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Bitcoin’s recent price action has marked a new milestone in its history. According to the latest on-chain data from analytics firm Glassnode, the average cost basis for short-term Bitcoin holders (STHs) has now crossed the $100,000 mark for the first time ever. This means that on average, those who bought BTC in the past six months paid over $100,000 per coin, a significant psychological and technical level in the market.

Bitcoin cost basis data (screenshot). Source: Glassnode

Bitcoin cost basis data (screenshot). Source: Glassnode

Short-term holders are typically more sensitive to price changes and tend to react quickly to market volatility. Their cost basis, also called the “realised price,” often acts as a support level in bullish trends. Now that it stands at $100,000, this level could become a strong floor if Bitcoin faces a deeper pullback in the future.

$3.5 Billion in Profits Taken in One Day

Glassnode also reported a surge in profit-taking, with long-term and short-term holders collectively realising around $3.5 billion in profits within a single 24-hour period. This marks one of the largest daily profit events for Bitcoin in 2025 so far.

While both STHs and long-term holders (LTHs) participated, the majority of realised gains came from LTHs, those who have held their BTC for over six months. This is a sign that even seasoned investors couldn’t resist the temptation to lock in gains after Bitcoin’s recent rally to all-time highs.

BTC realized profit data. Source: Glassnode/X

BTC realized profit data. Source: Glassnode/X

The activity suggests that while belief in Bitcoin remains strong, many investors are capitalising on high valuations, possibly expecting a correction or wanting to rebalance their portfolios.

Profit-Taking Signals Possible Correction Ahead

Glassnode’s Market Pulse report warned that the recent wave of profits may increase the chances of a market pullback. Nearly 99% of the total circulating Bitcoin supply is currently in profit, suggesting a state of “elevated euphoria” among investors. Historically, such conditions often precede market corrections, as more participants are incentivised to sell.

While short-term holder activity is rising slightly, the overall market structure remains stable, with long-term holders still dominating the supply. This provides some reassurance that any dip may be short-lived, especially with strong support building around $100,000.

Whale Movements Add to Selling Pressure

Large Bitcoin holders, often referred to as “whales,” have also joined the trend. One particularly notable move came from a wallet holding 80,000 BTC, which had been inactive for over a decade. This wallet suddenly came to life, with 40,000 BTC transferred to Galaxy Digital, a well-known crypto exchange.

galaxy digital

Such large-scale activity typically points to a possible intention to sell, adding further pressure to the market during high-profit windows. While these movements don’t always result in immediate sell-offs, they are closely watched by analysts as potential warning signs of increased market supply.

Bitcoin’s $100,000 cost basis for short-term holders marks a historic development, reinforcing this level as crucial support moving forward. However, with profit-taking activity surging and whale wallets reactivating after years, investors should remain cautious. While the long-term trend remains bullish, the combination of near-universal profits and growing selling pressure suggests that a temporary pullback could be on the horizon.

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SharpLink Gaming has emerged as the largest known corporate holder of Ether (ETH), following its recent purchase of nearly $49 million worth of the cryptocurrency. The NASDAQ-listed sportsbook marketing company made the acquisition on Sunday as ETH surged past the $3,000 mark.

The move adds 16,370 ETH to SharpLink’s holdings, bringing its total Ether treasury to approximately 198,300 ETH, now valued at around $608 million. The transaction was traced via Arkham Intelligence and blockchain explorer Etherscan, which revealed that the funds were transferred from a wallet believed to be managed by Ethereum development firm Consensys.

Just two days earlier, SharpLink had acquired 10,000 ETH directly from the Ethereum Foundation, signalling a clear strategic commitment to ETH as a reserve asset.

Backing from Ethereum’s Co-Founder

The company’s aggressive ETH acquisition comes after its May announcement to pivot towards building a corporate Ether treasury. At the same time, Ethereum co-founder Joseph Lubin was appointed chairman of the board.

Lubin, who also leads Consensys, has been vocal about the importance of Ether treasuries in supporting the long-term health of the Ethereum ecosystem. He stated that a significant portion of ETH remains in circulation and needs to be strategically held to stabilise its supply-demand dynamics.

“It’s going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications,” Lubin said. He cited this as the driving factor behind his involvement with SharpLink.

Details of the Treasury and Strategic Deals

SharpLink Gaming’s Ether holdings consist of 181,860 Liquid Staked ETH (LSETH) and 16,419 ETH, totalling close to 198,300 ETH. This surpasses even the Ethereum Foundation, which holds approximately 197,400 ETH.

The company’s transition to ETH as a reserve asset was backed by a securities purchase agreement for a private investment in public equity (PIPE) worth $425 million. The deal attracted participation from Consensys, further underlining the synergy between Ethereum infrastructure developers and SharpLink’s new financial strategy.

Corporate Ether Holdings Cross 1.3 Million

With SharpLink’s recent purchase, the total amount of ETH held by corporate treasuries has climbed to nearly 1.34 million ETH. At the time of writing, this figure represents a market value of almost $4.1 billion.

This growing interest in ETH among institutional players reflects a broader trend of digital assets being used as strategic treasury holdings. As companies increasingly view cryptocurrencies like Ether as long-term store-of-value assets, the movement mirrors an earlier shift seen with Bitcoin in corporate portfolios.

ETH Price Climbs as Interest Grows

The timing of SharpLink’s ETH acquisition is noteworthy, coinciding with a recent price recovery. According to Nansen data, ETH was trading at $3,050 on Sunday, marking a 3.5% increase over the previous 24 hours.

Ether’s recent rally appears to have reignited corporate interest, especially among firms with close ties to the Ethereum ecosystem. Market analysts suggest that these purchases may contribute to both price stability and long-term growth for the second-largest cryptocurrency.

As ETH continues to solidify its position as a viable treasury asset, SharpLink Gaming’s bold move could signal a new era of corporate crypto adoption, driven not just by financial speculation, but by strategic alignment with blockchain infrastructure and development.

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Bitcoin has surged to new record highs, sparking debate over just how far the world’s largest cryptocurrency could rise in 2025. With prices climbing over 14% in the past week alone, reaching around $123,250 on 14 July, various technical patterns and market fundamentals are pointing to potential targets ranging from $130,000 to $200,000.

Bitcoin Breaks Out to Record Highs

Bitcoin’s recent rally has captured global attention. Data from TradingView shows the BTC price has climbed by more than 14.65% over the past seven days, setting a fresh all-time high of approximately $123,250. This surge coincides with a broader bullish sentiment in the crypto market, driven by strong ETF inflows and optimism surrounding upcoming regulatory developments in the United States.

BTC/USD weekly price chart. Source: Peter Brandt/TradingView

BTC/USD weekly price chart. Source: Peter Brandt/TradingView

This week, the US House is expected to debate the Senate’s GENIUS stablecoin framework, a move pushed forward by Republicans aiming to advance Donald Trump’s crypto-friendly agenda. At the same time, Bitcoin ETFs attracted over $2.7 billion in net inflows last week alone, marking the fifth-largest weekly addition since their debut in January 2024. These twelve funds now manage around $151 billion in assets.

Technical Patterns Signal More Upside

Bitcoin has entered a breakout phase from a classic “bull flag” pattern, which typically signals the continuation of an upward trend. The breakout was confirmed on 9 July when BTC moved above the flag’s upper trendline, accompanied by a noticeable increase in trading volume. This technical formation suggests a near-term target of $130,000 by August.

Onchain analyst Axel Adler Jr. supported this view by citing the MVRV ratio, which measures the average profit of Bitcoin holders. He noted that when this ratio hits 2.75, it often marks a point where long-term investors start to take profits. According to his model, that level now corresponds to a Bitcoin price of roughly $130,900.

Cup and Handle Pattern Projects $150,000 Target

Further strengthening the bullish outlook is a confirmed breakout from a “cup and handle” pattern on Bitcoin’s daily chart, first identified by analyst RJT.WAGMI. This formation, which started in January 2025, typically indicates strong continuation after a consolidation phase. The pattern points to a potential move towards $150,000, suggesting a 33% gain from the breakout level near $110,000.

This $150,000 target is shared by several other prominent analysts, including Milk Road co-founder Kyle Reidhead and trading publication The Kobeissi Letter. Veteran trader Peter Brandt has also forecast a Bitcoin rally to $125,000–150,000 by late August or September, based on a long-term parabolic trend. His prediction, made in May, has closely mirrored Bitcoin’s current price movements.

Warning Signs of a Mid-Cycle Correction

While optimism is widespread, some analysts are urging caution. Peter Brandt has warned that Bitcoin could face a sharp correction once it reaches the $125,000–150,000 zone. He predicts a potential 50% drop following this peak, consistent with corrections observed during previous bull markets.

However, others believe the cycle has more room to grow, with some even projecting a higher ceiling before any major reversal.

Power Curve Model Points to $200,000 Peak

A long-term model known as the Power Curve Cycle Cloud, created by onchain analyst apsk32, offers a more ambitious projection. By comparing Bitcoin’s historical four-year cycles, the model shows that Bitcoin remains on track within its expected performance range. If this trend continues, the cryptocurrency could climb as high as $200,000 by November or December 2025.

Bitcoin Power Curve Cycle Cloud (in gold ounces terms). Source: apsk32

Bitcoin Power Curve Cycle Cloud (in gold ounces terms). Source: apsk32

The model also tracks Bitcoin’s price in terms of gold rather than dollars. By this measure, Bitcoin appears to be in the early stages of its bull run, suggesting further upside potential. According to apsk32, inflows from ETFs and rising global economic uncertainty could push Bitcoin well beyond the $200,000 mark.

Conclusion

As Bitcoin continues to chart new highs, technical indicators and market dynamics suggest the bull run may not be over yet. Short-term targets between $130,000 and $150,000 are within reach, but the possibility of a correction looms once those levels are hit. Still, some long-term models point to a peak as high as $200,000 by year-end, keeping investors hopeful yet cautious.

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BIP-119

Bitcoin may be heading for one of its most significant upgrades in years BIP-119, also known as OP_CHECKTEMPLATEVERIFY (CTV). First proposed in 2019 by developer Jeremy Rubin, this Bitcoin Improvement Proposal (BIP) has recently regained attention from developers and crypto firms alike. With growing support from the Bitcoin community, some now believe BIP-119 could finally reach consensus by the end of 2025, and possibly as early as the end of this year.

Developer Jeremy Rubin

Developer Jeremy Rubin

This proposed change aims to bring new capabilities to the Bitcoin network, especially around security, smart contract-like functionality, and Layer-2 scaling solutions such as the Lightning Network and the emerging Ark Protocol. Here’s what it all means, why it matters, and what challenges lie ahead.

What is BIP-119 and Why Is It Important?

At the heart of BIP-119 is a new opcode called OP_CHECKTEMPLATEVERIFY, which introduces a concept known as covenants. In simple terms, covenants allow Bitcoin users to restrict how their BTC can be spent in the future. This sounds technical but the potential benefits are massive.

An example of smart vaults in practice. Source: Jeremy Rubin via utox.org

An example of smart vaults in practice. Source: Jeremy Rubin via utox.org

With covenants, users could set up “smart vaults”, which allow pre-set spending rules. For instance, you could create a cold wallet that only allows 0.1 BTC to move to a hot wallet each week, reducing the risk of a full compromise if your private keys are ever stolen. These vaults could serve personal users and businesses looking to strengthen their custody practices.

Another major application is the support for more advanced Layer-2 solutions, like Lightning and Ark, which could benefit from covenants’ security and control features. These tools are designed to make Bitcoin faster, cheaper, and more practical for everyday use, something the base layer alone still struggles with.

Support From Developers and the Community

For any Bitcoin upgrade to go forward, it must earn broad support from the community, a long and sometimes painful process due to Bitcoin’s decentralised nature. But BIP-119 seems to be gathering real momentum.

On 9 June 2025, 66 Bitcoin developers and contributors signed an open letter urging the community to review and prioritise BIP-119 and a related proposal (BIP-348). The list included well-known names like Jameson Lopp and Andrew Poelstra, and contributors from major Bitcoin-focused companies such as Luxor Mining, Anchorage, and Alpen Labs.

Bitcoin hash rate is centralized compared with nodal distribution. Source: Hashrate Index

Bitcoin hash rate is centralized compared with nodal distribution. Source: Hashrate Index

These developers stressed the practical benefits that BIP-119 could bring, including better scalability, security, and privacy. They believe the changes would improve not only Bitcoin itself but also the tools built on top of it, such as payment channels, bridges to other blockchains, and even more complex DeFi-like applications.

Steven Roose, CEO of Second and a strong backer of the Ark Protocol, said in a recent interview that he believes consensus could form by the end of 2025. “This protocol upgrade would enable the implementation of Eltoo-style channels, also called Lightning Symmetry,” he said, a feature that could make Bitcoin payments safer and more efficient.

What Could BIP-119 Unlock?

BIP-119 could lay the groundwork for a wide range of powerful new Bitcoin use cases:

1. Smarter Self-Custody with Vaults
Vaults powered by covenants could allow individuals and businesses to predefine how much Bitcoin can be moved, to which addresses, and over what time period. This drastically reduces the damage that can be caused by wallet hacks or mismanagement.

2. Improved Lightning Network and Layer-2s
The Lightning Network has already made Bitcoin faster and more scalable. However, it still suffers from complex technical limitations. BIP-119 could make Lightning more robust and user-friendly. It could also boost new projects like Ark, a Layer-2 solution that uses Bitcoin’s base-layer transactions to enable faster, more private, and cheaper transactions.

Receipt from a Florida Steak & Shake on July 3, 2025, using the Bitcoin Lightning payment method. Source: British Blockchain Association

Receipt from a Florida Steak & Shake on July 3, 2025, using the Bitcoin Lightning payment method. Source: British Blockchain Association

3. Cross-Chain Bridges
One exciting possibility is bridging Bitcoin with smart contract platforms such as Ethereum, Polygon, and Avalanche. With BIP-119, developers could more easily create bridges using Bitcoin Virtual Machines (BVMs), allowing Bitcoin to interact with the broader DeFi and Web3 ecosystem.

4. Discreet Log Contracts
These are a type of private contract where multiple parties agree to send BTC based on the outcome of an external event, such as a sports match or market price without revealing details on the blockchain. BIP-119 could make these contracts more efficient and secure.

Why Is It Taking So Long?

Bitcoin upgrades don’t happen quickly and for good reason. The Bitcoin network has no central authority, no CEO, and no single decision-maker. Every proposed change must go through a decentralised process involving miners, node operators, developers, and users.

The last upgrade, Taproot, was activated in 2021 and took several years of community discussion. While it introduced helpful privacy and efficiency improvements, it also gave rise to controversial use cases like Ordinals (NFT-like assets on Bitcoin), which left some developers cautious about future upgrades.

Jeremy Rubin initially proposed using a Speedy Trial method for BIP-119, a way to activate the change if 90% of miners signal approval. But this was criticised by some for giving too much control to miners. Others argue for a User Activated Soft Fork (UASF), which would require a majority of full node operators to support the upgrade, a slower but more decentralised and democratic approach.

Despite the complexity, the mood appears to be shifting. Earlier critics of BIP-119 have either gone quiet, changed their minds, or decided not to oppose the process. With active discussions now underway and increased developer attention, a decision on direction may come before the end of the year.

A Big Deal, If It Happens

Experts agree that BIP-119 could be a game-changer for Bitcoin, but only if it’s implemented properly. Daniel Gray of Fidelity Digital Assets highlighted that BIP-119 “adds an additional level that could potentially bring more comfort to self-custody users,” while also improving the broader Bitcoin economy.

Naseem Naqvi, president of the British Blockchain Association, believes BIP-119 could finally address long-standing Bitcoin limitations like high fees and slow confirmations, making the network far more usable in the real world.

If the Bitcoin community reaches consensus, the code will need to be integrated into Bitcoin Core, the most widely used software client. Even then, actual implementation could take another year or two, meaning BIP-119 may not be live until late 2026 or beyond.

Still, the path is clearer than ever. If activated, BIP-119 could unlock a powerful new era for Bitcoin: safer wallets, faster payments, private smart contracts, and real interoperability with the wider crypto world.

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Remixpoint

Japanese energy and fintech firm Remixpoint has announced a major pivot toward Bitcoin, raising ¥31.5 billion (approximately $215 million) to acquire up to 3,000 BTC. The Tokyo-listed company is the latest in Japan to restructure its corporate strategy around Bitcoin as a long-term treasury asset, following the path set by industry trailblazer Metaplanet.

With Japan’s yen remaining weak, interest rates hovering near zero, and the regulatory environment warming to crypto, listed companies are beginning to embrace Bitcoin as a hedge against fiat devaluation and as a tool for financial innovation.

Corporate Treasury Strategy Goes Digital

Remixpoint’s BTC acquisition plan isn’t just a diversification play, it’s part of a broader strategic shift. The company described its Bitcoin purchase as a result of “in-depth internal debate,” aimed at boosting long-term corporate value while carefully managing risk.

This isn’t just rhetoric. Remixpoint plans to make Bitcoin a central pillar of its corporate treasury strategy, with its leadership personally invested in this direction. Notably, President and CEO Yoshihiko Takahashi will receive his entire salary in Bitcoin.

Yoshihiko Takahashi

The firm said this move helps align executive incentives with shareholder interests, especially as the company’s stock increasingly mirrors Bitcoin’s price movements. By placing Bitcoin at the heart of its financial planning, Remixpoint signals confidence in crypto’s future and the evolving macroeconomic landscape.

Following Metaplanet’s Lead: A Proven Playbook

Remixpoint’s strategy closely mirrors that of Metaplanet, a company that successfully transformed from a struggling hospitality firm into one of Japan’s most-watched Bitcoin-holding companies. Since adopting a Bitcoin-centric treasury model in mid-2023, Metaplanet’s stock has soared over 500%, capturing retail and institutional investor attention.

Metaplanet’s goal is to amass 210,000 BTC by 2027, effectively positioning itself as Japan’s closest equivalent to a spot Bitcoin ETF. Its transformation has inspired confidence in the viability of Bitcoin as a treasury reserve asset, especially in Japan’s uniquely deflationary and low-yield environment.

Remixpoint appears to be taking notes, aiming not only for a significant BTC treasury but also for a deeper integration of Bitcoin into its executive compensation and corporate ethos.

Growing Trend Among Japanese Firms

Remixpoint is not alone. Japan is witnessing a growing trend of listed firms exploring or adopting Bitcoin on their balance sheets. Game developer Gumi Inc. recently allocated $6.3 million into Bitcoin, aiming to convert portions of its gaming revenue into long-term digital assets.

metaplanet

Fashion retailer ANAP Holdings began with a modest 50.6 BTC purchase but has already announced plans to increase that to over 1,000 BTC by August. These moves indicate growing confidence among Japanese corporates that Bitcoin can act as a robust store of value, even in traditionally conservative financial circles.

Moreover, Japan’s regulatory climate, while stringent, has become more transparent and supportive in recent years. This has allowed public companies to explore Bitcoin-based strategies with clearer legal frameworks and investor communication standards.

Bitcoin as a Corporate Asset Class

The rise of Remixpoint, Metaplanet, and other Japanese firms embracing Bitcoin could mark a shift in how corporations globally approach digital assets. While the US has seen large players like MicroStrategy champion BTC reserves, Japan’s movement is significant given its unique monetary conditions and cautious corporate culture.

As more companies align executive compensation and treasury policies with Bitcoin, we may witness a broader institutional shift toward decentralised assets. For Remixpoint, this is more than a speculative investment, it’s a foundational pivot designed to prepare the company for a digital-first financial future.

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Bitcoin is once again at the centre of attention, and this time, the reason is a record-breaking weakness in the US Dollar. As the Dollar Index (DXY) drops to levels not seen in over two decades, analysts are pointing to highly favourable conditions for Bitcoin and other risk assets. Onchain data and macroeconomic indicators suggest that BTC could be gearing up for a strong upward move.

US Dollar Index (DXY) Hits 21-Year Weakness

In early July, the US Dollar Index (DXY) dropped to 96.377, a level last seen more than three years ago, and currently sits over 10% lower year-to-date. Even more striking is that DXY is now 6.5 points below its 200-day moving average (MA), the largest deviation in 21 years.

US Dollar Index (DXY) 1-week chart with 200-day MA. Source: Cointelegraph/TradingView

US Dollar Index (DXY) 1-week chart with 200-day MA. Source: TradingView

According to CryptoQuant, a well-known onchain analytics platform, this is a rare and significant moment. Contributor Darkfost highlighted that while this may seem alarming, it’s historically been very bullish for Bitcoin and other risk assets.

The dollar’s drop coincides with the US national debt reaching all-time highs and new trade tariffs, both of which are weakening the greenback’s position globally.

Bitcoin and the Inverse Dollar Correlation

Bitcoin has a long-standing inverse correlation with the US Dollar Index. This means that when the dollar weakens, Bitcoin often strengthens and vice versa. Although this relationship has had exceptions, the broader trend still holds weight.

US Dollar Index (DXY) vs. BTC/USD (screenshot). Source: CryptoQuant

US Dollar Index (DXY) vs. BTC/USD (screenshot). Source: CryptoQuant

CryptoQuant’s recent data shows that Bitcoin typically performs well when the DXY trades below its 365-day moving average. We’re currently in one of those phases, and historically, that has been a setup for strong BTC rallies.

“As the dollar weakens and loses its safe-haven appeal, investors reassess their portfolios and shift capital toward alternative asset classes,” said Darkfost.

This shift is not just technical but also psychological. As confidence in fiat currencies declines, crypto assets like Bitcoin gain more appeal.

US Debt and Tariffs Add More Pressure

The current economic backdrop in the US is adding further weight to the dollar’s decline. Trade tariffs have been ramped up, weakening international demand for the dollar. At the same time, US debt continues to climb, fuelling concerns about the long-term value of the currency.

Economist Lyn Alden weighed in on the situation, stating that the only time holding dollars makes sense is when it is extremely strong. With current policy trends indicating more debt and higher credit levels, that strength looks unsustainable in the long run.

“If total credit and dollars in the system keep increasing over the next five, seven, ten years, that’s one of the macro factors that makes Bitcoin useful to own,” said Alden.

What This Means for Bitcoin Investors

Despite the perfect storm forming in Bitcoin’s favour, the price hasn’t reacted sharply. That may present a golden opportunity for long-term investors. If history repeats itself, a weak DXY typically triggers a strong BTC uptrend within weeks or months.

It’s also worth noting that Bitcoin has become increasingly mainstream, with growing institutional interest. So, any major price action could be amplified by faster adoption and bigger capital inflows.

For crypto investors, the current DXY weakness could be the cue they’ve been waiting for. If you’re holding or considering buying Bitcoin, the macro backdrop is starting to align in your favour.

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Bitcoin

Bitcoin’s price trajectory may be preparing for a significant breakout, as long-term holders (LTHs) now possess over 80% of the total circulating supply, a milestone that historically precedes major rallies. According to on-chain data and insights from analyst CrediBULL Crypto, this pattern has only occurred twice before, and each time led to gains of 72% and 84%.

LTHs, defined as wallets holding BTC for at least 155 days, have steadily increased their share of the total supply. As of June 5, these investors held a record 14.7 million BTC, worth roughly $1.6 trillion. This increasing concentration of Bitcoin in the hands of ‘diamond hands’ drastically reduces liquid supply, creating conditions ripe for a supply shock.

Historical Fractals Hint at $150K Bitcoin

The current setup echoes past fractals that preceded explosive moves higher. In both February and October 2024, when LTH supply crossed the 80% threshold, Bitcoin surged by 72% and 84% respectively. Analysts believe that history may soon repeat or even exceed expectations.

BTC: LTH supply. Source: Bitcoin Magazine

BTC: LTH supply. Source: Bitcoin Magazine

CrediBULL Crypto stated on X:

“Over 80% of all the Bitcoin that will ever exist is currently being HODL’d. With this level of supply lock-up, the next impulse is imminent. This one could be bigger than the last, potentially taking BTC above $150,000.”

The implication is clear: once excess supply is absorbed by long-term holders, any incremental demand whether retail or institutional is met with limited available BTC, leading to sharper price increases.

Options Market Eyes $130K Bitcoin by September

Crypto derivatives traders are also bracing for a potential breakout. Activity on Deribit, the leading crypto options exchange, shows a surge in open interest around September $130,000 call options, a bet that Bitcoin could reach or exceed that level in the coming months.

BTC: Total supply held by LTH. Source: Glassnode

BTC: Total supply held by LTH. Source: Glassnode

QCP Capital, a Singapore-based digital asset trading firm, commented in a July 7 investor note:

“Vols remain pinned near historical lows, but a decisive breach of the $110,000 resistance could spark a renewed volatility bid.”

The firm noted increased positioning in September $115,000–$140,000 call spreads, reflecting strong bullish sentiment for Q3. This implies that sophisticated market participants are preparing for a rapid and extended move upwards, should BTC break past the $110,000 barrier.

Liquidity Clusters Point to Breakout Zones

Supporting this view, data from CoinGlass reveals major liquidity pools in the $110,000–$130,000 range, with notable ask orders clustered between $122,000 and $130,000. These levels are expected to act as key battlegrounds once Bitcoin enters price discovery mode.

BTC/USDT three-day liquidation heatmap. Source: CoinGlass

BTC/USDT three-day liquidation heatmap. Source: CoinGlass

With minimal sell pressure below these zones and strong options positioning, a breakout could trigger cascading buy orders and liquidations of short positions.

Illiquid Supply Meets Institutional Demand

As long-term holders tighten their grip on Bitcoin’s circulating supply, and institutional players continue steady accumulation, the likelihood of a major bullish impulse increases. The current macro setup, a combination of illiquidity, historical fractals, and speculative bets, paints a compelling picture for Bitcoin’s next leg.

If momentum builds and BTC decisively clears $110,000, market participants may soon witness a fresh all-time high and a sprint toward the much-anticipated $130,000–$150,000 range.

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Metaplanet buys 2,204 Bitcoin worth $237 million

Japan-based Metaplanet has cemented its position as a major player in the corporate Bitcoin space after purchasing 2,204 BTC for approximately $237 million. This latest acquisition brings the company’s total Bitcoin holdings to 15,555 BTC, making it the fifth-largest corporate holder of the digital asset globally.

The company disclosed the purchase in a filing on Monday, stating that the coins were acquired at an average price of 15,640,253 Japanese yen per Bitcoin, or around 107,700 US dollars. Across all its acquisitions, Metaplanet has now spent an average of nearly 99,985 dollars per coin.

Metaplanet overtakes Tesla and CleanSpark

This recent accumulation follows a series of aggressive Bitcoin purchases by Metaplanet in recent weeks. In late June, the company overtook Tesla’s Bitcoin holdings by acquiring 1,234 BTC, bringing its total to 12,345 BTC. Tesla currently holds 11,509 BTC, a position it has maintained without significant additions in recent months.

Shortly afterwards, Metaplanet surpassed the Bitcoin mining firm CleanSpark. A separate transaction disclosed on 30 June revealed the purchase of an additional 1,005 BTC for 108 million dollars, lifting Metaplanet’s holdings above CleanSpark’s 12,502 BTC.

Corporate treasuries fuel Bitcoin demand

Metaplanet is not alone in its Bitcoin accumulation. The largest corporate holder remains Strategy, which added 4,980 BTC for 531.1 million dollars on 30 June. With this acquisition, Strategy now holds a staggering 597,325 BTC, purchased at an average of 70,982 dollars per coin, with the total value of the holdings amounting to roughly 42.4 billion dollars.

Metaplanet’s 2025 Bitcoin holdings chart, last buy missing. Source: BitcoinTreasuries.NET

Metaplanet’s 2025 Bitcoin holdings chart, last buy missing. Source: BitcoinTreasuries.NET

The corporate interest does not stop there. ProCap, founded by crypto entrepreneur Anthony Pompliano, made its first major Bitcoin purchase in late June, buying 3,724 BTC for 386 million dollars. Similarly, healthcare technology company Semler Scientific announced plans to increase its Bitcoin holdings dramatically, aiming to go from 3,808 BTC to a target of 105,000 BTC.

Analysts warn of potential risks

While corporate enthusiasm around Bitcoin continues to rise, not all analysts are convinced of its long-term sustainability. James Check, lead analyst at blockchain data firm Glassnode, expressed scepticism about the future prospects of Bitcoin-focused treasury strategies. He suggested that the major upside may already be behind for new corporate entrants.

“For many new entrants, it could already be over,” Check commented, pointing out that investors typically value early movers in a space. He argued that companies arriving late to the Bitcoin accumulation trend may struggle to capture the same level of investor interest or returns.

A recent report by venture capital firm Breed echoed these concerns. It warned that only a limited number of Bitcoin treasury companies are likely to succeed in the long run, with many others potentially entering what it called a “death spiral” due to unsustainable strategies or overexposure.

Growing interest amid rising prices

The surge in corporate purchases coincides with a period of renewed optimism in the crypto market. Bitcoin has seen its price hover above the 100,000 dollar mark in recent weeks, increasing confidence among institutional investors. At the time of Metaplanet’s most recent purchase, Bitcoin was trading around 108,342 dollars.

As more companies look to add digital assets to their balance sheets, the competition for recognition and return on investment is intensifying. For early movers like Metaplanet, the strategy has so far paid off in global visibility and growing investor interest. But for those arriving later, the path to similar success may be more uncertain.

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Addentax

Chinese textile manufacturer Addentax Group Corp. (NASDAQ: ATXG) has stunned the financial and crypto markets by announcing a substantial increase in its Bitcoin acquisition plan. The company has entered a non-binding term sheet to purchase up to 12,000 BTC, raising the total value of the proposed deal to a staggering $1.3 billion. This move marks a 50% jump from the 8,000 BTC target disclosed just two months ago in May 2025.

Despite operating in a traditional industry, Addentax is embracing digital assets as a strategic investment, becoming one of the latest, institutional players to join the Bitcoin bandwagon amid ongoing market uncertainty.

Share-Based Settlement for a Massive Crypto Play

What makes the deal particularly interesting is the financing structure. Instead of using cash reserves, Addentax intends to settle the purchase using newly issued shares. This creative mechanism allows the company to make a substantial bet on digital assets without draining operational liquidity.

Bitcoin price chart showing current market performance – Source: TradingView

Bitcoin price chart showing current market performance – Source: TradingView

Such a structure might be innovative, but it doesn’t come without risk. Addentax’s market capitalisation is only $6.83 million, dwarfed by the $1.3 billion Bitcoin acquisition. The resulting share dilution could significantly affect existing shareholders, depending on the final pricing and issuance terms, which are still under negotiation.

CEO Hong Zhida justified the move, stating:

“The company believes that certain established digital assets may serve as a stable component of the Company’s long-term holdings, given their liquidity and increasing institutional interest over recent years.”

Balancing Ambition with Regulatory and Market Realities

Addentax’s strategic pivot toward Bitcoin comes at a time of high market volatility and mounting regulatory scrutiny. The company’s stock has been trading below $1 for over a year, placing it at risk of Nasdaq delisting unless it regains compliance with the minimum bid price requirement within 180 days.

This makes the deal doubly complex, as Addentax must navigate not only the logistics of acquiring and securing 12,000 BTC, but also the regulatory maze surrounding large-scale digital asset investments. Finalisation of the deal is still pending due diligence, pricing negotiations, and regulatory approvals, all of which may introduce delays or even jeopardise the acquisition entirely.

Implications for the Broader Market

If successful, Addentax’s entry into the Bitcoin market could signal a broader shift among non-tech and non-financial firms toward crypto as a treasury asset. This would mirror the pioneering moves by companies like MicroStrategy, though Addentax’s industry background makes its decision particularly noteworthy.

However, critics argue that the timing and scale of the investment are risky, especially given Bitcoin’s price fluctuations and the company’s precarious stock position. Yet, should the acquisition succeed and Bitcoin prices rally, Addentax may not only stabilise its financials but also emerge as a case study in corporate crypto adoption.

Addentax’s $1.3 billion Bitcoin acquisition plan is both ambitious and unconventional, especially for a traditional Chinese textile firm with a modest market cap. While the deal remains unconfirmed and carries significant execution and regulatory risks, it reflects growing institutional interest in Bitcoin as a long-term asset class.

Whether it turns into a bold masterstroke or a cautionary tale will depend heavily on regulatory approval, market movements, and Addentax’s ability to convince stakeholders that its Bitcoin strategy is more than just a speculative play.

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Bitcoin (BTC) appears poised for another significant rally, with recent market signals hinting at an imminent price surge. Analysts suggest that a large cluster of short liquidations near $111,320 and a breakout from a bullish technical pattern could push Bitcoin into price discovery territory.

Funding Rates Flip Negative – A Historical Rally Signal

Bitcoin’s perpetual futures funding rate briefly turned negative in late June, a development that has historically preceded major upward price movements. When funding rates dip below zero, it means that short sellers are paying fees to long traders, indicating prevailing bearish sentiment.

Interestingly, such a sentiment shift during an ongoing price uptrend often sets the stage for a short squeeze. The market has seen similar patterns before. In September 2024 and July 2023, Bitcoin experienced negative funding rate flips followed by price surges of 80% and 150%, respectively.

This past month, BTC’s spot price climbed from under $100,000 to over $108,000 during the period when funding rates turned negative, echoing these earlier rallies.

Short Squeeze Potential as Liquidation Cluster Builds

Market data suggests that a substantial number of short positions could be vulnerable if Bitcoin’s price rises just slightly higher. The $111,320 price level is currently the most concentrated zone of potential short liquidations over the past three months. According to data from CoinGlass, around $520.31 million in leveraged positions are at risk at this threshold.

Binance BTC/USDT liquidation heatmap (3 months). Source: CoinGlass

Binance BTC/USDT liquidation heatmap (3 months). Source: CoinGlass

If Bitcoin taps this liquidity, it could trigger a cascade of short liquidations. This phenomenon, known as a short squeeze, forces traders holding short positions to buy back into the market to cover their losses—driving the price even higher in the process.

Bull Flag Breakout Points to $117,500 Target

From a technical perspective, Bitcoin has broken out of a bull flag pattern on the daily chart—a bullish continuation setup that typically appears after a strong upward movement, followed by consolidation.

The breakout above the flag’s upper trendline suggests the beginning of a new upward leg. Measuring from the previous flagpole, the projected target of this pattern is near $117,500. This projection aligns closely with a recent forecast by Markus Thielen, head of research at 10x Research, who predicts BTC could reach $116,000 by the end of July.

Funding Rates Recover as Market Momentum Builds

Following the brief dip into negative territory, funding rates have recovered and turned positive once again. This shift suggests that the bearish reset may have run its course and the market could now be entering a new bullish phase.

BTC/USD daily price chart. Source: TradingView

BTC/USD daily price chart. Source: TradingView

The return to positive funding, combined with price consolidation above key resistance zones and technical breakout patterns, presents a strong case for upward continuation in the weeks ahead.

Bitcoin Price Discovery Could Accelerate Above $111K

At the time of writing, Bitcoin is trading around $110,280. With the next major resistance level and liquidation cluster sitting just above at $111,320, analysts believe that surpassing this price could open the floodgates for a sharp move higher.

Should a short squeeze occur, and technical targets hold, Bitcoin could quickly advance toward the $117,000 mark, entering a new price discovery phase and potentially setting the tone for further gains into Q3 2025.

Investors and traders will be closely watching for volatility around the $111,000 level in the coming days, as market structure, sentiment, and liquidity all appear aligned for a high-impact move.

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