Bitcoin currently faces $4.4 billion oversupply, weak institutional demand dragging on rebound prospects.

BlockBeats News, June 30 - Although Bitcoin has stabilized near $60k recently, its rebound outlook remains bleak. Glassnode data shows that Bitcoin ETFs have sold 71,600 BTC (worth over $4 billion) this month, setting a record for the largest monthly redemption; at the same time, corporate and digital asset custodians have only added 7,500 BTC. Combined with daily new mining supply, the net shortfall amounts to approximately 77,000 BTC (about $4.4 billion), creating a significant "supply surplus."

Against this backdrop, Strategy (MSTR), the largest Bitcoin digital asset company, announced Monday a Bitcoin monetization plan, authorizing the sale of up to $1.25 billion worth of Bitcoin, primarily to build a $2.55 billion USD reserve to cover preferred stock dividends and interest expenses. Analysts believe that if fund flows do not turn positive and institutional demand does not recover, any price rebound may be short-lived. The only factor supporting Bitcoin currently is the bullish USD position in the foreign exchange market.

In other news, UK regulators have lowered the capital buffer requirement for stablecoin issuers from 2% to 1%; the 52-week correlation between Bitcoin and the USD/JPY exchange rate has dropped to -0.90, the lowest since the end of 2022, challenging the "carry trade" theory; international oil prices are experiencing their largest quarterly decline since 2020, with the market focusing on the progress of US-Iran talks.