Crypto Markets Rally Amid Passage of Trump’s “Big, Beautiful Bill” as Bitcoin Whales Shift Holdings
July 4, 2025 — The cryptocurrency market saw a renewed surge following the narrow passage of President Donald Trump’s flagship “big, beautiful bill” in the U.S. House of Representatives on July 3. The legislation, which includes substantial tax cuts, passed by a 218–214 vote and now awaits the president’s signature. This development has sparked increased investor interest, pushing major cryptocurrencies upward, despite some concerns about national debt implications.
Bitcoin and Ethereum Show Mixed Price Movements
As of midday July 4 (12:00 noon UTC), Bitcoin (BTC) was trading near US$108,948, marking a slight decline of 1.6% over the previous 24 hours. The day’s price fluctuated between a low of $107,741 and a high approaching $110,000. Analysts attribute Bitcoin’s resilience to strong U.S. labor market data that bolstered risk appetite, combined with ongoing inflows into Bitcoin spot ETFs totaling nearly US$50 billion.
Ethereum (ETH) experienced a 2.7% drop, trading at $2,549.85, within a range of $2,502 to $2,600.55. Other altcoins showed mixed performance; for example, Solana (SOL) increased 5% to $150.30, while XRP and Cardano (ADA) declined modestly.
Market watchers highlighted increased volatility linked to the reactivation of two dormant Bitcoin wallets holding roughly 20,000 BTC valued over $2 billion. This raised concerns about potential large-scale sell-offs impacting prices.
“Big, Beautiful Bill” Spurs Crypto Market Gains Amid Debt Concerns
The passage of the “big, beautiful bill” has reinvigorated markets, with Bitcoin touching near $109,886 shortly after news of the vote. Ethereum and Solana also registered gains. The bill’s tax cuts, while favored by some investors, have reignited debates about the U.S. national debt. Polymarket traders estimate a 90% probability that U.S. debt will surpass US$38 trillion by 2025 due to fiscal expansion.
President Trump dismissed criticism from figures such as Elon Musk, who voiced concerns that the bill could inflate the deficit by trillions of dollars. Trump suggested Musk’s objections stemmed from conflicting policies on electric vehicle incentives.
Coinbase CEO Brian Armstrong commented that while a growing national debt poses challenges, it might paradoxically support Bitcoin’s role as a reserve asset, even as he backs broader crypto adoption.
Major Bitcoin Redistribution as Whales Offload to Institutions
A significant shift in Bitcoin ownership is underway as long-term holders, or “whales,” have sold approximately 500,000 BTC over the past year—a value exceeding $50 billion at current prices. Bloomberg reports that institutional investors, including spot ETFs and corporate treasury buyers, have absorbed nearly all these coins. This trend signals a transformation of Bitcoin from a speculative instrument to a more stable institutional portfolio asset.
Despite bullish developments, Bitcoin has struggled to surpass the $110,000 resistance level, indicating a consolidation period rather than a breakout. Some early Bitcoin adopters have exchanged their holdings for stock-linked deals, indicating evolving exit strategies beyond direct liquidation.
Russian Stablecoin Launch: Rostec to Issue RUBx
In international crypto news, Russian state-owned conglomerate Rostec announced plans to launch a ruble-pegged stablecoin named RUBx and introduce a payment network called RT-Pay by year-end. The RUBx stablecoin will be backed one-to-one by ruble deposits in treasury accounts and operate on the Tron blockchain, with independent audits by CertiK.
The RT-Pay system aims for integration with Russia’s banking infrastructure, offering instant settlements and smart contract capabilities compliant with anti-money-laundering and terrorism financing regulations mandated by the Bank of Russia.
Crypto Infrastructure and Investment Moves
Coinbase’s Layer 2 network, Base, has witnessed net outflows totaling $4.3 billion this year, reversing a strong influx of $3.8 billion in 2024. Meanwhile, Ethereum rebound flows have reached $8.5 billion, pointing to shifting user activity and preferences in blockchain platforms. The slowdown in Base’s stablecoin supply suggests a maturation phase with reduced trading volumes.
In corporate crypto investments, Hong Kong-based chipmaker Nano Labs disclosed a $50 million purchase of Binance Coin (BNB) as part of a long-term $1 billion buying plan aiming to hold up to 10% of BNB circulating supply. Despite this, Nano Labs’ shares dropped nearly 7% over two days amid investor concern about its crypto reserve exposure.
Conclusion
The crypto market is navigating an intriguing landscape marked by legislative developments, large-scale asset redistributions, and international stablecoin initiatives. The passing of President Trump’s “big, beautiful bill” has boosted investor appetite, though questions surrounding fiscal policy and national debt loom large. Meanwhile, institutional participation in Bitcoin continues to deepen, signaling the maturation of the crypto space into mainstream finance.
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Giann Liguid and Meagen Seatter, Investing News Network (INN)
[Disclosure: The authors hold no direct investments in companies mentioned.]