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Charles Edwards, founder of crypto hedge fund Capriole Investments, has argued that MicroStrategy (MSTR) must repay all its debts and revert to being a pure Bitcoin holding company to defuse what he describes as a business model akin to a time bomb. He outlined the following rescue plan for the company: - Repay all debts, terminate what he called fraudulent income products like its perpetual preferred stock (STRC), and return to being a pure Bitcoin holding company, even if it is painful. - Acquire publicly listed companies that accumulate Bitcoin and trade at discounts of over 50% to their net asset value (NAV), thereby acquiring BTC at a reduced price. Over time, it should consolidate the market to fewer than 10 such companies. - Evolve into a Bitcoin bank that offers lending, borrowing, and payment services backed by a genuine collateral-based revenue model. Edwards added that while it is unfortunate, MicroStrategy and its founder Michael Saylor have gone too far. He stated that any path forward would involve significant pain but that his proposed plan is the only one that is sustainable in the long term. He stressed that if the company's business model continues to rely on Bitcoin's price appreciation to pay dividends, it is tantamount to a time bomb.

The ongoing boom in artificial intelligence is weighing on the investment appeal of Bitcoin (BTC) and the broader cryptocurrency market, according to Robbie Mitchnick, BlackRock's Head of Digital Assets. Watcher.Guru reported that Mitchnick noted a massive flow of capital into AI-related assets since 2025, leading investors to apply stricter scrutiny to assets not directly tied to the sector. He suggested this trend is linked to the sluggish performance of the crypto market since October of last year, as AI-related momentum absorbs global market interest and capital. Mitchnick added that so far this year, AI-related stocks have outperformed BTC, despite the burden of capital expenditures (CAPEX).

South Korean crypto exchange Bithumb will not support the new token swap for Humanity (H) following a recent security incident, the exchange announced on its official website. Bithumb stated that the foundation's plan to deprecate the old H token in favor of a 1:1 swap for a new one did not sufficiently reflect investor protection concerns. The exchange clarified that the swap will not be available through its platform and that users must use the claim portal operated by the Humanity foundation to process the swap directly. Bithumb added that withdrawals for the existing H token would resume at 9:00 a.m. UTC.

OKX announced it will list Nesa (NES) for spot trading at 1:00 p.m. UTC today. Deposits for the token opened at 9:00 a.m. UTC on June 24.

Shares of the U.S. stock and crypto trading app Robinhood (Nasdaq: HOOD) have recently broken their correlation with Bitcoin and begun to move in the opposite direction, U.Today reported. The outlet noted that while HOOD has historically been a key crypto-related stock with a high correlation to Bitcoin's price, recent market data indicates a shift. As Bitcoin has shown weakness, Robinhood's stock has rallied. This is likely due to Wall Street beginning to re-evaluate the company's value based on its performance and expanding product lineup. However, the outlet added that this development is an unwelcome signal for cryptocurrency bulls.

Despite XRP's recent price drop to around $1.1, long positions are dominating the futures markets on Binance, OKX, and Bybit, The Crypto Basic reported. According to Coinglass data, the long/short ratio for retail accounts on Binance is 2.68, meaning long positions are about 2.7 times more numerous than shorts. The whale long/short ratio also shows a long-side advantage at 3.03. However, smart money sentiment on both Binance and Bybit is extremely bearish, and the 24-hour short position trading volume of $1.03 billion slightly surpassed the long position volume of $978 million. Meanwhile, the outlet noted that XRP's liquidation heatmap shows a concentration of $402 million in potential short position liquidations around the $1.11 price level, suggesting a short squeeze could occur if the price reaches that area.

Investors in the bankrupt cryptocurrency lending platform Voyager Digital (VGX) have appealed the dismissal of their lawsuit against billionaire entrepreneur Mark Cuban and the U.S. NBA team the Dallas Mavericks, The Block reported. The investors have filed documents with a U.S. Court of Appeals, requesting a review of a Florida federal court's decision last year to throw out the case. The original lawsuit, filed in 2022, alleged that Cuban and the Mavericks promoted the Voyager platform and were involved in soliciting investments in unregistered securities. The court dismissed the case at the time, ruling that the plaintiffs had failed to establish a sufficient jurisdictional link between Cuban and the state of Florida.

Cryptocurrency analyst Ali Martinez said on X that if Bitcoin loses its on-chain support at $60,587, it could fall to $46,702 and potentially even $37,867. He noted that, based on on-chain data, the $60,000 to $63,000 range is a significant demand zone where over 1.3 million BTC were traded. According to Martinez, holding the $60,587 support is crucial to maintain the current market structure. If this price breaks, a drop to the $46,702 level, where 150,000 BTC were moved, is possible. Should that support also fail, the next key support area would be at $37,867, a level where 207,000 BTC were traded.

According to data from Coinglass, a drop in Bitcoin's price to $61,746 would trigger the liquidation of $608.81 million in long positions on major centralized exchanges (CEX). Conversely, a move above $63,371 would lead to the liquidation of $365.56 million in short positions.

At least seven companies, including Dunamu, the operator of South Korean crypto exchange Upbit, have submitted proposals to become the first private custodian for virtual assets seized by the National Police Agency, Daehan Gyeongje reported. Other bidders include major custody firms Korea Digital Asset (KODA), Korea Digital Asset Custody (KDAC), BDACS, Hecto Wallet One, Infinite Block, and DSRV. An official from a virtual asset custody firm explained that the selection will likely be finalized next month. The official noted that in a previous pilot project for the National Tax Service, the winning bidder was chosen within one to two weeks after proposal presentations were concluded.

Global financial infrastructure platform OpenPayd has secured a license under the European Union's (EU) Markets in Crypto-Assets (MiCA) regulation, according to Cointelegraph. This will allow the company to provide a range of services in Europe, including on- and off-ramps between fiat currencies and stablecoins.

Open interest in ETH perpetual futures on Binance has fallen to approximately $4.16 billion, its lowest level in about three months, according to on-chain analyst Arabchain. In a contribution to CryptoQuant, the analyst noted that open interest had exceeded $7 billion just a few months ago but began to decline in early February. During the same period, the price of ETH also dropped from over $3,000 to its current level of $1,650. Arabchain explained that despite a rebound attempt in March and April, open interest continued to fall without recovering to previous levels. However, the analyst emphasized that a decrease in open interest also lowers the risk of large-scale forced liquidations caused by speculative demand and high leverage. Arabchain concluded that the future movement of this metric will be a crucial indicator for determining whether liquidity and trading momentum are returning to the market.

South Korea's Tax Tribunal has ordered a reinvestigation into a gift tax imposed by the National Tax Service (NTS) on an individual who cashed out Bitcoin. The case involves Bitcoin that was moved from a hardware wallet to an overseas exchange under the individual's spouse's name before being transferred to a domestic platform for liquidation. According to Digital Asset, the tribunal ruled that a thorough investigation was not conducted during the initial audit because key evidence—including a memorandum of agreement, a gift contract, and photos of the hardware wallet—was not submitted at the time.

Police did not conduct an internal audit or take disciplinary action against officials responsible for 22 BTC (approx. 2.2 billion won or $1.6 million) that went missing from an evidence locker, the Chosun Ilbo reported exclusively. Seoul's Gangnam Police Station took custody of the Bitcoin around November 2021 as part of a financial hacking investigation. The assets were stored on a USB drive in a cold wallet. During an evidence inspection in 2022, authorities found the wallet was empty. The report confirmed that the employees in charge of the evidence at the time of the loss faced no repercussions.

Selling pressure from long-term Bitcoin holders who have held their assets for over five years has decreased to its lowest level in approximately two years, according to an analysis by CryptoQuant reported by CoinDesk. The 90-day moving average of these investors' BTC spent output is now 962 BTC, the lowest since November 2024. CryptoQuant explained that this indicates long-term holders are choosing to hold rather than sell, which is contributing to an easing of market selling pressure. The firm added that the $63,000 level for BTC is effectively serving as the break-even point for these holders, and that the slowdown in their selling could be interpreted as a signal of a market bottom.

The U.S. dollar touched 1545 against the South Korean won during intraday trading, its highest level in 19 days. The exchange rate is currently trading at 1544.56 won, up 0.85% from yesterday.

USDC issuer Circle announced it has signed a strategic agreement with Bahraini fintech company INFINIOS to expand digital financial infrastructure in the Middle East. Under the agreement, INFINIOS plans to utilize Circle's infrastructure, including USDC, EURC, and API-based on-chain payment functions. The company will also support institutions and businesses in exploring use cases such as cross-border payments, treasury and liquidity management, merchant settlements, tokenized financial services, and embedded finance.

The recent trend of crypto mining stocks rising independently of the Bitcoin price is due to their transition into the AI data center hosting business, according to an analysis by BIT (formerly Matrixport). In a post on its official X account, BIT explained that investors have begun to re-evaluate mining companies based on their AI infrastructure value, considering factors like power capacity, data center scale, and the ability to attract corporate clients, in addition to their cryptocurrency holdings. The firm noted that while the role of BTC is not diminishing, this shift indicates that market interest is expanding to include broader infrastructure such as energy, computing power, and data centers.

The Spot Cumulative Volume Delta (CVD) chart analyzes the order book for the BTC/USDT spot pair. The upper section shows the Volume Heatmap, while the lower section displays the Cumulative Volume Delta. - The Volume Heatmap at the top tracks trading volume at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences a significant move. Brighter-colored zones may act as potential support or resistance levels. - The Cumulative Volume Delta (CVD) indicator at the bottom represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line tracks orders between $100 and $1,000, while the brown line tracks large orders ranging from $1 million to $10 million.

BTC perp long/short ratios on top exchanges by open interest The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 49.87% long, 50.13% short - Binance: 49.73% long, 50.27% short - OKX: 50.13% long, 49.87% short - Bybit: 47.83% long, 52.17% short

CEA Industry (BNC), a firm known for accumulating BNB (DAT), and YZi Labs (formerly Binance Labs) have announced a cooperation agreement, appointing three new directors: Ella Zhang, Alex Odagiu, and Matthew Roszak. The appointments resolve a previous management dispute in which YZi Labs, CEA Industry's largest shareholder, had raised concerns about the former management's asset handling and governance. The inclusion of Ella Zhang, a managing partner at YZi Labs, indicates the venture firm's significant influence on the new board. The board plans to enhance transparency in CEA Industry's governance and collaborate on expanding the BNB ecosystem.

Bitcoin could break below the lower end of its trading range due to the U.S. Federal Reserve's hawkish stance, the conflict involving Iran, and draining liquidity, according to an analysis by crypto market maker Wintermute. In a recent report cited by CoinDesk, Wintermute noted that while the options market anticipates low volatility over the next 24 hours, overall market conditions are deteriorating amid shrinking liquidity and stalled spot ETF inflows. The firm stated that if the current downtrend persists, the key support level to watch is $59,000. Key market triggers this week include: - The status of the U.S.-Iran peace agreement - The release of Personal Consumption Expenditures (PCE) data on June 25 - Month-end options expiry This analysis follows a report from yesterday in which Wintermute suggested that potential selling pressure had eased and that Bitcoin would likely remain range-bound unless fund inflow structures improved.

CryptoQuant CEO Ki Young Ju has assessed that MicroStrategy's Bitcoin purchases function more as a liquidity absorption mechanism than a catalyst for price increases. He noted that while BTC's realized cap has grown by $467 billion over the past two years, its price has actually fallen by 1%. Ki argued that even with tens of billions of dollars in inflows, the funds are merely facilitating transfers between existing holders without driving up the price. In an environment with high selling pressure, he analyzed that MicroStrategy's continued buying may only serve to defend a range-bound price rather than initiate an uptrend. Ki further suggested that MicroStrategy should halt its BTC acquisitions until it restores its cash reserves and capacity to pay dividends. He also recommended the company develop a model-based purchasing system and a systematic selling strategy in preparation for the next bull market. CryptoQuant had previously advised MicroStrategy yesterday to stop buying BTC and increase its cash holdings, though some critics have argued that this recommendation is several weeks too late.

As Bitcoin falls to the $62,000 level, the market is focused on whether the $60,000 support level will hold, according to an analysis by CoinDesk. The outlet noted that BTC is approaching the lower end of a trading range it has maintained for the past month, with a lack of institutional fund inflows limiting its price recovery. Institutional investors, who led the rally in the current cycle, are reducing their risk exposure, making a strong rebound unlikely until ETF fund flows reverse. The market views $60,000 as the most important short-term technical and psychological support level, CoinDesk explained.

U.S. spot Ethereum ETFs saw a net outflow of approximately $82.4 million (126.7 billion won) on June 23, according to data from Farside Investors. This marks the fourth consecutive day of net outflows. - BlackRock's ETHA: -$86.1 million - BlackRock's Staking ETHB: -$1.7 million - Fidelity's FETH: +$15.7 million - Grayscale's ETH: -$10.3 million