Bitcoin derivatives signal panic. PCE prints today.

Bitcoin derivatives are signaling panic. A soft PCE today could trigger a snapback. $1 billion in longs got liquidated overnight. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, June 25, 2026   Bitcoin derivatives are signaling panic — and historically, that’s set up the snapback trade. Perpetual funding rates went deeply negative overnight, meaning shorts are paying longs, a sign of forced capitulation rather than strategic positioning. Over $1 billion in longs got liquidated. BTC briefly touched $60,000. The instrument that will determine whether panic becomes recovery is today’s core PCE print. A soft number would compress rate hike expectations, weaken the DXY, and hand bulls a catalyst. The Micron earnings beat last night helped BTC claw back to $62,800 before the Asian session resumed selling. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $61,101 −3.08% ETH $1,620 −4.10% SOL $65.10 −5.55% XRP $1.08 −3.60% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Grayscale Solana Trust ETF: 100% Staking Grayscale Solana Trust ETF (ticker: GSOL) is now delivering enhanced value to investors, including 100% staking.* Solana staking rewards have historically averaged 6-8% a year.2 GSOL, an exchange traded product, is not registered under the Investment Company Act of 1940, as amended (“40 Act”), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. GSOL is subject to significant risk and heightened volatility. GSOL is not suitable for an investor who cannot afford to the loss of the entire investment. An investment in GSOL is not a direct investment in Solana. Please read the prospectus carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for the Fund. Potential staking rewards are earned by the Fund. Staking rewards are not guaranteed and should not be considered an indication of Fund performance. The Fund’s ability to engage in staking is conditional and may be modified. Staking requires that the Fund lock up SOL for the period of time required by the staking protocol, meaning the Fund cannot sell or transfer the staked SOL, thereby making it illiquid for the period it is being staked. 1 As of 6/4/26 2 Stakingrewards.com. The range observed is from 09/16/22 to 09/28/25 and the average over this period is 7.10%. Past performance is not indicative of future results. Learn more 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. What matters today Markets   Story 1 of 2 Bitcoin derivatives signal panic. A weak core PCE reading could trigger a snapback. Perpetual futures funding rates turned deeply negative overnight — the sharpest reading since February — signaling that the market has shifted from orderly selling into forced capitulation. When funding is deeply negative, shorts pay longs, which means bears are paying a premium to hold their positions. Historically that dynamic has resolved quickly: either longs get flushed out entirely or a catalyst flips funding positive, triggering an accelerated short squeeze. Bitfinex margin longs simultaneously swelled to their highest since early 2024 — experienced buyers stepping in at cycle lows. BTC touched $60,000 before clawing back. The $10.5 billion quarterly options expiry is tomorrow, with max pain at $72,000 — BTC is well below that level, meaning the pinning dynamic that typically compresses moves into expiry does not apply here. Today’s core PCE print is the hinge: a soft reading (below 0.35% month-on-month) would compress rate hike expectations, weaken the dollar, and hand bulls their catalyst. A hot print would confirm the hawkish Warsh narrative and likely test $59,000. Read more → Markets   Story 2 of 2 Bitcoin and ether lead $1 billion in liquidations as the AI trade keeps going. More than $1 billion in crypto long positions were liquidated overnight as panic in Strategy’s preferred stock STRC spread to the broader market. STRC fell as low as $79.91 — roughly 20% below its $100 par value — and is currently paying an effective annualized yield above 14%, a level that in traditional credit markets signals extreme distress. MSTR (the common stock) fell 10.7% to $92.71, its weakest level since early 2024. The selling cascaded into BTC as traders processed the implications: Strategy holds 847,363 BTC with an average cost of $75,651, sitting on a $10.6 billion unrealized loss, and its dividend coverage has collapsed from seven years to 14 months. Meanwhile the AI trade held: Micron beat earnings ($19.72 EPS on $34.5B revenue vs. consensus estimates), SK Hynix filed a $30 billion U.S. IPO, and Bessent told reporters he expects 3%+ GDP growth. The semiconductor and AI infrastructure trade that caused this selloff is not reversing — it’s the capital rotation dynamic that will keep compressing crypto until the macro backdrop shifts. Read more → Exchange Review, supported by Gate CEX volumes drop to lowest since September 2024 as RWA perps hit record high Combined spot and derivatives trading on centralized exchanges fell to $4.41T in May, the weakest month since September 2024, as RWA perpetual futures volumes bucked the trend to hit an all-time high. Read more → 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. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

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🌈 Somewhere over the rainbow "bitcoin is dead"

Bitcoin entered the Rainbow Chart's "BTC is dead" zone. Trump blocked the CBDC ban over voter ID. And some of crypto's biggest names are bullish on Ethereum's reset. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Wednesday, June 24, 2026 Bitcoin just broke below the floor of its famous Rainbow Chart into the 'BTC is dead' zone Bitcoin has dropped below the lowest band of the long-running Bitcoin Rainbow Chart for only the second time in its history, sliding into the original model's "Bitcoin Is Dead" zone around $62,500 — down roughly 50% from its October 2025 all-time high of $126,000. The chart, created by a Reddit user in 2014, plots bitcoin's price against a logarithmic regression and uses color bands to signal sentiment zones from "Fire Sale" at the bottom to "Maximum Bubble Territory" at the top. The only prior instance of the price breaching the floor was in 2022 when bitcoin hit a cycle low near $15,000. Analysts are split on what the breach means. XYO co-founder Markus Levin argued it's bullish: "I do not read this as bitcoin being dead, I read it as the Rainbow Chart being dead, and that is actually a bullish statement about how far the asset has matured." Bitget's Ryan Lee and Ethra COO Emad Shahin countered that the chart functions better as a sentiment gauge than a forecasting tool — it's built on historical logarithmic regression, not on the macro forces, ETF flows, or institutional dynamics that increasingly drive price today. 10x Research puts potential further downside at $55,000; a floor around $50,000 appears in several analyst models if the current chip-stock selloff deepens into a broader risk-off event. 4-minute read → A message from Fidelity Careers Drive your crypto career forward at Fidelity It's an exciting time to be working in crypto, and Fidelity provides the resources and platform you need to truly grow and scale your impact. At Fidelity, we've been building our digital assets ecosystem since 2014 with the same rigor and long-term commitment as our traditional asset classes. Our builders work with a unique "scan, try, scale" approach, giving you the experimental nature of a startup backed by the reach and depth of a large institution. This is how we turn groundbreaking ideas into reality. Whether your background is in UX, product management, tech, or operations, we want your help to discover what's next. Let's turn the promise of digital assets into a reality, together. Learn more about crypto careers at Fidelity Policy Trump refuses to sign law with U.S. CBDC ban, demands approval of elections bill President Trump cancelled a signing ceremony for the 21st Century ROAD to Housing Act just hours before it was scheduled — pulling the plug on a bill that passed the Senate 85–5 and the House 358–32, and which contained a four-year ban on the Federal Reserve issuing a CBDC through 2030. Trump declared he won't sign anything until Congress passes the SAVE America Act, a strict voter ID and elections bill that currently lacks the Senate votes to clear the 60-vote threshold. The crypto industry had welcomed the CBDC ban as one of its major legislative wins of the year. It still becomes law automatically after ten days if Trump neither signs nor vetoes it — and both chambers passed it by margins that clear the veto-override bar — but the signing delay also creates a knock-on risk for the Clarity Act: Trump's stance suggests he may hold other legislation hostage, and the Senate calendar only has about five weeks before August recess. TD Cowen called the situation "a reminder of how quickly political dynamics can shift in Washington, even on bills with strong bipartisan support." 3-minute read → The Protocol Upheaval at the Ethereum Foundation has some of crypto's biggest names feeling bullish This week's Protocol Newsletter synthesizes Ethereum's most turbulent week in years: the simultaneous launches of EthLabs (backed by Bitmine, SharpLink, and Joe Lubin), the Ethereum Foundation's 54-person layoff and 40% budget cut, Vitalik's transition to an endowment model, and Hsiao-Wei Wang's resignation — the ninth senior departure since January. The bullish counterargument: Consensys' Joe Lubin told CoinDesk the EF should adopt a narrower role focused on core technology stewardship. Tom Lee's Bitmine bought 126,971 ETH last week at a cost of approximately $214 million — its largest single Ethereum purchase of 2026 — despite Lee's own prior public guidance to reduce buying activity amid falling prices. The structural case: corporate treasury holders including Bitmine (nearly 5.4 million ETH) and SharpLink now collectively control roughly 7% of circulating supply and generate $500 million in annual staking rewards, replacing EF grants as the primary funding mechanism for the ecosystem. "The Ethereum Foundation should adopt a narrower role," Lubin said — and some of the biggest names in crypto appear to agree that a leaner EF is, counterintuitively, a reason to be more optimistic about Ethereum, not less. 4-minute read → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

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