Bullish: SpaceX holds roughly 6% of its corporate treasury reserves in Bitcoin.

Bitcoin moved back above $64,000 on June 12, a shift that suggests market sentiment has improved from earlier weakness, CoinDesk reported. The rebound comes as recent spot and derivatives signals begin to push back on a more cautious view previously outlined by Galaxy Digital. Alex Thorn, the firm's head of research, had argued the correction may not be finished, with a potential cycle low not materializing until the fourth quarter of 2026. Price action is now centered on the $64,900–$65,000 band. After bouncing from a June low near $59,000, the 4-hour chart shows a sequence of higher lows, pointing to firmer short-term demand. The $65,000 area also aligns with the 0.618 retracement of the prior decline, reinforcing it as a technical resistance zone. A clean break would likely shift attention to the next resistance levels around $66,700 and $68,500. If Bitcoin cannot hold above this area, the move may be read as a recovery rally rather than a renewed uptrend. Several indicators suggest pressure is easing. On the 4-hour chart, Chaikin Money Flow has moved back above zero, signaling renewed inflows. On the daily timeframe, the MACD histogram has narrowed from its recent low, indicating bearish momentum is fading. Derivatives positioning has also stabilized. Bitcoin open interest rose to $46.13 billion over the past day, up 0.12% intraday. The weighted funding rate stayed positive at 0.0029%, implying traders are adding exposure with a modest bullish tilt rather than leaning aggressively toward further downside. ETF flows remain a restraint. SoSoValue data show U.S. spot Bitcoin ETFs posted a net outflow of $19.03 million on June 11. BlackRock's IBIT recorded $30.26 million of net inflows, but that was more than offset by withdrawals from products from Fidelity, Ark Invest, Bitwise, and VanEck. The mixed picture echoes Galaxy Digital's caution. Thorn has said some features often associated with major market bottoms—including broad investor losses and concentrated capitulation selling—are not yet clearly visible. Bitcoin has so far defended support near $59,000, and derivatives traders' risk appetite appears to be gradually returning. Still, until ETF flows turn decisively positive, the near-term focus remains the $64,900–$65,000 resistance area. A breakout could open a move toward $68,500 and potentially a test of the $70,000 psychological level. Failure to clear resistance would keep debate alive over whether the correction has more room to run.

MicroStrategy's small Bitcoin sale has drawn fresh scrutiny of Michael Saylor's long-running "never sell" message, prompting him to address the issue publicly. Speaking at BTC Prague on June 11, Saylor responded after Strategy (MicroStrategy) reported it sold 32 BTC between May 26 and May 31 for about $2.5 million, at an average price of $77,135 per coin. The transaction marked the company's first disclosed Bitcoin sale since December 2022. Saylor told attendees, "I said to YOU never sell your bitcoin," while underscoring that personal guidance is not the same as corporate treasury management. He characterized the move as a financing decision rather than a change in the firm's Bitcoin outlook. Regulatory filings pointed to a specific use of proceeds: funding preferred stock distributions. The board declared cash dividends payable June 30 across multiple preferred series (STRF, STRC, STRE, STRK and STRD). The STRC dividend carries an annual rate of 11.50%. In scale, the sale was minimal. The 32 BTC represented roughly 0.0038% of Strategy's Bitcoin holdings at the time, a rounding error for the balance sheet but notable given the company's accumulation-first narrative. Days later, Strategy moved in the opposite direction with a far larger buy. Between June 1 and June 7, it purchased 1,550 BTC for $101.3 million at an average price of $65,332, lifting reported Bitcoin holdings to 845,256 BTC. The company also said its USD cash reserve increased by $100 million to $1 billion. Strategy indicated the purchase was funded in part through proceeds from its at-the-market share program, supporting both additional Bitcoin exposure and replenished liquidity. Strategy's dashboard now shows 845,256 BTC held at an average acquisition cost of $75,680, keeping the firm the largest publicly disclosed corporate Bitcoin holder by a wide margin. The episode highlights the push and pull between MicroStrategy's public identity as an aggressive accumulator and the day-to-day cash demands of a corporation with recurring obligations. With preferred dividends creating steady cash outflows, Saylor's remarks suggest the company may tolerate occasional, limited sales to cover such commitments while aiming to remain a net buyer over time. Key dates ahead include the June 30 dividend payments and the mix of funding sources Strategy uses to meet them$cash on hand, capital markets activity, or additional small BTC sales. For now, the larger June purchase reinforces Strategy's net-accumulation stance, even as the 32 BTC sale has led some traders to reassess how absolute the "never sell" message really is.

Standard Chartered Bank senior market analyst Geoffrey Kendrick said the current Bitcoin drawdown may have already bottomed, with the low likely forming around the $59,000 area as key headwinds that previously weighed on the market begin to fade. CoinDesk data show Bitcoin slid to $59,375 on June 5 before rebounding to around $64,000. Kendrick described the zone as the cycle's "low of certainty," marking roughly a 53% decline from the $126,000 peak recorded on Oct. 6, 2025. Kendrick views recent selling tied to U.S. spot Bitcoin ETFs as temporary. He said cumulative net redemptions have exceeded $5.72 billion since the second week of May, one of the most concentrated outflow stretches since the products launched. In his view, the pressure is not solely a reassessment of Bitcoin's fundamentals and is also linked to short-term capital rotating into other high-demand assets. He added that some ETF holders sold Bitcoin to raise cash to participate in SpaceX's IPO, and that financing-driven selling could ease as the listing process progresses. He highlighted SpaceX's IPO and developments in the Middle East as key catalysts to watch. Kendrick said rising expectations for a U.S.-Iran peace agreement could keep oil prices capped and improve broader risk sentiment. The report noted that after U.S. President Trump referenced the possibility of an agreement with Iran, Brent crude fell to about $87 a barrel and WTI to around $85. Looking ahead, Kendrick pointed to three signals: whether U.S. spot Bitcoin ETFs can flip back to net inflows in a single day, whether international oil prices continue to fall, and whether corporate treasury buying resumes. He said a restart in corporate purchases, a return to positive ETF flows, and an end to oil's upward momentum would make it easier to confirm a near-term bottom for Bitcoin. Kendrick also reiterated his view that Ethereum could outperform Bitcoin this year. He currently targets $100,000 for Bitcoin and $4,000 for Ethereum by year-end, citing capital flows, corporate buying, and shifts in the macro backdrop as the main drivers.

Venture capitalist Tim Draper weighed in on Elon Musk's place in crypto history Friday, saying he's a fan of Musk—but not quite on the level of Bitcoin creator Satoshi Nakamoto. The remarks landed shortly after SpaceX began trading on Nasdaq and disclosed a sizable Bitcoin position. SpaceX debuted in what it described as the largest IPO on record, raising $75 billion. Shares were priced at $135, with about 555.6 million shares sold, implying a valuation of roughly $1.77 trillion. The offering topped Saudi Aramco's $29.4 billion 2019 record, and the newly listed stock, ticker SPCX, gained more than 25% in its first session. The company's S-1 filing also revealed it holds 18,712 BTC, well above the 8,285 BTC some trackers had estimated ahead of the disclosure. SpaceX reported paying about $661 million in total, or roughly $35,320 per coin on average. With Bitcoin trading near $63,600, the stake is valued at about $1.19 billion. BitcoinTreasuries ranks SpaceX as the eighth-largest public corporate Bitcoin holder. Tesla, another Musk-led company, held 11,509 BTC through the first quarter, bringing Musk's combined corporate total to 30,221 BTC. Only four public companies report larger BTC positions. Draper has long-standing ties to both firms and to Bitcoin. His funds backed Tesla and SpaceX in early venture rounds, and he purchased nearly 30,000 BTC in the 2014 U.S. Marshals Silk Road auction. Draper has also maintained a $250,000 Bitcoin price target. “I love Elon Musk.. Almost as much as I love Satoshi Nakamoto,” Draper, founder of Draper Associates, wrote on X. Separately, trader and podcast host Scott Melker said the IPO proceeds could create an opportunity for SpaceX to increase its Bitcoin holdings. “This would be a great time for SpaceX to buy more Bitcoin,” he posted. The filing describes Bitcoin as a strategic reserve for excess cash and puts the position at about 1.8% of total assets. SpaceX's past actions point to a more cautious approach. The company previously wrote down its Bitcoin holdings and sold part of its position during the 2022 market downturn. Demands for capital—including Starlink expansion, Starship development, and ongoing operating losses—may also compete for the new funds. Under SpaceX's dual-class structure, Musk controls 82.4% of voting power, according to the prospectus, leaving the decision largely in his hands. Musk has shifted course on Bitcoin before: Tesla adopted Bitcoin payments in 2021, paused them weeks later over energy concerns, and later sold most of its holdings. Whether SpaceX deploys any of its IPO cash into additional Bitcoin purchases may become clearer in its first quarterly report as a public company. For now, the disclosure alone has put BTC on the radar of millions of new shareholders.

A new privacy feature in Bitcoin Core 31.0 designed to prevent recipients from learning a sender's IP address can, under certain conditions, do the opposite. The issue centers on "privatebroadcast", which relies on an encrypted handshake. If that handshake fails, the node may retry by switching to a direct connection, bypassing Tor and potentially revealing the sender's IP. The failure is not purely accidental: a malicious peer can intentionally terminate the encrypted handshake to force the retry and trigger the leak. Bitcoin Core developers said the impact is limited in scope and does not affect wallet commands. A patch is expected in version 31.1. The advisory was posted quietly last week and was later amplified by @bitcoincoreorg on X last night.

Bitcoin's market structure often hinges on miners' ability to stay profitable. When margins tighten, miners are typically among the first to capitulate, especially as weaker prices reduce revenue and push higher-cost operators toward shutting down. On-chain signals indicate stress has been building this cycle. Bitcoin's hashrate has fallen more than 25% since October 2025, one of the longest sustained drawdowns on record, pointing to a meaningful share of mining capacity leaving the network as conditions deteriorate. Source: Bitcoin Magazine The pressure is also visible in profitability metrics. Bitcoin's Puell Multiple has dropped to 0.74, and miner revenues are down 11% over the past 10 days, putting income well below historical averages. This coincides with Bitcoin's nearly 20% pullback from its $75,000 peak, reinforcing how the recent correction is weighing on mining economics. A gradual build in capitulation risk Labeling the latest selloff a full bear market may be too early, but past cycles show that deeper bearish phases often feature clear miner capitulation. The 2022 cycle offered a template: accelerating miner stress and selling pressure accompanied a roughly 65% drawdown. This time, strain is again showing up on-chain. The Miner Capitulation Index has risen above 65. Source: CryptoQuant Historically, elevated readings have tended to precede capitulation episodes as rising costs and falling revenues squeeze profitability. Current conditions align with that pattern: hashrate continues to decline, and miner revenues have fallen 11% over the past 10 days. Analysts note that stress remains below 2022 extremes, but the trend is moving higher, leaving a decisive Bitcoin bottom difficult to confirm. Final take Miner stress is increasing as hashrate drops and revenues slide, but broad-based capitulation has not yet appeared.

Phong Le, President and CEO of Strategy (MicroStrategy), sought to quell market chatter that the firm could be compelled to sell its Bitcoin holdings. Le said the company holds 845,000 Bitcoin—about 4% of total supply—and argued that talk of imminent "forced sales" is misleading. Speaking in an interview with Scott Melker, Le addressed the company's capital structure, its recent small Bitcoin sale, and its longer-term plans. He said MicroStrategy had at one point been running close to BlackRock's spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), but that recent outflows over the past 30 days have left MicroStrategy by far the largest institutional Bitcoin holder globally—a position he said the firm intends to defend. Le also defended the company's use of preferred capital instruments to raise funds, comparing the approach to how Google has used convertible bonds and preferred stock to finance AI-related investment. He said flexible financing tools are well suited to long-duration assets such as Bitcoin, where return characteristics become clearer over time. Le pushed back on criticism of the company's sale of 32 Bitcoin (about $2.5 million) in recent weeks, which some commentators labeled a "forced sale." "We have $52 billion worth of Bitcoin on our balance sheet," he said. "We planned this sale to familiarize ourselves with the market, test our processes, and assess future tax loss harvesting opportunities. We did not sell Bitcoin to meet our $12.5 million dividend obligation. If that were the case, we would have sold much more than $2.5 million." He added that the company's annual $1.7 billion cash dividend could readily be funded through equity, pointing to MicroStrategy shares' average daily trading volume of $2.7 billion. Addressing concerns over a drop in cash reserves, Le said the company reduced cash from $2.25 billion to $700 million primarily to repurchase $1.5 billion in convertible bonds. He said the firm has since begun rebuilding the cash buffer to reassure creditors and shareholders, noting that last week it both increased reserves and bought $100 million of additional Bitcoin. Le said the company aims to increase Bitcoin per share each year, citing a 77% increase in 2024, 23% last year, and 12% year-to-date. He urged investors to focus on a long-term horizon of four to five years rather than week-to-week price moves. Asked what scenario could realistically force a Bitcoin sale, Le pointed to the company's $3.5 billion in convertible bonds maturing in 2028, with a strike price above $400. He said a severe decline in Bitcoin combined with pressure on the company's share price could prompt consideration of selling Bitcoin to meet that obligation. Still, he emphasized the firm has time to refinance or convert the bonds into shares. "As someone who believes Bitcoin is about to enter a new bull run, I don't see any scenario where we'll be forced to sell by 2028," he said. This is not investment advice.

Bitcoin is extending its rebound around $64,000, though price action remains restrained, CoinDesk reported. Onchain indicators cited in the report point to softer selling pressure on exchanges and steady whale behavior, shifting near-term focus to resistance at $66,000. Exchange flow data suggests fewer coins are moving onto trading venues, a pattern typically associated with a smaller pool of bitcoin readily available for immediate selling. Over the past day, gains have stayed limited and confined to a tight range. While intraday lows have been edging higher, buyers have yet to deliver a decisive breakout, leaving the market in a continued consolidation and test phase. Whale-related metrics also show little sign of distribution accelerating. External onchain sources put the exchange whale ratio near 0.56, still below the elevated readings seen earlier this year. The measure is widely watched for clues on whether large holders are concentrating transfers to exchanges. Its stability indicates whales have not moved into broad, concentrated selling, which reduces the risk of abrupt, large-scale supply hitting the market and keeps room open for a rebound. Technically, the report noted the RSI has climbed back from oversold levels, signaling fading downside momentum, while the MACD histogram has continued to contract, consistent with easing bearish pressure. A clear reversal signal has yet to fully materialize. Against this backdrop, $66,000 is viewed as the first key level bulls need to clear. A sustained hold above that area could open the door to the next major resistance zone around $73,200. If the current rising channel fails, attention could shift back to support near $52,400. Overall, the report's view is that reduced onchain sell pressure and steady whale activity have improved conditions for a short-term recovery, but a stronger uptrend still hinges on breaking and holding above $66,000.