ETF outflows easing — but new headwinds emerge

Six weeks of ETF outflows. $5.94B cumulative. The bleeding slowed — but the 2-year yield just decoupled from oil, and that’s the new headwind. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Monday, June 22, 2026   Bitcoin ETF outflow pain is easing — but just as one headwind loosens, another strengthens. The six-week outflow streak continued last week with $228 million in redemptions, down from $315 million the week prior and well below the $1 billion-plus weekly pace of the prior four weeks. The good news is real. The bad news: oil has fallen nearly 20% since May, yet the 2-year Treasury yield just hit a 16-month high. When oil and yields move together, that’s energy inflation. When they decouple like this — oil down, yields up — that’s hawkish Fed expectations taking over. That is a subtler but more durable headwind for risk assets, and this week’s core PCE print will confirm or complicate it. Read today’s full report → Market snapshot As of 9:30am EST Asset Price 24h BTC $64,982 +3.90% ETH $1,740 +3.26% SOL $70.15 +3.01% XRP $1.18 +2.61% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Trust ETF: 100% Staking Grayscale Solana Trust ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking.* Solana staking rewards have historically averaged 6-8% a year.2 GSOL, 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. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund. Potential staking rewards are earned by the Fund. Staking rewards are not guaranteed and should not be considered an indication of Fund performance. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. 1 As of 6/4/26 2 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. Learn 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. What matters today Markets   Story 1 of 3 Bitcoin ETF outflow pain is easing — just as a new headwind strengthens. Bitcoin spot ETFs bled another $228 million last week — a sixth consecutive week of outflows — but the pace slowed for the second straight week: down from $315 million the week prior and well below the $1 billion-plus weekly pace that defined the prior four weeks. Cumulative outflows now stand at $5.94 billion since the streak began. The encouraging trend in the ETF data, however, is accompanied by a troubling new signal in rates. Oil has fallen nearly 20% since May, yet the 2-year Treasury yield just hit a 16-month high. From March through late May, the two-year yield largely tracked oil as markets priced energy-driven inflation. The recent decoupling is telling: oil-and-geopolitical headwinds for risk assets have been replaced by Fed hawkishness as the primary driver. Core PCE — the Fed’s preferred inflation gauge — is expected to print at 0.37% month-on-month when released this week, lifting the 12-month rate to 3.4%, its highest since May 2024. The combination of slower ETF bleeding and a stubbornly hawkish macro backdrop suggests lower odds of a convincing BTC price recovery in the near term. Read more → Markets   Story 2 of 3 Bitcoin is stuck near $64,000 as ETF outflows reach a sixth week. BTC has been rangebound between $62,000 and $66,000 for most of the past two weeks, grinding sideways in a compressed range as the market digests the Warsh Fed’s hawkish signal and waits on the core PCE print. Monday’s modest bounce — markets are buoyant today on renewed Iran deal optimism as Hormuz normalization talks progress — has not broken the range. The $64,000 level has acted as magnetic mid-range support and resistance, sitting below the 200-day EMA at $68,000 that has capped every recovery attempt this year. The shortened trading week in the U.S. last week — markets were closed for Juneteenth on Thursday — partially explains the lower $228 million outflow figure, though the directional trend in ETF flows is what matters. Until outflows flip to sustained inflows, the flow-driven recovery thesis remains incomplete. Read more → Business   Story 3 of 3 Strategy added $35 million in bitcoin and $300 million in cash reserves last week. Strategy acquired 520 bitcoin last week for approximately $34.9 million — at an average price of $67,068 per coin — while directing $300 million to its USD Reserve, bringing that balance to $1.4 billion. Both moves were funded by selling roughly 2.7 million shares of MSTR common stock, raising $335.5 million in total. The BTC purchase is notably small by Strategy’s recent standards: the prior week’s acquisition was 1,587 BTC for $100 million, and the weeks before that ran even larger. The shift in capital allocation — more cash, less bitcoin — reflects pressure to shore up the USD Reserve that backstops dividend payments on Strategy’s STRC preferred stock, which has faced concerns about price volatility. Total BTC holdings now stand at 847,363 coins, acquired at a total cost of approximately $64.1 billion, or an average of $75,651 per bitcoin. At current prices, that represents a significant unrealized loss on the full book — and the preferred dividend obligations that prompted the cash-building will be a recurring monthly variable in Strategy’s capital allocation decisions going forward. 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

🚨 New ETFs that buy bitcoin for you

Franklin Templeton filed ETFs that turn corporate dividends into bitcoin. BTC has traded below mining cost for five months. Miner capitulation is in the data. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Friday, June 19, 2026   Franklin Templeton just filed two ETFs that automatically turn corporate dividends into bitcoin — a structural demand mechanism that bypasses active allocation decisions entirely. The funds hold 95% U.S. equities and 5% bitcoin, with all dividend income reinvested into BTC exposure. It is a quiet but significant step in bitcoin’s institutionalization, arriving on a day when BTC is sliding for a fourth straight session below $63,000. Miners, meanwhile, have been underwater for five months — the longest stretch since 2022. Have a good weekend. Read today’s full report → Market snapshot As of 8:30am EST Asset Price 24h BTC $62,445 −2.89% ETH $1,685 −3.60% SOL $68.10 −4.74% XRP $1.12 −3.77% Prices approximate. Visit coindesk.com/price for live data. A message from Ledn Better Rates. Same Gold-Standard Protection Ledn has introduced their lowest rates ever. No complexity, no fine print. The larger the loan the lower the rate. These new rates apply to all new loans, refinances, and renewals. You’ll see all the rates upfront, before you apply. The new, lower rates come with Ledn’s gold standard protection. Your bitcoin remains custodied and is never lent out for interest. Perfect 8 year track record of keeping clients assets safe Auto top-up, LTV alerts, and partial repayments to keep you in control Repay whenever you want—with zero penalties or monthly payments Ledn’s perfect $11B+ track record through every market cycle in the last eight years speaks for itself. Don’t choose between a great rate and the safety of your bitcoin. Get both, at Ledn. Check out your rate by using their loan calculator at ledn.io Find out 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. What matters today Markets   Story 1 of 3 Franklin Templeton just filed ETFs that automatically turn corporate dividends into bitcoin. Franklin Templeton filed the Franklin US Equity Bitcoin DRIP Index ETF and the Franklin US Innovation Bitcoin DRIP Index ETF with the SEC on Thursday. Both funds hold 95% U.S. equities and 5% bitcoin, with one offering broad large-cap market exposure and the other focused on growth and innovation companies. The defining feature: all dividend income collected from the equity holdings is automatically reinvested into bitcoin — via BTC ETFs, futures, or other instruments — creating a low-maintenance, self-replenishing 5% bitcoin allocation funded entirely by corporate dividends. It is a structural demand mechanism that bypasses the active allocation decision: investors don’t choose to buy more bitcoin, the dividend stream does it for them. Coming from a firm managing hundreds of billions in assets, the filing signals that Franklin Templeton views bitcoin as a permanent component of multi-asset portfolio construction rather than a tactical bet. It lands on a particularly rough day for BTC, which is down nearly 3% for a fourth consecutive session, suggesting the institutional thesis and the near-term price action are operating on completely different timescales. Read more → Markets   Story 2 of 3 Bitcoin has traded below its mining cost for five months. Miners are being squeezed. Bitcoin’s all-in mining cost — covering electricity, hardware depreciation, and overhead — is estimated at $63,000–$68,000 for most publicly listed miners. BTC has traded below that range for most of the past five months, the longest stretch of sustained below-cost prices since the 2022 bear market. The pressure is showing in the data: miners are selling BTC into the market to cover operating costs rather than accumulating, adding to sell-side pressure at exactly the wrong moment. Publicly listed miners including Riot, MARA, and Core Scientific have seen equity prices decline sharply alongside BTC. Historically, prolonged miner capitulation events — where miners are forced to sell or shut off machines — have coincided with bear market bottoms, as the weakest producers exit and hash rate temporarily drops. The current setup shows signs of that capitulation building, but analysts caution that a disorderly miner exit can also extend the drawdown before it resolves. Read more → Research | Sponsored by Gate   Story 3 of 3 Spot trading at its lowest since November 2023. Volumes fell for a fourth straight month. CoinDesk Research’s latest exchange analysis, sponsored by Gate, shows May combined spot and derivatives volumes fell 3.45% to $4.41 trillion — the lowest reading since September 2024 and the fourth consecutive monthly decline. The retreat reflects a market in which institutional capital has either rotated into AI-linked equities or is waiting on macro clarity that the hawkish Fed did not provide this week. One exception: RWA perpetual futures volumes rose 10.4% against the trend to an all-time high, underlining that tokenized real-world assets continue to attract structural demand even as broader crypto trading compresses. The volume trough combined with this week’s renewed selling pressure sets up a fragile market heading into the weekend — thin liquidity means any directional catalyst can move prices sharply before buyers or sellers have time to respond. 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