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Strategy’s (MSTR) latest bitcoin acquisitions continue to draw criticism from investors concerned about shareholder dilution.

The company purchased 3,137 BTC over its last two reported transactions, adding 1,587 BTC and 1,550 BTC, respectively. However, the firm’s Assumed Diluted Shares Outstanding (ADSO) rose from 384.2 million to 386.1 million shares during the same period, resulting in dilution on a bitcoin-per-share basis. Consequently, Strategy’s BTC Yield YTD fell from 13.0% to 12.5%.

While bitcoin holdings increased to 846,842 BTC, the company continues to expand its cash position to roughly $1.1 billion, providing nearly eight months of dividend coverage for its perpetual preferred securities.

However, Executive Chairman Michael Saylor argues that cash holdings should be considered alongside bitcoin-per-share metrics

The Bank of Japan raised its policy rate by 25 basis points to 1% on Tuesday, its highest level since 1995, as it continues to combat rising inflation.

Historically, BOJ’s tightening cycles have often coincided with or preceded U.S. recessions, including episodes in the 1970s, 1980s, 1990s, 2000s, and during the Global Financial Crisis. The only notable exception was the post-covid normalization period, according to Andre Dragosch, European Head of Research at Bitwise.

Despite the rate hike, bitcoin climbed above $66,000 after the announcement. Markets focused on the BOJ’s decision to pause bond tapering, a move that could help limit upward pressure on long-term yields and support broader financial conditions, including risk assets and crypto.

Goldman Sachs has lowered its oil price forecasts after President Donald Trump announced that an Iran deal, to be signed this Friday, will pave the way for the Strait of Hormuz to reopen to oil tanker traffic.

The bank now expects Brent crude to average $80 per barrel in the fourth quarter of this year, down from its previous projection of $90. Its 2027 average price forecast was also revised lower to $75 from $80. West Texas Intermediate (WTI) crude is now projected to average $75 in the fourth quarter and $70 in 2027.

Analysts believe tanker traffic through the Strait of Hormuz will normalize quickly once the waterway reopens. Prior to the Iran conflict that began in late February, the strait accounted for roughly 20% of global oil flows.

Lower-than-expected oil prices could ease inflationary pressures and reduce the likelihood of aggressive interest rate hikes by major central banks and offer support to risk assets, including cryptocurrencies.

Bitcoin (BTC) traded above $66,000 as of writing.

US spot bitcoin ETFs lost a net $64 million on Monday, even as spot ETFs for ether, XRP, Solana and Hyperliquid all pulled in fresh cash. On the surface, that looks like a clean rotation out of bitcoin and into everything else.

Ether funds gained $22.5 million, Hyperliquid funds $17.2 million, and the XRP and Solana funds about $2.8 million each. That tracks Monday’s price action, where the alts ran well ahead of bitcoin, with XRP up about 7%, Solana 6% and Hyperliquid 11% on the day. The flows followed the tape.

It is worth keeping the scale in mind. Bitcoin ETFs still hold about $83 billion in assets, against roughly $10 billion for ether and around $1 billion each for the XRP, Solana and Hyperliquid products.

The bitcoin number needs a second look. The outflow was not broad, as BlackRock’s IBIT, the largest fund, actually took in $66 million. The net loss came almost entirely from Grayscale’s GBTC, the high-fee legacy trust that has been shedding assets since these funds launched, which lost $124 million on the day. Strip out GBTC and bitcoin ETFs had an ordinary session

The real question is durability. If the altcoin ETFs keep drawing inflows once GBTC’s drag fades, the rotation is real. If not, Monday was a blip dressed up as a trend.