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claim

The founder of Strategy claims that the decline in BTC is due to the rotation of funds into AI rather than "issues with Bitcoin itself," and JPMorgan warns that the legislative window for the CLARITY Act is closing

According to BBX data, Bitcoin fell to a new low of $61,300 this year yesterday, putting pressure on the cryptocurrency sector. Key signals have emerged from institutions and the legislative level, with the core dynamics as follows:Michael Saylor, founder of Strategy, Inc. (NASDAQ: $MSTR), publicly stated on June 4 that the current decline in Bitcoin is not due to a deterioration in BTC fundamentals, but rather a "phase rotation" of capital from Bitcoin to AI stocks, SpaceX IPO, and other emerging assets—"Bitcoin is not broken; it’s just temporarily not the main character in the momentum trade." Saylor also reiterated his position of continued accumulation. Previously, Strategy spent approximately $2.01 billion (average price $80,985) to acquire 24,869 BTC in the week from May 11 to 17, bringing their total holdings to 843,738 BTC with a total cost of about $63.87 billion (average price $75,700); currently, BTC has fallen below the cost line of $12,300, and all of the company's holdings are in a state of unrealized loss, but management has not publicly indicated any intention to reduce their positions.JPMorgan Chase & Co. (NYSE: $JPM) reported by CoinDesk on June 4 warned in its latest research report that the legislative time window for the CLARITY Act to be voted on by the full Senate is "rapidly narrowing." The wording discrepancies in the stablecoin yield provisions have evolved into the most critical unresolved obstacle for the bill—banks insist on retaining restrictions on "passive income," while the cryptocurrency industry strives for "activity incentive space." If a compromise cannot be reached between the two parties within this month, the timeline for the Senate to complete a 60-vote approval before July 4 will be completely invalidated; the report also pointed out that the capital siphoning effect from the SpaceX IPO and AI stocks has further suppressed institutions' willingness to allocate to BTC in the short term.

The New York court has accepted the case of "Claiming dormant addresses of Satoshi Nakamoto and others for Bitcoin," with a total value of 274 billion dollars

Galaxy stated that in March this year, the New York State Supreme Court quietly accepted a lawsuit aimed at confirming the ownership of over 3.7 million bitcoins (approximately $274 billion) associated with 39,069 bitcoin addresses, including addresses belonging to bitcoin founder Satoshi Nakamoto (a total of 21,744 addresses holding 1.09 million bitcoins, valued at $83.7 billion at current prices).The plaintiffs are Noah Doe (a pseudonym) and two unnamed limited liability companies from Wyoming. Noah Doe requests the New York State Supreme Court to declare their ownership of these dormant addresses through a declaratory judgment action under New York State's lost property law (Section 7-B of the Personal Property Law) as per the New York Civil Practice Law and Rules Section 3001.In short, they are attempting to have the New York court rule that the bitcoins of bitcoin founder Satoshi Nakamoto (and many other lost address bitcoins) belong to lost property, and that they have the right to legally own them because they "found" these cryptocurrencies. From June 30 to July 10, 2025, they sent "abandonment notices" via OP_RETURN to each found address.However, even if they win completely, they will ultimately only receive a court statement; they will not obtain any private keys and will not be able to transfer any bitcoins from these addresses. But Galaxy indicates that the real value of the New York ruling lies in its potential to serve as a "title defect," allowing plaintiff Noah Doe to raise objections with exchanges or custodians if these bitcoins appear in any regulated venue.

The New York court has accepted the case of "Claiming dormant addresses of Satoshi Nakamoto and others for Bitcoin," with a total value of 274 billion dollars

Galaxy stated that in March this year, the New York State Supreme Court quietly accepted a lawsuit aimed at confirming the ownership of over 3.7 million bitcoins (approximately $27.4 billion) associated with 39,069 bitcoin addresses, including addresses belonging to bitcoin founder Satoshi Nakamoto (a total of 21,744 addresses holding 1.09 million bitcoins, valued at $83.7 billion at current prices).The plaintiffs are Noah Doe (a pseudonym) and two unnamed limited liability companies from Wyoming. Noah Doe requests the New York State Supreme Court to declare their ownership of these dormant addresses through a declaratory judgment action under New York State's lost property law (Section 7-B of the Personal Property Law) as per the New York Civil Practice Law and Rules Section 3001.In short, they are trying to have the New York court rule that the bitcoins of bitcoin founder Satoshi Nakamoto (and many other lost address bitcoins) belong to lost property, and they claim the right to legally own them because they "found" these cryptocurrencies. From June 30 to July 10, 2025, they sent "abandonment notices" via OP_RETURN to each found address. However, even if they win completely, they will only receive a court statement; they will not obtain any private keys and will not be able to transfer any bitcoins from these addresses.But Galaxy indicated that the real value of the New York ruling lies in its potential to serve as a "title defect." If these bitcoins appear in any regulated venue, the plaintiff Noah Doe can use this document to raise objections with exchanges or custodians.

Glassnode: Bitcoin has reclaimed the real market average but has not been able to hold steady; on-chain indicators suggest consolidation may continue for several months

Glassnode stated that Bitcoin has reclaimed the real market average at $78,300 but has failed to maintain a position above this level. Historical cycles suggest that several weeks to months of consolidation may be needed before confirming a credible bull market transition. The 30-day moving average has seen its risk-reward ratio rise from 0.4 in February to 1.8 during the rebound, indicating that demand is insufficient to absorb the wave of profit-taking. This indicator needs to remain above 2 to signal a true recovery of buyer strength.The 30-day cost baseline at $78,200 has shifted from a support level to an overhead resistance level, while the cost baseline of the accumulation group formed from February to April ($71,400) is currently the most direct support level in the ongoing pullback. The internal structure of the spot market has weakened in recent weeks, with the cumulative volume delta (CVD) remaining negative overall, and Coinbase activity continues to lag. This indicates that while there is sporadic offshore speculative demand, the participation of U.S. institutions in the spot market remains relatively weak.CME futures open interest has continued to rise alongside prices, indicating that while overall spot demand remains hesitant near the current range highs, institutional participation in the derivatives market is improving. The accumulation rate of U.S. spot ETFs has recently slowed, further indicating that positions are increasingly driven by futures activity. Implied volatility is rebounding from low levels, primarily concentrated in short-term contracts, while long-term expectations remain stable. Realized volatility continues to decline, and the volatility risk premium has expanded, making the cost of hedging relatively manageable. Options positions remain defensive. The skew indicator shows a resurgence in demand for downside protection, while the negative gamma range around $75,000 makes spot prices susceptible to amplified hedging flows and increased price volatility.
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