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ETF flows, not Strategy’s sale, remain key bitcoin driver: Citi

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ETF flows, not Strategy's sale, remain key bitcoin driver: Citi

Strategy’s (MSTR) recent bitcoin BTC$66,694.02 sale has had an outsized impact on market sentiment, but Wall Street bank Citi says spot bitcoin exchange-traded fund (ETF) flows are the primary driver of BTC prices.

Markets were rattled after Strategy disclosed the sale of a small portion of its bitcoin holdings, marking a rare departure from Executive Chairman Michael Saylor’s long-standing “buy and hold” approach. The largest cryptocurrency has slumped 9% since Sunday and earlier Wednesday dropped to the lowest since March.

The sale should not have been a surprise, the bank said. Executive Chairman Michael Saylor mentioned plans to dispose of certain tax-disadvantaged bitcoin holdings as part of a portfolio optimization effort during its first-quarter earnings call. A bigger issue is the lack of investor demand.

“Recent flows have been negative, and the chances for the passage of a U.S. market structure bill (a potential catalyst for renewed investor interest in our view) are diminishing,” analyst Alex Saunders wrote in the Tuesday report.

Saunders said spot bitcoin exchange-traded fund (ETF) flows remain the primary driver of BTC prices, estimating they account for about 45% of weekly return variation. The ETFs have experienced a record 11 straight days of net outflows, which, he said, signals a broader lack of investor demand for the cryptocurrency.

The report also warned that the chances of a U.S. crypto market structure bill passing this year appeared to be declining, reducing the likelihood of a near-term catalyst for fresh investor inflows.

Combined with bitcoin’s underperformance relative to equities, the fading legislative outlook is likely to keep sentiment muted absent regulatory progress or renewed concerns about fiscal sustainability, the report added.

Read more: Bitcoin faces outsized quantum threat as computing breakthroughs accelerate, Citi says

UPDATE (June 3, 14:10 UTC): Adds BTC performance this week, ETF outflow streak record)



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Henkell Freixenet in talks to buy majority of Maison Pommery

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Henkell Freixenet in talks to buy majority of Maison Pommery


Henkell Freixenet is in talks to acquire a majority stake in French Champagne producer Maison Pommery & Associés.

A statement from Maison Pommery yesterday (2 June) confirmed it had started talks with Henkell International, a subsidiary of Henkell Freixenet.

The talks, which will go on for two months, are over “a proposed strategic combination” that would see Henkell Freixenet take a majority stake in the French wine group.

Maison Pommery said the “proposed partnership between two family-owned groups would create a global player in sparkling wine”.

The group’s board has formed an ad hoc committee made up mostly of independent directors to monitor the talks. It added that there is no guarantee that the talks will bring about a deal.

The talks are subject to due diligence, final contracts, consultations, and regulatory approvals, Maison Pommery added.

The group also noted that it “will continue its activities in the ordinary course of business”.

Henkell Freixenet declined to comment further on the news when approached by Just Drinks, “due to confidentiality considerations”.

Maison Pommery operates in France’s Champagne, Provence, Camargue regions, as well as the Douro Valley in Portugal.

In the group’s results for last year, issued in March, Maison Pommery, formerly called Vranken-Pommery Monopole, saw consolidated revenue drop 3.6% to €293.2m ($340.4m).

Net income surged 3752% to €31.9m, attributed to the disposal of Heidsieck & Co Monopole last year to Lanson-BCC.

Operating income also jumped 83% to €64.1m, driven by a €44.3m net capital gain from the Heidsieck & Co Monopole sale as well as “controlled business activity in a challenging 2025 market environment”.

However, by the end of last year the group had also booked net financial debt of €754.4m, a €3.9m reduction on the year prior.

Meanwhile, Henkell Freixenet recorded 2025 net revenue of €1.25bn, up 0.5% year-over-year. Western Europe led the surge, accounting for 32% of total sales.

Growth was driven by Prosecco, Crémant, Aperitivo, and non-alcoholic segments despite a market that the German company described as “challenging”.

“Henkell Freixenet in talks to buy majority of Maison Pommery” was originally created and published by Just Drinks, a GlobalData owned brand.

 


The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.



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Bitcoin falls to lowest Power Law valuation zone since FTX collapse

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Bitcoin falls to lowest Power Law valuation zone since FTX collapse

After briefly falling below $66,000 on Wednesday, bitcoin BTC$66,946.93 is trading near the bottom of the Power Law corridor, a level that has historically come shortly before rebounds in the price of the largest cryptocurrency.

The model, popularized by physicist Giovanni Santostasi and refined by Porkopolis Economics, plots bitcoin’s price against time on a logarithmic scale and suggests that growth slows naturally as the network matures. It has tracked bitcoin’s price trajectory for more than a decade.

Unlike traditional cycle-based models that focus on the rate at which new bitcoin is created — it’s cut by 50% roughly every four years — the Power Law argues that bitcoin follows a long-term mathematical trend similar to patterns observed in nature, where growth decelerates over time.

According to checkonchain data, the Power Law Oscillator shows that when measured against the model, bitcoin has been more expensive than it is today for roughly 95.6% of its trading history.

Previous visits to these levels have coincided with periods of extreme market stress, including the March 2020 pandemic-driven selloff and the collapse of crypto exchange FTX in November 2022. Both events pushed bitcoin toward the lower edge of the model before significant recoveries followed.

While the Power Law offers no guarantee the floor will hold again, long-term investors view the current reading as a sign that bitcoin is trading near one of its deepest historical discounts relative to trend.



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What Smart People Are Saying About CBS News Firing Scott Pelley

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What Smart People Are Saying About CBS News Firing Scott Pelley


Scott Pelley, the veteran “60 Minutes” correspondent, was fired from CBS News on Tuesday.

It comes after Pelley condemned the broadcaster’s editor in chief, Bari Weiss, at a heated staff meeting on Monday, according to audio obtained by Status and The New York Times.

He accused her of “murdering” the iconic program. “She was brought in to kill it, and she’s doing exactly that,” Pelley said in the recording.

A day later, the show’s executive producer, Nick Bilton, wrote to Pelley to inform him that he had been terminated.

“Your antipathy to the future of the show has come through loud and clear,” Bilton wrote in a lengthy memo seen by Business Insider’s James Faris.

Here’s what smart people in media and politics are saying about the decision and its impact on “60 Minutes.”

Megyn Kelly, host of “The Megyn Kelly Show”

Megyn Kelly said Bilton’s memo was too long.

Gary Gershoff/Getty Images

The former Fox News anchor criticized the length and tone of Bilton’s memo to Pelley.

“‘Dear Mr. Pelley: You’re fired, effective immediately’ would have been far more impactful and less needy,” Kelly wrote in an X post on Tuesday evening.

Ashlee Vance, science and tech journalist and Elon Musk biographer


Ashlee Vance attends HBO's

Ashlee Vance said that “everything is going to be just fine,” at CBS.

John Lamparski/Getty Images

Ashlee Vance, the former Bloomberg reporter known for his biography of Elon Musk, was unconcerned about Pelley’s departure.

“The heart and soul of 60 Minutes has been feeling dated for 20 years,” he said on X. “Everything is going to be just fine and likely better.”

T. Becket Adams, columnist and media critic

T. Becket Adams, who writes for publications including The Hill, suggested it was “almost weird” when star journalists face repercussions for their actions.

“Rare when management in media acts the way normal people expect it to,” he said in an X post.

“No manager would tolerate this type of behavior at a Walmart all-hands meeting, yet we’ve become accustomed to rank unprofessionalism in journalism.”

John Jackson, commentator and military veteran

John Jackson is a commentator and military veteran who says he fought in Ukraine.

In an X post, he said he admired Pelley and praised the importance of his reporting on Izium, a Ukrainian city on the front lines of the war with Russia.

“I like to think after seeing Ukrainians and their resolve, it was even harder to bend the knee to Trump and sacrifice his principles,” Jackson wrote.

Katie Miller, host of “The Katie Miller Podcast”


Katie Miller at the 2026 White House Correspondents' Association Dinner held at the Washington Hilton on April 25, 2026 in Washington, D.C.

Katie Miller has led comms for Mike Pence and the Department of Government Efficiency.

Kristina Bumphrey/Variety via Getty Images

Katie Miller worked as Mike Pence’s communications director during his vice presidency and for the Department of Government Efficiency.

“Scott Pelley greatly overplayed his hand,” she said in an X post.

“There isn’t a market for his type of $5 million a year biased journalism. This is what happens when you work to become the story instead of report on it.”

Mitchell Jackson, founder of BCC Communications

“60 Minutes viewers are boomers who like their consistent Sunday evening programming,” said Mitchell Jackson, a public relations consultant and strategist, known for representing divisive figures such as Candace Owens.

“This will impact ratings.”

“Bari Weiss and company cannot manage — or handle PR. Firing him for cause promises a monthslong fight,” he added, calling the situation a “mess.”

Tim Miller, host of “The Bulwark” Podcast

Tim Miller, who was prominent in Jeb Bush’s 2016 presidential campaign, said on X that “60 Minutes” doesn’t “really have another Pelley in the pipeline talent-wise.”

“Survival on reputation and ticking clock nostalgia has its limits,” said Miller, who now works for anti-Trump site The Bulwark.

Miller said the show can only have so many “mid” interviews with the likes of Benjamin Netanyahu and Pete Hegseth, “before it turns into a Sunday morning show.”

The Bulwark is a news and politics website that is often critical of President Donald Trump.





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Why ONDO Finance’s 22% rebound doesn’t confirm a trend reversal yet

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moneyvests
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Why ONDO Finance's 22% rebound doesn't confirm a trend reversal yet


Towards the end of May, Ondo Finance [ONDO] token prices plunged 24.59% in just under six days, from $0.452 to $0.341. Since this plunge, the altcoin has witnessed a miniature resurgence.

It has gained 22.6% in four days and was up 18% in the previous 24 hours as of writing. The resurgence came from a technically important spot and has cleared another key short-term resistance as well.

Like other altcoins showing strength against Bitcoin [BTC] and the broader crypto market, Ondo Finance now faces a key question: is this move sustainable?

The price action charts can help them navigate the ONDO markets in the coming days and weeks.

The higher timeframe downtrend was still in place

Ondo 1-week Chart
Source: ONDO/USD on TradingView

The weekly chart showed a coin far from its all-time high of $2.14 from December 2024. Despite Bitcoin setting new highs in 2025, most altcoins were unable to follow, and the Ondo Finance token was among them.

This weakness was compounded by the October crash, which drove the price below  the $0.60-$0.70 former demand zone. The recovery in recent weeks has not challenged this area.

Ondo 1-day ChartOndo 1-day Chart
Source: ONDO/USD on TradingView

ONDO has not even breached the lower high set at $0.47 during the January 2026 relief rally. However, the buyers showed an obstinacy at the $0.33 support level in May that gives some hope to the bullish market participants.

Though the swing structure remained bearish on the weekly and daily charts, this obstinacy could be the light at the end of the tunnel.

Ondo traders’ call to action: Respect the range

Ondo 4-hour ChartOndo 4-hour Chart
Source: ONDO/USD on TradingView

Yes, the $0.33 level has been defended over the past month. However, the established range between $0.33 and $0.45 from the second week of May has not been dismantled yet.

ONDO has climbed back above the mid-range resistance at $0.396, and the OBV made new local highs. The RSI was pushing higher, too, reflecting bullish momentum recently.

Traders can use a retest of the $0.39 mid-range level to go long. Invalidation of this idea would be a drop back below the $0.375 short-term support.

On the higher timeframes, investors will want to see the $0.47 level reclaimed. A move beyond the $0.60-$0.70 supply zone would be a strong sign of an ONDO resurgence.

Until these scenarios come about, traders and holders can use rallies to take profits and await retracements or even the long-term bearish trend’s continuation.

Final Summary

  • The Ondo short-term price trends were worth a closer examination as profitable trading opportunities.
  • Despite the uptick in demand recently, unless key higher timeframe levels are reclaimed, holders would do well to use the rallies to take profits.



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J.C. Flowers buys French banking arm of Monte Paschi

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moneyvests
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J.C. Flowers buys French banking arm of Monte Paschi


J.C. Flowers has acquired French banking arm of Monte Paschi Banque, for an undisclosed sum.

The bank had operated as the French unit of Monte dei Paschi di Siena and is due to adopt a new name.

From its locations in Paris, Marseille, Nice, Lyon and southern France, the lender plans to work with independent financial advisers to reach clients through products including mortgages, Lombard loans, other forms of asset-backed lending and deposit accounts.

It also plans to build on its current client base, with a focus on property owners and entrepreneurs, while widening its range of tailored products with specialised working capital services for the French market.

Michele Antognoli has been appointed chief executive of the new organisation.

He previously led BFF Spain, part of BFF Banking Group, and has experience in retail banking as well as entrepreneurial roles.

Garo Filibosoglu will take the roles of deputy chief executive and chief commercial officer, with responsibility for business development.

He previously sat on the management board of Crédit Foncier et Communal d’Alsace et Lorraine (CFCAL).

Howard Davies has been named chairman of the board.

He previously chaired NatWest Group and the UK Financial Services Authority and also serves as chairman of Inigo Ltd and Qivalis NV.

J.C. Flowers operating partner Ilinca Rosetti said: “J.C. Flowers is proud to be one of the few firms that has the operational and sector-specific skills, backed by a proven track record, to undertake a broad transformational bank turnaround that will reposition the Bank in the French market.

“We look forward to working with all the Bank’s personnel to develop new clientele and to broaden its product offerings to address the needs of today’s customers.”

J.C. Flowers has previously worked on financial institution carve-outs including First Bank in Romania, HCOB in Germany and Fidea in Belgium.

Rosetti will join the board as a director alongside Thierry Porté, managing director and vice chairman at J.C. Flowers.

“J.C. Flowers buys French banking arm of Monte Paschi” was originally created and published by Retail Banker International, a GlobalData owned brand.

 


The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.



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Privacy-focused Zcash blockchain has not produced a block for four hours

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moneyvests
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Privacy-focused Zcash blockchain has not produced a block for four hours


The privacy-focused Zcash network completely stopped creating new blocks for more than four hours on Wednesday, a rare and worrying pause for the system.

Think of the blockchain as a ledger that keeps growing as new transactions are added. Each “block” is a new entry in the ledger. So, when the network stops making new blocks, no new transactions can be confirmed. This is like the entire payment system freezing for several hours.

According to Zcash block explorers, the most recent block was number 3,364,601, created at 5:27 AM UTC on June 3. After that, no new blocks appeared for over four hours. Normally, Zcash adds a new block roughly every 75 seconds (just over a minute).

(ZCash Block Explorer)

Zcash’s native token ZEC has surged 8% over the past week, according to CoinDesk data, bucking the broader market weakness. The token has gained 46% in the last month.

For crypto investors, this event is a reminder that even well-known cryptocurrencies can run into technical hiccups. Zcash has not made a public statement on the issue.



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