Bitcoin edged toward the $65,500 area on Monday as traders leaned more bullish on derivatives—an uptick reflected in rising perpetual futures funding rates. Yet the broader risk backdrop remained cautious, with US-listed spot Bitcoin ETF outflows continuing to drain demand and keeping a near-term push toward $70,000 on hold.

Optimism showed up in leverage as well. The annualized funding rate on Bitcoin perpetuals jumped to 7%, its highest level in nearly three weeks and a move that typically aligns with stronger long-side confidence. Still, the market’s full picture was mixed, with options positioning turning more defensive and traditional assets failing to provide the kind of risk-on tailwind that often supports breakout bids.

Key takeaways

• Bitcoin perpetual futures funding rose to 7% (highest in nearly three weeks), indicating growing bullish confidence among leverage traders.
• Put demand outpaced calls on Deribit, with the put-to-call premium ratio more than double, suggesting traders increasingly sought downside protection.
• Order-book liquidity improved: aggregated bids on major exchanges exceeded offers by about $12 million, helping limit bearish read-through from weaker spot levels.
• Macro signals stayed cautious as stocks, bonds, and gold weakened together, and higher US Treasury yields pointed to elevated return requirements for capital.
• Spot Bitcoin ETFs recorded continued outflows, with CoinGlass data citing $228 million in net outflows the prior week—likely a headwind for any rapid $70,000 attempt.

Derivatives confidence rises, but options show hedging

The most direct read on trader sentiment came from Bitcoin perpetuals. According to Laevitas data, the annualized funding rate climbed to 7% on Monday, a sign that long positions were paying more to remain open. While that figure remains within the often-cited neutral 6%–12% band, the jump to the highest point in nearly three weeks suggests bulls gained ground over the weekend into Monday.

Crude oil also contributed to the day’s tone. Brent fell to $77.50, its lowest level since March, which can ease inflation- and risk-premium concerns in broader markets. For Bitcoin, that kind of macro relief sometimes helps lift short-term demand—especially when derivatives liquidity supports it.

However, options data signaled that traders were not fully committing to upside. Laevitas-referenced Deribit metrics showed put (sell) options demand running more than twice ahead of call activity on Monday. This skew has leaned bearish since Friday, representing a reversal from the prior week’s direction. In practice, that combination—higher perpetual funding alongside heavier put buying—often points to a market that is still trying to grind upward, but with active hedging in case price fails to follow through.

Order books improve even as traditional markets stay risk-averse

Bitcoin’s immediate price action around $65,000 did not appear to be driven by a lack of depth. CoinGlass data referenced in the report showed that bids on aggregated major exchange order books exceeded offers by about $12 million on Monday, reversing the weekend trend.

That matters because a failure to hold a key level can sometimes reflect fading liquidity and widening spreads. With the order-book imbalance turning more supportive, Monday’s inability to firmly reclaim higher territory looks more like timing and positioning than a structural sell-side pressure shift.

At the same time, the macro backdrop stayed uneven. Nasdaq 100 futures slipped about 1% as artificial intelligence-related stocks weakened. In company-specific news, SpaceX shares dropped sharply after the company announced plans to raise debt despite holding more than $100 billion in cash. Investors appear to have focused on the possibility that the sector may need higher funding and longer timelines before profitability.

Beyond equities, gold fell roughly 0.9% on Monday while US government bonds were also pressured as yields rose. The report attributed the move in yields to investors demanding higher returns—potentially reflecting inflation concerns or the market anticipating dilution effects tied to rising US government debt levels.

With stocks, bonds, and gold moving lower together, the day looked less like a broad risk-on session and more like investors preferring cash. That is the kind of environment where Bitcoin can still trade firm on crypto-native signals, but breakouts tend to struggle unless ETF flows and broader momentum align.

Corporate and liquidity cues: Strategy’s reserve update helps, but ETFs still weigh

A portion of market attention also focused on Strategy (formerly MicroStrategy), whose Bitcoin holdings make it a bellwether for institutional-style accumulation. Shares of Strategy traded about 13% below the roughly $64.1 billion cost to acquire 847,363 BTC, as investors weighed whether the company might need to sell assets to meet obligations. The report noted Strategy had debt of about $6.75 billion and that earlier worries centered on reserve liquidation risk.

Those concerns eased somewhat after Strategy announced an additional cash position—described as a $300 million reserve acquisition—referenced via earlier Cointelegraph coverage. The development matters because it reduces the immediate need for forced selling in a volatile tape, which can support sentiment around large, long-duration Bitcoin holders.

Even with those internal crypto-industry positives, the external demand channel remained a drag. The report pointed to continued weakness in US-listed Bitcoin ETFs. According to CoinGlass data cited, Bitcoin spot ETFs logged $228 million in net outflows in the prior week. The narrative significance is straightforward: when ETF balances decline week after week, it can reduce the marginal buyer that often complements derivative-led optimism.

In that context, the odds of a quick, clean rally to $70,000 look limited. Higher funding and improving order-book bids can push prices upward, but persistent ETF outflows can cap how far those pushes travel—especially when options positioning indicates traders are actively preparing for downside volatility.

As traders watch the tape, the tension to monitor is clear: derivatives are showing confidence (funding at 7% and stronger order-book bids), while options and traditional markets reflect caution (put skew, weaker macro complex) and ETF flows continue to drain fresh spot demand.

Going forward, investors will likely focus on whether ETF outflows slow or reverse and whether the options hedging trend on Deribit keeps deepening. If funding stays elevated while put demand cools and spot ETF flows stabilize, Bitcoin could gain the momentum needed to test higher levels more convincingly. If not, Monday’s signals may translate into choppy consolidation rather than a sustained breakout.

Thanks to the newly passed U.S. Senate housing affordability bill, the Federal Reserve may be heading toward a formal ban from instituting a digital dollar in the form of a central bank digital currency (CBDC), despite the fact the Fed wasn’t working on such a project.

Republican politicians had embraced an aggressive opposition campaign against the U.S. following in European and Chinese footsteps in the pursuit of a CBDC, labeling the idea a dangerous overreach of government surveillance. So they insisted it get inserted into the 21st Century ROAD to Housing Act that just passed the Senate in an 85-5 vote Monday night.

The concept of a digital dollar likely would have needed the backing of the White House, Congress and the Federal Reserve, none of which pushed to pursue one. But if the House of Representatives follows suit and votes to send the housing bill to President Donald Trump for his signature, the CBDC will be legally stifled.

However, the ban would only last for a very limited four years until the end of 2030.

President Donald Trump has signed two executive orders designed to accelerate U.S. quantum computing development and prepare federal agencies for the potential security risks posed by future quantum machines.

According to the White House, Trump approved the measures on June 22 as part of a broader effort to strengthen American leadership in quantum technologies, a field widely viewed as critical for future advances in computing, communications, and cybersecurity.

Speaking during the signing event, Trump said “quantum technologies represents the next generation of innovation across computing, sensing, and networking,” adding that the sector carries significant implications for economic growth, scientific research, and national security.

The first order, Executive Order 14411, establishes the Quantum Computer for Application Development and Discovery Science, or QC-ADDS, initiative. Under the directive, the Department of Energy must identify technical requirements for an advanced quantum computer within 90 days and work toward deploying at least one such system at a federal research facility. 

The Department of Commerce is also tasked with exploring ways to encourage participation from private-sector quantum computing companies.

Additional provisions require federal agencies, including NASA, the Department of Energy, the National Science Foundation, and the Department of Commerce, to develop five-year plans for advancing quantum sensing and networking technologies.

The order also includes measures aimed at strengthening domestic supply chains, expanding the quantum workforce, and increasing protections for sensitive research.

Federal agencies are assessing post-quantum security risks

Of particular interest to the crypto industry, the order directs intelligence agencies to assess how increasingly powerful commercial quantum computers could affect national security, including the transition to post-quantum cryptography.

The directive arrives as concerns persist over the hypothetical arrival of “Q-Day,” the point at which quantum computers become capable of breaking encryption systems that currently secure financial networks, government infrastructure, and blockchain wallets.

While no existing quantum computer poses such a threat today, policymakers and cryptography experts have increasingly called for preparations to begin before the technology reaches that stage.

According to a recent report from Coinbase’s independent advisory board of cryptography experts, the Bitcoin community should start planning a migration path to post-quantum cryptography rather than waiting until quantum computing becomes an immediate concern. The report stated that uncertainty surrounding future advances in the field justifies early preparation.

Crypto projects are already preparing for future threats

Discussions around quantum-resistant security have also expanded beyond Bitcoin.

Recently, Binance founder Changpeng Zhao proposed a future migration period for Bitcoin holders following any transition to quantum-resistant cryptography. Zhao argued that vulnerable legacy addresses should not remain exposed indefinitely if quantum computers eventually become capable of breaking existing security models, while emphasizing that any protocol change would require community consensus.

Elsewhere, researchers associated with the Ethereum Foundation’s Kohaku privacy project have suggested that Ethereum accounts could begin adding certain post-quantum protections without waiting for a hard fork. According to Kohaku lead Nico, wallet-level protections could be introduced through smart contract logic while longer-term protocol upgrades continue to be explored.

Meanwhile, the Algorand Foundation has released a roadmap intended to make the layer-1 network broadly quantum-resilient by the end of 2027. The foundation said the initiative will cover user accounts, wallets, developer tools, staking infrastructure, and consensus systems.

As governments increase investment in quantum computing research, blockchain developers and cryptography experts are increasingly examining how existing security systems can be upgraded before quantum computers become capable of challenging today’s encryption standards.

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