Cointelegraph

Key takeaways:

Bitcoin rallied above $109,000 as the global money supply reached new highs.

BTC open interest rose by 10% amid a strong Coinbase Premium and stable funding rate, pointing to spot demand.

Multiple technical indicators suggest a major breakout is underway, with analysts eyeing a $137,000 Bitcoin price.

Bitcoin (BTC) price jumped on Wednesday, rising by 3.6% and reaching $109,730 for the first time since June 12. The recovery occurred at the back of the global money supply (M2), reaching a new all-time high above $55 trillion. 

If Bitcoin closes the daily candle above $108,500, it will confirm a strong bullish engulfing pattern, increasing the likelihood of new highs sooner rather than later. 

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

Bitcoin open interest jumps over 10% during rally

Bitcoin’s recent price jump to $109,500 from $105,200 was outlined by a sharp rise in derivatives activity, pointing to renewed momentum. Open interest (OI) across major futures exchanges surged by 10%, or approximately $3.2 billion, signaling a substantial influx of capital into the market. The increase was primarily driven by long positions, suggesting confidence in further upside.

Bitcoin price, aggregated open interest, funding rate, and Coinbase premium. Source: Velo.chart

Despite the uptick in price and OI, funding rates remained stable across perpetual futures markets. This indicates a balanced sentiment between long and short traders, and more importantly, that the rally was not driven by excessive leverage. From a bullish standpoint, stable funding during a price increase implies that the uptrend may be more sustainable.

A notable short squeeze accompanied the move, with over $196 million in short positions liquidated within the past 12 hours. This liquidation cascade likely accelerated Bitcoin’s push past key resistance levels.

Further validating the buy-side strength, the Bitcoin Coinbase Premium Index stayed elevated throughout the move. This metric, which tracks the price difference between Coinbase and other major exchanges, suggests consistent spot buying pressure from US-based institutional and retail investors, adding weight to the bullish case.

Related: Bitcoin price target ‘sits around $170K’ as global M2 supply reaches record high

Is a BTC all-time high pending?

With Bitcoin decisively breaking out of its recent sideways range, market analysts are increasingly confident that a new all-time high is imminent. According to trader Rekt Capital, a record weekly close above $109,300 this Sunday could place BTC above its final major resistance zone, effectively “unlocking” price discovery and paving the way for new highs.

Adding to the bullish narrative, analyst Jackis highlighted that Bitcoin recently reached its lowest volatility levels since 2023, a rare occurrence seen only seven times in its history. “Every time we’ve hit these levels, a major volatility spike followed within five weeks, often sooner,” Jackis noted, suggesting a significant move is on the horizon.

Meanwhile, technical analyst Titan of Crypto pointed to a confirmed bullish MACD crossover on the daily chart as a key momentum signal. The analyst added that BTC is attempting a breakout from a bullish flag pattern, with a successful push likely triggering a “magnet effect” toward the $137,000 region.

Bitcoin 1-day chart analysis by Titan of Crypto. Source: X

Related: Bitcoin squeezes shorts in $108K spike as US jobs drop most in 2 years

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The United States’ first Solana staking exchange-traded fund (ETF) ended its debut trading day with $12 million in inflows — a positive sign for crypto staking-enabled ETFs.

The REX-Osprey Solana Staking ETF debuted on the Cboe BZX Exchange on Wednesday, recording $33 million in trading volume and $12 million in inflows, according to Bloomberg ETF analyst Eric Balchunas.

The fund, trading under SSK, gives investors direct exposure to spot Solana (SOL) along with staking yields, making it the first crypto staking ETF to be approved in America. 

It was a “healthy start to trading,” said Bloomberg ETF analyst James Seyffart, who observed that it had seen $8 million in trading volume in the first 20 minutes.

Balchunas also commented on the impressive first-day volumes, stating that it “blows away” the Solana futures ETF and XRP futures ETFs but was much lower than the spot Bitcoin (BTC) and Ether (ETH) funds when they launched.

US-listed spot Bitcoin ETFs recorded a combined $4.6 billion worth of shares traded on their first day in January 2024. 

“The launch of crypto staking ETFs is a defining moment for digital assets and a significant step forward in full access to the crypto ecosystem,” said Anchorage Digital co-founder Nathan McCauley, whose firm is the staking and custodian partner for the REX-Osprey ETF.

SSK first day volume. Source: Eric Balchunas

Regulatory hurdles

The REX-Osprey fund faced regulatory hurdles with the Securities and Exchange Commission, which objected to it in late May after clearing an initial registration.

The issue was whether the product qualified as an “investment company” under securities laws, but the firm managed to get around this by investing at least 40% of its assets in other ETPs, mostly domiciled outside the US.

More eyes on spot Solana ETF, altcoin ETF summer

Unlike spot Solana ETFs that still require approval from the SEC, REX-Osprey’s Solana ETF is structured under the Investment Company Act 1940, which sidesteps the standard 19b-4 filing process.

In May, NovaDius Wealth Management president Nate Geraci described it as “regulatory end-around.” However, some have debated whether the fund should be considered a traditional spot Solana ETF.

Meanwhile, the ETF’s recent performance could shed light on institutional demand for a spot Solana ETF, which may launch this year.

Seyffart and Balchunas recently pegged a 95% chance that spot Solana ETFs would be approved by the end of the year. 

“We expect a wave of new ETFs in the second half of 2025,” Seyffart said earlier this week, predicting that spot XRP, Solana, and Litecoin (LTC) products would be greenlit by the SEC before the end of the year.

On Tuesday, the regulator approved a Grayscale application to convert its Digital Large-Cap Fund into an ETF. The fund comprises a basket of the top five digital assets by market capitalization.

Minor reaction for SOL prices

There was no major reaction in Solana prices, which have gained 3.6% over the past 24 hours, lower than most of the other high-cap altcoins.

The asset was trading around $153 at the time of writing and was up around 5% over the past week, but still down 48% from its January peak.

However, Solana CME futures saw “record demand, signaling rising institutional interest” as open interest hit $167 million following the ETF launch, reported SolanaFloor. 

Magazine: Bitcoin ‘bull pennant’ eyes $165K, Pomp scoops up $386M BTC: Hodler’s Digest

BlackRock, the world’s largest asset manager, is now earning more in annual fees from its spot Bitcoin exchange-traded fund than its flagship S&P 500 fund, according to a recent report.

“IBIT overtaking IVV in annual fee revenue is reflective of both the surging investor demand for Bitcoin and the significant fee compression in core equity exposure,” NovaDius Wealth Management president Nate Geraci told Bloomberg on Wednesday. 

Bitcoin has now captured Wall Street’s “undivided attention”

With an expense ratio of 0.25% and around $75 billion in assets under management (AUM), BlackRock’s iShares Bitcoin (BTC) ETF (IBIT) has generated $187.2 million in annual fees, approximately $100,000 more than its iShares Core S&P 500 ETF (IVV). 

The IVV, which launched in 2000, is over eight times larger than the IBIT, with approximately $624 billion in assets, but charges almost nine times less, at just 0.03%.

Several crypto executives were quick to comment on the findings. Crypto entrepreneur Anthony Pompliano said in an X post, “Bitcoin has Wall Street’s full, undivided attention now.” Strive Funds chief financial officer Ben Pham said Bitcoin will be “the death” of active management and passive indexation portfolios. 

Source: Rezo

Crypto trader Cade O’Neill said it “says everything about where capital is headed. Institutions aren’t just curious anymore, they’re committed.” 

Meanwhile, McKay Research founder James McKay said the news was bullish and “Probably something.”

Since its January 2024 launch, BlackRock’s IBIT has recorded $52.4 billion in inflows, the highest of any US spot Bitcoin ETF, according to Farside data. 

Bitcoin is up 2.37% over the past 30 days. Source: CoinMarketCap

The IBIT closed the trading day on Wednesday at $62.41, up 4.31% across the day, according to Google Finance data. The uptick comes as Bitcoin’s price spiked 2.82% over the same period, which is now trading at $108,660.

Meanwhile, the IVV closed the day at $623.42, up 0.44% over the day.

US-based spot Bitcoin ETFs marked their first net outflow day on Wednesday after 15 consecutive trading days of inflows.

Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Australian crypto billionaire Tim Heath narrowly escaped a kidnapping attempt in Estonia last year by biting off part of the attacker’s index finger, an Estonian court has heard. 

Heath, a long-time crypto investor, was attacked by two men posing as painters in the stairwell of his apartment building in July last year. There has been a growing number of crypto kidnappings in 2025, forcing executives to beef up security. 

One of the attackers, Azerbaijani national Allahverdi Allahverdiyev — a former boxer and wrestler — tried to silence Heath by placing a hand over his mouth, the Sydney Morning Herald reported on Wednesday, citing Estonian media outlet Eesti Ekspress. 

The assailants plotted to force Heath into a van, but Heath bit through the assailant’s index finger and managed to break free, seeking sanctuary in his apartment, an Estonian court heard. 

Heath reportedly lost a tooth in the 30-second struggle. The attackers fled shortly after, abandoning the van nearby. Part of the finger was later found in the street 100 meters away from the scene of the attack. 

Originally from Victoria, Australia, Heath founded the Estonian-based Yolo Group and its venture capital arm Yolo Investments, which invests heavily in fintech, crypto and igaming. The Australian Financial Review Rich List estimates Heath’s net worth at 2.46 billion Australian dollars ($1.61 billion) 

Australian businessman Tim Heath is number 66 on the Australian Financial Review Rich List, with a fortune of $1.61 billion. Source: Australian Financial Review

Plot was months in the making

The group of seven kidnappers allegedly had been stalking Heath in the lead-up to the assault, both in person and using a GPS tracker on his vehicle, the Sydney Morning Herald reported. 

The group allegedly entered Estonia using forged Georgian passports and spent the days before the attack purchasing painters’ uniforms and other items from hardware stores so they could pose as workmen. 

It’s alleged that the plan was to transport Heath to a rented sauna house nearby and force him to transfer over his crypto holdings. A hacker was also allegedly recruited to assist. 

Tim Heath (right) during a 2023 address at the EGR Power 50 Summit. Source: Yolo Group

Other than Allahverdiyev, Georgian citizen Ilgar Mamedov has also been arrested. Both men are on trial in Estonia. Two others are wanted by police, including the alleged organizer, Najaf Najafli, while three have yet to be identified. 

The accused claims innocence 

Allahverdiyev told the court he was promised 100,000 euros ($118,000) for the kidnapping but “only pretended to do something” and later told everyone involved to abort the plan, according to the Sydney Morning Herald. 

Prosecutors allege Mamedov was the getaway driver. However, he denies involvement and claims he came to Estonia by accident while traveling in the region and that any allegations he was involved are a “lie” and “a fabrication.”

Threat might still ongoing 

Prosecutors also claim that a few weeks after the failed kidnapping plot, Heath received a message via Telegram with photos of his apartment and a demand for 30 Bitcoin (BTC) worth around $3.3 million at the time. 

When Heath didn’t respond, the kidnappers made no further attempts to contact him, but prosecutors argue the threat might be ongoing. 

Heath has reportedly spent more than $3.1 million on private security since the attack and moved homes. His legal team is seeking to have the costs of his new security reimbursed by the accused kidnappers. 

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Crypto firm Ripple Labs is applying for a banking license in the US, following a similar move by stablecoin issuer Circle Internet Group as crypto firms look to be regulated to deepen ties with traditional finance. 

Ripple CEO Brad Garlinghouse wrote to X on Wednesday that the company is applying for a license with the US national bank regulator, the Office of the Comptroller of the Currency (OCC), confirming an earlier report from The Wall Street Journal.

“True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC,” he wrote. 

Garlinghouse said if the license is approved, it would be a “new (and unique!) benchmark for trust in the stablecoin market” as the firm would be under federal and state oversight — with the New York Department of Financial Services already regulating its Ripple USD (RLUSD) stablecoin.

Source: Brad Garlinghouse

Ripple follows Circle on wanting bank charter

Ripple’s decision to get a banking license came just two days after Circle, which issues the second-largest stablecoin USDC (USDC), applied to the OCC to create a national trust bank that would oversee its stablecoin reserves.

The move by both firms comes as the US Senate passed a stablecoin regulating bill called the GENIUS Act, which lays out standards for offering the US dollar-pegged tokens, including that the OCC will oversee larger stablecoin issuers.

Circle co-founder and CEO Jeremy Allaire said the company was taking “proactive steps” to “align with emerging US regulation for the issuance and operation of dollar-denominated payment stablecoins.”

Anchorage Digital is the only crypto firm that holds a national bank charter.

Ripple bids for Fed master account 

Ripple’s Garlinghouse added that the company also applied for a Master Account with the Federal Reserve, which would give it access to the US central banking system.

“This access would allow us to hold $RLUSD reserves directly with the Fed and provide an additional layer of security to future proof trust in RLUSD,” Garlinghouse said.

“Congress is working towards clear rules and regulations, and banks (in a far cry from the years of Operation Chokepoint 2.0) are leaning in,” he added, mentioning the conspiracy that the Biden administration sought to cut off crypto from the financial system.

Ripple applied for the account through Standard Custody, a crypto custody firm it acquired in February 2024.

XRP gains over 3% on Ripple’s bank charter application

XRP (XRP), the token of the XRP Ledger blockchain that Ripple Labs uses for its products, has risen 3.2% over the past day to trade at $2.24, according to CoinGecko.

The token began to climb late on Wednesday before hitting a 24-hour peak of $2.27 around the time of Garlinghouse’s post before slightly cooling from its rally.

Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight 

Key takeaways:

Bitcoin trades near all-time high, but derivatives data show traders remain cautious and uncommitted.

The USDT discount in China and spot Bitcoin ETF outflows highlight investor concerns over global trade tensions.

Bitcoin (BTC) surged above $109,000 on Wednesday after briefly retesting the $105,200 support level earlier in the day. The rally coincided with data showing monetary expansion in the eurozone and signs of weakness in the United States labor market.

Despite Bitcoin trading just 2% below its all-time high, traders remain reluctant to turn bullish, according to BTC derivatives metrics. This cautious stance has led some investors to question the rally’s sustainability.

BTC 1-month futures annualized premium. Source: laevitas.ch

On Wednesday, the Bitcoin futures premium remained below the 5% neutral threshold. The slight increase from 4% on Monday continued a trend that began on June 11, when the indicator last approached bullish territory, coinciding with Bitcoin's previous test of the $110,000 level.

Is the eurozone money supply increase behind Bitcoin's rally?

Although it is difficult to identify a single catalyst for Wednesday’s rally, the eurozone’s record-high broad money supply (M2) in April likely played a significant role. The data, released Monday, showed a 2.7% year-over-year expansion, aligning with the expansionary trajectory of the US monetary base. Meanwhile, ADP data showed US private payrolls fell by 33,000 in June.

Some market participants argue that the subdued demand for leveraged long positions in Bitcoin reflects the heightened economic recession risks, particularly amid an escalating global trade war. US President Donald Trump has threatened to raise import tariffs on Japanese goods above 30% if no agreement is reached before the July 9 deadline.

Eurozone ambassadors have directed EU Trade Commissioner Maroš Šefčovič to adopt a tougher stance during his trip to Washington this week, according to the Financial Times. European capitals reportedly called for a reduction in the current 10% reciprocal tariff, although internal disagreements persist over whether to retaliate.

Neutral Bitcoin options markets and weak stablecoin demand in China

To determine whether the lack of enthusiasm in Bitcoin derivatives is limited to futures, it’s helpful to examine BTC options markets. If traders were anticipating a sharp downturn, the 25% delta skew would rise above 6%, as put (sell) options gain a premium over call (buy) options.

BTC 1-month options delta skew (put-call) at Deribit. Source: laevitas.ch

Currently, the skew metric stands at 0%, unchanged from two days prior, suggesting that traders see balanced risks for price moves in either direction. While this reflects lukewarm sentiment at the $109,000 level, it still marks an improvement from the bearish stance observed on June 22.

Despite Bitcoin’s price reaching a three-week high, demand for cryptocurrencies in China has declined sharply, according to the stablecoin premium.

Tether (USDT/CNY) vs. US dollar/CNY. Source: OKX

The Tether (USDT) discount relative to the official US dollar exchange rate in China typically signals fear, as it reflects investors cashing out of crypto markets. In contrast, strong demand for cryptocurrencies tends to push stablecoins above their peg. The current 1% discount is the steepest since mid-May, indicating a lack of confidence in Bitcoin’s recent gains.

Traders have grown increasingly concerned about the fallout from the ongoing tariff war, especially following Tuesday’s $342 million in net outflows from spot Bitcoin exchange-traded funds (ETFs). As a result, the subdued activity in the derivatives market mirrors broader macroeconomic uncertainty.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

OpenAI issued a statement on Wednesday clarifying that OpenAI tokens distributed to European Union users by the trading platform Robinhood do not represent equity in the company.

"We are not involved in this and do not endorse it,” representatives of the company wrote on social media. “Any transfer of OpenAI equity requires our approval — we did not approve any transfer. Please be careful."

Robinhood distributed $5 worth of OpenAI and SpaceX tokens to clients in the EU region on Monday as part of the company's push into tokenized stock trading, which included launching a layer-2 blockchain network to settle tokenized equity trades.

Source: OpenAI Newsroom

In a statement to Cointelegraph, representatives for Robinhood said the token giveaways were restricted to “eligible European customers."

“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle.”

SpaceX and OpenAI co-founder Elon Musk took the opportunity to criticize OpenAI’s corporate structure. "Your 'equity' is fake," Musk said in a X post.

Musk left OpenAI's board in 2018 and has since been outspoken about what he sees as a departure from the nonprofit, mission-driven model toward a profit-first model. He has filed lawsuits accusing OpenAI of breaching its charter and diverting charitable assets for private gain.

Robinhood announces tokenized real-world asset trading

Robinhood first tipped plans to introduce tokenized stock trading for European customers in May 2025. No date or timeline has been given for a US rollout.

Speaking at Consensus 2025 in Toronto, Canada, senior vice president and general manager of Robinhood Crypto Johann Kerbrat said that the integration of tokenized real-world assets on the platform promotes financial inclusion.

The company’s foray into tokenized equities comes amid a broader effort by crypto exchanges to integrate tokenized stocks, government securities, corporate bonds and other traditional assets into their platforms, blurring the line between traditional and digital finance.

 Johann Kerbrat at Consensus 2025. Source: Cointelegraph

Robinhood argues that tokenization opens up previously inaccessible asset classes like private equity, private credit, and commercial real estate investing to the general public through the magic of asset fractionalization.

Private equity and private credit are typically reserved for accredited investors that have $1 million or more in investible assets or meet the annual income and licensing requirements of accreditation under EU and US regulations, making them prohibitive to average retail investors.

Robinhood CEO Vlad Tenev addresses the crowd at the recent event in Cannes, France. Source: Robinhood

The company announced the rollout of its layer-2 blockchain network and tokenized real-world asset trading during the company's event in Cannes, France on Monday.

"Crypto is much more than a speculative asset, it has the potential to become the backbone of the global financial system," CEO and co-founder Vlad Tenev said.

Magazine: TradFi is building Ethereum L2s to tokenize trillions in RWAs: Inside story 

Zohran Mamdani won the New York mayoral primary election on June 24, which has since caused a stir among the crypto industry’s upper crust.

Mamdani will face off against incumbent Mayor Eric Adams in November, and it’s clear that many in the crypto industry are uneasy about the prospect of a Mamdani victory. Executives and pro-crypto government officials alike have decried his policy proposals, with critics equating his left-leaning policies to Soviet collectivism.

Mamdani laid out many specific policy positions, several of which were further left than the Democratic Party norm, but he has remained relatively silent on cryptocurrency. His opponent, Adams, in contrast, is promoting it at great length.

With the general election growing closer, observers are now weighing if Mamadani will challenge the crypto industry — or if he even can.

Mamdani won the New York City mayor primary election against Andrew Cuomo. Source: NYT

What does Mamdani think about crypto?

In the days following the election, major crypto figures like Gemini crypto exchange co-founder Tyler Winklevoss, as well as US AI and crypto czar David Sacks, offered a scathing critique of Mamdani.

Tyler Winklevoss called New York City a “broken kleptocracy” under Democratic rule and, regarding Mamdani’s surging popularity in the mayoral election, said, “It appears things will have to get worse in NYC before they get better.”

Sacks called on Silicon Valley, which is in California, to “wake up” to the supposed rising tide of communism in New York. 

Source: David Sacks

During his campaign, Mamdani outlined a number of policies that raised eyebrows among moderate Democrats and conservative opponents alike, but he has offered little in regard to how he will approach regulating the city’s crypto industry.

The few public statements he has made were relatively tame. In 2023, a year after the implosion of the Terra stablecoin ecosystem and the broader crypto crash that followed, New York Attorney General Letitia James called for more consumer protections within the stablecoin industry.

Mamdani, who was then a member of the New York City Assembly, agreed.

Source: Zohran Mamdani

Such statements were hardly rare for the time, when customers from collapsed or bankrupted firms like Celsius, Terra and FTX were left out to dry. 

Two years later, crypto would only come up in his campaign in the context of his opponent, former Mayor Andrew Cuomo. Mamdani took issue with Cuomo advising crypto exchange OKX in its response to a Securities and Exchange Commission probe. OKX would eventually plead guilty to charges of violating US Anti-Money Laundering laws.

Mamdani’s concerns over consumer protection are far from fringe. US financial regulators and lawmakers, even pro-crypto ones, have called and continue to advocate for consumer protections as new crypto legislation makes its way through Congress. 

Before the Senate voted on the GENIUS Act, Senator Kirsten Gillibrand, one of the bill’s sponsors, said the act moved ahead only once it contained “significant improvements to a number of important provisions,” including consumer protection. 

Can Mamdani challenge the crypto industry?

As mayor of New York City, Mamdani would have considerable influence over issues like municipal taxes, licensing, building permits, etc. But the office’s ability to influence the crypto industry — for good or bad — appears limited.

At the beginning of his term in 2021, the current mayor, Adams, promised to make NYC a crypto hub, beginning with a pledge to take his paychecks in Bitcoin (BTC). His administration made a number of pro-crypto statements, announced blockchain education efforts and stated it was exploring a digital wallet for public benefits recipients.

As of late 2024, few felt that NYC had become the hub that Adams promised. Thomas Pacchia, founder of the NYC-based Bitcoin bar PubKey, told Cointelegraph in October 2024 that there was “nothing that I can notice” that changed since Adams took office.

“If there were specific programs, it never really came across my desk at PubKey or any of the other stuff that I’ve done,” he said.

Adams continues to make pro-crypto statements and overtures to the industry, but at its core, his office’s influence is limited in this regard. The financial industry in the city has to answer to state regulators like the New York Department of Financial Services and the attorney general.

It stands to reason that, even if Mamdani wanted to go to war with the crypto industry, he’d need to coordinate state regulators first. While Attorney General James has been tough on crypto, and the BitLicense is tricky to get, crypto companies are still opting to move to New York.

Another strategy could be for the crypto industry to simply support Mamdani. According to crypto lawyer Aaron Brogan, willingness to compromise on certain issues, along with a few campaign contributions for the upcoming general election, may do much to sway Mamdani to a neutral, if not pro-crypto stance. 

Mamdani faces threats ahead of a very possible win

Whether Mamdani would “go to the mattresses” with the crypto industry or even be able to significantly challenge it remains to be seen.

But the chances of Mamdani winning the election look good, according to American businessman and political strategist Bradley Tusk. “The general election is not going to be competitive,” he wrote on June 24.

Tusk said that even if Cuomo runs as an independent, which he is as of June 27, “The voters don’t want [Cuomo] back — and he didn’t seem to want the job either. Adams polls at around 10% in terms of favorability and re-elect.”

So, the chances of Mamdani winning, especially with a record-breaking young voter turnout, look bright — presuming crypto money doesn’t get involved… and the Trump administration does not deport him.

In his aforementioned post, Winklevoss floated the idea of supporting a candidate who could oppose Mamdani. While Winklevoss did not commit to spending, the crypto lobby has shown to be effective in influencing election outcomes. 

Furthermore, Mamdani’s platform included a policy of not cooperating with Immigration and Customs Enforcement officials, who have been conducting mass arrests of immigrants, including some citizens, around the United States. 

This drew the ire of President Donald Trump, who falsely claimed that Mamdani, who moved to the US at seven and was naturalized in 2018, was in the country illegally. Representative Andy Ogles hurled Islamophobic epithets at Mamdani on X and called for him to be denaturalized and kicked out of the country.

Mamdani faces an uphill battle for the mayor’s office in New York, and the crypto industry may be the least of his problems. 

Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib

Key takeaways:

LTC’s spot cumulative volume delta flipped positive for the first time since December 2024, signaling a positive shift in market sentiment.

A potential LTC ETF could trigger institutional investor demand and align with its historically strong Q4 performance.

Litecoin (LTC) has slipped below the $90 mark, and while the price action may appear weak, several fundamental and onchain indicators suggest the tide could soon turn in favor of the bulls.

One bullish trend shift can be identified from the 90-day Spot Cumulative Volume Delta (CVD), which gauges the balance between market buy and sell pressure. After remaining negative and at times neutral since December 2024, the Spot CVD flipped positive on June 28. This shift signals a return to a “taker buy dominant” phase, suggesting that market participants are stepping in to buy LTC at current prices.

LTC Spot Taker CVD 90-day chart. Source: CryptoQuant

The positive sentiment around a potential LTC exchange-traded fund (ETF) could be fueling the bullish case. Cointelegraph reported that Bloomberg’s ETF analysts believe there’s a 95% chance that an LTC ETF, alongside SOL and XRP ETFs, could receive SEC approval by Oct. 2, 2025. A successful approval would be a historic milestone for the altcoin, possibly unlocking institutional investors and broader retail exposure.

However, seasonality might dampen short-term expectations. Data shows that August and September are historically the weakest months for LTC, posting negative returns of 6.99% and 5.06% on average since 2012. However, this is typically followed by a significant turnaround in the Q4, with November being the best-performing month historically for LTC with 94.79% returns on average.

LTC Seasonality chart. Source: X

If approval is granted, the ETF decision coincides with the seasonal pivot in LTC’s performance, setting the stage for a potential rally. Combined with the ongoing shift in onchain buyer behavior, current price weakness may be less of a warning sign and more of a strategic accumulation zone.

Related: SOL ETF news gain evaporates, while chart warns of another 20% drop

LTC daily chart echoes of 2024 Setup

LTC’s current price structure is mirroring its 2024 trajectory. After a strong Q1 rally earlier this year, LTC entered a correction phase and remained suppressed below a descending trendline throughout Q2.

The price has retested a high-conviction daily demand zone (highlighted in orange), which previously acted as a base for a breakout in Q4 2024.

A steady accumulation within this demand zone could trigger another rally. In late Q3 last year, LTC broke above the descending trendline and reclaimed the 50-day and 200-day moving averages, a key confirmation of bullish strength. This led to a sustained rally to new yearly highs in Q4.

LTC 1-day chart. Source: Cointelegraph/TradingView

A breakout above the trendline and bullish reclaim of these moving averages would provide strong technical validation for upside continuation heading into Q4 2025.

Related: Bitcoin squeezes shorts in $108K spike as US jobs drop most in 2 years

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum co-founder Vitalik Buterin delivered a keynote speech at EthCC on Wednesday, asking blockchain developers to focus on freeing humanity through their inventions rather than building more technically advanced tools.

Buterin compared the individual liberty ethos of the early internet in the 1990s to the current ethos in blockchain, noting that the free and open internet championed by early digital rights advocate John Perry Barlow was lost in the Web2 era.

The Ethereum co-founder characterized Web2 as a collection of "walled gardens," warning the audience that many of the Web2 founders, which have since become known for censorship policies, framed themselves as freedom advocates in the early days. Buterin cautioned Web3 founders not to fall into the same trap:

"People who are working on cryptography really need to more actively think of cryptography as something that has social and moral implications and something where you actually have to actively think about what the social and moral implications of the thing that you're building are."

He continued by telling the audience, "If you are building something, the first question to ask is: Are you making your users free?"

Vitalik Buterin addresses the audience at ETHCC. Source: EthCC

Freedom and individual liberty are hallmarks of the cypherpunk movement that underpinned crypto in its earliest days, but as the industry matures and courts state officials, international corporations and banks, many fear that the early cypherpunk ethos is giving way to institutional inertia.

“Suitcoiners” vs anti-establishment software developers

The cypherpunk movement, which is composed of software developers who believe in protecting privacy and individual liberty through end-to-end encryption, began in the 1980s.

Early cypherpunks were instrumental in popularizing digital encryption at a time when the US National Security Agency (NSA) wanted to introduce restrictions on the use and export of encryption technologies in the 1990s.

During the early days of crypto, from 2009 until around 2021, Cypherpunk ideals like privacy, censorship resistance, parallel systems building and libertarian political theory were synonymous with the industry.

However, the growth of the crypto sector and the rapid price appreciation of digital assets at its foundation continue to attract institutional interest from businesses and the government.

These institutional actors, dubbed "suitcoiners" by many Bitcoin and crypto advocates have become a bifurcating line that has split the crypto community into those focused on growth and those who want to preserve the early anti-establishment ethos that started it all.

Magazine: Bitcoin’s invisible tug-of-war between suits and cypherpunks

The US Securities and Exchange Commission (SEC) now sees tokenization as an “innovation” to be encouraged in the marketplace, according to Chair Paul Atkins, who pointed to a clear regulatory shift since former SEC Chair Gary Gensler’s tenure ended.

“Tokenization is an innovation,” Atkins said in a CNBC interview on Wednesday. “And we at the SEC should be focused on how do we advance innovation in the marketplace.”

Atkins contrasted his approach to crypto regulation with his predecessors, saying the SEC had previously hindered innovation through vague laws and “regulation through enforcement.”

“That day is over,” Atkins said, adding:

“My whole goal is to make things transparent from the regulatory aspect and give people a firm foundation upon which to innovate and come out with new products.” 

Source: BTCTN

Atkins was sworn in as SEC chair in April after being nominated by US President Donald Trump on inauguration day. He has been widely recognized for his openness toward cryptocurrency and digital finance, as well as his emphasis on developing a robust regulatory framework for the sector.

Atkins, like others, has recognized the importance of supporting the growing tokenization economy.

Tokenization has emerged as a key driver of crypto adoption, thanks in large part to a more pro-crypto regulatory environment in the United States, according to a recent Binance Research report shared with Cointelegraph.

The World Economic Forum also views tokenization as a promising bridge between traditional financial systems and blockchain, with the potential to reshape global finance.

Excluding stablecoins, the total value of tokenized real-world assets surpassed $24 billion in the first half of the year, with private credit and US Treasurys making up the bulk of the market, according to a report by RedStone.

The growth of the tokenized RWA market. Source: RWA.xyz

SEC makes tangible progress on crypto regulations

Atkins’ favorable view of tokenization aligns with one of the SEC’s longstanding missions — namely, “facilitating capital formation” to help businesses and entrepreneurs create jobs and drive innovation. 

The chair’s pro-crypto push, specifically, has been matched by tangible progress on the regulatory front. In April, the SEC’s Division of Corporation Finance issued guidance on company disclosures related to digital assets, aiming to clarify which tokens fall under securities laws.

The regulator also recently approved the first US crypto staking exchange-traded fund (ETF) for Solana (SOL), allowing investors to hold the cryptocurrency and earn yield through staking.

The approved fund, issued by REX Shares and Osprey, debuted on Wednesday. 

Large financial institutions are also responding to the pro-industry regulatory shift by prioritizing tokenization as a new business model. 

According to Bloomberg, JPMorgan Chase is exploring the tokenization of carbon credits through its Kinexys blockchain unit, in partnership with S&P Global Commodity Insights, the International Carbon Registry and EcoRegistry.

Magazine: Bitcoin Vs. Stablecoins showdown looms as GENIUS Act nears

Key point:

BNB Smart Chain’s Maxwell upgrade has acted as a catalyst in starting an uptrend toward $719.

BNB Smart Chain’s Maxwell upgrade, which, according to the BNB Chain team, is “a technical leap forward for faster blocks, better validator coordination, and smoother network performance,” went live on Monday.

How has BNB’s (BNB) price responded to the latest upgrade? Could buyers propel the price above the overhead resistance? Let’s analyze the charts to find out.

BNB price prediction

BNB broke above the descending channel pattern on Sunday, and the bulls successfully defended the retest of the breakout level on Tuesday. That suggests the bulls have flipped the resistance line into support.

BNB/USDT daily chart. Source: Cointelegraph/TradingView

The 20-day exponential moving average ($648) is flattish, but the relative strength index (RSI) is just above the midpoint, indicating a slight momentum in favor of the bulls. If buyers sustain the price above $660, the BNB/USDT pair could climb to $675 and later to $698. Sellers are expected to fiercely defend the $698 resistance because a break above it opens the gates for a rally to $732.

Time is running out for the bears. They will have to swiftly pull the price back into the channel to make a comeback. That could sink the pair to $625.

BNB/USDT 4-hour chart. Source: Cointelegraph/TradingView

The 4-hour chart shows the price rebounded sharply off the resistance line, indicating solid demand at lower levels. The pair will complete a bullish inverse head-and-shoulders pattern if the price closes above $660. This bullish setup has a pattern target of $719.

The moving averages are likely to act as support on any pullback. The first sign of weakness will be a break and close below $643. That suggests the bulls have given up. The pair may then tumble to $636. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Cake Wallet added the decentralized stablecoin dEURO to its offerings on Tuesday, expanding its stable of euro-denominated digital assets for users.

The decentralized stablecoin is overcollateralized by other digital assets, including Bitcoin (BTC), Ether (ETH) and Monero (XMR), meaning that to mint the dEURO stablecoin, users must first deposit other cryptocurrencies as collateral.

Overcollateralizing, or depositing cryptocurrency worth more than the value of the asset being borrowed, acts as a shield against de-pegging events, the dEURO team told Cointelegraph. The dEURO offering also features automatic liquidations, which occur when loan-to-value ratios drop below a certain threshold.

Cake Wallet says users can earn 10% yield from crypto holdings backing the stablecoin, without giving up custody of their funds. The yield is generated from stability fees paid by depositors minting the stablecoin and deposited into an equity reserve pool, a dEURO spokesperson told Cointelegraph.

This helps maintain the stability of the stablecoin and adds liquidity to the user's crypto holdings, allowing them to generate a euro-pegged token without selling their crypto, the spokesperson said.

An illustration of the dEURO minting process. Source: dEURO

Decentralized and algorithmic stablecoins are promising use cases consistent with the early cypherpunk ethos of the crypto community. However, critics of algorithmic and decentralized stable tokens argue that these assets carry substantial risk, pointing to a history of de-pegging events and token collapses.

Algorithmic and decentralized stablecoins have a habit of de-pegging

Perhaps the most high-profile algorithmic token collapse was the implosion of the Terra-LUNA ecosystem and the de-pegging of UST, the ecosystem's stablecoin, in May 2022.

The algorithmic stablecoin relied on a mint-and-burn mechanism, where users would burn approximately $1 in LUNA tokens to mint roughly $1 in UST.

This approach encouraged arbitragers to take advantage of price discrepancies between LUNA and UST, which was supposed to keep the price of the token pegged to the US dollar.

Despite the theoretical protection provided by arbitrageurs stepping in and correcting price discrepancies in UST, a significant portion of demand for UST came from the lending platform Anchor Protocol, which offered users a 20% yield on UST deposits.

Mass withdrawals from Anchor triggered a cascade of events that caused UST to drop to $0.67 in May 2022, before collapsing entirely to just $0.01.

UST did not feature any collateral backing, unlike other decentralized alternatives such as DAI (DAI) and dEURO, which require users to deposit excess collateral against their loans.

The complete collapse of Terra’s UST stablecoin. Source: CoinMarketCap

However, backing algorithmic and decentralized stablecoins with excess reserves has not proven to be a panacea for de-pegging events.

Moreover, collateral backing has not been enough to fully protect traditional fiat stablecoins, backed by US debt instruments and bank deposits, from losing their currency pegs.

DAI, the decentralized stablecoin of Sky, formerly MakerDAO, de-pegged in March 2023 after Circle's USD Coin (USDC), which was used as collateral backing for DAI, briefly lost its dollar-peg.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Key takeaways:

Historical data fail to show a consistent link between Bitcoin price gains and US debt ceiling increases.

Bitcoin’s resilience reflects investors’ belief that the US dollar will continue to lose value due to US domestic fiscal policy. 

United States Senators successfully advanced President Trump’s ‘One Big Beautiful Bill’ on Tuesday, moving it one step closer to becoming law. The proposed $5 trillion increase to the debt ceiling has stirred significant controversy, and many Bitcoin (BTC) advocates believe the move could be a catalyst for a new all-time high in 2025.

BTC/USD near debt ceiling increases/suspensions. Source: TradingView / Cointelegraph

Although several solid analyses point to a bullish outlook for Bitcoin, past US debt ceiling increases and suspensions have generally led to bearish outcomes, at least in the six months that followed. In fact, the June 2023 event stands as the only instance where BTC posted gains afterward.

Some might argue that markets price in these developments in advance. However, that assumption weakens when looking at Bitcoin’s flat performance. On Tuesday, Bitcoin held steady at $105,000, the same level as five months earlier.

Bitcoin’s resilience occurred despite widespread expectations that the Trump administration would push through the debt ceiling increase. At that time, economists projected the government would run out of funds by mid-August.

A Bitcoin bull run holds little relationship to the US debt ceiling

The nonpartisan Congressional Budget Office estimates that the proposed legislation will add at least $3.3 trillion to the federal deficit over the next decade. The nearly 900-page bill passed in the Senate by a one-vote margin and now returns to the US House of Representatives.

Sven Henrich, founder of NorthmanTrader, criticized US Treasury Secretary Scott Bessent’s claims that the bill represents a step toward “controlling the US debt.”

Source: x/NorthmanTrader

According to Henrich, raising the debt ceiling while “running record deficits” and lowering interest rates aligns with “modern monetary theory”—an approach suggesting that governments can fund expenditures by creating money, rather than through taxes or borrowing.

Rather than focusing solely on lawmakers’ decisions, attention should turn to how the central bank will respond. If the US Federal Reserve maintains higher interest rates, debt servicing costs rise. On the other hand, a shift toward looser monetary policy could undermine the US dollar’s strength.

US 10-year Treasury (left, magenta) vs. BTC/USD (right, blue). Source: TradingView / Cointelegraph

Generally speaking, higher US Treasury yields reflect reduced investor confidence, as buyers demand greater compensation for perceived risks. Historically, this indicator has shown a positive correlation with Bitcoin’s price, meaning both tend to rise together, given the cryptocurrency’s appeal as an alternative asset.

Therefore, Bitcoin holding above $105,000 while the 10-year Treasury yield fell to 4.25% from 4.50% on June 6 suggests early signs of a decoupling. Even so, it remains too early to declare Bitcoin a proven reserve asset, particularly as both gold and the S&P 500 approach their own all-time highs.

Source: x/KobeissiLetter

In effect, broader markets appear to be pricing in a weaker US dollar, as evidenced by capital flowing into assets that traditionally benefit from currency debasement, such as equities, commodities, and Bitcoin itself.

According to “The Kobeissi Letter,” the dollar’s devaluation comes as investors react to tariffs, the US deficit spending crisis, and pressure on the Fed to cut rates.” 

Ultimately, while the debt ceiling increase may coincide with a Bitcoin rally above $110,000, historical patterns do not support a direct causal link between these events.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Key point:

The launch of REX Shares staked Solana ETF had a positive impact on SOL price, but trading above $159 would mark the start of a trend change.

REX Shares launched the first-ever US-staked cryptocurrency exchange-traded fund on Wednesday, giving investors direct exposure to Solana (SOL) and an opportunity to earn yield through staking.  

Although the price action showed promise in the past few days, the recovery fizzled out on Tuesday. Could buyers push the price above the overhead resistance in the next few days? Let’s analyze the charts to find out.

Solana price prediction

Solana turned down from the 50-day simple moving average ($156) on Monday, indicating that the bears are fiercely defending the level.

SOL/USDT daily chart. Source: Cointelegraph/TradingView

On the downside, the bulls are trying to arrest the pullback at the 20-day exponential moving average ($148). This suggests buying on every minor dip. If the rebound sustains, the possibility of a break above the 50-day SMA increases. The SOL/USDT pair could ascend to $168 and eventually to $185.

Sellers are likely to have other plans. They will try to pull the price to the solid support at $140. Buyers are expected to defend the $140 level with all their might, because a break below it may open the doors for a fall to $126 and then to $110.

SOL/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair rebounded off the 50-SMA on the 4-hour chart and rose above the 20-EMA. That signals aggressive buying at lower levels. If buyers sustain the price above the 20-EMA, the pair could jump to $155 and later to $159.

A break and close above $159 will complete an inverse head-and-shoulders pattern, which has a target objective of $192.

Contrarily, a break and close below $144 suggests the bears are selling on every minor rally. The pair may then decline to the $140 to $137 support zone. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Key takeaways:

Bitcoin’s STH cost basis, MVRV data, and other technical indicators suggest that BTC price is on track toward $117,000.

Analysts suggest a breakout above $109,000-$110,000 could push BTC to fresh all-time highs.

Bitcoin (BTC) has been trading in a “well-defined” range over the past six months as traders anticipate a potential breakout.  

Onchain indicators, including the short-term holder (STH) cost basis, point to a potential upward breakout toward $117,000 or higher.

Bitcoin price eyes $117,000 next

Since January, Bitcoin’s price has generally traded in a large range stretching from $78,000 to $110,000, per data from Cointelegraph Markets Pro and TradingView.  

This is a “well-defined” range marked by the short-term holder (STH) cost basis bands, according to onchain analytics platform Glassnode. STH cost basis refers to the average purchase price of investors who have held Bitcoin for less than 155 days.

The price touched the upper band of this metric in May at $112,000, when it hit its current all-time high. If BTC rises to retest the line, it will likely rise toward $117,000 in the short term.

“The upper boundary of the STH cost basis was tested only once in late May and currently stands at $117,113,” the market intelligence firm said in a July 2 post on X, adding:

“This level can be seen as the upper band of the short-term price action.”

Bitcoin short-term cost basis bands. Source: Glassnode

The market value realized value (MVRV) metric, a metric that measures whether the asset is overvalued or not, suggests that BTC price still has more room for further expansion before the unrealized profit value reaches an extreme level represented by the upper MVRV band around $123,000.

Bitcoin: MVRV extreme deviation pricing bands. Source: Glassnode

When will BTC price breakout?

Meanwhile, popular trader and analyst Rekt Capital shows that Bitcoin is already retesting its multimonth descending trendline.

“How many more rejections from the daily downtrend line before Bitcoin finally breaks out?” he asked, wondering whether the level was weakening as a point of rejection.

An accompanying chart revealed that the downward trendline at $109,000 is now a key breakout level.

“Bitcoin needs a daily close above and retest of the downtrend line as support to confirm the breakout.”

BTC/USD daily chart. Source: Rekt Capital

Fellow analyst Jelle opined that Bitcoin will break out once it closes above the upper boundary of a bull flag at $110,000 on the daily time frame, with a measured target of $130,000.

#Bitcoin is pushing for a breakout from the bullish flag! 👀

Break above $110k, and the first target is $130k. 📈 pic.twitter.com/fWzYZZiArd

— Jelle (@CryptoJelleNL) July 2, 2025

As Cointelegraph reported, several Bitcoin traders are cautiously optimistic about a decisive break of the resistance at $109,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

US President Donald Trump, with an estimated net worth of more than $6 billion, has reportedly added at least $620 million to his portfolio in a matter of months, thanks to ventures connected to the cryptocurrency industry.

According to a Wednesday Bloomberg report, Trump’s crypto holdings represented “a sizeable portion” of his wealth for the first time, mainly due to windfalls from his family-backed crypto business World Liberty Financial and his personal memecoin, Official Trump (TRUMP).

Though the bulk of his net worth comprised stakes in his media venture, Trump Media and Technology Group, and real estate, crypto ventures reportedly accounted for roughly 9% of his wealth as of June.

Breakdown of Donald Trump’s sources of wealth as of June 2025. Source: Bloomberg

Trump and his three sons reportedly earned $390 million through the $550 million in token sales at World Liberty Financial, and collectively hold more than $2 billion worth of the company’s governance tokens, WLF. The business also could have netted $100 million following a $2 billion deal in which Abu Dhabi-based investment firm MGX used the platform’s USD1 stablecoin to settle an investment in crypto exchange Binance.

Concerning his memecoin, which drew criticism from many US lawmakers after the president announced a dinner for the top 220 tokenholders and a “VIP tour,” Trump’s investment was reportedly worth roughly $150 million. However, millions of TRUMP tokens are set to be gradually unlocked over the next three years, and it remains unclear whether the president will be entitled to claim additional tokens.

Related: Trump discloses $57M crypto windfall from World Liberty Financial

In addition to World Liberty Financial and the memecoin, two of the president’s sons, Donald Trump Jr. and Eric Trump, own 20% in American Bitcoin, a subsidiary of crypto mining firm Hut 8.

The company reported in June that it had raised $220 million for equipment and Bitcoin (BTC) investments. It also plans to go public through a merger with crypto mining company Gryphon Digital Mining.

Calls from Congress to address conflicts of interest

Since taking office in January, Trump’s ties to the crypto industry have caused many Democratic lawmakers in the House of Representatives and the Senate to propose legislation to specifically bar any US president, vice president, member of Congress and their families from promoting or owning digital assets.

With Democrats in the minority in both chambers, the amendments to existing legislation or standalone bills have not had enough support from Republicans to pass, but lawmakers do not seem to be shying away from continuing to bring up the issue.

As recently as the Senate debate over Trump’s budget bill this week, Oregon Senator Jeff Merkley submitted an amendment to address conflicts of interest with the president’s crypto ventures.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Key takeaways:

Bitcoin could target $170K as global M2 money supply hits a record $55.48 trillion.

BTC price historically lags M2 breakouts, with past patterns suggesting imminent upside.

A weakening US dollar adds fuel for BTC bulls, with DXY down 10.8% in H1 2025.

Bitcoin (BTC) could be on track to reach $170,000 as global liquidity, measured by broad money supply (M2), hits a new record high of $55.48 trillion on July 2.

BTC/USD vs. USD-adjusted M2. Source: TradungView/Caleb Franzen

Bitcoin typically follows the M2 breakout

M2 aggregates US dollar-adjusted liquidity from the US, eurozone, Japan, the UK, and Canada.

When M2 rises, it indicates that more money is circulating in the economy, including in bank accounts, checking deposits, and other liquid assets. Such surplus liquidity can increase capital flowing into “riskier assets” like crypto.

Bitcoin has historically followed global and US M2 supply with a 3–6 month lag, especially during liquidity shifts. In some cases, like the April 2025 breakout above $100,000, the lag was just 1–2 weeks.

BTC/USDT daily price chart. Source: TradingView

While BTC has rallied during low M2 growth, such moves often prove unsustainable.

In contrast, M2-driven rallies tend to produce longer, more stable uptrends, suggesting the current cycle may be supported by real liquidity, not speculation.

“As global money supply expands, Bitcoin’s next target sits around ~$170K, following the flow,” says analyst Crypto Auris.

Multiple analysts have predicted the BTC price to reach the $150,000-200,000 range by the 2025’s end, owing to rising institutional demand via ETFs and corporations.

Spot Bitcoin ETF cumulative flows. Source: Farside Investors

Weakening USD puts Bitcoin rally in play

The growing demand for Bitcoin appears against a weakening US dollar.

The US Dollar Index (DXY) has fallen 10.8% in the first half of 2025, its worst H1 performance since the collapse of the Bretton Woods system in 1973.

BTC/USD and DXY daily performance chart. Source: TradingView

In contrast, Bitcoin gained 13.25% in the same period, reflecting a negative correlation with the dollar.

Historically, major divergences between Bitcoin and the dollar have signaled key trend reversals.

In April 2018 and March 2022, rising DXY and falling BTC preceded bear markets. While the divergence in November 2020 marked the start of a major rally.

BTC/USD vs. DXY monthly performance chart. Source: Justin Wu

In the current cycle, BTC and DXY have moved almost in lockstep until early 2024. A clear divergence began in April 2025, as DXY fell below 100 for the first time in two years.

If past patterns repeat, this could mark the beginning of a new Bitcoin uptrend. Prolonged dollar weakness could amplify this move beyond Bitcoin’s typical cycle behavior.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

A group of billionaires, including Peter Thiel, is reportedly planning to launch a new financial services firm to fill the gap left by the collapse of Silicon Valley Bank in March 2023.

The new bank, to be called Erebor, will focus on serving startups and cryptocurrency companies, according to the Financial Times, which cited anonymous sources familiar with the plans. The project has applied for a US bank charter, which allows financial institutions to operate as a bank.

Thiel’s venture fund, Founders Fund, is among the bank’s early investors. In addition to Thiel, the group reportedly includes Palmer Luckey, co-founder of defense contractor Anduril, and Joe Lonsdale, founder of 8VC.

Thiel, who co-founded PayPal in the late 1990s, is well-known in the crypto space for his advocacy of Bitcoin (BTC) and digital assets. As Cointelegraph reported, Thiel backs crypto exchange Bullish, which recently submitted regulatory filings for an initial public offering in the United States. 

Source: 0xMert_

In addition to serving crypto companies, Erebor reportedly aims to become a major lender for early-stage startups and other “riskier” firms that may struggle to access capital amid tighter banking regulations.

The collapse of Silicon Valley Bank still reverberates across the crypto sector

California’s financial watchdog shut down Silicon Valley Bank in March 2023 after rising interest rates eroded the value of its long-term bond investments, triggering a bank run and liquidity crisis when too many clients tried to withdraw funds at once. As Cointelegraph reported at the time, Silicon Valley Bank was the first FDIC-insured bank to fail that year.

Its collapse left a massive gap in the market, as the bank had served about half of all venture capital–backed tech and life sciences companies in the United States.

The failure set off a domino effect, contributing to a broader banking crisis that also took down Silvergate Bank, Signature Bank and First Republic Bank.

There were several high-profile bank failures in the United States in 2023. Source: FDIC

The fallout dealt a heavy blow to the digital asset market, with crypto investment funds losing 10% of their assets under management in just one week.

As Harvard Business Review noted, the collapse of Silicon Valley Bank specifically put significant pressure on lending within the venture capital ecosystem.

Despite its collapse, Silicon Valley Bank still operates today as a division of First Citizens Bank, which acquired the company in late March 2023. Its focus continues to be on private equity, technology and the life sciences industry.

Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib

Key point:

Ether price has been range-bound under $2,500, but ETF flows could change the trend.

Ether (ETH) has been range-bound for several days, but institutional investor demand is picking up. Glassnode data shows 106,000 Ether flowing into spot Ether exchange-traded funds last week, the seventh successive week of positive flows.

However, not everyone is bullish on Ether. Etherscan shows two Ethereum wallets unstaked and withdrew 95,920 Ether early in June. A large portion of that, 62,289 Ether, has been deposited in various exchanges, potentially to be sold.

Will Ether’s range-bound action resolve to the upside or the downside? Let’s study the charts to find out.

Ether price prediction

Ether has been trading between the 50-day simple moving average ($2,528) and the horizontal support at $2,323 for the past few days.

ETH/USDT daily chart. Source: Cointelegraph/TradingView

Both moving averages have flattened out, and the relative strength index (RSI) is near the midpoint, signaling a consolidation in the near term. If buyers push the price above the 50-day SMA, the ETH/USDT pair could climb to $2,738 and later to $2,879. Sellers are expected to fiercely defend the $2,879 level.

Instead, if the price turns down from the 50-day SMA, the bears will try to pull the pair below the $2,323 support. If they manage to do that, the pair could plunge to solid support at $2,111. The next trending move could begin above $2,879 or below $2,111.

ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView

The pair has been stuck between $2,376 and $2,521 for some time. The flattening moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.

If the price sustains above the moving averages, the pair could reach the $2,521 level. Sellers will try to halt the rally at $2,521, but if the bulls prevail, the pair could surge to $2,666.

Contrarily, if the price turns down sharply from $2,521, the pair may extend its stay inside the range for a while longer.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.