BONK Holds Range as Heavy Volume Marks Key Support Retest

Tether has significantly increased its gold reserves to 116 tons, positioning itself as a major player in the gold market, comparable to small central banks. This development highlights Tether's growing influence in the financial sector, particularly in the context of cryptocurrency.

VanEck reports that the recent downturn in Bitcoin prices is primarily driven by mid-cycle wallets, while long-term holders, known as whales, continue to accumulate. The analysis indicates that the market is experiencing washed-out conditions, with futures data reflecting this trend.

Industry groups have sent a letter to President Donald Trump advocating for new tax policies and agency actions on cryptocurrency initiatives, emphasizing the need for progress amid Congressional uncertainty regarding market structure work.

Kalshi, a CFTC-regulated exchange, has successfully raised $1 billion in funding, achieving a valuation of $11 billion. This positions Kalshi as a strong competitor to crypto-native Polymarket by offering event contracts with fiat access and legal clarity.

Solana's newly launched ETFs have seen significant inflows, but the overall market structure is weakening, raising concerns about a potential price correction for SOL to $120.

AVAX One, backed by Anthony Scaramucci, has approved a $40 million stock buyback as digital asset treasury firms increasingly resort to such measures to counter declining stock prices amid waning investor demand.

Ripio, a cryptocurrency exchange, has announced the establishment of a $100 million crypto treasury, making it the second largest in Latin America. The treasury includes holdings in bitcoin and ether, which have been managed through trading and hedging strategies since 2017.

Solana has experienced a significant inflow of $55 million, coinciding with a positive shift in Bitcoin ETFs, which have broken a losing streak. This surge in investment reflects growing confidence in Solana amidst a challenging cryptocurrency market, where Bitcoin and Ether have faced substantial outflows. The recent developments indicate a potential shift in investor sentiment towards alternative cryptocurrencies.