Bitcoin trades at $64,884, a 1.0 percent gain over 24 hours and its best weekly close in over a month. The price strength coincides with significant on-chain activity: 210,000 bitcoin moved from long-term holder wallets in the past week.
The movement reflects a custody shift, not conventional selling pressure. On-chain analysis ties the transfers to the Coldcard fallout, with users re-securing assets following security concerns with the hardware wallet provider.
In the spot Bitcoin ETF market, Hashdex announced it will liquidate its Bitcoin ETF. The fund failed to attract substantial assets since its January 2024 launch, highlighting a divergence in investor interest across the various spot ETF offerings.
Regulatory progress for digital assets faces a setback in Washington. The CLARITY Act, a market structure bill that defines whether digital assets are securities or commodities, is unlikely to pass before Congress's summer recess. Senate Majority Leader John Thune said the bill is stalled, citing lawmaker divisions over ethics and stablecoin yield.
The delay could weigh on crypto prices, according to analysis from Bernstein.
Hardware wallet security is under scrutiny. Kraken called for stricter testing protocols for hardware wallets following recent industry events that exposed vulnerabilities in self-custody solutions.
Bankrupt crypto exchange FTX continues to face its recovery process. Users report issues accessing the newly launched customer claims portal. FTX's new leadership is also in talks to potentially revive the exchange, a development closely watched by creditors.
Ripple's legal battle with the U.S. Securities and Exchange Commission is projected to cost the company $200 million. CEO Brad Garlinghouse said the figure reflects the financial burden of the ongoing regulatory dispute.
The Crypto Fear & Greed Index sits at 30, indicating fear, as rising asset prices collide with regulatory uncertainty and persistent security challenges.
