Bitcoin just broke another barrier

June 20, 2025

Reading time: 5 minutes

Bitcoin breaks $106K amid whale longs, ETF inflows, and corporate treasury rush

Key points:

  • Bitcoin briefly jumped to $106.5K after a $255M whale long liquidated late shorts.

  • Institutional appetite remains strong as ETFs net $1B+ this week and Semler plots 105K BTC treasury push.

News - Bitcoin rallied to $106,500 on Friday, up 1.7% intraday, as a $255 million leveraged long triggered a wave of short liquidations. According to CoinGlass data, the whale used 20x leverage, sparking speculation about another potential range breakout as BTC tries to escape its $103K–$107K zone.

While the identity of the whale remains unknown, their move mirrored similar plays in May and June that briefly jolted market direction. Traders now eye $104,500 as a key support zone, with $100K and $110K remaining the broader markers for June’s price trajectory.

At the same time, ETF-driven accumulation continues to support Bitcoin’s underlying strength. BlackRock’s IBIT now holds over 3.25% of BTC’s total supply, with $69.7 billion in AUM. ETFs overall crossed $1 billion in net inflows this week alone, despite stagnant spot prices and global tensions.

High-stakes moves from institutions - Beyond ETFs, Semler Scientific has announced plans to acquire up to 105,000 BTC by 2027, targeting second place in the global corporate BTC treasury rankings after Strategy. With over $472M already allocated, Semler’s pivot to a “Bitcoin Standard” could trigger demand shocks across both spot and derivatives markets, especially during accumulation bursts.

The whale vs. retail divide - While high-value transactions dominate, Glassnode says over 89% of transfers now exceed $100K, retail activity is fading. Short-term holders have dropped 800K BTC since May, and CryptoQuant warns that “new money is drying up.” Still, funding rates remain positive and call options outpace puts, signaling lingering bullish sentiment among derivatives traders.

TikTok denies $300M TRUMP coin bribe accusation amid ban delay

Key points:

  • Congressman Brad Sherman alleged that TikTok’s Chinese owners bought $300M worth of TRUMP memecoins to bribe President Trump into delaying the U.S. TikTok ban.

  • TikTok rejected the accusation as “patently false,” while questions around the linked firm GD Culture Group sparked further confusion.

News - A fresh political storm is brewing over TikTok’s future in the U.S. after Representative Brad Sherman accused the platform’s Chinese owners of orchestrating a $300 million bribe via the TRUMP memecoin. According to Sherman, President Trump’s recent executive order delaying TikTok’s divestiture deadline was a quid pro quo move benefiting both sides.

The President extended the ban deadline to September 17, his third such postponement, despite laws allowing only one 90-day extension. Sherman contends the move is illegal, pointing to the alleged TRUMP coin purchases as a financial incentive designed to curry favor.

TikTok hit back swiftly, calling the claims “patently false and irresponsible,” noting Sherman had previously signed a contradictory letter. While the Congressman’s allegations reference the GD Culture Group, a little-known company with ties to TikTok-themed content, there’s no formal link between GD and ByteDance, TikTok’s parent company.

Confusion over the GD Culture Group - The firm at the center of the bribery storm, GD Culture Group, announced plans in May to invest $300 million into Trump-linked crypto and Bitcoin. Despite having a TikTok account and a China-based subsidiary, the company’s small size and vague operations raise questions. It boasts only eight employees and reported zero revenue prior to its TRUMP coin involvement.

Wider fallout and political tensions - The controversy has reignited concerns over the TRUMP memecoin’s use as a political influence tool. Lawmakers including Elizabeth Warren and Adam Schiff have previously warned about foreign actors exploiting the token for leverage. Meanwhile, Sherman, long known for his anti-crypto stance, now finds himself both backed and challenged by political factions and online commentators.

Desperate and crypto-driven: Why South Korean youth are betting on the blockchain

Key points:

  • A growing number of young South Koreans are turning to crypto not out of tech conviction, but due to financial desperation amid rising unemployment and housing inequality.

  • In response, South Korea is fast-tracking won-based stablecoins and spot crypto ETFs, aiming to regulate and integrate digital assets into its formal financial system.

News - Crypto usage is exploding in South Korea, with more than 16 million users — over 30% of the population. But behind this boom is a deeper story of youth despair, not tech optimism. Eli Ilha Yune, speaking at German Blockchain Week, revealed that for South Korea’s younger generation, crypto has become a “last resort,” not a futuristic bet on Web3.

High youth unemployment (6.6% vs the national 2.7%), stagnant stock returns, and a real estate market priced beyond reach have pushed many to view crypto trading as their only viable path to financial mobility. Yune noted that Seoul’s median apartment now costs over 1 billion won ($689,000), locking out younger South Koreans from both ownership and affordable rent.

Stablecoins and ETFs: Government steps in - President Lee Jae-myung is pushing sweeping reforms to stabilize and legitimize this growing dependency. His administration introduced the Digital Asset Basic Act, which would allow firms with ₩500M equity (~$368K) to issue won-based stablecoins with proper reserves and regulatory oversight.

South Korea’s central bank governor has expressed conditional support for a won-pegged stablecoin, warning, however, about FX management risks if stablecoins end up boosting USD-backed tokens like USDT. Meanwhile, the country’s financial regulator has submitted a plan to legalize spot crypto ETFs by late 2025, reversing a long-standing ban and potentially opening the gates for institutional capital flows.

South Korea’s crypto reality check - While crypto adoption is surging, many young South Koreans remain unaware of the underlying tech. As Yune puts it, “They’re not actually interested in crypto—they’re out of options.” The government now faces a dual challenge: making digital assets safer, while addressing the deeper economic inequities driving this trend.

Arizona revives Bitcoin Reserve push as Bill clears Senate

Key points:

  • Arizona’s Senate passed House Bill 2324 in a 16–14 vote, advancing the creation of a state-run Bitcoin and Digital Assets Reserve Fund.

  • The bill now heads back to the House for final approval, but Governor Hobbs’ past crypto vetoes cast doubt on its future.

News - Arizona is making another push to join the shortlist of U.S. states with an official Bitcoin reserve. On June 20, its Senate narrowly approved HB 2324 — a bill proposing the creation of a state-managed reserve fund for seized or unclaimed digital assets. The legislation, which updates Arizona’s forfeiture laws to include crypto, now heads back to the House for final approval.

HB 2324 was initially rejected by the House in May but was revived through procedural motions. If enacted, it would empower the state treasurer to manage confiscated digital assets in secure wallets, sell them via licensed exchanges, or retain them depending on security and market factors. The first $300,000 in proceeds would go to the Attorney General’s office, while any remaining funds would be split between the General Fund, AG’s office, and the reserve fund.

The Governor’s crypto standoff - Despite bipartisan momentum, the bill faces a familiar hurdle: Governor Katie Hobbs. She has vetoed two similar reserve proposals this year, SB 1025 and SB 1373, calling digital assets “untested” and risky for state finances. While Hobbs did sign HB 2749, which allows Arizona to claim abandoned digital assets, she has firmly opposed any measure that exposes public funds or pensions to crypto market volatility.

Part of a broader U.S. trend - Arizona’s move mirrors growing state-level interest in crypto frameworks, particularly under the current federal administration. New Hampshire has already passed a similar reserve bill, and Texas isn’t far behind. If HB 2324 clears the House, all eyes will be on Hobbs, again, to see whether Arizona takes the final leap.

Crypto scams uncovered

  • Pig‑butchering scams hit $12.4 B in 2024: In 2024 alone, crypto fraudsters stole an estimated $12.4 billion from investors, with pig‑butchering scams (long‑game romance + investment fraud) making up over 33% of that total.

  • Global scam sweep — Nearly 4,000 arrested (2024): “Operation First Light,” a global law enforcement operation spanning 61 countries, resulted in 3,950 arrests and $257 million seized from online scam networks—including crypto, phishing, romance scams, and fake shops.

  • Indian cop used 13 crypto wallets in major extortion scheme: In June 2025, anti-corruption officials in India uncovered a police officer running an extortion racket using 13 crypto wallets registered under his and his family’s names to launder illicit funds. All wallets have since been frozen.

Top 3 coins of the day

Sei (SEI)

Key points:

  • At press time, SEI was trading at $0.20, reflecting an 8% increase over the last 24 hours.

  • The price broke above the midline of the Bollinger Bands, while the Squeeze Momentum Indicator showed fading bearish pressure with near-zero histogram bars.

What you should know:

SEI climbed over 8% in a strong intraday rally, recovering from its recent slump below $0.17 earlier this week. The bounce was backed by a major development: Wyoming’s Stable Token Commission named Sei as a candidate blockchain for its WYST stablecoin pilot, marking a significant institutional endorsement. The announcement coincided with a 91% spike in trading volume and helped spark SEI’s breakout from a descending channel. On the chart, SEI reclaimed the 20-day simple moving average, shifting the short-term bias to neutral-bullish. The Squeeze Momentum Indicator printed lighter red bars near the zero line, suggesting waning bearish pressure and potential for renewed volatility. The rally also aligns with broader altcoin rotation, as Bitcoin dominance dipped and SEI’s weekly performance (+19%) outpaced market peers. If bullish momentum holds, the next major resistance lies at $0.23–$0.25, near the 38.2% Fibonacci retracement level. On the downside, $0.18 remains the key support to watch for trend validation.

Hedera (HBAR)

Key points:

  • At press time, HBAR was trading at $0.150, reflecting a 1.6% increase over the last 24 hours.

  • The price hovered just below the 9-day SMA, while the Elliott Wave Oscillator printed deep red bars, signaling continued bearish momentum.

What you should know:

HBAR posted a modest 1.6% daily gain as it attempted to stabilize near the $0.15 mark. Despite technically bearish conditions, evident in its continued rejection below the 9-day SMA and deepening Elliott Wave Oscillator (EWO) readings, HBAR’s fundamentals helped trigger short-term buying interest. The latest uptick followed the official launch of AUDD, an Australian dollar-pegged stablecoin, on the Hedera network. As the first commercial deployment of Hedera's Stablecoin Studio, this milestone marked a major validation of its enterprise-grade infrastructure, enabling low-cost instant settlement and programmable finance. Partnerships tied to AI accountability (via Nvidia and Intel) and real-world asset tokenization (via Tokeny and Kenya’s digital stock exchange) have also kept investor interest afloat. However, from a technical lens, the bearish structure remained intact. The EWO continued printing deeper red bars, and volume failed to show decisive follow-through. HBAR may find support near the $0.145–$0.147 range. To flip bias, it would need a daily close above $0.155 and reclaim the short-term trendline.

Bitcoin Cash (BCH)

Key points:

  • At press time, BCH was trading at $487, reflecting a 2% decline over the last 24 hours.

  • The RSI hovered just below the overbought zone at 66.6, while the Madrid Ribbon remained firmly green, indicating an ongoing bullish trend.

What you should know:

Bitcoin Cash slipped 2% after tagging the $500 mark multiple times within 24 hours—each attempt triggering short liquidations and algorithmic buy orders. Despite the pullback, BCH maintained a strong uptrend structure, trading well above the Madrid Ribbon, which remained fully green and signaled active bullish momentum. The latest rally was backed by a 76% spike in volume, pushing total trading activity to $756 million, fueled in part by institutional long positions and rising open interest, which hit a six-month high. Social media buzz around BCH also peaked, and many traders interpreted the coin’s decoupling from Bitcoin, posting a 15.67% weekly gain versus BTC’s slight dip, as renewed confidence in BCH as a low-fee, payment-focused alternative. While the RSI cooled slightly to 66, it remained near overbought territory, suggesting some room for short-term consolidation. The $500 level continues to act as a key psychological barrier, with potential upside toward $574 if flipped. Support lies in the $460–$470 zone near the upper band of the Madrid Ribbon cluster.

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