(Kitco Commentary) - Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Pudgy Penguins, rising 64.74%.
Strengths
- Michael Saylor’s Strategy is expected to record an unrealized gain of about $14 billion in the second quarter, driven by a rebound in Bitcoin’s price and a recent accounting change. The company’s shares have soared over 3,300% since Saylor began buying Bitcoin in 2020, outperforming the S&P 500, according to Bloomberg.
- The U.S. Supreme Court declined to review an IRS summons that forced Coinbase to turn over transaction data for more than 14,000 cryptocurrency customers. The summons is part of an investigation into widespread underreporting of capital gains on crypto assets, Bloomberg reports.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was DeXe, down 17.60%.
- The FTX Trading Trust is suing AZA Finance and its executives, alleging they defrauded FTX of over $50 million in assets through a demerger plan called the “Luxembourg Demerger.” The trust claims AZA Finance engaged in a deliberate scheme to delay repayment to FTX, then transferred its assets to a new entity and filed for bankruptcy—leaving its debts to FTX behind, Bloomberg reports.
- South Korea’s central bank recently informed participating banks that it will temporarily pause discussions for the second phase of testing its central bank digital currency (CBDC), according to an article published by Bloomberg.
Opportunities
- Deutsche Bank AG plans to launch its digital asset custody service next year and has enlisted Bitpanda’s technology unit to help build the offering. The project comes as major financial institutions increasingly focus on digital assets, encouraged by new regulations in Europe and a favorable environment in the U.S., according to Bloomberg.
Mogo Inc. shares surged as much as 217%—the most since July 2020—after the financial technology company announced a $50 million Bitcoin treasury strategy. Mogo is the largest shareholder in WonderFi Technologies, which is being acquired by Robinhood Markets, Bloomberg reports.
- BitGo’s assets under custody increased from $60 billion to $100 billion in the first half of 2025, driven by rising crypto adoption and greater regulatory clarity. Half of the assets are tied to staking, a process in which investors pledge cryptocurrencies to help validate transactions on blockchains.
Threats
- The latest non-fungible token (NFT) market analysis shows that Ethereum-based NFTs experienced a slight downturn in June, with floor prices dropping and trading volumes declining. Over the past 30 days, Ethereum NFTs recorded $107 million in trading volume—down 50% from May 2025, according to Inside Bitcoins.
- Crypto sleuth ZachXBT published an exposé on North Korean hackers working within the crypto industry, claiming they may hold up to 920 IT and software development jobs. These infiltrators operate globally, targeting companies across the sector. Since the Lazarus Group pulled off the largest crypto theft in history earlier this year, the industry has remained especially wary, according to Bloomberg.
- Crypto traders are showing bearish behavior despite Bitcoin (BTC) trading above $110,000 and possibly aiming for a new record high above $112,000. Data from Coinanalyze shows that during Bitcoin’s move from $106,000 to $110,000 this week, the long/short ratio fell from 1.223 (favoring longs) to 0.858 (favoring shorts), Bloomberg reports.
