Bitcoin Holds Firm as Traders Rotate Toward Big Names and Memecoins
Bitcoin is holding steady near recent highs, but analysts note that investors are increasingly steering funds toward major tokens and memecoins, while mid-sized crypto assets struggle to gain momentum.
During early Wednesday trading in Asia, Bitcoin (BTC) hovered around $108,912, showing minimal movement as traders await a new catalyst. Meanwhile, the CoinDesk 20 Index, tracking the largest digital assets, rose 1.7% to surpass 3,100.
Analysts say Bitcoin’s current sideways pattern lacks the conviction needed for a decisive break above the $110,000 level.
Glassnode’s latest report highlights low spot trading volumes, shrinking ETF inflows, and caution among institutional investors, even though unrealized gains remain high as shown by elevated ETF MVRV ratios.
Wintermute describes this as a “barbell market,” with traders flocking to both ends of the risk spectrum—either into high-volatility memecoins or safe, established large-cap coins.
Previously hot narratives like AI and DePIN tokens have lost steam, with traders shifting focus toward memecoins. DOGE, SHIB, and PEPE have each surged over 8% in the past week. Meanwhile, investors continue to rely on heavyweights like BTC and ETH for stability in uncertain times.
Global equities have mostly shrugged off geopolitical concerns, but Bitcoin’s subdued price action suggests crypto traders remain cautious, waiting for stronger signals before committing to major positions. Until then, the market appears stuck in a tight range.
Bitcoin VC Firm Bets $100M on Infrastructure, Not Speculation
Ego Death Capital, a venture capital firm dedicated to Bitcoin, has secured $100 million for a new fund focused on projects treating Bitcoin as infrastructure rather than purely a speculative asset.
The fund plans to target Series A investments between $3 million and $8 million, backing startups using Bitcoin’s base layer or scaling solutions to address real-world challenges.
“We’re investing in companies that view Bitcoin as something to build on, not merely to trade,” said Lyn Alden, general partner at Ego Death.
The firm’s existing portfolio includes projects like Relai, a Bitcoin self-custody app, and Roxom, a securities exchange built directly on Bitcoin’s blockchain.
While many venture funds chase hype across multiple chains, Ego Death Capital is betting on Bitcoin’s long-term dominance, which remains above 60% market share. Their pitch to investors is simple: ignore fleeting trends and focus on lasting infrastructure.
Tornado Cash Developer Faces Trial, Judge Bars Mention of Prior Sanctions
A U.S. federal judge has ruled that previous sanctions imposed on Tornado Cash in 2022—which were overturned earlier this year—can’t be discussed during the criminal trial of developer Roman Storm.
Judge Katherine Polk Failla decided that bringing up those now-invalid sanctions could confuse jurors and detract from the trial’s key legal issues. The original sanctions from the U.S. Treasury’s OFAC linked Tornado Cash to North Korea’s Lazarus Group, but were voided earlier in 2025 in Van Loon v. Treasury.
Storm faces charges tied to his work on Tornado Cash, a crypto privacy protocol that hides transaction trails. Prosecutors allege he personally profited through significant TORN token sales and luxury real estate purchases.
The judge also allowed evidence from fellow developer Alexey Pertsev’s phone to be used in the trial, rejecting Storm’s argument that the data was selectively gathered and unreliable.
While Storm may discuss his belief in privacy rights, the judge ruled he cannot portray his actions as constitutionally protected under the First Amendment.
A pre-trial hearing is scheduled for Friday, with the trial slated to begin June 14. The case could set crucial precedents for how the U.S. courts treat developers of open-source privacy tools.
Market Moves Snapshot
- BTC: Bitcoin remained above $108,000 from July 7 to 8, with resistance around $109,200 and support near $107,470, indicating ongoing confidence among institutional players despite some late-session profit-taking, according to CoinDesk analysis.
- ETH: Ethereum jumped 3% to $2,610 during the same period, fueled by $515 million in coordinated weekend buying that pushed volumes nearly three times higher and broke through key resistance levels.
- Gold: Gold slipped 1.2% to under $3,300 on Tuesday amid investor optimism around potential tariff delays and new trade talks, as markets awaited further clues from the upcoming FOMC minutes.
- Nikkei 225: Asian markets were mixed Wednesday. Japan’s Nikkei 225 fell by 8.39 points (0.021%) after President Trump confirmed that new tariffs would proceed on August 1, including a 50% duty on copper imports and potential 200% tariffs on pharmaceuticals with an 18-month grace period.
- S&P 500: The S&P 500 finished nearly flat on Tuesday as investors digested Trump’s tariff announcements and awaited upcoming economic data.
