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Bitcoin’s identity crisis came roaring back into focus this weekend after Galaxy Digital (GLXY) announced that it had facilitated a $9 billion sale of more than 80,000 bitcoin for a Satoshi-era investor. The firm said the sale — one of the largest notional BTC transactions ever — was part of the seller’s estate planning strategy.The transaction was immediately seen as symbolic. For some, it marked a practical rebalancing. For others, it was a worrying sign that even Bitcoin’s earliest believers are cashing out. Crypto analyst and commentator Scott Melker fanned the flames with a sharply worded post on X.“Bitcoin is amazing,” he wrote on July 26. “But it’s obviously been co-opted to some degree by the very people that it...

Cryptocurrency may be easier to buy than ever, but most Americans still want no part of it.A new Gallup survey found that just 14% of U.S. adults own crypto, a figure that has been growing but still represents a small slice of the investing public.The study, conducted in mid-June, revealed deep skepticism about cryptocurrencies. 60% of respondents said they have no interest in ever buying cryptocurrency, and just 17% admitted they’re intrigued. Only 4% of respondents said they plan on buying crypto in the near future.Gallup also found that among U.S. investors owning more than $10,000 in stocks, bonds or mutual funds, 55% considered the asset class “very risky.” Still, ownership rates skyrocketed from 2% in 2018 to 17%.This skepticism...

Japanese AI firm Quantum Solutions is set to start investing in bitcoin (BTC) through its Hong Kong-based subsidiary, GPT Pals Studio, the company said in a press release.The decision, approved at a board meeting on July 23, includes plans to initially purchase up to $10 million in BTC using borrowed funds. The firm aims to build a treasury of up to 3,000 BTC, currently worth around $354 million, over the next 12 months.The company cited the depreciation of fiat currencies like the yen and rising global financial uncertainty as key drivers behind the move. Until now, neither GPT nor any of its subsidiaries had included digital assets in their balance sheets.“In order to efficiently manage surplus funds generated from existing...

Bitcoin continues to trade above the $118,000 mark, holding steady after a week of significant institutional developments and a landmark milestone in on-chain metrics. According to CoinDesk Data, BTC was last up 1.45% over the past 24 hours, bringing its 30-day gain to 10.42% and lifting its year-to-date performance to more than 26%.Blockchain analytics firm Glassnode highlighted in its latest "Week On-chain" report that July has brought one of the strongest upside breakouts of the year. After dipping to around $105,400 earlier in the month, bitcoin surged to an all-time high of $122,700 before settling into a consolidation phase just below that level. The report noted that this price rally triggered substantial profit-taking from long-term holders while also drawing in...

The Senate Banking Committee has introduced a discussion draft bill for addressing crypto market structure, tackling part of what will overall be a significant legislative push to meet the House's Clarity Act.You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.Ancillary assetsThe narrativeThe Senate Banking Committee introduced a discussion draft market structure bill to address how it believes the U.S. Securities and Exchange Commission should oversee digital assets, introducing the concept of an "ancillary asset" and asking the general public to weigh in on the draft by early August.Why it mattersWhile the House voted to advance its Clarity Act last week, the Senate still needs to...