Bitcoin is trading around $64,000, still searching for a catalyst strong enough to break the range it has held for weeks. Selling from spot bitcoin ETFs has eased from earlier this month, but fresh institutional demand has yet to return. U.S. spot bitcoin ETFs have now posted a sixth straight week of net outflows, with only a sparse few days of green. The six-week total stands at $5.94 billion — the longest consecutive weekly outflow streak on record — though the pace has slowed sharply, from $1.72 billion in the first week of June to just $226.8 million in the week ended June 18. The rebounding dollar is a significant weight. After the June FOMC, the Fed's cautious message weakened expectations for near-term rate cuts, lifting the Dollar Index to the 100.6–100.8 range while keeping Treasury yields high. Bank of America now expects the Fed to raise interest rates three times before year-end — in September, October, and December — which would lift the Federal Funds rate to 4.25%–4.5%. On the constructive side, Bitcoin supply controlled by long-term holders has reached an all-time high of 16.64 million BTC — roughly 83% of current circulating supply — signaling that conviction among patient holders remains intact even as ETF investors pull back. Strategy bought 520 more BTC last week, raising its cash reserves to $1.4 billion.
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Ethlabs — a new independent Ethereum research organization — has launched with backing from SharpLink, Bitmine, and Consensys CEO Joe Lubin, positioning itself as an alternative development and coordination center at a moment when the Ethereum Foundation is actively stepping back from its stewardship role. The formation reflects a broader power shift that has been building since early 2026: corporate treasury holders of ETH — led by Bitmine with nearly 5.4 million ETH and SharpLink with roughly 480,000 ETH — now collectively control a far larger share of the network than the Foundation does, and are increasingly funding the ecosystem through staking rewards rather than relying on EF grants. Ethlabs is intended to fill the coordination vacuum left by the Foundation's wave of high-profile departures this year, including the exits of Tim Beiko, Trent Van Epps, Barnabé Monnot, and Carl Beek. Lubin, whose Consensys has been a central developer of Ethereum tooling since the network's launch, said the new hub will focus on protocol research, developer tooling, and ecosystem funding — the functions the Foundation has historically performed but is now deliberately scaling back.
The crypto sector's leading U.S. advocacy groups asked the House Ways and Means Committee to advance Rep. Mike Carey's bill without changes — legislation that would give miners and staking reward recipients the option to defer taxation on newly created assets, rather than treating them as taxable income at the moment of receipt. The push marks crypto's second active legislative front in Washington alongside the CLARITY Act, and reflects a coordinated industry view that the CLARITY Act alone — however it passes — won't unlock mainstream adoption without parallel tax reform. Democrats on the committee have raised concerns about how deferral could be used in practice, and outside critics have argued that crypto mining firms — including American Bitcoin, in which President Trump's sons have a significant stake — could defer taxes indefinitely. The industry letter countered that the bill does not permit unlimited deferral. Submissions for the record are due June 23 — meaning the final arguments land tomorrow.
