Bitcoin Defies Gravity at $109K as Trump Media Dives Into Crypto ETFs

Trump Media just placed its bet on crypto—and Bitcoin's holding steady near six-figures. Here's why Wall Street's watching.

The ETF Play: Political Meets Digital Gold

Trump Media's surprise ETF filing sends a clear signal: crypto's gone fully mainstream. No longer just a fringe asset, Bitcoin's $109K stability proves institutional money's here to stay. Meanwhile, traditional finance scrambles to keep up—as usual.

Market Mechanics: Why This Time's Different

Unlike past hype cycles, this rally's fueled by actual adoption. ETFs bridge the gap between boomer portfolios and decentralized finance. The result? A price floor that'd make even skeptics pause.

The Cynic's Corner: Just wait for the SEC to 'protect' investors by delaying approval until after the election.

Market Lacks Clear Momentum Despite ETF Growth

The CoinDesk 20 Index, which tracks the largest digital assets, was up 1.7% to over 3,100—showing some resilience. Yet analysts say the market feels more like it’s drifting than building toward a breakout.

On-chain analytics firm Glassnode pointed to key metrics underscoring this indecisiveness. Spot trading volumes for Bitcoin remain below average historical ranges, and recent inflows into spot Bitcoin ETFs have declined sharply from earlier peaks. Meanwhile, institutional investors, despite sitting on large unrealized gains, are showing signs of caution.

Elevated Market Value to Realized Value (MVRV) ratios in ETF holdings suggest that many investors are reluctant to buy more at current price levels. Glassnode noted this dynamic contributes to a market stuck between profit-taking and holding, without enough momentum to push significantly higher.

Wintermute: “Barbell Market” Taking Shape

In a recent market update, trading firm Wintermute described the current environment as a “barbell market.” This refers to a bifurcation in investor behavior: on one side, high-risk speculation in volatile assets; on the other, capital consolidation in well-established, lower-risk tokens such as Bitcoin and Ethereum. coins like DOGE, SHIB, and Pepe have surged over 8% in the past week, driven by speculative interest. In contrast, Bitcoin and Ether remain stable, with traders treating them as safer bets amid macro uncertainty.

Tokens tied to popular narratives from last year—such as AI and Decentralized Physical Infrastructure Networks (DePIN)—have seen a drop in interest. This rotation in investor focus further reflects the market’s indecision and limited upside momentum in the short term.

Geopolitical Calm, Yet No Breakout

Despite ongoing geopolitical uncertainties—including renewed tariff threats from U.S. President Donald Trump—global equity markets have largely shrugged off the noise. Still, crypto traders remain cautious.

Bitcoin’s recent price behavior suggests the market is waiting for a stronger directional signal. Until that appears, price action is likely to stay range-bound, with $110,000 acting as key resistance and $107,000 as short-term support.

Trump Media Unveils Diversified Crypto ETF Plans

Adding a new layer to the evolving ETF landscape, TRUMP Media & Technology Group (DJT) has filed for a new crypto investment product: the “Truth Social Crypto Blue Chip ETF.”

According to the Tuesday filing, the proposed ETF WOULD hold a diversified mix of digital assets:

• 70% Bitcoin

• 15% Ether

• 8% Solana

• 5% Cronos

• 2% XRP

The ETF would be listed on the NYSE Arca exchange, a popular platform for crypto-related ETFs. The reveal follows two other filings from Trump Media last month: one for a Bitcoin-and-Ether ETF and another for a pure Bitcoin ETF.

All three ETFs are expected to launch by the end of 2025, according to the filings. The MOVE underscores Trump Media’s growing interest in crypto as a strategic investment class. Back in May, the company said it planned to raise $2.5 billion to purchase Bitcoin for its corporate treasury—a bold step that positions it as one of the few major media firms embracing digital assets.

This ETF series will be launched in partnership with Crypto.com, expanding access to diversified crypto exposure for retail and institutional investors alike.

Market Snapshot

At the time of writing:

• Bitcoin (BTC): $108,900

• Ether (ETH): $2,600

• Solana (SOL): $151

• Cronos (CRO): $0.10

• XRP: $2.30

Shares of Trump Media (DJT) ROSE nearly 3% on Tuesday following the ETF reveal, although the stock remains down more than 40% year-to-date.

What’s Next for Bitcoin?

Despite the buzz surrounding new ETF filings, traders remain cautious. Without fresh catalysts—such as favorable regulatory decisions, ETF approvals, or a sharp increase in institutional demand—Bitcoin may continue to trade sideways.

However, if ETF inflows rebound and broader macro conditions turn favorable, BTC could test and possibly break through the $110,000 resistance level in the NEAR future.

For now, the market is holding its breath.