Bitcoin $4.4 billion supply overhang emerges as institutional demand wilts

Crypto Daybook Americas Bitcoin $4.4 billion supply overhang emerges as institutional demand wilts Your day-ahead look for June 30, 2026 By Omkar Godbole | Edited by Sheldon Reback Jun 30, 2026, 11:18 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on Newly minted bitcoin are contributing to a $4.4 billion supply overhang. (lmstockwork/Shutterstock) Summary Show This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. Though BTC has recently stabilized around $60,000, the prospects for a meaningful recovery remain bleak because institutional demand is falling significantly short of soaking up supply. The latest chart by Glassnode shows that bitcoin exchange-traded funds (ETFs) have sold off 71,600 BTC, worth over $4 billion, this month, the largest redemption on record. Meanwhile, corporate treasuries, or digital asset treasury firms, have snapped up just 7,500 BTC. Add to that the fresh coins mined each day, and the net figure comes to around -77,000 BTC ($4.4 billion). In other words, more supply is hitting the market than the biggest players are absorbing, creating what analysts call a "supply overhang." Big-money vehicles are actually adding to the selling pressure. Against this backdrop, Strategy (MSTR), the largest bitcoin digital asset company, announced a BTC monetization plan on Monday, authorizing up to $1.25 billion in potential bitcoin sales, mainly to build a $2.55 billion U.S. dollar reserve to cover preferred dividends and interest expenses. These developments suggest that any price bounce is likely to be short-lived, unless those flows flip positive and institutional demand returns. It's a key signal for traders watching whether the recovery has real fuel or is just temporary. What looks like an lopsided bullish dollar positioning in the FX market is the only factor supporting BTC right now. Stay alert! Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's " Crypto Week Ahead ." What’s trending UK to lower stablecoin capital buffers, undercutting EU's MiCA requirements (CoinDesk): The U.K.'s financial services regulator cut the amount of financial backing stablecoin issuers need to set aside to 1% of the total value of their stablecoins issued. It was previously 2%. Bitcoin's correlation with dollar-yen rate hits -0.90, undercutting 'carry trade' theory (CoinDesk): The 52-week rolling correlation coefficient between bitcoin's price in dollars on Coinbase and the dollar-yen pair from currency markets has dropped to -0.90, the most negative reading since late 2022. Oil set for steepest quarterly loss since 2020 as traders focus on US-Iran talks (Reuters): Oil prices are heading for their ‌biggest quarterly loss since early 2020, with investors eyeing potential U.S.-Iran talks amid a strained interim ceasefire. SEC wins $5.5 million default judgment over alleged fake crypto platform NanoBit (CoinDesk): A federal judge in New York entered a $5.5 million default ruling against NanoBit Ltd. and five related defendants over an alleged relationship-investment scam. Today’s signal SOL/ETH's daily chart. (TradingView) The chart shows daily swings in the solana-ether (SOL/ETH) ratio since March 2025. The ratio's 50-day simple moving average (SMA) is crossing above the 200-day SMA, confirming what chart analysts call a "golden crossover," a sign of a long-term bullish shift in momentum. The signal indicates that solana might stage a bull run against ether in the coming weeks and months. Crypto Daybook Americas Latest Crypto News 1 Bitcoin nears 2024 lows as options traders pay up for downside protection 31 minutes ago 2 Strategy heads for eleventh losing month in twelve as bitcoin weakness continues 46 minutes ago 3 UK to lower stablecoin capital buffers, undercutting EU's MiCA requirements 1 hour ago 4 SEC wins $5.5 million default judgment over alleged fake crypto platform NanoBit 1 hour ago 5 Bitcoin's correlation with dollar-yen rate hits -0.90, undercutting 'carry trade' theory 4 hours ago 6 Live updates: BlackRock's IBIT sheds $300 million as bitcoin demand dwindles 4 hours ago 7 Dubai set for crypto firm influx as MiCA deadline pushes companies to reassess Europe 4 hours ago 8 XRP holds $1 support as network activity rises and leverage clears out 6 hours ago 9 Ether, solana and dogecoin slide as Strategy's bitcoin sales plan pressures market 6 hours ago 10 Tether trades at 7% to 10% premium in India. 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A weak core PCE reading could trigger snapback.