Bitcoin exchange balances are hitting six-year lows, but some analysts argue this metric is overrated.

As 140,000 Mt. Gox $BTC ($9 billion) prepares for release, debate sparks over its impact on the market. Analyst Matthew Hyland suggests supply fluctuations don’t directly correlate with BTC price, while Samson Mow believes any Mt. Gox sales will likely be OTC, having minimal price impact.

Rapper Drake lost over $1m in Bitcoin betting on the NBA Finals and Stanley Cup, with unsuccessful bets on the Dallas Mavericks and Edmonton Oilers.

On June 25, Bitcoin price briefly dipped below $60k, hitting as low as $58.9k. A few factors for this decline include:

⚫ Mt. Gox Distribution
Mt. Gox announced plans to start distributing 143k BTC to its creditors, creating significant selling pressure and causing market panic.

⚫Miner Sales
In June, miner sales reached a yearly high. Miners sold about 30k BTC worth $1.8bn in the first three weeks of the month.

⚫ Large ETF Outflows
Since June 15, Bitcoin ETFs have seen over $1bn in outflows. ETFs experienced outflows for seven consecutive trading days, and this trend is expected to continue.

⚫Sales by the German Government
Last week, the German Government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken. Today, they transferred a total of 400 BTC to Coinbase and Kraken, worth about $24.34m.

Bitcoin ETFs experienced a $1.3bn outflow over the past two weeks, with Grayscale leading at $517m.

BlackRock was the only fund with positive results, showing a $43m inflow.

Digital asset investment products experienced significant outflows for the second consecutive week, totaling $584m:

⚫️Bitcoin saw $630m in outflows, but short positions also decreased by $1.2m
⚫️Ethereum faced $58m in outflows, reflecting negative sentiment
⚫️Multi-asset products had $98m in inflows, indicating investor interest in altcoins
⚫️The US led with $475m in outflows, while Switzerland and Brazil saw inflows of $39m and $48.5m, respectively

BtcTurk, one of Turkey's largest crypto exchanges, was attacked on June 22, leading to a halt in deposits and withdrawals.

Hot wallets of 10 cryptocurrencies were affected, but cold wallets remain safe.

Additionally, $54m of AVAX was sold today, with the source address linked to a Turkish exchange.

A US judge denied Meta's motion to dismiss a lawsuit from Australia's second-richest billionaire, Andrew Forrest, who alleges the company facilitated crypto scams using his image through deepfakes created by Meta's GenAI tools.

Italy will increase crypto market surveillance with fines up to 5m euros ($5.36m) for insider trading and market manipulation.

The draft decree, set for approval, names the central bank and Consob as overseers, aligning with the EU’s MiCA framework.

Despite limited crypto use in Italy, the country has approved 73 crypto service providers.

Consumers' Research has launched a campaign against Tether, accusing the stablecoin of ties to terrorists, human traffickers, and other criminals. They criticized Tether for refusing audits to verify its reserves and for being used to evade sanctions and fund illicit activities.

Executive Director Will Hild calls Tether a potential "next FTX," citing nearly $20bn in illicit transactions last year.

Despite these allegations, Tether claims all tokens are fully backed and collaborates with the FBI and US Secret Service to block illicit activities.

Yesterday, rumors surfaced about Donald Trump potentially launching his own DJT token on the Solana blockchain. This speculation caused the token's price to surge by 180%.

In response, Arkham swiftly offered a $150,000 reward to identify the person behind the DJT token featuring Trump’s image.

Analysts, including ZachXBT, have since uncovered that the token’s creator is Martin Shkreli, who was released from prison two years ago after serving seven years for financial fraud.

Montenegrin PM Milojko Spajic was revealed as an early investor in Terraform Labs, investing $75,000 in April 2018 to purchase 750k Luna tokens (valued at $14m at its peak).

This contradicts his previous claims of no personal investment in the failed project and could spark new controversy.

FTX victims asked the court to rule that the FTX’s $8bn in forfeited assets belong to customers, not the bankruptcy estate.

They argued that the bankruptcy code prioritizes certain creditors over others, such that holders of FTX’s FTT token are near the bottom of the priority list.

Researchers claim GPT-4 has passed the Turing test, being judged as human 54% of the time in a study where 500 people conversed with various AI models and a human.

Chinese users reported a major account details leak at OKX, indicating a potential insider breach targeting high-value users.

Bitwise released a report predicting that the crypto and AI industries could add a combined $20tr to global GDP by 2030.

The report highlights that Bitcoin miners have all the resources that AI firms need, citing CoreWeave's $1.6bn acquisition of Bitcoin miner Core Scientific at a 55% premium as an example.

Crypto and AI have the potential to intersect in other areas other than mining such as information validation and virtual assistants.

Turkey will introduce transaction taxes on stocks and cryptocurrencies.

Stock transactions will be taxed at 0.01% to 0.03%, while cryptocurrency transactions will incur a 2% service fee.

Previously, Turkey’s Treasury and Finance Minister stated that the government has no plans to tax profits on stocks and cryptocurrency.

The Holograph Operator contract was exploited, allowing the hacker to mint 1bn additional HLG tokens. The team patched the exploit and is locking accounts.

This follows Animoca Brands’ investment to boost Holograph’s cross-chain growth in Web3 gaming.

USD-backed stablecoins dominate the crypto market, accounting for nearly 90% of all crypto transactions relative to the US Dollar.

In 2024, their average weekly volume was $270bn, 70 times higher than Euro-backed stablecoins. Euro-backed stablecoins, though still only 1.1% of transactions, have grown from nearly zero in 2020 to an all-time high.

FlowBank, an online Swiss bank that offered customers exposure to crypto, has been shut down and put into bankruptcy by Switzerland’s financial regulator.

The regulator said the bank no longer has the minimum capital required for its business operations and there are also fears that the bank is over-indebted.

FlowBank, launched in 2020, has strong crypto ties, including a 9% stake purchased by CoinShares for $11.8m in 2021.

US SEC Chairman Gary Gensler reportedly just told Senator Bill Hagerty that he expects the Ethereum spot ETF S-1 to be likely approved by the end of the summer.

The S-1 forms are the second step in a two-step process toward making the spot ETH ETFs go live for trading. The first step was the approval of the 19b-4 forms, which happened in May.