BTC Daily Intelligence Bulletin (DIB)

Block: 902,644

DTG/ICOD: 1200Z 25Jun2025

Precedence: Routine (RR)

Controls: Public Release

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BLUF: NATO Summit Opens / Iran-Israel Ceasefire Holds For Now / Iran Expresses 'Regrets' to Qatar / L.A. Vice Mayer Calls to Gangs to Organize Against ICE / Muslim, Socialist Wins NY Mayoral Primary / 'Alligator Alcatraz' Begins Construction in the Everglades / Japan Bill to Drop Bitcoin Cap Gains and Allow ETFs / Arizona Passes Seized Crypto Treasury Bill / Ohio Bill Introed To Clear Crypto Cap Gains and Establish Reserve / Citizen Raises 'Private Central Bank' Issue to US Lawmakers / Bitcoin Price Primarily Driven by ETF Flows, Not Corporate Buying / Coinbase Helps FBI in Pig Butchering Scams / Astronauts Head to ISS / Tee Up the Corporate Bitcoin SOV vs. Individual P2P Battle

Market Data: Price: 1 BTC= $107,183, 32.22 oz Gold, .25 Median US House

24hr Hi: $107,206 / Lo: $104,886

Volume: $46B (Down 32%)

Mkt Cap: $2.13T (Up 2%)

HashRate: 802 EH/s

Avg Fee Rate: 1 sats/vBtye (Down 66%)

---Reports---

-International Events-

1. NATO summit opens amid discord over defence spending and Ukraine: The event followed ongoing pressure for members to increase defence budgets to a new 5% of GDP target. Several countries, including Spain, rejected the 5% target as unreasonable, while others like Britain, France, and Germany committed to the goal, and NATO reported nine members still under the previous 2% benchmark. (GroundNews)

2. Trump Says Iran-Israel Truce Holds After Berating Both Countries: US President Donald Trump said Tuesday that a ceasefire between Iran and Israel was holding, shortly after he lashed out at both countries and cursed as he accused them of violating the truce. The US leader had said the truce would be a phased 24-hour process beginning at around 0400 GMT Tuesday, with Iran unilaterally halting all operations first. He said Israel would follow suit 12 hours later. (IBTimes)

3. Iran’s Pezeshkian expresses ‘regret’ to the emir of Qatar: Iranian president says neither Qatar nor its people were targets of attack on US base in the gas-rich Gulf nation. Iran launched 19 missiles at the US base, which is the largest in the Middle East, with Qatari defence forces intercepting 18 of them, according to officials from the Ministry of Interior. (AlJazeera)

-US Events-

1. L.A. Official Calls For Mexican Gangs To Mobilize Against ICE Agents: Cudahy Vice Mayor Cynthia Gonzalez is under investigation for urging 18th Street and Florencia 13 gang members to defend their territory against ICE, reportedly telling gang leaders to "get your f***ing members in order." (ZeroHedge)

2. Zohran Mamdani wins New York City's Democratic mayoral primary in shock result - defeating Andrew Cuomo: A self-described socialist has won New York City's Democratic mayoral primary. Slickly produced social media videos set out his vision of free buses, free childcare, new apartments and a higher minimum wage - paid for by new taxes on the rich. If elected when voters head to the polls in November, he would be the city's first Muslim and Indian mayor. (SkyNews)

3. Alligator Alcatraz': Trump green-lights migrant detention facility guarded by gators: The Trump administration is funding a project in Florida that seeks to turn an airfield in the Everglades –– surrounded by swamp water and alligators –– into a massive migrant detention facility. (WND)

-Regulatory and Legal-

1. Japan Considers Bitcoin ETFs and Flat Tax in Crypto Regulation Overhaul: If approved, this could open the door for Bitcoin ETFs in Japan. The change may also introduce a flat 20% tax on crypto gains, replacing the current progressive tax rate of up to 55%. (Blockonomi)

2. Arizona House Passes Reserve Bill for Seized Crypto, Heads to Governor's Desk: Arizona's House of Representatives approved House Bill 2324, creating a framework for a "Bitcoin and Digital Assets Reserve Fund" funded by seized digital assets. The legislation amends forfeiture laws to cover digital assets like Bitcoin and establishes protocols for seizure and sale. (Decrypt)

3. Ohio Proposes Bills to Exempt Crypto Owners From Taxes, Establish Bitcoin Reserve: House Bill 116 and House Bill 18 in Ohio aim to exempt crypto owners from minor tax burdens and establish a state Bitcoin reserve, respectively. Rep. Steve Demetriou is optimistic about advancing digital asset legislation and positioning Ohio as a leader in digital finance. (Decrypt)

-CBDCs/World Currencies/Strategic Reserves-

1. “Private Central Banks?” — Surprise Stablecoin Challenge Interrupts Senate Hearing: What began as a routine Senate hearing on bipartisan crypto legislation ended with an unscripted, and highly unusual, exchange that left attendees visibly stunned. After the hearing was all but over, a man who identified himself as Troy Reed stood up and asked Senator Cynthia Lummis, who was overseeing the hearing, permission to pose questions to the panel. Reed was likely worried that the new legislation backing privately-issued stablecoins could formalize a system where private entities are capable of creating their own monetary system, potentially undermining the role of the Central Bank over “money” itself. (BitcoinSensus) (AC- Great that a normal citizen raises the issue of currency central control to the lawmakers, at once threatening power of economic control currently held by the State and increasing understanding of what that central control means to economic freedoms. It's a clear delineation, hopefully emphasized to the lawmakers, between the decentralization of economic power (Bitcoin) and centralized economic powers.)

-Institutional Concerns-

1. Analyst explains why ETF flows continue to drive bitcoin's price — while treasury companies have muted impact: Recent data shows bitcoin's price remains closely tied to ETF flows, with a strong R² of 0.80, explaining around 80% of the variance in 30-day BTC returns. Meanwhile, over 50 new treasury initiatives have launched in the past three months alone, with many of them acquiring bitcoin through in-kind share swaps with large holders. These in-kind swapping structures generate little to no net market demand for bitcoin. (TheBlock)

-Economic Indicators-

1. US 10-Year Yield Holds at 7-Week Low: The yield on the US 10-year Treasury note hovered around 4.3% on Wednesday, holding near a seven-week low as investors weighed the outlook for Federal Reserve policy. (TradingEconomics)

2. US Stocks Extend Gains: US stocks were higher on Tuesday as the apparent de-escalation between Israel and Iran magnified the support that uninterrupted oil trade through the Persian Gulf had on US equities. The S&P 500 and the Dow Jones were around 0.8% higher, while the Nasdaq 100 was 1% higher to approach its record high from February. (TradingEconomics)

-Security Concerns-

1. Coinbase Reveals Role in US Secret Service Seizure of $225 Million in Stolen Crypto: Coinbase collaborated with the USSS to analyze onchain transactions and identify over 130 customers who were unknowingly defrauded, amounting to $2.3 million in losses. The USSS has initiated a public campaign to return the seized funds to victims, who can submit claims through the FBI Internet Crime Complaint Center. (BitcoinCom)

-Technology and Science-

1. Four astronauts launch to the space station as NASA grapples with strange twist in leak issue: For years, air has been slowly leaking out of a Russia-controlled module that typically remains sealed off from the rest of the space station. Essentially, space station operators are worried that the entire station is beginning to lose air. (CNN)

-Bitcoin Community-

NSTR

-Bitcoin Sentiment-

1. Fear(0)/Greed(100) Index: 66/100 (Up 1 pts)

Analyst Comments (AC): With over 50 new Bitcoin treasuries launched in the last 3 months alone, it is becoming redundant to report on all of them. The corporate 'adoption' of Bitcoin as a treasury is in full swing and the phenomena is shifting the initial purposes of Bitcoin from Satoshi's P2P currency network to one of corporate store of value. This may have significant effects on individual holders and users of Bitcoin, and could lead to friction between the corporate holders and individuals in the near future. The same could also be said of governments storing Bitcoin.