🎭 Trump’s crypto empire grows under friendly policy

US President Donald Trump’s crypto bets enriched him more than his real estate and resort businesses. His latest financial disclosures show over $1.4 billion in crypto-related revenue, while the second-biggest category — real estate and resorts — generated over $290 million in income.

Trump’s memecoin income disclosures. Source: US OGE

The filings follow the Trump administration's pro-crypto policy, a friendlier regulatory environment and executive orders favorable to digital assets — all while his family’s ventures generated vast income as crypto markets surged to an all-time high. White House Deputy Press Secretary Anna Kelly said in a recent statement that the president “proudly made the United States the crypto capital of the world." She added:

"Neither the President nor his family has ever engaged — or will ever engage — in conflicts of interest.”

Don Fox, former acting director of the US Office of Government Ethics, recently explained that presidents and vice presidents are exempt from the ethics laws that prohibit conflicts of interest among executive branch employees.

“Every president in the post-Watergate era has managed his finances as though he were subject to conflicts of interest,” said Fox. “With Trump, those norms are just totally out the window.”

Fox added:

“He makes the case better than anyone that it's time for additional ethics reforms. I think in terms of legislation, one thing that could be done would be to limit the types of investments he and the vice president ... can hold.”

Robert Weissman, co-president of the US pro-democracy nonprofit Public Citizen, argued Tuesday that Trump’s personal crypto profits align his private interests with the industry he regulates, calling for congressional action.

“Donald Trump’s grift is degrading the presidency, ripping off consumers and investors, and driving dangerous policy that risks future financial crises and escalating geopolitical disasters,” said Weissman.

📊 Bitcoin weakens despite macro tailwinds

The financial analysis team at crypto exchange Bitfinex told Cointelegraph that the clearest market signal is that Bitcoin keeps trading lower while much of the market continues moving higher.

They noted that two-year US Treasury yields eased from 4.24% to 4.1% and 10-year bills from 4.51% to 4.38% between June 22 and June 29, while the S&P 500 closed the quarter at 7,449, up 9.55% for the year, and the dollar remained firm. They explained:

“Falling yields alongside a falling BTC is now the fourth such occurrence this cycle, and the pattern is consistent each time this happens: despite a macro tailwind being present, BTC still declines.”

The analysts noted that sellers are mostly crypto-native, which partly explains the lack of correlation with equity markets. They noted that Bitcoin “is burdened by mechanical sellers as prices move 54% below all-time highs” and toward the $57,803 level marking the Q3 open.

Bitcoin’s monthly price chart. Source: CoinMarketCap

The analysts noted that Sunday’s quarterly options expiry had reset the options book, but instead confirmed a sustained negative gamma regime rather than changing it.

They said the event was the “largest quarterly expiry of the year and the third largest in history at $10.6 billion in Bitcoin and Ether,” eliminating nearly 37% of global options open interest.

“At settlement, expiring out-of-the-money gamma vanished but the walls and flip re-formed around front-month strikes near spot. The reset did not rescue the tape.”

At the same time, institutional capital flight intensified over the past two weeks, and the seven-day rolling average of US spot ETF net outflows plummeted to nearly $300 million per day. This sustained capital flight “signals a defensive pivot from traditional market participants,” suggesting institutions remain bearish despite lower prices.

Looking for high-impact signals, the analysts said investors should monitor the $54,000 realized-price level as daily closes near it test whether it draws bids or marks the first extended move below realized price this cycle. Other factors to consider are ETF net flows turning green and the world’s largest corporate Bitcoin holder, Strategy, resumes selling.

🖐️ Before you go

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