Good Morning Lions,
Bitcoin's grinding near $60,000 with a structural risk underneath that's worth watching. Deribit's chief commercial officer flagged $1.2 billion in put options and leveraged longs that could cascade into automated liquidations if the level breaks — institutional cost basis is sitting right there, waiting to trigger.
The real pressure's coming from ETF redemptions. $4.4 billion in outflows over 13 consecutive trading days — the longest losing streak since spot Bitcoin ETFs launched in January 2024. Bitcoin fell 21% during the run, and honestly, the profit-taking narrative is holding up better than the macro fear story.
Solana's governance is moving fast on emissions cuts, jobless claims just jumped to 225K, and Monterey Park just became the first US city to ban data centers. There's a through-line here about structural shifts — whether it's leverage unwinding, institutional rotation, or policy tightening down. Let's get into it.
BTC faces $60K structural risk with $1.2B in puts. ETFs bleed $4.4B over 13 days straight. Solana doubles disinflation, cuts $1.5B emissions. Jobless claims jump to 225K. And Monterey Park bans data centers with 86% voter backing.
ETF bleeding: $4.4B out in 13 straight days
TL;DR: US spot Bitcoin ETFs just logged their longest redemption streak since January 2024 — $4.4 billion in cumulative withdrawals over 13 consecutive trading days starting May 14. Bitcoin dropped 21% during the period. The institutional bid is stepping back.
Atlas Capital calls 70% crash to $26K–$30K first
TL;DR: Reza Bundy, CEO of the Roubini-backed Atlas Capital fund, is forecasting a 70% plunge to $26,000–$30,000 over six months, then a longer-term climb to $500,000 on government debt and currency debasement. The call is contrarian but structured around macro, not sentiment.
Solana doubles disinflation, eliminates $1.5B in future SOL
TL;DR: SIMD-0550 is moving through Solana governance to double the annual disinflation rate from 15% to 30%, cutting $1.5 billion in future emissions and reaching terminal inflation in 2.8 years instead of 5.7. Anatoly Yakovenko backs it, but validator revenue concerns are real.
Jobless claims spike to 225K — dovish Fed case builds
TL;DR: Initial jobless claims jumped to 225,000 for the week ending May 30, beating expectations and marking the highest four-week average since February. The data strengthens the case for earlier rate cuts, which could ease financial conditions and support crypto markets.
First US city bans data centers — Monterey Park leads
TL;DR: Monterey Park became the first American city to enact a permanent data center ban after voters approved Measure NDC with 86% support. It's a precedent for local resistance to energy-intensive infrastructure — watch for copycat bans in other jurisdictions.
Three things on my radar: whether BTC holds $60K or cascades lower, how Solana validators respond to the disinflation proposal, and whether jobless data shifts Fed expectations this week. Catch you tomorrow. — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.
