Nature’s Miracle, Upexi and Japan&#8217;s Kitabo are the latest companies adopting crypto treasury strategies.

Traditional companies enter the crypto treasury game with BTC, XRP and SOL buys

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.

US crypto legislation drives $4B surge in stablecoin supply

Jack Mallers, founder of Strike, argued in a video shared on X that a 
structurally higher Bitcoin price is emerging as a necessary component of US 
fiscal management, linking the growth of stablecoins to demand for US 
government debt. Framing the newly introduced GENIUS Act stablecoin 
legislation as “a seminal moment for digital assets and global dollar 
dominance,” Mallers said that while the bill “has nothing to do with Bitcoin 
directly,” it is indirectly significant because stablecoin expansion and 
Bitcoin appreciation are, in his view, intertwined. Bitcoin And Gold Must Rise 
To Avert US Fiscal Crisis Displaying a chart of Tether’s market capitalization 
alongside Bitcoin’s price, Mallers told viewers: “In the green, what you’re 
looking at is Tether, Market Cap. And in the orange, what you’re looking at is 
Bitcoin… The currency pair that does the most volume against this asset class 
is USDT, is Tether… If you want stablecoins to grow, Bitcoin grows.” He then 
connected that relationship to federal financing: stablecoin issuers, 
especially Tether, hold large amounts of US Treasuries; therefore, a larger 
stablecoin float would translate into incremental structural demand for US 
debt. Related Reading: Are Traders Walking Into a Bitcoin Bull Trap at $118K? 
Here’s What the Data Shows Mallers described the United States as fiscally 
“trapped,” asserting: “We know that the US cannot raise rates and they cannot 
cut spending. So we are trapped. The next logical step is we then need to 
devalue the dollar. It’s the only way out.” The policy question, he continued, 
is what assets the dollar should be allowed to depreciate against. “Do not 
debase the dollar against housing… Don’t debase the dollar against eggs… My 
recommendation, debase it against Bitcoin and gold.” Projecting a scenario in 
which Bitcoin reaches $500,000—“That’s 5x from here”—Mallers claimed such a 
move would force stablecoin capitalization to “5x,” producing “five times the 
amount of demand for US debt” at a moment when, he said, traditional foreign 
and domestic buyers are fatigued: “China doesn’t want your debt… Hedge funds 
don’t want your debt. Who’s the buyer of last resort? The Fed.” He likened the 
prospective alignment of Treasury financing needs, Federal Reserve balance- 
sheet expansion, and stablecoin reserve composition to a previous historical 
episode: “The last time the Fed and the US government got married… was to help 
finance around the world wars. And the Fed’s balance sheet grew 10 times… 
largely in… T-bills, the things that stablecoins buy.” Related Reading: 
Bitcoin Consolidates Below $120K as Exchange Activity Reflects Mixed Market 
Signals With US debt-to-GDP “at 130%,” Mallers argued, reduction in real terms 
requires monetary debasement channeled into politically acceptable asset 
inflation. He extended the narrative into politics, highlighting that “The 
president and his family just bought $2 billion worth of Bitcoin” and policy 
moves such as opening “US retirement market to crypto investments.” According 
to Mallers, positioning Bitcoin and gold inside retirement accounts will allow 
policymakers to “debase the dollar and get reelected,” because Bitcoin holders 
would not resist the erosion of purchasing power: “Debase the dollar all you 
want… I don’t care because I own Bitcoin.” He concluded by restating the 
mechanism he sees emerging from the bill: “Stablecoins are the new way to 
finance the government, but they grow as Bitcoin grows. One way to grow 
stablecoins is to grow Bitcoin… One way to solve the Fed and the Treasury’s 
problem of getting remarried is to grow Bitcoin. It could not be more 
obvious.” At press time, BTC traded at $118,055. Featured image created with 
DALL.E, chart from TradingView.com

Higher Bitcoin Price Now Critical For US Fiscal Stability, Expert Warns

UCAR and Iotex Collaborate on Real-World Asset Tokenization UCAR Partners With 
Iotex A China-based electric vehicle (EV) company named U Power Limited 
(Nasdaq: UCAR) has joined forces with decentralized physical infrastructure 
(DePIN) firm Iotex to tokenize its network of battery swapping and charging 
stations, according to a Wednesday press release provided to Bitcoin.com. 
Battery swapping […]