Diversitas

Crypto Market Pulse 👀

• Coinbase Premium remains elevated, showing continued demand from U.S. institutions and investors👀

• ETFs continue to accumulate both Bitcoin and Ethereum, further tightening available supply and reinforcing the trend of institutional adoption💪

• Arizona’s Bitcoin Reserve Bill has passed its final vote and now heads to the governor’s desk. If signed into law, this could mark the beginning of state-level BTC adoption in the U.S.🇺🇸

• Strategy isn’t slowing down—the firm added 15,355 $BTC for ~$1.42 billion, boosting its already massive stack and doubling down on its conviction🔥

• In Brazil, Itaú, the country’s largest bank, is backing a Strategy-style initiative called Oranje, which will begin with a $210 million Bitcoin allocation. This signals deepening global corporate interest in BTC🤔

• Ethereum Foundation announced plans for the Fusaka hard fork, expected in Q3/Q4. Apart from boosting transaction speed, the foundation revealed plans to increase real-world utility and strengthen Ethereum’s resilience—a notable step forward as the network gears up for broader adoption🛠️

• Despite all this activity, Google searches for "Bitcoin" have dropped to their lowest level since October 2024, according to Google Trends. Retail remains asleep while institutions are front-running the next move😉

1. Market Overview

Crypto market continues to quietly strengthen under the surface. Exchange reserves are steadily dropping as accumulation by the long-term holders remains strong. At the same time, ETFs and corporations have maintained a steady buying pace, tightening the available supply even further💪

This week, we also saw a major new player enter the arena: Twenty One, a new public company backed by Tether, Softbank, and Cantor Fitzgerald, officially launched with the goal of aggressively accumulating Bitcoin.

After months of price suppression caused by tariff drama and geopolitical tensions, this week finally brought a strong rebound across the crypto market. With those headwinds starting to ease, it feels like the market is ready to catch up. Looking ahead, with the prospect of rate cuts and the beginning of a broader monetary easing cycle, the setup for the crypto market looks as promising as ever🤔

2. ETF Flows

After weeks of muted activity, this week we witnessed one of the strongest inflow weeks since the launch of the ETFs. Both Bitcoin and Ethereum products saw significant demand, signaling a potential shift in sentiment as institutional interest picks up once again.

• BTC ETFs: +$3.06 billion🤑
• ETH ETFs: +$157.1 million💸

3. On-Chain Data

• Coinbase Premium: Positive✅
• Exchange Reserves: Reached new lows✅
• MVRV Ratio: 2.1 (Cycle Top Above 3.7)✅
• Net Unrealized Profit/Loss (NUPL): 53 (Cycle Top Above 75)✅
• Open Interest: Low✅
• Funding Rates: Low/Negative✅
• CMC Fear and Greed Index: 51 (Neutral)✅

Meanwhile, a large amount of $ETH continues to flow into accumulation addresses. After months of weakness, it finally looks like Ethereum’s time to shine is approaching. Once ETH takes the spotlight, we can expect the rest of the market to follow — setting the stage for the long-awaited altseason👀

4. Top Weekly News

US spot bitcoin ETFs log $3 billion in weekly inflows, a 5-month high following BTC price spike

https://www.theblock.co/post/352071/us-spot-bitcoin-etfs-log-3-billion-in-weekly-inflows-a-5-month-high-following-btc-price-spike 

BlackRock's Bitcoin ETF nears 3% of total BTC supply as inflows spike

https://www.theblock.co/post/352008/blackrocks-bitcoin-holdings-near-3-of-total-supply-as-inflows-spike

Ark Invest raises 2030 bull-case bitcoin price projection to $2.4 million on 'aggressive' modeling

https://www.theblock.co/post/351967/ark-invest-raises-2030-bull-case-bitcoin-price-projection-to-2-4-million-on-aggressive-modeling

Metaplanet hits 5,000 BTC milestone as corporate bitcoin accumulation race heats up

https://www.theblock.co/post/351812/metaplanet-hits-5000-btc-milestone-corporate-bitcoin-accumulation-race

Lutnick's Cantor plans $3 billion bitcoin venture with SoftBank and Tether

https://www.theblock.co/post/351603/lutnicks-cantor-plans-3-billion-bitcoin-venture-with-softbank-and-tether-ft