Bitcoin Slips to $65.9K as Strategy Breaks "Never Sell" Pledge and Kalshi Debuts U.S. Perpetuals
Bitcoin extended its pullback, trading at $65,904 after a 2.53% drop, as markets digested fresh U.S. policy signals, a landmark regulated derivatives launch, and Strategy's first BTC sale in more than two years.
At a Senate Finance Committee hearing, Treasury Secretary Scott Bessent said the department is advancing a strategic bitcoin reserve at "deliberate speed" and urged lawmakers to pass the Clarity Act before the summer recess. The reserve, created by executive order earlier this year, is expected to be funded primarily with bitcoin already held by the government from criminal and civil forfeitures, alongside a separate digital asset stockpile. Bessent called the work "complicated" and said best practices are being used to keep the holdings durable. Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, also signaled that an announcement on next steps for the framework is forthcoming.
In markets, Kalshi launched what it calls the first regulated bitcoin perpetual futures contract in the U.S. after the Commodity Futures Trading Commission approved its BTCPERP product on May 29 under Commission Regulation 40.3. The contract references spot bitcoin, has no expiration, and uses an eight-hour funding rate to keep pricing tethered to the underlying market. CEO Tarek Mansour framed the move as Kalshi's shift from prediction markets into a full-service derivatives exchange. The debut comes as offshore perpetual futures volume totaled about $92.9 trillion in 2025, highlighting the scale of activity that could migrate onshore under U.S. oversight.
Strategy's first bitcoin sale since 2022 added to the pressure after the company disclosed in an 8-K filing that it sold 32 BTC to fund a monthly dividend for STRC preferred shareholders. The move marked a break from its long-standing "never sell" posture and coincided with $1.76 billion in leveraged crypto liquidations on June 2. Chair Michael Saylor had previewed the possibility on the prior earnings call, saying the step would help "inoculate the market." Since the disclosure, bitcoin has fallen about 10%, from $74,000 to roughly $65,400, as traders weighed the symbolism of the sale against its small size relative to Strategy's 843,738 BTC treasury.
Separately, Adecoagro, the South American agribusiness majority-owned by Tether, said it will begin bitcoin mining in Brazil on July 1 using electricity generated from sugarcane waste. The pilot site in Ivinhema, Mato Grosso do Sul, will start with 10 megawatts of capacity and about 1,280 mining machines powered by bagasse, the fibrous residue from crushed sugarcane that mills already burn for steam and power. Adecoagro has more than 230 megawatts of renewable generation across the region and is treating the 10MW deployment as a commercial test of whether mining can absorb surplus agricultural energy at scale. The project formalizes a memorandum signed last September between the companies.
On Capitol Hill, the Clarity Act—a long-stalled market structure bill that would establish the first federal framework for digital assets—remains stuck in the Senate after passing the House last year. Key disputes include the tax treatment of stablecoin rewards, statutory protections for software developers, and how to handle potential conflicts of interest linked to President Trump's crypto ventures. Bessent urged senators to back the measure before summer ends, warning that budget priorities and the November midterm campaign cycle will compress floor time. Industry participants see the bill as central to keeping custody and stablecoin rules anchored in the U.S.
Strategy's preferred share STRC is now trading below $100, intensifying debate over whether the firm's bitcoin-centric financing model has developed a structural weakness. The company's "retire-and-reload" sequence—raising $1.38 billion in cash to repurchase $1.5 billion of 2029 convertible bonds while using $2 billion of STRC proceeds to buy 24,869 BTC—left the treasury short of cash ahead of a dividend payment. Economist Alex Kruger and other critics called the timing a tactical misstep that damaged the "never sell" narrative for minimal cash benefit. Supporters describe it as manageable leverage friction rather than a sign of broader distress.
Technically, bitcoin sits just below first support at $65,350, with lower levels at $62,910 and $56,978 if selling accelerates. The RSI is 21.18, deep in oversold territory often associated with short-term capitulation, while the MACD remains bearish and the downtrend intact. Bulls face initial resistance at $66,812, with $69,371 needed to neutralize the bearish structure. A decisive close below $62,910 would undermine the oversold-bounce setup and raise the risk of a move toward $56,978.
