Open Interest and liquidations data had some interesting observations for Bitcoin's price performance.
The Royal Government of Bhutan has transferred a significant portion of its Bitcoin holdings to Binance, raising speculation about potential asset offloading during a high point in the market. According to data from blockchain analytics platform Arkham, Bhutan moved 212.31 BTC, worth roughly over $23 million, to a Binance deposit address early Thursday, just hours after Bitcoin briefly surpassed its previous all-time high. Strategic Transfers and Onchain Footprints This is not the first such transaction from the Himalayan kingdom. Arkham data reveals that this latest transfer comes just one week after Bhutan deposited 136.99 BTC (valued at over $14 million) to the same exchange. The frequency and timing of these transactions have drawn attention, particularly as they appear to coincide with Bitcoin’s price peaks. Notably, a similar deposit worth $33 million was made in November 2024 when Bitcoin was approaching the $100,000 mark. Although Bhutan has not made a public statement explaining these movements, onchain analysts often interpret large deposits to centralized exchanges as a precursor to potential sales . These transactions continue a pattern of activity suggesting that the country may be using market rallies as opportunities to liquidate portions of its digital asset holdings. As of now, Bhutan retains approximately 11,711 BTC, valued at over $1.2 billion, making up about 40% of its gross domestic product, according to Arkham data. Its only other notable cryptocurrency holding is 656 ETH (roughly $1.8 million), some of which was transferred to Binance in May. The assets are managed through Druk Holding & Investments, the country’s state-owned investment firm. This centralized oversight has allowed Bhutan to quietly build a sizable digital asset portfolio over the past few years. In fact, Bhutan now ranks as the sixth-largest known nation-state holder of Bitcoin. It follows the United States, China, the United Kingdom, Ukraine, and North Korea, according to public data aggregated by Bitcoin Treasuries. Hydropower, Bitcoin Mining, and Self-Sustained Reserves Unlike several other countries that have accumulated Bitcoin via asset seizures and legal enforcement actions, Bhutan appears to have taken a different route . According to blockchain data and transaction patterns, the country has mined much of its BTC directly, reportedly through mining pool services like Ant Pool. Bhutan’s mining operations are believed to make use of its supply of hydroelectric energy, offering a relatively low-cost and environmentally sustainable means of acquiring Bitcoin. This mining-centric approach aligns with Bhutan’s broader economic strategy of using renewable energy to drive digital innovation. By converting its hydroelectric surplus into Bitcoin, Bhutan is capitalizing on a clean energy advantage in a space often criticized for its environmental footprint. Featured image created with DALL-E, Chart from TradingView
Bitcoin’s 2025 cycle is gaining momentum as technical structure, market sentiment, and historical patterns align toward a potential breakout above $300,000. Analyst 0xNobler highlights a maturing macro pattern where Bitcoin
BNB Chain has successfully executed its 32nd quarterly token burn, significantly reducing the circulating supply and reinforcing its deflationary economic model. The burn removed 1,595,599.78 BNB tokens, bringing the total
Nicholas Truglia, a convicted figure in the cryptocurrency fraud landscape, has been handed an additional 12-year prison sentence for failing to fulfill restitution obligations tied to a $20 million crypto
Bitcoin price started a fresh increase above the $110,500 zone. BTC is now up over 5%, traded to a new high, and extend gains above the $116,000 level. Bitcoin started a fresh increase above the $112,500 zone. The price is trading above $113,500 and the 100 hourly Simple moving average. There was a break above a bearish trend line with resistance at $111,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it clears the $116,800 resistance zone. Bitcoin Price Sets New ATH Bitcoin price started a fresh increase after it cleared the $110,500 resistance zone. BTC gained pace for a move above the $112,000 and $113,500 resistance. Besides, there was a break above a bearish trend line with resistance at $111,000 on the hourly chart of the BTC/USD pair. The bulls even pumped the pair above the $115,000 resistance zone. A new all-time high was formed at $116,800 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high. Bitcoin is now trading above $113,500 and the 100 hourly Simple moving average . Immediate resistance on the upside is near the $116,000 level. The first key resistance is near the $116,200 level. The next resistance could be $116,800. A close above the $116,800 resistance might send the price further higher. In the stated case, the price could rise and test the $118,000 resistance level. Any more gains might send the price toward the $118,800 level. The main target could be $120,000. Downside Correction In BTC? If Bitcoin fails to rise above the $116,800 resistance zone, it could start a downside correction. Immediate support is near the $115,300 level. The first major support is near the $113,700 level or the 50% Fib retracement level of the upward move from the $110,600 swing low to the $116,800 high. The next support is now near the $113,200 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might continue to move down. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $115,300, followed by $113,700. Major Resistance Levels – $116,800 and $118,000.
Altcoins have endured years of underperformance as Bitcoin continues to dominate the crypto market. Despite several short-lived rallies, most altcoins remain far below their previous highs, weighed down by investor skepticism and capital concentration in BTC. However, there are signs that sentiment might be shifting. In recent days, strong altcoins have started to recover, showing resilience as broader market conditions improve. Related Reading: Bitcoin 30-Day Average Funding Rate Drops – Bullish Setup Takes Shape Top analyst Carl Runefelt shared a technical setup revealing that the altcoin market is now bouncing off a major support zone. This move has sparked fresh debates among traders and investors. Is this the start of a long-awaited altseason, or merely a temporary relief bounce before further downside? The bounce comes as macroeconomic uncertainty begins to fade and liquidity returns to the crypto market. Still, key resistance levels remain untouched for many projects, and overall confidence in altcoins hasn’t fully returned. While the current setup is promising, confirmation will depend on whether this rally can break above critical levels and sustain higher prices. Altcoins Eye A Breakout As Ethereum Holds The Key Altcoins remain nearly 50% below their all-time highs, but sentiment is beginning to shift. Bulls are preparing for an expansive move across the board, with growing anticipation that a breakout could materialize once Ethereum clears its current resistance zone. Since early May, ETH has been trading in a well-defined consolidation range, and altcoins have mirrored this sideways behavior, struggling to gain momentum without a clear signal from the market’s second-largest asset. Carl Runefelt recently shared insights suggesting that the altcoin market is showing signs of life. By analyzing the TOTAL3 chart—which tracks the combined market cap of all cryptocurrencies excluding Bitcoin and Ethereum—Runefelt highlights that altcoins are bouncing off key support in BTC terms. This bounce could indicate the beginning of a recovery rally, especially if capital rotation from BTC into altcoins accelerates in the coming sessions. Historically, altcoins thrive when Ethereum leads the charge. A confirmed breakout above the $2,800 resistance zone could ignite broad participation and kickstart a new altseason. The current market structure suggests that many investors are positioning early, anticipating that macroeconomic clarity and market stability will fuel risk-on behavior. However, the rally is not yet confirmed. Bulls still need Ethereum to break out decisively and sustain momentum above recent highs. If that happens, many oversold altcoins could see sharp recoveries and set the stage for a broader market expansion. For now, patience and timing remain key as traders watch ETH and TOTAL3 closely for signals of the next leg up. Related Reading: Ethereum Price Action Signals Momentum Shift: BTC Sleeps And ETH Moves TOTAL3 Chart Shows Key Rebound From Macro Support The TOTAL3 chart, which measures the total crypto market cap excluding Bitcoin and Ethereum, is showing early signs of recovery after a sustained period of weakness. As of now, the chart reflects a bounce from the $830 billion level, which aligns closely with the 100-week simple moving average (SMA), currently acting as dynamic support. This level has historically served as a critical pivot zone, especially in mid-cycle consolidations. The market cap sits near $875 billion, still over 40% below the previous cycle’s peak, but with bullish momentum building. The recent weekly candle has posted a strong green body, suggesting renewed interest in the altcoin segment. Volume has also picked up, showing growing confidence among participants as many altcoins recover from deeply oversold conditions. Related Reading: ERC-20 Stablecoin Supply Hits All-Time High At $121B – Liquidity On The Rise Technically, this bounce could signal the beginning of a new macro leg higher, especially if the 50-week SMA is reclaimed and price holds above $900 billion. The overall structure remains constructive, with higher lows forming since late 2022 and price compressing into a potential breakout formation. Featured image from Dall-E, chart from TradingView
Bitcoin has demonstrated a sustained upward trajectory over recent sessions, reflecting growing investor confidence in the flagship cryptocurrency. This bullish momentum has positively influenced related markets, with Hong Kong-listed cryptocurrency
GameSquare Holdings has strategically acquired $5 million in Ethereum, marking a pivotal shift in its treasury management approach under CEO Justin Kenna’s leadership. The acquisition, managed by crypto asset firm
Bitcoin is now sitting above $117,000 for the first time in its history, rising more than 60% since its lowest point in April. The exact figure? $117,080. Ether touched $3,000, before rebounding slightly to $2,800 at press time. Meanwhile, XRP surged by 5% to $2.6. This rally is happening while the U.S. Dollar saw its steepest six-month fall since 1973, dropping nearly 11% amid a simultaneous rally in tech stocks, led by Nvidia, which just became the first company ever to hit $4 trillion. The timing of Bitcoin’s price actions lines up exactly with new warnings about U.S. debt, fiscal chaos, and an economy that’s clearly slipping. In early April 2025, Bitcoin had been sinking as markets braced for another global trade war. On April 9th, the White House hit pause on tariffs, giving a 90-day delay. That was the same day Bitcoin bottomed. Then on April 20th, without a single headline moving markets, Bitcoin suddenly shot up, and didn’t stop. Something deeper was driving the rebound. The U.S. government just raised the debt ceiling by $5 trillion, bringing it to $41.1 trillion. Right now, the national debt is hovering around $37 trillion. If things stay on track, the ceiling will be maxed out again in under three years. That’s the real issue spooking the market. Elon exits DOGE as Bitcoin spikes On April 22nd, Elon Musk announced he was stepping down from the Department of Government Efficiency, also called DOGE. That announcement came just two days after the rally began, and the timing matched too perfectly to ignore. The market read it as a sign that the fiscal picture in Washington was even worse than expected. Elon’s exit was quickly followed by an open fight between him and President Donald Trump, who returned to the White House after the 2024 election. But that clash wasn’t just personal. It was political, and it came as Trump pushed Congress to pass what he called the “Big Beautiful Bill” (OBBB). The bill is projected to add $5.5 trillion to the national debt if made permanent. As talk of the bill intensified, Bitcoin climbed even faster. The full timeline shows how closely Bitcoin tracked the bill’s progress. On June 22nd, Bitcoin briefly dipped into its $100,000 support. But by July 1st, as analysts increased the odds of the OBBB passing, the price started to rise again. On July 3rd, the House approved the bill. And by July 4th, Trump had signed it into law. That same week, Bitcoin passed $117,000, while the U.S. Dollar Index dropped to levels not seen since March 2022. That’s not the only sign of trouble. In the first half of 2025, the dollar dropped 10.8%, its worst performance to start a year since 1973. Even during the inflation panic of 1986, the dollar didn’t fall this fast. And the drop is continuing despite Trump’s ongoing tariff campaign. The administration has been sending out “tariff letters” and escalating pressure on foreign trade partners. Normally, that kind of aggression should boost the dollar. But that’s not what’s happening. Elon launched his new “America Party” a few days ago. When asked on X if the party would support Bitcoin, Elon didn’t dodge. “Fiat is hopeless, so yes,” he said. At the same time, the Federal Reserve has taken a hard line. The latest FOMC minutes show that several members see no rate cuts coming in 2025. The official stance has been “wait and see” for months, meaning interest rates will likely stay higher for longer. That, too, should support the dollar. But the opposite is playing out. The greenback keeps sinking, and that has everything to do with the debt crisis. KEY Difference Wire helps crypto brands break through and dominate headlines fast