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.
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.
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.
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.
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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.
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.
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.
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
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