- Bitcoin price remained above $62,000 but could face oversupply due to possible Silk Road and Bitfinex remittances.
- Ethereum and XRP continued to consolidate near key price levels.
- Popular trader Peter Brandt predicts a Bitcoin price of $135,000 between August and September 2025.
Bitcoin, Ethereum and XRP updates
- Bitcoin (BTC) maintained its move above the psychological $62,000 level, trading around $62,120 on Wednesday despite $58.2 million in outflows to BTC ETFs, according to data from Farside Investors. However, the leading cryptocurrency could face potential selling pressure in the coming months if the US government decides to sell the 69,730 BTC seized from Silk Road that it recently took control of.
- Ethereum (ETH) is trading above $2,400, down 0.5% over the past 24 hours, following outflows of $8.1 million in ETH ETFs. If ETH continues its upward move, it could face an initial rejection near the $2,490 resistance.
- Ripple’s XRP price is consolidating near $0.530 as resistance at $0.544 continues to hold. If XRP fails to surpass this level in the coming days, its price could decline to the psychological level of $0.500.
Market Updates
- Asset manager Ark Invest revealed that it purchased 12,994 shares of Coinbase (COIN) worth $2.2 million for its Fintech Innovation ETF (ARKF) on Tuesday. The purchase follows the sale of Robinhood (HOOD) shares worth $36.4 million in three of its ETFs. Ark Invest’s strategy of ensuring that no individual security exceeds 10% of an ETF portfolio’s weightings could be a potential reason for the switch between COIN and HOOD.
- Crypto exchange Bitfinex may be the sole victim and recipient of the 119,754 BTC seized by the US government following a hack of the exchange in 2016. “The government is not aware of any person considered a victim under the Crime Victims’ Rights Act (CVRA) or for restitution under the Mandatory Victim Restitution Act (MVRA), perhaps beyond Bitfinex,” the U.S. Attorney wrote. District of Columbia in a filing Tuesday.
- If the government approves funds for Bitfinex, the crypto market could face another supply overhang similar to that of the defunct exchange Mt. Gox, the repayment of creditors and the unloading of the German government.
Industry Updates
- Late Tuesday, HBO documentaries identified Bitcoin Core developer Peter Todd as the mysterious creator of Bitcoin, Satoshi Nakamuto. However, Todd denied these claims and most members of the crypto community also came forward with findings about X to refute the documentary.
- The Tron blockchain now hosts 75% of all USDT addresses, widening its lead over Ethereum due to its fast transaction throughput and low fees, according to data from IntoTheBlock. With USDT as the dominant stablecoin in the crypto market, Tron could gain more market share if the trend continues.
Chart of the day: Bitcoin
BTC/USD (Source: Peter Brandt via X)
According to popular trader Peter Brandt, Bitcoin could reach $135,000 in August/September 2025, as the leading digital asset often begins to show significant gains after the midpoint of halving cycles.
He noted that the price consolidation since March constitutes a brief pause in the ongoing trend. However, Brandt added that a price closing below $48,000 would invalidate the bullish thesis.
