Public companies bought $575M in Bitcoin and Ethereum last week

Between June 1 and 7, public companies accumulated 4,508 Bitcoin (about $288 million) and added large positions in Ethereum, according to Lookonchain data. The strategy was led by Bitcoin purchases with 1,550 Bitcoin bought at an average price of $65,332, costing around $101 million. Strive also added 32 Bitcoin on the same day. On the Ethereum side, Bitmine acquired 126,971 ETH, worth approximately $214 million at current market prices — their largest weekly accumulation in 2026. The company now owns about 5.54 million ETH, representing roughly 4.59% of the circulating supply of Ethereum. Overall, the two companies accounted for more than half of the total institutional accumulation of $575 million last week.
DEX activity surged sharply
Trading on decentralized exchanges rebounded strongly during the same period. Spot trading volume increased by 64% week-over-week, while perpetual contract volume rose by 69%. The rise in on-chain trading indicates renewed market participation despite ongoing price pressures. Whether this activity translates into sustainable momentum depends on whether spot trading demand follows suit.
Stablecoin market capitalization shrank by $3.47 billion
The total market cap of stablecoins decreased by $3.47 billion last week. The contraction suggests liquidity is leaving the market rather than waiting on the sidelines for reallocation, which could make sustaining a recovery difficult without new capital inflows.
Funding rates turned negative
Perpetual futures funding rates for Bitcoin shifted into negative territory, with an annual rate around -2%. This indicates that bearish traders have become more confident and are willing to pay to hold short positions. When funding rates are negative, shorts pay longs — a situation historically preceding sharp short squeezes if the price moves against them.
Where short squeeze risk is actually concentrated
Crowded short positions accumulated between $63,000 and $66,000. If Bitcoin rebounds toward $66,000, it could be forced to liquidate about $2.6 billion of short positions. In comparison, an additional decline from current levels to $57,000 would put roughly $1.2 billion of long positions at risk. This disparity makes the current range more dangerous for bears than what the main price movement suggests.
Technical support lies between $59,000 and $62,000, aligning with the zone where funding rates turned negative. On June 5, Bitcoin temporarily dipped below $60,000, reaching $59,100, before recovering above $62,000. The clear test of that zone, along with support and subsequent recovery, confirms its significance.
What this means for positions
Rebalancing leverage removed a large portion of crowded long positions that drove the previous decline. Open interest has decreased significantly, and funding now leans more toward shorts. A cleaner positioning means the market is less prone to collective liquidation on the downside, but it does not compensate for the missing spot trading demand.
Bitcoin ETF fund flows remain a hurdle. U.S. Bitcoin ETF funds experienced net outflows for 13 consecutive days until last week, totaling $4.33 billion. Until fund flows stabilize or reverse, confidence in a rally remains limited.
So far, the structure favors a temporary rebound driven by short covering, but for a sustainable rise, new spot trading demand is needed — which has not yet materialized.
This content is for informational purposes only and does not constitute financial advice. Always do your own research.
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