Summary
gm, Bit Digital made headlines by pivoting its treasury strategy from Bitcoin to Ethereum, acquiring 100,603 ETH worth approximately $172 million, making it the second-largest ETH holder among publicly traded companies. Meanwhile, the U.S. Treasury Department officially ended its legal battle against Ethereum mixer Tornado Cash, withdrawing sanctions after both parties filed a joint motion to dismiss the case. In corporate news, AI hyperscaler CoreWeave announced a $9 billion acquisition of Bitcoin miner Core Scientific, aiming to leverage 1.3 gigawatts of power capacity for AI operations. On the regulatory front, Congress is preparing for "Crypto Week" with planned discussions on three significant bills covering stablecoins, market structure, and CBDC limitations, while Trump Media filed applications for multiple crypto ETFs, including a "Crypto Blue Chip ETF" tracking Bitcoin, Ethereum, Solana, and XRP.

News Headlines
💰 BlackRock's iShares Bitcoin ETF Surpasses 700,000 BTC Milestone

  • BlackRock's iShares Bitcoin Trust (IBIT) has accumulated over 700,000 BTC (valued at $75.6 billion), making it the third most profitable fund at BlackRock just 18 months after launch.
  • The ETF is acquiring approximately 40,000 BTC per month, primarily from buy-and-hold investors, contributing to decreased Bitcoin volatility compared to previous market cycles and potentially attracting more institutional investment.

📱 Ethereum Mega Whales Accumulate at Fastest Pace Since 2022's 95% Rally

  • Ethereum mega whales (wallets holding at least 10,000 ETH) have increased their holdings by 9.31%, exceeding the accumulation pace seen before the 95% price rally in mid-2022.
  • Their total holdings have recovered to over 41.06 million ETH from a record low of 37.56 million ETH in October 2024, potentially signaling a bullish trend with price targets suggesting a move toward $3,400 by August.

🕵️ EU Investigating Robinhood's OpenAI and SpaceX Tokens

  • The European Union has launched an investigation into Robinhood's offerings of OpenAI and SpaceX tokens after OpenAI warned investors that these tokens do not represent actual equity stakes in the companies.
  • The Bank of Lithuania, Robinhood's primary EU regulator, is awaiting further information to assess the legality of these stock token offerings, raising questions about tokenization of private company shares.

💸 ReserveOne to Go Public via $1 Billion SPAC Deal, Build Crypto Reserve

  • Digital asset management firm ReserveOne is going public through a $1 billion merger with M3-Brigade Acquisition V Corp, planning to build a crypto reserve of Bitcoin, Ethereum, and Solana.
  • The deal includes $298 million in trust capital plus $750 million from strategic investors, with the company focusing on staking, lending, and venture capital investments in the crypto space.

📊 $31B Stablecoin Surge at Binance Revives Traders' Altseason Hopes

  • USDT and USDC balances on Binance reached a record $31 billion in June, suggesting a potential "brewing liquidity explosion" as investors accumulate stable assets before deploying capital.
  • Unlike previous patterns, stablecoins are increasing on Binance while Bitcoin withdrawals rise, indicating that with Bitcoin dominance diminishing, the stage may be set for a significant altcoin rally.

Market Metrics

Fundraising & VC
1. DigitalX (Strategic, $13.5M) - ASX-listed crypto fund manager
2. BridgeportMQ (Seed, $3.2M) - Crypto institutional middleware for off-exchange settlement

Regulatory
🌐 Pakistan Launches New Crypto Regulatory Authority

  • Pakistan has established the Pakistan Virtual Assets Regulatory Authority (PVARA) to license, monitor, and supervise virtual asset service providers in compliance with international standards including FATF guidelines.
  • Finance Minister Muhammad Aurangzeb emphasized this move as a vital step toward creating a framework that both protects consumers and attracts global investment in Pakistan's digital finance sector.

🚫 New Zealand Bans Crypto ATMs, Caps Transfers

  • New Zealand has announced a ban on cryptocurrency ATMs and imposed a $5,000 cap on international cash transfers as part of reforms targeting money laundering and financial crime.
  • The measures will enhance enforcement powers for police and regulators, with industry leaders supporting the ban as a step toward legitimizing the cryptocurrency sector rather than dismantling it.

💼 Thailand's 5-Year Crypto Tax Break Comes With Strings

  • Thailand's upcoming crypto tax exemption, starting January 1, 2025, will waive capital gains taxes for five years but only for trades made through licensed local exchanges like Bitkub or Bitazza.
  • The initiative aims to attract foreign investments while ensuring compliance, but comes with increased government surveillance on transactions through SEC-approved platforms, raising potential concerns about financial privacy.

🧾 Crypto Week in Congress: Major Bills on the Horizon

  • Congress has designated the week of July 14 as 'Crypto Week,' scheduling votes on three digital asset bills: the GENIUS Act for stablecoin regulation, the CLARITY Act for market structure, and the Anti-CBDC Surveillance Act.
  • The CLARITY Act, supported by Coinbase and 65 other crypto organizations, aims to divide authority between the CFTC and SEC, with proponents arguing it's essential for maintaining U.S. leadership in financial innovation.

🚨 UK Jails Two for $2M Fake Crypto Consultancy Scam

  • UK authorities have sentenced Raymondip Bedi and Patrick Mavanga to a combined 12 years in prison for defrauding 65 victims of $2 million through a fake cryptocurrency consultancy scam under the names CCX Capital and Astaria Group.
  • Both men pleaded guilty to fraud, money laundering, and possession of false documents, with Mavanga receiving an additional conviction for destroying evidence related to the scam.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency is moving within a rectangle formation between support at 100005 and resistance at 109353. A decisive break through one of these levels indicates the new direction for the currency. The currency has given a positive signal from the rectangle formation by a break up through the resistance at 107710. Further rise to 115727 or more is signaled. The currency is testing resistance at points 109000. This could give a negative reaction, but an upward breakthrough of points 109000 means a positive signal. The currency is overall assessed as technically neutral for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. The currency has broken up through resistance at points 2490. This predicts a further rise. The currency is assessed as technically positive for the short term.