Bitcoin Holds Near $64K as Franklin Templeton Files Dividend-to-BTC ETF, STRC Slumps 17%

Bitcoin News

Asset manager Franklin Templeton, which oversees roughly $1.78 trillion, has filed with the SEC for two products that automatically route US stock dividends into Bitcoin exposure. The Franklin US Equity Bitcoin DRIP Index ETF and Franklin US Innovation Bitcoin DRIP Index ETF would open at 95% equities and 5% BTC, reinvesting dividends into Bitcoin the business day after each ex-dividend date. Quarterly rebalancing trims any allocation above 5% back to 4.5%, with a 20% intra-quarter ceiling. Exposure is obtained through spot Bitcoin ETPs, futures and depositary receipts, partly via a Cayman subsidiary. The filing carries a 75-day window, implying a potential launch around early September 2026.

US spot Bitcoin ETFs flipped to net outflows of $82.2 million on June 17, but the headline figure masked a clear split among issuers. ARKB shed $43.5 million, IBIT $30.8 million, GBTC $15.5 million, BTCO $6.4 million and HODL $4.1 million, while FBTC attracted $14 million and MSBT $4.1 million. Rather than a uniform exit, the divergence pointed to rotation between products. The redemptions clustered around the central bank policy update and were not confined to the highest-fee vehicles, leaving open whether investors were cutting risk outright or simply favoring specific issuers and platforms.

Bitcoin briefly slipped beneath $63,000 even as crude oil retreated, a move that would normally ease inflation fears and support risk assets. Following a US-Iran memorandum on June 18 securing 60 days of safe passage through the Strait of Hormuz, three Saudi-flagged tankers carrying six million barrels transited the waterway within hours. The Federal Reserve overrode that tailwind: rates held at 3.50-3.75%, but a hawkish dot plot showed nine of 18 officials expecting at least one hike this year, and the year-end PCE projection was lifted from 2.7% to 3.6%. The dollar index touched a one-year high of 100.80.

Strategy's STRC perpetual preferred stock, a key funding tool for its Bitcoin purchases, sank as low as $82.61, about 17% below its $100 par, before recovering to $88.59. Designed to trade near par via a monthly-adjustable payout currently set at an 11.5% annual rate, STRC's effective yield climbed to roughly 13%, signaling stress. Against a $10.5 billion balance, that coupon implies about $1.21 billion in annual dividends. The company disclosed selling 32 BTC for $2.5 million between May 26 and 31 to fund payouts, then bought 1,550 BTC, lifting holdings to 845,256 BTC and drawing fresh scrutiny on its capital strategy.

A rare divergence is unfolding between price and usage. On-chain data shows the network activity index reaching its highest level since late 2024, with daily transactions briefly topping 800,000 — more than double the 2025 low. Yet the surge is activity-driven, not value-driven: transfers under 0.01 BTC now make up roughly 80% of all transactions, up from about 44% in 2023, as OP_RETURN usage tied to Runes, Ordinals and BRC-20 markets nears record highs. Fees have not followed; daily transaction fees fell to 3.458 BTC on June 18, down around 50% year-on-year, even as Bitcoin trades about 30% lower in 2026.

Oman moved deeper into state-directed mining, with its Ministry of Transport, Communications and Information Technology launching Omanhash, a national pool that requires licensed domestic miners to participate. Operated alongside local Web3 firm Frontech and powered by infrastructure from Enegix Global, the pool targets roughly 10 EH/s of aggregated hashrate in its initial phase. The country already commands about 3% of global mining capacity at around 30 EH/s, ranking sixth worldwide, with cumulative investment in its Salalah free zone exceeding $700 million. The launch marks a shift toward centralized, regulated oversight of accumulated industrial capacity.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $64,148 resistance at 81/100, the strongest overhead barrier, driven by the confluence of the Bollinger Band middle, SMA 20 and R2 pivot. On the downside, the $62,969 support scores 73/100 (S2, point of control, prior-day low), with a deeper floor at $59,130 (68/100). Derivatives stay constructive: funding holds at 0.0028%, open interest sits at $11.5 billion, and the long/short ratio of 1.85 shows 64.9% of accounts long — even as the Fear & Greed Index reads 23 (Extreme Fear). A reclaim above $64,148 with RSI lifting from 37.75 would favor bulls; a daily close below $59,130 invalidates the recovery thesis.