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Jeff Dyment, fund manager at Saphira Group, wants you to zoom in and stop sweating short-term charts.
His paper: Data points that suggest institutions Bitcoin
Purchasing is losing steam Miss the overall situation.
In a note shared with Coindesk, Damont argued that fears about the institutional demand for Bitcoin were exaggerated, rooted in narrow snapshots of the market.
Yes, recent ETF and company purchases have cooled down – Michael Saylor’s strategy bought just 16,000 BTC last month, a sharp drop from 171,000 BTC shipments in December. However, this insists that this is not a sign of a decline. This is the natural resurgence of what he calls the “periodic wave”.
“Institutional flows usually have waves rather than steady linear increase,” Daimen said. “Short-term demand fluctuations in the spot market are a slight fluctuation in the trend of institutional participation.”
Suppress points to add 51 new ones Company BTC Treasury Bonds In the first half of 2025 alone, equaling the total from 2018 to 2022, the company’s BTC purchases increased by 375% year-on-year.
Now, listed companies hold 848,902 BTC, accounting for about 4% of the total supply, and saw 131,000 BTC on their balance sheet in Q2 2025 alone.
He also highlighted the explosive growth of Bitcoin ETFs as further evidence to deepen institutional participation. Blackrock’s IBIT fund (now the largest in the world) holds 699,000 BTC, accounting for more than 3.3% of the total supply after the fastest growing ETF in history.
The US ETF has roughly captured 1.25 million BTChe noted in the notes that it accounts for about 6% of the total supply in just 18 months since its launch.
Dyment’s paper is about discovering echoes in the options market.
In QCP Capital’s recent notes, the Singapore-based fund noted that the whales are continuing to build exposure to overhead risks, deducting the September 9 BTC call and holding a $115K/$140K phone spread.
“Vols are still fixed near all-time lows, but a decisive violation of $110,000 resistance could trigger new volatility bids,” QCP wrote in a note on Monday.
Therefore, although the bear may point to a stagnant place of flow, Almost empty mempool as a sign of fatigueDamont believes these are just surface-level corrugations.
Below, the trend is rising, with Wall Street holding trillions of dollars in regulatory capital, eager for crypto. Just won’t come all at once.
BTQ drives quantum security framework for stabilizers
BTQ Technologies launches quantum Stablecoin reconciliation network (QSSN)This is a framework designed to help banks, payment companies and digital asset platforms prevent stable stability issuance in the future to cope with the threat of quantum computing.
exist Press releaseBTQ details how the system supports quantum-safe versions of popular Stablecoin models, including Morgan (JPMD)by upgrading privileged actions with dual password signatures, such as casting and burning (ECDA and Falcon-512)while retaining compatibility with existing token standards, workflows, and wallets.
The launch was held with the Stablecoin market exceeding $225 billion, and lawmakers are focusing on cybersecurity to regulate.
The Genius Act, currently advancing in the U.S. Congress, will formalize federal support for stable standards supported by Fiat and encourage quantum-safe buildings.
BTQ, which has worked with NIST for more than a decade, aims to shape these standards and position QSSN as a critical infrastructure.
Market movement
BTC: Bitcoin fell 1.02% from 22:00 on July 6 to 21:00 on July 7, with major support at $107,519.64 in the case of massive sales, and then showed a V-shaped recovery of $107,800 on the on-chain chain data, showing a strong support cluster of $106,738 and $98,566, held by $168,88 million of addresses, analyzed by $168,800 of addresses.
ETH: ETH rose 1.67% in volatile trading, between $2,529 and $2,604, with a stake in the company down nearly 3%, with institutional inflows above $1.1 billion, with above-average sales marking a surge and subsequent sold out.
Gold: Gold tilted with a stronger dollar, but demand rebounded with tariff-driven wind-wearing demand, with central banks buying and paid sales boosting forecasts to $4,000.
S&P 500: On Monday, Trump announced new tariffs on imports from seven countries, and stocks fell, reducing the S&P 500 S&P 500 to 0.79% to 6,229.98.
Nikkei 225: Despite Trump’s announcement of steep U.S. tariffs on 14 trading partners, most of the Asia-Pacific market is still rising, with Japan’s Nikkei 225 rising 0.36% as countries such as South Korea, Indonesia and Thailand outlined tariffs of up to 40%.
Elsewhere in cryptocurrency
- Trump is banking on cryptocurrencies: Does voters care? (Decryption)
- Vitalik Buterin prefers “Copyleft” (Vitalik Buterin)
- The upcoming crypto tax bomb (Coindesk)
