What to know: By James Van Straten (All times ET unless indicated otherwise)
Bitcoin remains stable around $105,000 after the Federal Reserve held interest rates steady, as expected. It hasn't traded below the psychological threshold of $100,000 since May 8, a full 42 days ago, even though the Israel-Iran conflict — now coming up for a week — would have been expected to weigh on risky investments, crypto among them. |
Alongside the interest-rate decision, the Fed also signaled slower economic growth, with GDP now expected to rise just 1.4% this year, down from 1.7%, and higher inflation. The much-watched dot plot showed policymakers see fewer rate cuts through 2027 than they did in March. What seems to be underpinning the largest cryptocurrency, and crypto markets in general, is the bitcoin treasury narrative. A notable rotation appears to be underway, with an ever growing number of companies committing to buying it as a treasury asset. The total number of known publicly traded holders has increased to 129, and when private companies and sovereign entities are included, the total has reached 235. That's an increase of 27 entities in just 30 days. Geopolitical tensions remain elevated in the Middle East. Israel said it launched airstrikes on nuclear-weapons related targets near Arak and Natanz and an Iranian missile attack scored a direct hit on the Soroka Hospital in southern Israel early this morning. In response, Israel’s defense minister pledged further escalation of hostilities. Brent crude rose 1% to $77.45, its highest level since January, adding upward pressure on global energy and food prices. European stock indexes and U.S. equity index futures fell. While U.S. markets are closed today for the Juneteenth holiday, crypto markets remain open 24/7. Stay alert! |
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Grayscale’s New Income-Focused ETFs Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs: Grayscale Bitcoin Covered Call ETF (BTCC) seeks to maximize potential income generation, and is designed to serve as a complement to existing Bitcoin ownership. Grayscale Bitcoin Premium Income ETF (BPI) seeks to balance upside participation with income generation, and is designed to serve as an alternative to direct Bitcoin ownership. Through two different approaches to systematic covered call writing on Bitcoin, these two products deliver an alternative income stream for investors that’s less correlated to traditional income-oriented investments. BTCC and BPI both offer monthly distributions for investors.* See the latest distribution amount on their respective product pages at etfs.grayscale.com Important Disclosures
*The Funds intend to pay out dividends from net investment income, if any, and distribute any net unrealized capital gains to their shareholders at least annually.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our websites at etfs.grayscale.com/btcc and etfs.grayscale.com/bpi. Read the prospectuses or summary prospectuses carefully before investing.
Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund. Grayscale Bitcoin Covered Call ETF (“BTCC”) and Grayscale premium Income ETF ("BPI") (collectively, the "Funds") will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.
BTCC and BPI are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. Foreside is not related to GSA or its affiliates. |
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Crypto June 20: Proof-of-stake blockchain BlackCoin (BLK) activates SegWit on mainnet, improving security and performance. Nodes must be upgraded to release v26.2.0 before this date. Wallets from 13.2 can be used in 26.2.x. June 25: ZIGChain (ZIG) mainnet will go live. June 30: CME Group will launch Spot-Quoted futures, pending regulatory approval, allowing trading in bitcoin, ether and major U.S. equity indices with contracts holdable for up to five years.
Macro June 19, 3 p.m.: Argentina’s National Institute of Statistics and Censuses releases Q1 employment data.Unemployment Rate Prev. 6.4% June 20, 8:30 a.m.: Statistics Canada releases May producer price inflation data.PPI MoM Prev. -0.8%PPI YoY Prev. 2% Earnings (Estimates based on FactSet data) June 23 (TBC): HIVE Digital Technologies (HIVE), post-market, $-0.12 |
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| June 30: Optimism (OP) to unlock 1.83% of its circulating supply worth $17.34 million. July 1: Sui (SUI) to unlock 1.3% of its circulating supply worth $120.99 million.July 2: Ethena (ENA) to unlock 0.67% of its circulating supply worth $11.23 millio |
| June 26: Coinbase to delist Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN) and Synapse (SYN). |
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The CoinDesk Policy & Regulation conference (formerly known as State of Crypto) is a one-day boutique event held in Washington on Sept. 10 that allows general counsels, compliance officers and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. |
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📍Lion Group Holding (LGHL), a Nasdaq-listed trading platform, secured a $600 million facility from ATW Partners to relaunch its crypto operations and build the world’s largest HYPE treasury. 📍The treasury will be anchored by Hyperliquid (HYPE), Solana (SOL) and Sui (SUI), with HYPE positioned as the company’s primary reserve asset. 📍SOL and SUI holdings will be custodied and staked with BitGo, which will also provide institutional-grade infrastructure and compliance oversight. 📍LGHL is exploring secondary listings in Tokyo and Singapore to broaden investor access and create Asia’s first listed HYPE treasury. 📍The company views HYPE’s decentralized sequencing, Solana’s consumer traction, and Sui’s composability as foundational to its shift toward execution-first DeFi protocols. 📍The first $10.6 million tranche is expected to close before Saturday, with Chardan acting as sole placement agent for the raise. |
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| Open interest (OI) across major derivatives venues remains subdued after last week’s flush, according to data from Velo.Total OI currently sits at $55.3 billion, well below the June 11 peak of $65.9 billion.The broad-based pullback points to persistent de-risking, even as markets stabilise near range highs.Deribit options flows remain front-loaded into the June 27 expiry.BTC’s put/call ratio has ticked up to 1.13, led by renewed put demand at $100K–$110K strikes. Call interest remains heavy above $110K, but today's flows are more balanced than earlier in the week.ETH positioning skews more bullish, with a put/call ratio of 0.75 and call flows clustering at $2,600 and $2,800. Notably, today’s top-traded instruments are concentrated in near-term strikes, pointing to short-dated, tactical interest. Velo data shows funding rates have flipped moderately positive for BTC and ETH, with +0.03% and +7.5%, respectively, on Binance, and similar prints across Bybit and OKX.Altcoin signals, however, are still fragmented. AVAX remains deeply negative on Binance (–19.05%), OKX (–18.60%) and Bybit (–16.62%), and bitcoin cash (BCH) also shows extreme short pressure (–24.39% on Bybit). HYPE funding, however, surged again to +38.67% on Bybit, though this reflects isolated speculation rather than a broad sentiment shift.Liquidation maps as provided by Coinglass show a dense band of leverage hugging BTC’s current price, with notable zones stacked between $103K and $106K on Binance. This positioning suggests an elevated risk of local unwinds if the price breaks out. Still BTC has now traded within a 10% band for a record 42 days— one of the tightest volatility windows. With leverage compressed and clustered near price, any breakout could be sharp, but for now, conditions remain range-bound and fragile. |
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| BTC is up 0.16% from 4 p.m. ET Wednesday at $105,032.28 (24hrs: +0.73%)ETH is up 0.4% at $2,540.03 (24hrs: +1.76%)CoinDesk 20 is unchanged at 3,014.06 (24hrs: +1.22%)Ether CESR Composite Staking Rate is down 4 bps at 2.98%BTC funding rate is at 0.0052% (5.7179% annualized) on OKX |
| DXY is unchanged at 98.95 Gold futures are down 0.58% at $3,388.20Silver futures are down 1.43% at $36.38Nikkei 225 closed down 1.02% at 38,488.34Hang Seng closed down 1.99% at 23,237.74FTSE is down 0.27% at 8,819.87Euro Stoxx 50 is down 0.64% at 5,233.39DJIA closed on Wednesday down 0.10% at 42,171.66S&P 500 closed unchanged at 5,980.87Nasdaq Composite closed up 0.13% at 19,546.27S&P/TSX Composite closed unchanged at 26,559.85S&P 40 Latin America closed up 0.25% at 2,622.24U.S. 10-Year Treasury rate is unchanged at 4.4%E-mini S&P 500 futures are down 0.36% at 5,960.00E-mini Nasdaq-100 futures are down 0.43% at 21,626.25E-mini Dow Jones Industrial Average Index are down 0.37% at 42,034.00 |
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| BTC Dominance: 64.9 (+0.06%)Ethereum to bitcoin ratio: 0.02408 (0.04%)Hashrate (seven-day moving average): 879 EH/sHashprice (spot): $52.87Total Fees: 6.95 BTC / $729,711 CME Futures Open Interest: 154,500BTC priced in gold: 30.9 ozBTC vs gold market cap: 8.75% |
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| After dropping below Monday’s low and once again testing the 200-day exponential moving average (EMA), ether has managed to reclaim Monday’s range.While price action remains below the monthly open, a decisive reclaim of this key level would be a constructive signal, potentially paving the way for a move back toward Monday’s highs. Bulls will want to see ether continue to close above the 200-day EMA in the case of further sideways price action. |
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| Strategy (MSTR): closed on Wednesday at $369.03 (-1.64%), +0.7% at $371.61 in pre-marketCoinbase Global (COIN): closed at $295.29 (+16.32%), -14.16% at $253.47Circle (CRCL): closed at $199.59 (+33.82%), -23.24% at $153.21Galaxy Digital Holdings (GLXY): closed at C$26.12 (+3.57%)MARA Holdings (MARA): closed at $14.49 (-1.23%), unchanged in pre-marketRiot Platforms (RIOT): closed at $9.94 (+2.9%), -3.62% at $9.58Core Scientific (CORZ): closed at $11.9 (+0.08%), -1.01% at $11.78CleanSpark (CLSK): closed at $9.18 (+3.15%), -4.03% at $8.81CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $18.7 (+0.11%)Semler Scientific (SMLR): closed at $31.94 (+11.95%), -9.58% at $28.88 Exodus Movement (EXOD): closed at $30.14 (+0.43%), -0.73% at $29.92 |
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| Daily net flows: $388.3 millionCumulative net flows: $46.63 billionTotal BTC holdings ~1.22 million |
| Daily net flows: $11.1 millionCumulative net flows: $3.91 billionTotal ETH holdings ~3.97 million |
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| CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. |
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. |
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