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BlackRock’s Bitcoin exchange-traded fund (ETF), called iShares Bitcoin Trust (IBIT), has just crossed the symbolic threshold of 700,000 BTC held, reaching nearly $75.6 billion in assets under management. Launched in January 2024, this fund quickly gained popularity, even surpassing, in terms of profitability, some of BlackRock’s oldest ETFs such as the iShares Core S&P 500 and the iShares Russell 2000, both created over 25 years ago. This rapid growth of BlackRock’s Bitcoin fund is largely due to the higher management fees it charges compared to its traditional counterparts, thus contributing to its substantial revenues. In just the last two weeks, IBIT has attracted $52.8 million in net investments, a performance well above that of its main competitor, the Fidelity Wise Origin Bitcoin Fund, which attracted only $12.3 million during the same period. According to Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets International, this success has broader implications than those traditionally seen in the ETF industry. Indeed, the growing popularity of these funds among investors who prefer to hold their assets for the long term helps stabilize Bitcoin prices. This dynamic explains why the volatility observed in the crypto market is gradually declining.
Two publicly traded companies, Semler Scientific and Metaplanet, have just increased their Bitcoin reserves. Semler acquired an additional 187 BTC for about $20 million, bringing its total holding to 4,636 BTC (over $500 million USD). Meanwhile, Metaplanet, a Japanese investment company, bought 2,205 BTC, bringing its reserve to 15,555 bitcoins, or a value close to $1.7 billion. These two companies are following the pioneering example set by Strategy (formerly MicroStrategy), notably adopting innovative financing strategies to fund their cryptocurrency purchases. They also communicate on a key indicator, the “BTC Yield,” popularized by Michael Saylor of Strategy, which measures the ratio of Bitcoin reserves to the total number of shares outstanding. In this respect, Metaplanet posts an impressive annual yield of 416%, while Semler stands at 29% since the start of the year.
This strategy of accumulating Bitcoin on the balance sheet has become common among a growing number of public companies, which now collectively hold more than 852,000 BTC, according to recent data. However, despite these new investments, both companies saw a drop in their share price on the very day of these purchases. Indeed, Metaplanet’s share fell by 1.8%, although it has posted a cumulative increase of 381% since the beginning of the year. As for Semler, its share fell by 4.4% on the same day, accentuating its annual decline, now over 29%. Bitcoin itself remains close to its historic highs: its price is currently around $109,000, less than 3% from its all-time high of $111,814.
Bitcoin is currently experiencing a period of very low volatility, reaching its lowest level in nearly two years. This relative calm in the market coincides with a significant drop in the number of monthly transactions on the network. In June, this figure fell by 15% compared to May, reaching its lowest level since October 2023. Some transactions with unusually low fees have even recently been accepted by miners, reflecting the decline in activity on the network. Despite this marked slowdown in the Bitcoin network, institutional investor interest continues to grow. U.S. Bitcoin exchange-traded funds (ETFs) have just hit a new record, now nearing $50 billion in cumulative net inflows. Just last week, these funds attracted over $1 billion in just two days. In total, these ETFs now hold approximately $137.6 billion in Bitcoin, an all-time high.
Robinhood is currently in talks with several European regulatory authorities about its new stock token project, digital assets based on blockchain technology that offer exposure to traditional equities. This initiative, which notably includes tokens linked to OpenAI and SpaceX, has recently sparked controversy after public pushback from OpenAI. In response to questions, particularly from the Bank of Lithuania, Robinhood had to clarify the exact nature of these tokens, explaining that they are derivatives allowing retail investors to gain exposure to the stock market without granting them actual ownership in the companies concerned. OpenAI, for its part, warned users by specifying that no transfer of shares was possible without its explicit authorization, thus urging investors to be cautious. Despite these regulatory hurdles, Robinhood is actively pursuing its experimentation. According to blockchain data, the company has already issued around 215 stock tokens on the Arbitrum (Ethereum Layer 2) network and continues its tests. One of the SpaceX tokens was renamed “Demo 1,” clearly indicating that the project remains in its pilot phase. At the same time, Robinhood is considering expanding this initiative by soon offering perpetual futures contracts and launching its own Layer 2 blockchain, also based on Arbitrum. These developments show the company’s clear determination to expand its offering in the crypto sector despite current regulatory challenges.
Elon Musk has just launched a new political formation in the United States, called the “America Party,” which places Bitcoin at the heart of its economic strategy. Musk sharply criticizes fiat currencies, calling the system “hopeless” and sees Bitcoin as a radical solution to the current management of American debt and traditional fiscal policies. Musk’s party plans to field candidates in the 2026 legislative elections, aiming to secure key seats in Congress. However, some analysts remain cautious about Musk’s real intentions, noting that his public statements often fluctuate between genuine conviction and media provocation. Nevertheless, other experts believe Musk could truly be motivated to act, given his media influence and considerable financial resources. The America Party’s stance reinforces the idea that Bitcoin could be used as a tool for monetary and fiscal reform. Still, some observers point out a potential paradox: if Musk were to advocate austerity policies, it could slow Bitcoin’s growth, as the cryptocurrency generally benefits from periods of monetary expansion and inflation concerns. Nevertheless, the adoption of Bitcoin by a leading political party could further strengthen its reputation as a serious alternative to fiat currencies. Finally, it is notable that Musk already has a close relationship with cryptocurrency through his companies, Tesla and SpaceX, which together hold nearly 19,800 bitcoins valued at an estimated $2.1 billion. This proximity reinforces the idea that Musk is seriously considering Bitcoin not only as a strategic investment but also as a centerpiece of his future political ambitions.
A major Bitcoin investor, known as a “whale,” moved more than 80,000 BTC on Friday, or about $8.6 billion. This operation is remarkable because these Bitcoins had been immobile since their creation 14 years ago. According to data from Arkham Intelligence, the transfers took place in batches of 10,000 BTC throughout the morning, immediately attracting the attention of analysts and observers. This exceptional amount of cryptocurrency originally comes from transactions dating back to 2011, originating from rewards distributed to miners when new blocks are created (so-called “coinbase” transactions). Julio Moreno, Head of Research at CryptoQuant, points out that this is the largest daily movement ever recorded for Bitcoins more than ten years old, far surpassing the previous record of 3,700 BTC moved after a long period of inactivity. Faced with the unusual scale of this transaction, some analysts, including J.A. Maartun of CryptoQuant, expressed their astonishment, stating they had never seen a similar operation despite years of analysis. Meanwhile, Conor Grogan, director at Coinbase, indicates that the entity concerned at one point held up to 200,000 BTC, a fortune estimated at over $21 billion, making it one of the five largest historical holders of Bitcoin. He believes it is likely to be an early miner or a pioneer investor who accumulated Bitcoins very early on. These massive movements by whales usually generate some nervousness in the markets, as investors often fear an imminent sale likely to push prices down.
The Bitcoin futures market is currently showing positive signs, with renewed investor interest in long positions. Open interest has increased by 7% over the past 30 days, marking the first clear sign of a return to optimism since the significant decline observed between May and June. An increase in open interest along with price generally indicates bullish momentum, as it reflects the arrival of new capital supporting the upward trend. According to Bitcoin market specialist Axel Adler Jr., ideally, open interest should increase by at least 10% along with a significant rise in trading volumes to fully confirm a bullish breakout. Adler also points out that the “Bitcoin Futures Market Power v2.0” indicator, which analyzes open interest combined with funding rates and buyer aggression, now stands at 22,000. Although still far from the euphoric highs seen during major past rallies, this indicator signals a significant increase in buying pressure and strengthens the hypothesis of an upcoming bullish move.
According to recent analysis based on the Mayer Multiple, a classic indicator for evaluating the price of Bitcoin against its 200-day moving average, Bitcoin is currently undervalued, despite its price being close to all-time highs. Today, this indicator shows a value of 1.1, thus well below the threshold considered “overbought” (above 1.5). This suggests that the cryptocurrency still has significant room to continue its upward movement.
Analyst Axel Adler Jr., from the CryptoQuant platform, points out that this measure positions Bitcoin in a neutral zone and indicates that the market is not yet overheated. Thus, unlike previous periods of euphoria that led to major highs, the market still has potential for an additional bullish impulse. However, opinions differ as to the exact timing when this upward trend could reach its peak. Many analysts are now targeting October 2025 as the likely time when Bitcoin could experience a “blow-off top,” a spectacular peak marking the end of this bull cycle. This hypothesis is notably based on Bitcoin’s historical cycles, which have often peaked around this time.
The presented information is as of July 8th, 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.
