- Bitcoin holds near $63,134 as total crypto market cap reaches $2.18 trillion.
- BlackRock transfers over 22,600 BTC to Coinbase across six consecutive days.
- Strategy sells 3,588 BTC, now sitting on an $11.34 billion unrealized loss.
Bitcoin traded near $63,134, roughly flat on the day but up 6.04% over the past week, while Ethereum held around $1,770, up 11.64% for the week. XRP traded near $1.12, up nearly 8% weekly, and Solana stood at $81, up about 9% over seven days. Hyperliquid’s HYPE token continued climbing, trading above $70 with a 6.69% weekly gain.
Total crypto market capitalization stood at $2.18 trillion, up slightly by 0.21% over the past day. The Fear & Greed Index held at 28, still in “fear” territory, while the Altcoin Season Index eased to 46. The average crypto RSI read 50.58, sitting in neutral territory between oversold and overbought.
Institutions Keep Building Positions
BlackRock transferred another 2,265.685 BTC to Coinbase, bringing its six-day total to 22,624.685 BTC, worth approximately $1.42 billion. The asset manager also purchased and withdrew 7,546 ETH via Coinbase Prime, worth about $13.2 million, moving the funds into self-custody.
BitMine Immersion Technologies added 42,197 ETH over the past week, worth roughly $74 million at the time of purchase, bringing its total holdings to 5,742,237 ETH, or about 4.8% of Ethereum’s circulating supply.
At current prices, the position is worth nearly $10 billion. The company has staked 4.88 million ETH through its MAVAN platform, generating an annualized yield near 2.68%, and continues targeting 5% of total ETH supply this year. Despite the accumulation, BitMine’s overall position carries an unrealized loss of approximately $9.41 billion, a drawdown of about 48.4%.
Nasdaq-listed Empery Digital added 200 BTC, bringing its six-day total to 1,200 BTC worth about $72.65 million.
Strategy Continues Selling to Cover Dividends
Strategy sold 3,588 BTC last week, raising $216 million to fund preferred stock dividends and replenish cash reserves. The company now holds 843,775 BTC against an average cost basis of $75,476, leaving it with an unrealized loss of roughly $11.34 billion, or about 17.8% underwater.
Grayscale’s Zach Pandl said the sale should help restore market confidence in Strategy’s financing structure, noting the company holds about $52 billion in Bitcoin against only $7 billion in debt, with cash reserves sufficient to cover roughly 17 months of dividend payments.
Security Incident Hits BonkDAO
BonkDAO disclosed that attackers exploited a malicious governance proposal to steal approximately $20 million in BONK tokens from its treasury. On-chain analysis found the attacker spent about $4 million buying voting power ahead of the proposal, which passed after only seven addresses voted, with the attacker’s wallets controlling more than 99% of the voting weight. BonkDAO said it has identified the exchange wallet used to acquire the tokens and is working with exchanges, bridges, and the Solana Foundation to trace and recover the funds.
Stablecoin Volume Hits Record Levels
Visa’s on-chain data showed adjusted stablecoin transaction volume reached a record $1.79 trillion in June, up 63% from May and 125% year-over-year, bringing first-half volume to $8.82 trillion. USDC accounted for about 70% of that volume, extending its lead over USDT’s roughly 25% share.
Corporate and Policy Developments
Trump launched the “Trump Account” program, predicting the stock market would “skyrocket” and leaving open the possibility that Bitcoin could eventually be included in the accounts. Securitize said it plans to deploy more than $400 million to expand its tokenization platform through acquisitions, while Figure Technology Solutions moved to raise $600 million in senior notes to fund its $717 million acquisition of real estate lending platform Kiavi.
Russia’s Sberbank said it plans to launch a compliant crypto wallet and custody service by December, contingent on new digital asset legislation taking effect in September, joining other major Russian banks preparing similar offerings.
Related: Trump’s Bitcoin Reserve Plan Faces Legal Questions as Agencies Weigh Control
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