Bitcoin Faces Uphill Battle Amid Institutional Sell-Offs
This week, Bitcoin’s struggle to recover from last week’s significant dip has been compounded by massive sell-offs from institutions and the German government.
German Government Sells Billions of Dollars in Bitcoin
This week, the German government crypto wallets transferred over $1 billion worth of Bitcoin to exchanges and over-the-counter desks, as reported by Arkham Intelligence. Earlier in the week, the BKA wallets moved $900 million on Monday and $362 million on Tuesday. Currently, these law enforcement wallets hold just over $200 million in Bitcoin.
Bitcoin Sees Institutional Buy-In Despite Market Dip
Despite Bitcoin’s fall to its lowest price since February, institutional investors capitalized on the dip. Digital asset investment products amassed $441 million last week, per CoinShares data. Investors funneled $398 million into Bitcoin, while Solana and Ethereum received $16 million and $10 million, respectively.
Sam Altman Launches New AI Healthcare Setup
Thrive Global founder Arianna Huffington and OpenAI co-founder Sam Altman are launching Thrive AI Health, a new startup aimed at transforming the health and wellness industry. As detailed in their Time op-ed, the startup will leverage AI to advance healthcare, wellness, and longevity research, including brain tumor and cancer detection, and early Alzheimer’s diagnosis.
Donald Trump to Speak at Bitcoin Conference in Nashville
Former U.S. President Donald Trump is slated to speak at the Bitcoin Conference in Nashville, Tenn., later this month. The conference, which promises attendees to “witness history,” also features independent candidate Robert F. Kennedy.
Argentina National Team Teases Drake for $300,000 Bitcoin Bet Loss
Drake, a prominent brand ambassador for crypto betting platform Stake, bet $300,000 in Bitcoin on Canada defeating Argentina in the Copa América semi-final. Despite the high stakes, Argentina triumphed 2–0, eliminating Canada.
The bet, shared via Drake’s Instagram and amplified by Stake on Twitter, garnered significant attention. Argentina’s social media responded post-match with a nod to Kendrick Lamar’s diss track, “Not Like Us,” which has fueled ongoing tension between the artists.
CFTC Chairman Confirms Bitcoin and Ethereum as Commodities
Crypto Twitter celebrated as CFTC Chairman Rostin Behman confirmed in congressional testimony that a federal court ruling reaffirmed Bitcoin and Ethereum as commodities under the Commodity Exchange Act (CEA). The ruling emerged from a fraud case pursued by the CFTC against an unregistered entity in the U.S. District Court for the Northern District of Illinois.
Hong Kong Police Arrest Two for Alleged Child Abduction and USDT Ransom Demand
Last week, Hong Kong police arrested two 38-year-old women from mainland China for allegedly abducting a three-year-old boy. The incident occurred on July 3 in a Tseung Kwan O shopping mall. The abductors demanded a ransom of US$660,000 to be paid in USDT, according to the Hong Kong Free Press.
Bitcoin Index Hits ‘Extreme Fear’ as BTC Fails to Breach $60K
The Crypto Fear and Greed Index has dropped to “extreme fear,” its lowest level since January last year.
