Bitcoin fell 3% to $58,350 on June 30, closing the second quarter down nearly 15%, the worst since September 2024. Ether, XRP, and Solana saw similar losses. The selloff contrasts with record stock market gains (Nasdaq +20% in Q2). U.S. President Donald Trump disclosed over $1 billion in crypto-related revenue, including $635 million from his memecoin and $500 million from World Liberty Financial token sales, plus $100M+ in BTC/ETH holdings. The Coinbase Bitcoin Premium turned negative, indicating weak U.S. demand. Circle (CRCL) shares dropped 13% as the Open USD stablecoin consortium (Stripe, Coinbase, Mastercard, Visa, BlackRock, Google, Cloudflare) threatened USDC's market share. Market maker Wintermute suggested the bear market hasn't bottomed, citing washed-out sentiment and lack of buying pressure, with potential recovery not expected until September or October. Strategy (MSTR) fell 6% after announcing a framework to sell up to $1.25B in bitcoin. Gold also dropped 13% in Q2, its worst quarter in 13 years.

Key facts

• Bitcoin down 3% to $58,350; Q2 loss nearly 15%, worst since Sept 2024.
• Trump disclosed over $1B crypto revenue including $635M memecoin royalties.
• Open USD stablecoin consortium threatens Circle's USDC market share.
• Wintermute says bear not bottomed, recovery unlikely before September.
• Strategy to sell up to $1.25B in bitcoin; MSTR fell 6%.
• Gold drops 13% in Q2, worst quarter in 13 years.

KeyAudit data perspective