Bitcoin Hits New ATH of $110,916, Enters Price Discovery Phase

On-chain analyst Ai Yi (@ai_9684xtpa) reports that four new addresses accumulated 31,979 ETH following last night’s market pullback. Between 23:31 and 23:38 last night, these four new addresses—likely belonging to the same whale or entity—withdrew ETH worth $85.68 million from Coinbase at an average price of $2,679.31 per ETH.

Wall Street investment bank Cantor Fitzgerald has initiated coverage on digital asset securitization firm Securitize, assigning an overweight rating and setting a target price of $21.2. Yesterday, Securitize’s share price climbed 12% to a record high of $14.57. Cantor Fitzgerald described tokenization as the largest overhaul of financial infrastructure over the past century, noting that based on its sector outlook, the stock appears attractive at current levels.

Zcash mining company Fortitude Mining announced that its parent firm Digital Currency Group (DCG) has increased its existing credit line from $26 million to $50 million, adding a new commitment of $24 million. Combined with the remaining balance of the original credit line, Fortitude now has approximately $31 million in available borrowing, and expects all these funds will be disbursed in ZEC. After receiving the ZEC, Fortitude can sell them on the open market, with the proceeds used to cover the purchase of 9,000 Zcash ASIC miners, as well as capital expenditures for building and acquiring data centers, power infrastructure, and other related facilities. Source: TheEnergyMag

Arbitrum-based derivatives protocol Variational has unveiled the tokenomics for its VAR token: 32% of the total token supply will be allocated to a genesis airdrop, distributed proportionally to users’ points, with 100% unlocked at the Token Generation Event (TGE); 18% goes to the ecosystem reserve, managed by the foundation; and 50% is reserved for the team and investors, locked for 12 months post-TGE before linear unlocking over a minimum of 3 years. The team plans to hold the TGE in the fourth quarter (Q4), with 150,000 points issued weekly until then. A minimum of 1 point is required to claim the airdrop, and unclaimed airdrop allocations will be burned. Additionally, 100% of the protocol’s revenue will be used to buy back and burn VAR tokens.

After $UNI dropped, whale 0xd42B spent 1.5M $USDC to buy 159,698 $UNI at $9.39 in a single trade.

Prominent trader Killa posted that during the previous crypto bull cycle, Bitcoin’s largest pullback before hitting its all-time high (ATH) was 20-22%, meaning the leading cryptocurrency never corrected more than 22% while rallying toward its ATH. Applying the same proportional logic to the current cycle, a relatively mild bear market (which saw Bitcoin fall 54% this cycle, a far shallower decline than prior downturns) should result in a similarly moderate bull market pullback, putting this cycle’s expected major correction in the roughly 10-15% range. Killa argues mathematically that this means buying dips with 4x leverage should be relatively safe as Bitcoin advances toward its $126,000 peak, provided traders do not go long at the top of each market phase. A BTC-focused quantitative trader, Killa correctly predicted the peak of this bull market in May 2025 and has over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688, then flipped to a long position during the broad market selloff on June 5.