#CircleIPO

$BTC flashes mixed signals as bullish fundamentals clash with cautious derivatives sentiment. On-chain activity hit a six-month high with 556,830 new wallets and 241K $BTC moved in a day. BlackRock’s ETF drew $284M while a record $1.19B options trade signaled institutional confidence.

Meanwhile, U.S. tax reforms and California’s crypto asset bill add uncertainty. With leveraged shorts at $105K, will ETF demand and miner accumulation fuel a breakout? 

$XRP dropped 5.45% to $2.13 amid $595M in crypto liquidations and market-wide pullbacks, but bullish signals are emerging. Deutsche Bank’s support for MiCA gives XRP regulatory clarity in Europe, while Bitwise’s XRP ETF filing progresses with a decision expected by October 2025.