Tron Inc.&#8217;s Nasdaq debut could enhance blockchain adoption and investor interest, potentially boosting TRX&#8217;s market position and value. The post Justin Sun-backed Tron Inc. to ring Nasdaq bell tomorrow following reverse merger appeared first on Crypto Briefing.

Justin Sun-backed Tron Inc. to ring Nasdaq bell tomorrow following reverse merger

The surging borrowing rates in the Ethereum network may send “ripple effects 
across the Ethereum ecosystem,” says a crypto researcher.

Ether vulnerable as ‘meaningful unwinding’ on horizon — Analyst

Following the passage of the GENIUS Act, which regulates stablecoin issuance, 
Anchorage Digital has partnered with Ethena Labs to launch a U.S.-compliant 
version of the USDtb stablecoin. A New Era for Stablecoin Compliance Just days 
after U.S. lawmakers passed sweeping digital asset legislation—including the 
landmark GENIUS Act regulating stablecoin issuance—Anchorage Digital, a 
federally chartered crypto […]

GENIUS Act Spurs First US-Compliant Stablecoin Launch

Bitcoin continues to consolidate just below the $120,000 mark, exhibiting 
restrained momentum despite previous rallies that pushed it to all-time highs 
above $123,000. Over the past 24 hours, the cryptocurrency has fluctuated 
between a low of $117,422 and a high of $119,197, ultimately trading at 
$118,578 at the time of writing. While price movement has remained relatively 
stable, on-chain indicators suggest that broader market sentiment is still in 
a transitional phase, with neither excessive enthusiasm nor panic selling 
present among investors. Related Reading: Are Traders Walking Into a Bitcoin 
Bull Trap at $118K? Here’s What the Data Shows Bitcoin Market Signals Suggest 
Ongoing Expansion Phase A recent analysis by CryptoQuant contributor Gaah 
highlights a key development in the Index Bitcoin Cycle Indicators (IBCI), a 
composite tool used to track phases in Bitcoin&#8217;s market cycle. According to 
Gaah, the IBCI has returned to the “Distribution” zone, an area historically 
associated with the late stages of a bull market. However, this return is 
moderate, as the index has reached only 80% of the zone’s upper boundary, 
falling short of the full saturation levels typically observed at major market 
peaks. The IBCI’s moderate level indicates that Bitcoin is in an expansionary 
stage, but without the typical signs of overheating. Gaah noted that two 
critical components of the IBCI, the Puell Multiple and the Short-Term Holder 
Spent Output Profit Ratio (STH-SOPR), remain below their midpoint levels. This 
suggests that short-term speculation and aggressive profit-taking, often seen 
in late-stage bull markets, have not yet fully emerged in the current cycle. 
As a result, while caution may be warranted, the broader trend does not yet 
resemble a typical market top. The Puell Multiple, in particular, continues to 
hover near the “Discount” range, indicating that miner profitability remains 
moderate even with Bitcoin’s recent all-time high. This points to a valuation 
structure where network participants have not yet entered the excess phase 
that typically precedes a market correction. Gaah emphasized that the current 
state of the IBCI reflects underlying market strength supported by 
fundamentals, not speculative fervor. However, he also warned that the market 
is in a high-risk correction zone in the short term and should be monitored 
closely for shifts in retail behavior and miner activity. Short-Term Holders 
Offer Support Around Realized Price Adding to the discussion, another 
CryptoQuant analyst, Amr Taha, observed that Bitcoin has maintained price 
stability near the realized price of the UTXO Age Band for 1-day to 1-week 
holders, currently around $118,300. This metric is often interpreted as a 
dynamic support level that reflects the average cost basis for recent buyers. 
According to Taha, the absence of capitulation among newer holders implies 
that recent market entrants remain confident, reinforcing the current price 
range as a psychological and technical support zone. Related Reading: Bitcoin 
Hovers Below $120K as On-Chain Indicators Point to Slowing Demand Together, 
these insights suggest that while Bitcoin may face near-term volatility, 
broader indicators do not yet reflect an overheated market. Instead, current 
metrics imply a market that continues to expand at a measured pace, with room 
for potential upside if fundamentals remain intact. Featured image created 
with DALL-E, Chart from TradingView

Market Top or Just a Pause? Analysts Weigh in on Bitcoin’s Quiet Zone

Justin Sun, founder of the Tron blockchain, rang the Nasdaq bell Thursday 
morning on behalf of Tron Inc. (Nasdaq: TRON), a new entity formed when Sun 
orchestrated a reverse merger with SRM Entertainment in June 2025. Prior to 
the deal, SRM was a publicly listed toy manufacturer that supplied products to 
theme parks such as […]

Justin Sun Rings Nasdaq Bell for Tron Inc.

Regulatory clarity is opening the door for banks, asset managers, and crypto 
firms to roll out new stablecoin products.