Market Update

The cryptocurrency market experienced notable volatility this week, with significant movements influenced by political events and technical factors. Bitcoin dropped to the $64k range before rebounding above $67K. Ethereum showed weak performance relative to both the dollar and BTC, despite the launch of spot ether ETFs. A Solana-based meme token linked to Democrat Vice President Kamala Harris surged by 78%, while other meme tokens linked to Biden declined. The overall market remained volatile, with meme tokens MEW and WIF leading gains and Zebec protocol experiencing the largest loss. Bitcoin continued to dominate the market as the Altcoin Season Index score plummeted, indicating a challenging environment for altcoins.

Top Stories of the Week

MARA Adopts ‘Full HODL Strategy,’ Surpasses 20,000 BTC Holdings
Marathon Digital Holdings, known as MARA, shifted its strategy to fully hold all its mined bitcoin, with holdings now exceeding 20,000 BTC including a $100 million purchase. The company’s rebranding and policy change aim to strengthen its balance sheet by leveraging bitcoin, underscoring their belief in bitcoin’s long-term value. CEO Fred Thiel endorses bitcoin as a premier treasury reserve asset, and the CFO Salman Khan sees its current market position as an opportunity to increase holdings, reflecting the growing institutional interest in bitcoin.

US Spot Bitcoin ETFs See Record $533.57M Inflows Ahead of Ether ETF Launch
U.S. spot bitcoin ETFs recorded a 12th consecutive day of inflows, with $533.57 million on Monday, the highest gain since June 4, suggesting strong investor confidence ahead of the spot ether ETF launch. Blackrock’s IBIT dominated the inflows with $526.7 million, while other funds, such as Fidelity’s FBTC and Invesco’s and Galaxy’s BTCO, also reported significant inflows; Vaneck’s HODL, however, faced outflows. The cumulative management of these funds reach $62.14 billion, equating to 4.63% of bitcoin’s total market cap, underscoring the growing institutional interest in cryptocurrency ETFs.

Bitcoin Mining Companies Abandoning Paraguay for Brazil
Bitcoin mining companies in Paraguay are considering relocating to Brazil after the National Power Administration of Paraguay (ANDE) increased power fees by up to 14%. Penguin Group, a cryptocurrency mining operator, has already made moves to secure 400MW of energy in Brazil due to what they term as “excessive greed” by ANDE. Representatives from the bitcoin mining industry in Paraguay are seeking to negotiate with government officials for a possible reversal of the fee hike to maintain their operations within the country.

Cross-Border Digital Ruble Payments May Become a Reality in 2026
International settlements using Russia’s digital ruble are expected to be operational for cross-border payments by 2026 as per Anatoly Aksakov of the State Duma Committee on the Financial Market. Russian authorities look to expand the ongoing pilots internally in 2025, before introducing the digital currency for international transactions. The plan aligns with President Putin’s push for digital asset circulation within Russia and with other economies, amid ongoing efforts to regulate cryptocurrency.

Decentralized Finance TVL Recovers to $100B After July Lows
The total value locked (TVL) in decentralized finance (defi) recovered to stay above $100 billion after a drop to $86.3 billion on July 7, 2024. Lido is currently the leading defi protocol with a TVL of $33.78 billion, contributing to the sector’s 16.85% growth since early July. The TVL’s recovery prompts questions on whether this positive trend will hold amid the market’s recent volatility.

Massive Sleeping Bitcoin Wallet From 2013 Moves 750 BTC After 11 Years, Valued at $48M
A dormant bitcoin wallet from May 2013 has transferred 750 bitcoins, valued at about $48 million, for the first time in 11 years amid recent market dips. The funds have been redistributed into three separate wallets, with the majority being transferred to a more current wallet type. Despite remaining inactive during past bull runs, the owner has realized a 52,407% gain against the U.S. dollar over the 11-year period.

Marathon Digital Ordered to Pay $138M for Contract Breach
A federal court jury in Los Angeles has found Marathon Digital Holdings Inc. guilty of breaching a Non-Disclosure/Non-Circumvention Agreement with Michael Ho, awarding Ho $138 million in damages. Ho shared proprietary information regarding a large-scale energy supplier with Marathon under the agreement that they would not circumvent him. Despite the agreement, Marathon engaged directly with the energy supplier, bypassing Ho and failing to provide compensation.

Weekly News Digest for Jul 20–26 was originally published in Bitcoin.com on Medium, where people are continuing the conversation by highlighting and responding to this story.