Jun 30, 2026, 11:18 a.m.
2 min read
Summary
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Though BTC has recently stabilized around $60,000, the prospects for a meaningful recovery remain bleak because institutional demand is falling significantly short of soaking up supply.
The latest chart by Glassnode shows that bitcoin exchange-traded funds (ETFs) have sold off 71,600 BTC, worth over $4 billion, this month, the largest redemption on record. Meanwhile, corporate treasuries, or digital asset treasury firms, have snapped up just 7,500 BTC. Add to that the fresh coins mined each day, and the net figure comes to around -77,000 BTC ($4.4 billion).
In other words, more supply is hitting the market than the biggest players are absorbing, creating what analysts call a "supply overhang." Big-money vehicles are actually adding to the selling pressure.
Against this backdrop, Strategy (MSTR), the largest bitcoin digital asset company, announced a BTC monetization plan on Monday, authorizing up to $1.25 billion in potential bitcoin sales, mainly to build a $2.55 billion U.S. dollar reserve to cover preferred dividends and interest expenses.
These developments suggest that any price bounce is likely to be short-lived, unless those flows flip positive and institutional demand returns. It's a key signal for traders watching whether the recovery has real fuel or is just temporary.
Today’s signal
The chart shows daily swings in the solana-ether (SOL/ETH) ratio since March 2025.
The ratio's 50-day simple moving average (SMA) is crossing above the 200-day SMA, confirming what chart analysts call a "golden crossover," a sign of a long-term bullish shift in momentum.
The signal indicates that solana might stage a bull run against ether in the coming weeks and months.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
48 minutes ago
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.