Brief Summary:
Bitcoin briefly fell below $66K this morning before rebounding toward roughly $66,800.
Ethereum fell below $1,900, confirming weakness after losing the $2,000 level earlier this week.
Bitcoin is down nearly 12% over the past week as ETF outflows continue to accelerate.
U.S. spot Bitcoin ETFs recently posted a record 10-day outflow streak totaling $2.97 billion.
Crypto-linked stocks are also under pressure, including Strategy, Coinbase, and Circle.
Strategy’s recent sale of 32 BTC for about $2.5 million continues weighing on sentiment because it broke the company’s long-standing accumulation narrative.
Digital asset treasury inflows reportedly collapsed to about $180 million in May, down 95% from April.
Software and AI-related stocks are outperforming Bitcoin, showing that risk capital is rotating away from crypto and toward tech.
The U.S. Treasury sanctioned four Iran-based crypto exchanges: Nobitex, Bitpin, Ramzinex, and Wallex.
Reuters reported Nobitex was accused of helping Iran’s government and sanctioned institutions, including the IRGC, evade Western sanctions.
AP reported Nobitex handled more than half of Iran’s digital asset transactions last year.
Crypto PACs are spending millions in U.S. primaries, with Maryland becoming the next major focus.
Liquidation risk remains elevated after yesterday’s large wipeout and today’s break below $66K.
CoinDesk says Bitcoin is now near the lower boundary of the long-term Power Law corridor, a level that historically has preceded rebounds.
A new BIS working paper highlights how stablecoin flows may influence short-term U.S. Treasury yields.
Checking in on my permabol Matt 🤣
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