Injective protocol is forming a bullish pennant above major high time frame support. Price is coiling near the value area low, and a breakout backed by volume could trigger a 150% rally toward key Fibonacci levels. The recent correction in…

Injective crypto coils into a Bullish Pennant as support holds strong

Is MARA mining, HODLing, or Banking? With 15% of its Bitcoin treasury out on 
loan, MARA Holdings is starting to look like a shadow bank. MARA Deploys 15% 
of Bitcoin Treasury in Lending Strategy The following guest post comes from 
Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, 
educational tools, and industry insights. […]

Is MARA Becoming a Shadow Bank Through Its Bitcoin Treasury Strategy?

Ethereum has extended its upward momentum this week, climbing over 20% in the 
past seven days and pushing past $3,600 for the first time in months. As of 
the time of writing, ETH trades at $3,617, marking a 5.4% increase within the 
past 24 hours. This rally has been drawing attention from analysts who are 
examining whether the price movement is being driven by sustainable investor 
demand or short-term speculative activity. Related Reading: Ethereum Shorts 
Are Getting Crushed: Could ETH Be Eyeing a New All-Time High? Ethereum Futures 
Market Leads, But Spot Demand Lags Behind Data from on-chain analytics firm 
CryptoQuant suggests the recent uptrend in Ethereum’s price is primarily 
fueled by the derivatives market. Contributor Avocado Onchain noted that while 
ETH continues to move higher, the underlying source of momentum appears to be 
leverage-heavy futures positions rather than sustained buying in the spot 
market. This distinction raises questions about the durability of the current 
rally and whether follow-through demand from spot buyers will emerge. Avocado 
further highlighted in his QuickTake analysis titled &#8220;Ethereum’s Rally Driven 
by Futures Market — Will Spot Demand Follow?&#8221; that the Ethereum Futures Volume 
Bubble Map is signaling an overheated state in specific zones, indicated by 
surging volumes. This increase in futures volume, marked by yellow circles on 
the map, has coincided with ETH’s price gains, implying leveraged positions 
are largely responsible for the rise. In contrast, the spot market data shows 
relative stability, with no equivalent spike in volume, suggesting that buying 
pressure from traditional investors has yet to catch up. The analyst also 
pointed out that Ethereum’s Open Interest (OI) in futures has reached new all- 
time highs, which strengthens the idea that the current movement is 
speculative in nature. The question moving forward, according to Avocado, is 
whether momentum from the derivatives market will eventually be matched by 
genuine spot market demand. If such demand materializes, it could contribute 
to broader altcoin market activity, he added. Institutional Interest and ETF 
Inflows In a separate insight, another CryptoQuant analyst, Crypto Dan, noted 
increasing signs of institutional participation in Ethereum accumulation. 
According to his analysis, ETH is trading at a premium on Coinbase, a platform 
frequently used by US-based institutions and large investors, indicating 
heightened buying interest from whales. The premium, described as rare in 
recent times, aligns with a broader trend of capital inflows into Ethereum- 
focused spot ETFs, which have recently reached record daily highs. Dan stated 
that while current metrics do not indicate overheating, investors should 
remain aware of potential risks should the strong upward activity repeat in 
the second half of 2025. Related Reading: Ethereum Road To $10,000: Replay Of 
May’s Playbook Predicts Another Breakout For now, however, the combination of 
rising institutional demand and growing ETF allocations may provide structural 
support for Ethereum, especially if the spot market begins to reinforce the 
momentum sparked in the futures space. Featured image created with DALL-E, 
Chart from TradingView

Ethereum’s Rally Isn’t What It Seems — Here’s What’s Really Driving It

With bitcoin climbing 14.6% over the past 30 days, miners are raking in higher 
earnings. The going rate for 1 petahash per second (PH/s) of hashpower now 
floats around $60.49, padding profits for some of the top application-specific 
integrated circuit (ASIC) rigs available. Here’s a look at the leading 
machines of the moment and how […]

ASIC Bitcoin Miners Are Back in Profit Mode—Here’s What They’re Making Daily

As Bitcoin (BTC) continues to set new all-time highs (ATH) &#8211; reaching $123,218 
on Binance on July 13 &#8211; on-chain data reveals a shift in holder behavior that 
could threaten the cryptocurrency’s bullish momentum. Bitcoin Holder Rotation 
May Derail Rally According to a CryptoQuant Quicktake post by contributor IT 
Tech, long-term Bitcoin holders (LTH) &#8211; those holding BTC for over 155 days &#8211; 
have transitioned into net distribution, suggesting seasoned investors are 
engaging in profit-taking. Meanwhile, short-term holders (STH) &#8211; those who 
have held BTC for less than 155 days — have recently turned net positive, 
indicating they are buying into BTC’s current rally in anticipation of further 
gains. Historical data shows that similar trends among LTH and STH were 
observed back in April 2021 and November 2023. During both these instances, 
BTC witnessed a cooling phase or a local top when spot demand faded. Related 
Reading: Bitcoin Exchange Inflows Spike After $123,000 Peak – Signs Of Short- 
Term Cooling? In their analysis, IT Tech suggested keeping an eye on exchange 
inflows and funding rates for confirmation. If spot BTC inflows to crypto 
exchanges surge, it could hint that sell-pressure is likely to increase, which 
may derail the digital asset’s bullish trajectory. Supporting this view, 
CryptoQuant contributor Arab Chain noted that the Spent Output Value Ranges 
(SOVR) indicator shows a spike in BTC transfers to exchanges from wallets 
holding 1,000 to 10,000 BTC &#8211; typically associated with whales. For the 
uninitiated, the SOVR indicator tracks on-chain BTC transfers by value buckets 
to identify which investor segments are active. It helps reveal whether 
retail, mid-sized, or institutional players are driving market activity. This 
aligns with IT Tech’s observations on long-term holders. If selling pressure 
intensifies, BTC could correct down to a support level near $111,800. Not All 
Analysts See Rally Exhaustion Although Bitcoin LTH entering distribution 
phase, and whales increasing their deposits to crypto exchanges may point 
toward a potential end for the current rally, not all analysts share the same 
sentiment. Related Reading: Bitcoin Profit-Taking Spikes Without Price Drop – 
Strong Demand Or Delayed Reaction? For instance, the STH Market Value to 
Realized Value (MVRV) suggests BTC may still be undervalued, indicating 
potential for further upside. If that holds, Bitcoin could climb as high as 
$150,000 before any major pullback. Additionally, a fresh injection of $2 
billion in liquidity to major crypto derivatives platforms could help reignite 
bullish momentum. However, caution remains warranted. The Bitcoin NVT Golden 
Cross has been climbing steadily, giving early signs of an overheated market. 
At press time, BTC trades at $118,754, up 0.4% in the past 24 hours. Featured 
image from Unsplash, charts from CryptoQuant and TradingView.com

Bitcoin Sees Long-Term Holders Sell As Short-Term Buyers Step In – Sign Of Rally Exhaustion?

Sharplink Gaming Inc. has filed to sell up to $5 billion worth of additional 
common stock, primarily to fund the purchase of ether for its corporate 
treasury. Sharplink Expands Stock Offering to $6B Total The Minneapolis-based 
online gaming marketing company disclosed the plan in a Securities and 
Exchange Commission (SEC) filing this week. The new […]