Galaxy Digital Inc. (NASDAQ: GLXY), a financial investment firm focused on the crypto market, has announced the completion of the sale of one of the largest Bitcoin (BTC) troves in history. According to the announcement on Friday, July 25, Galaxy Digital finalized the sale of more than 80k BTC, worth over $9 billion based on the current market value of about $117k.
“Galaxy completed the sale of more than 80,000 bitcoin – valued at over $9 billion based on current market prices – for a Satoshi-era investor, representing one of the earliest and most significant exits from the digital asset market. The transaction was part of the investor’s broader estate planning strategy,” Galaxy Digital noted.
What the Satashi-era Exits Mean for the Bitcoin Market
The strategic exit of the Satoshi-era investor marks the entrance of institutional capital to the Bitcoin market. Furthermore, the rising demand for the U.S. spot BTC ETFs by institutional investors has increased the overall cash inflow to the Bitcoin market.
Meanwhile, the exit of early Bitcoin investors marks a potential onset of the 2025 altseason. Moreover, the demand for Ethereum and the wider altcoin market is evident through the spot ETF cash flows.
BTC Price Eyes New ATH
After a solid breakout towards price discovery earlier this month, BTC price has been forming a bullish flag in the past two weeks. The flagship coin rebounded above $117k on Friday, July 25 during the mid-North American session, after teasing below $115k in the last 24 hours.
From a technical analysis standpoint, BTC price is well-positioned to rally towards a new all-time high in the near future. Moreover, the BTC price has already started its parabolic phase, which is characterized by euphoric trading.
The midterm bullish sentiment will be invalidated if Bitcoin price drops consistently below the support/resistance level around $109k
Ethereum price surges past $2,000 as Trump’s trade deal and Pectra upgrade ignite bullish momentum across the crypto and global markets.
Ethereum Price Surges Past $2,000 on Trump-Driven Market Optimism
Ethereum price surged above $2,000 on Thursday to hit a 120-day peak, boosted by multiple bullish macro pointers. ETH now trades around $2,000 with a 10% daily gain, outpacing Bitcoin’s 3% rally which saw gains capped just below the $101,000 level at press time.
Ethereum Price action, May 8, 2025 | Coingecko
This divergence in ETH price and BTC performance can be attributed to unique internal dynamics within the Ethereum network updates and Trump’s trade deals igniting optimism across global financial marketrs.
Why is Ethereum Price Outperforming Bitcoin Today?
Ethereum has outperformed Bitcoin in the last 24 hours due to a convergence of two powerful tailwinds.
On the macro front, Trump announced a landmark trade deal with the UK, boosting global market confidence. He also signaled more trade agreements are underway, while authorities in China also confirmed talks with the Trump administration over ongoing tarrifs.
Simultaneously, the Ethereum network underwent its long-awaited Pectra upgrade, leading to a rare situation where centralized exchanges such as Coinbase and Binance paused ETH withdrawals. This temporary freeze limited retail sell pressure precisely when bullish momentum returned to the market, creating a supply squeeze that pushed ETH ahead of Bitcoin.
The Pectra upgrade success, last week, Vitalik Buterin introduced a comprehensive roadmap aimed at fixing Ethereum’s key limitations within five years. This followed internal leadership changes at the Ethereum Foundation, signaling a renewed push for institutional-grade scalability and decentralization.
The timing of these developments, Pectra’s implementation, bullish macro news, and internal network confidence, has created a unique alignment propelled Ethereum price gains over Bitcoin during the market rally on Thursday.
Ethereum Tokens to Watch as Traders Bet $1.8 Billion on Trump’s Trade Deal and Ethereum Upgrades
Coingecko’s data shows that Ethereum ecosystem tokens attracted over $1.8 billion in trading volume over the last 24 hours, withe aggregate market cap approaching the $55 billion mark.
The standout performers are:
PEPE surged 17.0% to $0.00006, propelled by memecoin momentum and a resurgence in whale accumulation patterns.
Virtuals Protocol (VIRTUAL) advanced 21.0% to $1.62, buoyed by speculative inflows targeting emerging DeFi infrastructure projects.
Chainlink (LINK) climbed 9.4% toward the $15 mark, supported by rising cross-chain transactions, demand for tokenized assets and increased investor attention due to its association with Trump-backed Word Liberty Financial (WLFI).
AAVE rallied 10.6% to break above $187, signaling revived institutional appetite for Ethereum-based lending and borrowing protocols.
Beyond market catalysts, US domestic policy took a favorable turn for crypto. In the last 24 hours, Arizona, Oregon, and New Hampshire passed state-level cryptocurrency investment bills, offering legal clarity for retail and institutional investors.
Ethereum price forecast today: What’s Next after $2,000 breakout?
Ethereum price breakout above the psychologically significant $2,000 mark on Thursday signals a decisive shift in market momentum.
The 14.49% daily gain combined with risk volume confirms strong bullish participation, with the candlestick clearly breaching the upper Bollinger Band—a sign of heightened volatility and aggressive buyer control. This move decisively pulls ETH out of its prior consolidation range, where price had been coiling between $1,800 and $1,900 for nearly three weeks.
Ethereum price forecast today
Importantly, the Relative Strength Index (RSI) has surged to 73.07, placing Ethereum in technically overbought territory. However, overbought RSI levels during early-stage breakouts often validate strength rather than suggest immediate reversal, particularly when supported by strong volume and fundamental catalysts as obsereved in the past week.
The middle Bollinger Band (near $1,786) now serves as a dynamic support, reinforcing the breakout’s structural integrity.
A weekly close above this level may open the path toward $2,250. On the flip side, any pullback below $1,900 would suggest a failed breakout and invite profit-taking pressure.
Jeffy Yu, the 22-year-old co-founder of the artificial intelligence (AI) crypto project Zerebro, is at the center of a growing controversy following reports that he may have faked his death.
Initially believed to have committed suicide, Yu’s alleged passing triggered a massive surge in his legacy meme coin, LLJEFFY token. It skyrocketed to a market cap of around $105 million. However, mounting evidence suggests Yu may still be alive and actively involved in cryptocurrency transactions.
The Rise and Fall of Legacoin: Jeffy Yu’s Alleged Death and $105 Million Surge
On May 4, a video surfaced on X (formerly Twitter) purportedly showing Yu taking his own life during a livestream on the Pump.fun platform. This prompted widespread shock in the crypto community.
Heartbroken over the Zerebro dev’s tragic loss. A reminder to check on each other—this space can be tough. Rest in peace.
Family can be your rock through tough times—lean on them, talk it out, and let their love lift you up.
His now-deleted obituary was posted on the Legacy platform on May 6, and many tribute posts followed. That same day, a pre-scheduled article attributed to Yu was published. The article introduced the “Legacoin,” a new category of meme coins tied to legacy and permanence.
“If you’re reading this, it’s because my 72 hour deadman’s switch triggered so i’m not here, at least physically or my adhd really got the best of me (oops, i’ll post an update when i have that ‘oh shit’ moment, embarrassing if the token isn’t live) this is a legacoin, my final art piece LLJEFFY,” the blog read.
The coin offers no promises or returns. It is described as “interactive performance art” where the trading activity on the blockchain reflects human emotions like fear, greed, and hope. Yu also expressed discontent with how wealth and fame led to the breakdown of meaningful relationships.
“You only truly die when you’re forgotten How will you define your legacy?” Yu asked in his final blog.
After the blog went live, the associated token LLJEFFY surged in value. According to DEXScreener, its market capitalization reached approximately $105 million, marking an appreciation of 2,115%.
Zerebro’s own token also saw a modest rise, pushing its market cap to $46.5 million. Nonetheless, the rise was fleeting. As of the latest data, LLJEFY has lost 96.19% of its value, with its current market cap at just $4.0 million. ZEREBRO has also faced a double-digit decline of 19.9%, according to CoinGecko data.
Is the Zerebro Co-Founder Still Alive?
The rapid decline came as users started to post evidence that Yu was still alive and actively trading.
“Incredibly the ghost of the Zerebro dev is buying his “legacy coin” on his phantom wallet brings a whole new meaning to phantom wallet I guess,” a user noted.
On-chain analysis by X user Vee revealed that a wallet address (G5sjgjPdFdoz7hRa49yDobeSdqMooCmDwsCUERqLTfyr), allegedly linked to Yu, continued to be active after his reported passing.
“I’ve just noticed that one of Jeffy Yu’s addresses is dumping ZEREBRO, then sending USDC to the HTX exchange, and then that money is coming to Jeffy’s address that created LLJeffy,” Vee posted.
Moreover, Lookonchain revealed that a wallet, potentially associated with Yu, sold 35.55 million ZEREBRO for 8,572 SOL ($1.27 million). Following this, the wallet transferred 7,100 SOL ($1.06 million) to the developer wallet “G5sjgj” linked to LLJEFFY.
Further fueling suspicion, multiple sources, including crypto influencer Irene Zhao, cited insider knowledge claiming Yu faked his death. In addition, another user called Daniele posted a letter Yu allegedly sent to an early investor, admitting that he had created the video to move away from the public eye.
“Crypto just witnessed its first pseudocide exit strategy,” Daniele wrote.
In the letter, Yu shared that he had been harassed, blackmailed, and doxxed, leading him to fear for his safety. He outlined that stepping away openly would have negatively affected the value of his projects. Thus, he chose this route for his safety and peace.
“I have not profited from this situation; rather, the contrary, I have incurred substantial expenses in legal fees and related costs associated with this planned exit,” Yu wrote in the letter.
Arizona has moved closer to establishing the first Bitcoin reserve at the state level in the United States. Lawmakers passed two key bills allowing up to 10% of public funds to be invested in Bitcoin and other digital assets. The bills now await the signature of Governor Katie Hobbs to become law.
On April 28, the Arizona House of Representatives voted on Senate Bill 1025 (SB1025) and Senate Bill 1373 (SB1373). SB1025, which amends state statutes to permit a strategic Bitcoin reserve, passed with 31 votes in favor and 25 against. SB1373, which proposes a broader digital asset reserve, passed with 37 votes in favor and 19 opposed.
State Representative Jeff Weninger explained that the bill provides authority to invest up to 10% of public funds in Bitcoin and potentially other cryptocurrencies. “I think this probably would start as a ‘may’ for the foreseeable future,” Weninger said during discussions.
Arizona’s bills place it ahead of several other U.S. states considering similar legislation. If signed into law, Arizona could become the first state to formally hold Bitcoin as a strategic asset despite criticism from economists like Peter Schiff.
Governor’s Decision Will Determine Final Outcome
Democrat Governor Katie Hobbs has earlier on declared her position as being against any bill signing until a solution on disability funding was reached by the two chambers. Nevertheless, with the recent development on the funding legislation, she has been under pressure to pass the Bitcoin reserve bills.
According to Dennis Porter, the CEO of the Satoshi Action Fund, the American voters should convince their leaders to hold strategic Bitcoin reserves. Porter underlined the need to continue the process as the legislations have passed through different legislative processes.
ARIZONA JUST BECAME THE FIRST STATE IN THE NATION TO PASS STRATEGIC BITCOIN RESERVE LEGISLATION IN THE HOUSE AND SENATE.
A decision from Governor Hobbs will be necessary for the legalization of Bitcoin in managing and investing the state’s funds in Arizona. Some pundits explain that investing in Bitcoin offers protection from inflation and other macroeconomic factors.
Elsewhere, the Chairman of the Swiss National Bank, Martin Schlegel said that Switzerland will not invest in Bitcoin as a reserve currency. Schlegel provided a number of arguments against the use of Bitcoin for long-term reserves, including crisis-related liquidity issues and high volatility.
Global Trends on Government Bitcoin Holdings
Arizona’s legislative push comes at a time when global government Bitcoin holdings are declining. According to a CoinGecko report published in April 2025, governments’ collective Bitcoin reserves dropped from 529,591 BTC in July 2024 to 463,741 BTC.
The U.S. remains the largest government holder with 198,012 BTC, despite recent asset liquidations. China follows with 194,000 BTC, primarily from the 2019 PlusToken Ponzi scheme seizures. The United Kingdom holds around 61,000 BTC, mostly acquired through criminal seizures, while Bhutan has mined its way to 8,594 BTC.
El Salvador continues its Bitcoin accumulation policy under President Nayib Bukele. The country now holds 6,135 BTC, with Bukele announcing daily purchases of Bitcoin for the national reserve.
Meanwhile, at the corporate level, MicroStrategy announced a new acquisition of 15,355 BTC for $1.42 billion. The company’s total Bitcoin holdings now stand at 553,555 BTC, valued at approximately $52.76 billion.
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