Ethereum has been gaining ground in recent times, especially among institutional investors, as they believe that the leading altcoin is set to outperform Bitcoin. This is evidenced by the large buys that have dominated ETH as Ethereum treasury companies become a major player in the space. Amid this, billionaire and CEO of Galaxy Digital Investments, Mike Novogratz, has revealed the important level for Ethereum to beat to enter price discovery.

Ethereum Price Needs To Cross $4,000

În an interview with SquawkBox, Novogratz points to the recent strength of Ethereum amid rapid accumulation as a reason for it being a better bet than Bitcoin. The major reason outlined for why ETH was a better bet than BTC at this point is the fact that Ethereum treasury companies are now becoming a staple, with two ETH treasury companies, such as SharpLink and GameSquare Holdings, among others, already established and more on the way.

Related Reading

As these companies continue to accumulate ETH, the billionaire explains that with not much supply, the Ethereum price is likely to rise. He also brings up the fact that Ethereum has a very powerful narrative, and the market reaching record short levels has also aided its bullishness.

Given these, Novogratz explained that the Ethereum price is at least destined to knock on the $4,000 level a few times. Also, once the altcoin is able to take out $4,000, then the billionaire believes that the ETH price will enter into price discovery, which could drive it higher.

As Ethereum continues to look like the better bet, he also believes that the altcoin could end up outperforming the Bitcoin price over the next 3-6 months. This gives a short timeframe, especially as Bitcoin has already hit multiple new all-time highs over the past year, and Ethereum is yet to beat its highs from 2021.

ETH Is Already Outperforming Bitcoin

So far, in the month of July, the Ethereum price has greatly outperformed that of Bitcoin in terms of gains, lending credence to Novogratz’s expectations that the altcoin will outperform the pioneer cryptocurrency. According to data from CryptoRank, ETH is up more than 45% this month already compared to the less than 8% on record for Bitcoin.

Related Reading

Over the last 90 days, as well, the Ethereum price has doubled to put in more than 100% in gains. Meanwhile, Bitcoin’s gains still sit just above 22% for the same time period. Nevertheless, Bitcoin continues to dominate the market, with BTC dominance sitting above 61% and holding altcoin season at bay.

Featured image from Dall.E, chart from TradingView.com

Professional Capital Management founder and CEO Anthony Pompliano says that Bitcoin (BTC) has become the “greatest show on Wall Street.”

In a new interview with CNBC’s Squawk Box, Pompliano gives three reasons why BTC is leading the crypto markets to new all-time highs.

“First of all, welcome to The Greatest Show on Wall Street. I think Wall Street’s full, undivided attention is now on Bitcoin. And really, there are three things that drove this move.

The first is that there have been record inflows into the ETFs (exchange-traded funds). Last Thursday alone saw $1.2 billion—the second-highest day ever. Those ETFs now collectively have over $140 billion. BlackRock’s fund alone is now almost $90 billion. In about a year, they went from not having a Bitcoin ETF to having one of the top 20 largest ETFs in the world. So there’s a lot of inflows there.

The second thing is that the options expired at the end of Q2. So all that downward pressure on Bitcoin went away. That helps—kind of like a beach ball being pushed underwater. Obviously, it can pop back up.

And then the third thing is that there were a lot of short sellers. You started to see that build up, and as they got blown out as Bitcoin ran, you entered this price discovery phase. If you go back to November, we went from $70,000 to $90,000 in about two to three weeks. And $70,000 was a new all-time high.”

While not giving explicit price targets, Pompliano says that BTC is in for a “big move” now that’s broken the previous all-time high of $110,000.

“Well, what we’re watching now is that we’ve broken through that $110,000 range, which was the previous all-time high. I don’t know if it goes to $140,000, but it sure is going to make a big move here—because we are in a true price discovery phase.”

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/BT Side

Bitcoin has reached a new all-time high of $123,165, surging more than 5% in 24 hours and pushing its market capitalization to $2.39 trillion.

According to CryptoSlate data, the milestone occurred in the early hours of July 14, marking the first time the flagship crypto has surpassed the $120,000 threshold.

This surge now places Bitcoin as the fifth-largest asset globally by market cap, above Amazon, according to data from Companies Market Cap.

Former Binance CEO Changpeng Zhao weighed in on the milestone, reflecting on how far Bitcoin has come. He noted that in 2017, a $1,000 all-time high felt monumental. Today’s figures, he suggested, may seem modest in hindsight a few years from now.

Meanwhile, technical analysts also view this Bitcoin breakout as significant momentum for the industry.

Coin Bureau co-founder Nic Puckrin noted that Bitcoin has broken above a seven-year trendline on its monthly chart for the first time. That level had previously acted as resistance in past bull markets, particularly since 2018.

What is driving Bitcoin’s price performance?

The price rally comes as the US prepares for what has been dubbed “Crypto Week,” beginning July 14.

Lawmakers are expected to hold key hearings and votes on several digital asset-related bills, including the CLARITY Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act.

Market observers view this wave of legislative activity as a possible turning point for regulatory clarity, which could unlock greater institutional participation.

Bitcoin has also seen strong inflows into U.S.-listed spot exchange-traded funds. According to SoSoValue, Bitcoin ETFs attracted over $2 billion last week alone. These figures underscore rising demand from institutional investors seeking direct exposure to Bitcoin.

Some firms, including Metaplanet, are following Strategy’s (formerly MicroStrategy) lead by adding Bitcoin to their Treasury reserves—a move that further solidifies the asset’s long-term appeal.

Over $700 million in liquidations

While bulls celebrate the breakout, short traders are feeling the heat.

According to CoinGlass, the market’s rapid movement triggered $730 million in liquidations across the crypto space.

Of that, nearly $444 million came from Bitcoin positions, with short trades accounting for $435 million of the losses. One trader lost close to $100 million on a single short bet.

Notably, on-chain data from Hyperliquid also shows that crypto trader Qwatio was fully liquidated from his short position of 1,743 BTC, equivalent to $211 million, within three hours of the market breakout.

Interestingly, when priced in euros, Bitcoin has still not surpassed its high posted in January.

Mentioned in this article

June 9th, 2025 – Singapore, Singapore

TrueNorth, led by a former chief of hybrid CeFi/DeFi exchange WOO and AI experts, raises a strategic angel round to pioneer the agentic economy.

The founders of LayerZero, SEI, Selini Capital, Virtuals, Plume, and Presto Labs have collectively backed an AI platform that uses autonomous agents and real-time data to uncover crypto opportunities. AI-focused firm TrueNorth, co-founded by former WOO COO Willy Chuang and ex-Temasek AI tech investor Alex Lee, has raised $1 million in funding to develop Crypto’s first AI-powered engine. An engine symbiotic to the users’ discovery journey from intent straight to the outcome.

TrueNorth’s agentic technology continuously scans across chains, socials, and macro and project data to surface timely, high-signal insights for every user personalized to their portfolio, trading style, and past behavior.

“We see true AI agents becoming the foundation for how people invest in crypto for the future,” said Willy Chuang and Alex Lee, co-founders of TrueNorth. “The market is only getting more complex, and our goal is to cut through the noise with a hyper-personalized engine powered by a generative user interface (known as Gen UI) that adapts to each user’s style and behavior in real-time. We’re building a system where the agnetic flow and expert distilled reinforcement learning models work quietly in the background, driving the user’s intent infinitely closer to the outcome. Willy Chuang, who previously led operations at the CeFi/DeFi exchange WOO, emphasized the real-world need for tools that reduce cognitive overload in fast-moving markets. “Having led crypto exchanges and worked closely with a broad range of traders and investors, I’ve seen how fragmented data and constant noise creates friction in decision-making,” said Chuang. “TrueNorth is built to simplify this, delivering personalized insights that evolve with each user so they can move faster with more confidence.”For his part, Alex Lee, a PhD in AI, highlighted the platform’s AI-driven approach and ongoing development phase. “AI has reached a point where it can do more than just process data; it can understand context, adapt to users, and continuously improve decision-making,” said Lee. “That’s the foundation we’re building on: agentic intelligence that works behind the scenes to surface what matters most. We’re currently in closed beta, working closely with early users to refine a system that feels intuitive but is powered by serious intelligence.”

TrueNorth’s backers, Bryan Pellegrino of LayerZero, Jeff Feng of SEI, Jordi Alexander of Selini Capital, and Yongjin of Presto Labs, as well as Will Wang of Generative Ventures, share a strong belief in AI’s transformative power in crypto trading. Their interests span key themes such as interoperability, data-driven AI models, algorithmic market strategies, and innovative infrastructure development. Together, these interests reflect not only a shared belief in AI’s potential but also the same principles driving TrueNorth’s mission to simplify and personalize decision-making in decentralized markets.

TrueNorth, a platform under Singapore-registered Advent AI, is working closely with its first 500 early users, the Truthsayers, to refine agentic workflows for AI-native investing in closed beta. In the coming weeks, the team will unveil key details of its advanced architecture and agentic frameworks as it gears up for a public launch aimed at delivering smarter, hyper-personalized crypto discovery tools to a wider audience.

To learn more about TrueNorth, users can visit https://true-north.xyz/

Contact: media@adventai.io

About TrueNorth

TrueNorth is the crypto industry’s first autonomous, AI-powered discovery engine, designed to be symbiotic with the user journey, bringing intent straight to an outcome. Combining on-chain, social, and macro data, TrueNorth uses advanced agentic infrastructure to deliver real-time, tailored insights that evolve with each user’s investment journey. Founded by DeFi/CeFi and AI experts, TrueNorth aims to democratize decentralized finance by making complex crypto information accessible and actionable for investors at all levels. TrueNorth is part of Delphi Labs’ dAGI accelerator, a protocol R&D lab focused on incubating and accelerating new Web3 primitives.

Contact

PR team
media@adventai.io

The analyst who accurately called Bitcoin’s pre-halving correction last year believes BTC is on the verge of igniting rallies en route to new all-time highs.

Pseudonymous analyst Rekt Capital tells his 546,700 followers on the social media platform X that Bitcoin needs to take out its last resistance area at around $105,000 to trigger a breakout into price discovery.

“Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?

Bitcoin is on the cusp of beginning Price Discovery Uptrend two.”

In crypto trading, price discovery generally refers to an asset soaring to uncharted territory and new all-time high levels.

With Bitcoin struggling to take out the resistance for now, Rekt says that BTC may need to first revisit a key level below $100,000 and flip it into support before the crypto king erupts.

“That means that unless BTC is able to break $104,500 Range High resistance, then anything within that price range would be fair game [this] week.

And if the Lower High needs to be turned into support (like in the Post-Halving period; blue circle), dips into $97,000 would satisfy that retest.”

At time of writing, Bitcoin is worth $102,473.

Looking at Ethereum, Rekt says that ETH has surged into a new trading range after last week’s 40% eruption. According to the trader, the doors are now open for ETH to attack its 2024 highs close to $4,000.

“Ethereum [has printed a] Weekly Close in its $2,200-$3,900 Macro Range.

Weekly Closes above $2,200 have historically set off uptrends across the Range (blue circle).

Any dips, if needed at all, would solidify $2,200 as Range Low support.”

At time of writing, ETH is worth $2,469.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Key points:

• Liquidity is tightly clustered around current spot price, with $106,000 the likely next battleground.

• Some traders are expecting the bid to enter price discovery to fail.

Bitcoin (BTC) preserved giant gains into the May 11 weekly close as analysis flagged the key level to hold next.

Analysis: BTC price can “kickstart the breakout process”

Data from Cointelegraph Markets Pro and TradingView showed weekend upside volatility, delivering new multimonth highs of nearly $105,000.

A lack of liquidity during “out of hours” trading contributed to the move, which once more came on the back of positive rumors over a US-China trade deal.

$BTC
almost tagging $105K off again headlines

markets will want to see fruition of Trumps comments regarding a path forward with trade between US & China

Shipping data does already suggest insiders know hence container volume has briefly picked up again pic.twitter.com/AijqalylwS

— Skew Δ (@52kskew) May 10, 2025

Now, popular trader and analyst Rekt Capital confirmed that Bitcoin could even kickstart a return to all-time highs and price discovery.

The all-important weekly close level to flip to support, he said, lay at around $104,500.

“Can Bitcoin do it? Can Bitcoin Weekly Close above the Range High of its recently reclaimed Re-Accumulation Range to kickstart the breakout process?” he queried in a post on X alongside an explanatory chart.

“Bitcoin is on the cusp of beginning Price Discovery Uptrend 2.”

An additional update calculated the current Bitcoin bull market as 85.5% complete, yet with the most erratic upswings still to come.

#BTC Bull Market Progress:

▓▓▓▓▓▓▓▓░░ 85.5%

(Progress will speed up on Parabolic advances)$BTC #Crypto #Bitcoin pic.twitter.com/Qe88NVmo2z

— Rekt Capital (@rektcapital) May 9, 2025

A look at the latest exchange order book data from monitoring resource CoinGlass showed a large cloud of asks clustered around the area immediately below $106,000 at the time of writing.

Bids were laddered down to $102,000, creating a thickening band of liquidity around spot price into the weekly close.

Bitcoin can still retrace “entire move”

Some market participants remained bearish on short timeframes.

Related: Is Bitcoin about to go parabolic? BTC price targets include $160K next

On X, popular trader HTL-NL argued that the current push toward all-time highs would end as a “fakeout” to trap late longs.

“Will $BTC close/open the week remaining within the range, will it do a ‘fake out (UTAD)’ or was this really a reaccumulation range as many want to believe,” he wrote on the day. 

“To be honest, although I still favour the first 2 options based on M/Q charts, it being reaccumulation is not impossible.”

Another voice of caution, one all too familiar in Bitcoin trading circles, came in the form of fellow trader Il Capo of Crypto.

In his latest X updates, the pseudonymous commentator warned that BTC/USD could correct to the extent that its entire rebound disappears.

“This is the time to scale out, not in,” he argued on May 10. 

“Strong resistances are being tested, and if this is just a correction of the downtrend since January, the entire move could eventually be fully reversed.”

Il Capo of Crypto originally gained notoriety for his $12,000 BTC price targets at the start of the bull market in 2023.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Discovery Grid, which had been in OpenSim for more than a dozen years, is moving today to the Open 3D Engine platform, also known as O3DE.

In his announcement, grid owner Rene Vega — also known as Balpien Hammerer in-world — cited declining user engagement and the limitations of OpenSim technology as key factors in the decision. Statistics showed active accounts had dropped to 26 percent of their 2019 levels, while monthly active users fell to 19 percent and total regions decreased to 55 percent of their previous numbers, he said.

“It is clear to me that this grid needs new experiences. It needs the means to ease the development effort by creatives; modern tools are required,” Vega said. “Unfortunately OpenSim lacks these tools.”

The transition to O3DE promises significant technical improvements, including more land space—equivalent to 32,768 standard-sized regions—along with advanced features like realistic ocean dynamics, volumetric clouds, and PhysX5 physics simulation.

To ensure an orderly closure, Discovery Grid implemented a 90-day transition plan, offering free region backups to all landowners and coordinating with the Utopia Skye grid to facilitate inventory transfers for users.

Rather than a complete shutdown, Vega positioned this move as a strategic pivot, stating the business would continue under a new virtual world platform based on O3DE technology. However, no specific timeline was provided for the launch of the new platform.

The closure reflects broader challenges within the OpenSimulator ecosystem, particularly regarding viewer compatibility issues and the platform’s struggle to keep pace with modern virtual world capabilities. Discovery Grid’s transition marks one of the first major moves by an established virtual world from OpenSimulator to the newer O3DE platform.

What is O3DE?

O3DE initially began as Amazon Lumberyard, built on top of the CryEngine game platform technology.

Amazon donated the project to the Linux Foundation in 2021, and O3DE became fully open sourced, with an Apache license.

It is a partner of the Linux-based Open Metaverse Foundation, which was launched in January of 2023, so, at some point, it might support teleports between worlds.

You can check out the showcase of O3DE examples here. There’s not much there yet. A couple of empty city builds, some robotics simulations, and a couple of game demos. None link to anything you can easily access online, though a couple do take you to a GitHub project page. I can’t find any examples of worlds built with O3DE that you can actually visit.

Plus, Unity and Unreal both have free options. Unreal, a high-end game development engine, is free if you have less than $1 million in annual revenues. Unity, popular for web and mobile apps, is free for individuals and companies that have less than $200,000 in revenues.

Is OpenSim losing steam?

Back in 2007, Second Life users figured out how the viewer communicated with back-end servers. This enabled people to build bots for Second Life, and to create alternative viewers to the official one.

Meanwhile, enterprises were getting very excited about the possibility of using Second Life for productivity, training, product prototyping, marketing, and customer support. However, they didn’t want their users in the public Second Life system, with all its gambling and nudity and financial scams. They needed a secure, private environment for their customers and employees.

So IBM and Intel and a few other companies and volunteer developers built a brand new server infrastructure that used the same viewer communication protocols as Second Life. That way, it could be accessed through all the Second Life-compatible viewers. On the back end, however, it was completely different and built from scratch. It even used a different programming language and architecture.

People were excited about being able to have their own private worlds — and to build commercial alternatives to Second Life.

Then, in 2008, Christa Lopes, a computing professor at UC Irvine, invented the hypergrid, and many of these new worlds became hyperlinked.

But then something bad happened.

Companies realized that there wasn’t all that much benefit to doing stuff in virtual worlds. There were better platforms for virtual prototyping and video calls were much more convenient for meetings. OpenSim had a high learning curve.

The way big, complex open source projects normally work is that they have a big community of developers that contributes new fixes and bug fixes. These developers generally come out of the user base. The more users, the more developers. Since most users are not themselves developers, and even those who are have other stuff to work on, you need a very large user base in order to continue innovating.

In particular, having large enterprises like IBM use the platform is key, because they can assign developers to work on the project. It’s not just out of the goodness of their hearts, of course — they want to make sure that a project they use a lot isn’t abandoned, and also that it evolves in a direction they like.

Without corporate backing, and without a large, passionate user base, OpenSim development slowed down significantly.

But so did Second Life.

The learning curve was too steep, the usability wasn’t there, and the benefits were not readily apparent. The technology was supposed to go viral but never did. People tried it out, says, “hey, that’s cool,” and then never went back to it.

Kind of like me with my giant collection of virtual reality headsets.

And OpenSim is way too slow and expensive to be used as a gaming engine. Successful video games need to be able to support thousands of players, at least, with no lag. And, of course, OpenSim has no built-in game mechanics.

As a result, there have been only minor, incremental improvements over the past decade. Teleportation improved. Stability improved. Graphics slightly improved. But basically, anyone who used Second Life or OpenSim ten years ago will find it pretty much the same today.

The usability hasn’t improved. The learning curve is no shorter. There’s still no decent web viewer or mobile viewer.

And, other than some kind of emotional connection to OpenSim and the desire to see it survive, there’s no real motivation for change. For current users, OpenSim and Second Life are fine the way they are. They liked it ten years ago and they still like it.

There’s no killer use case out there that people are clamoring for.

For me, OpenSim is now retro. Like text-based games or eight-bit graphics.

I’m a little sad about it. I’ve spent 15 years writing about OpenSim and used to think that it was the future of interactivity. But I don’t have my own grid anymore, and rarely go into OpenSim for meetings or events these days — so I can see why grid owners might be looking at alternatives.

The one big thing I’ll miss if there’s a big migration to something like O3DE is the hypergrid. Maybe Crista Lopes can take a look at it and see what she can do.

What about you? Are you planning to check out O3DE? What do you think about the future of OpenSim?

Hypergrid Business editor and publisher Maria Korolov is a science fiction novelist. During the day, Maria Korolov is an award-winning freelance technology journalist who covers artificial intelligence, cybersecurity and enterprise virtual reality. See her Amazon author page here and follow her on Twitter, Facebook, or LinkedIn, and check out her latest videos on the Maria Korolov YouTube channel. Email her at maria@hypergridbusiness.com. Her first virtual world novella, Krim Times, made the Amazon best-seller list in its category. Her second novella, The Lost King of Krim, is out now. She is also the publisher of MetaStellar, a new online magazine of speculative fiction.

Latest posts by Maria Korolov (see all)