US-listed spot Ethereum exchange-traded funds (ETFs) logged $70.62 million in net outflows on Friday, ending a five-day inflow streak.
Ethereum funds saw $211.25 million in net inflows over the previous five sessions from July 17 to Thursday, according to SoSoValue data. They still posted $103.9 million in net inflows for the week ended Friday.
Despite the outflows, Ethereum ETFs extended their weekly inflow streak to three straight and have attracted $337.74 million in net inflows so far in July.
Spot crypto ETF flows have become one of the market’s most closely watched gauges of demand for Bitcoin (BTC) and Ether (ETH) through traditional investment products.
Although other jurisdictions, including Hong Kong, have launched similar funds, US-listed ETFs account for the vast majority of assets and trading volumes.
Daily spot Ethereum ETF net flows from July 17 to July 24. Source: SoSoValue
Bitcoin ETFs also end week with outflowsThe reversal followed a similar pattern in Bitcoin ETFs, which ended a seven-day inflow streak on Thursday and recorded another $240.08 million in net outflows on Friday.
Bitcoin ETFs also extended their net inflow streak to three consecutive weeks, adding $103.90 million during the week ended Friday and $233.96 million so far in July. They followed a record June, when $4.5 billion flowed out of the funds.
BTC traded just under $64,000 at the time of writing, tumbling from the week’s high of $66,892 on Tuesday, according to CoinGecko. ETH traded at $1,837, down from Wednesday’s weekly high of $1,954.
Japan’s crypto reforms fuel $18.4 billion Bitcoin ETF forecastFollowing Japan’s recent overhaul of its crypto regulations, which is widely viewed as laying the groundwork for future spot Bitcoin ETFs, crypto management platform XWIN estimated that a mature Japanese spot Bitcoin ETF market could reach about $18.4 billion, equal to roughly 0.13% of the country’s $14.6 trillion in household financial assets.
In an analysis posted at CryptoQuant, XWIN said the estimate assumes demand from existing crypto holders, new retail investors using brokerage accounts and institutional allocators.
The report pointed to the US market as an example, noting that spot Bitcoin ETFs excluding Grayscale’s GBTC have accumulated roughly 1 million Bitcoin, demonstrating how regulated ETF products can connect traditional finance with digital assets.
“The key is access,” XWIN said, adding that a Japanese spot Bitcoin ETF would allow investors to gain Bitcoin exposure through familiar brokerage and custody systems. It characterized the $18.4 billion figure as “an achievable upper-end market scenario.”
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
Changxin's pre-IPO price drops to $6, corresponding to an RMB share price of 40.62 yuan on its first day of listing.
According to Hyperinsight’s monitoring, the Pre-IPO contract price of CXMT (Changxin Memory Technologies, whose listed entity is Changxin Technology) on Hyperliquid has fallen to $6, with a more than 5.7% drop in 24 hours. The corresponding RMB share price stands at 40.62 yuan. Calculated based on the post-issue total share count of 66.881 billion shares, the on-chain implied market capitalization is approximately $400 billion, equivalent to around 2.7 trillion yuan. At this valuation, the subscription cost per lot of 500 shares for retail investors who win the online application is 4,330 yuan. The estimated market value of 500 shares on the first day of listing is 20,310 yuan, translating to a profit of roughly 16,000 yuan per lot.
1 hours ago
The latest draft of the CLARITY Act includes an incentive clause for white hat hackers, proposing to offer rewards to individuals who identify security vulnerabilities.
The latest draft of the U.S. Senate’s Cryptocurrency Market Structure Act (the CLARITY Act) includes provisions encouraging white hat hackers to responsibly disclose cybersecurity vulnerabilities, proposing to authorize rewards for individuals who identify and report such flaws to bolster protection for digital asset infrastructure before they are maliciously exploited. The provision incorporates the views of former CFTC Chairman J. Christopher Giancarlo, a long-time advocate for digital asset innovation.
1 hours ago
US tech giants have cut nearly 140,000 jobs this year, with the four leading players' AI capital expenditure totaling $725 billion.
According to statistics from the Financial Times in partnership with Challenger, Gray & Christmas, U.S. tech industry layoffs since 2026 have accounted for more than one-third of all announced layoffs nationwide. Amazon, Oracle, Meta and Microsoft alone have cut nearly 50,000 jobs, roughly 6% of their total workforce. In sharp contrast, Amazon, Alphabet, Meta and Microsoft are projected to invest a combined $725 billion in AI infrastructure such as data centers this year. After laying off staff in March, Oracle’s total headcount dropped by 21,000 for the full year; this month, S&P downgraded its credit rating, citing weak cash flow and uncertain AI returns. Microsoft cut 4,800 jobs this month, mainly in its Xbox gaming division, essentially a full reset of its $75 billion acquisition of Activision Blizzard three years ago. The narrative that "AI causes layoffs" is met with skepticism in academic circles. Enrico Moretti, an economics professor at the University of California, Berkeley, notes that AI-related layoffs are more of an excuse for management to correct over-hiring during the pandemic. "Claiming AI-driven efficiency gains is easier than admitting to over-hiring back then," he said. Market pricing also contradicts this narrative: within 30 trading days of announcing layoffs, companies that attributed cuts to AI saw their stock prices underperform the Nasdaq by nearly 10%, while companies laying off for other reasons lagged by only around 4%. Amazon and Microsoft have explicitly stated that AI adoption is not a decisive factor in their layoffs. In contrast to the tech giants’ non-core business contractions, AI-native startups like Anthropic and OpenAI are still rapidly expanding their workforce, driving fast growth in AI sector employment. "What is being cut is merely all other non-core business segments."
1 hours ago
Layer1 project Vanar will begin migrating its infrastructure to Base next Tuesday.
Layer 1 blockchain project Vanar announced that its infrastructure migration to Base will kick off next Tuesday. Users currently staking VANRY must first unstake, wait for the cooldown period to elapse before claiming their tokens. Earlier, Vanar stated that existing VANRY token holders can complete the migration at a 1:1 ratio, with their holding amounts remaining unchanged. Additionally, VANRY’s total supply will rise from 2.4 billion to 10 billion tokens, approximately 62% of which will stay locked during the migration. Once the migration is complete, staking for Vanarchain validators will be halted.
1 hours ago
2035年数据中心将占美国电力消耗的约20%，成为下一个AI瓶颈
U.S. data center power demand is projected to surge by 253% from 2026 levels, reaching a record 194 gigawatts by 2035 — with 1 gigawatt roughly matching the capacity of a traditional nuclear reactor. Currently, data centers consume 6% of the U.S.’s annual electricity; that share is estimated to climb to around 12% by 2030, and will account for roughly 20% of total U.S. electricity consumption by 2035. Most of the growth in U.S. power demand is concentrated in a handful of grid regions, such as the PJM Interconnection, which serves Washington, D.C. and 13 states including Virginia, Pennsylvania and Ohio. Power will be the next AI bottleneck.
1 hours ago
Robinhood Chain's 24-hour network fee revenue reached $350,000, ranking fourth among all blockchains.
According to DeFiLlama data, Robinhood EVM Chain generated $350,000 in 24-hour network fee revenue, ranking fourth among all blockchains, trailing only Canton, Tron, and Solana. Launched on July 1, the Robinhood EVM Chain has seen its total value locked (TVL) quickly rise to $315 million. Though originally designed for on-chain stocks and ETFs, it has emerged as a major hub for meme coin activity.
TL;DR U.S. spot Bitcoin ETFs recorded $240 million in net outflows on July 24. Spot Ethereum ETFs lost $70.62 million, ending a five-day inflow streak. The combined withdrawals totaled more than $310 million in a single trading session. ETF flows remain a key indicator of institutional demand for digital assets. Institutional demand for cryptocurrencies weakened on July 24 as U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) both recorded notable net outflows, according to data from SoSoValue.
Spot Bitcoin ETFs posted $240 million in net outflows, while spot Ethereum ETFs recorded $70.62 million in net outflows, bringing an end to Ethereum’s five-session streak of positive inflows. The withdrawals suggest that some institutional investors opted to reduce exposure after several days of steady buying, even as both Bitcoin and Ether continue to attract long-term interest.
Net Flow Data | Source: X Bitcoin ETFs Snap Positive Momentum The latest outflows mark a pause in what had been an improving trend for U.S. spot Bitcoin ETFs. Earlier in the week, the funds had benefited from renewed institutional buying that helped support Bitcoin’s recovery, but Friday’s withdrawals reversed part of that momentum. Analysts noted that recent inflows had improved sentiment, although they also cautioned that Bitcoin’s fundamentals remained sensitive to macroeconomic developments and upcoming Federal Reserve policy decisions.
While a single day of outflows does not necessarily indicate a lasting shift in investor sentiment, ETF flows remain one of the market’s most closely watched indicators because they provide insight into institutional appetite for digital assets.
Ethereum’s spot ETFs also turned negative after recording $70.62 million in net outflows, ending a five-day run of consecutive inflows.
The reversal comes after Ethereum funds had shown signs of strengthening institutional demand in recent sessions. Despite the latest setback, market participants continue to monitor whether Ethereum ETFs can quickly return to positive territory, particularly as investors assess the network’s longer-term growth prospects.
ETF flows have increasingly become a barometer for institutional confidence in Ether, especially following the launch of U.S. spot Ethereum ETFs.
Institutional Interest Remains Under Close Watch The first half of the year has not been quite the best for Bitcoin ETFs. Despite the latest outflows, both Bitcoin and Ethereum ETFs have experienced periods of strong institutional participation throughout the year, reinforcing their growing role within traditional financial markets.
Upcoming ETF flow data will determine whether July 24 represents a brief pause in institutional buying or the beginning of a broader cooling in demand.
For now, the latest SoSoValue figures suggest institutional investors became more cautious heading into the weekend, with both Bitcoin and Ethereum investment products experiencing simultaneous net withdrawals.
After 13 straight nights of US strikes on Iranian targets, Washington hit the pause button. President Trump confirmed that diplomatic talks with Tehran are underway, but made clear the military is standing by if negotiations stall.
For crypto markets, the damage is already done. The extended campaign of strikes, centered on threats to shipping routes through the Strait of Hormuz, triggered a classic risk-off flight that drained roughly $80 billion from crypto’s total market capitalization.
What happened and why it matters US Central Command carried out at least 13 consecutive nights of strikes focused on Iranian military capabilities deemed a threat to commercial shipping. The campaign represented one of the most sustained periods of direct US military action against Iran, and it followed the collapse of a ceasefire that had been established in June.
That June ceasefire had briefly calmed nerves across global markets. Its breakdown reignited hostilities and pushed oil prices above $100 per barrel for the first time since May.
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Trump’s messaging has been deliberately dual-track. He’s touting the existence of negotiations while simultaneously reminding Tehran, and the world, that the US military remains on high alert. Temporary pauses in military operations have historically coincided with diplomatic windows involving Gulf allies.
The crypto market fallout During the recent escalation, Bitcoin dropped from around $65,500 to below $64,000. That’s roughly a 2.3% decline that was part of a broader wipeout that saw the entire crypto market shed approximately $80 billion in value. Ethereum wasn’t spared either, with both leading assets falling sharply as traders moved capital out of anything perceived as risky and into traditional safe havens like the dollar and treasuries.
Oil prices surging past $100 per barrel raises the specter of inflation, which raises the specter of tighter monetary policy, which raises the specter of reduced liquidity. Crypto, for all its decentralization ethos, still runs on the same liquidity plumbing as every other risk asset.
Background and broader context Roughly 20% of the world’s oil supply passes through the Strait of Hormuz on any given day. The June ceasefire had offered a brief reprieve, with crypto recovering some lost ground as traders cautiously re-entered positions. The ceasefire’s collapse and the subsequent 13-night strike campaign reversed those gains and then some.
The current conflict gained momentum in late February 2026 with US and Israeli operations, termed Operation Epic Fury, targeting Iranian nuclear and military installations. Iran’s response included the imposition of blockades and tolls on shipping routes, triggering a cycle of strikes, ceasefires, and intermittent hostilities.
What this means for investors The sensitivity of crypto to geopolitical shocks is no longer debatable. Each escalation cycle during this conflict has produced measurable drawdowns in digital asset prices.
Oil prices are the canary in the coal mine here. As long as crude stays above $100, the inflationary pressure narrative keeps traditional finance in a defensive crouch, bleeding directly into crypto through reduced institutional appetite for speculative positions.
Traders should be watching three things in the coming days: whether diplomatic talks produce any concrete framework, whether oil prices retreat from their current elevated levels, and whether Bitcoin can hold the $64,000 level that served as recent support.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
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Highlights
The crypto market faces bearish pressure into the weekend as buying pressure eases. Solana tops losses among the top ten coins while DEXE has recovered from its all-time lows with a 90% jump. Robinhood's talks with Crypto.Com and TRUMP Coin's $17M transfer are the biggest news in the market today. The crypto market slipped lower into the weekend, with Bitcoin (BTC) moving below $64,000 while Ethereum (ETH) held $1,800 amid easing buy-side pressure.
Top Movers DeXe (DEXE) is up by 90% today, July 25, to trade at $88 at the time of writing, making it the biggest gainer in the crypto market. The gain follows a massive crash on July 21 where DEXE moved from $41 to $2 amid a $6M transfer by project wallets. DEXE Price Chart (Source: TradingView) Solana (SOL) is the biggest loser among the top-ten crypto market coins with a 2.2% drop to trade at $73.47. Solana’s drop reflects the bearish outlook on Bitcoin and tech stocks amid AI spending fears. ZCash (ZEC) is also down by 5.5% to trade at $478 as selling pressure intensified after the price dropped below the psychological support of $500. Biggest News of the Day Robinhood is in talks with Crypto Com to expand its footprint in the prediction market, per a report by the Wall Street Journal HOOD stock dropped by 6.57% on July 24 despite the partnership news to close trading at $94. HOOD Price Chart (Source: TradingView) The drop follows a recent hack on the X account of Robinhood’s CEO, Vlad Tenev, to promote a fake meme coin. The team behind the TRUMP meme coin has moved $17M TRUMP coins ahead of a potential vote for CLARITY Act before the Senate breaks for recess in August TRUMP meme coin is down 2.62% on the news to trade at $1.55 at the time of writing. Crypto Market Data Total Market Cap: $2.19 trillion (-1.19%) 24-Hour Volumes: $55.11 billion Bitcoin: $64,013 (-1.49%) Ethereum: $1,857 (-1.26%) XRP: $1.09 (-1.32%) Bitcoin Dominance: 58.7% Ethereum Dominance: 10.3% Altcoin Season Index: 53/100 24-Hour Liquidations: $243 million ($214 million in long liquidations & $29 million in short liquidations) Fear and Greed Index: 27 (Fear) What to Watch in the Crypto Market Today The US-Iran war is the main macro factor to watch in the crypto market on July 24. Iran has rejected ceasefire talks and is reportedly ready for the “massive attacks” announced by President Trump. Historical patterns suggest that the conflict usually escalates on the weekend. An escalation could push Bitcoin and altcoin prices lower. Catch up on yesterday’s biggest moves in our Crypto Market Brief for July 24.
Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Frequently Asked Questions (FAQs)
1. Why is the crypto market down today?
The crypto market is down today amid a "fear" snetiment that is making buyers hesitant.
2. What is the biggest news in the crypto market today?
The biggest news in the crypto market today include the ongoing partnership talks between Robinhood and CryptoCom to expand prediction markets.
3. What should traders watch in the crypto market today?
Traders should watch out for escalating geopolitical tensions that could push the prices lower.
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About Author
About Author
Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Nine major Bitcoin institutions have now joined forces to protect the infrastructure behind the asset they collectively depend on. Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, Galaxy and Strategy have launched the Bitcoin Security Consortium with combined funding commitments of $15 million over the next three years.
The initiative is being coordinated by Brink, the nonprofit supporting Bitcoin’s open-source developers, with Executive Director Mike Schmidt managing the Consortium’s day-to-day work as a volunteer.
Today nine institutions including BlackRock, Fidelity, Coinbase, and Strategy announced the Bitcoin Security Consortium (@BTCconsortium), pledging $15M toward Bitcoin security work over the next three years. I've agreed to help coordinate the group's work as a volunteer.
I said…
— Mike Schmidt (@bitschmidty) July 23, 2026 Why This Matters NowThe launch reflects a major shift in how institutional players view Bitcoin development. For companies holding billions of dollars in Bitcoin exposure, funding the developers responsible for maintaining the network is increasingly becoming a form of risk management.
BlackRock Global Head of Digital Assets Robert Mitchnick said Bitcoin Core developers perform “incredibly important work” and that the group would provide “significant additional funding” for Bitcoin’s long-term security.
The Consortium’s focus is not simply on improving Bitcoin today. It is also preparing for threats that may still be years away.
The Quantum ChallengePost-quantum cryptography has emerged as the group’s main funding priority. Quantum computers capable of breaking Bitcoin’s existing cryptographic protections do not currently exist, but the possibility has become an important long-term concern for the technical community.
The Consortium will support developers and researchers already working on potential solutions rather than decide how Bitcoin itself should evolve.
That distinction is important because the group has no authority over Bitcoin’s protocol.
Funding Without Buying InfluenceThe nine members will not place their pledges into one central pool controlled by the Consortium. Instead, each institution will independently decide where its funding goes, including developers, researchers and organizations supporting Bitcoin’s security.
The Consortium will also take no position on specific protocol upgrades and will not speak on behalf of Bitcoin or its developers.
Its role is therefore closer to a funding and information network than a lobbying organization.
Strive Adds to the Institutional PushThe timing also stands out. One day before the Consortium was announced, Strive, Inc. unveiled its own Bitcoin Stewardship Commitment and directed initial support through Brink.
Strive is not one of the nine founding members, but both announcements point to Brink becoming an increasingly important channel for companies seeking to support Bitcoin’s open-source infrastructure.
What Comes NextThe $15 million pledge signals that Bitcoin security is becoming a boardroom issue. However, the commitment currently covers only three years, while quantum-safe upgrades could require much longer-term funding. The bigger test will be whether these institutions renew their support once the initial pledge period ends.
For now, the Consortium creates a new model for institutional Bitcoin involvement. The companies with the most exposure to Bitcoin are funding the network’s security, while deliberately avoiding direct control over its development.
That balance could become increasingly important as institutional ownership grows and Bitcoin’s future security becomes too financially important to leave entirely to short-term funding cycles.
Story Ends Here
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Will history repeat in August with another leg down?
Although it was stopped at its monthly peak of $67,000 earlier this week, July has gone quite favorably for the primary cryptocurrency for now, showing a double-digit surge from its early low of under $58,000 to roughly $65,000 as of press time.
However, popular analyst Ali Martinez brought up a painful historical pattern suggesting that the bears are about to return in August.
Good July, Bad August? We know that historical performance rarely translates into successful price predictions. However, BTC’s moves in July have largely aligned with almost all previous Julys. As such, the warning from Martinez should be taken under careful consideration. The analyst noted that investors should “enjoy the current rally,” but stop and take a look at the seasonal trend.
He added that every single August since 2022 has been in the red, which is confirmed by data from CoinGlass. This streak of four consecutive Augusts with retracements brought some violent declines, such as the 14% drop in 2022 and the 11.3% dip a year later.
If we go back further in history, though, we can see that there have been some quite promising exceptions during the eighth month of the year. Back in 2013, BTC rose by 30%, while the 2017 edition brought a massive 65% surge. However, only three out of the last 12 Augusts have been in the green.
Bitcoin Monthly Returns. Source: CoinGlass Weakening Support Fellow analyst Rekt Capital also weighed in on BTC’s performance in July but outlined a different perspective. He acknowledged that the cryptocurrency has risen by double digits (even though his percentage differs from the one on CoinGlass), but argued that it’s a “far cry from previous rebounds.”
This is because even though bitcoin has defended the $60,000 support and now sits at around $65,000, the double-digit price pump in July came after a significantly more painful June, in which the asset tumbled by more than 20%. Consequently, the 11%-14% surge now can’t even offset the previous month’s losses. The analyst determined that this is a clear sign of “progressively weakening support over time.”
You may also like: Here’s Why Bitcoin Dipped Below $64K Today Bitcoin’s Sharpe Ratio Signals an ‘Optimal’ Spot Accumulation Window Analyst: Bitcoin Stuck Near $65K Because Capital Is Flowing to AI #BTC
The upcoming Monthly Candle Close is slowly approaching
And as things stand Bitcoin has only rallied +14.5% from the ~$60k historical demand area
That’s a far cry from previous rebounds which is a sign of progressively weakening support over time$BTC #Crypto #Bitcoin https://t.co/Hu8UEadXjI pic.twitter.com/9K4cgPJQNl
The US State Department has introduced a new initiative, the Freedom Tech Excellence Program (FTEP), aiming to promote digital freedom around the world with Bitcoin as a central component.
Public-private partnership to address digital challengesThe program brings together a coalition of partners, including the Bitcoin Policy Institute, data analytics firm Palantir Technologies, defense technology company Anduril Industries, and the Victims of Communism Memorial Foundation. Together, these organizations will focus on combating online surveillance, strengthening encryption, ensuring responsible governance of emerging technologies, and defending free expression online.
According to FTEP’s official outline, its priority areas include protecting First Amendment rights in the digital era, fighting unlawful digital surveillance and online scams, advancing privacy tools such as robust encryption and VPNs, guiding the safe use of artificial intelligence, and improving safeguards for children and other vulnerable online users.
The inclusion of the Bitcoin Policy Institute, a nonprofit advocating for the use of Bitcoin and related technologies to achieve social freedom and resist censorship, reflects the department’s recognition of digital assets as potential tools against financial control in restrictive regimes.
Mini dictionary: Bitcoin Policy Institute, a research and advocacy organization dedicated to the exploration and promotion of Bitcoin as a tool for human rights, financial inclusion, and free expression in repressive environments.
Embedding expertise from the private sectorThe FTEP will deploy private sector professionals to the State Department for limited-term assignments. These embedded personnel will help guide US diplomatic efforts on various digital freedom issues, drawing on sector-specific expertise.
Palantir Technologies, one of the key partners, is known for its work in big data analytics for both government and private sectors, while Anduril Industries specializes in defense technology solutions. The Victims of Communism Memorial Foundation focuses on human rights advocacy, especially in nations experiencing authoritarian governance.
Bitcoin gains national strategic importanceSince taking office, President Trump has increasingly supported the digital asset sector, shaping regulatory approaches and bringing crypto-related elements into his administration. A significant milestone occurred in March 2025, when President Trump authorized an executive order establishing a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile for the US government.
These reserves were launched with approximately 200,000 Bitcoin, assets previously acquired through criminal and civil seizures. The administration positioned Bitcoin as a strategic national resource, comparable to the country’s holdings in gold, petroleum, and pharmaceuticals.
President Trump’s order placed Bitcoin among the United States’ strategic reserves, signaling a shift in its treatment from a speculative asset to a core component of national resilience infrastructure.
Asset ClassStrategic Reserve PurposeBitcoinDigital resilience, financial sovereigntyGoldMonetary stability, economic securityPetroleumEnergy security, strategic emergenciesPharmaceuticalsMedical preparedness, public healthThe US government’s moves underline a growing recognition of digital assets’ role in future economic and security strategies, while signaling to the global community the administration’s intention to support digital freedom and advanced technology as pillars of US diplomacy.
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.
Strive’s SATA preferred shares have rebounded from a June low of $83.30 to about $97, recovering most of the selloff and moving back within roughly 3% of their $100 par value, according to Yahoo Finance data.
Strive introduced SATA in November 2025 as part of its strategy to finance the expansion of its Bitcoin treasury through preferred equity. The variable-rate perpetual preferred stock is intended to trade near its $100 par value by adjusting its dividend rate, allowing Strive to raise capital for its Bitcoin (BTC) treasury without issuing additional common shares.
SATA is one of a growing number of preferred-share products tied to Bitcoin treasury strategies, an emerging segment that companies such as Strategy describe as “digital credit.”
Strategy’s STRC, launched in 2025 with a similar objective of maintaining a $100 share price through a variable dividend, also fell sharply during the late-June selloff before recovering, though it continues to trade below par at around $87.
SATA year-to-date price chart. Source: Yahoo Finance
While Strategy remains the world’s largest public corporate Bitcoin holder with 843,775 BTC, Strive has climbed to seventh place with 19,921 BTC, according to BitcoinTreasuries.NET.
Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET
SATA recovery could help lift Strategy’s STRC, says MowJan3 founder and CEO Samson Mow told Cointelegraph that recent adjustments by Bitcoin treasury companies are beginning to restore confidence in preferred-share products, supporting his view that Bitcoin has already found its bottom.
“I think every action that Strategy has undertaken to strengthen their balance sheet and encourage STRC to go back to par is also working,” Mow said, adding:
But everything sort of works in tandem. I think as SATA returns to par, you’re going to see STRC return to par too, because people say, ‘OK, this model’s not broken.’ Everyone is capitalized for three or more years of dividend payments... there was no reason to panic all along.Mow said the improving performance of preferred-share products is part of a broader shift in the Bitcoin treasury sector, where companies have continued refining their capital-raising strategies.
He pointed to Lyn Alden’s Orange Juice treasury company, which launched on July 15 with plans to operate a Bitcoin treasury, as another example of firms entering the market with different approaches and a lower Bitcoin cost basis.
Samson Mow interview with Cointelegraph. Source: Cointelegraph
Magazine: A quantum roadmap would push Bitcoin much higher: Charles Edwards
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.
Poolin Technology has filed for Chapter 11 bankruptcy protection, setting up an orderly wind-down and asset sale process tied to its West Texas mining operations.
The filing was made on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey under Case No. 26-18325. Poolin Technology PTE. Ltd. and its US affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, are listed in the case.
The filing details a $52 million stalking-horse bid from Thor CALAP LLC for the company’s Pyote and Tarbush mining sites in West Texas. Poolin’s prepetition liabilities stand at $173.1 million, including $163.7 million in unsecured IOUs owed to roughly 11,700 Poolin Wallet users after withdrawals were frozen in 2022.
That last detail is the real weight of the story.
This is not just a mining-asset sale. It is another reminder that the damage from the last cycle’s freezes, failures, and stranded user balances is still working through courts years later.
TL;DR Poolin Technology and affiliates filed for Chapter 11 on July 22. The case includes a proposed $52 million stalking-horse sale for West Texas mining sites. The company lists $163.7 million in unsecured IOUs owed to around 11,700 Poolin Wallet users. Poolin’s Mining Assets Are Only Part Of The Story Bitcoin mining bankruptcies are often discussed through the lens of equipment, energy costs, debt, and hashrate.
That makes sense. Mining is a capital-heavy business. Operators borrow money, buy machines, negotiate power, build facilities, and then hope Bitcoin prices, difficulty, and electricity costs line up well enough to keep margins alive.
But Poolin’s case has another layer.
The company’s liabilities include user IOUs from the Poolin Wallet withdrawal freeze. That makes the bankruptcy more personal than a normal mining-site restructuring. There are users who have been waiting since 2022 for access to funds or some form of recovery.
That changes the tone.
A $52 million asset sale may help create value for the estate, but it has to be measured against much larger liabilities. A bankruptcy process can organize claims and assets, but it rarely makes everyone whole when the gap is this large.
The Texas Sites Get A Floor Bid The stalking-horse bid is important because it creates a starting point for the sale.
In bankruptcy, a stalking-horse bidder sets a baseline offer for assets. Other bidders may come in higher, but the initial bid helps prevent a distressed sale from starting with no floor at all.
Here, Thor CALAP LLC’s $52 million bid relates to Poolin’s Pyote and Tarbush mining sites in West Texas.
Those assets may still have value because mining infrastructure is difficult to build. Power access, land, equipment, grid arrangements, and operating history can all matter, even when the company behind the assets is distressed.
Bitcoin mining sites can change hands and continue operating under new ownership if the economics make sense.
That is likely what creditors will be watching.
Can the sale price improve? Can the assets attract more bidders? Can the estate recover more value than the floor bid?
The User IOUs Remain The Hard Part The user liabilities are much harder.
Poolin Wallet users were left with unsecured IOUs after withdrawals were frozen. In bankruptcy terms, unsecured creditors often face the most uncertainty, especially when asset values are far below total claims.
That does not mean there will be no recovery. It means expectations need to be realistic.
A mining-asset sale can help, but the numbers show why this is not a simple fix. The estate has to deal with administrative costs, secured claims if any, sale processes, creditor priorities, and the broader balance of liabilities.
For users, the process may feel painfully slow because bankruptcy is not designed for speed. It is designed to sort claims, preserve value, and distribute proceeds according to legal priorities.
That can be frustrating when users have already waited years.
Bitcoin Mining Still Carries Cycle Risk Poolin’s filing also fits a broader pattern in Bitcoin mining.
Mining businesses can look strong in bull markets and become fragile very quickly when conditions change. A falling Bitcoin price, rising difficulty, higher energy costs, expensive debt, or poor treasury management can put pressure on even well-known operators.
The industry has professionalized, but it remains cyclical.
Public miners now talk more about energy strategy, high-performance computing, AI partnerships, debt discipline, and treasury management. That is partly because the old model of simply adding hashrate and hoping for higher BTC prices is not enough.
Poolin’s bankruptcy shows the other side of the sector.
Mining assets can survive, but corporate structures may fail. Facilities may be sold. Users and creditors may spend years waiting for recovery.
A Wind-Down, Not A Comeback Story The key point is not to frame this as a classic turnaround.
The filing indicates an orderly wind-down and asset liquidation process. That is different from a company restructuring around a new growth plan.
Poolin’s West Texas sites may find a buyer. Creditors may recover some value. The bankruptcy court may bring order to a messy situation. But the story is not really about Poolin returning as a stronger miner.
It is about resolving what is left.
For the broader crypto market, this is another post-cycle cleanup story. The names change, but the pattern is familiar: frozen user funds, distressed assets, legal claims, and a long wait for recovery.
Bitcoin mining may be entering a more mature energy and infrastructure phase, but older failures are still being unwound.
Poolin’s Chapter 11 case is one more example of that long tail.
This article is based on public bankruptcy case references for Poolin Technology PTE. Ltd. and related case-monitoring materials.
This article was written by the News Desk and edited by Samuel Rae.
Bitcoin [BTC] faced minor losses in recent days of trading. Its spot ETF inflow streak, the longest in nine months, has just been broken by a $225.1 million outflow on Thursday, July 23.
Bitcoin was still trading within a long-term bearish price trend. The bulls’ inability to break out past the $67k local supply zone has given control of the market back to the bears.
Here’s what that means for investors
Bitcoin MVRV and realized losses point toward THIS Source: CryptoQuant The MVRV ratio, when above 1, shows that the aggregate holder is still in profit. Historically, the depths of bear markets have only been reached when the MVRV falls below 1.
Crypto analyst Rei Researcher pointed out that this was not the case so far in the current cycle. The market was far from bullish overheated territory, but not quite yet at bear market bottom.
Onchain data showed that the cyclical capitulation might not have ended yet. The recent bounce may have offered some long-term holders an opportunity to reduce exposure ahead of any further weakness.
Source: CryptoQuant Analyst The Chess Onchain observed that the Bitcoin supply in profit was currently at 57.5%. The 30-day average of the long-term holder SOPR must reclaim 1.0 to reliably mark the end of a bear trend. This metric is at 0.86 now.
With this occurrence as a historic bar, the analyst found that the supply in profit metric was at atleast 64%. Until the metric climbs back above these levels and stays there for a few weeks, any seeming price recovery can be considered to happen within a bearish regime.
Additionally, when the price bounce began in early June, BTC older than six months spiked to 12%-16% of exchange inflows, and has since fallen to 0.8%.
A cohort of holders that bought between 1 month and two years ago have their cost basis in the $72k-$102k window.
The supply overhang is another threat to any sustained recovery. Therefore, another wave of selling and a deeper capitulation to force these holders to sell is a possibility traders and investors must be prepared for.
The data suggests Bitcoin has not yet exited its broader bearish regime.
Final Summary The Bitcoin MVRV ratio has not yet fallen below 1.0, which has tended to mark bear market bottoms in previous cycles. This time might be different, but the supply in profit and LTH SOPR metrics also pointed to the same thing- the current price bounce comes within a bearish regime.
An Australian craft brewery has found an unlikely use for its surplus rooftop solar power: running a small Bitcoin mining operation whose waste heat provides all the hot water needed to brew beer.
Hawkesbury Brewing Co claims to be the first brewery in the world to produce hot water for its brewing process using an integrated Bitcoin mine powered by rooftop solar. The NSW Central Coast business has submerged 16 $BTC miners in a tub of non-conductive liquid that heats to around 90 degrees Celsius. A heat exchanger then transfers that thermal energy into the brewery's incoming town water supply, according to ABC News.
A Practical Fix for a Real Business Problem The idea came from necessity. Owner Mr. Neale began exploring Bitcoin mining to avoid the fees charged for sending excess solar energy back into the grid. "It'd be nice to give it back to the grid and get paid handsomely for it but it doesn't happen," he said, "so we need to be able to use that power to then power the factory for the rest of the day."
Batteries were not an option either. "The big problem for us with having batteries is that there is alcohol on site. Flammability's always a problem. Insurance companies just don't like the fact that you're storing electricity," Mr. Neale said. Bitcoin mining offered a workable third path.
The rig runs exclusively on excess solar generation and earns roughly $2,000 a month, an amount that nearly covers the brewery's entire power bill. "We found there was enough heat coming off those miners to heat our incoming town water supply," Mr. Neale said. "Everything that we need to do with hot water is done via that process." The setup currently supports the production of 100,000 liters of beer a month.
Part of a Broader Trend in Mining Heat Recovery Most of the power consumed by Bitcoin mining turns into heat, and a growing number of operators are reusing that heat for applications like heating buildings, greenhouses, and public infrastructure rather than simply venting it. Other miners are using excess heat to power greenhouse operations, home heating, and jacuzzis. In Finland, MARA integrated Bitcoin mining into two existing district heating systems in less than 30 days.
Hawkesbury sees similar potential closer to home. "We can see the potential for this for public swimming pools, recirculation of hot water in apartment buildings, manufacturing," Mr. Neale said. "If you need hot water on site and lots of it, it's a way of being able to produce that hot water for the day."
One academic observer, Professor Foley, offered a cautious endorsement: "If they're able to earn some small amounts of bitcoin each day and then sell them and they can see that that's profitable, then I wouldn't see any restriction for other activities, whether it were other brewers or other people who need to generate heat through the day."
For Hawkesbury, the logic is simple. The heat has to go somewhere. Routing it into the brewing process turns a byproduct into a resource, cuts operating costs, and makes the solar installation work harder without adding infrastructure risk.
Sources:
Hawkesbury Brewing Co: Bitcoin and Brewing
Data Center Dynamics: Canaan pilot uses waste heat from Bitcoin mining to grow tomatoes
CNBC: Americans are heating their homes with bitcoin
Michael Saylor didn’t just announce a dashboard. He published a balance sheet with an address. Strategy’s new MSTR-BTC interface, unveiled Thursday, is less a tool for shareholders and more a declaration: corporate Bitcoin holders no longer get to hide behind opaque treasury disclosures. The numbers, pulled straight from the blockchain, are unambiguous. The company holds 843,775 BTC valued at $54.88 billion, priced at $65,035 per coin, according to the original report.
This isn’t a marketing splash. It’s a structural shift in how public companies can verify digital asset reserves. The dashboard doesn’t rely on quarterly attestations or delayed SEC filings. It ties the treasury directly to on-chain data and capital structure metrics, displaying gross reserves of $58.1 billion, net reserves of $35.88 billion, and a market-based net asset value (mNAV) ratio of exactly 1.00x. For CFOs watching from the sidelines, that level of granularity changes the conversation.
A Corporate Treasury Built on Public Verification Strategy’s move arrives at a moment when institutional Bitcoin adoption is accelerating, yet regulatory uncertainty still hangs over how companies account for digital assets. The dashboard’s numbers tell a specific story: year-to-date BTC yield sits at 5.8%, representing a gain of 39,325 BTC — roughly $2.56 billion in dollar terms since January. That’s not paper profit from a rising price; it’s net Bitcoin accumulation relative to diluted shares outstanding.
Saylor has spent years framing Bitcoin as a superior treasury reserve asset. Now the company is proving the thesis with data that anyone can audit. The dashboard scrubs away the vagueness that once made corporate Bitcoin holdings a black box. If more firms follow this model, the market’s understanding of treasury risk shifts from trust-me filings to verifiable on-chain proof.
But this transparency cuts both ways. A 1.00x mNAV tells investors the market values Strategy’s Bitcoin holdings at their spot price, with zero premium for the operating business or future acquisitions. That’s a signal the market is pricing the company purely as a levered Bitcoin play — not a software firm. For longtime bulls, that’s validating; for those waiting for a diversification narrative, it’s a reality check.
The Transparency Standard Nobody Asked For Corporate Bitcoin treasuries are still a niche. Tesla, Block, and a handful of public miners hold significant positions, but none publish a live dashboard with this level of detail. Strategy is essentially setting the benchmark without any regulatory mandate, creating a market expectation that could pressure other firms to follow. If a company holds over $1 billion in Bitcoin and doesn’t provide comparable on-chain verification, that silence might start to look strategic.
This dynamic parallels what happened with stablecoin reserves a few years ago. Transparency became a competitive advantage, then a baseline requirement. In the corporate treasury arena, Strategy is doing the same. The dashboard’s timing also matters. A recent push for clearer crypto accounting rules in the U.S. has been stalled by banking interests, a conflict detailed in our coverage of the biggest crypto bill facing Senate resistance. Until legislation resolves, voluntary transparency becomes the strongest signal.
The dashboard doesn’t just list holdings; it connects debt structure to Bitcoin assets. Net reserves subtract obligations, giving bondholders and equity investors a clearer view of leverage. That’s especially relevant as tokenized real-world assets expand, with on-chain RWA markets crossing $20 billion and blurring the line between traditional finance and crypto collateral. When a corporate Bitcoin treasury is that transparent, using it as collateral becomes easier — and more dangerous if over-leveraged.
The Parts the Dashboard Can’t Show What’s missing from the MSTR-BTC interface is a volatility adjustment for the underlying asset. Bitcoin’s price at $65,035 gives a clean valuation, but anyone who watched the 2022 drawdown knows that $54.88 billion can quickly become $35 billion without any change in Strategy’s conduct. The dashboard’s elegance might obscure the fact that the reserve value is a moving target, not a stable number.
There’s also a governance question. The dashboard assumes Bitcoin is a permanent treasury asset, but strategy shifts happen. If a future board decides to sell part of the stack, the real-time nature of the interface could amplify market panic. Transparency is a double-edged sword when the underlying asset is that volatile and that liquid.
Still, for an asset class still fighting for legitimacy among corporate treasurers, Strategy’s move is aggressively normalizing. It’s borrowing the language of public company investor relations and applying it to an asset that many still dismiss. And it’s happening while institutions are quietly building out infrastructure — from institutional staking surges on networks like Sui to tier-one banks testing tokenized settlement. The dashboard fits into that larger picture, whether regulators are ready or not.
Strategy didn’t invent corporate Bitcoin holding. But with one interface, it just made holding it quietly look like a decision not to be transparent. That might be the dashboard’s biggest impact: not the data it shows, but the standard it imposes on everyone else.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Wall Street giant Morgan Stanley Bitcoin exchange-traded fund now has close to $400 million in assets under management — despite only launching in April.
The NYSE Arca-listed fund, which is the first by a bank, got off to a roaring start when it debuted, bringing in over $33 million in fresh cash on its first day.
Now, the fund has over $391 million in assets, demonstrating the popularity of the product. Many ETFs never reach $400 million in assets at all, let alone in one quarter.
Senior Bloomberg Intelligence ETF analyst Eric Balchunas revealed Friday that the product has been one of the most successful funds launched this year so far.
This week alone, investors have thrown $15.7 million in new cash at the product, according to Farside Investors data.
Morgan Stanley has been making big crypto moves for years now. Back in 2021, it started offering wealthy clients exposure to Bitcoin via funds such as those by Galaxy Digital.
And last year, the bank’s CEO and Chairman, Ted Pick, said that the bank was working with regulators to see how they could offer crypto safely.
Back in April, the bank’s head of digital assets, Amy Oldenburg said client education — not product design — is the central challenge facing Bitcoin adoption.
ETF action this week After weeks of outflows and sloppy price action, American Bitcoin ETFs have taken in fresh cash over the past seven days.
Farside Investors shows the products have received a total of $274 million in new investment so far this week.
The funds had been on a winning streak, receiving nearly $1 billion over seven days until Thursday, when every ETF experienced outflows — except for Morgan Stanley’s product.
Bitcoin’s price was recently trading for $64,096, down over 1% over the past 24 hours. The cryptocurrency is virtually unmoved over a seven-day period.
European asset management firm CoinShares last week said that while investors are back at putting fresh cash in Bitcoin ETFs, other factors may hold digital asset markets from going higher.
“We see no significant upside potential from here,” James Butterfill, head of research at CoinShares, wrote.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Capital Group’s SMALLCAP World Fund has added another 481,772 shares of Strive, Inc. to its books, bringing its total position to 2.93 million shares valued at roughly $33.62 million.
Strive trades on the Nasdaq under the ticker ASST.
What Strive actually does Strive, Inc. is the publicly traded parent of Strive Asset Management, and it operates what it calls the first asset management Bitcoin treasury company. In plain terms: it runs ETFs and other investment products like a conventional asset manager, but it measures its own performance against Bitcoin rather than a traditional equity benchmark. The treasury currently holds approximately 19,900 BTC.
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Strive manages over $2 billion in assets across its fund lineup, which includes small-cap and fixed-income ETFs.
Strive Asset Management was founded in 2022, positioning itself against ESG-focused investing and framing shareholder value as the central mission. The pivot toward a Bitcoin treasury model culminated in a September 2025 merger with Asset Entities that created the current publicly traded structure.
The Capital Group filing, unpacked As of March 31, 2026, the SMALLCAP World Fund held approximately 2.45 million shares of ASST, representing roughly 3.88% of the company. Updated data from late April showed Capital Group entities collectively owned around 2.63 million shares. The most recent figure of 2.93 million reflects the latest round of buying.
The SMALLCAP World Fund is a global small-cap equity mutual fund from Capital Group with a long-term growth mandate. It is not a crypto fund, a Bitcoin fund, or a speculative vehicle.
Fidelity has also been cited among institutional backers of ASST, suggesting the company’s dual-model approach is finding acceptance beyond a narrow slice of crypto-native investors.
What this means for investors watching ASST Strive’s core bet is that it can accumulate Bitcoin per share faster than Bitcoin itself appreciates. The $2 billion in assets under management provides a real revenue base, but the math of sustaining a Bitcoin treasury strategy at scale depends heavily on both management fee income and capital markets access.
What to watch going forward: whether Capital Group’s ownership crosses the 5% threshold that triggers additional regulatory disclosure requirements, whether other large mutual fund complexes begin appearing in ASST’s institutional holder list, and whether Strive’s Bitcoin per share metric actually trends in the direction the company has promised.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Two of the market’s least favorite party crashers showed up at the same time. Oil prices have surged past $100 per barrel and the US 10-year Treasury yield is sitting near 4.71%, forming a one-two punch that has investors across equities and crypto reassessing just how much longer this rally can hold together.
Bitcoin dropped to around $65,500 on July 23 as the macro pressure mounted. For an asset that thrives on loose financial conditions and abundant liquidity, the current environment reads like a list of things it doesn’t want to see.
The macro squeeze tightening around risk assets Brent crude futures climbed above the triple-digit mark in mid-to-late July, driven by ongoing geopolitical tensions. That kind of sustained energy price spike feeds directly into inflation readings, which feeds directly into Federal Reserve decision-making, which feeds directly into how much pain risk assets absorb.
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The 10-year Treasury yield at approximately 4.71% tells a parallel story. When you can park money in government bonds and earn close to 5% risk-free, the calculus for holding volatile assets changes dramatically. Why sit in Bitcoin, which pays no yield whatsoever, when Treasuries are offering their most attractive returns in years?
The Federal Reserve is now weighing whether to maintain or even increase policy rates in response to the inflation expectations that higher oil prices have fueled.
Why crypto feels this more than most Bitcoin and other digital assets sit at the far end of the risk spectrum. They produce no cash flow, pay no dividends, and generate no interest income. In a world where safe assets suddenly offer competitive returns, capital tends to migrate toward certainty.
Historical trends show that spikes in oil prices have consistently correlated with reduced investor confidence in crypto markets. Higher energy costs tighten financial conditions broadly, and when liquidity contracts, the most speculative assets tend to get hit first and hardest.
It’s worth noting that Bitcoin miners also face direct headwinds from higher energy prices. Mining operations are extraordinarily energy-intensive, and when electricity costs rise in tandem with oil, the economics of mining deteriorate. That can lead to reduced hash rate and additional selling pressure as miners liquidate holdings to cover operational costs.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Binance barely needed a full quarter to seize control of a new product category that most rivals barely saw coming. The exchange’s ETF perpetual contracts have now cleared more than $116 billion in cumulative trading volume since their March 2026 debut, pushing Binance’s market share in the segment to 74%, according to the original report. The number is more than a growth metric—it marks a structural quickening in how traditional financial instruments get absorbed by crypto-native infrastructure.
When the product launched, Binance held just 18% of the ETF perpetual market. The rapid share grab reflects both execution and the sheer volume of latent demand among crypto traders for familiar capital-market exposure without leaving the perpetual swap rails. In July alone, ETF perpetuals made up 19% of Binance’s entire TradFi perpetual trading volume. The exchange now lists 146 such pairs, with 35 added over the past month, spanning contracts that track SPY, QQQ, semiconductor ETFs, country-focused funds, and leveraged and inverse products.
What’s happening is not simply a new listing category. It’s a convergence that has been building since tokenized RWAs crossed $20 billion on-chain and institutional players started settling Treasury trades directly with crypto-native rails. The broader tokenization trend has made the leap from niche experiment to top-of-mind allocation for a class of traders who want the leverage mechanics of perpetuals attached to non-crypto underlyings. The ETF wrapper, already familiar to retail and institutional money alike, reduces the cognitive distance.
Market concentration above 70% in any derivatives category draws attention—both from competitors and from regulators. Binance captured share not because the field was empty, but because it moved quickly. Other major exchanges offer TradFi perpetuals, but few built the ETF-specific infrastructure, liquidity, and pair density that Binance rolled out across more than 140 contracts. In derivatives markets, the order-book depth and listing breadth often become self-reinforcing: liquidity begets liquidity. That dynamic makes it structurally difficult for challengers to claw back ground once a venue establishes early dominance.
That dominance will be watched closely as legislative pressure on hybrid crypto products intensifies. Mounting regulatory pressure on hybrid crypto products in Washington is already reshaping the conversation about what a compliant model looks like when exchanges start blending securities-like exposure with crypto-style margin and settlement. The ETF perpetual boom sits squarely in that gray zone.
What the volume shift says about user behavior The 19% contribution of ETF perpetuals to Binance’s overall TradFi perpetual volume in July is a signal that demand is not a novelty blip. Traders are clearly reallocating from traditional perpetual categories—forex, commodities, equity indices—toward the ETF format, likely because it bundles exposure, provides lower tracking friction, and fits into existing risk systems that already understand ETFs. The fact that 35 new pairs were added in the past month suggests Binance sees the product as elastic: demand expands as the available menu grows.
Crypto-native users, accustomed to perpetual swaps on tokens, don’t need to learn a new venue or settlement process to trade QQQ or a leveraged semiconductor ETF. That familiarity lowers the switching cost that typically protects incumbent broker-dealers. Growing institutional staking demand elsewhere in the market has shown that mainstream capital is increasingly comfortable with crypto-native mechanics; the ETF perpetual product extends that comfort to a much wider asset universe.
What remains uncertain The sustainability of a 74% market share is far from guaranteed. Competitors who misjudged the speed of adoption are now building out their own ETF perpetual suites, and if volume continues to grow, the pie will attract more aggressive market makers and possibly pressure on fees. Binance itself has not disclosed how much of the $116 billion volume is organic versus wash-trading or incentive-driven, and the report offers no breakdown of unique traders. In the absence of granular data, the headline number remains impressive but incomplete.
Regulatory risk adds another variable. The same framework debates that surround crypto ETFs and tokenized securities apply to the perpetual wrapper. Whether regulators eventually deem ETF perpetuals as security-based swaps or something else will determine the compliance burden, and any adverse classification could reshape the market structure overnight. For now, the numbers show that the appetite for bridging TradFi and crypto-native execution is deep and, at least for one exchange, highly concentrated.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin (BTC) appears to be entering the early stages of a potential bottoming process, with on-chain data showing signs of accumulation amid broader market pressure, according to Glassnode in a Friday report.
The Q3 report, written in collaboration with Coinbase Institutional, maintains a neutral outlook for the quarter. The firms suggest that Bitcoin is transitioning from a corrective phase toward accumulation while a firmer macro liquidity backdrop continues to weigh on the market.
Glassnode stated that the market remains under pressure from a firmer macro liquidity backdrop, with Bitcoin's price staying more dependent on the liquidity cycle than on crypto-specific catalysts.
The report states that the market should not yet be considered to have established a durable low. The current environment can instead be observed as the “early innings of a bottoming process.”
Crypto market cap dipped in Q2 as stablecoin supply reaches record highsGlassnode stated that the broader crypto market experienced a difficult second quarter, with the total market cap falling by around 12%. The sustained correction phase fueled the drop throughout the quarter as risk appetite remained subdued.
However, stablecoin supply reached record highs during the period, with the sector's dominance also seeing a notable increase. The contrast with stablecoins signaled investors were rotating into stablecoins to wait out market volatility while remaining within the crypto ecosystem.
Bitcoin’s performance has also increasingly diverged from its historical cycle patterns. The report noted that the current cycle, which began in 2022, has now passed 42 months and began to diverge from the 2015-18 cycle in the first quarter of 2025 as long-term holders reduced risk.
The top crypto has also become less correlated with US equities. BTC daily return correlation with the S&P 500 fell to 0.12 in Q2 2026, down sharply from 0.58 in Q4 2025.
At the same time, Bitcoin's correlation with gold increased to 0.57. The report claims the shift reflected Bitcoin’s growing sensitivity to the same real-rate and liquidity forces affecting traditional stores of value.
Bitcoin accumulation rises amid reduced speculative activityBitcoin also continues to show signs that it may be moving toward an accumulation phase. Glassnode stated that BTC’s MVRV ratio approached 1 in Q2, a level historically associated with undervaluation and accumulation zones.
Meanwhile, the share of Bitcoin supply held in profit fell below its lower statistical band, placing the asset firmly within a historical accumulation zone heading into Q3.
The structure of Bitcoin’s supply also points to reduced speculative activity. BTC that last moved within the previous three months fell to multi-year lows, while the share of supply that had remained dormant for more than a year increased.
“This combination of thinning speculative activity and rising long-term holder conviction is more consistent with an accumulation phase rather than a distribution one,” the report said.
Bitcoin investor sentiment, however, remains weak. Entity-adjusted NUPL fell from its optimism band into the fear zone by the end of Q2 and is now close to the “Capitulation” band.
BTC's derivatives market also remains relatively restrained, with open interest well below its late-2025 peak, keeping leverage subdued.
Glassnode warned that risks remain, including renewed ETF outflows, another deleveraging event and a break of key support.
Bitcoin is trading at $64,140, down 1.6% over the past 24 hours at the time of writing.
Bitcoin lost roughly 14% of its value in the second quarter of 2026. And somehow, that might be the most bullish signal the market has produced all year.
Ark Invest’s newly released “Bitcoin Quarterly: Q2 2026” report shows that Bitcoin’s one-year realized volatility ended the quarter near 42%, hovering around multi-year lows. The asset closed Q2 at approximately $58,544, well below the short-term holder realized price of roughly $70,327. Yet volatility barely flinched.
The sell-off that wasn’t a sell-off Ark Invest describes what occurred as “orderly, not panic-driven, selling.” Realized volatility measures how much an asset’s price actually moved over a given period, as opposed to implied volatility, which measures how much traders expect it to move. When realized volatility stays flat during a meaningful drawdown, it suggests the selling pressure was distributed and measured rather than concentrated in a few chaotic sessions.
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For context, Bitcoin’s realized volatility has historically spiked well above 80% during sharp corrections. Sitting at 42% while absorbing a double-digit percentage decline represents a fundamentally different market structure than what existed even two or three years ago.
Long-term holders are not going anywhere Long-term holder supply hit an all-time high of approximately 14.85 million BTC during Q2. Bitcoin’s total supply is capped at 21 million, and roughly 19.7 million have been mined so far. When nearly 14.85 million of those coins are sitting in wallets that haven’t moved them in a long time, that leaves a relatively thin layer of supply available for active trading.
Bitcoin dropped to $58,544, which sits meaningfully below the short-term holder realized price of about $70,327. That means the average short-term buyer is currently underwater by a significant margin.
ETF outflows paint a complicated picture US spot Bitcoin ETFs experienced net outflows of approximately 71,000 BTC over seven consecutive weeks during the quarter. To put it in perspective, 71,000 BTC at Q2’s closing price represents over $4 billion in value walking out the door.
The fact that volatility remained suppressed even as ETFs shed tens of thousands of coins suggests the broader market absorbed those sales without a significant disruption.
What this means for investors For institutional investors who have been sitting on the sidelines citing volatility risk, this data point matters enormously. Many pension funds, endowments, and insurance companies operate under risk management frameworks that effectively prohibited Bitcoin allocation when realized volatility routinely exceeded 70% or 80%. At 42%, Bitcoin starts to look less like a rodeo bull and more like a slightly aggressive equity position.
The ETF outflow trend is the variable worth watching most closely heading into Q3. If redemptions continue at pace while volatility stays compressed, it could signal a slow grind lower in price. But if outflows reverse, the combination of low volatility, thinning available supply, and renewed institutional demand could set the stage for a significant move higher.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Since the October 2025 peak, Bitcoin has failed to sustain an uptrend, falling 48% from its ATH. Amid this extended market weakness, long-term holders, especially institutions, have seen their losses skyrocket.
The rising losses have pushed many of these firms to a breaking point, and they are not only capitulating but also walking away.
KULRTech dumps $9 million in Bitcoin Treasuries that rushed to accumulate Bitcoin [BTC] from late 2024 and 2025, fearing they would miss out, have found themselves operating at a loss.
Others were pushed to capitulate to avoid more losses, and one such Bitcoin treasury company is KULRTech.
KULRTech has been aggressively dumping its BTC over the past months. According to Arkham data, KULRTech transferred 145.8 BTC worth $9.45 million to Coinbase Prime.
Source: Arkham After multiple transfers, its holdings of 1,021 BTC worth $101 million now have only 100 BTC worth $6.47 million left.
In its selling spree, the company has mostly exited at a loss. AMBCrypto earlier reported that KULR Bitcoin holdings saw over $18 million in losses.
Now with only 100 BTC left, it seems the company is on the verge of completely exiting its position. Thus, if weakness continues, the company is likely to sell and exit the market entirely.
Source: Yahoo Finance Even more impactful for KULRTech, the company’s stock value was hit the hardest by extended Bitcoin poor performance.
Yahoo Finance data showed that the company’s stock declined 78% from its ATH of $43 recorded after it announced its BTC investment. As of this writing, the firm’s stock value was around $2.7.
Treasuries holdings value plunges $47 billion from 2025 peak KULR Technology Group, Inc is one of the many Bitcoin treasury companies operating at a loss. Also, it joins a long list of these firms aggressively selling.
Interestingly, while Treasury companies have increased their holdings in 2026, they have yet to reclaim peak value.
Source: CoinGlass In 2025, Bitcoin treasury companies held 1.02 million BTC worth approximately $128.5 billion at the peak. Now, these firms hold 1.25 million BTC worth $81.5 billion, marking a $47 billion drop from the 2025 peak.
Thus, although holdings have increased by 230k BTC, the value remains extremely low, signaling rising losses. For example, Strategy is currently operating on $9 billion in losses.
With these major investors holding at a loss and continually selling, the Bitcoin market still remains at extreme risk. Thus, fear from treasuries could drive continued market weakness, further reducing the capital that BTC relied on significantly for the 2024-2025 rally.
Final Summary KULR Technology Group transferred 145.8 BTC worth $9.45 million to Coinbase Prime, reducing total holdings to 100 Bitcoin. Bitcoin treasuries have increased holdings by 230k BTC since October 2025, but value dropped from $128 billion to $81 billion.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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MARA Holdings CEO Fred Thiel has made the quiet part loud: AI data centers make more money per unit of electricity than Bitcoin mining. And rather than just acknowledging that reality, his company is restructuring its entire business around it.
The result is a partnership with Starwood Capital Group to repurpose MARA’s existing mining sites into AI and high-performance computing infrastructure, initially targeting roughly 1 GW of capacity with plans to scale beyond 2.5 GW. MARA’s stock surged 17% on the news.
The math behind the pivot AI workloads can generate approximately $25 per kWh, according to industry figures cited in MARA’s strategic communications. That figure dramatically outpaces what Bitcoin mining returns per unit of power. Thiel put it bluntly: “AI companies pay much more per electron compared to mining.”
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MARA controls over 4 GW of energy capacity, making it one of the largest power portfolios in the digital infrastructure space.
The company has even coined a term for its transitional model: “mullet data centers.” Bitcoin mining continues running on existing hardware while sections of each facility get converted to handle AI workloads, keeping revenue flowing during the buildout phase rather than going dark for a full retrofit.
Why MARA is selling Bitcoin to fund the shift MARA recently sold around 20,000 BTC to repay debt and bonds. The Starwood Capital partnership, announced on February 26, 2026, brings institutional real estate capital to the table. Thiel has framed electricity, which he calls “the biggest cost item,” as commanding a premium when directed toward AI computation that the mining business cannot match.
What this means for investors The 17% stock price jump following the Starwood announcement reflects a market reacting to MARA’s shift. AI data center revenue typically comes through long-term contracts with enterprise customers, meaning more predictable cash flows compared to mining stocks, where profitability swings with Bitcoin’s price, network difficulty adjustments, and halving events.
The risk is execution. Converting mining sites to AI-ready facilities requires significant capital expenditure, new technical expertise in cooling and networking, and the ability to land enterprise customers. Selling 20,000 BTC to pay down debt also means MARA has less exposure to any potential Bitcoin price appreciation. Investors watching this space should pay close attention to MARA’s ability to secure long-term power purchase agreements and binding customer contracts, not just announced capacity targets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
John Deaton has run for US Senate against Elizabeth Warren. He’s also, by his own account, more likely to be recognized for something else entirely. Deaton says his path into the XRP world began the way it does for a lot of people, with Bitcoin first, then a slow slide down the rabbit hole into other coins.
He ended up holding Bitcoin, Ethereum, and XRP, drawn in part by how quickly XRP transactions settled. “It showed up in three seconds,” he said, describing his own reaction the first time he sent it.
The story that pulled him deeper into advocacy started closer to home. When his daughter turned 18, he handed her $15,000 in birthday money that had accumulated since she was born. Deaton says his daughter bought Bitcoin, Ethereum, and XRP using birthday money, splitting $10,000 into Bitcoin and $2,500 each into Ethereum and XRP, entirely on her own judgment.
Why He Filed the Case
When the SEC sued Ripple and argued that XRP itself was an unregistered security, Deaton says he thought immediately of people like his daughter. “My daughter never heard of Brad Garlinghouse,” he said. “She wouldn’t have any idea. She didn’t buy XRP because she was relying on the efforts of Ripple.”
That distinction became the foundation of his legal argument, and he filed a motion representing everyday XRP holders who had no relationship with Ripple at all. Deaton’s legal effort later grew to include 75,000 XRP holders around the world. Those XRP holders came from 143 different countries, spanning Ukraine to Russia, two nations at war with each other, yet both represented among the case’s supporters.
Deaton says he never spoke with Brad Garlinghouse directly before filing, and some in the crypto world initially assumed Ripple was paying him. “No lawyer would do this for free,” he recalled people saying, though he insists that wasn’t the case. His motivation, he says, was simpler: frustration that the government was making a claim it had never made before, treating the token itself as a security rather than the investment contracts tied to its sale.
A Ruling That Cited His Work
The effort ultimately became part of the legal record. The judge directly cited the amicus brief in her final ruling on the whole case, referencing both the brief and affidavits from XRP holders in her decision that XRP itself is not a security.
Deaton says the case is now taught in law schools as an example of decentralized legal advocacy, and he remains proud of what a single filing turned into. “One person inspires a few people, inspires thousands of people, and you can make a difference,” he said.
Story Ends Here
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US spot Bitcoin ETFs recorded $225 million in net outflows on Thursday, July 24, ending a seven-session inflow streak that had been one of the strongest runs for the category in months. The selling was heavily concentrated in a single fund: BlackRock's iShares Bitcoin Trust ($IBIT), which accounted for $202.5 million of the total redemptions.
Bitcoin Takes a Breather After a Strong Run The reversal follows a recovery period that had seen Bitcoin ETFs attract nearly $1 billion over seven straight sessions, their strongest stretch in 11 weeks. July had been shaping up as the first month of net inflows since April, though the broader picture remains challenging. According to 247 Wall St., investors pulled $4.51 billion from these funds in June alone, and the buying across July has recovered only around 15 percent of that damage.
The concentration of Thursday's outflow in $IBIT is notable. BlackRock's fund has served as the primary barometer of large institutional positioning in Bitcoin ETFs. When $IBIT leads selling, as it did on July 24 with $202.5 million in redemptions, it typically signals that one or more significant holders reduced exposure rather than a broad retail exit. Other funds posted smaller outflows, including Fidelity's FBTC at $5.6 million, Bitwise's BITB at $7 million, and ARK 21Shares' ARKB at $4.3 million. Morgan Stanley's MSBT was the only Bitcoin fund to record a meaningful inflow, attracting $5 million.
Against $78.8 billion in total Bitcoin ETF assets, one red day reads more as noise than trend. But the source of that noise matters to allocators watching positioning signals.
Ethereum ETFs Hold Their Momentum Spot Ethereum ETFs told a different story on the same day. The category pulled in $26.3 million for a fifth consecutive session of inflows, led by Fidelity's $FETH at $14.9 million, followed by BlackRock's ETHA with $8.5 million. The Ethereum ETF complex now holds approximately $10.3 billion in total net assets.
The divergence between the two asset classes is the detail allocators are likely to flag. Some analysts have described Thursday's flows as a controlled rotation, with capital moving out of Bitcoin exposure and into Ethereum products rather than leaving the crypto ETF market altogether. A sustained Ethereum bid through a down week for Bitcoin, if it continues, would mark a meaningful shift in how institutions are distributing risk across the two largest digital asset ETF categories.
Whether Thursday's Bitcoin outflow proves to be a one-session pause or the start of a broader reversal will depend heavily on the sessions ahead.
Sources:
FinanceFeeds: US Crypto ETF Flows Split on July 23 as Bitcoin Funds Lose $225 Million
247 Wall St.: BlackRock's IBIT Leads Nearly $1B Bitcoin ETF Recovery as Inflows Hit 7 Straight Days
Cryptonomist: Bitcoin ETF Outflows Mark End to 7-Day Inflow Streak
Ethereum price today: $1,860Ethereum's decline to a yearly low against Bitcoin has sparked calls of an ETH bottom, which eventually expands into an altcoin season.However, ETH/BTC valuation metrics have yet to reach extreme levels that historically align with an ETH bottom.ETH risks a decline to $1,800 if it fails to bounce off the 20- and 50-day EMAs.Ethereum (ETH) is showing early signs of a market bottom relative to Bitcoin (BTC), but has to confirm several other key bottoming signals before an outperformance can be expected, according to CryptoQuant.
In a report released late Thursday, the analyst at the on-chain analytics firm noted that Ethereum has underperformed Bitcoin for nearly a year, evidenced by the ETH/BTC ratio declining to 0.028, marking its lowest level since last August.
ETH/BTC Ratio. Source: CryptoQuantSuch conditions usually spike sentiment around a potential ETH bottom, which eventually expands into an altcoin season.
"The question for investors is whether ETH is now cheap enough to mark a durable bottom - the precondition for ETH outperformance and, historically, for a broader altcoin season," the analysts wrote.
The report argued that Ethereum is closer to a market bottom with less downside risk compared to upside, as it is trading near $1,900, roughly 17% below the realized price or average on-chain cost basis of all ETH tokens, which is at $2,304. The move toward $1,900 came after ETH fell from an all-time high of $4,946 last year to a low of $1,400 in June.
"On a standalone basis, Ethereum is already cheap. Trading below the aggregate cost basis means the marginal holder is sitting on losses, which historically exhausts sellers and compresses downside," CryptoQuant stated.
However, the analysts argued that bottom signals have not fully emerged for ETH when compared to Bitcoin using other key on-chain data.
ETH/BTC metrics yet to reach extreme levelsThe report highlights that the ETH/BTC Market Value to Realized Value (MVRV) has declined from 0.95 last August to near 0.65, indicating a shift from overvaluation to neutral levels. ETH forms a "durable bottom" when the metric drops below 0.45, as seen in 2019-20 and early 2025, CryptoQuant noted.
ETH/BTC MVRV Ratio & Price. Source: CryptoQuantA similar trend is evident in the ETH/BTC exchange inflow, which has eased to 0.8 after peaking above 1.5 in August, indicating a drop in the amount of ETH versus Bitcoin sent to exchanges. Bottoms have often formed when the metric drops toward 0.4, the analysts argued.
Additionally, the ETH/BTC exchange-traded fund (ETF) holdings show institutional allocators have been shifting back toward Ethereum since late June after months of underperformance. The metric saw a modest recovery to 0.13 in July, after dropping from a peak of 0.205 in August/September 2025 to 0.115 in June.
While these metrics have yet to validate a bottom, the ETH/BTC relative spot trading volume is an outlier. The metric has dropped sharply from 1.75 in August to around 0.5, a level that has historically coincided with ETH's price bottoms.
ETH/BTC Spot Trading Volume. Source: CryptoQuant"[ETH] is already cheap against its own cost basis, relative selling pressure has halved. ETF demand has begun to turn and trading activity sits at levels that marked prior bottoms. But MVRV and exchange inflows are not yet at the extremes that have historically confirmed a floor - so a final bottom, and the ETH outperformance that would follow, may still take more time to form," CryptoQuant analysts concluded.
ETH Bottom Checklist. Source: CryptoQuantEarlier in the week, FXStreet reported that ETH's recent recovery comes after it triggered the MVRV Buy Signal, which has also historically aligned with price bottoms for the top altcoin.
Ethereum Price Forecast: ETH risks further decline if it drops below the 20- and 50-day EMAsEthereum has recorded $67.79 million in liquidations over the past 24 hours, led by $44.18 million in long liquidations.
On the daily chart, ETH risks returning to a bearish structure as it is testing the 20- and 50-day Exponential Moving Averages (EMAs) at $1,839 and $1,831, respectively. Momentum gauges hint at declining buying pressure with the 14-day Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) easing to 54 and 53, respectively.
On the upside, initial resistance is seen at the horizontal barrier around $1,909, ahead of the 100-day EMA at $1,936 and the $2,019 zone, where prior supply has emerged. Further north, additional caps are located at $2,108 and $2,211, with more distant resistance clustered near $2,389 and $2,746.
ETH/USDT daily chartOn the downside, immediate support is provided by the 20- and 50-day EMAs, followed by the recent structural floor near $1,806. A break below there would expose the next key supports around $1,741 and then $1,524.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitcoin held steady despite a sharp selloff in technology stocks triggered by weaker-than-expected corporate earnings.
Notable Statistics:
Coinglass data shows 83,203 traders were liquidated in the past 24 hours for $301.33 million. SoSoValue data shows net outflows of $225.2 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $26.3 million. In the past 24 hours, top gainers include DeXe, Audiera and LayerZero. Notable Developments:
Trader Notes:
Trader Crypto Kaleo remains confident that Bitcoin has one final leg lower before the bear market bottom is in, though the decline could come either by mid-to-late August or sooner.
He believes the market is nearing its bottom from a timing perspective and recommend keeping capital ready to accumulate high-conviction assets.
Meanwhile, he does not expecting Bitcoin to reclaim $100,000 or set new all-time highs until 2027.
Trader KillaXBT argues that Bitcoin’s market cycle has accelerated, pointing out that it reached a new all-time high before the last halving and did so just 476 days after the cycle bottom, much faster than in prior cycles.
He expects the same pattern to repeat, with a pre-halving all-time high, faster bottoms and tops, and caution against relying too heavily on historical seasonality, which he believes has already begun to diverge.
Image: Shutterstock
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A Governance Problem, Not Just a Technical One@IOHK_Charles, co-founder of @Cardano, has issued a pointed warning: $BTC could lose its position as the world's leading cryptocurrency not because quantum computers will break its cryptography outright, but because Bitcoin's governance culture may be too slow and too fragmented to coordinate a response in time.
"The issue with Bitcoin is it's frozen in time. It's very difficult to change anything," Hoskinson told The Block's The Starting Block podcast on Friday. He also framed @Cardano as a natural successor to Bitcoin's founding vision. "Cardano is, in many ways, a spiritual successor [to Bitcoin]. It reflects correcting a lot of things that I think that Satoshi couldn't get around to because of expertise or time but was directionally moving there," he said.
The concern is grounded in real exposure. As of March 1, 2026, over 34% of all Bitcoin has a revealed public key on-chain, meaning those holdings could be stolen by an attacker with a sufficiently powerful quantum computer. Bitcoin's proposed answer is BIP-361, a phased migration plan designed to move the network toward quantum-resistant addresses. Hoskinson argues the proposal is mischaracterized as a soft fork and would in practice require a hard fork, which conflicts directly with Bitcoin's anti-hard-fork culture.
The stakes are significant. The agonizing problem is the coins that cannot migrate: an estimated 1.7 million $BTC sit in ancient addresses, including roughly a million believed to be Satoshi Nakamoto's, whose owners are lost, dead, or permanently absent. Those coins predate modern wallet standards and cannot be recovered under BIP-361's proposed mechanism.
"What made Bitcoin so strong is it survived external threats, including the loss of its founder," Hoskinson said. "Quantum computers are yet another threat. If Bitcoin's governance is such that it's impossible to actually make meaningful progress, or they compromise the core reason to use Bitcoin, I don't think Bitcoin's going to stay the number one cryptocurrency."
Cardano's Case and the Broader Stakes"If you had on-chain governance, you could solve it," Hoskinson said. His argument is that the cryptography itself is solvable, but Bitcoin's decentralized, consensus-dependent upgrade process is not built for a transition of this scale. Hoskinson explained that Cardano's governance system makes large-scale upgrades easier to coordinate, and that the network is already voting on a quantum strategy while preparing a research proposal, with a long-term migration path designed to help users transition toward quantum-resistant infrastructure.
"With Cardano, we're going to have to make some decisions about what to do with quantum-vulnerable infrastructure. And if there needs to be a migration, we can have a vote, and then there could be an onchain function to do that," Hoskinson said. He added that Cardano is also preparing for what he described as its biggest upgrade to date, one that will make the network 60 times faster.
BIP-361 matters because Bitcoin moves slowly by design, and cryptographic migrations can take years to plan, debate, test, and adopt. How Bitcoin navigates that tension, with no CEO to mandate migration and no central authority to set deadlines, will set a template for every major chain facing the same challenge.
Sources:
CoinDesk: Hoskinson says Bitcoin's quantum fix can't save Satoshi's coins
Decrypt: Quantum Proposal Won't Save Satoshi's Bitcoin, Says Hoskinson
Crypto Times: BIP-361's Post-Quantum Migration Plan Sparks Debate
There’s roughly $1.6 trillion worth of Bitcoin sitting in wallets doing essentially nothing. Cardano’s development company, Input Output Group (IOG), thinks it has a solution: a platform called Pogun that “mirrors” Bitcoin onto the Cardano blockchain, giving holders access to lending, yield, and stablecoins while they keep custody of their own coins.
Charles Hoskinson, Cardano’s founder, publicly outlined the initiative on May 3, 2026. The core pitch is straightforward. Bitcoin holders get DeFi access. Cardano gets the liquidity. And nobody has to hand their keys to a centralized intermediary to make it work.
How mirroring actually works Instead of wrapping Bitcoin in a tokenized form, Pogun clones the representation of Bitcoin assets onto Cardano’s chain. The original Bitcoin stays put. The mirrored version on Cardano can interact with DeFi protocols.
The key technical ingredient arriving later in the roadmap is BitVM-powered mirroring, which aims to minimize the trust assumptions baked into most cross-chain bridges today.
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The platform is being built on top of interoperability groundwork Cardano has already laid, including atomic swaps between the two chains.
What makes Pogun genuinely different from the crowded field of Bitcoin DeFi experiments is its credit market design. The platform operates without traditional oracles or collateral pools. There are no margin calls. Instead, transactions rely on bilateral agreements between counterparties.
The rollout timeline The non-margin credit market is slated to hit Cardano’s mainnet by Q2 2026. A yield-generating application follows in Q3 2026. The trust-minimized BitVM mirroring implementation is planned for Q4 2026.
The project is led by Omer Husain and sits within a broader package of nine IOG proposals requesting nearly $50 million in funding for 2026. That funding encompasses network scalability upgrades and performance improvements beyond just the Pogun platform itself.
All transactions within Pogun require ADA fees. Revenues from the project flow back into the Cardano treasury.
What this means for investors The competitive landscape includes Stacks, Babylon, and several other projects also vying for Bitcoin’s idle capital. Cardano’s eUTXO model shares architectural DNA with Bitcoin’s own transaction model.
The $50 million funding request across nine proposals signals that IOG is making a substantial bet on cross-chain interoperability as Cardano’s growth strategy. The Q4 2026 BitVM implementation is the linchpin, and trust-minimized bridges have proven extraordinarily difficult to ship securely.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Hyperliquid: Bouncing Off Support But EMAs Remain The WallHyperliquid, as measured by Hyperliquid Strategies Inc (NASDAQ:PURR), bounced 2% after tagging the $56 to $58 demand zone, a key support band being tested for the first time since the June rally.
Crypto analyst ALTF4 noted on X that Hyperliquid’s growth has moved beyond trading volume into market structure, with roughly $194 billion in 30-day perpetual volume, $11.5 billion in open interest, and non-crypto markets including equities, FX, and commodities now trading on the same venue.
The chart, though, requires patience. The 20-day EMA at $62.56 and 50-day EMA at $62.31 are converging just above current price, forming a dense resistance cluster that needs to flip to support before the setup carries conviction.
Key levels for HYPE: $56 to $58 — Demand zone support; losing this exposes $52 $62.31 to $62.56 — EMA cluster, the resistance wall to reclaim $76 — Chart projection target on a confirmed EMA reclaim Uniswap: Cup and Handle Breakout with Supertrend ConfirmationUniswap (CRYPTO: UNI) surges to $3.8, completing a textbook cup and handle breakout. The cup formed from May through June, the handle consolidated through early July, and price has now cleared the breakout level with conviction.
The Supertrend indicator flipped green at $3.23, adding trend confirmation to the pattern.
Price now sits above all four major EMAs and is challenging the 200-day EMA at $3.9 as the final overhead barrier before open air. The cup and handle measured move targets $4.80 to $5 on continuation.
Key levels for UNI: $3.9 — 200-day EMA, last resistance before the measured move opens $4 — Psychological resistance above $3.54 — 20-day EMA support on any retest; holding here keeps the breakout valid $3.23 — Supertrend level, the line that invalidates the setup on a close below Monero: The Cleanest Breakout Setup In The Market Right NowMonero (CRYPTO: XMR) pushes to $357.28, pressing directly into the descending trendline that has capped every rally since late January.
Bollinger Bands are squeezing tight with price coiling at the upper band at $358.63, a classic compression pattern before a directional expansion.
All four EMAs are clustering between $333 and $354, essentially flat, confirming the squeeze is real.
A daily close above $360 clears the descending trendline and triggers the Bollinger expansion, with a breakout target of $400 to $420. Rejection here sends the price back to $333.
Key levels for XMR: $358.63 — Bollinger upper band and descending trendline confluence, the breakout line $333 — Bollinger midband support on rejection $400 to $420 — measured move target on confirmed breakout Image Source: Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Swiss cantonal lender BancaStato has expanded its product range by introducing regulated cryptocurrency trading for its customers, powered by digital asset specialist Sygnum and core banking technology provider Avaloq.
The collaboration allows account holders to purchase, retain, and dispose of Bitcoin, Ethereum, Litecoin, and Solana without leaving the bank’s familiar digital channels.
Banca dello Stato del Cantone Ticino, established in 1915 to support the economy of southern Switzerland’s Italian-speaking region, has linked Sygnum’s application programming interface to its Avaloq software-as-a-service platform.
As a result, clients can now place market orders—specified either by the number of coins or by US-dollar amount—directly inside the existing web and mobile banking applications.
Transactions flow through Sygnum’s business-to-business infrastructure, eliminating the need for a separate order-management system.
This streamlined architecture lowers operational costs and complexity while giving the bank greater flexibility to adjust features according to its risk-management policies.
Digital assets acquired by BancaStato customers are held in Sygnum’s multi-layered institutional custody arrangement.
The solution combines hardware and software safeguards, rigorous internal governance, and independent external audits.
Importantly, the assets remain off the bank’s own balance sheet, offering an extra layer of protection should the institution face insolvency.
The Ticino-based lender becomes the first institution running Avaloq’s SaaS environment to offer crypto trading via a direct Sygnum API connection.
It joins a growing roster of more than twenty-five banks and financial firms already using Sygnum’s B2B platform, including other Swiss cantonal institutions.
Sygnum estimates that its partner network already enables roughly one-third of the Swiss population to access digital assets through trusted traditional banks.
Executives from the three organizations highlighted the strategic value of the integration.
Fritz Jost, Sygnum’s Chief B2B Officer, described the partnership as evidence of rising demand for regulated, API-based digital-asset services that plug straight into established core banking systems.
Dr Curzio De Gottardi, BancaStato’s Head of Products and Services and Vice-Chairman of the Executive Board, emphasized that the seamless combination of conventional investments with digital assets strengthens the bank’s future-oriented offering.
Christian Haux, Avaloq’s Managing Director for Switzerland and Liechtenstein, noted that the project demonstrates how tight technical integration helps banks respond quickly to changing client expectations while keeping all services on a single platform.
The launch arrives shortly after Sygnum Europe obtained a Crypto-Asset Service Provider license under the European Union’s Markets in Crypto-Assets Regulation from Liechtenstein’s Financial Market Authority.
That authorization positions Sygnum to support banks across the EU with similar infrastructure, reducing time-to-market and regulatory burden.
By embedding cryptocurrency trading inside everyday banking applications, BancaStato provides its customers with a convenient, regulated gateway to digital assets while maintaining the security and compliance standards expected of a Swiss cantonal bank.
Most exchanges and partners have signaled readiness for the hard fork, though a few are still reviewing details and the upgrade has not yet activated.
The Stacks community approved SIP-045, the Bitcoin Staking upgrade, with more than 99% of votes cast in favor, Stacks co-creator Muneeb Ali said, setting up a hard fork targeted for around July 29 at roughly Bitcoin block 907,740.
The upgrade, formally "PoX-5: Bitcoin Staking and Emission Schedule Alignment," lets participants lock BTC in a timelocked contract on Bitcoin's base layer — under their own keys — and pair it with locked STX to earn yield paid in bitcoin. A companion proposal, SIP-044, which brings Clarity 6 and new staking post-conditions, passed alongside it. Voting opened July 6; hard-fork votes require at least 80% approval from stacked STX.
"Bitcoin is the world's most trusted asset precisely because of its design and safety principles on the L1," Ali said when the Bitcoin Staking whitepaper was published in May. "Holders can now earn yield denominated in BTC, trustlessly, while their Bitcoin stays exactly where it belongs."
How the Mechanism WorksStakers fund a timelocked UTXO on Bitcoin using OP_CHECKLOCKTIMEVERIFY, pair it with an STX lock equal to at least 5% of the bond, and commit for roughly six months. The Stacks contract verifies the Bitcoin-side lock with an SPV proof — no custodian or trusted bridge. Yield comes from the BTC that miners already bid through Proof of Transfer: paired bonds get a target of about 3% APY in BTC, STX-only stackers take 85% of the excess, and 15% builds a reserve that buffers shortfalls. There is no slashing; principal returns in full when the timelock expires.
The bootstrap phase caps capacity at 3,000 BTC, managed by the Stacks Endowment with whitelisted partners and about 10% open to pools. A public testnet went live this week, and a "Genesis Bond" is targeted for late August.
SIP-045 also reverses April's emissions cut, restoring the STX coinbase to 1,000 STX per Bitcoin block from 500 — a meaningful supply increase bundled with the staking mechanism.
Yield Without Leaving BitcoinStacks has distributed more than 4,200 BTC — roughly $500 million — in stacking rewards since Proof of Transfer went live in 2021, and its sBTC bridged asset holds about $186 million, per DefiLlama, down from a Q1 peak of $545 million as BTC's price fell.
The vote result did nothing for the token. STX trades at $0.144, down 13% in 24 hours, per CoinGecko, sharply underperforming Bitcoin's 1.9% decline.
BTC has dropped by roughly three grand after marking a local peak at $67,000. Strategy doesn't want to buy or sell, while a derivatives giant says goodbye.
The previous business week ended with a leg down that drove the primary cryptocurrency to $62,500. However, it reacted swiftly and recovered to $64,000 during the weekend.
The gradual climb continued on Sunday and Monday morning when BTC peaked at $65,000, but it was rejected and slipped south by over a grand to $63,750. The next leg up was a lot more impressive. Bitcoin didn’t stop at $65,000, and even the $66,000 resistance fell on the first attempt. Thus, the asset’s rally extended for a bit more, reaching $67,000 (on some exchanges) for the first time since the middle of June.
It came on the heels of renewed ETF net inflows and new accumulations from certain large investors. However, the price run couldn’t be sustained for long, and BTC quickly dipped back down to $66,000 on Wednesday, $65,000 on Thursday, and it plunged to $64,000 earlier today.
Despite its $3,000 correction from the local top, bitcoin remains about 2% up on the week. Similar gains are evident from Ethereum, which challenged $1,950 at one point, and TRX, which remains at around $0.33. Even more impressive price performance comes from XMR; a 9% pump has driven the privacy token to over $350. UNI and HBAR have posted notable gains as well, while HYPE, ZEC, CC, and DOGE remain in the red on a weekly scale.
Bitcoin’s market dominance has also dwindled in the past few days. It exploded to over 57% during the mid-week run, but it has dipped below 56% on CoinGecko now.
You may also like: Bitcoin’s Sharpe Ratio Signals an ‘Optimal’ Spot Accumulation Window Analyst: Bitcoin Stuck Near $65K Because Capital Is Flowing to AI Has Bitcoin Already Bottomed? Grayscale Says Macro Signals Matter More This Week’s Crypto Headlines You Can’t Miss Strategy Extends Bitcoin Buying Pause While Growing Its USD Reserve: Details. Saylor’s company appears to have listened to some market experts who suggested that it should pause its BTC purchases in favor of rebuilding its USD reserve. The past week proved that narrative right once again with another no-buy bitcoin announcement.
Veteran Crypto Exchange BitMEX to Shut Down in September. After nearly a decade in existence, the veteran derivatives platform BitMEX announced that it will close shop in September. The creator of the 100x perpetual swap will permanently cease operations on September 23 and urged users to withdraw their funds by then. While on the subject, DEX aggregator Odos said it will shut down next week.
SEC Agrees to Overhaul Recordkeeping After Settling Coinbase Lawsuit Over Gensler’s Lost Texts. Despite not admitting any wrongdoing, the US Securities and Exchange Commission settled with Coinbase a lawsuit launched by the exchange and agreed to pay $150,000 in attorney fees. The regulator also said it will review its own internal processes.
‘Hackers Day’: 3 Crypto Protocols Drained of $35 Million in 24 Hours. July 23 became known in the crypto community as ‘Hackers’ Day’ with 3 major exploits taking place within less than 24 hours. The largest of the bunch was against Arbitrum-based protocol AFX Trade, in which the bad actors swiped over $24 million in USDC.
EU Hits Russia With Toughest Crypto Crackdown Yet. The European Union approved its 21st sanctions package against Russia, targeting 11 crypto operators and 94 financial institutions to combat sanctions evasion. Many of those platforms came from Belarus and Nigeria and were linked to numerous Russian financial activities.
Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts. The world’s largest altcoin may be trading well below its record peaks and at a discount, but that doesn’t necessarily mean that it has bottomed yet. Analysts at CryptoQuant noted that only two out of five signals suggest that the worst is behind ETH.
Charts This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid – click here for the complete price analysis.
BitMEX faces a proposed class action lawsuit alleging its co-founders ran a secret trading desk that used customer data to engineer liquidations, filed the same day the exchange announced it would shut down in September.
What Are The Plaintiffs Actually Alleging?The first allegation centers on a hidden trading desk that ran from BitMEX’s Manhattan office throughout 2018 under former business development head Gregory Dwyer.
The desk used software to pinpoint which price moves would force the most customer liquidations, then traded to push prices to those exact levels.
Plaintiffs say the desk saw everything — customer account data, hidden orders, and liquidation points, despite BitMEX telling users that information stayed private.
The second allegation centers on March 13, 2020, when users lost access to the platform for about 25 minutes as BitMEX force-closed roughly $800 million in leveraged positions.
BitMEX first pointed to a cloud hardware failure, then switched its explanation to two DDoS attacks four days later. Plaintiffs claim BitMEX gave false explanations, deliberately froze the platform, and never compensated any affected users.
What Did BitMEX Say In Response?Benzinga reached out to BitMEX for comment and received a response from CEO Peter Wilkinson.
“This is yet another spurious and opportunistic claim that has no basis whatsoever,” Wilkinson said.
“We have had many such claims against us in our history and successfully dealt with each and every one, and look forward to vigorously defending ourselves again this time,” he added.
Plaintiffs filed a substantially similar lawsuit in the same court in April 2020 before voluntarily dismissing it on June 30, 2025.
How Much Did Each Plaintiff Lose?BKX Services claims losses of at least 305.8 BTC across 13 liquidations between July and August 2018.
Namdar claims roughly 316.9 BTC lost across 14 named liquidations plus at least 69 smaller ones, spanning August 2019 to May 2020.
Both plaintiffs are seeking return of the actual Bitcoin rather than cash damages, a legal claim known as replevin.
The proposed class covers anyone who bought Bitcoin swap products on BitMEX in domestic U.S. transactions from July 23, 2018 onward, with aggregate claims estimated above $5 million.
The suit names co-founders Arthur Hayes, Samuel Reed, Benjamin Delo, and Gregory Dwyer as defendants alongside parent company HDR Global Trading and four affiliated entities.
Photo via Shutterstock
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Bitcoin (CRYPTO: BTC) is up 9% in July, but crypto analyst Benjamin Cowen said the gains are likely temporary and August and September could erase them, just as they did in 2018 and 2022.
Why Cowen Says Bitcoin Is Stuck Between Two Key LevelsCowen said in a youtube video that Bitcoin is ping-ponging between the bear market resistance band above and the 200-week moving average below, with neither level breaking convincingly in either direction.
Every approach to the resistance band has produced a rejection, and every dip toward the 200-week moving average has produced a bounce.
He said this setup mirrors 2018 almost exactly. Both years saw a low in February, a retest of that low in late June, and then a July countertrend rally.
The key difference is volatility — in 2018 the range was about 40% wide, while in 2026 it is only about 20%, making this a quieter, slower version of the same pattern.
What History Says About July Rallies in Midterm YearsCowen tracked Bitcoin’s July returns across every midterm year and found the pattern consistent.
In 2022, Bitcoin gained 20% in July before August and September wiped out those gains.
In 2018, it gained nearly 40% in July before the same thing happened. Even where July was slightly negative, like 2014, the weakness still arrived in the months that followed.
He said the window for Bitcoin to stay strong is likely closing within two to four weeks, with August and September historically the months where the summer bounce gives way to renewed selling pressure.
What Needs to Happen for the Pattern to BreakCowen said the S&P 500 (NYSE:SPY) is the key variable Bitcoin is waiting on. In 2018 and 2022, stocks topped in August or September and then dropped 10% to 20%, pulling Bitcoin down with them and forming the cycle low.
He said that stock market correction has not happened yet, which is partly why Bitcoin has not broken down either.
His base case is that the S&P 500 tops in August or September, drops, Bitcoin follows, and the market cycle bottom forms from that level.
If Bitcoin has not broken down by the end of the year, he said he would treat that as time-based capitulation and shift his view toward a new bull market beginning.
He put the theoretical cycle low around late November, noting that is why the ITC conference he is hosting is scheduled for that window.
Image: Shutterstock
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Somewhere right now, on a livestream, someone is tearing open a foil package while hundreds of people watch. Trading cards have become a spectator sport. The card market is at all-time highs, cardboard repriced by the hour, rare cards selling for eight figures, and a general sense of frenzy. But watch enough of it and something strange becomes clear. Nobody is looking at the cards. The audience isn’t consuming images, it’s consuming anticipation.
The card boom has also surfaced hard questions, and the hardest ones surround grading. The past year saw the hobby’s dominant grading house facing scrutiny over grades that shifted after cards moved through its own buyback program, and collectors began asking, who grades the grader. When a single subjective number separates a card from ten times its value, and the arbiter of that number also holds a position in the asset, the hobby has a verification problem. These are, in the language of bitcoiners, trusted-third-party problems.
The two worlds keep arriving at the same three questions: what’s real, what’s rare, and what holds value. A graded slab and a confirmed transaction on the timechain are answers to the same anxiety. Collectors demanding transparent grading and provenance that can’t be quietly revised are asking for verification over trust, whether they use those words or not. In that sense, card collectors and bitcoiners already share the same ideals.
This is why BMAG (Bitcoin Museum and Art Gallery) is making trading cards a serious part of its program. Seven years as the cultural wing of the Bitcoin Conference, more than 130 BTC ($8+ million) in art and collectibles sales, the first Magic: The Gathering tournament at a Bitcoin Conference, staged in Las Vegas with Kraken and on-site TAG grading, and the conviction that cards are asking the same questions bitcoin already answered.
Source: https://my.taggrading.com/card/P7612780
The fullest expression of that focus arrives this August. At Bitcoin Asia 2026, August 27-28 at the Hong Kong Convention and Exhibition Centre, BMAG will debut a full Trading Card Expo on the conference floor. The Expo is anchored by a marketplace of established vendors from across Hong Kong and Southeast Asia, alongside live activations, grading and authentication, card auctions, and a curated gallery presentation surrounding it all. Cards and collectibles will be available for purchase, and attendees are encouraged to bring their own cards for grading or resale to the 40+ card vendors. Hong Kong is one of the most active card markets in the world and a Bitcoin conference is the natural room for it.
But a marketplace alone isn’t the point. The trading card has an art pedigree longer than most people realize. Jefferson Burdick, the father of American card collecting, spent his final years transferring thousands of cards into albums at the Metropolitan Museum of Art, where his collection remains today. Art Spiegelman worked at Topps inventing series like Garbage Pail Kids before his mainstream graphic novel successes. And the critic Brian Droitcour recently put his finger on why the format matters right now: a Magic card is an image that does something, rarity and function entwined, while NFTs inherited that logic and captured only the rarity. Droitcour argues that NFTs dissolved the old hierarchy between the artwork and the collectible, and that the most interesting artists working today make objects that are both at once.
A generation of artists has taken that invitation literally. Over the past few years, a loose scene of mostly pseudonymous artists, formed across crypto subcultures, Twitter timelines, and private group chats, has been quietly staging one of the more genuine artistic rebellions of the decade. Where the establishment crypto-art world courted galleries with polished generative work, these artists went the other direction, making images dense with meme references, anime, veiled art history, and internet debris, layered so deep that critics had to invent new words for them. They call the style schizocollage. In Spike Art Magazine, Dean Kissick placed the work in the lineage of deliberately “bad painting,” a tradition Marcia Tucker gave institutional credentials when she inaugurated the New Museum with an exhibition of that name in 1978. And increasingly, the scene’s work has been heading not toward the gallery wall but toward cardboard: the pack, the pull, the sleeve, and the slab treated not as merchandising afterthoughts but as the medium itself.
BMAG has spent years working in a room the traditional art world ignored, the art gallery inside a Bitcoin conference. When the painter Nardo showed at Bitcoin MENA in 2024, our conversation kept circling memes as units of cultural transmission and the internet’s layered debris as legitimate subject matter for painting. A year later his Citadel, a seven-foot oil painting built from a 4chan meme, debuted at the Bitcoin Conference in Las Vegas: a monument raised to an internet shitpost. The card movement runs on the same current at a different scale, small enough to fit in a penny sleeve. It’s a conversation we’ve continued in these pages all year, with founders like Alladan Flinn of Based Trading Cards, who describes cards as physical timestamps of the Bitcoin movement. We’ll have much more to say about the artists of this scene, and what they’re bringing to Hong Kong, in the weeks ahead.
The Card Expo debuts at Bitcoin Asia 2026, August 27-28 at the Hong Kong Convention and Exhibition Centre. Vendors of cards, collectibles, and related goods can apply for a table here. Tables are limited.
Follow BMAG on X at @BMAG_HQ for new partnership announcements, auctions, and first looks at the artists coming to Hong Kong.
In brief Strategy published new and updated investor metrics, saying its shift from convertible debt toward preferred-equity "digital credit" requires fresh yardsticks. The centerpiece, "net Bitcoin per share," measures the Bitcoin left for common shareholders after $22.3 billion in debt and preferred claims The firm also redefined mNAV under a new metric that restored it to its 1.0x par and recast "amplification" as a roughly 1.5x equity multiplier. Strategy has overhauled the metrics it uses to value its Bitcoin, rolling out a set of new "net" measures that strip out debt and preferred-stock claims to show how much of its stash actually belongs to common shareholders.
New and updated market metrics are live at https://t.co/yIv7IimRdf. As Digital Credit becomes a larger portion of our balance sheet, we've sharpened our precision based on investor feedback. This video walks through what's new and why.
00:00 - Intro to Strategy's new and updated… pic.twitter.com/ndCoDc9PDW
— Strategy (@Strategy) July 23, 2026
In a 30-minute video posted to its investor site, the company's head of investor relations Chaitanya Jain said the metrics had to "evolve" as the business moved "from an era of convertible debt to now a focus on digital credit," and pointed to investor demands for clarity. Executive chairman Michael Saylor put it more grandly, tweeting that, "Bitcoin Capital Markets require a new financial language."
The centerpiece is "net reserve," about $35 billion—what is left after subtracting $22.2 billion in senior claims ($15.5 billion of preferred stock and roughly $6.8 billion of out-of-the-money convertible debt) from Strategy's $57 billion Bitcoin pile (843,775 BTC) and $3.2 billion of cash. Dividing that residual by a new fully diluted share count gives "net Bitcoin per share," which the firm says has risen from $13 (44,000 sats) at the end of 2020 to $95 (143,000 sats)—a 43% compound annual growth rate, against Bitcoin's 16%.
The company also redefined mNAV as MSTR's share price divided by net Bitcoin per share, with the accretion threshold now fixed at 1.0x, and recast "amplification" as an equity multiplier—Bitcoin reserve over net reserve—of about 1.5x. New credit gauges frame the debt-fueled model's sustainability, with a "hurdle rate" of about 10.8% marking Strategy's effective cost of credit, a break-even rate near 3.2%, and a "flow rate" of about −11% that estimates how far Bitcoin could fall before reserves stopped covering debt and dividends.
The overhaul arrives with MSTR under pressure: the stock traded around $93 on Friday, down slightly on the day and far below its 2024 peak, days ahead of second-quarter earnings on July 30. Under the new formula, its mNAV reads right at 1.02x. Measured the old way—against Strategy's gross Bitcoin per share—the stock had looked to trade at a discount; dividing instead by net Bitcoin per share, after the roughly $22 billion of senior claims is stripped out, lifts the same share price to parity. It is Strategy's latest guidance tweak during a bear market that began last October; its flagship preferred share, STRC, still trades below its $100 “par value.”
The firm’s "digital credit" framing traces to a late-June pivot, when Strategy approved a framework for "active capital management" that, for the first time, authorized selling up to $1.25 billion of Bitcoin to top up its cash reserve, cover preferred dividends, and fund buybacks—a formal break from Michael Saylor's long-held "never sell" stance. In the weeks since, the firm has raised cash by selling MSTR stock rather than Bitcoin, sparing its 843,775 BTC stack while diluting common holders.
For now, Strategy's own math says the structure holds—as long as Bitcoin, currently around $64,000 and about 50% below its high, doesn't fall more than roughly 11% a year through the early 2030s.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Strategy published new and updated investor metrics, saying its shift from convertible debt toward preferred-equity "digital credit" requires fresh yardsticks. The centerpiece, "net Bitcoin per share," measures the Bitcoin left for common shareholders after $22.3 billion in debt and preferred claims The firm also redefined mNAV under a new metric that restored it to its 1.0x par and recast "amplification" as a roughly 1.5x equity multiplier. Strategy has overhauled the metrics it uses to value its Bitcoin, rolling out a set of new "net" measures that strip out debt and preferred-stock claims to show how much of its stash actually belongs to common shareholders.
New and updated market metrics are live at https://t.co/yIv7IimRdf. As Digital Credit becomes a larger portion of our balance sheet, we've sharpened our precision based on investor feedback. This video walks through what's new and why.
00:00 - Intro to Strategy's new and updated… pic.twitter.com/ndCoDc9PDW
— Strategy (@Strategy) July 23, 2026
In a 30-minute video posted to its investor site, the company's head of investor relations Chaitanya Jain said the metrics had to "evolve" as the business moved "from an era of convertible debt to now a focus on digital credit," and pointed to investor demands for clarity. Executive chairman Michael Saylor put it more grandly, tweeting that, "Bitcoin Capital Markets require a new financial language."
The centerpiece is "net reserve," about $35 billion—what is left after subtracting $22.2 billion in senior claims ($15.5 billion of preferred stock and roughly $6.8 billion of out-of-the-money convertible debt) from Strategy's $57 billion Bitcoin pile (843,775 BTC) and $3.2 billion of cash. Dividing that residual by a new fully diluted share count gives "net Bitcoin per share," which the firm says has risen from $13 (44,000 sats) at the end of 2020 to $95 (143,000 sats)—a 43% compound annual growth rate, against Bitcoin's 16%.
The company also redefined mNAV as MSTR's share price divided by net Bitcoin per share, with the accretion threshold now fixed at 1.0x, and recast "amplification" as an equity multiplier—Bitcoin reserve over net reserve—of about 1.5x. New credit gauges frame the debt-fueled model's sustainability, with a "hurdle rate" of about 10.8% marking Strategy's effective cost of credit, a break-even rate near 3.2%, and a "flow rate" of about −11% that estimates how far Bitcoin could fall before reserves stopped covering debt and dividends.
The overhaul arrives with MSTR under pressure: the stock traded around $93 on Friday, down slightly on the day and far below its 2024 peak, days ahead of second-quarter earnings on July 30. Under the new formula, its mNAV reads right at 1.02x. Measured the old way—against Strategy's gross Bitcoin per share—the stock had looked to trade at a discount; dividing instead by net Bitcoin per share, after the roughly $22 billion of senior claims is stripped out, lifts the same share price to parity. It is Strategy's latest guidance tweak during a bear market that began last October; its flagship preferred share, STRC, still trades below its $100 “par value.”
The firm’s "digital credit" framing traces to a late-June pivot, when Strategy approved a framework for "active capital management" that, for the first time, authorized selling up to $1.25 billion of Bitcoin to top up its cash reserve, cover preferred dividends, and fund buybacks—a formal break from Michael Saylor's long-held "never sell" stance. In the weeks since, the firm has raised cash by selling MSTR stock rather than Bitcoin, sparing its 843,775 BTC stack while diluting common holders.
For now, Strategy's own math says the structure holds—as long as Bitcoin, currently around $64,000 and about 50% below its high, doesn't fall more than roughly 11% a year through the early 2030s.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Bitcoin long-term holders accumulated a record 1.29 million BTC over 30 days. This is the strongest reading in more than six years. Glassnode data shows long-term holders have returned to significant realized profits, a pattern that has historically preceded strong rallies. Bitcoin has rebounded about 15% and is approaching the $68,000 Short-Term Holder Realized Price, a key level that could determine the next short-term trend. Bitcoin’s longest-term investors are accumulating coins at the fastest pace in more than six years, while another closely watched on-chain metric shows these holders have returned to significant unrealized profits, a combination that has historically preceded major upward moves in the cryptocurrency’s price.
Data from CryptoQuant shows Bitcoin’s 30-day Long-Term Holder (LTH) Net Position Change surged to approximately 1.29 million BTC in late May, the strongest accumulation reading since the metric began tracking the cohort and higher than the previous peak recorded during the 2017 bull market.
Meanwhile, Glassnode data indicates long-term holders have moved back into healthy realized profits after Bitcoin’s recent recovery, echoing patterns seen before previous market expansions.
Together, the indicators suggest experienced investors continue to build positions despite recent price weakness, reinforcing the view that conviction among Bitcoin’s strongest holders remains intact.
Long-Term Investors Accumulate at Record Pace According to the CryptoQuant data, the LTH Net Position Change measures how much Bitcoin held by investors who have kept their coins for extended periods has increased or declined over a rolling 30-day window.
The latest reading shows long-term holders accumulated roughly 1.29 million BTC over 30 days, surpassing every previous accumulation phase since at least 2021 and exceeding levels recorded during the 2017 cycle.
BTC Long-Term Holder Data | Source: CryptoQuant Notably, the record buying occurred while Bitcoin was trading well below its recent highs, suggesting experienced investors viewed the pullback as an opportunity to increase exposure rather than reduce risk.
Historically, aggressive accumulation by long-term holders has often coincided with periods when speculative demand weakened but institutional and high-conviction investors quietly increased their positions.
Profitability Among Long-Term Bitcoin Holders Strengthens More on-chain data from Glassnode reinforces that trend.
The data tracks the realized profit and loss of long-term holders sending Bitcoin to exchanges using a 30-day moving average. The latest spike shows this group has returned to sizeable profits after Bitcoin’s recovery from recent lows.
Previous cycles have displayed similar patterns. Significant increases in realized profitability among long-term holders were observed before several major advances, including phases of the 2020-2021 bull market and earlier expansion periods.
BTC Relative Long/Short | Source: X While profitable holders can choose to take gains, the current environment differs because accumulation has simultaneously accelerated rather than weakened. That combination suggests many long-term investors remain confident in Bitcoin’s longer-term outlook despite short-term market volatility.
Although both indicators point toward improving market conditions, analysts caution that no single on-chain metric guarantees the start of a new bull market.
Long-term holder accumulation has historically been one of Bitcoin’s more reliable indicators of investor conviction because these wallets are generally less sensitive to short-term price swings than newer market participants.
KULR Technology Group just did something most corporate Bitcoin holders talk about but rarely execute: it sold a meaningful chunk of its stack to clean up its balance sheet. The company offloaded approximately 333 BTC between July 9 and July 23, generating roughly $21.5 million in gross proceeds to fully retire its $20 million credit facility with Coinbase Credit.
The average sale price landed around $64,538 per Bitcoin. For a company that built its holdings at a weighted average cost of approximately $108,884 per BTC, that math is, well, not flattering. But KULR’s play here isn’t about timing the market. It’s about eliminating debt before the facility’s August 2026 maturity date.
From peak holdings to strategic retreat KULR’s Bitcoin journey started in December 2024 with an initial purchase of 217.18 BTC for around $21 million. The strategy was aggressive from the start: allocate up to 90% of surplus cash toward Bitcoin acquisitions.
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Holdings climbed past 1,000 BTC by mid-2025, eventually peaking at 1,083 BTC as of March 31, 2026. The company wasn’t just buying with cash, either. It tapped a $20 million credit line from Coinbase to accelerate its accumulation, pledging 565 BTC as collateral.
What’s left in the treasury Post-sale, KULR holds approximately 760 BTC. But there’s an important detail: the company expects an additional 565 BTC previously pledged as collateral to be released now that the Coinbase facility is fully repaid.
For context, KULR is a NYSE-listed company whose core business involves energy management and battery safety technologies. The Bitcoin treasury strategy was always a side bet, a corporate conviction trade layered on top of an existing business.
The corporate Bitcoin playbook is evolving Selling 333 BTC at an average of $64,538 when you bought at a weighted average north of $108,884 per BTC is a realized loss of roughly $14.8 million on those specific coins. The alternative — rolling over a $20 million credit facility into an uncertain rate environment while Bitcoin prices remain well below the cost basis — carried its own risks.
The company now has a cleaner capital structure and still maintains significant Bitcoin exposure through its remaining 760 BTC holdings. If Bitcoin prices recover meaningfully, KULR participates in that upside without any debt service dragging on cash flows.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Anthropic announces the launch of its Opus 5 AI model.
Anthropic announced the launch of its Opus 5 AI model, which delivers performance nearly matching that of the cutting-edge Fable 5 while costing only half as much.
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Duan Yongping has sold SpaceX put options with a strike price of $92.
Renowned investor Duan Yongping stated yesterday in response to a community user's question that he has started selling put options on SpaceX. This is his typical "potential acquisition" strategy. According to the live trading records of the SpaceX put options Duan shared, his quoted price was around 23.20, with actual execution at 23.26 (1,000 contracts), earning him a premium of approximately $2.32 million. Calculated over a 5-month term, the yield is roughly 25.35%, with an annualized return of about 60%. He noted, "I want to support Elon Musk's dream."
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The United States and the United Kingdom plan to discuss forming an international alliance to protect maritime shipping in the Strait of Hormuz.
According to AXIOS: European diplomats say the U.S. and the U.K. are discussing holding a high-level meeting in London next week, with the meeting focusing on a potential plan to establish an international coalition to protect maritime shipping in the Strait of Hormuz.
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Qualcomm notifies its customers it can no longer absorb price hikes, and will raise prices by double-digit percentages.
Bloomberg cited a letter reporting that Qualcomm has informed its clients it can no longer absorb price hikes and will implement double-digit percentage price increases. Following the news, BIT (bit.com) market data shows Qualcomm’s decline narrowed, while Nvidia climbed 1.2% to hit a new daily high.
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OpenAI CEO: Hopes the U.S. wins in the open-source AI sector, and is "pleased to see" Jensen Huang's remarks.
OpenAI CEO Sam Altman said he hopes the U.S. will lead in both open-source AI and proprietary AI models, adding that he "welcomes" the statement Nvidia’s CEO made on social media regarding the open letter jointly issued by over 20 U.S. tech companies.
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Jensen Huang’s X following list is expanding, with its current focus on CEOs of major tech companies and leading figures in the U.S. venture capital space.
Jensen Huang, after posting his debut on X, is currently adding accounts to his follow list. As of press time, Huang follows 35 accounts, six of which are part of NVIDIA’s official account matrix. The rest focus on CEOs of major tech firms and U.S. venture capital leaders, with an emphasis almost entirely on the AI infrastructure ecosystem. The accounts fall into five categories: First, AI-native companies and model ecosystem leaders, including Sam Altman of OpenAI, Dario Amodei of Anthropic, Demis Hassabis of Google DeepMind, Arthur Mensch of Mistral AI, Clem Delangue of Hugging Face, and Aravind Srinivas of Perplexity. Second, CEOs of global tech giants, such as Satya Nadella of Microsoft, Sundar Pichai of Google/Alphabet, Tim Cook of Apple, Andy Jassy of Amazon, Mark Zuckerberg of Meta, and Michael Dell of Dell. Most of these firms are key players in AI computing power, cloud services, end devices, or enterprise AI. Third, investment and startup ecosystem figures, including a16z, Marc Andreessen, Ben Horowitz, Garry Tan of Y Combinator (YC), and Gavin Baker of Atreides. Fourth, chip and hardware industry partners, such as Lip-Bu Tan of Intel and Cristiano Amon of Qualcomm. Though small in number, these represent key nodes in the semiconductor supply chain that both compete and intersect with NVIDIA. Fifth, enterprise software and security infrastructure players, including Palantir, George Kurtz of CrowdStrike, Marc Benioff of Salesforce, Bill McDermott of ServiceNow, and Arvind Krishna of IBM. These firms align with AI use cases in government and enterprise, data, security, and process automation.
