Good Morning Lions,
I've been watching the quarterly close and it's not pretty. Bitcoin's about to finish Q2 down roughly 12% — and if that holds, we're looking at only the second time in BTC's entire history that we've had back-to-back quarterly losses. The first time? 2018. That alone tells you something about the macro environment we're in right now.
What interests me more, though, is who's selling into this. Not the panic sellers — the patient ones. Ethereum's oldest wallets, dormant for eight years, just moved 33,623 ETH worth $52.5 million. That's a deliberate move by someone who's been watching the chart as carefully as we have. The fact that they chose the $1,560 demand line tells me they know what they're doing.
The broader picture: we're in a squeeze. Geopolitical risk is spiking (Iranian crypto outflows hit 700% in the last cycle), miners are rejecting governance changes, and long-term holders are testing whether there's fresh demand underneath. To me, this is the kind of environment where patience wins — but only if you're actually positioned to take advantage of it.
BTC dips below $60K, tracking for back-to-back quarterly losses. ETH's eight-year-old wallets dump $52.5M. BIP-110 miners reject Ordinals cap. And geopolitical heat in the Gulf is pushing crypto outflows to 700%.
TL;DR: Bitcoin dipped below $60K and is tracking for a ~12% Q2 loss, extending a losing streak that's occurred only twice in BTC's entire history. The last time? 2018. This is the kind of macro pressure that separates the hodlers from the panic sellers.
TL;DR: BIP-110, a proposal to restrict data-heavy protocols like Ordinals on Bitcoin, has secured only 0.31% of hashrate support as of late June. That's nowhere near the 55% threshold needed for early lock-in before August signaling. Miners aren't interested in governance theater.
TL;DR: Israeli Prime Minister Netanyahu declared the military campaign against Iran continues until enriched uranium is removed. The geopolitical heat is real, and Iranian crypto outflows have surged 700% as capital seeks safer harbor. This is macro risk bleeding into on-chain behavior.
TL;DR: Saudi Arabia condemned Iranian missile and drone attacks on Bahrain and Kuwait as the regional conflict intensifies. The escalation traces to US and Israeli operations in late February and March 2026, and the risk to Gulf oil supply is now a real variable in the macro equation.
TL;DR: Zcash founder Zooko Wilcox-O'Hearn publicly criticized Coinbase for aggressively promoting gambling-like features to vulnerable users, sparking a debate with CEO Brian Armstrong over libertarian principles and actual harm. It's the kind of tension that defines where crypto goes next.
TL;DR: Apple is lobbying the Trump administration for approval to source memory chips from ChangXin Memory Technologies, a Chinese manufacturer on the Pentagon's military list. AI-driven demand is straining global DRAM supply, and even the biggest tech companies are feeling the squeeze.
I'm not selling into this, but I'm also not blind to the pressure. The macro setup is real. Stay sharp. — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.
