Strategy, led by executive chairman Michael Saylor, is once again signaling a deepening commitment to Bitcoin.
Saylor posted “Send more Orange” on X on June 8 — a phrase often followed by the company’s Bitcoin acquisition announcements.
If the pattern holds, this could mark Strategy’s ninth consecutive week of BTC purchases.
The post follows closely after Strategy added 705 BTC between May 26 and June 1, spending around $75 million at an average of $106,495 per coin.
That brings the firm’s total holdings to 580,955 BTC, valued at about $61.4 billion.
According to SaylorTracker, the company is currently up nearly 50% on its investment, translating to an unrealized profit of roughly $20.6 billion.
$1 Billion Stock Offering Fuels Bitcoin Strategy
Saylor’s cryptic post coincides with Strategy’s announcement of a massive $1 billion stock offering, a sharp increase from the previously planned $250 million raise.
The firm aims to use the capital to fund further Bitcoin acquisitions and for general corporate expenses.
The offering involves 11.76 million shares of a new 10% Series A Perpetual Stride Preferred Stock, priced at $85 per share.
After deducting underwriting and other fees, Strategy expects net proceeds of approximately $979 million.
Unlike its earlier funding rounds, the new stock provides non-cumulative 10% dividends — a move designed to appeal to yield-seeking institutional investors.
This funding structure enables the company to continue its Bitcoin strategy while offering more predictable returns to shareholders.
Largest Institutional Bitcoin Holder
Data from Bitcoin Treasuries shows that Strategy now holds more Bitcoin than any other publicly known entity — including governments like the United States and China.
Its holdings are nearly twelve times larger than the next biggest corporate holder, Bitcoin miner Mara Holdings.
As a result, many investors increasingly view Strategy not just as a business, but as a vehicle for Bitcoin exposure.
With Saylor continuing to tease new purchases, the company shows no signs of slowing down.
Bitcoin held firm near $105,500 on June 8, signaling that its recent corrective phase may be nearing an end.
The move followed a dip to $100,500 on June 5, but BTC/USD has since staged a steady recovery, nearing its weekly open.
Bullish Momentum Reappears
Popular analyst Rekt Capital noted signs of strength on the daily chart.
“On the Daily timeframe, Bitcoin is showcasing signs of breaking its two-week Downtrend… while also turning it into support earlier today,” he said on X.
He added that a daily close and retest around $106,600 would solidify a bullish continuation.
Other traders, like SuperBro, also pointed to Bitcoin closing above its 10-day simple moving average as a positive sign.
That metric, according to SuperBro, helps invalidate bearish scenarios.
Liquidity Signals Suggest Imminent Volatility
Trader Cas Abbe examined order book liquidity and observed building pressure both above and below spot price.
He suggested this setup could lead to a “magnet-style” price move.
“BTC liquidation cluster is now signalling an upside move,” he said.
Abbe noted that a 10% price increase could liquidate $15.11 billion in shorts, while a 10% drop would impact $9.58 billion in longs.
He also pointed to negative funding rates as evidence of mounting short positions.
“I think BTC big move is coming next week, possibly pushing it above $109K–$110K,” he predicted.
Key Support Levels Remain in Focus
Some analysts are still preparing for a possible retest of lower support zones.
Trader CrypNuevo said $100,000 remains a strong psychological support.
“100k is the strongest psychological support… it’s the area where I’m building some longs with easy invalidation below it,” he explained.
Rekt Capital Eyes Weekly Close Importance
Rekt Capital also highlighted the importance of Bitcoin holding above $104,400 for a fourth consecutive weekly close.
He described the retest following May’s all-time highs as “successful,” adding further weight to bullish sentiment.
With market conditions showing renewed strength, all eyes are now on the next move as Bitcoin sits on the edge of a potential breakout.
U.S.-listed spot Bitcoin exchange-traded funds (ETFs) saw a sharp return to outflows on June 5, shedding $278 million, according to data from SoSoValue.
The negative momentum followed a brief two-day recovery and came amid growing unease in financial markets, sparked by a high-profile feud between former President Donald Trump and Tesla CEO Elon Musk.
Sentiment Takes a Hit
Market sentiment took a decisive turn as the Cryptocurrency Fear & Greed Index dropped from “Greed” to “Fear” on June 6.
This shift came after tensions escalated between Trump and Musk through a series of social media exchanges, damaging what had been perceived as a close relationship.
The feud also had ripple effects beyond the crypto sector.
Shares of Tesla fell 14%, while Trump Media dropped 8%, according to TradingView data.
Persistent ETF Struggles
The June 5 outflows came after U.S. spot Bitcoin ETFs recorded a $1.2 billion outflow between May 29 and June 2, also driven by cooling sentiment.
Although June 3 and 4 showed brief signs of recovery, the pullback resumed forcefully.
SoSoValue noted that ARK Invest’s ARK 21Shares Bitcoin ETF (ARKB) led the retreat, seeing $102 million in withdrawals on June 5.
Notably, none of the Bitcoin ETFs registered inflows that day.
Global Trends and Ether Inflows
Over the past week, global Bitcoin exchange-traded products experienced $8 million in outflows.
In contrast, Ethereum-based products (ETPs) saw significantly better investor interest.
Spot Ether ETFs attracted $11.3 million in inflows on June 5, continuing a 14-day streak.
However, these figures declined compared to the $56.9 million added on June 4 and $109.4 million on June 3.
Ethereum Gains Institutional Traction
Ether products are benefiting from stronger network fundamentals and sustained interest in futures markets.
BlackRock, the world’s largest crypto ETF issuer, recently added $50 million worth of Ether to its portfolio on June 3, according to Arkham, a blockchain analytics firm.
As uncertainty surrounding Bitcoin ETFs grows, Ethereum appears to be consolidating its position as a more stable alternative for now.
Bitcoin’s presence on cryptocurrency exchanges has dropped to its lowest level in nearly seven years, falling below 11% of total supply for the first time since March 2018.
This trend, revealed in new Glassnode data, points to a rising preference for long-term holding and institutional custody.
HODLers Show Long-Term Conviction
The decline from a 17.2% peak in March 2020 suggests a shift in investor behavior.
Over 1.26 million BTC, or about 6% of the total supply, has moved away from exchanges during that time.
According to CryptoQuant, the Exchange Flows to Network Activity Ratio has reached its lowest level since early 2023.
This indicates that even as Bitcoin prices climb, fewer coins are being deposited on trading platforms.
The current 30-day moving average of the ratio sits at around 1.2—well below its 365-day average and nearing -1 standard deviation.
Such levels often signal strong holding sentiment and a reduced willingness to sell.
Rise of Institutional Custodians
Much of Bitcoin’s migration away from exchanges is being driven by institutional players favoring third-party custody over public platforms.
Firms like BlackRock, Fidelity, and Franklin Templeton are now using platforms like Coinbase Prime, which reported $212 billion in assets under custody in Q1 2025.
Meanwhile, Coinbase’s exchange recorded over $500 million in BTC outflows during the same period, with another $761 million in withdrawals on June 5.
Spot Bitcoin ETFs are also absorbing large amounts of BTC.
As of June 5, ETF holdings had ballooned to $44.54 billion, up from just $1 billion at their launch in January 2024.
Trust in Exchanges Falters Post-FTX
The collapse of FTX in late 2022 appears to have triggered a long-lasting erosion of trust in centralized exchanges.
Glassnode data shows consistent outflows from November 2022 to May 2023, including several weeks with more than 10,000 BTC withdrawn.
In total, more than 200,000 BTC left exchanges during that six-month stretch.
This indicates a lasting shift toward self-custody and alternative trading platforms.
A 2025 joint survey by Coinbase and EY-Parthenon found that 83% of institutional investors plan to increase their crypto exposure, with nearly 60% allocating over 5% of assets under management to digital assets.
Standard Chartered estimates that 61 public companies already control more than 3% of the total 21 million BTC supply.
With growing confidence in self-custody and institutional infrastructure, exchange balances may continue to decline—even as Bitcoin aims for new highs.
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Norwegian Block Exchange (NBX) saw its stock price skyrocket more than 138% in a single trading session after announcing it had purchased Bitcoin and planned to acquire more.
The move reflects a growing trend among Nordic companies to incorporate Bitcoin into their treasury strategies.
Initial Purchase and Future Plans
On June 2, NBX confirmed the acquisition of 6 Bitcoin, valued at approximately $633,700.
The firm aims to increase its holdings to 10 BTC before the end of June.
The company is also in talks to raise additional capital to expand its Bitcoin position.
By the close of June 2’s trading day, NBX shares had surged by 138.5%, ending at 0.033 euros ($0.038), according to Google Finance.
Despite this jump, the stock remains far below its all-time high of 0.93 euros ($1.06), which it reached in January 2022.
Bitcoin as Collateral and Operational Tool
NBX plans to use its newly acquired Bitcoin to support the issuance of USDM, a stablecoin on the Cardano blockchain.
The Bitcoin will also generate yield within the Cardano ecosystem.
The platform stated, “Bitcoin is becoming an important part of the global financial infrastructure.”
NBX believes the holdings will enhance “operational efficiency” and attract capital from crypto-curious businesses.
The company also revealed ambitions to explore Bitcoin-backed loans as part of a broader effort to evolve into a digital asset bank.
Growing Bitcoin Adoption in Norway
NBX is not alone in embracing Bitcoin.
Norwegian industrial giant Aker ASA entered the space in 2021 by creating a crypto-focused subsidiary, Seetee, which now holds 1,170 BTC.
According to Bitcointreasuries.net, Aker bought its Bitcoin at an average cost of $50,200, with current holdings valued at approximately $123 million.
Another Norwegian brokerage, K33, has raised 60 million Swedish krona ($6.2 million) to begin purchasing Bitcoin, signaling wider interest among regional firms.
Even Norway’s central wealth fund is indirectly exposed—Norges Bank held 3,821 BTC via equity investments by the end of 2024.
Global Trend of Corporate Bitcoin Treasuries
NBX’s stock rally mirrors other cases where firms gained after announcing Bitcoin investments.
France’s Blockchain Group revealed its Bitcoin buy in November 2023 and saw its stock rise 225% to 0.48 euros.
In Indonesia, DigiAsia Corp announced a $100 million Bitcoin investment plan, prompting a 91% increase in its stock price.
Collectively, corporate Bitcoin treasuries now hold over 3 million BTC, valued at more than $342 billion, according to Bitbo.
Bitcoin attempted to stabilize above $105,000 on June 1 following a strong monthly performance that saw an 11% gain for May.
The cryptocurrency faced ongoing pressure throughout the week, bringing it back to key support levels established earlier in the 2024 bull market.
Among these was the December 17 local high of roughly $104,450, which traders watched closely heading into the new week.
Analyst Matthew Hyland labeled the weekly close as “pivotal” for the short-term trend.
Hyland pointed to a developing bearish divergence between Bitcoin’s price and its relative strength index (RSI) on the weekly chart.
RSI, which gauges momentum, appeared to weaken even as price attempted to climb—raising caution flags for traders.
Bearish Divergence Raises Concerns
Trader Titan of Crypto echoed those concerns, warning his followers that a potential RSI bearish divergence was forming.
“Still unconfirmed but worth watching,” he posted on May 31, alongside a chart referencing Fibonacci-based fair value gaps (FVGs).
These gaps often indicate price areas where trading activity was unbalanced, and two key FVG zones were highlighted at $97,000 and $90,000.
Titan added, “After a +50% run, a cooldown wouldn’t be a bad thing. Healthy market structure matters.”
$100K Level Could Act as Magnet
CrypNuevo, another trader analyzing order book data, suggested that $100,000 could serve as a price magnet if selling pressure continues.
“It’s a strong psychological level and liquidity tends to stack in these levels,” they noted, anticipating a possible retest.
Despite Bitcoin’s 8% decline over the past week, CrypNuevo remained bullish on the broader trend.
“So I think we’ll probably drop to $100k and play around there for some days… even a slight temporary drop below it to shake the market would make sense,” they predicted.
They concluded that overall market structure remains bullish, with the bull market support level near $84,000 closing in from below.
Bitcoin has pulled back sharply, sparking renewed caution from analysts who warn that the digital asset may be headed for a deeper correction before resuming its bullish trajectory.
BTC/USD fell by 8% as of May 31, retreating to levels below its previous all-time high.
This decline leaves the token nearly $9,000 below its recent record peak, putting short-term sentiment to the test.
Demand Metrics Signal a Cooling Trend
A report from CryptoQuant shared with Cointelegraph suggests that Bitcoin’s demand growth may be hitting a temporary ceiling.
The analytics platform estimates that Bitcoin demand has increased by 229,000 BTC in the last 30 days, nearing the 279,000 BTC peak seen in December 2024.
“Some of Bitcoin’s demand metrics may be reaching a short-term top, which could imply a pause in the current rally,” the report stated.
It also noted that whale balances have risen by 2.8% over the past month, a pattern often followed by reduced accumulation from major holders.
Additionally, average unrealized profits hovered around 30% when prices neared $111,000—another sign of an imminent slowdown.
Analysts Eye Key Technical Levels
Prominent trader Mags highlighted the importance of the upcoming weekly candle close.
“On the daily chart, BTC has broken below the previous all-time high and is facing rejection at that same level,” Mags observed.
“This might look like the start of a deeper correction.”
If Bitcoin closes the week below the December 2024 high of $104,450, it may form a bearish pattern before climbing again, he added.
Bull Market Outlook Remains Intact for Now
Despite the current retreat, broader sentiment remains optimistic.
Trader Aksel Kibar said the bull market structure is still intact, provided prices remain above $73,700.
He reiterated his 2025 target of $137,000 for BTC, aligning with a midterm bullish outlook.
CryptoQuant analysts see $120,000 as a key level where many investors might choose to lock in profits.
While the path forward could involve further short-term losses, most analysts agree the bull market has not been derailed.
Exchange-traded funds (ETFs) that incorporate staking for Ethereum and Solana could hit the U.S. market in the coming weeks, following a notable regulatory filing by ETF provider REX Shares.
Analysts suggest the move employs strategic regulatory workarounds to bypass conventional SEC procedures.
Unique Structure Behind the REX ETFs
According to ETF analyst James Seyffart, the REX filings utilize an unusual structural classification.
“These ETFs are structured as c-corps. Which is very rare in the ETF world,” he explained on May 30.
REX confirmed that the fund would be taxed as a C-corporation, meaning both current and deferred tax expenses will be factored into the fund’s Net Asset Value (NAV).
This model deviates from the norm and raises questions about its implications for investors.
Staking as a Missing Puzzle Piece
Staking has been one of the most anticipated features for spot Ethereum ETFs since their debut in July 2024.
Many industry executives believe the absence of staking has made these products incomplete.
ETF Store President Nate Geraci called REX’s approach a “regulatory end-around” and expressed confidence in their imminent launch.
Bypassing the SEC’s Traditional Path
Seyffart noted that the REX funds are 40-act funds and thus avoid the usual 19b-4 regulatory review process.
This is a critical workaround, particularly in light of the SEC’s recent delay on Bitwise’s application to add staking to its own Ether ETF.
“This was one way to get some level of signoff from the SEC,” Seyffart said.
Fund Mechanics and Market Entry
REX’s proposed ETFs will gain spot exposure to Ether and Solana through Cayman-based subsidiaries.
The structure is designed to allow staking of at least 50% of each token, marking a significant shift from earlier offerings.
Seyffart added, “All of this, assuming they launch in the near future, is a bunch of clever legal and regulatory workarounds to get these products to market.”
The launch, though not yet dated, appears imminent based on regulatory patterns and market positioning.
BlackRock Perspective Adds Weight
On March 20, BlackRock’s head of digital assets, Robbie Mitchnick, described their own Ether ETF as a “tremendous success.”
However, he admitted the lack of staking made the product “less perfect.”
The addition of staking capabilities is seen by many as essential for ETFs aiming to fully capture the benefits of Ethereum and Solana’s proof-of-stake networks.
The developments from REX could potentially open the floodgates for similar fund structures, signaling a new phase of innovation in crypto-linked investment vehicles.
Investors in BlackRock and Fidelity’s spot Ether exchange-traded funds are facing sharp unrealized losses, according to a new analysis by blockchain data firm Glassnode.
The report states that the average holder of these ETFs is currently sitting on a 21% paper loss, reflecting the gap between Ether’s current trading value and the purchase price of the funds.
Ether, which is trading at $2,601, is well below the cost basis for both ETFs — with BlackRock’s average at $3,300 and Fidelity’s even higher at $3,500.
The asset’s decline over recent months has significantly impacted investor sentiment and ETF performance.
Tariffs Triggered the Downturn
The last time Ether traded above $3,000 was in early February.
The downtrend began shortly after then-President Donald Trump issued executive orders imposing tariffs on imports from China, Canada, and Mexico.
The crypto market reacted sharply, and Ether’s price plummeted to a yearly low of $1,472 on April 9 — the same day those tariffs took effect.
Glassnode highlighted that ETF outflows accelerated when the spot price of Ether dipped below the average cost basis in August 2024, and again in January and March 2025.
This reflected growing investor concerns and a broader crypto market correction.
Signs of Recovery and Renewed Interest
Despite these losses, Ether has rebounded by over 44% in the past month.
From May 16 onward, spot Ether ETFs have recorded nine consecutive days of inflows totaling $435.6 million.
The inflows are partly attributed to easing concerns around Trump’s tariff policies, especially after a US federal court blocked most of them on May 28.
Market watchers believe this court ruling could fuel a broader crypto recovery, with Ether potentially leading the charge.
Spot ETFs recorded their last net outflow on May 15, marking a shift in investor behavior.
Mixed Reception Since Launch
Since their launch in July 2024, US-based spot Ether ETFs have accumulated $2.94 billion in inflows.
Ether was trading at roughly $3,536 at the time, making current prices a major drawdown for early participants.
Glassnode noted that ETF volume was modest at first, making up just 1.5% of spot market trades.
Although that share rose to 2.5% during November 2024 — coinciding with Trump’s re-election and a market-wide rally that pushed Ether to $4,007 — the figure has since fallen back to earlier levels.
Lack of Staking a Key Limitation
Speaking at the Digital Asset Summit in March, BlackRock’s head of digital assets, Robbie Mitchnick, acknowledged one weakness in their offering.
He said the spot Ether ETF is “less perfect” without the inclusion of staking, a feature many crypto investors now consider standard.
The sentiment underscores the challenges facing Ether ETFs, even as the broader market shows signs of stabilization.
Investors remain hopeful that recent momentum can be sustained, but for now, many remain underwater.