Nothing says “freedom” like a long weekend, a questionable hot dog count, and watching Crypto Twitter lose its mind over a token you’ve never heard of. While you were lighting sparklers, the market lit a few fuses of its own. Missed the explosions? Don’t worry— the Hodl Report is here to keep you in the loop.
Today’s Report
Tornado Cash Trial Puts Crypto Privacy on the Stand
🚨 Our Report
As Tornado Cash developer Alexey Pertsev heads to court this month, the crypto world braces for a precedent-setting privacy battle. The Dutch government is charging Pertsev with money laundering for writing open-source code that enabled anonymous crypto transactions—raising major alarms for developers, privacy advocates, and DeFi platforms alike.
🔓 Key Points
The case: Pertsev is accused of facilitating over $1 billion in money laundering through Tornado Cash, an Ethereum-based mixer that was sanctioned by the U.S. Treasury in 2022.
The concern: He didn’t run the platform, didn’t profit directly, and didn’t interact with users. He just wrote the code. That’s what’s on trial.
Global implications: The verdict could set a chilling precedent for developers building open-source tools, especially those that prioritize privacy.
Meanwhile in the U.S.: Tornado co-founder Roman Storm faces similar charges stateside. His trial is set for September.
🔐 Relevance
This isn’t just about one guy in the Netherlands—it’s a referendum on whether writing privacy-focused code is a crime. If Pertsev is found guilty, devs across the globe may start thinking twice before publishing anything that could be used anonymously. Privacy in crypto could go from design choice to legal liability.
Today’s Top News
Headlines
CoreWeave completes $9 billion acquisition of Core Scientific — This all-stock merger creates one of the largest crypto-mining powerhouses, combining AI/data-center scale with mining capabilities; Core Scientific shareholders get a 66% premium. Massive integration could reshape energy use and operational efficiency in crypto mining.
U.S. Secret Service becomes major crypto crime enforcer — The agency has seized nearly $400 million in crypto over the past decade and recovered $225 million in USDT tied to romance-investment scams. Their growing blockchain-analysis capabilities mark a shift toward serious crypto-regulatory enforcement.
Crypto funds attract over $1 billion inflows in a week, ETPs surge — Institutional appetite continues, although recent inflows of $790 million in Bitcoin ETPs softened from previous highs. Ether is gaining ground, signaling diversification beyond BTC dominance.
Michael Saylor’s Strategy sells $4.2 billion in stock after $14 billion unrealized Bitcoin profit — After amassing ~$14 b in unrealized gains in Q2, Strategy held off regular BTC buys and tapped equity for cash, boosting investor liquidity while retaining Bitcoin exposure. A sign of macro adjustments in institutional strategy.
Arkham flags $8.6 b whale Bitcoin move as operational shift, not selloff — A massive BTC transfer tied to wallet security upgrades rather than market dumping, easing concerns of a looming sell-off. ESG scrutiny grows on “satoshi-era whale” shifts.
Market Trendline
Price Action
Market Overview
The crypto sea is gently choppy today. Bitcoin (≈$108.4K) is flat after a slight dip from intraday highs—sitting ~16 % up so far this year, still shy of its May peak of $112K . Ethereum (~$2.53K) slides marginally, down ~24 % year-to-date, in a similar quiet drift. Overall market cap hovers near $3.4 T with a modest +3 % 24h surge in volumes.
Notable Movers
Core Scientific (CORZ) cratered ~22% after calling off its bitcoin mining ops being scooped up by CoreWeave in a $9 B all‑stock deal—classic AI-driven exits.
Bit Digital (BTBT) ripped ~19% as it officially pivoted to an Ethereum treasury model—now hoarding >100K ETH and shedding BTC.
IREN (bitcoin miner) snagged ~+3 % thanks to strong June revenues despite lower BTC output—a steady-as-she-goes rally.
Altcoin Ripples
Beyond the flagship, the likes of Solana, XRP, and fan‑token ecosystems are seeing 20–115 % moves in smaller-cap realms. Notably, coins like “Viction” and “MemeCore” surged north of 100% in 24 hours, though these seem detached from fundamental drivers.
Macro View
The surprise isn’t the moves, it’s the narrative: miners pivoting into AI compute and ETH stacking are reshaping market structures. Governance in D.C. is playing ball too—July 14’s upcoming “Crypto Week” is loaded with key legislation (Clarity Act, anti‑CBDC surveillance, stablecoin frameworks) that could shift on‑chain and policy tides. Meanwhile, US strategic reserves idea quietly continues but is overshadowed—big drama still ahead.
Bottom Line
Miners cashing in on AI and hedging in ETH are the theme du jour. While BTC and ETH tread water, sector jockeying and legislative chatter around Crypto Week suggests we’re in setup mode for the next leg. Keep an eye on hash‑power reallocations and the bills on July 14—they’ll determine if we break higher or simply stay range‑bound.
Today’s Top Meme
Memes are Life
Every ETH holder this cycle…
Today’s Top Tweet
Crypto Twitter Never Sleeps
Banana zone plz
Feeling that summertime sadness?
Cheer up – the macro picture has already turned, and looking ahead, the outlook is increasingly positive for risk-taking.
Right now, the name of the game – and the ultimate alpha in this space – is patience…
— #Julien Bittel, CFA (#@BittelJulien)
10:06 AM • Jun 24, 2025
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.