July 12, 2025: Crypto Markets Roar as Bulls Charge Ahead – Key Developments You Can’t Miss

Crypto markets defied gravity today as Bitcoin punched through resistance levels and altcoins rode the momentum wave. Here's what moved the needle.

Bitcoin Breaks $70K – Again

The OG crypto reclaimed psychological territory as institutional inflows hit a 3-month high. Traders are betting this rally has legs.

DeFi Summer 2.0?

Ethereum layer-2 volumes spiked 42% as yield farmers rotated out of memecoins (finally). Smart money's building positions before the ETH ETF decision.

Regulatory Shakeup

The SEC delayed another spot ETF – shocking nobody. Meanwhile, Asian markets saw record BNB futures volume as traders bypassed U.S. uncertainty.

As Wall Street bankers scramble to explain this 'irrational' rally to their clients, crypto's proving once again that money flows where the innovation is – not where the suits want it to go.

SharpLink Gaming Buys 10,000 ETH

The gaming giant SharpLink Gaming made a bold move today by acquiring 10,000 ETH from the ethereum Foundation. The deal was carried out with the gaming firm spending $25.7 million for the new ETH bag in an over-the-counter (OTC) deal. The transaction boosted the company’s Ethereum holdings to 215,634 ETH, valued at over $550 million, further cementing its position as the largest publicly traded ETH holder.

Bitcoin Hits New High

Bitcoin smashed records and hit a new all-time high of $118,856 today. It is largely driven by institutional demand and ETF inflows exceeding a billion dollars. The rally in Bitcoin price also sparked a surge into leading altcoins, meme coins, and DeFi tokens. 

Bhutan Moves More Bitcoin to Sell

The Royal Government of Bhutan transferred 100.215 BTC, worth $11.83 million, to Binance. They have transferred a total of 449.3 BTC ($50.15 million) over the past 11 days. Managed by Druk Holdings, Bhutan’s 11,711 Bitcoin (worth approximately $1.3 billion) reflects strategic profit-taking amid Bitcoin reaching a new all-time high. 

GMX Hacker Return Funds for 10% Bounty 

GMX decentralized exchange resolved a major hack as the attacker agreed to return stolen funds for a 10% bounty, estimated at $2.4 million of the $24 million exploit. The deal, negotiated via on-chain messages, aims to restore user funds and bolster GMX’s security reputation in DeFi.

Short Traders See Over $1B in Liquidation

Crypto traders saw over $1 billion in short positions liquidations as Bitcoin and Ethereum prices soared, with $678 million in BTC and $300 million in ETH shorts wiped out. Binance’s perpetual futures funding rate hit +0.01%, signaling heavy Leveraged buying as Bitcoin crossed $118,000 today. 

Also read: Will bitcoin Hit $120K Next As Bullish Dominance Rises?