Bitcoin (BTC) has surged from around $108,000 on September 1 to above $115,000 at the time of writing – recording a gain of roughly 4% over the past two weeks. However, fresh on-chain data suggests that Bitcoin may be on the cusp of a fresh rally that could propel it to new all-time highs (ATH).

Bitcoin Rises Above Mid-Term Holders’ Realized Price

According to a CryptoQuant Quicktake post by contributor ShayanMarkets, Bitcoin’s recent rebound from $107,000 to just above $114,000 has lifted the digital asset over the Realized Price of mid-term (3-6 months) holders.

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For the uninitiated, the mid-term holders’ Realized Price is the average acquisition cost of Bitcoin held by wallets that last moved their coins within the past 3–6 months. It serves as a key pivot level, often acting as support or resistance that reflects sentiment and potential sell pressure from this cohort.

Per analysis by ShayanMarkets, the mid-term holders’ Realized Price currently stands at around $114,000. Now that BTC has surged above this level, the likelihood of an immediate sell-off has reduced significantly. The analyst added:

A firm breakout and hold above this level would confirm renewed confidence from mid-term holders, potentially serving as the launchpad for another bullish leg that could propel Bitcoin to new all-time highs. Conversely, failure to hold above $114K risks shifting sentiment back toward caution and opens the path to deeper corrective moves.

A Bump On The Road For BTC

Fellow CryptoQuant contributor Gaah brought attention to short-term holders’ (STH) Spent Output Profit Ratio (SOPR), normalized with a 30-day moving average. The contributor noted that after four months of consistently operating above the break-even line, the indicator is now showing that STH are selling their holdings at a loss.

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The STH selling their BTC at a loss indicates a “momentary loss of confidence” on the part of speculators, who are typically more sensitive to changes in price. Although BTC has jumped from $60,000 to as high as $125,000 over the past year, the SOPR STH has recorded descending peaks.

In past cycles, a sharp surge in price was usually accompanied by peaks in the Extreme Greed region, suggesting strong retail participation. However, the current market cycle did not see any such dynamic at play, hinting that the rise in price was likely sustained by institutional investors.

Gaah added that historically, market tops have only been confirmed when SOPR STH levels reached levels of extreme greed, a development that has not yet occurred in the current rally. As a result, the long-term trend remains firm, and the current realization of losses may just be a temporary healthy pullback.

That said, some analysts caution that Bitcoin may already be very close to hitting its peak for this market cycle. Others predict that BTC may slump in September, before it resumes its bullish trajectory in Q4 2025. 

Still, some analysts forecast Bitcoin reaching as high as $150,000 by Christmas. At press time, BTC trades at $115,050, up 0.7% in the past 24 hours.

Featured image from Unsplash, charts from CryptoQuant and TradingView.com

Bitcoin short-term holders have made it possible for prices to act as support

As Cryptoquant author IT Tech explained in X Post, Bitcoin found support by achieving short-term holder prices during the latest DIP. The “realized price” here refers to an on-chain indicator that measures the cost base of the average investor on the BTC network.

If the cryptocurrency price exceeds this metric, it means that the entire holder is in a state of net unrealized profit. On the other hand, being under the indicator means that the entire market is red.

In the context of the current topic, realised prices for only certain segments of investors are interesting. Short term holder (STH). This cohort includes holders who have purchased coins within the last 155 days.

STHS supplements one of the two main sectors of the Bitcoin market, which was made based on holding time, with the other side known as the Long Term Holder (LTHS).

What makes these groups different is that investors in the former tend to be weaker hands who move in panic every time volatility appears in the sector, while members of the latter exhibit high conviction behavior.

For any investor, their cost base is at a critical level and STH is particularly whimsical, so when realised prices are retested, they usually have some kind of response. This has led to the price of assets that have observed various interactions with this metric in the past.

As the chart below shared by analysts suggests, one such interaction may have occurred in the past day.

As shown in the graph above, Bitcoin Sth now achieves around $107,500. In BTC’s latest DIP, its price went slightly under this mark, but it turns out to be a high rebound.

Generally, STH buys to adhere to their cost standards if the emotions between them are bullish. At such times, they believe that the price of their damaged mark will be an opportunity to “buy dip”

Given the fact that the assets could find support at the realised price of STH, it appears that STH still thinks the bullish regime is on. That said, Bitcoin has only seen a small rebound so far, so it remains to be seen whether its assets are above the level or if there will be another retest.

In a scenario where metric breakdowns occur, cryptocurrencies could face a shift towards a short-term bearish trend that took place in February this year.

BTC price

At the time of writing, Bitcoin has dropped by 2% to around $109,200 over the past seven days.

Dogecoin, despite being held up around the $0.21 to $0.23 price zone, has seen its user base grow with adoption among crypto investors of all types. Notably, on-chain data shows that Dogecoin has now surpassed 8 million in terms of addresses holding a non-zero balance.

On‑chain analytics from Santiment reveal that Dogecoin has risen from approximately 6.9 million holders earlier in 2025 to the latest 8 million milestone. Only Ethereum and Bitcoin exceed Dogecoin when it comes to user base size.

Dogecoin Holder Count Keeps Surging

The momentum behind Dogecoin’s adoption shows no sign of slowing down, and the number of addresses holding the meme cryptocurrency is now above 8 million. This trend in Dogecoin holders stems from the cryptocurrency increasingly becoming the go-to asset for many retail traders. This, in turn, has seen the number of Dogecoin holders continue to surge this year, especially as retail investors start to transition from other large market-cap cryptocurrencies like Bitcoin, which many now argue is the crypto for institutions. 

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Although Dogecoin also saw a huge growth in the number of holders in 2024, the growth in 2025 is outpacing the trend seen in 2024,  To put this into perspective, it took the whole year to add 1 million new DOGE holders in 2024, whereas in 2025, the same milestone has taken less than eight months. This is a substantial increase from about 6.9 million holders in the beginning of 2025.

The latest figures place Dogecoin well ahead of other large market cap cryptocurrencies such as Cardano (ADA), Chainlink (LINK), and XRP, as well as major stablecoins including USDT and USDC, in terms of total holder count. Only Ethereum, with about 148 million addresses, and Bitcoin, with around 55 million, surpass Dogecoin’s adoption levels.

DOGE Whales Continue Accumulating

The steady increase in new Dogecoin addresses has been supported by a corresponding increase in whale accumulation. Trading data shows that large wallets have added more billions of Dogecoins in recent weeks. For instance, recent on-chain data shows that wallet addresses holding between 100 million and 1 billion Dogecoin recently added about 2 billion Dogecoin worth $448 million to their holdings within a week. At the institutional level, Bit Origin made headlines after committing $500 million to a Dogecoin treasury last month when the price was hovering around $0.24.

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Technical traders are also paying close attention. One analyst known as Trader Tardigrade pointed out that DOGE’s current chart setup is nearing the final stages of consolidation before a pump on the daily candlestick timeframe chart. If this pump were to manifest, the analyst projects a pump to $0.41 after breaking out of a triangular consolidation pattern. 

Interestingly, a longer-term analysis from the same analyst on the monthly candlestick timeframe chart shows that Dogecoin has built a support base and is ready for the next leg up that would take it to as high as $4.

At the time of writing, Dogecoin is trading at $0.222, up by 4.3% in the past 24 hours.

Featured image from Getty Images, chart from Tradingview.com

Brevan Howard became the largest institutional shareholder of BlackRock’s iShares Bitcoin Trust (IBIT) by increasing its holdings by 71% between the first and second quarters of 2025.

According to a filing with the US Securities and Exchange Commission (SEC) of its latest 13F form, the hedge fund now holds approximately 37.5 million IBIT shares valued at roughly $2.3 billion as of June 30, up from 21.9 million shares in the first quarter.

Additionally, Brevan Howard has a $25 million exposure to Bitcoin put calls through 400,000 shares of IBIT. The London-based firm’s dollar-denominated holdings grew from both the share increase and Bitcoin’s (BTC) price appreciation during the period. 

Bitcoin surged from its March closing of $82,511.47 to a June closing of $107,168.23. This price movement amplified the value of Brevan Howard’s expanded position. 

Brevan Howard previously ranked as the second-largest IBIT investor, trailing Goldman Sachs, which held over $1.4 billion worth of IBIT shares as of March. 

The accumulation in the second quarter vaulted Brevan Howard past Goldman Sachs to claim the top position among institutional holders.

The hedge fund also added exposure to BlackRock’s iShares Ethereum Trust (ETHA) during the last quarter.

Crypto dive

Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets. 

The dedicated crypto division has delivered strong performance, with BH Digital returning 34.5% in the first quarter of 2024 while managing around $1.7 billion in assets.

Brevan Howard raised more than $1 billion for its flagship crypto vehicle, representing the largest crypto hedge fund launch ever. 

The firm’s dual approach combines direct crypto investments through BH Digital with exchange-traded funds (ETFs) holdings in traditional portfolios.

IBIT has attracted substantial institutional interest since launching in January 2024, with over $91 billion in assets under management, according to Bold Report data.

Furthermore, Farside Investors’ data revealed that IBIT accumulated $58.5 billion in positive net flows since launch, dwarfing the second-largest spot Bitcoin ETF by nearly five times.

Brevan Howard’s Bitcoin ETF accumulation reflects broader institutional adoption of crypto through regulated investment products. 

The firm’s substantial IBIT position demonstrates how traditional asset managers are incorporating digital assets into institutional portfolios while maintaining operational efficiency through ETF structures.

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SharpLink Gaming has officially become the largest corporate holder of Ethereum, surpassing even the Ethereum Foundation.

On July 15, the company revealed it owns 280,706 ETH, valued at $867 million. The company’s impressive ETH holdings grew significantly between July 7 and July 13. During this period, SharpLink purchased 74,656 ETH for $213 million, with an average price of $2,852 per coin.

The firm also announced that 99.7% of its ETH holdings are staked, generating an additional 415 ETH since June 2. Since June 13, the company’s ETH concentration has increased by about 23%.

Joseph Lubin, Chairman of SharpLink, emphasized that these holdings represent the dawn of “collective capitalism,” where businesses build for the community, not just for profit. He stressed that Ethereum’s decentralized, permissionless nature is essential for fostering free markets.

He added:

Collective capitalism is built on the foundations of radically free markets only possible on a permissionless, uncensorable, rigorously decentralized Layer 1 blockchain.”

Following the news, the firm’s stock rose by 20% to $28, according to Google Finance data.

Ethereum treasury strategy gains traction

SharpLink’s announcement aligns with a broader trend of companies beginning to adopt the Ethereum Treasury Strategy.

Over the past 30 days, approximately 10 firms, including SharpLink, have purchased more than 550,000 ETH, totaling $1.65 billion in acquisitions.

Some of these entities were previously Bitcoin miners like Bitmine Immersion Technologies, which recently shifted its focus to the second-largest digital asset.

Kyle Reidhead, co-owner of Milk Road, predicted that this trend is expected to continue, with firms possibly purchasing up to $2 billion worth of ETH in the coming month and $3 billion the following month.

He also noted that the growth of stablecoins and favorable regulations could further fuel Ethereum’s demand.

He stated:

“In the last 30 days, these treasury companies have bought .5% of the entire ETH supply and moved it into Ethereum DeFi smart contracts (via staking or lending). Remember, unlike the ETFs, these companies don’t sell. They only buy (at least for now). This is going to create a supply shock for ETH over the coming months, there’s really no way around it.”

As of press time, about 1,520,715 ETH (worth over $4.5 billion) is locked in various Ethereum reserves belonging to 52 companies. Strategic ETH Reserve data shows that these holdings amount to 1.31% of the digital asset’s total supply.

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As bitcoin

continues a now multi-week consolidation just below its all-time high of $112,000, an interesting accumulation phenomenon is occurring.

Both short-term and long-term holders have been increasing their stacks as distinct cohorts, which is unusual because these groups typically act in opposite directions, according to Glassnode data.

The chart below from Glassnode illustrates the 155-day threshold used to classify coins as belonging to Long-Term Holders (LTH) or Short-Term Holders (STH).

Since June 22, the LTH supply has increased by 13,000 BTC, returning to an all-time high of 14,713,345 BTC. Meanwhile, over the same period, STHs have grown their BTC supply by more than 60,000 BTC and now hold over 2.3 million BTC.

According to Glassnode data, LTH and STH cohorts usually diverge because LTHs often sell into bull market strength, while STHs tend to buy amid market greed and euphoria.

This alignment suggests that both groups of market participants are expecting higher prices. If both cohorts continue increasing their supply, there is a strong possibility that all-time highs will be surpassed.

As bitcoin

hovers near a fresh all-time high, the Solana-based memecoin, BONK , is leading the major altcoin rally.

The surge coincides with renewed optimism in risk assets following bitcoin’s recovery above $110,000, which has triggered widespread gains across established cryptocurrencies.

BONK’s momentum appears sustainable as numerous crypto analysts express bullish sentiment, citing significant upside potential remaining.

Adding to BONK’s bullish case, the BONK foundation’s token launchpad, LetsBONK.fun, recently surpassed competitor Pump.fun in daily volume with a 126% increase. This development benefits BONK holders as 50% of the platform’s revenue is allocated to buying and burning BONK tokens, creating additional positive price pressure in a market already anticipating the upcoming 1 trillion token burn when the project reaches 1 million holders.

Meanwhile, Tuttle Capital Management confirmed July 16 as the earliest possible launch date for its suite of leveraged crypto ETFs, including a 2× BONK ETF, fueling bullish sentiment.

Technical analysis highlights

• The BONK-USD pair experienced increased buying pressure during the last 24 hours, from July 2, 16:00 UTC, to July 3, 15:00 UTC. It surged from $0.0000147 to a peak of $0.0000175, representing a 10.4% range, according to CoinDesk Research’s technical analysis model.
• A significant volume spike to 2.9 trillion at midnight on July 3 established strong support at the $0.0000157 level, while high-volume buying at the $0.0000168 level during the 05:00 UTC hour propelled prices higher despite late session profit-taking, the model showed.
• However, during the last 60 minutes from July 3 at 14:50 to 15:49 UTC, BONK-USD experienced significant volatility, dropping from $0.00001666 to a low of $0.00001619 before recovering to $0.00001624.
• A notable volume spike of 86.9 trillion at 15:35 coincided with the price bottoming at $0.00001619, establishing a key support level. The subsequent recovery formed an ascending trendline with increasing volumes, particularly at 15:49, where 22.5 trillion in volume pushed prices up by 2.7% from the session low, according to the model.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.