In this report:
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Strategy’s Bitcoin ‘Digital Credit’ Decumulates the Treasury It Claims to Monetize
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Institutional Capital Deepens in Onchain Credit as the Collateral Base Grows
July Lending Market Update
Crypto extended its decline through June before steadying into July, with the weakness driven more by macro pressure and flows than by a breakdown in crypto credit itself. Bitcoin fell 20.1% in the month to close June at ~$58,700, its lowest level since 2024 and down ~53% from its October 2025 peak of ~$126,200, capping its worst first half since 2022. Unlike 2022, when the drawdown was driven by contagion and forced deleveraging following Terra/Luna and FTX, this move was macro and flow led. Inflation rose to a three-year high of…
