Bitcoin Holds Steady as Investors Set Sights on $140,000

By Francisco Rodrigues (All times ET unless indicated otherwise) Bitcoin has largely maintained its value over the past 24 hours, with ether and XRP extending their gains following the US House of Representatives' passage of a major crypto regulatory initiative. Although the legislation primarily targets stablecoins, its knock-on effect has spurred trading activity. Over the past seven and 30 days, ether and XRP have outpaced bitcoin, but it's worth noting that bitcoin has climbed over 40% in the past three months, reaching a new record high. Market participants believe the upward trend is far from over, as evidenced by the derivatives market. The bitcoin options market currently holds a $2.36 billion bet that the price will surpass $140,000, according to Deribit data. This single strike price has the most open interest on the exchange, doubling that of the busiest put option. Ether options exhibit a similar pattern, with the $4,000 call leading with $651 million in open interest and an additional $280 million targeting $6,000. The data reveals the market's strong bullish tilt, even after ether surged over 125% in just three months. As prices rise, so does the influx of money. Spot bitcoin ETFs have attracted $5.41 billion this month, the most since November 2024. Spot ether ETFs saw net inflows of $2.88 billion, the highest since August 2024, according to SoSoValuedata. Notably, net inflows into ether ETFs surpassed those of bitcoin ETFs yesterday. Babylon Labs' head of institutional partnerships, Boris Alergant, views these flows as a shift from speculative retail to long-term institutional allocation. The regulatory environment plays a significant role in this story. The GENIUS Act, expected to be signed into law, tightens rules for yield-bearing stablecoins, nudging treasurers toward native ETH staking and transparent restaking vaults. Wormhole Foundation co-founder Robinson Burkey told CoinDesk that the GENIUS Act, along with the Clarity Act, provides the first meaningful answers to the crypto market's requests for rules that won't stifle innovation. An upcoming executive order from Trump is expected to open up 401K plans to investments beyond stocks and bonds, potentially unlocking the $9 trillion US retirement market for cryptocurrency, gold, and other investments. Alergant believes that meaningful legislative progress could be the catalyst for further participation from risk-averse capital that has been waiting on the sidelines for regulatory certainty. Combining structural demand, tightening BTC supply post-halving, and a potentially favorable policy backdrop, the market setup remains incredibly strong. However, bitcoin's market share has been declining this month, and the broad CoinDesk 20 index has outperformed the bitcoin-heavy CoinDesk 5. Bitcoin dominance has dropped to 61.7% from 65.5% on June 30. Sei Labs co-founder Jeff Feng told CoinDesk that the infrastructure has matured, stablecoins are proven, liquidity is deeper, and execution is faster, making this cycle feel more durable than past rallies. It's a pivotal moment for on-chain finance to prove its staying power. Key Events to Watch Token Events Conferences The CoinDesk Policy & Regulation conference is a one-day boutique event in Washington on Sept. 10, allowing general counsels, compliance officers, and regulatory executives to meet with public officials responsible for crypto legislation and regulatory oversight. Space is limited, and attendees can use code CDB10 for 10% off registration through July 17. Token Talk By Shaurya Malwa Derivatives Positioning Market Movements Bitcoin Stats Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Flows Chart of the Day While You Were Sleeping In the Ether