- Bitcoin surges 6.6% to $74,725, up 17.2% for the week on Treasury liquidity.
- CryptoQuant founder says demand data signals the bear market has ended.
- Anthropic preps an IPO that could rival SpaceX’s record $75 billion raise.
Bitcoin traded near $74,725, up 6.6% over the past 24 hours and up a sharp 17.2% for the week, briefly touching $73,000 intraday. Ethereum climbed to $2,350, up 3.4% on the day and 24.2% for the week. XRP surged 16.0% to $1.32, up 27.6% weekly, while Solana rose 4.6% to $89.30, up 17.4% for the week. BNB gained 5.2% to $661.83.
Total crypto market capitalization stood at $2.61 trillion, up 6.7% over the past day, with 24-hour trading volume reaching $136.81 billion.
Trending Searches Show Explosive Small-Cap Gains
Bullballs Coin dominated trending searches with a staggering 1,930.5% surge, also topping the gainers list, while Aligned dropped 44.7% and pipedog also fell 3.9%. Ontology Gas jumped 179.9% and Niu Lai gained 160.0%, reflecting intense speculative activity riding the broader market rally.
CryptoQuant Founder Declares Bear Market Over
Ki Young Ju said spot and perpetual futures demand has turned positive for the first time since Bitcoin’s October 2025 all-time high, stating that if the trend persists for a month, “it is reasonable to conclude that the bear market is over and a new bull market cycle has begun.” The call came alongside a broader wave of bullish technical and macro signals converging simultaneously.
Treasury Buyback Expansion Fuels Explosive Price Targets
Treasury Secretary Scott Bessent said the government’s per-operation buyback cap could exceed the already-announced $4 billion, adding that the US can “grow its way out” of its debt burden. Macro strategist Mark Connors said the buyback program could ultimately reach $10-30 billion per month and raised his Bitcoin target range to 180,000-360,000, no longer requiring a wait until November for the rally to build.
Charles Schwab’s Jim Ferraioli flagged a large concentration of leveraged shorts near $72,000, warning a break above that level could trigger a short squeeze, which appears to have materialized as Bitcoin pushed toward $74,725.
Bitcoin Approaches a Golden Cross
Bitcoin’s 50-day moving average, near $63,976, is closing in on its 200-day moving average around $69,005, a formation historically viewed as a long-term bullish signal when confirmed. Bitcoin had traded below its 200-day average since October 2025, when it sat near $110,000.
Historical golden crosses in February 2023, October 2023, October 2024, and April 2025 were each followed by further gains, though analysts cautioned the current move could still prove a technical rebound rather than confirmation of a new bull cycle.
Anthropic Eyes a Historic IPO
Sources said Anthropic is preparing to file for an IPO as early as the end of August, with a target size that could match or exceed SpaceX’s record $75 billion raise (which reached $86.2 billion with overallotment). The company’s annualized revenue run rate hit $65 billion by the end of July, up from just $787 million in the same period last year.
Anthropic is reportedly in talks to bring Citigroup into its underwriting group alongside Morgan Stanley, Goldman Sachs, and JPMorgan. Separately, Broadcom is reportedly seeking more than $60 billion in debt financing, potentially reaching $100 billion in total, to help fund AI compute access for companies including Anthropic.
Treasury Positions Swing Sharply Positive
Strategy’s unrealized loss narrowed to $685 million from $9.9 billion just days earlier, meaning Bitcoin would need to rise only about $800 more for the company to break even on its cost basis of roughly $75,385. BitMine’s unrealized ETH loss similarly narrowed to $5.88 billion from $8.51 billion. SharpLink staked another $91 million in ETH, while a Matrixport-linked whale’s combined ETH and BTC positions flipped from a $92.5 million unrealized loss to an $11.5 million gain after four months underwater.
Related: Armstrong Sees Crypto Bull Run Near as CLARITY Act Heads for Senate Vote
Institutional and Regulatory Developments
CFTC Chair Michael Selig said the crypto industry will get market structure rules “even if” the CLARITY Act fails, citing the agency’s existing authority to act. ICE, parent of the NYSE, said it remains open to further investment in Polymarket after already committing more than $1.6 billion. Grayscale published research suggesting Zcash’s privacy features could see a 9x valuation increase if its share of the “currency” crypto category rises to 5%.
Security Incidents Continue
Cybersecurity researchers found nearly 2,000 hacked WordPress sites used to steal crypto wallet credentials and deploy ransomware, compromising more than 6,000 unique IP addresses since mid-May. GalaChain paused its Ethereum and Solana bridges after a $2.9 million exploit, with 82% of stolen funds traced to a wallet linked to the company’s CEO.
Related: CFTC Signals Swift Crypto Rulemaking if Congress Stalls Clarity Act
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