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Galaxy Digital's Massive Sale Shakes Bitcoin: Millions of Dollars Worth of Positions Liquidated
Cryptocurrency markets are poised to close the week in the red. The sharp sell-off in Bitcoin has severely weakened investors' risk appetite and wreaked havoc on leveraged trading. Galaxy Digital was one of the main actors in this sell-off.13,000 BTC transfer crashes the marketGalaxy Digital, run by Mike Novogratz, sent a total of 13,000 BTC to centralized exchanges in the last 24 hours. This transfer is estimated to be worth approximately $1.5 billion at current prices. According to blockchain analysis platform Lookonchain, the company withdrew $370 million worth of USDT from Binance, Bybit, and OKX, indicating that the transferred Bitcoins were being sold. This development follows a massive 40,000 BTC transfer that Galaxy Digital recently received from a whale wallet dating back to 2011. These BTCs, which had lain dormant for 14 years, have been reintroduced into the market and are now causing selling pressure. Bitcoin fell 3% due to these developments, falling to $115,200. Ethereum and XRP remained stable, while Solana (SOL) fell 3.3% to $177. The total cryptocurrency market capitalization decreased by 4.7%, falling to $3.84 trillion.Mass liquidations in leveraged positions: $522 millionThe outlook for liquidations is also bleak. A total of $522,042,272 worth of positions were liquidated in the last 24 hours. $382,102,784 of these liquidations came from long positions, while $139,939,456 came from short positions. In other words, approximately 73.2% of the liquidations occurred in long positions. Over the last 12 hours, $343,128,736 worth of positions were liquidated, 88.4% of which were long positions ($303,247,520 long, $39,881,236 short). Of the $58,272,040 liquidated in the last four hours, $37,129,752 involved long positions, while only $21,142,292 came from shorts. In the one-hour period, the total liquidation of $25,748,330 included $17,781,272 in long positions and $7,967,058 in short positions. Binance Takes the Biggest HitThe distribution of liquidations by exchange is also striking. The top 5 exchanges and their details are as follows:Binance: $118.7 million in total liquidations, 83.6% longBybit: $93.8 million, 91.02% longOKX: $66.9 million, 89.42% longGate: $26.6 million, 88.22% longHyperliquid: $19.3 million, 99.10% longThis data shows that excessively long positions on the largest exchanges are taking a heavy hit.Whale flight continuesOn-chain data shows that large investors (whales) are also gradually withdrawing from the market. The number of wallets holding 1,000 to 10,000 BTC fell from 2,037 to 1,982 in 10 days. This is a 2.7% decrease and the sharpest decline in the last six months.Furthermore, the increase in the amount of BTC sent to exchanges suggests that whales are opening the door to exit. The "exchange whale ratio" data rose from 0.50 on July 22nd to 0.52 on July 24th. This increase has generally resulted in selling pressure in the past.Despite all this devastation, the Bitcoin price is struggling to hold above $115,000. The decline in funding rates in perpetual transactions to neutral levels suggests that overheated leveraged structures are being cleared to some extent.
14.5 Years of Silence Broken: Giant Bitcoin Whale Takes Action
Cryptocurrency markets were ablaze with unusual on-chain activity on July 24th. A Bitcoin wallet, dormant for approximately 14.5 years and holding a total of 3,962 BTC, suddenly became active.Traces of a miner from 2009?In the transaction, first spotted by Whale Alert, approximately $468 million worth of BTC was removed from a long-dormant address. More intriguingly, the address's owner was not an ordinary investor but an early Bitcoin miner. An analysis by on-chain analyst Ai (@ai_9684xtpa) revealed that all of the BTC held by this address originated from Coinbase transactions (mining rewards). In other words, the coins were created from scratch, mined directly from the Bitcoin network's first blocks. They were obtained directly through block generation, not through any exchange or third-party transfer. According to analysts, these BTC are assumed to have been acquired between 2009 and 2010. Their estimated cost is only $0.32. This means the miner in question has currently generated a 370,000-fold return on their investment.The movement of large addresses can make investors nervous. Such transactions often have the potential to create "fud" (fear, uncertainty, doubt), that is, fear and uncertainty in the market. The movement of large amounts of BTC, in particular, can create selling expectations in some investors. However, in this case, the fact that the BTC were sent to another wallet rather than directly to an exchange suggests that there was no selling movement. One striking detail is that these 3,962 BTC were sent to another wallet rather than directly to a cryptocurrency exchange. This suggests that the action was not a direct sale, but rather a technical reason such as security, portfolio adjustment, or a cold wallet update. Simultaneous altcoin liquidations in the marketDuring this whale movement, a general selling pressure was also noticeable in the cryptocurrency market. Altcoins, in particular, experienced significant losses. Bitcoin, on the other hand, fell by a limited 0.6% to $117,868. According to market data, a total of $837 million worth of positions were liquidated in the last 24 hours. The largest losses were in long positions on Ethereum ($168 million) and XRP ($92.7 million). Analysts believe that liquidation of leveraged trades and profit-taking were behind this wave.It is currently known that the address in question only made one transfer and did not send BTC to any exchange. Therefore, it may be premature to expect a direct sell-off. However, such on-chain movements can cause temporary fluctuations in investor confidence in the market. Especially at a time when BTC is heading towards $120,000, such "whale movements" accelerate the market's pulse.
Daily Market Summary with JrKripto July 24, 2025
You can find today’s edition of “Daily Market with JrKripto” below, featuring a roundup of the most important developments from both global and local markets. Let’s analyze the broader market sentiment and latest insights together.Bitcoin is starting the new week in the accumulation zone. We mentioned the importance of the $117,900 level in our previous newsletters. It continues to trade in this area. In a downside scenario, the major support level appears to be $111,800. In an upward movement, the trend resistance level located in the $122,000 area could be targeted.Ethereum has broken out of the short-term parallel channel structure and is currently trading in the downtrend zone that has been in effect since 2021. Having surged sharply to the $3,800 region, ETH has entered the trend zone. A breakout of this zone could indicate significant upward movement for Ethereum. In the event of a pullback, the $3,500 level will act as support.Crypto News21Shares filed an amended S-1 form for the $DOGE ETF.21Shares has applied for a spot ETF for ONDO.US Treasury Secretary Bessent: Negotiations with the EU are progressing better than before.$MIU Coin has been listed on the XT Exchange.Goldman Sachs and BNY are preparing to announce the development of a system that allows institutional investors to purchase tokenized money market funds.Joe McCann reportedly plans to allocate $1 billion for Solana Treasury Co. amid a nearly 70% decline in liquid funds.Tesla neither sold nor bought Bitcoin in the second quarter.CryptocurrenciesTop Gainers:REKT → Up 13.9% to $0.65251379SYRUP → Up 12.6% to $0.48162868SAROS → Up 9.7% to $0.37939587TKX → Up 7.5% to $10.81M → Up 5.2% to $0.44668162Top Fallers:MOVE → Down 23.6% to $0.13945918PUMP → Down 19.9% to $0.00303355FLR → Down 19.1% to $0.02229203APT → Down 16.5% to $4.63GRASS → Down 16.5% to $0.92743664.Fear Index:Bitcoin: 72 (Greed)Ethereum: 61 (Greed)Dominance:Bitcoin: 61.92% ▲ 0.08%Ethereum: 11.49% ▲ 0.21%Total Daily Net ETF InflowsBTC ETFs: -$85.80 MillionETH ETFs: $332.20 MillionGlobal MarketsGlobal markets continue to find support from the US-Japan trade agreement. The US's initiation of similar talks with the European Union is positively impacting European stock markets. Asian stocks, US and European futures are trading higher this morning.Global markets closed strong yesterday thanks to positive news. Risk appetite remains high today. The VIX index fell 1.1 points to 15.4. This level is the lowest in five months and indicates a diminishing perception of short-term risk in the markets.Most Valuable Companies and Stock PricesNVIDIA (NVDA) → $4.17 trillion market capitalization, $170.78 per share, increased 2.25%.Microsoft (MSFT) → $3.76 trillion market capitalization, $505.87 per share, increased 0.12%.Apple (AAPL) → $3.2 trillion market capitalization, $214.15 per share, decreased 0.12%.Amazon (AMZN) → $2.42 trillion market capitalization, $228.29 per share, increased 0.36%.Alphabet (GOOG) → $2.32 trillion market capitalization, $191.51 per share, fell 0.31%.Borsa IstanbulMarkets are watching the Central Bank of the Republic of Turkey (CBRT) interest rate decision, which will be announced at 2:00 PM today. The CBRT, which held interest rates steady in June, is expected to cut the policy rate by 250 basis points today to 43.50%. Ahead of the decision, the BIST-100 index was trading flat around the 10,600 level. Despite intra-session fluctuations following the Special Consumption Tax (SCT) increase, the index is expected to close the day flat above 10,500.Companies with the Highest Market Capitalization on Borsa IstanbulQNB Finansbank (QNBTR) → $1.34 trillion market capitalization, $400.25 per share, increased 0.06%. Aselsan Electronics Industries (ASELS) → Market value of 821.26 billion TL, price per share of 185.4 TL, increased by 2.94%.Turkey Garanti Bank (GARAN) → Market value of 589.26 billion TL, price per share of 140.4 TL, increased by 0.07%.Koç Holding A.Ş. (KCHOL) → Market value of 432.62 billion TL, price per share of 171.0 TL, increased by 0.23%.Turkish Airlines Inc. (THYAO) → Market value of 406.41 billion TL, price per share of 294.75 TL, increased by 0.08%.Precious Metals and Currency PricesGold: 4,396 TLSilver: 50.85 TLPlatinum: 1,819 TLDollar: 40.46 TLEuro: 47.71 TLWe look forward to bringing you the latest updates again tomorrow.
Tesla's Bitcoin Holdings Exceed $1.2 Billion: No Sales
Tesla's Bitcoin portfolio reached approximately $1.2 billion following a 30% surge in the cryptocurrency market in the second quarter. Thanks to new accounting standards, the electric vehicle manufacturer was able to reflect quarterly gains from these assets on its balance sheet for the first time. The company holds 11,509 BTC, making it the tenth-largest Bitcoin holder among publicly traded companies, according to BitcoinTreasuries.Net data.Bitcoin's rise from $83,000 on April 1st to approximately $118,000 today has directly impacted Tesla's balance sheet under new Financial Accounting Standards Board (FASB) regulations that took effect in the first quarter of 2025. This regulation now allows companies to report their digital assets at fair market value each quarter. Under previous rules, companies could only record their crypto assets at the lowest value reached during the holding period. Tesla Increases Profits to $1.2 Billion with Bitcoin RiseUS-based electric car manufacturer Tesla made headlines with its second-quarter report, released overnight. As of the second quarter, the company continued to hold 11,509 Bitcoin (BTC), bringing the total value of these assets to approximately $1.2 billion thanks to the rise in the cryptocurrency market. Bitcoin's nearly 30% appreciation between April and June 2025 also significantly improved the company's balance sheet. Tesla is the tenth-largest publicly traded company in this field. The Financial Accounting Standards Board (FASB), the independent body responsible for corporate financial reporting in the US, introduced new regulations, effective in the first quarter of 2025, allowing companies to report crypto assets based on market value. This regulation now allows companies to show crypto assets on their balance sheets at their current market price each quarter.Under the previous rule, crypto assets could only be recorded at the lowest value reached during the holding period. For example, even if a company bought Bitcoin at $90,000, dropped to $60,000, and then rose back to $110,000, it would still appear on the balance sheet at $60,000. This created a misleading picture for investors.The new regulation allows companies to report these fluctuations on a quarterly basis, more transparently reflecting the value gains of digital assets. This represents a significant advantage, especially for companies like Tesla, which holds large amounts of cryptocurrency.Financial results in line with expectationsTesla reported revenue of $22.5 billion in its second-quarter 2025 financial results. This figure is nearly in line with analysts' expectations of $22.3 billion, based on FactSet data. Earnings per share were also in line with expectations at $0.40. The company's financial data is showing a more stable outlook due to the new accounting rules. Tesla shares traded at $331.56, up 0.71 percent in after-market trading.
Multi-Altcoin ETF Receives SEC Approval: Launch on Hold
The U.S. Securities and Exchange Commission (SEC) approved the expedited conversion of Bitwise's 10-asset crypto index fund to an exchange-traded fund (ETF). However, in an unexpected move, the ETF's launch was halted following a regulatory decision made the same day. This sparked confusion and backlash among both investors and market analysts.According to the SEC's statement, the approved ETF will track the Bitwise Crypto Index. The index's current allocation includes major cryptocurrencies such as Bitcoin (78.72%), Ethereum (11.10%), and XRP (4.97%), as well as altcoins such as Solana, Cardano, Chainlink, SUI, Avalanche, Litecoin, and Polkadot. Crypto asset custody will be provided by Coinbase Custody, while cash management and administrative duties will be handled by BNY Mellon. According to SEC regulations, at least 85% of the fund must consist of cryptocurrencies currently approved for ETFs. Bitcoin and Ethereum are the leading assets that meet this requirement. The remaining 15% consists of coins that have not yet been approved for ETFs, such as XRP and Solana. The fund will rebalance monthly, adjusting its allocation based on index updates.The Bitwise ETF will operate similarly to traditional ETFs, as it is designed to issue and redeem shares in large blocks called "Creation Units."Unexpected hold: Launch suspendedDespite all these developments, the SEC issued a stay order halting the ETF's official launch. Based on the SEC's Rule 431(e), the fund's launch has been postponed indefinitely. As previously reported, this decision was similarly applied to Grayscale's large-cap crypto ETF. ETF Store President Nate Geraci, in a statement on social media platform X, called this decision "bizarre," stating that the SEC's initial approval and subsequent suspension of the launch created significant uncertainty for investors. "This delay clearly contradicts the approval given," Geraci said. "Products like Bitwise and Grayscale need to begin trading as soon as possible." According to Bloomberg ETF analyst James Seyffart, the SEC's sudden move may be part of a larger strategy. Seyffart suggested that the agency is attempting to delay the listing of such index funds on the exchange until its overall crypto ETF policy is clarified. Indeed, the SEC still hasn't finalized its decision on whether XRP, Solana, and similar assets are securities.The SEC's decision to curb ETFs hasn't halted the altcoin market. Over the past 30 days, Bitcoin's market dominance has declined from 65% to 60%, while altcoins like Ethereum, Dogecoin, XRP, and Cardano have seen some gains. The Bitwise ETF is currently only traded on the OTC (over-the-counter) market. However, if the SEC's decision is reversed, the fund could be listed on a national exchange, reaching a much broader investor base. This would create a new crypto investment vehicle for both individual and institutional investors.But for now, the situation remains this: While the Bitwise ETF has technically received approval, the launch has yet to be finalized.
Daily Market Summary with JrKripto July 23, 2025
You can find today’s edition of “Daily Market with JrKripto” below, featuring a roundup of the most important developments from both global and local markets. Let’s analyze the broader market sentiment and latest insights together.Bitcoin is starting the new week within the accumulation zone. As highlighted in our previous newsletters, the $117,900 level remains a key threshold, with the price continuing to hover around this area. On the downside, $111,800 stands out as the major support level. If upward momentum gains strength, the trend resistance at $122,000 could come into play.Ethereum, on the other hand, has broken out of its short-term parallel channel and is now trading within the broader downtrend zone that has persisted since 2021. After a sharp rally toward the $3,800 region, ETH has moved into this zone. A breakout here could pave the way for a significant upward move. In the event of a retracement, the $3,500 level is expected to act as support.Crypto News• Cryptocurrency prediction market Polymarket considers launching its stablecoin.• Trump announces he's considering repealing capital gains tax.• US Treasury Secretary Bessent: The FED must lower interest rates now.• Trump: We need interest rate cuts now.• The FBI concluded its ınvestigation of Kraken's founder and returned seized devices.• Sharplink Gaming announced purchasing 79,949 $ETH last week.• Western Union CEO says the bank ıs considering offering stablecoin products to its customers in digital wallets.• Elon Musk's SpaceX company transferred $152 million in Bitcoin for the first time in three years.• $MIU coin listed on BitMart exchange.CryptocurrenciesTop Gainers:USELESS → Up 20.8% to $0.33583496PENGU → Up 20.1% to $0.04420484REKT → Up 18.1% to $0.71302933FLR → Up 16.2% to $0.02452084MOG → Up 14.5% to $0.00000174Top Losers:CFX → Down 12.8% to $0.18170283KET → Down 4.2% to $0.29333068JUP → Down 4.2% to $0.62018807KAITO → Down 3.3% to $1.62PI → Down 3.0% to $0.47386023Fear Index:Bitcoin: 73 (Greed)Ethereum: 62 (Greed)Dominance:Bitcoin: 60.82% ▼ 0.16%Ethereum: 11.58% ▲ 0.37%Total Daily Net ETF InflowsBTC ETFs: -$68.00 MillionETH ETFs: $533.80 MillionGlobal MarketsWe start the new day with reports that the U.S. has reached or initiated trade negotiations with several Asian countries. Notably, the agreement with Japan and the decision to lower automobile tariffs from 25% to 15% stand out. These developments fueled a gain of over 3% on the Tokyo Stock Exchange. Ongoing discussions with the Philippines, Indonesia, and China are also lending support to regional stock markets. Meanwhile, U.S. and European futures are trading in positive territory this morning.Optimism around trade agreements is boosting risk appetite across markets. Reflecting this sentiment, the VIX volatility index has declined to 16.5, hovering near its July average.Most Valuable Companies and Stock PricesNVIDIA (NVDA) → $4.08 trillion market capitalization, $167.03 per share, down 2.54%.Microsoft (MSFT) → $3.76 trillion market capitalization, $505.27 per share, down 0.94%.Apple (AAPL) → $3.2 trillion market capitalization, $214.40 per share, up 0.90%. Amazon (AMZN) → $2.41 trillion market capitalization, $227.47 per share, down 0.80%.Alphabet (GOOG) → $2.32 trillion market capitalization, $192.11 per share, up 0.50%.Borsa IstanbulYesterday, the Treasury issued $5.35 billion in one-year dollar-denominated government bonds and $463.6 million in lease certificates. This brought total borrowing in July to approximately 494 billion Turkish Lira. This month, 376.4 billion Turkish Lira was planned for domestic borrowing, compared to 316.6 billion Turkish Lira for domestic debt payments.The July Consumer Confidence Index will be released today. The index had increased in the last two months to 85.1, but it is still below its long-term average.The BIST-100 closed flat yesterday due to bank sales. Investors are reviewing their positions ahead of the Central Bank of the Republic of Turkey (CBRT) interest rate decision, scheduled for Thursday, and the Fitch and Moody's reports expected on Friday. Next week, the August 4th inflation data will be the focus. We expect the index to trend sideways today.Companies with the Highest Market Value on Borsa IstanbulQNB Finansbank (QNBTR) → Market capitalization of 1.34 trillion TL, price per share of 391.00 TL, decreased by 2.07%.Aselsan Elektronik Sanayi (ASELS) → Market capitalization of 806.21 billion TL, price per share of 176.5 TL, decreased by 0.17%.Türkiye Garanti Bankası (GARAN) → Market capitalization of 600.6 billion TL, price per share of 139.4 TL, decreased by 2.52%.Koç Holding A.Ş. (KCHOL) → Market capitalization: 438.2 billion TL, price per share: 173.0 TL, increased by 0.12%.Turkish Airlines Inc. (THYAO) → Market capitalization: 405.72 billion TL, price per share: 297.25 TL, increased by 1.11%.Precious Metals and Currency PricesGold: 4444 TLSilver: 51.05 TLPlatinum: 1880 TLDollar: 40.44 TLEuro: 47.47 TLWe look forward to bringing you the latest updates again tomorrow.
Daily Market Summary with JrKripto July 22, 2025
You can find today’s edition of “Daily Market with JrKripto” below, featuring a roundup of the most important developments from both global and local markets. Let’s analyze the broader market sentiment and latest insights together.Bitcoin is starting the new week in the accumulation zone. We mentioned the importance of the $117,900 level in our previous newsletters. It continues to trade in this area. In a downside scenario, the major support level appears to be $111,800. In an upward movement, the trend resistance level located in the $122,000 area could be targeted.Ethereum has broken upwards from the short-term parallel channel structure and is currently trading in the downtrend zone that has been in effect since 2021. Having surged sharply to the $3,800 region, ETH has entered the trend zone. A breakout of this zone could lead to significant gains for Ethereum. In the event of a pullback, the $3,500 level will act as support.Crypto News$MIU Coin was listed on the BitMart Exchange.Elon Musk's SpaceX company transferred $152 million worth of Bitcoin for the first time in three years.Spot Ethereum ($ETH) ETF trading volume exceeded $3.1 billion today.MicroStrategy Inc. - The strategy announced the IPO of 5 million STRC shares. The proceeds will be used for general corporate purposes, including purchasing Bitcoin.GameSquare added 8,351 ETH to its crypto treasury.Tron founder Justin Sun will travel to space on a Blue Origin rocket.Polymarket is acquiring an exchange to re-enter the US after the Department of Justice (DOJ) closed its investigation.Ethena announced a $260 million purchase of $ENA.BitGo filed confidentially for an IPO in the United States.Trump Media announced that its Bitcoin purchases have reached $2 billion.CryptocurrenciesTop Gainers:TKX → Up 27.7% to $10.12ZBCN → Up 10.6% to $0.00388996QNT → Up 9.6% to $130.64KAS → Up 7.9% to $0.11380462AIOZ → Up 7.1% to $0.45738223Top Losers:PUMP → Down 14.7% to $0.00369132CKB → Down 13.2% to $0.00542485MORPHO → Down 12.4% to $1.92BLUR → Down 11.9% to $0.10628191XTZ → Down 11.5% to $0.95667116.Fear Index:Bitcoin: 72 (Greed)Ethereum: 60 (Greed)Dominance:Bitcoin: 60.99% ▲ 0.71%Ethereum: 11.61% ▼ 1.44%Total Daily Net ETF InflowsBTC ETFs: -$131.40 MillionETH ETFs: $296.50 MillionGlobal MarketsGlobal risk appetite is balanced. The Japanese elections concluded uneventfully but without uncertainty. While political pressure on Fed Chair Powell continues, the market impact is limited at this stage.The VIX index rose slightly to 16.7 yesterday but remained around the July average, signaling continued cautious optimism.The US leading indicator index fell 0.3% to 98.8 in June. While the stock market rose, weakening consumer confidence and orders offset this effect. While concerns about tariffs have negatively impacted confidence since the beginning of the year, a partial recovery has been observed recently.Most Valuable Companies and Stock PricesNVIDIA (NVDA) → $4.18 trillion market capitalization, $171.38 per share, down 0.60%.Microsoft (MSFT) → $3.79 trillion market capitalization, $510.06 per share, unchanged (0.00%).Apple (AAPL) → $3.17 trillion market capitalization, $212.48 per share, up 0.62%. Amazon (AMZN) → $2.43 trillion market capitalization, $229.30 per share, increased by 1.40%.Alphabet (GOOG) → $2.31 trillion market capitalization, $191.15 per share, increased by 2.80%.Borsa IstanbulThe Central Bank of the Republic of Turkey (CBRT)'s July Market Participants Survey has been released. Year-end inflation expectations fell to 29.7%. The 2026 forecast remained unchanged at 20.4%. Long-term expectations remain above the CBRT's target range. The interest rate cut is expected to begin this month and continue in 250 basis point increments at each meeting for the rest of the year.The Treasury issued 23.8 billion TL worth of lease certificates with a 5-year maturity yesterday. Today, dollar-denominated bonds and lease certificates will be sold. The BIST-100 continued its upward trend, closing at its highest level since March 18th. The index is 6% below last year's peak. While bond yields have eased, they are still 100 basis points above early July levels. The CDS premium has fallen to 285 basis points. BIST is expected to continue its buying trend today. Second-quarter earnings and the August 4th CPI data will be closely watched later this week.Companies with the Highest Market Value on Borsa IstanbulQNB Finansbank (QNBTR) → Market capitalization of 1.34 trillion TL, price per share of 439.00 TL, increased by 9.96%.Aselsan Elektronik Sanayi (ASELS) → Market capitalization of 806.21 billion TL, price per share of 176.3 TL, decreased by 0.28%. Türkiye Garanti Bankası (GARAN) → 600.6 billion TL market capitalization, 142.1 TL per share price, decreased by 0.63%.Koç Holding A.Ş. (KCHOL) → Market capitalization: 438.2 billion TL, price per share: 172.0 TL, decreased by 0.46%.Turkish Airlines Inc. (THYAO) → Market capitalization: 405.72 billion TL, price per share: 297.50 TL, increased by 1.19%.Precious Metals and Currency PricesGold: 4396 TLSilver: 50.66 TLPlatinum: 1889 TLDollar: 40.40 TLEuro: 47.25 TLWe look forward to bringing you the latest updates again tomorrow.
Musk Quietly Moves: Mysterious $152 Million Bitcoin Move from SpaceX
Elon Musk's space company, SpaceX, has activated its Bitcoin wallet for the first time in three years. On-chain data revealed that the company transferred 1,308 BTC (approximately $152 million) to an unknown wallet. This sparked significant curiosity in the crypto market.First Bitcoin Move in Three YearsAccording to data shared by blockchain analysis platform Arkham, the transaction in question occurred on the morning of July 22nd. This transfer from SpaceX's Bitcoin wallet was the first recorded transaction since June 2022. At the time, the company transferred 3,505 BTC directly to Coinbase. Now, it's noteworthy that the new transaction sent the BTC to an anonymous wallet rather than another exchange. This is interpreted as an internal reorganization for security reasons rather than a sales purpose. The possibility of an update to the cold storage architecture or a more secure relocation of funds is emerging. SpaceX still has 6,977 BTC in its wallet. At current prices, these assets are worth approximately $815 million, indicating that the company has largely preserved its Bitcoin holdings.According to previous reports from Arkham, Tesla and SpaceX hold a combined $2 billion in Bitcoin. Both companies purchased BTC at an average price of $32,000. Based on current prices, they are estimated to have generated approximately $1.5 billion in unrealized profits.While Tesla's Bitcoin reserves have been publicly available since 2021, SpaceX's crypto assets have remained largely silent. However, these wallet movements reveal how large companies manage their crypto investments behind the scenes and are able to quietly reap substantial profits.Whales take action, BTC suffers a slight pullbackAround the same time as SpaceX's move, another major surge in crypto activity occurred in the crypto market. As you may recall, on July 17th, Bitcoin whales sent a staggering 61,000 BTC to exchanges. This was the largest daily inflow in a year and caused a 4% drop in Bitcoin's price. BTC fell from $123,000 to $117,000.According to CryptoQuant data, the total value of BTC inflows to exchanges between July 14 and 18 rose from $28 billion to $45 billion. Such sudden inflows are considered classic sell signals, often seen at market peaks.However, daily inflow volumes have now declined. If this trend continues, selling pressure in the market may ease and Bitcoin could rebound.Whether Tesla sells in the coming period will be determined by on-chain data.
JPMorgan May Offer Cryptocurrency-Based Loan Option: U-Turn from Financial Giant
US-based banking giant JPMorgan Chase is considering offering its customers the option to lend using crypto assets like Bitcoin and Ethereum as collateral by 2026. This development, reported by the Financial Times, signals a "U-turn" in the traditional financial world's stance on cryptocurrencies. This new direction by JPMorgan CEO Jamie Dimon, who previously labeled Bitcoin a "scam," suggests the bank is now adopting a more pragmatic approach to crypto assets.JPMorgan changes course as institutional demand growsJPMorgan's move comes at a time of growing institutional interest in cryptocurrencies. Major asset managers like BlackRock and Fidelity are entering the market with Bitcoin spot ETF products, while JPMorgan is also heeding the growing demand from its clients. The bank is reportedly aiming for a deeper involvement, offering loans directly through crypto assets rather than just ETF-based products.Jamie Dimon has been known for his strong opposition to Bitcoin in the past. In 2017, he threatened to fire employees who traded in Bitcoin. However, because these pronouncements were losing customers to the bank, Dimon adopted a softer tone in his recent statements. In May, he stated that he respected individual choices, saying, "I recommend you not smoke, but I will defend your right to smoke. I will also defend the right of anyone who wants to buy Bitcoin."Regulations are easing, banks are warming up to the sector.This move also reflects the changing regulatory climate in the US. The "GENIUS Act," signed into law last week by President Donald Trump, provides a clear federal framework for stablecoin issuers. The new regulation requires stablecoins to be fully backed by liquid assets like the US dollar and mandates annual audits for issuers with a market capitalization exceeding $50 billion. It is rumored that JPMorgan is also considering entering the stablecoin sector in this environment.The White House's crypto policy report, expected to be released on July 22, also signals a more "friendly" stance towards the sector. The Trump administration's shift toward lighter regulations compared to its predecessor, Biden, is also positively impacting the approach of major banks to crypto.JPMorgan's crypto-collateralized loan plan hasn't been finalized yet, but it's clear the bank is taking serious steps in this direction. If it materializes, JPMorgan clients will be able to secure loans from the traditional financial system using assets like Bitcoin and Ethereum as collateral.This strategic shift by JPMorgan, led by Jamie Dimon, demonstrates that cryptocurrencies, once marginalized, are now moving into the center of the financial world.
Trump Media's Purchases for Bitcoin Treasury Reach $2 Billion
Trump Media and Technology Group (TMTG), founded by US President Donald Trump, has made a splashy move in the cryptocurrency world. According to a press release released by the company on Monday, Trump Media has amassed approximately $2 billion in Bitcoin and Bitcoin-related assets. This move aligns with the company's "Bitcoin treasury strategy."Approximately two-thirds of the Florida-based company's $3 billion in liquid assets are now held directly in Bitcoin or BTC-related securities. An additional $300 million has also been allocated for Bitcoin derivatives and options products. The company plans to convert these options directly into Bitcoin over time, depending on market conditions.Devin Nunes: "Securing Our Financial Freedom"Trump Media CEO and President Devin Nunes stated in a statement that they are resolutely implementing their Bitcoin strategy. Nunes stated, "These assets ensure our company's financial freedom. They also act as insurance against potential discrimination from traditional financial institutions." Nunes also stated that the company plans to issue a utility token for use within the Truth Social platform in the future, and that existing crypto assets will create synergy with this process. Crypto Strategy Backed by $2.5 Billion in CapitalTrump Media's aggressive crypto strategy was funded by a private equity and convertible bond offering announced in May 2025. This private funding, totaling approximately $2.5 billion, paved the way for the company to take a long-term position in the digital asset space.The company's vision isn't limited to just buying Bitcoin. The statement noted that Trump Media is preparing to develop exchange-traded funds (ETFs) focused on Bitcoin and Cronos (CRO) through a partnership with Crypto.com. If these funds pass regulatory approval, the company will both expand its product range for investors and become more visible as an institutional player in the crypto market.The company's statement stated that these developments will contribute to future mergers and acquisitions, product launches, and the success of its financial services platforms. However, the company also cautioned investors that "forward-looking statements" involve uncertainty and that not every plan may succeed.
New Purchase from Bitcoin Giant: Bought 6,220 More BTC
Strategy, a name frequently heard on the institutional side of the cryptocurrency markets, continues its Bitcoin investments without slowing down. Between July 14th and 20th, the company purchased 6,220 Bitcoins for a total of $739.8 million in cash. This purchase, made at an average unit price of $118,940, increased Strategy's BTC holdings to 607,770. Thus, the firm's total Bitcoin investment volume exceeded $43.61 billion, while the market value of its assets reached approximately $71.6 billion.This new purchase was formalized in an 8-K form filed with the U.S. Securities and Exchange Commission (SEC) on July 21st. Strategy had previously attracted attention with its purchase of 4,225 BTC. The company announced that it financed this transaction with a convertible bond issuance in February and excess operational cash reserves. On the Road to Becoming a Cash KingStrategy's Bitcoin reserves have gained a significant position not only in the crypto market but also in the world of traditional finance (TradFi). According to the company's internal analysis, the value of its BTC holdings puts it in the top 10 of the S&P 500 companies in terms of cash and cash equivalents. According to this ranking, Strategy, with approximately $71 billion in BTC reserves, ranks just behind General Motors' $89 billion in cash assets and ahead of ExxonMobil's $67 billion.According to shared charts, Strategy's Bitcoin reserves have surpassed the balance sheet liquidity of Alphabet, Amazon, and even some major energy giants. Once considered niche, cryptocurrency investment now appears poised to rival the cash reserve strategies of the largest companies.Is Bitcoin "digital property"?The company's chairman, Michael Saylor, has long described Bitcoin as "digital property" and a superior store of value compared to cash or Treasury bonds. Strategy continues this strategy by announcing a new BTC purchase almost every Monday. These purchases are financed by the company's operating revenues, stock sales, and occasionally bond issuances.Other institutional players have fallen behindStrategy's aggressive investment approach has inspired other public companies. According to data from The Block, 141 companies, including MARA, Twenty One, Riot Platforms, and Metaplanet, hold BTC reserves of varying sizes. However, none of their portfolios compare to Strategy's. The company's Bitcoin holdings represent approximately 3% of the total supply of 21 million Bitcoins.Investment bank TD Cowen raised Strategy's share price target from $590 to $680. This revision is based on the bank's prediction that the Bitcoin price will reach $155,000 by December 2025. Following the news, Strategy shares gained nearly 2% in pre-market trading, trading at $429. Bitcoin, meanwhile, is trading sideways at $118,301 at the time of writing.
Daily Market Summary with JrKripto July 21, 2025
You can find today’s edition of “Daily Market with JrKripto” below, featuring a roundup of the most important developments from both global and local markets. Let’s analyze the broader market sentiment and latest insights together.Bitcoin is starting the new week within the accumulation zone. As highlighted in our previous newsletters, the $117,900 level remains a key threshold, and BTC continues to hover around this area. On the downside, the primary support lies at $111,800, while a move to the upside could target the trend resistance at $122,000.Ethereum, meanwhile, has broken out of its short-term parallel channel and is now trading within the broader downtrend zone that has been in place since 2021. After a sharp rally toward the $3,800 region, ETH has entered this trend zone. A breakout here could signal a strong upward move for Ethereum. In case of a pullback, the $3,500 level is expected to act as support.Crypto NewsThe supply of Ethena's stablecoin, $USDE, has surpassed $6 billion, reaching an all-time high.Trump signed the stablecoin bill into law.Trump on trade agreements: There are major agreements to be announced soon. We have several important trade letters.Mastercard said crypto stablecoins "enable faster, lower-cost cross-border payments."Coinbase stock reached its highest level since its 2021 IPO.US banking giant Charles Schwab announced that it will begin offering trading services for Bitcoin and Ethereum.The total market capitalization of crypto assets has surpassed $4 trillion for the first time.CryptocurrenciesTop Gainers:CFX → Up 93.3% to $0.23443022OM → Up 43.6% to $0.3408515CKB → Up 37.0% to $0.00613046TRAC → Up 32.3% to $0.56129275BLUR → Up 28.6% to $0.1174197Top Losers:FRAX → Down 10.7% to $3.60TKX → Down 6.7% to $8.50USELESS → Down 4.8% to $0.27799262XTZ → Down 4.5% to $1.08CHEEMS → Down 3.9% to $0.0000014.Fear Index:Bitcoin: 72 (Greed)Ethereum: 62 (Greed)Dominance:Bitcoin: 60.94% ▲ 0.13%Ethereum: 11.81% ▼ 0.16%Total Daily Net ETF InflowsBTC ETFs: $363.50 MillionETH ETFs: $402.50 MillionGlobal MarketsAfter reaching record highs last week, global markets closed the week calmly in the wake of the Japanese elections. The VIX index fell to 16.4, closing near July's lows, indicating that risk appetite remains intact.In the US, the University of Michigan consumer confidence index rose to 61.8 in July. The current conditions index rose to 66.8, and the expectations index rose to 58.6. Inflation expectations fell sharply: the 12-month outlook fell from 5% to 4.4%, and the 5-year outlook fell from 4% to 3.6%.Housing starts increased by 4.6% month-over-month in June, reaching 1.32 million units. This was a 0.5% decrease compared to the same period last year. Building permits, contrary to expectations, increased by 0.2%. The annualized figure reached 1.40 million units.Most Valuable Companies and Stock PricesNVIDIA (NVDA) → $4.21 trillion market capitalization, $172.41 per share, decreased by 0.34%.Microsoft (MSFT) → $3.79 trillion market capitalization, $510.05 per share, decreased by 0.32%. Apple (AAPL) → $3.15 trillion market capitalization, $211.18 per share, up 0.55%.Amazon (AMZN) → $2.4 trillion market capitalization, $226.13 per share, up 1.01%.Alphabet (GOOG) → $2.25 trillion market capitalization, $185.94 per share, up 0.67%.Borsa IstanbulDomestically, the Central Bank of the Republic of Turkey (CBRT) will release its July Market Participants Survey today. The Treasury will conduct direct sales of 5-year lease certificates today and 1-year dollar-denominated bonds and lease certificates tomorrow.This week, markets will focus on Thursday's CBRT interest rate decision. Expectations are for a 250 basis point cut to 43.50%. Fitch and Moody's Turkey reports will be monitored on Friday. The expectation of a rating upgrade from Moody's is prominent.The BIST 100 finished flat last week. Bank stocks fell 2.8% on a weekly basis, while Aselsan rose 8%. The insurance and REIT indices also showed positive divergence. The index is expected to trend flat on the first day of the week.Companies with the Highest Market Capitalization on Borsa IstanbulQNB Finansbank (QNBTR) → Market capitalization of 1.22 trillion TL, price per share of 363.00 TL, increased by 10.00%.Aselsan Elektronik Sanayi (ASELS) → Market capitalization of 757.87 billion TL, price per share of 166.20 TL, increased by 2.66%.Türkiye Garanti Bankası (GARAN) → Market capitalization of 583.8 billion TL, price per share of 139.00 TL, decreased by 1.84%.Koç Holding A.Ş. (KCHOL) → Market value 421.97 billion TL, price per share 166.40 TL, decreased by 1.13%. Turkish Airlines Inc. (THYAO) → Market capitalization: 398.82 billion TL, price per share: 289.00 TL, decreased by 0.09%.Precious Metals and Currency PricesGold: 4361 TLSilver: 49.66 TLPlatinum: 1872 TLDollar: 40.39 TLEuro: 47.00 TLWe look forward to bringing you the latest updates again tomorrow.
Record in Crypto Funds: ETH and 5 Altcoins Shine
According to the latest weekly data from digital asset giant CoinShares, crypto asset investment products experienced the highest weekly inflow in history last week, reaching a record $4.39 billion. With this increase, total inflows since the beginning of 2025 have risen to $27 billion, while assets under management (AuM) have reached an all-time high of $220 billion.Ethereum dazzles, Bitcoin lags behindThis week's star was undoubtedly Ethereum. ETH products nearly doubled their own record with a weekly inflow of $2.12 billion. Total inflows in 2025 reached $6.2 billion, already surpassing the total for 2024. The continuous inflows recorded over the last 13 weeks represent 23% of Ethereum's total assets.As interest in Bitcoin continues, this week saw an inflow of $2.2 billion. While this figure remains below last week's $2.7 billion, BTC remains a favorite among investors. Bitcoin ETPs (exchange-traded products) accounted for 55% of total BTC exchange volume and continued to reflect significant investor interest.Solana, XRP, and Sui shine on the altcoin frontBesides Ethereum and Bitcoin, significant activity was also observed in altcoins. Solana saw notable inflows of $39.1 million, XRP $36.1 million, and Sui $9.3 million. Multi-asset products also saw $16.4 million in outflows. Total monthly outflows for XRP reached $57.3 million. Some projects, such as Litecoin, Cardano, and Chainlink, saw limited inflows. Altcoin data is as follows:Ethereum (ETH): $2,118.7 million inflowSolana (SOL): $39.1 million inflowXRP: $36.1 million inflowSui: $9.3 million inflowCardano (ADA): $0.3 million inflowChainlink (LINK): $0.9 million inflow Geographic distribution: The US alone led the wayThe majority of fund inflows originated in the US. The $4.36 billion inflow from the US alone accounted for almost all of the total weekly flow. Switzerland was in positive territory with contributions of $47.3 million, Hong Kong $14.1 million, and Australia $17.3 million. However, outflows were observed in some countries, such as Brazil (-$28.1 million), Germany (-$15.5 million), and Sweden (-$21 million). iShares tops the charts, Grayscale suffers lossesThe biggest gainer of the week was iShares ETFs, with a massive $4.3 billion in inflows. Grayscale is still in negative territory with $1.3 billion in outflows for the year, despite limited inflows of just $135 million. Other major names like ARK Invest and Fidelity saw mixed results, while CoinShares XBT products also closed the week with $25 million in outflows.
UK May Sell $7 Billion in Bitcoin: Backlash Grows
The UK government is preparing to sell more than £5 billion (approximately $7 billion) worth of Bitcoin to address the deficit in its budget. According to The Telegraph, Rachel Reeves, who heads the Home Office and the Treasury, is working with law enforcement to prepare the technical and legal infrastructure to dispose of these massive crypto assets seized by the state.However, this move could impact not only markets but also international relations and legal processes. A significant portion of the Bitcoin in question is linked to a China-based Ponzi scheme discovered in the UK in 2018.The fate of the 61,000 BTC is uncertainWhile the exact number of Bitcoin held by the UK is unknown, it is estimated that 61,000 BTC were seized as a result of the fraudulent activities of a Chinese company called Tianjin Lantian Gerui Electronic Technology, and that this amount, at its current market value, exceeds $7 billion. A woman named Jian Wen, arrested in 2018, was caught trying to buy a luxury mansion in the UK with proceeds from a Ponzi scheme. She was subsequently convicted in 2024 on three separate money laundering charges. British prosecutors are applying to the High Court to return these assets to the public, requesting that the seized Bitcoins be returned to the state.Victims demand their return, government prepares for saleHowever, the Chinese victims and the Chinese government have been making long-standing efforts to have these Bitcoins returned to them. In 2024, a petition submitted to the Chinese Ministry of Foreign Affairs requested diplomatic talks with the UK. While the victims claimed they lost yuan (Chinese currency), not Bitcoin, as a result of the scam, the UK's current possession of BTC presents a complex legal situation. Susie Violet Ward, CEO of Bitcoin Policy UK, a crypto policy group, shared the following on X (formerly Twitter): “The sale of these Bitcoins is not legally possible because there is still controversy. The news itself is sensational, but it is far from reality.”Crypto NGOs ReactAnother comment on the matter came from Freddie New, head of policy at Bitcoin Policy UK. New stated that if a sale were to take place, it could only be carried out under "proceeds of crime law," that court decisions would be awaited first, and that compensation for the victims would be a priority. He also stated that they had previously written to the government requesting that these valuable crypto assets be held as strategic reserves rather than sold out, but these requests went unanswered.Jordan Walker, founder of the crypto advocacy group Bitcoin Collective, wrote an open letter to the government, warning that this sale could have long-term negative impacts on the UK's economic standing. At the time of writing, Bitcoin is changing hands at $119,400, quite close to the $120,000 levels.
Five Companies Purchase BTC, ETH, CYBER, NMR and DOGE
The growing interest of institutional players in the cryptocurrency world is evident in notable new investments. Recent announcements from three different companies provide insights into the importance of cryptocurrencies in the market. New York Stock Exchange-listed Enlightify (ENFY), artificial intelligence-focused hedge fund Numerai, and crypto mining infrastructure-renowned Bit Origin (BTOG) are all making headlines with their strategic moves in the crypto market.Enlightify Eyes CYBER TokenActivating in line with its digital transformation goals, Enlightify announced that it will purchase $20 million in CYBER tokens from the open market over the next 12 months. This investment makes the company the first publicly traded company to directly invest in CYBER.CYBER has recently been attracting the attention of institutional investors, particularly for its Web3-based digital identity solutions. The project, which stands out with its community growth and technological infrastructure, has already caught the attention of traditional players like Enlightify. The company's CEO emphasized that this move is part of their long-term growth goals and their confidence in CYBER's innovative solutions. Numerai Strengthens Its Ecosystem with NMR BuybackNumerai, an AI and crowdsourcing-based hedge fund, announced the launch of a $1 million buyback program for its native token, Numeraire (NMR). The fund, which has increased its assets under management from $173 million to $441 million in the past year, is investing in its ecosystem to support this growth. Numerai's "Stake-Weighted Meta Model" strategy, which combines models trained with users' staked NMR tokens, is reinforcing the platform's success. The limited token supply and the anticipated decline in staking rewards make this buyback a significant move.Bit Origin Enters the Investment Stage with a DOGE TreasuryAnother notable move came from Bit Origin. The company announced that it has secured up to $500 million to establish an institutional treasury focused on Dogecoin (DOGE). $400 million of this funding will be raised from equity sales and $100 million from convertible debt securities.According to CEO Jinghai Jiang, this initiative demonstrates that the company is not limited to mining infrastructure alone, but is exploring the value and potential of Dogecoin itself. DOGE's high transaction speed, global community, and the payment infrastructure developed under the influence of Elon Musk support Bit Origin's strategic direction.The company also highlights Dogecoin's future potential on the X platform. DOGE's role in Musk's global super app vision appears to have been a determining factor in Bit Origin's investment decision.Bitcoin and Ethereum investments also attracted attentionAnother firm that strategically increased its Bitcoin investments was Canada-based Planet Ventures. With its latest purchase, financed from existing cash reserves, the company purchased 3,016,391,23 Bitcoin, bringing its total holdings to 25,829,354,69 BTC. This purchase was reportedly made for $500,000 Canadian dollars, reflecting the company's belief in Bitcoin as a long-term store of value. Planet, which offers transparency to investors through its publicly traded shares, has reached an asset concentration of approximately 12.53 satoshis, based on its over 206 million shares. This represents an impressive 670% increase compared to the June 26th purchase.Meanwhile, Nasdaq-listed Bit Digital has taken institutional interest in Ethereum to the next level. Following its recent $67.3 million capital raise, the company acquired approximately 19,683 ETH, bringing its total Ethereum holdings to 120,306. According to CEO Sam Tabar, Ethereum is not just a digital asset; it is also a new cornerstone of the global financial infrastructure. Bit Digital places ETH at the center of its long-term strategy, investing its assets through staking to both contribute to network security and generate returns.
