Weekly Update: 12th of June
What happened between June 5 and June 12?
- Bitcoin briefly dropped below $60,000 for the first time since 2024 after a record streak of ETF outflows. A softer U.S. inflation print fueled a recovery later in the week.
- Strategy resumed its bitcoin purchases after a rare sale that sparked unrest around crypto treasury companies. Bitmine made the largest ethereum purchase of 2026, buying 126,971 ETH.
- The House Ways and Means Committee debated seven draft bills to modernize crypto taxation, with new rules for mining, staking and small transactions.
- BlackRock filed the final amendment for its Bitcoin Premium Income ETF with a 0.65% fee, taking on Goldman Sachs in the race for Wall Street’s next bitcoin income product.
Bitcoin briefly dips below $60,000 as ETF outflows hit record streak
Bitcoin briefly fell below $60,000 last weekend for the first time since 2024, capping crypto’s worst week since October 2024. Spot bitcoin ETFs recorded thirteen consecutive days of net outflows totalling $4.4 billion — the longest streak on record. Rising tensions between the U.S. and Iran and a stronger dollar weighed on risk appetite, while roughly $1.6 billion in leveraged positions were liquidated across the market.
A recovery followed later in the week. U.S. core inflation for May came in at 0.2%, lower than feared, and bitcoin bounced back to around $63,000. Analysts point to the $60,000 to $63,000 zone as a key support area. Sentiment remains fragile: the Fear & Greed Index sat at 9, deep in ‘extreme fear’ territory.
Strategy resumes buying, Bitmine makes largest ether purchase of 2026
In late May, Strategy sold bitcoin for the first time since 2022: 32 coins for roughly $2.5 million, meant to cover dividends on preferred stock. The sale sparked widespread unrest around crypto treasury companies, which have built large crypto positions using debt and share issuance. So far none of the major players have run into trouble — on the contrary, they bought the dip. Strategy purchased 1,550 bitcoin for $181 million between June 1 and June 7 and now holds over 845,000 bitcoin.
Bitmine, the world’s largest ethereum treasury company, was buying as well. Tom Lee’s firm acquired 126,971 ether for roughly $207 million at an average of $1,630 per coin — the largest ethereum purchase of 2026. Bitmine now holds about 5.4 million ether, roughly 4.6% of total supply. According to Lee, the price decline does not reflect Ethereum’s strengthening fundamentals.
U.S. House debates seven crypto tax bills
The House Ways and Means Committee held a hearing on June 9 covering seven discussion-draft bills to modernize crypto tax rules. The proposals would let miners and stakers defer taxes until they sell their rewards, instead of paying upon receipt. There is also an exemption for network fees under $10, capped at 5,000 transactions per taxpayer per year.
Other proposals cover extending the wash-sale rule to crypto, treating stablecoins as cash and a voluntary disclosure program. Committee chairman Smith deliberately opted for seven separate bills rather than one omnibus package, making it easier to build coalitions around individual provisions. The hearing exposed a split between Republicans and Democrats, and a deal before the midterms looks unlikely.
BlackRock and Goldman Sachs race to launch bitcoin income ETF
BlackRock filed the final amendment for its iShares Bitcoin Premium Income ETF, set to trade under the ticker BITA. The fund writes call options on shares of BlackRock’s existing spot bitcoin ETF IBIT and pays out the collected premiums as income. At 0.65%, BlackRock undercuts existing covered-call products, which typically charge 0.95% to 0.99%.
Goldman Sachs is working on a similar product and is targeting a launch around July 1. Notably, Goldman will simultaneously act as clearing agent for the options transactions of BlackRock’s fund. Covered-call strategies generate premium income in sideways markets but cap the upside during strong rallies.
In other digital assets news
- FTX founder Sam Bankman-Fried filed a formal pardon request with President Trump. He is serving a 25-year sentence for defrauding millions of FTX customers. Trump previously said he was not considering a pardon.
- Circle officially launched its wrapped bitcoin product cirBTC on Ethereum, making bitcoin usable in DeFi applications on the network.
- Kraken has been named the official crypto exchange of the FIFA World Cup 2026.
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