Wintermute said weaker US nonfarm payrolls and dovish interpreted Fed remarks lifted risk assets, with crypto leading. It cited whale wallets adding over 270,000 BTC near the 200 week moving average and options flows shifting to calls at 60,000 to 70,000. Wintermute said the move looks like a relief rebound, not a new bull market.

Strategy (formerly MicroStrategy) has carried out its largest bitcoin sale in years, raising fresh questions about the corporate treasury playbook closely associated with executive chairman Michael Saylor. In a filing dated July 6, the company said it sold 3,588 bitcoin for about $216 million between June 29 and July 5. The sales were executed in two tranches: 1,363 bitcoin sold from June 29 to June 30 at an average price of $59,256, and 2,225 bitcoin sold from July 1 to July 5 at an average price of $60,773. Including a prior sale of 32 BTC, Strategy sold 3,620 BTC in the second quarter. The company still described itself as a net buyer over the period, reporting purchases of more than 85,000 BTC. The disposals are small relative to Strategy's remaining 843,775 bitcoin, but they represent a notable change for a firm long known for continuous accumulation and for treating bitcoin as a strategic reserve rather than a liquidity source. Strategy said it acquired its remaining bitcoin for about $63.69 billion, implying an average cost of $75,476 per coin, meaning the latest sales were below the company's average purchase price. Lookonchain estimated the sales crystallized losses of more than $55 million based on the difference between reported sale prices and historical acquisition costs. Strategy also disclosed a $8.32 billion second-quarter loss on its digital asset holdings after bitcoin's decline pushed the fair value of its holdings below cost. The company said that, as of June 30, 2026, the cost basis of its bitcoin exceeded fair value, and it would record a valuation allowance against the deferred tax benefit and deferred tax asset tied to the quarter's unrealized losses, offsetting those amounts in full. Proceeds earmarked for preferred dividends In the filing, Strategy said the proceeds from selling 3,588 bitcoin would be used to fund preferred stock distributions. Saylor said the sales covered Q2 dividends on STRF, STRE, STRK and STRD, as well as the full monthly June dividend on STRC. The company added that the sales would also replenish the portion of its U.S. dollar reserve used for those payments. That reserve stood at $2.55 billion as of July 5 and is intended to cover preferred dividends and interest on outstanding debt. The filing also indicated what Strategy did not do during the week ended July 5: it did not sell common shares through its at-the-market equity program, and it did not repurchase common or preferred shares. The company said its full $1.25 billion Bitcoin Monetization Program remains available. Under that framework, Strategy can sell bitcoin to rebuild its dollar reserve, pay preferred dividends, service debt and support repurchases of common or preferred stock. Some market watchers, including BTC.top founder Jiang Zhuoer, suggested more sales could follow, arguing the company may be preparing to trade around a large position and that the 20,000 coins previously approved by shareholders could be sold. A more complex investment case Strategy built its reputation by raising capital to buy bitcoin. The latest disclosure highlights the reverse dynamic: bitcoin sales can also be used to support the financing structure that helped fund past accumulation. That places the company's preferred stock stack closer to the center of the investment thesis. Preferred securities have reduced Strategy's reliance on common-share issuance, but they also introduce recurring cash obligations that rank ahead of common shareholders. The structure is easier to sustain when bitcoin is rising and Strategy's stock trades at a premium to the value of its holdings. When bitcoin falls and the stock weakens, management faces trade-offs between preserving liquidity, avoiding unattractive equity issuance and maintaining confidence among preferred holders. Bill Miller IV of Miller Value Partners offered a supportive view, saying the sale could be welcomed for potential tax-loss harvesting benefits and for demonstrating to ratings agencies that bitcoin is sufficiently liquid to support corporate liabilities. Saylor's long-term thesis meets a near-term test Despite the sale and the quarterly loss, Saylor has continued to argue that bitcoin's next decade will be shaped by deeper integration with global capital markets. He has framed bitcoin as "digital capital," with progress driven less by protocol changes or the four-year halving cycle and more by the expansion of surrounding financial infrastructure such as ETFs, corporate treasuries, bank credit, derivatives, collateral markets and sovereign reserves. That view helps explain Strategy's move toward building a broader capital-markets structure around its holdings, using preferred stock, debt and cash reserves to make bitcoin the base of what Saylor has called "digital credit." The latest sale underscores the operational reality of that approach: dividends, interest and reserves create cash demands. As Strategy seeks to turn bitcoin into a productive balance-sheet asset, the holdings can no longer function as a one-way vault; they may be tapped when the company's financing instruments require liquidity. The company's challenge now extends beyond persuading investors that bitcoin will rise over time. It must also demonstrate that a corporate financing model built around bitcoin can hold up when the asset falls.

American Bitcoin Corp. said its corporate Bitcoin holdings have climbed past 8,000 BTC, a level that places the company among the leading U.S.-listed firms with sizable BTC treasuries and coincides with a sharp move higher in its shares. In a July 6 post on X, the company reported its Bitcoin reserve exceeded 8,000 BTC, valued at roughly $512 million at prevailing prices (around $64,000 per coin). Data from BitcoinTreasuries puts the firm near the top of publicly traded U.S. Bitcoin holders, ranking ahead of GD Culture Group and Galaxy Digital. American Bitcoin said both its BTC reserve and its satoshis-per-share metric have increased by about three times since it began trading on Nasdaq. ABTC was last quoted at $8.49, up 14.1% on the session. Shares traded between $7.40 and $9.31, with volume above 2.17 million. The move comes shortly after a 1-for-15 reverse stock split that took effect July 2. Total shares outstanding fell from about 1.09 billion to roughly 73 million. Class A shares began trading on a split-adjusted basis on Nasdaq from July 6 under the same ABTC ticker. Management said the reverse split was intended to raise the per-share price and support compliance with Nasdaq's minimum bid requirements. In its Q1 2026 results, American Bitcoin reported a net loss of $81.8 million. A 22% decline in Bitcoin's price during the quarter resulted in a $117.2 million non-cash mark-to-market charge on its digital asset holdings. Operationally, the company mined 817 BTC in the quarter and cut its cost per mined Bitcoin to $36,200, down 23% from $46,900 in Q4 2025. It also purchased 803 BTC during the period, ending March 31 with 7,021 BTC. CEO Mike Ho said the core business was profitable and stressed the company did not sell any Bitcoin, attributing the reported loss primarily to the mark-to-market accounting impact. American Bitcoin was launched in March 2025 by Hut 8 and Eric Trump, with backing from Eric Trump and Donald Trump Jr. The firm's strategy centers on self-mining and building a long-term Bitcoin treasury, rather than shifting its footprint toward AI data centers. The latest treasury disclosure signals continued accumulation after the March quarter, even as the stock previously faced pressure. Investors will likely continue to trade ABTC as a high-beta proxy for Bitcoin, with performance tied to BTC prices, mining efficiency and costs, and market demand for publicly listed Bitcoin-treasury companies. Further reserve gains will be watched through additional mining output or outright purchases. Crossing the 8,000 BTC mark and the post-split rebound represent a milestone for the young, miner-led treasury story, though the company remains sensitive to crypto market volatility and mining economics.

U.S.-listed spot Bitcoin and Ethereum ETFs returned to net inflows on Monday, pointing to a pickup in demand after a soft stretch, CoinDesk reported. SoSoValue data show spot Bitcoin ETFs took in $265.69 million in net inflows for the day, the strongest single-day intake in more than a month. Spot Ethereum ETFs added $20.66 million. For Bitcoin products, BlackRock's IBIT led the move with $209.4 million of net inflows. ARKB brought in $32.98 million, and Grayscale's Bitcoin Mini Fund saw $42.25 million. Grayscale's GBTC was the only spot Bitcoin ETF to post a net outflow, losing $44.45 million. Ethereum inflows were largely concentrated in BlackRock's ETHA, which recorded a single-day net inflow of $23.29 million, accounting for nearly all of the segment's new capital. While daily flows have improved versus earlier levels, the weekly picture remains negative. In a holiday-shortened week, spot Bitcoin ETFs posted a net outflow of $526.6 million last week, extending the streak to eight consecutive weeks of net withdrawals. Spot Ethereum ETFs recorded a net outflow of $13.7 million last week. Assets under management for spot Bitcoin ETFs have recovered from $70.95 billion on June 30 to $77.32 billion, supported by both a rebound in Bitcoin's price and a return of inflows. CoinDesk data showed Bitcoin trading around $63,200 at the time the flow figures were released.

ChainCatcher cited CryptoQuant analyst Axel Adler Jr. as saying Strategy recently sold 3,588 BTC, the largest single Bitcoin sale recorded, with proceeds used to meet preferred stock payments and replenish U.S. dollar reserves. Adler referenced Form 8-K filings showing the transaction was carried out in two tranches. From June 29 to June 30, Strategy sold 1,363 BTC at an average price of $59,256, raising $80.8 million. From July 1 to July 5, it sold 2,225 BTC at an average price of $60,773, raising $135.2 million. Total proceeds amounted to $216 million. Adler said the move differs from the 2022 tax-optimization sale and reflects debt obligations rather than any shift in Strategy's long-term Bitcoin approach. As of July 5, Strategy still held 843,775 BTC and $2.55 billion in reserves, with the sale representing about 0.4% of its total Bitcoin holdings. He added that positioning in Bitcoin futures cooled noticeably after the disclosure, with the Integrated Market Index (IMI) falling from around 80 to 32.6, briefly nearing 20 and entering a bearish zone. Spot prices stayed largely rangebound between $61,600 and $64,200 and remained above the 30-day fair value of $61,800. Analysts said the market is treating the sale as passive liquidity management rather than the beginning of a systematic drawdown.

Digital Chamber has entered a New York "lost property" lawsuit over 39,069 inactive Bitcoin addresses, urging the court not to treat dormant self-custody wallets as abandoned assets. In an amicus brief filed Monday—the second third-party brief in the case—the group warned that recognizing ownership claims based solely on inactivity would place a "pervasive cloud on title across selfcustody wallets." The suit was filed in late May by Noah Doe and two Wyoming-based companies. How any plaintiff could take control of the wallets without the private keys remains unclear. Sani, founder of Timechain Index, said the listed addresses collectively hold an estimated 3.7 million BTC, valued at roughly $234 billion, and include wallets linked to Satoshi Nakamoto. Galaxy Digital’s head of research, Alex Thorn, said at least 31 of the addresses moved 17,527 BTC in June. Why it matters: If courts accept a theory that inactive self-custody wallets can be claimed as lost property, it could inject broad uncertainty into digital asset ownership and custody practices. Market sentiment: Cautiously bearish, legal-driven. The focus is on legal uncertainty rather than near-term forced selling. Context: In March 2025, Ripple said the SEC would withdraw its appeal in the XRP case, sending XRP up about 10% (Axios). That dispute centered on securities law; the New York case hinges on whether dormant Bitcoin wallets can be treated as lost or abandoned property. Potential ripple effects: A ruling that allows the ownership theory to proceed could prompt custodians and self-custody users to reassess title risk across inactive wallets. A dismissal could reduce the legal overhang around dormant addresses. Opportunities and risks: - Opportunities: A court decision dismissing the case could be read as a reduced legal overhang for Bitcoin self-custody exposure. - Risks: If more listed dormant wallets move while the litigation continues, cutting event-driven leverage may help limit downside tied to legal and ownership uncertainty.

Polymarket and its CEO, Shayne Coplan, have been sued over how the platform settled a prediction market on whether Strategy sold Bitcoin (BTC) before May 31, 2026. Plaintiffs contend the contract should have paid out "Yes," pointing to a Strategy filing with the U.S. Securities and Exchange Commission that disclosed the sale of 32 BTC during the relevant period. Court filings say Polymarket initially resolved the market as "No" and later issued a clarification.

July 7 — CryptoQuant analyst Axel Adler Jr. said Strategy (formerly MicroStrategy) recently sold 3,588 BTC worth about $216 million, the company's largest Bitcoin disposal on record. Bitcoin prices showed little reaction, staying around $63,000. The transaction marks Strategy's first large-scale net selling since December 2022. The sale was carried out in two tranches: 1,363 BTC were sold June 29–30 at an average of roughly $59,256 for $80.8 million; 2,225 BTC were sold July 1–5 at an average of about $60,773 for $135.2 million. Total proceeds were approximately $216 million. According to the analyst, the funds were mainly used to meet preferred-share related obligations and strengthen U.S. dollar reserves, and do not signal a shift in Strategy's long-term Bitcoin posture. The company currently holds about 843,775 BTC and roughly $2.55 billion in U.S. dollar reserves. The sale amounts to about 0.4% of total holdings and is better understood as liquidity management rather than a strategic reduction. Derivatives data point to a clear cooling in futures sentiment following the disclosure. The Composite Market Index fell from around 80 in bullish territory on July 6 to 32.6, moving into bearish range and briefly nearing 20, suggesting leveraged players shifted toward more defensive positioning. Even so, spot price movement was limited, with BTC remaining above its 30-day fair value. Overall, the market is being described as "neutral to cautious": spot prices have been relatively steady, while derivatives positioning has weakened. A rebound of the Composite Market Index above 55 could indicate improving risk appetite; a prolonged stay below 45 may increase pressure on BTC to trade below fair value.

Coinglass data show the Coinbase Bitcoin Premium Index has stayed below zero for 50 straight days since May 19, marking the longest negative run since the indicator's inception. The latest reading is 0.0742%. The prior record was a 40-day negative streak from Jan. 16 to Feb. 24 this year, exceeding the roughly 30-day stretch recorded during the "1011 crash." Sustained negative premiums are often linked to softer U.S. institutional demand or near-term market selling pressure.