After an eventful start to the week marked by a sharp downward swing below $100,000, the Bitcoin price has recovered excellently, returning above the $107,000 mark to close the week. In spite of Bitcoin’s recent recovery, there seems to be a different sentiment in the market which, interestingly, has been growing over time. Here’s how the current growing sentiment could affect the premier cryptocurrency’s future trajectory. Short Positions Surge Over The Past 7 Days — What This Means In a June 28th post on social media platform X, cryptocurrency analytics firm Alphractal shared an interesting on-chain development in the Bitcoin market. Related Reading: You Won’t Believe Who’s Moving Millions in Bitcoin on Binance Right Now This on-chain observation is based on the Liquidity Zone (7 Days) indicator, which measures three important data: on one hand, it is used to monitor the price movement of Bitcoin; on another, the Net Delta of open interest or positions; and, lastly, it shows the distribution of open interest at various price levels. For a little context, the open interest Net Delta measures the difference between long and short open positions in the market. If the Net Delta reads positive, it means the buyers populate the market more. On the other hand, a negative reading means there are more short positions open than longs. In the post on X, Alphractal pointed out that, over the span of seven days, more positions have been opened in a bet against the price of BTC. From the chart below, the red bars represent a negative Net Delta. As has been formerly explained, what this means is that the short traders currently dominate the market. Interestingly, the shorts-dominated market does not exactly guarantee that we will experience a sell-off in the near future. This is because the high negative Net Delta was recorded at a time when Bitcoin’s price is still at a stable level, even with little growth. When sell positions are opened in a stable but bullish market, this usually indicates that the bears might be getting trapped. If, eventually, the Bitcoin price overcomes the sell resistance, a phenomenon known as a short squeeze will occur. In this scenario, sellers will be forced to buy back at higher prices, thereby pushing the Bitcoin price to the upside. This upward momentum will then further liquidate short positions. What’s Next For Bitcoin? There are uncertainties as to whether the Bitcoin market might break the sell resistance, or go in favour of the sellers. For this reason, Alphractal warns that those with bearish sentiment should be cautious about their next move. Related Reading: Ethereum Reclaims $2,500 In Squeeze-Driven Rally – But Can It Hold? As of this writing, Bitcoin seems stuck within a choppy range over the past day and is currently valued at $107,309. The flagship cryptocurrency’s measly growth of 0.2% in the past 24 hours pales in comparison to its seven-day rise of 5.2%. Featured image from IStock, chart from TradingView
Banking titan JPMorgan Chase reportedly believes that fresh record highs are in sight for the S&P 500. The firm’s trading desk says that it’s “time to get bulled up again” following the de-escalation of the conflict between Israel and Iran, reports CNBC. America’s largest bank says fading geopolitical risks are enabling investors to shift their attention back to market fundamentals. “With Israel/Iran seemingly defused, the market is resuming its march to/through all-time highs… With this geopolitical risk behind us, the market is refocusing on the macro picture, preparing for earnings, and watching the looming deadline on the expiration of the tariff moratorium. We shift our view back to Tactically Bullish with the bullish hypothesis based on resilient macro data, positive EPS (earnings per share) growth and thawing trade war rhetoric.” Meanwhile, Morgan Stanley is keeping a close watch on one group of stocks that it thinks will make an epic comeback in the coming months. In a new Bloomberg Television interview, Morgan Stanley Investment Management senior portfolio manager Andrew Slimmon says that the Magnificent 7 stocks, which dominate the cap-weighted S&P 500, will likely soar next year as they start to see their investments in artificial intelligence pay off. “I hear all the time: US exceptionalism is over. That’s the argument for outside the US. I get that. But I think what’s really going on here is that the very large, the Magnificent Seven, they’re spending a lot of money on capex (capital expenditures) rollout, and they’re telling us, ‘Don’t worry, this will all pay off down the road.’ Well, I wouldn’t bet against these guys, but right now their return on invested capital has come down a little bit. So I could see a scenario where you get to the end of the year, the rest of the world has done better than the S&P and the 493 has done better than the cap-weighted, and everyone said, ‘Oh, it’s all over, US exceptionalism is all over.’ And guess what? All these companies that start to employ AI are going to use these services, and you’re going to see the S&P cap-weighted come roaring back next year.” The Mag 7 is made up of Apple, Nvidia, Microsoft, Tesla, Alphabet, Amazon and Meta. 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 JPMorgan Chase Tells Traders It’s Time To Get Bullish As Morgan Stanley Predicts Roaring Comeback for One S&P 500 Sector: Report appeared first on The Daily Hodl .
Summary CCCM's merger with ProCap BTC values Bitcoin holdings at a steep premium, disadvantaging SPAC investors compared to direct BTC or ETF exposure. Deal structure favors preferred equity and the sponsor, leaving SPAC shareholders with less than their fair share and significant downside if BTC falls. Post-merger strategy lacks clarity on building a real operating business, and the capital structure limits flexibility to capitalize on BTC price moves. Despite long-term skepticism, CCCM offers a low-risk, short-term trade opportunity with limited downside and potential upside before the redemption deadline. This week, SPAC (special purpose acquisition company) Columbus Circle Capital Corp. I ( CCCM ) announced plans to merge with ProCap BTC LLC. As a SPAC, CCC is just a pile of cash; ProCap is essentially just a pile of Bitcoin. At the current CCCM stock price of $10.73, and the current BTC price of just over $107,000, the merger values each dollar in ProCap's Bitcoin stash at about $1.43. Whether that's a good deal is a matter of perspective. One view is that paying $1.43 in cash for $1 in Bitcoin is ludicrous on its face. Investors can buy Bitcoin for pretty close to $1, whether via direct ownership or an exchange-traded fund. ProCap's structure does suggest some leverage to the BTC price, but that leverage is not guaranteed, and investors have myriad ways to gain levered exposure to Bitcoin, all of which appear to be lower-cost. The contrary view, however, is that 1.43:1 is actually a pretty good ratio for what have become known as Bitcoin treasury companies. The pioneer and the largest of the group obviously is Strategy ( MSTR ), which has an enterprise value 1.87x the value of its Bitcoin holdings. There's some value in Strategy's legacy software business, but at this point not much; even accounting for those operations, the premium here is in the range of 80%. Other companies (130, per the CCC/ProCap merger presentation) have executed similar strategies in Bitcoin and other coins and gotten bigger premiums; Metaplanet ( OTC:MTPLF ) is valued at nearly 5x its Bitcoin stash . The problem for ProCap, however, is that the initial response to the deal itself suggests the post-merger entity is not likely to follow the MSTR path, let alone that of Metaplanet. Meanwhile, ProCap chief executive officer Anthony Pompliano, a longtime investor (and Twitter/X personality and podcast host), has made some comments about creating an operating business here as well, but it's not clear exactly that is supposed to be. To top it off, the structure of the capital raise beyond the SPAC cash suggests a real possibility of a wave of pre-merger redemptions. All told, it's hard to have too much optimism about the post-merger entity here. But with CCCM stock not that far above the redemption price, there is an interesting pre-merger trade to be had, with a low-risk option on a spike in BTC and/or a return to a more optimistic outlook toward crypto treasury companies more broadly. The Deal Structure For CCCM Stock The post-merger ProCap will have $1 billion in capital, raised from three sources : CCCM/ProCap merger presentation, June 2025 The SPAC has $256 million in cash in trust, thanks to a $250 million initial public offering last month. The $517 million in equity already has been raised, with most of the funds used to buy BTC over the last two days. The convertibles will be issued at the merger close. On its face, this doesn't seem like a bad deal: ProCap is raising $1 billion and buying just shy of 9,500 BTC (note that the presentation was based on a BTC price of $100,000). But a closer look shows that SPAC investors are being disadvantaged here. It also explains why the initial optimism toward the deal, spiked by leaked details to the Financial Times , has faded so dramatically: Data by YCharts Notably, the preferred equity is getting into the SPAC at $8 per share (each preferred stock unit converts to common stock at a 1.25x ratio ). The notes convert at $13 per share, but they're also 2x collateralized by Bitcoin (or cash, but as seen above the post-merger ProCap will have minimal cash). Paying $10.70 For $7.50 (Or Less) Because of both the discount offered the preferred equity holder and a pretty substantial promote for Pompliano, CCCM investors wind up getting what looks like less than their fair share: CCCM/ProCap merger presentation, June 2025 In the indicative example, with the BTC price at $100,000, post-merger ProCap would be have a net asset value of $955 million ($950 million in BTC plus $5 million in cash). SPAC shareholders would get 19.7%, or $188 million; even at $10, the premium is about 1.33x. In reality, the numbers are a bit different. ProCap already has purchased 4,932 BTC this week for a total of $514 million. That leaves $436 million in cash (from the SPAC and the converts), for an NAV of $950 million, or a per-share NAV of $7.50. The current price of $10.70 is thus about a 1.43x premium. But even that is a bit inflated, because it assumes the convertibles actually convert into stock. Treat the converts as debt (as would be the case with CCCM and/or the post-merger stock below $13) and NAV is actually $715 million across 108.6 million shares. That's a per-share figure of just $6.58, suggesting a current premium of about 63%. (It's also an example of just how important the convertibles actually converting is to the success of the treasury plan.) Two Post-Merger Problems For Columbus Circle Capital I The structure here creates two problems assuming the merger goes through. The first is looking to the downside and upside. Even if the cash from the SPAC and the converts buys BTC at $100K (adding 4,910 BTC, essentially doubling the current stash), a move in the Bitcoin price to $80K would leave net asset value somewhere around $550 million (again, treating the converts as debt, so 108.6 million shares outstanding and $230M in net debt). Net asset value here is a little over $5; in this scenario, it's not hard to imagine CCCM dropping below $7. In other words, the downside here is amplified even with some kind of treasury premium: a ~25% decline in Bitcoin leads to a 35%-plus drop in CCCM stock. But the converse is not necessarily true. The SPAC agreement includes "adjustment shares", which will be issued to the sponsor and the preferred equity investors if BTC rises between now and the close. Basically, their number of shares increases by the same percentage BTC does . Imagine, for instance, BTC doubling; the share of equity owned by SPAC shareholders in the post-merger ProCap drops by half . NAV ($7.50 per share assuming conversion) only goes to about $10; at the same premium, CCCM stock would be worth less than $15. For this to work, then, the premium has to expand . In theory, post-merger this can happen (and indeed it has happened for MSTR, which has consistently outpaced Bitcoin). But part of the reason Strategy has outperformed is that it keeps adding to its Bitcoin haul on the way up. It would seem that ProCap has designs on a similar strategy (no pun intended). The issue is that the post-merger structure means that the company will have no cash to adjust its holdings. Pompliano and ProCap claim to have a workaround, however, as witnessed by the last two bullet points on this slide: CCCM/ProCap merger presentation, June 2025 The problem is that the strategy here, such as it is, is basically to buy (Bitcoin) low and sell (CCCM stock) high. In bullet point #2, "Strategically rais[ing] capital during favorable market cycles to scale our Bitcoin holdings" means that ProCap will issue equity and/or converts when the demand is there. "Tactical accumulation, including strategic dips, volatility harvesting, and programmatic purchases aligned with macro signals and capital cycles" is a long way of saying that ProCap wants to buy the coin low. Buying low and selling high perhaps can work for an expert trader. For a publicly traded company, however, it's a much more difficult endeavor. Is ProCap going to have an at-the-market offering that just dumps shares every time the premium to BTC expands? That seems like an instantly recognizable and consistent overhang. Is it in turn going to buy every dip in BTC? That's certainly been a smart strategy for the past 15-plus years, but, again, ProCap has to actually raise the cash to make those buys. More broadly, there's no real evidence that Pompliano (or his associates) have the acumen to move into Bitcoin and out of the stock in a way that is accretive to shareholder value rather than investment bank and exchange fees. To be fair, Pompliano has said that ProCap will build a business on top of the Bitcoin stash. As he told CNBC in an interview : I believe that the future of these companies is going to be how do you build revenue and profit with financial services on top of that. No different than if you look at the traditional financial service firms. They have a balance sheet of dollars, and they go and they build these financial services on top that drive revenue and profit. I think that you still have to build a business on top of a big pile of Bitcoin. But there's been zero discussion of what these "financial services" are supposed to be. Pompliano told CNBC that he and ProCap "sit at the intersection between the Internet and the Bitcoiners and the institutional world." That's been a good business for Pompliano personally — he himself is investing $8.5 million in the deal — but there is no real evidence that positioning will create a good business for ProCap shareholders. Owning CCCM And Not ProCap And yet, with the pullback below $11, there is an intriguing potential trade here. The merger presentation cited $256 million in trust value for the CCCM SPAC, meaning redemption value should be $10.24 per share. That suggests 4%-5% downside from the current level (the cash in trust will increase over time as interest is accrued, but investors still will be down 4%-5% relative to simply holding a money market fund or short-term Treasuries). That's not a terrible downside given that there is some potential upside between now and when the redemption deadline for the merger arrives. A sharp rally in BTC would probably bleed over here. Meanwhile, the merger presentation points out Pompliano's impressive online reach. At least from a Twitter/X search, Bitcoin fans seem mostly disappointed with the deal , (trading in CCCM obviously suggests the same) but Pompliano has the time and the megaphone to change sentiment. Indeed, we've already seen a similar trade work in another SPAC, Colombier Acquisition Corp. II ( CLBR ). CLBR too saw an early retail-driven rally (this one being more political; Donald Trump Jr. is involved with its target, GrabAGun) that faded, only to bounce back strongly. When I covered the name in February, CLBR was barely above its redemption price; it's since gained 35%. CLBR was probably a better trade than CCCM; the structure here (particularly as the adjustment shares are understood) seems like it's leading toward a quite high redemption rate. Given that the premium to BTC for a treasury company is based on sentiment, the early response to the merger announcement itself is a red flag longer-term. But with 4-5% downside, and the volatility inherent in anything remotely exposed to crypto, CCCM seems like an interesting trade, too — at least until shares no longer can be redeemed. After that, the outlook looks much murkier, and much worse.
Stablecoins have emerged as the dominant settlement layer for internet transactions, surpassing Visa and Mastercard in onchain volume. This shift reflects the growing adoption of stablecoins for fast, secure, and
Bitcoin is increasingly recognized as a crucial financial lifeline for individuals living under authoritarian regimes, offering a secure alternative to oppressive state-controlled systems. Human Rights Foundation executive Alex Gladstein highlighted
The Ethereum price is currently at a fascinating crossroads, with technical indicators suggesting a major rally past $3,000 is on the horizon, fueling ETH news of a potential run to $10,000 in 2025. Yet, a complex battle is brewing between bullish institutional buyers and a record number of short positions. Amidst this tug-of-war, the surging volume of dynamic new token Remittix (RTX) on its network may be the ultimate signal of the ecosystem’s underlying health and its capacity for explosive growth. An emerging gem forged for growth Remittix (RTX), an innovative ERC20 token, is building a formidable competitive moat, which explains its growing attention from savvy investors. The foundation of this moat is its powerful real-world utility, a direct challenge to the inefficient and often expensive cross-border payments industry. It’s an engineered solution to a tangible, everyday problem for businesses and individuals worldwide, giving it a layer of fundamental demand that speculative assets lack. To reinforce its powerful mission, Remittix’s economic design directly addresses key investor concerns about long-term stability. Furthermore, Remittix is building a deeply engaged community, not just attracting users. Its structured VIP program goes beyond simple token ownership, offering tangible benefits like high-yield staking and exclusive perks. This approach is designed to cultivate a loyal user base that is a true partner in the project’s growth. This powerful combination of utility, smart tokenomics and community engagement is what fuels Remittix’s fundamentals-driven momentum. Ethereum ‘s high-stakes market battle Meanwhile, a potent storm of bullish signals is gathering around Ethereum (ETH), led by the imminent formation of a “Golden Cross” a technical pattern that has historically preceded monumental rallies. This is amplified by immense institutional conviction, with whales recently executing their largest daily buy since 2018 and spot Ether ETFs seeing record-breaking inflow streaks. Yet, this bullish case runs headfirst into a formidable wall of mountains of bearish pressure. So, what could propel the Ethereum price past these headwinds toward the ambitious $10,000 target in 2025? The answer lies in fundamental ecosystem growth and continued institutional adoption. The recent ETH news has been dominated by positive developments on both fronts. Santiment analyst Brian Quinlivan noted a “high level of optimism toward Ethereum,” highlighting that the asset has been “playing catch-up” since mid-April. It’s this powerful combination of fundamental upgrades and sustained institutional demand that fuels the more audacious long-term forecasts and makes a $10K ETH a plausible scenario for 2025. At this point, the Ethereum price is nowhere near $10k. Source: CoinMarketCap A Strategic choice amidst Ethereum’s volatility Recent ETH news paints a picture of a titan’s battle, making the choice for investors one of strategic preference. A direct bet on the Ethereum price means buying into a high-stakes conflict where powerful bullish forces, like whale buying and the Golden Cross, face off against a formidable wall of short positions. The outcome is uncertain and promises volatility. In contrast, Remittix presents a more focused, fundamentals-driven narrative. Its growth is tied to the successful execution of its own roadmap and capturing a specific market, offering a clearer trajectory to explosive gains, even as the daily ETH news continues to report on the broader market war. Is this new token the ultimate ETH beta play? Amidst the battle for Ethereum’s future, the explosive growth of new ERC20 token Remittix (RTX) signals the ecosystem’s underlying health. Its successful $15.8 million+ presale proves strong demand for new utilities on Ethereum. For investors, this makes Remittix with its mission to disrupt global payments and its 1000%+ growth forecasts arguably the best crypto to buy now to effectively capture a potential ETH resurgence. Discover the future of PayFi with Remittix by checking out their presale here: Website : https://remittix.io/ Socials : https://linktr.ee/remittix
Stablecoins are now the “default settlement layer for the internet,” surpassing Visa and Mastercard in onchain transaction volume.
As cryptocurrency markets evolve, certain assets begin to stand out due to their robust performance and promising technological foundations. Among these, standout names like HYPE, SOL, ONDO, and DOGE are generating buzz for their impressive market resilience and potential future gains. Notably, a unique project, Codename:Pepe, has also risen to prominence with its innovative use of artificial intelligence to enhance trading outcomes. The Rising Star: Codename:Pepe and Its Market Impact The cryptocurrency community has always welcomed innovation with enthusiasm, and Codename:Pepe is no exception. This project distinguishes itself by incorporating AI to sift through vast amounts of data and identify the most lucrative trading opportunities. Through strategic analysis and timely insights, Codename:Pepe is designed to empower traders. The project’s utility and potential are encapsulated by its native token, $AGNT, which plays a pivotal role within its ecosystem. Token holders enjoy benefits such as voting rights in the project's DAO, access to premium trading tools, and exclusive market forecasts. Exclusive Features of Codename:Pepe Real-time social media and on-chain data analysis to identify trending projects Access to insider trading tips and lucrative opportunities AI-generated forecasts to enhance trading decisions Automated trading tools for efficient transaction execution For more details or to invest, visit the official Codename:Pepe website . Emerging Cryptos: Analyzing HYPE, SOL, ONDO, and DOGE Each of these cryptocurrencies brings something unique to the table, be it through innovative technology or vibrant community support. Hyperliquid: A New Frontier in Crypto Trading Hyperliquid’s native coin, HYPE, is supporting a revolutionary trading platform that focuses on perpetual futures without transaction fees. Its strong fundamentals are evident as the coin stabilizes around significant market values. Speed and Efficiency with Solana Solana’s prowess in handling transactions efficiently with its PoH and PoS mechanisms positions its coin, SOL, as a strong contender against traditional giants like Ethereum and Bitcoin. ONDO: Bridging DeFi and Traditional Assets Ondo Finance, through its token ONDO, enables seamless integration of real-world assets into the blockchain, providing a robust platform for liquidity solutions. The Continuous Appeal of Dogecoin Despite its origins as a meme, Dogecoin’s widespread adoption and active community support make it a continuous point of interest in the cryptocurrency discussions. Conclusion: A Spectrum of Opportunities While the likes of HYPE, SOL, ONDO, and DOGE offer traditional crypto investment opportunities, Codename:Pepe stands out by integrating advanced AI to create a dynamic trading experience that could lead to high returns. This blend of traditional and innovative elements presents a broad spectrum of opportunities for every investor’s portfolio. Find more about Codename:Pepe on their Telegram and Twitter/X . Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Are DOGE bulls quietly setting the stage for a textbook bear trap?
Crypto startups in Kenya are voicing concerns over the country’s proposed virtual asset service providers (VASP) Bill, warning that it could grant excessive influence to a Binance-linked lobby group, potentially undermining fair competition in the nation’s digital asset market. According to documents reviewed by The Kenyan Wall Street, the draft bill includes a private think tank, the Virtual Asset Chamber of Commerce (VAC), as part of the regulatory board that will oversee the crypto sector. Critics argue that VAC has previously hosted Binance-sponsored regulatory discussions, raising questions about its independence and whether it acts as a proxy for the global crypto exchange. Binance Ties with Kenya Regulatory Board Local crypto stakeholders have raised concerns about the transparency of VAC’s inclusion in the proposed regulatory board, noting its previous activities and alleged financial ties with Binance. “All regulation convos by VAC that happened recently have been sponsored by Binance. Then VAC, a private consulting entity, with a non-compete with Binance ‘magically’ gets a regulatory seat? How is this fair?” one stakeholder told The Kenyan Wall Street. Reports allege that Binance pays VAC $6,000 per country monthly for policy advocacy, raising concerns that the group may influence Kenya’s crypto regulations in Binance’s favor while sidelining local players. Some stakeholders fear that if entities with conflicts of interest guide crypto regulation, Kenya may risk remaining on the Financial Action Task Force (FATF) and EU grey lists, hindering the country’s access to global financial systems. Critics also pointed to similar concerns over VAC’s reported involvement in regulatory discussions in Rwanda, indicating a broader pattern of influence across African crypto markets. VAC Defends Role Responding to the concerns, VAC director Basil Ogolla defended the group’s track record, noting its two years of consultations with the International Monetary Fund (IMF), the Central Bank of Kenya (CBK), and Parliament. “The National Assembly’s decision to include VAC as a nominator in the regulatory board reflects the trust and confidence built through this track record of meaningful engagement,” Ogolla stated. The proposed regulatory board will also include representatives from the National Treasury, CBK, Capital Markets Authority (CMA), along with legal and accounting professionals. Binance did not respond to Cointelegraph’s request for comment. Meanwhile, the exchange continues to deepen its relationships with governments globally. In May, Binance signed an MOU with Kyrgyzstan to support crypto payments and blockchain education, while CEO Richard Teng recently confirmed the company is advising several governments on establishing Bitcoin reserves and crypto policies. The post Crypto Startups in Kenya Raise Concerns Over Binance-Linked Lobby in Proposed VASP Bill appeared first on TheCoinrise.com .