Bitcoin (BTC) continues to exhibit a strong technical setup after holding a weekly close above $63,000 for three consecutive weeks since tagging a new 2026 low near $59,000. This pattern closely resembles a bottom-building phase seen in previous trend reversals in bearish periods.

At the same time, Bitcoin futures open interest has fallen 19.5% from its June peak, funding rates have cooled to 0.02% from 0.1%, and spot Bitcoin exchange-traded fund (ETF) outflows have slowed sharply to $540 million over the past two weeks from $5.5 billion the prior month. 

Together, the data points to a market that is shedding excess selling pressure while holding near a key support zone for BTC. 

Bitcoin’s weekly chart echoes prior market bottoms

Bitcoin’s recent weekly price action resembles a pattern seen several times since 2023. Once a local bottom is established, the price often trades close to that range for weeks before a sustained uptrend develops. One exception came in November 2025, when the price spent roughly 10 weeks moving sideways above $88,000 before breaking lower to the $60,000 level. 

BTC/USD, one-week chart. Source: Cointelegraph/TradingView

The current setup also resembles the price from late 2022 and early 2023. During that period, the weekly relative strength index (RSI) entered oversold territory, recovered, and later formed a higher low, while the BTC price printed a lower low, creating a bullish divergence. That bullish divergence marked a key turning point, preceding the broader uptrend that developed during 2023. 

The focus is now on the $63,000 area, where the price has formed a positive RSI divergence. The repeated weekly closes above $63,000, keeps Bitcoin trading above its recent low at $59,000 rather than extending towards it. The behavior fits a range-building phase that has appeared near previous turning points, as identified in the chart. 

Related: US dollar strength hits highest since May 2025: Five things to know in Bitcoin this week

BTC futures turn less crowded as ETF sell-pressure eases 

Bitcoin derivatives markets have become notably less crowded over the past three weeks. Bitcoin funding rates cooled to 0.02% from 0.1% at the start of June, reducing signs of aggressive long positioning.

Bitcoin funding rate on all exchanges. Source: CryptoQuant

Crypto analyst Woominkyuu noted that total Bitcoin open interest across exchanges peaked at $25.96 billion on June 1, then fell to $20.89 billion by June 21. The 19.5% decline exceeded Bitcoin’s 11.4% price drop during the same period.

The simultaneous decline in the price and open interest typically signals that existing positions are being closed or liquidated rather than new leveraged bets entering the market. This indicates a significant reduction in excess leverage. It also points to limited evidence of aggressive new short positioning at current levels.

Spot Bitcoin ETF flows show a similar shift with $5.5 billion leaving the spot ETFs between May 15 and June 11. The outflows over the past two weeks total about $540 million, marking a sharp slowdown in selling activity.

Weekly spot BTC ETF netflows. Source: SoSoValue

Onchain data paints a mixed but constructive picture. Bitcoin researcher Axel Adler Jr. highlighted that long-term holders’ realized supply recently reached 12.42 million BTC, a level associated with supply maturation and coins moving into stronger hands. 

At the same time, Bitcoin’s sales pressure metric has stayed inactive for 1,256 consecutive days, the longest stretch on record. The data points to continued supply maturation alongside other signs that Bitcoin may be stabilizing near a potential cycle low.

Bitcoin LTH realized supply. Source: Axel Adler Jr.

Related: Strategy adds $300M to USD Reserve, acquires 520 BTC

Key takeaways

• Ethereum (ETH) has rebounded about 4% over the past week, but overall market sentiment remains weak.
• Hawkish signals from the Federal Reserve have reduced expectations for interest rate cuts and increased pressure on risk assets.

Ethereum recovery faces macro headwinds

Ethereum has posted a modest 4% recovery over the past seven days as the broader cryptocurrency market staged a technical rebound. 

However, the bounce has done little to improve overall sentiment, which remains under pressure from worsening macroeconomic conditions.

Investor confidence took another hit after recent comments from Federal Reserve Chairman Kevin Warsh signaled a tougher stance on inflation. 

His remarks suggested that monetary policy could remain restrictive for longer, fueling concerns that interest rate hikes may still be on the table.

The shift has challenged earlier expectations that the Federal Reserve would begin cutting rates this year, creating a less favorable environment for risk assets such as cryptocurrencies.

Earlier in the year, many analysts expected one or two rate cuts from the Federal Reserve. Those expectations have weakened significantly as inflation continues to run above the central bank’s target.

Warsh’s comments reinforced concerns that policymakers remain focused on controlling inflation, even if tighter monetary conditions weigh on financial markets.

Historically, higher interest rates reduce liquidity and investor appetite for speculative assets, making cryptocurrencies particularly vulnerable during periods of monetary tightening.

Ethereum struggles at key resistance level

Ethereum’s recent recovery stalled near the $1,800 level, an area that previously served as support but has now become a significant resistance zone.

If selling pressure continues and ETH fails to reclaim $1,800, the next major support level sits near the April 2025 low of $1,400.

A move to that level would represent roughly an 18% decline from current prices and further deepen Ethereum’s yearly losses.

Among the largest cryptocurrencies, Ethereum has been one of the weakest performers, even lagging behind competitors such as Solana during the current market cycle.

The Relative Strength Index (RSI) has improved from oversold conditions but remains weak.

Currently hovering around 40, the indicator is approaching levels that could reinforce bearish momentum if selling pressure increases.

From a broader technical perspective, Ethereum’s weekly chart continues to reflect a fragile market structure.

Unless buyers successfully push the price above $1,800, analysts expect the downtrend to remain intact, increasing the likelihood of a retest of lower support zones.

Key takeaways:

• The Bitcoin funding rate climbed to 7%, showing confidence, but spot ETF outflows keep a $70,000 breakout on hold for now.
• Strong order-book bids and lower oil prices helped, but weakness across stocks, bonds, and gold signals a preference for cash.

Bitcoin (BTC) flirted with the $65,500 level on Monday after US Vice President JD Vance said that the Strait of Hormuz remains open amid “encouraging progress” on talks with the Iranian delegation in Switzerland. Bitcoin traders showed signs of optimism through growing demand for bullish leveraged positions, raising the question of whether $70,000 is next.

Bitcoin perpetual futures annualized funding rate. Source: Laevitas

The Bitcoin perpetual futures annualized funding rate jumped to 7% on Monday, its highest level in nearly three weeks. Although still within the neutral 6%-12% range, the indicator reflects growing confidence among bulls. Part of the optimism likely stemmed from Brent crude oil prices declining to $77.50, their lowest level since March.

Crude Brent oil, USD (left) vs. Nasdaq 100 futures (right). Source: TradingView

The Nasdaq 100 Index posted a modest 1% decline as artificial intelligence stocks weakened. SpaceX (SPCX US) shares dropped 13% after the company announced plans to raise debt despite holding more than $100 billion in cash. Investors fear the sector will need higher investments for longer before turning profitable.

Bitcoin options premium put-to-call ratio at Deribit, USD. Source: Laevitas

Demand for put (sell) options outpaced call (buy) instruments by over two times on Monday, signaling stronger demand for downside price protection. The indicator has leaned toward bearish strategies since Friday, reversing the trend from the prior week. 

Strategy eases concerns, but stocks and bonds signal increased risk

Part of traders’ concerns stemmed from weakness in Strategy’s (STRC US) valuation. Shares of Strategy traded 13% below the $64.1 billion cost to acquire BTC 847,363. Despite holding a comfortable $6.75 billion in debt, investors feared the company would need to sell reserves. Those concerns eased somewhat as Strategy announced a $300 billion additional cash position.

Aggregated Bitcoin orderbook 1% liquidity delta, USD. Source: CoinGlass

Bids on major exchanges’ Bitcoin order books exceeded offers by $12 million on Monday, reversing the weekend trend. Consequently, Bitcoin’s failure to hold the $65,000 level should not signal weakness, especially since gold traded down 0.9% on Monday while investors sold US government bonds.

Related: Bitcoin tipped for $66K top as trader flags ‘suspicious’ BTC price gains

Gold/USD (left) vs. US 5-year Treasury yield (right). Source: TradingView

Higher yields on US Treasuries signal that investors demanded higher returns to hold those bonds, whether driven by inflation or by the anticipation of dilution from rising US government debt levels. The simultaneous weak performance across stocks, bonds, and gold points to a preference for cash positions, creating a cautious backdrop for Bitcoin.

Weak demand for US-listed Bitcoin exchange-traded funds (ETFs) continues to weigh on investor sentiment after six weeks of outflows. Bitcoin spot ETFs saw $228 million in net outflows the prior week, according to CoinGlass data. Consequently, the odds of a short-term Bitcoin rally to $70,000 look limited.

Bitmine has purchased another 52,203 ETH worth about $90 million, bringing its holdings to 4.7% of Ethereum’s total supply.

According to a company update released on Monday, Bitmine’s latest purchase increases its exposure to Ethereum despite continued weakness in the broader crypto market and repeated rejections at key price levels for the asset.

The company said its balance sheet now includes approximately $10.7 billion in crypto assets, cash, marketable securities, and strategic investments, including stakes in Eightco and Beast Industries. With the latest acquisition completed, Bitmine remains one of the largest corporate holders of Ethereum.

Commenting on the company’s outlook, Bitmine chairman Tom Lee said he expects tokenization and advances in artificial intelligence to drive future demand for blockchain networks and digital assets. Lee also reiterated his view that the crypto market remains in the early stages of what he previously described as a “crypto spring.”

Ethereum purchases continue as holdings approach target

Less than a year after launching its Ethereum treasury strategy, Bitmine has accumulated enough ETH to control 4.7% of the asset’s supply, according to the company. The latest purchase leaves the firm roughly 94% of the way toward its publicly stated goal of holding 5% of all Ethereum.

Recent fundraising efforts have helped finance that expansion. Earlier, crypto.news reported that Bitmine’s board approved a cash dividend of $0.1056 per share for holders of its 9.50% Series A Perpetual Preferred Stock, which trades on the New York Stock Exchange under the ticker BMNP.

The company said the dividend will be paid on July 10 to shareholders of record as of June 30.

Introduced in June to support the Ethereum treasury business, the preferred stock offering consisted of 3.5 million shares sold at $80 each on June 10. Bitmine reported net proceeds of approximately $273.8 million after fees and expenses.

At the time of the offering, Lee stated that the proceeds would be used to fund additional Ethereum purchases, while income generated from staking activities would help cover dividend payments.

Staking revenue rises despite unrealized losses

While Bitmine remains underwater on its overall Ethereum position, the company reported that staking has become a growing source of revenue.

According to Bitmine, 4,718,677 ETH valued at more than $8.2 billion at current prices has already been staked. Based on current yields, the company said annualized staking revenue has increased to approximately $223 million.

Providing additional projections, Lee stated that annualized staking rewards could rise to about $268 million once all of Bitmine’s Ethereum is fully staked through MAVAN and its staking partners. He attributed the estimate to a 2.73% seven-day BMNR yield.

The latest figures represent an increase from Lee’s earlier estimate of roughly $219 million in annualized staking rewards, which he discussed when the preferred stock offering was announced.

Bitmine’s accumulation strategy continues to place it among the largest corporate crypto holders. According to the company, only Michael Saylor’s Strategy currently holds a larger overall cryptocurrency treasury.

Strategy disclosed another Bitcoin purchase this week, adding 520 BTC to its reserves, although the acquisition was significantly smaller in dollar terms than Bitmine’s latest Ethereum buy.

TLDR:

• Ethlabs was founded by five former Ethereum Foundation researchers focused on core protocol work.
• The nonprofit will research scalability, settlement efficiency, interoperability, and economics.
• Backers include Bitmine, SharpLink, Joe Lubin, Anchorage, Octant, and SNZ contributors.
• Ethlabs says funders will not influence research priorities or technical development decisions.

Ethlabs launched with backing from major Ethereum ecosystem participants, marking a new phase in Ethereum’s research and development landscape.

The nonprofit organization was founded by five former Ethereum Foundation researchers and will focus on advancing Ethereum’s core protocol.

Ethlabs aims to support faster settlement, scalability, interoperability, data availability, and protocol economics as institutional adoption of blockchain technology continues to expand.

The organization stated that research priorities will remain independent, with funders not influencing technical decisions.

Ethlabs Begins Independent Ethereum Research Mission

Ethlabs was officially introduced as a nonprofit research and development organization dedicated to Ethereum’s long-term growth.

The initiative was founded by former Ethereum Foundation contributors Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma.

The organization was established with financial backing from Bitmine, SharpLink, Ethereum co-founder Joe Lubin, Anchorage, Octant, and SNZ.

According to the announcement, Ethlabs will operate independently while focusing on critical areas of Ethereum protocol development.

Its research agenda includes settlement efficiency, scalability improvements, cross-chain interoperability, data availability, and protocol economics. These areas are considered central to supporting increased activity across the Ethereum network.

The launch comes as Ethereum continues attracting activity from stablecoins, tokenized real-world assets, decentralized finance applications, and emerging AI-driven commerce systems. Ethlabs stated that its objective is to help prepare Ethereum for growing demand from institutions and developers.

In the official announcement, Ethlabs explained that Ethereum’s position as a neutral and permissionless settlement layer makes it a key infrastructure network for the evolving on-chain economy. The organization plans to contribute to technologies and standards that strengthen Ethereum’s core foundation.

Backers Emphasize Institutional Adoption and Network Growth

Statements from Ethlabs supporters focused on Ethereum’s expanding role in institutional finance and digital asset markets.

Bitmine Chairman Tom Lee said the network could see increasing adoption from institutions and AI agents, creating demand for additional research and technical talent.

SharpLink Chief Executive Officer Joseph Chalom described the formation of Ethlabs as a step toward supporting Ethereum’s next stage of institutional growth. He noted that the founding researchers have contributed to Ethereum development for nearly a decade.

Ethereum co-founder Joe Lubin also commented on the launch. He said Ethereum is entering a new stage where multiple independent organizations can serve as stewardship nodes while helping advance the network’s technology and values.

The announcement noted that Ethlabs emerged as the Ethereum Foundation continues focusing on its core responsibilities while encouraging a broader ecosystem of independent contributors. Ethlabs is expected to operate alongside other organizations working on Ethereum development.

Ansgar Dietrichs, Executive Director of Ethlabs, said Ethereum’s decade-long operational history and commitment to credible neutrality have helped establish trust among users and institutions.

He stated that Ethlabs was created to advance Ethereum’s technology, standards, and infrastructure while supporting the network’s role as a shared foundation for the on-chain economy.

To preserve independence, Ethlabs said funding contributions will pass through an independent grants administrator responsible for screening, valuation, and distribution.

Research priorities and technical direction will remain under the control of Ethlabs leadership, while funders will be provided with transparency through quarterly reporting and annual audits.

What she’s saying: Former 21Shares co-founder Ophelia Snyder argues that crypto and traditional finance are talking past each other when it comes to tokenization.

• Tokenization solves real problems around settlement rails and moving assets, Snyder said.
• The larger challenge is integrating blockchain-based assets with the systems banks, brokerages and asset managers already use.
• Existing discussions often overlook the operational processes that occur after a trade is executed and before assets are fully settled.
• Snyder joined CoinDesk’s Jennifer Sanasie on Public Keys.

The gap: Snyder said blockchain firms have largely addressed transaction throughput but not the broader operational requirements of financial institutions.

• Questions remain about how tokenized assets fit into books and records systems, compliance workflows and regulatory reporting.
• Financial institutions also must rethink risk management frameworks if tokenized assets can trade around the clock.
• Many firms rely on third-party software providers that have not yet adapted their systems for blockchain-native transactions.

Why it matters: Snyder believes the industry’s biggest challenge is scale, not functionality.

• A tokenization project can work at a limited scale and still struggle to support the volume of U.S. capital markets.
• “A billion dollars is nothing when it comes to traditional financial flows,” Snyder said.
• Moving large amounts of digital bearer assets on behalf of clients requires significantly more oversight and controls than existing book-entry systems.