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Bitcoin clears its biggest options expiry of the year — mid-selloff
Friday delivered the year's largest Bitcoin options expiry, roughly $10.5 billion in contracts settling across Deribit and CME, and it landed at the worst possible moment for nervous longs. BTC slid to around $58,000 overnight — its lowest level since September 2024 — before clawing back toward $60,000 as fresh buyers stepped in.
The good news for bulls is that the expiry itself was mostly a non-event. Roughly 80% of those contracts were already out of the money after June's grind lower, so settlement stripped out a layer of selling pressure rather than adding one. The harder news is positioning: negative dealer gamma is amplifying moves in both directions, and June spot Bitcoin ETF outflows have now topped $3 billion — a steady bleed that has done real damage to spot demand.
Zoom out and the calendar offers a sliver of comfort. June has historically been one of Bitcoin's weakest months, averaging near-zero returns over the past twelve years, while July has averaged roughly 7.5%. Watch the $68,000–$70,000 zone, where dealer positioning flips and the tape could finally change character.
Strategy's $13 billion paper loss is now crypto's single biggest risk
Strategy (MSTR) fell roughly 10% as the company's unrealized loss on its Bitcoin stack ballooned to about $13 billion — a figure that now exceeds the entire market capitalization of hundreds of individual tokens. When one leveraged Bitcoin proxy carries more downside than most of the altcoin market combined, that is a concentration problem for the whole asset class.
The legal overhang arrived on cue. Rosen Law Firm launched a class-action investigation inviting investors who bought Strategy securities — the common stock plus its STRF, STRC, STRK and STRD preferreds — to join. That kind of filing rarely moves a stock by itself, but it sharpens the spotlight on Strategy's capital structure at exactly the wrong moment.
All eyes now turn to June 30. Strategy's preferred shares hit their ex-dividend date, and the monthly STRC dividend rate resets — two events that will tell investors a great deal about how much stress the company's elaborate financing machine is absorbing. With Bitcoin sitting near long-term support, Strategy has become the market's highest-beta way to bet on a bounce, and its most punishing way to be wrong.
Meet America’s Newest $1B Unicorn
A US startup just hit a $1 billion private valuation, joining billion-dollar private companies like SpaceX, OpenAI, and ByteDance. Unlike those other unicorns, you can invest in EnergyX.
Over 50,000 people already have. So have industry giants like General Motors and POSCO.
Why all the interest? EnergyX’s patented tech can recover up to 3X more lithium than traditional methods. That's a big deal, as demand for lithium is expected to 5X current production levels by 2040. Today, they’re moving toward commercial production, tapping into 100,000+ acres of lithium deposits in Chile, a potential $1.1B annual revenue opportunity at projected market prices.
Right now, you can invest at this pivotal growth stage for $13/share. But only through July 16. Become an early-stage EnergyX shareholder before the deadline.
Energy Exploration Technologies, Inc. (“EnergyX”) has engaged Beehiiv to publish this communication in connection with EnergyX’s ongoing Regulation A offering. Beehiiv has been paid in cash and may receive additional compensation. Beehiiv and/or its affiliates do not currently hold securities of EnergyX.
This compensation and any current or future ownership interest could create a conflict of interest. Please consider this disclosure alongside EnergyX’s offering materials. EnergyX’s Regulation A offering has been qualified by the SEC. Offers and sales may be made only by means of the qualified offering circular. Before investing, carefully review the offering circular, including the risk factors. The offering circular is available at invest.energyx.com/.
Comparisons to other companies are for informational purposes only and should not imply similar results. Past performance is not indicative of future results. Market shortfall are forward‑looking estimates and are subject to substantial uncertainty.
Binance tells EU users it's pulling services after MiCA collapse
Binance has begun telling users across the European Union that it will no longer provide services after failing to secure a license under MiCA, the bloc's crypto rulebook. The move follows the exchange withdrawing its license application in Greece, and it sets up a direct collision with European regulators.
The clock is the story here. The European Securities and Markets Authority has warned that unlicensed crypto firms must take immediate steps to wind down EU activities, and Binance's current operating permissions expire on June 30. Without a replacement license in hand, the platform would be legally required to halt services for millions of European customers within days.
Binance insists it is "not leaving Europe" and says it will launch a fresh regulatory push to rebuild a compliant presence. For now, though, EU-based users would be wise to confirm the status of their accounts and have a licensed alternative ready. MiCA was supposed to harmonize crypto access across Europe; this week it is doing the opposite for the world's largest exchange — a reminder that regulatory clarity and regulatory friendliness are not the same thing.
Hot inflation print revives Fed hike bets as Apple and Microsoft raise prices
The Fed's preferred inflation gauge ran hot again. Core PCE rose 0.3% in May while the headline measure pushed above 4% year-over-year, with personal income and spending both up 0.7%. After new Chair Kevin Warsh's hawkish June meeting — where the median dot moved up to a 3.75%–4.00% year-end range — traders are increasingly pricing in a rate hike rather than a cut, potentially as soon as October.
The corporate read-through was ugly. Apple fell 6.2% after announcing price increases on MacBook and iPad models, blaming higher chip and component costs, and Microsoft dropped 3.5% after hiking Xbox prices. The common thread — companies openly passing rising input costs to consumers — is exactly the dynamic that keeps inflation sticky and the Fed boxed in.
There was one bright spot. Micron surged 15.7% on strong fiscal Q3 results, lifting the Philadelphia Semiconductor Index 3.2% intraday before broader selling dragged the tape lower. The takeaway for portfolios: AI-levered semis can still rip on earnings, but a hawkish Fed plus margin-pressured megacaps is a tough backdrop for the broad index heading into the second half.
Invesco joins the stablecoin reserve land-grab with an onchain fund
The race to own the plumbing behind digital dollars just added a $2.5 trillion entrant. Invesco filed with the SEC on June 24 to launch the Invesco Stablecoin Reserves Onchain Fund, a tokenized money-market vehicle built specifically to back stablecoins. Barring an objection, it could go effective around August 23.
The structure is deliberately conservative. The fund is a Rule 2a-7 government money-market fund targeting a steady $1 NAV, holding only cash, U.S. Treasuries maturing in 93 days or less, and overnight Treasury-backed repos — the narrow set of assets the GENIUS Act requires stablecoin issuers to hold. The twist is tokenization: Superstate will act as sub-transfer agent, issuing fund shares as tokens on an as-yet-unnamed public blockchain alongside traditional records.
Invesco is hardly alone. BlackRock, State Street and ProShares have all moved into the same lane, and the prize is enormous — Citi estimates the roughly $300 billion stablecoin market could swell to $4 trillion by 2030. The strategic logic is simple: whoever manages the reserves earns the yield on the float. Wall Street has decided stablecoins are too big to cede to crypto-native issuers.
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.