Texas is now the first US state to purchase and hold Bitcoin, but why did it act during a market pullback, and how could this move influence national crypto policy? Texas has become the first US state to officially purchase and hold Bitcoin (BTC), acquiring $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) and authorizing another $5 million for direct, self-custodied BTC. The move comes at an unexpected moment: a market downturn marked by exchange-traded fund (ETF) outflows, institutional caution and stalled legislative efforts across the country. In this week’s episode of Byte-Sized Insight, we explore why Texas stepped in while many others stepped out and what the timing suggests about the state’s long-term view on digital assets. Earlier this year, more than two dozen US states introduced or debated bills that would allow public treasuries to hold Bitcoin or other digital assets. Yet most of those efforts slowed or evaporated as prices fell and political appetite waned. Read more
Bitcoin traders brought back sub-$90,000 BTC price targets amid ongoing weakness after a rejection at the yearly open capped potential upside. Bitcoin (BTC) traders saw fresh downside at Friday’s Wall Street open as $90,000 hung in the balance. Key points: Bitcoin edges closer to $90,000 with traders lining up lower BTC price targets next. Read more
The IMF and South Africa’s central bank are still concerned about stablecoins, while in the US, spot crypto products can now be traded on futures markets. European tech regulators have fined social media platform X 120 million euros ($140 million) for breaking EU rules pertaining to online content. The fine follows a two-year investigation under the Digital Services Act (DSA), which reportedly found that X was not doing enough to tackle illegal and harmful material. Regulators also said that the blue check marks on Elon Musk’s platform were deceiving. They did not follow industry decisions and negatively impacted users’ ability to make informed decisions about the authenticity of an account. Read more
Elon Musk’s viral comments on Bitcoin’s intrinsic ties to energy and physics signal a changing attitude toward Bitcoin from Tesla’s founder. Elon Musk’s ambitious goals of tackling excess spending and inefficiencies in the US federal government may have been futile, but it might have been the catalyst for his changing tune on Bitcoin. Batten clarified that Bitcoin’s energy use comes directly from mining, not through individual transactions, which he described as ‘critically important to understand’ because the network can theoretically process thousands more transactions without needing to expend more energy. “The moment you have this per-transaction metric, it suggests something very insidious, which is, it’s unscalable because as you scale more, then energy use is going to go up as well. And a lot of regulators in Europe still believe that,” Batten said. Read more
Bitcoin whales are accumulating at a record pace amid almost $5.8 billion in capitulation losses, signaling a potential bullish reversal. Bitcoin (BTC) has dropped 10% over the last 30 days, as several groups of wallet holders switched from distribution to accumulation. Data suggests that this accumulation, coupled with record realized losses, points to a potential shift in momentum. Key takeaways: Read more
Pros don’t “ape the dip” on gut feel; they predefine their allocation, let rules-based systems do the buying and use DCA-style flows as part of a disciplined, data-driven execution plan. “Buy every dip.” That’s the advice from Strike CEO Jack Mallers. According to Mallers, with quantitative tightening over and rate cuts and stimulus on the horizon, the great print is coming. The US can’t afford falling asset prices, he argues, which translates into a giant wall of liquidity ready to muscle in and prop prices up. While retail has latched onto terms like “buy the dip” and “dollar-cost averaging” (DCA) for buying at market lows or making regular purchases, these are really concepts borrowed from the pros like Samar Sen, the senior vice president and head of APAC at Talos, an institutional digital asset trading platform. He says that institutional traders have used these terms for decades to manage their entry points into the market and build exposure gradually, while avoiding emotional decision-making in volatil...