Bitcoin derivatives signal panic. PCE prints today.

Bitcoin derivatives are signaling panic. A soft PCE today could trigger a snapback. $1 billion in longs got liquidated overnight. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, June 25, 2026   Bitcoin derivatives are signaling panic — and historically, that’s set up the snapback trade. Perpetual funding rates went deeply negative overnight, meaning shorts are paying longs, a sign of forced capitulation rather than strategic positioning. Over $1 billion in longs got liquidated. BTC briefly touched $60,000. The instrument that will determine whether panic becomes recovery is today’s core PCE print. A soft number would compress rate hike expectations, weaken the DXY, and hand bulls a catalyst. The Micron earnings beat last night helped BTC claw back to $62,800 before the Asian session resumed selling. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $61,101 −3.08% ETH $1,620 −4.10% SOL $65.10 −5.55% XRP $1.08 −3.60% 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 2 Bitcoin derivatives signal panic. A weak core PCE reading could trigger a snapback. Perpetual futures funding rates turned deeply negative overnight — the sharpest reading since February — signaling that the market has shifted from orderly selling into forced capitulation. When funding is deeply negative, shorts pay longs, which means bears are paying a premium to hold their positions. Historically that dynamic has resolved quickly: either longs get flushed out entirely or a catalyst flips funding positive, triggering an accelerated short squeeze. Bitfinex margin longs simultaneously swelled to their highest since early 2024 — experienced buyers stepping in at cycle lows. BTC touched $60,000 before clawing back. The $10.5 billion quarterly options expiry is tomorrow, with max pain at $72,000 — BTC is well below that level, meaning the pinning dynamic that typically compresses moves into expiry does not apply here. Today’s core PCE print is the hinge: a soft reading (below 0.35% month-on-month) would compress rate hike expectations, weaken the dollar, and hand bulls their catalyst. A hot print would confirm the hawkish Warsh narrative and likely test $59,000. Read more → Markets   Story 2 of 2 Bitcoin and ether lead $1 billion in liquidations as the AI trade keeps going. More than $1 billion in crypto long positions were liquidated overnight as panic in Strategy’s preferred stock STRC spread to the broader market. STRC fell as low as $79.91 — roughly 20% below its $100 par value — and is currently paying an effective annualized yield above 14%, a level that in traditional credit markets signals extreme distress. MSTR (the common stock) fell 10.7% to $92.71, its weakest level since early 2024. The selling cascaded into BTC as traders processed the implications: Strategy holds 847,363 BTC with an average cost of $75,651, sitting on a $10.6 billion unrealized loss, and its dividend coverage has collapsed from seven years to 14 months. Meanwhile the AI trade held: Micron beat earnings ($19.72 EPS on $34.5B revenue vs. consensus estimates), SK Hynix filed a $30 billion U.S. IPO, and Bessent told reporters he expects 3%+ GDP growth. The semiconductor and AI infrastructure trade that caused this selloff is not reversing — it’s the capital rotation dynamic that will keep compressing crypto until the macro backdrop shifts. Read more → Exchange Review, supported by Gate CEX volumes drop to lowest since September 2024 as RWA perps hit record high Combined spot and derivatives trading on centralized exchanges fell to $4.41T in May, the weakest month since September 2024, as RWA perpetual futures volumes bucked the trend to hit an all-time high. 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