TL;DR

Bitcoin drops below $100K on Iran tensions, $1B liquidated, Cardone Capital and Saylor signal more BTC buys.

Highlights

• • Bitcoin broke below $100,000 for the first time since May, extending a week-long slide amid US airstrikes on Iranian nuclear sites and Iran's move to close the Strait of Hormuz 120.
• • Ethereum fell as much as 8.5% to near $2,200, with broad altcoin declines and over $1 billion in leveraged crypto positions liquidated in 24 hours 218.
• • More than 241,000 traders were liquidated, with the largest single loss a $35.45M BTC/USDT position on HTX 2.
• • Major whales showed mixed behavior: some sold ETH and BTC at a loss, while others accumulated, including a new wallet withdrawing 26,256 ETH from Binance and a whale borrowing $10M USDC to buy ETH 5.
• • Cardone Capital added 1,000 BTC in June, plans to buy 3,000 more, and may raise $1B for further Bitcoin investments, integrating crypto with its $5B real estate portfolio 713.
• • MicroStrategy’s Michael Saylor signaled a fresh Bitcoin buy and reiterated a long-term bullish price target; billionaire Ricardo Salinas increased his portfolio’s BTC allocation to 70% 89.
• • Binance ’s spot market share rose to 41.14%, now handling nearly half of all Bitcoin spot trades and holding 59% of industry USDT/USDC reserves 4.
• • Stablecoin market cap hit a record $250B, supported by institutional inflows, the GENIUS Act, and JPMorgan ’s stablecoin pilot on Base 6.
• • Hacken’s $HAI token plunged 97% after a private key breach and bridge shutdown, confirmed as human error 3.
• • Bubblemaps launched V2 analytics on TON and integrated with Jupiter Exchange; OpenLedger began a $350,000 rewards campaign with KaitoAI and Cookie Snaps 1211.
• • US Dollar Index fell over 9% YTD; gold up 29%; JPMorgan ’s Dimon warned of US economic weakening as job losses rise and Fed policy remains in focus 1516.

Commentary

Crypto markets faced significant stress as geopolitical escalation between the US and Iran triggered a sharp risk-off move, sending Bitcoin below $100,000 and Ethereum down over 8% 120. The closure threat to the Strait of Hormuz and US military action drove a rapid unwinding of leverage, with over $1 billion in liquidations and more than 241,000 traders forced out of positions 219. Whale activity was split: some capitulated, selling at a loss, while others used the volatility to accumulate large ETH and BTC positions, signaling divergent risk appetites 513.

Institutional adoption remains robust despite volatility. Cardone Capital increased its Bitcoin holdings and outlined plans for further large-scale purchases, integrating crypto into a multi-billion-dollar real estate portfolio 713. MicroStrategy’s Michael Saylor and billionaire Ricardo Salinas both reiterated bullish Bitcoin stances, with Saylor signaling new buys and Salinas allocating 70% of his portfolio to BTC 89. These moves highlight continued conviction among high-profile investors, even as market sentiment remains fragile.

Binance ’s growing market share and control over stablecoin reserves reinforce its central role in crypto market structure, while the stablecoin sector itself continues to expand, reaching a new all-time high in market cap 46. Regulatory clarity via the GENIUS Act and institutional pilots like JPMorgan ’s on Base are supporting further inflows 6. However, security remains a concern, as seen in Hacken’s $HAI token collapse due to a private key mishap 3.

DeFi and analytics innovation continues with Bubblemaps’ TON integration and OpenLedger’s new rewards campaign, but macro headwinds persist 1211. The US dollar’s decline, gold’s surge, and warnings from JPMorgan ’s CEO about US economic risks add to the cautious backdrop 1516. Traders should monitor for further volatility tied to geopolitical developments, Fed policy, and large-scale liquidations, while watching for signs of renewed accumulation or further deleveraging.