Michael Saylor, co-founder of Strategy, the world’s largest publicly listed bitcoin holder, has a new term for Wall Street’s most elite stocks and a congratulatory message for Elon Musk.
Following SpaceX’s historic Nasdaq debut on Friday, the Strategy chairman took to X to congratulate Musk, noting that with SpaceX now public, 25% of what he calls the “Mag8” firms now hold bitcoin on their balance sheets.
“Thanks to you, 25% of the Mag8 now holds bitcoin on the balance sheet,” Saylor wrote.
The Mag8 appears to be Saylor’s expanded version of the widely used Magnificent Seven group, which includes Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta and Tesla. He has added SpaceX as the eighth member following its $1.75 trillion IPO, the largest public offering in history.
Both Tesla and SpaceX, the two Musk-led companies in the group, already held bitcoin on their balance sheets before the IPO.
SpaceX is already the eighth-largest public bitcoin holder, with 18,712 bitcoin on its balance sheet, according to BitcoinTreasuries.net. Tesla, meanwhile, holds 11,509 BTC.
Strategy remains the leader with a coin stash of 845,256 BTC worth over $54 billion.
A divergence in a volatile market can cut both ways.
On the bullish side, if volatility breaks higher, a bear trap could send Bitcoin back above key resistance levels, triggering short squeezes and adding fuel to the FOMO trade. On the flip side, if volatility breaks lower, a deeper correction could trap overexposed longs and reinforce risk-off sentiment across the market.
Right now, Bitcoin’s technical setup seems to be playing out in real time. With macro uncertainty easing, the backdrop might be tilting towards the bullish scenario.
Meanwhile, BTC has continued to chop sideways around $65K, creating the kind of liquidity-rich environment where a classic bear trap could emerge.
Source: TradingView (BTC/USDT)
Hard data seemed to be supporting this setup too.
Notably, oil prices have resumed their downtrend after Q1’s nearly 70% rally, which coincided with Bitcoin’s 22% correction. The relationship is hard to ignore, especially as investors priced in the longer-term inflationary impact of rising energy costs, putting pressure on risk assets like BTC.
Fast forward to Q2, and the picture is starting to shift. Oil prices are down more than 17% quarter-to-date, while Bitcoin has corrected by just 6.5%. In other words, capital flows into oil have cooled significantly relative to Bitcoin [BTC] – A sign that investor risk appetite may be gradually improving.
The ongoing peace deal further supported this trend. As geopolitical tensions ease, investors are becoming more willing to rotate back into risk assets. This could help explain why Bitcoin has held up relatively well, despite the recent correction.
This could raise the possibility that the current weakness is simply a liquidity sweep before the next move higher.
Macro relief vs on-chain caution – Bitcoin caught in a divergence
Despite macro conditions cooling down, this shift is still not fully reflected in Bitcoin’s on-chain signals.
Institutional capital, for example, is yet to show a strong dip-buying response. BTC ETFs have continued to record net outflows, suggesting that large players are not yet fully participating in the recent risk-on rotation.
This weakness also aligns with a recent CryptoQuant report. According to the chart below, Bitcoin may be entering a zone that has historically marked bottom formation. However, BTC’s STH MVRV index still seemed to point more towards capitulation than confirmation – Evidence that the market has not fully stabilized yet.
Source: CryptoQuant
Against this backdrop, a hike in Bitcoin Open Interest could signal a higher-risk setup.
As one analyst noted, BTC’s Open Interest has remained elevated relative to previous bottoming phases. Ideally, the market would see further unwinding through a slow bleed below $60K to reset positioning. Bitcoin’s press time divergence between the macro setup and on-chain signals supported this view too.
This, in turn, might help explain why Kalshi traders are pricing in 69% odds of BTC first moving down to $55K, before a run towards $100K. This frames it as a structured positioning scenario, rather than a random bet.
Final Summary
Bitcoin’s on-chain data and high Open Interest still look weak, despite improving macro conditions.
Mismatch supports a view of a possible drop towards $55K first to reset positioning, before any move higher towards $100K.
Harvest machine approaching with foreground of wheat by Jodie777 via iStock
The wheat complex slipped lower into the weekend. Chicago SRW contracts closed with 2 ¼ to 3 ¼ cent losses, as July was up 4 ½ cents for the week. KC HRW futures saw fractional to 3 3/4 cent lower trade at the close, with July 13 ¾ cents higher this week. MPLS spring wheat posted 1 ¼ to 8 ½ cent losses on Friday, with July down 1 ¼ cents over the course of the week.
Commitment of Traders data showed managed money liquidating more length in the Chicago market, dropping the outright longs by 16,852 contracts and increasing the shorts by 4,684 contracts. The net short was increased by 21,536 contracts to 79,407 contracts as of Tuesday. In KC wheat, spec funds flipped their position to a net short of 4,543 contracts, by a bear move of 18,020 contracts.
More News from Barchart
FAS released their weekly Export Sales data with new crop business at 4.591 MMT as of June 4 to start the 2026/27 marketing year. That is at 21.77% of the USDA export projection, compared to the 5-year average pace of 23.18%.
The French soft wheat crop was estimated at 77% in good/excellent condition according to the FranceAgriMer, up 1 percentage point from the week prior. The durum crop was at 64% gd/ex, down 1%.
Jul 26 CBOT Wheat closed at $5.84 1/2, down 2 1/4 cents,
Sep 26 CBOT Wheat closed at $5.95 3/4, down 2 1/2 cents,
Jul 26 KCBT Wheat closed at $6.34 1/2, down 1/4 cent,
Sep 26 KCBT Wheat closed at $6.40 3/4, down 1/2 cent,
Jul 26 MIAX Wheat closed at $6.18 1/4, down 1 1/4 cents,
Sep 26 MIAX Wheat closed at $6.42, down 3 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
OpenAI said it’s “committed to learning” after a coalition of states launched an investigation into how the tech startup’s products impact users.
An OpenAI spokesperson said in a statement that it’s taking the states’ concerns “seriously” and will “engage constructively with their offices.”
“Today’s ChatGPT includes a more protective experience for minors and people experiencing difficult situations, with safeguards that direct them to real-world resources and trusted human contacts,” the spokesperson said.
“None of this changes what families have gone through, but we are committed to learning, improving, and getting this right,” they added.
New York State Attorney General Letitia James served OpenAI a subpoena on Friday seeking a wide range of documents, The Wall Street Journal first reported. The documents pertained to user engagement and retention, the company’s handling of health and consumer data, deep learning models, activities related to young and older users, and more, the Journal reported.
Perhaps most concerning, however, are a handful of lawsuits that say ChatGPT contributed to decisions by users to die by suicide. In response to a May report by The New York Times, the company said ChatGPT “is not a substitute for medical or mental health care, and we have continued to strengthen how it responds in sensitive and acute situations with input from mental health experts.”
The family of a victim in a fatal campus shooting at Florida State University in April, meanwhile, has also filed a lawsuit against OpenAI. The family says ChatGPT’s guardrails failed to recognize the threat in the shooter’s conversations with the chatbot. In June, Florida Attorney General James Uthmeier filed yet another lawsuit against OpenAI and Altman over the shooting.
In that complaint, Ulthmeier says ChatGPT has “aided and abetted deadly rampages” and “encouraged vulnerable people into suicide.” The state attorney general also says users have become addicted to ChatGPT, a tool that “feigns human compassion to collect their data with no parental oversight.”
In response, OpenAI again said it has introduced further safety measures into its products. “Losing a child is the most devastating tragedy that can happen to a family and we know that no words can come close to addressing the pain of such a loss,” the company said in a statement at the time.
The coordinated investigation launched by the state attorneys on Friday mirrors a similar investigation into TikTok, which resulted in a 14-state lawsuit now making its way through the courts.
Like the OpenAI investigation, the TikTok lawsuit is led by the attorneys general of California and New York. The states say TikTok knowingly uses addictive features to lure kids, which negatively impacts their mental health.
Lawyers told Business Insider that it’s a common strategy for states to band together when they go after multibillion-dollar companies because they are more expensive for the companies to defend and, should a case falter in one state, the suit can continue in another.
It’s also how the government went after Purdue Pharma, the maker of OxyContin, in 2017, and the tobacco industry in the 1990s.
“ETFs were referred to as weapons of mass destruction,” Hoffman said, recalling the skepticism that surrounded the structure before it became one of the dominant ways investors access markets.
When he joined the ETF industry in the early 2000s, the market held roughly $200 billion in assets, he said. Today, it’s nearly a $20-trillion global asset class, according to a PwC report.
He said tokenization is following a similar path, but much faster than ETFs.
“Every market that digitizes gets larger,” he said. “And tokenization is really the digitization of capital markets.”
Building for an agent-driven future
For Hoffman, tokenization will become the foundation for what comes next: AI-driven financial services.
He said he envisions a future where autonomous agents continuously monitor markets and allocate capital through professionally managed portfolios that update in real time as conditions change.
“Our end state will be portfolios that are professionally managed, real-time and adjusting to market circumstances and data changes,” he said.
To get there, the industry first needs tokenized assets, onchain prime-brokerage infrastructure and asset-management strategies that can be executed natively on blockchain networks.
Ondo is building toward that vision, he said. The firm already offers tokenized U.S. Treasury products and plans to expand into stocks, ETFs and perpetual futures through its tokenized marketplace.
NEW YORK, June 12 (Reuters) – The dollar steadied on Friday but remained on track for a weekly loss, as markets monitored negotiations over a deal that could end the Middle East conflict.
Traders were also digesting unprecedented demand for shares in SpaceX, which raised $75 billion in an initial public offering and jumped about 20% in its Nasdaq debut.
The euro was little changed at $1.15725, hovering near a one-week high and set for a weekly gain after the European Central Bank delivered its first interest rate hike in three years on Thursday.
PEACE DEAL
Leaked terms of a proposed memorandum to end the war in the Gulf, outlined by Western, Pakistani and Iranian sources on Friday, appeared to favor Iran, drawing criticism from U.S. President Donald Trump who called the reports inaccurate.
Trump’s announcement on Thursday regarding a deal had prompted Wall Street shares to rally, oil prices to slip and the U.S. dollar to fall.
Markets are pausing as they assess the prospects for peace and the impact of the SpaceX IPO, with investors watching whether funds will shift from equities or cash, said John Velis, FX and macro strategist at BNY.
“The hoped-for good news on the ceasefire in the Middle East had a big reaction overnight and I think we came in this morning and we have the SpaceX IPO and a bunch of central bank meetings next week,” Velis said.
The U.S. dollar was up 0.18% against Japan’s currency at 160.225 yen, holding near a key level that often triggers concern about intervention from Tokyo.
The pound was steady at $1.34145. Data showing the UK economy contracted in April had little impact, with markets focused on Iran talks.
The U.S. dollar index, which measures the greenback against a basket of six currencies, was flat at 99.75 after hitting a one-week low on Thursday.
Investors have tended to buy the safe-haven dollar when tensions in the Iran war flare, and sell it in favor of riskier assets such as stocks when peace talks appear to make progress.
FED IN VIEW
Data on Thursday showed U.S. producer prices increased more than expected in May, ahead of Kevin Warsh’s first rate-setting meeting as chair of the Federal Reserve next week.
Traders expect the Fed to keep rates steady at 3.5% to 3.75%, but see a greater than 50% chance of a hike by year-end. Pricing edged slightly lower on Thursday after Trump’s comments on a potential deal.
Against the Swiss franc, the dollar strengthened 0.21% to 0.79680.
In cryptocurrencies, bitcoin gained 0.40% to $63,595.26. Ethereum declined 0.29% to $1,665.87.
(Reporting by Chibuike Oguh in New York; Editing by Mark Potter and Edmund Klamann)
MYX Finance extended its decline over the last 24 hours, falling by 25% to $0.1807. All while its trading volume jumped by 66.95% to $20.51 million.
The divergence suggested that market participation accelerated during the decline, rather than during a recovery attempt.
A hike in volume alongside a sharp price drop is often evidence of aggressive distribution. Recent trading activity seemed to support that view too. Now, although elevated volume sometimes signals capitulation, in this case, buyers failed to establish meaningful support during the latest session.
As a result, the market continued pricing in downside pressure, while sellers maintained control across both spot and derivatives trading activity.
Why are traders still heavily long?
Despite MYX suffering one of its sharpest daily declines in recent weeks, Binance traders have continued to favor bullish positions. In fact, data showed that 78.92% of top trader accounts were long, while only 21.08% held short exposure.
The imbalance pushed the long-to-short ratio to 3.74, highlighting strong bullish conviction despite worsening price action.
However, the persistence of long positioning raised another concern. Traders have continued to bet on a rebound even as MYX moved closer to a major support zone.
Such positioning often increases liquidation risk whenever the price moves lower.
Also, while bullish sentiment seemed dominant among leading Binance traders, the market failed to reward that optimism. Instead, the widening disconnect between positioning and price performance suggested that leveraged longs could be vulnerable to additional pressure.
Source: CoinGlass
Demand zone faces another critical test for MYX
The altcoin’s price action returned to the key demand region around $0.165 after sellers rejected MYX from the $0.277-supply zone earlier this month. Buyers briefly attempted to defend higher levels following the June rally, yet that recovery quickly faded as selling pressure intensified.
The latest decline pushed MYX back towards its support, placing a crucial technical level under renewed stress.
The RSI reinforced the weakening structure. The indicator dropped to 39.35 after recently reaching overbought conditions above 70 – A sign that bullish strength had faded significantly.
Although the demand zone has repeatedly attracted buyers since April, each retest since has reduced the market’s ability to sustain rallies.
If buyers defend the current region, MYX could revisit the $0.277 resistance area. However, a decisive break below $0.165 would likely expose the token to a deeper correction and invalidate the prevailing support structure.
Source: TradingView
MYX funding signals growing derivatives caution
Finally, derivatives data revealed a notable shift in sentiment as the OI-weighted funding rate turned negative. The metric fell to -0.0026% – Evidence that short traders had started paying premiums to maintain their positions.
This development contrasted sharply with the overwhelmingly bullish Binance trader positioning.
Negative funding rates typically emerge when market participants expect further downside. The recent price action appeared to support that expectation too.
Earlier funding readings remained mostly positive throughout May and early June, reflecting stronger speculative demand. And yet, the sentiment weakened considerably following MYX’s rejection from higher levels.
While the funding rate remained only slightly below zero, the change suggested that traders had become increasingly cautious.
This suggested that derivatives markets may be far less confident about an immediate recovery than Binance’s positioning data implied.
Source: CoinGlass
Final Summary
MYX returned to major demand support after sellers erased the altcoin’s recent gains.
Bullish trader positioning has been high despite weakening technical and funding signals.
