Bitcoin price rebound
Bitcoin rose approximately 3.7% to $60,807.4 by 17:55 ET (21:55 GMT), briefly touching a 22‑month low of $57,803 earlier in the day and reclaiming the key $60,000 level a day after posting a 14% decline in the June quarter, which pushed its year‑to‑date loss to 32%. The cryptocurrency continued to trade more than 50% below its October record high.
U.S. spot Bitcoin ETF outflows
Data from SoSoValue show that U.S. spot Bitcoin exchange‑traded funds suffered $4.5 billion of outflows in June, the largest monthly net withdrawal since the products launched in early 2024. The outflow extended a losing streak to nine consecutive days, with $222.6 million leaving the funds on June 30 alone. BlackRock’s iShares Bitcoin Trust, the largest spot Bitcoin ETF by net assets, accounted for $3.55 billion of the June outflows. Total net assets across all U.S. spot Bitcoin ETFs fell to roughly $70.9 billion, down sharply from peaks above $110 billion earlier in the year, although cumulative net inflows since the January 2024 launch remain positive at more than $51 billion.
Federal Reserve commentary
Federal Reserve Chair Kevin Warsh, speaking at a European Central Bank conference in Sintra, Portugal, declined to provide forward guidance on interest rates, stating that policymakers would have a "good family fight" when they meet later in the month. Warsh emphasized his intent to overhaul the Fed’s communication and economic analysis processes. When pressed by CNBC anchor Sara Eisen for a hint on the next move, Warsh reiterated that he would not break the rule against forward guidance. His remarks after the June 16‑17 Fed meeting have led investors to increase the odds of a rate hike as early as September, while the ECB has already moved to raise rates.
Taiwan’s crypto regulatory framework
Taiwan passed the “Virtual Asset Service Act,” establishing a comprehensive licensing regime for crypto exchanges and stablecoin issuers. The law also imposes stricter cybersecurity standards, client‑asset management requirements, and internal control obligations on entities providing virtual‑asset services in the jurisdiction.
Donald Trump’s crypto earnings disclosure
President Donald Trump’s 2025 financial disclosure filed with the U.S. Office of Government Ethics revealed more than $1.4 billion of income from his family’s crypto ventures, including returns from World Liberty Financial’s crypto activities, sales of crypto tokens, and the sale of the $TRUMP memecoin, which alone generated $635 million.
Citi’s revised price targets and ETF assumptions
Citi lowered its 12‑month price target for Bitcoin to $82,000 from $112,000 and reduced its Ether target to $2,240 from $3,175. The bank also cut its net ETF inflow assumption for the year to zero from a prior $10 billion, citing weakening investor demand, negative ETF flows, and stalled U.S. digital‑asset legislation. In a bear‑case scenario, Citi projects Bitcoin could fall to $53,000 and Ether to $1,094 over the next year.
Altcoin performance
Following Bitcoin’s gain, most altcoins posted modest advances. Ether rose 3.8% to $1,631.29, XRP added 2.5%, Solana and Cardano outperformed with gains of 6.8% and 9.2% respectively, Binance’s BNB increased 2.1%, and Dogecoin, a memecoin, was up 2.1%.