🐋 Bitcoin Whale Update • Whale supply has started to stabilize after weeks of distribution. • Exchange netflows remain negative, with BTC continuing to leave trading platforms. • The $60k–61.5k area appears to have attracted meaningful accumulation, helping BTC recover toward the $66k–67k range. • While on-chain data points to improving supply dynamics, sustained spot demand will be key to extending the current rebound.

Bitcoin during the World Cup ⚽️

🔍 Bitcoin STH MVRV Update • Short-term holder MVRV continues trending toward the lower end of its historical range. • More recent buyers are now holding BTC at a loss, increasing short-term selling pressure. • Similar conditions have appeared near the final stages of previous market resets, when speculative activity was largely washed out. • The next key signal will be whether long-term demand is strong enough to absorb the remaining supply. For now, on-chain data suggests the market is still moving through a reset phase rather than confirming a durable bottom.

GM⚽️Game on!

🟠 Bitcoin activity across traditional finance channels continues to moderate. • US Spot ETF trading volume (30D SMA) has dropped from $4.4B per day in October 2025 to around $960M per day today, representing a 78% decline. • Trading volume among BTC Treasury companies has also fallen by roughly 49% from its previous peak. The data suggests traditional market speculation has cooled sharply since late 2025, with investors likely waiting for the next major catalyst.

🔍 Bitcoin DeFi: Latest Snapshot • $4.19B in TVL • 83 live protocols • 5,701 BTC locked in Lightning channels • $217.7M TVL across Bitcoin L2s Bridge-related protocols continue to dominate liquidity distribution, while restaking is gradually expanding its share. Even after the recent market pullback, Bitcoin DeFi is still sustaining a multi-billion dollar capital base.

Stacks, a Layer 2 on Bitcoin, enables smart contracts without bridges while maintaining full Bitcoin finality. Nakamoto Inc. (NASDAQ: NAKA), a Bitcoin treasury company holding over 4,000 BTC, has become one of the first institutions to stake on Stacks. The project is rolling out self-custodial $BTC staking, allowing users to lock Bitcoin on L1 and earn BTC-denominated yields while retaining full control of their private keys. This aims to unlock part of the $1.26 trillion in currently idle on-chain Bitcoin for DeFi use cases. As of June 2026, Stacks sits in the $100M–$1B market cap tier among Layer 2s. What do you think about this development?

💸 A quick look at Bitcoin’s realized profit/loss data: • Around 187K BTC has been realized at a loss over the past 30 days. • That’s still well below the ~400K BTC sell-off seen in February and far from the 1.2M BTC spike after the FTX collapse. • Historically, major market bottoms tend to form after a more pronounced seller capitulation event. Current data suggests selling pressure has picked up, but it may not have reached the kind of exhaustion levels seen at previous cycle lows.

🐋 A few interesting signals showed up during BTC’s recent move toward the $60k-63k range: • Exchange Whale Ratio jumped above 0.60, suggesting large players dominated exchange activity around the local bottom. • Exchange netflows flipped deeply negative, with nearly 11k BTC reportedly withdrawn from exchanges over the past few days. • BTC has since stabilized after the sharp sell-off, while liquid supply on exchanges appears to be tightening. On-chain data alone doesn’t confirm whale accumulation, but the combination of rising whale activity and sustained exchange outflows is worth keeping an eye on.

🔍 Bitcoin Demand Update • Spot and perpetual futures demand have both weakened in recent weeks. • Aggregate BTC demand is now sitting at a level reached only a handful of times since 2019. • Rather than signaling capitulation, the data suggests market participation is becoming more selective. • Similar setups in previous cycles often emerged before a new directional move developed. For now, the market appears to be waiting for the next meaningful catalyst.

📊 More than 8M $BTC are now held at a loss, a sharp increase from the cycle peak when most of the circulating supply was in profit. The recent correction has significantly reset market positioning, but historical data suggests we are still far from the extreme capitulation levels seen at major cycle bottoms.

OranjeBTC just stacked 41 BTC, now holding 3,803 BTC with 3.01% weekly BTC Yield. Brazil’s Bitcoin treasury is unstoppable 🇧🇷

📊 According to Glassnode's pricing models, several major on-chain support levels for BTC are currently clustered between $46K and $54K. Key model levels include: • Realized Price: $53.7K • CVDD: $46.1K Meanwhile, the $75K–79K range remains an area to watch, sitting near the network's True Market Mean of $77.5K

📊 BTC's Short-Term Holder Supply Ratio has fallen into the 95% loss zone for the third time since the $126K peak. Historically, similar readings have appeared during periods when recent buyers were holding significant unrealized losses and market sentiment remained under pressure. The current data suggests a large portion of short-term holders are still underwater, highlighting the ongoing stress across the market!

$60K: "Too risky" $110K: "Still early"

Same BTC. Different vibes

Today in Bitcoin Adoption - 3rd June 2026 🇺🇸 The @SECGov highlighted digital assets in its Strategic Plan for the next 5 years, stating that "crypto asset technologies have the potential to revolutionize America's financial infrastructure". 🇺🇸 Treasury Secretary @SecScottBessent says he's looking forward to working with lawmakers on the Strategic Bitcoin Reserve: "We are proceeding with all deliberate speed. And we are making sure…we use best practices and things will be durable for the future". 🟠 $12.6 trillion @CharlesSchwab launched 24/7 Bitcoin futures trading - putting institutional BTC exposure on the same always-on schedule as the underlying asset. 🇺🇸 @BankofAmerica appointed one of its top trading executives as "Global Head of Digital Asset Transformation" to lead its crypto strategy. 🟠 @Strive's Jeff Walton said the company is raising $8.1M of capital per day - at that pace, dividend-driven issuance would support $15.5B of $SATA, equivalent to buying ~175,000 BTC and 10x'ing Strive's total BTC holdings. 🇫🇷 French public company Capital B (@_ALCPB) proposed a €5 billion stock issuance authority to fund future Bitcoin purchases - one of the largest treasury raise capacities ever filed in Europe.

$BTC is back in the ""Fire Sale"" zone on the Rainbow Chart, a scenario we've only seen twice in the last 4 years 📉 Historically, this has meant generational loading zones for heavy bags, but others are calling a broke model and a flattening growth curve 🌈 Are you aping in or waiting for lower?