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Bitcoin treasuries continue buying as price stays in $115,000 to $119,500 range

Neither the Fed meeting nor the release of the White House digital asset report did much to move bitcoin’s price.

It’s been a fairly steady week for bitcoin, which is trading in the $115,000 to $119,500 range, neither buoyed nor bothered by the Fed meeting or the release of the long-awaited White House report on digital assets.

Meanwhile, bitcoin treasury companies continue to grow their piles:

  • Strategy acquired 21,021 bitcoin for $2.46 billion and now holds 628,791 bitcoin. The company, the largest corporate bitcoin holder, is set to release its second-quarter earnings today, followed by an earnings call that will be “the most important event in the history of Strategy.”

  • Twenty One Capital raised its bitcoin holdings goal, announcing in a press release that “it expects to receive approximately 5,800 additional Bitcoin from Tether, ahead of Twenty One’s planned public listing. This brings Twenty One’s total holdings at closing to over 43,500 Bitcoin.” Despite being relatively nascent, the company is the third-largest corporate bitcoin holder.

  • Metaplanet acquired 780 bitcoin, bringing its total to 17,132.

  • Semiconductor company Sequans Communications acquired 755 bitcoin and has a total of 3,072.

  • UK-based The Smarter Web Company acquired 225 bitcoin, bringing its total to 2,050.

New names in the bitcoin game have also entered the arena:

  • Volcon rebranded to Empery Digital, “aligning its name and branding with its new BTC treasury strategy.” The company acquired 303 bitcoin and now has a total of 3,803 bitcoin. It changed its ticker for shares and will now trade on the Nasdaq under the new ticker symbol “EMPD” from “VLCN” as of today.

  • Newly rebranded Capital B (ex-The Blockchain Group) acquired 58 bitcoin. The French company now holds 2,013 bitcoin.

  • Abu Dhabi-based The Phoenix Group announced it had adopted a $150 million digital asset treasury. The company holds 514 bitcoin.

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$1.2B

Crypto liquidations reached $1.2 billion in the past 24 hours, according to CoinGlass data, as bitcoin continued its downward trajectory. Bitcoin suffered $458.24 million in liquidations, with the bulk of them — over $334 million — in long positions. Meanwhile, the second-biggest crypto, ethereum, saw the second-biggest figure for liquidations yesterday, with $278 million.

Bitcoin slipped as far as $103,856 early Friday morning, its lowest level since July, and is down 13% in the past seven days. The sell-off dragged the total crypto market cap down to $3.67 trillion, down 5.5%. Underscoring the market anxiety, CoinMarketCap’s fear and greed index is now at 28.

Bitcoin ETFs also suffered, registering $536 million in outflows on Thursday. The Ark 21 Shares Bitcoin ETF took the biggest hit, with $275.15 million in outflows. Since Monday, bitcoin ETFs have seen $864.5 million in outflows. 

Maja Vujinovic, CEO and cofounder of digital assets at FG Nexus, told Sherwood News that bitcoin’s slump looks like a classic risk-off chain reaction.

“Credit jitters and trade tensions pushed money into gold at record highs while leveraged crypto longs were forced to unwind. Once the liquidations exhaust and policy fog clears, the same macro buyers chasing safety today are likely to hunt value in BTC again,” Vujinovic said. 

$15B

The US government seized 127,271 bitcoin, worth $15 billion, in what it calls the Department of Justice’s “largest ever forfeiture action.”

The indictment against Chen Zhi, chairman of Cambodian conglomerate Prince Group, alleges that he engaged in wire fraud conspiracy using forced labor in Cambodia.

“Individuals held against their will in the compounds engaged in cryptocurrency investment fraud schemes, known as ‘pig butchering’ scams, that stole billions of dollars from victims in the United States and around the world. The defendant is at large,” according to a DOJ press release.

This is “exactly the kind of outcome the Strategic Bitcoin Reserve was designed to enable,” Zack Shapiro, managing partner at Rains Law and head of policy of the Bitcoin Policy Institute, said on X.

This significantly increases the size of the US’s strategic reserve, which held over 197,000 bitcoin before the seizure. As of today, Arkham Intelligence data shows it’s holding 324,780 bitcoin, worth over $37 billion.

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