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Miner Crisis, ETF Exodus & Fed Pressure Mount | June 2025
Audio is available on Spreaker — see link below.
One in five Bitcoin miners is operating at a loss as ETF outflows hit $6.35B and the Fed revises rates higher through 2027. Today's briefing covers miner capitulation, Bitcoin's third straight quarterly decline, Solana's ETF filing surge, and a funding gap at the Ethereum Foundation.
Audio is available on Spreaker — see link below.
One in five Bitcoin miners is currently operating at a loss. That's the clearest signal of where this market stands right now.
Meanwhile, Bitcoin is tracking toward its third consecutive quarterly decline. Down eight percent in the second quarter, down fifteen percent in June alone.
The institutional flow picture reinforces that. Bitcoin ETFs posted over ninety million dollars in outflows on June eighteenth alone.
Solana is the outlier worth watching. Morgan Stanley filed for a spot Solana ETF on June twentieth, joining Bitwise and Fidelity in that queue.
One more development that's easy to underestimate. The Ethereum Foundation disclosed a thirty million dollar annual funding shortfall.
Tron recorded fourteen point three million daily confirmed transactions, an all-time high, up fifteen percent in four weeks. The native TRX token is down ten percent over the same period.
The through-line across today's briefing is a market under structural pressure from multiple directions at once. Mining economics, institutional outflows, Fed policy, and a funding gap at the Ethereum Foundation are all pulling in the same direction.
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