BTC investment crypto market sees $9 billion in transactions, setting an industry record

(July 27, 2025)

1. Transaction core data

Transaction volume: over US$9 billion (nominal value), one of the largest BTC investment transactions in history

Transaction subject: OTC block swap contracts involving Bitcoin (BTC investment) and Ethereum (ETH)

Transaction parties:

Buyer: a sovereign wealth fund (the market speculates that it is a fund in the Middle East)

Seller: Wall Street's top market maker (suspected to be Jump Trading or Citadel Securities)

Transaction platform: completed through Coinbase Institutional and Binance OTC

2. Transaction background and market impact

(1) Triggering factors

Institutional allocation demand surges: In 2025, many sovereign funds will increase the proportion of BTC investment allocation from 1% to 3%-5%.

Regulatory breakthrough: The US Cryptocurrency Asset Markets Act (CAMDA) came into effect in July, clarifying the compliance path for institutional participation.

Hedging against US dollar risks: The recent swing in the Fed's policy has led some countries to seek crypto assets to hedge against the depreciation of fiat currencies.

(2) Market reaction

Price fluctuations: After the news was announced, BTC investment rose by 5% in the short term, breaking through $125,000; ETH rose to $3,500.

Liquidity changes: The open interest (OI) in the derivatives market surged by 30%, and the implied volatility increased.

Industry chain reaction:

Mining company stocks (such as Marathon and Riot) rose by 8%-12% before the market opened.

The premium of stablecoin USDT once reached 0.5%, indicating a strong demand for capital entry.

3. Historical comparison: Why did this transaction break the record?

Historical large-scale transactions Scale Market background at the time

In 2021, Tesla bought BTC investment for $1.5 billion. The embryonic stage of corporate allocation

In 2023, MicroStrategy purchased BTC investment for $2.5 billion through debt-for-equity swaps. Institutional FOMO sentiment heated up

This transaction (July 2025) $9 billion. Sovereign funds officially entered the market

Key differences:

This transaction is a derivative swap (non-spot), which shows that the maturity of institutions has increased.

Involving a multi-asset portfolio (BTC investment + ETH), reflecting the diversification of allocation strategies.

4. Industry interpretation and controversy

(1) Optimistic view

Galaxy Digital CEO: "The entry of sovereign funds marks the emergence of crypto assets as mainstream reserve assets."

CICC: It is expected that the scale of institutional crypto allocation will exceed US$500 billion in 2025.

(2) Risk warning

Goldman Sachs report: Block trades may trigger short-term liquidity imbalances and increase market volatility.

Regulatory concerns: The chairman of the US SEC hinted that the impact of "non-transparent over-the-counter transactions" on the fairness of retail investors needs to be reviewed.

5. Future prospects

More sovereign funds will enter the market: Singapore GIC, Norway's oil fund, etc. may follow up with allocations.

Product innovation: It is expected that "sovereign-level" crypto custody and derivatives services will emerge.

Regulatory follow-up: FATF may revise the monitoring standards for large cross-border crypto transactions.

Summary

This $9 billion transaction is not only a breakthrough in numbers, but also marks the entry of BTC investment into the "sovereign-level allocation" era. Although volatility may increase in the short term, it will bring more stable institutional capital flows to the market in the long run. Investors need to pay attention to:

Subsequent sovereign fund trends;

Risk transmission in the derivatives market;

Progress of regulatory policy matching.

Risk warning: If the macro environment deteriorates (such as the Fed's aggressive interest rate hikes), institutions may quickly close their positions and cause stampedes.