Author: Chris Lion

Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k. 

The $70,000 mark remains a significant barrier for Bitcoin, yet recent data indicates that bitcoin is maintaining stability at its current price and may soon embark on another upward movement.  

A recent analysis by IntoTheBlock reveals that BTC has maintained a stable price of around $69,000, which stability is mainly due to a strong demand zone between $66,900 and $68,900. While Ethereum (ETH) experienced a slight increase of 0.5% to reach $3,813, the global crypto market cap saw a rise of 1.2% to approximately $2.56 trillion over the last 24 hours.  

More than two million addresses in this range have accumulated 1.1 million BTC, demonstrating substantial interest and activity among traders.  

According to data, the concentrated buying activity reflects significant interest and engagement among traders, which creates a strong support level, helping bitcoin maintain its current valuation despite market swings. The significant demand zone is a crucial buffer, reflecting trader confidence and investment at these price levels.   

According to an X post, “Bitcoin remains steady around $69k, thanks to a significant demand zone between $66.9k and $68.9k. In this range, over two million addresses have accumulated a total of 1.1 million BTC, highlighting a significant level of interest and activity among traders.”   

Bitcoin’s Bull Run Could Hit $130K-$150K 

General investor sentiment seems bullish, with famous crypto trader Peter Brandt forecasting that bitcoin’s current bull run could hit between $130,000 to $150,000 by late August to September 2025. His prediction is based on historical patterns following previous BTC halving events. Notable developments in the digital asset ecosystem further fuel the bullish momentum.    

Over the past 24 hours, Bitcoin’s market capitalization has climbed to $1.361 trillion. According to CyptocurrenciesToWatch, the 24-hour trading volume is $29.65 billion.   

Despite the multiple ETPs on Cboe Australia that offer exposure to spot  crypto assets, they do not directly hold bitcoin.

Australia-based Investment Asset Management firm Monochrome has commenced trading for its direct spot Bitcoin Exchange-Traded Fund (ETF) – IBTC – on the Cboe Australia exchange. 

Cboe Australia is the innovative securities exchange committed to transforming, improving, and growing Australian investment markets by providing brokers and investors with the most efficient and cost-effective access to local and global investment opportunities. 

Multiple exchange-traded products already enable exposure to Bitcoin in Australia. However, Monochrome Asset Management is the first to secure approval under a new crypto asset licensing category introduced by Australian Financial Services (AFS) licensing rules in 2021. 

Monochrome noted that IBTC’s holdings are stored offline on a device disconnected from the internet, employing a crypto custody solution that complies with “Australian institutional custody regulatory standards.” It allows the ETF to hold bitcoin, a feature not found in other products.

“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold bitcoin or through offshore bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset Australian Financial Services Licensing (AFSL) licensing regime,” Monochrome revealed in a statement.     

Regulatory Approval 

Following the U.S. approval of spot Bitcoin ETFs in January 2024, regions like Hong Kong and Australia have shown a willingness to embrace these products. By the end of April, Hong Kong had formally approved the first set of crypto-related spot ETFs, marking an achievement for the city in its pursuit to enhance itself as a prominent digital assets center.   

In Australia, firms must first obtain approval from the regulatory authority, the Australian Securities & Investments Commission (ASIC), followed by the exchange listing the product, which in this instance is Cboe Australia. Monochrome had previously secured ASIC’s approval for this product and  in April, the company applied for a spot Bitcoin ETF.

“This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space,” Jeff Yew, CEO of Monochrome Asset Management, said.  

Meanwhile, Yew was previously CEO of Binance’s Australia business, but he left to set up Monochrome in Brisbane in 2021.  

BlackRock’s $20 billion Bitcoin ETF saw inflows exceeding $102 million, while Grayscale’s ETF experienced another round of outflows. 

In recent events in the crypto space, BlackRock’s spot Bitcoin exchange-traded fund has surpassed Grayscale’s Bitcoin Trust (GBTC) to become the world’s largest Bitcoin exchange-traded fund (ETF).  

By the close of trading on May 28, BlackRock’s iShares Bitcoin Trust (IBIT) reported $102.5 million in inflows, while Grayscale’s Bitcoin Trust (GBTC) experienced a $105 million outflow.  

According to data from HODL15Capital and the Apollo Bitcoin Tracker, the recent inflows have increased BlackRock’s spot ETF to 288,670 BTC. In contrast, Grayscale now holds 287,450 BTC, a significant decrease from the 620,000 BTC it held at the time of its conversion in January.

BlackRock’s Holdings

A Bloomberg report on May 29 noted that BlackRock’s ETF held $19.68 billion worth of BTC as of Tuesday, while Grayscale’s holdings were valued at $19.65 billion. Fidelity’s Bitcoin ETF, on the other hand, held $11.1 billion.   

All 11 spot Bitcoin ETFs were launched on the same day in January 2024. Since then, BlackRock’s ETF has dominated, capturing the majority of inflows.  

Commenting on the feat, Twitter user @HODL15Capital said; “There is a new king in the land of Bitcoin ETFs & its BlackRock.”

Recent regulatory filings indicate that BlackRock’s income and bond-focused funds acquired its spot Bitcoin ETF shares during the first quarter.

According to filings with the Securities and Exchange Commission (SEC) on May 28, BlackRock’s Strategic Income Opportunities Fund (BSIIX) acquired $3.56 million worth of the iShares Bitcoin Trust (IBIT), while its Strategic Global Bond Fund (MAWIX) purchased $485,000 worth of IBIT.   

Ether ETFs Approval 

Recent buying activity for IBIT has surged amid growing bullish sentiment for Bitcoin and the broader crypto market. The optimism was fueled by the approval of Ether (ETH) ETFs and renewed support for digital assets among U.S. political parties.

Spot Bitcoin ETFs currently possess over one million BTC, valued at over $68 billion, which represents approximately 5.10% of the crypto asset’s total circulating supply.   

Last week, Bitcoin ETFs listed in the U.S. hit a new milestone. Over 850,000 BTC are under custody, exceeding the previous high of 845,000 BTC set in early April. 

Meanwhile, there’s widespread anticipation surrounding the possible launch of spot Ether ETFs, with analysts suggesting they could hit the market as soon as mid-June.  

Semler Scientific announced that Bitcoin would become its principal treasury reserve asset, with a recent acquisition of 581 BTC worth $40 million

Healthcare technology company Semler Scientific has announced the acquisition of 581 BTC, valued at approximately $40 million. As a part of the strategy, the firm also announced that Bitcoin will be its primary treasury reserve asset.   

Semler Scientific, Inc. develops, manufactures, and markets innovative products and services supporting early detection and treatment of chronic diseases. It also provides technology devices and software for healthcare providers.   

Semler Adopts Bitcoin 

The acquisition was revealed in the company’s recent financial report, where Semler explained its reasoning for adopting Bitcoin as a store of value and a potential growth asset.

“Our bitcoin treasury strategy and purchase of Bitcoin underscore our belief that bitcoin is a reliable store of value and a compelling investment,” Eric Semler, the company’s chairman, said.

Semler noted that Bitcoin possesses distinct qualities that can be seen as a haven during global instability.  

According to a recent report, Semler Scientific generated over $15.9 million in revenue during the first quarter of 2024, a 13% decrease from last year. However, net income rose by 22%, hitting $6.1 million. At the end of March, the company’s balance sheet reflected $83.86 million in assets.  

BTC and Gold 

According to the statement, the firm’s board of directors and senior management reportedly spent considerable time exploring potential uses of its cash reserves, including assessing acquisition opportunities.   

“After studying various alternatives, we decided that holding Bitcoin would be the best use of our excess cash,” Semler added. 

The executive noted that Bitcoin’s structural resilience makes it superior to gold. They also stated that considering the value disparity between gold and Bitcoin, the crypto asset can deliver substantial returns as it increasingly gains recognition and acceptance over digital gold.   

Meanwhile, business software development company Microstrategy (MRST holds 214, 400 BTC, valued at $13.5 billion, making it the largest corporate holder of Bitcon. 

Mt. Gox is preparing to return its BTC holdings to creditors before the October 31 repayment deadline.  

Bitcoin, the world’s largest cryptocurrency by market capitalization, has experienced a notable decline, falling 4% as Mt. Gox distributions start with big BTC moves.  

Mt. Gox was once a leading crypto exchange based in Shibuya, Tokyo, Japan. Launched in 2010, the platform handled over 70% of all bitcoin transactions globally. Mt. Gox was hacked in 2011, and in February 2014, it went bankrupt. In April 2014, the company initiated liquidation proceedings, although 200,000 bitcoins were subsequently found due to theft, fraud, and mismanagement.  

In April 2015, new evidence presented by Tokyo security company WizSec led to the conclusion that “most or all of the missing bitcoins were gradually stolen directly from the Mt. Gox hot crypto wallet, starting in late 2011.” 

Mt. Gox Starts Compensating Users

Mt. Gox became bankrupt following the catastrophic hack that resulted in the theft of 850,000 BTC, valued at $460 million at the time.  

In February 2023, the largest creditors of the insolvent crypto exchange opted for a payment method enabling them to receive a chunk sum of their recovery payout in BTC instead of fiat currency.  

According to Lookonchain, Mt. Gox still holds roughly 95,061 BTC, valued at approximately $6.53 billion.

Crypto Crib also posted an update on the X platform, stating that around $5 billion worth of BTC was on the moved.  The Big Bitcoin move is perceived as Mt. Gox preparing to return its BTC holdings to creditors before the October 31 repayment deadline, over nine years after the exchange collapsed.   

Experts had earlier cautioned against moving the Mt. Gox-era Bitcoin. It might unsettle the market and exert downward pressure on BTC prices.  However,  analyst James Check stated that the Mt. Gox event is going to be “a fantastic case study for why on-chain data works so well for Bitcoin.”   

BTC Drops 4% 

Bitcoin prices dropped by significantly from a high of $70,600, reaching a low of $67,555 about 12 hours later during the Tuesday morning Asian trading session.  

At the time of writing, the price had slightly recovered to $68,334 and remained within its multi-month range-bound channel.  

Popular trader Bleeding Crypto mentioned that he was monitoring technical support levels at $65,000 and $61,450.

Argentina’s minister of foreign affairs legalized the use of Bitcoin in settling legally binding contracts and making payments within the country.   

Argentina has announced its intention to partner with El Salvador to advance the adoption of Bitcoin.  

According to an official report from the Argentinian National Securities Commission (CNV), the agency’s president, Roberto Silva, and vice president, Patricia Boedo, met with Juan Reyes, the president of El Salvador’s National Digital Assets Commission (CNAD), last week to discuss El Salvador’s experience in adopting Bitcoin.   

Argentina And El Salvador on BTC Adoption Strategy  

The report disclosed that Silva and Boedo discussed the increasing use of digital assets in global economies, exchanging ideas with Reyes about El Salvador’s progress in this area.  

“El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of crypto assets…We want to strengthen ties with the Republic of El Salvador, and therefore, we are going to explore the possibility of signing collaboration agreements with them,” Silver said.  

The Central American country made headlines in 2021 when it became the first to widely adopt Bitcoin as its legal tender under President Nayib Bukele’s administration. Over the years, the country has introduced various Bitcoin-related initiatives, such as Bitcoin bonds, volcano-powered Bitcoin mining, and a citizenship-by-Bitcoin-investment program, adopting a strategy that enables it to accumulate and retain the asset. By mid-May, El Salvador had mined 474 BTC using volcanic energy and held approximately 5 750 BTC.  

Also, El Salvador established the CNAD particularly to manage and enhance its crypto operations, and Argentina is seeking to follow a similar path.  

“I had the opportunity to exchange experiences during the visit to that country, and it seems essential to me to continue strengthening ties with a Republic that is a pioneer in the subject and has vast experience in the subject,” Vice President Boedo said.  

Progressively Accepting Bitcoin 

Argentina is progressively becoming more Bitcoin-friendly. Bitcoin advocate and politician Jaivier Milei won Argentina’s presidential run-off in November. Milei’s victory brought hope to the country struggling with economic meltdown and hyperinflation. The Argentine peso has been in a state of continuous decline.   

A month later, Argentina’s minister of foreign affairs approved and legalized the use of Bitcoin to settle legally binding contracts and make payments within the country.  

Argentina recently introduced the Registry of Virtual Asset Service Providers, a regulatory body dedicated to the local crypto sector.