Here’s a clean paraphrased version with a professional market-news tone:
Bitcoin staged a modest rebound even as Asian equities weakened, following steep losses on Wall Street.
STRC faces renewed pressure
Strategy’s (MSTR) high-yield preferred stock, STRC, is under further strain in pre-market trading, falling 2.5% to $73.80. Meanwhile, MSTR shares are also down about 2%.
Bitcoin (BTC) is largely unchanged from overnight levels, trading near $59,300.
Amid the broader sell-off in bitcoin, MSTR, and STRC, market participants have become increasingly vocal with suggestions on how Michael Saylor and his team should respond.
One such voice is Nakamoto (NAKA) CEO David Bailey, whose firm’s stock has declined more than 99% since last summer’s peak.
Bailey outlined a proposal on X titled “How to make bitcoin moon,” which includes raising $2 billion from MSTR equity, pausing dividends until BTC recovers, and using available cash to support preferred shares by buying them back at a discount.
He argued this approach could eliminate forced selling of both MSTR stock and bitcoin, stabilize the preferred shares, and restore investor confidence once the strategy proves resilient.
Accumulation returns across all cohorts
With bitcoin trading below $60,000, all wallet cohorts have shifted back into accumulation for the first time this year, according to Glassnode data.
The overall accumulation trend has remained strong over the past month, signaling widespread buying activity. Smaller retail holders led the move initially, but large “whale” entities holding over 10,000 BTC have now joined the trend.
Risk-off sentiment dominates markets
Bitcoin slipped below $60,000 in Friday’s pre-market session, down less than 1%. Precious metals showed resilience, with gold holding above $4,000 and silver above $58.
A stronger U.S. dollar, with the DXY above 101, weighed on risk assets, dragging down technology stocks. The Nasdaq 100 ETF (QQQ) fell 1%.
Semiconductor stocks also pulled back, with Micron Technology (MU) and Sandisk (SNDK) each dropping around 5% after sharp gains in the prior session.
Bitmine set for Russell 1000 inclusion
Bitmine Immersion Technologies (BMNR) is scheduled to join the Russell 1000 Index on June 26, a move likely to boost institutional ownership as index-tracking funds add the stock.
The company reportedly holds 5.67 million ETH worth $8.82 billion, alongside $601 million in cash and securities, $350 million in preferred equity, and no debt. Despite this, its shares remain down 93% from their July 2025 peak.
Saylor addresses volatility concerns
Michael Saylor emphasized that volatility tests every capital structure, reaffirming Strategy’s focus on bitcoin, disciplined capital allocation, and long-term value creation.
His comments come as MSTR extends its decline, having dropped 9% in the previous session and now trading more than 85% below its November 2024 high. STRC is also under pressure, trading about 25% below its $100 par value.
Crypto market heads for third straight quarterly loss
Major cryptocurrencies—including BTC, ETH, XRP, and SOL—are on track to post a third consecutive quarterly decline, a pattern last seen during the 2022 bear market.
Bitcoin is down roughly 12% this quarter, while ether has fallen 25%, XRP 22%, and solana 16%. A few tokens, such as HYPE and ZEC, have bucked the trend with gains exceeding 60%, while NEAR is up over 50%.
ETF outflows extend losing streak
U.S. spot bitcoin ETFs recorded $696 million in outflows on Thursday, marking six straight days of net redemptions. Ether ETFs saw $81.9 million in outflows over the same period.
Outflows were widespread across major funds, with no meaningful inflows recorded. Total ether ETF assets have dropped to $8.3 billion from $10 billion earlier in the month.
Tether briefly overtakes ether
Tether’s USDT temporarily surpassed ether to become the second-largest cryptocurrency by fully diluted market value, driven largely by ETH’s recent decline.
USDT reached $191.5 billion compared to ether’s $187.5 billion, highlighting the impact of the broader altcoin sell-off rather than a significant shift in Tether’s growth.
Liquidations surpass $1 billion
More than $1 billion in crypto positions were liquidated over the past 24 hours, with long positions accounting for the majority at $842 million. Nearly 148,500 traders were affected.
Bitcoin led liquidations at $489 million, followed by ether at $295 million. Prices briefly dipped to $58,188, approaching levels where an additional $1.6 billion in leveraged longs could be at risk.
Quarter-end options expiry is acting as a key catalyst, with large volumes of contracts expiring simultaneously—potentially amplifying volatility and setting the tone for July.
Bitcoin rebounds as Asian stocks slide
Bitcoin recovered from overnight lows to trade near $59,800, up 2.7% from Thursday’s bottom of $58,206, though still down over 5% for the week and nearly 20% for the month.
Analysts note that the $50,000–$60,000 range remains a key support zone, historically attracting buyers since mid-2024.
Meanwhile, Asian markets are under heavy pressure, with South Korea’s Kospi plunging 8% and Japan’s Nikkei falling 3%, following a broader risk-off move triggered by sharp declines in major U.S. tech stocks.
