime on prediction-market operators.

Senate Signatories

The 17 signatories are uniformly Democratic: Blumenthal, Merkley, Catherine Cortez Masto, Tina Smith, Brian Schatz, Jacky Rosen, Adam Schiff, Maria Cantwell, Alex Padilla, Chris Murphy, Elizabeth Warren, Ben Ray Lujan, Martin Heinrich, John Hickenlooper, Sheldon Whitehouse, Mazie Hirono, and Dick Durbin.

Two of the 17 signatories carry particular standing in this dispute. Warren, as Ranking Member of the Senate Banking Committee and a longtime critic of prediction markets, has been among the most vocal in calling for tighter federal oversight of the sector. Both New Mexico senators, Lujan and Heinrich, signed the letter days after their state became the eighth to be sued by the CFTC.

The CFTC is separately pursuing a Federal Register rulemaking on prediction-market “public interest” determinations, with public comments due July 27. The comment deadline and any appropriations markup give two near-term dates on which the regulatory balance could shift further.

Strategy’s Enterprise mNAV Drops Below 1 for the First Time

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Strategy’s Enterprise mNAV Drops Below 1 for the First Time

Strategy’s enterprise market-to-NAV ratio crossed below 1 on Thursday for the first time, putting the combined weight of its debt, preferred stock, and equity above the value of its 847,363-bitcoin treasury and closing the equity-accretion channel that powered its buying spree.

Strategy’s enterprise market-to-NAV (mNAV) ratio has crossed below 1 for the first time, as the company’s combined debt, preferred stock, and equity now exceed the value of its bitcoin treasury. MSTR shares closed Thursday at $82.31, a 52-week low, amid a sustained slide in both the stock and its preferred securities.

Strategy’s June 22 SEC filing confirms it holds 847,363 BTC. At Friday’s spot price near $60,500, that puts the bitcoin treasury at approximately $51.3 billion. The company’s enterprise value, comprising roughly $28.9 billion in equity market cap plus $6.75 billion in convertible debt and $15.5 billion in preferred stock, came to an estimated $51.2 billion, pushing the enterprise mNAV to approximately 0.99x.

[[image:chart-btc-90d.png alt=”Bitcoin price, last 90 days. BTC fell from a March high of roughly $81,700 to around $59,900 by late June, a decline of about 27%. Source: DefiLlama / CoinGecko.”]]

Accretion Channel Closes

Strategy’s model depends on issuing equity at a premium to NAV. When mNAV exceeds 1, each new share issued at the prevailing stock price buys more than a dollar of bitcoin, increasing bitcoin-per-share for existing holders. Strategy’s first-quarter earnings filing shows preferred dividend obligations reached $229.5 million in Q1 2026 alone, with the cumulative preferred stock outstanding growing rapidly as the company raised over $13.5 billion in preferred equity since early 2025.

Fortune wrote in January that a sub-1 mNAV would represent a crisis: “the reason for holding the stock vanishes, and no one will be likely to provide the company with more capital.” CEO Phong Le told a podcast in December that Strategy would consider selling bitcoin if the ratio fell below 1 and other capital sources ran dry.

STRC at Record Lows

STRC, Strategy’s variable-rate Series A perpetual preferred, has fallen to around $75, about 25% below its $100 par value, per market data. Strategy’s June 22 SEC filing shows the company’s USD Reserve stood at $1.4 billion as of June 21, 2026, a management-designated fund intended to cover preferred dividends and debt interest.

The Defiant has tracked the STRC decline through record-low territory, a Rosen Law Firm securities probe, and MSTR’s break below $100 earlier this week.

For institutional observers of the corporate bitcoin treasury model, a sub-1 enterprise mNAV severs the equity-accretion channel that made the approach replicable. Other bitcoin treasury companies have faced similar compression: CoinGecko’s treasury tracker shows Metaplanet’s basic mNAV at 0.84x as of late June.

Tether puts $23 billion gold stockpile to work

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Tether puts $23 billion gold stockpile to work

Tether has expanded the use of its $23 billion gold reserves by bringing its tokenized product Tether Gold (XAUT) to crypto lender Ledn.

Ledn said it is adding support for XAUT, alongside bitcoin BTC$60,736.35 and Tether’s stablecoin USDT, with borrowing against XAUT expected later this year.

Tether is attempting to monetize what has become one of the world’s largely privately held gold reserves. The stablecoin company says it holds around $23 billion worth of physical bullion backing XAUT, with each token representing one troy ounce of gold stored in vaults in Switzerland.

Gold-backed lending is traditionally the realm of central banks, major financial institutions and bullion dealers. Tether and Ledn argue that by tokenizing physical gold, the asset can function more like physical bitcoin as digital collateral, unlocking liquidity without having to sell it.

This follows the model Ledn has used for bitcoin-backed loans for several years. Client collateral continues to be held 1:1, without being lent out or used to generate yield, Ledn said, seeking to draw a line between the services it offers and those of its former rivals that went to the wall in the crypto winter of 2022.

Aave Confirms Aavenomics 3.0 Is Live With Buybacks and DAO Spending Cut

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Aave Confirms Aavenomics 3.0 Is Live With Buybacks and DAO Spending Cut

Aave confirmed Saturday that Aavenomics 3.0 is now active, with automated AAVE token buybacks running and DAO operational spending reduced, completing a governance roadmap the protocol has built toward since mid-2024.

Aave’s governance framework confirms that Aavenomics 3.0 is now active, with automated AAVE token buybacks running and DAO operational spending reduced, completing a governance roadmap the protocol has built toward since mid-2024.

The activation follows passage of the Aavenomics Part One ARFC and the Aave Will Win framework, which together established the immutable buyback and revenue-routing structure now live. Protocol revenue currently runs at approximately $402 million annualized, based on DefiLlama’s trailing seven-day window, with all-time fees exceeding $2.21 billion. Buybacks under the prior discretionary program had already acquired more than 205,000 AAVE tokens, roughly 1.28% of total supply, since launching in April 2025, per Aave’s governance forum.

Automated Buyback Mechanics

The original buyback mandate, passed as the Aavenomics Part One ARFC in early 2025, authorized the Aave Finance Committee to execute $1 million per week in AAVE purchases from secondary markets for the first six months of the mandate. That program was committee-directed: the AFC could resize, pause, or redirect it without a protocol-level change.

Aavenomics 3.0 replaces that structure with an immutable, non-discretionary mechanism that routes all Aave Protocol and GHO revenue to AAVE holders without requiring committee sign-off on each cycle.

Aave founder Stani Kulechov outlined the design Thursday, describing “immutable and automated buybacks of AAVE” as the core update. The Defiant reported Thursday on Kulechov’s initial public remarks as he disputed reports of discounted stake talks with Kraken’s parent company.

DAO Spending Reduction

The spending cut runs in parallel. In March 2026, governance passed an ARFC reducing the annual buyback budget from approximately $50 million to $30 million, citing a 25% decline in borrow fee revenue from its peak and an optimistic 2026 operational budget of $190 million against 2025’s $142 million in annual revenue. The adjustment also shifted primary buyback funding from stablecoins to ETH-correlated assets, using the DAO’s approximately $40 million in ETH holdings to reduce stablecoin drawdown.

The reduction preserves around $20 million annually in stablecoin reserves for service providers and growth programs. At the adjusted pace, the DAO acquires an estimated 292 AAVE per day.

The broader revenue framework was established by the Aave Will Win (AWW) proposal, proposed in late March 2026 and launched in April 2026. Under AWW, 100% of revenue from Aave Protocol, GHO, and Aave-branded products flows to the DAO treasury. Aave Labs operates solely as a DAO service provider with no direct claim on protocol revenue.

AAVE Price

AAVE was trading around $97.83 Saturday morning, up roughly 10% over the prior 24 hours and up about 32% on the week, per CoinGecko. Market cap stood at approximately $1.49 billion, with Aave’s total value locked at $12.45 billion, per DefiLlama.

GHO, Aave’s native stablecoin, circulates at roughly $598 million, per DefiLlama, contributing incremental fee income alongside lending revenues.

SecondFi Recovery Targets Two Weeks After $2.4M Cardano Wallet Exploit

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SecondFi Recovery Targets Two Weeks After $2.4M Cardano Wallet Exploit

Cardano wallet SecondFi has identified a recovery path for users affected by Tuesday’s exploit and expects to begin returning assets in about two weeks, following testing and security reviews.

According to a Saturday statement by Phillip Pon, CEO of SecondFi developer Emurgo, the company completed forensic investigations and established a recovery pathway for affected users. Pon said the coming week would be spent building the solution, followed by another week of testing before assets begin to be returned.

Pon urged users to refrain from migrating assets or taking actions outside official guidance, saying the recovery process was designed around existing wallet states and that independent action could complicate the secure return of funds.

SecondFi developer Emurgo shared an update on the wallet’s recovery efforts. Source: Emurgo

SecondFi disclosed a security breach on Tuesday that affected approximately 16 million ADA, worth about $2.4 million at the time, across 374 addresses. SecondFi previously said it traced the incident to an address-level issue in its Cardano web wallet generation software that exposed users’ private keys.

Related: Q2 2026 emerges as most-hacked quarter on record with 83 incidents

The company also said it secured roughly 129 million ADA through emergency measures and transferred the funds to an independent third-party custodian, where they will remain until the verification and recovery process is complete.

SecondFi has not yet published a comprehensive post-mortem detailing the vulnerability or how the exploit was carried out.

SecondFi warns of recovery-related scams

In a separate update on Saturday, SecondFi warned that malicious actors are circulating fraudulent messages impersonating the wallet while its recovery effort remains underway. 

The company said no recovery actions requiring user participation have begun and that it will never ask users for private keys, seed phrases, wallet credentials or direct wallet access.

SecondFi said any messages instructing users to submit wallet information, migrate assets or take immediate action outside its verified communication channels should be treated as fraudulent. 

It added that users requiring assistance should submit a ticket through its official support portal while the recovery process continues.

Magazine: AI is banking the unbanked in Africa… faster than crypto

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Ethereum treasury firm Sharplink takes in ether for the first time in eight months

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Ethereum treasury firm Sharplink takes in ether for the first time in eight months

Sharplink (SBET) apparently bought 5,000 ether (ETH) worth about $7.85 million on Thursday, its first ether inflow in eight months, according to Arkham data showing the coins arriving from crypto brokerage FalconX.

The purchase is small against the company’s existing pile and lands at an awkward moment. Sharplink held 876,285 ether as of June 21, worth roughly $1.3 billion, making it the second-largest public ether treasury company behind Tom Lee’s Bitmine Immersion (BMNR), which held about 5.67 million ether in mid-June.

Onchain analyst EmberCN put Sharplink’s average purchase price at about $3,609 per coin, which implies an unrealized loss of around $1.79 billion with ether trading near $1,555.

Its last purchase came in October 2025, when it added 19,270 ether for $78.3 million, also now deep underwater.

ETH fell 5% over the last 24 hours in a broad crypto sell-off, dropping below $1,560 as bitcoin slipped under $59,000. Tether’s USDT briefly overtook ether by market value during the rout, at about $186 billion to ether’s $185 billion.

Strategy's valuation has fallen below the value of its bitcoin holdings

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Strategy's valuation has fallen below the value of its bitcoin holdings

For years, investors had valued the firm well above its bitcoin holdings, giving Strategy massive flexibility to raise capital as needed — a situation Michael Saylor and team took full advantage of.

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