Client Access 
Communications
In recent hours, Bitcoin has rebounded above $108,000, benefiting from a de-escalation in geopolitical tensions following the announcement of a provisional ceasefire between Iran and Israel. The cryptocurrency had dropped below $100,000 over the weekend, but the truce restored confidence in the markets: the total market capitalization of digital assets climbed back to $3.4 trillion, and major tokens like Ether and Solana also posted gains.
This rebound extended to U.S. equity markets: the S&P 500 once again surpassed the psychological 6,000-point level, although optimism was tempered by the Federal Reserve’s cautious stance. Chairman Jerome Powell reiterated before Congress that interest rates would remain unchanged until economic data justified a loosening of policy, pushing back any hope of a rate cut to later in the year. Despite the lack of a clear signal from the Fed, institutional appetite for Bitcoin remains strong. U.S.-based exchange-traded funds (ETFs) saw inflows of nearly $589 million in a single day, while investments in Ether-related funds continued to rise.
Interest in Bitcoin is also growing among several U.S. states and major corporations: public initiatives in Arizona, Ohio, and Texas aim to build BTC reserves, while Japan’s Metaplanet raised over half a billion dollars to increase its holdings. According to several analysts, this robust institutional demand may offset macroeconomic uncertainties and support continued market growth.
Bitcoin’s price continues to be strongly influenced by flows into specialized ETFs, according to Vetle Lunde, head of research at K33. The very high statistical correlation between these flows and Bitcoin price movements clearly shows that ETFs remain a core market driver. However, despite their recent growth, companies holding Bitcoin in their treasuries have had a much more limited impact. This discrepancy is largely due to the methods used to acquire Bitcoin. While firms like Strategy buy directly from the market using raised capital—creating real demand—many newer firms prefer in-kind share swaps, which do not create additional net market demand. This is the case for companies like Twenty One, backed by SoftBank, which acquired its BTC through exchanges with Tether and Bitfinex.
U.S. Ethereum ETFs crossed the $4 billion net cumulative inflow threshold this week, just eleven months after launching in July 2024. This achievement came despite massive withdrawals of $4.3 billion from the converted, higher-fee Grayscale ETHE fund. Without that drag, net inflows would have exceeded $8 billion. Among the top contributors, Fidelity’s FETH stood out with over $60 million in a single day, surpassing BlackRock’s ETHA fund, which brought in nearly $26 million. Grayscale’s market share (ETHE) dropped sharply from nearly 90% at launch to around 30%, allowing BlackRock (31.8%) to become the segment leader. This Ethereum ETF success contrasts with the even more impressive performance of U.S. Bitcoin ETFs, which gathered nearly $35 billion in their first 11 months and now total over $47 billion. However, when accounting for Ethereum’s market cap—about 14% of Bitcoin’s—their relative performance becomes more comparable.
Bitcoin’s hashrate has dropped sharply—by more than 15% since June 15—marking the steepest decline in three years. This drop, from roughly 943.6 billion terahashes per second (TH/s) to around 800 TH/s in just a few days, has sparked speculation about its causes. Geopolitical factors, especially recent events involving Iran, have been cited. Iran is home to large-scale Bitcoin mining operations, often state-supported. The country recently imposed a near-total internet blackout following cyberattack threats, and the U.S. subsequently launched airstrikes on nuclear facilities, leading to power outages. Still, these events directly account for only about 3% of the overall decline.
In reality, the drop began before these incidents, suggesting that other factors are at play. Chief among them are rising electricity costs, worsened by extreme heatwaves across the United States. These conditions reduce mining efficiency and force low-profit operations to temporarily shut down. Soaring energy prices in certain U.S. regions, driven by high demand, have compounded the issue. It’s also worth noting that Bitcoin’s hashrate is not directly measured but instead estimated based on block time and network difficulty—methods that introduce some imprecision. Therefore, the recent decline likely stems from a combination of economic, environmental, and geopolitical pressures rather than a single cause.
The Arizona House of Representatives has passed Bill HB 2324, which aims to create a state-managed reserve of Bitcoin and other digital assets. This reserve would be funded exclusively with cryptocurrencies seized during criminal investigations. The bill also establishes detailed procedures for the seizure, storage, and resale of these assets, with proceeds split between law enforcement, the state’s general fund, and the new reserve. Under the proposed allocation, the first $300,000 of seized crypto would go to the State Attorney General’s office, with the remaining funds divided between Arizona’s treasury and the crypto reserve. HB 2324 follows another law passed in May (HB 2749), which allows the state to hold unclaimed crypto in its native form and redirect staking rewards to a state crypto fund. After failing a final vote in May, HB 2324 was revived through procedural efforts and narrowly passed in the Senate before its final approval in the House. Governor Hobbs must now decide whether to sign the bill, having previously expressed reservations about exposing public funds to crypto market volatility.
Strategy, formerly known as MicroStrategy, recently purchased 245 bitcoins for approximately $24.8 million, bringing its total holdings to 592,345 BTC—worth around $60 billion at current prices. The acquisition, made between June 16 and 22, represents one of the firm’s smallest purchases of the year, reflecting a more cautious approach amid growing geopolitical uncertainty in the Middle East.
Tether CEO Paolo Ardoino has announced that the company could become the world’s largest Bitcoin miner by the end of 2025. Tether, which currently holds over 100,000 BTC, views mining not just as a profit-generating activity but as a strategic move to secure its $10+ billion Bitcoin exposure. Despite having a workforce of fewer than 200 employees, Tether reported profits of approximately $13 billion in 2024 and is aggressively expanding into sectors such as artificial intelligence, telecommunications, and energy infrastructure. Since 2023, the firm has invested more than $2 billion into mining operations across Uruguay, Paraguay, and El Salvador, including substation development and renewable energy initiatives. However, Tether has yet to disclose its current mining hashrate, making it difficult to validate Ardoino’s bold claims. By comparison, leading mining companies like MARA and CleanSpark report hashrates of 57.3 EH/s and 50 EH/s respectively, while Bitcoin’s total network hashrate stands at around 810 EH/s.
The market remains in a consolidation phase, and exchange order books show increasing liquidity near current price levels—a setup that typically precedes sharp price movements, also known as “liquidity grabs.” Analysts now believe Bitcoin could push as high as $111,000 in the near term, due to concentrated liquidity at that level. Lastly, the exact closing price for June will be key to determining whether Bitcoin is breaking out of its recent range. According to analyst Rekt Capital, a monthly close above roughly $102,400 would confirm a breakout, in a context shaped by upcoming U.S. economic data and potential rate cuts from the Federal Reserve.
The presented information is as of June 25th 2025, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
