Bitcoin Reclaims $60K as Michael Saylor’s Strategy Pushes Back on Market Panic

U.S. equity futures moved higher after reports that Washington and Tehran agreed to suspend strikes and restart diplomatic talks.

Tom Lee: Crypto Weakness Tied to Quarter-End Flows

Thomas “Tom” Lee, chairman of Ethereum treasury firm Bitmine and a prominent market bull, said the recent crypto selloff was largely driven by portfolio adjustments rather than weakening fundamentals.

“With the June quarter-end approaching, ‘window dressing’ is likely leading investors to trim positions in assets that have underperformed over the past three months,” Lee said in Bitmine’s weekly update.

Bitcoin and ether have both posted notable second-quarter losses—down about 12% and 25%, respectively—and are trading just above their 2026 lows with only days left before Q3.

Bitmine continued to buy during the dip, though at a reduced pace. Its latest purchase totaled $43 million in ETH, the smallest since early May.

SpaceX to Join Nasdaq 100

Elon Musk’s recently listed SpaceX (SPCX) will be added to the Nasdaq 100 Index before the market opens on July 7. Shares rose 1.9% in pre-market trading to $156.18.

Bitcoin Rises on Strategy Overhaul

Bitcoin climbed from around $59,700 to above $60,400 on Monday after Strategy unveiled major changes to its balance sheet strategy.

Executive Chairman Michael Saylor introduced a “BTC Monetization Program,” allowing the firm to sell bitcoin to build dollar reserves, fund dividends and interest, and repurchase stock. Sales for reserve-building are capped at $1.25 billion.

The company also increased its USD reserves to $2.55 billion—enough to cover roughly 17.4 months of dividends—and raised the STRC dividend rate by 50 basis points to 12%, effective July.

These steps aim to stabilize STRC, which fell to a record low of $82.53 last week, significantly below its $100 par value, amid concerns over dividend coverage and liquidity.

New Capital Framework Introduced

Strategy also launched a Digital Credit Capital Framework featuring:

• A formal USD reserve policy
• A revised STRC dividend structure
• A digital credit research initiative
• A share repurchase program
• A bitcoin monetization strategy

The firm raised the STRC dividend to 12% from 11.5%. Shares of MSTR jumped 7.5% pre-market, while STRC gained over 9%, with bitcoin edging up to around $60,500.

IREN Added to Russell 1000

AI infrastructure company IREN rose about 3% in pre-market trading after confirming its inclusion in the Russell 1000 Index, effective June 26.

On-Chain Metrics Signal Caution

On-chain data suggests potential selling pressure as bitcoin trades near $58,800 following a week of losses.

CryptoQuant data shows repeated spikes in Spot Exchange Inflow Coin Days Destroyed (CDD), indicating long-dormant coins are being moved to exchanges—often a precursor to selling.

At the same time, Derivatives Exchange Inflow CDD has declined, pointing to selling driven by long-term holders rather than leveraged traders, a pattern typically associated with sustained distribution.

Bitcoin Nears Worst Month Since 2022

Bitcoin is down about 19% in June, putting it on track for its weakest monthly performance since June 2022. It is also set to close Q2 down roughly 12%, marking three consecutive quarterly losses.

However, the scale of declines is moderating compared to previous quarters, suggesting selling pressure may be easing.

Equities Rise, Crypto Lags

U.S. stocks gained in pre-market trading as renewed Middle East diplomacy lifted sentiment, but cryptocurrencies have yet to follow.

Bitcoin hovered near $60,000, while the Nasdaq-100 tracking Invesco QQQ Trust rose about 1.2%. Gold held above $4,000 per ounce, Brent crude traded below $70, and the U.S. Dollar Index remained above 101.

Crypto-linked equities such as IREN and Cipher Mining rose around 3%, while Strategy posted modest gains.

Bitcoin Holds Key Support

Bitcoin recently tested the 61.8% Fibonacci retracement level of its 2023–2025 rally—a major technical support zone.

The level has held so far, with prices rebounding toward $60,000. A breakdown could trigger further selling, while continued support may draw in buyers.

Muted Reaction to Geopolitical Developments

Despite reports of a ceasefire agreement and upcoming talks between the U.S. and Iran in Qatar, crypto markets have remained subdued.

Bitcoin traded near $59,700, down slightly on the day and nearly 7% for the week. Ether and Solana posted modest gains, while XRP and dogecoin continued to weaken.

While equities responded positively to easing tensions, crypto markets have shown little reaction, continuing a trend of fading relief rallies.

The focus now shifts to the outcome of U.S.-Iran talks and upcoming U.S. inflation data, both of which could influence bitcoin’s next move.

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