Crypto Today: Bitcoin, Ethereum, XRP stay put as market faces potential supply overhang from Bitfinex and US

Bitcoin, Ethereum and XRP updates

• Bitcoin (BTC) maintained its move above the $62,000 psychological level, trading around $62,120 on Wednesday despite $58.2 million in outflows across BTC ETFs, per Farside Investors data. However, the top cryptocurrency could face potential selling pressure in the coming months if the US government decides to sell the 69,730 BTC seized from Silk Road that it recently gained control over.
   
• Ethereum (ETH) is trading above $2,400, down 0.5% in the past 24 hours, following $8.1 million of outflows in ETH ETFs. If ETH continues the upward move, it could face an initial rejection near the $2,490 resistance.
   
• Ripple's XRP price is consolidating close to $0.530 as the $0.544 resistance continues to hold. If XRP fails to move above this level in the coming days, its price could decline toward the $0.500 psychological level.

Market updates

• Asset manager Ark Invest disclosed that it purchased 12,994 Coinbase (COIN) shares worth $2.2 million for its Fintech Innovation ETF (ARKF) on Tuesday. The purchase follows the sale of $36.4 million worth of Robinhood (HOOD) stock across three of its ETFs. Ark Invest's strategy of ensuring no individual holding crosses above 10% of the weightings in an ETF portfolio could be a potential reason for the switch between COIN and HOOD.
   
• Crypto exchange Bitfinex could be the only victim and sole recipient of 119,754 BTC the US government seized following a hack on the exchange in 2016. "The government is not aware of any person who qualifies as a victim under the CVRA [Crime Victims' Rights Act] or for restitution under the MVRA [Mandatory Victim Restitution Act], beyond perhaps Bitfinex," US Attorney for the District of Columbia wrote in a Tuesday filing.
   
• If the government approves the funds to go to Bitfinex, the crypto market could be set for another supply overhang similar to that of defunct exchange Mt. Gox creditors' repayment and the German government offload.

Industry updates

• In the late hours of Tuesday, HBO Documentaries identified Bitcoin Core developer Peter Todd as the mysterious Bitcoin creator Satoshi Nakamuto. However, Todd denied the claims, and most crypto community members have also laid out findings on X to disprove the documentary.
   
• The Tron blockchain now hosts 75% of all USDT addresses, widening its lead over Ethereum due to its fast transaction throughput and low fees, per IntoTheBlock's data. With USDT as the dominant stablecoin in the crypto market, Tron could gain more market share if the trend continues.

Chart of the day: Bitcoin

BTC/USD (Source: Peter Brandt via X)

According to popular trader Peter Brandt, Bitcoin could rally to $135,000 in August/September 2025 as the top digital asset often starts posting significant gains in post-half of halving cycles.

He noted that the price consolidation since March is a brief pause in the ongoing trend. However, Brandt added that a price close below $48,000 will invalidate the bullish thesis.