A weakening U.S. dollar is opening the door for a possible new surge in Bitcoin, stirring questions about whether one of finance’s most familiar patterns is about to play out again. That’s the view in a July 9 analysis shared by CryptoQuant contributor Darkfost, who points out that the U.S. Dollar Index has dropped to a historically weak level. It’s now sitting 6.5 points under its 200-day moving average, the largest gap seen in more than 21 years. Some traditional markets may be concerned about this, but history shows that a declining dollar often creates an environment that is favorable for risky assets like Bitcoin ( BTC ). As traders move their money to assets that might hold value better during currency stress, Bitcoin has frequently increased in value. For instance, when the DXY surged to a 20-year high of 114 in 2022, Bitcoin fell to roughly $16,000, but it bounced back above $40,000 when the dollar fell in late 2023. This trend has repeatedly occurred since 2015, with Bitcoin’s correlation to the dollar index typically ranging from -0.4 to -0.8. You might also like: Bitcoin is deep into its bull run, here’s what comes next: analyst Despite this backdrop, Bitcoin’s price hasn’t broken out just yet. At the time of writing, Bitcoin trades at $108,712, a small increase of 0.2% in the past 24 hours. It’s still only about 2.7% below its all-time high of $111,814 set on May 22. With volume dropping 18% in a single day to about $21.5 billion, trading activity has cooled off. The derivatives markets have also seen a slowdown in activity, as per data from Coinglass. Open interest has dipped slightly to $73.41 billion, while derivatives trading volume has decreased by roughly 12% to $55.3 billion. This implies that despite the dollar’s decline, traders are still being cautious for the time being. On the technical side, Bitcoin’s signals are mixed. The market is neither significantly overbought nor oversold, according to the relative strength index, which is neutral at 56. Although the momentum indicator itself has entered negative territory, suggesting short-term hesitation, the MACD has turned positive, indicating some upward momentum is building. Bitcoin price analysis. Credit: crypto.news Bitcoin is currently trading above all of its major moving averages, which typically denotes an overall upward trend and implies that any declines may quickly find support. A slight widening of the Bollinger Bands suggests that price volatility may increase soon. Traders are keeping an eye on whether Bitcoin can break through resistance at $110,300 or if it will drop below support at $107,100. For the time being, the declining dollar creates favorable conditions for a possible Bitcoin rally. However, the speed at which traders take action may determine whether history repeats itself. Read more: Bitcoin price outlook: Long-term $120k trendline test could define Q3
BitcoinWorld Cumberland Wallet’s Massive $89.45M ETH Withdrawal from Binance: An Intriguing Move The cryptocurrency world is always buzzing with activity, but certain movements catch the eye more than others. Recently, a significant transaction involving a wallet believed to be linked to Cumberland, a prominent player in the institutional crypto space, has sent ripples across the market. Over the past week, this suspected Cumberland wallet reportedly withdrew a staggering 34,883 ETH, valued at approximately $89.45 million, from the major exchange Binance . This substantial ETH withdrawal immediately sparked discussions and speculation among analysts and investors alike. Understanding the Significance of Institutional Crypto Movements When a whale-sized entity like Cumberland makes such a considerable move, it’s rarely without purpose. Cumberland is known as a leading over-the-counter (OTC) trading desk, facilitating large-scale cryptocurrency transactions for institutional clients. Their activities often serve as a barometer for broader institutional sentiment and strategy within the digital asset landscape. But what exactly does an $89.45 million withdrawal signify? Here are a few potential interpretations: Client Demand: The most straightforward explanation is that a large institutional client, or multiple clients, requested to take possession of their Ethereum. This could be for long-term holding, participation in staking protocols, or deployment into decentralized finance (DeFi) applications. Portfolio Rebalancing: Institutions constantly re-evaluate their asset allocations. This withdrawal could be part of a larger strategy to rebalance their crypto portfolio, shifting assets between different blockchains or even into stablecoins or fiat. Off-Exchange Custody: Moving funds off an exchange like Binance into a private wallet often indicates a preference for self-custody or a move to a specialized institutional custodian for enhanced security and control. OTC Deals: While the funds were withdrawn from Binance, it’s possible they are destined for an OTC deal that was finalized off-exchange, where the counterparty will receive the ETH directly. What Does This ETH Withdrawal Mean for Binance? While an $89.45 million withdrawal is substantial, it’s important to put it into perspective for an exchange of Binance’s magnitude. Binance handles billions of dollars in daily trading volume and holds vast reserves of various cryptocurrencies. Therefore, a single large withdrawal, even of this size, is unlikely to significantly impact Binance’s overall liquidity or operational stability. However, it does highlight the ongoing flow of assets in and out of centralized exchanges, driven by diverse institutional and retail needs. Consider these points regarding Binance’s role: Liquidity Provider: Binance serves as a primary liquidity hub for countless crypto assets, facilitating smooth and efficient trading for users worldwide. Institutional Gateway: Many institutional players use Binance as an on-ramp and off-ramp for their crypto dealings, leveraging its deep order books and wide asset selection. Transparency Efforts: Exchanges like Binance are increasingly focused on demonstrating proof-of-reserves to build user trust, making such large withdrawals observable through blockchain analytics firms like Lookonchain. Analyzing Crypto Market Trends and Potential Impact Large institutional movements, while not always predictive of immediate price action, can certainly influence broader crypto market trends and sentiment. When a major player like Cumberland moves a significant amount of ETH, market participants often try to decipher the underlying motive. Is it bullish (moving to stake, long-term hold) or bearish (preparing to sell OTC, shifting out of ETH)? Here’s how such a move might be interpreted in the context of current market dynamics: Bullish Signal: If the ETH is moved for staking or deployment into DeFi protocols, it suggests a long-term bullish outlook on Ethereum’s utility and growth. It removes supply from immediate trading circulation. Neutral Rebalancing: If it’s simply a portfolio adjustment, it might have a neutral impact on price, reflecting internal strategy rather than a market-wide directional bet. Bearish Speculation: While less likely for an OTC desk, some might speculate if these funds are being prepared for a large off-market sale that could eventually trickle down and affect spot prices. However, OTC desks typically facilitate buys and sells, so it could also be an acquisition. It’s crucial for retail investors to remember that whale movements are just one data point among many. Fundamental analysis of Ethereum’s ecosystem, technological advancements, network usage, and macroeconomic factors often provide a more reliable basis for investment decisions than simply tracking large transfers. What Actionable Insights Can We Glean? For the everyday crypto enthusiast, tracking large wallet movements can be fascinating, but what practical takeaways can we derive from this Cumberland wallet activity? Insight Category Description Actionable Tip Institutional Interest Large withdrawals by entities like Cumberland underscore continued institutional engagement with Ethereum and other major cryptocurrencies. Stay informed about institutional adoption trends; they often precede broader market shifts. Market Transparency Blockchain analytics tools provide unprecedented visibility into large transactions, fostering a more transparent market. Utilize reputable on-chain data sources to complement your market research. Diverse Motivations Big moves can stem from various reasons (custody, staking, OTC, rebalancing), not just immediate selling pressure. Avoid making impulsive decisions based solely on single large transactions; consider the broader context. This event serves as a reminder that the crypto market is dynamic, influenced by a complex interplay of retail enthusiasm and sophisticated institutional strategies. The withdrawal of 34,883 ETH from Binance by a suspected Cumberland wallet is more than just a large number; it’s a window into the evolving landscape of institutional crypto and its subtle yet significant impact on overall crypto market trends . While the exact motivations behind this specific ETH withdrawal remain private, its public visibility highlights the growing maturity and transparency of the digital asset space. As the market continues to evolve, keeping an eye on these large movements, while understanding their multifaceted nature, can offer valuable context for navigating your own crypto journey. To learn more about the latest crypto market trends, explore our article on key developments shaping Ethereum institutional adoption. This post Cumberland Wallet’s Massive $89.45M ETH Withdrawal from Binance: An Intriguing Move first appeared on BitcoinWorld and is written by Editorial Team
A coalition of prominent crypto organizations is challenging the DOJ’s attempt to classify open-source software developers as money transmitters under federal law. The legal battle centers on whether developers of
More corporate heavyweights are turning to Ethereum as a treasury reserve asset, and Nasdaq-listed GameSquare is the latest to join in. According to a July 8 press release , the entertainment and technology company has launched an Ethereum ( ETH ) treasury strategy. The company kicked off the move with an $8 million underwritten public offering, with most of the capital set to flow directly into Ethereum yield opportunities. For the long term, GameSquare’s board has approved up to $100 million in ETH allocations, to be deployed gradually while preserving enough liquidity to fund its operations. The firm has also partnered with Swiss crypto investment firm Dialectic to generate returns on its holdings, using Medici, an automated Ethereum-native yield platform. You might also like: SharpLink strengthens ETH bet with additional $30.6M purchase Commenting on the move, GameSquare CEO Justin Kenna said the shift aligns with the company’s footprint in gaming, technology, and media, and reflects growing institutional adoption of digital assets. He added that the new treasury strategy will enhance financial flexibility and support a capital plan that is focused on continued ETH accumulation. GameSquare’s adoption comes as more public companies turn to Ethereum for long-term reserves. Another Nasdaq-listed firm, Bit Digital, recently disclosed it had gone all-in on Ether, selling off its entire Bitcoin ( BTC ) holdings to expand its ETH position. Similarly, SharpLink Gaming has been on an aggressive accumulation streak , building out its own Ethereum treasury reserve. The firm is now the world’s second-largest ETH holder, behind only the Ethereum Foundation. Following its announcement, GameSquare’s stock jumped roughly 60%, reflecting strong investor support for the shift. Meanwhile, the increased adoption is translating into price action for ETH. The asset trades around $2,625 at the time of writing, up 2.8% in the past 24 hours and nearly 7% on the week. While gains remain modest, current prices mark a decent recovery after several weeks of underperformance. Read more: Ethereum price analysis: Harmonic pattern signals run to $3,200
The United States Senate Banking Committee is preparing for an important hearing on Wednesday that could shape the country’s regulatory approach to digital assets for years to come. The session will feature testimonies from Ripple CEO Brad Garlinghouse, Blockchain Association CEO and former CFTC member Summer Mersinger, Chainalysis CEO Jonathan Levin, and former CFTC Chair Timothy Massad, among others, as lawmakers weigh legislation to clarify crypto market structures. A Critical Inflection Point This hearing marks one of the earliest opportunities for the Senate to signal its stance on a comprehensive crypto market structure bill. Senate leadership has indicated a goal of passing crypto-related legislation by October, a timeline that could set the stage for more defined regulations in a sector that has operated amid uncertainty in the United States. In prepared remarks, Mersinger emphasized the urgency of the moment, stating , “The choice before us is not whether to regulate this industry, but how.” She warned that continued regulatory ambiguity could push crypto innovation abroad while arguing that sensible, bipartisan legislation could cement the US as a global leader in financial technology for decades. The hearing coincides with “Crypto Week” in the House of Representatives, where lawmakers plan to address three pieces of crypto-related legislation. Among these are the GENIUS Act, designed to provide a regulatory framework for stablecoins , and the CLARITY Act, which focuses on defining digital asset market rules. Additionally, lawmakers will consider legislation to halt the development of a US central bank digital currency (CBDC). Trump Ties and Potential Conflicts Garlinghouse’s appearance will be closely watched, given Ripple’s increasing policy activity in Washington. The blockchain company previously donated $5 million worth of XRP to President Donald Trump’s inaugural fund, and Garlinghouse attended a White House crypto summit earlier this year. Adding to the scrutiny, former White House ethics lawyer Richard Painter will testify, highlighting concerns over potential conflicts of interest tied to Trump’s ventures in crypto . The president launched his own memecoin in January and maintains ties to World Liberty Financial, a crypto firm with its stablecoin USD1. Earlier this year, during the initial Senate vote on the GENIUS Act, some Democrats pulled their support over concerns tied to Trump’s crypto activities, though the bill eventually passed. The post US Senate to Hear from Top Crypto Leaders as Lawmakers Weigh New Regulations appeared first on TheCoinrise.com .
On July 9, Remixpoint, a publicly traded Japanese firm, disclosed a successful capital raise totaling approximately 31.5 billion yen (around $215 million). The company intends to allocate the entire amount
Swedish health tech firm H100 Group has raised over $54 million via share and convertible debenture issues to accelerate its Bitcoin accumulation strategy. H100 Group AB, a Swedish health technology company focusing on longevity and AI-driven health services, has successfully closed two key funding rounds, raising around SEK 516 million (~$54M). The capital raise was done via a directed share issue (Tranche 6, issuing 27.17 million shares at SEK 6.38) and a directed convertible debenture issue (Tranche 7, SEK 342.3 million, conversion price SEK 8.48). The directed share issue diluted existing shareholders by about 10.1%, and if all convertible debentures from Tranche 7 are converted, it could cause an additional dilution of around 14.3%. Investors from these tranches also have rights to participate in a future Tranche 8, which will be another convertible debenture issuance with a conversion price set 33% higher than Tranche 7. The funds will support H100 Group’s Bitcoin Treasury Strategy, aimed at preserving capital and strengthening the balance sheet by investing in Bitcoin ( BTC ). You might also like: Swedish tech firm H100 Group gains nearly 40% on first Bitcoin treasury buy This latest funding follows a previous agreement announced in June, where H100 secured a SEK 150 million (approx. $15.82 million) convertible loan guarantee from Blockstream CEO Adam Back to accelerate its BTC accumulation. That deal built on an earlier raise in May , where H100 brought in SEK 21 million ($2.2 million) through 0% interest convertible loans—also led by Back, alongside other investors such as Morten Klein and Crafoord Capital Partners. Including all previous raises, total capital secured to date amounts to SEK 921 million (approximately $96 million). H100’s aggressive fundraising for Bitcoin appears fueled by its initial $490,000 purchase of 4.39 BTC in May, which sent shares up nearly 40% , prompting the company to double down on its crypto treasury strategy. According to BitcoinTreasuries , H100 currently holds 247.5 BTC on its balance sheet. You might also like: H100 ramps up Bitcoin accumulation strategy with $15.8M convertible loan from Adam Back
Bitcoin’s inverse correlation with the US dollar index (DXY) is poised to drive significant gains as the dollar weakens below critical moving averages. The US dollar index has dropped to
One of the investors who called and profited off the subprime mortgage collapse of 2008, Steve Eisman, is brushing off concerns over the rising US budget deficit. In a new interview on CNBC, the Wall Street investor says the heavy demand for US treasuries from across the globe suggests there’s no cause for worry over the deficit. “There’s a great slogan that I think really applies to politics and international affairs, which is when someone tells you who they are, believe them. But in the market, when someone tells you who they are, don’t believe them [until when] they actually do something with their money. So all the people who are pontificating about this… The price of this risk is a 10-year Treasury yield. And what’s happened to the 10-year Treasury yield? It’s been directionless since December of 2022. So the more important question is given that all these people are pontificating about it, why hasn’t it moved? And again, I think the reason is there’s no alternative to Treasuries. If there was a real alternative to Treasuries, then all of this stuff about the deficit is something that I would pay attention to. But as long as there’s no alternative, there’s nothing to talk about.” Eisman also says the demand for US bonds all over the world is “insatiable” and that he believes investors will always show up in Treasury auctions to accumulate government debt. Late last month, Eisman said he was optimistic about the stock market due to the long-term growth potential of the US economy. “We’ve been in a bull market pretty much for the last 10 years with some fits and starts. And so buy the dip has become almost a religion. It’s a religion that right now I largely subscribe to because I am of the view… that the US economy is more dynamic than it’s ever been in my lifetime. So long term, I am very bullish.” Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post ‘Big Short’ Investor Steve Eisman Says US Budget Deficit ‘Nothing To Talk About’ Due to Insatiable Demand for Treasuries appeared first on The Daily Hodl .
Bitcoin maintaining its inverse correlation to the US dollar means big wins on the horizon as the dollar strength DXY index trails below key moving averages.