Bitcoin

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.

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.

Bitcoin rebounded toward $106,000 on June 3 following a turbulent start to the trading day.

After briefly slipping below its previous all-time highs from late 2024, the cryptocurrency managed to steady itself, resisting a feared test of the $100,000 support level.

Market watchers noted an emerging bullish sentiment, fueled by renewed interest in key liquidity zones.

Data from Cointelegraph Markets Pro and TradingView highlighted the recovery of BTC/USD, showing the pair reversing its earlier drop after the Wall Street open.

Traders Eye High-Stakes Liquidity Zones

Popular trader Daan Crypto Trades suggested that both bulls and bears had positions clustered around the current price range, hinting at the potential for volatile moves.

“There are still a lot of positions built up on both sides,” he stated on X.

“Major liquidity zones above $110K and below $103K.”

This tension between upward and downward liquidity could trigger sudden price swings, with analysts watching closely for a breakout.

CoinGlass data showed that upside liquidity was already within range, raising the possibility of a short-term rally designed to flush out positions.

Support Builds, but Momentum Still Lacking

Material Indicators, a trading analytics platform, pointed out key areas of support that could come into play if prices dip again.

“FireCharts shows ~$263M in BTC bid liquidity laddered down to $97,750, and an additional block of plunge protection just above the Yearly Open,” the firm stated.

This strong bid interest may serve to buffer Bitcoin against further declines and keep the broader uptrend intact.

Still, Material Indicators remained cautious about expectations for new all-time highs in the near term.

“The trend undoubtedly is still up, but there has been no strong continuation above $100K+ this year just yet,” Daan Crypto Trades remarked the day before.

Profit-Taking Begins but Euphoria Still Absent

According to on-chain analytics firm Glassnode, Bitcoin holders have started realizing profits, though not at the scale seen during past bull market peaks.

“The recent Bitcoin ATH breakout has led to a notable uptick in profits locked in, with the average coin capturing a +16% profit,” the firm said in its latest edition of “The Week Onchain.”

Only 8% of all trading days have yielded higher profits for investors, signaling that a wave of profit-taking may be underway.

Glassnode also emphasized that the market hasn’t yet entered a “euphoric” phase typically associated with cycle tops.

Instead, traders appear cautiously optimistic, with many still waiting for a strong catalyst to push Bitcoin decisively past the $110,000 mark.

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.

Large Bitcoin holders have spent the week adding to their stacks even as spot prices hover just below April’s all-time peak.

On-chain dashboards from Material Indicators reveal a steady uptick in buy orders sized over $1 million, a pattern analysts read as “whales locking in exposure before the next leg.”

At the same time, BTC has traded in a narrow $5,000 channel around $105,000, suggesting a bout of consolidation rather than capitulation.

“BTC is consolidating above $100k and whales are accumulating,” noted Material Indicators co-founder Keith Alan, pointing to a heat-map of rising bid liquidity clustered at six-figure levels.

Analysts flag $94K as first major support

Alan’s models place the 21-week moving average—currently near $94,000—as the most likely bounce zone should sellers gain the upper hand.

“If a correction comes, I expect support to hold at the trend line which currently has confluence with the 21-Week Moving Average.”

That view aligns with historical patterns: previous bull-market pauses have typically retraced to the 21-week curve before resuming their advance.

Bull market context tempers correction fears

Despite the possibility of a pullback, market structure remains decisively bullish.

Bitcoin has printed seven consecutive green weekly candles, a streak rarely seen outside primary uptrends.

Funding rates on perpetual futures have cooled, implying less overheated leverage and healthier foundations for another breakout attempt.

High-profile trades stir social-media drama

Hyperliquid trader James Wynn has amplified volatility by live-tweeting every blockbuster position.

“They FORCED the $BTC price DOWN to $108,700,” he wrote after claiming rivals attempted to liquidate a 40x long.

Blockchain monitors show Wynn’s latest leveraged bet sitting on an unrealized $3.4 million loss, a reminder that whale theatrics can swing intraday sentiment.

Macro signals still favor upside

The dollar index slipped this week, and gold’s rally lost steam, pushing some macro funds to rotate back into digital assets.

Spot Bitcoin ETFs recorded their strongest three-day inflow since early May, according to BitTrends data.

Meanwhile, Glassnode metrics show dormant supply at a record high, indicating long-term holders remain reluctant to sell into strength.

Risk factors traders are tracking

CME futures now price a 45 % chance of a Federal Reserve rate cut in September, and any hawkish surprise could drain risk-asset appetite.

Regulatory headlines also lurk: the Securities and Exchange Commission has yet to publish final guidance on crypto staking, and a restrictive ruling could sap retail momentum.

Even so, the broader market mood leans optimistic, with several analysts setting year-end targets between $135,000 and $155,000—levels that imply a fresh wave of FOMO if $112,000 resistance breaks.

Outlook

For now, eyes remain on whether whales keep stepping in on minor dips and whether the 21-week average indeed acts as a floor.

A clean bounce near $94,000 would fit the script of a classic mid-cycle correction inside a powerful bull trend.

Conversely, a decisive close below that line could open the door to a deeper retracement toward the $80,000 handle.

As ever in crypto, sentiment can flip quickly, but whale behavior continues to suggest the path of least resistance points higher—after a potential shakeout to test conviction.

Bitcoin’s blistering rally to record highs paused just shy of the $110,000 milestone on May 26, yet institutional demand continued to swell in the background, cushioning any immediate downside pressure.

The flagship cryptocurrency dipped after momentum faded during Asia-Pacific trading, lingering near $108,500 as traders weighed looming United States inflation data and the imminent earnings release from chipmaker Nvidia.

Market watchers attributed the hesitation in part to President Donald Trump’s decision to delay retaliatory European Union tariffs until July 9, a move that eased equity jitters but left macro uncertainty hanging over risk assets.

Even so, derivatives desks reported a steady uptick in the Bitcoin two-month futures premium, which climbed from 6.5% to 8% in twenty-four hours, signaling that sophisticated traders were confidently rebuilding long exposure rather than capitulating.

Institutional appetite offsets price lull

Evidence of that confidence was nowhere clearer than in spot Bitcoin exchange-traded funds, which attracted $2.75 billion of net inflows between May 19 and May 25, according to preliminary custodial data.

Wall Street giants appear increasingly comfortable marketing those vehicles to core clients; JPMorgan chief executive Jamie Dimon told investors the bank would “finally allow clients” to purchase the products, creating a new pathway for its $6 trillion deposit base to gain indirect crypto exposure.

MicroStrategy founder Michael Saylor underlined the theme by revealing a fresh $427 million Bitcoin acquisition at an average price of $106,237, lifting the business-intelligence firm’s holdings to more than 239,000 BTC.

Options data delivered a complementary bullish signal: the 30-day put-call delta skew turned negative 6%, implying traders were paying a premium for upside hedges while pricing limited probability of a violent sell-off.

Macro cross-currents in focus

For now, analysts caution that headline economic releases could dictate the next directional break.

The Richmond Fed manufacturing index is due on May 28, followed two days later by the Fed’s preferred inflation gauge, the PCE price index, and a hotter-than-forecast print could rekindle concerns about higher-for-longer interest rates.

Nvidia’s earnings, expected after the closing bell on May 28, represent another wildcard; a disappointing read-through on artificial-intelligence hardware demand could sap risk appetite across equities and spill into crypto.

Nevertheless, bulls argue that Bitcoin’s structural bid, driven by ETFs and treasury strategies, should limit any retracement toward $105,000, the level that marked last week’s low.

Path to new highs

Bitcoin remains just 2.6% below its all-time high of $111,957, and several desks believe a decisive break above $112,000 could trigger systematic short covering and ignite a fresh leg toward the psychologically potent $120,000 handle.

Skeptics counter that rising U.S. government debt worries and a softer housing market, highlighted by a 5.1% weekly drop in mortgage applications, might cap enthusiasm until clearer evidence emerges that the economy can navigate tight monetary conditions.

With U.S. markets closed for the Memorial Day holiday, liquidity is expected to thin, raising the likelihood of abrupt moves driven by a handful of large orders on offshore exchanges.

Until then, traders are parsing every macro headline while keeping one eye on the persistent wall of institutional money waiting for dips—money that, so far, has proven more than willing to “gobble up” available supply.