Happy Monday Bitcoiners, it's here from PulseWire.
Our goal is to help save you time by personally curating the most impactful Bitcoin events of the week into an easy-to-read update.
This week’s notable events are in our “Politics” section and include the complete sell-off of the German Government’s bitcoin, the Republican Party’s platform defending the right to mine and ensuring every American’s right to self-custody, and the resurgence of massive inflows into Bitcoin ETFs.
Let’s dive in for more! ⚡
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LATEST NEWS 📰
🙌 ADOPTION
—wallets with no outflows—accumulated 85K Bitcoin in the last 30 days, while ETFs experienced outflows of 16K BTC.
is displayed on the Ferris wheel at Santa Monica’s iconic pier.
creates the Congressional El Salvador Caucus to strengthen the relationship between the US and El Salvador.
⚖️ LEGAL
German government sells off their remaining ~42,000 BTC in just one week, exchanging it for approximately $2.3 billion.
receive confirmation emails regarding Bitcoin distribution through Bitstamp and Kraken.
announces plans to open a Bitcoin Office to promote BTC education for its residents.
📈 MARKETS
purchases an additional ~42 Bitcoin for ¥400 million, bringing their total holdings to approximately 203 Bitcoin.
approves DigitalX’s spot Bitcoin ETF ($BTXX) for trading starting July 12th.
Bitcoin ETFs a full week of positive inflows totaling $1.047 billion, effectively buying the dip as the price retraced below $55,000.
⛏️ MINING
announces an agreement to supply Core Scientific with new 3nm mining ASICs, adding approximately 15 EH/s of hashrate to Core Scientific’s fleet.
, a Canadian Bitcoin miner, signed a deal on July 9th for a West Texas site with 205 megawatts of power to expand its operations.
reaches a new all-time high in sustainable energy usage at 56.2%.
🗳️ POLITICS
promotes the right to mine Bitcoin and ensures every American has the right to self-custody their digital assets and transact freely.
, a presidential candidate in Suriname, says she was inspired to run for president by El Salvador’s Nayib Bukele and his pro-Bitcoin stance.
Marco Chiesa gave a speech to students of the Plan ₿ Biz School on how Bitcoin aligns well with Swiss values.
BAMS 2 SATS 🧢
At the week’s start, Germany’s government held approximately 42,000 BTC, poised for sale. This impending liquidation triggered a market downturn, pushing Bitcoin’s price to $53,500. The sharp decline sparked fear and panic among investors, who were uncertain how the market would withstand such heavy sell pressure.
Bitcoin's value fluctuated dramatically, repeatedly rising before sharply falling back to around $55,000. Instead of solely using over-the-counter (OTC) trading desks, which would have minimized market impact, the German government dumped its coins across multiple exchanges. This rookie approach contributed significantly to the price turbulence.
source: Arkham platform
Fortunately, the selling concluded by Friday night, and morale took a positive turn as we experienced:
Massive stacking from whale wallets.
from US ETFs totaling over $1 billion.
achieved record highs with holdings of 1,051,569 Bitcoin.
Bitcoin Miners’ reserves increased in July after a significant outflow.
We can’t be certain what will happen in the next couple of weeks. Will the positivity continue as US politics embrace Bitcoin, with former President Trump giving a talk at Bitcoin Conference 2024? Bitcoin rallied over $60,000 upon the news that he was medically fine after the assassination attempt this weekend. Or will we once again experience outflows from ETFs or even a sell-off from Mt. Gox distributions?
What we do know is that only 3.125 BTC are now being issued every 10 minutes after the halving. This reduction in issuance, combined with a lengthy bear market, is often followed by a parabolic run to new highs as market participants grow from cycle to cycle, while the supply remains fixed at 21 million.
source: bitbo
From a long-term perspective, Bitcoin is doing exceptionally well. So let’s stay focused and keep stacking.
Bam
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