Corporate Buying Remains Firm as Bitcoin Price Holds Steady

Bitcoin's price continued to trade in a narrow range between $58,326 and $61,334 over the past 24 hours. As of this morning, BTC is trading at $60,605, up by 2.91%. The global cryptocurrency market cap has dropped by 0.43% to $2.04 trillion according to CoinMarketCap data.

Public Bitcoin treasuries have seen a significant increase in June with the addition of approximately 9,000 BTC ($525 million), or 7,300 BTC net ($427 million) after accounting for sales and reductions. Strategy and Strive accounted for the bulk of these purchases, each deploying roughly $200 million through their respective digital credit instruments STRC and SATA.

Despite a less hawkish tone from Fed Chair Kevin Warsh's recent remarks at the European Central Bank forum in Portugal, corporate Bitcoin buying remains firm. This macro backdrop has led to a shift in market sentiment with gold rebounding near $4,050 an ounce after Warsh reiterated his commitment to bringing inflation back to 2%.