Bitcoin crossed $108,000 on Wednesday, hitting a multi-week high as traders shrugged off unrest in the Middle East and U.S. stock markets remaining below all-time highs.
The world's leading cryptocurrency hit its intraday high without hesitation, even as altcoins like Ether and Solana dipped slightly in the afternoon.
Meanwhile, lawmakers and regulators in Washington, D.C., are signaling that could provide more momentum. Jerome Powell, chairman of the U.S. Federal Reserve, appeared before the Senate Banking Committee earlier in the day and stressed that stablecoins have “come a long way” and now fit within “traditional financial frameworks.”
Powell’s admission shows that cryptocurrencies are no longer a sideshow as on the same day, Billy Pulte – Head of the Federal Housing Finance Agency – directed Fannie Mae and Freddie Mac to consider using Bitcoin and other digital assets as criteria for home loan financing.
Billy’s family is the founder of Pulte Group – one of the largest home builders in the United States, his influence in the real estate sector is significant. This directive is seen as a “green light” for the integration of digital assets into US real estate finance.
Trump’s NYSE Crypto ETF Faces Decisive Milestone
At the New York Stock Exchange, officials are pushing a proposal involving former President Donald Trump’s Truth Social platform. The exchange has filed a rule change request to allow the listing of a Bitcoin ETF and Ethereum fund tied to Trump’s company.
If approved by the Securities and Exchange Commission (SEC), the fund could launch within 90 days, expanding efforts to bring cryptocurrencies closer to Wall Street. Trump, who recently returned to the White House, has been a vocal advocate of increasing the role of cryptocurrencies in the U.S. financial system, and an ETF would be a groundbreaking step forward.
On-chain analysis shows a sharp divergence in market behavior. Individual wallets holding less than 1 BTC have been selling steadily, dropping to 1.69 million BTC – a decrease of 54,500 BTC compared to the same period last year, with an average daily outflow of 220 BTC.
Over the past 12 months, the group’s cash flow movements have had a negative correlation of -0.89 with the price of Bitcoin, meaning the more they sell, the higher the price. In contrast, “whale” wallets with at least 1,000 BTC have accumulated 16.57 million BTC, an increase of more than 507,000 BTC over the previous year. This group absorbs about 1,460 BTC per day, which has a positive correlation of +0.86 with the price, meaning the price trend is upward.
The imbalance is clear. Institutions are buying 7 times more Bitcoin than retail investors are selling. Combined with the amount of new BTC mined down to just 450 coins per day after the halving, the supply pressure is huge. However, the difference this time is that retail money has not yet returned to the market.
There is no FOMO from retail investors, nor is there the frenzy of previous bull runs. Instead, they continue to sell off, signaling that the current rally is far from peaking.
Binance, stablecoins and key support levels predict the trend
On Binance, June 24 saw a huge jump. Net trading volume on the Taker group exceeded $100 million, the highest level since June 9. This phenomenon often occurs when short positions are cleared or when individual investors rush in.
However, this short-term breakout does not guarantee sustainable demand, especially when it occurs in parallel with the flow of $1.25 billion in stablecoins withdrawn from derivatives exchanges - the largest number since mid-May.
Another indicator closely watched by investors is the Realized Price – the average holding cost of short-term investors (STH). These wallets hold BTC for less than 6 months, accounting for more than 40% of the market capitalization.
Currently, the 1 week to 1 month group has a cost of capital of about $106,200, the 1-3 month group is $95,000, and the 3-6 month group is about $93,300. When the weights are taken into account, the average cost of capital is approximately $97,700.
This price zone is very sensitive. Bitcoin is currently hovering around $100,000, a level that is both technical and psychological. If the price falls below $97,000, panic selling could occur, especially from nervous short-term investors. This is a very narrow and risky zone.
Source: https://tintucbitcoin.com/bitcoin-vuot-108000-usd-du-cang-thang/
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