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Monday was extremely painful for the BTC funds, but the rest of the week managed to offset the losses.

After a violent eight-week streak with nothing but substantial withdrawals, the spot Bitcoin ETFs changed their course in the middle of July and now extended their recovery period with another green performance.

However, the funds tracking the largest altcoin managed to beat the market leader in terms of weekly net inflows.

BTC ETF Green Wave Endures Perhaps due to the rising tension in the Middle East over the previous weekend, Monday began with a massive $424.66 million net outflow from the spot BTC ETFs. This was the single-largest withdrawal since June 26. Thus, the good news from the previous week started to look like a fluke that cannot be repeated.

However, investors’ behavior changed in the following four days, and fresh capital started to flow in. Data from SoSoValue shows that $181 million entered the funds on Tuesday, another $107.8 million on Wednesday, $79.15 million on Thursday, and $132.30 million on Friday. As such, the weekend ended in the green, with net inflows of $75.67 million.

Nevertheless, these numbers are nowhere near the mass exodus experienced from the middle of May and the beginning of July. In five out of these eight weeks, investors pulled out $1 billion or more, with the week that ended on June 26 registering the second-highest net outflows of $1.79 billion. Overall, the funds lost more than $8 billion in approximately two months.

The cumulative total net inflows dumped from $59.34 billion to $51.08 billion before they recovered some ground to $51.35 billion as of July 17.

Spot Bitcoin ETFs Net Flows. Source: SoSoValue ETH Funds Do Even Better While the financial vehicles tracking BTC attracted just over $75 million last week, those following the largest altcoin did even better. The spot Ethereum ETFs gained $105.44 million, building on the previous week’s $84.42 million.

You may also like: The ETF Battle Between Gold and Bitcoin: Is BTC Really Losing? Bitcoin Nears Final Stage of Bear Market Window – Is a Broader Recovery in Sight? Bitcoin Records Worst June in Four Years – Is a Cyclical Bottom in Play? Monday was also in the red, but in a more modest manner. Investors took out $15.41 million. Thursday saw $28.04 million in net outflows, but the $58.34 million on Tuesday, $53.83 million on Wednesday, and $36.73 million on Friday offset all the losses.

Similar to the BTC ETFs, the Ethereum counterparts were on an eight-week red streak, in which they lost well over $1.1 billion in cumulative total net inflows, going from $12.09 billion to $10.89 billion. However, the figure has risen to $11.08 billion after the two consecutive weeks in the green in mid-July.

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USDT must qualify as a foreign issuer before July 18, 2028, to retain access across U.S.-based exchanges. Tether may need OCC registration, U.S. oversight, examinations, and compliance with asset-freeze orders. Proposed reserve rules could separate U.S.-backing assets from Tether’s gold, Bitcoin, and other holdings. USA₮ gives Tether a regulated U.S. route, but it does not automatically preserve USDT exchange listings. Tether’s USDT is approaching a regulatory deadline that could determine whether American exchanges may continue offering the stablecoin after July 18, 2028. The GENIUS Act does not impose an automatic prohibition, but it creates a three-year transition for payment stablecoins serving United States customers.

USDT Faces 2028 Compliance Deadline for Continued U.S. Exchange Access

According to CoinDesk, Tether and other foreign stablecoin issuers may have until July 2028 to meet GENIUS Act requirements or risk becoming ineligible for listing on U.S. centralized exchanges. Compliance… pic.twitter.com/tnWsojH3lP

— Wu Blockchain (@WuBlockchain) July 19, 2026

After that date, domestic digital asset providers may offer only tokens issued by approved American companies or qualifying foreign issuers. As of July 19, 2026, several essential regulations remained unfinished, leaving the compliance route incomplete despite the approaching deadline. The unfinished rulebook remains central to how exchanges assess access and compliance before the transition ends.

Foreign Issuer Approval Defines USDT’s 2028 Access Test To preserve USDT access through American platforms after the transition, Tether must qualify under the law’s foreign issuer framework. That process requires more than maintaining sufficient assets behind the token.

The issuer must demonstrate the technical ability and formal commitment to follow lawful United States orders, including freezes and asset seizures. Treasury must also recognize Tether’s home jurisdiction as operating a stablecoin regime comparable to the American system.

Tether would then register with the Office of the Comptroller of the Currency and consent to United States legal jurisdiction. That registration would introduce reporting requirements, regulatory examinations, ongoing supervision, and closer scrutiny of reserves linked to American customers.

In addition, the OCC’s March proposal sets out another operational condition. A qualifying foreign issuer would generally need to maintain sufficient reserves at United States financial institutions to meet local liquidity demands.

However, a Treasury-approved reciprocal arrangement could permit a different structure. Even so, the final rules will determine whether that alternative is available and how regulators assess foreign-held reserves.

Reserve Rules Could Reshape Tether’s U.S. Compliance Path Meanwhile, Tether reported about $183 billion in token-related liabilities at the end of March 2026. In addition, the company disclosed an $8.23 billion excess reserve buffer.

Its holdings included roughly $20 billion in physical gold and $7 billion in Bitcoin. Although those assets strengthened Tether’s overall coverage, they did not fall within the proposed reserve categories for supervised payment stablecoins.

Under the OCC proposal, qualifying reserves would generally include cash, demand deposits, short-term Treasury securities, overnight repurchase agreements, and eligible government money-market funds. Treasury securities would also need no more than 93 days remaining until maturity.

As a result, Tether may need to separate reserves supporting American activity from its gold, Bitcoin, and other nonqualifying assets. However, the company would not necessarily need to sell every holding that falls outside the proposed categories.

Instead, those assets could remain outside the required one-to-one reserve pool or continue operating as excess corporate assets. Ultimately, final regulations will determine how issuers must calculate, locate, and disclose reserves backing tokens held by United States customers.

Meanwhile, Tether has already established a separate domestic route. In January 2026, it launched USA₮ through Anchorage Digital Bank as a federally regulated, dollar-backed stablecoin.

That structure provides the company with a product designed for the GENIUS Act framework. Nevertheless, the launch of USA₮ does not automatically preserve USDT listings on American exchanges.

Platforms would still need assurance that USDT’s foreign issuer satisfies every final legal condition before the 2028 cutoff. With major rules still at the proposal stage, Tether has about two years to register, adjust its reserve structure, expand USA₮, or combine those approaches.

Pi Network price rose 10% to $0.0889 in 24 hours, extending its recovery. The wider cryptocurrency market gained 0.73%, lifting its valuation to $2.21 trillion. Despite the rebound, Pi remains below its record high near $3. 

The market value has fallen from almost $20 billion to about $918 million. The traders are monitoring the capability of the following network upgrade to provide a price recovery.

Protocol v25 Upgrade Arrives on July 22 Pi Network is preparing to complete its Protocol v25 upgrade on July 22. Its development is based on replacing Protocol v19 with more recent network standards. The upgrade, according to the developers, will enhance stability, reliability, and smart contract performance in the ecosystem.

Protocol v25 will probably bring privacy-conscious smart contract functionality. These enhancements would enhance the development of applications besides enhancing data protection to users. The upgrade would be able to facilitate more effective blockchain operation on the mobile-first network of Pi.

The project can subsequently proceed to Protocol v26, which has already been developed by Stellar. 

On July 22, Pi is scheduled to upgrade to Protocol v25, which primarily focuses on improving network stability and reliability, and supports new capabilities for more efficient, privacy-preserving smart contracts.

Go to the Pi mining app to learn more! pic.twitter.com/Btg8aEFAFh

— Pi Network (@PiCoreTeam) July 15, 2026

In May, Stellar underwent an upgrade and introduced the functionality to manage compromised ledger entries. That mechanism enables validators to freeze the identified ledger keys in case of security violations.

Crypto Market Recovery Supports Pi Network Rebound The recovery of Pi Coin price has occurred in tandem with the escalating fortunes of the cryptocurrency market in general. The Bitcoin price hovered at $64,000, and the Ethereum price traded above $1,870. XRP price was also around $1.10, with major assets showing stable trading.

The better market environment enabled Pi to stabilize following several months of huge losses. Recently its price was hovering around $0.083 and then climbing towards $0.0889. Buyers can aim at a further upswing should there be favorable market momentum.

Pi Network Price Targets $0.10 After Bullish Recovery As of the reporting, the Pi coin soared to $0.0890, gaining 10% during the latest four-hour session. The recovery was a sharp rebound after the support was received around $0.080 with buyers controlling again. 

Pi coin price now tests the $0.090 resistance zone, which may determine the next short-term direction.

The MACD remains bullish, with the signal lines rising above the zero level. Green histogram bars are also characterized by the strengthening momentum over the recent progress. The Chaikin Money Flow is 0.16, which shows an increase in capital inflows and a better buying force.

Source: Tradingview A confirmed break above $0.090 could expose the $0.10 resistance level. Additional strength could push the recovery to $0.110, provided volume grows. 

Nonetheless, rejection around $0.090 might spur a retest of $0.080 support. A close under that would erode the set up and reveal $0.075.

Bitcoin continues to recover from its June capitulation but remains trapped beneath a major resistance cluster. Although buyers have managed to defend higher lows on the lower timeframe, the market is still approaching a critical confluence that could determine whether the recovery extends or transitions into another rejection.

BTC Price Analysis: The Daily Chart On the daily timeframe, BTC continues to trade below the 100-day and 200-day moving averages, keeping the broader trend tilted to the downside.

The asset is now approaching the $65K-$66.5K supply zone, which also coincides with the descending long-term trendline. This confluence has capped every recovery attempt since the sharp breakdown in early June, making it the key barrier that bulls must reclaim to shift the higher-timeframe structure.

A successful breakout above this region would expose the next resistance between $72K and $74K. However, another rejection from the current supply zone would likely trigger a corrective move toward the $58K-$60K support area, which now represents the most important demand zone on the daily chart.

BTC/USDT 4-Hour Chart The 4-hour chart shows Bitcoin consolidating within a rising channel after establishing a series of higher lows throughout July.

BTC is once again testing the upper boundary of the channel while simultaneously approaching the higher-timeframe supply zone around $65K-$66.5K. This creates a significant confluence of resistance, suggesting that bullish momentum is entering an important decision area.

As long as Bitcoin remains above the $61K-$62K support zone, buyers maintain a short-term advantage and another attempt to break the overhead resistance remains likely.

However, failure to overcome the confluence of the channel resistance, descending trendline, and supply zone could result in another pullback toward the $58K-$60K demand region. Since this price action pattern typically hints at a potential decline, Bitcoin is poised for another bearish leg, testing the lower demand zones.

Sentiment Analysis The Realized Price UTXO Age Bands indicate that the realized prices of the 1-3 month and 3-6 month holder cohorts have converged near the current market structure, both sitting around the low $70K area.

Historically, the convergence of these younger holder cost bases often reflects a period of market transition, as recently accumulated coins begin to change hands at similar prices. At present, both realized price levels remain well above Bitcoin’s spot price, implying that these cohorts are still holding unrealized losses.

This reinforces the technical picture. While Bitcoin has recovered from its June lows, it remains below the realized cost basis of recent investors, suggesting that sentiment has not fully shifted back in favor of sustained accumulation.

A recovery above these realized price levels would strengthen the case for a broader trend reversal, whereas continued rejection below them would support the view that the current advance is still a relief rally within the broader bearish structure.

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Bitcoin

19 July 2026 | 17:33 Bitcoin’s rebound has reduced the losses carried by active on-chain traders, but the broader ownership data still stops short of confirming a trend reversal.

Key Takeaways Bitcoin’s on-chain trader loss margin has improved to -11%, returning to the neutral range used in the analysis. The realized prices of 1-3 month and 3-6 month holders have converged in the low-$70,000 area. Old whales realized approximately $297.3 million in losses on July 14, their second-largest daily loss event since September 2025. The reset becomes more convincing only if BTC absorbs the released supply and reclaims recent-holder cost bases. Different datasets describe different parts of the same adjustment. Recent investors have lowered their collective cost basis as coins changed hands during the decline. Older whales have started realizing unusually large losses, showing that the pressure has moved beyond the market’s newest participants. Bitcoin, however, remains below the price at which two important recent-holder groups would return to break-even.

The result is an on-chain structure that looks less damaged than it did at the June lows, but one that still needs demand to prove that the released supply has found durable buyers.

Recent Holders Have Repriced Lower but Remain Underwater CryptoQuant analyst reported that Bitcoin’s On-Chain Trader Profit/Loss Margin had recovered to -11%. The analyst classified the reading as neutral after it moved back inside the -12% boundary separating the bearish zone in this model.

Bitcoin on-chain trader realized price and profit/loss margin. A smaller loss margin can reflect a price recovery, but it can also develop when coins purchased or last moved at higher levels are sold and transferred again at lower prices. That second process reduces the realized price of the active cohort even without a complete market recovery.

ShayanMarkets found the same adjustment in the Realized Price UTXO Age Bands. Realized price values a group’s coins according to the market price when they last moved on-chain, making it a useful proxy for the cohort’s average cost basis rather than a record of every investor’s exact purchase price.

Bitcoin realized price by UTXO age bands. The realized prices of the 1–3 month and 3–6 month groups have converged in the low-$70,000 area. Continued trading during the downturn gradually pulled both readings lower, even though the cohorts entered the market at different stages.

These two analyses should not be treated as independent bullish confirmations. Both are capturing the same repricing among relatively recent holders: losses have been realized, coins have moved at lower values and the market’s collective break-even level has declined.

That adjustment reduces the distance Bitcoin must recover before recent investors return to profit. It also concentrates potential selling in the same area. Holders who endured the decline may use a rebound toward the low-$70,000s to exit near break-even, turning the shared realized price into an on-chain resistance zone.

Old Whales Are Now Participating in the Loss-Taking The third analysis shows that the stress has reached a more established part of Bitcoin’s holder base.

According to CryptoQuant analyst Moreno, old whales realized approximately $297.3 million in losses on July 14, when Bitcoin traded near $65,000. It was the second-largest daily negative reading for this cohort since September 2025.

BTC whale profit-taking activity chart / Source: CryptoQuant, Moreno. The only larger event occurred on January 20, when old-whale losses reached roughly $334.3 million with BTC near $88,300. That earlier event came before another severe stage of the downturn, so the size of the latest loss cannot be treated as evidence that capitulation has ended.

Older whales generally have greater capacity to withstand volatility than recent entrants. Their decision to move coins at a loss indicates that the drawdown has lasted long enough, or reached far enough, to force some mature holders to reassess their exposure.

They are not responsible for most of the capitulation. New whales, recently active whales and the 10,000-BTC balance cohort have recorded substantially larger losses at several points in the decline. The July 14 event shows that old whales have joined the process, while newer and more reactive capital continues to generate the heavier pressure.

Old whale Bitcoin profit-taking analysis. The Three Signals Describe an Ownership Reset The sequence across the datasets is more informative than any individual reading.

Active traders have already realized enough losses to pull their cost basis lower. Two recent-holder groups now share a similar break-even level, while some older whales are only beginning to accept losses of unusual size.

Coins are therefore being transferred from holders with higher reference prices to buyers receiving them closer to the current market. That can create a healthier base because the new owners need a smaller recovery to return to profit and may be less likely to sell after a modest bounce.

The data cannot identify those buyers or establish that they have stronger conviction. Realized losses confirm that ownership is changing; price must show whether the incoming demand can absorb the supply without another breakdown.

What Would Turn the Reset Into a Reversal? Three developments would provide stronger confirmation:

Whale losses begin to fade: The market should absorb the July 14 event without a cluster of larger losses from old or recently active whales. Bitcoin holds while supply changes hands: Avoiding new lows during continued loss realization would indicate that buyers are taking the released coins without requiring progressively lower prices. BTC reclaims the low-$70,000 area: A move above the converged 1-3 month and 3-6 month realized prices, followed by a successful retest, would show that recent-holder selling has been absorbed. Reclaiming the on-chain trader realized price would also return that cohort’s profit/loss margin above zero, shifting active traders from an aggregate loss into profit.

The bearish interpretation remains valid if large whale-loss events continue to cluster, BTC establishes new lows or another rebound fails below the recent-holder cost bases. Under those conditions, the lower realized prices would reflect ongoing capitulation rather than the foundation of a sustained recovery.

Bitcoin’s ownership structure is adjusting, but the market has not completed the final step. Losses have been realized and cost bases have moved lower; demand must now carry price through the low-$70,000 supply zone.

Even a move above the low-$70,000 area would not fully confirm a trend reversal on its own. Bitcoin would also need to hold above the recent-holder cost bases, absorb renewed selling and avoid a quick return below them. Until those conditions are met, the data supports an on-chain reset, not a reversal.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice.

Author

Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Strategy founder Michael Saylor posted a fresh chart of the company's crypto reserves on social media with the brief caption, "What's next?" — a teaser that immediately sparked discussion about the next steps of the world's largest corporate Bitcoin holder. 

The situation is particularly intriguing because the company, which built its reputation on aggressive Bitcoin purchases, is now in a vulnerable position measured in billions of dollars in losses.

Billions in the red versus a fiat cushion: Strategy's capital scenariosAccording to the latest data from Strategy Tracker, the company holds 843,775 BTC on its balance sheet — an enormous 4% of Bitcoin's total global supply. The portfolio is worth $54.28 billion, but due to the high average purchase price of $75,653, the position is now sitting on an unrealized loss of nearly 15%, or around $5 billion, with Bitcoin currently trading near $64,000.

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Saylor's question about "what comes next" has divided the expert community into two camps, with the more optimistic side of the market predictably interpreting the post as an announcement of another buy-the-dip purchase financed through new debt. Investors are now awaiting the opening of trading on Monday and fresh SEC filings.

On the other hand, management's recent actions differ from the familiar "buy and never sell" slogan. Strategy has made no new purchases since June 22 and recently broke its own taboo by selling 3,588 BTC, with the latest transaction involving 2,225 BTC on July 6, used to pay dividends to shareholders and build a $2.55 billion reserve.

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Saylor's teaser appeared at a turning point, as the company is forced to balance its status as Wall Street's leading Bitcoin bull with the strict necessity of servicing its obligations during a market downturn.

Whether the next step will mark a return to aggressive purchases or a continuation of cautious maneuvering supported by a fiat safety cushion will become clear in the coming reporting days.

Michael Saylor, the man whose company holds more Bitcoin than some small nations hold in gold reserves, has a message for anyone trying to tidy up the blockchain: don’t.

The Strategy executive chairman published a lengthy essay and social media thread on July 18-19 laying out what he calls “110 reasons” against BIP-110, a proposed temporary soft fork designed to restrict the embedding of large non-financial data in Bitcoin transactions.

What BIP-110 actually proposes BIP-110, formally titled the “Reduced Data Temporary Softfork,” would introduce several technical constraints aimed at curbing what its supporters consider blockchain spam. The proposal would cap outputs at 34 bytes and restore an 83-byte limit on OP_RETURN outputs, effectively invalidating data strings over 256 bytes that protocols like Ordinals have been using to embed images, text, and other non-monetary content directly onto Bitcoin.

The soft fork is designed to be temporary, lasting roughly one year before the community would evaluate whether to continue it. Activation would require approximately 55% miner signaling, a threshold that sounds modest but has proven difficult to reach.

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Miner support has been notably low. Miners collect fees from all transactions, including the data-heavy ones BIP-110 would restrict.

Saylor’s case against consensus tinkering Saylor’s argument centers on Bitcoin’s neutrality. The network processes transactions without judging their content, and Saylor argues that introducing content-based restrictions, even temporary ones, sets a dangerous precedent. Once you establish that consensus rules can be altered to filter certain transaction types, the door opens to future modifications that could be far more consequential.

He also flagged that BIP-110 could stall innovation pathways like BitVM-style contracting, which relies on flexible data embedding to enable more complex operations on Bitcoin.

Strategy holds hundreds of thousands of BTC and has built its entire corporate identity around Bitcoin as digital capital.

The 2026 spam wars and echoes of history The BIP-110 debate is the latest front in what the community has started calling the “spam wars” of 2026, a period of intensifying conflict over whether Bitcoin should remain a narrow monetary network or accommodate broader data uses.

The parallels to the Blocksize Wars of 2015-2017 are hard to miss. Back then, the community fractured over whether to increase Bitcoin’s block size to handle more transactions. That fight ultimately led to the Bitcoin Cash fork. The current dispute has a similar flavor: a technical proposal with deep philosophical implications, vocal factions on both sides, and no clear path to consensus.

The low miner signaling for BIP-110 suggests the proposal faces an uphill battle toward activation. Various alternative proposals have emerged in the governance vacuum, further fragmenting community attention.

What this means for investors Saylor’s vocal opposition carries outsized weight because of Strategy’s massive Bitcoin position. When the single largest corporate holder of Bitcoin publicly argues against a protocol change, it signals to institutional investors that the network’s conservative, don’t-touch-the-consensus-layer faction still has powerful advocates.

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

84 million BANK tokens have been transferred from the foundation to the Aster deposit address, valued at approximately $13.7 million.

Arkham data shows that 84 million BANK tokens (of Lorenzo Protocol) were transferred from the BANK Foundation address to a newly created wallet, then moved to an Aster deposit address, valued at approximately $13.7 million. Market data indicates BANK has rallied more than 3 times over the past three days, briefly topping $0.21, and is now trading at $0.163 with a 24-hour gain of 53.7%.

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According to OnchainLens monitoring, the smart money address "gritsa.eth" has just opened a long position on Hyperliquid for 50 BTC, worth approximately $3.22 million. The trader’s cumulative profit exceeds $2.83 million.

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CZ teases in a post: Even being inactive doesn’t hurt gaining followers – could the bear market be nearing its end?

Binance founder CZ posted, "Inactivity doesn’t seem to affect follower growth at all. Is the bear market almost over?" According to the tweet CZ cited, his current follower count on X stands at 11.98 million, soon to cross the 12 million threshold.

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U.S. Energy Secretary Wright has stated that U.S. military operations against Iran will continue until President Trump achieves his military objectives. In an interview, Wright said the Trump administration’s goal is to prevent Iran from acquiring nuclear weapons and weaken its ability to threaten neighboring countries and global commercial activities. "Therefore, this mission will continue until its task is completed," (CCTV)

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US semiconductor ETFs are poised to post their highest annual capital inflow ever, with over $46 billion already added this year.

As of now, U.S. semiconductor ETFs have attracted over $460 billion in inflows in 2026, on track to set a new record for the largest annual inflow ever, equal to 31% of the ETF’s total assets under management (AUM). Year-to-date total inflows are more than double the sum recorded from January 2017 to December 2025. As a result, cumulative inflows since 2017 have climbed to a record $680 billion. Last week alone, semiconductor ETFs drew in over $2.3 billion in inflows—investors have never allocated such massive sums to these ETFs before.

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Strategy executive chairman Michael Saylor took to social media on Sunday to detail his “110 reasons” why a proposed temporary fork to limit non-monetary transactions on the Bitcoin network, or BIP-110, is a bad idea.

Bitcoin Improvement Proposal-110 was introduced in December 2025 to stop nonfungible token-like Ordinals inscriptions and other arbitrary data from spamming the network and to preserve BTC’s main use as a peer-to-peer cash system.

In a roughly 3,700 word post on X.com, the man in control of the largest Bitcoin (BTC) corporate treasury made a case for what he said are “neutral rules, hard consensus, open markets, and permissionless innovation.”

Source: Michael Saylor on X.com

“Many Bitcoiners I respect support BIP 110. They want to keep validation accessible, protect node operators from unwanted costs and content, preserve affordable payments, and keep Bitcoin focused on sound money rather than general-purpose data storage. Those are serious concerns. I share the objectives. I disagree about the remedy,” Saylor said. He added:

“This article critiques the proposal, not the people behind it. I assume good faith. Bitcoin is strongest when we can disagree vigorously without mistaking allies for enemies.”As of 12 p.m. ET, on Sunday, the post had been viewed 879,000 times, with 692 replies and 852 retweets.

BIP-110 is one of the more notable protocol-level disputes in the Bitcoin development community since the Blocksize Wars between 2015 and 2017, when ecosystem participants debated whether it was worth risking a chain split to raise the block size limit for scalability. 

The proposal was introduced by pseudonymous Bitcoin developer “Dathon Ohm” with the support of Ocean protocol founder Luke Dashjr. Opponents include Blockstream CEO Adam Back.

Little certainty on BHP-110 approvalTo be sure, BIP-110 won’t be activated unless 55% of Bitcoin nodes validating blocks are in support of the proposal across a Bitcoin block “period.”

In the last period, period number 475 between block 955,584 and 957,599, only 1% of blocks were in support.

The dispute comes at a time when Ordinals activity is at near all-time lows, with fewer than 10,000 Ordinals inscribed into the Bitcoin blockchain on a daily basis over the last month, down from the more than 400,000 seen during its peak in August 2023.

Change in daily Ordinals inscriptions since December 2022.
Source: Dune Analytics

Bock has previously criticized BIP-110, describing it as a “quest to police other people.” 

He said Bitcoin’s decentralization should mean “you can’t impose your views on others,” calling it incompatible with BTC’s cypherpunk ethos of permissionless, censorship-resistant money.

Dashjr and other BIP-110 supporters have called Ordinals-driven bloat a “serious threat” to the network, prompting the need for an imminent fix.

They have also argued BIP-110 wouldn’t cause a chain split, as many fear, while adding that the BIP-110 fork imposes a temporary one-year limit and thus wouldn’t invalidate fee-paying transactions over the long term.

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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.

Sun, 19/07/2026 - 10:30

A ransom negotiator loses his luxury Florida villas and $8.3 million crypto portfolio, including XRP and Bitcoin, following a major federal court seizure.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

The cybersecurity industry has faced a remarkable case as, instead of protecting corporate wallets, professional negotiator Angelo Martino became an architect of hacker ransom schemes himself. The U.S. District Court for the Southern District of Florida has officially brought the operation to a close by issuing a forfeiture order targeting his hidden crypto portfolios.

As the total value of the seized assets is estimated at $8.37 million, the most interesting part of the case is that the "independent diplomat" preferred not to keep all his eggs in one basket, spreading the funds across several blockchain ecosystems:

Anti-inflation artillery: 90.319 BTC, worth approximately $5.84 million, as the main defensive asset.Shadow cash: 7,999.873 XMR, worth approximately $2.46 million, held in the privacy-focused Monero cryptocurrency to cover his tracks.Liquid transit assets: 56,174.15 XRP, seized from wallet "…EkThx6", and 39,760.79 XLM, held at address "…5RJ3BD".Residual balances: small amounts of Solana's native SOL token.Alongside the blockchain addresses, the government also took control of tangible trophies from the lavish Florida lifestyle Martino financed by betraying his clients. The court ordered the forfeiture of two luxury residential properties, premium vehicles, and motorboats that the former negotiator used while taking breaks from his illicit dealings.

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A million-dollar schemeHow did Martino manage to accumulate such volumes of XRP and Bitcoin right under regulators' noses? The answer lies in a cynical double game.

Large companies hired him as a senior executive during their most critical moments, when hackers linked to the BlackCat, also known as ALPHV, ransomware group encrypted corporate networks and demanded millions of dollars in exchange for decryption keys. Martino was supposed to act as a shield by negotiating down the price and arranging the secure transfer of cryptocurrency.

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Instead, he turned the negotiations into an insider auction. The "diplomat" secretly leaked information to the hackers about his clients' actual budgets and the limits of their insurance policies. Knowing the victims' exact financial capacity, BlackCat could dictate tougher terms, while Martino received a fixed percentage in BTC and XRP for assisting with the extortion.

Over time, he became so deeply involved that he turned into a full participant in the attacks.

The double game ended in a predictable collapse. Martino was convicted and sentenced to 70 months in federal prison, while the latest court-ordered forfeiture of more than $8.3 million has effectively eliminated the financial foundation of his "business."

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TLDR: BlackRock crypto ETF inflows reached $343.4 million across IBIT, ETHA and ETHB during the five trading days ending July 17. IBIT attracted $204.1 million despite opening the period with a $185.5 million outflow before recording four positive sessions. BlackRock’s Ethereum products added $139.3 million, with ETHA supplying nearly all the new capital received during the week. The figures represent net investor flows into BlackRock-managed ETFs, rather than cryptocurrency purchases for BlackRock’s corporate balance sheet. BlackRock crypto ETF inflows approached $350 million during five trading sessions as demand returned for regulated Bitcoin and Ethereum products. The asset manager’s three major crypto funds attracted a combined $343.4 million from July 13 through July 17.

The total included $204.1 million for the iShares Bitcoin Trust, known as IBIT. BlackRock’s Ethereum funds, ETHA and ETHB, received another $139.3 million. The activity followed several weeks of unstable flows across the wider digital asset ETF market.

BlackRock Crypto ETF Inflows Rebound After Early Outflow IBIT started the week with a $185.5 million withdrawal on July 13. That loss placed the fund under pressure as all U.S. spot Bitcoin ETFs recorded a combined $424.7 million daily outflow.

Demand shifted during the following session. IBIT gained $138.9 million on July 14, followed by $80.8 million on July 15. It then collected $33.4 million on July 16 and $136.5 million on July 17.

Those four sessions produced $389.6 million in gross inflows. They erased the opening redemption and left IBIT with $204.1 million in net weekly additions. Farside Investors’ data also shows IBIT supplied the largest Bitcoin ETF inflow on the final trading day.

The figures describe capital entering the ETF rather than a direct BlackRock Bitcoin purchase. Authorized participants create new fund shares as demand rises, while the trust adjusts its Bitcoin holdings to support those shares.

Source: Coinglass Bitcoin ETF inflows also recovered across the wider market. U.S. funds posted positive totals during each session from July 14 through July 17 after the sharp Monday withdrawal.

Bitcoin and Ethereum Funds Drive BlackRock ETF Demand Ethereum ETF demand added another source of growth for BlackRock. ETHA received $58.3 million on July 14 before adding $45.3 million the next day.

ETHB attracted $4 million on July 15. ETHA later recorded $31.7 million on July 17, bringing its five-day total to $135.3 million. The two funds therefore collected a combined $139.3 million.

BlackRock crypto ETF inflows were especially concentrated in ETHA during the final session. The fund supplied $31.7 million of the $36.7 million entering all U.S. Ethereum ETFs that day. Historical inflows into ETHA have reached about $11.3 billion.

ETHB gives brokerage investors exposure to Ethereum and staking rewards, while ETHA offers spot Ethereum exposure without direct wallet management.

Source: Coinglass The ETF activity arrived as BlackRock reported record assets under management of $15.3 trillion. The company collected $192 billion in net inflows during the second quarter and $321 billion during the first half of 2026. ETFs, private markets, and fixed-income products supported those results.

BlackRock’s iShares business collected $178 billion during the quarter. Total companywide net inflows reached $868 billion over the previous 12 months, showing that crypto products represent a small but expanding part of its broader ETF operation.

Ethereum [ETH] has continued to hover around $1.8k. After successfully rebounding from $1800, the altcoin has shown relative strength, rising to $1876. 

As of this writing, Ethereum was trading around $1866, up slightly by 1.7% on the daily charts. As ETH hovered around $1.8k, whales turned optimistic and opened long positions.

According to Lookonchain, two newly created wallets sold 72 Bitcoin [BTC] worth $4.66 million and then jumped to Ethereum. 

After dumping BTC, the trader opened a 20x long position in 12,000 ETH, worth approximately $22.4 million. So far, with ETH holding above the entry price,  the whale is already up $275k, having spent $5.8k in funding fees. 

With the trader dumping BTC for ETH, the whale viewed it as a better alternative and a more promising bet. Interestingly, this whale was not an isolated case, as buyers have made a strong comeback in the market.

Source: CryptoQuant The Derivatives Taker Buy-sell Ratio climbed, reclaiming the 1 mark, and has so far held this level for two consecutive days. At 1.13, it suggests that more buy orders were executed on the derivatives side. 

As a result, significant capital has flowed into the Futures positions. Over the past 24 hours, $3.67 billion flowed into Futures positions, while $3.32 million flowed out.

Source: CoinGlass For that reason, Futures Netflow rose 213% to $351.1 million, suggesting more capital flowed into new positions. 

Even more importantly, it seems most of these funds flowed into opening long positions. The Long/Short Ratio has held above 1, with an average of 2 across Binance.

Source: Coinglass This implies that more traders were bullish and anticipated more gains on ETH price charts.

Can this bullish shift help ETH? Ethereum buyers, especially in derivatives, have begun to regain market control. In fact, the altcoin’s True Strength Index has held on an upward trajectory, rising to 15 at press time.

When TSI is rising, it indicates that bullish momentum is strengthening, with buyers gradually retaking the market. Often, when this indicator rises, it suggests the uptrend is strengthening and likely to continue.

Source: TradingView In fact, the Momentum Adjusted Moving Average (MaMa) confirms the strength of this trend. ETH sits above both the MaMa at $1848 and the Positive Feedback Band at $1875.

Under these conditions, if buyers hold the derivatives side, the altcoin will flip $1900 and extend the uptrend. To hold this bullish outlook, Ethereum must hold above the MaMa’s Positive Feedback Band at $1875.

Final Summary A trader opened a 20x long position in 12,000 ETH, worth approximately $22.4 million, after dumping 72 BTC.  Ethereum shows relative strength, as buyers eye a daily close above $1.8k again. 

Kraken is rolling out cash-settled options contracts on Bitcoin and Ethereum, and the key selling point is refreshingly simple: you don’t need to hold any crypto to trade them.

The new European-style options on XBT/USD and ETH/USD will launch on July 16, settling entirely in US dollars. That means no managing Bitcoin collateral, no worrying about liquidation mechanics tied to volatile digital assets. Just clean, linear payouts denominated in the currency most institutional traders already think in.

How it works, and who gets access first The contracts will initially be available through a request-for-quote system on Kraken Pro, targeting professional and institutional clients. There’s a geographic catch, though. At launch, the product is only accessible to clients outside Europe, North America, and Australia.

That’s a meaningful exclusion. Three of crypto’s biggest markets are sitting this one out, at least initially. Kraken has signaled plans to expand to European clients later in 2026, with a public order book also expected to follow.

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The product lineup covers a range of expiration cycles: weekly, monthly, quarterly, and semi-annual. Portfolio margins will be enabled by default, which is a notable design choice. It means traders can offset risk across positions automatically rather than posting isolated margin for each trade.

Clients will also benefit from a unified wallet that supports collateral in over 30 currencies. That wallet ties together options, spot, and futures trading into a single interface.

Why cash settlement changes the game Alexia Theodorou, who works on the product at Kraken, put it bluntly.

“The existing options market in crypto has been built for a narrow slice of the trader base.”

That narrow slice is mostly crypto-native firms and sophisticated individual traders who are comfortable holding Bitcoin as margin. For a pension fund or a macro hedge fund that wants exposure to Bitcoin volatility without actually touching Bitcoin, the existing setup is a non-starter.

Cash settlement in USD removes that friction entirely. A trader can express a view on Bitcoin’s price direction, collect or pay premiums in dollars, and never interact with a blockchain. The linear payout structure reinforces this simplicity. Unlike inverse contracts, where profit and loss are denominated in the underlying asset, linear contracts keep everything in dollar terms.

The competitive landscape is heating up Kraken isn’t entering an empty field. CME Group has offered Bitcoin and Ethereum options for years, and those products have seen growing institutional adoption. Deribit dominates crypto-native options volume and has built a deep, liquid order book. Binance runs its own derivatives suite as well.

But each of those venues has trade-offs. CME’s products carry the overhead of traditional futures clearing. Deribit settles in crypto and requires crypto collateral. Binance faces regulatory scrutiny that makes some institutional players uncomfortable.

The RFQ model at launch is telling. It’s the same mechanism that institutional FX and rates desks use daily. Rather than posting orders to a public book, traders request prices from market makers. It prioritizes execution quality and discretion over transparency, which is exactly what large players want when they’re moving size.

For investors watching this space, the product’s expansion timeline matters as much as the launch itself. If Kraken can successfully open access to North American and European clients later in 2026, it would significantly broaden the addressable market. The shift from RFQ to a public order book will also be a key milestone, since that’s when retail and smaller institutional players can participate without negotiating quotes directly.

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

Blockchain

19 July 2026 | 11:31 Cardano’s Pogun initiative targets Bitcoin liquidity through a credit market, yield layer and trust-minimized bridge, but the project remains unfinished after its treasury request expired and its first deadline passed.

Key Takeaways Pogun plans to combine a non-margin credit market, a yield application and a trust-minimized Bitcoin bridge on Cardano. The widely cited $1.6 trillion figure represents Bitcoin’s total market value, not capital already committed to the project. Pogun’s request for ₳12.29 million from the Cardano Treasury expired without receiving the required approval. The original Q2 credit-market deadline has passed, while Pogun’s official website still describes the platform as coming soon. Cardano founder Charles Hoskinson is backing Pogun, a development initiative intended to bring Bitcoin liquidity into Cardano-based credit and yield markets.

Led by Omer Husain and the team behind Input Output’s open-source Cardinal bridge specification, Pogun plans to combine a non-margin credit market, a yield application and a trust-minimized Bitcoin bridge.

The project’s central test is not whether Cardano can advertise access to Bitcoin’s market value. It is whether Pogun can launch a useful credit market, attract borrowers and lenders, and give BTC holders a reason to cross the bridge when it becomes available.

The $1.6 Trillion Bitcoin Claim Needs Context Pogun’s official proposal describes Bitcoin as a vast pool of capital that is “almost entirely idle.” The phrase refers to Bitcoin’s limited use in native decentralized lending and credit markets, not to every BTC sitting unused.

Some coverage has rounded the opportunity to $1.6 trillion, while Pogun’s own governance proposal described Bitcoin as a roughly $1.5 trillion asset. Either figure is a time-sensitive estimate of Bitcoin’s total market capitalization which as of 19 July, 2026, is around $1.3T, not an amount that Pogun has secured or expects to move into Cardano in full.

Bitcoin is already used through self-custody, exchanges, corporate treasuries, exchange-traded products and centralized lending arrangements. Pogun’s argument is narrower: only a relatively small portion of that capital participates in decentralized credit and yield markets without relying on a centralized custodian.

Pogun is therefore competing for the subset of Bitcoin holders willing to use BTC as collateral or deploy it into financial strategies. It is not integrating Bitcoin’s entire market value into Cardano.

Pogun Plans to Build the Market Before the Bridge Pogun’s published roadmap contains three connected stages:

Q2 2026

Non-margin credit market

Bilateral, fixed-term loans without automatic price-based liquidations

Q3 2026

Yield application

An interface connecting user capital with strategies built on the credit market

Q4 2026

Bitcoin bridge

A trust-minimized route for deploying BTC in Cardano-based applications

Pogun’s sequence is deliberate. The credit market is intended to establish demand, the yield application would make that market easier to access, and the bridge would then introduce Bitcoin as additional collateral and liquidity.

That gives incoming BTC an intended use from the beginning, but it also creates dependency between the milestones. Delays or weak adoption in the first two products could reduce the reason for Bitcoin holders to use the bridge when it arrives.

The First Roadmap Deadline Has Passed The proposal stated that the non-margin credit market would launch on Cardano’s mainnet in the second quarter of 2026 after completing a formal security audit.

That quarter ended on June 30.

As of July 19, Pogun’s official website continues to describe the platform as “coming soon.” The official project pages reviewed for this article do not provide a public mainnet announcement, deployed contract address or completed audit report.

That does not establish that development has stopped. It means the Q2 milestone cannot yet be treated as publicly delivered based on the evidence currently available.

In a June 11 video, Hoskinson said work had not been paused after the project failed to secure treasury funding and described Pogun as a commercial initiative that could continue without the proposed community investment.

His comments indicate that development is continuing, but they do not establish that the credit market has launched publicly or completed the formal audit described in the original proposal.

The Cardano Treasury Did Not Fund Pogun Pogun requested ₳12.29 million from the Cardano Treasury, valued at approximately $2.95 million when the proposal was prepared.

The proposed funding was divided into milestone-based tranches. Later bridge funding would have depended on verified progress in the credit market, while the proposal included provisions for returning undisbursed funds if milestones failed, the team dissolved or the bridge was found to be technically infeasible.

Pogun also proposed returning 20% of EBITDA to the Cardano Treasury until the original investment had been repaid, followed by 5% of EBITDA from Cardano-related products in perpetuity.

That arrangement was never activated.

The onchain governance action expired on May 24, 2026, without receiving the support required for ratification. No ₳12.29 million treasury withdrawal was approved for Pogun.

The failed vote did not remove money that had already been granted. It meant that this specific treasury withdrawal was never authorized.

If Pogun continues as a privately funded commercial initiative, the Cardano Treasury will not automatically receive the proposed revenue share unless a separate agreement is approved in the future.

How Pogun’s Credit Market Is Supposed to Work Pogun’s first planned product differs from the pooled, overcollateralized lending markets commonly found across DeFi.

Borrowers and lenders would negotiate loan terms directly, including: The amount being borrowed; The interest rate; The repayment period; The collateral requirements; The conditions that constitute default. Smart contracts would enforce those agreed terms. According to Pogun, the model would not depend on external price oracles or automatic margin calls, meaning temporary market volatility would not by itself liquidate a borrower’s collateral.

The structure resembles fixed-term private credit more closely than a continuously rebalanced DeFi lending pool.

Active loan positions would be represented by transferable Bond Tokens issued as Cardano native assets. That could allow a lender to transfer or sell exposure before a loan matures, creating the foundation for a secondary market in tokenized debt positions.

Removing automatic price-based liquidation does not remove financial risk.

A borrower can still default, collateral can lose value before it is recovered, and Bond Tokens may have little secondary-market liquidity. Smart-contract vulnerabilities, weak borrower assessment and disputes involving real-world counterparties could add further risk.

The model exchanges the danger of rapid oracle-driven liquidation for longer-duration credit, liquidity and enforcement risks. Its usefulness will depend on how clearly those risks are disclosed and priced.

The Bridge Is Trust-Minimized, Not Trustless Pogun’s final stage is intended to move Bitcoin into the Cardano environment without placing the underlying BTC under the control of a single custodian.

The roadmap describes a 1-of-N security model. Under that design, a fraudulent withdrawal can be blocked as long as at least one verifier in the operator set remains honest and available.

Although the proposal labels the component a BitVM-powered bridge, a later technical explanation from Input Output says the team moved toward a custom implementation based on BABE after identifying production constraints in the BitVM family of designs.

The architecture described by Input Output combines several systems: A custom implementation based on BABE, which uses witness encryption for Bitcoin-side verification; Recursive Halo2 proofs intended to attest to Cardano state through the Mithril certificate chain; Groth16 proofs that package the result into a smaller form for the Bitcoin-side mechanism; An N-party transaction graph designed to support multiple operators and changes to the operator set. At a high level, the design is intended to prove what happened on Cardano, compress that evidence into a smaller cryptographic proof and make the result verifiable through a Bitcoin-side mechanism without giving one custodian control of the underlying BTC.

Mithril certificates allow external systems to verify authenticated information about Cardano without independently replaying the entire blockchain. Pogun intends to use proofs built over that certificate chain to establish what occurred on Cardano before a corresponding Bitcoin-side action is accepted.

The architecture is technically detailed, but a design document is not proof of production security.

Bridge implementations can be exposed to software bugs, proof-system failures, operator outages, configuration errors and weaknesses in the applications holding bridged assets. Public code, independent audits, testnet performance and the composition of the verifier set will matter as much as the cryptographic design.

Calling the bridge trust-minimized is therefore more accurate than calling it trustless.

Why Cardano Sees an Architectural Fit With Bitcoin Cardano argues that it is a natural environment for Bitcoin-based finance because the two networks share a related accounting structure.

As Cardano’s official documentation explains, Bitcoin and Cardano both use versions of the Unspent Transaction Output model. Bitcoin transactions consume existing outputs and create new ones, while Cardano extends that structure through its EUTXO model to support programmable conditions, native assets and smart contracts.

That shared lineage can make some financial logic easier to express across the two systems. It does not mean that Cardano can control native Bitcoin directly or that other smart-contract networks cannot support Bitcoin-based applications through different architectures.

Pogun still requires a bridge to connect two separate ledgers. Its success will depend on implementation quality, security and market demand rather than the UTXO connection alone.

What Pogun Could Mean for Cardano and ADA Pogun is partly an attempt to expand Cardano’s relatively small DeFi economy.

At the time of writing, DefiLlama records approximately $72 million in total value locked across Cardano applications. Even a modest amount of BTC deployed into Cardano-based credit markets could therefore be material relative to the ecosystem’s present size.

That possibility should not be confused with a guarantee that billions of dollars will arrive.

Claims that Pogun could push Cardano’s TVL to $10 billion or $15 billion are not supported by the project’s formal proposal. Its own end-of-2027 scenarios projected approximately:

$100 million in Pogun TVL under a bearish scenario; $450 million under its base scenario; $765 million under its bullish scenario. Those are project forecasts rather than assured outcomes. Actual adoption will depend on bridge security, borrowing demand, available returns, liquidity, regulatory access and competition from other Bitcoin DeFi platforms.

The effect on ADA also needs careful framing.

Under Cardano’s current rules, ADA is accepted as payment for network fees. Pogun activity executed on Cardano could therefore generate additional transaction-fee demand.

The scale of that effect would depend on transaction volume, fee levels and whether applications require users to hold ADA directly or abstract the payment process on their behalf. Bridged Bitcoin sitting inactive in a contract would not create the same recurring network demand as an actively used credit market.

Pogun could add utility to Cardano, but publishing a roadmap does not by itself create substantial or sustainable demand for ADA.

What Would Confirm the Bitcoin DeFi Thesis The strongest evidence will come from delivered products and measurable usage rather than the total market value of Bitcoin.

The thesis would become more credible if Pogun provides: • A publicly verifiable mainnet deployment for the credit market;

• A completed independent security audit and accessible report;

• Contract addresses and documentation that allow users to verify the system;

• Measurable loan volume, borrower activity and repayment data;

• A yield application with clear risk disclosures and sustained deposits;

• A functioning bridge testnet followed by an independently audited mainnet release;

• Transparent information about operators and the assumptions behind the 1-of-N model;

• Measurable BTC collateral, Cardano TVL and transaction growth after launch.

For now, Pogun remains a development initiative rather than evidence that significant Bitcoin liquidity has entered Cardano.

The next decisive proof point is a publicly verifiable launch of the credit market, followed by its audit results and measurable lending activity. Only then will the planned yield layer and Bitcoin bridge have an operating market to connect to.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Drake Eyes $5 Million Crypto Payout in Spain Vs Argentina World Cup Final

Key Takeaways Table of Contents

Key TakeawaysSolana: Performance, Scalability, and Corporate PartnershipsChainlink: Critical Data InfrastructureOndo Finance: Bridging Traditional Assets and BlockchainEvaluating the Top Choice Solana stands as a leading Ethereum alternative with partnerships from Visa, PayPal, and Worldpay Chainlink delivers critical oracle services that connect blockchain networks to real-world data feeds Ondo Finance’s tokenized asset platform exceeded $500 million across more than 200 different assets Each token offers substantial utility but comes with significant volatility exposure An optimal portfolio strategy would allocate the most to Solana, with smaller allocations to Chainlink and Ondo As cryptocurrency investors prepare for the next major market rally, attention is shifting toward projects demonstrating tangible utility and measurable adoption. Three altcoins standing out in this landscape are Solana, Chainlink, and Ondo Finance, according to market analysts.

Solana: Performance, Scalability, and Corporate Partnerships Solana has established itself as a formidable Ethereum rival. The platform’s architecture enables rapid processing of high transaction volumes at minimal cost, supporting use cases including decentralized exchanges, payment systems, stablecoin transfers, and blockchain gaming.

Solana (SOL) Price Solana’s primary strength lies in its unified architecture. Applications operate within a single ecosystem, avoiding the complexity Ethereum users face when navigating between the mainnet and various layer-2 scaling solutions.

This streamlined experience has captured the interest of prominent payment processors and financial institutions. According to Solana’s official website, partners include Visa, PayPal, Circle, Western Union, and Worldpay.

The SOL token serves multiple network functions: paying for transactions, staking for network security, and governance participation. Increased on-chain activity could potentially drive greater demand for the token.

However, significant risks remain. Historically, much of Solana’s transaction volume stemmed from memecoins and high-risk speculation, which typically evaporates during market downturns. The network has experienced outages previously, although stability has noticeably improved in recent periods.

Chainlink: Critical Data Infrastructure Chainlink functions as essential infrastructure within the decentralized finance ecosystem. Smart contracts require external information such as asset prices, benchmark rates, and proof-of-reserves verification—services that Chainlink’s oracle infrastructure delivers.

Chainlink (LINK) Price Chainlink is now expanding into traditional finance sectors. Its Cross-Chain Interoperability Protocol (CCIP) aims to enable financial institutions to move data and tokenized assets seamlessly across disparate blockchain platforms.

This strategic pivot positions Chainlink as foundational technology for the emerging tokenization movement beyond just DeFi applications. As financial instruments potentially migrate across multiple blockchain networks and private ledgers, reliable data connectivity could become indispensable.

The critical uncertainty involves whether Chainlink’s expanding network usage translates directly into increased LINK token demand. This relationship isn’t automatically guaranteed.

Major financial players might develop proprietary infrastructure solutions, while competing oracle providers are actively pursuing the same market opportunities.

Ondo Finance: Bridging Traditional Assets and Blockchain Ondo Finance specializes in blockchain-based representations of conventional assets, including US Treasury securities, equities, and exchange-traded funds.

Ondo Price In January 2026, Ondo announced its tokenized stock platform reached over $500 million in aggregate value spanning more than 200 different assets, with cumulative trading volume surpassing $7 billion since the platform’s September 2025 debut.

The company also established a partnership with Broadridge to introduce a compliant US-based solution for tokenized third-party securities. Qualified token holders now gain access to shareholder voting privileges, effectively linking blockchain technology to traditional regulated financial markets.

Should asset tokenization achieve widespread adoption in mainstream finance, Ondo could capture significant market share. However, the ONDO token doesn’t represent company equity. Token holders don’t directly benefit from the platform’s revenue or profits.

Additional concerns include scheduled token unlock events, evolving regulatory frameworks, and potential competition from established banks and asset management firms. Market observers suggest ONDO functions better as a smaller speculative allocation rather than a portfolio cornerstone.

Evaluating the Top Choice Solana presents the most comprehensive package of network activity and institutional adoption. Chainlink offers diversified infrastructure exposure spanning multiple blockchain ecosystems. Ondo represents the highest-risk proposition but potentially the greatest reward if asset tokenization accelerates.

All three assets exhibit substantial price volatility. Even robust fundamental strengths provide limited protection during widespread crypto market corrections.

Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.

Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.

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US warplanes struck Iran’s Qeshm Island in mid-July 2026, hitting Islamic Revolutionary Guard Corps military installations and triggering multiple explosions near one of the world’s most critical oil transit chokepoints. US Central Command confirmed the operation, which also involved naval vessels and drones targeting facilities in the broader Bandar Abbas area.

Qeshm Island sits at the mouth of the Strait of Hormuz, a waterway through which approximately one-fifth of the world’s seaborne oil passes.

What happened and why it matters The strikes, which took place between July 13 and July 16, 2026, targeted IRGC assets that US officials said were being used to threaten commercial shipping lanes. Iranian sources reported damage to military installations, though casualty figures were not immediately confirmed.

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The IRGC presence on Qeshm is not incidental. The island hosts what Iranian state media has previously described as an underground missile city, making it a high-value target from a military degradation standpoint.

Crypto’s muted response, and one very loud exception Bitcoin dipped to approximately $99,500 in the immediate aftermath of the news before recovering to over $102,000. That is roughly a 2.5% swing on one of the more dramatic geopolitical events of the year.

The louder story came from the US Treasury, which froze over $130 million in crypto assets connected to Iranian central bank wallets as part of the broader economic campaign against Tehran. Stablecoins and Bitcoin were the primary assets referenced in connection with the Iranian wallet freezes. No major DeFi protocols or altcoin ecosystems were directly implicated.

What investors should be watching Exchanges and custodians with any exposure to counterparties in sanctioned jurisdictions are going to be reviewing their compliance infrastructure after this. The operational and legal risk of being on the wrong side of a Treasury designation is now demonstrated at scale.

Bitcoin’s ability to recover above $102,000 after the initial dip is a data point worth noting. The question for traders is not whether crypto survived the first week of the Qeshm strikes. It is whether the market has properly priced the tail risks of a sustained conflict near the Strait of Hormuz, through which approximately one-fifth of the world’s oil supply passes.

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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Zcash launches Zakura full node, aiming to boost its privacy transaction throughput to 50,000 per second.

Zcash has launched its new full-node client Zakura 1.0.0, the first implementation component aimed at scaling its private transaction throughput from the current ~1 transaction per second (TPS) to payment-network-level capacity. Maintained by Sean Bowe, an early Zcash zero-knowledge cryptography contributor, and Dev Ojha, head of Valar Group, the client operates independently of the Zcash Foundation and is funded via private ZEC donations. Built on the Zcash Foundation’s Zebra client, the team provides an ~11GB blockchain snapshot, allowing new nodes to sync up in two minutes—an approximately 680x speed improvement. Its compatibility mode also replicates the legacy zcashd interface, enabling wallets and exchanges to continue operating after the original client’s maintenance ends on July 18. The team notes that Visa and Mastercard process over 50,000 transactions per second, a benchmark it has set as its minimum target. To reduce the verification burden of large-scale private transactions, Bowe’s Tachyon project is developing recursive proofs, which let nodes validate thousands of proofs with a single proof. Valar Group is building private information retrieval (PIR) technology, allowing wallets to access relevant transaction data without exposing their query content. Zakura is also testing a fast block propagation system that delivers new blocks to all nodes in half a second. Its upcoming testnet is the Ironwood upgrade, set to activate on the mainnet on July 28. Ironwood will use a "rotating door" mechanism to restrict inflows and outflows of the Orchard privacy pool, mitigating risks of fake ZEC entering circulation due to prior zero-knowledge proof vulnerabilities.

9 minutes ago

Moonshot (Kimi)’s technological breakthrough triggers sell-offs in AI stocks, with leveraged products amplifying market volatility.

According to Bloomberg, Chinese AI startup Moonshot has achieved an unexpected technological breakthrough, triggering sharp declines in global AI and semiconductor stocks on Friday and prompting markets to once again reference the 2025 "DeepSeek Moment". The semiconductor benchmark index has fallen roughly 20% from its June peak, entering a bear market; the triple-leveraged semiconductor ETF SOXL has dropped more than 50% over the same period. This sell-off demonstrates that when rapid advances in AI technology reshape market perceptions of winners and losers, leveraged ETFs, options, single-stock funds, and crypto-related products may be liquidated simultaneously. Bloomberg Intelligence data shows leveraged ETFs make up around 13% of U.S. ETF trading volume but only 1.2% of industry assets. When accounting for embedded leverage, their share of the U.S. stock market remains less than 1%. While these products are generally small in overall size, their holdings are concentrated in AI chips, volatile stocks, and newly listed firms. When leverage, concentration, and volatility rise at the same time, the funds' daily rebalancing turns them into active trading forces that further amplify existing market trends. The South Korean market offers a clear recent case: local retail investors have heavily purchased leveraged products tied to Samsung Electronics and SK Hynix, and as market sentiment turned weak, the related funds were forced to sell an estimated tens of billions of dollars worth of SK Hynix positions.

9 minutes ago

Bitcoin [BTC] climbed above $65,000 during the week beginning the 12th of July. A cooler Consumer Price Index reading supported the move by easing inflation concerns.

However, BTC later retreated toward $64,000. Beneath this volatility, miners continued sending fewer coins to exchanges despite worsening financial conditions.

Why are Bitcoin miners struggling? CryptoQuant data showed that miners faced significant pressure, based on its Miners’ Financial Health Index. The index combines mining revenue, fees, issuance, and other inputs to measure the industry’s overall financial health.

Source: CryptoQuant Based on its seven-day Moving Average, the index stood near 29% at press time. Readings between 10% and 30% have historically aligned with bear-market conditions.

Such conditions can pressure miners’ income and increase their need to sell reserves. However, exchange-flow data showed that selling pressure had eased.

Are miners sending less BTC? CryptoQuant’s Miner to Exchange Flow showed that miners transferred less Bitcoin to exchanges despite their financial strain. Based on the seven-day SMA, exchange flows fell from 1,825.86 BTC on the 1st of July to 1,173.66 BTC.

Source: CryptoQuant This represented a decline of nearly 36%, suggesting that miners reduced their immediately available exchange supply.

However, lower exchange flows did not necessarily confirm accumulation. Miners could also have moved coins through untracked venues or held them elsewhere.

The dollar value of Bitcoin in miner wallets increased by $4.7 billion, from $71.5 billion to roughly $76.2 billion.

Much of this increase could reflect Bitcoin’s price appreciation rather than growth in miners’ BTC holdings. Bitcoin rose from $58,624 on the 1st of July to $63,999 at press time.

Why are mining stocks falling? Publicly listed Bitcoin mining stocks lost 12% collectively over the past month, according to Artemis.

The decline highlighted the financial pressure facing mining companies, even as Bitcoin’s price recovered.

Over five days, Cipher Mining [CIFR] dropped 20.3%, while Iris Energy [IREN] fell 18.3%. TeraWulf [WULF] declined 17.3%. By contrast, Bitcoin added more than $42 billion in market capitalization during the same period.

This divergence suggested that investors remained concerned about miners’ operating costs and profitability despite BTC’s recovery.

Lower miner exchange flows could reduce one source of immediate selling pressure. However, the data did not prove that miners were accumulating Bitcoin.

For now, miners’ reluctance to transfer BTC to exchanges may support supply conditions as Bitcoin attempts to reclaim $65,000.

Final Summary Miner exchange flows fell nearly 36% despite worsening financial conditions across the industry. Mining stocks declined sharply, while lower exchange transfers may ease immediate Bitcoin selling pressure.

AI hot stocks like NVIDIA have seen increased volatility, with their relative volatility standing at 4 times that of the S&P 500 index.

The Kobeissi Letter stated in a post that the three-week volatility of U.S. momentum stocks relative to the S&P 500 index has surged to four times, hitting an all-time high. This ratio has more than quadrupled over the past several weeks. The momentum stock group includes high-growth tech stocks at the center of the AI boom, such as NVIDIA, AMD, Palantir, D-Wave Quantum, and CoreWeave. By comparison, the ratio peaked at around 2 times during the 2020 COVID-19 market crash and roughly 1.8 times during the dot-com bubble burst. The current level is significantly higher than those periods. Meanwhile, the U.S. momentum stock index has dropped 24% since July, marking its largest monthly decline since the 2008 financial crisis. The stocks that previously performed the strongest are quickly losing market favor.

9 minutes ago

Changxin Technology's IPO winning numbers have been released, totaling 7,702,207.

According to an announcement by Changxin Technology, the company’s initial public offering (IPO) and listing on the STAR Market has released its offline preliminary placement results and online lottery results. The offering price is RMB 8.66 per share, with an initial share offering size of approximately 6.688 billion shares. A total of 7,702,207 winning lottery numbers have been issued, and each winning number entitles holders to subscribe for 500 Changxin Technology A-shares.

9 minutes ago

Renowned trader closes all crypto short positions, resumes buying Bitcoin spot

Renowned crypto trader Doctor Profit announced in a post that he has closed all his cryptocurrency short positions, including Bitcoin shorts established in the $115,000–$125,000 range, another Bitcoin short in the $79,000–$82,000 range, and over 100 altcoin shorts opened in recent months, noting that all these positions have generated significant profits. He also said he has repurchased Bitcoin spot at $64,000, marking his first long-term allocation since September 2025. His plan is to invest 5% of his planned capital daily in spot Bitcoin purchases when the price is in the $54,000–$64,000 range, for up to 20 days total; if the price approaches $54,000, he will increase his buying activity. Doctor Profit pointed out that the current market is showing clear "herd behavior": investors who were previously bullish on Bitcoin up to $150,000 at high levels are now widely waiting for the cryptocurrency to drop to $40,000–$50,000, and are targeting September or October as the bottom of the four-year cycle. When a large number of investors are waiting for the same price level and time point, the market may not move as expected, so he chose to build positions in advance and judges that this cycle’s bottom may arrive earlier than the market’s general expectation. He also cited regulatory clarity, asset tokenization infrastructure, and progress in institutional adoption as the structural reasons for his shift to buying, and retracted his previous prediction that Bitcoin would fall to $40,000–$50,000. However, he still holds all his S&P 500 short positions, arguing that the crypto market has completed a large repricing, while U.S. stock valuations remain elevated.

9 minutes ago

Binance Wallet’s Meme Rush adds new launchpad filter options for Robinhood Chain-based projects including Virtuals Protocol, Flap, and Bankr.

According to official announcements, Binance Wallet’s Meme Rush has added new launchpad filter options for Robinhood chain projects including Virtuals Protocol, Flap, and Bankr, helping users discover more on-chain token opportunities. Users can now track tokens across BSC, Solana, ETH, Base, and Robinhood chains via Meme Rush, with a single feed to stay updated on multi-chain hotspots.

9 minutes ago

Zcash launches Zakura full node, aiming to boost its privacy transaction throughput to 50,000 per second.

Zcash has launched its new full-node client Zakura 1.0.0, the first implementation component aimed at scaling its private transaction throughput from the current ~1 transaction per second (TPS) to payment-network-level capacity. Maintained by Sean Bowe, an early Zcash zero-knowledge cryptography contributor, and Dev Ojha, head of Valar Group, the client operates independently of the Zcash Foundation and is funded via private ZEC donations. Built on the Zcash Foundation’s Zebra client, the team provides an ~11GB blockchain snapshot, allowing new nodes to sync up in two minutes—an approximately 680x speed improvement. Its compatibility mode also replicates the legacy zcashd interface, enabling wallets and exchanges to continue operating after the original client’s maintenance ends on July 18. The team notes that Visa and Mastercard process over 50,000 transactions per second, a benchmark it has set as its minimum target. To reduce the verification burden of large-scale private transactions, Bowe’s Tachyon project is developing recursive proofs, which let nodes validate thousands of proofs with a single proof. Valar Group is building private information retrieval (PIR) technology, allowing wallets to access relevant transaction data without exposing their query content. Zakura is also testing a fast block propagation system that delivers new blocks to all nodes in half a second. Its upcoming testnet is the Ironwood upgrade, set to activate on the mainnet on July 28. Ironwood will use a "rotating door" mechanism to restrict inflows and outflows of the Orchard privacy pool, mitigating risks of fake ZEC entering circulation due to prior zero-knowledge proof vulnerabilities.

9 minutes ago

Moonshot (Kimi)’s technological breakthrough triggers sell-offs in AI stocks, with leveraged products amplifying market volatility.

According to Bloomberg, Chinese AI startup Moonshot has achieved an unexpected technological breakthrough, triggering sharp declines in global AI and semiconductor stocks on Friday and prompting markets to once again reference the 2025 "DeepSeek Moment". The semiconductor benchmark index has fallen roughly 20% from its June peak, entering a bear market; the triple-leveraged semiconductor ETF SOXL has dropped more than 50% over the same period. This sell-off demonstrates that when rapid advances in AI technology reshape market perceptions of winners and losers, leveraged ETFs, options, single-stock funds, and crypto-related products may be liquidated simultaneously. Bloomberg Intelligence data shows leveraged ETFs make up around 13% of U.S. ETF trading volume but only 1.2% of industry assets. When accounting for embedded leverage, their share of the U.S. stock market remains less than 1%. While these products are generally small in overall size, their holdings are concentrated in AI chips, volatile stocks, and newly listed firms. When leverage, concentration, and volatility rise at the same time, the funds' daily rebalancing turns them into active trading forces that further amplify existing market trends. The South Korean market offers a clear recent case: local retail investors have heavily purchased leveraged products tied to Samsung Electronics and SK Hynix, and as market sentiment turned weak, the related funds were forced to sell an estimated tens of billions of dollars worth of SK Hynix positions.

9 minutes ago

AI hot stocks like NVIDIA have seen increased volatility, with their relative volatility standing at 4 times that of the S&P 500 index.

The Kobeissi Letter stated in a post that the three-week volatility of U.S. momentum stocks relative to the S&P 500 index has surged to four times, hitting an all-time high. This ratio has more than quadrupled over the past several weeks. The momentum stock group includes high-growth tech stocks at the center of the AI boom, such as NVIDIA, AMD, Palantir, D-Wave Quantum, and CoreWeave. By comparison, the ratio peaked at around 2 times during the 2020 COVID-19 market crash and roughly 1.8 times during the dot-com bubble burst. The current level is significantly higher than those periods. Meanwhile, the U.S. momentum stock index has dropped 24% since July, marking its largest monthly decline since the 2008 financial crisis. The stocks that previously performed the strongest are quickly losing market favor.

9 minutes ago

Changxin Technology's IPO winning numbers have been released, totaling 7,702,207.

According to an announcement by Changxin Technology, the company’s initial public offering (IPO) and listing on the STAR Market has released its offline preliminary placement results and online lottery results. The offering price is RMB 8.66 per share, with an initial share offering size of approximately 6.688 billion shares. A total of 7,702,207 winning lottery numbers have been issued, and each winning number entitles holders to subscribe for 500 Changxin Technology A-shares.

9 minutes ago

Renowned trader closes all crypto short positions, resumes buying Bitcoin spot

Renowned crypto trader Doctor Profit announced in a post that he has closed all his cryptocurrency short positions, including Bitcoin shorts established in the $115,000–$125,000 range, another Bitcoin short in the $79,000–$82,000 range, and over 100 altcoin shorts opened in recent months, noting that all these positions have generated significant profits. He also said he has repurchased Bitcoin spot at $64,000, marking his first long-term allocation since September 2025. His plan is to invest 5% of his planned capital daily in spot Bitcoin purchases when the price is in the $54,000–$64,000 range, for up to 20 days total; if the price approaches $54,000, he will increase his buying activity. Doctor Profit pointed out that the current market is showing clear "herd behavior": investors who were previously bullish on Bitcoin up to $150,000 at high levels are now widely waiting for the cryptocurrency to drop to $40,000–$50,000, and are targeting September or October as the bottom of the four-year cycle. When a large number of investors are waiting for the same price level and time point, the market may not move as expected, so he chose to build positions in advance and judges that this cycle’s bottom may arrive earlier than the market’s general expectation. He also cited regulatory clarity, asset tokenization infrastructure, and progress in institutional adoption as the structural reasons for his shift to buying, and retracted his previous prediction that Bitcoin would fall to $40,000–$50,000. However, he still holds all his S&P 500 short positions, arguing that the crypto market has completed a large repricing, while U.S. stock valuations remain elevated.

9 minutes ago

Binance Wallet’s Meme Rush adds new launchpad filter options for Robinhood Chain-based projects including Virtuals Protocol, Flap, and Bankr.

According to official announcements, Binance Wallet’s Meme Rush has added new launchpad filter options for Robinhood chain projects including Virtuals Protocol, Flap, and Bankr, helping users discover more on-chain token opportunities. Users can now track tokens across BSC, Solana, ETH, Base, and Robinhood chains via Meme Rush, with a single feed to stay updated on multi-chain hotspots.

9 minutes ago

Zcash launches Zakura full node, aiming to boost its privacy transaction throughput to 50,000 per second.

Zcash has launched its new full-node client Zakura 1.0.0, the first implementation component aimed at scaling its private transaction throughput from the current ~1 transaction per second (TPS) to payment-network-level capacity. Maintained by Sean Bowe, an early Zcash zero-knowledge cryptography contributor, and Dev Ojha, head of Valar Group, the client operates independently of the Zcash Foundation and is funded via private ZEC donations. Built on the Zcash Foundation’s Zebra client, the team provides an ~11GB blockchain snapshot, allowing new nodes to sync up in two minutes—an approximately 680x speed improvement. Its compatibility mode also replicates the legacy zcashd interface, enabling wallets and exchanges to continue operating after the original client’s maintenance ends on July 18. The team notes that Visa and Mastercard process over 50,000 transactions per second, a benchmark it has set as its minimum target. To reduce the verification burden of large-scale private transactions, Bowe’s Tachyon project is developing recursive proofs, which let nodes validate thousands of proofs with a single proof. Valar Group is building private information retrieval (PIR) technology, allowing wallets to access relevant transaction data without exposing their query content. Zakura is also testing a fast block propagation system that delivers new blocks to all nodes in half a second. Its upcoming testnet is the Ironwood upgrade, set to activate on the mainnet on July 28. Ironwood will use a "rotating door" mechanism to restrict inflows and outflows of the Orchard privacy pool, mitigating risks of fake ZEC entering circulation due to prior zero-knowledge proof vulnerabilities.

9 minutes ago

Moonshot (Kimi)’s technological breakthrough triggers sell-offs in AI stocks, with leveraged products amplifying market volatility.

According to Bloomberg, Chinese AI startup Moonshot has achieved an unexpected technological breakthrough, triggering sharp declines in global AI and semiconductor stocks on Friday and prompting markets to once again reference the 2025 "DeepSeek Moment". The semiconductor benchmark index has fallen roughly 20% from its June peak, entering a bear market; the triple-leveraged semiconductor ETF SOXL has dropped more than 50% over the same period. This sell-off demonstrates that when rapid advances in AI technology reshape market perceptions of winners and losers, leveraged ETFs, options, single-stock funds, and crypto-related products may be liquidated simultaneously. Bloomberg Intelligence data shows leveraged ETFs make up around 13% of U.S. ETF trading volume but only 1.2% of industry assets. When accounting for embedded leverage, their share of the U.S. stock market remains less than 1%. While these products are generally small in overall size, their holdings are concentrated in AI chips, volatile stocks, and newly listed firms. When leverage, concentration, and volatility rise at the same time, the funds' daily rebalancing turns them into active trading forces that further amplify existing market trends. The South Korean market offers a clear recent case: local retail investors have heavily purchased leveraged products tied to Samsung Electronics and SK Hynix, and as market sentiment turned weak, the related funds were forced to sell an estimated tens of billions of dollars worth of SK Hynix positions.

9 minutes ago

Table of contents

Leonidas’ DOG Mode client has thrust Bitcoin’s long-running governance tussle back into the conversation, explicitly challenging default relay policies that determine which transactions get passed along the network. The move reopens a philosophical wound that never fully healed: does the network run on a free market, or does it operate under a set of enforced, community-chosen standards? According to the original report, DOG Mode refuses to play by the existing relay rulebook, a choice that could splinter mempool behavior and unsettle the assumptions miners and full nodes rely on every day.

Default relay policies are the unsung gatekeepers of Bitcoin’s transaction flow. They decide what gets propagated and what sits idle. Core client defaults filter out transactions that are too big, too dusty, or too non-standard. They also shape the fee market and influence miner extractable value. DOG Mode appears to strip away some of these filters, treating the mempool as an entirely open space. The implication is immediate: transactions that Core nodes would reject as spam or low-value would flow freely through DOG Mode peers, potentially forcing miners to consider them if economic incentives align.

The timing is notable. Bitcoin’s fee environment has become more volatile as institutional activity and on-chain assets like Ordinals and BRC-20 tokens compete for block space. A client that relaxes relay rules arrives just as some users feel squeezed out by high fees or arbitrary policy enforcement. Developer activity across blockchains remains high, yet debates about what constitutes valid transaction inclusion rarely reach protocol level. DOG Mode changes that, pushing the argument from social media threads to live node configuration.

The Philosophy Underneath Code At its core, DOG Mode isn’t just a software tweak. It’s a statement about who governs Bitcoin. Protocol defaults have always encoded norms, from block size limits to the shape of script validation. When a single client, Core, dominates 98% of nodes, its policies become the network’s policies by default. DOG Mode introduces client pluralism as a deliberate challenge, tapping into the older, libertarian strain of Bitcoin thought that fears invisible policy-setting as a form of censorship. Dropping relay filters resumes the argument that the network should transmit everything and let miners decide, not pre-screen based on taste.

Critics will note that open relay policies aren’t free of consequence. They can bloat mempools, increase orphan rates, and impose higher costs on nodes. Yet those costs might be worth bearing if the alternative is a permissioned transaction pipeline. The debate mirrors earlier fights over full-RBF and the use of replace-by-fee. In each case, a minority client forced the majority to confront whether defaults were features or accidents of history. Regulatory scrambles remind us that governance is fought on multiple fronts, but code-based governance bypasses legislative halls entirely.

What Remains Unclear The market doesn’t yet know whether miners will adopt DOG Mode or ignore it. A client is only as influential as the nodes and hashrate that run it. If a handful of non-mining nodes alter relay rules, the impact may be trivial. If mining pools adopt it, transaction selection could bifurcate quickly. A splintered mempool creates informational asymmetry, where different miners build on different transaction sets, potentially raising the risk of stale blocks and complicating fee estimation for users.

There’s also the question of economic nodes. Exchanges, payment processors, and custodians running Core defaults may not accept transactions that only propagate through DOG Mode peers, leaving some users in a confirmation limbo. That real-world friction would test whether the free-market argument holds up when money is on the line. Meanwhile, the narrative itself is a force. DOG Mode reminds the broader ecosystem that Bitcoin’s supposed ossification is always under tension, and new client experiments can emerge from anyone willing to write the code. Market infrastructure innovations elsewhere show that protocol rules are constantly being tested, but Bitcoin’s scale means even small policy shifts have outsized consequences.

For now, Leonidas’ move is a provocation in code form. It doesn’t attack the network; it simply refuses to enforce filters that many node operators didn’t actively choose. The debate it triggers will play out on mailing lists, in mining pools’ configuration files, and across block templates. Bitcoin’s governance has always been a messy, slow-motion affair. DOG Mode ensures it won’t be ignored.

AUTHOR

Kester is an experienced freelance content writer. His focus is primarily on blockchain technology and cryptocurrency. One might even refer to him as a "blockchain enthusiast." He has been following advancements in the crypto and blockchain area for several years, researching and writing his insights in the media. In addition to being a skilled content writer, Mushumir is also knowledgeable in SEO and digital marketing. He aspires to succeed as a content creator in the digital realm, dealing with customers in the finance and tech industries to generate traffic through engaging taglines and content. Mushumir enjoys traveling, reading, and playing cricket when he is not writing. He now works as a news and article writer for BlockchainReporter.

If BTC is to mimic its previous surge, it would rise above $500,000.

Bitcoin has managed to recover some ground from the early July drop to a multi-year low and now fights for $65,000. On the more macro scale, though, the asset has flashed a signal that preceded one of the most impressive rallies in its recent history.

Can it do it again now?

BTC to $500K and Beyond? The signal in question was the formation of a bullish RSI divergence on the weekly chart, as outlined by popular analyst Ali Martinez. It emerges when the asset’s price and its 14-period Relative Strength Index on a weekly chart move in the opposite direction, suggesting that the underlying trend is losing momentum.

According to Martinez, the last time this happened was four years ago during the 2022 bear cycle. At the time, BTC bottomed at around $16,000 before the next expansion phase began, culminating three years later in a new peak of over $126,000.

The subsequent correction since that October peak has driven the cryptocurrency south to around $60,000, where the bullish RSI divergence appeared. History is no indicator of future price performance, but it’s still fun to speculate that if bitcoin were to mimic its 2022-2025 rally precisely, it would skyrocket to over half a million dollars per unit.

The Right and Wrong Strategies Fellow analyst Altcoin Sherpa noted that the 200-EMA on the 4-hour chart had flipped for the first time in months, but BTC still needs to reclaim $65,000 to signal that the dip and bottom are in during this cycle.

Michaël van de Poppe spoke about when and how investors should consider (re-)entering the bitcoin ecosystem. He argued that many expect another leg down and a drop to $40,000 in the next few months and want to buy there. However, he asked what their plan B would be if that didn’t happen.

You may also like: Bitcoin’s Coinbase Premium Has Been Negative for 60 Days – Why It Matters Bitcoin’s Surprising Reaction to Trump’s Iran Threats and Rising US Margin Debt Will Crypto Markets Move When $1.2B Bitcoin Options Expire Today? “Most of those people will then be buying back at $90,000 per bitcoin. That, to me, is a stupid strategy to go for.”

Instead, he believes buying at current levels is such a “phenomenal opportunity” that investors should take advantage of and wait 2-5 years to fully enjoy the potential price appreciation. And, if BTC indeed dips to $40,000, that would be an “even extra opportunity,” but he wouldn’t rely blindly on such a scenario.

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