Bitcoin Tests $66,900 Pivot as BlackRock Moves 6,005 BTC, Schwab Opens 24/7 Futures

Bitcoin News

A new secured Visa credit card from Lava is positioning Bitcoin rewards as a mainstream consumer hook, paying 3% back in BTC for US users, 1% internationally, and 5% across a network of Bitcoin-aligned merchants including launch partners Amazon, Apple, and Netflix. The card carries no annual fee, no foreign transaction fee, and no markup on Visa's official exchange rate. Cardholders fund balances via bank transfer, direct deposit, or stablecoins such as USDC, with an optional Bitcoin Line of Credit that lets holders borrow against BTC instead of liquidating. The product launches into nearly every Visa-accepting jurisdiction worldwide.

BlackRock and the Winklevoss twins shifted more than 7,000 BTC into exchange wallets within hours on June 2, intensifying speculation about institutional distribution. BlackRock routed 6,005 BTC worth roughly $403 million from IBIT addresses into Coinbase Prime, which serves as the fund's custodian and frequently facilitates creation and redemption flows. Separately, the Winklevoss twins moved 1,000 BTC, about $67.5 million, from Gemini custody into a Gemini hot wallet — the same pattern that preceded sales in March. Neither transfer confirms an open-market dump, but they land as spot Bitcoin ETF products bleed more than $2 billion since mid-May.

A rare physical Casascius bitcoin from the 2011-2013 mint was peeled open on Wednesday, with its 25 BTC private key swept on-chain for the first time in over a decade. The S1-COIN-25 piece, worth approximately $1.70 million at current prices, was redeemed in block 952,159, ending its life as a numismatic collectible. Software engineer Mike Caldwell halted Casascius production in late 2013 after FinCEN flagged him as an unlicensed money transmitter. Trackers show thousands of coins remain unredeemed, including fewer than 20 of the 1,000-BTC denominations, each now holding roughly $66 million in Bitcoin at face value.

Charles Schwab activated near-24/7 trading on Bitcoin futures across its thinkorswim platform, marking the brokerage's first round-the-clock product in its history. The Westlake, Texas firm — which oversees $12.61 trillion in client assets and clears 10.3 million daily trades — is rolling out CME standard and Micro Bitcoin contracts with a $5 multiplier and a $0.10 micro multiplier respectively. The expansion follows April's launch of Schwab Crypto, a direct spot trading rail for retail clients, and a stated mid-2027 target to offer spot custody and transfers for registered investment advisors. The timing dovetails with Bitcoin's roughly 45% retreat from its October 2025 peak of $126,198.

Glassnode on-chain readings suggest the current bear market has not yet printed a cycle low, even with Bitcoin near $67,000. The Long-Term Holder Net Unrealized Profit and Loss metric sits near 0.25, only grazing the upper edge of the historical capitulation band that framed the 2012, 2015, 2019, and 2022 bottoms. Long-term holder supply, meanwhile, just printed a fresh all-time high near 15 million BTC, indicating the cohort is absorbing coins from younger, weaker hands. LTH Relative Unrealized Loss at 15.5% leaves room for a deeper flush, with some scenarios mapping a test toward $56,000 before genuine capitulation.

Citi analysts argue Strategy's recent disposal of a small tax-advantaged tranche of BTC is not the structural threat market commentary suggests; the missing variable is fresh investor demand. Spot Bitcoin ETF flows account for roughly 45% of weekly return variation in BTC, the bank estimates, and those flows have turned decisively negative. Analyst Alex Saunders also flagged fading odds for a U.S. market structure bill this year, removing a near-term catalyst that could re-anchor inflows. The bank views digital asset treasury selling as a sentiment overhang rather than a primary driver, with the bid side from new buyers the real swing factor.

Spot near $66,322 has slipped under the $66,672 micro-support and is wedged inside the broader $66,900-$68,000 shelf that has separated repair from renewed downside through this cycle. The RSI at 22.13 is deeply oversold and consistent with reflex bounces, yet the bearish MACD and confirmed downtrend keep momentum on the sellers' side. Bulls need a reclaim of $66,835 followed by acceptance above $68,673 to neutralize the breakdown; failure leaves $64,829 as the next operative candlestick pivot, with $62,510 the line that would validate the deeper $56,000 capitulation scenario flagged on-chain.