Despite minor price fluctuations, Bitcoin remains stable. The crypto market is abuzz with news from an SEC filing concerning a crypto ETF, while institutions continue their relentless Bitcoin accumulation.

Market Overview

US equities continued their upward trend on Wednesday, July 23rd, with the Dow Jones seeing the largest increase at 1.14%. Stock futures showed mixed trends, with Dow futures correcting, while the other two indices slightly rose. Gold and oil prices also saw minor increases, hovering around $3399 per ounce and $65.5 per barrel, respectively.

Bitcoin experienced fluctuations yesterday, trading between $117,000 and $119,000. Most major altcoins adjusted in line with BTC. The overall crypto market capitalization stood at $3.8 trillion amidst Bitcoin's minor correction.

US Bitcoin spot ETFs saw minor outflows of $85.8 million on Wednesday. ETH spot ETFs continued to attract strong inflows, totaling $332.2 million. The SOL ETF recorded zero net flow. This indicates continued strong demand for Ethereum ETFs despite Bitcoin's minor outflows.

Price volatility yesterday led to over $960 million in leveraged positions being liquidated, with the majority being long positions. This highlights the rapid nature of liquidations in the volatile crypto market.

In recent days, Lookonchain also reported that three large wallets, believed to belong to the same whale, transferred over 10,000 BTC (equivalent to approximately $1.26 billion) after years of inactivity. However, this is no longer a major concern for the market as it once was, as the market has grown accustomed to similar news, especially with large corporations and ETFs continuously acquiring Bitcoin. Furthermore, if whales intend to sell, they typically conduct transactions through OTC (over-the-counter) desks rather than directly pushing to centralized exchanges, to avoid price impact. Alternatively, they might simply be moving their storage locations. Many "dormant" wallets from 9–10 years ago are starting to show signs of activity, possibly indicating owners wish to realize profits after long holding periods.

This is a natural asset distribution process in finance, where those no longer in need sell to those who are, similar to real estate or stocks. This perspective is more positive and logical than viewing it as a "dumping" behavior on latecomers.

Tariff Updates: EU vs. USA Trade Tensions Persist

The European Union is threatening to impose a 30% tariff on US goods if a trade agreement with President Trump is not reached, as the tariff deadline approaches (the 1st of next month). However, according to the Financial Times, the US and EU are nearing an agreement, with the US proposing a 15% tariff, higher than the 10% the EU desires.

Additionally, the US has reached new trade agreements with Japan and Indonesia, sending positive signals. While not every country has an agreement, nations can still continue negotiations even after the US imposes tariffs. The situation may change depending on actual developments and currently has no significant impact on stock or crypto markets, suggesting that market participants are either accustomed to the rhetoric or believe a full-blown trade war will be averted.

US Banks Seek to Block Crypto Firms from Banking Licenses

Five major US banking and credit associations, including the American Bankers Association (ABA), have sent a letter requesting the Office of the Comptroller of the Currency (OCC) to pause reviewing bank license applications from crypto companies such as Circle, Ripple, and Fidelity Digital Assets.

The main reasons cited are:

• Unclear Legal and Policy Issues: The operational models of crypto companies may not meet the fiduciary standards of national banks.
• Dangerous Precedent: Granting licenses could set a dangerous precedent and deviate from the OCC's previous policies and standards.
• Lack of Transparency in Filings: Current public information is insufficient for the public to objectively and comprehensively evaluate these applications.

The associations specifically requested that the OCC delay decisions until:

• More detailed information on crypto companies' business plans is provided.
• The public has an opportunity for thorough review and feedback.

The associations are demanding that the OCC delay approval until more information is available and the public can review and respond. However, it is uncertain whether the OCC will agree, as the current OCC leadership, appointed by the Trump administration, tends to be more crypto-friendly. Generally, US banks are looking to enter the crypto world to compete, but they do not want crypto companies to enter the banking sector and become their direct rivals. This highlights a classic turf war between incumbent financial giants and new digital asset innovators.

New Developments from SEC and Crypto ETF Companies

Major players such as Fidelity, Franklin Templeton, VanEck, 21Shares, Galaxy Digital, and WisdomTree recently filed updated prospectuses with the SEC, proposing to use an "in-kind" trading mechanism for their Bitcoin and Ethereum ETFs. This would allow for direct exchange of crypto for ETF shares rather than through cash. This mechanism is common with stock and gold ETFs due to its tax optimization and trading speed. Experts suggest that this move indicates positive progress from the SEC in opening doors for crypto ETFs, with Commissioner Hester Peirce confirming that the issue is being seriously considered.

In another development, the SEC quickly approved then unexpectedly paused Bitwise's crypto ETF. The company wanted to convert its crypto index fund (including various tokens like BTC, ETH, SOL, XRP, ADA...) into an ETF, and initially received approval from the SEC's Division of Trading & Markets. However, on the same day, the decision was put on hold for review by the full SEC Commission. The fund is currently in limbo, unable to officially launch.

ETF experts like James Seyffart, Eric Balchunas, and Nate Geraci commented that this is an unusual move and may reflect internal disagreement within the SEC regarding standards for crypto ETFs. Nevertheless, if Bitwise's fund is eventually approved, it will mark a significant turning point, paving the way for numerous multi-asset crypto ETFs.

Global Companies Accelerate BTC Accumulation

Many businesses worldwide are accelerating their Bitcoin accumulation strategies as part of their long-term financial plans.

In the US, ENDRA Life Sciences is preparing to launch a Bitcoin-based income generation model, combined with a financial strategy utilizing crypto assets. Marathon Digital Holdings (MARA) announced plans to issue $850 million in 0% convertible bonds to purchase additional Bitcoin, pay off $50 million in old debt, and fund business expansion goals.

In Spain, Vanadi Coffee purchased an additional 2 Bitcoin, increasing its total Bitcoin holdings to 76 BTC.

In Canada, Matador Technologies received a $100 million funding commitment to support its plan to acquire more Bitcoin. Additionally, Planet Ventures Inc. also recently purchased an additional 3.06 Bitcoin, bringing its total holdings to 28.89 BTC. This company plans to raise an additional 5 million CAD through convertible bonds for further accumulation.

In Sweden, Hilbert Group signed a SEK 150 million (approximately $15.8 million) funding agreement with LDA Capital. The funding allows the company flexible capital withdrawals over 36 months to support its long-term Bitcoin investment strategy. These actions by companies across different continents demonstrate growing confidence in Bitcoin's potential as a strategic asset and a long-term store of value.

Other Key Crypto & Market Updates

Goldman Sachs and BNY Mellon recently launched a tokenized money market fund (MMF) for institutional investors. The project combines Goldman Sachs's digital infrastructure with BNY Mellon's custody services. This allows for real-time trading and more efficient liquidity management, aiming to address inefficiencies in the $7.1 trillion US MMF market. This is a significant step towards the tokenization of traditional financial products.

In Q2, Tesla did not buy or sell any Bitcoin, maintaining its holdings at 11,509 BTC, remaining among the top 10 publicly traded companies globally with the most Bitcoin. In its core automotive business, Tesla's revenue decreased by 16% year-over-year to $16.7 billion (compared to $19.9 billion in Q2 2023). This marks the second consecutive quarter of declining auto sales and continues to fall short of analyst expectations.

Mexican real estate conglomerate Grupo Murano has invested $1 billion in Bitcoin, with the goal of building a $10 billion reserve fund by 2030 and predicting a 300% increase in Bitcoin's price within the next 5 years. This represents a substantial commitment to Bitcoin by a major real estate player.

Telegram's crypto wallet has officially launched in the US, opening access to 87 million users. This significantly expands crypto accessibility for a large user base through a popular messaging platform.

Marathon Digital (MARA) plans to raise $850 million (potentially increasing to $1 billion) through 0% convertible bonds due 2032 for institutional investors. The bonds are convertible into cash, MARA stock, or both. Investors have the right to request a buyback in 2030 if the stock price does not meet requirements, and MARA can also repurchase them if eligible. $50 million will be used to repurchase old bonds due in 2026 (1% interest), with the remainder for Bitcoin purchases, infrastructure expansion, M&A financing, and stock non-dilution. This comprehensive financial strategy underscores MARA's commitment to expanding its Bitcoin mining and holdings.

World Liberty, President Trump's family company, has added 3,473 ETH at an average price of $3,743. World Liberty has staked the newly acquired Ether on Aave. This continues the trend of public figures and their associated entities engaging with digital assets, including staking for yield.

Sources

• Bloomberg
• CoinDesk
• U.S. Treasury
• TradingView
• Reuters
• SEC
• White House Press Office
• CryptoQuant
• Lookonchain
• Financial Times
• American Bankers Association (ABA)
• Fidelity Digital Assets
• Franklin Templeton
• VanEck
• 21Shares
• Galaxy Digital
• WisdomTree
• Deutsche Bank
• ENDRA Life Sciences Investor Relations
• Marathon Digital Holdings (MARA) Investor Relations
• Vanadi Coffee Investor Relations
• Matador Technologies
• Planet Ventures Inc Investor Relations
• Hilbert Group
• Goldman Sachs
• BNY Mellon
• Tesla Investor Relations
• Grupo Murano
• Telegram

Disclaimer

This article is for informational purposes only and should not be considered financial advice. Please do your own research before making investment decisions.