Market sentiment is heavily influenced by concerns surrounding STRC, the preferred stock from Strategy that pays dividends.
By Omkar Godbole|Edited by Sheldon Reback Jun 19, 2026, 10:47 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Unsplash+/Getty Images)SummaryShow- Bitcoin and other major cryptocurrencies, including ether, have continued their downward trend for a fourth consecutive day, with significant declines across CoinDesk indexes amid heightened selling pressure.
- Investor sentiment has deteriorated regarding Strategy (MSTR) and its preferred stock STRC, as concerns grow that the company and struggling bitcoin miners may need to sell assets after enduring months of bitcoin prices below production costs.
- Data from derivatives markets indicates substantial long liquidations, high open interest, bearish funding rates, and an increase in demand for protective bitcoin puts.
Bitcoin's price has slipped 2.5% over the past 24 hours, now resting just beneath $62,400.
It is not the only cryptocurrency facing challenges. The CoinDesk 20 Index (CD20) has seen a 3.3% decline, with ether (ETH), XRP (XRP), and solana (SOL) all experiencing losses. Additionally, the CoinDesk Smart Contract Platform Select Capped Index decreased by 4%, while the CoinDesk 80 and CoinDesk DeFi Select Index are also following suit.
Concerns surrounding Strategy (MSTR), led by Michael Saylor, continue to affect market sentiment, particularly regarding its dividend-paying preferred stock STRC.
Analysts at Marex noted, "Strategy, the largest publicly traded holder of bitcoin, has seen its STRC preferred stock plummet below par, and the market is now factoring in the likelihood that it may need to sell coins to sustain its structure."
They further added, "The ongoing trend of bitcoin trading below its estimated production cost of $78,000 for five consecutive months is putting pressure on the weakest miners, forcing them to capitulate, leading to two significant sellers that were not on the radar a week ago."
Derivatives Positioning
- Market bulls are facing challenges as the market reacts to Wednesday's hawkish Federal Reserve meeting. Over the last 24 hours, more than $450 million in leveraged positions have been liquidated, predominantly affecting long positions.
- The open interest (OI) in bitcoin and ether futures has remained relatively stable over the past day. However, SOL futures OI has risen to over 70 million tokens, approaching the June 5 record of 71.57 million, indicating a strong demand for leverage that could lead to high volatility.
- XRP futures OI is also at its highest level since last October.
- In terms of cumulative volume delta, most of the top 25 tokens, except for TRX and LAB, show negative OI-adjusted CVD over the last 24 hours, indicating that sellers are executing market orders that drive price movements rather than relying on passive limit orders. This trend has been consistent since at least Wednesday.
- Funding rates for most tokens are either flat or negative, reflecting a bearish outlook. Funding rates for ADA, XLM, and BCH have decreased to between -20% and -30%.
- In the bitcoin options market, traders are increasingly purchasing put options, preparing for a potential decline to $52,000 or lower in the upcoming weeks.
- This bearish sentiment is further illustrated by 25-delta skews, which indicate that one-week puts are trading at a volatility premium of 10% or more.
Token Talk
- For evidence of the heightened interest in AI, consider the LAB token, associated with the LAB Terminal, a platform designed for high-performance trade execution. Its primary feature is AI-driven research and trade routing to reduce slippage.
- LAB has surged 57% over the last week, a remarkable contrast to the broader market's struggles.
- This strong performance is not just recent; the token has increased by 92% this month alone, following gains of 900% in May, 250% in April, and 78% in March. Such numbers indicate a bull market.
- During the same timeframe, bitcoin's price fluctuated from $68,000 to $82,000 and back down to $63,000.
- Despite LAB's impressive growth, there appears to be no clear reason for it, and it is not without its controversies.
- ZachXBT, a blockchain investigator, recently pointed out that insiders allegedly control 95% of the token's supply and have used various strategies to attract retail investors, including high-interest OTC loans with promotional terms, unilateral extensions of vesting periods, deferred or withheld market rewards, and undisclosed market-making agreements.
- As the saying goes, not everything that glitters is gold.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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