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Fund manager Jeff Dyment of the Saphira Group wants you to zoom out and stop sweating on short-term charts.
His thesis: Data points suggesting institutional bitcoin
The purchase loses steam Miss the bigger picture.
In a note shared with CoinDesk, Dyment’s dispute that the fear of fading the institutional demand for Bitcoin was overblown, rooted in narrow market snapshots.
Yes, ETF and Corporate purchases have recently cooled – Michael Saylor’s approach bought only 16,000 BTC last month, strongly from 171,000 BTC Haul in December. But this, asserted by dyment, is not a sign of rejection. This is a natural EBB in what he calls a “cyclical wave” of adoption.
“Institutional flows often come to waves than a steady linear increase,” Dyment wrote. “Short-term demand fluctuations in the market area are minor ripples in what is, in fact, an increase in the flow of institutional interaction.”
Dyment points on the addition of 51 before Corporate BTC Treasury In the first half of 2025 only, equivalent to the total from 2018 to 2022 combined, and a 375% year-on-year increase in BTC purchase.
Public companies are now holding 848,902 BTC, or approximately 4% of the total supply, with only Q2 2025 seeing 131,000 BTCs added to their balance sheets.
He also featured the explosive growth of Bitcoin ETFs as further evidence of deepening institutional participation. Blackrock’s Ibit fund, now the largest in the world, holds 699,000 BTC, more than 3.3% of the total supply, after becoming the fastest growing ETF in history.
US ETFs are collectively captured by approximately 1.25 million BTCor approximately 6% of the total supply, in just 18 months from their launch, he pointed to the note.
The thesis of the dyment is to find echoes in the options market.
In the recent QCP Capital record, Singapore-based funds point to whales that continue to build exposure to the reverse risk, snaping up September $ 130k BTC call and holding a $ 115k/$ 140K spreading call.
“Vols remain lying close to historical lows, but a decisive violation of $ 110K resistance can spark a modified bid of volatility,” the QCP wrote on a note on Monday.
So while the bear can be pointed to the stagnant spot flow and the Almost empty mempool as signs of fatigueDyment dispute is that these are just levels of ripples.
Underneath, the water increases, and Wall Street, along with its trillions on the trillion of regulated capital, is hungry for crypto. It won’t just come at the same time.
BTQ pushes the plot safely intact for stablecoins
BTQ Technologies introduced the Quantum Stablecoin settlement network (QSSN).
In a Press release. (Jpmd). (ECDSA and Falcon-512)While maintaining compatibility with existing token standards, workflows, and wallets.
The launch came as the Stablecoin market was over $ 225 billion and lawmakers were pushing for regulation with eye to cybersecurity.
The Genius Act, which is currently advancing the US Congress, will formalize federal standards for FIAT -supported FIAT -supported and encourage architecture safely.
The BTQ, which has cooperated with NIST for more than a decade, aims to shape those standards and positions of QSSN as a critical infrastructure.
Movements in the market
BTC: Bitcoin fell 1.02% from July 6 to 22:00 to July 7 and 21:00, testing the main support of $ 107,519.64 in the middle of heavy sale, before presenting a V-shaped recovery off $ 107,800 as on-chain data showed strong support clusters of support at $ 106,738 and $ 98,566 holds of 1.68 million millions of $ 106,738 and $ 98,566 holds of 1.68 million millions of $ 106,738 and $ 98,566 holds of 1.68 million millions of $ 106 million and $ 10 million Address, according to CoinDesk Research’s Technical Analysis Bot.
Eth: The ETH rose 1.67% amidst the trading volatile, swinging almost 3% between $ 2,529 and $ 2,604 in support of the $ 2,530 held firm, institutional flows led to $ 1.1 billion, and above-average volume marked both the flow and subsequent sale.
Gold: Gold is dipped in a stronger dollar but rebounds with the tariff-driven demand, with the purchase of the central bank and a de-dollar fuel forecasting of a rally to $ 4,000.
S&P 500: Stocks fell Monday as Trump announced new tariffs on imports from seven countries, sending S&P 500 to 0.79% to 6,229.98.
NIKKEI 225: Most Asia-Pacific markets have increased despite Trump’s announcement of steep US tariffs on 14 trading partners, including Japan’s Nikkei 225 of 0.36% as up to 40% outlined for countries including South Korea, Indonesia, and Thailand.
Everywhere in Crypto
- Trump makes the bank in crypto: do voters care? (Decrypt)
- Vitalik Buterin favors ‘Copyleft’ (Vitalik Buterin)
- The upcoming Crypto tax bomb (CoinDesk)
