Bitcoin News Today: As Crypto Markets Plummet, Trump Ally Defies Downtrend with Bitcoin Bet

Trump Ally Brandon Gill Further Increases Bitcoin and IBIT Holdings

Bitcoin's recent volatility has not deterred high-profile investors from doubling down on the asset. Brandon Gill, a prominent ally of Donald Trump and a member of the House Budget Committee, has significantly expanded his Bitcoin holdings, according to disclosures. His latest purchases, made during periods of market turbulence, position him as one of the most heavily exposed digital-asset holders in Congress. This move comes amid broader uncertainty in the crypto market, where Bitcoin briefly dipped below $95,000 last week before rebounding to $96,500.

The crypto market has been in a tailspin, with the Fear & Greed Index plunging to 10-a level indicating "extreme fear"-its lowest reading since late February 2025. The decline follows a week of losses across major cryptocurrencies, with Bitcoin dropping over 5% and the broader market shedding 5.8% of its value. Analysts attribute the selloff to a mix of profit-taking, institutional outflows, macroeconomic uncertainty, and thin liquidity. Despite the downturn, MicroStrategy's Michael Saylor has remained bullish, denying reports of the company selling Bitcoin and reaffirming its commitment to accumulating the asset. "Bitcoin's always a good investment," Saylor told CNBC, emphasizing that the firm continues to buy BTC at current levels.

MicroStrategy's recent Bitcoin movements have also sparked speculation, with 43,415 BTC-worth $4.26 billion-transferred across 100+ addresses. Blockchain analytics firm Arkham clarified that these transactions were part of a custodian migration from Coinbase Custody to a new provider, not a sale. Saylor confirmed the company's ongoing purchases, stating it would report additional buys next week. Meanwhile, rumors of a $1 billion Bitcoin sale by MicroStrategy were debunked, with no evidence of such transactions in 2025.

Gill's increased exposure to Bitcoin aligns with a broader trend of institutional confidence in the asset. His purchases, made during sharp corrections in June and July when Bitcoin traded below $100,000, reflect a contrarian strategy. With his latest filings, Gill now ranks among the most significant Bitcoin holders in Congress, underscoring the growing political influence of crypto advocates.

The market's skepticism, however, persists. A recent poll found only 45.9% of investors expect a December Federal Reserve interest rate cut, down from nearly 67% in November. The lack of macroeconomic clarity has exacerbated crypto's volatility, with institutional outflows compounding downward pressure.