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Roughly 20% of Bitcoin miners are currently operating at a loss, and publicly listed mining firms sold over 32,000 BTC in Q1 to fund operations—surpassing their total disposals for all of 2025.
Bitcoin on pace for third straight quarterly loss, longest slump since 2022
Bitcoin is down about 8% in the second quarter and continues to hover just above $62,000. If prices remain at these levels through month-end, it would mark a third consecutive quarterly decline, the longest losing streak since 2022, when BTC posted four straight negative quarters.
On a monthly basis, Bitcoin is already down 15% in June, matching its weakest monthly performance since February.
U.K. bond market weakens amid political uncertainty after Andy Burnham win
U.K. government bond yields jumped on Friday, with the 10-year gilt rising to 4.8%, up more than 1.2% in a single session. The move reflects rising political uncertainty following Andy Burnham’s special election win, which has fueled speculation of pressure within Labour leadership and raised concerns over fiscal stability, increasing risk premiums in bond markets.
Michael Saylor responds after STRC volatility and selloff
After Strategy’s STRC dropped below $83 on Thursday, it recovered to around $88 by the close. The sharp swing triggered investor concern, and Strategy Executive Chairman Michael Saylor posted on X the following morning:
“Markets are closed today. Volatility is never easy. Bitcoin keeps working. So do we. Thank you for your support.”
This was the company’s only public comment following the move.
Digital credit markets hit sharp selloff, but fundamentals unchanged
The digital credit sector experienced one of its steepest selloffs on record Thursday, dragging Strategy’s STRC and Strive’s SATA lower before both rebounded. According to Strive CEO Matt Cole, the move was driven by forced liquidation from leveraged traders rather than any deterioration in credit fundamentals.
Crypto and precious metals slide amid tightening rate expectations
Bitcoin continues to fall alongside gold and silver, while Fed funds futures now price in 50 basis points of additional tightening over the next six months. By January 2027, markets expect rates to reach the 4.00%–4.25% range.
BTC is down below $63,000, losing about 1% in the past 24 hours. Gold has slipped to around $4,100 per ounce (down 1.3%), while silver is holding above $65, down about 1%.
Tron network hits record transaction volume
Activity on the Tron blockchain has reached new highs, with daily transactions surpassing 14.3 million earlier this week, according to TronScan. This marks a 15% increase over the past month.
However, this surge in usage has not translated into price strength, as TRX has fallen 10% over the same period to around $0.32.
Market overview: BTC and ETH extend losses for fourth straight day
Major crypto indexes are mostly lower, with DeFi and computing sectors leading declines. The CoinDesk 20 Index has dropped 1.2% since midnight UTC and 3.2% over 24 hours, with all constituents in negative territory.
Within DeFi, Ethena’s ENA led losses, falling 9.2%. ETH and BTC both declined for a fourth consecutive session, marking their longest losing streak in two weeks.
Bitcoin gains after US–Iran deal, but catalysts still uncertain
Following the US–Iran memorandum of understanding signed after the G7 summit, markets briefly reacted positively. The agreement outlines a ceasefire framework, reopening of the Strait of Hormuz, Iran’s pledge to halt nuclear weapons development, and a 60-day timeline for a full deal with phased sanctions relief.
However, analysts argue the market reaction is not purely geopolitical. Mike McCluskey of tx noted the impact is delayed and depends more on whether lower oil prices reduce inflation enough to influence central banks.
He added that a meaningful shift would require the agreement to hold, the Fed to acknowledge disinflation from oil, and continued ETF inflows—conditions that currently look uncertain as the Fed turns more hawkish and crypto ETF flows weaken.
Yen weakens toward multi-decade lows as Fed divergence widens
Bitcoin is not the only asset under pressure. The Japanese yen has weakened to 161.80 per dollar, approaching its weakest level in nearly 40 years.
The move follows the Fed’s upward revision of rate projections for 2026 and 2027, strengthening the U.S. dollar. Despite the Bank of Japan raising rates to 1%, the large yield gap continues to weigh on the yen.
The BOJ’s decision to pause bond purchase reductions further reinforced a dovish stance.
Meanwhile, Bitcoin has fallen from around $67,000 earlier in the week to roughly $62,700 as hawkish Fed signals accelerated selling.
Mining pressure rises as production costs exceed Bitcoin price
JPMorgan estimates the cost to mine one Bitcoin at roughly $78,000, meaning BTC has traded below production cost for five straight months.
Around 20% of miners are now unprofitable, and publicly listed mining firms sold over 32,000 BTC in Q1—more than they sold across all of 2025 combined.
As prices fall below production cost, higher-cost miners shut down, reducing hashrate and triggering automatic downward adjustments in mining difficulty. A 10% drop in difficulty earlier this month marked the second such decline this year.
JPMorgan also notes that mining sensitivity to price changes has increased, with operators frequently turning rigs on and off around breakeven levels. The bank expects more frequent adjustments as long as prices stay below production costs.
Despite the pressure, JPMorgan suggests sentiment may be approaching levels that are historically contrarian bullish, as accumulation signals like whale buying and declining exchange reserves continue to build.
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