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Around 20% of Bitcoin miners are currently unprofitable, and publicly listed mining firms sold more than 32,000 BTC in the first quarter to cover operating expenses—exceeding their total sales across all of 2025.
Bitcoin on track for third consecutive quarterly loss, weakest streak since 2022
Bitcoin is down roughly 8% in the second quarter and continues to trade just above $62,000. If prices hold at current levels into month-end, it would mark a third straight quarterly decline, the longest losing streak since 2022, when BTC recorded four consecutive negative quarters.
For June, Bitcoin is already down about 15%, matching its weakest monthly performance since February.
UK bond yields surge amid political uncertainty after Andy Burnham win
UK government bond yields rose sharply on Friday, with the 10-year gilt climbing to 4.8%, up more than 1.2% in a single session. The move reflects increased political uncertainty following Andy Burnham’s special election victory, which has fueled speculation about pressure within Labour leadership and raised concerns over the fiscal outlook.
Michael Saylor responds to STRC volatility
After Strategy’s STRC briefly dropped below $83 on Thursday before rebounding to around $88, investor anxiety around the move prompted a response from Strategy Executive Chairman Michael Saylor. He wrote on X the following morning:
“Markets are closed today. Volatility is never easy. Bitcoin keeps working. So do we. Thank you for your support.”
The message was the company’s only public comment following the selloff.
Digital credit market hit by forced liquidation wave
The digital credit space experienced one of its sharpest selloffs on record Thursday, pulling Strategy’s STRC and Strive’s SATA lower before both recovered. Strive CEO Matt Cole said the decline was driven by forced selling from leveraged positions rather than any deterioration in credit fundamentals.
Crypto and metals weaken as rate expectations rise
Bitcoin is falling alongside gold and silver as markets price in an additional 50 basis points of Federal Reserve tightening over the next six months. Futures pricing now suggests the federal funds rate could reach 4.00%–4.25% by January 2027.
BTC is down below $63,000, slipping about 1% over the past 24 hours. Gold is near $4,100 per ounce (down 1.3%), while silver is holding above $65, down about 1%.
Tron network activity hits all-time highs
Tron recorded record on-chain activity this week, with daily transactions surpassing 14.3 million, according to TronScan data. This represents a 15% increase over the past month.
Despite rising network usage, TRX has moved in the opposite direction, falling about 10% over the same period to roughly $0.32.
Market overview: crypto extends losses into fourth session
Most crypto indices remain under pressure, led by declines in DeFi and computing segments. The CoinDesk 20 Index is down 1.2% since midnight UTC and 3.2% over 24 hours, with all components trading in the red.
Within DeFi, Ethena’s ENA led losses with a 9.2% drop. Bitcoin and Ethereum both declined for a fourth consecutive day, marking their longest losing streak in two weeks.
Bitcoin reacts to US–Iran agreement, but outlook remains uncertain
Markets initially responded to the US–Iran memorandum signed after the G7 summit, which outlines a ceasefire framework, reopening of the Strait of Hormuz, Iran’s commitment to halt nuclear weapons development, and a 60-day timeline for a full agreement with phased sanctions relief.
However, analysts note the impact is not straightforward. Mike McCluskey of tx said the real driver will be whether lower oil prices translate into sustained disinflation that could influence central bank policy, a process that typically unfolds with delay.
He added that a durable shift would require the deal to hold, the Federal Reserve to acknowledge disinflationary pressure, and ETF inflows to remain steady—conditions that currently appear uncertain given a more hawkish Fed stance and softer crypto ETF demand.
Yen weakens toward multi-decade lows as dollar strengthens
Bitcoin is not the only asset under pressure. The Japanese yen has slid to around 161.80 per dollar, approaching its weakest level in roughly 40 years.
The move follows the Federal Reserve’s upward revision of interest rate projections for 2026 and 2027, which has strengthened the US dollar broadly. Although the Bank of Japan raised rates to 1%, the wide rate differential continues to weigh on the yen.
The BOJ’s decision to pause tapering of bond purchases added a dovish signal, reinforcing dollar strength.
Meanwhile, Bitcoin has fallen from around $67,000 earlier in the week to roughly $62,700 amid tightening financial conditions.
Mining stress intensifies as costs exceed Bitcoin price
JPMorgan estimates the cost to mine one Bitcoin at roughly $78,000, meaning BTC has traded below production cost for five consecutive months.
About 20% of miners are now unprofitable, while publicly listed mining companies sold more than 32,000 BTC in Q1—more than their total sales across all of 2025.
When prices fall below production levels, higher-cost miners shut down, reducing network hashrate and triggering automatic downward adjustments in mining difficulty. A 10% difficulty drop earlier this month marked the second such adjustment this year.
JPMorgan also notes that miners are becoming more sensitive to price swings, frequently switching rigs on and off near breakeven. The bank expects more frequent adjustments as long as BTC remains below production cost.
Despite near-term weakness, the report suggests sentiment may be reaching historically contrarian bullish levels, supported by accumulation trends such as whale buying and declining exchange balances.
