Here’s another refined rewrite with a crisp, newsroom-style tone:
Bitcoin saw a brief relief rally even as Asian equity markets weakened, following sharp overnight losses on Wall Street.
STRC under fresh strain
Strategy’s (MSTR) high-yield preferred stock, STRC, remains under pressure, slipping 2.5% to $73.80 in pre-market trading. MSTR shares are also down roughly 2%.
Bitcoin (BTC) is holding steady near $59,300, little changed from overnight levels.
As selling pressure grips bitcoin, MSTR, and STRC, market commentary has surged, with observers offering fixes for Michael Saylor’s capital strategy.
Among them is Nakamoto (NAKA) CEO David Bailey, whose company’s stock has plunged over 99% since last summer.
In a post on X, Bailey outlined a plan to “make bitcoin moon,” proposing a $2 billion equity raise, a temporary pause on dividends, and deploying cash to repurchase preferred shares at a discount.
He argued this would remove forced selling pressure, stabilize the capital structure, and ultimately restore confidence once the model proves resilient.
Broad-based accumulation resumes
With bitcoin trading below $60,000, all wallet cohorts have returned to accumulation for the first time this year, according to Glassnode.
The trend has held firm over the past month, signaling widespread buying. Retail investors led the shift, with large whale entities now joining in.
Risk-off tone weighs on markets
Bitcoin dipped below $60,000 in Friday’s pre-market session, down marginally. Meanwhile, gold and silver posted modest gains, holding above $4,000 and $58 respectively.
A firmer U.S. dollar, with the DXY above 101, pressured risk assets, dragging down tech stocks. The Nasdaq 100 ETF (QQQ) fell 1%.
Chip stocks also pulled back, with Micron (MU) and Sandisk (SNDK) each down about 5% after strong gains in the previous session.
Bitmine eyes Russell 1000 inclusion
Bitmine Immersion Technologies (BMNR) is set to join the Russell 1000 Index on June 26, a move expected to boost institutional participation.
The firm reportedly holds 5.67 million ETH worth $8.82 billion, along with $601 million in cash and no debt, though its shares remain sharply below prior highs.
Saylor reaffirms long-term focus
Michael Saylor said volatility is a test of capital structure, reiterating Strategy’s commitment to bitcoin, disciplined capital allocation, and long-term value creation.
MSTR shares have fallen sharply, now more than 85% below their November 2024 peak, while STRC trades about 25% under its $100 par value.
Crypto set for third straight quarterly loss
Major tokens including BTC, ETH, XRP, and SOL are on track for a third consecutive quarterly decline, echoing patterns last seen during the 2022 bear market.
Bitcoin is down about 12% this quarter, with ether off 25%, XRP 22%, and solana 16%. A handful of tokens, including HYPE, ZEC, and NEAR, have posted notable gains.
ETF outflows extend streak
U.S. spot bitcoin ETFs recorded $696 million in outflows Thursday, marking six straight days of redemptions. Ether ETFs also saw continued outflows.
No major fund posted meaningful inflows, with total ether ETF assets dropping to $8.3 billion.
Tether briefly overtakes ether
Tether’s USDT temporarily surpassed ether in fully diluted market value, becoming the second-largest crypto asset behind bitcoin.
The shift was largely driven by ether’s recent price decline rather than fresh gains in USDT.
Liquidations top $1 billion
Over $1 billion in crypto positions were liquidated in the past 24 hours, with long positions accounting for the bulk.
Bitcoin led with $489 million in liquidations, followed by ether at $295 million, as prices hovered near key support levels.
Quarter-end options expiry is emerging as a key driver of volatility, with large contract expirations likely to influence market direction heading into July.
Bitcoin rebounds as Asia slides
Bitcoin recovered from overnight lows to trade near $59,800, up from Thursday’s dip, though still sharply lower on the week and month.
Analysts highlight the $50,000–$60,000 range as a key support zone that has historically attracted buyers.
Meanwhile, Asian markets remain under pressure, with South Korea’s Kospi down 8% and Japan’s Nikkei off 3%, tracking broader global risk aversion.
