This past week was dense with events, some thrilling, some alarming, and others simply historic. From dormant whale wallets waking up to new legislation on the horizon, we witnessed how crypto is pulling further into the mainstream, while regulators, investors, and even governments are still scrambling to catch up.
Bitcoin Whales, Hacks, and the $8 Billion Mystery
The biggest shock this week? A whale wallet containing 80,009 BTC, idle since 2011, suddenly moved 40,000 BTC, worth over $4.3 billion. The wallet is tied to coins bought for under $3.50, meaning whoever moved them saw a return of over 100,000%.
Soon after, Connor Grogan from Coinbase hinted that the wallet might’ve been hacked. If true, this would become the largest Bitcoin theft in history.
Even with no confirmation, the community buzzed with tension. Some dismissed it playfully, like BadwiCrypto tweeting he just moved some coins to Ledger and didn’t need a “panic parade.”
Institutions, ETFs, and Traditional Finance Take Bigger Steps
- BlackRock’s Bitcoin ETF ($IBIT) ranked as the third-highest revenue generator among 1,197 BlackRock funds. That’s historic.
- Robinhood ($HOOD) shares broke $100 for the first time, fueled by growth in tokenized stocks and expanding crypto offerings in Europe.
- MicroStrategy is now sitting on unrealized gains of $13B in Bitcoin, holding over 597,000 BTC.
- Public companies acquired more Bitcoin than ETFs this past quarter: 131,000 BTC vs 111,000 BTC, continuing the trend from previous quarters.
- Meanwhile, American Bitcoin Corp, backed by Eric and Donald Trump Jr., is set to list on Nasdaq with the ticker $ABTC.
Legislation, Regulation & U.S. Crypto Week
Crypto is going political. The U.S. Congress declared July 14–18 “Crypto Week“, where three key bills will be discussed:
- CLARITY Act – to define crypto market structure
- CBDC Anti-Surveillance Bill – to limit central bank digital currency powers
- GENIUS Act – to regulate stablecoins
Trump’s “Big Beautiful Bill” passed the House. While details are limited, it’s expected to support economic incentives that may benefit risky assets, including crypto.
Separately:
- The SEC paused Grayscale’s applications to convert their XRP, SOL, and ADA funds to ETFs.
- Bloomberg raised the chances of XRP and LTC ETFs to 95%.
- The SEC also acknowledged a proposal for a multi-asset Grayscale ETF (BTC, ETH, XRP, SOL, ADA).
- Arizona Governor Katie Hobbs vetoed a bill to create a state crypto reserve, citing concerns over local law enforcement powers.
Stablecoins vs CBDCs: The Battle Is Clear
Stablecoins are dominating, and central banks are backing away.
- The total stablecoin supply on Ethereum hit an all-time high of $135.4B.
- $USDG, a new MiCA-compliant euro stablecoin, launched across 30 countries in Europe, supported by Kraken, Robinhood, and Mastercard.
- South Korea officially ended its CBDC experiment, instead encouraging banks to issue private stablecoins.
- In the U.S., Circle applied for a national banking license, aiming to integrate USDC more closely with traditional finance.
Even Visa and Mastercard may cut credit card fees by up to 99% by settling payments through Solana, showing stablecoins are evolving into true financial infrastructure.
Global Institutions Go Crypto
- Germany’s Sparkassen group (over 370 banks) will launch Bitcoin and crypto trading for 50+ million clients.
- Belgium’s KBC Bank will also offer Bitcoin and Ethereum purchases to its users.
- Amber International, a Nasdaq-listed company, added $25.5M to its crypto reserves (BTC, ETH, SOL), expanding into BNB, XRP, and SUI.
- Ondo Finance and Pantera Capital committed $250M to accelerate tokenized real-world assets (RWAs).
- Aptos network surged 57% in RWA tokenization, driven by projects like BUIDL (BlackRock) and BENJI (Franklin Templeton).
- Ripple is pursuing a national banking license to bridge the crypto-traditional finance gap.
Trump, His Wallet, and His Meme Coin
Trump remains deeply linked to crypto:
- Bloomberg reported over 8% of Trump’s net worth is now tied to crypto assets and ventures.
- Trump’s meme token, $TRUMP, is now accepted for merch on sites like GetTrumpFragrances.com and GetTrumpSneakers.com.
Jobs Data and Monetary Policy Impacts
There were two conflicting job reports in the U.S.:
- The ADP report showed a loss of 33,000 jobs, the worst since Feb 2022.
- But official June data showed 147,000 jobs added and unemployment falling to 4.1%.
Short term, this shows a strong labor market. But it might push the Federal Reserve to delay interest rate cuts.
Also:
- Treasury Secretary Bessent confirmed the Fed Chair replacement search is ongoing.
- He also teased multiple trade deals coming before July 9.
Macro Trends: M2, Short Squeezes & Whale Risk
- M2 Money Supply in the U.S. hit $21.94 trillion, the highest ever, up 4.5% YoY.
- If Bitcoin breaks $115,000, over $6B in short positions could be liquidated.
- SEC is considering streamlining ETF listings, possibly reducing approval times from months to just 75 days.
Scams, Arrests & Hacks
- The founder of WhiteRock Finance was arrested in the UAE over the $30M ZKasino scam and will be extradited to the Netherlands.
- Rumors of the $8B whale hack have not been confirmed, but they raised major concerns about long-idle wallets.
Recognition for Bitcoin and Its Innovation
In one of the most surprising shoutouts, Bank of America included Bitcoin in its list of the greatest innovations of the past 1,000 years, alongside electricity and the printing press.
Final Thoughts
This week proves that crypto is no longer operating on the fringe. Wall Street, government policy, job reports, banking, and even Trump’s merchandise store all tie into it.
Still, the industry remains volatile, with hacks, policy delays, and regulatory gray zones constantly shifting the mood.Always do your own research. When you’re ready, trade spot and perpetuals on Millionero. Learn more at blog.millionero.com.