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Around 20% of Bitcoin miners are currently operating at a loss, and publicly listed mining companies offloaded more than 32,000 BTC in the first quarter to cover expenses—exceeding their total sales for all of 2025.
Bitcoin on track for third straight quarterly decline, worst streak since 2022
Bitcoin is down roughly 8% in the second quarter and remains stuck just above $62,000. If prices hold at current levels through month-end, it would mark a third consecutive quarterly loss, the longest negative run since 2022, when BTC recorded four straight down quarters.
For June, Bitcoin is already down about 15%, matching its weakest monthly performance since February.
UK bond yields rise amid political uncertainty after Andy Burnham win
UK government bond yields surged on Friday, with the 10-year gilt climbing to 4.8%, more than 1.2% higher on the day. The move reflects growing political uncertainty after Andy Burnham’s special election victory fueled speculation about pressure on Labour leadership and raised concerns over fiscal stability, driving higher risk premiums in government debt.
Michael Saylor responds after STRC volatility
After Strategy’s STRC fell below $83 on Thursday, it rebounded to around $88 by the close of trading. The sharp move sparked investor concern, prompting Strategy Executive Chairman Michael Saylor to post on X the following morning:
“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 response to the selloff.
Digital credit market hit by sharp liquidation-driven drop
The digital credit space saw one of its steepest selloffs on record Thursday, pushing Strategy’s STRC and Strive’s SATA sharply lower before both recovered. Strive CEO Matt Cole said the move was driven by forced liquidations from leveraged traders rather than any deterioration in underlying credit fundamentals.
Crypto and metals fall as rate expectations tighten
Bitcoin is sliding alongside gold and silver, while Fed funds futures now price in an additional 50 basis points of tightening over the next six months. By January 2027, markets are expecting rates to sit in the 4.00%–4.25% range.
BTC has dropped below $63,000, down about 1% over 24 hours. Gold has eased to roughly $4,100 per ounce (down 1.3%), while silver is holding above $65, down about 1%.
Tron network activity hits record highs
Tron recorded record on-chain activity, with daily transactions surpassing 14.3 million earlier this week, according to TronScan data. That represents a 15% increase over the past month.
Despite rising usage, TRX has weakened, falling about 10% over the same period to around $0.32.
Market snapshot: crypto extends losses for fourth day
Most major crypto indices are in the red, with DeFi and computing sectors leading declines. The CoinDesk 20 Index is down 1.2% since midnight UTC and 3.2% over 24 hours, with all components trading lower.
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 uncertain
Markets initially reacted to the US–Iran memorandum of understanding signed after the G7 summit, which outlines 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 say the reaction is more complex than simple geopolitics. Mike McCluskey of tx noted that the impact is delayed and depends on whether lower oil prices translate into sustained disinflation that could influence central bank policy.
He added that a meaningful shift would require the deal to hold, the Fed to acknowledge inflation relief from energy prices, and continued ETF inflows—conditions that currently look uncertain amid a more hawkish Fed stance and weaker crypto ETF flows.
Yen weakens toward multi-decade lows as dollar strengthens
Bitcoin isn’t the only asset under pressure. The Japanese yen has slid to around 161.80 per dollar, nearing its weakest level in nearly 40 years.
The move follows the Federal Reserve’s upward revision of rate forecasts for 2026 and 2027, which strengthened the US dollar globally. Although the Bank of Japan raised rates to 1%, the wide interest rate gap continues to weigh on the yen.
The BOJ’s decision to pause bond purchase reductions further reinforced a relatively dovish stance.
Meanwhile, Bitcoin has fallen from around $67,000 earlier in the week to roughly $62,700 amid tightening financial conditions.
Mining stress builds as costs exceed Bitcoin price
JPMorgan estimates that it costs about $78,000 to mine one Bitcoin, meaning BTC has been trading below production cost for five consecutive months.
Roughly 20% of miners are now unprofitable, and listed mining companies sold more than 32,000 BTC in Q1 alone—more than they sold across all of 2025.
As prices fall below production levels, higher-cost miners shut down, reducing network 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 mining sensitivity to price has increased, with operators frequently switching rigs on and off near breakeven levels. The bank expects more frequent adjustments as long as prices remain below production costs.
Despite the pressure, the report suggests sentiment may be approaching historically contrarian bullish territory, supported by accumulation signals such as whale buying and declining exchange balances.
