cpeditor
Bitcoin Stays Rangebound as Market Focus Shifts to Large Caps and Memecoins
Bitcoin is trading steadily near its highs, but analysts note that capital is increasingly flowing toward large-cap tokens and memecoins, leaving mid-tier assets struggling for traction.
As Asia kicked off its Wednesday session, Bitcoin (BTC) hovered around $108,912, showing little movement as it continues to trade sideways in the absence of major market catalysts. The CoinDesk 20 Index, which tracks the largest digital assets, rose 1.7% to trade above 3,100.
Market observers say what separates Bitcoin’s current range-bound drift from a breakout past $110,000 is conviction among traders.
In a recent report, Glassnode pointed out that spot trading volumes for BTC remain subdued, ETF inflows have shrunk from recent highs, and institutional investors are showing caution despite rising unrealized gains, as reflected in elevated ETF Market Value to Realized Value (MVRV) ratios.
Wintermute described the current market environment as a “barbell market,” marked by strong interest at both ends of the risk spectrum: high-beta plays like memecoins, and established large-cap tokens.
Tokens that once dominated market narratives—such as AI and DePIN—have lost momentum, with traders now rotating into memecoins. Popular names like DOGE, SHIB, and PEPE have all jumped more than 8% in the past week. Meanwhile, capital continues to gravitate toward stalwarts like BTC and ETH, which many traders view as reliable anchors in uncertain times.
Global equities have largely brushed off geopolitical concerns, but Bitcoin’s cautious price action suggests traders remain hesitant, waiting for clearer signals before committing to a decisive move higher. Until then, the crypto market appears likely to stay rangebound.
News Recap: Bitcoin VC Firm Bets $100M on Builders Over Speculators
Bitcoin-focused venture capital firm Ego Death Capital has closed a $100 million second fund aimed at investing in projects that see Bitcoin as critical infrastructure rather than merely a speculative asset.
The fund plans to target Series A rounds ranging from $3 million to $8 million for startups using Bitcoin’s base layer or its scaling solutions to tackle real-world problems.
“We’re investing in businesses that treat Bitcoin not as a trade, but as infrastructure—something to build on, not bet on,” said Lyn Alden, general partner at Ego Death.
Ego’s portfolio already includes companies like Relai, a self-custody app, and Roxom, a securities exchange built directly on Bitcoin’s blockchain.
At a time when multichain VCs chase returns across every new L2 and L3, Ego’s strategy emphasizes simplicity and resilience, betting on Bitcoin’s long-term dominance, which remains above 60%. The message to investors: ignore the hype and focus on durable infrastructure.
News Recap: Judge Limits Arguments in Tornado Cash Case
A U.S. federal judge has ruled that the government’s prior sanctions against Tornado Cash—which were imposed in 2022 and later overturned—cannot be discussed in the upcoming criminal trial of developer Roman Storm.
Judge Katherine Polk Failla determined that mentioning the previously invalidated sanctions would confuse jurors and distract from the key legal issues at trial. Those sanctions were initially placed by the U.S. Treasury’s OFAC, citing Tornado Cash’s alleged use by North Korea’s Lazarus Group, but were struck down earlier this year in Van Loon v. Treasury.
Storm faces multiple charges linked to his role in developing Tornado Cash, a privacy protocol that lets users obscure the origins of crypto transactions. Prosecutors allege he profited significantly from the project, pointing to multimillion-dollar TORN token sales and luxury real estate purchases.
The judge also ruled that evidence obtained from fellow Tornado Cash developer Alexey Pertsev’s phone could be admitted at trial, rejecting arguments from Storm’s legal team that the data was cherry-picked and unreliable.
While Storm can discuss his personal belief in privacy and civil liberties, the judge barred him from framing his actions as constitutionally protected under the First Amendment.
A final pre-trial hearing is scheduled for Friday, with the trial set to begin on June 14 and expected to last four weeks—a case that may set critical precedents for how courts handle developers of open-source privacy tools.
Market Moves
- BTC: Bitcoin held steady above $108,000 during trading from July 7-8, with resistance around $109,200 and support near $107,470, suggesting ongoing confidence from institutional players despite some late-session profit-taking, according to CoinDesk’s market insights bot.
- ETH: Ethereum rose 3% to $2,610 in the same period, as institutional investors poured $515 million into coordinated weekend buying, sending volumes soaring nearly threefold and breaking through key resistance levels.
- Gold: Gold slipped 1.2% to under $3,300 on Tuesday amid optimism about delayed reciprocal tariffs and potential new trade deals, as investors awaited clues from the upcoming FOMC minutes.
- Nikkei 225: Asian markets were mixed on Wednesday, with Japan’s Nikkei 225 dipping by 8.39 points (0.021%) after President Trump ruled out delaying August 1 tariffs, announced a 50% duty on copper imports, and warned of potential 200% pharmaceutical tariffs with an 18-month grace period.
- S&P 500: The S&P 500 ended nearly flat on Tuesday after President Trump confirmed there would be no exemptions to the upcoming tariff rollout on August 1.
