BTC hovers near $62K as ETF drawdown hits $10.5B and 200WMA support is tested
Bitwise Chief Investment Officer Matt Hougan said financial advisors are showing growing interest in stablecoins and tokenization.
Japan's crypto tax reform could boost mainstream adoption and investment, but may challenge smaller exchanges with increased compliance demands. Japan set to cut Bitcoin tax rate to 20% as parliament passes landmark crypto legislation.
Fold Holdings' strategic debt repayment and capital management boost investor confidence, highlighting a shift towards financial prudence over asset accumulation. Fold Holdings sells 633.8 Bitcoin to repay $20M debt, shares surge over 160%.
Every price movement in the bitcoin market results from a constant struggle between the available supply and the demand able to absorb it. If this balance is broken, even temporarily, prices can quickly feel the effects.
Prominent Bitcoin advocate Tim Draper ignited discussion across social media on June 9 with a bold declaration: quantum computing represents a far more immediate danger to traditional banking institutions than to Bitcoin.
The shift towards stablecoins and tokenization highlights a growing focus on practical crypto applications, potentially reshaping financial infrastructure. Bitwise reports advisors prefer stablecoins and tokenization over Bitcoin.
London BTC Company Ltd (LSE:BTC, OTCQB:VINZF) announced it has staked a second US gold project after initial sampling at Amonett-Frank in Nevada returned grades as high as 52.66 grams per tonne gold and 88.3 grams per tonne silver. The London-listed Bitcoin mining and treasury company said its wholly owned US subsidiary, Tethered Gold LLC, had staked 18 mineral claims covering 371.88 acres, or 1.5 square kilometres, in Pershing County.
Bitwise's Matt Hougan says it was “pretty hard to engage with advisors on Bitcoin” during recent discussions, who are more interested in stablecoins and tokenization.
On-chain data shows the Bitcoin PnL Index is currently in a transition phase that has historically led into bottoms, but not immediately. Bitcoin PnL Index Has Been Going Down Recently In a new post on X, community analyst Maartunn has talked the latest trend in the Bitcoin PnL Index, which combines the data of a few key on-chain metrics into one to produce a single valuation indicator for BTC.
High-net-worth crypto investors have recently concentrated their buying in major assets—led by Bitcoin (BTC), Ethereum (ETH), and XRP (XRP)—underscoring a defensive tilt in positioning. At the same time, several smaller altcoins have slipped into what technicians describe as 'extreme oversold' territory, with Relative Strength Index (RSI) readings collapsing into the 1%–5% range, highlighting widening dispersion across the market.
Bitcoin finds itself trading at a price point rarely witnessed outside of severe bear market conditions. As of Thursday's session, BTC was exchanging hands between $62,150 and $62,623, reflecting a modest daily gain of approximately 2%, though still registering weekly losses.