Bitcoin (CRYPTO: BTC) is trading around $65,000 after enduring one of its most turbulent weeks in recent memory, battered by a major security breach and a legislative disappointment.
The digital asset has remained confined to a narrow band between $60,000 and $65,000 since the end of June, with analysts stressing that a decisive break above the $65,000 resistance level is needed to signal any meaningful recovery.
Investors spent much of the week assessing the fallout from the Coldcard hack, which saw $130 million drained from digital wallets that relied on private keys, sending shockwaves through the broader crypto community.
Adding to the pressure, the Clarity Act legislation will not receive a Senate vote before Congress begins its summer recess on Aug. 7, making it unlikely the cryptocurrency regulatory framework will become law this year.
Midterm congressional elections scheduled for November are expected to further complicate legislative priorities for both the Senate and House of Representatives through the fall session.
Some analysts noted it was a constructive sign that Bitcoin’s price held relatively steady despite the twin blows of the Coldcard hack and the stalled regulatory legislation.
Strategy (NASDAQ: MSTR) saw its high-yielding preferred stock (NASDAQ: STRC) recover after bottoming near $71 per share in late June, with the company having sold 5,226 Bitcoin for proceeds of $321 million to meet dividend obligations on the 12%-yielding preferred shares.
SpaceX (NASDAQ: SPCX) reported a $540 million paper loss on its Bitcoin holdings, with the value of its 18,712 BTC declining to $1.10 billion by June 30 from $1.64 billion at the end of 2025, which the company attributed to a 33% drop in Bitcoin’s price over that period.
Hut 8 (NASDAQ: HUT) shares fell 5% after the Bitcoin miner posted a second-quarter net loss of $1.78 per share, far worse than the analyst consensus estimate of a $0.52 loss, with a $138.6 million unrealized loss on its Bitcoin holdings driving most of the shortfall.
Prediction market platform Polymarket is seeking a $20 billion valuation in a new funding round, reportedly in early talks to raise $1 billion from prospective investors, not far behind rival Kalshi’s $22 billion valuation from May.
Cryptocurrency asset manager Hashdex announced the closure and liquidation of its $14.7 million spot Bitcoin ETF, marking the first U.S. spot Bitcoin ETF to shut down since a wave of such funds launched in early 2024 following regulatory approval, with the firm citing liquidity concerns and operating costs.
Bitdeer Technologies (NASDAQ: BTDR) secured a $4.7 billion artificial intelligence data center lease through its Tydal Data Centre subsidiary, signing a 16-year agreement to provide 121 megawatts of computing capacity at its Norway campus, with media reports identifying the customer as privately held startup Anthropic.
Bitmine Immersion Technologies (NYSE: BMNR), led by Chairman Tom Lee, accelerated its $4 billion share repurchase program by buying back 4.5 million shares over the past week, bringing total buybacks since July 1 to more than 15 million shares, which the company claims is the largest such buyback by any cryptocurrency treasury firm.
Investor Cathie Wood’s firm Ark Invest purchased $10 million worth of stock across Coinbase Global (NASDAQ: COIN) and Circle Internet Group (NYSE: CRCL), with 54,776 Coinbase shares worth $8 million making it the sixth-largest holding in the flagship ARKK fund.
BlackRock (NYSE: BLK) announced a one-for-three reverse share split on its iShares Ethereum Trust ETF (NASDAQ: ETHA) set for Oct. 6, a move intended to raise the per-share net asset value without altering investors’ holdings, as the fund’s price has fallen 40% this year.
Spot Bitcoin ETFs attracted $754.69 million in inflows over the past week, their strongest week since April, with data from SoSoValue suggesting that institutional investors are beginning to cautiously reallocate capital back into the asset class.
