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Picknexo · Review
Published July 7, 2026
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Updated: July 7, 2026 | PickNexo
The market absorbed Strategy’s largest Bitcoin sale since the company abandoned its “never sell” stance. ETF inflows returned on Monday. Euro stablecoins are gaining traction under MiCA, and Ripple’s European licensing position improved.
At the same time, risk has not disappeared. Japanese bond yields are rising, oil prices are climbing after a new attack near the Strait of Hormuz, and BONK suffered a $20 million governance attack that exposed fresh weaknesses in DAO voting systems.
Bitcoin touched about $64,400 overnight before pulling back to the $63,100-$63,300 range, according to CoinDesk.
The move was not a clear breakout, but it still matters. Bitcoin remains up around 6% over the past week after bouncing from late-June lows near $58,000.
That suggests the market has moved away from panic, even if it has not yet entered a strong bullish phase.
The key question now is whether Bitcoin can turn the $63,000 area into support. If it holds, traders may look for another attempt at $64,000-$65,000. If it fails, the market could return to testing lower support zones.
The biggest market test came from Strategy.
The company sold 3,588 BTC for roughly $216 million to fund preferred stock dividends and rebuild its US dollar reserve. This was Strategy’s largest Bitcoin sale since it stepped away from its long-standing “never sell” narrative.
For years, Strategy was seen as the ultimate corporate Bitcoin holder. Its treasury strategy helped define the idea of public companies using BTC as a long-term reserve asset.
That is why this sale matters.
But the important detail is that the market did not collapse after the disclosure. Bitcoin remained above $63,000, suggesting traders may have already priced in some of the treasury pressure.
In that sense, the sale may have acted as a stress test. Bitcoin bent, but it did not break.
Grayscale reportedly argued that Strategy’s Bitcoin sale may actually help create a more durable bottom.
The reasoning is straightforward: if a major source of uncertainty is forced into the open and the market absorbs it, the remaining structure may become healthier.
Investors had already been worried that Strategy could need to sell BTC to support preferred stock obligations and cash reserves. Now that the company has sold, traders can better evaluate the risk instead of guessing.
This does not make the sale bullish by itself. But it may reduce uncertainty, and markets often recover when the worst-case fear becomes measurable.
CoinDesk reported that Japan’s 10-year government bond yield has climbed to 2.85%, its highest level in 30 years. Rising Japanese yields can affect global markets because Japan has long been a source of low-cost funding for carry trades.
When Japanese yields rise, borrowing becomes more expensive and global liquidity conditions can tighten.
This matters for Bitcoin because BTC does not generate income. When bond yields rise, investors can earn higher returns from government debt, increasing the opportunity cost of holding Bitcoin.
The market received relief last week from softer US inflation risks and weaker job data, but higher global yields could weaken that support.
Energy risk also returned to the market.
Brent crude rose after a liquefied natural gas carrier was reportedly struck by a projectile near the Omani coast while leaving the Strait of Hormuz.
The Strait of Hormuz remains one of the world’s most important energy chokepoints. Any renewed tension there can push oil prices higher, raise inflation concerns and pressure risk assets.
Crypto felt this kind of pressure earlier in the year during Iran-related tensions. If energy volatility returns, Bitcoin’s recovery may face another external test.
CoinDesk’s live markets coverage showed that both Bitcoin and Ether ETFs drew inflows on Monday. This is important because June’s market weakness was closely tied to ETF outflows and fading institutional demand.
If inflows return consistently, they could help Bitcoin build a stronger base around the low $60,000 range.
ETF flows are one of the clearest signals of institutional appetite. A single day of inflows does not confirm a trend, but it does show that some buyers are returning after the late-June washout.
Regulation was another major theme today.
Cointelegraph reported that MiCA-compliant euro stablecoins grew 128% before the end of the MiCA transition period. This suggests European stablecoin activity is moving toward regulated products as the region’s new crypto rulebook takes effect.
MiCA is reshaping the European market. Stablecoin issuers that meet the framework may gain credibility and distribution, while non-compliant products may lose access.
This is especially important because stablecoins are becoming core infrastructure for payments, settlement and trading.
The euro stablecoin market remains much smaller than the dollar stablecoin market, but MiCA could give Europe a clearer regulated path for growth.
Ripple also received a boost in Europe.
CoinDesk reported that Ripple’s preliminary crypto-asset service provider license in Luxembourg has been upgraded to fully compliant status. That allows Ripple to provide regulated crypto-asset services across the European Economic Area.
This matters because licensing is becoming a competitive advantage.
As MiCA takes effect, crypto firms with authorization can continue operating across the EU, while firms without approval face restrictions or delays.
For Ripple, the license supports its broader European expansion strategy and strengthens its position in regulated stablecoin, payments and crypto service markets.
Security risks returned through BONK.
BONKDAO reportedly lost about $20 million after an attacker bought enough BONK tokens to pass a malicious governance proposal. The proposal moved treasury assets to a wallet controlled by the attacker, who then began selling.
This is different from a normal smart contract exploit.
The attacker did not simply find a code bug. Instead, they exploited the governance process itself. By acquiring voting power and pushing through a malicious proposal, they used the DAO’s own rules against it.
This is a serious warning for token-governed projects.
If voting power can be bought quickly and proposals can move large treasuries without strong safeguards, DAO governance becomes an attack surface.
Cointelegraph also reported that a trader lost about $2 million in a “same-block backrun extraction” exploit.
This type of attack highlights the complexity of DeFi execution. Risk does not only come from bad protocols or stolen private keys. It can also come from transaction ordering, MEV strategies and how trades are bundled within a block.
For advanced users, this is a reminder that on-chain trading is not the same as normal exchange trading. Public mempools, block builders and MEV searchers can create risks that are invisible to casual traders.
The group warned that allowing such a claim could set a dangerous precedent for self-custody. Dormant wallets are common in Bitcoin because users may hold coins for years without moving them.
If inactivity could be used to challenge ownership, that would create legal uncertainty around one of Bitcoin’s core principles: control through private keys.
This case matters because crypto property rights are still developing in courts. The outcome could influence how dormant assets, self-custody and blockchain ownership are treated legally.
The idea of a US Bitcoin reserve remains unresolved.
Reports indicate that federal agencies are still debating legal authority and control over how such a reserve would work. The issue has been discussed by White House crypto advisers, but no clear implementation path has emerged.
This is politically important because a US Bitcoin reserve would be a major symbolic step. It would signal that Bitcoin is being considered at the level of national balance-sheet strategy.
But the delays show how difficult that process would be. Even if the political will exists, agencies must still answer questions about custody, authority, funding and oversight.
Bitcoin miner TeraWulf became one of the day’s strongest corporate crypto stories.
The company signed a 20-year AI infrastructure lease with Anthropic that could generate about $19 billion in revenue. TeraWulf also sold its majority stake in a separate AI data center joint venture.
This reflects a broader trend among Bitcoin miners.
Mining companies already own energy contracts, land, data center infrastructure and technical teams. As AI compute demand rises, many miners are trying to convert those assets into high-performance computing revenue.
For investors, this creates a new question: are some Bitcoin miners becoming AI infrastructure companies with crypto exposure, rather than pure mining businesses?
Ethereum’s long-term roadmap remained in focus after Vitalik Buterin’s Lean Ethereum vision.
CoinDesk reported that Ethereum developers broadly support the direction, especially around privacy, quantum resistance and simplifying the protocol. But some developers want faster execution and clearer near-term priorities.
That tension is understandable.
Ethereum is already a large ecosystem with billions of dollars in value, many layer-2 networks and thousands of applications. A major protocol rebuild must move carefully, but moving too slowly could allow competitors to catch up.
For Ethereum, the next challenge is not only vision. It is execution.
The first level to watch is Bitcoin’s $63,000 support. If BTC holds that zone after Strategy’s sale and rising macro pressure, the recovery may become more credible.
The second factor is ETF flows. A return to sustained Bitcoin and Ether ETF inflows would be one of the strongest signs that institutional demand is improving.
The third area is regulation. MiCA is now reshaping Europe’s stablecoin and crypto service market, while US policy debates around a Bitcoin reserve remain unresolved.
Finally, investors should watch governance security. The BONK treasury drain shows that DAO attacks can happen through voting systems, not only through smart contract bugs.
Today’s crypto market is defined by resilience.
Bitcoin failed to hold above $64,000, but it stayed near $63,000 even after Strategy sold more than 3,500 BTC. ETF inflows returned. Euro stablecoins are growing under MiCA. Ripple’s European licensing position improved.
But risks are still everywhere.
Japanese bond yields are rising. Oil risk is back. DAO governance was exploited in a $20 million BONK attack. DeFi traders still face MEV and execution risks. US Bitcoin reserve plans remain stuck in agency debate.
For PickNexo readers, the key takeaway is simple: crypto is moving into a phase where price is only one part of the story.
The next winners will need more than market hype. They will need liquidity, regulation, strong governance and real security.
Disclaimer: This article is for informational purposes only and should not be considered financial advice.
CoinDesk: Bitcoin drops after a run at $64,000, shrugging off Strategy’s $213 million BTC sale
https://www.coindesk.com/markets/2026/07/07/bitcoin-drops-after-a-run-at-usd64-000-shrugging-off-strategy-s-usd213-million-btc-sale
CoinDesk: Bitcoin’s recent macro relief faces a challenge from Japanese interest rates
https://www.coindesk.com/markets/2026/07/07/btc-s-recent-macro-relief-faces-a-challenge-from-japanese-interest-rates
CoinDesk: Live markets: Bitcoin and Ether ETFs drew inflows on Monday
https://www.coindesk.com/markets
Cointelegraph: MiCA-compliant euro stablecoins grew 128% before MiCA transition ended
https://cointelegraph.com/category/latest-news
CoinDesk: Ripple’s preliminary crypto asset provider license in Luxembourg upgraded to fully compliant
https://www.coindesk.com/markets
CoinDesk: BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposal
https://www.coindesk.com/markets
Decrypt: Solana meme coin BONK treasury drained of $20 million in malicious governance attack
https://decrypt.co/news
Cointelegraph: Trader loses $2M in same-block backrun extraction exploit
https://cointelegraph.com/category/latest-news
Cointelegraph: Digital Chamber amicus brief urges dismissal of NY lawsuit over 39,069 Bitcoin wallets
https://cointelegraph.com/category/latest-news
CoinDesk: Bitcoin’s US reserve still a work in progress as federal agencies hash it out
https://www.coindesk.com/markets
Cointelegraph: TeraWulf shares rise after $19B Anthropic AI lease and JV sale
https://cointelegraph.com/category/latest-news
CoinDesk: Ethereum developers embrace Vitalik Buterin’s long-term vision but urge quicker execution
https://www.coindesk.com/markets
