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  • Bitcoin trades near $109K amid low conviction; Trump Media files for diversified crypto ETF

    Bitcoin trades near $109K amid low conviction; Trump Media files for diversified crypto ETF

    Bitcoin trades near $109K amid low conviction; Trump Media files for diversified crypto ETF

    Bitcoin continues to trade in a narrow range as the Asian trading day begins on Wednesday, with the world’s largest digital asset changing hands above $108,900.

    This period of consolidation comes as market observers point to a lack of strong conviction, even as a new filing reveals plans from Trump Media & Technology Group to launch a diversified ‘Crypto Blue Chip ETF’.

    Bitcoin is holding its ground, and the CoinDesk 20 index, a broad measure of the largest digital assets, is up 1.7% to over 3,100, according to CoinDesk market data.

    However, the current price action feels more like a drift than a decisive rally.

    According to market observers, what separates Bitcoin’s current position from a sustained push past the $110,000 mark is a lack of clear market conviction.

    In a recent report, on-chain analytics firm Glassnode highlighted several indicators of this hesitancy.

    Spot trading volumes for Bitcoin continue to linger below their usual statistical bands, and inflows into spot Bitcoin ETFs have contracted sharply from their recent highs.

    Furthermore, institutional investors appear cautious, despite sitting on significant unrealized gains, as shown by elevated ETF Market Value to Realized Value (MVRV) ratios.

    Trading firm Wintermute, in a market update from earlier this week, described this environment as a “barbell market.”

    They pointed to a stark divide between renewed enthusiasm in high-beta, high-risk assets like memecoins, and a preference for the stability of established large-cap tokens like Bitcoin and Ethereum.

    Notably, last year’s “narrative darlings,” such as AI and DePIN (Decentralized Physical Infrastructure Networks) tokens, have lost investor attention.

    This suggests that traders are either rotating into the speculative frenzy of memecoins—many of the major ones like DOGE, SHIB, and PEPE are up over 8% in the last week—or they are staying put in the perceived safety of BTC and ETH, which are seen as battle-tested and secure.

    With global equity markets largely shrugging off recent geopolitical uncertainties, Bitcoin’s current hesitancy underscores a lingering caution among crypto traders.

    The market seems to be awaiting a clearer directional signal before making a decisive move higher, and things are likely to remain range-bound until that catalyst appears.

    Trump Media’s crypto gambit: the ‘Blue Chip ETF’

    Adding a new dimension to the crypto investment landscape, Trump Media & Technology Group (DJT) has revealed plans to launch another exchange-traded fund (ETF), this one designed to hold more than just Bitcoin and Ether.

    The Truth Social parent company, founded by President Donald Trump, filed on Tuesday to create the “Truth Social Crypto Blue Chip ETF.”

    According to the filing, the proposed fund would be composed of 70% Bitcoin and 15% Ether, complemented by an 8% allocation to Solana, 5% to Cronos, and 2% to XRP.

    The filing stated that the proposed fund would trade on the New York Stock Exchange’s Arca platform, a popular venue for ETFs.

    This news follows a move by Trump Media last month to file for two other ETFs: one that would invest 75% of its assets in Bitcoin and the remainder in Ether, and another that would be comprised solely of Bitcoin.

    In all three instances, Trump Media has indicated that the launches would happen “later this year.” Back in March, Crypto.com announced that it would partner with Trump Media to offer these ETFs.

    This series of filings underscores Trump Media’s deepening commitment to the digital asset space, following its announcement in May of a plan to raise $2.5 billion to purchase Bitcoin for its corporate treasury.

    As of the latest market data, Bitcoin was trading just below $109,000, while Ether was changing hands above $2,600.

    The other components of the proposed ETF, Solana, Cronos, and XRP, were trading at about $151, 10 cents, and $2.30, respectively.

    Shares of Trump Media (DJT) rose close to 3% on Tuesday following the filing, though they remain down more than 40% for the year 2025.
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  • DigitalX taps global crypto leaders in A$20M Bitcoin Treasury push

    DigitalX taps global crypto leaders in A$20M Bitcoin Treasury push

    DigitalX secures A$20.7M in strategic funding to expand its Bitcoin treasury

    Australian digital asset manager DigitalX has raised A$20.7 million (US$13.5 million) in a fresh round of strategic funding, deepening its commitment to a “Bitcoin-first” approach.

    The ASX-listed firm plans to use the funds to grow its Bitcoin treasury, with backing from heavyweight crypto investors like Animoca Brands, UTXO Management, and ParaFi Capital.

    DigitalX says it plans to allocate about AU$19.7 million (US$12.8 million) from its recent raise toward boosting its Bitcoin holdings, with the rest going toward offer expenses and general operations.

    In addition to the capital raise, DigitalX has bolstered its strategic advisory board with the appointments of Yat Siu, co-founder of Animoca Brands, and Hervé Larren, CEO of Airvey.io.

    Both bring deep experience in crypto and digital assets, and their involvement is expected to offer valuable insight into Bitcoin strategy and investor relations.

    The move further cements DigitalX’s position as a key player in driving institutional crypto adoption in Australia.

    Bitcoin-first Treasury approach

    DigitalX’s latest move aligns with the playbooks of global Bitcoin champions like MicroStrategy and Japan’s Metaplanet, both known for aggressively stacking Bitcoin.

    Since debuting on the ASX in 2014 as a Bitcoin miner, DigitalX has kept Bitcoin as a core asset on its balance sheet.

    Right now, it holds 65 BTC directly, along with 881,000 units of its own Bitcoin ETF (BTXX), which translates to roughly 193 BTC.

    Altogether, that adds up to a Bitcoin position worth around US$43.3 million.

    The placement, priced at A$0.074 (US$0.048) per share and bundled with attached warrants, drew strong interest from both institutional and strategic investors.

    Notably, Simon Gerovich, the CEO of Tokyo-listed Metaplanet took part in the round personally.

    The support from prominent global crypto players highlights rising institutional confidence in Bitcoin as a long-term store of value and points to a broader shift toward regulated, transparent ways to gain exposure to digital assets.

    Credibility boost

    Interim CEO Demetrios Christou called the investment a “significant milestone,” noting that both the capital and the backing from globally respected Bitcoin advocates will help DigitalX stay focused on its strategy and create long-term value for shareholders.

    Meanwhile, Yat Siu described Bitcoin as “the reserve asset of Web3 digital gold,” and pointed to DigitalX as one of the best ways for Australian investors to gain exposure to it.

    With this latest funding round, DigitalX isn’t just adding to its Bitcoin holdings, it’s also reinforcing its role as a regulated, ASX-listed bridge for both institutional and retail investors looking to tap into the Bitcoin space.
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  • Ethereum ascends: Institutional pivot and dormant whale moves signal a new era

    Ethereum ascends: Institutional pivot and dormant whale moves signal a new era

    Ethereum ascends: institutional pivot and dormant whale moves signal a new era

    • Bit Digital shifts treasury from Bitcoin (BTC) to over 100K ETH.
    • Dormant Ethereum wallets move millions after 10 years.
    • ETH/BTC bull flag hints at a 35% breakout by August.

    Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalisation, is stepping into what many believe could be a transformative phase, marked by growing institutional alignment and renewed on-chain activity from long-dormant whales.

    Momentum around the asset has intensified in recent weeks, with fresh technical setups, corporate accumulation, and protocol-level proposals all converging to highlight Ethereum’s evolving position as not just a programmable blockchain but also a premier financial infrastructure layer.

    Dormant giants awaken

    Blockchain analysts have spotted multiple early Ethereum wallets springing to life, with some holding “genesis” coins untouched since 2015.

    In one case, a wallet that received 900 ETH when the asset traded below $0.50 moved its holdings after nearly a decade, triggering curiosity across the crypto space.

    On the same day, another wallet, also tied to Ethereum’s genesis phase, transferred 240 ETH after remaining inactive for exactly 3,630 days.

    While the holders are not technically whales by Ethereum’s classification, such movements often reflect either confidence shifts or strategic repositioning, particularly amid market optimism.

    The renewed activity echoes a broader pattern across the digital asset space, where legacy Bitcoin wallets have also been reactivating, in some cases after more than 14 years of dormancy.

    These sudden moves by early adopters signal that legacy stakeholders are once again paying close attention to Ethereum’s trajectory, especially as it gains ground on Bitcoin in structural and financial terms.

    Institutions turn to Ethereum

    Leading this shift is Bit Digital Inc., a Nasdaq-listed company that has effectively gone all-in on Ethereum, making headlines with its aggressive treasury transformation.

    According to a publication by the company, it sold 280 BTC and raised $172 million through a public equity offering to accumulate 100,603 ETH, positioning itself as one of the largest corporate Ethereum holders globally.

    This dramatic pivot comes alongside the winding down of Bit Digital’s Bitcoin mining operations and the rollout of its Ethereum staking infrastructure, which is already among the most advanced in the institutional market.

    CEO Sam Tabar has made it clear that the firm sees Ethereum not just as an asset, but as a foundation for financial reinvention, citing its programmability, staking yield, and growing adoption as core drivers of the shift.

    Beyond Bit Digital, other firms like Sharplink Gaming and BitMine are also joining the fray, with BitMine announcing a $250 million ETH acquisition initiative to deepen its exposure.

    According to CF Benchmarks, this trend is only expected to accelerate, with institutional ETH and SOL holdings potentially increasing tenfold over the next year.

    Ethereum network stability in focus

    Vitalik Buterin, Ethereum’s co-founder, has proposed a new gas cap mechanism to help manage network stress during periods of high demand or spam attacks.

    The proposed cap would introduce a ceiling on total gas used per block, aiming to protect network performance by prioritising essential transactions over low-priority activity.

    If implemented, this strategy could offer greater consistency during congestion while reducing the impact of fee spikes on smaller or new users.

    Such upgrades reflect Ethereum’s maturing ecosystem, especially as developers prepare the protocol for future scaling and broader institutional use.

    Ethereum price outlook: technical analysis signals a bullish momentum

    At press time, Ethereum is trading at around $2,563, up more than 72% over the past three months, with a market capitalisation exceeding $309 billion.

    While ETH remains 47% below its all-time high of $4,878, recent developments, including ETF filings, whale reactivations, and corporate realignment, suggest that investor confidence is building once again.

    On the technical front, ETH/BTC is showing signs of a major breakout, forming what analysts identify as a bullish flag pattern on the three-day chart.

    Should Ethereum break out from its current range, the ETH/BTC pair could climb by as much as 35%, reaching the 0.031 BTC level by August, a potential signal of altseason.

    This comes as the total altcoin market cap tests long-term support, with previous bounces from this trendline often preceding explosive rallies across non-Bitcoin assets.

    The return of capital rotation toward Ethereum and other Layer 1 platforms underscores a clear shift in trader sentiment, especially as confidence grows around Ethereum’s upcoming technical upgrades.

    If the current bullish momentum holds, this may well mark the beginning of Ethereum’s most important ascent yet.
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  • Analysis: Institutional BTC adoption is a ‘cyclical wave’, not a linear increase, says Saphira Group’s Dyment

    Analysis: Institutional BTC adoption is a ‘cyclical wave’, not a linear increase, says Saphira Group’s Dyment

    Analysis: Institutional BTC adoption is a 'cyclical wave', not a linear increase, says Saphira Group's Dyment

    • Fund manager Jeff Dyment argues fears of fading institutional Bitcoin demand are overblown and miss the “bigger picture.”
    • Institutional BTC buying is a “cyclical wave,” not a straight line, with 51 new corporate treasuries in H1 2025 alone.
    • Options market data shows whales are building upside exposure, buying September $130K BTC calls.

    In a market often fixated on short-term price swings, fund manager Jeff Dyment of Saphira Group is urging investors to take a step back and look at the bigger picture.

    His thesis is simple yet powerful: recent data points suggesting that institutional Bitcoin buying is losing steam are missing the forest for the trees.

    In a note shared with CoinDesk, Dyment argues that fears of dwindling institutional demand for Bitcoin are largely overblown, rooted in what he sees as narrow, short-term snapshots of the market.

    He acknowledges the recent cooling in ETF and corporate purchases – for instance, Michael Saylor’s Strategy acquired just 16,000 BTC last month, a sharp decrease from its 171,000 BTC haul in December.

    However, Dyment insists this is not a sign of decline, but rather a natural ebb in what he describes as a “cyclical wave” of institutional adoption.

    “Institutional flows often come in waves rather than a steady linear increase,” Dyment wrote.

    Short-term demand fluctuations in the spot market are minor ripples on what is, in fact, a rising tide of institutional engagement.

    To support his argument, Dyment points to compelling data.

    In the first half of 2025 alone, 51 new corporate Bitcoin treasuries were established, a figure equal to the total number established from 2018 to 2022 combined.

    This represents a staggering 375% year-over-year increase in corporate Bitcoin buying.

    Publicly traded companies now collectively hold 848,902 BTC, which accounts for approximately 4% of Bitcoin’s total supply.

    In the second quarter of 2025 alone, these companies added 131,000 BTC to their balance sheets.

    The ETF factor: a tsunami of regulated capital

    Dyment also highlights the explosive growth of spot Bitcoin ETFs as further, undeniable evidence of deepening institutional participation.

    BlackRock’s IBIT fund, which has already become the largest in the world, now holds an incredible 699,000 BTC, representing more than 3.3% of the total supply, after becoming the fastest-growing ETF in history.

    Collectively, U.S. spot ETFs have captured approximately 1.25 million BTC, or roughly 6% of the total supply, in just 18 months since their launch, Dyment points out in his note.

    This rapid accumulation by regulated investment vehicles underscores a structural shift in how capital is engaging with Bitcoin.

    Whales Position for Upside as Market Awaits a Spark

    Dyment’s thesis finds echoes in the derivatives market. In a recent note from QCP Capital, the Singapore-based fund observed that large “whale” investors are continuing to build exposure to upside risk.

    They are reportedly snapping up September $130,000 BTC call options and holding significant positions in 115,000/140,000 call spreads, all bets on a future price increase.

    “Vols remain pinned near historical lows, but a decisive breach of the $110K resistance could spark a renewed volatility bid,” QCP wrote in a Monday note.

    So, while market bears may point to stagnant spot flows and the nearly empty mempool (the queue of unconfirmed Bitcoin transactions) as signs of market fatigue, Dyment argues that these are merely surface-level ripples.

    Underneath, he contends, the institutional tide is rising. Wall Street, with its trillions upon trillions of dollars in regulated capital, is hungry for crypto exposure. It’s just not going to arrive all at once in a straight line.

    Broader market movements provide context

    The aformentioned analysis comes amidst a backdrop of volatile but resilient price action for Bitcoin and mixed signals from traditional markets.

    • BTC: Bitcoin fell 1.02% from July 6 at 22:00 to July 7 at 21:00, testing key support at $107,519.64 amid heavy selling, before staging a V-shaped recovery off $107,800. On-chain data showed strong support clusters at $106,738 and $98,566 held by 1.68 million addresses, according to CoinDesk Research’s technical analysis bot.

    • ETH: Ethereum rose 1.67% amid volatile trading, swinging nearly 3% between $2,529 and $2,604, as support at $2,530 held firm. Institutional inflows topped $1.1 billion, and above-average volume marked both the surge and subsequent sell-off.

    • Gold: Gold dipped on a stronger dollar but rebounded on tariff-driven safe-haven demand, with central bank buying and de-dollarization fueling forecasts of a rally toward $4,000.

    • S&P 500: Stocks fell on Monday as President Trump announced new tariffs on imports from seven countries, sending the S&P 500 down 0.79% to 6,229.98.

    • Nikkei 225: Asia-Pacific markets mostly rose despite President Trump announcing steep U.S. tariffs on 14 trading partners, with Japan’s Nikkei 225 up 0.36% as duties of up to 40% were outlined for countries including South Korea, Indonesia, and Thailand.
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  • CoreWeave to acquire Core Scientific in a $9B all-stock deal

    CoreWeave to acquire Core Scientific in a $9B all-stock deal

    CoreWeave to acquire Core Scientific in $9B all-stock deal

    • CoreWeave has finalised a deal to acquire Core Scientific for $9 billion.
    • The deal adds 1.3 GW of power capacity for AI and HPC expansion.
    • Under the agreement, CORZ holders will get 0.1235 CoreWeave shares per CORZ share.

    CoreWeave has finalized a landmark $9 billion all-stock acquisition of Bitcoin mining giant Core Scientific, in a move that underscores the company’s ambition to dominate AI and high-performance computing infrastructure.

    The deal, announced on Monday, marks one of the largest takeovers in the AI infrastructure space this year and follows over a year of pursuit, with previous bids rejected for being undervalued.

    CoreWeave, a fast-growing cloud provider specializing in AI workloads, is leveraging the acquisition to significantly expand its power capacity and reduce long-term operational costs.

    The deal locks in $9B value with a major premium

    CoreWeave’s journey to acquire Core Scientific began with a $1 billion bid in early 2024, which was firmly rejected as undervalued.

    Since then, Core Scientific’s market capitalization has more than tripled, thanks to strong operational performance and renewed investor interest in crypto infrastructure.

    Now, with this $9 billion agreement, CoreWeave not only gets a foothold in crypto-hosting infrastructure but also gains critical assets to fuel its broader AI ambitions.

    Under the terms of the agreement, Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave Class A common stock for every share of CORZ they own.

    This exchange values Core Scientific at approximately $20.40 per share, which represents a 66% premium over its closing price of $12.30 on June 25.

    The merger, expected to close in the fourth quarter of 2025 pending shareholder and regulatory approvals, will result in Core Scientific shareholders owning less than 10% of the combined company.

    The stock-based nature of the transaction signals CoreWeave’s long-term confidence in its equity value and future growth strategy.

    In the months ahead, attention will turn to how the company integrates these assets, repositions them for high-performance computing, and navigates potential legal challenges from shareholders.

    Power capacity takes centre stage

    One of the most strategic aspects of the acquisition is the scale of infrastructure CoreWeave will inherit.

    The company will assume ownership of approximately 1.3 gigawatts of gross power across Core Scientific’s US data centre footprint.

    In addition, the company has identified over 1 gigawatt of potential expansion capacity, giving it unprecedented leverage in scaling AI and HPC operations.

    This development is critical, especially as global demand for AI computing power continues to soar and data centre capacity becomes a key constraint.

    CoreWeave plans to repurpose much of this infrastructure for AI and HPC tasks, while also leaving open the option to divest some of Core Scientific’s crypto-mining assets in the medium term.

    Cost savings and vertical integration boost CoreWeave

    Beyond infrastructure, CoreWeave expects the merger to unlock over $500 million in annual run-rate cost savings by the end of 2027.

    These savings will come primarily from eliminating more than $10 billion in expected future lease obligations over the next 12 years.

    By owning its data centre assets outright, CoreWeave can streamline operations, avoid lease-related risks, and reallocate capital toward more strategic growth investments.

    This vertical integration also strengthens the company’s ability to host large-scale deployments of next-generation AI hardware, such as Nvidia’s GB300 NVL72 systems.

    Market reaction

    While the acquisition is seen as a transformative move for CoreWeave, the immediate market reaction was mixed.

    Core Scientific’s shares fell by over 15% following the news, suggesting that some investors felt the premium offered did not fully capture the company’s recent growth.

    Core Scientific’s earnings more than doubled in the first quarter of 2025 to $580 million, though its revenue was dampened by the effects of the recent Bitcoin halving.

    At the time of the acquisition, the company was the 33rd largest corporate Bitcoin (BTC) holder, with 977 BTC on its balance sheet.

    However, CoreWeave has made it clear that this acquisition is not about returning to crypto mining but about reallocating infrastructure for AI and HPC.
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  • The Blockchain Group, Smarter Web Company and Semler Scientific buy over 500 Bitcoin on Monday

    The Blockchain Group, Smarter Web Company and Semler Scientific buy over 500 Bitcoin on Monday

    Wintermute secures Bitcoin-backed credit line from Cantor Fitzgerald

    • The Blockchain Group and the Smarter Web Company have increased their exposure to Bitcoin.

    • US-based healthcare technology company Semler Scientific also reported a fresh Bitcoin purchase of 187 BTC.

    • Earlier in the day, Metaplanet announced adding 2,204 BTC to its treasury.

    France-based The Blockchain Group and the United Kingdom’s Smarter Web Company have increased their exposure to Bitcoin, joining a growing number of corporates bolstering digital asset reserves.

    In a Monday announcement, The Blockchain Group disclosed the purchase of 116 Bitcoin for approximately €10.7 million ($12.55 million).

    Meanwhile, the Smarter Web Company announced it had acquired 226.42 BTC for £17.9 million ($24.34 million).

    The acquisitions took place at an average cost of roughly $106,000 and $106,750 per coin, respectively.

    Following the purchases, The Blockchain Group’s Bitcoin holdings now stand at 1,904 BTC, while the Smarter Web Company holds around 1,000 BTC.

    Alexandre Laizet, deputy CEO of The Blockchain Group, stated in a post on X (formerly Twitter) that the firm’s Bitcoin yield in 2025 had reached 1,348.8%.

    The Smarter Web Company reported a year-to-date yield of 26,242%.

    Semler Scientific also buys BTC

    Also on Monday, US-based healthcare technology company Semler Scientific reported a fresh Bitcoin purchase of 187 BTC for approximately $20 million, according to an 8-K filing with the US Securities and Exchange Commission.

    The Nasdaq-listed firm acquired the coins at an average price of $106,906 per bitcoin between June 4 and July 2.

    As of July 2, Semler said it had sold 4.1 million shares under the ATM program, raising $156.6 million in net proceeds.

    The company’s total Bitcoin holdings now stand at 4,636 BTC, acquired at an average price of $92,753 per coin.

    Based on current market prices, Semler is sitting on approximately $72 million in unrealized gains, with total acquisition costs — including fees and expenses — amounting to $430 million.

    The corporate rush for Bitcoin

    The uptick in corporate Bitcoin purchases reflects a broader trend driven by favorable market conditions, ETF inflows, and rising institutional interest.

    Firms such as Strategy — the world’s largest corporate holder of Bitcoin — continue to lead this movement.

    Strategy on Monday disclosed that its unrealized gains had reached $14 billion in the second quarter of 2025, surpassing prior expectations of $13 billion.

    The company’s latest acquisition, announced on June 30, involved the purchase of 4,980 BTC for $531.1 million.

    Separately, Japan’s Metaplanet added 2,204 BTC to its treasury on Monday, spending $237 million.

    The company now holds 15,555 BTC at an average price of approximately $99,985 per coin.

    The continued accumulation by public companies underscores the growing perception of Bitcoin as a treasury reserve asset.

    As market participants await Q3 activity, corporate interest appears to be sustaining momentum amid macroeconomic uncertainty and evolving digital asset regulation.

     
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  • SUSHI price turns bullish as SushiSwap team teases major reveal

    SUSHI price turns bullish as SushiSwap team teases major reveal

    • SushiSwap has hinted at a massive announcement coming this week.
    • The altcoin shows bullish signals at a crucial support barrier.
    • Traders now target the key resistance zone at $0.79- a 30% surge.

    Meme coins dominated financial trends with impressive rallies on Monday as Elon Musk launched a pro-Bitcoin political party for Americans.

    Meanwhile, the SushiSwap team supercharged SUSHI’s rebound with a cryptic post on X, hinting at a massive reveal in the next few days.

    SushiSwap X post

    SushiSwap is a DEX that runs on multiple blockchains as an AMM (automated market maker).

    It enables users to swap assets and offer liquidity without traditional order books.

    Despite the scarce details, the upcoming announcement stirred the crypto community.

    While enthusiasts contemplated what the message was about, analysts and traders shifted to the SUSHI price chart.

    The altcoin’s current price of $0.6058 places it within the dependable support zone at $0.57 – $0.60.

    Buyers have aggressively joined here to catalyze significant uptrends.

    A confirmation might send SUSHI’s price to the crucial resistance zone at $0.79.

    That would mean an approximately 30% surge from the meme token’s current price.

    What to anticipate from SushiSwap?

    While the team didn’t disclose the exact nature of the upcoming announcement, SUSHI’s price reaction triggered various speculations.

    Enthusiasts could be bracing for strategic collaborations, protocol upgrades, new product launches, or governance overhaul.

    Some suspect the project might introduce a new utility functionality for the native token or more integrations with decentralized finance protocols.

    Indeed, the DeFi sector has seen increased traction lately, with topics like RWA tokenization, L2 expansions, and staking gaining traction.

    Veteran crypto projects like SushiSwap are likely bracing to leverage this growth.

    As the team prepares this week’s key announcement, traders are looking to capitalize on the potential momentum.

    Coinglass data confirms the enthusiasm. SushiSwap’s volume has rallied 40% to $36.94 million.

    Also, the Open Interest is at $30 after a 6% jump. That signals renewed interest in the project.

    How could these developments influence SUSHI’s price actions in the near term?

    SUSHI price outlook: recovery impending?

    The DEX’s governance token displayed bullishness following the announcement, signaling impending rebounds.

    SUSHI hovers at a crucial region. It trades at $0.6058, with a technical setup supporting upside continuation.

    The alt trades above the foothold at $057 – $0.60, a crucial region that previously attracted significant buying.

    Sushi Price Chart

    Source – CoinMarketCap

    SUSHI bulls are now targeting the nearest resistance at $0.66.

    A decisive close beyond this mark could fuel continued upswings.

    Overcoming $0.6925 would open the gates to $0.7470, and a potential extension to $0.7925.

    That would mean a 30% gain from SUSHI’s current market price.

    However, failure to reclaim $0.66 might delay the possible rally.

    A sudden selling pressure that plunges SUSHI beneath $0.57 could trigger significant dips or sideways price actions.

    Further, broad market sentiments will be vital in shaping SushiSwap’s trajectory.
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  • Bitcoin options market signals ‘summer slowdown’: Glassnode

    Bitcoin options market signals ‘summer slowdown’: Glassnode

    Bitcoin Price Outlook

    • Bitcoin has experienced a significant drop in spot and futures volumes, which signals a potential summer lull.
    • Low volatility and thinning liquidity could see a consolidation phase with a potential pullback to $100,000.
    • A resurgence in trading volume could push BTC above $110k and its ATH.

    Bitcoin (BTC) continues to hover near the psychological $110,000 level as well as its all-time high, but market analysts are pointing to a potential summer slowdown.

    According to blockchain data provider Glassnode, trading volumes are experiencing a significant decline, raising questions about the cryptocurrency’s short-term trajectory.

    With spot volume dropping to $5.02 billion and futures volume falling to $31.2 billion, both the lowest in over a year, the stage appears set for a period of reduced market activity.

    BTC options markets suggest a slowdown

    Glassnode’s recent market outlook highlights a trend in the Bitcoin options market where implied volatility across all expiries (ranging from one week to six months) is approaching all-time lows.

    The analytics platform says the levels seen today are back to those seen in mid-2023.

    Reduced volatility suggests that traders are anticipating less price movement in the near term, a common occurrence during the summer months when market participants often take holidays and trading activity wanes.

    Notably, data shows a contrast between Bitcoin’s price, which has steadily climbed toward $110,000, and the diminishing spot and futures volumes.

    The volumes appear to have peaked and point to a downturn, with the divergence indicating thinning liquidity.

    The options market’s low volatility pricing reflects a cautious outlook, potentially signaling a consolidation phase as the market digests recent gains.

    Bitcoin price prediction

    A lull is further contextualized by historical patterns, and traders could be looking for profits after significant rallies.

    However, the low-volume environment also heightens the risk of sharp price swings, as even modest orders could trigger outsized reactions in a thinly traded market.

    On the bullish side, Bitcoin’s ability to hold above key support levels and near $110k despite declining volumes suggests underlying strength.

    Potentially, this strengthens long-term optimism amid institutional adoption, including likely moves by Elon Musk.

    Notably, CoinShares has shared details showing digital asset investment products saw over $1 billion in inflows last week.

    This marked the 12th consecutive week of inflows, with Bitcoin recording $790 million in inflows over the week.

    Other assets such as Ethereum saw $226 million.

    Amid this, analysts at CryptoQuant say the BTC bull run remains intact.

    However, the low implied volatility and reduced trading activity point to a consolidation range.

    BTC could thus break to a new ATH above $112k or see a short-term pullback to support.

    In this case, the psychological level of $100k will be key.
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  • Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his 'America Party' will embrace Bitcoin, criticizes Trump's fiscal bill

    Elon Musk, the founder of Tesla and SpaceX, has declared that his nascent political movement, the “America Party,” will embrace Bitcoin, stating that traditional fiat currency “is hopeless.”

    This announcement, made on the social media platform X, comes amid a deepening public rift between Musk and President Donald Trump, primarily over the administration’s fiscal policies.

    Musk’s plan to form the “America Party” appears to have been catalyzed by his strong opposition to President Trump’s massive tax and spending package, colloquially known as the “Big Beautiful Bill.”

    Musk has harshly criticized the legislation as being fiscally irresponsible, at one point labeling it the “debt slavery bill.”

    This disagreement has seemingly created an irreparable break between the two influential figures.

    While the America Party has not yet been officially registered and lacks an official website, Musk has used his posts and retweets from supporters to outline its core ideology.

    He envisions a party that champions a pro-tech, pro-free speech, and anti-regulation agenda, while adopting generally centrist policies on other issues.

    Musk, a long-time supporter of cryptocurrencies whose companies SpaceX and Tesla both hold Bitcoin (BTC) in their corporate treasuries, sees the digital asset as a key part of this new political vision.

    Musk has indicated on X that the party, once formally established, will not immediately field a Presidential candidate.

    Instead, its initial focus will be on contesting House and Senate races, aiming to build a political foothold from the ground up.

    President Trump, for his part, has not taken kindly to Musk’s political maneuvering.

    In a Truth Social post on Sunday evening US time, Trump fired back, stating that Musk had gone “off the rails” and had become a “TRAIN WRECK.”

    Crypto markets react to easing trade tensions

    While this political drama unfolds, the broader cryptocurrency market experienced a lift on Sunday morning.

    Major cryptocurrencies rose after US Treasury Secretary Scott Bessent hinted at the likelihood of upcoming trade deals being finalized before the crucial July 9 “Liberation Day” tariff deadline.

    Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly surpassing the $109,000 mark.

    Other major tokens also saw gains: payments-focused XRP and Solana’s SOL token both rose by over 2%, while the popular meme token Dogecoin (DOGE) climbed 3%, according to data from CoinDesk.

    Ethereum’s Ether (ETH), the second-largest token, rose 1.5% to $2,550.

    The tariff clock is ticking

    In an interview with CNN, Treasury Secretary Bessent stated that the US is close to finalizing several trade deals ahead of the July 9 deadline.

    This is the date when a temporary pause on higher tariffs, initially announced on April 2, is set to expire.

    “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said, according to Reuters.

    He clarified that July 9 remains the firm deadline for negotiations; if deals are not reached, the higher tariffs announced in early April will take effect from August 1.

    “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” Bessent told CNN, adding that some countries were “foot-dragging” on finalizing deals.

    This coercive tactic of imposing tariffs to rebalance trade relations and reduce the US trade deficit has been a central pillar of President Donald Trump’s economic policy since he took office earlier this year.
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  • Sui breaks $3 resistance: Is a new ATH next?

    Sui breaks $3 resistance: Is a new ATH next?

    • SUI is currently priced above $3, rallying higher following a descending wedge breakout. 
    • An ascending triangle pattern on the 4-hour chart signals bullish flip. 
    • However, while MACD suggests buyers are in control, the RSI is near overbought territory.

    Sui (SUI) has surged to the critical $3 resistance level, breaking above it amid double-digit gains in the past 24 hours.

    CoinGecko data shows SUI price trading more than 11% up in this period, with a notable 102% spike in trading volume that hovered around $1.28 billion.

    The price gains to intraday highs of $3.05 put the altcoin above a key supply wall, which offered both a psychological and technical barrier in recent weeks.

    Notably, Sui ecosystem tokens, including Walrus and DeepBook Protocol, have also surged in the past 24 hours.

    Sui eyes gain amid bullish momentum

    SUI’s uptick aligns with the broader market spike that pushed Bitcoin to above $109,000 and major altcoins like Ethereum, XRP and Solana higher.

    Tailwinds for altcoins helped Sui price, with this coming amid a recent bounce from lows of $2.3.

    Robust on-chain fundamentals that have also seen Sui blockchain’s total value locked (TVL) hold above $2.2 billion signal overall confidence in the ecosystem.

    Other metrics such as rising stablecoin liquidity and transaction volumes align with bullish momentum.

    Sui is also seeing notable growth in developer activity, leading the Move ecosystem.  Sam Blackshear, chief technical officer of Mysten Labs shared this outlook.

    The 11% surge has extended SUI’s upward price action over the past two weeks. Sui’s losses in the past month are indeed down to 8%.

    Sui price prediction

    With SUI attempting to break above $3, bulls may target key levels of $3.5 and $4 to see the all-time peak above $5.3 reached in January 2025 come into view.

    Notably, buyers are upbeat after the token broke out of a descending wedge pattern. That move allowed for a bullish reversal as long bets ramped up.

    Additionally, the formation of an ascending triangle pattern on the 4-hour chart has reinforced the bullish outlook. Given this outlook, the $3 level could act as a springboard for potential further gains. 

    Sui chart by TradingView

    On the technical front, key indicators show buyers are in control.

    The Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the histogram suggesting that bulls currently hold the upper hand.

    However, the Relative Strength Index (RSI) is trending at 70 and an extended uptick into the overbought territory could signal a potential downturn.

    In this case, macro headwinds and profit-taking could mean a short-term flip to support levels around $2.6.

    The post Sui breaks $3 resistance: Is a new ATH next? appeared first on CoinJournal.



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