Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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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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Michael Saylor’s Strategy acquires $531M in Bitcoin, boosting holdings near 600,000 BTC

  • The average purchase price for the new acquisition was $106,801 per coin.
  • The company has now spent approximately $42.4 billion on Bitcoin since it began accumulating the crypto.
  • According to data from Bitcoin Treasuries, 134 public companies now hold bitcoin on their balance sheets.

Michael Saylor’s Strategy, the largest public holder of Bitcoin, added 4,980 BTC to its balance sheet last week, according to a US Securities and Exchange Commission filing on Monday.

The purchase, valued at $531.1 million, came as Bitcoin rallied from around $101,000 to above $108,000 during the final week of June, per CoinGecko data.

The average purchase price for the new acquisition was $106,801 per coin, bringing the firm’s total Bitcoin holdings to 597,325 BTC.

The company has now spent approximately $42.4 billion on Bitcoin since it began accumulating the cryptocurrency, with an average purchase price of $70,982 per BTC.

The Bitcoin ‘Strategy’

Strategy funded its latest purchase using proceeds from its active at-the-market (ATM) offerings.

Last week, the firm sold 1,354,500 shares of its Class A common stock (MSTR) for $519.5 million.

It also sold 276,071 shares of its Strike preferred stock (STRK) for $28.9 million and 284,225 shares of its Strife preferred stock (STRF) for $29.7 million.

Following the latest acquisition, Strategy’s year-to-date gain in Bitcoin now totals 85,871 BTC, compared with a full-year gain of 140,538 BTC in 2024.

That equates to a $9.5 billion BTC gain this year, according to the company’s internal figures.

The company also reported modest increases in its yield metrics.

Year-to-date Bitcoin yield rose by 0.5 percentage points to 19.7%, inching closer to Strategy’s goal of 25% yield by the end of 2025.

Quarter-to-date yield also edged up by 0.4 percentage points to 7.8%.

More BTC buys may be on the way for Strategy?

On Sunday, Strategy Executive Chairman Michael Saylor had again hinted at a potential upcoming bitcoin purchase, updating the company’s bitcoin portfolio tracker on Sunday with the remark, “In 21 years, you’ll wish you’d bought more.”

The comment echoes his BTC Prague keynote, where he projected Bitcoin’s value could reach $21 million per coin within two decades.

Between June 16 and June 22, Strategy acquired an additional 245 BTC for approximately $26 million at an average price of $105,586 per bitcoin.

The company had slowed its purchasing pace in recent weeks as it shifted focus from its at-the-market (ATM) common stock program to issuing perpetual preferred shares to finance further acquisitions.

The latest purchase marks a return to using the MSTR ATM after more than a month.

According to data from Bitcoin Treasuries, 134 public companies now hold bitcoin on their balance sheets, continuing the trend initiated by Saylor and MicroStrategy.

Recent adopters include Tether-backed Twenty One, Nakamoto, Trump Media, and GameStop, alongside earlier entrants such as Semler Scientific and KULR Technology Group.

Japanese firm Metaplanet also announced on Monday that it had added 1,005 BTC to its reserves, raising its total holdings to 13,350 BTC—surpassing those of Galaxy Digital and CleanSpark.

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Wintermute secures Bitcoin-backed credit line from Cantor Fitzgerald

  • Wintermute gets Bitcoin (BTC) credit line from Cantor Fitzgerald.
  • The credit line will enhance Wintermute’s capital-heavy OTC crypto trading operations.
  • The deal signals a cautious return of institutional crypto lending.

Crypto market maker Wintermute has secured a Bitcoin-backed credit facility from Cantor Fitzgerald in a move that signals growing confidence in the revival of institutional crypto lending.

The agreement is part of Cantor Fitzgerald’s newly launched $2 billion Bitcoin Financing Business, which seeks to provide secured credit lines to digital asset firms that play critical roles in market infrastructure.

Wintermute, known for its role in digital asset market making and over-the-counter (OTC) crypto trading, did not disclose the exact size of the facility.

However, its CEO, Evgeny Gaevoy, emphasised that the credit line is key to supporting the firm’s capital-intensive operations.

The credit facility will enhance Wintermute’s OTC trading

Wintermute’s operations demand significant capital due to the nature of OTC trading and digital asset settlement, where large volumes are traded across multiple exchanges in real time.

Gaevoy noted that the facility will enhance the firm’s ability to hedge risk across trading venues, maintain uninterrupted market presence, and react quickly to volatile price shifts.

He explained that this kind of financing helps the firm preserve liquidity while continuing to provide pricing and execution services for institutional clients around the clock.

The arrangement marks a clear vote of confidence from Cantor Fitzgerald, a Wall Street powerhouse that has only recently begun expanding its reach into crypto.

The broader context of the deal is a cautious yet unmistakable revival of institutional interest in crypto lending.

Crypto finance firms and private banks are beginning to return to the lending space, but with stricter risk management and more established collateral practices.

Notably, Blockstream recently raised billions to support its crypto lending funds, while Xapo Bank started offering Bitcoin-backed loans of up to $1 million as of March.

According to Galaxy Research, the crypto lending market had surged to $36.5 billion by the end of 2024, more than double its Q3 2023 low, although still far from its 2021 peak of $64.4 billion.

This recovery points to a maturing market where institutional participants are demanding higher levels of security and regulatory alignment.

Cantor Signals comeback to crypto lending

Launched in mid-2024, Cantor’s $2 billion Bitcoin Financing Business is positioning itself as a regulated alternative to the high-risk lending models that collapsed in recent years.

This program has already extended support to Maple Finance and FalconX, with the latter planning to draw over $100 million from its facility, according to information from Bloomberg.

Wintermute’s inclusion among the early recipients of Cantor’s credit lines places it in a select group of firms seen as strategically important to crypto markets.

Unlike the largely unregulated and opaque structures that led to the fall of firms like Celsius Network and BlockFi in 2022, Cantor’s model emphasises secured and transparent lending.

Wintermute is eyeing US growth with institutional backing

Wintermute’s new credit facility is expected to strengthen its growing presence in the United States, where the regulatory environment has become more favourable for digital assets.

With the introduction of spot Bitcoin ETFs and increased clarity around crypto trading rules, institutional activity in US markets is on the rise again.

Gaevoy indicated that the company views this as an ideal time to expand its reach in North America, capitalising on renewed investor appetite and evolving regulatory frameworks.

The partnership with Cantor Fitzgerald may also offer a credibility boost, especially as regulators and financial institutions look for trustworthy actors in the space.

With the backing of a major Wall Street firm like Cantor Fitzgerald, Wintermute is now better positioned to navigate the volatility of crypto markets while providing critical infrastructure for trading and settlement.

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Bitcoin rises above $107K as Trump’s fiscal policy comments boost hard assets

  • Bitcoin traded above $107K Sunday as focus turned to U.S. fiscal policy and Trump’s “Big Beautiful Bill.”
  • Trump urged “cost cutting Republicans” not to “go too crazy,” promising growth will “make it all up.”
  • Expectations of sustained deficits and loose fiscal policy are bolstering the bull case for hard assets like BTC and gold.

Bitcoin traded steadily above the $107,000 mark on Sunday, with market attention increasingly focused on fiscal policy tensions brewing in Washington.

A recent social media post from President Donald Trump, aimed at quelling dissent within his own party over a massive tax-and-spending package, has inadvertently bolstered the bullish case for assets like Bitcoin and gold, which are often seen as hedges against fiscal profligacy.

The latest market movements come as Bitcoin was changing hands at $107,937 as of 22:22 UTC on Sunday, up 0.54% over the past 24 hours.

Price action remained volatile, with the cryptocurrency fluctuating between $107,194 and $108,489 during that window, according to CoinDesk Research’s technical analysis model.

The focus shifted to US fiscal policy following a pointed message from President Trump on his Truth Social platform on June 29, 2025.

Addressing Republican lawmakers amid a fierce internal debate over his sweeping legislative package, Trump wrote:

For all cost cutting Republicans, of which I am one, REMEMBER, you still have to get reelected. Don’t go too crazy! We will make it all up, times 10, with GROWTH, more than ever before.

This statement lays bare the deep divisions within the Republican party as it struggles to unify behind the ambitious legislation, which has been dubbed the “One Big Beautiful Bill.”

The bill itself, exceeding 900 pages, is a complex mix of fiscal measures.

It combines approximately $3.8 trillion in tax cuts with targeted spending reductions and increased funding for defense and border security.

A key component is the aim to make permanent many of the tax breaks from Trump’s 2017 Tax Cuts and Jobs Act, including the elimination of taxes on tips, overtime pay, and certain auto loans.

The child tax credit would also rise to $2,200 under the Senate version, while deductions for seniors would be temporarily increased.

To offset the cost of these tax cuts, however, Republicans have proposed significant cuts to Medicaid and nutrition programs, a move that has sparked intense debate within the party.

Navigating a political tightrope

The path to passing the bill is fraught with political challenges.

Moderate Republicans, particularly those from high-tax states, are pushing for a higher cap on state and local tax (SALT) deductions.

In contrast, conservative factions are demanding deeper and more extensive spending cuts, with a particular focus on Medicaid.

These internal disagreements are complicating efforts to secure the narrow Republican majorities needed in both the House and the Senate to pass the legislation, which faces uniform opposition from Democrats, who argue it disproportionately favors the wealthy and will worsen economic inequality.

President Trump’s social media message appears to be an attempt to walk this political tightrope.

He is urging a degree of fiscal restraint to appease conservatives while simultaneously emphasizing a supply-side economic argument: that robust economic growth will ultimately compensate for near-term revenue losses and help reduce deficits over time.

This “growth will make it all up” approach comes as nonpartisan analysts estimate the bill could add trillions of dollars to the already substantial $36.2 trillion national debt.

A bullish signal for Bitcoin and gold?

This fiscal backdrop is being closely watched by market participants, with some interpreting it as a strong signal for holding hard assets.

Crypto analyst Will Clemente’s reaction on the social media platform X (formerly Twitter), posted shortly after Trump’s message, captured a common sentiment among those skeptical of current fiscal policies:

How can you read this and hold long term US treasuries at current yields lol… Also, how can you read this and not hold any Bitcoin or gold.

Clemente’s skepticism towards long-term US Treasuries reflects a growing concern that the bill’s deficit-financed tax cuts and relatively modest spending reductions signal a loose fiscal policy that could fuel inflation and devalue the currency over time.

In such a scenario, traditional fixed-income assets like Treasuries can become less attractive, as rising deficits and potential monetary accommodation (to finance the debt) threaten to erode the value of both principal and interest payments.

Conversely, hard assets with limited supply, such as gold and Bitcoin, are increasingly viewed as reliable stores of value and effective hedges against inflation and fiscal irresponsibility.

The expectation of sustained, large deficits and the clear political challenges to implementing meaningful fiscal discipline are bolstering the demand for these inflation-resistant assets.

As the Senate races to finalize the bill before the July 4 holiday, the ongoing negotiations and the ultimate fate of this consequential fiscal package will continue to be a key driver of market sentiment.

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