BTC Back Above $60K, Strategy Sells, and Hashprice Holds Near Lows

Good morning. This is Maestro's Market Insights, where we break down the latest in Bitcoin, crypto markets, and Bitcoin mining. Today we're covering Bitcoin's climb back to $62,850 off its 21-month low, Strategy's $216M Bitcoin sale under its new monetization plan, and mining's hashprice holding near cycle lows.

ps. Maestro is now accepting deposits for it’s 16.06%* BTC APY Market Making vault. Find out more here → Learn More

*16.06% is the active max APY and doesn’t guarantee future performance

Market Prices

Markets: Bitcoin edged modestly higher over the past week as broader crypto markets posted similarly small gains. Traditional markets continued to perform, with the Nasdaq notching another solid gain despite escalating tensions in Iran. Meanwhile, Maestro's Garden Solver Vault APY climbed to 16.06%, continuing its upward trend and highlighting growing opportunities for Bitcoin-denominated yield.

Market Updates

The Pulse

Bitcoin has clawed back much of June's damage, trading near $62,850 today after bottoming below $58,000 on July 1, its worst level in 21 months. Spot Bitcoin ETFs are telling the same story: eight straight weeks of outflows totaling $8.2B gave way to a three-day, $510M inflow run this week, though the bounce is running into a Strategy Bitcoin sale and a fresh Iran conflict flare-up.

• ETF flows U.S. spot Bitcoin ETFs reversed course on July 2 with +$223.5M in inflows, ending a 10-day, $2.73B outflow streak.

• Strategy sold 3,588 BTC (~$216M) between June 29 and July 5, its largest sale to date, funding preferred-stock dividends under its newly announced $1.25B Bitcoin Monetization Program.

• The Israel-Iran ceasefire deteriorated after renewed attacks in the Strait of Hormuz and U.S. strikes on July 8. Risk assets remain under pressure, with the Fear & Greed Index at 22 (Extreme Fear).

Bottom Line

Price has been rough for a month. The network never seemed to notice: Bitcoin's 30-day average transaction count just hit 673,822 per day, the highest reading in its 17.5-year history. Most of that volume is still low-value activity from Ordinals, Runes, and OP_RETURN inscriptions rather than large transfers, so it's not proof of a demand boom.

• June 23 became the third-busiest day on record, while average daily activity in June ran 90% above June 2025, highlighting continued network usage despite weaker prices.

• Tokenized real-world assets surpassed $33B on-chain. The DTCC is now piloting tokenized securities trading with more than 50 firms, with a commercial launch targeted as early as October.

By The Numbers

$5.4B

Bitcoin ETFs' net outflow so far in 2026, even after a $510M inflow run over the past three trading days snapped an eight-week, $8.2B outflow streak. Passive exposure is still net negative for the year.

$31.1B

Value of tokenized real-world assets currently on-chain per rwa.xyz, up 2.5% over the past 30 days even as risk appetite pulled back everywhere else. The pipes connecting traditional assets to on-chain settlement keep filling.

670K+

Bitcoin's 30-day average daily transaction count through July 5 was 673,822, the highest reading in the network's 17.5-year history, though driven mostly by low-value Ordinals and Runes activity rather than large economic transfers..

~$29/PH/day

Hashprice holding near multi-month lows, down about 40% from the October 2025 peak near $50/PH/day. Revenue per unit of hashpower is still the tightest it's been this cycle.

$78K

JPMorgan's estimate of miners' all-in production cost per bitcoin, against a spot price near $62,850 today, a gap of about 19%. That's the squeeze forcing smaller miners to sell or shut down.

The Deep Dive

Strategy's Largest Bitcoin Sale Ever. Here's What It Actually Looked Like.

The Signal

On June 29, Strategy authorized a formal Bitcoin Monetization Program, the first in company history, giving itself the ability to sell up to $1.25 billion of BTC to fund dividends and rebuild cash. It has since used a piece of that authorization: between June 29 and July 5, Strategy sold 3,588 BTC for approximately $216 million, its largest Bitcoin sale ever and only its third sale in company history. Holdings now stand at 843,775 BTC. Bitcoin has since recovered from its 21-month low near $58,500 to trade around $62,850 today.

The Numbers

As of July 9, 2026. BTC: ~$62,850. Digital credit prices have been unusually volatile week to week, treat as directional.

*Approximate current yield based on market price.

What Changed

• Strategy's new Digital Credit Capital Framework authorizes BTC sales to fund its USD Reserve, cover preferred dividends and interest, and back up to $2B in combined common/preferred buybacks.

• Strategy has now used part of that authorization: 3,588 BTC sold for ~$216M between June 29 and July 5, in two tranches (1,363 BTC at an average $59,256, then 2,225 BTC at an average $60,773). Proceeds went toward preferred dividends and rebuilding the $2.55B USD reserve.

• STRC's monthly rate stepped up to 12.00% for July, the first hike after four months held flat at 11.50%.

• Bitcoin posted its worst month since June 2022, down roughly 20% in June, dragging every instrument in the stack lower, though BTC has since recovered about 8% off its July 1 low.

• STRF, STRD, and SATA have all traded meaningfully higher off their late-June lows as the broader market steadied, compressing yields across the stack.

• Strategy's board also set a formal minimum cash reserve policy: 12 months of preferred dividends and interest covered at all times.

The Read

For weeks the market debated whether Strategy would defend STRC purely through reserve-building. That debate is over. The company picked the other lever: selling bitcoin directly, and has now actually done it, not just authorized it. Read generously, that's disciplined capital management, turning a static balance sheet asset into working liquidity. Read skeptically, it's the first real crack in a "never sell" brand promise that took years to build. Both can be true at once.

The bigger takeaway for digital credit as a category: yield products anchored to a single company's willingness to hold or sell its own treasury inherit that company's balance sheet decisions, no matter how the wrapper is engineered. That's a structurally different risk than yield sourced from ongoing operating activity.

• Strategy's next STRC rate decision, ~August 1.

• How much of the remaining ~$1.03B in the $1.25B authorization gets used before Q2 earnings.

• Strategy Q2 earnings, expected early August, first look at mNAV and BTC-per-share post-sale.

• Whether Strategy sells again before then, now that the "never sell" line has already been crossed once.

• BTC holding above $60K; the sales so far happened while price sat in the high $50s to low $60s, worth watching if pace changes at higher prices.

Maestro Updates

June Solver Volume

Maestro routed 193 BTC ($12.2M) through its Bitcoin Solver in June, powering real Bitcoin market activity across the Garden network.

Mezzamine Vault Filled

The latest Mezzamine vault with Sazmining filled quickly, connecting Bitcoin capital directly with real mining operations. Another vault is opening soon.

Record Solver Day

Maestro's Solver routed 18.5 BTC ($1.2M) in a single day on July 5, nearly 3x the average daily volume for the month.

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