Tag: Bitcoin

Bitcoin L2 Stacks (STX) price drops heavily after transaction suspension
- Stacks (STX) drops 2.5% as Bithumb announces temporary halting of transactions.
- Network upgrades aim to boost Stacks’ security and features.
- The suspension of transactions is scheduled to begin on July 29.
Stacks (STX) token has seen its price drop by 11.4% in a week, even as the Bitcoin (BTC) price remains largely bullish.

The decline comes at a time when excitement is building around Bitcoin-based DeFi and key network upgrades are underway.

However, a major development from South Korean exchange Bithumb appears to have influenced investor sentiment, triggering notable short-term pressure on the STX token.

Price pressure hits Stacks (STX) despite DeFi momentum

STX is currently trading at $0.7786, marking a drop of 2.5% today and a sharp 11.4% decline over the past seven days.

This drop comes even as Bitcoin, the asset it is built to complement, maintains a largely positive trend.

The downward move has raised eyebrows among market watchers, especially given the recent momentum around the Stacks DeFi ecosystem.

But despite the drop, STX has still gained more than 15% over the last month, driven in part by the ongoing “STX DeFi SZN” campaign — a collaborative launch among leading Bitcoin DeFi protocols.

Through a partnership with Zealy.io, the campaign is offering 50,000 STX in rewards for users completing on-chain quests.

While the broader DeFi push is designed to strengthen the ecosystem, it hasn’t been enough to offset short-term fears triggered by external factors.

Bithumb’s temporary suspension fuels uncertainty

One of the main catalysts behind STX’s recent price dip is the news of Bithumb’s announcement of a temporary suspension of STX deposits and withdrawals.

Scheduled to begin at 03:00 UTC on July 29, according to a report by Bitcoin World, the suspension is aimed at supporting a significant upgrade of the Stacks network.

For many traders, however, the move has sparked concern.

Even though such suspensions are standard during blockchain upgrades, the market often reacts with caution.

Investors worry about temporary inaccessibility and possible disruptions in trading activity.

As a result, some may have opted to sell early to avoid complications, contributing to the current price decline.

Stacks upgrades bring long-term promise

The Stacks Network upgrades themselves are crucial milestones for the network.

Stacks is a Bitcoin Layer 1 blockchain that enables smart contracts and decentralised apps (dApps) to run using Bitcoin as the settlement layer.

It brings programmability to Bitcoin without changing Bitcoin itself.

Transactions on Stacks are automatically hashed and secured by Bitcoin’s hashpower through a mechanism known as Proof of Transfer (PoX).

This approach makes Stacks one of the most secure smart contract layers available today.

The upcoming upgrade is expected to enhance this security while improving performance and enabling new features for developers and users alike.

Moreover, STX plays a central role in this ecosystem. It is used for transaction fees, governance decisions, and stacking, where users can earn Bitcoin by locking their tokens.

As the Stacks network upgrades progress, STX may gain greater utility and adoption, potentially reversing the current downtrend over time.

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July 25, 2025
Bitcoin Cash up 7% as bulls defy BTC dump, eye gains on rising volume
- Bitcoin Cash has seen a notable surge in the past 24 hours, gaining 8% to $554.
- The altcoin sees gains as Bitcoin price dumps amid massive sell-off pressure.
- With trading volume up 44% and rising open interest also surging, BCH could defy the benchmark asset’s dip further and eye highs last seen in December 2024.
The Bitcoin Cash (BCH) price currently stands at approximately $551.

While it’s off its intraday highs of $554, it remains above the $550 mark, up as one of the top gainers in the past 24 hours.

According to CoinMarketCap, this comes as Bitcoin’s latest correction has many altcoins also showing weakness.

Bitcoin Cash defies BTC dump with 7% gain

BTC dropped to below $115k after Galaxy Digital, a prominent crypto investment firm, offloaded 30,000 BTC in under 24 hours.

Liquidations spiked amid the Bitcoin dump, but Bitcoin Cash looked to buck the trend.

Its intraday gains of over 8% see it rank among the top performers in the 100 largest cryptocurrencies by market cap.

Bitcoin Cash price chart by CoinMarketCap

Notably, gains keep BCH in an uptrend over the longer time frames. The altcoin’s price is on an upward trajectory since touching lows of $268 in April 2025.

Also, the price gain amid a 44% increase in trading volume to over $870 million suggests potential buying pressure.

Crypto analyst CW points to increased whale interest, particularly in China.

There is a strong buying trend for $BCH on Binance and OKX, where Chinese whales are active. pic.twitter.com/49b4oiZHSd

— CW (@CW8900) July 25, 2025

Is BCH poised for a rally to $1,000?

BCH price last traded at $1,000 in May 2021, at the time when bears pushed it lower from above $1,427.

In the past year, an attempt by buyers to reclaim the level fizzled out at around $624 in December 2024.

While the cryptocurrency has struggled for upside momentum, analysts are increasingly optimistic about Bitcoin Cash’s potential to rally toward $1,000.

Other than the overall long-term bullish sentiment around crypto, the short-term picture highlights robust market metrics and technical outlook.

BCH price chart by TradingView

For instance, open interest in BCH derivatives has jumped 24% to $533 million, with volume 28% up to over $1.3 billion.

A surge in speculative activity signals bullish confidence in the token’s price.

The technical picture further bolsters this bullish outlook.

The Relative Strength Index (RSI) currently reads 63.

Meanwhile, the Moving Average Convergence Divergence (MACD), is also flashing a bullish crossover to hint at potential short-term upward pressure.

If bulls manage a breakout to the supply wall at $540-$565, they could retest the $620-$650 area.

Above this, resistance above $700 could allow bulls to target $1,000. Conversely, support lies around $480 and then $380.

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July 25, 2025
A crypto crutch for Tesla? How a 30% Bitcoin rally is propping up a challenging earnings picture
- Tesla’s Bitcoin (BTC) holdings are now worth ~$1.2 billion after a 30% BTC price rally in Q2.
- A new US accounting rule (FASB) now allows Tesla to report the fair market value of its crypto holdings quarterly.
- Tesla has not bought or sold any Bitcoin for eight straight quarters, with its holdings unchanged at a cost basis of $184M.
Tesla’s significant Bitcoin holdings are now worth approximately $1.2 billion, thanks to a powerful 30% rally in the cryptocurrency’s price during the second quarter of this year.

This paper gain, highlighted by a recent change in US accounting rules, provides a bright spot in an otherwise challenging earnings report for the electric vehicle giant, which saw its core automotive revenue decline for a second straight quarter.

According to its latest earnings report, Tesla’s Bitcoin stash has benefited significantly from the crypto market’s recent strength. Bitcoin is currently trading at around $118,000, a substantial increase from its price of $83,000 on April 1.

Based on data from BitcoinTreasuries.Net, which lists Tesla as holding 11,509 BTC, the automaker is the tenth largest publicly traded company to hold the crypto asset on its balance sheet.

This gain is now more visible to investors due to a new rule approved by the Financial Accounting Standards Board (FASB). Effective from the first quarter of 2025, the rule allows companies to report the fair market value of their crypto holdings each quarter.

Previously, corporate holders like Tesla were required to report their crypto assets at the lowest value they reached during the holding period, a method that often failed to reflect market recoveries.

This meant that even if Bitcoin’s price rebounded, those gains would not be reflected on the balance sheet.

Now, Tesla’s Bitcoin gains can be recognized each quarter, providing shareholders with a much clearer view of the asset’s performance.

While its crypto holdings have appreciated, Tesla’s core business is facing significant headwinds.

The company reported second-quarter revenue of $22.5 billion, which, according to one set of figures in the source text, missed analyst estimates of $22.74 billion.

Adjusted earnings per share of $0.40 also reportedly fell below the expected $0.43.

A clear point of weakness was the company’s automotive revenue, which fell by 16% year-over-year, marking the second consecutive quarterly decline.

This follows a report from early July, in which Tesla had already disclosed a 14% drop in its Q2 vehicle deliveries, to 384,000 units.

The company’s stock performance reflects these struggles. Shares of TSLA are down roughly 18% this year, a stark underperformance compared to other big tech names and the broader Nasdaq Composite, which is up about 9% in 2025.

Adding to its challenges, Tesla has delayed its affordable “Model 2” EV, leaving the field open for its rivals.

Chinese EV makers, in particular, are aggressively pushing cheaper, tech-laden vehicles that are steadily eating into Tesla’s global market share.

The sound of silence: Tesla’s unchanged Bitcoin treasury

Despite the significant market value of its crypto holdings, Tesla did not mention Bitcoin once in its second-quarter 2025 financial filing.

This silence is not new. The company has not added to or sold any of its Bitcoin for eight consecutive quarters.

According to the 10-Q form filed with the SEC on July 23, the company’s digital asset holdings remain unchanged at a cost basis of $184 million, the same value it reported in the first quarter of 2024, with no impairment losses or gains noted this time either.

Tesla had initially made a bold move into the crypto space, purchasing $1.5 billion worth of Bitcoin in early 2021. Since then, however, it has sold off the majority of its holdings, with the last major sale occurring in the second quarter of 2022, when it offloaded roughly 75% of its BTC stash.

Despite the recent financial and political turbulence surrounding the company, Tesla appears to be holding firm on its current crypto position—for now.

But with mounting pressure from declining revenues and various reputational hits, investors will be watching closely for any future changes to the company’s digital asset strategy.

Following the earnings release, shares of TSLA were up a slight 0.71% in post-market trading, with the stock trading at $331.56.

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July 24, 2025
Bitcoin price prediction: $200K within reach once BTC clears overbought hurdle
- Bitcoin (BTC) must clear the $120,000 resistance to resume upward momentum.
- $200K in 2025 is unlikely without stronger volume support.
- Long-term outlook remains bullish despite short-term hurdles.
Despite recent pullback after hitting a new all-time high, Bitcoin price predictions remain bullish amid a mix of political support, institutional interest, and speculative whale activity.

However, Bitcoin (BTC) will have to overcome the short-term resistance levels and overbought conditions that have temporarily capped its upward momentum.

BTC faces a key resistance hurdle at $120,000

At press time, Bitcoin (BTC) was trading at around $118,584 after hitting a recent high of $122,838 on July 14.

And while it is still 77% up over the past year, momentum has slowed in recent sessions.

Notably, the pullback can be attributed to Bitcoin attempting to offload overbought signals on the Relative Strength Index (RSI), especially after repeated rejection at the $120,000 level.

Technical data reveals that the BTC/USDT pair is facing stiff resistance near this psychological threshold, where previous rallies have faltered.

Despite this, the price remains comfortably above its 50-day Exponential Moving Average (EMA), which continues to serve as a dynamic support.

As long as Bitcoin maintains this position, the broader bullish trend remains intact.

Futures market signals continued consolidation

The Bitcoin Futures, Jul-2025 (BTC=F) mirrors the spot market’s hesitation.

Notably, the Bitcoin Futures’ price action, as evident on Yahoo Finance, remains locked between key pivots ($123,875 on the high end and $115,340 below).

The central pivot point of $120,615 has become a battleground, with neither bulls nor bears showing dominance.

A breakout above $126,015, which aligns with the upper channel trendline, could spark renewed buying interest and potentially send prices toward the $129,000–$132,000 range.

On the flip side, failure to reclaim $120,615 could expose the contract to a retracement toward $115,340, with downside risk extending to $112,000 if support breaks.

Volume profile data supports this indecisiveness. Most of the recent trading activity has clustered between $118,000 and $122,000, highlighting this zone as a significant liquidity area.

For any breakout to sustain, a corresponding uptick in volume must accompany it — something that has yet to materialise.

Whales stir, but caution remains

Fueling speculation further, a long-dormant Bitcoin whale recently moved 10,606 BTC, worth approximately $1.3 billion.

HUGE $BTC MOVEMENT — Dormant Whale Wakes Up and Transfers 10,606 BTC ($1.26B)

Be alert — major Bitcoin movement detected.

In the past 5 hours, three wallets, likely controlled by the same long-term whale, have collectively transferred 10,606 BTC — worth around $1.26 billion —… pic.twitter.com/UltvrUPlPn

— EyeOnChain (@EyeOnChain) July 23, 2025

This reactivation, after years of inactivity, has raised questions about the whale’s intentions—be it profit-taking, institutional over-the-counter (OTC) deal prep, or strategic reallocation.

Such large-scale movements often impact market sentiment, particularly when they occur near price peaks.

If these funds are moved to exchanges, the threat of a large selloff increases.

Conversely, if transferred to cold storage, it may indicate confidence in Bitcoin’s long-term trajectory. For now, the market remains watchful, not reactive.

Macro and political tailwinds support BTC’s growth

External forces are also adding fuel to Bitcoin’s long-term prospects.

Trump Media and Technology Group recently acquired nearly $2 billion worth of Bitcoin using proceeds from stock sales and bonds.

This move coincides with increased US legislative support for crypto, including the passage of the GENIUS stablecoin bill and proposals for a Strategic Bitcoin Reserve.

Moreover, Bitcoin-backed borrowing is gaining traction. Xapo’s BTC-collateralised lending product recorded a 24% increase in Q2 usage, particularly in Europe and Latin America.

This trend suggests that holders are increasingly seeking liquidity solutions without having to sell their BTC, a dynamic that could reduce short-term selling pressure.

The $200k Bitcoin price prediction

Despite short-term hurdles, several analysts believe Bitcoin remains on a long-term path toward $200,000—just not in 2025.

Glassnode lead analyst James Check, in a recent interview with Pahueg at Less Noise More Signal, stated that while hitting $200,000 by year-end is “very improbable” due to insufficient buying volume, he fully expects BTC to exceed that mark within five years.

His outlook reflects broader sentiment: without follow-through volume, even strong rallies risk unravelling.

Others, including Bitwise’s Matt Hougan and Bernstein Research, maintain bullish 2025 targets based on anticipated institutional demand and the growing influence of Bitcoin ETFs.

However, analysts emphasise that BTC must first stabilise above $130K, $140K, and eventually $150K to credibly approach the $200K zone.

These milestones represent both technical and psychological resistance levels.

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July 23, 2025
Bitcoin at $1M forecast gains ground as money supply heads for $200 trillion
- The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.
- Only 21 million BTC exist, boosting scarcity appeal.
- The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.
As the world’s money supply expands at an unprecedented pace, a growing number of market participants believe Bitcoin could eventually hit $1 million per coin.

The belief isn’t based on speculation alone—it stems from hard numbers.

Central banks are printing more money, governments are spending at record levels, and the global M2 money supply is expected to double from $100 trillion to $200 trillion by 2035.

With Bitcoin’s supply capped at 21 million, this massive influx of liquidity could create a potent supply-demand imbalance.

Money supply surge boosts BTC case

Bitcoin maximalists and macro-focused analysts now frequently cite monetary debasement as a key reason to hold the pioneer cryptocurrency.

Fred Krueger, a longtime Bitcoin advocate and investor, posted on X that “it will take 1 trillion USD moving into Bitcoin to get to 1 million.”

He argued that with the global money supply rising rapidly, “zero chance we don’t get there.”

The scale of monetary expansion is central to this view. Over the last 12 months, global liquidity has surged at one of the fastest rates on record.

Central banks across the US, UK, Europe, and Asia have continued accommodative policies, with large fiscal deficits becoming the norm.

These conditions, according to market observers, reduce the purchasing power of fiat currencies and push investors to explore alternatives.

River, a Bitcoin-focused financial services firm, highlighted that those who held BTC from July 2024 onwards have outperformed against money debasement tenfold.

This reinforces the narrative of Bitcoin as a hedge against currency dilution and economic instability.

M2 liquidity per BTC hits record

The ratio of global M2 money supply to Bitcoin in circulation has reached a record level.

According to decentralised finance investor Christiaan, there is currently about $5.7 million in global M2 liquidity per single Bitcoin.

This is the highest ratio in over a decade and is used to illustrate how limited Bitcoin’s supply is compared to the volume of fiat money in the global financial system.

This ratio, sometimes referred to as the liquidity-to-scarcity index, suggests that even modest capital inflows into Bitcoin—whether from institutional investors or sovereign wealth funds—could drive prices sharply higher.

Given the fixed 21 million coin limit, with many lost or illiquid, the supply-demand mechanics remain a central argument in favour of long-term price appreciation.

Retail push and historical trend

Retail investors are also being targeted with simplified messaging. Davinci Jeremie, a popular Bitcoin influencer, posted a video on social media urging viewers to invest just $1 into Bitcoin.

His message, “spend a dollar to change your future,” reflects a broader campaign among Bitcoin supporters to increase grassroots participation.

The psychological framing of Bitcoin reaching $500,000—or even $1 million—is now gaining traction in both retail and institutional circles.

As inflation fears persist, and as tech stocks become increasingly correlated with macro trends, many see Bitcoin as a standalone asset with unique supply properties.

While Bitcoin remains volatile in the short term, these macroeconomic dynamics are positioning it as a long-duration hedge.

The rising M2 supply and systemic debt loads across developed nations continue to lend weight to the idea that digital scarcity may offer long-term protection.

Historical data also supports the current optimism. Over the past decade, Bitcoin has consistently outpaced fiat currency performance during periods of rapid money printing and inflationary risk.

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July 22, 2025
Strategy buys 6,220 Bitcoin for $739.8M, takes total holdings past $43B
- $740.3M raised via equity sales across four security classes.
- 1.6M MSTR shares sold under $21B ATM authorisation.
- Strategy’s BTC yield for 2025 stands at 20.8% year-to-date.
Strategy has added another 6,220 Bitcoin to its corporate balance sheet, spending $739.8 million during the week ending July 20, 2025.

The purchase was funded through the company’s ongoing at-the-market (ATM) equity offerings.

With this latest acquisition, the firm now owns 607,770 BTC—worth over $43 billion at current prices—making it the largest institutional holder of Bitcoin worldwide.

The firm, chaired by billionaire Michael Saylor, paid an average of $118,940 per Bitcoin in its latest purchase, as disclosed in a filing published on Monday.

This represents a significant premium over its historical average acquisition cost of $71,756 per BTC.

Strategy issues 1.6M MSTR shares in latest equity round

Between July 14 and July 20, Strategy raised approximately $740.3 million across four different security classes.

The majority of funds—$736.4 million—were generated from the sale of 1,636,373 MSTR common shares.

The company also issued 5,441 STRK preferred shares with an 8.00% strike, raising $700,000. Another 2,000 STRF shares were sold at a 10.00% strike, bringing in $200,000. Additionally, 31,282 STRD preferred shares, also with a 10.00% stride, were issued for $3.0 million in proceeds.

All four instruments fall under large multi-billion-dollar issuance programmes. Both the MSTR and STRK share classes are authorised for up to $21 billion each.

These programmes demonstrate Strategy’s continued ability to convert equity into Bitcoin reserves at scale without relying on traditional financing channels.

BTC acquisition cost shows 20.8% YTD return for Strategy

Bitcoin prices remain significantly higher than Strategy’s average cost basis of $71,756, giving the firm a year-to-date return of 20.8% on its BTC holdings.

At current market prices—just above $118,000—Strategy’s crypto treasury continues to outperform many traditional corporate investments.

This yield figure is particularly notable as Bitcoin has consolidated after hitting an all-time high of $123,000 last week.

Although prices have since pulled back slightly, the bullish market structure remains intact.

Analysts have observed a pennant formation following BTC’s strong rally in July, typically a continuation pattern that suggests potential for further upside.

Despite short-term market volatility, Strategy’s long-term accumulation approach has proven resilient.

The latest purchase reinforces its strategy of treating Bitcoin as a primary treasury asset and a long-term store of value.

Market reacts as Saylor signals continued BTC accumulation

Michael Saylor has maintained a consistent narrative around Bitcoin being a superior store of value.

On Saturday, just days after the most recent BTC buy, he posted on X (formerly Twitter): “Stay humble, stack sats.” The phrase has been interpreted as a signal that Strategy’s accumulation is far from over.

The company’s approach, combining equity capital markets with ongoing BTC purchases, serves as a blueprint for institutional crypto exposure.

As regulatory clarity and institutional infrastructure improve, Strategy’s model could influence how other publicly listed firms handle treasury allocation.

Bitcoin’s latest rally, paired with corporate participation at this scale, continues to shift market sentiment toward long-term adoption.

While the token’s price has slipped slightly from its recent peak, its resilience above the $115,000 level is being closely watched by traders and institutional investors alike.

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July 21, 2025
US House passes three key crypto bills; market reaction muted as Bitcoin dips
- US House passed all three key crypto bills: the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act.
- Despite the “historic” legislative wins, crypto markets remained flat, with Bitcoin down 0.89% to $118,849.
- The GENIUS Act (stablecoins) is the first major crypto bill to clear both chambers and is now on President Trump’s desk.
The US House of Representatives has delivered a week of landmark legislative victories for the cryptocurrency industry, passing all three key bills aimed at providing long-sought regulatory clarity.

However, in a striking display of market apathy, this historic breakthrough in Washington has been met with a collective shrug from crypto traders, with prices remaining largely flat.

In what many industry proponents are calling a watershed moment, the US House has now passed the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.

The CLARITY Act, which passed by a strong vote of 294 to 134, aims to establish clear guidelines for classifying digital assets as either securities under the purview of the Securities and Exchange Commission (SEC) or as commodities under the Commodity Futures Trading Commission (CFTC).

The Anti-CBDC Surveillance State Act, which passed by a much narrower 219 to 217 vote, effectively bans the Federal Reserve from issuing or even testing a central bank digital currency without explicit Congressional approval. Both of these bills will now advance to the Senate, where their future remains uncertain.

The most significant of the three, the GENIUS Act, which creates a regulatory framework for stablecoins, has already cleared both chambers of Congress. Having previously passed the Senate with a 68 to 30 vote, it sailed through the House this week with a decisive 308 to 122 vote.

This bill is now on President Trump’s desk, making it the first major piece of crypto-focused legislation on track to become US law.

Despite these monumental legislative achievements, the crypto markets have remained conspicuously unfazed. Bitcoin (BTC) is currently trading at $118,849, down 0.89% over the past 24 hours. Ethereum (ETH) is hovering at $3,389, down 0.27%.

The broader altcoin market has also been mostly muted. The one notable exception is XRP, which is up over 8% on the day, continuing a strong bullish run it has maintained throughout the week.

The market’s tepid reaction is further evidenced by liquidation data. According to Coinglass, 150,169 traders were liquidated in the past 24 hours, with total liquidations reaching nearly $490 million.

The largest single liquidation was a $3.21 million ETH-USDT long position on the crypto exchange HTX, a sign of the choppy, directionless trading that has characterized the market.

A tale of two markets: crypto stalls as Wall Street soars

The crypto market’s indifference stands in stark contrast to the exuberance seen in traditional stock markets.

Major US indexes surged to fresh record highs on Friday, as upbeat corporate earnings and stronger-than-expected economic data lifted investor sentiment.

The S&P 500 jumped 0.54% to a new record close of 6,297.36, marking its ninth all-time closing high of the year. The tech-heavy Nasdaq Composite also hit its tenth record of 2025, climbing 0.74% to finish at 20,884.27, driven by strength in major tech stocks.

The Dow Jones Industrial Average rose 229.71 points, or 0.52%, to close at 44,484.49.

This rally in equities was supported by strong economic data, including a retail sales report for June that came in at 0.6%, beating expectations of 0.2%, and a drop in jobless claims, both signaling a still-resilient US economy.

Strong earnings reports from companies like PepsiCo and United Airlines further boosted optimism as the second-quarter earnings season gets underway.

This divergence highlights a curious moment in markets, where a significant, long-awaited regulatory victory for crypto has failed to generate the kind of bullish excitement currently being seen on Wall Street.

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July 18, 2025
Bitcoin trades near $119K after new all-time high; Coinbase rebrands wallet to ‘Base App’

Bitcoin is holding steady above the $118,800 mark as the market digests its recent powerful rally to a new all-time high of over $122,000.

While on-chain data now indicates that the first wave of heavy profit-taking has begun, particularly among short-term holders sitting on significant gains, some analysts believe that historical patterns still suggest room for another push higher, though they are also warning that “overheating” signals are beginning to flash.

In a recent report, on-chain analytics firm Glassnode highlighted that “short-term holders are now sitting on significant unrealized profits,” a condition that is pushing key indicators “towards overheated territory.”

The Short-Term Holder Relative Unrealized Profit metric recently hit 15.4%, breaching a key statistical threshold (+1 standard deviation) before cooling slightly. Historically, this level “often marks the beginning of top formation,” according to Glassnode.

The firm also pointed to the Realized Profit to Loss Ratio, which recently spiked to a staggering 39.8, “well above the +2 standard deviation threshold,” signaling a period of intense profit-taking from successful traders.

Although this ratio has since declined to a more moderate 7.3, the elevated reading remains consistent with behavior typically seen in the late stages of a bull market.

“So far, both the Percent of Spent Volume in Profit and the Realized Profit to Loss Ratio have signaled the first wave of excessive profit-taking,” the report concluded.

While this doesn’t necessarily mark a definitive market top, Glassnode cautions that “such top formations tend to unfold across multiple waves,” with the next major resistance level for Bitcoin projected to be around the $130,000 mark.

The great rotation: traders move into altcoins

As Bitcoin’s near-term upside appears increasingly constrained by this profit-taking pressure, some traders are beginning to rotate their capital into major altcoins.

Ethereum (ETH) surged an impressive 7.5% in the past 24 hours, outpacing Bitcoin and breaking out of a recent consolidation phase.

Analysts have pointed to the recent advancement of the GENIUS Act, a stablecoin regulation bill, as a potential catalyst for ETH’s strong performance.

Solana (SOL) also saw a significant jump, up 5%, buoyed by fresh on-chain data showing that Galaxy Digital had accumulated $55 million worth of SOL within a tight two-hour window, withdrawing the tokens from multiple centralized exchanges.

This rotation into major altcoins like ETH and SOL suggests that while Bitcoin’s broader market structure remains intact, traders are seeking opportunities for higher returns in other parts of the crypto ecosystem.

Coinbase’s big rebrand: from ‘Wallet’ to ‘Base App’

In a significant development for the broader crypto ecosystem, Coinbase has officially rebranded its popular Wallet product as the ‘Base App’.

This move confirms speculation that had been swirling since the company scrubbed its X profile earlier this week.

The rebranding positions the app as a central gateway into the burgeoning Base ecosystem, which is now being pitched as a full-stack, on-chain platform designed for mainstream adoption.

The rebrand was officially announced during Coinbase’s “A New Day One” event, which also unveiled a broader vision for the Base ecosystem, now built around three key pillars: the existing Layer-2 network, Base Chain; a new developer toolkit suite dubbed Base Build; and the newly launched Base App.

Unlike its predecessor, the Coinbase Wallet, the new Base App is designed to be much more than just a place to store crypto.

It will integrate chat functionalities, payments, trading, and a mini-app marketplace that supports a wide range of social and financial experiences.

This is not Coinbase’s first attempt at a wallet makeover (long-time crypto users will remember its original wallet, “Toshi”), but it is arguably its most ambitious.

With the Base ecosystem increasingly distancing itself from the parent Coinbase brand, the new app appears designed to emphasize Base’s distinct identity as a more decentralized, open ecosystem—one that is anchored in the core values of crypto but packaged in a user-friendly way for the everyday consumer.

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July 17, 2025
Market update: Bitcoin consolidates near $117K
- Bitcoin (BTC) is down 1.8% but trades above $117,800 as traders take profits after recent all-time highs.
- AI-focused crypto tokens jumped 5% overnight as big tech firms like Google and Meta announced massive infrastructure investments.
- Google plans a $25B data center investment; a Trump-led summit saw over $90B in AI/data pledges unveiled.
Bitcoin has taken a slight breather as the East Asian business day gets underway, dipping 1.8% but still trading firmly above the $117,800 mark at the time of writing this article.

This pause comes as some traders take profits after a powerful run that saw the leading cryptocurrency push through multiple all-time highs.

While bullish sentiment remains strong, with some market participants calling for even higher price targets, seasoned observers are sounding a note of caution, warning that risks are building just as quickly as market enthusiasm.

A rally on pause?

The current market sentiment is a mix of unbridled optimism and underlying apprehension.

There is a palpable belief among some that the recent rally is just the beginning, with bold calls for Bitcoin to reach $160,000, $200,000, or even higher.

However, Lennex Lai, Chief Commercial Officer at the crypto exchange OKX, warns that this very enthusiasm could be a source of risk.

“Across platforms, we’re seeing an increase in aggressive long positions and widening funding rates as ‘Crypto Week’ headlines boost sentiment,” Lai told CoinDesk in an interview via Telegram.

He stressed that at these elevated levels, “risks can build quickly – escalation of trade tensions with the EU, Mexico, and other trading partners could trigger sharp corrections.

Another risk is letting euphoria drive decisions.”

Lai pointed to a slate of upcoming macroeconomic announcements that could sway global risk sentiment and set the tone for broader markets.

These include the UK Consumer Price Index (CPI) release, as well as the US Core Producer Price Index (PPI), retail sales figures, and consumer sentiment data.

Echoes of past volatility and a cautious professional class

Lai’s concerns echo the findings of a recent H1 2025 market report from K33 Research, which highlighted similar risks and volatility triggers earlier this year.

The report noted that geopolitical turmoil and trade policy uncertainty have already driven significant market swings, including a sharp 30% correction that saw Bitcoin fall to $75,000 earlier in the year.

The K33 report also observed that “Bitcoin struggled in this de-risking period but showed subtle hints of relative strength vs equities by outperforming equities in the aftermath of Liberation Day.”

A key indicator of underlying caution among seasoned traders has been the historically low funding rates seen amidst rising prices.

“Annualized funding rates averaged at 4.51% throughout the half-year, the lowest average half-year funding rate since December 31, 2022,” when the post-FTX crypto winter was at its coldest, the report stated.

This suggests that while prices have been rising, professional traders have remained wary of abrupt market reversals.

Lennex Lai emphasized the need for a disciplined approach in this environment. “In moments like this, smart traders focus on strategy over sentiment, using discipline to manage risk,” he continued.

“The excitement at the top is real, but those who manage their entries, exits, and funding exposure carefully are best positioned for whatever comes next.” After all, he concluded, “strong momentum doesn’t mean the market is invincible.”

AI tokens catch a bid as big tech doubles down on infrastructure

While Bitcoin consolidates, a different corner of the crypto market is experiencing a significant rally. AI-focused crypto tokens jumped by 5% overnight, pushing the sector’s total market capitalization to $29.6 billion, according to data from CoinGecko.

This move comes amidst a flurry of major announcements from U.S. tech giants regarding massive investments in AI and data infrastructure, sparking renewed investor enthusiasm in both traditional equity and digital token markets.

Google announced on Tuesday that it will invest a staggering $25 billion into data centers and AI infrastructure across the PJM electric grid, the largest in the United States.

The company also agreed to purchase 3,000 megawatts of hydroelectric power through a $3 billion deal with Brookfield. Not to be outdone, Meta is reportedly planning “hundreds of billions” in AI data center construction, including a multi-gigawatt facility in Ohio, codenamed “Prometheus.”

These blockbuster announcements were strategically timed around a Trump administration-led summit at Carnegie Mellon University, where over $90 billion in AI, energy, and data infrastructure pledges were unveiled.

This overwhelmingly bullish tone on AI, from both the government and private industry, appears to be spilling over into the crypto token markets, at least for now.

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July 16, 2025
Strategy boosts Bitcoin holdings to $73B amid record-high prices
- Strategy bought 4,225 Bitcoin for $472 million, bringing its total holdings to $73 billion.
- The company raised funds through preferred shares and plans to report a multi-billion-dollar profit next month.
- Strategy’s stock is up over 3,300% since 2020 as Bitcoin strategy drives its $121 billion market cap.
Michael Saylor’s Bitcoin-focused company, Strategy (formerly MicroStrategy Inc.), has further expanded its already massive cryptocurrency holdings with a recent purchase of 4,225 Bitcoin tokens.

According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company spent $472 million during the seven days ending July 13, acquiring the tokens at an average price of $111,827 each.

This purchase comes as Bitcoin trades near all-time highs, recently hitting $123,000 before slightly retreating to $120,483 as of writing this.

With this latest acquisition, Strategy now holds Bitcoin valued at approximately $73 billion, representing about 2.8% of the total 21 million Bitcoin that will ever exist.

The company remains the largest corporate holder of Bitcoin globally.

The purchase was funded through proceeds from the sale of preferred shares via Strategy’s at-the-market (ATM) program.

The firm raised the full $472 million last week through three offerings of these stock-like products, which are tradable indefinitely and offer dividend payouts.

The use of preferred equity instead of common stock marks a strategic shift in how Strategy finances its growing Bitcoin portfolio.

Strategy eyes profit amid accounting changes and crypto surge

Strategy is poised to report a multi-billion-dollar profit in its upcoming earnings release, benefiting from both the strong rebound in Bitcoin prices and changes to accounting standards that now more accurately reflect the value of its digital asset holdings.

The company has spent $7.24 billion on Bitcoin in the current quarter across 13 separate transactions, according to Bloomberg.

This aggressive accumulation aligns with the Strategy’s long-standing approach of using Bitcoin as a hedge against inflation, a strategy first initiated in mid-2020.

Since then, the company’s stock has surged over 3,300%, significantly outperforming traditional equity benchmarks.

During the same period, Bitcoin has risen by more than 1,000%, while the S&P 500 has gained approximately 115%.

The potential for substantial quarterly earnings also reflects the increasing institutional acceptance of Bitcoin as a store of value.

For Strategy, this bolsters its positioning as both a technology company and a de facto Bitcoin investment vehicle.

Market cap climbs as Bitcoin strategy evolves

Strategy’s market capitalization now exceeds $121 billion, a figure largely driven by investor enthusiasm over its bold Bitcoin-centric approach.

The company’s commitment to consistently increasing its exposure to the cryptocurrency market has transformed its profile on Wall Street and among digital asset advocates.

The firm’s decision to rely more heavily on preferred share offerings suggests a deliberate shift to reduce dilution for common shareholders while continuing to pursue large-scale Bitcoin acquisitions.

The nature of these instruments—tradable forever and dividend-paying—may also appeal to a broader base of investors looking for exposure to crypto-linked equities with income potential.

With Bitcoin prices hovering near record highs and regulatory scrutiny of digital assets ongoing, Strategy’s actions will continue to be closely watched by both crypto investors and traditional market participants.

As the company prepares to release its quarterly results next month, all eyes will be on whether its aggressive bet continues to pay off.

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July 14, 2025