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Roughly 20% of Bitcoin miners are currently operating at a loss, while publicly listed mining firms sold over 32,000 BTC in the first quarter to fund operations—more than their total disposals across all of 2025.
Bitcoin heads for third straight quarterly decline, worst streak since 2022
Bitcoin is down about 8% in the second quarter and continues to trade just above $62,000. If current levels persist into month-end, it would mark a third consecutive quarterly loss, the longest downturn since 2022, when BTC posted four straight negative quarters.
For June, Bitcoin is already down around 15%, tying its weakest monthly performance since February.
UK bond yields jump amid political uncertainty after Andy Burnham win
UK government bond yields surged on Friday, with the 10-year gilt rising to 4.8%, up more than 1.2% on the day. The move reflects heightened political uncertainty following Andy Burnham’s special election win, which has raised speculation about pressure within Labour leadership and increased concerns over fiscal stability.
Michael Saylor comments after STRC volatility
After Strategy’s STRC fell below $83 on Thursday and later recovered to about $88, investor concerns mounted around the sharp move. Strategy Executive Chairman Michael Saylor responded the next morning on X, writing:
“Markets are closed today. Volatility is never easy. Bitcoin keeps working. So do we. Thank you for your support.”
It was the company’s only public statement following the selloff.
Digital credit markets hit by forced selling
The digital credit sector experienced one of its sharpest selloffs on record Thursday, dragging Strategy’s STRC and Strive’s SATA lower before both rebounded. Strive CEO Matt Cole said the move was driven by forced liquidations from leveraged traders rather than any deterioration in credit fundamentals.
Crypto and metals decline as rate expectations rise
Bitcoin is falling alongside gold and silver as markets price in an additional 50 basis points of Fed tightening over the next six months. Futures markets now expect the federal funds rate to reach 4.00%–4.25% by January 2027.
BTC is down below $63,000, slipping about 1% in the past 24 hours. Gold is around $4,100 per ounce (down 1.3%), while silver is holding above $65, down roughly 1%.
Tron network hits record transaction levels
Tron’s blockchain activity has surged to record highs, with daily transactions exceeding 14.3 million earlier this week, according to TronScan data—a 15% increase over the past month.
Despite the spike in usage, TRX has failed to follow, falling around 10% over the same period to roughly $0.32.
Market update: crypto extends losses for fourth straight day
Most crypto indices remain under pressure, led by declines in DeFi and computing sectors. The CoinDesk 20 Index is down 1.2% since midnight UTC and 3.2% over 24 hours, with all components in negative territory.
Within DeFi, Ethena’s ENA led losses with a 9.2% drop. Bitcoin and Ethereum both fell for a fourth consecutive session, marking their longest losing streak in two weeks.
Bitcoin reacts to US–Iran deal, but outlook remains unclear
Markets initially responded to the US–Iran memorandum signed after the G7 summit, which includes a ceasefire framework, reopening of the Strait of Hormuz, Iran’s commitment to halt nuclear weapons development, and a 60-day timeline for a full agreement with phased sanctions relief.
However, analysts caution that the impact is not straightforward. Mike McCluskey of tx said the real effect depends on whether lower oil prices meaningfully reduce inflation and influence central bank policy, which tends to lag.
He added that for a lasting shift, the agreement must hold, the Fed must acknowledge disinflation from energy, and ETF inflows must continue—conditions that currently appear uncertain given a more hawkish Fed stance and weaker crypto ETF demand.
Yen weakens toward 40-year lows as dollar strengthens
Bitcoin isn’t alone in facing pressure. The Japanese yen has weakened to around 161.80 per dollar, nearing its lowest level in four decades.
The move follows the Federal Reserve’s upward revision of rate projections for 2026 and 2027, which strengthened the US dollar broadly. Although the Bank of Japan raised rates to 1%, the large interest rate gap continues to weigh on the yen.
The BOJ’s pause in reducing bond purchases added a dovish tone, further supporting dollar strength.
Meanwhile, Bitcoin has fallen from around $67,000 earlier in the week to roughly $62,700 as tighter financial conditions weighed on risk assets.
Mining pressure builds as costs exceed Bitcoin price
JPMorgan estimates it costs about $78,000 to mine one Bitcoin, meaning BTC has remained below production cost for five straight months.
About 20% of miners are currently unprofitable, while publicly listed mining companies sold more than 32,000 BTC in Q1—exceeding total sales across all of 2025.
When prices fall below production cost, higher-cost miners shut down, reducing hashrate and triggering automatic downward adjustments in mining difficulty. A 10% difficulty drop earlier this month marked the second such adjustment this year.
JPMorgan also notes that miners are becoming more responsive to price swings, frequently turning rigs on and off near breakeven levels. The bank expects more frequent adjustments as long as BTC stays below production costs.
Despite near-term pressure, the report suggests sentiment may be reaching levels that are historically contrarian bullish, supported by accumulation trends such as whale buying and shrinking exchange balances.
