Michael Saylor is blue (Dominic Gwinn/Getty Images)

Strategy reports more than $14 billion unrealized loss as bitcoin remains stuck in tight range

Bitcoin managed to briefly cross $70,000 for the first time in April, but it couldn’t hold the line.

4/6/26 10:50AM

Strategy reported in an 8-K filing today a $14.46 billion unrealized loss in its first quarter, following bitcoin’s descent over the past three months.

This didn’t deter Strategy from stacking more Bitcoin: it also announced acquiring 4,871 bitcoin, bringing its total to 766,970 bitcoin.

Bitcoin briefly crossed $70,000 early Monday morning, its highest level since March 25, but fell back to the $69,000 range shortly after, a level it’s spend a lot of time at lately.

Bitcoin at $69k.. once again.. I feel like it just loves this price point in a 'the most ironic outcome is the most likely' kinda way. Has anyone ever studied which price bitcoin has spent most of its life at? i'd have to think $69k is up there if not #1. pic.twitter.com/PlABMRxzFO
— Eric Balchunas (@EricBalchunas) April 6, 2026

Macro and geopolitical narratives continue to dictate bitcoin’s trajectory.

“BTC continues to function as a residual indicator of risk appetite, consolidating within the 61,000–71,000 range. The inability to break higher reflects the absence of risk capital inflows, while liquidity continues to build on the downside. Any further deterioration in macro conditions or escalation in conflict could trigger concentrated downside releases,” Dean Chen, a Bitunix analyst, told Sherwood News.

Meanwhile, bitcoin ETFs recorded $22.34 million in inflows last week, the smallest weekly inflow on record, according to SoSoValue, reflecting tepid and cautious institutional demand.

Timothy Misir, head of research at Blockhead Research Network, said that with bitcoin trapped in the $60,000 to $70,000 range, “the market is not starved of narratives. It is starved of a clean catalyst.”

Misir said the crypto tape still looks hesitant, and macro pressure remains intense. While events last week, such as the Labor Department proposing wider access to alternatives in 401(k)s and Coinbase’s conditional approval for a national trust company charter, are positive, price action is “less enthusiastic,” he said.

Further down the bearish spectrum, Bloomberg Intelligence analyst Mike McGlone reiterated his prediction that bitcoin would crater to $10,000. This time, however, McGlone added a caveat: the asset could “prove him wrong” by “staying above $75,000,” something that hasn’t happened since mid-March.

On the other hand, some analysts, such as Pratik Kala, portfolio manager and head of research at Apollo Crypto, continue to point to bitcoin’s relative resilience compared to other risk assets since the start of the Middle East conflict, saying the next target is $78,000, which is possible “by end of month.”

“As other markets whipsaw with Trump’s tweets, BTC has been relatively stable and sticky around 68K. It’s also at the 200-week moving average with other technicals indicating sentiment worse than during FTX,” Kala told Sherwood, adding that the confluence of these factors makes bitcoin one of the best risk-adjusted bets for the rest of the year.

“Next target is 78K, which has shown high volumes in the past. 72K by end of week would be great,” Kala said.

Sage D. Young6/16/26

Hyperliquid reclaims all-time high

HYPE, the native token powering perpetuals exchange Hyperliquid and its underlying blockchain, rebounded to reclaim its all-time high previously set at the start of the month.

Treasury firms Hyperliquid Strategies and Hyperion DeFi have also rallied as the token increased double digits in the last 24 hours to trade as high as $76.70, rising past its record price set nearly two weeks ago, according to CoinGecko. In the interim between all-time highs, HYPE pulled back to around $53.

The token has several tailwinds, the first coming from ETF flows. Since their inception in May, HYPE ETFs have yet to record negative weekly outflows, posting a cumulative total net inflow of $171.8 million, per SoSoValue.

The second comes from Hyperliquid spending basically everything it earns in fees to buy HYPE, a mechanism embedded into the protocol’s codebase.

The venue’s buyback funding mechanism is set to add a new source of yield. Validators of the network activated “AQAv2,” which means stablecoin deployers will share about 90% of reserve yield revenue on their supply within the protocol.

Around $6.1 billion of Circle’s USDC resides in Hyperliquid, per DefiLlama. Accrual begins on August 26 and the first payment is made on October 3, the network announced in its Discord channel last week.

A substantial amount of capital is riding on different positions of HYPE. In total, a move down to under $53 would result in the liquidation nearly 1.8 million HYPE worth of leveraged long positions on the on-chain perps venue, or $131.7 million, data from CoinGlass shows. For the upside, a climb above $100 results in the liquidation of more than 3 million worth of leveraged HYPE short positions, or $221.5 million.

HYPE’s rebound to all-time high comes after Michael Selig, chair of the Commodity Futures Trading Commission, defended his agency’s decision to approve regulated perpetuals, or futures contracts without expiration dates, CNBC reported on Monday.

Last month, the CFTC approved bitcoin perpetual futures trading in the US through regulated prediction markets firm Kalshi and an affiliate of centralized exchange Coinbase.

“Perps are highly likely to become lightly regulated and thus approved in the US,” said David Pakman, head of venture investments at CoinFund.

“We expect to see perps for many different types of assets, from commodities to equities,” Pakman told Sherwood News.

Yaël Bizouati-Kennedy

6/16/26

Bitcoin is “caught between flow deterioration and macro relief”

Sage D. Young6/15/26

Crypto market snaps back as sentiment lifts, with altcoins from ethereum to XRP soaring

The market capitalization of the crypto industry has jumped around $83.2 billion in the last 24 hours, with privacy-focused token Zcash and worldcoin, the native cryptocurrency of the network backed by OpenAI CEO Sam Altman, leading market gains, jumping over 22%.

But the last 24 hours have been good across the board:

Ethereum has increased more than 9% to trade above $1,800, amid BitMine Immersion Technologies acquiring $139.2 million worth of ethereum.
XRP and solana have rebounded from multiyear lows, each rising roughly 10%.
HYPE has bounced up 12%.
Dog-based memecoins dogecoin and shiba inu have chased gains of more than 4%.

“Investors have been eager to see some positive signs around the Iranian conflict ending, coupled with hopeful outlooks around the CLARITY act, both breathing some life into assets,” Kairos Research cofounder Ian Unsworth told Sherwood News.

Simon Shockey, a crypto strategist at crypto wallet infrastructure firm Privy, said the upswing stems from several things converging. He pointed to how alt markets broadly were “very oversold” following the bug found in Zcash that shook confidence.

Friday, Zcash founder Zooko Wilcox said Anthropic didn’t find any more serious bugs with the Zcash protocol after Shielded Labs requested the AI firm run a security audit of the network with Mythos.

Shockey added that the pool of willing sellers has dwindled. “Even if structurally, AI is a much more compelling and asymmetric bet in the eyes of allocators, many of these crypto assets have simply run out of marginal sellers despite some shorter-term narrative-driven pumps. The only people left to sell at this point are the teams themselves and VCs.”

“Net-net: oversold conditions plus exhausted seller bases plus a macro backdrop that’s stabilized equals a snapback, especially in names that have real usage or community conviction behind them,” Shockey told Sherwood.

Yaël Bizouati-Kennedy

6/15/26

Bitcoin hits highest level in 2 weeks following news of Iran deal

Bitcoin crossed $66,500 Monday morning as the broad crypto market welcomed the return of a risk-on mood.