Bitcoin’s Meteoric Rise: Laughing at Caution as BTC Hits $122K! 🤪💰

Gather ye round, crypto folk! 🧐

By the gallant Omkar Godbole (Mark ye well: times are displayed as ET, unless otherwise called for)

Lo! The crypto market doth flourish, a veritable garden of verdancy, with top coins ascending to dizzying heights akin to a juggler with one too many balls! Watch as Bitcoin

soared above the unparalleled height of $122,000, besting gold as the most illustrious asset of 2025! 🎉

Thus, our dearest crypto kin are setting their sights on golden targets of $140,000 to a breathtaking $200,000. Yet, some wise owls caution: soar not too close to the sun, for the bull might lead thee astray!

“Though some seers predict noble heights of $130-140K, history hath taught us that overzealous climbs often beckon sharp corrections,” warns Marcin Kazmierczak, co-creator of the mystical blockchain oracle, Redstone. “The industry doth grow; institutional structures, regulatory wizardry, and practical enchantments are all advancing. Yet, my fine friends, we must approach these glorious milestones with a grip on our wits rather than a fit of glee!” 🥳

Marcin dost express that, whilst the technical breakout is most evident, we’ve been spared of a correction for nigh 47 days! “Over $276 million in leveraged positions vanished into the ether in these last 24 hours alone, reminding us all that volatility is but Bitcoin’s faithful companion,” he quips.

Further indications of caution play out in the options market within the realm of Deribit. Traders seem to exercise prudence, avoiding wild speculative gambles. The one-month risk reversals remain stagnant, even as the market frolics at record heights. Gossip claims that in September and December, call options are being favored, suggesting that we’re hedging against the tempest of short-term fluctuations whilst maintaining a swashbuckling optimistic outlook! ⚓️

Peering into the future, lo and behold, Congress’ so-called Crypto Week will commence! The lawmakers will frolic with discussions of the CLARITY Act, the GENUIS Act, and the Anti-CBDC Surveillance Act. Clarity on regulations bodes well for noble tokens, stablecoins, and especially, tokenization! As wise Kazmierczak penned in his analysis, the true fortune lies not in wild speculation but in erecting the mighty infrastructure for programmable riches and asset tokenization! ⚡️

Tuesday’s inflation parchment may reveal a resurgence of inflation in June. Alas, some analysts argue it matters little in the crypto realm, fueled as it is by phenomena beyond the fickle Fed rate-cut happenings. Yet beware! A strong dollar could still cast shadows upon the crypto court. Keep thine eyes peeled! 👀

Conferences – Gather Ye Knowledge!

The CoinDesk Policy & Regulation conference (formerly the State of Crypto)—a splendid one-day affair, to be hosted in the heart of Washington’s grand hall on September 10—invites general counsels, compliance wizards, and regulatory spirits to mingle with those in charge of crypto laws and oversight. Space is as scarce as a widow’s tear. Use the secret code CDB10 for a 10% reduction in your registration fee before the close of July 17! 🎟️

July 16: Invest Web3 Forum (Dubai)
July 20: Crypto Coin Day 7/20 (Atlanta)
July 21-22: Malaysia Blockchain Week 2025 (Kuala Lumpur)
July 24: Decasonic’s Web3 Investor Day 2025 (Chicago)
July 25: Blockchain Summit Global (Montevideo, Uruguay)
July 28-29: TWS Conference 2025 (Singapore)

Token Talk – The Jollity Continues!

By the ever-watchful Shaurya Malwa 🦉

Pudgy Penguins (PENGU) took flight with a soaring 31% leap over yonder weekend when the ever-prolific Justin Sun graced us with a whimsical tweet of a cartoon penguin draped in TRON gear! 🎈
This solitary jest, followed by Pudgy’s proud declaration “Everyone will Huddle,” sent ripples through the waters of speculation and memetic fervor across the Solana seas.
PENGU now frolics at $0.0301 — up nearly 99% in this week’s passage — with a daily volume of $2.1 billion, marking it as one of the finest performers of the week! 🏆
Pudgy Penguin NFTs have surged to 14 ETH upon Magic Eden, a 23.5% gain over a mere 24 hours, calling forth attention from prying collector eyes! 👀
The wise on-chain analyst, Ali Metinex, declares that PENGU possesses strong fundamentals, deeming it “one of the few meme coins with enduring substance,” as he projects a flight toward $0.060 by August!
A recent proposal for a spot ETF from Canary Capital stokes the fires of excitement. Should it be blessed, institutional investors would receive a direct path into the realm of PENGU!
Such movements come as the marketplace evolving around memecoins matures, with Pudgy’s following swelling to a whopping 430,000 souls across social realms! 🎉
Even amidst this giddy celebration, traders lie in wait, cautious of a potential retreat. Typically, when overheated conditions and weekend volume spikes descend upon the memetic assets, a short-term reckoning soon follows! 🔮

Derivatives Positioning – The Numbers Game!

The grand total of open interest in USDT and dollar-denominated BTC perpetuals across offshore exchanges hath risen to 268K, the highest since May. Yet, it remains shackled in the two-year limbo of 200K BTC to 255K BTC. A breakout could herald a wave of fresh coin-chasers! 🌊
Ether’s open interest remains lofty near record heights, having amassed over 5.3 million ETH! 🏔️
BTC, ETH funding rates have finally topped 10%, signaling a growing taste for bullish endeavors! 💪
Interestingly, block trades through the OTC network Paradigm featured calendar spreads and a bull put spread, with ETH flows exhibiting bull call spreads and a long call funded by selling puts! Fancy that! 🤹‍♂️

Market Movements – The Ever-Exciting Dance!

BTC doth rise by 3.63% since 4 p.m. ET on Friday at $121,912.08 (24hrs: +3.28%)!
ETH has climbed up by 2.43% to $3,046.59 (24hrs: +2.92%)!
CoinDesk 20 hath risen by 3.87% to 3,700.93 (24hrs: +4.34%)!
Ether CESR Composite Staking Rate has dipped by 26 bps to 2.89%!
BTC funding rate stands at a stable 0.01% (10.95% annualized) on Binance‘s fine exchange!

DXY has barely shifted, resting content at 97.90.
Gold futures have ascended by 0.43% to $3,378.60!
Silver futures too have climbed, up 1.39% at $39.49!
The Nikkei 225 suffered a slight fall, down 0.28% at 39,459.62!
The Hang Seng rises ever-so-slightly at 24,203.32, up 0.26%!
FTSE juvenesces a vibrant 0.36% at 8,973.18!
Euro Stoxx 50 slides negatively by 0.64% at 5,349.14!
DJIA closed Friday’s operations down by 0.63% at 44,371.51!
S&P 500 follows suit with a graceful dip, down 0.33% at 6,259.75!
Nasdaq Composite, too, dipped slightly down by 0.22% to 20,585.53!
S&P/TSX Composite fell by 0.22% at 27,023.25!
S&P 40 Latin America echoes a similar fate down by 0.67% at 2,621.56!
The U.S. 10-Year Treasury rate remains steadfast at 4.423%!
E-mini S&P 500 futures whisper a 0.27% decline at 6,283.25!
E-mini Nasdaq-100 futures tiptoe down with a grace of 0.26% at 22,899.75!
E-mini Dow Jones Industrial Average Index concludes its day down 0.31% at 44,460.00!

Bitcoin Stats – Numbers to Set The Mind Aflutter!

BTC Dominance stands at 64.47% (-0.2%)!
The Ether to bitcoin ratio is at 0.02507 (0.4%)!
Hashrate (seven-day moving average) reaches 936 EH/s!
Hashprice (spot) sings at $61.42!
Total Fees whisper to 6.52 BTC / $685,443!
CME Futures Open Interest dares to gaze at 153,980 BTC!
BTC, when priced in gold, equates to a hefty 36.4 oz!
BTC vs gold market cap finds itself at a modest 10.3%!

Technical Analysis – A Glimpse into the Crystal Ball!

The noble XRP/ETH pair approaches an eminent bearish crossover of the 100- and 200-day simple moving averages. 😱
This bear cross heralds a prolonged period of XRP’s underperformance relative to our illustrious ETH! 🎭

Crypto Equities – The Stocks Doth Fluctuate!

Strategy (MSTR): closed on Friday with a flourish at $434.58 (+3.04%), +2.92% at $447.25 in the pre-market! 🎉
Coinbase Global (COIN): ended at $387.06 (-0.49%), +1.6% at $393.24!
Circle (CRCL): slipped to $187.33 (-7.67%), a modest +0.13% at $187.57!
Galaxy Digital (GLXY): closed at $20.63 (+1.08%), +3.64% at $21.38!
MARA Holdings (MARA): concluded the day at $19.14 (+0.74%), +4.28% at $19.96!
Riot Platforms (RIOT): floated to $12.42 (-1.35%), +3.46% at $12.85!
Core Scientific (CORZ): ended at $12.51 (-5.08%), yet +1.52% at $12.70!
CleanSpark (CLSK): found itself at $12.65 (-1.94%), but looks to rise +3.72% at $13.12!
CoinShares Valkyrie Bitcoin Miners ETF (WGMI): finished at $24.78 (-2.79%)!
Semler Scientific (SMLR): closed at $45.53 (-0.96%), yet perked up, +2.79% at $46.80!
Exodus Movement (EXOD): settled at $33 (+3.81%), with an increment of +0.48% at $33.16!

ETF Flows – The Stream of Wealth!

Spot BTC ETFs

Daily net flows: a staggering $1,029.6 million! 💸
Cumulative net flows: a wondrous $52.34 billion!
Total BTC holdings soaring around 1.27 million!

Spot ETH ETFs

Daily net flows: a delightful $204.9 million! 🎊
Cumulative net flows: a striking $5.32 billion!
Total ETH holdings resting at approximately 4.41 million!

Overnight Flows – The Tides Roll On!

Chart of the Day – A Visual Treat!

The chart dost portray Google’s mundane search values for the term “bitcoin” over five long seasons!
As BTC’s price dances to magnificent heights, the search values remain as quiet as a library, revealing little interest from the great unwashed! 📚
This could be fortuitous for the bull market, as retail investor fervor—marked by sharp peaks in search interest—tends to accompany market tops! 🔝

While You Were Sleeping – The World Turned!

Bitcoin Hits $123,000, Overtakes Gold as 2025’s Top Asset (CoinDesk): The grand cryptocurrency hath made a legendary climb of 30% this year amidst high U.S. interest rates, dollar weakness, and remarkable U.S. deficits! Now, it takes its rightful throne over gold, which hath risen but 27%! 🏅
The Enigmatic Bitcoin Creator Approaches the 10th Fortune (CoinDesk): Satoshi’s silent wallet, which hath reaped the rewards since the blockchain’s infancy, remains untouched since a mere 2010 when laptops reigned supreme! 💻
Trump Proclaims U.S. Will Dispatch Patriot Missiles to Ukraine (Reuters): The formidable Trump hath declared to the masses that Putin’s antics necessitate aid for Ukraine’s defense, and lo! The bill shall be settled by the EU! 🎭

The sagacious LondonCryptoClub hath claimed that loose fiscal policies and diminished dollar strength propel the crypto rally, whilst Trump hath flipped his stance on deficit reduction! 📉

Japanese Bonds Plummet Amidst Fiscal Concerns Pre-Election (Bloomberg): Long-term Japanese bond yields surged as investors react to campaign spending promises in light of Japan’s election — a thrilling time indeed! ⚠️