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Bitcoin Crossing $2T in Market Cap Triggers Wave of New Buyers, but Key Players Tread Cautiously, Onchain Data Show

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Bitcoin’s (BTC) $2 trillion market cap has attracted a wave of new buyers to the market, while seasoned traders turn cautious, according to analysis of on-chain data by Glassnode.

BTC’s price topped $100,000 last Thursday, lifting its market capitalization above $2 trillion for the first time since Jan. 31, according to data source TradingView. Since then, the ship has steadied above the $2 trillion mark, with analysts calling for record highs on the back of an impending U.S. inflation data later Tuesday.

It’s common for new investors to join the market in such bullish conditions, and they are doing so in large numbers, hinting at retail FOMO, a crypto slang for «fear of missing out.» FOMO happens when investors feel compelled to buy coins because they see others making gains or fear that prices will rise significantly without them. It causes investors to make impulsive purchases driven by emotions rather than careful study.

«BTC Supply Mapping shows sustained strength in new demand. First-Time Buyers RSI has held at 100 all week,» Glassnode said on X.

BTC: RSI of cumulative supply per cohort. (Glassnode)

Glassnode’s supply-mapping tool represents granular segmentation of different investor cohorts based on their behavioral patterns.

First timers are defined as wallets engaging with the token for the first time. The 30-day relative strength index of the first-time buyers holding at 100 through the week indicates strong buying interest from these participants.

However, the activity of other investor cohorts isn’t as encouraging, raising the possibility of a BTC price consolidation or pullback.

Per Glassnode, demand from momentum buyers remains weak, with the 30-day RSI at 11. Momentum traders capitalize on an established uptrend or downtrend, betting it will continue.

«Momentum Buyers remain weak (RSI ~11), and Profit Takers are rising. If fresh inflows slow, lack of follow-through could lead to consolidation,» Glassnode noted.

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Cardano to Directly Feature Blockchain and Assets on Brave Browser

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Brave Wallet, the crypto wallet integrated into the privacy-focused Brave web browser, will soon support the Cardano blockchain, allowing users to send, receive and swap ADA ADA and Cardano-native assets directly.

The move comes as Brave deepens its multichain functionality beyond existing support for networks like Ethereum and Solana, according to a release from Input Output (IO), which develops applications for and supports the Cardano network.

Once the integration is complete, users will be able to access Cardano governance features, sign transactions and manage assets without relying on third-party browser extensions.

Charles Hoskinson, CEO of IO, described the rollout as part of a broader effort to support secure and private on-chain participation. He emphasized its relevance as Cardano enters the Voltaire era, a phase focused on decentralized governance.

Brave Wallet’s upcoming support also lays the groundwork for future work involving Midnight, IO’s privacy-focused blockchain project built around confidential smart contracts and data protection.

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Animoca Brands Plans U.S. Listing to Capture ‘Unique Moment’ of Trump Administration: FT

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Animoca Brands, a Web3 investment company, is planning a public listing in New York, seeking to capture the «unique moment» offered by the Trump administration’s approach to digital asset regulation, executive chairman Yat Siu told the Financial Times.

An announcement on plans to list could be made soon, Yat Siu said in an interview, according to the Financial Times.

Under former President Joe Biden, the U.S. crypto regulatory landscape was littered with lawsuits and enforcement actions against prominent crypto companies such as crypto exchanges Coinbase and Kraken. These have been dropped this year in a signal of the more friendly approach to the digital asset industry by the Trump administration.

“If the U.S. didn’t do what they did with the regulators [under Biden], we probably would have competitors in the U.S.,» Siu said. «It’s a unique moment in time. I feel like it would be one heck of a wasted opportunity if we didn’t at least try.»

The Hong Kong-based company has been a prominent investor in the Web3 industry for a number of years, having risen to prominence during the non-fungible token (NFT) boom of 2021. Its investments include blockchain game Axie Infinity, NFT marketplace OpenSea and Kraken.

Kraken is itself considering selling shares to the public for the first time in the U.S. next year.

Beyond investments in NFTs and GameFi projects, Animoca Brands’ most recent financial report showed a pivot towards its advisory service, which covers token advisory, tokenomics, marketing, listing advisory, node operation and trading services.

Animoca holds $293 million in cash and stablecoins, $538 million in digital assets, and $2.9 billion in off-balance-sheet token reserves on its balance sheet, according to its latest report.

The company did not immediately respond to CoinDesk’s request for further comment.

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Donald Trump Jr. Squashes Rumors of ‘Truth Social’ Memecoin

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Donald Trump Jr. has denied viral rumors by crypto influencers that Truth Social — the conservative social media platform tied to former President Donald Trump — is launching a memecoin.

Infamous influencer Ran Neuner pushed claims and a viral post on an upcoming Truth Social token, saying it was from the same team as the TRUMP memecoin.

“There’s no truth whatsoever about Truth Social launching a memecoin,” Trump Jr. wrote on X late Monday. “Don’t be fooled by false information people are circulating.”

The clarification amid a wave of unaffiliated “Truth”-themed tokens appearing across Ethereum and Solana-based trading platforms, data from DEXTools shows.

World Liberty Financial (WLFI) — a DeFi project tied to the Trump family — reaffirmed Trump Jr.’s statement.

“Don’t be fooled. There is no new Trump crypto project,” WLFI posted on X. “WLFI is the only DeFi project backed by the Trumps. Anyone else pushing fake tokens is just a scammer trying to take advantage of people who don’t know better.”

The Trump-backed Truth Social, launched in 2022, has never officially engaged with crypto despite growing speculation around political tokens.

The platform does intend to launch a rewards coin with an attached digital wallet, however, per a shareholder letter from late April.

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