Bitcoin slipped 2.5% over the past 24 hours, settling just under the $62,400 mark, while investors closely watched the cryptocurrency’s price trajectory.
Broad Market Decline
The CoinDesk 20 Index recorded a 3.3% drop, pulling down major assets such as ether, XRP and solana. Meanwhile, the CoinDesk Smart Contract Platform Select Capped Index fell 4%, and the broader CoinDesk 80 and DeFi Select indices mirrored the downward trend.
Strategic Holdings Under Scrutiny
Strategy (MSTR), the Bitcoin treasury firm led by Michael Saylor, remains a focal point as its dividend‑paying preferred stock, STRC, fell below par value. Analysts at Marex argued that the company, the largest listed BTC holder, may need to liquidate coins to sustain its capital structure, especially after five consecutive months of Bitcoin trading beneath its estimated $78,000 production cost, pressuring weaker miners.
Derivatives Activity After Fed Signal
Following Wednesday’s hawkish Federal Reserve announcement, the market saw more than $450 million in leveraged long positions liquidated, signaling a continued bleed for bullish traders. Open interest in Bitcoin and ether futures stayed relatively stable, while solana futures open interest rose to over 70 million tokens, approaching the June 5 record of 71.57 million.