Trading Desk Insights
Bitcoin has been grinding sideways, pinned between $107k and $109k, with sellers consistently showing up on any bounce. Both price action and open interest are carving out lower highs — a clear sign that enthusiasm is fading. That said, bids are stacked up tight around the $106k support, which has already held firm through three prior tests, setting up a potential fourth rebound.
On-chain flows tell the story: large wallets holding 10,000+ BTC have flipped from net buyers to net sellers, and rising exchange deposits are adding to the sell-side pressure. Meanwhile, volatility has been muted across broader markets — but the real shake-up could come Friday, when over $10 billion in Bitcoin options expire on Deribit, a setup ripe for sudden price swings. Sentiment is shifting. The put-call skew on BlackRock’s Bitcoin ETF options has snapped back to zero, signaling that bullish bets are drying up. Deribit’s order book is flashing similar caution, with short-dated calls now pricing evenly against puts.
Over on the alt side, ETH has outpaced SOL by ~25% since early May, while ETH-beta plays like UNI and PEPE are flexing relative strength. But watch this space: the SOL/ETH ratio is grinding into a key support zone that could spark fresh bullish flows into SOL. Adding to the Solana narrative, Canadian investment shop Sol Strategies has just filed a preliminary prospectus with regulators to raise up to $1 billion aimed squarely at Solana ecosystem investments.
Macro headlines are stirring, too. The U.S. Court of International Trade ruled that Trump overstepped in imposing his “reciprocal” tariffs, ordering those tariffs vacated — though the government immediately filed an appeal.
Nvidia lit up after-hours trading, rallying over 5% on strong earnings despite headwinds from U.S. semiconductor export restrictions to China. Its data center business alone posted 73% YoY growth, fueling a global semiconductor rally.
On the crypto-politics front, Elon Musk gave a nod to Trump, hinting that his “scheduled time” for government work is wrapping up, while teasing that “the DOGE mission will only strengthen as it becomes a way of life in government.”
Capping things off, at the 2025 Bitcoin Conference in Las Vegas, U.S. Vice President JD Vance took the stage to double down on the Trump administration’s pro-crypto stance. Vance called Bitcoin a “strategic asset,” pushing for the U.S. to embrace it to gain a global edge and voicing strong support for the Genius Act, a key stablecoin regulation bill making headway in the Senate.
The News Room
XRP's Profitability Surges Over 90%
XRP has achieved a significant milestone, with over 90% of its circulating supply now in profit. This surge in profitability is attributed to the fact that most XRP holders acquired their tokens at lower price points than the current market value. Notably, this increase in profitability has occurred despite XRP's price remaining relatively flat over the past three months, highlighting a strong accumulation phase and investor confidence in the asset.
Bitcoin Eyes $120,000 Price Zone Amid Exchange Flows and Leverage Surg
Bitcoin is consolidating near the $108,000 mark, with analysts identifying $120,000 as the next significant price target. On-chain data from Glassnode indicates heightened investor profitability, increased accumulation, and robust exchange flows, patterns reminiscent of previous bull market peaks. Bitcoin recently reached an all-time high of $111,000 before a slight pullback, and it has since stabilized just above $107,000.
International EV Battery Company to Add $121M XRP Treasury, Appoints Former Ripple Executive as Chairman
VivoPower, an international electric vehicle battery company, has announced plans to create a $121 million XRP treasury. The funds for this initiative will be raised through the sale of 20 million ordinary shares. Additionally, VivoPower has appointed a former Ripple executive as its new chairman, signaling a strategic move to integrate blockchain technology and digital assets into its operations
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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