Asia opens Bitcoin on Wednesday trading day
Despite the geopolitical tumultuous years of the past few weeks, the US strike at an event that surprised both geopoliticians and polymet bettors has proven once again a valuable and revived reservoir. Coindesk market data shows that asset classes have been fairly stable, up 1% last month.
However, this returns to a price range that is a few inches away from BTC’s all-time high of $111K, which hit in May, and according to market observers, it feels more trained than euphoria.
As GlassNode wrote in her weekly note, unlike the December 2024 breakout, it caused a wave of profits above $10,000, making it seem like long-term investors are sitting on profits now.
“Hodling looks like a dominant market mechanic,” a Glassnode analyst wrote, with long-term holder supply surged to 14.7 million btc, earning historically low realised profits. Chain activity shows a limited desire to sell, even if BTC is traded just below the record level.
According to GlassNode, metrics such as the adjusted used output profit margin (ASOPR) reflect this suppression, hovering just above Breakeven. This suggests that the coins being spent are a recent acquisition. Think of it: tactical trading rather than broad distribution.
Meanwhile, GlassNode’s data shows that lively metrics continue to decline to enhance the old coins remaining dormant.
As QCP wrote in its daily market updates, its patience is full of sustainable institutional demand.
Market data shows that a net inflow of $2.2 billion into BTC spot ETFs occurred last week, with QCP describing the tone as “constructive” and players such as Strategy and Metaplanet continuing to accumulate.
These steady influxes are quietly restructuring the structure of the market. Bitcoin’s realization cap, a measure of the price that coins last moved, has grown to $955 billion.
Still, not everything is calm beneath the surface. QCP points out that long positions utilized are rising, and funding rates are positive in key permanent futures markets.
GlassNode warns that “markets may need to move higher or lower to unlock additional supplies.”
After the Senate approves the “big beautiful bill” for the White House, the market is not like a sp-link, and feels like a standoff between long-term holders who refuse to sell and short-term traders load into leverage.
That fragile equilibrium has market observers wondering where the next catalyst comes from and whether it can make BTC’s next move explode.
Figma holds $700 million in BTC ETF: Filing
Design software company Figma has disclosed a $70 million position in the Bitwise Bitcoin ETF (BITB) as part of its IPO filing.
The filing shows that the board approved a $55 million BTC investment in March 2024, and has since been valued at 27%.
Another May resolution greenlighted USDC purchases of $30 million.
Recently, Hong Kong-based food conglomerate DDC Enterprises announced its funding of $528 million this week.
Defi Development Corp. accumulates more sols to raise $100 million convertible notes
Defi Development Corp., first published US companies trade with financial strategies built around Solana
announced in a press release Tuesday that it plans to raise $100 million through personal provision of convertible senior notes by 2030.
The service, made to a qualified institutional buyer under Rule 144A, includes the option that the first buyer will acquire to obtain an additional $25 million memo within 13 days of publication.
Market movements:
BTC: Bitcoin holds around $106,000, and GlassNode’s on-chain data shows that long-term holders are barely moving.
ETH: Ethereum faced heavy sales after failing to beat the resistance for $2,522 and ended a volatile 24-hour session marked with a trading range of 4.5%.
gold: Gold rose more than 1% on Tuesday, weaker dollars and lowering global trade uncertainty, spot prices reached $3,357.85 and futures rose to $3,353.80.
S&P 500: US stocks were mixed on Tuesday, with the S&P 500 closing at 6,198.01, as investors revolved out of tech.
Other locations in the code:
- Vinanence to maintain hundreds of staff in Singapore despite crackdowns (Bloomberg)
- New York Attorney General Letitia James warns Stubcoin bills that puts Americans at risk, prompting stronger surveillance (blocking)
- Is the doge expensive? Cannabis Company Creates Dogecoin Treasury Play (Decrypt)
