Elon Musk’s SpaceX bitcoin holdings top $1 billion as BTC hits fresh highs

Bitcoin has smashed through its old record, hitting $123,600 and sending a wave of excitement through the crypto world. The jump comes as traders bet big on a September Fed rate cut, with fresh inflation data showing prices cooling to 2.7%. There’s even talk from US Treasury Secretary Scott Bessent about a bigger 50 bps cut, which could pump more money into the markets and fire up risk-taking. Riding the hype, Santiment celebrated Bitcoin’s $123,610 peak as a proud milestone in its 17-year journey.

Fed Rate Cut Fuels Liquidity Hopes

A potential rate cut is a green light for increased liquidity in the market, offering a significant tailwind to both Bitcoin and altcoins. BTC’s market cap has now leapfrogged Google and Amazon, ranking as the sixth-largest asset globally, with only gold and tech giants like Apple, Microsoft, and Nvidia ahead. This milestone has also boosted institutional portfolios. MicroStrategy’s Bitcoin holdings have reached a record $77.2 billion, while El Salvador’s national BTC stash now sits on an unrealized profit of over $468 million.

Whale Moves Signal Confidence

Adding to the bullish tone, on-chain trackers flagged a massive whale withdrawal of 5,400 BTC (worth $656 million) from Kraken, likely destined for cold storage. While some suggested it could be a portfolio reshuffle, analysts believe it signals strong institutional accumulation. Large-scale withdrawals to private wallets often hint at long-term conviction and reduced sell pressure, factors that can help sustain price rallies.

Miner Reserves Drop, Easing Sell Pressure

One key factor supporting Bitcoin’s rally is the sudden drop in miner reserves. Earlier this month, reserves climbed from 1,806,790 BTC on August 2 to 1,808,488 BTC on August 10, raising fears of increased selling from miners, a common rally killer. But just as BTC began breaking out, reserves fell to 1,806,630 BTC and have since stayed steady. This decline means less immediate selling risk, removing a major obstacle for bulls looking to push prices higher.

Altcoins Join the Party

Ethereum has followed Bitcoin’s lead, rallying over 28% in the past week and inching closer to its own ATH of $4,891. Traders are now weighing whether this liquidity injection could trigger a broader breakout in altcoins. With Ethereum’s options open interest hovering near record highs at $13.75 billion, derivative markets point toward incoming volatility.

Market Outlook

In the current situation, if liquidity from a Fed rate cut combines with rising ETF inflows and stablecoin adoption, the next phase of this rally could push Bitcoin deeper into price discovery and potentially ignite the long-awaited altcoin season. 

Interestingly, Samson Mow, CEO of JAN3 and a long-time Bitcoin advocate sees two possible outcomes for Bitcoin now, either BTC surges massively, causing altcoins to drop 30–40%, or altcoins rally first, then crash hard, with Bitcoin briefly dipping before moving higher again.

FAQs

Bitcoin’s price rose due to Fed rate cut bets, cooling inflation (2.7%), and institutional buying, fueling bullish market sentiment.

A rate cut increases market liquidity, encouraging risk-taking and investment in Bitcoin and altcoins as investors seek higher returns.

Yes, Ethereum (+28% weekly) and altcoins may surge if Fed liquidity boosts crypto markets, but volatility remains likely.

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On Monday, ALT5 Sigma, a fintech company specializing in blockchain infrastructure, unveiled plans to establish a crypto treasury focusing on the World Liberty Financial (WLFI) project—a venture backed by the Trump family. 

The announcement, however, was met with a swift and negative reaction from investors, resulting in a significant drop in the company’s stock price.

First Crypto Treasury Focusing On World Liberty Financial

ALT5 Sigma, which trades on Nasdaq under the ticker name “ATLS”, aims to raise $1.5 billion to become the first publicly traded company to hold WLFI, the governance token associated with World Liberty Financial. 

In a press release dated August 11, the company disclosed that it plans to raise these funds through a registered direct offering and a private placement, which will involve selling up to 100 million shares at a price of $7.50 each. 

Notably, the private placement will be conducted using WLFI tokens, which are currently non-transferable and will be treated as an over-the-counter (OTC) transaction.

In its regulatory filing with the US Securities and Exchange Commission (SEC), ALT5 Sigma stated that acquiring WLFI directly from World Liberty Financial is currently the only option, as the tokens remain locked and cannot be traded. 

The filing also warned that if the company fails to acquire the tokens on favorable terms or at all, it may impair its ability to execute its digital asset treasury strategy, potentially requiring a reallocation of assets within the treasury.

ALT5 Sigma Shares Plunge 26%

Prior to the announcement with World Liberty Financial, ALT5 Sigma’s shares had been performing well, nearing $20 in pre-market trading and more than doubling in value. However, the news of the treasury plans reversed this momentum dramatically. 

By the close of trading on Monday, shares had plummeted by 26.42%, settling at $6.60. As of the latest reports, ALT5’s stock continues to hover around $6, reflecting a decline of about 10% over the past week.

With the treasury acquisition, Zach Witkoff, co-founder of World Liberty Financial, is set to become ALT5’s chairman. Eric Trump, another WLFI co-founder, will join the board as a director. 

Additionally, Zak Folkman, also a co-founder, will serve as a board observer, while Matt Morgan, CEO of Blockstreet, will take on the role of chief investment officer.

It’s important to note that the WLFI token, designed as a non-tradeable governance token, was launched in October 2024, with a subsequent announcement of a USD1 stablecoin in March. 

In mid-July, World Liberty Financial holders voted to allow the token to become tradable, facilitating peer-to-peer transactions and secondary market activity. However, for now, the movement of tokens remains limited, with trade eligibility constrained to a select group of early supporters.

Featured image from DALL-E, chart from TradingView.com 

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