Russia acknowledges oil production decrease while long-term bitcoin holders sell assets
Russia's Vice Prime Minister Alexander Novak confirmed a decrease in oil output due to unplanned refinery maintenance. Separately, long-term Bitcoin holders sold $2.4 billion in assets, with analysts suggesting this could signal the end of the crypto bear market.
Russian Vice Prime Minister Alexander Novak confirmed on June 4 that the nation's oil output has fallen since the start of the year, attributing the decline to unplanned maintenance at refineries. This marks the first time a Russian official has publicly acknowledged a reduction in oil production for 2026. Separately, long-term Bitcoin investors, defined as those holding the cryptocurrency for at least 155 days, have reportedly sold $2.4 billion in assets over the past two days. Analysts from Compass Point interpret this significant sell-off as a potential indicator that the current bear market cycle in cryptocurrency may be nearing its conclusion.
Sources: Forbes Ukraine, Reuters, CNBC