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Elon Musk Confirms “America Party“ Will Embrace Bitcoin Because Fiat Is Hopeless
Elon Musk confirmed Sunday that his proposed ‘America Party,’ an alternative to the Democratic-Republican duopoly, would adopt Bitcoin.
Musk made the statement in response to a user’s question on X about whether the ‘America Party’ would embrace Bitcoin. He showed agreement and expressed skepticism toward the fiat currency.
Elon Musk on Saturday announced the formation of the ‘America Party’ in response to Donald Trump’s recent enactment of a $3.3 trillion spending bill, which Musk opposes. The announcement followed a public poll via X, which showed major support for the initiative among Musk’s followers.
Mysterious Bitcoin Whale Moves $8 Billion in “Largest Daily“ Transfer of Old BTC in History
A whale who had held onto a Bitcoin fortune for 14 years on Friday started moving the enormous stash of 80,000 BTC—worth $8.6 billion at today's prices.
The coins started moving in batches of 10,000 BTC, or about $1 billion in BTC, early morning New York time on Friday, data from Arkham Intelligence shows. By 11 a.m. Eastern Time, the $8.6 billion in crypto had been shifted to new addresses.
Eagle-eyed blockchain observers were quick to point out on X that the movements came from an entity that had received the coins back in 2011 as "coinbase" transactions—the first transaction in a block created by miners. When miners create new blocks on the blockchain, they are rewarded with newly minted digital coins.
Bitcoin Faces 20-Month Low in Volatility and Monthly Transactions as ETFs Set New Cumulative Inflow Record
Bitcoin’s implied volatility is at its lowest value since October 2023, when the price of BTC traded between $28,000 and $35,000, according to data from The Block.
The number of monthly Bitcoin transactions in June was also the lowest recorded since October 2023.
As volatility falls, U.S. spot Bitcoin ETFs continue to set cumulative inflow records, nearing $50 billion in total net inflows.
U.S. Secret Service Team Has Recovered Nearly $400 Million in Crypto from Criminals: Bloomberg
The Secret Service, best known for its work in providing protection to American political leaders, has also become a significant crime-fighter in the crypto sphere.
In addition to the widely-publicized seizure of $225 million in crypto last month, following a massive investigation that also involved the FBI and the U.S. Attorney's Office, the Secret Service's Global Investigative Operations Center (GIOC) has recovered an additional $175 million in digital assets from criminals over the past decade, according to a recent report from Bloomberg illuminating the team's efforts, citing confidential sources.
Bloomberg also reported that much of the recovered funds, totaling around $400 million, "sits in a single cold-storage wallet." The recovery effort harkens back to the department's original mandate, as an agency of the U.S. Treasury department combating an earlier form of financial scheme: counterfeiting money.
Ethereum DeFi Project Ondo Aims to Take on Robinhood With Jump Into Tokenized Stocks
Ondo Finance has taken a major step toward offering tokenized stocks to U.S. investors, throwing itself into a crowded ring of fintech heavyweights, including Robinhood, that aim to capitalize on the recent on-chain equities market boom.
The Ethereum decentralized finance platform announced Friday on X its acquisition of Oasis Pro, an SEC-regulated digital assets infrastructure provider that operates as a broker-dealer, alternative trading system, and transfer agent. The deal will allow Ondo Finance to inherit Oasis Pro’s regulatory licenses, enabling it to offer U.S. investors access to tokenized stocks, according to Ondo’s statement.
“This acquisition will empower us to realize our vision of building a robust and accessible tokenized financial system, backed by the strongest regulatory foundations,” Ondo Finance CEO Nathan Allman said Friday in a statement.
Bitcoin Spot ETF Flow
The overall net inflow of the US Bitcoin spot ETF on Friday was $601.94 million. The total net asset value of Bitcoin spot ETFs is $137.60 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.29%.
Source: SoSoValue
The Bitcoin spot ETF with the highest net inflow on July 3 was Fidelity Wise Origin Bitcoin Fund (FBTC), with a net inflow of $237.13 million. Following that was iShares Bitcoin Trust ETF (IBIT), with a net inflow of 224.53 million, according to SoSoValue.
Source: SoSoValue