Bitcoin Rally and Market Impact
Bitcoin rose to $72,772.3, up 4.4% by 17:33 ET (21:33 GMT), and peaked at $72,960.3 during the session, marking its highest level since May 31. The surge triggered the liquidation of more than $1 billion in short positions within roughly an hour, and a record $2.7 billion of bearish positions were wiped out across the broader crypto market as tokens surged.
Owen Yang, CEO of UPay, noted that the rally may shift Bitcoin ownership gradually from retail investors toward institutions. Meanwhile, caution persisted over the U.S.–Iran conflict, with oil prices rising after President Trump vowed stricter economic measures against Tehran.
Spot Bitcoin ETF Inflows
Spot Bitcoin exchange‑traded funds in the United States recorded net inflows of $517.19 million on Wednesday, according to SoSoValue data. Eight of the twelve funds tracked saw money come in, led by BlackRock’s iShares Bitcoin Trust (IBIT), which accounted for $284.7 million of the inflows. Ark & 21Shares’ ARKB added $77.7 million and Fidelity’s FBTC contributed $62.4 million. The total inflow represented the strongest weekly figure for the group since early May.
Regulatory Push by Donald Trump
President Donald Trump called on Congress to pass a “fair version” of the Clarity Act during a White House meeting with crypto industry leaders. Attendees included Coinbase CEO Brian Armstrong, Robinhood CEO Vlad Tenev, CFTC Chair Mike Selig, and SEC Chair Paul Atkins. The Clarity Act, which aims to establish a broad regulatory framework for crypto in the United States, has stalled in Congress amid disagreements over its provisions and stable‑coin yield payments, a contentious issue for the banking sector. Filings in July showed Trump’s family crypto ventures received more than $1.4 billion. The CFTC is scheduled to meet with crypto executives later on Thursday to discuss further regulation.
Crypto‑Linked Equity Movements
Crypto‑related equities rose in tandem with Bitcoin. Coinbase Global’s Class A shares closed 7.6% higher, while Strategy, the corporate Bitcoin holder founded by Michael Saylor, gained 7.8%. Circle Internet Group, the stablecoin issuer, rose 6.4%, and American Bitcoin, the mining and treasury firm co‑founded by Eric Trump, rallied more than 7%. Marathon Digital (MARA) surged 15.5% and Riot Platforms (RIOT) advanced 8.3%.
Altcoin Performance
Most altcoins tracked Bitcoin higher. Ether rose 1.5% to $2,320.71, hitting a 15‑month high. XRP jumped 12.3%, while Solana, BNB, and Cardano increased 1.1%, 2.9%, and 4.1% respectively. Among memecoins, Dogecoin added 5.6%, whereas the $TRUMP token slipped 2.8%.
Upcoming Discussions
The CFTC will convene with crypto executives on Thursday to further discuss regulatory measures following the White House meeting.