
More Bitcoin Is Held at a Loss Than in Profit for the First Time
On-chain data on July 3 put 10.83M BTC below their last traded price against 9.22M above it, the first such crossover this cycle, with bitcoin near $62,000.
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On-chain data on July 3 put 10.83M BTC below their last traded price against 9.22M above it, the first such crossover this cycle, with bitcoin near $62,000.

Bitcoin rose 4% to $61,200 and the CoinDesk 20 gained 4.77%, with open interest and funding rates turning in a way June's brief rallies never did.

Bitcoin bottomed at $57,735 on the first day of July, then a spot buying surge carried it back above $60,000, closing a first half down about 30%.

Strategy's board authorized the sale of up to $1.25 billion of bitcoin, two days after its mNAV fell below 1.0 and shut off the equity-issuance model behind four years of buying. It holds more than 843,000 BTC against preferred dividends above $700 million a year.

Bitcoin traded down to about $58,000 on Thursday, its lowest level since September 2024, before recovering to roughly $59,460. US spot bitcoin ETFs shed $696.3 million, the month's largest single-day outflow, with about $10 billion of options due to expire the next day.

US spot bitcoin ETFs shed $469.1 million on Wednesday after $113.8 million on Tuesday, ending a brief lull, as bitcoin fell to a two-week low and the dollar hit a seven-month high.

US consumer prices rose 0.5% in May and 4.2% on the year, matching forecasts, while core inflation came in a tenth below expectations. Bitcoin held just above $61,000; rate markets moved more than crypto did.

Bitcoin traded as low as $59,743 on Friday, its first move under $60,000 this cycle, after a five-session fall of about $14,000. A $1.57 billion liquidation wave marked the fourth billion-dollar day in five sessions, and total crypto market value dropped to $2.23 trillion.

About $3 billion of leveraged positions was liquidated over two days as bitcoin fell 4.90% to $63,682.64. Open interest dropped 8.5% to $111.4 billion, and Solana hit its lowest price since December 2023 with 94% of its liquidations long.

Roughly $1.8 billion of leveraged positions were liquidated in 24 hours on Tuesday, closing out more than 272,000 traders, as US spot bitcoin ETFs recorded a second straight outflow above $480 million.

The past week wasn't explosive -- and that is exactly why it matters. Bitcoin didn't stage a dramatic rally, but it held firm above 75,000, building a base that analysts say could precede the next leg up.

This Bitcoin 75,000 analysis explains why the market is doing what usually raises more questions than answers -- consolidating quietly while the broader macro picture shifts.