Track market-moving stories before they get noisy

New Hampshire is taking another big step toward using Bitcoin in public finance. On Wednesday, the state’s Governor and Executive Council will hold a public hearing . They will decide whether to approve a plan for up to $100 million in Bitcoin-backed bonds.

If approved, the plan would move forward as one of the first municipal bond projects in the US linked to Bitcoin.

What Is the Plan?The bonds would help finance private Bitcoin purchases through a company connected to Bitcoin miner CleanSpark. The state would not borrow the money itself. Instead, it would act as a middleman by issuing the bonds. Meanwhile, the private borrower is responsible for paying investors back.

State officials say this means taxpayer money is not at risk.

Governor Kelly Ayotte has called the idea a way to attract investment. Additionally, it would make New Hampshire a leader in digital finance without using public funds.

Granite Staters pay way too much for electricity, and it’s unacceptable that utilities would attempt to block relief after overcharging for more than a decade.

New Hampshire joined fellow New England states in calling for the return of $1.5 billion to ratepayers, including $150… pic.twitter.com/3DyjjlmiiN

— Governor Kelly Ayotte (@KellyAyotte) July 6, 2026 Why It MattersNew Hampshire has been one of the most crypto-friendly states in the US. In 2025, it became the first state to create a strategic Bitcoin reserve. This allows the government to invest a small portion of public funds in large digital assets like Bitcoin.

The new bond proposal is another move that could strengthen the state’s position in the crypto industry.

But There Are RisksNot everyone is convinced the idea is a good one.

Financial experts warn that Bitcoin’s price can change very quickly. If the value of the Bitcoin used as collateral drops too much, around 12.5% from the required level, the bonds could be forced into early liquidation.

Moody’s has also given the proposed bonds a Ba2 rating. This rating is considered speculative and carries higher credit risk than investment-grade bonds.

Finance professor David Krause said the project could be a useful experiment. However, it may not be practical as a long-term public financing tool because of Bitcoin’s volatility.

Looking AheadThe hearing is expected to be the final major government step before the bonds can be issued. While approval seems likely, the real challenge will come after launch. The project’s success will depend heavily on Bitcoin’s price and market conditions.

If the plan moves forward, New Hampshire could set an example for other US states. Other states are exploring new ways to use digital assets in public finance.

Story Ends Here

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Hyperscale Data just added another 50.65 Bitcoin to its corporate treasury, bringing its total holdings to 899.65 BTC. For context, that is a company that held just 11 BTC sometime in 2025 and is now sitting on nearly 900 coins valued at roughly $57.2 million.

The pace of accumulation here is not subtle. Between June 30 and July 6, 2026 alone, the company acquired 115.9205 BTC through a combination of mining output and open-market purchases.

From 11 Bitcoin to nearly 900 in under two years Hyperscale Data, listed on NYSE American under the ticker GPUS, has turned Bitcoin accumulation into something close to a competitive sport. Its holdings stood at around 234 BTC in November 2025, climbed to approximately 663 BTC by April 2026, and are now knocking on the door of 900.

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The company manages its Bitcoin through two wholly-owned subsidiaries, Sentinum and Ault Capital Group. Those entities handle both the mined Bitcoin coming off the company’s own operations and the coins purchased directly from the open market.

The stated goal is a $100 million Bitcoin treasury. At current holdings of 899.65 BTC valued at $57.2 million, the company has cleared the halfway mark with room to run.

The AI angle is not a sideshow Hyperscale Data recently secured a $1.2 billion deal focused on AI compute infrastructure. The company is also acquiring land and power resources in Michigan as part of its data center expansion.

Hyperscale Data’s total asset portfolio, which includes cash, restricted cash, Bitcoin, and 10,000 ounces of .999 silver, sits between $106.7 million and $111.4 million.

What this means for investors watching the space Because Hyperscale Data is also an active Bitcoin miner and an AI infrastructure operator, the stock offers exposure to multiple Bitcoin-adjacent revenue streams simultaneously. Investors are not just buying a company that holds Bitcoin. They are buying a company that mines Bitcoin, acquires Bitcoin, and operates the kind of power-intensive computing infrastructure that both AI and crypto demand.

The risk profile is correspondingly more complex. A Bitcoin price decline hits the treasury value directly. An AI infrastructure downturn hits the $1.2 billion deal thesis. A mining difficulty increase compresses margins on the mined Bitcoin side.

Watch the gap between the current $57.2 million treasury value and the $100 million target. How management closes that gap, through mining, open-market purchases, or some combination, will reveal how aggressive they are willing to be with capital allocation as the company simultaneously tries to fund a $1.2 billion AI infrastructure commitment.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

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Bitcoin and Ethereum supplies on exchanges are reported to be near their lowest levels since 2017 and 2015, respectively, according to Santiment. This development suggests a significant shift of these digital assets away from centralized platforms into long-term holdings, staking, and decentralized finance options. The decrease in exchange supplies could be indicative of reduced sell-side liquidity, potentially leading to increased price pressures if demand remains strong. Market participants appear to view this trend as consistent with long-term holding patterns and institutional accumulation.

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Key Takeaways Bitcoin and Ethereum exchange supplies are at historic lows, suggesting reduced sell-side liquidity. Market activity implies a shift toward long-term holding and institutional accumulation for both assets. Pricing suggests participants view this supply squeeze as potentially increasing upward price pressures on Bitcoin and Ethereum. What to Watch Market observers will be closely monitoring any changes in Bitcoin and Ethereum’s demand dynamics, as continued strong demand could amplify price increases. Key indicators include institutional investment flows, particularly through ETFs and staking platforms. Additionally, regulatory developments and technological upgrades within the Ethereum network could further impact market pricing, as seen with previous major updates such as The Merge.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31, 2026 1.2% — — View market → December 31, 2026 2.6% — — View market → December 31, 2026 3% — — View market → December 31, 2026 4.2% — — View market → December 31, 2026 5.5% — — View market → January 1 2027 11.5% — — View market → January 1 2027 17.5% — — View market → January 1 2027 2.1% — — View market → January 1 2027 2.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 67.6% — — View market → January 1 2027 11% — — View market → January 1 2027 3.9% — — View market → January 1 2027 22% — — View market → January 1 2027 44% — — View market →

Source: Binance EN

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From its all-time high of $126,198 in October 2025, Bitcoin has fallen over 51% to its current price of slightly above $62,000.

Recent releases from three on-chain datasets that came out in quick succession paint a picture that goes beyond a simple price chart: this correction seems to be structurally distinct from the ones that came before it.

The Efficiency Problem Is Real, And It's Not Going Away

On July 1, Ki Young Ju, CEO of CryptoQuant, offered a comprehensive examination of capital efficiency over Bitcoin's cycles.

This research offers a different viewpoint on the idea that "Bitcoin still has 10x left" regarding its potential for growth.

The astounding return of 55,436% was the product of $2.7 billion in net inflows in 2011. A return of around 2,000% was achieved on an investment of $365 billion between 2018 and 2021.

A meager 689% gain has been produced by $697 billion in realised-cap growth in the current cycle.

An injection of about $5 million in fresh cash was necessary in 2011 to accomplish a doubling of the price. Currently, $101 billion is the anticipated sum needed.

It's time to reevaluate Bitcoin's essence, and that's not merely a minor point.

Institutional investors are now needed to make a dent in a market where millions used to be enough to make a dent.

Ju's analysis emphasizes how dire the situation is: Bitcoin needs to gain more than $1 trillion in fresh market capitalization to experience another parabolic leap.

This calls for seeing it as an essential macro allocation instead of just an ETF transaction aimed at ordinary investors.

The market value of gold is over $27 trillion.

About $1.3 trillion is the market capitalization of Bitcoin.

While the gap suggests a bright future, the difficulties in streamlining processes are to blame for the slower pace of development and higher capital needs compared to the plans for 2017 or 2021.

Even if the monetary quantities involved are historically unprecedented, the technical conclusion is that future rallies will look less steep in percentage terms when compared to the last one.

Some important mathematical discoveries were recently brought to light by CryptoQuant, which makes it difficult for anybody to predict if Bitcoin will maintain its 2017 percentage increases.

The Float Is Drying Up - And That Cuts Both Ways

There is a change on the supply side that is arguably more closely related to the present price fluctuations than the efficiency narrative.

A record high of 79% of the supply was held by long-term investors, according to a study published June 15 by K33 Research.

Furthermore, as of June 6, just 218,421 BTC that had been dormant for more than two years were activated, which is the lowest amount seen since the same date in 2012, when just 70,600 BTC had migrated.

During what K33 calls a distribution phase in June 2024, 1.18 million BTC were released from cold storage.

Contrarily, according to on-chain tracker Alphractal, the percentage of long-term holders has risen to 78% from 74% in the last cycle.

Also, in the past few months, some 830,000 BTC have been moved out of temporary wallets.

K33's Vetle Lunde argues that record holder concentration, low reactivation, and dropping trading volume are not signs of fresh selling forces but rather a tendency that usually emerges in the later stages of Bitcoin downturn markets.

Logic dictates that there will be fewer coins available for trade when over 80% of them are dormant.

So, because the order book isn't as strong, prices are more affected by any spike in demand, be it from institutions, individual investors, or ETFs.

The way one sees liquidity dynamics is rather bullish, but it doesn't show whether demand will come through or not.

Investments from ETFs, stablecoin growth, and institutional interest have not yet reached levels that would suggest a long-term recovery, and this is the key point that businesses like Bitfinex, Wintermute, and Glassnode have been stressing.

Although supply-side tightening is critical, it is not sufficient to ensure a market bottom on its own.

CoinDesk data from late June showed that long-term investors were holding almost 5.58 million BTC at a loss, which was the second-highest total ever recorded, second only to March 2020.

Despite this group's total percentage of supply continuing to expand, this occurs. In the same tales, one will find both confidence and hardship.

The P&L Signal: Fourth Time This Metric Has Flashed Since 2022

Among the data points published by CryptoQuant on July 3, the most recent and important aspect stands out.

The realized profit-and-loss ratio of Bitcoin has dropped to -0.35, the lowest level in 43 months.

This slump is reminiscent of December 2022, just after the FTX collapse, when BTC was worth less than $16,000.

Significant market rallies followed readings below -0.35 in 2015 and 2019, according to CryptoQuant's historical data.

This indicator shows how much of the total supply is now making money as opposed to losing money, as calculated on a realized basis.

Capitulation has already taken place, not that it is imminent; according to readings, this is negative.

Crucial is the context.

With a low of around $57,950 achieved on July 1, BTC hit its lowest price in 652 days. In the duration after, it saw a 7% bounce and is now trading between $61,000 and $63,000.

Adam Livingston of Swan Bitcoin points out that the current price of Bitcoin is just 16% higher than its realized value.

Returns of 41% for six months and 81% for twelve months have been achieved in the past thanks to this spread.

Matt Hougan, CIO of Bitwise, brought up the unwinding of Strategy's Stretch (STRC) preferred shares in a recent thread.

There were worries regarding the long-term viability of dividends connected to Michael Saylor's treasury concept when this stock dropped below its $100 par value to about $75 in June.

Instead of portending imminent stress, Hougan posited that this occurrence could have contributed to the system's elimination of unnecessary risk.

The market is currently assessing a clearly defined barrier.

Despite four separate tests this year, $60,000 support has remained strong, and centralized exchange inflows have remained around 50,000 BTC per day, suggesting a tendency of exhaustion rather than aggressive selling, whenever selling pressure has escalated.

If one looks at the daily and weekly charts, one could see a potential "W" reversal forming.

This would coincide with the lower Bollinger Band and show tiny fractal patterns inside the bigger framework, according to experienced technician John Bollinger.

If the price falls below $60,000, it will expose the realized-price region around $53,000, which proponents of the capitulation bottom argument must defend if it is to remain valid.

The Macro Overlay

All of these deals take place within a larger macro framework.

BlackRock's IBIT has led the way in redemptions, with spot Bitcoin ETFs marking their worst month since their launch in June, seeing net outflows of over $4.5 billion.

K33 reports that sales have slowed but have not yet translated into cash inflows.

The markets are still adjusting to the idea of a Federal Open Market Committee headed by Kevin Warsh, and the change in leadership at the Federal Reserve creates substantial uncertainty.

Interest rate policy has always been a major short-term driver for Bitcoin.

There has been a little reduction in the probability of rate rises following a June employment report that was disappointing, adding just 57,000 jobs instead of the expected 100,000+.

With the launch of meinKrypto by DZ Bank for Bitcoin trading and custody under MiCA and the preparations underway for a similar rollout by DekaBank across about 340 German savings banks, institutional plumbing is slowly but surely evolving at the periphery.

But this is more of a demand driver than a flow catalyst.

A future upward rise, should it materialize, will require far more institutional finance than earlier cycles to accomplish comparable percentage increases, according to the synthesis: declining capital efficiency.

The amount of accessible float to absorb that capital is more constrained than ever before due to record-long-term holder concentration.

The market has probably taken a lot of surrender into consideration, as the P&L reading is at a 43-month low.

When taken independently, each data point provides unique insights.

Taken as a whole, they show how the market is structured to facilitate bottom-forming, but a key component, institutional demand on a broad scale, is still up in the air.

Michael Saylor, the man who turned a mid-tier software company into the world’s largest corporate Bitcoin piggy bank, is doing something he swore he’d never do: selling Bitcoin.

But before anyone panics, here’s the thing. Strategy, formerly MicroStrategy, plans to sell roughly 0.2% of its Bitcoin holdings per month while simultaneously buying back five to ten times that amount.

The tactical sell that isn’t really a sell During Strategy’s Q1 2026 earnings call on May 5, Saylor laid out the new playbook. The company, which held over 818,000 BTC at the time of the call, would begin modest monthly sales to generate cash for dividends on its STRC perpetual preferred stock.

“Even if we were to sell one Bitcoin, we’d be buying 10 to 20 more Bitcoin.”

Between May 26 and May 31, Strategy executed its first Bitcoin sale since 2022, offloading exactly 32 BTC for approximately $2.5 million at an average price of roughly $77,135 per coin. That 32 BTC represents about 0.004% of the company’s total holdings.

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By early June 2026, Strategy’s Bitcoin stash had grown to over 843,000 BTC, with later filings confirming 846,842 BTC. The company’s average cost basis sits between $75,000 and $75,700 per coin, reflecting years of aggressive accumulation dating back to 2020 when Saylor first pivoted the company’s treasury strategy toward Bitcoin.

Why sell at all? The short answer: preferred stock dividends need to be paid in dollars, not satoshis. Strategy has been raising capital through various instruments, including its STRC perpetual preferred stock, which come with cash dividend obligations requiring actual fiat currency.

Rather than focusing purely on total Bitcoin held, Saylor wants investors to evaluate how much Bitcoin each share of Strategy stock represents. If the company sells 0.2% of its Bitcoin monthly but buys back five to ten times that amount through capital-raising efforts, the Bitcoin-per-share ratio actually increases over time.

Saylor emphasized during the earnings call that Strategy plans to be a “net buyer of Bitcoin in every month and every quarter going on forever.”

What this means for investors For Bitcoin market participants, the immediate impact of Strategy’s sales is negligible. Thirty-two BTC in a market that trades billions of dollars daily is a rounding error.

Strategy isn’t reducing its position. The company added over 25,000 BTC between the May 5 earnings call and early June, pushing from 818,000 to over 843,000 BTC.

For Strategy stockholders specifically, the Bitcoin-per-share metric that Saylor keeps highlighting deserves close attention. If the company can consistently grow that number, the stock functions as a leveraged Bitcoin proxy with yield.

Strategy’s average cost basis of roughly $75,000 per BTC means the company is currently sitting on unrealized gains, but a sustained Bitcoin downturn could turn those modest monthly sales into more significant liquidations if dividend obligations remain fixed while Bitcoin’s price drops. Strategy has one asset, one thesis, and 846,842 BTC — a position worth well over $60B at current prices.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Solana price has held above key technical support even after slipping 1.7%, while U.S.-listed spot Solana ETFs have continued attracting fresh inflows as Bitcoin and Ethereum funds recorded weekly withdrawals.

Summary

Solana held above key support as $5.75 million in spot ETF inflows contrasted with Bitcoin and Ethereum fund outflows. Solana ranked second in weekly spot trading volume, while non-vote transactions topped 1 billion for the first time. Rising active users, strong DApp revenue, and bullish technical indicators continue to support Solana’s recovery. After climbing more than 15% last week, Solana (SOL) price met selling pressure near the $80 level, where traders again defended resistance amid the broader market pullback. Even after the recent recovery, the token remains about 73% below its all-time high of $294.33 reached on Jan. 19, 2025.

Meanwhile, Bitcoin fell 1.65% during the same period, dragging the total cryptocurrency market capitalization down 1.47% to $2.14 trillion.

ETF demand has stayed positive despite market weakness Fund flow data showed Solana diverging from the two largest cryptocurrencies during the latest reporting period. Spot Bitcoin ETFs recorded net outflows of $527 million between June 29 and July 2, extending their losing streak to eight consecutive weeks. Spot Ethereum ETFs also registered net outflows totaling $13.67 million.

By contrast, U.S.-listed spot Solana ETFs attracted $5.75 million in net inflows over the same period. The inflows indicated that investors continued adding exposure despite weakness across the wider digital asset market.

Capital also moved into several other altcoin investment products. XRP ETFs recorded $17.19 million in net inflows, while HYPE ETFs added another $4.32 million during the week.

Away from fund flows, on-chain activity continued to strengthen. According to SolanaFloor, Solana ranked second in global spot crypto trading volume for the second consecutive week, processing $12.25 billion across centralized and decentralized exchanges. That total remained ahead of Bybit’s $10.57 billion, although Binance retained the top position among exchanges during the reporting period.

SolanaFloor also reported that weekly non-vote transactions surpassed one billion for the first time. Unlike validator voting activity, non-vote transactions represent actual network usage generated by users, decentralized applications, and traders. The sharp rise at the beginning of July points to heavier activity across the ecosystem.

Technical structure still favors buyers above key support Network participation has accelerated alongside the recovery. According to Artemis data, Solana’s weekly active addresses climbed from 16.8 million to 29.7 million in just two weeks, an increase of roughly 12.9 million wallets, or about 76.8%. The rebound followed slower activity during June as users returned to decentralized applications across the network.

Source: Artemis Separate ecosystem rankings also kept Solana at the top of several blockchain activity metrics. The network led all Layer 1 and Layer 2 chains in both 24-hour and seven-day decentralized application revenue while also recording the highest decentralized exchange trading volume over those periods. Polygon, Ethereum, Base, BNB Chain and Hyperliquid followed behind across the tracked categories.

Price action continues to support the improving network data. On the daily chart, Solana remains above its 20-day, 50-day and 100-day moving averages, while the MACD indicator is still in bullish territory despite momentum easing after last week’s rally.

Solana daily price chart — July 6 | Source: crypto.news On the 4-hour chart, the Supertrend indicator continues to hold below price near $78.30, and Chaikin Money Flow has stayed slightly above zero, indicating modest buying pressure.

Solana price 4-hour chart — July 6 | Source: crypto.news The latest consolidation has left immediate resistance around the recent high near $84, while the Supertrend level near $78 and the Fibonacci support around $76 remain the first areas buyers may need to defend if selling pressure returns. Together with steady ETF inflows and rising network activity, those technical levels suggest Solana’s recovery remains intact unless those support zones give way.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Why Did Strategy Sell Bitcoin? Strategy sold 3,588 BTC for approximately $216 million last week, marking a notable shift for the world’s largest corporate bitcoin holder as it used part of its crypto reserve to fund preferred stock distributions and rebuild its dollar liquidity buffer.

The company said in an SEC filing that it sold 1,363 BTC for $80.8 million between June 29 and June 30 at an average price of $59,256 per bitcoin. It sold another 2,225 BTC for $135.2 million between July 1 and July 5 at an average price of $60,773.

The proceeds were used to pay distributions on preferred stock and replenish part of the company’s USD reserve, which stood at $2.55 billion as of July 5. The move follows Strategy’s recent adoption of a Digital Credit Capital Framework, which requires its dollar reserve to be used only for preferred stock dividends and interest payments.

For investors, the sale matters because Strategy has long been treated as a one-way corporate bitcoin accumulator. The latest filing shows the company is now prepared to monetize part of its holdings when its capital structure requires liquidity, even while it remains heavily exposed to bitcoin.

How Large Are Strategy’s Remaining Bitcoin Holdings? Strategy still holds 843,775 BTC, worth around $52.3 billion at current prices. The company acquired those holdings at an average price of $74,476 per bitcoin, for a total cost of about $63.7 billion, including fees and expenses, according to co-founder and executive chairman Michael Saylor.

That leaves the company with holdings equal to more than 4% of bitcoin’s 21 million supply cap. It also leaves Strategy carrying roughly $11.4 billion in paper losses at current prices, based on the difference between the market value of its bitcoin and its aggregate purchase cost.

The latest sale does not meaningfully reduce Strategy’s dominant position among corporate bitcoin holders. It does, however, change how investors may read the company’s treasury strategy. Bitcoin is no longer only an asset being accumulated. It is also a liquidity source tied to preferred dividends, interest obligations, reserve coverage, and potential buybacks.

Strategy said it recorded an $8.32 billion loss on digital assets during the second quarter, including an $8.31 billion unrealized loss and a $0.9 million realized loss. Because the market value of its bitcoin fell below its purchase cost at quarter-end, the company also said it will fully offset the related deferred tax benefit with a valuation allowance.

Investor Takeaway Strategy remains a leveraged bitcoin proxy, but the sale introduces a new investor question: whether bitcoin will be used more often as a funding tool when preferred stock obligations, credit securities, or reserve targets require cash.

What Does The Digital Credit Framework Change? Strategy’s new Digital Credit Capital Framework gives its balance sheet a more formal liquidity structure. The company’s board-approved policy requires the USD reserve to cover at least 12 months of preferred stock dividends and interest payments. The reserve rose to $2.55 billion from $1.4 billion a week earlier.

The company also authorized a $1 billion Digital Credit Securities Repurchase Program covering STRC, STRF, STRD, and STRK, with STRC expected to be the initial priority. A new STRC Dividend Policy gives management discretion to review the dividend rate monthly based on market conditions, bitcoin prices, credit spreads, reserve coverage, and other factors.

STRC had previously been a key funding tool for Strategy’s bitcoin acquisitions and currently carries an annualized rate of 12%. But it has struggled to regain its $100 par value since mid-May, limiting its usefulness as a funding channel for fresh bitcoin purchases. STRC closed at $87.87 on Thursday after previously falling to $71.25 as bitcoin dropped below $60,000.

Strategy also approved a separate $1 billion Class A common stock repurchase program, which will not be funded from the USD reserve. In addition, it introduced a BTC Monetization Program that allows the company to sell bitcoin to raise up to $1.25 billion for the reserve, preferred stock dividends and interest payments, or repurchases of digital credit securities and common stock. The full capacity remained available as of July 5, the company said.

Does The Sale Create New Risk For Bitcoin Markets? The formal bitcoin sale policy introduces a more complex market profile for Strategy. The company has historically been viewed as a major source of corporate bitcoin demand. A policy that allows bitcoin sales means it can also become a source of supply when balance sheet needs require cash.

Analysts at JPMorgan described the shift as creating “avoidable two-way risk” because Strategy may now act as both a buyer and seller of bitcoin. That does not imply forced selling is imminent, but it changes the market’s reading of Strategy’s role. Its treasury model is now tied not only to bitcoin conviction, but also to credit spreads, dividend obligations, reserve policy, and investor demand for its securities.

Other analysts have argued that forced selling remains unlikely because of Strategy’s balance sheet position. The company has still bought about 175,000 BTC for roughly $14 billion so far in 2026, keeping it far ahead of other public companies that have adopted bitcoin treasury models.

Per Bitcoin Treasuries data, 197 public companies have adopted some form of bitcoin acquisition strategy. Tether-backed Twenty One, Metaplanet, MARA, and Bitcoin Standard Treasury Company make up the rest of the top 5, with 43,514 BTC, 43,000 BTC, 36,303 BTC, and 30,021 BTC, respectively.

Investor Takeaway The market risk is not that Strategy has abandoned bitcoin. The risk is that its capital structure now makes bitcoin sales part of the toolkit, which could weigh on sentiment during periods of weak prices, stressed credit spreads, or pressure on preferred securities.

How Are Markets Reading Strategy’s Shift? Bitcoin dropped about 2% on Monday after the filing. Strategy shares were also down in pre-market trading, although the stock had gained 21.1% overall last week following the Digital Credit Capital Framework announcement. The stock closed Thursday at $100.77 but remains sharply lower over the past year.

The market reaction shows the tension in Strategy’s model. Investors may welcome a larger reserve, a more formal credit framework, and buyback capacity, but bitcoin sales challenge the company’s long-running accumulation narrative.

Saylor continued to frame bitcoin as the company’s central asset, posting another acquisition tracker chart with the caption, “Bitcoin is digital energy.” He also argued that bitcoin’s next growth phase will be driven less by protocol changes and halving cycles and more by institutional capital, credit markets, and financial infrastructure around the network.

That argument remains central to Strategy’s investment case. The company is trying to turn bitcoin holdings into a broader capital markets structure supported by preferred stock, credit securities, reserves, buybacks, and selective monetization. The immediate test is whether investors view that as financial discipline or as a sign that the bitcoin treasury model is becoming harder to manage when prices fall below cost basis.

Solana is now formally in the U.S. spot ETF conversation after a VanEck-linked proposal reached the SEC through a Cboe BZX rule filing.

For more details, visit the official SEC platform.

TL;DR A Solana spot ETF proposal has entered the SEC process through a Form 19b-4 filing.The filing argues that SOL should be treated as a commodity-style crypto asset rather than a security.Approval is not guaranteed, but the filing expands the ETF race beyond Bitcoin and Ethereum. The filing is important because spot crypto ETFs in the U.S. have so far been dominated by Bitcoin, with Ethereum products forming the next major battleground. Solana entering the process gives investors a clearer view of which altcoins institutions think can support a regulated fund wrapper.

Solana Gets Its ETF Test VanEck has been one of the more aggressive asset managers in digital assets, and the Solana filing fits that pattern. The central question is whether the SEC will accept the argument that SOL has enough market structure, liquidity, and regulatory clarity to sit inside a spot ETF product.

That is not a small hurdle. Bitcoin and Ethereum already had deep futures markets, years of institutional coverage, and extensive regulatory discussion before their fund structures advanced. Solana has strong network usage and a large market, but it also comes with a different history around outages, token distribution, and how regulators classify major altcoins.

Why The Filing Still Matters Even if approval takes time, the filing changes the conversation. It shows that major issuers are no longer waiting for the SEC to define the next wave of crypto ETF assets. They are forcing the question directly through the rule-change process.

For Solana, that matters beyond the immediate price reaction. ETF filings can reshape how advisers, institutions, and trading desks talk about an asset. SOL is no longer only being pitched as a high-speed chain for DeFi and memecoins. It is now being positioned as the next serious candidate for regulated U.S. fund exposure.

This report is based on the SEC filing for the proposed Solana ETF rule change.

This article was written by the News Desk and edited by Samuel Rae.

Spot Bitcoin ETFs traded in the United States recorded $526.64 million in net outflows between June 29 and July 2. With this latest development, the streak of withdrawals from these products has now reached its eighth consecutive week. This marks the longest continuous weekly outflow period seen since spot Bitcoin ETFs launched in the US.

Outflows continue in Bitcoin and Ethereum fundsThe cautious approach from institutional investors, combined with weaker momentum in Bitcoin, was clearly reflected in ETF data. According to SoSoValue, the total net assets of US spot Bitcoin ETFs fell to around $74.37 billion. In the same period, Bitcoin traded near $61,500. During June alone, outflows from these products totaled approximately $4.5 billion, underlining the sustained pressure in the market.

Wu Blockchain reported that US spot Bitcoin ETFs saw nearly $527 million in net outflows over the period from June 29 to July 2, bringing the outflow streak to eight consecutive weeks.

Spot Ethereum ETFs mirrored this trend. In the same timeframe, Ethereum ETFs experienced $13.67 million in net redemptions, also marking their eighth straight week of outflows. The simultaneous withdrawals from funds tied to the two largest digital assets signal that investor appetite for risk remains subdued across the sector.

Diverging trends in altcoin ETFsWhile Bitcoin and Ethereum products continued to lose assets, certain altcoin ETFs bucked the trend by attracting fresh capital. Spot Solana ETFs posted $5.75 million in net inflows for the week. XRP ETFs stood out with $17.19 million in new investments, representing the strongest performance in the altcoin ETF category. Hyperliquid ETFs also saw positive flows, gaining $4.32 million in net inflows despite a noticeable slowdown compared to previous weeks.

Glossary: SoSoValue is a data platform commonly used to track ETF flows and market metrics in digital asset markets. Net inflow refers to the difference between money entering and exiting a fund.

This divergence suggests that, rather than exiting the crypto ETF market entirely, some investors are reallocating capital toward alternative digital assets. Although Bitcoin remains the predominant option among institutional vehicles, select interest in altcoin-based products appears to be holding steady.

Brief signs of recovery prove short-livedDespite a weak weekly outlook, there were limited signs of recovery at the period’s close. On July 2, US spot Bitcoin ETFs attracted over $221 million in daily net inflows, breaking a 10-day outflow streak. However, this single-day shift was not deemed sufficient to reverse the broader eight-week trend.

Market observers attribute the prolonged outflows to macroeconomic uncertainty, rising interest rate expectations, and diminished risk appetite. With pressure persisting on Bitcoin, it appears institutional investors continue to scale back their exposure by redeeming ETF shares.

In the period ahead, ETF flows are expected to serve as a key gauge of institutional sentiment. Sustained net inflows could suggest renewed confidence in Bitcoin, while ongoing outflows may indicate demand will remain muted until broader market conditions improve.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

US spot Bitcoin ETFs hemorrhaged more than $2 billion in net outflows across a two-week stretch in late May and early June, part of a broader 13-day redemption streak that ultimately drained approximately $4.4 billion from the products.

BlackRock’s IBIT, the largest spot Bitcoin ETF by assets, was the primary source of the bleeding. The fund saw $1.3 billion in outflows in a single week, with multiple individual trading days exceeding $500 million in redemptions.

What triggered the exodus The outflows didn’t happen in a vacuum. Bitcoin’s price declined from early-year highs above $80,000 to a range between $60,000 and $73,500 during the same period.

Analytics firms including SoSoValue, CoinShares, and Glassnode tracked the selling in real time. The consensus explanation involves a cocktail of factors: shifting market sentiment, geopolitical tensions, rising Treasury yields, and recalibrated expectations around interest rate cuts.

Post-rally profit-taking played a role too. Bitcoin had a strong run earlier in the year, and a portion of the selling likely reflects investors simply locking in gains rather than making a broader bearish call on the asset class.

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Ethereum ETFs weren’t spared either. Those products faced their own extended outflow period, though Bitcoin funds dominated the overall redemption numbers by a wide margin.

Context matters more than the headline number Total assets under management across spot Bitcoin ETFs sat near $100 billion to $103 billion before the May pullback began. That means the two-week outflow represented roughly 2% of total AUM. The broader 13-day streak, at $4.4 billion, still only accounted for about 4% to 4.5% of the total pie.

Bloomberg Intelligence analysts made a similar observation. With nearly $100 billion still parked in these products, the vast majority of investors held firm. The outflows, in their view, amounted to constrained noise rather than a structural shift in demand.

Cumulative inflows into spot Bitcoin ETFs since their January 2024 launch had reached approximately $58 billion by April 2026. Even after the May-June selling, the products remained firmly in net-positive territory on a lifetime basis.

Signs of a floor emerging By early July, the selling pressure showed signs of exhaustion. After ten consecutive days of outflows, Bitcoin ETFs recorded a modest net inflow of roughly $221 million to $222 million.

What this means for investors The outflow episode highlights a tension that will define Bitcoin ETFs going forward. These products make it extraordinarily easy to buy Bitcoin exposure. They also make it extraordinarily easy to sell.

Traditional Bitcoin holders who custody their own assets face friction when selling: transfers, exchange deposits, withdrawal limits. ETF holders can redeem with a single click during market hours. That convenience cuts both ways, and it means ETF flow data will increasingly serve as a real-time sentiment gauge for institutional Bitcoin appetite.

The competitive landscape among ETF issuers also matters here. BlackRock’s IBIT bore the brunt of the outflows in part because it holds the most assets. When large institutional investors rebalance or de-risk, they sell what they own the most of.

For investors watching from the sidelines, the key metric to track isn’t any single day’s flow number. It’s the cumulative inflow trend over rolling three-month and six-month windows. At $58 billion in lifetime inflows, the structural bull case for Bitcoin ETF demand has significant cushion.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

XRP has made its way into Australia’s financial parliamentary record. In the Australian Parliament’s Register of Members’ Interests, Labor MP Sally Sitou indicated her only cryptocurrency holding is XRP with local exchange CoinSpot.

Australian MP Lists XRP The filing identifies the digital currency as “Cryptocurrency (Ripple).” No Bitcoin and no Ether. Only XRP, included in the financial records of one of the world’s 15 largest economies.

The filing also shows that Sitou has physical gold through ABC Bullion and holds a wide-ranging portfolio of Australian and U.S. equities like the Commonwealth Bank, BHP, Meta Platforms and Costco. XRP is currently the sole listed digital asset.

Australian MP XRP Filing This disclosure sits inside a broader shift in how Australia treats crypto. The country’s Digital Assets Framework Bill Passed Parliament in April 2026, requiring exchanges and tokenized custody providers to obtain an Australian Financial Services License. Ripple is already pursuing that license, an early sign of its intent to entrench itself in the country’s regulated market.

Australia’s approach to regulation has changed significantly. In under a year, the nation moved from years of legislative silence to a well-organized licensing system for crypto firms.

The shift provides Ripple, the company behind XRP, an obligation as well as an opportunity. The moved has drawn wide attention on X, citing a continuation in adoption.

🚨🇦🇺 AUSTRALIA MAKES XRP OFFICIAL 🇦🇺🚨

Australia has officially disclosed XRP holdings in a Member of Parliament’s Register of Interests.

XRP is now publicly listed as part of a lawmaker’s financial assets in one of the world’s largest economies.

Adoption continues. 👀 pic.twitter.com/gJmALhkHYE

— John Squire 🇺🇸 (@TheCryptoSquire) July 4, 2026

White House Official’s XRP Filing & XRP’s Track Record Sitou’s revelation was not the only one capturing attention. Ian Kelley, who serves as the War Room Director at the White House and is also a Special Assistant to the President, reported XRP in a public financial filing after his appointment in January 2025.

His filing places the holding in a Coinbase wallet, valued between $1,001 and $15,000. Unlike Sitou, Kelley holds a broader crypto portfolio, Bitcoin, Ethereum, Solana, Chainlink, and Cardano all appear alongside XRP.

Each asset in Kelley’s portfolio falls within the same $1,001 to $15,000 disclosure range. Neither filing reveals the exact number of tokens held. But both put XRP on the record in two separate governments on two separate continents.

Political financial disclosures carry weight. They are sworn documents. When a lawmaker or White House official lists an asset, it signals more than personal preference, it normalizes that asset within the official financial order.

For XRP, appearing in two such filings in a single week adds to a growing pattern of political legitimacy. The company’s pursuit of an Australian Financial Services License shows it is tracking the regulatory door as it opens.

Explore the most hyped crypto presale projects before they hit major exchanges.

Wallets belonging to the Royal Government of Bhutan sent 700 BTC valued at about $43.75 million to the crypto exchange Binance. This move comes as Bitcoin pushed past $62,000 on Saturday.

Bhutan Govt. Offloads $43 Million In Bitcoin The largest single transaction, according to Arkham Intelligence data, was 634 BTC worth approximately $39.6 million was transferred from a wallet associated with the government to a Binance deposit address. Another 66 BTC valued approximately $4.12 million were also sent to the same exchange deposit wallet in a separate transaction.

Moreover, the combined amount of the two transfers amounted to 700 BTC. It is worth approximately $43.75 million based on the current BTC price.

Even with the whiff of a large sell-off, a move to a central exchange does not necessarily indicate a real sale. Exchange wallets can be used by governments and institutional investors for various purposes. These include over-the-counter (OTC) trades, collateral management, intra-fund consolidations, or liquidity operations. It remains unclear what prompted the transfers.

The Royal Government of Bhutan deposited 700 $BTC ($43.75M) into #Binance.https://t.co/TEKoW47knShttps://t.co/f2cL5LdzN2 pic.twitter.com/1WAWC0VN1a

— Onchain Lens (@OnchainLens) July 4, 2026

According to the blockchain records, around 1,750 BTC is still in Bhutan’s hands. This stash is valued at around $109.27 million after the most recent transfers.

The recent activity comes after a couple of past Bitcoin transactions by Bhutan-related wallets back in the previous month. Some of the earlier transfers that have been traced to Arkham involved 364.984 BTC worth some $22.26 million and 188.558 BTC valued near $11.47 million.

It also included movement of 150.458 BTC valued at approximately $9.14 million. Overall, it sent 1,095 BTC, totaling over $67 million at the time.

Bitcoin Climbs Above $62,000 Meanwhile, Bitcoin’s resurgence above $62,000 coincided with the most recent U.S. labor market data. The U.S. economy created 57,000 jobs in June, far short of the 115,000 expected and a downward revision of 43,000 jobs in May, according to the Bureau of Labor Statistics.

The U.S. jobless rate was 4.2%, just below the 4.3% forecasts. It suggests that the markets’ fears that employment data may have been weaker than anticipated were unwarranted. This narrative is supporting hopes that the Federal Reserve will keep cutting rates to combat inflation.

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For a while now, Michael Saylor’s Strategy has been on a wild ride of criticism. Now, major players like JPMorgan are beginning to issue some warnings. In fact, the banking giant recently called out Strategy’s Bitcoin sales policy. 

For context, Strategy has long relied on a straightforward business model: Raise capital through debt and equity offerings, then use that money to purchase additional Bitcoin [BTC]. 

As a result, a sizeable amount of the circulating supply was essentially locked away rather than actively traded due to its enormous treasury of 847,363 BTC. However, the company’s most recent capital structure is now altering that dynamic.

Strategy’s new game plan raises red flags To pay dividends on its preferred stock or other financial commitments, Strategy has now formally permitted itself to sell a limited quantity of Bitcoin. At the same time, it authorized preferred stock repurchases and launched a $1 billion common stock buyback program. 

Even though the company’s cash reserves of about $2.55 billion cover about 17 months’ worth of preferred dividends and interest costs, JPMorgan thinks this buffer is still insufficient to completely rule out the possibility of future Bitcoin sales. 

The team led by Nikolaos Panigirtzoglou argued,

A higher coverage of 24-36 months would be needed (by issuing common equity to further increase dollar reserves even if this leads to the common equity trading at a discount to NAV) to make investors more comfortable with the idea that Strategy would not need to sell bitcoins in the foreseeable future.

What is the underlying issue? The primary issue is the rise of what JPMorgan refers to as “two-way risk.”

In the past, Strategy operated virtually solely as a Bitcoin buyer, continuously consuming supply whenever it raised new funds. However, under the new framework, the business can switch between buying and selling based on how much cash it needs.

The fact that Strategy is no longer assured of removing Bitcoin from the market—it might even turn into a source of supply when money is needed—introduces uncertainty.

What’s ahead? In fact, in one of the few times the company has sold Bitcoin for operational rather than portfolio adjustments. Even though the $1.25 billion authorized sale capacity only makes up a small portion of its total holdings, the psychological impact could be far greater than the volume of sales. 

Unfortunately, these shifts occur at a time when the U.S. Spot Bitcoin ETFs are facing net withdrawals, and the price of Bitcoin is also struggling.

Henceforth, the only hope at this point is the approval of the CLARITY Act. It has the potential to restore market integrity and the price of Bitcoin, in turn improving the air surrounding Strategy.

Final Summary Instead of an actual warning, JP Morgan has suggested a higher coverage of 24-36 months for Strategy. Though the recent sell-off by Strategy was minimal, it has still induced fear and uncertainty in the market. 

21h05 ▪ 5 min read ▪ by Luc Jose A.

Summarize this article with:

After ten consecutive sessions of capital outflows, US spot Bitcoin ETFs have finally regained momentum with 221.7 million dollars of net subscriptions. This rebound ends a historic sequence of disengagement that had weakened institutional investors’ sentiment. Is this the first sign of a sustainable capital return or just a pause in an still fragile trend ? Behind this recovery lie major divergences between issuers and on-chain indicators, which invites to temper the significance of this rebound.

In Brief Bitcoin ETFs end ten consecutive sessions of capital outflows thanks to 221.7 million dollars of net inflows, a first positive signal for the market. The rebound remains mixed, with Fidelity carrying the bulk of subscriptions while BlackRock continues to record significant withdrawals. On-chain data shows that long-term investors continue their accumulation, despite hesitations observed on the ETF side. The confirmation of a true turnaround will now depend on several consecutive days of capital inflows and broader participation of major issuers. Bitcoin ETFs regain positive flows after ten days of capital outflows The US spot Bitcoin ETF market has recorded a break in its outflow momentum. Data compiled at the close of the July 2 session reveal the following accounting elements :

A reversal of net flows : regulated financial products captured a total net inflow of 221.7 million dollars, breaking a ten-session consecutive withdrawal streak ; Fidelity (FBTC) dominance : the fund managed by asset manager Fidelity carried most of the recovery, recording net inflows of about 166 million dollars on its own ; A negative streak in June : this technical performance comes immediately after the worst month ever for US spot ETFs, with June 2026 ending with about 4.5 billion dollars of cumulative net outflows. This sudden liquidity injection marks a statistical break from the massive outflows that heavily damaged short-term investor confidence. The surge led by Fidelity shows there is responsive demand and that some traders were ready to inject liquidity as soon as the price tested institutional support zones. This outcome temporarily stabilizes the general sentiment by putting an end to a correction phase on these financial instruments.

The persistence of outflows at BlackRock Although the overall balance of July 2 is positive, a detailed analysis of issuers reveals fundamental disparities, led by the case of BlackRock. The IBIT fund, the largest vehicle in the category, did not participate in this positive momentum and showed a net outflow of about 40.4 million dollars during the same session.

This negative performance extends a critical trend, with IBIT having been the main driver of June’s decline with about 3.55 billion dollars of withdrawals alone, bringing its recent wave of capital outflows to about 2.2 billion dollars. This lack of synchronization between Fidelity and BlackRock highlights the absence of widespread issuer participation, a factor considered essential to turn an isolated technical reaction into a true lasting trend reversal.

Alongside this contrasted situation on traditional stock markets, on-chain data provides a different perspective on the available supply structure. Research firm Glassnode reveals that long-term investors are in an accumulation phase, despite the turbulence observed in ETFs.

At the same time, the supply breakdown showed that about 10.83 million bitcoins were held at a loss, versus about 9.22 million in profit. This fact demonstrates a progressive absorption of volumes by the network’s historical investors, who take advantage of the price drop to accumulate tokens even as the traditional institutional sector shows signs of uncertainty and portfolio restructuring.

Validation conditions for a true market pivot The evaluation of the long-term viability of this rebound now rests on compliance with a strict technical protocol to which analysts and allocators frequently refer. The first validation milestone requires recording three to five consecutive days of positive net inflows, ideally accompanied by an expansion of participation to other mid-sized funds.

The decisive factor will remain the ability of BlackRock’s IBIT fund to stabilize its flows and stop its negative trend, which would send a capitulation signal among the largest base of institutional holders. Without this convergence, the gains of a single day will amount to a mere statistical anomaly.

In the short and medium term, the implications of this divergence between ETF flows and on-chain accumulation require cautious monitoring of market indicators. If capital inflows do not extend to the majority of issuers and the funding rates of perpetual futures contracts spiral speculatively, this rebound could quickly be invalidated.

Conversely, the conjunction of a drop in institutional selling pressure and continued accumulation by historical wallets could lay the foundation for a solid floor for the coming months. Fund managers must therefore orchestrate their inflows in a phased manner, closely monitoring the five-day cumulative average of flows and the maintenance of low closing prices on the US market to avoid exposure to false recovery signals.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

A pseudonymous defendant has moved to dismiss a New York lawsuit seeking ownership of 39,069 dormant Bitcoin addresses, arguing that Bitcoin addresses are merely data strings that cannot be sued.

The defendant, identifying themselves as “John Doe 33,” filed a notice of appearance and motion to dismiss on Thursday, claiming they control one of the dormant wallets named in the lawsuit.

According to the motion, the lawsuit is legally defective because Bitcoin address strings are neither persons nor legal entities subject to the court's jurisdiction. The filing argues that a public Bitcoin address cannot itself be “found” under New York's lost-property law because it has always been publicly visible on the blockchain.

The filing challenges the lawsuit filed in May by plaintiff “Noah Doe” and two Wyoming-based LLCs, ABC Company and XYZ Company. The plaintiffs claim the Bitcoin tied to the listed addresses constitutes abandoned property that they reported to the New York Police Department and claimed under New York lost-property law.

Regardless of how the court rules on ownership, it remains unclear how the plaintiffs could recover any Bitcoin without possessing the private keys needed to access the wallets.

Defendant files a motion to dismiss the case seeking ownership of 39,069 Bitcoin wallets. Source: iapps.court.state.ny.us  

The complaint lists 39,069 Bitcoin addresses, including wallet addresses widely associated with Bitcoin creator Satoshi Nakamoto and the Mt. Gox hacker. The listed wallets collectively hold an estimated 3.7 million BTC (worth about $234 billion), according to Sani, founder of Bitcoin analytics platform Timechain Index.

Defendant appears to control $300 million Bitcoin walletBlockchain data suggests that “John Doe 33” controls a wallet holding 5,000 BTC received in April 2014 that has remained untouched for more than 12 years, making it worth more than $300 million at current prices, according to a Friday X post from Galaxy Digital head of research Alex Thorn.

“That's ~100x the median defendant address. This is a real holder with real standing choosing to fight, not a bystander.”

Source: Alex Thorn

Thorn added that the filing prevented what had been a “near-certain” default judgment and challenged jurisdictional and statutory defects in the plaintiffs' case.

The supply of Bitcoin has been dormant for the past five and 10 years. Source: Bitbo

There are currently 3.5 million BTC, worth about $215 billion, that have been dormant for the past 10 years and another 6.6 million coins, worth around $406 billion, that have been dormant for over five years, Bitbo data shows.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

A total of $30 million worth of Bitcoin, linked to criminal investigations involving Clifton Collins in Ireland, has once again moved on the blockchain. This unexpected development has raised questions about whether the previously seized digital assets are being prepped for sale or if the movement was simply a technical wallet transfer initiated by authorities.

Focus on Coinbase and Irish policeClifton Collins is widely known for amassing over $400 million in Bitcoin through illegal activities. However, reports stated that Collins later lost access to most of these holdings. In March 2024, the Irish national police force, An Garda Siochana, seized $30 million worth of Bitcoin from the case and transferred the funds to Coinbase for safekeeping.

Recent on-chain activity revealed that the same $30 million has been relocated once again. Blockchain analytics firms such as Arkham Intelligence and Lookonchain tracked this transaction. As of now, Irish authorities have yet to issue an official statement clarifying the intention behind the transfer.

Glossary: An Garda Siochana is the national police force of Ireland. Arkham Intelligence and Lookonchain are analytics platforms that monitor wallet movements using publicly available blockchain data.

Irish authorities have not yet provided an official rationale for the latest transaction, leaving it unclear whether the movement signals preparations for sale or merely represents a custody adjustment.

Transparency sets this case apart from traditional seizuresThe open ledger structure of Bitcoin allows these seized assets to be tracked in real-time, in stark contrast to conventional asset forfeiture processes which typically lack transparency. Public traceability of wallet activity enables both market participants and regulatory bodies to scrutinize such moves more closely than ever before.

Another key issue for the sector is the role exchanges and custodians play in holding state-controlled Bitcoin assets and facilitating potential sales. Aspects such as wallet security, authorization of transfers, and the timing of sales are likely to be critical as these processes evolve.

Market impact expected to remain limitedTechnical teams partnering with institutional investors monitor such cases not only from a legal perspective but also for possible market implications. Movements of wallets controlled by state entities could set benchmarks for future seizure and sale protocols.

According to Glassnode data, inflows from government wallets typically account for less than 0.1% of daily BTC trading volume, indicating that such transactions are unlikely to pose systemic pressure on the market.

TitleDataAmount seized in March 2024$30 million BTCMost recent transfer$30 million BTCShare of government wallet inflows in daily BTC volumeBelow 0.1%Glassnode data shows that inflows from government-controlled wallets have generally remained below 0.1% of daily BTC trading volumes.

Next steps: sale or auction might be aheadIrish authorities are expected to make an official announcement in the near future. While possibilities include a public auction or an over-the-counter sale, it remains premature to conclude that the recent movement signals an imminent sale without formal confirmation.

The case has become a focal point for ongoing discussions on how governments should handle confiscated crypto assets. While Bitcoin’s pseudonymous design remains a factor, on-chain traceability allows for detailed tracking of asset movements, contributing to broader debates over digital asset management practices by state actors.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

US-based artificial intelligence data center company Hyperscale Data has announced the addition of 67 more Bitcoin to its reserves. With this latest purchase—which took place between June 30 and July 1—the company’s total Bitcoin holdings have now increased to 849 BTC. That makes Hyperscale Data the second most prominent public company acquiring Bitcoin in July, coming just behind Metaplanet.

Headquartered in Las Vegas, Hyperscale Data has moved up to 49th place among publicly traded companies holding Bitcoin, following its most recent acquisition. With this latest purchase, the company has surpassed Ming Shing Group, Yueda Digital Holdings, and SOS Limited in listed Bitcoin reserves.

The company’s management has positioned Bitcoin as a core asset on its balance sheet. Milton Todd Ault III, Executive Chairman of the Board, stated that Hyperscale Data plans to continue steadily accumulating Bitcoin via a disciplined dollar-cost averaging approach in order to maximize long-term returns for the company.

Milton Todd Ault III emphasized that the company aims to maintain its disciplined dollar-cost averaging strategy for Bitcoin acquisitions, as this approach is expected to strengthen Hyperscale Data’s long-term potential.

As an enterprise investing in AI-focused data center infrastructure, Hyperscale Data’s latest Bitcoin purchase comes right after a separate, recently announced addition of 53.54 BTC made just two days earlier. At the time of that statement, the company’s total reserves had climbed to 780.48 BTC.

Stock performance and asset valuation debateIn its announcement dated June 30, the company revealed that the combined value of its Bitcoin, cash, restricted cash, and silver assets was approximately $106.7 million. On that date, this figure amounted to roughly 117% of Hyperscale Data’s common stock market capitalization.

Milton Todd Ault III pointed to these figures as evidence that investors currently undervalue Hyperscale Data. He argued that the market cap of the company’s common shares does not fully reflect the value of its declared assets, operations, or the significant opportunity created by a major service contract at its Michigan-based AI data center.

Milton Todd Ault III stated that the company’s market capitalization does not accurately represent its reported assets, operations, or the scale of opportunities arising from the Michigan AI data center agreement.

According to Yahoo Finance, GPUS shares are trading at $0.1529, giving Hyperscale Data a market capitalization of $53.212 million. The company recently signed a computing power agreement with a California-based neocloud provider. Management projects this contract could generate up to $1.2 billion in revenue.

On the same day, Metaplanet also announced it had acquired 2,823 BTC as of July 1. This brought Metaplanet’s total Bitcoin holdings to 43,000 BTC, propelling the company to third place among public firms with the largest Bitcoin reserves—surpassing MARA Holdings.

Data from Bitcoin Treasuries shows that total Bitcoin held by public companies now stands at 1.268 million BTC, representing a 0.6% increase over the last 30 days. Despite this rise in holdings, the price of Bitcoin fell more than 10% in the same period. At a price of $61,809, the total value of public companies’ Bitcoin reserves stands at approximately $78.4 billion.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

While price action has long dominated the cryptocurrency market, attention in 2026 is steadily shifting toward the technical foundations of blockchain networks. With Ethereum, Solana and Avalanche preparing for some of their most ambitious protocol upgrades to date, Coinbase’s layer-2 network Base activated its Beryl hard fork just last Friday. In contrast, Bitcoin developers remain deadlocked over several contentious proposals and have yet to reach consensus.

Focus shifts from speed to resilienceTim Sun, a senior researcher at Hong Kong-based asset manager HashKey Group, explained that previous protocol upgrades have typically prioritized adding new features, speeding up transactions and boosting capacity. However, Sun observed that by 2026, the industry’s priorities are tilting towards more predictable governance, greater reliability and the development of robust, enterprise-scale infrastructure to support widespread financial use cases.

Tim Sun stresses that, looking ahead to 2026, simply adding more features is no longer the main concern; instead, reliability and institution-grade infrastructure are taking center stage.

Spotlight on Ethereum’s Glamsterdam upgradeAmong Ethereum’s key roadmap milestones, the Glamsterdam upgrade stands out as one of this year’s most pivotal steps. Currently being tested on developer networks, it is expected to roll out to the mainnet in the second half of 2026. Planned changes include improved scalability, reinforcement of the layer-1 base, and a streamlined user experience aimed at simplifying network usage.

Sun noted that the upgrade could enable higher transaction throughput, expand data capacity, and reduce database bloat. The overarching goal is to make Ethereum a more favorable environment for stablecoin settlements and on-chain use of real-world assets.

Holly Atkinson, chief product and technology officer at 1inch, described Glamsterdam as Ethereum’s most significant upgrade since The Merge in September 2022. One highlight is ePBS—short for enshrined proposer builder separation—a structure aimed at making block creation and proposal processes more transparent. However, RuleSpark founder Pavan Kaur cautioned that while this step might help, it will not eradicate maximal extractable value (MEV) issues altogether, as some harmful practices may simply adapt and persist in new forms.

Mini glossary: ePBS stands for enshrined proposer builder separation. It aims to clarify the distinction within the protocol between validators who propose blocks and entities that build their content, with the objective of minimizing concentration in transaction sequencing.

Solana and Base aim for lightning-fast confirmationsOn the Solana front, the Alpenglow upgrade is the year’s most significant development. After receiving strong backing in governance votes in September 2025, Alpenglow is still under development and slated for release in the latter half of 2026 alongside the Agave 4.1 validator client. This system will replace the current TowerBFT mechanism with an innovative voting component named Votor.

One of the most concrete impacts is a dramatic reduction in transaction finality time. The goal is to bring finality down to between 100 and 150 milliseconds under optimal network conditions, compared to the present average of approximately 12.8 seconds. The upgrade also targets reducing network load by removing on-chain voting operations, ultimately improving validator communication efficiency.

NetworkUpgradeKey objectiveEthereumGlamsterdamScalability and stronger layer 1SolanaAlpenglowCut finality time to 100–150 msBaseBerylReduce withdrawal time from 7 to 5 daysAvalanchePost-Etna L1 modelLower custom chain setup cost by over 99%Elsewhere, Base deployed its Beryl hard fork following a brief sequencer outage that paused block production for about two hours due to an invalid block. Jesse Pollak, one of Base’s co-founders, emphasized that users’ assets remained unaffected by the disruption, but acknowledged the downtime was unacceptable and added that lessons learned will help reinforce Base as a round-the-clock global financial platform.

Jesse Pollak underscores that user funds were secure during the incident, but says Base recognizes the network pause was not acceptable and is using this experience to guide technical improvements.

According to Base documentation, the Beryl hard fork introduces the B20 native token standard, shortens withdrawal finality from seven days to five, and implements the Reth V2 integration. These updates are expected to decrease node storage requirements and enhance execution efficiency.

Avalanche goes institutional, Bitcoin debates persistOn Avalanche, there is less focus on a single named hard fork and more on sweeping changes to attract enterprise users and boost performance. According to Sun, the Etna hard fork replaced the legacy subnet model with a system of sovereign Avalanche L1 chains, slashing the startup cost for launching a private blockchain by over 99%. He also highlighted that Progmat, which he says represents about 63% of Japan’s security token market, recently moved more than $2 billion in tokenized assets to a dedicated Avalanche L1 chain.

Bitcoin, meanwhile, stands apart from rival networks. Its main challenges in 2026 are not scheduled upgrades but debates over whether to make the protocol more programmable or to strengthen it against quantum computing threats. Proposals like OP_CAT, CTV and Lightning-focused LNHANCE—each associated with covenants and programmability—remain under discussion but lack an agreed activation path. Proposals such as BIP 360 and similar efforts to ease the shift to quantum-resistant spending methods are also still on the table without a clear consensus.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Metaplanet, Japan’s most prominent publicly traded Bitcoin treasury company, pulled in $10.75 million in revenue from its Bitcoin income business during the second quarter of fiscal year 2026. That figure, announced on July 2, lands right in line with the company’s own forecast of roughly $11 million.

The Bitcoin income operation now represents the core of Metaplanet’s entire revenue engine. The Bitcoin income business launched in Q4 2024.

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How Metaplanet actually makes money from Bitcoin Metaplanet generates revenue primarily through premiums collected from cash-secured Bitcoin options. The company sells options contracts on its Bitcoin holdings, collecting fees (premiums) from buyers regardless of whether those contracts are exercised.

This strategy drove 95% of the company’s revenue growth in FY2025, according to the company’s disclosures.

The bigger picture: full-year guidance and Bitcoin ambitions Metaplanet’s guidance for the full fiscal year 2026 projects total revenue of approximately 16 billion yen, which translates to roughly $103 to $104 million. Operating profit is expected to land around 11.4 billion yen, or about $73 to $74 million. The vast majority of that revenue is expected to come from the Bitcoin income segment.

As of March 31, 2026, Metaplanet held 40,177 BTC on its balance sheet. The company has publicly stated its goal of holding more than 100,000 BTC by the end of 2026 and is targeting 210,000 BTC by the end of 2027. 210,000 BTC represents 1% of Bitcoin’s total fixed supply of 21 million coins.

Diversifying beyond options premiums In June 2026, the company acquired Siiibo Securities for approximately 2.1 billion yen, or about $13 million. The acquisition is designed to let Metaplanet offer Bitcoin-linked yield products to a broader investor base.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

For years, Strategy Inc. traded at a hefty premium to its Bitcoin stash. Investors were willing to pay more than the underlying crypto was worth just for the privilege of exposure through a publicly traded stock. That era appears to be over.

Bloomberg reports that Strategy’s enterprise multiple to net asset value, known as mNAV, has fallen below 1x. In English: the company’s total enterprise value is now less than the market value of the Bitcoin sitting on its balance sheet. As of late June 2026, Strategy’s enterprise value sat at roughly $50.4 billion, while its 847,363 Bitcoin were worth approximately $51.1 billion.

From premium darling to discount bin The stock, which once traded near $540 in November 2024, has cratered to around $82. That’s an 85% decline from its peak.

Bitcoin’s own trajectory tells much of the story. After surging past $126,000 during the 2025 rally, the largest cryptocurrency has retreated to approximately $60,000. Strategy, which has staked its entire corporate identity on accumulating Bitcoin, absorbed every bit of that decline and then some.

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The company, which rebranded from MicroStrategy in February 2025 to better reflect its Bitcoin-centric mission, essentially operates as a leveraged Bitcoin vehicle. Because investors valued Strategy stock above the Bitcoin it held, the company could issue new shares at inflated prices and use the proceeds to buy more Bitcoin. Each share issuance was accretive, meaning existing shareholders got more Bitcoin exposure per dollar invested.

$10 billion in unrealized losses and a shrinking playbook With Bitcoin trading near $60,000, Strategy is now sitting on more than $10 billion in unrealized losses based on the average acquisition cost of its holdings.

The vanishing premium has also killed the equity issuance strategy that fueled the company’s buying spree. To adapt, Strategy has reportedly pivoted toward alternative capital strategies. The company’s playbook now includes debt mechanisms and preferred stock instruments, with plans that could involve up to $1.25 billion in either Bitcoin buybacks or sales. A company that built its brand on never selling Bitcoin is now keeping the option on the table.

Strategy’s balance sheet features a mix of convertible notes, preferred stock offerings, and traditional debt, all layered on top of a single underlying asset.

What this means for investors The mNAV falling below 1x fundamentally changes the investment thesis for Strategy stock. What remains is a stock that gives you slightly less than one dollar of Bitcoin for every dollar you invest, plus corporate debt and preferred stock obligations sitting on top.

Spot Bitcoin ETFs now offer investors direct Bitcoin exposure without the corporate overhead, debt obligations, or management risk that come with owning Strategy stock. When Strategy traded at a premium, it offered something ETFs couldn’t: leveraged upside. At a discount, the value proposition gets murkier.

Investors watching this space should pay close attention to whether Strategy actually executes any Bitcoin sales from that $1.25 billion authorization. The company still holds 847,363 Bitcoin, making it by far the largest corporate holder of the asset.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

K Wave Media had a Bitcoin strategy. Then it didn’t. On May 6, 2026, the Nasdaq-listed K-Pop and entertainment company sold its entire Bitcoin holdings for $64.2 million, closing the book on a treasury experiment that lasted less than a year.

The company used proceeds from the sale to repay debt, completing a strategic reversal that left KWM holding zero Bitcoin and a very different roadmap than the one it pitched to investors in 2025.

From $1 billion Bitcoin bet to zero Less than a year ago, K Wave Media looked like it was building a serious crypto treasury operation. In 2025, the company secured $1 billion in capital capacity through two separate financing agreements: a $500 million SPA with Anson Funds and a $500 million SEPA with Bitcoin Strategic Reserve.

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The terms were explicit. Eighty percent of net proceeds from certain instruments were designated specifically for Bitcoin purchases. The company followed through, acquiring 88 BTC in July 2025 as the foundation of that strategy.

Then the pivot happened. On May 4, 2026, KWM announced it would redirect up to $485 million of its remaining financing capacity toward artificial intelligence infrastructure initiatives. Two days later, the Bitcoin was gone.

The company also sold its main subsidiary, Play Co., a move designed to eliminate roughly $48 million in debt and liabilities, pending shareholder approval. In a matter of days, KWM went from crypto treasury company to AI infrastructure play.

The market reaction was not subtle Investors who bought into KWM for its Bitcoin exposure were not given much warning. Shares dropped 24% on the day the strategic pivot was announced.

KWM is incorporated in the Cayman Islands and trades on Nasdaq under the ticker KWM. The company’s core business has historically centered on K-Pop content and entertainment.

What this means for corporate Bitcoin holders KWM’s exit is a useful case study in the gap between a company announcing a Bitcoin strategy and actually committing to one. MicroStrategy, now rebranded as Strategy, has held Bitcoin through multiple severe drawdowns and built its entire corporate identity around the position.

The K Wave situation illustrates a specific risk that applies to smaller companies mimicking the treasury playbook: the financing structures used to accumulate Bitcoin often come with conditions, counterparties, and redemption mechanics that can make the position less permanent than it looks from the outside.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Winklevoss Twins are moving Bitcoin (BTC) and Ethereum (ETH) to Gemini crypto exchange, blockchain analytics firm Arkham Intelligence flagged the transfers as selloffs by Cameron and Tyler Winklevoss. Meanwhile, BTC and ETH prices continue to remain under pressure.

Winklevoss Twins Are Dumping Bitcoin and Ethereum to Gemini Arkham Intelligence reported on July 1 that the Winklevoss Twins transferred $60 million in Bitcoin (BTC) to hot wallets associated with their Gemini crypto exchange. The blockchain analytics firm claimed that the move signals usual selling patterns.

The Winklevoss Twins have made about $1.7 billion in total Bitcoin profit since 2015. They still hold over $300 million in BTC.

In addition, they moved $7 million in Ethereum (ETH) to Gemini hot wallets from custody. These transfers come amid recent weakness in the broader crypto market. Also, it coincided with a significant drop in odds of the Clarity Act passing this year after President Trump disclosed $1.4 billion in crypto windfall.

Cameron and Tyler Winklevoss last transferred Bitcoin worth $67.5 million to hot wallets associated with their Gemini crypto exchange in June. They also transferred $130 million in March this year.

Winklevoss Twins Move Bitcoin and Ethereum to Gemini. Source: Arkham BTC and ETH Prices to Fall Deeper? Citigroup further lowered its 12-month price forecasts for Bitcoin and Ethereum. Citigroup cut Bitcoin price target from $112,000 to $82,000 and Ethereum price target from $3,175 to $2,240.

Bitcoin price tanked to a low of $57,747 over the past 24 hours and is currently trading near $58,600. Furthermore, trading volume has increased by 9% over the last 24 hours, but $4.5 billion in net outflows from Bitcoin ETFs in June kept investors at bay.

Analyst Ted Pillows said “Sellers are still dominating, while Coinbase Bitcoin Premium is at its lowest level this cycle.” If Bitcoin loses the $57,000-$58,000 zone, the price could drop deeper towards $50K.

Bitcoin Price in Daily Timeframe. Source: Ted Pillows Meanwhile, Ethereum price is trading 1% lower at $1,572. The intraday low and high are 1,549 and 1,600, respectively, with a further drop in trading volume over the past 24 hours.

Analyst Cheds Trading pointed out that Ethereum has made its lowest monthly close since 2023. Also, the monthly chart has formed Red Marubozu pattern, indicating bearish continuation.

Ethereum Monthly Price Chart. Source: Cheds Trading If you’re looking to buy the dip in the crypto market across both centralized and decentralized lending models, check out our Best Crypto Loan Platforms of 2026 recommendations list.

US-listed Bitcoin (BTC) exchange-traded funds (ETFs) recorded $4.5 billion in net outflows during June 2026. This was the worst monthly figure since the products launched in January 2024.

The redemptions coincided with a sharp price decline. Bitcoin fell 20.48% over the month, its steepest monthly drop since June 2022, when the asset shed 37.28% during that cycle’s collapse.

IBIT Leads the Institutional RetreatJune’s outflows broke the previous monthly record of $3.56 billion, set in February 2025 during an earlier stretch of market stress.

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Bitcoin ETF Monthly Flows. Source: SoSoValueBlackRock’s iShares Bitcoin Trust (IBIT) accounted for the bulk of the outflows. The fund alone shed $3.55 billion, close to 79% of the category’s total redemptions.

That concentration is striking. IBIT’s single-fund outflow nearly matched the entire category’s prior monthly record on its own.

The price data reinforces the pressure. Bitcoin closed four of 2026’s first six months in negative territory, with June’s 20.48% decline the deepest of the year.

How Crypto ETFs Performed in June 2026The weakness extended beyond Bitcoin, though the scale varied across categories. Ethereum (ETH) ETFs posted $528.99 million in June outflows, SoSoValue data showed.

Solana (SOL) ETFs recorded net outflows of roughly $786,580. The figure is small, but it marks the first monthly outflow for Solana ETFs since their launch, ending a run of positive months.

Top Crypto ETFs Performance in June. Source: BeInCryptoNot every category turned negative. XRP (XRP) ETFs drew $59.46 million in net inflows during June, holding positive despite the broader downturn.

Hyperliquid (HYPE) ETFs led the group with $161.05 million in inflows, the strongest June showing across the products.

The split suggests capital rotated within crypto rather than exiting entirely. Newer altcoin products absorbed fresh money even as the two largest categories saw sustained redemptions.

Whether that rotation hardens will depend on how Bitcoin trades in July, since a price rebound could pull capital back toward the incumbents.

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Taiwan’s legislature has enacted a new law establishing comprehensive regulations for crypto platforms and stablecoin issuers, marking a significant shift from the previous anti-money laundering registration system. The legislation introduces a formal licensing regime for virtual asset service providers (VASPs) and mandates that stablecoin issuers maintain full reserve backing in domestic financial institutions. The move aligns Taiwan with regional trends towards enhanced oversight of digital assets and indicates a major step into the regulated crypto era. This development is viewed by market participants as a potential boost for Bitcoin and Ethereum, given the positive regulatory clarity in a key Asian market.

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Key Takeaways Taiwan’s regulatory move appears to provide a boost to Bitcoin’s prospects, with market pricing indicating increased confidence in achieving higher price targets. The regulatory clarity in Taiwan suggests a potential increase in institutional interest in cryptocurrencies, which could positively impact future price predictions. Market activity reflects a supportive stance towards Ethereum’s market sentiment, albeit with less direct impact compared to Bitcoin. What to Watch Observers should monitor how the new regulations influence institutional behavior towards Bitcoin and Ethereum in Taiwan. The timeline for existing VASPs to obtain full licenses and achieve regulatory approval could be a key indicator of market adaptation. Further developments in regional regulatory stances may continue to shape market dynamics and influence investor confidence in digital assets.

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When Will Bitcoin Hit 150k

Contract Odds Δ since publish Volume 24h June 30, 2026 0.1% — — View market → December 31, 2026 4.2% — — View market → What Price Will Bitcoin Hit Before 2027

Contract Odds Δ since publish Volume 24h December 31 1.8% — — View market → December 31 2.1% — — View market → December 31 4.7% — — View market → December 31 5.5% — — View market → December 31 6.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 46% — — View market → January 1 2027 8.5% — — View market → January 1 2027 1.7% — — View market → January 1 2027 2.5% — — View market → January 1 2027 4.3% — — View market → January 1 2027 5.5% — — View market → January 1 2027 7.5% — — View market → January 1 2027 82.5% — — View market → January 1 2027 16.5% — — View market → January 1 2027 1.4% — — View market → January 1 2027 4% — — View market → January 1 2027 64.5% — — View market → January 1 2027 29.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 4% — — View market → January 1 2027 2.9% — — View market → January 1 2027 1.4% — — View market → January 1 2027 1.1% — — View market → January 1 2027 15.5% — — View market → January 1 2027 18.5% — — View market → ⚡ Also Impacted by This Story

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