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  • Bitcoin’s institutional surge widens trillion-dollar gap with altcoins

    Bitcoin’s institutional surge widens trillion-dollar gap with altcoins

    Bitcoin’s institutional surge widens trillion-dollar gap with altcoins

    • A trillion-dollar valuation gap now separates Bitcoin from other tokens.
    • Altcoin market capitalisation could be $800 billion higher, data shows.
    • A US-China trade selloff erased $380 billion from crypto markets.

    Bitcoin’s growing dominance in institutional portfolios has created a near-trillion-dollar gap between the world’s largest cryptocurrency and its altcoin peers, according to new data shared by 10x Research.

    The report attributes this widening divide to a structural shift in investor behaviour, particularly among retail traders in South Korea, who have redirected funds from altcoins to crypto-linked equities and exchange-listed vehicles that hold tokens.

    Retail shift weakens altcoin liquidity

    10x Research found that altcoin market capitalisation could be about $800 billion higher if retail investors—especially in South Korea—had not channelled their funds into crypto-related stocks and other equity markets.

    Altcoins, which typically rely on retail liquidity to sustain upward momentum, have failed to attract enough new capital in this cycle.

    Historically, South Korean traders have been a major force behind the altcoin boom.

    Local exchanges have seen altcoins account for more than 80% of total trading activity, a stark contrast to global platforms where Bitcoin and Ether dominate 50% or more of daily volume.

    But that pattern has shifted sharply this year, leading to a liquidity shortfall for smaller digital assets.

    South Korea’s trading activity declines

    From 5 November through 28 November 2024, the daily average trading volume on South Korean crypto exchanges stood at $9.4 billion, surpassing the $7 billion traded on the Kospi stock market during the same period, according to data from CCData and the Korea Exchange.

    However, since then, 10x Research noted a steep decline in crypto activity, suggesting that retail participation has cooled significantly.

    The report highlights that South Korea’s declining appetite for riskier altcoins has been instrumental in their recent underperformance.

    Retail investors who once drove speculative rallies in coins such as XRP, Cardano, and Solana have turned instead to listed blockchain firms and exchange-traded vehicles offering indirect crypto exposure.

    This shift has contributed to the overall weakness in altcoin prices.

    Market losses deepen amid trade tensions

    A recent selloff in the broader cryptocurrency market, triggered by escalating US-China trade tensions, exacerbated the situation.

    The correction wiped out about $380 billion from total market value, with roughly $131 billion concentrated in altcoins, according to 10x Research’s data.

    While Bitcoin and altcoins both suffered declines, smaller coins bore the brunt as investors sought safety in the more established and liquid assets.

    Bitcoin’s appeal as a hedge within the crypto ecosystem has strengthened, reinforcing its dominance during market stress.

    The selloff underscores a changing market structure where altcoins are increasingly viewed as speculative instruments, while Bitcoin’s perceived institutional legitimacy provides it with greater resilience during downturns.

    As capital concentrates around Bitcoin and select equities, the broader altcoin market faces challenges in regaining lost momentum.

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  • Bitcoin rebounds to $115K after weekend selloff; Institutional ETF flows in focus

    Bitcoin rebounds to $115K after weekend selloff; Institutional ETF flows in focus

    Bitcoin rebounds to $115K after weekend selloff; Institutional ETF flows in focus

    • Bitcoin (BTC) has rebounded to trade above $115,000 after a selloff that saw over $1B in liquidations.
    • The recent correction was driven by weak US jobs data and a new wave of US tariffs.
    • QCP Capital views the selloff as a “leverage flush,” noting that the broader structural setup for BTC remains intact.

    Bitcoin (BTC) is staging a modest rebound as the East Asian trading day gets underway, changing hands at just over the $115,000 mark.

    This recovery comes after a punishing selloff last week that saw over $1 billion in leveraged long positions liquidated and the leading cryptocurrency briefly test the $113,000 level.



    While the bounce is a welcome sign for bulls, the market remains on edge, with investors carefully weighing signs of institutional stabilization against persistent macroeconomic fears.

    The aftermath of a ‘leverage flush’: a cautious optimism

    The latest market correction, which marked Bitcoin’s third consecutive Friday selloff, was fueled by a hawkish macroeconomic cocktail.

    Weaker-than-expected US jobs data, combined with a fresh wave of tariffs announced by Washington, triggered a broader “risk-off” mood that hit both equities and crypto.

    Altcoins bore the brunt of this downward move, with Solana (SOL) falling nearly 20% on the week and Ethereum (ETH) losing close to 10%.

    Despite this sharp drop, some market observers, like trading firm QCP Capital, remain cautiously optimistic. “The broader structural setup remains intact,” the firm wrote in a Monday note, pointing to the fact that Bitcoin had achieved its highest-ever monthly close in July.

    QCP views the recent selloff not as a fundamental trend reversal, but rather as a necessary “leverage flush”—a painful but healthy shakeout of over-leveraged positions that has historically cleared the path for renewed accumulation and the next leg higher.

    Hedging and headwinds: investors still price in downside risk

    That said, market hedging behavior suggests that investors are not yet ruling out the possibility of deeper downside.

    On the prediction market Polymarket, traders are currently assigning a 49% probability that Bitcoin will dip below the $100,000 mark before the end of 2025.

    This represents a 2 percentage point increase from the day prior, indicating that near-term anxiety is still very much present.

    This pricing reflects a market that is still on a knife’s edge.

    Downside tail risk is clearly being priced in, despite a host of supportive long-term fundamentals, which include increasing regulatory clarity, growing stablecoin adoption, and a wave of real-world asset tokenization initiatives.

    The next major catalyst for the market could come during the Asia trading day, as US issuers report their latest ETF flow data, which typically happens by mid-day Hong Kong time.

    The market’s stabilization appears to be supported by some early positive signs on this front, with Bitwise reporting $18.74 million in net inflows, a potential reversal after one of the largest ETF outflow days on record last Friday.

    If these ETF inflows continue to show strength and implied volatility begins to compress, it may provide the confirmation that the market needs to fully embrace the “buy-the-dip” narrative and shake off the macro jitters that have kept it stuck in neutral.

    Broader market snapshot

    • BTC: Bitcoin is trading back above $115,000, signaling early signs of market stabilization after a volatile week.

    • ETH: Ether is holding steady around $3,700, with Polymarket traders showing confidence that it will break above the $4,000 mark sometime in August.

    • Gold: Gold extended its rally for a third consecutive session on Monday, rising to a two-week high. The move was driven by soft US economic data, which has boosted expectations of a September Federal Reserve rate cut. CME traders are now pricing in an 86% chance of that happening.

    • Nikkei 225: Asia-Pacific markets opened higher after US President Donald Trump unveiled plans to sharply increase tariffs on Indian exports. Japan’s Nikkei 225 rose 0.54% at the open.

    • S&P 500: US stocks rebounded sharply on Monday, with the S&P 500 rising 1.47% to 6,329.94. The move snapped a four-day losing streak and marked the index’s best single session since May.

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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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  • BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    BTC trades stably near $105.5K; institutional ETF inflows reached $2.2B last week

    Bitcoin (BTC) is trading steadily above the $105,500 mark as the Asian trading day gets underway on Wednesday.

    This comes after a slight correction from the $107,000 level it held during US business hours.

    Despite the significant geopolitical upheaval of the past few weeks, including a US strike on Iran that surprised both geopolitical experts and prediction market bettors, Bitcoin has once again demonstrated its resilience as a store of value.

    CoinDesk market data shows that the asset class has remained remarkably stable over the last month, up a modest 1%.

    A disciplined climb: HODLers stand firm

    However, this return to a price point that is within striking distance of Bitcoin’s all-time high of nearly $111,000 (hit in May) feels different this time, according to market observers.

    It’s characterized by a sense of discipline rather than the euphoria that often accompanies bull runs.

    Unlike the breakout above $100,000 in December 2024, which triggered a significant wave of profit-taking, long-term investors now appear content to sit on their unrealized gains.

    This observation is supported by analysis from Glassnode in their weekly note.

    “HODLing appears to be the dominant market mechanic,” the Glassnode analysts wrote.

    They pointed to a surge in the supply held by long-term holders, which has now reached 14.7 million BTC, coupled with historically low levels of realized profits.

    This on-chain activity strongly indicates a limited desire to sell, even as Bitcoin trades just below its record highs.

    Further reinforcing this narrative of restraint, metrics such as the adjusted Spent Output Profit Ratio (aSOPR) are hovering just above the breakeven point, according to Glassnode.

    This suggests that the coins currently being spent are, for the most part, recent acquisitions involved in tactical trades rather than representing a broad distribution or sell-off by long-term holders.

    Meanwhile, Glassnode data also shows that the “Liveliness” metric continues to decline, a clear sign that older, long-held coins remain dormant in their wallets.

    The institutional undercurrent: steady demand meets rising leverage

    This patience from seasoned investors is being met with persistent institutional demand.

    In its daily markets update, trading firm QCP highlighted this trend, noting that market data indicates a substantial $2.2 billion in net inflows into spot Bitcoin ETFs just last week.

    QCP described the overall tone of these flows as “constructive” and pointed out that dedicated crypto treasury companies such as Strategy and Metaplanet continue to accumulate Bitcoin.

    These steady institutional inflows are quietly but fundamentally reshaping the market’s structure.

    Bitcoin’s realized cap—a metric that measures the price at which coins last moved on-chain—has grown to an impressive $955 billion.

    This growth is widely seen as a sign that real, committed capital, not just fleeting speculation, is flowing into the asset.

    A fragile equilibrium: the standoff in the market

    However, not everything is calm beneath the surface. QCP’s report also noted that leveraged long positions have been on the rise, with funding rates turning positive across major perpetual futures markets.

    This indicates that short-term traders are increasingly using leverage to bet on further price increases.

    Glassnode, in its analysis, warns that this situation may not be sustainable indefinitely. “The market may need to move higher, or lower, to unlock additional supply,” the firm wrote, suggesting that the current equilibrium between the unwavering conviction of long-term holders and the increasing leverage of short-term traders won’t hold forever.

    Even major political news, such as the US Senate’s approval of the White House’s “Big Beautiful Bill,” has failed to produce a significant price reaction from Bitcoin.

    This has led to a market that feels less like a stampeding bull run and more like a tense standoff. On one side are the long-term holders who are refusing to sell, and on the other are the short-term traders piling into leveraged positions.

    This fragile equilibrium has market observers on the edge of their seats, wondering where the next major catalyst will come from and whether it will make Bitcoin’s next move an explosive one.
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  • BTC holds $106K; analysts point to institutional integration, on-chain innovation

    BTC holds $106K; analysts point to institutional integration, on-chain innovation

    BTC holds $106K; analysts point to institutional integration, on-chain innovation

    • Bitcoin (BTC) regained its footing, trading around $106K after a tense weekend involving a US strike on Iran.
    • Bitcoin’s resilience is attributed to its growing integration into the broader macro-financial system via institutional infrastructure.
    • Bitcoin ETFs saw massive inflows ($1.1B last week, $350M one day), cited as a major bullish tailwind.

    Bitcoin (BTC) has regained its footing, hovering around the $106,000 mark as the Asian trading week gets underway on Wednesday.

    This resilient performance comes after a tense weekend that saw the US bomb an Iranian nuclear site, with Bitcoin now pushing past levels seen earlier this month when Israel first bombed Iran.

    This stability, in the face of significant geopolitical turmoil, is increasingly being attributed to a fundamental shift in Bitcoin’s market structure and a renewed wave of innovation flocking to its blockchain.

    Part of the reason why the crypto market has recovered so swiftly alongside traditional markets is the growing correlation between the two.

    The days of Bitcoin operating in a vacuum appear to be over. “Bitcoin’s sensitivity to traditional asset classes and macroeconomic indicators has evolved markedly over the past few market cycles, reflecting its growing integration into the broader macro-financial system,” reads a recent report from Glassnode and Avenir Group.

    This integration has been facilitated by the development of a robust institutional infrastructure. “Institutional infrastructure has reshaped how capital engages with bitcoin,” the report continues.

    As a result, its market behavior is increasingly governed by structural liquidity, long-horizon positioning, and regulated access points.

    This institutional backbone was clearly visible again this week. Semir Gabeljic, director of capital formation and investment strategy at Pythagoras Investments, highlighted the significant impact of Exchange-Traded Funds (ETFs), citing them as a major tailwind.

    “The huge recent capital inflows in Bitcoin ETFs of $1.1 billion last week and even $350 million today alone” are driving the positive trend, Gabeljic noted.

    Spencer Yang, a Core Contributor to Fractal Bitcoin, added another perspective on Bitcoin’s ability to shake off the war jitters so quickly.

    He argued that, fundamentally, nothing has changed about the asset class itself as a result of the conflict in the Middle East.

    The core metrics that long-term investors look to for Bitcoin remain intact. Furthermore, other bullish on-chain signals are potentially on the way.

    “We’re seeing continued interest in protocols like BRC-20, especially with the recent upgrade, as well as Runes and Alkanes, which have been getting a lot of attention,” Yang added.

    So overall, on‑chain activity across the board is increasing thanks to these types of assets.

    The key takeaway seems to be that as Bitcoin’s market becomes increasingly defined by institutional demand and macroeconomic liquidity cycles, its price action is becoming less about knee-jerk reactions to headlines and more about long-term capital commitment.

    It is this structural shift that appears to be anchoring Bitcoin firmly above the $100,000 level, despite the surrounding noise.

    Tim Draper’s thesis

    Adding to this long-term bullish outlook, legendary venture capitalist Tim Draper has argued that the Bitcoin blockchain is becoming the new epicenter for crypto innovation.

    In a recent post on the social media platform X, Draper drew a compelling parallel, suggesting that Bitcoin is now absorbing ideas once exclusive to altcoins, much in the same way that Microsoft once consolidated the software revolution under its dominant operating system empire.

    Draper pointed to Bitcoin’s rising dominance – a metric equivalent to its “market share” in the crypto world – as evidence.

    This figure has risen to over 60%, up from 40% after the 2017 boom-bust cycle and 50% following the 2021 peak, signaling that Bitcoin is reasserting its control over the broader crypto ecosystem.

    Much like how Microsoft integrated or cloned early software success stories like Lotus 1-2-3, WordPerfect, and PowerPoint to create its powerful software suite, Draper says Bitcoin is now systematically incorporating innovations that were once the exclusive domain of altcoins.

    These include functionalities like smart contracts, decentralized finance (DeFi), ordinals (a form of on-chain digital artifacts), and low-cost layer 2 scaling solutions.

    “All the successful innovations on other platforms are now being ported to Bitcoin,” Draper wrote, describing it as an “acceleration” that mirrors the consolidation phases seen in Big Tech.

    He argued that developers are increasingly gravitating toward Bitcoin because it is the most secure and valuable blockchain.

    Draper, who runs a Bitcoin-focused accelerator with Boost VC, stated that the next generation of entrepreneurs is building on Bitcoin not just for ideological reasons, but because the infrastructure and surrounding ecosystem are now mature and ready for this new wave of development.

    “Smart entrepreneurs are always building on the platform with the strongest gravitational pull,” he wrote.

    “That platform is Bitcoin.”
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  • BTC trades at $109.7K after weekend surge; Ethereum’s Pectra upgrade boosts institutional staking

    BTC trades at $109.7K after weekend surge; Ethereum’s Pectra upgrade boosts institutional staking

    BTC trades at $109.7K after weekend surge; Ethereum's Pectra upgrade boosts institutional staking

    • Bitcoin (BTC) trades near $110K (at $109.7K), challenging recent “summer stagnation” predictions after a 3.26% weekend surge.
    • QCP Capital noted BTC was “stuck in a tight range,” with signs of fatigue like softening open interest and tapering ETF inflows.
    • Bitcoin’s breakout coincides with US-China trade talks and a $22B US Treasury bond auction, injecting market uncertainty.

    Bitcoin (BTC) is currently trading just shy of the $110,000 mark, changing hands at around $109,700 as the Asian trading week continues.

    This upward momentum challenges a prevailing market narrative that had anticipated a period of summer stagnation, and it comes even as analysts point to underlying signs of market fatigue.

    Meanwhile, developments in the Ethereum ecosystem suggest a significant shift towards institutional adoption, particularly in staking.

    Bitcoin’s surprise move: breaking out of the “tight range”

    The recent price action for Bitcoin has caught some market watchers by surprise. Over the weekend, the leading cryptocurrency surged 3.26%, climbing from $105,393 to $108,801.

    This move was accompanied by a significant spike in hourly volume, reaching 2.5 times the 24-hour average, according to CoinDesk Research’s technical analysis model.

    Bitcoin decisively broke above the $106,500 level, establishing new support at $107,600, and continued its ascent into Monday’s session, briefly touching $110,169.

    This rally comes on the heels of a recent note from QCP Capital which had emphasized suppressed volatility and a lack of immediate catalysts for a major price move.

    QCP’s Telegram note had pointed to one-year lows in implied volatility and a pattern of subdued price action, stating that BTC had been “stuck in a tight range” as summer approached.

    They suggested that a clean break below $100,000 or above $110,000 would be necessary to “reawaken broader market interest.”

    Even with this breakout, QCP had warned that recent macroeconomic developments had failed to spark strong directional conviction.

    “Even as US equities rallied and gold sold off in the wake of Friday’s stronger-than-expected jobs report, BTC remained conspicuously unmoved, caught in the cross-currents without a clear macro anchor,” the note stated.

    “Without a compelling narrative to spark the next leg higher, signs of fatigue are emerging. Perpetual open interest is softening, and spot BTC ETF inflows have started to taper.”

    This context makes Bitcoin’s current push towards $110,000 all the more noteworthy.

    The breakout also coincides with a tense macroeconomic backdrop, including ongoing US-China trade talks in London and a significant $22 billion US Treasury bond auction later this week, both of which have injected uncertainty into global markets.

    While these events could drive fresh volatility, QCP cautioned that recent headlines have mostly led to “knee-jerk reactions” that quickly fade.

    The pressing question now is whether Bitcoin’s move above $110,000 has genuine staying power or if the rally is running ahead of its underlying fundamentals.

    Ethereum’s institutional awakening: staking takes center stage

    While Bitcoin navigates its price dynamics, Ethereum (ETH) is experiencing a potentially transformative shift, with signs pointing towards accelerating institutional adoption, particularly in the realm of staking.

    Critics of Ethereum have often highlighted centralization risks within its ecosystem, but this narrative is reportedly fading as institutional infrastructure matures and recent protocol upgrades directly address past limitations.

    “Market participants will pay for decentralization because it’s in their economic interest from a security and principal protection standpoint,” Mara Schmiedt, CEO of institutional Ethereum staking platform Alluvial, told CoinDesk.

    “If you look at [decentralization metrics] all of these things have massively improved over the last couple of years.”

    Alluvial co-founded Liquid Collective, a protocol designed to facilitate institutional staking, which currently has $492 million worth of ETH staked.

    While this figure may seem modest compared to Ethereum’s total staked volume of around $93 billion, its significance lies in the fact that it originates predominantly from institutional investors.

    “We’re really on the cusp of a truly massive shift for Ethereum, driven by regulatory momentum and the ability to unlock the advantages of secure staking,” Schmiedt noted, highlighting a pivotal moment for the second-largest cryptocurrency.

    Central to Ethereum’s increasing institutional readiness is the recent Pectra upgrade, a development Schmiedt described as both “massive” and “underappreciated.”

    “I think Pectra has been a massive upgrade. I actually think it’s been underappreciated, just in terms of the tremendous amount of change it introduces into the staking mechanics,” Schmiedt said.

    A key component of Pectra, Execution Layer (EL) triggerable withdrawals, provides a crucial compatibility upgrade for institutional participants, including Exchange Traded Fund (ETF) issuers.

    This feature enables partial validator exits directly from Ethereum’s execution layer, aligning with institutional operational requirements such as T+1 redemption timelines.

    “EL triggerable withdrawals create a much more effective path to exit for large-scale market participants,” Schmiedt added.

    Ultimately, she expressed strong confidence in Ethereum’s institutional appeal, stating, “I think we’ll see that a lot more [ETH] in institutional portfolios going forward.”
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  • Institutional adoption of Bitcoin: what’s next for big money?

    Institutional adoption of Bitcoin: what’s next for big money?

    Institutional adoption of Bitcoin: what’s next for big money?

    • BlackRock’s Bitcoin ETF hits $71B, becoming the best-performing ETF in history.
    • MicroStrategy’s BTC stash grows to 580,250 coins, doubling down on corporate crypto.
    • JPMorgan and Morgan Stanley now offer Bitcoin ETFs to their clients.

    Bitcoin has truly come a long way from being a fringe experiment in its early days to now commanding center stage within the global finance arena.

    To this point, over the last couple of years itself, it seems as though every Wall Street titan has quietly become a Bitcoin holder with BlackRock’s iShares Bitcoin Trust (IBIT), for instance, swelling to about $71 billion in assets (as of May 2025), making it the best performing ETF in history.

    Similarly, Michael Saylor’s MicroStrategy, the poster child of corporate Bitcoin, now holds roughly 580,250 BTC on its balance sheet while even skeptics have changed their tune completely, with JPMorgan CEO Jamie Dimon recently announcing that the bank will allow clients to buy Bitcoin (via ETFs) through their brokerage accounts (with rival Morgan Stanley offering the same spot-Bitcoin ETF access to its clients).

    Leaving the big names aside, one can see that the ongoing institutional wave has been unmistakable, with a recent CoinShares analysis reporting that by Q4 2024 professional investors at large were able to accrue $27.4 billion worth of Bitcoin ETFs in the US alone – a 114% jump from the prior quarter. 

    Moreover, asset managers and hedge funds now account for about 26.3% of all US Bitcoin ETF assets under management (up from 21.1% in Q3) as even Bitcoin’s legacy players like Grayscale have witnessed renewed interest.

    In short, capital that once sat on the sidelines has been massively reallocated into Bitcoin.

    And, forecasts suggest this is only the beginning, with a reports projecting over $120 billion of fresh institutional capital into Bitcoin by end-2025, and a staggering $300 billion by 2026, highlighting the rise of “Bitcoin-native yield strategies” allowing holders to earn yields on their BTC.

    Programmability as the foundation for a new financial frontier

    So far, most of the institutional frenzy has treated Bitcoin as a safer store of value than a programmable asset.

    However, over the last couple of years, innovations like Ordinals and the BRC-20 token standard have let people write code onto satoshis or even issue tokens directly atop the Bitcoin network (while various Layer-2s and sidechain projects have brought smart-contracts and even Liquid staking to Bitcoin).

    These aren’t just some random experiments but a taste of what’s to come, with Sygnum Bank reporting that the “DeFi on Bitcoin” revolution is one of the fast-growing, boasting over 30 projects from lending and borrowing platforms to shared-security networks. 

    Amidst all this, SatLayer has positioned itself as the universal economic layer for Bitcoin, using the flagship cryptocurrency as its backbone instead of some wrapped token.

    What that means is that any app built on top of SatLayer can be validated by Bitcoin’s own vast mining power and transparency. 

    Concretely, the team has described the result as a “Bitcoin Validated Service” (BVS), that developers can use to launch things like stablecoins, lending pools, insurance oracles, or other DeFi primitives.

    Moreover, to prove the veracity of its novel concept, Satlayer has recently integrated with a host of other popular chains. 

    For example, late last year, the project tapped into the Sui ecosystem (a high-speed L1), bringing Bitcoin’s security model there.

    The mechanism involved using Bitcoin Liquid Staking Tokens (LSTs) from partners like Lombard Finance and Lorenzo Protocol.

    In short, a DEX on Sui could use Bitcoin as collateral for trades, or an oracle on Sui could have its payouts guaranteed by BTC (making the currency’s trillions more accessible to new chains and financial primitives).

    The broader implications of these developments

    One may be tempted to ask the question, what does all of this mean for institutional money and real-world assets?

    For one, it positions Bitcoin as a programmable gold standard.

    Imagine tokenizing a bond or an equity on a SatLayer-secured chain such that the token’s value is ultimately backed by Bitcoin.

    Or consider a stablecoin issued via SatLayer that borrows Bitcoin’s transparency and security to reassure regulators and users. 

    These kinds of real-world asset (RWA) scenarios have always been talked about on Ethereum, but they could equally exist on the Bitcoin ecosystem as well now.

    More importantly, SatLayer also builds in the enforcement needed to prevent any malpractice as its contracts (deployed on the Babylon framework) include “slashing” logic — wherein if an operator violates rules (say by manipulating an oracle), their locked-up Bitcoin collateral can be confiscated or burned. 

    In effect, the platform aligns the interests of Bitcoin holders (who want security rewards) and service operators (who need Bitcoin collateral) within a single marketplace, turning BTC from a passive asset into a core component of today’s digital financial infrastructure.

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  • Bitcoin price surpasses $111K for first time; institutional demand strong

    Bitcoin surged to an unprecedented high on Thursday, breaching the $111,000 mark for the first time as a confluence of factors, including growing institutional demand and positive regulatory signals from the US, fueled a wave of bullish sentiment across the cryptocurrency market.

    The world’s original cryptocurrency climbed as much as 3.3% on Thursday to achieve a new record of $111,878, according to data compiled by Bloomberg.

    This landmark achievement was not isolated, as smaller tokens also caught the updraft; second-ranked Ether, for instance, was up approximately 5.5% at one point during the rally.

    A significant undercurrent of optimism is currently buoying Bitcoin.

    This has been notably stoked by the recent advancement of a key stablecoin bill in the US Senate, a development that has kindled hopes for greater regulatory clarity for digital-asset firms under President Donald Trump, who has expressed a generally pro-crypto stance.

    Alongside these regulatory tailwinds, surging demand from prominent institutional players is acting as a powerful driving force.

    Michael Saylor’s MicroStrategy, which has famously stockpiled over $50 billion worth of Bitcoin, leads a growing cohort of entities actively accumulating the token.

    “It has been a slow motion grind into new all-time highs,” observed Joshua Lim, global co-head of markets at FalconX Ltd.

    There’s no shortage of demand for BTC from SPAC and PIPE deals, which is manifesting in the premium on Coinbase spot prices.

    This demand is being met by a diverse group of buyers, including a flurry of lesser-known small-cap companies and newly established public firms led by crypto industry heavyweights, who are financing their Bitcoin acquisitions through various means, from convertible bonds to preferred stocks.

    Illustrating this trend, an affiliate of Cantor Fitzgerald LP is reportedly collaborating with stablecoin issuer Tether Holdings SA and SoftBank Group to launch Twenty One Capital Inc., a company designed to emulate MicroStrategy’s Bitcoin-centric business model.

    Separately, a subsidiary of Strive Enterprises Inc., co-founded by Vivek Ramaswamy, is in the process of merging with Nasdaq-listed Asset Entities Inc. to form a dedicated Bitcoin treasury company.

    Beyond momentum: quantifiable demand fuels rally

    Market experts emphasize that the current rally is not solely based on speculative momentum.

    “Unlike previous cycles, this rally is not momentum-driven alone,” stated Julia Zhou, COO of crypto market maker Caladan.

    It is quantitatively underpinned by measurable, persistent demand and supply dislocations.

    This suggests a more fundamentally sound basis for the ongoing price appreciation.

    Interestingly, Bitcoin’s outperformance relative to smaller cryptocurrencies, often referred to as altcoins, is widening.

    An index tracking these alternative tokens is down approximately 40% year-to-date, while Bitcoin itself has registered a 17% gain so far in 2025, highlighting a flight to perceived quality within the digital asset space.

    Activity in the options markets further underscores the bullish sentiment.

    Earlier this week, traders built significant Bitcoin positions, with call options at strike prices of $110,000, $120,000, and even an ambitious $300,000, all expiring on June 27, logging the highest open interest (number of outstanding contracts) on the derivatives exchange Deribit.

    This activity points to strong expectations of further upside.

    Tony Sycamore, a market analyst at IG, remarked in a note that the fresh record high demonstrates that Bitcoin’s sharp decline from a previous peak set on January 20 (to below $75,000 in April) was merely “a correction within a bull market.”

    He added, “A sustained break above $110,000 is needed to trigger the next leg higher towards $125,000.”

    Political intersections and market perceptions

    Bitcoin’s latest milestone coincides with President Trump preparing to meet with major holders of his memecoin at a dinner event at his golf club near Washington on Thursday.

    This event has drawn scrutiny from ethics experts, who argue it offers privileged access through transactions that directly benefit the president, thereby sparking criticism over potential conflicts of interest.

    While such events contribute to crypto’s growing mainstream presence, their direct market impact is debated.

    Yuan Rong Tan, a trader at QCP Capital, commented that such events “highlight crypto’s increasing cultural visibility, though they have not had a measurable impact on market dynamics at this stage.”

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  • VIRTUAL token surges 183% in April amid rising institutional demand

    VIRTUAL token surges 183% in April amid rising institutional demand

    Investment

    • Institutional interest drives the VIRTUAL rally.
    • Chaikin Money Flow signals strong capital inflows.
    • The price pattern shows a bullish formation.

    While most digital assets struggled to maintain direction in April, VIRTUAL emerged as one of the few cryptocurrencies to post sharp gains.

    The token has rallied 183% since April 1, making it the top-performing asset in the crypto space during a month marked by subdued sentiment and low volatility.

    With its price up 22% in the last 24 hours alone, investor attention has turned to the technical indicators, suggesting further upside may be on the horizon.

    The rally comes amid a broader shift in smart capital allocation, as institutional buyers appear to be rotating into mid-cap altcoins with strong momentum and liquidity.

    Institutional interest drives the VIRTUAL rally

    VIRTUAL’s uptrend began on 22 April and has since shown consistent price appreciation.

    One of the most notable developments has been the surge in its Smart Money Index (SMI), which currently stands at 3.07.

    The SMI tracks institutional trading patterns by focusing on price movements during the opening and closing hours of each trading day.

    A rising SMI along with increasing price generally signals accumulation by professional or large investors.

    This correlation suggests that “smart money” is positioning itself for longer-term gains, adding weight to VIRTUAL’s recent momentum.

    On-chain data also shows that the number of whale addresses holding VIRTUAL has risen since mid-April, providing additional evidence of institutional accumulation.

    Chaikin Money Flow signals strong capital inflows

    Further confirming the bullish sentiment is VIRTUAL’s Chaikin Money Flow (CMF) indicator, which remains in positive territory at 0.25 and continues to trend upwards.

    The CMF measures the volume-weighted average of accumulation and distribution over a given period, helping traders assess the strength behind a price move.

    A positive and rising CMF reading reflects strong buying pressure and sustained capital inflows.

    Together with the elevated SMI, this trend reinforces the narrative that VIRTUAL’s current rally is backed by increasing liquidity and investor confidence.

    Analysts tracking short-term trends have also noted heightened activity on VIRTUAL’s decentralised exchange pairs, with total volume crossing $20 million over the past week.

    This points to both retail and institutional participation in the ongoing uptrend.

    Price pattern shows a bullish formation

    Technically, VIRTUAL has been trading within an ascending parallel channel since its breakout on 22 April.

    This formation, defined by consistently higher highs and higher lows within two upward-sloping trendlines, is generally considered a bullish signal.

    As long as the token remains within this pattern, the current trend is likely to continue.

    If momentum persists and demand remains high, VIRTUAL’s price could rise to test the upper resistance level near $2.26.

    That would represent a further 25% increase from current levels.

    However, if profit-taking intensifies and breaks the token’s support at $1.55 (£1.24), the bullish structure may fail.

    In that case, the price could drop towards the $0.96 region, where previous demand re-emerged.

    Short-term sentiment remains bullish

    Despite broader market weakness, sentiment around VIRTUAL remains positive in the short term due to favourable on-chain metrics and increased institutional interest.

    The token’s strong performance in April has sparked discussions around whether it can sustain momentum into May, particularly as altcoin volatility returns.

    Technical indicators currently favour a continuation of the uptrend, though any macroeconomic shock or sudden risk-off sentiment in the crypto sector could pose downside risks.

    Market participants are watching upcoming economic data releases closely, which may influence liquidity across risk assets, including VIRTUAL.

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