Brief Summary:

• Bitcoin briefly fell below $66K this morning before rebounding toward roughly $66,800.
• Ethereum fell below $1,900, confirming weakness after losing the $2,000 level earlier this week.
• Bitcoin is down nearly 12% over the past week as ETF outflows continue to accelerate.
• U.S. spot Bitcoin ETFs recently posted a record 10-day outflow streak totaling $2.97 billion.
• Crypto-linked stocks are also under pressure, including Strategy, Coinbase, and Circle.
• Strategy’s recent sale of 32 BTC for about $2.5 million continues weighing on sentiment because it broke the company’s long-standing accumulation narrative.
• Digital asset treasury inflows reportedly collapsed to about $180 million in May, down 95% from April.
• Software and AI-related stocks are outperforming Bitcoin, showing that risk capital is rotating away from crypto and toward tech.
• The U.S. Treasury sanctioned four Iran-based crypto exchanges: Nobitex, Bitpin, Ramzinex, and Wallex.
• Reuters reported Nobitex was accused of helping Iran’s government and sanctioned institutions, including the IRGC, evade Western sanctions.
• AP reported Nobitex handled more than half of Iran’s digital asset transactions last year.
• Crypto PACs are spending millions in U.S. primaries, with Maryland becoming the next major focus.
• Liquidation risk remains elevated after yesterday’s large wipeout and today’s break below $66K.
• CoinDesk says Bitcoin is now near the lower boundary of the long-term Power Law corridor, a level that historically has preceded rebounds.
• A new BIS working paper highlights how stablecoin flows may influence short-term U.S. Treasury yields.

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