The Daily: ‘Conditions are ripe’ for new bitcoin all-time high, Bakkt plots $1 billion raise for BTC treasury play, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.It's Friday! Stocks are flying, with the S&P 500 and Nasdaq hitting fresh highs — but crypto's still lagging as traders weigh the path of least resistance and bitcoin holds steady in a tight range.In today's newsletter, analysts say "conditions are ripe" for bitcoin to reach a new all-time high, Bakkt looks to raise $1 billion to fund its bitcoin treasury, Deribit tops $40 billion in bitcoin options open interest amid the largest quarterly expiry this year, and more.Meanwhile, Trump sidesteps a question about "pulling away" from personal crypto ventures. Plus, why are thousands of crypto investors getting IRS warning letters — and should you worry?Let's get started.'Conditions are ripe' for new bitcoin all-time highBitcoin continues to trade steadily above $107,000, but bullish momentum leaves the foremost cryptocurrency poised for a breakout to a new record price above $112,000, according to analysts."Conditions are ripe for bitcoin to surpass its previous all time high," BTSE COO Jeff Mei said, citing easing inflation fears, a pause in the Iran-Israel conflict, and pressure on the Fed to cut rates.BTC Markets Crypto Analyst Rachael Lucas said a fresh high is just a matter of time, with institutional accumulation, regulatory progress, and emerging use cases like bitcoin-backed mortgages also fueling tailwinds.However, bitcoin's fear and greed index currently points to "greed," Kronos Research Chief Investment Officer Vincent Liu pointed out, arguing this indicates the bullish sentiment may be stretched.Looming trade deal deadlines set by the Trump administration on July 8–9 could reintroduce tariffs and stir volatility, potentially also testing bitcoin's bullish grip.Bakkt plots $1 billion raise to fund its bitcoin treasury playBakkt plans to raise up to $1 billion via equity and debt offerings to fund a bitcoin and digital asset treasury strategy, according to a prospectus filed with the SEC.The move marks the latest pivot for Bakkt as it looks to become a pure-play crypto infrastructure firm under co-CEO Akshay Naheta.Launched with support from NYSE parent ICE in 2018, Bakkt has cycled through various offerings, including an institutional bitcoin futures trading platform, tokenized rewards, and custody services.It joins a growing group of public firms using capital markets to gain leveraged exposure to bitcoin and other digital assets — a playbook popularized by Michael Saylor's Strategy.Deribit tops $40B in bitcoin options open interest amid $15B quarterly expiryCrypto derivatives exchange Deribit led the largest quarterly options expiry of 2025 on Friday, settling $15 billion in BTC contracts and pushing bitcoin options open interest past $40 billion — 90% of the entire market.The exchange also cleared $2.3 billion in ETH contracts, with put–call ratios favoring bullish sentiment in both BTC and ETH markets.BRN Head of Research Timothy Misir said altcoin weakness post-expiry signaled healthy consolidation, not bearish reversal, with bitcoin showing relative strength.Coinbase previously agreed to acquire Deribit for $2.9 billion in an expansion play for the U.S. crypto exchange.Memory constraints behind Ledger's decision to end Nano S software supportLedger is ending software support for its nine-year-old Nano S crypto hardware wallet due to its limited 320 KB memory, which can't handle modern security upgrades or multi-app features.CTO Charles Guillemet said the outdated hardware leaves no room for tools like Ledger Sync, advanced clear-signing, or on-device swaps via protocols like Uniswap.Ledger officially retired the model in 2022 but continued to provide limited updates. While Nano S users can still send, receive, and restore wallets, the firm urged them to upgrade to newer devices like the Nano S Plus or Ledger Flex.The decision sparked a backlash online amid forced upgrade claims, though some industry voices defended it as a standard hardware lifecycle move that Ledger should have acted on sooner.ACX drops 10% amid Across Protocol DAO manipulation and insider trading allegationsACX dropped over 10% after allegations surfaced accusing Across Protocol's team of misusing DAO governance for the benefit of its builder, Risk Labs.Across co-founder Hart Lambur refuted the claims as "completely untrue," saying the approved grants in question funded protocol development and that team voting was transparent and legal.The controversy escalated into a public feud with LayerZero's Bryan Pellegrino, who also accused Lambur of insider trading ahead of ACX's surprise Binance listing — a charge the Across co-founder called "vile" from its competitor.Looking ahead to next weekUK GDP data are out on Monday. The latest Eurozone CPI figures are released on Tuesday. U.S. jobless claims and nonfarm payrolls are due on Thursday. U.S. markets are closed on Friday for Independence Day.ECB President Christine Lagarde is scheduled to speak on Monday, Tuesday, and Wednesday. Bank of England Governor Andrew Bailey and U.S. Federal Reserve Chair Jerome Powell speak on Tuesday.Artificial Superintelligence Alliance, Optimism, Sui, dYdX, EigenLayer, Ethena, IOTA, Euler, and Moca Network are among the crypto projects set for token unlocks.Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.