Tag: blockchain

Arizona Sets the Standard: Digital Asset Reserves Next Act

by Megan Thorpe

By Anastasia Dellaccio, Executive Director, Digital Chamber State Network

 The states that move early and with intention will attract capital, talent, and infrastructure that underpins the next generation of financial systems. 

Arizona has advanced one of the most comprehensive state-level digital asset reserve frameworks in the country. The legislature recently passed SB 1649 and SB 1042, sending them to Governor Katie Hobbs’ desk, but whether they will be signed into law still remains uncertain.  

SB 1649 establishes a Digital Assets Strategic Reserve Fund managed by the State Treasurer, seeded with seized and forfeited digital assets at no new cost to taxpayers. The Treasurer is authorized to hold, invest, and where appropriate, lend those assets to generate returns. The bill proposes this effort be governed by a “cryptocurrency fair value” framework that evaluates assets on measurable criteria like market capitalization, network activity, and ecosystem development.  

SB 1042 would complement the reserve by enabling Arizona to diversify a small portion of public funds beyond traditional assets into high-potential digital assets. 

Why This Matters for Arizona’s Fiscal Future

As state debts and unfunded pension liabilities grow, governments face mounting pressure to protect long-term purchasing power without burdening taxpayers. Traditional portfolios have a mix of bonds, cash, and Treasuries. Digital assets offer states a new diversification opportunity, and Arizona’s framework is designed to capture that upside responsibly.

The digital asset industry has grown from roughly $10 billion in total market capitalization a decade ago to between $2 and $3 trillion today and shown increasing stability alongside sustained growth. Critically, SB 1649’s weighted, metrics-based framework for determining eligible assets means Arizona is not relying on a concentrated position on any single token. It is building a diversified digital asset allocation governed by principled, measurable criteria. That is the same discipline we expect from any well-managed public fund, now applied to an asset class most state treasuries haven’t yet had the tools to access.

Good Policy Built Right

Passing the legislation is step one. Implementation is the bigger challenge, and Arizona has the opportunity to set an example for state governments across the country

Diversify thoughtfully within the framework. SB 1649’s fair value framework was designed to allow Arizona to invest across a diversified mix of assets rather than concentrating exposure in a single token. As the Treasurer’s office operationalizes the fund, it should establish clear, repeatable processes for evaluating asset eligibility, reviewing portfolio composition regularly, and resisting any pressure to treat the fund as a single-asset vehicle. Diversification across digital assets with different use cases, network characteristics, and market dynamics is what transforms this reserve from a novelty into a durable fiscal tool.

Go beyond periodic attestation and build out the full reserve stack. As Arizona moves into the next phase of digital asset innovation, it should anchor its framework in transparency and durability. Across unclaimed assets, strategic reserves, and state stablecoin regulation, Arizona should aim for the ceiling in its digital asset administration. Traditional monthly audits show what was true at a single point in time, while programmatic, on-chain proof of reserves can show what is true continuously, every block, every second. But proof of reserves is only the foundation. Proof of composition provides transparency into the makeup of reserve assets to guard against concentration and tail risk, while proof of solvency can continuously demonstrate that total assets exceed liabilities.

Together, these layers distinguish a durable financial system from a compliance checkbox. This framework is ultimately about more than compliance; it’s about building enduring financial infrastructure and services that strengthen Arizona’s long-term fiscal stability. This also offers assurance to regulators that they can cover their bases by leveraging technology to hedge against risk.

Use the custodial flexibility the bill provides. SB 1649’s amended language recognizes secure custody solutions as qualified custodians, and the bill preserves the Treasurer’s ability to self-custody assets directly using technology providers. This is a wise choice, as it is typically more cost-effective, secure, and less exposed to third-party risk than relying exclusively on institutional custodians.

The Bigger Picture

Arizona’s move is not just about reserves. It is a signal. A signal that states are beginning to treat digital assets as a strategic asset class, a legitimate investment opportunity, and a clear message to innovators that Arizona is open for business.

The Digital Chamber State Network stands ready to help ensure what comes next matches the ambition of what has just been achieved.

Maryland Leads the Way: Turning Digital Asset Policy into Progress 

by Megan Thorpe

By Anastasia Dellaccio, Executive Director, Digital Chamber State Network | Jacqui Cooper, CEO, Maryland Blockchain Association 

At its best, digital asset policy is not only about markets or technology. It is about expanding access, strengthening protections, and creating real opportunities. For Maryland communities, from the unbanked to students, to entrepreneurs and workers across the state, they are seeing the benefits of clarity, coordination, and bipartisan action in their legislature to ensure that opportunities for jobs and innovation can flourish in their state. 

As Governor Wes Moore recently underscored at The Digital Chamber’s DC Blockchain Summit, “Innovative technologies like blockchain must work for everyone, including underbanked communities.” Maryland is not just embracing that vision. It is putting it into action.  

The 2026 legislative session will be remembered in Maryland as the year digital asset policy moved from conversation to commitment. As the 2026 legislative session draws to a close, the state has clearly asserted that Maryland is open for business. Lawmakers advanced a cohesive, bipartisan set of policies designed to move blockchain technology from theory into real-world applications and, on a broader scale, have positioned the state to compete for digital assets jobs by embracing responsible innovation. 

Building the Legal Foundation 

The 2026 legislative session will be remembered in Maryland as the year digital asset policy moved from conversation to commitment. 

At the heart of this session, progress is SB 154, which modernizes Maryland’s commercial code to recognize controllable electronic records. Though not flashy, this foundational move aligns UCC Article 12 and considers adopting provisions for Controllable Electronic Records. Simply stated, Maryland has modernized its commercial law to recognize and protect digital assets with the same rigor as traditional physical property. For consumers and businesses, this means digital assets are just like other asset classes, which can be owned, transferred, financed, and secured with distinct legal clarity. 

Putting Blockchain to Work 

Maryland is equally focused on harnessing blockchain technology for tangible public value. SB 168 / HB 810 is now headed to the Governor’s desk and means the state will actively study evaluating recording real property titles on blockchain-based systems. By piloting blockchain-based title verification, the state is making a concrete investment in modern technology that will reduce fraud, streamline transactions, and shine a light on systems traditionally burdened by inefficiency and opacity.  

Playing the Long Game 

Maryland’s work is smart and likely to be successful because it is built on a foundation of technical expertise. 

SB 376 / HB 470 establishes a Digital Asset and Blockchain Technology Task Force, creating a standing engine for the state to continue to lead in policy development. This task force will offer a low-risk, low-cost, and transparent path to policymaking, while enabling lawmakers to build internal expertise, compare approaches taken by peer states, and assess real-world use cases. By doing this work before committing public resources or adopting specific rules, Maryland is more likely to continue their practical and bipartisan regulatory efforts. 

Meanwhile, SB 662 / HB 1355, the Maryland Stablecoin Act, is advancing a clear, credible framework for payment stablecoins, providing the consumer protections and banking standards necessary for digital dollars to flourish in the state’s economy. Although this legislation needs some improvement, primarily around reserves and a few other standards, it does a good job at adhering closely to the federal law, the GENIUS Act, and creating nimble efforts to adapt to future industry needs. 

Next Opportunities 

Not every blockchain legislative effort in Maryland advanced this session, and that matters too. 

Unfortunately, SB 759 / HB 859, which addressed staking and broader financial innovation, did not advance out of committee. Marylanders deserve access to staking-as-a-service offerings, as described in this legislation. The industry’s coalition has engaged in educating policymakers around this topic, and staking legislation remains a top priority as it signals a long-term commitment to sophisticated financial technology.  

The Maryland Blockchain Association calls these education efforts its “Lighthouse” strategy and will continue to push for clarity that attracts serious players and builds a real, durable digital assets innovation ecosystem. 

The next opportunity is the Maryland BlockchAIn Bootcamp & Workforce Expo, will be held from July 13–17, 2026, at Capitol Technology University. The Expo will gather consumers, students, businesses, state leaders, and the new cohort of The Blockchain Legal Institute’s Business of Blockchain Interns to demonstrate real-world applications for blockchain technology. A Replicable Blueprint 

Groups that share Maryland’s ambition are beginning to take root in other states. Together, The Digital Chamber’s State Network and the Maryland Blockchain Association have partnered to help increase awareness of the facts around blockchain.  

We commend the Maryland lawmakers who drove this progress, including Delegate Boafo, Senator Watson, Delegate Amprey, Senator Hayes, and Senator West. Their leadership reflects exactly the kind of policymaking this moment demands, grounded not just in innovation, but in impact. We look forward to our continued work with them to ensure that Maryland continues to prioritize the values of privacy, freedom, and innovation that Marylanders deserve. 

TDC Launches its State Network: A New Chapter for State-Level Leadership in Digital Asset Policy 

by Neil Humphrey

The Digital Chamber (TDC) recently launched our State Network, an initiative designed to unify, strengthen, and elevate digital asset advocacy at the state level. The launch brought together state lawmakers, industry leaders, and partners from across the country to set a shared vision for how states can lead the future of blockchain innovation and responsible policy development.  

The State Network builds on the proven model that has guided our success in Washington. At the federal level, we have seen firsthand that a coordinated and unified advocacy strategy is the most effective way to advance thoughtful digital asset policy. Our biggest wins have come from consistent messaging, aligned priorities, and the full engagement of our member companies. Now, we are applying that same approach to the states, where digital asset legislation is moving fast, and where lawmakers are seeking trusted, technically accurate input as they craft policies that will shape our economic future. 

A High-Energy Launch to Chart the Road Ahead 

The launch event created a dynamic space for lawmakers and innovators to connect directly on the opportunities and challenges shaping state policy. The conversations were highly engaged and fully bipartisan, reflecting a shared recognition that the United States must lead the next era of financial and technological innovation. 

A highlight of the evening was the participation of the Future Caucus, our new strategic partner in bipartisan state engagement. Their leadership underscores a generational commitment to advancing innovation, strengthening public trust, and shaping a forward-looking policy environment for digital assets. Together, TDC and Future Caucus will equip young state lawmakers with the tools and knowledge they need to help modernize financial systems, protect consumers, and promote economic competitiveness. 

Another major announcement from the event was the launch of the State Network Microgrant Program, a new initiative that will provide small grants to support state-level research, innovation pilots, educational programs, and community outreach efforts focused on blockchain and digital asset policy. This program is designed to empower local leaders, university clubs, and state blockchain organizations to develop smart engagement activities that help to educate policy leaders and showcase practical blockchain use cases that have the potential to make government more efficient and transparent. 

Taking the Federal Model and Bringing It to the States 

For over a decade, TDC has demonstrated that unified advocacy delivers results. Our success at the federal level has come from consistent priorities, credible information, and constructive, bipartisan engagement. The State Network applies that same proven model to state legislatures. 

The mission is simple: give policy makers and regulators the tools, expertise, and real-world examples they need to craft smart policy that protects consumers, supports innovation, and strengthens local economies. 

Key pillars of our State Network include: 

  • Advancing and supporting actionable policy campaigns in priority states – including drafting legislation, coordinating testimony, engaging regulators, and mobilizing members to help pass clear, pro-innovation digital asset laws.
  • Showcasing model policy solutions and providing guidance in legislation development and rulemaking related to key issues facing our members like unclaimed-property, advancing DUNA-based government efficiencies, stablecoin implantation, money-transmission rules, and promoting innovation through sandboxes, pilot programs, and more so resources are shared across states where lawmakers often legislate in silos.
  • Providing nonpartisan education and technical guidance.
  • Demoing blockchain applications that showcase member company solutions.
  • Developing strategic policy partnerships with associations and state-level blockchain organizations, university clubs, and like-minded groups.
  • Ensuring industry voices are represented consistently.

Our Work Is Already Underway 

Before the formal launch, our State Network had already begun engaging key constituencies across the country. We have led briefings in Arizona for a group of state reps, briefed the Ohio State Treasurer’s office, presented to the New Hampshire Token Commission, briefed the New York Treasury Managers Association and its affiliates, and there is more to come.  

What Comes Next 

Over the next year, our State Network will roll out a robust slate of programs, including the Microgrant program, as well as a Digital Asset Tour meant to engage policy makers and stakeholders in critical states across the country.  

With this launch, TDC is entering a new chapter of coordinated, strategic, and forward-looking state-level advocacy. We are proud to lead this effort alongside our member companies, and we look forward to building a strong, secure, and innovation-focused digital asset future in partnership with states nationwide. 

The Digital Chamber’s State Network to Advance Digital Asset Policy in States

by Nicole Rankin

Initiative includes partnership with Future Caucus

November 17, 2025 (Washington, DC) — Today, The Digital Chamber officially launched The Digital Chamber’s State Network (TDC State Network) to advocate for transformative digital asset policies in state and local government. As a part of the launch, three inaugural efforts were unveiled: a partnership with Future Caucus, a state advocacy tour, and a microloans program to elevate innovative policy efforts across the U.S. 

PARTNERSHIP WITH FUTURE CAUCUS INNOVATION LAB, 2026 DIGITAL ASSET TOUR 
 
Partnerships and coalitions will be critical to TDC’s State Network policy push in the states. Future Caucus will be a critical partner for the 2026 Digital Asset Tour as it works to engage lawmakers and policymakers in state legislatures across the country. Through Future Caucus’s Innovation Lab and vast network of state caucuses, which focuses on bringing together young legislative leaders to transcend the partisan divide and pursue forward-thinking policy solutions. Together, the partners will work to increase understanding of digital assets and proposals for legislation to advance the industry’s job growth and presence in key states. 
 
TDC’s State Network policy expertise, combined with the Future Caucus’s trusted relationships, will help to ensure this signature program will serve to convene and educate state lawmakers in target states, ensure they have access to resources, expertise, and foster constructive policy development that enables innovation while protecting consumers. 

“This partnership will help develop a bench of strong leaders ready to introduce and support digital asset legislation and advocate for crypto policy that will propel states to lead the future of finance,” said Cody Carbone, CEO of The Digital Chamber. “Future Caucus has a strong reputation for building ties and engagement with rising stars in legislatures, and we are grateful they have agreed to help us educate young lawmakers on crypto policy.” 
 
“Young legislators are already wrestling with the real-world implications of digital assets,” said Layla Zaidane, president and CEO of Future Caucus. “This partnership with the Digital Chamber’s State Network will help rising leaders get clear on the facts, learn from each other, and understand what innovation actually means for their communities. By combining strong relationships with substantive policy education, we’re making sure the next generation of lawmakers is prepared to navigate this space with clarity, pragmatism, and a focus on results.” 
 
TDC STATE NETWORK’S MICROGRANTS PROGRAM 

The announcement includes unveiling a new Microgrants Program pilot program. Launching in 2026, the program will award grants meant to support burgeoning state blockchain associations, university blockchain clubs, and community innovation groups.  

The first block of grants are designed to: 

  • Foster grassroots policy education and coalition-building; 
  • Amplify state-level digital asset engagement. 
  • Develop policy tools and sandboxes meant to further digital asset lawmaking development. 
  • Strengthen DSN’s network of state and local partners. 

 
“The Microgrant Program is our first effort to grow advocacy groups prepared to mobilize education and advocacy efforts in state capitals across the nation. We are proud to provide tangible support to emerging groups working to educate policy makers on the benefits of developing principled digital asset policy,” said Anastasia Dellaccio, Executive Director of TDC’s State Network.  

ABOUT TDC’S STATE NETWORK 

The Digital Chamber’s State Network is a non-partisan program that establishes a collaborative ecosystem connecting policymakers, regulators, industry, and innovators to advance blockchain adoption and digital asset integration across the United States.

ABOUT FUTURE CAUCUS 

Future Caucus is a nonpartisan, nonprofit organization that empowers young elected officials in Congress and state legislatures to bridge the partisan divide and lead a new era of collaborative governance. By supporting innovative policymaking and fostering collaboration, we help Gen Z and millennial leaders drive positive change and promote a political culture rooted in empathy and solutions. To learn more, visit www.futurecaucus.org. 
 
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The Digital Chamber is a non-profit organization committed to promoting global blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Major Digital Chamber initiatives include: Digital Power Network, Digital State Network, and the Bitcoin Treasury Council. 

Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.  

Bitcoin Surges Past $126,000: Record-Breaking Rally Continues into October

by Jasmine Fosque

By Jasmine Fosque

Economic Intelligence, The Digital Chamber

Bitcoin has shattered previous records, surging above $126,000 as cryptocurrency markets experience a powerful October rally. The world’s leading digital asset has gained more than 10% over the past week, bringing its 2025 year-to-date performance to an impressive 34%. This milestone comes amid favorable seasonal trends and growing institutional adoption, with blockchain-based financial services companies also capturing significant analyst attention.

Market Performance Overview

According to CoinMarketCap data, Bitcoin reached a fresh all-time high of $126,198 on Monday, October 6, 2025, surpassing its previous mid-August peak near $124,500 (Investor’s Business Daily, 2025). The cryptocurrency cleared the psychologically significant $125,000 threshold over the weekend, triggering renewed momentum in the broader digital asset market.

Bitcoin Chart Container

The chart illustrates Bitcoin's remarkable recovery and expansion throughout 2025, with the current price representing a continuation of the bullish trend that began in early 2025. Key technical indicators suggest the cryptocurrency is trading well above its major moving averages, with Bitcoin positioned 17.8% above its 200-day simple moving average of $105,880 (Blockchain News, 2025).

Seasonal Momentum Factors

Historical data strongly supports the current rally. Joel Kruger, analyst at LMAX Group, noted that October has historically been one of Bitcoin's best-performing months, averaging a 22% gain since 2013 (Investor's Business Daily, 2025). Looking ahead, November has demonstrated even stronger seasonal patterns, with average returns of 46% during the month over the same historical period.

This seasonal strength, combined with current market dynamics, suggests the potential for continued upward momentum through year-end 2025.

Broader Cryptocurrency Market Performance

The rally extends beyond Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, traded above $4,700 on Monday, marking a 12.8% weekly advance and bringing its 2025 gain to nearly 42% (Investor's Business Daily, 2025).

Key Market Metrics:

  • Bitcoin: $126,198 (+34% YTD)
  • Ethereum: $4,700+ (+42% YTD)
  • 24-hour trading volume: $1.85 billion
  • Relative Strength Index: 72.8 (overbought territory)

The cryptocurrency market is demonstrating robust growth in 2025, with both Bitcoin and Ethereum posting impressive year-to-date returns. Bitcoin has surged to $126,198, representing a substantial 34% gain since the beginning of the year. This performance solidifies Bitcoin's position as a leading asset class and reflects growing institutional adoption and favorable market conditions. The digital asset's climb above $126,000 marks a historic milestone, surpassing previous peak levels and establishing new territory for the world's most valuable cryptocurrency.

Ethereum Outpaces Bitcoin in Percentage Gains

Ethereum has demonstrated even stronger relative performance, trading above $4,700 with a remarkable 42% year-to-date increase. This 8-percentage-point advantage over Bitcoin suggests growing demand for Ethereum's smart contract capabilities and decentralized application ecosystem. The simultaneous strength in both major cryptocurrencies indicates broad-based market momentum rather than isolated speculation, as institutional investors and retail participants alike increase their exposure to digital assets. Ethereum's outperformance also reflects anticipation of continued network upgrades and expanding use cases in decentralized finance and tokenization applications.

Healthy Trading Volume Signals Active Market Participation

The 24-hour trading volume of $1.85 billion reflects sustained market activity and liquidity across cryptocurrency exchanges. This substantial volume indicates healthy price discovery mechanisms and sufficient depth for institutional-sized transactions. Active trading volumes are essential for market stability and provide confidence to larger investors seeking to enter or exit positions without significant price impact. The current volume levels suggest that the recent price advances are supported by genuine market interest rather than thin, illiquid trading conditions that could indicate artificial price movement.

Technical Indicators Show Overbought Conditions

While the fundamental and price momentum remains positive, technical analysis reveals caution signals. Bitcoin's Relative Strength Index (RSI) has reached 72.8, firmly in overbought territory above the traditional 70 threshold. This elevated RSI reading suggests the asset may be due for near-term consolidation or a technical pullback as traders take profits following the strong rally. However, it's important to note that during powerful bull markets, assets can remain in overbought conditions for extended periods. Investors should balance the positive momentum signals with awareness of potential short-term volatility as the market digests recent gains and establishes new support levels.

Crypto-Related Equities Rally

The Bitcoin surge has lifted cryptocurrency-related stocks across multiple sectors:

Exchanges:

  • Coinbase Global advanced 1.6%, approaching a cup base formation with a $444.64 buy point
  • Bullish (backed by Peter Thiel) gained 6.2%
  • Circle Internet Group rose 1.9%, trading above its 50-day moving average

Bitcoin Mining Stocks Surge on Cryptocurrency Rally

  • Hive Digital Technologies led gains with a 25% rally
  • Bitfarms advanced 15%
  • Iren surged more than 14%
  • Riot Platforms jumped 11%
  • Cipher Mining gained 4.4%

Strategy Companies:

  • Strategy swung 2.3% higher, rebounding above both 50-day and 200-day moving averages

Bitcoin mining companies experienced substantial gains on Monday, October 6, 2025, as the underlying cryptocurrency surged past $126,000 to establish a new all-time high. Hive Digital Technologies led the sector with an impressive 25% rally, demonstrating the leveraged nature of mining stocks to Bitcoin price movements. The company's outperformance reflects both operational efficiency and investor enthusiasm for firms positioned to capitalize on Bitcoin's record-breaking momentum. Bitfarms followed with a solid 15% advance, while Iren posted gains exceeding 14%, indicating broad-based strength across the mining sector rather than company-specific developments. These substantial single-day gains underscore the correlation between Bitcoin's price appreciation and mining company equity valuations, as higher cryptocurrency prices directly translate to improved mining economics and enhanced profitability prospects.

Sector-Wide Strength Reflects Improving Mining Economics

The rally extended beyond the top performers, with Riot Platforms jumping 11% and Cipher Mining gaining 4.4%, demonstrating that the positive sentiment permeated the entire mining sector. This coordinated advance suggests investors are recognizing the improving fundamental backdrop for mining operations, as Bitcoin's climb above $126,000 enhances revenue per coin mined while many companies have already locked in competitive energy costs and expanded their hash rate capacity. The performance spread, ranging from Hive Digital's 25% surge to Cipher Mining's more modest 4.4% gain, reflects varying investor assessments of each company's operational leverage, balance sheet strength, and growth trajectory. For mining companies that endured challenging market conditions during Bitcoin's previous consolidation phases, the current rally represents a validation of their survival strategies and positions them favorably for continued gains should Bitcoin maintain its upward momentum through the historically strong October-November seasonal period.

(Source: Investor's Business Daily, 2025)

Spotlight: Figure Technology Solutions Receives Strong Analyst Support

In a significant development for blockchain-based financial services, Figure Technology Solutions (NASDAQ: FIGR) received its first wave of analyst coverage following its mid-September IPO. The company, which offers traditional capital market solutions on blockchain infrastructure including home equity lines of credit, lending pools, and yield-bearing stablecoins, attracted predominantly bullish assessments.

Analyst Coverage Breakdown:

  • 7 firms initiated coverage
  • 6 buy/overweight ratings
  • 1 hold rating

Key Analyst Perspectives:

Needham (Buy rating, $51 price target): Identified Figure as a leader in digital lending blockchain, highlighting the scalability of its technology across consumer credit products beyond HELOCs. The firm expects continued expansion across stablecoins, crypto exchanges, and democratized prime services (Investor's Business Daily, 2025).

Keefe Bruyette (Outperform rating, $48.50 price target): Positioned Figure as a "relative winner in the emerging public blockchain category" through its tokenization of real-world assets, noting the company holds a 39% share of all tokenized real-world assets with "meaningful traction" in blockchain capital markets (Investor's Business Daily, 2025).

Bernstein (Outperform rating, $54 price target): Recognized Figure as the market leader in credit tokenization, commanding a 75% share of the tokenized private credit market (Investor's Business Daily, 2025).

Figure stock jumped 8.2% on Monday and has rebounded nearly 20% during October, following its September 11 debut at $25 per share.

Technical Analysis and Market Outlook

Current technical indicators present a nuanced picture. While Bitcoin's momentum remains strongly bullish, the Relative Strength Index at 72.8 indicates overbought conditions, suggesting potential near-term consolidation (Blockchain News, 2025). However, the MACD indicator remains constructively positive with a histogram reading of 1,289, indicating continued buyer momentum.

Critical Price Levels:

  • Immediate resistance: $125,708
  • Secondary target: $130,000 (psychological level)
  • Primary support: $123,986
  • Key support floor: $108,620
  • Deeper support: $107,255

A decisive break above $125,708 resistance could trigger additional buying interest toward $130,000, while failure to breach this level may prompt profit-taking among recent rally participants.

Investment Implications

The current market environment reflects several converging positive factors:

  1. Seasonal tailwinds: Historical October-November strength
  2. Technical momentum: Trading well above major moving averages
  3. Institutional adoption: Growing blockchain infrastructure investment
  4. Tokenization growth: Real-world asset digitization gaining traction
  5. Reduced volatility: Contained trading ranges suggest market confidence

However, investors should remain cognizant of overbought technical conditions and maintain appropriate risk management strategies, particularly monitoring key support levels for potential trend shifts.

What's Next?

Bitcoin's record-breaking surge above $126,000 represents more than a numerical milestone—it reflects the maturation of digital asset markets and growing integration of blockchain technology into traditional financial services. The strong analyst support for companies like Figure Technology Solutions demonstrates increasing institutional recognition of blockchain's transformative potential across lending, asset tokenization, and capital markets infrastructure.

As we progress through the historically strong October-November period, market participants will be watching closely to see whether Bitcoin can sustain momentum toward the psychologically significant $130,000 level while broader cryptocurrency adoption continues to accelerate.

Sources

Blockchain News. (2025, October 6). "Bitcoin Tests Key Resistance at $124,682 as RSI Signals Overbought Conditions." Retrieved from Blockchain News.

Investor's Business Daily. (2025, October 6). "Bitcoin Hits Record Above $126,000; Blockchain Lender Sees Bullish Coverage." By Harrison Miller.

CoinMarketCap. (2025). Bitcoin price data. Retrieved October 6, 2025. As cited in Investor's Business Daily, 2025)

TheFly.com. (2025). Analyst coverage data for Figure Technology Solutions. (As cited in Investor's Business Daily, 2025)

Bloomberg Intelligence.

For inquiries or interviews, reach out at jasmine@digitalchamber.org.

For media inquiries, please contact press@digitalchamber.org.

The Digital Chamber Supports the Proposed Cybercrime Marque and Reprisal Authorization Act of 2025 (H.R. 4988)

by Neil Humphrey

The Digital Chamber (“TDC”) applauds Congressman David Schweikert (AZ-01) for introducing H.R. 4988, the Scam Farms Marque and Reprisal Authorization Act of 2025 calling for the creation of a Cyber Letter of Marque to combat state-linked cybercrime and transnational hacker networks. This reflects a direct recommendation from TDC’s recent report Blockchain and National Security: A Strategic Imperative. 

As we stated in the report, cybercrime is a national security threat, a financial stability risk, and an attack on consumers to the tune of billions of dollars annually. As cyberattacks increasingly target America’s seniors, businesses, and critical infrastructure, traditional law enforcement tools alone are not enough to thwart the strident adversaries preying on vulnerable systems. This bill will empower the United States with a modern mechanism to pursue foreign cybercriminal enterprises and recover stolen assets by leveraging the most innovative talent in the world and deputizing licensed cyber operators.

Read the full TDC National Security Report and its recommendations here. TDC urges Congress to advance Rep. Schweikert’s bill to safeguard America’s digital leadership and provide accountability, deterrence, and protection in the digital battlefield. 

If you have any questions, please reach out to policy@digitalchamber.org

TDC Hires Dellaccio to Lead Policy Efforts in the States 

by Megan Thorpe

AUGUST 13, 2025 

August 13, 2025 — (Washington, DC) Today, The Digital Chamber (TDC) announced the intention to expand its presence in digital assets policy debates at the state level. To lead this expanded effort, TDC has hired Anastasia Dellaccio to serve as Executive Director of State and Regional Affairs.

“Key states like New York, California, Texas and Wyoming are making huge strides to build regulatory frameworks for crypto. The Digital Chamber is well positioned to utilize our trusted, national brand to monitor and inform those efforts with Anastasia leading the way for us,” Carbone noted. “She is the right person to take on this newly established role at The Digital Chamber, and we are excited to expand our advocacy reach at the state level.”

Dellaccio has extensive experience in leading public policy at all levels of government, most recently serving as Senior Vice President for External Affairs and Engagement at the Export-Import Bank of the U.S. Anastasia’s past experience includes guiding emerging technology policy and engagement at Core Scientific and Booz Allen, in addition to working at WeWork, the UN Foundation, and the Senate Foreign Relations Committee. She has demonstrated a passion for digital assets, and as a founder of WCOIN, she has worked to increase the number of women actively engaged in crypto.
 
The Digital Chamber, recently marking its eleventh anniversary, is a non-profit organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem. 
 
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For media inquiries, please contact press@digitalchamber.org.

TDC Submits Response to the Senate Banking Committee’s “Responsible Financial Innovation Act of 2025”

by Neil Humphrey

The Digital Chamber (TDC) is pleased to announce that we have submitted our formal response to the Senate Banking Committee’s Request for Input (RFI) on the “Responsible Financial Innovation Act of 2025” discussion draft. Drawing on the expertise of our 200+ diverse members across the blockchain ecosystem, TDC provided over 80 pages of comprehensive feedback addressing nearly every question posed. We hope our insights help inform and strengthen the Committee’s efforts as the legislative process moves forward. 

TDC supports the Senate Banking Committee’s thoughtful approach reflected in the discussion draft. At the same time, our members shared concerns about the proposed use of a “decentralization” construct to determine whether an ancillary asset falls under SEC or CFTC jurisdiction. No other major jurisdiction with comprehensive digital asset regulation imposes such a requirement, creating potential pressure for U.S.-based projects to prematurely declare “decentralization” or “blockchain maturity.” Projects must retain the flexibility to develop in line with user, consumer, and investor needs, and not be constrained by rigid statutory definitions. 

Our response also highlights opportunities to improve clarity around certain definitions and structural coherence of the discussion draft. It is essential that all terms related to the digital asset market are clearly and consistently defined. While Section 101 introduces a definition for “ancillary asset” under the Securities Act of 1933, beginning in Section 109, the draft shifts to using the undefined term “digital asset(s)” without clarifying how it relates to “ancillary asset(s).” Additionally, the interaction between Sections 101 and 102 creates ambiguity around the treatment of assets sold by originators—particularly regarding disclosure obligations or exemptions. We recommend clarifying the definitions and resolving the originator-related conflict to ensure regulatory clarity and coherence. 

Finally, while we support granting the SEC discretion to offer alternative paths for token safe harbors and exemptions, our members expressed concern about the extent to which the draft relies on future SEC rulemaking in areas where innovators need clarity now. Critical issues, such as token disclosure requirements and the definition of when a network is under “common control” of related parties, should be clearly enumerated in statute. Without this enhancement, token issuers risk regulatory uncertainty and potential shifts in policy by future Commissions. We instead support the approach taken in H.R. 3633, the CLARITY Act, which establishes a minimum viable framework in statute to provide innovators with a clear and reliable path forward. 

The Digital Chamber appreciates the diligent work of the Senate Banking Committee staff, Chairman Scott, and Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno on the introduction of the “Responsible Financial Innovation Act of 2025” discussion draft. We commend the Committee’s thoughtful engagement with stakeholders and recognize its good-faith effort to foster blockchain innovation while upholding strong consumer protections. As the largest and most diverse blockchain trade association, TDC looks forward to continued collaboration with Congress and regulators to ensure that the final market structure legislation reflects the needs of our members and strengthens the U.S. digital economy. 

Read the full TDC response here.

If you have any questions, please reach out to policy@digitalchamber.org

TDC Hires Zunera Mazhar as Vice President of Policy 

by Megan Thorpe

AUGUST 5, 2025 

August 5, 2025 — (Washington, DC) Today, The Digital Chamber (TDC) announced a key leadership hire in Zunera Mazhar, who will serve as Vice President of Policy to help expand TDC’s federal advocacy efforts. 

“As we looked for expertise to amplify our members’ voices in the fight for fair regulations, Zunera stood out for her strong track record of leading in technology, regulation and digital assets,” said Cody Carbone, CEO of The Digital Chamber.  
 
Mazhar brings more than two decades of experience in banking and government, with a strong focus on aligning innovation with financial inclusion and modern regulatory frameworks. A former FDIC Deputy Director and Deputy Chief Innovation Officer, she has spearheaded national initiatives on digital assets and emerging tech. Earlier in her federal career, she held senior leadership roles at the U.S. Department of Education and U.S. Citizenship and Immigration Services, where she directed large-scale IT modernization and enterprise communication strategies. 
 
“Federal regulatory agencies are assuming more responsibility for reviewing guidance and rulemaking on the heels of the White House’s recommendations to secure the U.S.’s leadership role globally in crypto. Zunera’s experience as a former regulator will be invaluable in The Digital Chamber’s efforts to ensure our members’ voices shape the fit-for-purpose rules and laws to preserve space for innovation and access to crypto for all Americans,” added Carbone. 
 
The Digital Chamber, recently marking its eleventh anniversary, is a non-profit organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem. 
 
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For media inquiries, please contact press@digitalchamber.org.

Bitcoin ETFs Pull $17.8 Billion in 90 Days as Price Surges Past $118K

by Jasmine Fosque

By Jasmine Fosque

Economic Intelligence Division, The Digital Chamber

Since April 2025, U.S. spot Bitcoin ETFs have reversed course sharply, drawing $17.8 billion in net inflows between April 12 and July 18 after shedding over $5.5 billion in Q1 amid collapsing basis-trade yields. This shift reflects a renewed wave of institutional demand.

This surge in ETF inflows is a structural shift with regulatory and capital allocation consequences. As nearly $18 billion flows into SEC-registered Bitcoin vehicles in under 100 days, traditional financial infrastructure is absorbing digital assets at a scale that now demands policy attention. For regulators, it marks a tipping point where oversight must adapt to instruments that blend asset exposure with securities law. For investors, it signals that Bitcoin is no longer on the speculative fringe. It is becoming an institutional asset class with liquidity, custody, and compliance built into its rails.

Market Value of Holdings Surpasses $151 Billion

As of July 18, 2025, the 11 U.S. spot Bitcoin ETFs collectively hold 1.28 million BTC. At that day’s spot price of $118,139.41, total market value of ETF Bitcoin holdings now exceeds $151 billion. This means nearly 6.5% of all Bitcoin in existence are held by these ETFs, signaling a significant shift from Bitcoin’s early days as a primarily retail-held asset.

The rally has coincided with a sharp rebound in Bitcoin itself, which traded below $79,000 in early April and climbed nearly 50% in three months, peThe rally has coincided with a sharp rebound in Bitcoin itself, which traded below $79,000 in early April and climbed nearly 50% in three months breaking above $120,000 on both July 17th and July 18th.

This divergence between rising inflows and stable derivatives positioning signals a shift in market structure: capital is entering with long horizon intent. Institutional buyers are likely using ETF’s to obtain regulatory compliant exposure to bitcoin’s upside rather than having direct or indirect exposure to BTC- especially while they await comprehensive market structure legislation and finalized rules around qualified custodians. Until such frameworks are in place, ETFs offer a turnkey, SEC registered vehicle that bypasses the operational and legal uncertainties of direct Bitcoin custody.  This behavior mirrors the pattern seen in gold ETF adoption post 2004 when price-led inflows decoupled from speculative positioning and reshaped asset classification.

Structural Shift: Institutions Over Hedge Funds

Bloomberg notes that registered investment advisers (RIAs) have now surpassed hedge funds as the largest known holders of Bitcoin ETFs. This signals a significant maturation in investor profile. IBIT, BlackRock’s fund, leads in every category: flows, volume, holdings, and liquidity.

Advisers now hold over 52% of ETF-related Bitcoin exposure, up from 31% just six months prior. The ETF channel is no longer just a speculative wrapper; it’s rapidly becoming a strategic allocation tool for institutional portfolios.

The past 90 days signal more than a rebound. They mark a structural shift in how Bitcoin is held, traded, and trusted. With $17.8 billion in net inflows, ETF-held Bitcoin now exceeds 1.28 million BTC, valued at over $151 billion. This is balance sheet positioning by fiduciaries. It is capital flowing through regulated channels, tracked, priced, and held with custody infrastructure that mirrors traditional finance.

ETF flows are now a systemic signal. When they surge, they reflect more than just sentiment; they reflect compliance-cleared conviction. And when they hold 6.5% of the global Bitcoin supply, they become systemically relevant.

Implications for Policy and Regulation

This wave of institutionalization forces a policy consideration.

  1. Systemic Recognition: U.S. regulators can no longer treat Bitcoin as peripheral. When hundreds of billions move through SEC-regulated ETFs with liquidity, tight spreads, and institutional holders, the asset class enters the perimeter of systemic market relevance.
  2. Disclosure and Infrastructure Mandates: Expect new proposals on ETF transparency, custody standards, cross-border capital flows, and even macroprudential treatment of digital asset exposure. Crypto is no longer niche. It is on Wall Street’s balance sheet.
  3. Regulatory Oversight:  With spot ETFs drawing assets faster than most mutual funds, jurisdictional clarity between the SEC, CFTC, and potentially the Federal Reserve becomes urgent.
  4. New Compliance Norms: Advisers, now the largest holders, will push for uniform frameworks on tax treatment, AML/KYC integration, and cross-border asset portability. Regulation will need to mirror this sophistication or risk creating fragmentation.
  5. International Ramifications: Other jurisdictions, especially in Europe and Asia, will view the U.S. ETF model as a template. Nations without equivalent vehicles risk watching capital exit to U.S.-based digital exposure products.

The takeaway is clear: Bitcoin ETFs are no longer an experiment. They are the first in a series of steps that will bring digital assets further into US capital markets. The flows are votes for structure, governance, and access.

The past 90 days mark a turning point in Bitcoin ETF evolution. With over $17.8 billion in new capital, total ETF-held Bitcoin exceeding 1.28 million BTC, and total value nearing $151 billion, the asset class is institutionalizing.

Whether driven by financial repression, inflation hedging, or the search for convex digital assets, the story is no longer about “when” institutions will adopt Bitcoin. It’s about how fast they are rewriting the rules of portfolio construction.

Commitment to Constructive Engagement

The Digital Chamber is a non-profit trade organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.

Jasmine Fosque leads the Economic Intelligence Division at The Digital Chamber. Her research focuses on digital asset infrastructure, regulatory design, and macroeconomic signals in crypto markets.

For inquiries or interviews, reach out at jasmine@digitalchamber.org.

For media inquiries, please contact press@digitalchamber.org.