Bitcoin Bottom Imminent? Institutions Have Already Moved | Seo Dong-ju, Kim Dong-hwan, Park Sang-hyuk Digital Asset Editor-in-Chief

Summary

Park Sang-hyuk, Digital Asset Editor-in-Chief, examines Bitcoin's recent underperformance against gold, the latest CFTC data showing institutional longs, BlackRock's bottom call, and Trump Media's Bitcoin purchase. He also warns about a potential yen carry trade unwind and analyses how mining companies shifting to AI is creating a headwind for Bitcoin.

• Gold surged as a safe haven while AI-driven equity sell-off shifted risk sentiment away from stocks.
• CFTC data shows large institutions flipped to net long Bitcoin and leveraged funds cut shorts, signaling a potential bottom.
• BlackRock commented that Bitcoin's modest drop during the equity correction suggests a bottom is near.
• Japanese yen faces a 50% probability of a BOJ rate hike in September, threatening another carry-trade unwind and risk-asset sell-off.
• Mining firms like Riot Platforms are pivoting to AI, driving Bitcoin’s mining difficulty to five-year lows, a traditional bearish signal for BTC.
• Trump Media’s Bitcoin purchase pushed its holdings past Tesla, highlighting continued corporate adoption despite ethics debates.
• SEC and CFTC are advancing digital asset regulations during the congressional recess, but lack of legislation leaves rules fragile.
• A Korean crypto tax petition is failing to gain traction, with only 27.6% of the required signatures three days before the deadline.