Altcoins, ETH & general crypto
Stablecoin supply fell $7.7 billion in June to about $312 billion, the first monthly contraction in five months, while adjusted transfer volume set a record $1.79 trillion. Supply down and usage up is the month's central puzzle.
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.
BitMine added 27,084 ETH to reach 5.7 million, about 4.7% of supply, and SharpLink bought 39,196, while FG Nexus sold again with realised losses above $86.8 million. Ether was near $1,550.
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.
The $1.7 trillion manager closed its 250 Digital acquisition and opened a crypto division under Christopher Perkins. Terms were not disclosed.
The Fed held its benchmark rate at 3.50%-3.75% in Kevin Warsh's first meeting as chair, but nine of eighteen officials now project at least one hike by year-end, against none in March. Bitcoin fell to $64,800 before steadying near $65,300.
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.
Ether traded about 70% below its August 2025 record of $4,953.73 on Monday, roughly 20 points worse than bitcoin, as more than $1 billion of positions were liquidated.
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.
US spot crypto ETFs recorded a 13th consecutive session of net outflows on Wednesday, taking the total to $4.37 billion since mid-May. Bitcoin fund assets have fallen from $104.29 billion to $82.83 billion, and the ETF share of bitcoin's market capitalization has slipped to 6.36%.
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.
