Decentralized finance (DeFi) protocols recorded 88 hacking incidents in Q2 2026, resulting in total disclosed losses of $780.3 million. According to quarterly data, April 2026 was the most volatile month, accounting for $644.8 million of the total damage. The report highlights that bridge-related exploits caused $353.4 million in losses, while vulnerabilities in protocol logic led to $735.8 million in damages. This trend indicates a shift from isolated exploits to systemic threats across multi-chain and multi-layer infrastructure, including oracles and signing systems. Consequently, security risks are increasingly viewed as an implicit liquidity tax that dictates capital routing and insurance premiums. While the data underscores significant financial impact across the sector, no specific tokens were identified in the report.

Strategy sold $1.2 billion worth of $MSTR stock last week and did not buy any Bitcoin. The company's total Bitcoin holdings remain at 847,363 $BTC.

U.S.-listed spot Bitcoin (BTC) ETFs recorded $4.06 billion in net outflows this month, marking the largest monthly redemption on record. The figure surpasses the prior peak of $3.56 billion, set in February 2025.

Bitcoin is holding a critical technical support level as selling pressure rises across U.S. spot Bitcoin exchange-traded funds. Analysts noted that U.S. spot ETFs recorded roughly $1.8 billion in net outflows over the past week, weighing on sentiment and adding to near-term volatility. The market is also contending with growing expectations that the Federal Reserve could raise interest rates again, a shift that typically tightens financial conditions and reduces risk appetite. With ETF flows deteriorating and rate-hike bets increasing, analysts said Bitcoin's ability to defend this support zone is becoming a key near-term signal for traders.

Grayscale's head of research, Zach Pandl, said Strategy could bolster market confidence by selling more than $3 billion worth of Bitcoin to meet most of its cash obligations over the next two years, as investor scrutiny intensifies around the firm's balance sheet and preferred-share structure. Pandl said he expects Strategy to lift the dividend rate on STRC by 50 basis points. He added that doing so would increase obligations by roughly $100 million over two years and "probably does not help market confidence." His comments came as STRC traded well below its $100 par value and Bitcoin probed the $59,000–$60,000 support area. Pandl argued a Bitcoin sale exceeding $3 billion could cover nearly all cash obligations due in the next two years, and may prove more effective than boosting STRC's dividend while the preferred continues to trade at a discount. Strategy's annual preferred dividend obligations are about $1.2 billion, largely tied to STRC and other preferred instruments. STRC is structured to trade near its $100 reference price, but it fell to as low as $71.25 on Friday, about 29% below par. In its latest 8-K filing, Strategy said it increased its U.S. dollar reserve by $300 million to $1.4 billion. CryptoQuant estimated that reserve provides about 14 months of dividend coverage, down from a cushion that once exceeded seven years. CryptoQuant also urged Strategy to pause Bitcoin purchases and rebuild cash, noting cash reserves have fallen 38% in 2026 and that investors are paying closer attention to the company's capital structure. Galaxy Digital CEO Mike Novogratz linked Bitcoin's recent slide to what he described as "a MicroStrategyled breakdown in confidence around that complex," adding that it is contributing to a broader confidence issue for Bitcoin. He also cited hawkish U.S. monetary policy and softer crypto sentiment. Novogratz said Strategy's sale of 32 BTC dented the longstanding belief the firm would never sell. The sale occurred between May 26 and May 31 at an average price of about $77,135 per BTC. While small relative to total holdings, it marked Strategy's first Bitcoin sale since December 2022. Strategy holds 847,363 BTC, according to a StrategyTracker chart shared by Michael Saylor. The chart valued the position at $50.88 billion as of June 28, 2026, and showed an average cost of $75,653 per BTC across 113 purchase events. Novogratz warned that a decisive break below the $59,000–$60,000 zone could open a move toward $45,000. That remains a market forecast rather than a confirmed outcome and depends on whether selling pressure persists. Against that backdrop, Strategy's enterprise multiple to net asset value (mNAV) has fallen below 1.0 for the first time, implying the equity market is valuing the company at less than the spot value of the Bitcoin on its balance sheet. The shift matters because Strategy's model has relied on issuing equity or preferred shares at favorable levels to fund additional Bitcoin purchases. When MSTR and STRC trade weakly, those financing channels become harder to use without diluting shareholders or adding obligations. MSTR closed Friday at $82.31, down 26.86% for the week. The stock is also off more than 45% year to date, while Bitcoin has traded near 20-month lows around $59,000. Strategy still bought 520 BTC for $34.9 million between June 15 and June 21. Saylor posted "We're gonna need more charts," alongside the StrategyTracker data, signaling continued emphasis on the company's Bitcoin treasury strategy. CryptoQuant said Strategy is not required to sell Bitcoin to support STRC, pointing to alternatives such as raising the current 11.5% dividend yield. Pandl countered that a higher dividend may fail to restore confidence if investors remain focused on cash coverage and preferred obligations. Bitcoin advocate Samson Mow said STRC has a "self-repairing mechanism" because Strategy halts new at-the-market issuance when the stock trades below $100, while the lower price increases the effective yield for new buyers. He said that dynamic could attract demand and gradually move STRC closer to par. Ripple CEO Brad Garlinghouse also criticized Strategy's Bitcoin financing approach last week. He said he remains bullish on Bitcoin but argued that Saylor's preferred-stock model has weighed on the broader crypto market as STRC fell to record lows.

THE BLOCK: Bitcoin is holding close to the $60,000 mark after another punishing week. U.S. spot bitcoin:native ETFs recorded net outflows of $1.79 billion from June 22 to June 26, one of the largest weekly totals on record. Markets are pricing in at least one additional Federal Reserve rate hike, and analysts say options traders are increasingly positioning with put buying.

BlackRock transferred 7,432 BTC—worth about $446 million—to Coinbase Prime. The transaction marks the firm's largest single-day net Bitcoin outflow to date.

More than 550,000 BTC were transferred to exchange deposit addresses tied to Binance and OKX as Bitcoin revisited the $60,000 level, according to CryptoQuant analyst @Darkfost_Coc. The analyst said over 220,000 BTC moved to Binance-linked deposit addresses, while about 330,000 BTC was sent to OKX deposit addresses. CryptoQuant described the surge as the largest such inflow activity since the 2023 bear market. Elevated transfers to exchange deposit addresses can point to rising potential sell-side pressure, though these movements do not necessarily mean the coins have been sold.