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Bitcoin
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Affairs
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No. 014 · 9 Jun 2026
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MARKET SNAPSHOT
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BTC / USD
$61,699
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24H CHANGE
-3.6%
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ALL-TIME HIGH
$124,749
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FROM ATH
-50.5%
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Bitcoin slipped back under $63,000 on June 9 after Monday's rebound, with analysts telling The Block the market has entered a structural distribution phase. The takeaway is that rallies are still being sold into, suggesting conviction has not yet returned despite last week's washout.
The UK's Financial Conduct Authority has proposed allowing authorized funds to allocate up to 10% of scheme property to crypto ETNs. If adopted, the change would widen regulated access to listed bitcoin and ether products in Britain without fully opening the door to direct crypto holdings.
CoinDesk reported that Arca's Jeff Dorman argues last week's bitcoin slide was driven by fears Strategy may need recurring BTC sales to fund preferred-share dividends, not by capital rotating into AI. That framing matters because it recasts the drawdown as a bitcoin-specific supply overhang rather than a pure macro liquidity story.
The Block, citing Nikkei, reported that SBI Shinsei Bank plans to launch a crypto rewards program for deposit customers this fall. The move would push bitcoin, ether and XRP-linked incentives further into mainstream Japanese banking and blur the line between deposits and digital-asset exposure.
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≡
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COMMENTARY
VOICE FROM THE NETWORK
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📊 INSIGHT: Bitcoin is just 51% below its ATH, a smaller drawdown than in previous cycles, per CryptoQuant analyst Maartunn. https://t.co/YN0GdjViwY
67 reposts 77 replies 266 likes
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🚨 UPDATE: Circle's cirBTC is now live on Ethereum, bringing 1:1 BTC-backed collateral to institutional DeFi markets. https://t.co/U29CSB7HvN
71 reposts 51 replies 256 likes
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🚨 INSIGHT: Bitcoin demand has fallen to one of its weakest levels since 2019, per CryptoQuant analyst MorenoDV_. https://t.co/f1n9WJqV6Y
39 reposts 62 replies 178 likes
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Except for the peak, $BTC had 3 lower highs last cycle.
So far, we have seen only 2 while the bottom is still not in based on the 4-year cycle.
A bottom scenario could be another lower high by Q3 followed by a dump to $50,000.
After that, BTC will most likely pump above $100,000.
114 reposts 145 replies 730 likes
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