Orca (ORCA) - Dynamic Tick Arrays - 05 Jul 2025

ONFA is launching NFT Infinity Thanksgiving, which promises a stable, long-term income stream for holders. The NFT can be seen as a tool for financial planning or passive income, which could attract more long-term investors. The mining duration of 11 years adds to the appeal for those seeking steady returns. If the launch gets strong demand, price for OFT and related NFTs could go up. However, if few people find the concept useful or if rewards are not reliable, the impact could be limited. Learn more about the launch here.

CROSS will be listed on Bitget Onchain. Being added to a large exchange like Bitget can bring higher trading volume and more attention from investors. New listings often lead to price jumps because more people can easily buy and sell the token. Since Bitget is popular and supports on-chain trading, CROSS may get a strong boost in activity. However, if the overall market is weak or interest is low, the impact could be smaller. Watch for trading volume and price changes as the listing happens. See the official announcement here.

Bitcoin investors are currently holding an estimated $1.2 trillion in unrealized profits, according to on-chain analytics platform Glassnode.

This significant figure highlights the paper gains accumulated by long-term holders as Bitcoin continues to trade close to its record highs.

Bitcoin Investor Base Shifts From Traders to Long-Term Institutional Allocators

Glassnode data reveals that the average unrealized profit per investor stands at around 125%, which is lower than the 180% seen in March 2024, when the BTC price reached a peak of $73,000.

However, despite these massive unrealized gains, investor behavior suggests no major rush to sell the top crypto. BeInCrypto previously reported that daily realized profits have remained relatively subdued, averaging just $872 million.

This starkly contrasts previous price surges, when realized gains surged to between $2.8 billion and $3.2 billion at BTC price points of $73,000 and $107,000, respectively.

Moreover, current market sentiment suggests that investors are waiting for a more decisive price movement before adjusting their upward or downward positions. The trend points to firm conviction among long-term holders, with accumulation continuing to outweigh selling pressure.

Meanwhile, Bitcoin analyst Rezo noted that the current trend reflects a fundamental shift in the significantly evolved profile of Bitcoin holders. According to him, the typical BTC holder has shifted from short-term speculative traders to long-term institutional investors and allocators.

Rezo pointed to the increasing influence of institutional players such as ETFs and public companies like Strategy (formerly MicroStrategy).

Notably, public companies like Strategy increased their Bitcoin holdings by 18% in Q2, while ETF exposure to Bitcoin climbed by 8% in the same period.

Considering this, Rezo concluded that most short-term sellers likely exited between $70,000 and $100,000. He added that what remains are investors who treat Bitcoin less as a speculative trade and more as a strategic long-term allocation.

Bitcoin prices dipped by 0.93% in the last day after the premier cryptocurrency suffered another price rejection in the $110,000 range. This latest price pullback forces Bitcoin to maintain a consolidatory movement that has dominated the majority of last month drawing speculations about a potential market top. Interestingly, prominent market analyst Ted Pillows has weighed in on this discourse stating that historical data shows that Bitcoin is yet to achieve a peak price for the current market cycle.

Bitcoin’s Consolidation: A Preparation For Final Bull Leg

In an X post on July 4, Ted Pillows shares a bullish market insight following another Bitcoin price dip. Notably, the premier cryptocurrency seemed on course to resume its market uptrend after a significant price rebound from $99,000 in late June following weeks of downward consolidatory movement. However, another decisive rejection in the $110,000 indicates Bitcoin’s prices remain range-bound thereby worsening investors’ concern across the market. In interpreting this situation, Pillows has called for calm stating the recent price dip is merely a “leverage flush” that requires no panic. Using a visual study on the BTC weekly chart, the renowned analyst shows that the current and previous price pullbacks are part of a predictable pattern that has played out across previous Bitcoin cycles.

The chart shows that after each halving event, Bitcoin tends to peak approximately 18 months (518 days) later. With the most recent halving occurring in mid April 2024, the expected peak for this cycle would fall somewhere around Q4 2025, specifically on October 13, 2025, consistent with historical performance. Furthermore, a recurring 140-day rally window is also depicted in the chart, usually forming the final leg of the bull run. In each previous cycle, this 10-bar stretch delivered parabolic price movements. If history is rhyming once again, Bitcoin is now within range of initiating this 10-week bull run, suggesting the equivalent rally seen in previous could soon kick in.

How High Can Bitcoin Price Go?

Based on Pillows’ recent analysis, Bitcoin may be gathering momentum for its final rally of the present market cycle. The extent of this anticipated uptrend remains unknown; however, the presence of bullish factors most notably the high influx of institutional investment and the US pro-crypto policies supports a range of sky scraping targets. For example, Pillows has previously shared that the popular stock-to-flow model which uses Bitcoin’s scarcity to project long-term price trajectory has predicted a potential price target of $368,925 by 2025 end. If this prediction holds true, Bitcoin investors are eyeing an estimated 242% from current market prices. At press time, Bitcoin continues to trade at $108,299 reflecting a 0.83% gain in the past week.

As the second half of 2025 begins, Bitcoin is showing decreased volatility and logging fewer monthly transactions, as its U.S.-based spot ETFs near $50 billion in cumulative net inflows. 

Bitcoin's "at-the-market" implied volatility, a measure of how volatile Bitcoin is expected to trade across timespans ranging from seven days to six months, has fallen in July to its lowest levels since October, 2023, when Bitcoin traded around a third of its current value, according to data from The Block. 

Alongside the decrease in volatility, monthly transactions on the Bitcoin network fell by 15% in June compared to May, The Block's data shows, logging the fewest monthly transactions since October, 2023. Transaction activity has seen notable lows in recent weeks, with some abnormally low-fee transactions even being scooped up by miners looking deep in the mempool for transactions to add to blocks. 

As transaction activity on the network falls, Wall Street's demand for BTC has only increased, with U.S. spot Bitcoin ETFs continually logging new cumulative inflow records. The funds logged over $1 billion in inflows over two days last week, bringing the cumulative total net inflow to just below $50 billion. The funds hold around $137.6 billion worth of BTC in total, a new all-time high, according to SoSoValue data. 

Publicly-listed companies also bought BTC in June—around 65,000 BTC, worth about $7 billion at current prices, according to data from BitcoinTreasuries. A Glassnode analysis in June found that, though Bitcoin's onchain activity is a 'ghost town,' the increase in transactions from high net worth agents signals institutions and whales are becoming more dominant on the network. 

A decrease in Bitcoin futures volume could also signal a summer slump for the world's largest cryptocurrency, The Block recently reported. 

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