Bitcoin Holds Above $64,000 While Ether Trades Below What Holders Paid

Bitcoin traded at about $64,808 on Thursday, up 0.82 percent over the previous day, and it held above $64,000 through the Asian equity selloff. That divergence is the notable part. Korean and Japanese technology shares fell sharply while the largest digital asset changed little, which breaks the pattern of close correlation with high-growth equities that has held through most of the past two years.

Beneath the headline price, the market is dividing. CoinDesk reported that the analytics firm CryptoQuant sees large spot orders in XRP that indicate steady accumulation rather than a rapid price advance. Ether, by contrast, trades below the average cost basis of all coins on the network (its realized price). When an asset trades below that level, the median holder is carrying a loss, a condition that has historically coincided with reduced selling pressure because sellers have already sold.

Speculative activity has not disappeared. CoinDesk also reported that the memecoin CASHCAT rose 120 percent in a week to an $86 million market value as the total value of assets deposited on Robinhood Chain (its total value locked) reached $774 million. The tokenized real-world assets that the chain was built to host account for $27.6 million of that total, so the stated purpose of the network covers a small fraction of the capital held on it.

Policy is stalled. The Senate has given no indication that it will advance the Digital Asset Market Clarity Act before its summer recess, and CoinDesk laid out the paths from here, which range from a floor vote in the autumn to the bill lapsing into the next session. The legislation would set which federal agency supervises which category of digital asset, a question that currently gets answered case by case through enforcement.