Anton Golub Newsletter - Digital Assets, Crypto & Regulation · Jun 30, 2026

I explain why Bitcoin dropped below $60,000 - 3 biggest liquidity channels disappeared at same time

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ETFs are redeeming, Strategy is defending its balance sheet, and stablecoin liquidity is shrinking.

ETFs are redeeming.
Stablecoin supply is shrinking.
Strategy is managing liabilities.

Bitcoin is going down because marginal buy is disappearing.

3 liquidity channels are weakening at the same time.

1. Spot Bitcoin ETFs turned into a redemption channel.

US spot BTC ETFs had $1.78B of net outflows in one week- that's 30.7K BTC.

2.4% of the roughly 1.28M BTC hel…

Read on antongolub.substack.com ↗

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