There are only 21 million coins in total, buy! Buy! Buy!
Written by: Bright, Foresight News
On the morning of July 15, the secondary cryptocurrency market experienced a healthy correction after BTC reached a new high of $123,300. Many altcoins saw significant rebounds, with ETH briefly reclaiming the $3,000 mark and Sui touching $4, showing strong upward momentum. As of the time of writing, Bitcoin's high was reported at $117,436 after a pullback.
In terms of liquidation data, according to Coinglass, over 137,700 people were liquidated in the last 24 hours, with a total liquidation amount of $775 million, including $551 million in short liquidations and $224 million in long liquidations, primarily from short positions. The largest single liquidation on CEX was for BTC-USDT, occurring on Binance, valued at $98.1 million.
Under the influence of BTC's new high sentiment, even though the overall U.S. stock index only saw a slight increase, cryptocurrency-related stocks surged. Coinbase reached $398.5 during trading, with a total market capitalization exceeding $10 billion, setting a new historical high. MicroStrategy rose over 3.78%, closing at $451.02, firmly above the $450 mark. Circle halted its decline, closing up 9.27% at $204.7.
However, the most aggressive expansion is not from the established cryptocurrency companies mentioned above. Newly established or transformed cryptocurrency strategic reserve companies are gearing up, forming a strong buying force in the market following Bitcoin's new high. Grayscale, the cryptocurrency asset management company that once dominated the BTC ETF space, has secretly submitted an IPO application to the U.S. SEC. Different entities in the cryptocurrency market have all increased their "acceleration" in response to BTC's new high.
Coin Hoarding Companies: I Buy for Everyone
Data shows that from July 7 to July 14, excluding mining companies, the total net inflow of BTC from publicly listed companies worldwide was $628 million in just one week. Apart from Strategy and Metaplanet, five emerging BTC strategic reserve companies made new purchases last week. The UK digital advertising company The Smarter Web purchased $29.1 million, bringing its total holdings to 1,275 coins; the Japanese listed company Remixpoint bought $13.89 million, totaling 1,168.28 coins; the U.S. tech company KULR invested $10 million, totaling 1,021 coins; the Japanese clothing company ANAP purchased $5.21 million, totaling 229.23 coins; and the French Web3 service company Blockchain Group bought $3.23 million, totaling 1,933 coins.
On July 14 alone, the NYSE-listed IoT chip company Sequans Communications announced it had purchased an additional 683 bitcoins, bringing its total to 1,053 bitcoins. The AI company Genius Group bought 32 BTC, holding a total of 180 BTC.
Excluding BTC, the U.S. listed company BTCS Inc (BTCS) increased its holdings by 14,522 ETH, with a total market value of its cryptocurrency and cash reaching $96.3 million, including 29,122 ETH. BitMine Immersion (BMNR) announced it currently holds approximately 163,000 ETH, with a total market value exceeding $500 million, far surpassing its previous private placement financing amount of $250 million.
Fundraising, Mergers, and Acquisitions
In addition to purchasing BTC, fundraising cannot stop.
The Canadian listed company Matador Technologies first announced plans to raise CAD 900 million to continue purchasing Bitcoin. The Nasdaq-listed company BTC Digital announced that after completing an initial $1 million ETH strategic reserve, it has also completed a $1 million BTC strategic reserve and plans to expand its total cryptocurrency strategic reserve to over $10 million by the end of 2025.
The Nasdaq-listed company Sonnet BioTherapeutics has reached a business merger agreement valued at approximately $888 million with Rorschach I LLC. After the merger is completed, the newly formed entity will be named Hyperliquid Strategies Inc, which is expected to hold approximately 12.6 million HYPE tokens, valued at $583 million.
Additionally, the U.S. listed company Everything Blockchain Inc. announced the establishment of MemeStrategy Inc., which will initially hold tokens such as PEPE, BONK, and SPX6900, and may later follow Strategy to conduct strategic reserves of meme coins.
The RWA protocol Ondo Finance announced the acquisition of the crypto technology consulting company Strangelove to accelerate the development of its full-stack RWA platform.
Grayscale to IPO?
Last night, the cryptocurrency asset management company Grayscale announced that it has submitted an IPO registration statement to the U.S. Securities and Exchange Commission (SEC), but did not disclose details such as the number of shares to be sold or the expected price range. Grayscale stated that it expects its IPO registration to proceed after the SEC completes its review process, but did not provide a specific timeline.
Previously, the SEC rejected Grayscale's application to convert its flagship Bitcoin trust into an exchange-traded fund (ETF) during the Biden administration, but that decision was overturned by a federal appeals court in 2023. Grayscale's ETF was approved in early 2024, and its asset scale has grown to $21.7 billion, making it one of the largest Bitcoin ETFs in the world.
The timing of Grayscale's IPO is quite ambiguous. This week, the U.S. Congress will welcome "Crypto Week," planning to review three key cryptocurrency legislations, including the CLARITY Act and the GENIUS Act. French Hill, chairman of the House Financial Services Committee, stated that these "milestone legislations" will establish a clear regulatory framework for digital assets. The U.S. has even gradually opened the door for citizens to purchase cryptocurrency tokens in retirement accounts.
It is evident that against the backdrop of liquidity recovery and the gradual relaxation of U.S. regulatory policies, the number of players entering the cryptocurrency space will inevitably increase, and the intertwining of cryptocurrency finance and traditional finance will become even closer. Bitfinex stated that new buyers entering the Bitcoin market are seen as "price-insensitive" investors, and their accumulation of Bitcoin is outpacing the supply rate of miners, highlighting BTC's importance in the global financial system.
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