How high is BTC really?
Bitcoin posted its highest monthly close ever in dollars. Last Sunday's weekly close was also higher than ever. But if you measure in euros or gold, the picture looks different. In this edition of Bitvavo Market News, we look at bitcoin versus gold, and why that perspective matters to investors. We also take a look at a surprising move: software company Figma quietly invested tens of millions in Bitcoin.
Market update
Last week, bitcoin recorded its highest monthly close ever in dollars. June ended at $107,200. Overnight it added the highest weekly close: $109,300. But in euros, bitcoin is still 14% below its record of Jan. 20. So the question is: are we looking at a strong bitcoin or a weak dollar?
That's why it's useful to look at the price of bitcoin expressed in gold. Currently, 1 bitcoin buys you 33 "troy ounces of gold" (oz) of $3300 each. That's still well below the December and January peaks, as well as the April and November 2021 highs.
The range between 32 and 40 ounces per bitcoin appears to be an important milestone. If bitcoin breaks and holds above that, the long-term price target could be 150 ounces per bitcoin. But if the upward trend breaks, it wouldnāt be surprising to see a return to around 9 ounces per bitcoin.
Gold, like the euro, suggests bitcoin still has a long way to go to really set new records. At 40 ounces per bitcoin, bitcoin would be worth ā¬112,000, which would indisputably be a new all-time high. Some analysts believe that the bull market for crypto really starts when bitcoin breaks out against gold. And there may be something to that.
Featured
Figma quietly invests in bitcoin
Figma, known for its design software andĀ preparing to go public, has invested nearly $70 million in bitcoin through an exchange-traded fund (ETF). On top of that, the company has approval to invest another 30 million, which is already set aside in stablecoins.
What's striking is that there was no press release, no interview with the CEO, no dramatic tweet. The purchase was simply mentioned in the documentation the company filed for the IPO. As if it were nothing special.
Bitcoin on Figma's balance sheet alongside government bonds (source)
And maybe it isn't such a big deal anymore. More and more companies are choosing to keep part of their reserves in bitcoin - not because of hype, but as a practical financial decision. A way to protect their assets from inflation, or simply to get a better return than a traditional savings account.
Figma is doing this quietly, without making a big fuss. And that is precisely what makes the move so powerful. This isnāt a company trying to make headlines, but a successful tech company treating bitcoin the way more and more people are starting to see it: as digital savings.
That stands in sharp contrast to companies that buy bitcoin mainly for attention. Think of smaller players who suddenly buy a few million in BTC, usually accompanied by a loud press release and hopes for media attention. More often than not, it's mostly a marketing ploy.
This shift shows that Bitcoin is increasingly making its way into the financial mainstream. Where before it used to be the domain of adventurous investors or outspoken advocates, it's now showing up in the balance sheets of serious companies. Not as speculation, but as a strategic choice.
Figma proves you don't need bold statements to send a clear message. Sometimes, silence says more than a marketing campaign ever could.
In other news
Germany's Sparkassen changing course: Starting in 2026, retail customers will be able to buy bitcoin via the Sparkasse app. Just three years ago, the large banking group firmly rejected crypto. Now, they're launchingĀ a regulated offering through DekaBank, their own investment arm. This shift is part of a broader trend driven by the new MiCA regulatory framework. Sparkassen serves over 50 million customers.
Tech billionaires want to launch a new crypto bank called Erebor.Ā Palmer Luckey (Oculus, Anduril) is leading the initiative, with support from Peter Thiel and Joe Lonsdale. The digital bankĀ would target crypto, AI, and defense startups. If awarded the banking license, Erebor aims to fill the gap left by Silicon Valley Bank, and plans to offer loans backed by crypto as collateral.
The first spot solana ETF with staking is now live in the US. The fund, trading under the ticker SSK, accounted forĀ $33 million in trading volume on day one. In total, investors bought $12 million worth of the fund's shares. That's a lot better than most comparable future-based ETFs have done, but still falls well short of the launch of spot ETFs for bitcoin and ether. Still, it's a promising start for Solana on Wall Street.
Nearly $8 billion in "old" Bitcoin suddenly on the move.Ā Eight wallets from 2011, totaling 80,009 BTC,Ā were emptied this week and transferred to modern, more secure addresses. Initially, the transactions caused alarm, but with no signs of selling, it appears to be just a security update. Either way, it is the largest movement of early coins in years, and for investors, a reminder that plenty of old bitcoin is still out there.
Satoshi Radio: In the latest episode of Satoshi Radio, the hosts discuss the MiCA licenses that were handed out last week. Bitvavo also received this European passport. As usual the latest news is discussed, with Ric Edelman and Figma among the news items. In the market update, one core question is discussed: will the bull market continue?
This article is for informational purposes only and does not constitute a marketing communication or recommendation. None of the content herein should be considered as investment advice or a substitute for it. Bitvavo makes no guarantees regarding the accuracy or completeness of the provided information. Investments involve risks. There is a possibility of losing your entire invested capital.