💰 Bitcoin Open Interest Reaches All-Time High Of $36.3 Billion

Bitcoin futures interest tapped an all-time high in US dollar terms on Monday, reaching over 500,000 BTC worth $36.3 billion. Analysts say the overwhelming surge in open interest relates to a clever arbitrage play levied by institutional traders between Bitcoin’s futures and spot markets. In a Tuesday newsletter, lead Glassnode analyst James Check theorized that leveraged funds are simultaneously shorting Bitcoin on the CME while buying up coins in equal measure via the Bitcoin spot ETFs.

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💰 Billionaire investor Bill Miller believes Bitcoin is ‘significantly undervalued’ at current market cap

Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his unwavering belief in Bitcoin in a June 11 blog post titled “Why I’m Still Betting on Bitcoin.” Despite Bitcoin’s significant gains against fiat currencies, Miller argued that the flagship crypto remains vastly “undervalued” and predicts a major shift in global capital governance.

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💰 Bitcoin’s liquid supply decreasing while illiquid confidence grows

Bitcoin’s liquid and illiquid supplies are very interesting and useful metrics for understanding market trends. Liquid supply refers to the amount of Bitcoin readily available for trading, meaning it is held in wallets that frequently engage in transactions. Highly liquid supply, a subset, denotes Bitcoin that moves even more frequently, often used by traders.

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💰 Bitcoin ETFs rebound with $100.8M in inflows

Bitcoin ETFs saw a significant turnaround on June 12, recording a $100.8 million inflow. This marks a notable recovery from two consecutive days of outflows. While inflows exceeding $100 million haven’t been a rarity for spot Bitcoin ETFs, these inflows are especially significant as they come after a substantial outflow of $200.4 million on June 11.

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💰 Traders: Bitcoin price needs “fresh all-time highs” to end pump-and-dump cycles

Bitcoin bears have been selling on every rally over the last few months, and analysts believe that a liquidity boost fueled by BTC’s “fresh all-time highs” will help break the cycle. “Market is in need of a big liquidity boost,” pseudonymous crypto trader Daan Crypto Trades wrote in a June 13 post on the X social media network. The trader’s sentiments appear to have been informed by Bitcoin’s “whipsaw” price action as it consolidates within a wide range, stretching from $66,500 to $72,000.

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💰 Brazil, Germany, and Turkey have seen a surge in Bitcoin searches, at times even surpassing the USA

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💰 Bitcoin miner Riot Platforms raises Bitfarms stake to 14%, buys another $3.87 million worth of shares

Early Thursday evening, bitcoin miner Riot Platforms said it acquired another 1,432,063 shares of Bitfarms for about $2.70 per share, or about $3.87 million. Riot now owns 57.62 million shares of Bitfarms, or about 14%. This is the latest step in Riot's attempted hostile takeover of Bitfarms. Last month, Riot Platforms attempted to acquire Bitfarms for roughly $950 million. On Wednesday, Riot Platforms’ CEO criticized Bitfarms’ latest plans to block a takeover.

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💰 NiceHash and Marathon partner to launch new firmware for miners

NiceHash, a leading Bitcoin hashing power marketplace, has partnered with Marathon Digital Holdings to introduce new custom firmware for ASIC miners on its platform. The new product, NiceHash Firmware, will leverage Marathon’s technology to enhance the efficiency and revenue of Bitcoin miners using ASIC devices. Miners who adopt this firmware will benefit from a low fee of 2%, which drops to 1.4% if they use NiceHash as their primary mining pool.

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💰 Bitcoin Miners Are Selling Again: CryptoQuant

Bitcoin (BTC) has fallen 4.5% in the past seven days, going to a monthly low of $65,000. This plunge in the digital asset’s value could be linked to increased selling from mining entities. In the latest CryptoQuant weekly report, analysts revealed that the number of BTC sent from Bitcoin mining entities to exchanges has reached a two-month high amid a decline in their revenues due to lower transaction fees.

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💰 U.S.-Listed Bitcoin Miners Reached Record Total Market Cap of $22.8B in June: JPMorgan

The total market cap of the 14 U.S.-listed bitcoin (BTC) miners followed by JPMorgan hit a record high of $22.8 billion on June 15, the Wall Street bank said in a research report on Monday. The bank noted that almost all the companies outperformed bitcoin in the first two weeks of June, with Core Scientific (CORZ) the best performer, adding 117%, and Argo Blockchain (ARBK) the worst, dropping 7%. The world’s largest cryptocurrency fell 3% in the same period.

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💰 Deutsche Telekom plans Bitcoin mining pilot to improve energy efficiency

Deutsche Telekom‘s operating nodes and staking services for multiple blockchains – 14 and counting. From a strategic perspective, it views this as a modern version of traditional telecom infrastructure services. Deutsche Telekom’s Dirk Röder revealed that the telecoms company already operates Bitcoin and Lightning network nodes and plans to mine Bitcoin. He was talking at the BTC Prague event on Friday.

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💰 Bitcoin falls below key support level, potentially triggering 8%-12% correction: CryptoQuant

Bitcoin has fallen through a price support level that can signal an 8%-12% correction when the price crosses it to the downside, CryptoQuant analysts said in a report published Tuesday. "As the price of bitcoin has crossed this metric to the downside, bitcoin could decline towards $60,000. The bitcoin price has fallen below the trader's on-chain realized price of $65,800, a key support level in bull markets," the analysts added.

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💰 Bitcoin Sees Selling Pressure From Miners and Long-term Holders Amid Drop to $64K: Bitfinex

Last week marked a notable shift in the dynamics of the crypto market. Bitcoin (BTC) lost over 6% of its value, and U.S. spot Bitcoin exchange-traded funds (ETF) broke their 20-day inflow streak with outflows running into hundreds of millions of dollars. According to the latest Bitfinex Alpha report, bitcoin’s plunge was mainly caused by selling from long-term holders, whales, and miners on exchanges and via over-the-counter transactions.

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🥇 Bernstein predicts spot Bitcoin ETFs near approval at major wirehouses; maintains $200,000 target by 2025 end

While bitcoin bears argue the spot Bitcoin exchange-traded fund trade is “done,” they are missing two key factors, according to analysts at research and brokerage firm Bernstein. Arguments against the Bitcoin ETF trade revolve around early allocations being driven by retail investors, with institutional involvement confined to the basis “cash and carry” trade rather than net long positions, meaning the ETF flows are not “real,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.

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💰 Bitcoin addresses holding over 1 BTC drop to just above 1 million

Bitcoin addresses holding at least one coin have exhibited a dynamic trend against its price in 2024. As the year began, the number of such addresses hovered around 1.023 million. However, a decline followed, hitting approximately 1.011 million by mid-June. This reduction paralleled a period of relative stability in Bitcoin’s price, which fluctuated around $60,000.

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🥇 MicroStrategy buys additional 11,931 bitcoin for $786 million

Business intelligence firm and corporate bitcoin holder MicroStrategy acquired an additional 11,931 for approximately $786 million at an average price of $65,883 per bitcoin between April 27 and June 19, according to a filing on Thursday. The company now holds 226,331 BTC, worth roughly $14.9 billion. MicroStrategy’s total holdings were bought at an average price of $36,798 per bitcoin, a cost of around $8.33 billion, inclusive of fees and expenses, according to the company's founder and executive chairman Michael Saylor.

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💰 Binance CEO welcomes Standard Chartered move to launch Bitcoin trading desk

Binance CEO Richard Teng has welcomed Standard Chartered into the crypto industry after reports revealed that the banking giant was preparing to launch a spot trading desk for Bitcoin and Ethereum. This move would make the bank one of the first major traditional financial institutions to offer direct trading services for the top digital assets and could provide competition for Binance’s dominance of the sector.

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💰 Bitcoin dips below short-term holder realized price, sparking $60K fears

Bitcoin recently fell below $64,000, breaking its short-term holder realized price and signaling a possible further decline to levels unseen in 49 days, according to cryptocurrency analysis firm CryptoQuant. “Bitcoin is trading below the critical support level of $65.8K, now below $64K,” CryptoQuant wrote in a June 21 X post. On June 22, Bitcoin’s recent decline saw it drop 2% to $63,442, falling below the short-term holder realized price (STH-RP) at the time, which was $64,230, according to LookIntoBitcoin data.

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🪙 Bloomberg Analyst Doubles Down on July 2 Spot Ether ETF Launch Date Amidst Surge in S-1 Filings

Bloomberg’s senior ETF analyst has reaffirmed his prediction of a July 2 launch date for U.S. spot ethereum exchange-traded funds (ETFs) after observing a surge in amended S-1 (registration statement) filings on Friday. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has indicated that spot ether ETFs will launch this summer, pending the SEC’s approval of their S-1 filings.

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💰 Twitter founder Jack Dorsey gives presentation in Italy on how Bitcoin is permission-less freedom money 🇮🇹

“It could potentially be a compliment or replace the US dollar, which rules everything.”

- Jack Dorsey

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