HYPG: the lowest-fee HYPE fund

A message from Grayscale  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  A message from   The lowest-fee HYPE fund just reached a new milestone — Grayscale Hyperliquid Staking ETF (Ticker: HYPG) has surpassed $100 million in AUM. Grayscale Research calls Hyperliquid "the breakout success story of the modern digital assets industry." A high-performance blockchain purpose-built for perpetual futures trading, Hyperliquid is emerging as critical infrastructure for onchain markets. Its native token, HYPE, which ranks among the top 10 tokens by market capitalization1, hit an all-time high this month2. While HYPE is a digital asset, it can equally be thought of as an early-stage technology company: one that processed nearly $3 trillion in derivatives volume and generated ~$800 million in revenue in 20253, all with no venture capital backing.   For investors interested in the Hyperliquid opportunity, HYPG offers exposure to HYPE through an exchange-traded product. Why HYPG? Over $100 million in AUM4 Lowest management fee in its category5 Potential staking rewards through a familiar structure. HYPG seeks to stake 70% or more of its assets, offering the potential for staking rewards that averaged ~2.2% last year6. Sponsored by Grayscale, the world's largest digital asset-focused investment platform7 Learn More For more information about HYPG or Grayscale, email info@grayscale.com or call 866-775-0313 to speak with a Grayscale portfolio consultant.   The Grayscale Team   Grayscale Hyperliquid Staking ETF ("HYPG" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended ("40 Act"), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. HYPG is subject to significant risk and heightened volatility. HYPG is not suitable for an investor who cannot afford the loss of the entire investment. An investment in HYPG is not a direct investment in HYPE. 1 CoinMarketCap.com as of June 1, 2026. Excludes stablecoins. 2 cryptorank, June 17, 2026. 3 Crypto Briefing, December 26, 2025. 4 Bloomberg L.P. as of 6/26/26 5 Lowest-fee HYPE fund in the U.S. based on management fee of 0.29%. Brokerage fees and other expenses may apply.  6 Stakingrewards.com. Historical daily average measured from 5/1/25 to 04/21/26. Past performance is not indicative of future results. 7 Largest crypto-focused asset manager based on AUM as of 03/31/2026. For other companies in this category, AUM is considered as of most recent public disclosure. This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing.    This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change.   When a Fund stakes its underlying asset, the token is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the token for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked token, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of underlying asset, and it may miss opportunities to sell during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked token may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked asset or a loss of any rewards. Potential staking rewards are earned by the Fund and not issued directly to investors.   Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets.   Foreside Fund Services, LLC is the marketing agent for HYPG. © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. This communication is not directed at any person located outside the United States. Neither the Trust nor Grayscale is making an offer to sell shares or soliciting any offer to buy shares to any person located in any jurisdiction other than the United States. This communication is the sole responsibility of the sponsor. Neither Coindesk, Inc nor any of its affiliates ("Coindesk") are responsible for the content of this communication. Coindesk does not intend to make any offer or solicitation to any person with respect to any products and/or services referred to in this communication. CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

👀 Is bitcoin actually approaching $40K?

Bitcoin's quiet range is starting to look dangerous. Trust will decide who scales in agentic finance. And Circle just lost 8% to a 140-company stablecoin consortium. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tuesday, June 30, 2026 Bitcoin's quiet range is starting to look dangerous Bitcoin has traded in a tight band between $59,000 and $60,000 for five straight days — a pattern that looks calm on the surface but is unsettling analysts because of where it's happening. The range sits below key support levels and beneath both the 50- and 200-day moving averages, meaning the consolidation is occurring in technically weak territory rather than a healthy pause. Market sentiment is being squeezed from several directions at once: Strategy is weighing a sale of more than $1 billion in bitcoin holdings, the dollar has strengthened, and capital continues rotating into U.S. equities on AI spending optimism. Quiet ranges like this one are normal in isolation — bitcoin spent most of 2024 consolidating between $55,000 and $70,000 — but analysts note this one lacks the structural support that made past pauses resolve higher. If the floor gives way, some models point toward $40,000 as the next meaningful level. For now, the market is waiting to see which direction the silence breaks. Read more → Thought Leadership · Sponsored by ChainUp The next phase of digital assets is agentic. Trust will decide who scales. As AI agents take on a growing share of financial decision-making — executing trades, managing wallets, and settling payments without human approval at every step — the infrastructure underneath digital asset platforms is being tested in a new way. It's no longer enough for a platform to be fast or compliant; it has to be trustworthy enough for an autonomous system to act on its behalf without constant oversight. ChainUp's analysis argues that the next phase of digital asset adoption won't be won by whoever builds the flashiest agentic interface, but by whoever builds the deepest trust layer underneath it. That means verifiable custody, transparent permissioning, and infrastructure that can prove its own integrity to a machine counterparty, not just a human one. The platforms that get this right stand to capture the agentic economy as it scales; the ones that don't risk becoming invisible to the very systems increasingly making the decisions. It's a quieter kind of competition than the usual feature race, but ChainUp argues it's the one that will determine who actually scales. Read more → Business Circle slides 8% as Stripe, Coinbase and BlackRock back rival stablecoin network A consortium of more than 140 companies — including Stripe, Coinbase, Mastercard, Visa, BlackRock, BNY, and Google — unveiled Open USD on Tuesday, a new stablecoin built by an independent entity called Open Standard rather than a single issuer. The structure is a direct shot at Circle's business model: instead of an issuer like Circle keeping the interest earned on reserves backing the token, Open USD shares that income with participating partners after a management fee. Minting and redemption are also fee-free for partners, and governance is distributed across the consortium rather than concentrated in one company's hands. Circle shares fell as much as 12% on the news to a four-month low, even as the broader market traded flat to slightly higher — a clear sign investors see this as a company-specific threat rather than sector noise. CEO Jeremy Allaire pushed back publicly, calling stablecoins "one of the largest market opportunities in the world" and saying Circle welcomes the competition. The launch underscores a broader shift in the stablecoin race: the fight is no longer just about who issues the token, but who controls the underlying network and its economics — and Circle just lost a major battle on that front. Read more → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

A $4.4 billion supply overhang just emerged in bitcoin

A $4.4 billion supply overhang is emerging as institutional demand wilts. BTC nears 2024 lows. Strategy heads for its 11th losing month in 12. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Tuesday, June 30, 2026   Bitcoin has stabilized, but the prospects for a meaningful recovery remain bleak: a $4.4 billion supply overhang is emerging as institutional demand wilts. ETFs sold off 71,600 BTC this month — the largest redemption on record — while corporate treasuries bought just 7,500. More supply is hitting the market than the biggest players are absorbing. Bitcoin is now testing its lowest levels since late 2024, with options traders paying up for downside protection. And Strategy is heading for its 11th losing month in the last 12, with MSTR down roughly 41% in June alone. Today is the last trading day of Q2. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $59,158 −1.21% ETH $1,578 +0.43% SOL $73.46 +1.45% XRP $1.04 −1.26% Prices approximate. Visit coindesk.com/price for live data. A message from RealFi Most stablecoins leave capital sitting still. RealFi is different. It connects on-chain capital to real-world markets like US Treasuries, money market funds, and private credit. Real transparency. Real impact. RealFi. RealFi is launching August 2026. Join the waitlist at realfi.co. Join the waitlist CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. What matters today Markets   Story 1 of 3 Bitcoin’s $4.4 billion supply overhang emerges as institutional demand wilts. Though BTC has recently stabilized around $60,000, the prospects for a meaningful recovery remain bleak because institutional demand is falling significantly short of soaking up supply. A Glassnode chart shows bitcoin ETFs have sold off 71,600 BTC, worth over $4 billion, this month — the largest redemption on record. Meanwhile corporate treasuries, or digital asset treasury firms, have snapped up just 7,500 BTC. Add the fresh coins mined each day, and the net figure comes to around −77,000 BTC, or $4.4 billion. In other words, more supply is hitting the market than the biggest players are absorbing — big-money vehicles are actually adding to the selling pressure rather than offsetting it. Against this backdrop, Strategy announced a BTC monetization plan Monday, authorizing up to $1.25 billion in potential bitcoin sales, mainly to build a $2.55 billion U.S. dollar reserve to cover preferred dividends and interest expenses. These developments suggest any price bounce is likely to be short-lived unless flows flip positive and institutional demand returns. What looks like lopsided bullish dollar positioning in the FX market is the only factor supporting BTC right now — worth watching closely as the quarter closes today. Read more → Markets   Story 2 of 3 Bitcoin nears 2024 lows as options traders pay up for downside protection. Bitcoin fell 1.5% Tuesday after failing to hold above $60,000 on Monday, now trading around $59,250 and looking set to challenge the weekend lows of $58,800. Ether is down 1.73% since midnight UTC at $1,580 after failing to break through $1,640. Both assets are testing critical multiyear support levels: ether has bounced from this zone twice before, in April 2025 and October 2023, while bitcoin is trading around its lowest point since late 2024. A failure to hold either level would leave both tokens without an obvious floor. The weakness stands in contrast to traditional markets, where U.S. equities have been steady — the S&P 500 and Nasdaq 100 futures posted gains of 0.03% while the Dollar Index added 0.25%. DeFi tokens saw exaggerated downside, with ethena, jupiter, and ether.fi all falling between 3.3% and 7.5% as risk appetite continues to wane. On Deribit, BTC puts continue trading at a 10%-plus premium to calls across all time frames — a sign of persistent downside concerns even as volatility indexes point to relative calm, with BTC’s 30-day implied volatility gauge sitting around 44%. A handful of tokens are bucking the trend: stellar is holding gains from DTCC’s Stellar network integration news, and lighter is up 23% over the past week on similarities to the outperforming HYPE token. Read more → Markets   Story 3 of 3 Strategy heads for its 11th losing month in 12 as bitcoin weakness continues. Strategy (MSTR) stock is set to end June around 41% lower — its worst monthly performance since 2022 — with one trading day remaining. The company is on course to mark its 11th negative month out of the last 12. Shares traded as low as nearly $80 on Friday before rallying more than 12% on Monday following the announcement of a new capital management framework, which initiates buybacks and a bitcoin monetization program while lifting the STRC dividend. MSTR reached an all-time high of $540 per share in November 2024, before a sustained decline began the following July, coinciding with the debut of its perpetual preferred security, STRC. STRC sits above the common stock in the capital structure, offering investors a lower-volatility alternative to owning MSTR shares directly — but the need for continued common stock issuance to fund STRC’s dividend obligations increased dilution concerns, contributing to the stock’s prolonged underperformance. Since STRC’s IPO in July 2025, bitcoin has fallen by almost 50%, while MSTR has declined by roughly 77% — a stark illustration of leveraged equity underperforming the underlying asset in a sustained drawdown. Bitcoin itself is on track to post its third consecutive negative quarter, down 20% in June alone. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences