WS #11074

The dominant theme in this window is the escalating bearish pressure on Bitcoin and crypto assets, with a $4.4 billion supply overhang as institutional demand wilts. Bitcoin ETFs have sold off 71,600 BTC ($4B+) in June, the largest redemption on record, while corporate treasuries bought only 7,500 BTC. Strategy (MSTR) authorized up to $1.25B in potential bitcoin sales to build a dollar reserve, adding to selling pressure. This is corroborated by multiple sources (CoinDesk, Cointelegraph, Polymarket trade patterns) and suggests any BTC bounce is likely short-lived unless institutional flows reverse. Separately, BlackRock downgraded emerging-market equities over AI risks, a high-signal macro call from the world's largest asset manager. On the geopolitical front, Iran reiterated demands for greater control of Strait of Hormuz as talks resume, while oil is set for its biggest quarterly decline since the pandemic due to accelerated flows on peace deal progress—a counter-signal to the prior crisis narrative. The UK competition watchdog plans to break Apple and Google's 'effective duopoly' on mobile app stores, which could pressure AAPL and GOOGL revenues. Amazon moved its Anthropic deal to token-based pricing, with Anthropic committing over $100B to AWS, bullish for AMZN. The Supreme Court ruled that constitutional privacy protections apply to cellphone location history, a potential headwind for data-monetization models. Finally, Concentrix (CNXC) dropped 22% after lowering full-year outlook due to client budget cuts and shift to cheaper automation, a bearish signal for the IT services sector.