Sony Group is set to enter the cryptocurrency market. The electronics giant, famous for its TVs, cameras and some other electronics, has acquired Amber Japan. The crypto exchange it will be relaunched as S.BLOX, a Bitcoin and crypto exchange. Sony purchased Amber Japan in 2023 through its subsidiary Quetta Web. Amber Japan was previously known as DeCurret. S.BLOX will feature an upgraded user interface and mobile app. The launch date remains unannounced. This acquisition reflects Sony's growing interest in cryptocurrency. Which is quite understandable, as Japan is emerging to be a leading Bitcoin market. Proactive regulation and high consumer awareness have contributed to this trend. These factors make Japan an ideal location for Sony's debut in the crypto space. Not to mention, Japan is a home country for the world famous pioneering technology company. Sony's entry signals wider mainstream adoption of cryptocurrencies. Sony has a history of transformative acquisitions. Past purchases of CBS Records and Columbia Pictures expanded its media presence. This latest move could have a similar impact on Bitcoin, though it is unclear if this move will be successful in a long-term perspective. Some of the crypto exchanges have proved to be successful, like Binance or Coinbase, while some ended pretty catosptrophic, like Mt. Gox. Sony is know for leading business in a pretty transparent way, so the latter might be an unsuitable example, you might say. The crypto market has seen increasing interest from major corporations. Sony's involvement further legitimizes the sector. It also highlights the potential for traditional companies to evolve in the digital age. S.BLOX aims to capitalize on Sony's technological expertise. The exchange is expected to offer a user-friendly platform. This could attract both new and experienced crypto investors. Sony's decision comes amid growing institutional interest in cryptocurrencies. The company's size and reputation could influence other large firms to begin their own journeys into the world of crypto.

Recent on-chain data reveals a continued decline in Bitcoin's long-term holder supply. This trend is a bit scary, at least for those who still bet high on the next BTC rally in the near future. Long-term holders (LTHs) are investors who have held Bitcoin for over 155 days. They are typically considered the market's most resilient participants, the ones you can count on mostly when it comes to seeking bullish price support levels. Short-term holders (STHs), in contrast, represent more volatile investors. The LTH supply has been decreasing since January's spot ETF approvals. Data shows the sharpest decline occurred during Bitcoin's rally to new price highs. This suggests even long-term investors were tempted to take profits. Simply put, getting the profit out in fiat was so tempting, thet it clearly over-weighted the potential even bigger incomes in the future. The supply continues to decrease, albeit more slowly, despite recent bearish price action. This ongoing trend is noteworthy. Interestingly, the decline persists beyond the 155-day mark since the spot ETF launch. New buying appears outweighed by selling from established holders. CryptoQuant analyst Axel Adler Jr suggests this could indicate market-wide pessimism. However, historical data provides context. Similar LTH supply reductions occurred mid-cycle in previous bull runs. This pattern doesn't necessarily signal long-term bearish sentiment. "The timing of the selloff would indicate that these profits had ballooned so much during the rally that even these diamond hands gave into the allure of profit-taking," Adler noted.

Selling pressure from Bitcoin miners has decreased, according to a CryptoQuant analyst. This suggests a potential upward trend for BTC. Simply put, we are finally getting ready for the next upward swing. The market is absorbing the sell-off from miners who offloaded Bitcoin to cover operational costs. Miners have been selling Bitcoin in over-the-counter transactions due to decreased profitability. The Bitcoin halving in April cut mining rewards from 6.25 to 3.125 BTC. This made older mining equipment less cost-effective. Mining activity decreased and miners needed to sell more Bitcoin to sustain operations. Large corporate mining operations initially appeared prepared for reduced revenues. However, even big players now face record-low profitability. Marathon Digital sold 1,400 BTC by June 10, compared to 390 BTC in May. CryptoQuant's data now shows less Bitcoin being transferred from miners' wallets. Continued absorption of sell-offs could boost Bitcoin's price. This may also trigger a broader market rally, but nobody can be sure about that, at least for now. The mining industry is seeing significant developments. UAE-based Bitcoin mining company Phoenix announced its $370 million IPO was oversubscribed. Phoenix Group operates in three areas: proprietary Bitcoin mining, colocation hosting, and ASIC machine distribution. It has a hashrate capacity of 13.9 EH/s. For fiscal year 2023, Phoenix projected $247 million in revenue and $172 million in EBITDA. Despite its mining focus, Phoenix's revenue relies mainly on hardware sales. In 2022, computer hardware trading contributed $720 million to revenues, 95.44% of the total. About $715 million came from distribution agreements with Bitmain and MicroBT.

A long-inactive Bitcoin wallet has suddenly resurfaced. The wallet moved a significant amount of Bitcoin to Coinbase on Friday. This occurs as the cryptocurrency's price struggles to maintain recent gains. Data from Lookonchain and Arkham Intelligence reveal the details. The wallet, identified as 12EMDoUhaNCuWZeeT6ey61AkjKyzmjV2m3, deposited 1,000 BTC to Coinbase Pro. This amount is valued at over $61 million. The coins were originally acquired six years ago for $6.68 million. This event is part of a larger trend. This quarter has seen an increase in dormant Bitcoin wallets becoming active. These wallets are moving coins to exchanges. On Thursday, a 14-year-old wallet linked to a Bitcoin miner sent 50 BTC to Binance. Analysts are speculating on the motives. Some suggest these dormant holders may be cashing out near record highs. Others believe they might be engaging in derivatives market activities. This activity is contributing to downward price pressure. Long-term holders are selling. Miners are liquidating faster. The German government is divesting its coin holdings. As a result, Bitcoin prices have fallen nearly 9% this month. At the time of writing, Bitcoin was trading at $61,550. It has failed to maintain gains above $62,000 at least four times since Tuesday, according to CoinDesk data. Price volatility may increase later Friday. The Federal Reserve's preferred inflation gauge, the core Personal Consumption Expenditures (PCE) price index for May, is set to be released. Economists have made predictions about the PCE. They expect no change in the PCE price index. They anticipate a 0.1% increase in the core PCE. This would lead to 2.6% annual advances in both headline and core figures. A favorable inflation report could support the case for Fed rate cuts this year. This might provide support for Bitcoin prices. However, some observers believe Bitcoin is poised for a deeper decline. They suggest it could fall towards $50,000.

The US government has moved 3,940 Bitcoin to a Coinbase Prime wallet. Analysts say this might be one of the reasons BTC is not surging yet again. The Bitcoin came from Banmeet Singh, a convicted drug dealer. It was seized during his trial in January 2024. Singh was arrested in London in 2019 on drug charges. He was extradited to the US in 2023. The US Department of Justice alleged Singh ran a drug network from 2012 to 2017. It spanned several states. Singh surrendered over 8,100 Bitcoin to US authorities. This was valued at about $150 million at the time. The DEA called it their largest ever cryptocurrency seizure. He received a five-year prison sentence in April 2024. However, he was given credit for time served. Reports suggest he has been released. The Columbus Dispatch stated Singh planned to return to India after release. Recent government Bitcoin sales have worried market participants. The German government has been selling Bitcoin worth approximately $2.76 billion. On June 26, at 9:27 am UTC, 345 Bitcoin was sent to a "Flow Traders" wallet. This was part of the German sales. The US government holds large amounts of seized Bitcoin. Arkham data shows they own about 214,000 Bitcoin. This is valued at around $13 billion. It makes the US government the largest state holder in Arkham's database. The Mt. Gox bankruptcy estate is also selling Bitcoin. They are unloading 140,000 Bitcoin to repay victims of the 2014 collapse. This has added to investor concerns. However, exchange balances are at six-year lows. This may help stabilize prices against these selling pressures.