Bitcoin Stagnant Near $109K in Asian Trading as Market Searches for Direction

Bitcoin Steady Near Highs as Traders Rotate into Memecoins and Majors

Bitcoin is maintaining strength near the $109,000 level, even as investors shift their attention toward large-cap tokens and memecoins. While the broader crypto market appears rangebound, specific sectors are gaining momentum amid light summer trading conditions.

During early Wednesday trading in Asia, BTC hovered around $108,912, little changed on the day. The CoinDesk 20 Index, which tracks the largest and most liquid digital assets, advanced 1.7% to above 3,100 points, reflecting pockets of optimism in the market.

Despite the quiet tone, analysts suggest Bitcoin’s resilience signals strong underlying support. However, a lack of fresh catalysts is keeping the asset from breaking convincingly above the $110,000 resistance level.

On-chain data from Glassnode shows subdued spot volumes and declining ETF inflows. Even with unrealized gains remaining elevated—as suggested by ETF MVRV ratios—institutional investors appear cautious, opting to stay on the sidelines until clearer macro signals emerge.

Wintermute described the market environment as “barbell-shaped,” with capital flowing to either end of the spectrum: into high-risk memecoins like DOGE, SHIB, and PEPE, or into trusted large-cap names such as BTC and ETH.

Meanwhile, previously hyped themes such as AI and DePIN tokens have lost investor interest, prompting traders to rotate into meme-fueled assets and blue-chip plays. Memecoins rallied more than 8% this week as speculative sentiment returns.

Global equity markets have remained resilient in the face of geopolitical tensions, but crypto traders continue to exhibit caution. With no major economic events expected mid-week, digital assets may remain stuck in their current range unless momentum returns.

Bitcoin VC Firm Raises $100M to Back Infrastructure-Led Projects

Ego Death Capital has closed a $100 million fund aimed at supporting Bitcoin-focused startups that treat the network as a foundation for building, not just trading.

The venture capital firm will invest in Series A rounds ranging from $3 million to $8 million, focusing on projects that utilize Bitcoin’s base layer or layer-2 scaling solutions for practical applications.

“We’re backing teams that view Bitcoin as infrastructure—not a get-rich-quick scheme,” said Lyn Alden, general partner at Ego Death.

The firm’s portfolio already includes Relai, a self-custody BTC app, and Roxom, a Bitcoin-native securities exchange.

While much of the venture landscape chases trends across multiple blockchains, Ego Death believes Bitcoin remains the most robust foundation. The firm emphasized Bitcoin’s market dominance—over 60%—as proof of its continued relevance and long-term viability.

Tornado Cash Developer Faces Trial as Judge Excludes Sanctions Evidence

Roman Storm, one of the developers behind privacy protocol Tornado Cash, is preparing to stand trial following a key ruling by a U.S. federal judge.

Judge Katherine Polk Failla has barred both the prosecution and defense from referencing the original 2022 Tornado Cash sanctions during the trial. Those OFAC sanctions, later overturned in 2025 in the Van Loon v. Treasury case, had accused the protocol of enabling North Korean-linked money laundering.

The judge said bringing up the invalidated sanctions would distract the jury and muddy the legal issues.

Storm faces charges related to his role in developing the open-source project, with prosecutors alleging he personally benefited through multi-million dollar token sales and luxury property purchases.

Evidence collected from fellow developer Alexey Pertsev’s phone has been deemed admissible, despite objections from the defense about selective data gathering.

The judge also ruled that Storm can discuss his motivations around privacy, but cannot frame his actions as constitutionally protected free speech.

The trial is scheduled to begin on June 14, and could have wide-reaching implications for how developers of privacy protocols are treated under U.S. law.

Market Roundup

• Bitcoin (BTC): BTC traded between $107,470 and $109,200 from July 7 to 8, holding firm near recent highs. Analysts see strong institutional conviction, despite minor profit-taking in the final trading hours.
• Ethereum (ETH): ETH rose 3% to $2,610, buoyed by over $500 million in weekend inflows. Volumes surged nearly 3x, breaking past key technical resistance.
• Gold: The precious metal slipped 1.2% to below $3,300 as investors reacted to signs of potential tariff delays and awaited FOMC minutes.
• Nikkei 225: Japan’s main stock index dropped slightly, down 0.021%, as President Trump confirmed that new tariffs—including a 50% copper import tax—will take effect August 1.
• S&P 500: U.S. equities closed flat as traders digested the latest trade war rhetoric and awaited further economic cues.