Galaxy CEO: Strategy's Rising Debt Signals Bitcoin Market Weakness, BTC Eyes $59K-$60K Support

According to Galaxy Digital CEO Mike Novogratz on June 28, Strategy has evolved into a confidence indicator for Bitcoin markets, with its weakening equity and rising financing pressures triggering broader market concern. Strategy's annual dividend obligations have surged to approximately $1.2 billion, with cash reserves now covering only about 14 months of payments. The company's equity trading below its Bitcoin holdings value signals pressure on its historical dividend-funded buying model.

On the technical front, Bitcoin's $59,000-$60,000 range represents a critical support level; a breakdown could open downside toward $45,000, Novogratz said. Hawkish central bank signals and a stronger U.S. dollar are further weighing on risk assets, with ETF outflows and derivative market caution pointing to fragile market sentiment.