According to Cointelegraph, Bitcoin is increasingly being viewed as a risk asset rather than a safe haven like gold, challenging its "digital gold" narrative. Analysts suggest that a potential Federal Reserve rate cut in July could boost Bitcoin's prospects, although historical data indicates that the third quarter typically yields flat returns, with a median gain of just 1% from June to September. Despite a lackluster week for Bitcoin, its trajectory could change if it aligns with the global money supply trends. Jurrien Timmer, Director of Global Macro at Fidelity, noted that gold prices might rise following an 8.5% year-on-year increase in the global money supply, driven by geopolitical tensions. However, Bitcoin's volatility presents a contrasting outlook. Timmer highlighted that both gold and Bitcoin are showing rising Sharpe ratios, indicating improved risk-adjusted returns. This metric suggests a potential price recovery, but Bitcoin's dual role as both a store of value and a "Nasdaq proxy" undermines its stability. Market analyst Tony Sycamore echoed this sentiment, stating that Bitcoin trades more like a risk asset akin to U.S. equities rather than a safe-haven asset like gold in 2025. Similarly, Nick Ruck, research director at LVRG, mentioned that Bitcoin's "digital gold" narrative is losing momentum, with traders focusing on short-term volatility instead of viewing Bitcoin as a risk-adjusted asset. The Federal Reserve's decision to maintain interest rates at 4.25%-4.50% since December 2024 has contributed to Bitcoin's struggles this week, reflecting its sensitivity to uncertain monetary policy and global conflicts. However, Fed Governor Christopher Waller indicated in a CNBC interview that a rate cut could occur as early as July, potentially boosting Bitcoin's prospects for a third-quarter rally. Despite this, historical seasonality suggests that any significant rally might not materialize until the fourth quarter. Timothy Peterson, a Bitcoin network economist, noted that over the past decade, Bitcoin's median return from June to September has been only 1% for the entire period. On Friday, Bitcoin experienced a notable retracement after a liquidity grab near the $106,000 level during the London trading session. Technical analysis indicates persistent bearish momentum across various time frames, suggesting a high probability of another liquidity sweep targeting the $102,614 level in the coming days. If selling pressure increases, Bitcoin's price could decline toward the $100,000 threshold, aligning with previous range lows and a key daily fair value gap. This article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.

SuperAI's Nathaniel Whittemore hails the passage of the GENIUS Act but warns against attempts to rush the market structure bill. source: https://www.thestreet.com/crypto/policy/superai-ceo-warns-of-complication-ahead-for-crypto-regulation

Bitcoin may hold above $100,000 throughout summer, but seasonal trading data suggests minimal upside in Q3. source: https://cointelegraph.com/news/bitcoin-capped-at-100k-if-q3-seasonal-data-repeats?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound

Michael Saylor has made no secret of his BTC accumulation strategy and wants his fans to believe he can accomplish accretive dilution. source: https://protos.com/five-tricks-to-using-investor-funds-to-buy-bitcoin/

The soccer club is using the XRP-compatible Root blockchain and is expected to release a mobile racing game, too source: https://blockworks.co/news/fc-barcelona-nft-wallet-barca

According to sources close to Pump. fun, the platform delayed the sale of the PUMP token from its intended date on June 25, pushed to some time in the middle of July. source: https://www.cryptopolitan.com/pump-fun-token-auction-delayed-again/

On Jun 20, 2025, 17:34 PM(UTC). According to Binance Market Data, Ethereum has dropped below 2,400 USDT and is now trading at 2,399.419922 USDT, with a narrowed 4.00% decrease in 24 hours.

OKX 行情数据显示，ETH 跌破 2400 USDT，现报 2399.8 USDT，24H 跌幅 3.98%。 （本条快讯由AI辅助生成）

Will Bitcoin's next move be a spike to a fresh all-time high price, or a sharp plunge? Myriad users make their predictions on this and more. source: https://decrypt.co/326273/myriad-moves-bitcoin-all-time-high-strategy-pengu

In a ruling on Friday, Senate parliamentarian Elizabeth MacDonough decided that Republicans cannot use Trump’s multitrillion-dollar tax and spending bill to strip all funding from the Consumer Financial Protection Bureau. She also ruled that they cannot cut pay for many Federal Reserve workers. MacDonough said the GOP-backed measures fall outside the scope of the fast-track […] source: https://www.cryptopolitan.com/trumps-big-beautiful-bill-faces-roadblock/

Crypto圈感受不到热度很正常，因为游戏规则变了，主角也不再是他们。

金色财经推出《金色Web3.0日报》，为您提供最新、最快的MEME、DeFi、DAO、NFT和元宇宙行业新闻。

稳定币不再只是加密行业的工具，而正被主流资本市场重新定价，成为一种全新的资产类别和增长叙事。

区块链,Web 3.0,2025：区块链还有理想吗？ 金色财经,区块链没有理想，但理想终将重生。

Vitalik发出的那头“牛”不仅仅代表着牛市的期望，而是对以太坊价值来源的一次精妙总结。

今日晚间推荐阅读：1.由Labubu玩具衍生的Meme币LABUBU为何难逃消亡？；2.深度解析Spark：DeFi领域的主动资本配置器；3.2025年风险投资现状与稳定币；

Layer 1 公链 SKATE、AI 驱动社交平台 SOPHON、跨链基础设施 RELAY PROTOCOL 等项目也在近期释放空投消息。

半年内多位关键高管更换、超 500 人离职、部门重构……这场内部风暴，也悄然重塑着加密市场的监管格局。

加密货币,DeFi,加密货币与去中心化金融：其功能及对金融稳定的影响 金色财经,加密货币与去中心化金融：其功能及对金融稳定的影响

这是 Pavel Durov 接受的最长专访，一场关于政治、权力和民主的访谈。