As June draws to an end, the entire encryption market is under pressure. Bitcoin has dropped by about 18 per cent this month, approaching the $60 million mark several times, or recording the worst single month of performance since June 2022. At the same time, the largest single-month net outflow since the introduction of the United States-based Bitcoin ETF became one of the main signals in this round.

The vulnerability of bitcoin is not only reflected in the monthly zone. In the second quarter, the cumulative decline in bitcoin, by the data in the text, was about 10 per cent, which, if confirmed, would be the third consecutive quarter. This situation, which has not been widespread since 2022, also shows that at the beginning of the year market expectations for sustained institutional entry did not materialize.

ETF, two months, almost $6.5 billion.

SoSoValue data show that the US spot bitcoin ETF recorded about $4.060 billion in net outflows in June, higher than the $3.56 billion peak in February 2025, making it the largest monthly buyout since it came on the market in January 2024.

In May, such products also showed a net outflow of about US$ 24.33 billion. Two months in total, the scale of outflows was close to $6.5 billion. The cumulative net outflow of bitcoin ETF by article in the first half of 2026 was about $5 billion. The continued outflow of ETF funds coincided with the recent fall in prices of bitcoin, reflecting a marked decline in institutional demand.

  • Net outflows in June
  • Net outflows in May
  • Cumulative net outflow in the first half of the year was about $5 billion

Strategy Adjusting Funding Arrangements

During the down-price period, Strategy introduced a new digital credit capital framework to increase financial flexibility while maintaining a long-term bitcoin allocation strategy. According to the disclosure, this arrangement allows companies to sell bitcoin to a limited extent to pay dividends, replenish cash reserves, buy back securities and fulfil obligations.

According to the article, Strategy can sell up to $1.25 billion bitcoin. By taking into account existing reserves, the company has at its disposal approximately $3.8 billion, sufficient to cover approximately 26 months of related obligations. Michael Saylor, Chairman of the company, also stated that the company would be careful to use the stock distribution tool when MSTR stock prices were close to or close to 1 mNAV.

Strategy also failed to disclose new bitcoin purchases. It currently holds 847,363 BTCs, with a total acquisition cost of approximately $64.1 billion and an average purchase price of $75,651. The article also mentioned that the company had a net increase of 3,625 BTCs in June and financed $1.150 billion through the sale of MSTR shares.

Solana, it's getting stronger.

Unlike the general pressure on big disks, Solana has increased by more than 6 per cent over the past 24 hours, claiming that its price is back above $75, becoming one of the few main encrypted assets that has gone against.

Supporting factors arise mainly from chain activities. According to the article, Solana had just recorded the highest number of transactions in monetized shares, with a value of $1.36 billion, or approximately 96 per cent of all block chain networks. At the same time, the Solana Ecology dApp has generated more than $20 million in revenues over the past week, reaching 16 weeks of height, indicating that its chain usage remains high.

Overall, the current market is marked by the double pressure on Bitcoin to recoup prices with ETF, while on the other hand, part of the public chain remains relatively strong with specific business data and financial performance continues to be fragmented.