Plus: Migos IG account turned into crypto crime scene

GM. We shook the crypto tree, and this is what fell out - some ripe gains, a few bruised egos, and... a worm. Idk.

🤔 Proof of Reserves: yay or nay?

🍋 News drops: X Money is on its way, quantum computers might be more dangerous than we thought + more

🍍 Market flavor today

Crypto Market Cap: $3.45T 0.61% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$108,895.72	-0.07%	4.36%
	Ethereum ETH	$2,648.35	4.57%	7.47%
	XRP XRP	$2.32	0.76%	-0.23%
	BNB BNB	$685.46	2.47%	6.85%
	Solana SOL	$176.35	0.50%	6.52%

Even though Bitcoin couldn’t hold above $110K, it’s still chilling near the top of the charts.

Investors seem fairly confident overall, but there’s a bit of hesitation in the air - mostly because of Donald Trump's recent tomfoolery and shenanigans.

He unexpectedly announced a 50% tariff on EU goods, only to push the deadline to July 9 two days later.

This back-and-forth created uncertainty in the market, and traders aren't really sure what to expect next.

According to Bitfinex analysts, the coming days are gonna be very important.

👉 If Bitcoin can stay above the $106K weekly low, it might recover.

👉 If not, we could see a deeper drop before another rally.

One thing standing in its way right now is good ole profit-taking. Whenever Bitcoin smashes to new highs like it just did (+50% in under 45 days), some people naturally decide it’s time to cash out.

There will be two kinds of sellers:

• Those who bought the dip and are now sitting on gains;

• And those who were stuck in losses but finally broke even.

Both have a good reason to de-risk - and when enough of them start selling, it makes it harder for prices to keep climbing.

We’re already seeing this play out in the on-chain data.

The average price that short-term holders paid for their Bitcoin (aka cost basis) was around $93.4K - when the market pushed past that level, many of them saw an opportunity to take profits.

Oh, and they didn't hold back - on one of the busiest days, people cashed out $747M. Yes, just in one day.

Over the past 30 days, these short-term traders have taken home a total of $11.4B in profits. For comparison, it was only $1.2B the month before.

So yeah, when the price jumps, so does the urge to hit the sell button. For that reason, don’t be surprised if Bitcoin chills for a bit.

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Data as of 04:55 AM EST.

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🧾 Proof of Reserves

Bitcoin 2025 started today in Las Vegas and will be running 'til Thursday.

It's the biggest Bitcoin event in the world - and this year’s speaker lineup definitely lives up to the hype.

We've got Silk Road creator Ross Ulbricht, Senator Cynthia Lummis, Peter Schiff. Yes, the gold guy, #1 Bitcoin hater himself.

You can scroll the full list here, but today we’re focusing on one name in particular: Michael Saylor.

He’s the co-founder of Strategy and basically the face of corporate Bitcoin buying.

(Sidenote: we did a deep dive into why companies like Strategy matter for Bitcoin’s future - check that out if you missed it!)

Anyways, Saylor got asked if Strategy was planning to publish Proof of Reserves (PoR).

In plain English: will they publicly show wallet addresses to prove they actually hold the Bitcoin they say they do?

The answer?.. No ❤️

He said that PoR is risky and straight up just bad for institutions, because:

• PoR only shows assets, not liabilities. So you don’t know what debts or risks are hiding behind those reserves;

• Sharing wallet addresses publicly exposes long-term holdings, which can create privacy risks or even security threats.

Saylor says that institutions need a much stronger standard: like Big Four audits that not only verify holdings but also ensure the Bitcoin isn’t being loaned out or used as collateral, with executives held legally accountable for the results - just like Strategy did.

And this got some people mad.

Here's why they got mad:

• Bitcoin’s whole thing is transparency - you should be able to verify, not just trust;

• Saying “we have reserves, just trust our auditor” feels like TradFi, not crypto.

That said...

Strategy is TradFi. When you buy $MSTR, you’re not buying Bitcoin - you’re buying shares in a public company that happens to own a lot of it.

The whole setup is built for institutional investors, not the average crypto degen. And let’s be honest, institutional clients probably care more about audit reports than seeing wallet addresses.

So yeah, it's a bit weird to criticize them for using a TradFi model… when they’re literally a TradFi company.

And just like Saylor pointed out: if you want true crypto-style security, buy Bitcoin directly and self-custody it.

But if you wanna go the institutional route, real financial audits - not wallet screenshots - are gonna be the way to go.

🍋 News drops

🫢 Elon Musk confirmed that X Money - a payment tool for his X platform - is officially in early testing. For now, only a small group will get access.

😳 Someone hacked the old Migos Instagram to blackmail Solana co-founder Raj Gokal. One post showed him flashing his ID, with the caption: “You should’ve paid the 40 BTC.” Guess the hacker needed the Bitcoin... to become... Bad and Boujee...

📑 Google’s researchers dropped a new study - and it's spooky. They said it might take way less quantum power than we thought to crack things like Bitcoin wallets.

🇹🇭 Thailand wants to let tourists pay with crypto while they're visiting. Local businesses would still receive Thai baht, though.

🍌 Juicy memes