The Trump administration remains committed to building a strategic Bitcoin reserve, despite its absence in a recent digital asset policy report.
Robert “Bo” Hines, the executive director of the US President’s Council of Advisers on Digital Assets, reaffirmed the initiative during an appearance on the Crypto in America show.
“We do believe in accumulation,” Hines stated when asked directly about the Strategic Bitcoin Reserve.
He emphasized that such a reserve “has been established,” and also referenced a broader national digital assets stockpile.
According to Hines, Bitcoin holds a unique position in the digital asset space.
“Bitcoin is in a class of its own and everyone recognizes that,” he said.
Infrastructure Taking Shape Behind the Scenes
While critics noted the lack of mention of a Bitcoin reserve in the recently released White House report, Hines assured the public that efforts are still underway.
He explained that establishing the necessary infrastructure requires careful planning and significant labor.
“There are countless ways that we can accumulate,” he said.
“I think that people will be very pleased with the direction that we are going, and we’ll start moving on that in short order.”
The administration, he added, also wants to “give credence” to innovation across other blockchain ecosystems, though no specific altcoins or projects were named.
White House Focused on Broader Regulatory Framework
On Wednesday, the President’s Working Group on Digital Asset Markets unveiled its recommendations aimed at strengthening America’s leadership in digital financial technologies.
However, the document made no reference to a strategic Bitcoin reserve.
Instead, the report emphasized the need to develop a strong and transparent regulatory framework for the industry.
“We understand the importance of the strategic Bitcoin reserve,” Hines insisted in response.
“We’re enormous fans of Bitcoin and the Bitcoin community, we want to deliver for them as well, and I’m certain that we will.”
US Government Eyes More Bitcoin
Pressed on how much Bitcoin the federal government currently holds, Hines declined to disclose exact figures.
“I can’t discuss that right now,” he said.
“There are several reasons we’re not disclosing that right now, there might be a time when we do, but I will say we want as much as we can possibly get […] and we’re going to continue to work on that.”
According to blockchain analytics firm Nansen, the US government is estimated to hold around 198,000 BTC, valued at approximately $2.35 billion.
President Trump officially signed an executive order establishing the Strategic Bitcoin Reserve and the US Digital Asset Stockpile back in March.
Strategy, formerly known as MicroStrategy, has expanded its Bitcoin holdings significantly by acquiring 21,021 BTC following a massive capital raise.
The company, which already holds the largest Bitcoin treasury among publicly traded firms, revealed on Tuesday that it made the purchase at an average price of $117,256 per coin.
This latest move brings Strategy’s total Bitcoin holdings to 628,791 BTC.
According to data from BitcoinTreasuries.NET, this is the company’s largest acquisition since the end of March.
STRC IPO Becomes Biggest US Listing of 2025
Strategy financed the purchase through its fourth preferred stock offering — STRC — raising $2.5 billion.
The firm sold 28 million shares of its Variable Rate Series A Perpetual Preferred Stock at $90 per share, significantly upsizing the deal from its initial $500 million target.
The STRC issuance is now the largest US IPO of 2025 in terms of gross proceeds, surpassing the $1 billion offering from Circle Internet Group earlier this year.
Strategic Financing Model Draws Copycats
This latest acquisition is part of Strategy’s broader approach of using capital markets to increase its Bitcoin reserves.
Over the years, the company has deployed a mix of equity offerings, debt instruments, and convertible notes to fund its Bitcoin purchases.
This strategy has inspired at least 160 public companies to add cryptocurrencies to their balance sheets.
STRC to Begin Nasdaq Trading
Strategy confirmed that STRC would begin trading on the Nasdaq on Wednesday.
This marks the first perpetual preferred security issued by a Bitcoin treasury firm to be listed on a US exchange.
STRC will offer monthly board-adjusted dividends, making it attractive to income-oriented investors.
It joins a family of similar instruments from Strategy, including STRK, STRF, and STRD — each designed to meet different investment goals, with varying yields and dividend structures.
Shares Show Modest Reaction Ahead of Earnings
Shares of Strategy (MSTR) dipped 2.26% at Tuesday’s close but slightly recovered 0.52% in after-hours trading to reach $396.70.
So far in 2025, MSTR shares are up by 31.55%, a slower pace compared to the 358.55% surge seen in 2024.
This latest Bitcoin buy comes just ahead of the company’s second-quarter earnings report, due Thursday, which will detail how its fundraising and crypto investments have impacted its financials through June 30.
Bitcoin briefly surged past $119,000 on Sunday, continuing a strong rebound after touching two-week lows near $114,500.
The price action marked a notable shift in momentum, with bulls reclaiming key levels despite recent heavy selling pressure.
Volatility Returns Near Weekly Close
Data from Cointelegraph Markets Pro and TradingView revealed BTC/USD regaining strength as it attempted a daily close above the 10-day simple moving average.
This movement came as investors digested easing tensions between the U.S. and China, following an agreement to delay the implementation of reciprocal tariffs.
The renewed optimism supported a push above $118,000, prompting traders to focus on critical resistance levels heading into the new week.
Crypto investor Ted Pillows emphasized the significance of the $119,500 threshold.
“$BTC needs to break above $119.5K for a big move. If that doesn’t happen, this consolidation will continue,” he posted on X.
“I think BTC could break above this level next month which will start the next leg up.”
Reclaiming Lost Ground
Analyst Rekt Capital pointed to Bitcoin’s recovery into its former trading range.
“Bitcoin has Daily Closed above the blue Range Low, kickstarting a break back into the very briefly lost Range,” he shared alongside a chart analysis.
“Any dips into the Range Low (confluent with the new Higher Low) would be a retest attempt to confirm the reclaim.”
Despite the upward move, caution still lingered in the market.
Trader CrypNuevo highlighted the potential for a further drop to fill the wick left on the daily chart.
“If we zoom out, we can see that the main liquidation level is at $113.8k,” he explained.
“Consequently, I consider the downside liquidation cluster to be the natural target in the mid-term ($114.5k–$113.6k).”
Short Squeeze Risk Increases
According to CoinGlass, short sellers may face increased liquidation risk if BTC climbs higher.
The current “max pain” level for shorts is around $119,650.
Should Bitcoin retest its all-time high near $123,000, total short liquidations could exceed $1.1 billion.
Analysts now anticipate greater volatility in the coming days as the market approaches key price inflection points.
Galaxy Digital has transferred more than 10,000 Bitcoin—worth an estimated $1.2 billion—to cryptocurrency exchanges within an eight-hour window, according to blockchain analytics firm Lookonchain.
This significant movement of funds comes shortly after the company received over 80,000 Bitcoin from a long-dormant wallet linked to a Satoshi-era whale.
The original wallet had not been accessed for 14 years, adding intrigue and speculation within the crypto community.
The reactivation of these early-era Bitcoin wallets occurred earlier this month.
The event took place during a period of heightened market activity, coinciding with Bitcoin reaching new all-time highs of over $122,000.
Bitcoin Price Drops Amid Sudden Supply Activity
Following these large-scale transfers, the price of Bitcoin showed signs of weakening.
Data from CoinGecko revealed that Bitcoin dropped from highs above $119,000 to trade below $116,000 late Thursday.
As of the latest update, the world’s largest cryptocurrency is trading around $115,800.
This marks a 2% drop over the past 24 hours, highlighting the market’s sensitivity to sudden increases in potential sell pressure.
Galaxy Digital’s Strategy Under Scrutiny
The decision by Galaxy Digital to move such a large volume of Bitcoin to exchanges has sparked speculation about the firm’s intentions.
While on-chain transfers to exchanges are often interpreted as preparation for selling, Galaxy Digital has not issued a public statement explaining the motivation behind the move.
The firm, led by Michael Novogratz, is known for its significant crypto holdings and has remained a key player in institutional Bitcoin investing.
This recent transfer could suggest portfolio rebalancing or strategic profit-taking amid the latest price surge.
Historic Coins Reenter Circulation
The reactivated coins were originally mined or acquired in Bitcoin’s earliest years, widely considered the “Satoshi era.”
Funds from such addresses are rarely moved, making their reappearance a noteworthy event in the crypto space.
Given their age, these coins are often considered “clean” or highly valuable due to their origin before regulatory scrutiny and widespread usage.
Their movement tends to draw market attention and can create ripple effects across investor sentiment and market dynamics.
Market Remains Volatile Amid Uncertainty
The recent market action underscores the continued volatility in the crypto sector, particularly as historical Bitcoin resurfaces and large-scale institutional moves take place.
While Bitcoin’s current dip appears minor in percentage terms, it follows a sharp ascent to record highs, making any sign of increased selling pressure closely watched.
Traders and analysts will now monitor whether Galaxy Digital’s recent transfer is followed by further sell-offs or price stabilization in the days ahead.
BlackRock’s iShares Ethereum ETF (ETHA) has rapidly become one of the world’s fastest-growing exchange-traded funds, hitting the $10 billion mark in assets under management (AUM) in just 251 days.
Bloomberg ETF analyst Eric Balchunas shared the news on Thursday, describing ETHA’s meteoric rise as the “equivalent of a God candle,” referring to the speed and magnitude of the inflow.
ETHA now sits among the top three fastest-growing ETFs ever, a distinction it shares exclusively with other spot cryptocurrency funds.
Crypto ETFs Dominate Speed Rankings
The achievement puts ETHA ahead of many traditional ETFs, including JPMorgan’s Nasdaq Equity Premium Income ETF (JEPQ), which needed 444 days to reach $10 billion.
Balchunas’ data shows that ETHA’s success underscores the growing appetite for crypto-backed financial products.
The Ethereum-based ETF now trails only BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) in the race to $10 billion in AUM.
These three are the only ETFs to reach that benchmark faster than any other in history.
Industry Leaders Applaud Rapid Growth
Nate Geraci, president of NovaDius Wealth Management, pointed out the broader implications of this milestone.
“We’re talking about an ETF industry that’s been around for over 3 decades and has nearly 4,400 products,” Geraci commented on X.
He noted that the top three fastest-growing ETFs are now all crypto-focused, something previously unimaginable in traditional finance circles.
Bitcoin ETFs Still in the Lead
Despite ETHA’s impressive pace, it still lags behind BlackRock’s IBIT, which reached the $10 billion mark in just 34 days following its launch in January 2024.
Fidelity’s FBTC was close behind, hitting the same milestone in just 54 days.
These two products set a blistering pace for ETHA to follow, highlighting the enormous interest in crypto ETFs since regulators opened the door to spot crypto-based funds.
Ether Inflows Surge as Bitcoin ETFs Cool Off
Investor sentiment appears to be shifting toward Ether in recent weeks.
According to SoSoValue, U.S.-listed Ether ETFs have recorded a 14-day inflow streak totaling $4.4 billion since July 3.
This surge includes a massive $726.7 million daily inflow, the largest single-day amount since the ETF’s launch last year.
Conversely, Bitcoin ETFs have shown signs of weakness.
After enjoying a 12-day inflow streak, they turned negative on July 21.
Over the next three trading days, U.S. spot Bitcoin ETFs saw outflows of $289 million, based on SoSoValue’s data.
BlackRock Cementing Its Position in Crypto ETFs
BlackRock’s dominance in the ETF landscape, both in traditional and digital assets, continues to grow.
The firm’s success with both ETHA and IBIT reflects rising investor interest in regulated crypto exposure through mainstream investment vehicles.
ETHA’s historic climb reaffirms the significance of Ethereum’s place in institutional portfolios and positions the fund as a long-term staple for those betting on the future of blockchain technologies.
Ethereum’s native token, Ether (ETH), remains in a strong uptrend despite a recent 9% pullback from its seven-month peak.
Data from Cointelegraph Markets Pro and TradingView shows that ETH has bounced back to reclaim the $3,600 level after a brief dip to $3,500 during early Asian trading hours on Thursday.
This rebound has sparked optimism among market analysts and on-chain data providers, who believe Ether’s long-term bullish momentum is intact.
Lower Selling Pressure Signals Strength
One key factor supporting Ether’s continued strength is the ETH/BTC exchange inflows ratio.
According to CryptoQuant’s latest Weekly Crypto Report, this ratio remains low compared to Bitcoin, indicating that ETH is facing relatively less selling pressure.
“Lower ETH/BTC exchange inflow ratio indicates lower selling pressure for ETH,” CryptoQuant noted.
“This continues to be a bullish signal for ETH relative to Bitcoin, potentially supporting further upside in the ETH/BTC pair.”
The ratio had previously hit a five-year low in May, highlighting the reduced amount of ETH being sent to exchanges compared to BTC.
Although it has since edged higher, it remains well below the red zone that typically signals increased selling activity.
Investors Increasing Exposure to Ether
Another supportive metric is the ETH/BTC ETF Holding Ratio, which has surged from 0.02 in May to 0.12 currently.
CryptoQuant interprets this as a sign that investors are increasingly allocating more funds to ETH relative to Bitcoin.
This shift in investment patterns indicates “increasing demand for ETH at the margin,” potentially reinforcing Ether’s price resilience and long-term outperformance.
Spot Ethereum ETFs Attract Strong Inflows
Spot Ethereum ETFs also showed robust performance recently.
On Wednesday, the funds posted their seventh-best day for inflows since launching, pulling in $332.2 million in a single day.
In stark contrast, spot Bitcoin ETFs saw outflows totaling $285.2 million over a three-day period.
In total, Ethereum spot ETFs have accumulated nearly $8.7 million in net inflows and now manage over $16.6 billion in assets.
This consistent inflow demonstrates rising investor confidence in ETH and its future potential.
Key ETH Price Levels to Watch
On-chain analytics firm Glassnode has outlined important Ether price levels based on its cost basis model, which includes realized prices and market means.
To the downside, strong support sits in the $2,000–$3,000 range, with specific levels at $2,100 (realized price), $2,500 (true market mean), and $3,000 (active realized price).
“This price range would serve as an important level of support in the event that the price corrects back toward it,” Glassnode wrote.
To the upside, the primary resistance level is at $4,500, which is one standard deviation above Ether’s active realized price.
This level has historically marked significant market resistance during periods of euphoria, including the March 2024 peak and the 2020–2021 cycle.
“Breakouts above this threshold tend to coincide with heightened market euphoria and unsustainable market structure,” Glassnode added.
“As such, $4,500 can be identified as a critical level to watch on the upside, especially if Ethereum’s uptrend continues and speculative froth builds further.”
Outlook
Despite the recent dip, ETH appears well-positioned for continued growth, especially relative to Bitcoin.
Low selling pressure, rising investor exposure, strong ETF inflows, and favorable technical support levels all point to a resilient outlook for Ethereum.
If momentum persists, analysts believe ETH may test the $4,500 resistance zone in the coming weeks.
Mara Holdings, one of the world’s largest publicly traded crypto mining firms, is preparing to raise up to $1 billion through a convertible senior notes offering, with a portion of the proceeds earmarked for Bitcoin acquisitions.
In a statement released Wednesday, the company said $850 million in notes will be offered to institutional investors, with an option to raise an additional $150 million.
The notes are due in 2032 and will be senior unsecured obligations.
They will not bear interest and are subject to market conditions, meaning there is no certainty the offering will be completed or finalized as proposed.
Use of Proceeds Includes Bitcoin and Debt Repayment
Up to $50 million of the proceeds will go toward repurchasing Mara’s existing 1.00% convertible senior notes due in 2026.
The remainder will support capped call transactions, new Bitcoin acquisitions, and general corporate needs.
“We currently intend to use the net proceeds from this offering for general corporate purposes, including the acquisition of bitcoin and for working capital,” the company said in a regulatory filing.
Bitcoin Strategy Remains Core Focus
The announcement comes shortly after Mara completed a minority acquisition of Two Prime, an institutional asset adviser with $1.75 billion under management.
This deal has increased the volume of Bitcoin Two Prime manages on Mara’s behalf.
Despite rising mining difficulty, the company reported a 35% increase in BTC production in May, showing strong operational performance.
Reports from late May indicated Mara’s annualized mining revenue exceeded $752 million, a record for the firm.
Significant Bitcoin Holdings Boost Market Position
According to Bitcoin Treasuries data, Mara currently holds around 50,000 BTC, making it the second-largest corporate Bitcoin holder after Strategy, which owns 607,000 BTC.
This aggressive accumulation echoes a previous move in March when Mara announced plans to sell up to $2 billion in stock to acquire more Bitcoin.
The firm revealed it had entered agreements with institutional investors to facilitate that stock offering “from time to time,” reinforcing its long-term commitment to Bitcoin.
After a strong 12-day streak of inflows, spot Bitcoin exchange-traded funds (ETFs) recorded net outflows totaling $131.35 million on Monday.
The retreat follows a wave of enthusiasm that had seen $6.6 billion enter the market over nearly two weeks, reflecting renewed institutional and retail appetite for the asset class.
This reversal is being interpreted by market analysts as a sign of measured profit-taking rather than fear-driven selling.
ARK Invest Sees Largest Outflows Among ETF Issuers
The bulk of Monday’s outflows came from ARK Invest’s ARKB fund, which registered a $77.46 million pullback.
Grayscale’s GBTC was next in line, recording $36.75 million in outflows.
Fidelity’s FBTC also saw notable exits, shedding $12.75 million.
Smaller outflows came from VanEck’s HODL and Bitwise’s BITB, with $2.48 million and $1.91 million, respectively.
Interestingly, BlackRock’s IBIT, which holds the largest net assets at $86.16 billion, remained neutral, showing no inflows or outflows for the day.
Despite the single-day downturn, the cumulative net inflow figure for all spot Bitcoin ETFs remains healthy at $54.62 billion.
Total net assets across the group now stand at $151.6 billion, which represents 6.52% of Bitcoin’s overall market capitalization.
Market Rebalance Seen as Key Driver Behind ETF Exits
Kronos Research’s chief investment officer, Vincent Liu, explained that the timing of the outflows lines up with strategic rebalancing.
“The recent ETF outflows reflect profit-taking near the highs and measured institutional rebalancing to lock in gains,” Liu told Cointelegraph.
According to Liu, this shift is not indicative of panic selling, but rather a natural market cycle after a significant rally.
“It’s not panic but positioning — a natural pause after a strong upward run,” he added.
This cooling-off period comes after two consecutive billion-dollar inflow days earlier in July — $1.18 billion on July 10 and $1.03 billion on July 11 — marking the first time such an event has occurred in Bitcoin ETF history.
Ethereum ETFs Continue to Attract Capital
While Bitcoin ETFs saw outflows, Ether-based ETFs continued their positive momentum.
Spot Ether ETFs saw an impressive $296.59 million in net inflows on Monday, pushing their total inflows to $7.78 billion.
Ethereum products are now enjoying a 12-day streak of inflows, mirroring the earlier run seen in Bitcoin ETFs.
That streak includes a standout performance on Wednesday when Ethereum ETFs pulled in $726.74 million — their highest single-day inflow since launch.
This was followed by Thursday’s $602.02 million inflow, showing a steady increase in demand for Ether-related investment vehicles.
Conclusion
While Monday’s outflows from Bitcoin ETFs may seem like a setback, analysts see them as a healthy breather rather than a sign of a broader shift in sentiment.
Investor interest in crypto ETFs remains strong, with Ether products stepping up as Bitcoin takes a short pause in capital inflows.
Venture capitalist Tim Draper believes macroeconomic forces are reshaping Bitcoin’s traditional market behavior, particularly its four-year halving cycle.
Draper, a founding partner at Draper Associates, argued in a recent interview that the gradual decline of the U.S. dollar could dampen the effects of Bitcoin’s halving events—long known to trigger significant price movements in the crypto market.
“Between 10-20 years from now, the dollar will be extinct,” Draper told Cointelegraph.
“The world is changing, and we are watching it happen. We are right in the center of an anthropological leap forward,” he said.
Bitcoin’s Role as a Safe Haven
Draper pointed to growing investor interest in Bitcoin as a hedge against flawed monetary policies, rising inflation, global instability, and lack of trust in traditional financial institutions.
He described Bitcoin as an “escape valve” amid these pressures, noting that its appeal continues to grow due to its fixed supply and decentralized nature.
Shifting Focus from the Halving Cycle
Bitcoin halvings, which reduce the number of new coins entering circulation, have historically triggered bull markets.
However, Draper said that while the halving still has some influence, larger macroeconomic dynamics may now be more decisive in shaping Bitcoin’s trajectory.
“The halvings may have less of an effect if Bitcoin runs against the dollar the way it has, because it will probably go for a prolonged period,” Draper said.
“It will still be affected in some way by that four-year cycle, but I think the effect will dampen. I think there will be a macro driver that pushes Bitcoin along, and I think the macro driver will be a bigger deal than the halvings.”
Debate Over Bitcoin’s Maturity
The idea that Bitcoin is evolving into a macroeconomic asset is not universally accepted.
Xapo Bank CEO Seamus Rocca recently said that the four-year cycle is still valid, suggesting that halving events remain relevant.
Others believe that Bitcoin has matured past its early speculative cycles and is now more reactive to broader economic shifts.
Global Conditions Favoring Bitcoin
Draper’s perspective aligns with other experts who expect geopolitical and economic turbulence to benefit Bitcoin and other hard-money alternatives.
In February, Bitwise analyst Jeff Park suggested that ongoing inflation, protectionism, and the weakening U.S. dollar could drive global Bitcoin adoption.
Meanwhile, the U.S. government continues to push dollar-backed stablecoins to preserve the dollar’s dominance by increasing demand through blockchain integration.
Skepticism of Stablecoins’ Longevity
Despite this strategy, not everyone sees stablecoins as a permanent solution.
Bitcoin advocate Max Keiser criticized dollar-denominated stablecoins as a temporary fix, predicting they will eventually be outpaced by gold-backed tokens and Bitcoin itself.
As macroeconomic conditions change and digital currency becomes increasingly mainstream, Draper and others see the dollar’s future as uncertain—and Bitcoin’s as more integral to global finance.
Bitcoin (BTC) is eyeing a climb toward $155,000 amid a bullish technical setup known as the “golden cross.”
On Thursday, trader Merlijn highlighted the recent development on X, formerly Twitter.
He noted that the 50-day simple moving average (SMA) has crossed above the 200-day SMA on the daily chart.
This golden cross pattern often signals strong bullish momentum in markets.
Merlijn emphasized its historical impact, saying:
“Every.
Single.
Time.
This signal shows up $BTC goes vertical.”
Past instances provide compelling context.
Both the 2017 and 2020 golden crosses preceded surges exceeding 2,000 percent.
The last golden cross emerged in October 2024 when Bitcoin hovered around $65,000.
Within three months, BTC reached near $110,000.
Merlijn argues that the current setup mirrors those high‑impact events.
This newer cross was confirmed on May 22.
Since then, Bitcoin has gained roughly 12 percent.
Based on patterns from 2016’s more short-lived golden cross, some analysts say the run could continue to $155,000.
The pattern shown on a weekly chart indicates more upside ahead.
Cointelegraph previously observed Bitcoin’s first-ever weekly golden cross at the start of 2024.
That event marked the onset of the current bull run.
However, technical signals are only part of the story.
For a stronger breakout, Bitcoin needs to break above the $120,000 resistance zone.
According to trader and analyst Rekt Capital, a daily close above this range high could confirm the move.
He told X:
“Daily Close above ~$120k Range High resistance followed by a post-breakout retest would see Bitcoin confirm a breakout to new highs.”
In addition, as BTC consolidates, capital appears to be rotating into altcoins.
But renewed interest in altcoins often supports the broader crypto rally.
For now, the golden cross continues to draw attention.
If history is any guide, the BTC price may follow its steepest inclines yet.
All eyes are now on both the $120,000 breakout and how long the 50-day SMA stays above the 200-day.