Warm Welcome, Tagus Community, June 26, 2026
Macro Pain and Strategy’s Dividend Woes Drag Bitcoin: A bruising macro risk-off environment has pushed Bitcoin (BTC) to a low of around $58,100 before stabilising around $60,000, contributing to a broader global sell-off that saw South Korea’s KOSPI fall by 5–8% and US Bitcoin ETFs sizeable net outflows of US$692mn on June 25. The decline reflects a combination of hawkish macroeconomic conditions and crypto-specific pressures. Sticky US core personal consumption expenditures (PCE) inflation of 3.4%y-o-y has kept the prospect of further Federal Reserve tightening firmly on the table, lifting real yields and supporting the US dollar (see Tagus <> Bytes: June 25, 2026). while rising input costs of chips have prompted major technology firms, including Apple and Microsoft, to increase product prices. These macro headwinds have been compounded by a company-specific crisis at Strategy Inc. Its flagship perpetual preferred security (STRC), issued to finance continued Bitcoin accumulation, has fallen around 26% below its US$100 par value, undermining investor confidence in the firm’s capital-raising model.
