Crypto stocks close lower as MSTR drops 9% and COIN falls 5%
Crypto-linked stocks ended broadly lower at the U.S. closing bell as Bitcoin remained below $60,000 and risk sentiment weakened across digital-asset markets.
Strategy led the decline among major crypto names, with MSTR falling 9.35% to $85.33. Coinbase also dropped 5.06% to $142.52, while Robinhood fell 4.28% to $93.03.
Bitcoin mining and treasury-linked names also came under pressure. IREN slipped 5.09%, Bitmine fell 4.99%, Cipher Mining lost 4.35%, and TeraWulf dropped 4.25%.
Circle shares declined 4.41% to $67.85, extending the negative tone across stablecoin and exchange-linked equities.
The move shows that the selloff was not limited to tokens. Publicly traded crypto firms also came under pressure as BTC, ETH and XRP traded near key support levels.
Kraken weighs $71M Aave deal at $385M valuation
Kraken is reportedly in talks to acquire a 15% stake in DeFi lending protocol Aave at a $385 million valuation, according to a report citing people familiar with the matter.
The proposed deal would see Kraken invest 35,000 ETH in exchange for 250,000 AAVE tokens and a 15% common equity stake in Aave Group. The transaction is said to be worth about $71 million.
The talks come as Aave continues to rebuild after April’s KelpDAO exploit triggered a major liquidity shock across DeFi. Aave’s own smart contracts were not hacked, but the fallout caused billions of dollars in withdrawals after bad debt concerns spread through the lending market.
The move would also fit Kraken parent Payward’s broader acquisition push as the firm expands beyond spot crypto trading.
Strategy’s STRC falls 24% below $100 as Bitcoin funding risks grow
Strategy’s preferred stock STRC fell to a record low of $78.96, trading more than 24% below its intended $100 par value as Bitcoin remained under pressure below $60,000.
Strategy uses STRC as one of its funding tools to raise capital for future Bitcoin purchases, when STRC trades far below $100, new share sales become less efficient, forcing the company to issue more stock to raise the same amount of cash.
Strategy currently holds 846,842 BTC at an average purchase price of $75,656 per Bitcoin. With BTC trading below that level, investors are watching whether the company can maintain its Bitcoin accumulation strategy without adding more pressure to its capital structure.
CryptoQuant has also warned that Strategy’s cash reserves have fallen roughly 38% since the start of 2026, while dividend coverage has dropped from more than seven years to about 14 months.
XRP risks drop below $1
XRP traded near $1.02 at the time of writing, leaving the token close to a possible break below the $1 level as selling pressure spread across major cryptocurrencies.
The token is down 9.38% over the past week, with its market cap near $63.85 billion. Trading volume rose to $2.44 billion over 24 hours, showing that the latest decline came with stronger market activity.
Despite the weak price action, on-chain data shows a possible silver lining. XRP supply on exchanges has continued to shrink, with Binance’s XRP reserve falling to about 2.68 billion tokens on June 25 from 2.78 billion on May 12.
Withdrawals have also exceeded deposits on Binance for seven straight days since June 17. The seven-day withdrawal share rose to 53.8% on June 23, its highest level since June 2024.
Other major exchanges also saw smaller declines in XRP balances. Upbit’s reserve fell to 2.48 billion XRP from 2.51 billion, while Bybit’s holdings dropped to 82 million XRP from 92 million earlier this month.
The data suggests some holders may be moving XRP off exchanges even as the token trades near its weakest level of the year. Traders are now watching whether XRP can defend the $1 support zone or slide into the next demand area below it.
Ethereum slips under $1.6K as ETF outflows continue
Ethereum fell below the $1,600 level, trading around $1,559 at the time of writing, as the broader crypto market remained under pressure.
ETH is now down 7.27% over the past week, with its market cap near $188.24 billion. Trading activity increased sharply, with 24-hour volume rising to $16.54 billion, showing that the latest move came with stronger market participation.
The weakness also showed up in U.S. spot Ethereum ETF flows. The funds recorded $30.3 million in net outflows on June 24, extending a choppy stretch for ETH-linked institutional demand.
BlackRock’s ETHA saw $8.1 million in outflows, while Fidelity’s FETH lost $15.7 million. Grayscale’s ETH fund also posted $6.5 million in withdrawals.
Ethereum has now lost the $1,600 mark, leaving traders focused on whether buyers can defend the next support zone or whether the selloff deepens alongside Bitcoin’s move below $60,000.
Spot Bitcoin ETF outflows hit $469M as IBIT leads redemptions
U.S. spot Bitcoin ETFs recorded $469 million in net outflows on June 24, adding more pressure to Bitcoin as the asset traded below $60,000.
According to Farside, BlackRock’s IBIT saw the largest outflow at $239.3 million, followed by Fidelity’s FBTC with $120.8 million. Bitwise’s BITB lost $27.5 million, while Ark 21Shares’ ARKB saw $50.7 million in withdrawals.
Grayscale’s GBTC also posted $54.3 million in outflows. The only major positive flow in the table came from Grayscale’s BTC fund, which added $23.6 million.
The latest move extends a weak stretch for Bitcoin ETF demand. The table shows three straight negative trading days from June 22 to June 24, with combined net outflows of about $651.1 million.
Cumulative net inflows across spot Bitcoin ETFs still stand at $52.79 billion, but the recent redemptions show institutional demand has cooled as Bitcoin struggles to reclaim the $60,000 level.
Bitcoin falls below $60K as inflation data adds pressure
Bitcoin slipped below the key $60,000 level, trading around $59,444 at the time of writing, as selling pressure deepened across the crypto market.
The move leaves BTC down 5.08% over the past week, with its market cap near $1.19 trillion. Trading activity also picked up, with 24-hour volume rising to $43.29 billion, according to CoinMarketCap data.
The drop triggered a sharp liquidation wave in Bitcoin futures. BTC-tracked liquidations reached $478.34 million over 24 hours, with long positions accounting for $338.39 million and shorts making up $139.95 million.
The decline came shortly after the release of the latest U.S. inflation figures. According to the U.S. Bureau of Economic Analysis, the PCE price index rose 4.1% year over year in May, up from 3.8% in April. On a monthly basis, headline PCE increased 0.4%.
Even though the figures came slightly below what economists expected, inflation remains more than double the Federal Reserve’s 2% target. That matters for crypto because sticky inflation can make it harder for the central bank to lower interest rates.
When traders expect rates to stay higher for longer, risk assets such as Bitcoin and broader cryptocurrencies often come under pressure.
The report also showed that the U.S. economy remains relatively strong. Personal income increased 0.7% in May, while consumer spending rose 0.3%. First-quarter economic growth was also revised higher to 2.1%.
The data points to economic resilience, but it also supports the view that the Federal Reserve may not rush to ease monetary policy. Traders are now watching whether Bitcoin can reclaim $60,000 or extend losses toward the next support zone.
