- Bitcoin slipped below $60,000 as extreme fear gripped the crypto market.
- Strategy unveiled a $2 billion buyback plan and $1.25B BTC sale capacity.
- Ethereum drew fresh institutional interest despite continued price weakness.
Bitcoin briefly lost the $60,000 level over the past 24 hours, while the total crypto market also dropped and remained flat.
At the time of writing, Bitcoin traded at $59,323, down 0.19% over 24 hours and 6.65% over the past week. Ethereum is down more than 7% weekly, but Solana outperformed most major assets, climbing 3.99% over 24 hours to $73.92, while Hyperliquid’s HYPE token gained 7.20% to $66.05.
XRP, BNB, and Dogecoin posted smaller moves as the total crypto market cap stood near $2.06 trillion. Market sentiment remained weak, with the Fear & Greed Index at 17, firmly in “Extreme Fear.”
Treasury Moves Keep Institutions in Focus
BlackRock transferred 7,432 BTC, worth roughly $446 million, and 8,150 ETH, valued at nearly $12.9 million, to Coinbase-linked addresses.
Strategy also dominated headlines after launching its Digital Credit Capital Framework. The company increased its cash reserves to $2.55 billion, enough to cover roughly 17.4 months of dividend payments, while authorizing $2 billion in share buybacks.
The board also approved up to $1.25 billion in Bitcoin liquidation capacity if additional liquidity becomes necessary. Strategy made no Bitcoin purchases last week, leaving its holdings unchanged at 847,363 BTC.
Based on current prices, Strategy’s average Bitcoin purchase price of roughly $75,700 leaves the company with an unrealized loss of approximately $13.26 billion, or a drawdown of around 20.7%.
However, investors welcomed the capital management plan. Strategy shares closed 12.6% higher on Monday, with preferred shares also gaining more than 12%.
Ethereum Sees Long-Term Bets Despite Price Weakness
BitMine added another 27,084 ETH during the past week, increasing total holdings to 5.7 million ETH, equal to roughly 4.7% of Ethereum’s circulating supply. More than 85% of those holdings are staked, generating an estimated annual staking yield of $211 million.
The company still carries an unrealized loss of around $10.4 billion, reflecting Ethereum’s decline from its average acquisition price of roughly $3,399.
Meanwhile, Ethlabs, a new nonprofit founded by five former Ethereum Foundation core researchers, published its first roadmap. The organization plans to improve Ethereum’s base-layer scaling, strengthen cross-chain infrastructure, standardize the EVM, and support broader ecosystem growth.
BlackRock expanded its relationship with Ethena Labs as well. Its Aladdin platform will now support USDe, while providing a $100 million liquidity facility tied to BlackRock’s BUIDL tokenized Treasury fund, improving stablecoin access outside normal market hours.
Regulation Builds Across Major Markets
The European Union’s MiCA framework becomes fully effective on July 1, forcing crypto service providers without licenses to stop or restrict operations across the region.
Industry estimates suggest more than 10 million users could need to migrate to compliant platforms, while as many as 80% of Europe’s existing virtual asset service providers may struggle to continue operating.
The UK Financial Conduct Authority also finalized its long-awaited crypto rulebook. Mandatory licensing will begin in October 2027, covering exchanges, custodians, stablecoin issuers, lending platforms, staking services, and certain DeFi businesses.
In the United States, lawmakers continued shaping digital asset policy as a housing bill containing a CBDC ban through 2030 reached President Donald Trump, who now has roughly 10 days to sign or veto the legislation.
The Singapore International Commercial Court also ordered Terraform Labs and founder Do Kwon to pay more than $3 million to 40 UST investors, marking another legal setback stemming from the TerraUSD collapse.
Stablecoins, Enforcement, and Risk Stay in Focus
BNY Mellon is expanding its partnership with Circle by adding native USDC minting and redemption services to its custody platform.
At the same time, JPMorgan executives warned that yield-bearing stablecoins could evolve into a form of “shadow banking” if they offer deposit-like returns without equivalent banking regulation.
The SEC secured more than $5 million in penalties in the NanoBit fraud case, while the CFTC widened its investigation into prediction platform Polymarket. Chainalysis released a draft blockchain tracing standard designed to improve how law enforcement links on-chain transactions during criminal investigations.
The market also saw continued pressure from leveraged traders with one whale opening a fresh 22,000 ETH short position worth around $35 million using 25x leverage, while FG Nexus sold another 3,375 ETH, pushing its cumulative realized losses beyond $86.8 million.
Related: Meme Coins Price Prediction for Today: Dogecoin (DOGE), Shiba Inu (SHIB) and MemeCore (M)
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