🚀 Bitcoin hit a 2-month low

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Market Overview
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Year To Date Performances:

1. Bitcoin has plunged below the psychological $70,000 threshold for the first time since April, hitting a two-month low of $66,954.99 following an abrupt shift in market sentiment. The primary catalyst for the sell-off was a June 1 SEC filing from MicroStrategy (referred to as Strategy), the world's largest corporate holder of cryptocurrency, which revealed it had sold 32 bitcoin for roughly $2.5 million to fund dividend obligations on its preferred stock. While the sale represents a microscopic 0.0038% of the company's remaining 843,706 bitcoin hoard, it shattered chairman Michael Saylor’s long-defended "never sell" narrative, spooking investors and triggering a brutal cascade of $594 million in long liquidations on crypto exchanges over a 24-hour window. This correction is further exacerbated by broader institutional fatigue, marked by an 11-day streak of net outflows from U.S. spot bitcoin ETFs, as well as capital rotation out of digital assets into record-breaking U.S. tech equities. The downturn has also dragged down the broader crypto sector, with Ether sliding 3%, Coinbase dropping 3%, and MicroStrategy stock closing down more than 8% as traders evaluate whether the asset can retain its "digital gold" status amid ongoing geopolitical uncertainty in the Middle East.

2. Goldman Sachs CEO David Solomon warned that global investors have shifted decisively into "greed" mode as the financial system prepares to absorb an unprecedented wave of fundraising from elite artificial intelligence and technology heavyweights. Speaking with CNBC’s Leslie Picker, Solomon downplayed structural concerns about whether markets have sufficient depth to absorb multi-billion-dollar public debuts from OpenAI, Anthropic, and Elon Musk’s SpaceX, asserting that global markets remain highly receptive due to record liquidity and deep optimization. To validate his optimism, Solomon pointed to Alphabet's strong stock performance following its massive $80 billion equity issuance, framing it as concrete proof of concept that investors are eager to bankroll the capital-intensive infrastructure, data centers, and advanced silicon chips required for agentic workflows. While acknowledging that market exuberance can quickly transform into fear, Solomon concluded that the industry is likely earlier in this tech-driven capital-deployment cycle than many critics assume, thereby encouraging capital-consumptive AI firms to aggressively secure public financing while macro liquidity remains abundant.

3. President Donald Trump has signed a national security-focused executive order requesting that artificial intelligence developers voluntarily grant the federal government early access to frontier models before their commercial release. The order establishes a voluntary benchmarking framework to evaluate the "advanced cyber capabilities" of highly sophisticated systems, proposing a 30-day pre-release review window during which the government can assist in selecting trusted external partners to audit the technology. To appease prominent tech allies like Elon Musk and Mark Zuckerberg—who actively lobbied against a more restrictive, scrapped version of the directive last month—the text explicitly safeguards open-source development and prohibits the creation of any mandatory federal licensing or preclearance mandates. The regulatory maneuver comes at a critical inflection point for the industry as Anthropic and OpenAI prepare for blockbuster public offerings, and it directly follows intense White House scrutiny of Anthropic’s new "Claude Mythos Preview" model, which exposed severe software security flaws under its Project Glasswing initiative. While the order tasks the Department of Defense with prioritizing its own cyber defenses, it does nothing to resolve the agency’s ongoing, high-stakes legal battle with Anthropic over a prior "supply chain risk" designation that currently bans defense contractors from deploying the startup's technology.

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   1. Trump and Rubio both confirmed that the US is still working towards a deal with Iran.

   2. Greg Abel has spent about $17B redistributing Berkshire Hathaway’s portfolio.