Bitcoin has ended its torrid streak of seven consecutive daily declines following Strategy's latest Bitcoin acquisition, with the asset trading at $63,707 at press time. According to reports, the token's price showed flashes of brilliance after Strategy's BTC purchase, with daily trading volume exceeding $35 billion, representing a 15% climb over the last day. The company purchased 1,550 BTC for $101.3 million, bringing its total stockpile to 845,256 coins after a three-week hiatus from making purchases. The latest purchase came at an average price of $65,332, which is well below Strategy's overall average, suggesting the company may be taking advantage of current market conditions. Co-founder Michael Saylor confirmed the purchase in an X post, noting that the move brings the company's BTC stash to 845,256 BTC, while the company also increased its USD reserve by $100 million to $1 billion, hinting at steady Bitcoin purchases in the coming weeks.
The broader cryptocurrency market experienced a severe crash on June 5, when Bitcoin printed $59,100, its lowest level of 2026. According to IBTimes, in a single 24-hour window, 351,233 traders were liquidated as $1.75 billion in positions vanished. The spark for this crash was almost insignificant - Strategy's disclosure in a June 1 filing that it sold 32 BTC for roughly $2.5 million to fund dividends on its STRC preferred stock. This represented the company's first disclosed net bitcoin reduction, and while it was only a small fraction of their 843,000+ coin stack, the market didn't price the math correctly - it priced the symbolism. The sell-off was amplified by a stronger-than-expected May jobs report on Friday that lifted Treasury yields, leaving Strategy stock down 24% on the week, its worst since November 2022.
The technical indicators suggest Bitcoin has reached a critical juncture, with more than half of all BTC sitting at an unrealized loss and the daily RSI falling to a rare 17 to 18, the kind of oversold reading that tends to precede sharp bounces. As reported by IBTimes, BTC has since clawed back above $63,000, with the 200-week moving average near $60,000 lining up almost exactly with production costs for efficient miners. This represents a fifth textbook 200-week buy zone, though losing $59,000 could open $58,000 with $50,000 in view. The technicals are stretched to extremes, with total crypto futures volume slipping 1.3% to $190.7 billion while open interest held largely flat around $103 billion and liquidations crashed 48% to $301 million. ZEC emerged as the standout in futures markets, with open interest climbing roughly 5% to 2.47 million tokens as the token trades at $472.
Strategy has expanded both its Bitcoin position and its cash buffer, signaling confidence in BTC's long-term outlook while keeping liquidity on hand. According to reports, the company also added $100 million to its dollar reserves, taking its cash pile to roughly $1 billion. With Bitcoin still well below its prior highs, the latest purchase is likely to be read as a "buy the dip" move. Co-founder Michael Saylor has long framed Bitcoin as a treasury asset intended for long-term holding rather than short-term trading, and the company's continued accumulation suggests this strategy remains intact despite recent market weakness. The firm now controls more than 845,000 BTC—about 4% of Bitcoin's eventual total supply, positioning it as one of the ecosystem's most influential holders. This marks the company's first Bitcoin buy after a three-week lull that sparked concerns over its commitment to its accumulation spree. The announcement suggests that Strategy is very confident in Bitcoin's long-term future, but it's also hedging against uncertainty by maintaining substantial cash reserves.
BitMine increased its Ethereum holdings significantly, purchasing 126,971 ETH over the past week as reported by Crypto Markets Today. CEO Tom Lee explained the strategy, stating that "over the past week, we acquired 126,971 ETH. We stepped up purchases because we believe this pullback in Ethereum's price does not reflect strengthening Ethereum fundamentals. That is not surprising given that we are in the early stages of crypto spring. BitMine is expected to reach the "5% alchemy" sometime in 2026." As of June 7, 2026, BitMine had staked more than 4.71 million ETH with a total value of approximately $7.7 billion at around $1,630 per ETH. The company maintains its position as the largest corporate holder of Ethereum and ranks second among public companies by total digital assets on the balance sheet, trailing only Strategy.
