Bitcoin Treasury Firm Empery Digital Sells 1,400 BTC for $87 Million

Bitcoin News

Nasdaq-listed Empery Digital has offloaded nearly half of its Bitcoin (BTC) reserves, selling 1,400 BTC since May 7 for roughly $87.1 million in gross proceeds, according to a recent SEC filing. The company sold at an average price near $62,200 per coin, directing $10 million toward retiring debt on July 7 and earmarking the remainder for a $65 million Midwest AI data-center stake and mounting legal costs from shareholder litigation. As of July 10, the firm held 1,514 BTC — worth close to $96.5 million — alongside about $73.9 million in cash, with $45 million still outstanding on its debt facility. Coverage of the entity continues on our Bitcoin hub.

On-chain analysts frame the current phase as a slow, grinding bottom rather than a sharp capitulation. One prominent on-chain researcher argued that after February's price-driven capitulation, Bitcoin has entered a time-based exhaustion stage in which flat, uneventful trading pressures weaker holders into selling near the lows. Despite a drawdown of roughly 50% from the peak, he characterized this as the shallowest bear market to date, noting price losses trail the 2015, 2018 and 2022 cycles. Blending eight timing models, he pointed to July for a potential bottom and flagged the $53,000 region as an increasingly firm structural floor for disciplined accumulation.

A separate cycle-focused analyst reinforced the seasonal caution, stressing that four-year cycles and historical seasonality remain the strongest guides for reading the market. He noted Bitcoin typically underperforms during the first half of U.S. midterm-election years, lagging gold, the S&P 500 and even large-cap technology stocks over that window. While July has historically been a green month for BTC — as in 2014, 2018 and 2022 — he warned that deeper capitulation and a true bottom could form in August or September, with the decisive low potentially arriving in late September or early October. He also dismissed the vast majority of altcoins as lacking intrinsic value.

Sentiment on the upside remains speculative. A widely circulated projection generated by a leading conversational AI model outlined a Bitcoin year-end target ranging from $150,000 to $200,000 for 2026, well above the current spot level and far from any all-time high the market has printed this cycle. Such AI-generated forecasts carry no primary-source backing and should be read as speculative modeling rather than confirmed guidance. We treat these figures as unverified sentiment signals: they illustrate how bullish narratives are being reconstructed even as spot prices sit roughly 50% below the peak, but they are not tradable evidence of institutional positioning or realized demand.

On the policy front, five Democratic senators formally requested committee hearings into the national-security implications of President Donald Trump's crypto holdings, citing potential foreign influence from the United Arab Emirates or unidentified third parties. The request landed as the Senate weighs the CLARITY market-structure bill, with several Democrats signaling they will withhold support absent explicit ethics provisions. Republican Senator Cynthia Lummis continues backing the measure's progress. Separately, a provision barring the Federal Reserve from issuing a central bank digital currency before December 31, 2030 is set to become law this weekend without requiring a presidential signature, hardening the U.S. stance against a state-run digital dollar.

Market data over the past week showed Bitcoin leading a relief bounce despite escalating Middle East tensions, with BTC recovering roughly 9.2% from a late-June low near $58,100 to test the $64,500 zone. On-chain metrics temper the optimism: large wallets holding 10 to 10,000 BTC have broadly distributed since late April, adding only about 4,095 BTC last week, while retail buyers absorbed supply. Social volume around Bitcoin fell 18%, and its 365-day MVRV sits near -27.5%. Analysts flagged XRP as sitting in one of its deepest historical value zones, though a sharp BTC decline would still pressure altcoins broadly.

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $62,843 support at 100/100, the strongest on our map, driven by the confluence of the Fibonacci 0.114 retracement, a high-volume node and the Bollinger Band midline; immediate resistance at $65,399 scores 94/100 on BB Upper, the EMA 50 and a support-to-resistance flip. With spot at $64,148 (as of publication) our reading places price pinned between these walls. Derivatives back a cautious tilt: funding sits mildly positive at 0.0052%, open interest holds near $12.54 billion, and the long/short ratio of 1.42 (58.6% long) shows crowded upside bets against a Fear & Greed reading of 26. A clean reclaim of $65,399 opens $66,695; losing $62,843 invalidates the bullish case toward $58,938.