Bitcoin surges while rivals ETH, XRP rebuild

June 25, 2025

Reading time: 5 minutes

Bitcoin bulls charge ahead as Ethereum and XRP reposition for the long game

Key points:

  • Bitcoin spiked to $108,000, triggering liquidations and cementing its dominance as institutional portfolios tilt heavily toward BTC.

  • Ethereum remains under pressure despite long-term strength, while XRP overtakes Solana amid ETF optimism and whale accumulation.

News - Bitcoin jumped to $108,000 on June 25 in a textbook liquidity grab, punishing short sellers and renewing hopes for an all-time high retest. Traders noted the move was expected, with $103K–$108K flagged as key zones for a sweep. Analysts now eye $111K if BTC can clear the Fair Value Gap. The relief rally followed a cooling of Middle East tensions, though new NATO–Russia flashpoint warnings have kept macro risk elevated.

Meanwhile, Bitcoin’s share in crypto portfolios has surged to 30.95% (from 25.4% in Nov 2024), per Bybit, reinforcing BTC’s role as the market’s core digital asset. Broader dominance has also crossed 62%, even as Ethereum and altcoins like Solana struggle to maintain momentum.

Ethereum’s rebound faces strong resistance - ETH rebounded from $2,200 to above $2,400 after breaking down from its ascending channel. But resistance near the $2,550 mark (200-day MA) remains key. Failure to reclaim this zone could drag ETH back below $2,000, while a breakout could target $2,800. On-chain, Ethereum’s exchange reserves dropped to 18.8M ETH, the lowest in years—a bullish long-term signal pointing to reduced sell pressure.

SharpLink Gaming also added 12,207 ETH to its treasury between June 16–20, raising its total ETH holdings to 188,478 (worth $461M). All of it is staked, yielding 120 ETH so far.

XRP overtakes Solana amid ETF buzz - XRP has now become the third-largest non-stablecoin crypto by holdings, overtaking Solana. While its holder ratio dropped from 5% to 2.42% in H1 2025, whale wallets have hit a 12-year high. Institutional reallocations and expectations for XRP’s spot ETF approval are driving the shift. Analysts suggest a move above $2.75 could open the door for $4.00–$8.00 targets if regulatory clarity holds.

Bitcoin & Ethereum ETFs surge: Trump Media pushes dual BTC-ETH fund

Key points:

  • Bitcoin ETFs logged $588.6M in inflows Tuesday, extending an 11-day streak totaling $2.2B amid geopolitical easing.

  • Ethereum ETFs crossed $4B in net flows, while Trump Media filed to list a politically branded BTC-ETH ETF on NYSE.

News - Bitcoin ETFs recorded their biggest June inflow yet, pulling in $588.6 million on Tuesday. The influx, driven largely by BlackRock's IBIT ($436.3M) and Fidelity's FBTC ($217.6M), extends a record-breaking 11-day streak of net positive flows, totaling over $2.2 billion since June 10. Analysts cited the Israel-Iran ceasefire and renewed investor calm as key catalysts, with Bitcoin briefly spiking to $106,800.

Meanwhile, Ethereum-based ETFs crossed $4 billion in net inflows this month, led by BlackRock and Fidelity. BlackRock’s ETHA fund alone has absorbed over $5.3 billion in gross flows, as lower fees and institutional demand eroded Grayscale's dominance. Despite ETH's 5% weekly price drop and growing competition from Solana, investor conviction has held firm, with $1 billion added in just 15 sessions.

Trump Media's ETF play expands - Adding to the ETF frenzy, Trump Media and Technology Group advanced its crypto ambitions with a new SEC filing via NYSE Arca. The firm seeks to list a dual Bitcoin-Ethereum ETF under the Truth Social brand, with Crypto.com as custodian and Yorkville America as sponsor. The proposed fund will initially hold a 75:25 BTC-ETH ratio. It marks the second ETF application from the Trump-linked firm after its earlier Bitcoin-only filing.

Institutional vs political flows - While institutional flows continue to favor Bitcoin as digital gold, Ethereum is making strides as a long-term infrastructure bet. The market now awaits mid-July 13F filings, which could reveal whether major asset managers are adding ETH to their portfolios.

At the same time, politically branded ETFs like Trump Media's are testing the regulatory waters in an election year, further intertwining crypto with public narratives and U.S. market sentiment.

U.S. states bet on Bitcoin: Ohio and Arizona lead reserve push

Key points:

  • Ohio and Arizona lawmakers are moving forward with bills to integrate crypto into public investment strategies.

  • If passed, these bills could establish state-level Bitcoin reserves and enable crypto-backed funding models.

News - Ohio and Arizona are stepping up their crypto adoption efforts with proposed legislation that could integrate Bitcoin and other digital assets into state treasuries.

In Ohio, House Bill 18 (HB 18), known as the Strategic Cryptocurrency Reserve Act, seeks to authorize the state and its retirement systems to invest in digital assets and related ETFs. Introduced by Representative Steve Demetriou, the bill avoids naming specific cryptocurrencies to preserve investment flexibility. The state treasurer would oversee any such investments, pending further clarity on fiscal oversight.

This move follows Ohio's recent passage of House Bill 116, the Blockchain Basics Act, which grants crypto users new rights and exempts sub-$200 transactions from capital gains taxes. It also protects residential and industrial crypto mining operations from discriminatory local regulations, making Ohio one of the most pro-crypto U.S. states if both bills pass the Senate.

Meanwhile, Arizona’s legislature has revived and passed House Bill 2324, a measure that creates a Bitcoin and Digital Assets Reserve Fund using seized crypto from criminal investigations. After initially failing in the House, the bill cleared both chambers and now awaits Governor Katie Hobbs’ decision. If signed, it would be the state’s second crypto reserve law, joining HB 2749, which allows Arizona to hold unclaimed digital assets in their native form.

State-level crypto momentum - Ohio’s proposals focus on strategic, forward-looking crypto investment by public funds, while Arizona’s HB 2324 emphasizes law enforcement-related asset recovery and reinvestment. Together, these developments highlight a growing trend of U.S. states testing crypto treasury models independently of federal legislation.

What to watch - All eyes are on Ohio’s Senate and Arizona’s governor—both decisions could determine whether state-level Bitcoin reserves become the next frontier in public finance.

Spurs debut Ledger-branded Jerseys as crypto-sports revival heats up

Key points:

  • The San Antonio Spurs have named Ledger their official digital asset security partner, debuting the Ledger logo on jerseys at the NBA draft.

  • The multi-year partnership reflects the broader 2025 rebound in crypto sports sponsorships, now up 20% year-over-year to $565 million.

News - The San Antonio Spurs have officially teamed up with Ledger, unveiling a jersey sponsorship that marks the NBA’s latest leap into crypto. As part of a multi-year deal, Ledger’s branding debuted at the 2025 NBA draft, signaling not just a visual shift for the team, but a broader transformation in sports marketing.

Ledger, a Paris-based leader in crypto asset security, will take an active role in the Spurs’ international outreach, particularly in France, where Spurs star Victor Wembanyama has strong roots. The jersey collaboration aligns with Ledger’s ambition to strengthen its U.S. presence while reinforcing its European foothold.

In a joint statement, both sides framed the move as a union of innovation and integrity, linking athletic excellence to digital asset trust.

Why this partnership stands out - Unlike past crypto sponsorships that fizzled post-FTX, the Spurs–Ledger deal represents a more mature approach. SportQuake data shows that 37% of current crypto–sports partnerships involve uniform branding, reflecting a pivot to visible, values-based brand alignments.

This time, the financials are sealed, but the strategy is clear: Ledger wants to be more than a logo. Its collaboration includes community engagement efforts and targeted fan outreach, especially in key global markets.

Crypto’s comeback to the court - After a post-2022 drought, crypto firms are again pouring millions into sports. Sponsorship spending for 2024–2025 is up 20%, with football and basketball leading the charge. Alongside Ledger’s NBA debut, other deals include Tether’s Juventus stake and Gate.io’s Red Bull Racing partnership.

The Spurs–Ledger partnership could inspire similar NBA alliances, blending athletic performance with the tech world’s push toward mainstream crypto adoption.

Did you know?

  • Canton Network connects global finance: From a 2023 consortium launch to 2024 eurobond pilots, the Canton Network, built by banks like Goldman Sachs and BNP Paribas, is enabling secure, privacy-preserving cross-border trading of assets like bonds and gold on blockchain.

  • Post-Quantum crypto standards finalized: In August 2024, NIST officially released the first three Post‑Quantum Cryptography standards: FIPS 203, 204, and 205, signaling a major step toward securing digital infrastructure, including blockchain systems, against future quantum threats.

  • Crypto gains traction among older Nordic adults: A 2025 survey by K33 and the Nordic Blockchain Association found that 635,000 new crypto owners emerged in the Nordics over the past year, driven mainly by unexpected growth among those aged 40+, while only 23% of crypto owners are female.

Top 3 coins of the day

Kaspa (KAS)

Key points:

  • At press time, KAS was trading at $0.079, reflecting a 7.86% increase over the last 24 hours.

  • The MACD showed a fresh bullish crossover, while the Parabolic SAR flipped below the candles, supporting upward momentum.

What you should know:

Kaspa surged almost 8% in the last 24 hours as buying pressure kicked in after an extended downtrend. This marked its third consecutive green candle, suggesting a potential reversal from its June lows below $0.06. The Parabolic SAR dots flipped to support the bullish trend, appearing below the candles for the first time since mid-May, strengthening the short-term recovery narrative. The MACD line crossed above the signal line after weeks of persistent bearish momentum, and the histogram also printed its first green bar since early June. This shift signaled easing selling pressure and renewed bullish sentiment among traders. The rally was supported by a 76% spike in trading volume, alongside optimism from Kaspa’s May ‘Crescendo’ upgrade, which improved throughput to 10 blocks per second and enhanced mining efficiency, reducing sell pressure. Volume confirmation also supported the technical rebound from oversold RSI territory. KAS still faces a major resistance zone between $0.082 and $0.086, a region that previously capped upside attempts during early June. A sustained close above this range could open the door toward the $0.10 psychological barrier. On the downside, a drop below $0.073 would weaken the bullish setup and shift focus back to the $0.065–$0.068 support range.

Bitcoin Cash (BCH)

Key points:

  • At press time, BCH was trading at $481, reflecting a 6.04% increase over the last 24 hours.

  • The EWO remained in positive territory at 6.6, while the 9-day SMA hovered around $468, indicating sustained bullish momentum.

What you should know:

Bitcoin Cash staged an impressive rally after bouncing off a local support zone near $377, surging over 6% to reclaim the $480 level. The price moved decisively above its 9-day SMA, reinforcing bullish strength and marking the continuation of its short-term uptrend. The Elliott Wave Oscillator (EWO) indicator stayed green and positive, reflecting growing upside pressure backed by steady momentum. Several bullish wicks throughout the recent candles indicated buying interest near key resistance flips, and volume picked up alongside the breakout, signaling trader conviction. The next major resistance lies near $500, a psychological and historical barrier that previously triggered minor corrections. Driving the rally was a surge in institutional demand, particularly from Chinese whales viewing BCH as a scalable Bitcoin alternative amid rising US–China trade tensions. Meanwhile, the red resistance line around $462, which once capped BCH’s advance, has now been flipped into support, adding further strength to the current trend. As long as price remains above the 9-day SMA and the $462 zone holds, BCH may look to retest the recent local high near $493. A drop below $468 could open the door for a short-term pullback toward $440.

Aptos (APT)

Key points:

  • At press time, APT was trading at $4.76, down 3.79% over the last 24 hours.

  • The price fell after testing the upper Bollinger Band, while the Squeeze Momentum Indicator continued flashing red, suggesting weakening bullish momentum.

What you should know:

APT’s recent bullish streak lost steam as the token retraced from the $5.10 mark after a three-day rally. The drop followed a sharp retest of the upper Bollinger Band, indicating temporary overextension and prompting intraday profit-taking. Despite the pullback, volume levels remained significantly higher than last week, reflecting lingering trader interest. APT hovered just above the midline of its Bollinger Bands, offering some short-term cushion from further downside, though volatility remained elevated. The rally was largely driven by the launch of Shelby, Aptos Labs’ decentralized storage protocol in collaboration with Jump Crypto, alongside renewed DeFi and stablecoin inflows that boosted on-chain liquidity. The Squeeze Momentum Indicator extended its red bars, hinting at fading bullish pressure. If bearish momentum intensifies, APT risks revisiting the $4.40–$4.50 zone. However, reclaiming $4.95 would position it for another attempt at breaking the $5.20 resistance, a level last seen in early June.

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