Weekly Wrap: Bitcoin Treads Water As Summer Doldrums Grip Markets

Bitcoin's price remained stable at $62,800 U.S. as the market enters the summer doldrums. There are no apparent catalysts for cryptocurrencies now that the Clarity Act crypto legislation has been shelved in Washington, D.C. BTC previously peaked at $64,800 U.S. over the past week, but it remains rangebound between $60,000 U.S. and $65,000 U.S. Despite hopes for a rally due to light U.S. inflation reports, this did not materialize and U.S. equities have also been stagnant.

MEXC's shift in TradFi trading towards AI storage saw an increase in SNDK Futures volume by more than 15 times. Hyperliquid is seeking a path into the U.S. perpetual futures market through the CFTC, while Canadian defense tech firm jumped 92% due to government revenue boosts. Bitcoin exchange-traded funds (ETFs) are experiencing a recovery, with institutional investors returning to Bitcoin ETFs after $5 billion U.S. outflows in June.

Strategy (NASDAQ: $MSTR) continued selling both Bitcoin and its stock, raising $108.6 million U.S. through a share sale. BlackRock Canada launched a new ETF combining stocks and Bitcoin, allocating 3% to Bitcoin and 97% to stocks, charging a 0.22% annual management fee. Trump Media reported a $360.6 million U.S. loss on its cryptocurrency holdings due to market conditions.

Riot Platforms sold 4,300 Bitcoin for operational funding and to support its AI data center business, while Tether completed its first independent audit by KPMG, confirming all user assets are fully backed. Kalshi is in talks to raise $750 million U.S. at a $40 billion U.S. valuation amid discussions with Sequoia Capital and Wellington Management, with a potential IPO in 2027.

Bitcoin mining earnings hit a 10-year low as BTC's price declines. More than 100 crypto projects have shut down, filed for bankruptcy, or disappeared this year due to market conditions and increased cyberattacks.