Crypto cheers Trump; whale alarm rings

July 04, 2025

 

Reading time: 5 minutes

Trump’s ‘Big Beautiful Bill’ passes: Bitcoin rallies, but 14-year dormant whale moves raise alarm

Key points:

  • Bitcoin traded just under $109,000 after ETF inflows topped $600M, while Trump’s $5T debt hike bill fueled inflation hedge narratives.

  • 20,000 BTC from dormant whale wallets reawakened after 14 years, sparking sell-off fears amid low volume and speculative positioning.

News - Bitcoin finds itself at the center of a fiscal storm as Donald Trump’s “Big Beautiful Bill” officially passed both chambers of Congress, lifting the U.S. debt ceiling by $5 trillion. While the bill lacks any direct crypto provisions, analysts say its inflationary trajectory could be bullish for Bitcoin in the long term.

Despite last-minute efforts by lawmakers like Cynthia Lummis to add crypto-friendly amendments, such as fixing double taxation on miners and introducing de minimis exemptions, none made it into the final legislation. Still, observers say more borrowing and potential money printing could push investors toward inflation-resistant assets like BTC.

Markets are already showing signs of recalibration. Bitcoin ETFs logged $601.8 million in inflows, the largest single-day haul since May, with BlackRock’s IBIT and Fidelity’s FBTC leading the charge. Yet as ETF optimism surged, the broader crypto market was spooked by two dormant Bitcoin wallets from 2011, each holding 10,000 BTC, suddenly transferring their $2B trove after 14 years.

Whale moves and market fragility - The dormant whale activity rattled traders, pushing daily volume down 15% while futures open interest rose to $76B. Analysts say this combo signals heightened speculative bets and a fragile setup vulnerable to liquidations. Although the coins were moved to non-exchange addresses, speculation about profit-taking or compromised wallets persists.

Coin Days Destroyed (CDD) spiked in Q2, further confirming long-term holders are on the move, often a bearish signal. Still, BTC remains resilient above $108,000 for now.

Fiscal expansion vs. resistance wall - Bitcoin briefly touched $110K on Thursday but failed to hold above it, marking its third rejection at this level. With key resistance between $110K and $112K, bulls must clear this range to resume the uptrend. On the downside, strong bid clusters sit between $107K and $105K, offering near-term support.

Trump is set to sign the bill into law today, Independence Day. Meanwhile, Washington preps for “Crypto Week” on July 14, when lawmakers aim to fast-track bills like the CLARITY Act and GENIUS Act, hinting that while macro headwinds swirl, crypto policy momentum is just getting started.

Solana’s big week: Whale splash, ETF surge, and Japan's stablecoin bet

Key points:

  • SOL hovered around $150 after a $152M whale transfer, a staking ETF debut, and Japan’s Minna Bank kicked off a stablecoin study on Solana.

  • Meanwhile, the SEC froze Grayscale’s Solana-inclusive ETF, adding uncertainty to altcoin regulatory clarity in the U.S.

News - Solana (SOL) found itself at the center of multiple headline events this week, with bullish catalysts clashing against regulatory headwinds. The token traded at $150.12 at press time, retracing from recent highs near $155 as traders parsed through a mix of on-chain activity, ETF milestones, and macro developments.

Whale Alert flagged a massive 1,000,000 SOL transfer, worth over $152 million, between two unknown wallets on July 2, spiking 24-hour trading volume by 28% to $4.11 billion. While the whale move led to speculation about accumulation or pre-positioning, the market also reacted to the launch of the U.S.’s first staking-enabled Solana ETF.

REX-Osprey’s Solana ETF (SSK) debuted on the Cboe BZX with $33 million in trading volume and $12 million in inflows, signaling early institutional interest despite a holiday-shortened week. The ETF sidesteps the usual SEC hurdles by investing 40% in non-U.S. ETPs and offers direct staking exposure, making it the first of its kind in the U.S.

Bullish momentum meets regulatory uncertainty - However, Solana’s ETF momentum hit a regulatory wall elsewhere. The SEC abruptly suspended trading for Grayscale’s Digital Large Cap (GDLC) ETF, which includes 2.8% exposure to SOL, citing the need for a deeper review of altcoin components. While not a full rejection, the move throws fresh uncertainty around altcoin ETFs, particularly for tokens like Solana and XRP.

Meanwhile, DeFi Development Corp. added $2.7 million in SOL to its treasury, lifting its total holdings to nearly $98 million. The company plans to stake the newly acquired SOL, aligning with its long-term strategy despite recent SEC scrutiny.

Japan’s Minna Bank embraces Solana - Across the Pacific, Japan’s Minna Bank partnered with Fireblocks, Solana Japan, and TIS to launch a stablecoin use case study focused on real-world applications in finance and payments. The initiative aims to explore Solana’s infrastructure for mobile-first banking and on-chain settlements, reflecting growing interest in Asia despite price volatility.

Nano Labs buys $50M in BNB, kicks off plan to hold 10% of total supply

Key points:

  • Nano Labs acquired $50M in BNB via an OTC deal, aiming to eventually hold 5%–10% of BNB’s circulating supply.

  • Despite the crypto pivot, Nano Labs' stock dropped 4.7% as investors showed skepticism about treasury-token strategies.

News - Chinese Web3 chipmaker Nano Labs has officially entered the BNB treasury game, purchasing $50 million worth of Binance Coin (BNB) as part of its $1 billion crypto reserve plan. The company acquired 74,315 BNB at an average price of $672.45 per token via an over-the-counter (OTC) deal. This brings its total digital asset reserves, including BTC and BNB, to roughly $160 million.

According to Nano Labs, the long-term goal is to accumulate between 5% and 10% of BNB’s total circulating supply. With BNB’s market cap standing at $93.4 billion and circulating supply near 146 million, achieving a 10% stake would require nearly $926 million at current market prices.

This $50M allocation marks the first step toward that goal, funded partly through a $500 million convertible notes offering announced in June. The notes can convert into Class A shares at $20 per share.

Investor caution shadows the crypto push - Despite the bold move, investors weren’t impressed. Nano Labs’ stock (NA) fell 4.7% on Thursday and slipped another 2.15% after hours to $8.20. While the June 24 announcement of the treasury strategy sparked a 100%+ rally, recent gains have been erased.

Meanwhile, BNB’s price remained relatively flat, inching up just 0.19% to $661.2 over the past day.

Some analysts remain skeptical about corporate crypto treasuries. SkyBridge Capital’s Anthony Scaramucci warned that such strategies may lose investor appeal over time. “You might have been better off just putting $10 into Bitcoin,” he said, arguing that investors may eventually prefer direct crypto exposure over token-heavy corporate plays.

Still, the BNB Chain team welcomed the move, calling it a sign of growing institutional adoption, a narrative Nano Labs seems determined to ride long-term.

U.S. House declares ‘Crypto Week’ to fast-track GENIUS, CLARITY, and Anti-CBDC bills

Key points:

  • House Republicans will consider three major crypto bills from July 14–18 as part of a legislative push branded “Crypto Week.”

  • The GENIUS Act on stablecoins, the CLARITY Act on market structure, and the Anti-CBDC bill are all on the docket.

News - After passing Trump’s $5 trillion budget bill, House Republicans are now gearing up for a new legislative push focused squarely on crypto. Dubbed “Crypto Week,” the period from July 14 to 18 will see lawmakers debate and potentially vote on three key bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.

The initiative is being led by House Financial Services Chair French Hill, Agriculture Committee Chair Glenn Thompson, and Speaker Mike Johnson. Together, they say these bills are central to President Trump’s digital assets agenda and America’s bid for crypto leadership.

GENIUS, CLARITY, and CBDCs in the spotlight - The GENIUS Act, already passed by the Senate in June, is the most likely to advance. It provides a regulatory framework for stablecoins, and if the House passes it as-is, it will head straight to Trump’s desk. However, legal analysts warn the House could amend provisions related to issuer eligibility and compliance, sending it back to the Senate for approval.

The CLARITY Act, meanwhile, would define the jurisdiction between the SEC and CFTC, require crypto exchanges to register with the CFTC, and set consumer protection standards. Backed by GOP leaders, it aims to reduce regulatory ambiguity, though Democrats have expressed concern over weakening oversight amid Trump’s expanding crypto ventures.

The third bill, the Anti-CBDC Surveillance State Act, seeks to ban the Fed from developing or issuing any form of central bank digital currency. While it passed the House Financial Services Committee in April, it’s seen as less urgent but symbolically critical to Trump’s anti-CBDC stance.

Together, the three bills represent the GOP’s most aggressive crypto legislation effort to date, positioning the U.S. as both a blockchain innovator and a CBDC-resistant economy.

Crypto scams uncovered

  • “Digital Arrest” scam in India raked in $375K: Indian cyber police arrested three individuals in June 2025 for impersonating government officials in a “digital arrest” scheme that defrauded a victim of ₹3.04 crore (~$375,000) and funnelled the funds into cryptocurrency wallets.

  • €460M crypto fraud ring busted in Spain: Europol coordinated a multinational operation in June 2025, dismantling a Spanish fraud network believed to have laundered approximately €460 million ($540 million) through crypto and shell companies, resulting in five arrests across Spain.

  • $2.29B lost in crypto scams & hacks H1 2025: During the first half of 2025, investors saw $2.29 billion stolen through crypto scams and hacks after accounting for frozen or returned assets, including a massive $1.5 billion theft from Bybit by North Korean-linked actors.

Top 3 coins of the day

Zcash (ZEC)

Key points:

  • At press time, ZEC was trading at $41, reflecting a 1.12% increase over the last 24 hours.

  • The price climbed above the 9-day SMA, while the AO histogram showed a shift from red to green bars, hinting at a recovery.

What you should know:

ZEC managed a modest bounce after testing the $36 support zone twice over the past week. The latest green candle closed firmly above the 9-day SMA, indicating a short-term bullish tilt. The Awesome Oscillator flipped green for the third consecutive session, reflecting building positive momentum. However, volume remained relatively low compared to the June peak, which may cap further upside. The resistance level at $43 could pose the next challenge if bulls maintain this trend. ZEC’s latest uptick also aligns with renewed interest in privacy coins, as Monero’s June rally and a rise in Zcash’s shielded transactions have reignited the privacy narrative. Additionally, the June 9 launch of ZEC-PERP futures with 10x leverage on WOO X may have contributed to improved liquidity and speculative appetite. On the downside, if momentum fades and volume remains muted, ZEC might revisit the $38–$36 accumulation zone.

TRON (TRX)

Key points:

  • At press time, TRX was trading at $0.28, reflecting no substantial change over the last 24 hours.

  • The Parabolic SAR remained below the candles, while the MACD showed a fresh bullish crossover with rising green bars.

What you should know:

TRX hovered near the $0.29 mark after a steady multi-day climb from its $0.26 base. Despite the flat daily close, buying interest appeared to hold, as the MACD line crossed above the signal line, confirming bullish momentum. This was supported by the histogram flipping green again after a stretch of neutrality, hinting at a continuation of the current trend. The Parabolic SAR dots stayed below the price throughout this rally, underlining sustained upward pressure. The rally also aligns with TRON’s growing stablecoin dominance, with USDT supply topping $80 billion on its network. Adding to this bullish narrative, SRM Entertainment recently staked $100M worth of TRX via JustLend as part of its treasury reserve strategy. However, without a decisive move above the $0.29–$0.30 resistance zone, momentum could stall. A breakout could retest the May highs near $0.31, while failure to maintain upward pressure may lead to a pullback toward $0.27.

Pudgy Penguins (PENGU)

Key points:

  • At press time, PENGU was trading at $0.016, reflecting a 4.20% decline over the last 24 hours.

  • The Parabolic SAR remained below the candles, while the RSI cooled to 70.49 after briefly breaching overbought territory.

What you should know:

PENGU saw a sharp pullback after surging to a three-month high near $0.017, with price action rejecting further upside despite a recent volume surge. The token had rallied over 90% since June 25, partly fueled by optimism surrounding the Cboe BZX Exchange’s filing for a first-of-its-kind hybrid PENGU/NFT ETF. The RSI’s reversal from the 70 level signaled waning bullish momentum, though the Parabolic SAR still hovered beneath the price, suggesting the uptrend had not yet flipped. Still, trading volume remained elevated compared to mid-June levels, hinting at continued trader interest. If the correction deepens, the $0.014 zone could act as a near-term support. However, sustained accumulation and a bounce in social sentiment may help the token regain upward momentum in the days ahead.

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