Bitcoin Heads for Worst Month Since 2022

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In Today's Note

• Crypto diverged from a tech-led equity rebound, with the S&P 500 up 1.18% and the Nasdaq-100 up 2.25%, while Bitcoin stayed range-bound between $58K and $61K — on track for its worst month since June 2022 (down 19%) as spot Bitcoin ETFs head for their largest monthly outflow ($4.1B) since launch.
• Geopolitics and the Fed stayed in focus, with Trump saying Iran peace talks would resume in Doha (Tehran said nothing had been scheduled), while the Supreme Court ruled 5-4 that Fed Governor Lisa Cook can keep her seat for now.
• Crypto-equity and regulatory headlines piled up, as Strategy’s MSTR rebounded on Saylor’s new Digital Credit framework, Bitmine’s ETH treasury reached 5.70M ETH, Securitize prepared to list on the NYSE, and the UK FCA finalised its crypto framework (effective Oct 2027) while Michigan secured an order halting Kalshi’s sports contracts.

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Market Snapshot: Overnight Moves

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Macro & Markets

• A recovery in tech stocks yesterday helped lift benchmark US stock indices following last week’s artificial-intelligence and big-tech selloff. 
• The S&P 500 rose 1.18% with the Nasdaq-100 jumping 2.25%. The Philadelphia Semiconductor Sector index increased 3.83%, as chipmakers rebounded after posting their worst week since April 2025.
• That sentiment did not extend to crypto markets, however. Price-action in BTC remained range-bound, with trading limited between $58K and $61K. 
• Spot Bitcoin ETFs are currently on track for their worst month of outflows since their launch in January 2024.
• In June alone, more than $4.1B has been withdrawn from the funds, while BTC itself is on track for its worst monthly performance since June 2022, down 19% over the past 30 days. 

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• In geopolitics, President Trump said yesterday that peace talks with Iran are set to resume in Doha, after last weekend’s series of tit-for-tat strikes between the two sides.
• On Truth Social the US president wrote, "Iran has requested a meeting" and "It will take place tomorrow in Doha”. 
• Iran's Deputy Foreign Minister Kazem Gharibabadi said earlier in the day that nothing had been scheduled however. 

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• The US Supreme Court ruled 5-4 that Fed Governor Lisa Cook can stay in her job at the central bank while she continues to fight President Trump’s allegations of mortgage fraud. 
• Writing for the majority, Chief Justice John Roberts said “Congress limited the president’s power to remove governors for good reason”. 
• The ruling means the case could return to the Supreme Court at a later point, with Roberts stating the court was ruling "on narrow grounds" and leaving open the possibility of Trump "trying again" to fire Cook.
• However, in a separate ruling on Monday, the court voted to expand Trump’s power to fire top government officials at other federal agencies; a ruling that overturns a 91-year-old precedent.

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DeFi / Web3 / Altcoins / Crypto3

• Michigan Attorney General Dana Nessel secured a temporary restraining order in Ingham County Circuit Court temporarily halting Kalshi from offering or advertising online sports wagers to Michigan residents.
• The order follows a federal court ruling that sent the case back to state court after Kalshi attempted to move the lawsuit to the U.S. District Court for the Western District of Michigan.
• Nessel’s lawsuit alleges Kalshi violated Michigan’s Lawful Sports Betting Act by allowing residents to wager on sports-related outcomes through event contracts without licensing approval from the Michigan Gaming Control Board.

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• Strategy’s MSTR common shares and STRC preferred stock rebounded Monday after one of their worst weeks on record, as bitcoin steadied near $60,000 and investors assessed Executive Chairman Michael Saylor’s new Digital Credit Capital Framework.
• Strategy paused bitcoin purchases last week despite raising $1.15B through MSTR share sales, instead increasing its USD reserve to $2.55B and authorizing up to $1B in repurchases of digital credit securities including STRC, STRF, STRD and STRK.
• The company also approved a separate $1B MSTR buyback authorization, raised STRC’s July dividend rate to 12% and said its goal is for STRC to trade over time near its $99-$100 par value.

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• Bitmine Immersion Technologies, the largest public Ethereum treasury company, said its holdings reached 5.70M ETH, equal to 4.7% of total ETH supply, after acquiring 27,084 ETH over the past week.
• The company reported $9.8B in crypto, cash, marketable securities and “moonshot” holdings, including 206 BTC, $555M in cash and marketable securities, a $180M stake in Beast Industries and a $74M stake in Eightco Holdings.
• Bitmine said 4.88M ETH, or more than 85% of its ETH holdings, are staked, with projected annualized staking revenue of $211M, and the company was added to the Russell 1000 Large-cap Index on June 26.

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• Securitize, a tokenization platform for issuing and managing tokenized real-world assets, is expected to list on the NYSE under the ticker SECZ on July 2, after Cantor Equity Partners II shareholders approved the proposed business combination with the tokenization firm.
• The transaction is expected to close on July 1, subject to customary closing conditions, after which the combined company will operate as Securitize Corp.

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• The UK Financial Conduct Authority has finalized a broad crypto regulatory framework covering prudential requirements, market abuse controls and stablecoin standards, with the regime set to take effect on Oct. 25, 2027.
• The rules will require crypto exchanges, custodians, stablecoin issuers, lending and borrowing providers, staking firms and some DeFi firms with identifiable controlling entities to obtain FCA authorization, with applications open from Sept. 30, 2026, to Feb. 28, 2027.
• The framework includes disclosure requirements for cryptoassets admitted to UK trading platforms, rules against insider trading and market manipulation, stablecoin reserve and redemption standards, and revised capital requirements for stablecoin issuers.

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• The SEC obtained a final default judgment against four entities and two individuals tied to NanoBit, an alleged fake crypto trading platform used in a relationship investment scam that solicited investors through social media and WhatsApp groups.
• The SEC alleged that scheme participants posed as financial professionals, falsely claimed NanoBit’s affiliate was an SEC-registered broker and promoted fake initial coin offerings to persuade investors to deposit funds.
• The judgment orders penalties and disgorgement across the defendants after the SEC alleged that more than $2M was wired to Hong Kong bank accounts and hundreds of thousands of dollars in crypto assets were misappropriated.

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