Track market-moving stories before they get noisy

Cardano price hovered at $0.1650 on Sunday after the Van Rossem hard fork officially activated across the mainnet. ADA gained during the previous 24 hours as traders assessed the upgrade’s impact on network performance. 

The broader cryptocurrency market also improved, rising 0.54% to reach a $2.2 trillion valuation. Bitcoin price was still trading over $64,000, with Ethereum at $1,860 and XRP price showing a small gain. 

Market sentiment may strengthen further if Bitcoin maintains support above $63,500 and approaches the $69,000 resistance level.

Van Rossem Hard Fork Strengthens Cardano Mainnet The Protocol Version 11 upgrade of Cardano was implemented once all the necessary governance groups gave it adequate approval. The proposal passed ratification levels in Epoch 643 on July 13. It was automatically enacted in the next epoch boundary, which is July 18, 2026.

The upgrade comes with new Plutus features that aim to enhance the execution of smart contracts. Faster processing, reduced costs and updated cost models can be enjoyed by developers. 

These modifications can make decentralized applications run in the growing ecosystem of Cardano more efficient.

NEWS: V11 (van Rossem) hardfork is now officially live on Cardano $ADA mainnet.

It brought new Plutus capabilities, faster/cheaper smart contracts, and protocol prep for Leios.

Congratulations to the entire Cardano ecosystem on another successful upgrade! 🥳 pic.twitter.com/KLJtAaV9Uy

— Cardanians (CRDN) (@Cardanians_io) July 19, 2026

Van Rossem also enhances ledger consistency and enhances node security. The upgrade includes improved primitives, special VRF keys, and new reference input regulations. 

The hard fork governance action was given precedence by the ledger of Cardano over other proposals during the ratification. There were however no rival governance actions that were withheld, stifled or lapsed.

The upgrade is also gearing Cardano towards the proposed transition to the Dijkstra era. That future hard fork should bring in Ouroboros Leios, the significant Cardano scalability framework. The goal of Leios is to maximise throughput without compromising network security and decentralisation.

Whale $100K Activity Falls While ADA Price Holds Steady Cardano price looks at recovery because whale transactions have not been high as compared to spikes that have been noticed earlier in the year. The current participation of major holders is limited and would show large ADA transfers above 100,000. 

The whale activity had earlier spiked to more than 200 transactions in January and then went down in the months that followed. The highest brief increases were observed in February, March, June, and July, but none of them was as high as the first peak. 

Santiment data The fact that this slowdown persists implies that large investors are acting cautiously until they can see through the fog before they can venture more into Cardano.

Cardano Price Outlook Signals 20% Rally Toward $0.20 The ADA price surged to $0.165, extending its recovery from the $0.160 support zone during four-hour trading. 

Buyers are trying to gain control, but short-term resistance is close to $0.17 according to the Cardano future outlook.

An emphatic four hour close above that line may help build momentum towards $0.180. A break of $0.18 can lead to a break of $0.20, which is about 20% increase over the current.

Source: Tradingview The MACD is still a bit positive but narrow lines indicate that momentum still requires more volume. In the meantime, the Chaikin Money Flow value of approximately 0.13 indicates that capital is still flowing into the market.

Cardano price must defend $0.16 to preserve this bullish structure and prevent another pullback. Any failure at the support may reveal $0.15 before the buyers get confidence back.

There is $1.6 trillion in Bitcoin sitting idle, earning nothing, doing nothing. Charles Hoskinson has a plan to put it to work on Cardano, and the plan quietly requires every transaction to burn a little ADA. Whether that saves Cardano or exposes its central problem is the whole question.

Summary

Cardano founder Charles Hoskinson has laid out a strategy to bring Bitcoin into Cardano’s DeFi ecosystem through a platform called Pogun, targeting the roughly $1.6 trillion in idle Bitcoin. Pogun rolls out in three phases across 2026: a non-margin credit market in the second quarter, a yield application in the third, and a BitVM-based trust-minimized bridge in the fourth. The mechanism that matters for ADA holders: every transaction in the system requires ADA for fees, paid invisibly by Bitcoin users, creating a demand driver that Cardano’s token has lacked. It leans on Midnight, Cardano’s privacy partner chain, for confidential transactions, and on Cardano’s EUTXO architecture, which shares design lineage with Bitcoin’s own UTxO model. The sharp objection, raised by Cardano’s own community: if Bitcoin can be lent, earn yield, and settle without users noticing ADA, why hold ADA at all? The plan may build against its own token. Cardano has a problem it has had for years, and it is not a technology problem. ADA trades around 94% below its 2021 high, the network’s DeFi activity has long lagged its ambitions, and its founder spends a meaningful share of his time denying rumors that he is quitting. What Cardano has never lacked is engineering and ideas.

What it has lacked is a reason for capital to show up. Charles Hoskinson’s answer, laid out across 2026, is audacious: stop trying to attract crypto capital to Cardano and go get Bitcoin’s instead. There is roughly $1.6 trillion in Bitcoin sitting idle in wallets, earning nothing, and Hoskinson wants to route a slice of it through Cardano’s infrastructure, with every transaction quietly paying fees in ADA. It is the most concrete demand thesis Cardano has produced in years. It also contains a contradiction its own community has already spotted.

The idle-Bitcoin thesis The premise starts with a real and large number. Something on the order of $1.6 trillion in Bitcoin sits in wallets doing nothing productive. Bitcoin is superb as a store of value and poor as a financial instrument: it does not natively lend, earn yield, or plug into decentralized finance without wrapping, bridging, or handing custody to an intermediary. That gap, enormous dormant capital with no native way to work, is what every “Bitcoin DeFi” project is chasing, and Hoskinson has decided Cardano should chase it hard.

His framing, delivered publicly in May 2026 and reiterated through the year, is that Bitcoin holders would be able to access lending, yield, and privacy tools through Cardano without surrendering control of their assets. A dedicated team, described at various points as around 19 people, is building it. The pitch to Bitcoin holders is straightforward: keep your Bitcoin, but make it productive, through infrastructure that does not require you to trust a centralized custodian.

The pitch to Cardano holders is different and more important to the ADA investment case. Hoskinson has been explicit that the entire system runs on ADA underneath. In his own words, every single transaction requires ADA to happen; the Bitcoin user pays a fee in ADA but does not see it. The idea is to make ADA the invisible fuel of a Bitcoin-DeFi economy, generating persistent, usage-based demand for the token regardless of whether anyone is speculating on ADA itself. For a token whose central weakness has been the absence of a demand driver, that is the whole game.

What Pogun actually is Pogun is the platform that operationalizes the thesis, and its structure is more concrete than Cardano’s roadmaps usually are.

It rolls out in three phases across 2026. The first, targeted for the second quarter, is a non-margin credit market: lending against Bitcoin without the liquidation-cascade risk that leveraged lending carries. The second, targeted for the third quarter, is a yield-focused application that lets Bitcoin holders earn returns.

The third, targeted for the fourth quarter, is a BitVM-powered bridge, a trust-minimized way to move Bitcoin onto Cardano infrastructure without the custodial risk that has plagued wrapped-Bitcoin products. Input Output Group sought treasury funding for the effort, with figures around 12.3 million ADA cited, as part of a larger proposal slate that also funded the Leios scaling upgrade.

The architecture leans on two Cardano-specific pieces. The first is Midnight, Cardano’s privacy-focused partner chain, which launched its mainnet in early 2026 and serves as the confidential coordination layer, letting Bitcoin holders use DeFi tools without exposing their positions publicly. Hoskinson has framed Midnight as proof of Cardano’s partner-chain model, specialized chains operating alongside the main network while drawing on its security.

The second is Cardano’s EUTXO accounting model, which shares design lineage with Bitcoin’s own UTxO model. That shared lineage is not incidental; it is part of the technical argument that Cardano is a more natural home for Bitcoin DeFi than account-based chains like Ethereum, because the two systems think about transactions in a similar way.

The sequencing is deliberate. The team has described building the credit market and liquidity first, so that by the time the consumer-facing products launch, there is already a functioning market underneath them instead of an empty shell waiting for users.

JUST IN: Cardano enables thousands of onchain signature checks at lower cost

Plutus smart contracts can now verify signatures natively using BLS12 381 cryptography pic.twitter.com/9Mqk9B6J9V

— crypto.news (@cryptodotnews) July 18, 2026 The bull case The strongest version of this argument is that Cardano has finally identified the right target and built a credible, differentiated way to reach it.

The demand mechanism is genuinely elegant. Cardano’s problem was never capability; it was that ADA had no structural reason to be in demand beyond speculation and staking. Embedding ADA as the mandatory fee layer of a Bitcoin-DeFi economy creates exactly the kind of usage-based demand that speculation cannot provide, and that does not evaporate when sentiment turns. If Bitcoin DeFi on Cardano generates real volume, ADA demand rises mechanically with it, transaction by transaction, whether or not anyone is bullish on ADA as a trade. That is a far healthier demand base than the memecoin-and-narrative cycles driving other chains.

JUST IN: Cardano reduces reliance on creator input output

Key infrastructure will be handed to external teams with community oversight starting in August pic.twitter.com/72NTpukLYb

— crypto.news (@cryptodotnews) July 18, 2026 The target is also the right one. Every serious chain is chasing Bitcoin DeFi because the prize, a fraction of $1.6 trillion in dormant capital, is the largest untapped pool in crypto. Cardano bringing brokerage-grade patience, a privacy layer, and UTxO compatibility to that chase is a real differentiator against the wrapped-Bitcoin approaches that have dominated and repeatedly failed on custody and trust. A BitVM bridge that reduces custodial risk addresses the exact failure mode, hacked or insolvent custodians, that has burned wrapped-Bitcoin users before.

And it fits Cardano’s identity rather than betraying it. Cardano’s whole brand is methodical, research-driven, security-first engineering, often criticized as too slow. Bitcoin holders are, as a group, the most conservative and security-conscious in crypto. A careful, peer-reviewed, custody-minimizing approach to Bitcoin DeFi is arguably better matched to Bitcoin holders than the move-fast culture of other DeFi ecosystems. For once, Cardano’s slowness could be a feature aimed at exactly the audience that values it.

The bear case The skeptical case starts with a question a Cardano community member asked Hoskinson directly, and it is devastating in its simplicity: what would be the point of holding ADA over Bitcoin? Are we building against our own core token?

The concern is real and structural. If the system is designed so that Bitcoin users pay fees in ADA without seeing it, then the design goal is explicitly to make ADA invisible. A Bitcoin holder using Pogun holds Bitcoin, earns yield in Bitcoin, and never needs to acquire, hold, or think about ADA. The fees are abstracted away. If ADA is successfully hidden from the user, then ADA is a backend utility token that the end user has no reason to hold as an investment, which means the demand is limited to whatever float the protocols need to operate, not the broad holder demand that supports a token’s price.

Making ADA the invisible plumbing is good for usage and potentially bad for ADA as an asset people want to own. Hoskinson’s answer, that transactions require ADA regardless, addresses mechanical demand but not the deeper question of why anyone holds ADA rather than the Bitcoin it is helping to mobilize.

The second problem is execution and timeline. Cardano has a long history of ambitious roadmaps that arrive late or underdeliver relative to the promise. Pogun’s phases are targeted across 2026, and Cardano’s governance has been visibly deadlocked, with treasury votes for exactly this kind of initiative facing friction and Hoskinson warning that rejecting research funding could drive engineers away. A plan that depends on multiple new components, Midnight, the BitVM bridge, the credit and yield layers, all shipping and integrating on schedule, is a plan with substantial execution risk in an ecosystem that has struggled to convert roadmap into adoption before.

The third problem is competition. Cardano is not alone in chasing Bitcoin DeFi; it is late to a crowded race. Bitcoin layer-2s, wrapped-Bitcoin protocols on Ethereum, and Bitcoin-native DeFi efforts are all pursuing the same idle capital, several with more liquidity, more developers, and more existing integrations than Cardano has managed to attract. Cardano’s DeFi TVL has sat around $1.1 billion at times, a fraction of Ethereum’s or Solana’s, which raises the question of why Bitcoin holders would route their capital through the ecosystem that has struggled most to attract capital in the first place. Being a natural technical home for Bitcoin DeFi does not help if the liquidity and developers are elsewhere.

LATEST: Bitcoin is heading natively to Cardano. The Cardinal protocol aims to wrap BTC UTXOs into Cardano native assets with a one-to-one peg, unlocking liquidity for Cardano DeFi without custodians pic.twitter.com/hEhZzGzefV

— crypto.news (@cryptodotnews) April 28, 2026 The token question at the center Everything about this plan comes back to one unresolved tension, and it is worth stating plainly because it is the crux of whether Pogun helps ADA or merely helps Bitcoin.

Cardano is trying to solve its demand problem by making ADA essential but invisible. Those two properties are in tension. Essential means every transaction needs ADA, which creates mechanical demand proportional to usage. Invisible means users never consciously hold or value ADA, which suppresses the discretionary demand that actually drives a token’s price above its pure utility floor. A token that is essential-but-invisible tends to trade at its utility value, the minimum float the system needs to function, rather than at the premium that comes from people wanting to own it. Ethereum resolved this tension by making ETH visible and desirable as an asset in its own right, through staking, through the ultrasound narrative, through being the reserve asset of its own economy. Cardano’s Pogun design points the other way, toward ADA as backend infrastructure.

The optimistic resolution is that sufficient usage makes even utility-value demand large. If Bitcoin DeFi on Cardano processes enormous volume, the mechanical ADA demand could be substantial even if no one holds ADA for love of it. The pessimistic resolution is that Cardano will have built a successful piece of Bitcoin infrastructure whose value accrues to Bitcoin holders and Pogun’s operators, while ADA captures only the thin utility margin, which is not the outcome ADA holders are hoping for when they cheer a Bitcoin-DeFi announcement.

Which resolution wins depends on numbers that do not exist yet, because the products are still launching. The second-quarter credit market and third-quarter yield app are the first real tests. If they generate meaningful Bitcoin volume and ADA demand rises visibly with it, the thesis has legs. If they launch quietly into the same low-liquidity environment that has characterized Cardano DeFi, then Pogun becomes another well-engineered Cardano initiative that did not move the token, and the community member’s question, why hold ADA over Bitcoin, will have answered itself.

Why Cardano needs this to work To understand why Hoskinson is betting so heavily on Bitcoin DeFi, you have to understand how much pressure Cardano is under, because Pogun is not an opportunistic add-on. It is a response to an existential question the market keeps asking.

The pressure is visible in the numbers and the noise around them. ADA trades roughly 94% below its 2021 high, deep in the ranks of large-cap tokens that led the previous cycle and never recovered. Cardano’s DeFi total value locked, around $1.1 billion at times, is a fraction of Ethereum’s or Solana’s despite Cardano having been live since 2017 and commanding one of the most committed communities in crypto. Hoskinson has spent 2026 denying rumors that he is leaving the project and calling them fiction, which is not a thing founders of thriving networks typically have to do. And the governance apparatus, the CIP-1694 on-chain system Cardano is genuinely proud of, has been deadlocked over treasury proposals, with Hoskinson warning that rejecting research funding could push engineers out.

Underneath all of it is a criticism Hoskinson himself has accepted in his own framing: Cardano’s problem is not technology. He has said explicitly that it is not a node problem, not a problem of imagination, not a problem of execution capability, but a problem of governance, coordination, and ultimately getting capital and users to show up. That is a striking admission from a founder, and it reframes Pogun. Bitcoin DeFi is not just a product; it is Hoskinson’s answer to the accusation that Cardano builds impressive technology that nobody uses. If he can route Bitcoin’s enormous, idle capital base through Cardano, he solves the adoption problem and the demand problem at once, and he does it without needing to win the crypto-native DeFi users who have consistently chosen other chains.

That is why the stakes are higher than a normal roadmap item. Cardano has tried narratives before: smart contracts, then DeFi, then real-world assets, and none produced the adoption inflection the community keeps waiting for. Bitcoin DeFi is the biggest swing yet, aimed at the biggest target, and it arrives at a moment when patience with the slow-and-steady thesis is visibly thinning. If Pogun works, it vindicates the entire methodical approach. If it lands quietly like its predecessors, it will be much harder to argue that the next initiative will be different. Hoskinson has effectively staked the credibility of Cardano’s whole strategy on reaching an audience that has never been Cardano’s, which is either the boldest possible move or a sign of how few options remain.

What to watch Three concrete markers will tell you which way this breaks.

The first is whether the Pogun phases actually ship on their 2026 timeline. The credit market was targeted for the second quarter and the yield app for the third; slippage on those dates, in an ecosystem already criticized for slow delivery, would be an early negative signal. Shipping on time, with working products, would be a genuine and somewhat unexpected positive given Cardano’s track record.

The second is Bitcoin volume through the system, not ADA price. The entire thesis rests on attracting idle Bitcoin, so the metric that matters is how much Bitcoin actually flows into Pogun’s credit and yield products once they are live. ADA price will be noisy and driven by the broader market; Bitcoin TVL on Cardano is the clean read on whether the idle-Bitcoin thesis is working.

The third is whether ADA demand becomes visible in the data as usage grows. This is the crux question made measurable. If Bitcoin volume rises and on-chain ADA demand rises with it in a legible way, the essential-and-invisible design is working as a demand driver. If Bitcoin volume rises and ADA does nothing, then the community’s fear was correct, and Cardano will have built valuable infrastructure for someone else’s asset. Hoskinson has made the boldest, most concrete bet of Cardano’s recent history. The next two quarters start to settle whether it was aimed at the right target or against his own token.

Frequently Asked Questions What is Cardano’s Bitcoin DeFi plan? It is a strategy, led by founder Charles Hoskinson, to bring Bitcoin into Cardano’s DeFi ecosystem and tap the roughly $1.6 trillion in idle Bitcoin. The centerpiece is Pogun, a platform letting Bitcoin holders lend, borrow, and earn yield through Cardano infrastructure without surrendering custody. Crucially, every transaction in the system requires ADA for fees, creating usage-based demand for Cardano’s token.

What is Pogun? A three-phase Bitcoin DeFi platform rolling out across 2026: a non-margin credit market in the second quarter, a yield-focused application in the third, and a BitVM-based trust-minimized bridge in the fourth. It integrates Midnight, Cardano’s privacy partner chain, for confidential transactions, and builds on Cardano’s EUTXO architecture, which shares design lineage with Bitcoin’s UTxO model. Input Output Group sought around 12.3 million ADA in treasury funding for it.

How does this benefit ADA holders? Through embedded demand. Hoskinson has stated that every transaction in the system requires ADA for fees, paid by Bitcoin users who may not even notice. If Bitcoin DeFi on Cardano generates real volume, ADA demand rises mechanically with it, independent of speculation. For a token whose main weakness has been the lack of a structural demand driver, that is the core of the investment argument.

What is the main criticism? That the design makes ADA essential but invisible, which are properties in tension. If Bitcoin users pay fees in ADA without seeing it, they have no reason to hold ADA as an investment, so demand may stay limited to the minimum the protocols need instead of the broad holder demand that lifts a token’s price. A community member asked Hoskinson directly what the point of holding ADA over Bitcoin would be, capturing the concern that Cardano may be building against its own token.

How is this different from wrapped Bitcoin? Wrapped Bitcoin typically requires trusting a custodian to hold the underlying Bitcoin, a model that has failed through hacks and insolvencies. Pogun’s fourth phase is a BitVM-based bridge designed to be trust-minimized, reducing reliance on a custodian. Combined with Cardano’s UTxO compatibility with Bitcoin and the Midnight privacy layer, the pitch is a more secure, more private way to make Bitcoin productive than existing wrapped approaches.

Why does Cardano think it can win Bitcoin DeFi? Three arguments: its EUTXO architecture shares design lineage with Bitcoin’s UTxO model, making it a technically natural fit; its methodical, security-first culture matches Bitcoin holders’ conservatism; and its Midnight privacy chain offers confidentiality that Bitcoin holders value. The counterargument is that Cardano is late to a crowded race with lower liquidity and fewer developers than competitors, which may outweigh any technical fit.

When does Pogun launch? Its phases are targeted across 2026: the credit market in the second quarter, the yield application in the third, and the BitVM bridge in the fourth. Given Cardano’s history of ambitious roadmaps arriving later than promised, and ongoing governance friction over treasury funding, whether these dates hold is itself a meaningful signal to watch.

Will this fix ADA’s price? Unknown, and it depends on the essential-versus-invisible tension. If Bitcoin volume through Pogun is large, mechanical ADA demand could be substantial even without holders wanting ADA for its own sake. If volume is modest, or if ADA is so well hidden that demand stays at the minimum float the system needs, the plan could succeed as Bitcoin infrastructure while doing little for ADA as an asset. The next two quarters of launches are the first real test.

Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It describes a development roadmap whose components are still launching and whose outcomes are uncertain. Nothing here is a recommendation to buy or sell any asset. Always do your own research. Information is accurate as of July 17, 2026.

The SEC has approved a NYSE Arca rule change that raises position and exercise limits for options on BlackRock’s iShares Bitcoin Trust, giving institutional traders more room to hedge and express larger views around the spot Bitcoin ETF market.

The change increases limits for IBIT options from 250,000 contracts to 1,000,000 contracts, according to the SEC release. That is a fourfold increase, and it reflects how quickly Bitcoin ETF options have become part of the market’s trading infrastructure.

This is not the kind of update that grabs attention like a new ETF launch. But for market structure, it matters.

Options limits decide how large positions can become. Larger limits can support deeper institutional trading, more complex hedging, and better liquidity around ETF-linked Bitcoin exposure.

Reference: SEC

TL;DR The SEC approved a NYSE Arca rule change raising IBIT options limits. Position and exercise limits move from 250,000 to 1,000,000 contracts. The change gives larger traders more room to hedge Bitcoin ETF exposure. Bitcoin ETFs Are Becoming Trading Infrastructure The first phase of the spot Bitcoin ETF story was access.

Investors wanted to know whether they could buy Bitcoin exposure through ordinary brokerage accounts. Asset managers wanted products that could fit inside existing portfolios. Advisers wanted a structure that did not involve exchanges, wallets, private keys, or direct custody.

That phase is now maturing.

The next phase is market structure. Once an ETF becomes liquid, traders want options, hedging tools, arbitrage routes, and larger position limits. Those pieces make the product more useful for institutions that manage risk actively rather than simply buying and holding.

IBIT has become one of the most important Bitcoin ETF products in the market, so options activity around it matters. If traders can hold larger options positions, they can manage larger underlying exposures, hedge portfolio risk more efficiently, or build more sophisticated volatility strategies.

That does not mean the change is automatically bullish for Bitcoin. Options can be used for bullish, bearish, and neutral strategies. But it does mean the market around Bitcoin ETFs is becoming deeper.

Why Position Limits Matter Position limits exist to prevent excessive concentration and reduce market-manipulation risk.

If limits are too low, large institutions may find the product less useful. If limits are too high, regulators may worry about market integrity. Raising the limit suggests the exchange and regulator believe the product can support larger activity without creating unacceptable risk.

For IBIT options, moving from 250,000 to 1,000,000 contracts is a meaningful shift.

It allows larger traders to operate with more flexibility. A fund with substantial Bitcoin ETF exposure may need options to hedge downside. A market maker may need room to support liquidity. A volatility trader may want to build positions that were previously constrained by the lower cap.

The result can be a more efficient options market.

Better options liquidity can also improve the underlying ETF market because traders have more ways to manage risk. In mature asset classes, options are a normal part of the ecosystem. Bitcoin ETFs are now moving closer to that model.

A Sign Of Institutional Normalisation The larger point is that Bitcoin is increasingly being absorbed into traditional market infrastructure.

Spot ETFs brought Bitcoin into regulated fund wrappers. Options brought a derivatives layer around those wrappers. Higher position limits now give larger institutions more operational room.

This is exactly how financial markets mature. First comes access, then liquidity, then hedging, then more complex institutional strategies.

For Bitcoin, that is a major shift from earlier cycles, when much of the market was concentrated on offshore exchanges, spot exchanges, and crypto-native derivatives venues. Those venues still matter, but the ETF market has changed the balance.

More regulated options activity could also affect volatility. In some cases, deeper options markets help smooth risk because traders can hedge more efficiently. In other cases, options positioning can create sharp moves around expiries, strikes, and dealer hedging flows.

Either way, Bitcoin traders will increasingly need to watch ETF options data alongside spot flows.

The SEC approval does not guarantee higher Bitcoin prices. It does not remove volatility. It does not change the underlying supply schedule. But it does make the institutional Bitcoin market more functional.

That may be the most important takeaway. Bitcoin ETFs are no longer just products people buy for exposure. They are becoming part of a larger trading and risk-management system.

This article is based on SEC release SR-NYSEARCA-2026-76 and Federal Register materials.

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

Table of contents

The quiet reversal is the one that often gets ignored until it isn’t. After a grinding multi-month stretch of outflows that bled through May and June, Bitcoin ETFs have flipped back to positive territory, registering $264.4 million in net inflows over the past two weeks as BTC reclaimed the $64,000 level. The Santiment update shows the demand shift is not just a headline number—it’s spread across multiple issuers, making the turnaround harder to dismiss as a one-off event.

The post-outflow tape had been defined by apathy. Daily redemptions chipped away at assets, and the narrative that ETF demand had peaked in March was cementing into conventional wisdom. That assumption now looks premature. The two-week figure includes some of the largest single-day flows since early summer, and the fund-level breakdown points to buyers easing back in rather than front-running.

A Two-Week Turnaround Led by Major Issuers Fidelity’s FBTC did the heaviest lifting early on, drawing roughly $166 million as July’s reversal began. ARKB added about $91.8 million, and BlackRock’s IBIT later stepped in with a $138.9 million day that anchored a $181.1 million total Bitcoin ETF inflow session. The distribution matters: when massive flows concentrate in a single fund, the market often treats it as tactical positioning. A spread across Fidelity, ARK, and BlackRock suggests broader re-engagement, not a single mandate.

The multi-fund pattern also weakens the argument that these inflows are merely mechanical—say, rebalancing or basis trades. While basis trade flows can still be part of the mix, genuine spot demand appears to be returning alongside a more forgiving macro backdrop. The timing is consistent with traders who had been waiting on the sidelines for inflation signals to clear.

Macro Tailwinds and Policy Hopes The macro picture provided the spark. Encouraging CPI data softened rate expectations and renewed traders’ risk appetite, while the Fed’s tone cemented a faint but real pivot narrative. On the policy side, a sense of incremental optimism around Washington’s approach to crypto added another reason for sidelined capital to move. Banks are trying to kill the biggest crypto bill in US history four days before the Senate vote, and that fight itself has forced a conversation about what a clearer regulatory framework could look like—whether or not the bill passes immediately.

What remains uncertain is whether this flow trend can persist beyond a short macro window. A single CPI print and a softer Fed do not guarantee sustained buying, and Bitcoin’s price still needs to clear proven resistance zones for conviction to solidify. The ETF market has shown it can generate large daily inflows that vanish just as quickly when risk sentiment sours. The next critical test is weekly fund flow data throughout the rest of July: if the positive streak extends, the narrative could shift from “dead cat bounce” to a genuine demand recovery.

For now, the data point is tangible: Bitcoin ETF flows are positive, the selling pressure that defined the spring has paused, and the buyers are not concentrated in one vehicle. That alone is enough to force a reassessment of the institutional demand story.

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Michael Saylor built his reputation on a simple thesis: buy Bitcoin, keep buying Bitcoin, never sell. CryptoQuant thinks it’s time to complicate that playbook.

On June 23, the on-chain analytics firm published a report urging Strategy, the company formerly known as MicroStrategy, to pump the brakes on its aggressive accumulation strategy. The core argument is less about Bitcoin and more about basic financial hygiene: the company’s liquidity position has deteriorated to a point where buying more Bitcoin before shoring up cash reserves is a meaningful risk.

The numbers that are making analysts nervous Strategy’s USD cash reserves dropped 38% in 2026, falling to roughly $1.1 billion by mid-June. At the same time, annual dividend obligations on its STRC preferred shares have quadrupled to approximately $1.2 billion per year.

The dividend coverage ratio tells the story most clearly. Strategy went from having over seven years of dividend runway to just 14 months, essentially in the span of one market cycle. CryptoQuant’s head of research, Julio Moreno, specifically recommended that the company rebuild reserves to around $2.8 billion, which would represent 24 months of coverage, before resuming any Bitcoin purchases.

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STRC preferred shares were trading around $82.50 in mid-June, roughly 17.5% below par value.

CryptoQuant estimates that Strategy is sitting on approximately $10.6 billion in aggregate unrealized Bitcoin losses, with every purchase made between 2024 and 2026 currently underwater relative to prevailing market prices.

847,000 Bitcoin and a structural dilemma Strategy currently holds roughly 847,000 Bitcoin, a position that makes it the dominant force in corporate treasury Bitcoin ownership. CryptoQuant pegs Strategy’s share at approximately 76% of all Bitcoin held by corporate treasury entities globally.

CryptoQuant explicitly advised against selling to improve cash reserves, noting that divesting at current loss levels would simply crystallize the damage rather than fix the underlying problem. The firm’s preferred solution is to focus on raising capital through dividends or new share issuance rather than liquidating Bitcoin holdings.

The recommendation to develop a model for potential sales during future market rallies is the sharpest departure from Saylor’s public doctrine. Saylor has been categorical about never selling Bitcoin. CryptoQuant is suggesting the company needs at least a contingency plan, a set of conditions under which selling would be the rational move, even if that plan is never triggered.

What this means for the broader market CryptoQuant’s warning is partly about Strategy specifically and partly about the model it represents. A number of companies have followed Saylor’s playbook, adding Bitcoin to their balance sheets as a treasury reserve asset. If the originator of that strategy runs into a liquidity wall, it raises questions about whether smaller imitators have stress-tested their own positions.

The risk of intermediate Bitcoin cycle peaks is a specific concern Moreno flagged. If Bitcoin rallies hard and then corrects before Strategy has rebuilt its cash position, the company could find itself caught between the need to service preferred dividends and a Bitcoin treasury worth less than the peak valuations it was carried on.

Strategy’s ability to issue new equity or preferred shares at favorable terms depends heavily on market confidence. If that confidence erodes, the capital raise option that CryptoQuant sees as the cleanest solution becomes more expensive precisely when the company needs it most.

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

18h48 ▪ 4 min read ▪ by Ghiles A.

Summarize this article with:

Exchange-traded funds backed by spot Bitcoin show a new sign of stability after several months marked by capital outflows. In the United States, investors recorded a third consecutive session of net inflows, confirming renewed interest in this category of products. This development comes as the market tries to regain better balance after a difficult start to the year. Meanwhile, data show a gradual improvement in flows, despite a context where price performance remains under pressure.

In brief US spot Bitcoin ETFs recorded 368 million dollars of net inflows in three consecutive sessions. The cumulative inflows of these funds now reach 51.2 billion dollars, with 77.7 billion dollars in assets under management. Bitcoin briefly crossed 65,000 dollars while July flows returned to positive territory. Despite this improvement, spot ETFs still show a net flow deficit of 5.4 billion dollars since the beginning of 2026. Bitcoin: Spot ETFs Post Three Consecutive Sessions of Inflows US spot ETFs linked to Bitcoin recorded 79.2 million dollars of net inflows on Thursday. This performance extends a positive streak after 181 million dollars recorded on Tuesday, then 108 million dollars on Wednesday. In total, these three sessions represent about 368 million dollars of new capital, according to SoSoValue data.

Spot Bitcoin ETFs record several consecutive sessions of net capital inflows, bringing cumulative flows to over 51.2 billion dollars by mid-July 2026. Source: SoSovalue. Moreover, cumulative net inflows since the launch of these products now reach 51.2 billion dollars. Assets under management also increase to reach 77.7 billion dollars. At the same time, the price of bitcoin briefly exceeded the 65,000 dollars threshold on Wednesday, a first since the end of June. This price movement coincided with flows toward ETFs returning to a more favorable trajectory.

Flows Turn Positive After Several Challenging Months Recent investments have allowed monthly flows of spot Bitcoin ETFs to return to positive territory during July. This improvement follows net outflows of 4.51 billion dollars in June and 2.4 billion dollars in May. If this momentum continues until the end of the month, July will become the first positive month since April, during which ETFs recorded 1.97 billion dollars of net inflows.

However, the annual balance remains negative. On Friday, net flows of US ETFs still showed a deficit of about 5.4 billion dollars since the beginning of 2026. At the same time, Bitcoin was trading around $63,400 at the time of writing, a decrease of about 28% since the start of the year. These figures show that the recovery of flows is not yet accompanied by a sustainable return in market performance.

The next sessions will allow verification of whether this investment resurgence is confirmed. Continued inflows could reinforce the momentum observed in ETFs, while bitcoin’s evolution will remain a key indicator to measure the strength of this trend. Market participants will also monitor the funds’ ability to maintain positive flows in the coming weeks.

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Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

DISCLAIMER

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

Institutional investment in $XRP continues to accelerate as Brookstone Capital Management, a financial advisory firm based in Illinois, revealed a significant stake in the Volatility Shares Trust XRP ETF (XRPI) through its latest 13F filing with the U.S. Securities and Exchange Commission (SEC).

Brookstone’s XRP ETF positionCrypto market commentator Xaif drew attention to the disclosure, noting that Brookstone now holds 12,380 shares of XRPI valued at approximately $71 million. He characterized this activity as evidence of growing institutional participation in XRP.

Brookstone Capital Management has confirmed a $71 million position in the Volatility Shares Trust XRP ETF, holding 12,380 shares according to its recent SEC filing. This move adds to a pattern of institutional entry into regulated XRP products.

The 13F filing, a quarterly report required by the SEC, documents asset positions of professional investment managers. Unlike an ETF launch application, a 13F filing shows positions that firms already hold in their portfolios.

Several months earlier, similar filings indicated that Goldman Sachs had become the largest holder of spot XRP ETF shares among institutional investors.

Brookstone’s participation highlights their growing interest in products that offer regulated access to cryptocurrencies without necessitating direct asset custody.

Mini dictionary: 13F filing, a quarterly disclosure form that must be submitted by institutional investment managers with over $100 million in assets under management, detailing their holdings in equities and certain ETFs.

The Volatility Shares Trust XRP ETF, listed on Nasdaq, launched in 2025 as an actively managed fund focused primarily on XRP futures contracts. The ETF aims for capital appreciation by allowing investors to gain regulated exposure to XRP market movements, removing the need for direct self-custody of digital assets.

The fund provides a bridge for institutions and retail investors seeking exposure to XRP in a manner compliant with U.S. financial regulations.

Multiple U.S.-listed spot XRP ETFs debuted in November 2025, each structured to allow shareholders to invest in XRP markets with reduced exposure to custody risks and regulatory uncertainty.

ETFLaunch DatePrimary AssetStatusVolatility Shares Trust XRP ETF2025XRP FuturesActiveSpot XRP ETFs (multiple)Nov 2025XRPActive, traded in U.S.Institutional adoption and inflow trendsBrookstone’s filing adds to an ongoing trend of financial institutions seeking crypto exposure through regulated investment vehicles. Spot XRP ETFs in the U.S. reported no net outflow days in their first month after launch. By early December 2025, combined assets under management for these funds had surpassed $1 billion.

Industry data shows that cumulative net inflows into spot XRP ETFs reached $1.44 billion since their launch, underlining persistent appetite from institutional investors.

XRP ETF inflows outpace other crypto fundsThe resilience of XRP ETFs stands out against the backdrop of declining flows in other major digital asset funds. In June, U.S. Bitcoin ETFs recorded outflows exceeding $4 billion, while Ethereum ETFs saw investors withdraw $528.99 million. XRP ETFs, however, attracted $59.4 million in fresh inflows during the same period. This inflow streak for XRP spot ETFs extended for eight consecutive weeks through June 26, underscoring their strong institutional demand.

While capital pulled away from Bitcoin and Ethereum ETFs in June, XRP ETFs added $59.4 million, continuing an eight-week streak of positive inflows. This momentum indicates a strategic pivot among institutional investors toward diversified crypto exposure.

ETFJune 2026 Net FlowBitcoin ETFs-$4 billionEthereum ETFs-$528.99 millionXRP ETFs+$59.4 millionImplications for XRP holdersBrookstone’s 13F filing is the latest signal that a wider array of investment firms, from multinational banks to smaller advisors, are adopting regulated crypto products such as XRP ETFs to diversify client portfolios. The steady inflows and absence of major outflows reflect a pattern of longer-term allocation, rather than speculative trading.

By using products like the Volatility Shares XRPI fund, investors gain efficient, regulated access to the XRP market, further legitimizing the asset within institutional finance circles.

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

TL;DR U.S. spot Bitcoin ETFs attracted $79.15 million in net inflows on July 16, according to SoSoValue. BlackRock’s IBIT led all Bitcoin ETFs with $33.44 million in fresh inflows. Spot Ethereum ETFs recorded $28.04 million in total net outflows during the same trading session. Bitwise’s ETHW posted the largest single-day inflow among Ethereum ETFs at $2.28 million. U.S. spot Bitcoin exchange-traded funds (ETFs) returned to positive territory on July 16, recording $79.15 million in net inflows, even as spot Ethereum ETFs continued to face investor withdrawals. The latest data from SoSoValue shows BlackRock’s iShares Bitcoin Trust (IBIT) led Bitcoin fund inflows with $33.44 million, while Bitwise’s ETHW posted the largest inflow among Ethereum funds despite the sector finishing the day with an overall $28.04 million net outflow.

According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net inflows of USD 79.15 million on July 16, led by BlackRock’s IBIT with USD 33.44 million. Spot Ethereum ETFs posted total net outflows of USD 28.04 million, although Bitwise’s ETHW recorded the largest… pic.twitter.com/jgejDWUYgs

— Wu Blockchain (@WuBlockchain) July 17, 2026

The mixed performance underscores how institutional investors continue to favor Bitcoin exposure while remaining more cautious on Ethereum after several weeks of uneven ETF demand.

BlackRock Leads Bitcoin ETF Recovery According to SoSoValue data, the July 16 session saw Bitcoin ETFs attract fresh capital after a volatile stretch that has featured alternating days of inflows and outflows throughout July. BlackRock’s IBIT accounted for the largest share of new investments, adding $33.44 million, helping the sector finish the day with a net gain of $79.15 million.

The accompanying SoSoValue chart shows Bitcoin ETF assets standing at approximately $77.72 billion, with the daily inflow occurring as Bitcoin traded around the $64,000 mark.

Although the latest inflow is modest compared with the billion-dollar sessions seen earlier in the ETF market’s history, it suggests institutional demand has not disappeared despite recent market consolidation. Recent trading sessions have been characterized by rapidly shifting investor sentiment as macroeconomic uncertainty and crypto-specific developments continue to influence fund flows. 

Ethereum ETFs Remain Under Pressure While Bitcoin products attracted fresh investment, Ethereum ETFs moved in the opposite direction despite a good market day for Ethereum the day before.

The group posted a combined $28.04 million in net outflows for the day, extending the uneven pattern that has defined Ethereum fund performance in recent weeks.

Despite the overall decline, Bitwise’s ETHW stood out by recording the day’s largest individual inflow at $2.28 million, suggesting that selective investors continue accumulating exposure even as broader sentiment toward Ethereum funds remains cautious.

The divergence between Bitcoin and Ethereum ETFs highlights how institutional capital is currently flowing unevenly across digital assets, with Bitcoin continuing to attract relatively stronger demand. 

ETF Flows Remain a Closely Watched Market Indicator Spot ETF activity has become one of the crypto market’s most closely monitored indicators since the products launched, offering insight into institutional appetite for digital assets.

While one day’s inflows do not establish a long-term trend, analysts often view sustained ETF demand as a sign of growing investor confidence because these products provide regulated exposure to cryptocurrencies through traditional brokerage accounts.

BlackRock remains the world’s largest asset manager, and IBIT has consistently ranked among the most actively traded spot Bitcoin ETFs since its launch. Continued inflows into the fund are frequently interpreted as evidence that institutional participation remains resilient despite short-term price volatility.

Investors will now be watching whether the latest inflows develop into a broader recovery after weeks of fluctuating demand.

Earlier this month, Bitcoin ETFs experienced several sessions of significant outflows before returning to positive territory on multiple occasions, reflecting an increasingly volatile institutional landscape rather than a sustained buying or selling trend. Ethereum ETFs have likewise alternated between inflows and outflows, although recent sessions have generally shown weaker momentum than their Bitcoin counterparts.

JPMorgan analysts report improved prospects for Bitcoin as financial services company Strategy has expanded its dollar reserves and institutional demand strengthens in futures markets. The analysts point to these developments as key factors shaping recent shifts in the cryptocurrency’s environment.

Institutional futures demand strengthensFutures and perpetual contract flows have turned positive at the CME, signaling renewed interest from institutional and professional traders. This uptick contrasts with the volatility seen in US spot Bitcoin exchange-traded funds, where inflows and redemptions have marked recent weeks.

JPMorgan, a global banking giant, notes that institutional positioning through derivatives often provides a more stable outlook for Bitcoin, even when direct spot purchases fluctuate. This trend suggests that some large market participants are gradually increasing their exposure in spite of inconsistent demand from spot Bitcoin ETF investors.

Flows into leveraged exchange-traded funds tied to Strategy have also remained positive over the past seven weeks, with retail investors believed to be major contributors. As a result, Strategy’s stock continues to trade at a premium compared with the underlying value of its Bitcoin holdings.

Flows into CME Bitcoin futures and perpetual contracts have turned positive, indicating that some institutions are rebuilding their Bitcoin exposure despite weak and uneven interest on spot ETFs, according to JPMorgan’s analysis.

This premium allows Strategy more flexibility in raising new capital through equity sales, reducing pressure to sell Bitcoin and thereby providing an extra buffer against market downturns.

Strategy’s cash reserve expansionStrategy announced a $450 million increase in its US dollar reserve, raising the total to $3 billion as of July 12. This influx was accomplished by selling approximately 4.82 million common shares in just one week, generating $466.7 million in proceeds.

The company, which is publicly listed and known for its extensive Bitcoin treasury strategy, now holds enough cash to cover about 20 months of preferred dividend payments. While JPMorgan’s analysts maintain that reserves covering two to three years would deliver more robust protection, they recognize the current increase as a positive measure for short-term obligations.

With these additional reserves in place, Strategy may avoid selling digital assets to meet commitments, instead managing dividends and interest expenses during periods of price volatility.

At the end of the latest reporting period, Strategy maintained its Bitcoin holdings at 843,775 BTC, representing a total purchase cost of approximately $63.69 billion. The company made neither additional Bitcoin purchases nor sales during the reported week.

Chief Executive Phong Le emphasizes that Strategy intends to continue as a significant long-term Bitcoin acquirer, describing the company’s balance sheet as secure. He further states that debt-related pressure would only become problematic if Bitcoin’s price fell sharply to the $8,000 to $10,000 range.

The company has also indicated that it may issue more preferred shares if their value returns to target levels, using the proceeds to purchase additional Bitcoin or to further grow its dollar reserves.

JPMorgan analysts say that, although it is difficult to determine how the recent reserve increase has impacted overall Bitcoin sentiment, these moves have alleviated immediate concerns about forced Bitcoin sales. For now, the derivatives market and robust cash holdings provide more supportive signals for Bitcoin compared to spot ETF flows.

Mini dictionary: Strategy refers to a company publicly known for holding significant amounts of Bitcoin on its balance sheet as part of its treasury strategy, often issuing new shares to raise capital for further Bitcoin purchases.

MetricPrevious LevelCurrent LevelStrategy cash reserve$2.55 billion$3 billionStrategy BTC holdings843,775 BTC843,775 BTCAggregate BTC purchase cost–$63.69 billionDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

@BlackRock's iShares Bitcoin Trust (IBIT) has accumulated 734,762 $BTC valued at approximately $47.1 billion, as institutional appetite for regulated Bitcoin exposure continues to drive inflows into the fund.

A Dominant Force in Spot Bitcoin ETFs IBIT has established a commanding lead over rival spot Bitcoin ETF products since launching in January 2024. BlackRock's fund commands roughly 49% of total US spot Bitcoin ETF assets, placing it well ahead of competitors including Fidelity's FBTC and Grayscale's GBTC. IBIT's cumulative inflows since its January 2024 launch stand at approximately $62 billion, underscoring the scale of institutional commitment to the product over its relatively short life.

BlackRock's Bitcoin position, held primarily through IBIT, represents one of the largest institutional Bitcoin treasuries globally. The ETF structure means BlackRock does not technically own these bitcoins outright. They are held in custody for IBIT shareholders. The shares of the iShares Bitcoin Trust ETF trade on the Nasdaq Stock Market under the ticker symbol IBIT, with Coinbase Custody Trust Company serving as custodian for the fund's Bitcoin holdings.

Institutional Demand and a Volatile 2026 The road to $47 billion has not been without turbulence. US spot Bitcoin ETFs drew $1.97 billion in April 2026, the best month of the year, with BlackRock's IBIT leading institutional demand. BlackRock's iShares Bitcoin Trust accounted for the bulk of April flows, attracting roughly $2 billion in net subscriptions. However, sentiment shifted sharply in the weeks that followed. US spot Bitcoin ETFs recorded $4.06 billion in net outflows during June 2026, the largest monthly redemption since the products launched in January 2024, with BlackRock's IBIT accounting for roughly $3.3 billion, or approximately 75% of the monthly total.

Despite those outflows, the fund's total Bitcoin treasury has held at a historically significant level, reflecting the ongoing structural demand from institutional allocators seeking regulated exposure to $BTC. Spot Bitcoin ETF inflows have become one of the most important signals for institutional Bitcoin demand in 2026, making IBIT's accumulation figures a closely watched metric across traditional finance and crypto markets alike.

Sources:
BlackRock Bitcoin ETF Holdings Hit Record 806,700 BTC Worth $63.7 Billion, Yahoo Finance
Spot Bitcoin ETFs Pull $1.97 Billion in Biggest Monthly Surge Since November, Yahoo Finance
BlackRock's IBIT Led $4.06B June Exodus After BTC ETF News, ICObench

Breez has partnered with Turnkey to let developers add non-custodial bitcoin to applications that run wallets from their own servers, the companies announced.

The partnership addresses a structural problem. Many mainstream apps operate from the backend, with a single service handling millions of users. Adding bitcoin under that design has meant holding user keys on company servers. 

Holding keys makes a company a custodian, a status that carries licensing requirements, legal liability, and the security burden of a large store of user funds. The alternative has been to build a separate device-based wallet, a change that breaks the architecture these apps use to reach scale.

Under the new model, each user receives a wallet whose keys are created and stored inside Turnkey’s secure enclaves. According to the companies, those keys stay out of reach of the app’s servers, Breez, and Turnkey. The company’s backend holds a credential that defines what actions it can take, while authority to move funds rests with the user.

In other words, this partnership positions some of the world’s largest consumer apps to add non-custodial bitcoin without rebuilding their backend architecture or taking custody of user funds.

Turnkey supports Spark, the network the Breez SDK is built on. Paired with Breez’s server mode, a single backend can manage wallets for millions of users without storing keys.

Registered passkeys enable bitcoin self-custody apps The approval flow works as follows. The user holds a credential, such as a passkey registered with Turnkey at signup. The server prepares a transaction and displays the amount, the fee, and the destination. 

The user approves the transaction, and it completes. The server cannot spend funds without that approval. For the user, the app’s existing flow does not change, and there is no seed phrase to record.

Turnkey provides embedded wallet infrastructure used by a range of consumer apps and holds a SOC 2 audit. In a note to Bitcoin Magazine, Breez positioned the release as a way for exchanges, fintechs, and neobanks to offer bitcoin and stablecoin services to large user bases without taking custody of funds. 

Exchanges can automate payouts under rules their security teams define, and fintechs can add a non-custodial bitcoin service inside their existing interface.

The partnership extends a series of Breez SDK features aimed at lowering barriers to bitcoin integration. Passkey Login replaced the seed phrase, Stable Balance addressed price volatility, and a separate feature added support for sending the stablecoins USDT and USDC. The companies say the combined tools let backend-run products offer bitcoin and stablecoins to users while custody of the assets stays with those users.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Crypto Briefing approved image library

ETRADE, a subsidiary of Morgan Stanley, has completed its rollout of spot services for Bitcoin, Ethereum, and Solana, enabling eligible clients to buy, sell, and hold these cryptocurrencies directly within their brokerage accounts. The service, which comes with a transaction fee of 50 basis points, marks a significant integration of traditional finance with the crypto market. This offering positions ETRADE competitively against other major platforms like Charles Schwab and Coinbase, which have higher fees. While the platform currently does not support transfers to external wallets, such functionality is expected to be added later this year.

Market participants appear to have responded positively to this development, particularly regarding the potential impact on Solana. The move may indicate increased demand and activity, contributing to market expectations of Solana’s price movement. Notably, this development coincides with a broader trend of traditional financial institutions embracing cryptocurrencies, potentially sparking a competitive environment around retail crypto fees.

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The introduction of spot access for these cryptocurrencies by a major financial institution like Morgan Stanley’s E*TRADE suggests increased mainstream acceptance and integration of digital assets. The market’s reaction appears consistent with scenarios where Solana could see heightened demand and volume.

Key Takeaways E*TRADE’s rollout of spot access for cryptocurrencies appears consistent with increased mainstream acceptance of digital assets. Market pricing suggests participants view this as supportive of increased Solana demand, potentially impacting its price. The competitive fee structure could lead to a broader retail crypto fee competition among traditional financial platforms. What to Watch Watch for potential announcements regarding the implementation of external wallet transfers, which could further influence market dynamics. Additionally, observe any strategic responses from competitors like Charles Schwab and Coinbase that may impact fee structures and market share. Solana’s price movements in the coming weeks will provide further insight into the market’s reaction to this integration, particularly if demand and volume increase as expected.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 11.5% — — View market → August 1 2026 0.4% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.4% — — View market → August 1 2026 1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 3.8% — — View market → August 1 2026 0.5% — — View market → August 1 2026 8.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 40.5% — — View market →

KEY TAKEAWAYS

President Trump signed an executive order on March 6, 2025, establishing a Strategic Bitcoin Reserve capitalized with Bitcoin seized through federal criminal and civil asset forfeiture proceedings nationwide. The U.S. federal government holds approximately 328,372 BTC as of February 2026, making it the largest known state holder of Bitcoin in the world by a significant margin. Bitcoin deposited into the Strategic Bitcoin Reserve cannot be sold under current rules, effectively removing approximately 328,372 BTC from the circulating supply against Bitcoin’s 21 million coin hard cap. Interagency disputes between the Treasury Department and Commerce Department over custody and operational control have delayed full implementation of the reserve as of mid-2026 reporting. The BITCOIN Act (S.954) proposes acquiring up to one million BTC, while the American Reserve Modernization Act, introduced in May 2026, seeks a 20-year mandatory holding period. On March 6, 2025, President Donald Trump signed an executive order creating the Strategic Bitcoin Reserve, the first federal program to treat Bitcoin as a sovereign reserve asset alongside gold and petroleum. 

The order directed that Bitcoin seized through law enforcement operations be consolidated into a permanent reserve that cannot be sold. A separate U.S. Digital Asset Stockpile was created for non-Bitcoin digital assets. As of mid-2026, the reserve faces implementation challenges, including interagency disputes over custody.

 This article explains how the reserve works, what legislation is pending, and what it means for Bitcoin markets.

How the Executive Order Created the Reserve The March 6, 2025, executive order directed the Treasury Department to establish custodial accounts collectively known as the Strategic Bitcoin Reserve. The reserve was capitalized with all BTC held by the Treasury through final criminal or civil asset forfeiture proceedings.

Other agencies were directed to evaluate their authority to transfer government-held Bitcoin to the reserve within 30 days, as specified in the Federal Register filing.

The key rule is unambiguous: Bitcoin deposited into the reserve cannot be sold. The executive order stated that holdings “shall not be sold and shall be maintained as reserve assets of the United States.” The Secretaries of the Treasury and Commerce were authorized to develop budget-neutral strategies for acquiring additional Bitcoin, provided those strategies impose no incremental costs on taxpayers.

The order also created the U.S. Digital Asset Stockpile for non-Bitcoin assets. The stockpile operates under a different framework, with the development of “stewardship strategies” encouraged rather than a blanket no-sale rule, as the Lathrop GPM legal analysis explained.

The distinction between the Bitcoin reserve and the digital asset stockpile is significant. Bitcoin received the elevated “strategic reserve” designation with a permanent no-sale mandate. All other digital assets were placed in a secondary category with more flexible disposition rules.

This two-tier structure reflects the administration’s view that Bitcoin’s fixed 21 million coin supply and 16-year security track record set it apart from other digital assets.

Current Holdings and Supply Impact The U.S. federal government is the largest known holder of Bitcoin in the world. Total holdings stood at approximately 328,372 BTC as of February 2026, according to Wikipedia’s tracking of government disclosures. The initial tranche was estimated at roughly 200,000 BTC drawn from assets confiscated in law enforcement operations over multiple years, as Crypto Briefing reported.

The no-sale designation has direct supply implications. Approximately 328,372 BTC are now effectively removed from circulation, locked in government wallets with no mechanism to return them to the market under current rules. For an asset with a hard cap of 21 million coins, that represents roughly 1.56% of the total possible supply permanently off the table.

Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, stated in March 2025 that selling some U.S. gold holdings would be a budget-neutral way to acquire more Bitcoin, as reported by multiple outlets.

White House spokesperson Liz Huston stated the administration “continues to evaluate the best structure for a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.

Legislative Efforts to Codify the Reserve Multiple bills aim to convert the executive order into permanent law. The BITCOIN Act (S.954), introduced by Senator Cynthia Lummis with five co-sponsors in March 2025, proposes authorizing the acquisition of up to one million BTC over five years by diversifying existing federal funds.

Representative Byron Donalds introduced H.R.2112, which would give the executive order the force and effect of law, as recorded on Congress.gov.

The American Reserve Modernization Act (ARMA), introduced in May 2026, seeks to codify the reserve framework and impose a 20-year mandatory holding period on the assets. Neither the ARMA nor the BITCOIN Act has passed as of mid-2026. 

The CLARITY Act’s uncertain timeline in the Senate suggests that comprehensive crypto legislation faces a narrowing window before the November 2026 midterm elections. The gap between executive action and legislative codification is the reserve’s most significant vulnerability. An executive order can be reversed by a future president. 

Without congressional authorization, the reserve’s permanence depends entirely on political continuity. The multiple competing bills also suggest that lawmakers have not yet agreed on the reserve’s operational details, including acquisition authority, holding periods, and governance structure.

Interagency Disputes and Implementation Delays As of mid-2026, disputes between the Treasury and Commerce departments over custody and operational control have delayed full implementation.  The March 2025 executive order assigned Treasury a central role in establishing accounts and managing holdings, but also directed Commerce to participate in acquisition strategy development.

The delay affects practical decisions around custody, auditing, interagency transfers, and any future acquisition strategy.

In January 2026, Patrick Witt, then executive director of the President’s Council of Advisors for Digital Assets, stated that the administration remained committed to establishing the reserve. However, the operational details remain unresolved.

Regulatory Implications The reserve sits at the intersection of asset forfeiture, sovereign treasury management, and digital asset custody. Congressional passage of the BITCOIN Act or ARMA would create a durable legal framework. Without legislation, the reserve’s status depends on executive authority alone.

Federal banking regulators, including the OCC and FDIC, announced in March 2025 that banks no longer need advance permission for crypto activities, complementing the reserve’s broader policy direction.

What’s Next? The Treasury and Commerce departments are expected to resolve the custody dispute in 2026. The ARMA bill’s 20-year holding provision, if passed, would establish the reserve’s longest proposed lock-up period. 

The November 2026 midterm elections may determine whether crypto-friendly legislation advances or stalls. For markets, the reserve’s impact hinges on whether the government moves from holding forfeited Bitcoin to actively acquiring additional coins.

FAQs What is the U.S. Strategic Bitcoin Reserve?
The Strategic Bitcoin Reserve is a federal program established by executive order in March 2025 to hold Bitcoin seized through law enforcement as a permanent sovereign reserve asset.

How much Bitcoin does the U.S. government hold?
The U.S. federal government held approximately 328,372 BTC as of February 2026, making it the largest known state holder of Bitcoin in the world by a significant margin.

Can the government sell Bitcoin from the Strategic Reserve?
No, the March 2025 executive order states that Bitcoin deposited into the Strategic Bitcoin Reserve shall not be sold and must be maintained as reserve assets of the United States.

What is the BITCOIN Act?
The BITCOIN Act (S.954) is a Senate bill proposing authorization to acquire up to one million BTC over five years through diversification of existing federal funds without additional taxpayer costs.

How does the Bitcoin reserve differ from the Digital Asset Stockpile?
Bitcoin receives a strategic reserve designation with a permanent no-sale mandate, while non-Bitcoin digital assets enter a separate stockpile with more flexible stewardship and disposition options.

Why is there a dispute between Treasury and Commerce over the reserve?
The executive order assigned overlapping roles to both departments, creating friction over which agency controls custody, auditing, acquisition strategy, and operational management of the reserve assets.

Could a future president reverse the Strategic Bitcoin Reserve?
Yes, executive orders can be reversed by future presidents, which is why congressional legislation like the BITCOIN Act and ARMA seeks to codify the reserve permanently into federal law.

References The White House (March 2025). “Fact Sheet: President Donald J. Trump Establishes the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.” White House. Federal Register (March 11, 2025). “Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile.” Federal Register. Congress.gov (2025). “H.R.2112: Establishment of the Strategic Bitcoin Reserve.” Congress.gov. Crypto Briefing (July 2026). “US Strategic Bitcoin Reserve Established as Long-Term National Asset.” Crypto Briefing.

Researchers at Stanford University and Singapore Management University found that Polymarket’s five-minute Bitcoin prediction markets create incentives for traders to manipulate spot prices around settlement, allowing sophisticated participants to profit at the expense of retail traders.

The study examined contracts in which traders bet on whether Bitcoin’s price would end above or below a predetermined level after five minutes. Because the contracts settle using Chainlink price feeds based on Bitcoin’s price at the end of each trading window, traders have an incentive to influence the spot market immediately before settlement.

Analyzing trading activity before and after Polymarket introduced the contracts in July 2024, the researchers found sharp increases in Bitcoin spot-market order flow just before settlement, followed by rapid price reversals, which were consistent with settlement-price manipulation.

The study estimated that the behavior transferred about $1.28 million from ordinary traders to manipulators during the sample period. The researchers said extending contract durations from five minutes to 15 minutes largely eliminated the effect.

The researchers said the results do not indicate prediction markets are inherently vulnerable to manipulation, arguing instead that settlement design can reduce the risk. They pointed to longer settlement windows and alternative pricing methods, such as time-weighted average prices, as potential solutions.

The findings could extend beyond crypto. The paper notes that traditional exchanges, including Nasdaq and Cboe, have proposed event contracts tied to asset prices, making contract design an increasingly important consideration as prediction markets expand into regulated financial markets. 

World Cup fuels prediction market growthPrediction markets posted record trading volumes in June as the expanded 2026 FIFA World Cup fueled activity across the sector. According to DefiLlama data, Kalshi processed about $9.4 billion in trading volume during the month, while Polymarket International handled roughly $4.3 billion.

The platforms’ World Cup winner markets have since generated more than $5.4 billion in combined trading volume, with Polymarket processing about $4.25 billion and Kalshi about $1.2 billion, according to data from the two platforms at the time of writing.

World Cup winner bets on Polymarket. Source: Polymarket

The sector’s growth has coincided with mounting legal scrutiny. Several US states have challenged companies, including Kalshi and Polymarket, this year, while the Commodity Futures Trading Commission has argued that federally regulated event contracts fall under its “exclusive jurisdiction” rather than state gambling laws.

The dispute is now moving through the federal courts, and legal observers have said conflicting appellate rulings could eventually prompt the US Supreme Court to decide whether states or the CFTC have primary authority over prediction markets.

Magazine: Strategy became a symbol of the dot-com crash: Could history repeat?

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.

Galaxy Digital Head of Research Alex Thorn stated that between 2024 and 2025, a significant volume of long-dormant Bitcoin (BTC) was reactivated and transferred on-chain, with the activity’s scale second only to 2017. He noted that the "Great Distribution" phase driven by this wave of old BTC reactivation has now largely concluded, and it is projected that the number of BTC reactivated in 2026 will be less than half of the 2025 figure.

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SK Hynix's US-listed ADR premium over its Korean shares narrowed to 30.7%.

According to market data from BIT (bit.com), SK Hynix (SKHY) is down 5.8% in U.S. pre-market trading, with its current share price at $182.6. Bitget market data shows that SK Hynix’s closing price on the South Korean stock market today is 2,082,000 won, equivalent to roughly $1,397. Given each SK Hynix ADR represents one-tenth of an ordinary share, the $182.6 price is 30.7% higher than $139.7 (one-tenth of $1,397), a sharp narrowing of the premium from the 51.5% recorded at this morning’s U.S. stock close.

6 minutes ago

Warren Buffett: Not investing in Google back then was a mistake, and it is "more likely to be a winner" now.

Warren Buffett just stated that failing to invest in Google back then was a mistake, noting that based on its current performance, the company is now "more likely to be a winner". He also reaffirmed his optimism about Berkshire Hathaway's investment in Apple. Greg Abel is the current "decision-maker", but neither side will take any action that the other does not endorse. According to market data from BIT (bit.com), Google's US-listed stock is down 0.5% in pre-market trading, while Berkshire Hathaway currently holds approximately $310 billion worth of shares in Alphabet, Google's parent company.

6 minutes ago

Trump’s permanent daylight saving time bill passes the US House of Representatives review.

The U.S. House of Representatives passed the Sunshine Protection Act in a bipartisan vote of 308 in favor and 117 against. The bill aims to make daylight saving time permanent, adopting the current March-to-November schedule year-round. This would permanently set the U.S. stock market opening time to 9:30 PM (UTC+8), instead of switching to 10:30 PM (UTC+8) during standard time periods. States may opt out before the bill takes effect. The legislation has now been sent to the Senate for consideration and has not yet passed the upper chamber. Donald Trump publicly supports the bill, noting that the biannual clock adjustments impose huge economic costs, and he will work to push it into law. Some Republicans oppose the measure, arguing that later winter sunrises will harm student safety on their way to school, possibly leading to students commuting in darkness or delayed class start times. Supporters contend that eliminating clock changes can improve sleep, reduce accidents, and boost economic activity.

6 minutes ago

BNB has completed its 36th quarterly token burn, totaling approximately 1.6158 million BNB, valued at around $913.7 million.

BNB Chain completed its 36th quarterly BNB burn today, with a total of 1,615,827.795 BNB destroyed, valued at approximately $931.7 million at the time. The burn was executed via BSC’s on-chain Auto-Burn mechanism, and the transaction hash has been made public. The remaining total BNB supply stands at around 133.17 million. BNB’s ongoing goal of reducing its total supply to 100 million is aimed at boosting its deflationary properties and supporting the growth of the BNB Chain ecosystem.

6 minutes ago

Stable announces the launch of StablePay, a global USDT-based daily payment application.

Stable, a USDT blockchain platform focused on stablecoin payments, has announced the launch of StablePay, a global daily USDT payment application that integrates everyday USDT payment and yield-earning features into a single mobile app, with no delays, no fees, and frictionless transactions.

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XRP price rose 3.45% to $1.10 during the reported session, following renewed strength across the cryptocurrency market.

The XRP token surged past $1.10 as buyers responded to the increasing stablecoin operations on the XRP Ledger. The supply of RLUSD has gradually migrated to XRPL, which has contributed to higher network usage and transaction demand expectations.

Meanwhile, legislators in the United States are working on another significant effort to promote digital asset market structure law. Senator Cynthia Lummis said revised CLARITY Act text could be introduced within days after nearly ten months of negotiations.

CLARITY Act Faces Crucial Senate Test Lummis said lawmakers are ready to move the proposal forward during four consecutive Senate working weeks. She would like the bill enacted prior to the start of the August 7 recess of the chamber.

Nevertheless, the ultimate floor schedule is determined by Senate Majority Leader John Thune. It is reported that the lawmakers might start discussing the bill next week, July 20. 

Lummis says CLARITY text lands in days

Senator Lummis (@SenLummis) says the Senate will introduce CLARITY Act text within days and wants it passed before the August 7 recess. “It’s time to land this plane,” she said on Fox Business, capping nearly 10 months of work. Floor action… pic.twitter.com/57k9UxU1Jc

— BSCN (@BSCNews) July 14, 2026

The measure faces growing resistance from Democratic Senators Chris Murphy, Jeff Merkley, and Chris Van Hollen. According to them, the current proposal is deficient in the form of powerful rules of ethics to deal with the senior government officials and cryptocurrency interests. 

Their protests are partly related to the reported crypto income and business ties of President Donald Trump. The senators warned that they might be able to vote against the bill unless significant conflict protections are included.

Democratic support is critical to the eventual passage of the bill as it may require 60 votes in the Senate. Additional contention may paralyze the floor procedure or force additional deliberations prior to a vote of decisiveness.

XRP Price Prediction: Will Bulls Extend To $1.20 Soon? The MACD line has crossed its signal line, and the green histogram bars are still growing. The Chaikin Money Flow is 0.14, which validates positive capital inflows.

A confirmed four-hour close above $1.12 could push the XRP price outlook toward the $1.15 resistance level.

Tradingview A Breaking $1.15 can allow a greater climb into the larger target of $1.20. Nevertheless, the next rejection at around $1.12 might postpone the bullish continuation and prolong the consolidation.

The $1.07 level remains the main support during any pullback. The loss of this area might reveal $1.05 and weaken the existing recovery structure.

XRP ETF Market Stalls Daily While Total Inflows Hit $1.48B According to SoSoValue data, XRP ETF products showed no net inflows in terms of daily net inflows on July 14. But cumulative net inflows were still high at 1.48 billion in the listed funds. The total trading value was the amount of 13.47 million, and combined net assets were 1.01 billion.

Bitwise led cumulative inflows with $493.86 million, followed by Canary Capital at $466.97 million. Franklin Templeton was the second with $413.23 million and Grayscale had 131.46 million.

According to SoSoValue data, spot Bitcoin ETFs recorded $181 million in net inflows yesterday (July 14, ET). Spot Ethereum ETFs saw $58.3385 million in net inflows, with none of the 10 ETFs recording net outflows. pic.twitter.com/AUMWhkHPD6

— Wu Blockchain (@WuBlockchain) July 15, 2026

Meanwhile, 21Shares showed cumulative net outflows of $20.06 million. The same session saw higher demands of crypto ETFs. Spot Bitcoin ETFs received inflows of $181 million and Ethereum funds received inflows of $58.34 million. None of the ten Ethereum ETFs reported daily net outflows.

Canaan Inc., the company that builds the machines other people use to mine Bitcoin, has been quietly stacking its own pile. The NASDAQ-listed mining hardware manufacturer disclosed its June 2026 unaudited mining performance on July 14, revealing a net addition of 49 BTC to its corporate treasury.

That brings the company’s total Bitcoin stash to 1,915 BTC, valued at approximately $123.5 million. Alongside the 1,915 BTC, Canaan also holds 3,952 ETH.

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The numbers behind Canaan’s June mining haul Canaan’s self-mining operations produced 64 BTC during June 2026. The net addition of 49 BTC reflects the difference between gross mining output and what ends up staying on the balance sheet. Some of those Bitcoin came from customer payments for hardware sales, meaning the company is accepting BTC as payment and holding it rather than converting to fiat.

According to Bitcoin treasury trackers, Canaan now ranks approximately 33rd among public companies globally in terms of Bitcoin holdings.

A strategy that started paying off a year ago The company formally adopted its digital asset holding policy in July 2025, making an explicit corporate commitment to building long-term BTC reserves. At that point, the firm held roughly 1,484 BTC.

By the end of May 2026, the company held 1,867 BTC, meaning the June addition of 49 BTC net represents a steady monthly cadence of accumulation. From July 2025 to July 2026, the treasury has grown from 1,484 BTC to 1,915 BTC — an increase of about 431 BTC, or roughly 29%, in a single year.

As an ASIC chip designer and manufacturer, Canaan sits at the intersection of hardware production, self-mining operations, and treasury management. Unlike companies that issue debt or equity to fund BTC purchases, Canaan generates Bitcoin through its mining operations and receives it as payment from customers.

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

Iran’s parliament has passed a bill claiming sovereign control over the Strait of Hormuz, the narrow waterway that handles roughly 20% of global oil trade. The legislation bans “hostile ships” from passage and codifies a toll system that accepts payment in yuan, Bitcoin, and stablecoins.

The crisis timeline The roots of this legislation trace back to late February 2026, when Iran imposed a blockade on the strait. That move kicked off what’s now being called the 2026 Strait of Hormuz crisis. A ceasefire in June offered a brief reprieve. By early July, Iran’s Revolutionary Guard Corps resumed aggressive operations in the waterway, targeting commercial vessels on what Tehran deemed “unapproved” routes.

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On July 13, Iranian forces attacked commercial tankers, including UAE-owned vessels, killing at least one crew member.

During ceasefire periods reported in April 2026, Iran had already been extracting transit tolls of approximately $1 per barrel from passing vessels, accepted in yuan, Bitcoin, or stablecoins.

Why crypto is the real story here Iran’s adoption of Bitcoin and stablecoins for sovereign transactions is unprecedented. Traditional banking channels are walled off by sanctions. By accepting digital currencies for maritime tolls, Tehran has built a sanctions-evasion mechanism into its sovereignty claims. Tether has historically frozen wallets associated with sanctioned entities, but the scale and state-backed nature of this use case is entirely different from previous incidents.

Competing tolls, competing claims Former President Trump has proposed his own 20% toll on vessels transiting the strait, coinciding with re-imposed blockades as of July 2026. The competing toll proposals from Washington and Tehran over the same body of water underscore how contested this waterway has become.

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

In brief New Hampshire's governor signed the Blockchain Basics Law, introducing new protections for blockchain innovation and crypto users in the state. Last year, the state became the first in the nation to introduce a strategic Bitcoin reserve, allowing for up to 5% of public funds to be invested in the leading crypto asset. However, its executive council recently rejected the allowance of the first Bitcoin-backed municipal bond. New Hampshire Governor Kelly Ayotte helped make the state into one of the crypto-friendliest in the nation when she signed HB 639 into law last week. 

Known as the The Blockchain Basic Laws act, the bill provides protections for cryptocurrency innovation and use in the state while also allowing for the creation of a special blockchain dispute docket in the superior court. 

"With Governor Ayotte's signature on HB 639, New Hampshire has once again demonstrated that it intends to lead the nation in blockchain innovation," said New Hampshire Representative Keith Ammon, the bill’s primary sponsor, in a statement. 

“The Blockchain Basic Laws protect one of the most fundamental rights in the digital economy—the right of individuals to control their own digital assets through self-custody,” he added. “They also provide clear legal protections for blockchain developers, miners, validators, entrepreneurs, and businesses building the next generation of financial technology.”

The state’s latest blockchain legislation follows its passing of a strategic Bitcoin reserve last year. The bill, signed by Ayotte in May 2025, allows the state’s treasurer to invest up to 5% of its public funds in the leading crypto asset, alongside precious metals like gold and silver. 

Ammon, who played a key role in that bill’s passage, told Decrypt at the time it was “one little way our state could hedge against inflation in the future."

“Today, with the signing of HB 639, we have taken another major step by enacting one of the most comprehensive blockchain rights laws in the country,” he said in a statement. “Entrepreneurs, investors, developers, and innovators across America should know that New Hampshire is open for blockchain business."

Despite its advances, the state’s executive council last week blocked a proposal that would have allowed the New Hampshire Business Finance Authority to facilitate a Bitcoin-backed municipal bond.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

The US government just moved $288 million worth of Bitcoin and Ether to Coinbase Prime, the exchange’s institutional custody and trading arm. The deposits include crypto confiscated from three separate criminal cases: assets tied to Brian Krewson, the defunct BTC-e exchange, and Ryan Farace.

Where the crypto came from BTC-e was a cryptocurrency exchange seized by US authorities back in 2017 on money laundering charges. The platform was one of the earliest major exchanges to face a full government takedown, and forfeited assets from that case have been trickling through the legal system ever since.

Ryan Farace, along with his brother Joseph Farace, was involved in a drug trafficking operation that led to the forfeiture of over 4,000 BTC between 2018 and 2021. Ryan and Joseph were sentenced for their roles in 2023 and 2024, respectively.

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The government also made a smaller, related transfer of 2.44 BTC to Coinbase Prime addresses, suggesting this isn’t a one-off dump but part of a broader, methodical approach to managing its growing crypto inventory.

Why Coinbase Prime matters here Coinbase Prime is an institutional-grade platform built for large clients, including government agencies, that need custody services, over-the-counter trading, and structured liquidation capabilities.

The Department of Justice and the US Marshals Service have increasingly relied on regulated platforms like Coinbase to handle forfeited digital assets. The process typically works like this: assets are held in custody until all legal formalities surrounding forfeiture are completed, at which point they can be liquidated for the government’s benefit.

The use of Coinbase Prime specifically signals something worth noting. The government is choosing regulated, compliance-heavy infrastructure over ad hoc methods for managing these assets. That’s a far cry from the early days of federal crypto seizures, when the US Marshals Service literally auctioned off Silk Road Bitcoin in bulk lots to the highest bidder. Tim Draper famously bought nearly 30,000 BTC that way in 2014.

Market implications for Bitcoin and Ether holders Coinbase Prime facilitates OTC sales, which are specifically designed to minimize market impact. Large blocks of Bitcoin or Ether can be matched with institutional buyers directly, bypassing the public order book.

On-chain analytics firms can now track these government wallets in near real-time. Transparency means traders get advance warning of potential sales, but it also means every wallet movement gets amplified by social media and crypto news cycles.

Investors would be wise to monitor Coinbase Prime wallet activity and any subsequent announcements from the DOJ or US Marshals Service regarding auction schedules or liquidation timelines.

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

MicroStrategy, a leading enterprise analytics and software firm, announced an increase to its US dollar cash reserves, adding $466.7 million last week through sales of common stock. The move raised the company’s USD reserve to $3 billion, according to a recent regulatory filing published on Monday.

MicroStrategy’s capital raise and reservesThe proceeds were secured via an at-the-market equity program, which allows the company to sell shares to raise capital as market conditions allow. MicroStrategy reported that it holds this substantial cash reserve to support dividends on its preferred shares and interest payments on its outstanding debt obligations.

Despite recent market volatility, MicroStrategy made no changes to its bitcoin position last week. The firm’s bitcoin holdings remain at 843,775 BTC, a figure that has made it one of the largest corporate holders of the cryptocurrency internationally.

MicroStrategy now holds its US dollar reserve at $3 billion, while its bitcoin position remains unchanged at 843,775 coins acquired for a total of approximately $63.69 billion at an average purchase price of $75,476 per bitcoin.

According to the company, the aggregate purchase price for these bitcoin holdings, including fees and expenses, totals about $63.69 billion. The average purchase price per coin stands at $75,476.

MSTR shares were down 3% in pre-market trading as bitcoin traded at $62,800 following a weekend decline for the largest cryptocurrency by market capitalization.

MetricValueUSD Reserve$3 billionBitcoin Holdings843,775 BTCTotal Bitcoin Purchase Price$63.69 billionAverage Price per Bitcoin$75,476Current Bitcoin Price$62,800MSTR Pre-market Change-3%Founded in 1989 and headquartered in Tysons Corner, Virginia, MicroStrategy is known for its business intelligence and cloud-based analytics platforms. In recent years, the company has become widely recognized for its aggressive bitcoin accumulation strategy, spearheaded by Executive Chairman Michael Saylor.

Crypto market dynamicsBitcoin experienced downward pressure over the weekend, falling through several support levels to its current price of $62,800. The decline in the cryptocurrency’s price corresponded with the drop in MSTR’s stock seen before markets opened.

Other factors, including renewed tensions in the Middle East and ongoing profit-taking across major crypto assets, have added volatility after a bullish streak in the previous week.

Crypto market analysts are closely watching developments in inflation data and earnings reports this quarter, anticipating their effect on both traditional equities and digital assets.

While broader market sentiment has been mixed, MicroStrategy’s steady bitcoin position signals continued confidence in the long-term prospects of the cryptocurrency.

Recent fluctuations have not prompted additional purchases or sales by the company, as its reserves are currently allocated for corporate financial obligations.

MicroStrategy’s dual strategy of maintaining a large bitcoin treasury while securing traditional dollar reserves continues to set it apart from other public companies operating in the digital asset sector.

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

Stacks, the Bitcoin Layer 2 network, is proposing a significant upgrade to its consensus mechanism that would let Bitcoin holders earn yield on their BTC without ever moving it off the main chain. The kicker: 15% of all excess revenue gets funneled into a reserve fund designed to keep the whole system solvent even during lean times.

The upgrade, dubbed PoX-5 (Proof-of-Transfer version 5), introduces a waterfall distribution model. Protocol bond holders sit at the top of the payment queue, with an initial target yield of roughly 3% APY. These bonds require a six-month lockup period. Only after those obligations are met does the remaining revenue flow downhill.

Whatever is left after paying bond holders, the excess miner revenue, gets split two ways. STX-only stakers receive 85% of the surplus. The protocol reserve fund absorbs the remaining 15%.

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To participate, Bitcoin holders lock their BTC on the Bitcoin Layer 1 network using a timelock mechanism and pair it with STX, the native token of the Stacks network. No bridging required. No custodial transfers.

Building a 1.2-year safety buffer The 15% reserve allocation isn’t arbitrary. Simulations run across 210 two-week cycles, roughly eight years of modeled data, project that the reserve fund would accumulate enough to cover 1.2 years of yield commitments.

The system also includes capacity constraints and real-time coverage ratio monitoring. There’s no slashing mechanism for participants, meaning stakers don’t risk losing their principal if something goes sideways with the network.

The whitepaper laying all of this out was published on May 13, 2026. Since then, the Stacks community has been reviewing the associated SIP (Stacks Improvement Proposal) documents related to the bootstrap phase. No formal votes or launches have been finalized yet.

Stacks’ track record with Proof-of-Transfer The original PoX mechanism has been operational since January 2021, and over that period, the protocol has distributed more than 4,200 BTC to participants under prior consensus versions. PoX-5 is an evolution of that infrastructure, adding structured yield products and reserve mechanics on top of existing plumbing.

The upgrade also serves a dual purpose beyond yield generation. By requiring participants to pair BTC with STX, it creates organic demand for the Stacks native token. More staking activity means more STX gets locked up, which theoretically supports the token’s value while simultaneously enhancing network security through increased participation.

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

Jul 12, 2026, 5:49 a.m.

3 min read

Summary

A controversial proposal known as BIP-110, which would temporarily restrict non-financial data on the Bitcoin blockchain, faces an early August deadline with miner support still below 1%.The measure would tighten limits on OP_RETURN and other data-carrying methods for one year, a move backers say would refocus Bitcoin on payments but critics argue improperly censors valid, fee-paying transactions.With major figures like Michael Saylor and Adam Back opposing the plan and both miner and node adoption stuck in the low single digits, BIP-110 appears likely to create only a small minority chain rather than a network-wide change.An infamous proposal to purge non-financial data from the Bitcoin blockchain is heading toward a hard deadline in early August, and the initial support it has gathered from miners is less than 1% so far - a signal of outsized opposition despite the immense social chatter around the topic.

BIP-110, formally titled the Reduced Data Temporary Soft Fork, is basically a fight over what Bitcoin block space is for.

Bitcoin transactions can carry money and extra data. An OP_RETURN section is the obvious “note field” for small bits of data within transactions, and data pushes are another route - where users can place larger chunks of raw data inside Bitcoin script or witness data. Ordinals, inscriptions and some token schemes use those paths to put images, text or token metadata onchain.

BIP-110 would temporarily tighten those paths for one year. It would cap OP_RETURN at the old small size, block most arbitrary data chunks above 256 bytes, and restrict some script formats used mainly for data storage.

Supporters say this keeps Bitcoin focused on payments and lowers node burden, but critics think it turns a policy fight into a consensus rule and tells users which transactions are “acceptable.”

Two of Bitcoin's most influential figures came out against it on Saturday. Strategy founder Michael Saylor posted that "there are 110 things more dangerous to Bitcoin than spam," arguing the proposal "turns a spam dispute into a consensus change that would invalidate some currently valid, fee-paying transactions." The precedent, he wrote, is the real danger.

There are 110 things more dangerous to Bitcoin than spam.

BIP 110 turns a spam dispute into a consensus change that would invalidate some currently valid, fee-paying transactions.

That precedent is the danger. We should save our energy for threats that really matter. $BTC https://t.co/LoSkl9XSo1

— Michael Saylor (@saylor) July 11, 2026 Adam Back, the Blockstream co-founder whose hashcash design is cited in the bitcoin white paper, made a similar case at greater length, addressed to the newcomers backing the proposal.

"Bitcoin respectfully says no to what you want," he said, adding that their real recourse, if unconvinced, is to group together and fork away, but that "bitcoin won't be joining it."

The support data shows what the broader market really thinks. BIP 110 does not rely on the usual path of overwhelming miner approval, but uses a user-activated soft fork, a mechanism in which nodes enforce a rule whether or not miners agree, set to a 55% miner-signaling threshold rather than the traditional 95%.

Backing is absent even at that significantly lower bar.

Miner signaling has never risen above about 1% in any period and stands at zero in the current one, with no major mining pool behind it, according to the BIP 110 signaling monitor.

Among the nodes that store and relay the chain, adoption sits in the low single digits, carried almost entirely by Bitcoin Knots, an alternative to the dominant Bitcoin Core software.

The deadline arrives regardless. The current signaling period runs from block 957,600 to 959,615, and a voluntary lock-in deadline falls at block 961,542 in the following period, expected in early August.

Nodes running BIP 110 software would then begin rejecting any block that does not signal support, with activation projected near September. In practice, a rule enforced by a few percent of nodes and almost no miners does not change Bitcoin for everyone but would split off a minority chain.

As such, Bitcoin's resistance to change is not written down anywhere, but is the product of thousands of independent operators who each have to opt in as a means of consensus.

The underlying spam concern is real. Blocks have carried more non-financial data since the October change, and reasonable people see that as a drift from Bitcoin as money toward Bitcoin as a database. But Bitcoin changes only when the network agrees to run the change, and on the evidence so far, it will not run this one.

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Digital Assets: Quarterly Review and Outlook Q2

Digital Assets: Quarterly Review and Outlook Q2

Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.

Jul 10, 2026

Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.

Why it matters:

Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.

PANews July 11 news, Galaxy research head Alex Thorn stated that the “abandoned Bitcoin” case surrounding “Noah Doe’s” attempt to obtain ownership of Satoshi Nakamoto’s Bitcoin through legal proceedings has seen a major development. The Bitcoin Policy Institute (BPI) has formally applied to intervene as a defendant in the case and seeks to have the court dismiss the entire lawsuit. It is learned that a defendant under the pseudonym “John Doe 33” had previously appeared in court as an individual, denying the plaintiff’s attempt to link him to an address holding 5,000 BTC. Additionally, The Digital Chamber has also submitted an amicus brief opposing the legal theories advanced by the plaintiff.

Alex Thorn said that BPI, represented by the law firm White & Case, has not only applied to intervene in the case but has also submitted a proposed answer, 15 affirmative defenses, and plans to file a motion to dismiss.

BPI argues that it has standing to intervene because the organization self-custodies a portion of its Bitcoin reserves intended to be held indefinitely, and the plaintiff’s theory that “long-term inactivity constitutes abandonment” could precisely sweep similar assets into future litigation. It contends that merely discovering a public address is like obtaining someone’s bank account number and does not confer ownership of the assets therein; the wallet itself does not exist on-chain; and holding coins for more than five years should not be deemed “abandonment,” but rather the “HODL” strategy long practiced by the Bitcoin community.

Alex Thorn stated that if the legal logic of the “Noah Doe” case is ultimately upheld by the court, it could become a precedent to deprive long-term self-custody users of asset ownership in the future. Therefore, this litigation concerns not only assets related to Satoshi Nakamoto, but also the legal foundation of the entire Bitcoin self-custody ecosystem.

Previous news, a plaintiff under the pseudonym “Noah Doe” filed a lawsuit in a New York court, seeking ownership of 39,069 dormant Bitcoin wallets, including addresses attributed to Satoshi Nakamoto. These wallets are estimated to hold approximately 3.7 million BTC, worth around $290 billion. The plaintiff, through two Wyoming shell companies ABC Company and XYZ Company, submitted a 901-page complaint on May 1, claiming these Bitcoins qualify as “abandoned property” under New York’s lost property law.

According to monitoring by EmberCN, Tether allocates 15% of its quarterly profits to its Bitcoin reserve address. Approximately 5 hours ago, this address made a test transfer of 4 BTC to Binance, valued at roughly $250,000. EmberCN stated that this same address previously transferred 204.3 BTC to Bitfinex a month ago, worth approximately $14.36 million at the time, when Bitcoin’s price stood at around $70,000. It remains unclear whether these assets have been sold. Additionally, Tether appears to have not yet completed the on-chain withdrawal of new Bitcoin for Q2 2026. Per its usual practice, Tether typically transfers BTC purchased in the quarter to its reserve address on the last day of each quarter. However, more than 10 days have elapsed since the end of Q2, and no new Bitcoin deposits to this reserve address have been observed on-chain, sparking market concerns over whether it has adjusted its Bitcoin accumulation pace.

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