Fundstrat managing partner Tom Lee says Bitcoin should hit $1 million “over time” and isn’t ruling out $250,000 for 2025.

Bitcoin may still have steam for $250K this year: Fundstrat’s Tom Lee

A blistering Senate crypto bill sparks alarm over regulatory confusion, as 
Ripple’s legal chief warns it could subject XRP and similar tokens to endless 
SEC control. Ripple Legal Chief Warns Senate Crypto Draft May Destroy Market 
Clarity Ripple’s chief legal officer, Stuart Alderoty, submitted a formal 
response to the U.S. Senate Committee on Banking, Housing, […]

Ripple Legal Chief Warns Crypto Bill Could Lock XRP in Endless Regulatory Limbo

CryptoQuant analyst Maartunn used today’s price weakness to publish a 
granular, 10-part “Bitcoin Market Analysis” on X that dissects the post-ATH 
landscape with on-chain detail and a clear technical line in the sand. 
“Bitcoin broke its all-time high, but here’s the catch: long-term holders are 
[starting] to sell into the strength,” he wrote, adding that what matters now 
is how the market digests that supply above and around the breakout zone. In 
his framing, the first stress test is underway. Is The Bitcoin Bull Run Over? 
The thread anchors around one headline-grabbing datapoint: “the LTH selling 
pressure includes the 80,000 BTC sold by the Satoshi-era wallet.” That 
description is Maartunn’s interpretation of July’s extraordinary movement of 
eight “ancient” wallets that shifted roughly 80,000 BTC after ~14 years of 
dormancy via Galaxy Digital. Beyond the drama of this single entity, Maartunn 
argues that behavior across the holder spectrum is what’s driving the tape. 
“Retail is stepping in after the ATH,” he noted, describing a familiar pattern 
of late-cycle enthusiasm that followed Bitcoin’s push through $120,000 in mid- 
July. That surge set a new record near $123,000 before momentum faded; spot 
prices are now revolving around $113,000–$115,000. Related Reading: Bitcoin Is 
Secretly Tracking This Market Signal: Weiss Crypto The bid didn’t vanish 
entirely. “Fresh capital did help the ATH-breakout buyers,” Maartunn wrote, 
pointing to balance-sheet demand “from firms like Strategy and Metaplanet.” 
Those purchases are verifiable. Strategy—the rebranded MicroStrategy—disclosed 
21,021 BTC bought between July 28 and Aug. 3 at an average of ~$117,256, 
lifting its holdings to ~628,791 BTC. Tokyo-listed Metaplanet added 463 BTC on 
Aug. 4, taking treasury holdings to 17,595 BTC. Even so, those corporate flows 
“weren’t enough to hold Bitcoin around the ~$120k level,” the analyst said. 
Where the thread turns more cautionary is on short-term hands. “Short-Term 
Holders started to puke and sell at a loss,” Maartunn wrote, quantifying 
realized-loss waves of 52,230 BTC (July 15–18), 42,493 BTC (July 24–28), and 
70,028 BTC “after July 31.” He called the last episode notable “not just [for] 
the size, but the duration,” arguing that prolonged STH loss-realization is a 
pressure valve that typically needs time to exhaust. These are Maartunn’s on- 
chain tallies; they have not been separately published by data vendors in 
aggregate form. The flows picture from listed products has begun to rhyme with 
that stress. “ETFs are also seeing outflows,” he observed. Multiple trackers 
confirm a downswing: CoinShares logged the first net weekly outflow in 15 
weeks (-$223 million) with Bitcoin funds leading at -$404 million, while daily 
tallies this week show US spot Bitcoin ETFs bleeding for several sessions, 
including about -$196 million on Tuesday. Framing differs by window, but the 
direction is clear: the bid from ETFs is wobbling at the margin. Related 
Reading: Bitcoin Risks Another Crash Following Recovering Into Bearish FVG 
Zone Technically, Maartunn fixes attention on the former breakout zone. 
“Bitcoin is finding support around its previous ATH — roughly $112K,” he 
wrote, pointing to a confluence between chart structure and on-chain price- 
distribution. His on-chain map “backs it up,” flagging “strong support in the 
$108K–$112K range,” an area where a large volume of coins last changed hands. 
Context matters. Bitcoin’s July all-time high sits around $123,000 on major 
benchmarks—an extension of 2025’s institutional-heavy advance—so calling 
$112,000 a “previous ATH” refers to the nearer-term breakout plateau that 
preceded price discovery, not the absolute record. That nuance is why Maartunn 
concludes with a conditional: “So far this cycle, we haven’t seen any previous 
ATH break down… Until that changes, this looks like a normal pullback. But if 
we do break below a former ATH ($112k), that’s a real shift in market 
behavior.” In the near term, the credibility of that ~$108,000–$112,000 
“shelf” will likely be decided by whether supply from profit-taking long-term 
holders, loss-realizing short-term holders, and ETF redemptions continues to 
outweigh balance-sheet demand and organic spot inflows. If the shelf holds, 
Maartunn’s base case is “a normal pullback” that bleeds off excesses from the 
ATH push. If it fails decisively, he argues, the cycle would be showing its 
first meaningful breach of a prior breakout—an observable change in behavior 
rather than a narrative turn of phrase. At press time, BTC traded at $114,238. 
Featured image created with DALL.E, chart from TradingView.com

Bitcoin Bull Run Already Over? Whales Are Bailing, Retail’s Late

Bakkt plans to convert a traditional Japanese firm into a Bitcoin investment 
vehicle. Marusho Hotta, a little-known Tokyo Stock Exchange company, is set 
for a radical makeover as Bakkt takes a 30% stake, installs its own CEO, and 
rebrands it…

Bakkt’s corporate Bitcoin play turns Marusho Hotta into crypto treasury hub

UK digital asset firm Vaultz Capital has purchased 47.85 BTC for £4.27 
million, increasing its corporate treasury holdings to approximately 117.85 
BTC worth over £10 million. Vaultz Adds More BTC to Its Corporate Stash The 
company, Vaultz Capital plc (AQSE: V3TC), explained on Wednesday that it paid 
an average price of £89,335.57 per bitcoin (approximately […]

Vaultz Capital Buys £4.3M Bitcoin, Treasury Hits 118 BTC

On-chain data shows Dogecoin whales have expanded their holdings recently, a 
sign that big-money investors are buying the dip. Dogecoin Whales Have 
Increased Holdings By 1 Billion DOGE In a new post on X, analyst Ali Martinez 
has talked about the latest trend in the Supply Distribution of the Dogecoin 
whales. The &#8220;Supply Distribution&#8221; here refers to an indicator from on-chain 
analytics firm Santiment that tells us about the total amount of the asset 
that a given wallet group is holding right now. Related Reading: Binance 
Inflows A Leading Indicator For Altcoins? Analyst Explains How Addresses or 
investors are divided into these cohorts based on the number of tokens that 
they are carrying in their balance. The 1 to 10 coins group, for example, 
includes all holders owning between 1 and 10 DOGE. In the context of the 
current topic, the whales are the cohort of interest. These investors are 
typically defined as holding more than 1 billion DOGE, with there being no 
upper end to the range. At the current exchange rate, the cutoff for the group 
converts to almost $200 million. Given the massive size of holdings involved, 
whales can carry some degree of influence in the market. This can make their 
on-chain behavior worth keeping an eye on. Now, here is the chart shared by 
the analyst that shows the trend in the Supply Distribution of Dogecoin whales 
over the past couple of months: As displayed in the above graph, Dogecoin 
investors carrying more than 1 billion DOGE saw their Supply Distribution 
plunge near the end of July, indicating that big-money entities exited from 
the market. What followed the selling was an extension of bearish price action 
for the asset. The mood among the whales appears to have turned around in the 
past day, however, as the indicator&#8217;s value has seen a sharp surge instead. 
&#8220;Whales bought over one billion Dogecoin $DOGE in the last 24 hours!&#8221; notes 
Martinez. Given the timing of the buys, it&#8217;s possible that these humongous 
investors believe the current lows to be offering a profitable entry point 
into the memecoin. It only remains to be seen, though, whether this bet would 
pay off for the whales. Related Reading: Bitcoin Top Buyers Aren’t Selling: 
$118,000+ Supply Remains Firm In some other news, memecoin Pepe (PEPE) has 
also seen a bullish development recently, as the analyst has pointed out in 
another X post. From the chart, it&#8217;s visible that Pepe&#8217;s 1-day price has 
finished a Tom Demark (TD) Sequential setup with nine red candles. Such a 
pattern is considered to be a buy signal. DOGE Price Following a drop of 
almost 8% over the past week, Dogecoin has seen its price withdraw under the 
$0.20 mark. Featured image from Dall-E, Santiment.net, charts from 
TradingView.com