Despite a minor 0.43% dip, Bitcoin ($BTC) is trading at a strong $113,906, with institutional players continuing to show bullish conviction. Galaxy Digital reported a massive turnaround, posting a $30.7 million profit in Q2 after a significant Q1 loss. This recovery was fueled by a strategic increase in their Bitcoin holdings to over 17,102 BTC, worth approximately $1.95 billion. The company’s active accumulation of 4,272 BTC in Q2 alone signals a long-term bullish outlook and could tighten supply.
Another notable development is the swift rise of Cango, a former Chinese auto loan firm that has successfully pivoted to Bitcoin mining. Cango mined 650 BTC in July, a 44% jump from the previous month, cementing its place as one of the top 20 publicly traded Bitcoin holders with a total of 4,529.7 BTC. This move, from a country with a history of crypto crackdowns, underscores a growing global institutional confidence in the asset.
On the political front, an expected executive order from Donald Trump aims to protect crypto companies from “debanking” and investigate potential discrimination. If successful, this could significantly improve liquidity and investor confidence in the crypto space.
However, technically, Bitcoin faces a challenge. It remains below the $115,440 resistance level (50-EMA and a descending trendline), with the RSI showing a bearish bias. A break above this key level is needed to target higher prices, while a failure to hold could see a drop to support levels around $112,178 and $110,663.
August 2025, Cryptoniteuae
