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There are also signs of seller exhaustion and believer accumulation
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As seen in prior market bottoms, BTC can find a floor when few sellers remain and when accumulation from holders with conviction picks up.
Key facts
- Fi (ETHFI)'s cash card spend volume has continued to average around $2.5-$3 million per day since the start of June 2026, confirming consistent usage of the product
- One such signal is the BTC ETFs, which experienced $5.4 billion of outflows YTD through June 30
- Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B
- The nuance here is that this was a recent phenomenon, with $8.2 billion of outflows since May 12, likely reflecting MSTR concerns and a freeing of capital around the SpaceX (SPCX) IPO
Summary
You're reading Crypto Long & Short, their weekly newsletter featuring insights, news and analysis for the professional investor. Welcome to their institutional newsletter, Crypto Long & Short. BTC is reaching a market bottom and is poised for a turnaround, writes Martin Gaspar. Fi Continues to Lead the Neobank Meta” in Chart of the Week. With MSTR concerns assuaged, look to traditional signals around BTC.