Bitcoin's all time longest winning streak has just ended. 427 days without a 25% drawdown. Beat the 2012 record by 63 days. Pretty incredible run we've had and well overdue for a correction.

Sentiment is at panic and anger while this cycle is going like previous ones.

OVER $500M WORTH OF CRYPTO LONGS HAVE BEEN LIQUIDATED IN THE PAST 24 HOURS

BlackRock when everyone is selling BTC

While you are scared, someone just bought $184 million worth of Bitcoin from Coinbase.

Govt Bitcoin selling is overestimated.

$224B has flowed into this market since 2023. Government-seized BTC contributes about $9B to the realized cap.

It's only 4% of the total cumulative realized value since 2023. Don't let govt selling FUD ruin your trades. — Ki Young Ju

Founder Jeff Bezos just sold $333 million worth of $AMZN shares.

Few Bitcoin traders understand this:
If you want to long BTC with leverage. DON'T buy futures, buy spot BTC with margin.

EXPLAINER
(1) Buying futures can be fulfilled by any counter trader who has USD collateral, together you are minting new synthetic BTC to the supply which creates a bearish environment.

(2) When buying spot with margin (borrowed USD), only BTC holders can sell it to you. This creates a supply shortage and a very bullish environment.

BONUS
In a bull market it's much cheaper to fund a long position with borrowed USD or USDT than with calendar futures or perps.

— Source

There are $12B in Bitcoin shorts that are waiting to be liquidated.

German Govt figures out they can print Euros but not $BTC. In a shocking reversal - German Govt Buys Back Bitcoin — link

1) What

Why?

NEW: Bitcoin continues to flow out of 🇩🇪 German government wallets, even on weekends.

They did not buy back Bitcoin yesterday; instead, not all their sell orders were filled, so the unsold Bitcoin was returned to their account. — Source

BREAKING: Japanese company Metaplanet has acquired an additional 42.5 #BTC  for ¥400 million

As of July 8th, Metaplanet now holds 203.7 #BTC , worth ¥2.05 billion

Next 6-12 months:
- Interest rate cuts
- Pro-crypto president
- Pro-crypto SEC + regulations
- FTX distributing up to $16B in cash
- Ethereum ETFs

Mt. Gox moved 47K Bitcoin, but it won't affect the price.

Three possible scenarios for these transactions:

1. Internal transfer: Changing wallets for security.
2. OTC deal: Designed not to affect the market price.
3. Using a brokerage service: Likely settled after selling since it didn't flow through brokers' wallets or exchanges.

Additionally, 1.5K BTC went to Bitbank, but no significant surge in trading volume has occurred. 1.5K BTC is a relatively small amount.

Monitoring exchange flows is necessary to determine if Bitbank is being used as a broker.

If scenario 3 applies, 94K BTC is available for sell-side liquidity, but selling this much BTC without on-chain movement is unlikely. If it's OTC selling, we're in the clear. — Source

VanEck officially files S-1 for its Spot Ethereum ETF.

All spot #Ethereum ETF applicants filed updated S-1's

• Fidelity
• VanEck
• Franklin
• 21Shares
• Grayscale
• BlackRock

The TOP projects that may issue tokens in the second half of the year, including Monad, Aleo, Magic Eden, Berachain, Babylon, Scoll, Karak, Movement, SynFutures, Backpack, Puffer, LiFi, Lens, Solv, Symbiotic, Swell, Zircuit, StakeStone, Hamster Kombat and HyperLiquid.

Source: WuBlockchain