Bitcoin (BTC) is marginally down during the ongoing session, struggling to build momentum amid macroeconomic challenges, as markets maintain a cautious outlook. The flagship cryptocurrency fell to an intraday low of $113,786 before moving to its current level of $114,855.
Analysts have warned that BTC may be losing steam amid growing signs of weakness and fragile market support. Spot Bitcoin ETFs also registered notable outflows, snapping the 15-week inflow streak.
Trump Bitcoin Advisor Plans $200M PAC
David Bailey, an entrepreneur and Bitcoin advisor to President Donald Trump, is looking to raise $200 million for a political action committee (PAC) to advance Bitcoin’s interests in the US. Bailey, founder of Bitcoin Magazine and BTC Inc., was an advisor during President Trump’s campaign and is considered one of the key figures behind the President’s Bitcoin (BTC) pivot. Bailey stated in a post on X,
“I’ve learned a lot about politics and how the game is played this year. I’m thinking about raising a $100m-$200m PAC (anchored by Nakamoto) to advance Bitcoin priorities. I have my ideas, but what do you think should be part of the Bitcoin voter platform?”
Bailey outlined helping Bitcoin reach $10 million as a key goal for the PAC, positioning the asset for the long term. He also asked users to brainstorm other priorities the PAC should focus on. Some users suggested abolishing the capital gains tax on Bitcoin and protecting the right to self-custody.
Strategy Doubles Bitcoin (BTC) Stash Since Trump’s Return To Office
Michael Saylor’s Strategy has doubled its Bitcoin (BTC) holdings since November 2024, when President Trump won the US Presidential elections. The Bitcoin treasury company has accumulated 376,571 BTC worth over $43 billion at current market prices since Trump’s election victory. The firm had taken four years to accumulate 252,220 BTC before November 2024. This means Strategy accumulated 60% of its current stash of 628,791 BTC over the past nine months.
Strategy also disclosed its latest Bitcoin purchase in a filing with the Securities and Exchange Commission. The firm disclosed that it bought 21,021 BTC worth 2.46 billion in the past week. This was Strategy’s third-largest purchase by dollar value since it began accumulating Bitcoin. The firm has been purchasing the asset at historically high prices. The latest purchase was made at an average price of $117,256 per coin. Strategy executive chairman called Bitcoin a “freedom virus,” stating,
“We think of it as a swarm creature because everywhere in the world, someone is supporting the Bitcoin ecosystem.”
UK Man Who Lost 8,000 Bitcoin (BTC) Is Not Giving Up
James Howells, a UK man who has been trying to locate his lost hard drive containing 8,000 BTC, has not given up on his lost Bitcoin. However, he clarified that he is no longer pursuing excavating the Newport landfill. The British IT engineer accidentally threw out the hard drive containing the Bitcoin in 2013. Howells sought permission to excavate the landfill as BTC’s value soared. However, his request was rejected by the regional council, forcing him to look at other avenues, including AI, to locate the lost hard drive. Howells stated,
“No, I have not given up. The story going around is partially true, but not in the way it’s being framed.”
Howells explained that he made a formal offer of between $33 million and $40 million to acquire and excavate the Newport landfill site. The offer was sent to the Newport City Council, legal team, and a member of its parliament. However, Newport representatives are yet to respond to the offer. Howells plans to launch an Ordinals-based token to raise funds for the acquisition.
“So here’s where we stand — If they won’t sell, there’s no need for a token sale to buy the landfill. I am no longer pursuing the purchase of the landfill, I am no longer pursuing excavation or remediation, I am no longer pursuing dialogue with the council or its representatives.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is back in the red during the ongoing session, struggling to reclaim $115,000. The flagship cryptocurrency rebounded after falling below $112,000 on Sunday, rising 1.52% to reclaim $114,000 and settle at $114,311. Buyers retained control on Monday as the price rose 0.69% to cross $115,000 and settle at $115,097 before losing momentum during the ongoing session.
BTC has steadily declined since last week, and market analysts have raised alarm bells about weak liquidity and inconsistent institutional demand. According to a popular CryptoQuant analyst, BTC began experiencing a sharp decline in its liquidity inventory ratio in mid-July, as the ratio fell to levels that indicated only three months of available supply on major trading platforms. While reduced supply generally leads to upward price pressure, the analyst highlighted a lack of new demand, which left markets susceptible to a price drop.
“When liquidity is thin and there is no consistent buying activity from large investors or ETFs, even small sell orders can lead to significant price drops.”
BTC’s decline can be attributed to macroeconomic uncertainty, tariffs, and the Bitcoin Working Group’s report on Digital assets failing to provide details about a Bitcoin strategic reserve. Institutional demand has also waned. Data from SoSoValue shows that spot Bitcoin ETFs recorded $333 million in outflows on Monday.
BTC ended the previous weekend in positive territory, rising 1.31% on Sunday and settling at $119,398. However, it was back in the red on Monday, dropping 1.11% to $118,069. Sellers retained control on Tuesday as the price registered a marginal drop and settled at $117.925. It fell to an intraday low of $115,772 on Wednesday before recovering to reclaim $117,000 and settle at $117,788, ultimately dropping 0.12%. Sellers retained control on Thursday as BTC fell 1.69% and settled at $115,800.
Source: TradingView
Bearish sentiment intensified on Friday as BTC plunged over 2% and settled at $113,365. Sellers retained control on Saturday as the price fell 0.67%, slipping below $113,000 and settling at $112,601. Despite the overwhelming selling pressure, BTC recovered on Sunday, rising 1.52% to reclaim $114,000 and settle at $114,311. Buyers retained control on Monday as the price rose 0.69% to cross $115,000 and settle at $115,097. However, BTC is back in the red during the ongoing session, with the price down nearly 1%, trading around $114,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
