Bitcoin Falls to $65.9K as Kalshi Lists US Perpetuals, Strategy Sells 32 BTC

Bitcoin News

Treasury Secretary Scott Bessent told the Senate Finance Committee that the department is advancing the strategic bitcoin reserve at "deliberate speed" while pressing lawmakers to pass the Clarity Act before the summer recess. The reserve, established by executive order earlier this year, is funded primarily through bitcoin already held by the government through criminal and civil forfeitures, alongside a separate digital asset stockpile. Bessent described the buildout as "complicated" but said best practices were being applied to ensure holdings remain durable. The remarks come as Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, has teased a forthcoming announcement on next steps for the reserve framework.

Kalshi launched the first regulated bitcoin perpetual futures contract on U.S. soil, going live after the Commodity Futures Trading Commission approved its BTCPERP product on May 29 under Commission Regulation 40.3. The contract references spot bitcoin, carries no expiration, and uses a funding rate adjusted every eight hours to anchor pricing to the underlying market. CEO Tarek Mansour positioned the rollout as the firm's pivot from prediction market operator to full-service derivatives exchange. Offshore perpetual futures volume reached roughly $92.9 trillion in 2025, dwarfing spot crypto markets and underscoring how much trading flow could now redirect to onshore venues under American regulatory oversight.

Strategy's first BTC sale since 2022 continued to ripple through markets after the firm disclosed offloading 32 coins in an 8-K filing. The disposal, intended to fund a monthly dividend to STRC preferred shareholders, reversed the company's long-standing "never sell" stance and contributed to $1.76 billion in leveraged crypto liquidations on June 2. Chair Michael Saylor had previewed the move on the prior earnings call, framing it as a deliberate signal to "inoculate the market." Bitcoin has fallen roughly 10% from $74,000 to $65,400 since the disclosure, as traders weighed the symbolic weight of the sale against its modest size relative to the company's 843,738 BTC treasury.

Adecoagro, the South American agribusiness majority-owned by Tether, will begin Bitcoin mining in Brazil on July 1 using electricity generated from sugarcane waste. The pilot at Ivinhema in Mato Grosso do Sul will start with 10 megawatts of capacity and roughly 1,280 mining machines powered by bagasse, the fibrous residue from crushed sugarcane stalks that mills already burn for steam and power. Adecoagro holds more than 230 megawatts of renewable generation across the region, making the 10MW deployment a commercial test of whether mining can absorb surplus agricultural energy at scale. The project formalizes a memorandum signed last September between the two companies.

The Clarity Act, the long-stalled market structure bill that would deliver the first federal framework for digital assets, remains lodged in the Senate after clearing the House last year. Sticking points include the tax treatment of stablecoin rewards, statutory protections for software developers, and how to address conflicts of interest tied to President Trump's crypto ventures. Bessent urged senators to "get behind" the legislation before the end of summer, warning that budget bills and the November midterm campaign cycle will crowd out floor time once Congress returns. Industry stakeholders view the bill as essential to anchoring custody and stablecoin rules onshore.

Strategy's preferred share STRC is now trading under $100, fueling debate over whether the firm's bitcoin flywheel has developed a structural crack. The retire-and-reload sequence, drawing $1.38 billion in cash to repurchase $1.5 billion of 2029 convertible bonds while spending $2 billion in STRC proceeds on 24,869 BTC, left the corporate treasury bare just before a dividend payment to STRC holders. Critics including economist Alex Kruger called the timing a tactical blunder, arguing the sale undermined the "never sell" narrative for negligible cash gain. Defenders frame the move as manageable leverage friction rather than a sign of distress within the broader treasury model.

Bitcoin trades at $65,904 after a 2.53% decline, sitting just below first support at $65,350 with deeper floors at $62,910 and $56,978 if selling accelerates. The RSI reading of 21.18 is deep in oversold territory, the kind of candlestick setup that historically marks short-term capitulation, but the MACD signal remains bearish and price action is locked in a clear downtrend. Reclaiming $66,812 is the first hurdle, with $69,371 needed to neutralize the bearish structure. A decisive close below $62,910 would invalidate the oversold-bounce thesis and open the path toward $56,978.