TL;DR

Bitcoin hits $109K; dormant wallets move $8.7B; U.S. ETF inflows rebound, “Crypto Week” set.

Highlights

• Dormant 2011 Bitcoin wallets transferred 80,009 BTC ($8.7B), the largest single-day move of decade-old coins; no exchange deposits detected 1.
• Bitcoin hit $109,000 on July 4, nearly doubling YoY; over $6B in shorts face liquidation above $113K–$120K 217.
• U.S. spot Bitcoin and Ether ETFs saw nearly $1B in two-day net inflows after brief outflows, with ETF holdings now ~6% of BTC supply 4.
• U.S. House schedules “Crypto Week” (July 14–18) for votes on major digital asset bills, including stablecoin and oversight legislation 5.
• Treasury Secretary Bessent projects stablecoin reserve rules could channel $2T into U.S. Treasuries; stablecoin law possible by mid-July 20.
• J.P. Morgan halves stablecoin market outlook to $500B by 2028, citing limited payment use and regulatory hurdles; rival banks remain bullish 14.
• Amundi warns fragmented U.S. stablecoin rules could disrupt global payments and increase capital flight risk 6.
• Ondo and Pantera launch $250M fund for tokenized real-world assets and move to acquire licensed broker Oasis Pro 8.
• Hyperliquid processed $1.57T in on-chain perps volume over 12 months (70% market share); Aave now holds 5% of all stablecoins 11.
• BitMine Immersion stock surged 130% on plans for a $250M Ethereum treasury, driving speculation in crypto-linked equities 12.
• Ripple’s RLUSD stablecoin adopted by Swiss AMINA Bank and BitMEX for custody and derivatives trading 9.
• Japan’s Minna Bank partners with Solana , Fireblocks, and TIS Inc to study stablecoins, Web3 wallets, and RWA trading 18.
• Impossible Cloud’s ICNT token debuted on four major exchanges, reaching a $262M FDV 16.
• FTX Recovery Trust seeks to withhold $500M in distributions to users in crypto-banned nations, mainly China 7.
• Mozilla removed 40+ malicious Firefox extensions impersonating crypto wallets; users advised to audit browser add-ons 10.
• Velvet Capital launched an autonomous on-chain AI hedge fund using Virtuals’ Agent Communication Protocol 15.

Commentary

Bitcoin ’s move above $109,000 underscores persistent institutional demand, even as 80,009 BTC from dormant 2011 wallets were transferred in a record on-chain move 12. While the coins have not hit exchanges, the scale of the transfer is notable for market participants monitoring potential supply shocks 1. Meanwhile, with over $6 billion in short positions at risk of liquidation between $113K–$120K, traders should watch for volatility spikes if price momentum continues 17.

ETF flows remain a central market driver. After a brief pause, nearly $1 billion in net inflows returned to U.S. spot Bitcoin and Ether ETFs 4, lifting ETF-held BTC to about 6% of circulating supply 4. This institutional bid is offsetting legacy holder selling, with daily trading volumes robust enough to absorb large moves 19. The interplay between ETF inflows and short liquidations will likely dictate near-term price action 1719.

Regulatory developments are in focus. The U.S. House’s scheduled “Crypto Week” will bring key digital asset and stablecoin bills to a vote 5, with Treasury Secretary Bessent projecting that new rules could direct up to $2 trillion into Treasuries 20. However, J.P. Morgan’s reduced stablecoin growth outlook and Amundi’s warning about regulatory fragmentation highlight ongoing uncertainty for stablecoin adoption and global payment stability 614. Asia continues to advance digital asset infrastructure, with Japan’s Minna Bank piloting stablecoin and RWA solutions 18 and Chinese tech firms lobbying for offshore yuan stablecoins 13.

In DeFi, Hyperliquid’s dominance in on-chain perpetuals and Aave’s 5% share of the stablecoin market reflect a continued shift toward permissionless platforms 11. Ondo and Pantera’s $250M fund and the acquisition of Oasis Pro signal growing investment in tokenized real-world assets and regulated trading infrastructure 8. Security remains a concern, as Mozilla’s removal of malicious wallet extensions serves as a reminder for traders to review browser add-ons 10.

Traders should monitor ETF flows, upcoming U.S. legislative outcomes, and on-chain whale activity for directional cues. DeFi protocol growth and stablecoin regulatory news will remain key to sector sentiment and capital allocation.