Key Highlights The banking institution expanded its Strategy position by 125%, reaching approximately 726,000 shares with roughly $41.5 million in additional exposure BlackRock’s Bitcoin ETF saw a reduction of 75,102 shares, though the bank redistributed holdings across alternative Bitcoin investment vehicles Ethereum-based ETF positions grew by 65%, with BlackRock’s Ethereum ETF holdings exceeding 1.10 million shares Initial investments in Solana-focused funds appeared in the filing, alongside an 828% expansion in Bitmine positions Galaxy Digital holdings were slashed by 97%, while Coinbase positions decreased by 25% A comprehensive SEC filing from Wells Fargo reveals the financial institution’s extensive digital asset holdings, demonstrating significant portfolio adjustments across Bitcoin, Ethereum, and Solana investment products, along with cryptocurrency-focused equities.
The financial powerhouse, managing $2.5 trillion in assets, amplified its stake in Michael Saylor’s Strategy by 125%, elevating total ownership to nearly 726,000 shares. This strategic move represents approximately $41.5 million in additional exposure to the prominent Bitcoin treasury enterprise.
Strategic Bitcoin ETF Portfolio Reallocation Despite reducing its BlackRock Bitcoin ETF stake by 75,102 shares from the previous quarter, Wells Fargo maintained its overall commitment to Bitcoin investment products. The institution similarly decreased positions in Invesco Galaxy’s Bitcoin ETF, ARK 21Shares Bitcoin ETF, and Fidelity’s Bitcoin offering.
Conversely, the bank strengthened investments in Grayscale’s Bitcoin Mini Trust, Grayscale Bitcoin Trust, and Bitwise’s Bitcoin ETF. The Bitwise allocation specifically increased by 24% on a quarterly basis.
Additionally, Wells Fargo initiated a fresh call option position in BlackRock’s Bitcoin ETF while simultaneously expanding put exposure—strategic decisions made during heightened market volatility linked to geopolitical tensions involving the United States and Iran.
Growing Commitment to Ethereum and Initial Solana Entry The bank’s Ethereum ETF strategy demonstrated notably different momentum. Wells Fargo increased its BlackRock Ethereum ETF allocation by approximately 65%, elevating total holdings beyond 1.10 million shares valued at roughly $17.56 million.
Supplementary Ethereum positions include 257,157 shares in Bitwise’s Ethereum ETF, 4,637 shares in Grayscale’s Ethereum Staking ETF, and 623 shares in VanEck’s Ethereum product.
Notably, the disclosure documents the bank’s inaugural positions in Solana investment vehicles. Wells Fargo acquired 13,280 shares of Grayscale’s Solana Trust alongside 1,638 shares of Fidelity’s Solana Fund.
Regarding cryptocurrency-related equities, Bitmine Immersion holdings surged dramatically from 2,323 to 21,547 shares—an extraordinary 828% increase—boosting Ethereum treasury exposure to approximately $426,000.
The institution also established new positions in American Bitcoin Corp, the Trump family-affiliated Bitcoin treasury enterprise, and Strive Asset Management’s treasury investment vehicle.
Wells Fargo enhanced its Robinhood position by 65%, reaching approximately 2.56 million shares. Concurrently, the bank initiated put option positions in Robinhood valued at nearly $116,000.
However, certain cryptocurrency stocks experienced significant reductions. Wells Fargo decreased its Galaxy Digital ownership by approximately 97% and trimmed its Coinbase stake by roughly 25%, according to regulatory disclosures.
The comprehensive filing illustrates a major financial institution actively reconfiguring its cryptocurrency market presence, prioritizing treasury-focused companies and diversified ETF instruments while strategically reducing exposure to specific individual equities.
Crypto market traders are bracing for Bitcoin, Ethereum (ETH), XRP, and Solana (SOL) options expiry today. Traders anticipate short-term volatility in the broader crypto market ahead of next week’s US CPI and PPI inflation data releases. Seasonality, cooling jobless claims, and US-Iran technical talks have sparked a recovery in crypto prices.
Bitcoin, ETH, XRP, and SOL jumped amid a fall in oil prices, US Treasury yields, and the US dollar index. Crypto market sets eyes on max pain amid potential recovery further.
Crypto Market Braces for $1.5 Billion Bitcoin Options Expiry According to Deribit data, more than 23K BTC options with a notional value of almost $1.5 billion expire on July 10, with a put-call ratio of 1. In the last 24 hours, call volume remains higher than put volume with a put-call ratio of 0.75, indicating a neutral stance among traders.
Moreover, max pain price is at $62,000, lower than the current Bitcoin price of $64,100. This shows a high odds of a pullback, but implied volatility and 25-delta skew signaled traders expect crypto market to remain flat.
Options traders are selling out-of-the-money calls, which indicates that institutions generally agree the market lacks upward momentum. This could keep Bitcoin price below $65K resistance level.
Bitcoin Options Open Interest. Source: Deribit Ethereum Options with $250 Million in Notional Value to Expire Over 140K ETH options with a notional value of $248 million are set to expire. The put-call ratio is 1.27. However, call volume has exceeded put volumes over the last 24 hours, with a bullish put-call ratio of 0.81.
Also, the max pain point is at $1,700, below the current market price. Notably, the call bets are higher at the strike price, indicating lower chances of massive selling pressure. Traders expect ETH price to move towards $1,800 after this week’s options expiry.
Ethereum Options Open Interest. Source: Deribit Ethereum price jumped almost 2% over the past 24 hours amid hopes of US-Iran talks to continue and broader crypto market recovery. The 24-hour low and high are $1,730 and $1,786, respectively. However, trading volume has dropped by 13%.
XRP and Solana (SOL) Max Pain Price XRP options of notional value $2.47 million to expire, with a put-call ratio of 0.76. The max pain price is at $1.06, indicating the key level to watch as the crypto asset shows higher volatility amid whale moves.
XRP price climbed 1.50% to $1.11, rising above the max pain price despite massive net outflows of $7.29 million from Bitwise XRP ETF. It saw a massive drop in trading volume over the past 24 hours.
XRP Max Pain Price. Source: Deribit Meanwhile, $17 million in Solana options will expire today, with a put-call ratio of 0.40. The max pain price is $75, lower than the current market price. However, traders eye upside momentum towards $80 strike price.
Crypto market traders await US CPI inflation data for cues before making further trades. Core inflation is projected to come in at 0.3% against 0.2% US CPI inflation print last month, keeping Core CPI YoY stable at 2.9%.
Cleveland Fed data showed the annual CPI inflation rate cooled from 4.2% in May to 3.9% in June. However, Goldman Sachs claims the combined effects of AI-induced increases in memory, software, and electricity prices are boosting inflation in the US.
AI Driven Memory Chips Costs Boosts Inflation. Source: Goldman Sachs Aside from adjusting their options positions, many macro-focused traders are actively placing wagers on the best crypto prediction markets to speculate directly on whether the core CPI will meet expectations.
Bitcoin (BTC) price rises above $63,000 at press time on Friday, extending its recovery as tensions between the US and Iran ease following missile strikes earlier this week. DeXe (DEXE) and Arbitrum (ARB) are leading gains over the last 24 hours as the broader market risk-off sentiment eases.
CoinMarketCap’s Fear and Greed Index is at 30 on Friday, up from 26 on Wednesday, reaffirming a mild increase in risk appetite among traders.
Fear and Greed Index. Source: CoinMarketCapBitcoin targets the 50-day EMABitcoin maintains a mixed near-term bias as the short-term recovery approaches the 50-day Exponential Moving Average (EMA) at $65,398 and remains well under the 200-day EMA at $75,025. The pair is attempting to stabilize after recent losses, while the long-term moving averages reflect a broader bearish trend.
From a technical perspective, BTC must clear the 50-day EMA at $65,398, which could extend its recovery to $70,000.
The Relative Strength Index (RSI) at 52 on the daily chart ticks up from the midline, hinting at mildly improving momentum, while the Moving Average Convergence Divergence (MACD) rises with its signal line toward the zero line, suggesting that downside pressure may be easing even as price remains structurally capped.
BTC/USDT daily price chart.On the downside, key support is clustered around the $60,000 region, where a horizontal level aligns with an underlying trendline base; a decisive drop through this zone would reopen the path toward deeper corrective losses.
DeXe and Arbitrum eye breakout rallyDeXe is up over 20% on Friday, testing an ascending resistance trendline near $34.50. The token extends a strong bullish phase, trading well above the 50-day EMA near $20.71 and the 200-day EMA near $12.91. This wide separation between spot and the key EMAs suggests an entrenched uptrend.
That said, the RSI at 77 sits in overbought territory, hinting that upside momentum remains robust but increasingly stretched. Meanwhile, the MACD and signal line are rising into positive territory, with an expanding positive histogram, reinforcing the dominant upward bias despite the risk of a corrective pause.
A decisive close above the trendline could test the R3 and R4 Pivot levels at $40.52 and $48.04, respectively.
DEXE/USDT daily price chart.Initial support is seen at the 50-day EMA around $20.71, where any deeper pullback could test trend-following buyers’ appetite, before stronger structural demand emerges near the 200-day EMA at about $12.91.
Arbitrum is up 5% on Friday, extending the 13% gains from the previous day. ARB price trades above the 50-day EMA at roughly $0.0882, where a decisive close could confirm a bullish tilt while it still remains well below the 200-day EMA near $0.1479, keeping the broader trend capped.
Momentum is improving, with the RSI hovering around 62 and the MACD line holding in positive territory, which together suggest buyers are gaining control without reaching overbought conditions.
Looking up, the R1 and R2 Pivot levels at $0.0967 and $0.1174, respectively, emerge as key resistance levels.
ARB/USDT daily price chart.Looking down, immediate support is at the 50-day EMA at $0.0882, while a deeper pullback toward the prior breakout area at $0.0835 would need to hold to preserve the nascent bullish bias.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitdeer Technologies has unveiled a $36 million manufacturing facility in Nevada, bringing production of its SEALMINER Bitcoin mining machines to the United States.
Summary
Bitdeer will invest $36 million in a Nevada factory to produce SEALMINER Bitcoin mining machines. The new Sparks facility is expected to begin commercial production by the end of 2026. Bitdeer shares jumped 14.1% as the company reported stronger U.S. manufacturing and 921 BTC mined in May. According to Bitdeer, the new plant in Sparks, Nevada, will manufacture key components for the company’s SEALMINER mining rigs, with commercial production scheduled to begin before the end of 2026. The company said the facility will strengthen its manufacturing capacity inside the United States while reducing its dependence on outside suppliers for critical mining equipment.
Shares of Bitdeer responded positively to the announcement, climbing 14.1% on Thursday to $14.33. Even after the rally, the stock remains about 27% below its June peak, although it has gained roughly 26% since the beginning of the year.
Nevada incentives support local manufacturing expansion Details released by Bitdeer show the Singapore-based company worked with Nevada Governor Joe Lombardo’s administration and local officials before selecting Sparks for the project. According to comments made by Bitdeer CEO Catherine Guo to local media, the state approved tax incentives, including reduced qualifying sales taxes, as part of the investment package supporting the facility.
Commercial production is expected to begin by year-end, allowing Bitdeer to manufacture more of its mining hardware domestically instead of relying as heavily on third-party suppliers. The company said the plant will focus specifically on Bitcoin mining equipment rather than artificial intelligence hardware.
Although the new factory centers on mining machines, Bitdeer has also expanded into AI cloud computing and high-performance computing services in recent years. According to the company, those businesses will continue separately from the Nevada manufacturing operation.
Bitcoin miners continue adding AI businesses Across the industry, publicly traded Bitcoin miners are investing beyond cryptocurrency mining as they seek additional revenue from power-intensive computing businesses.
MARA Holdings announced on Thursday that it plans to acquire a Texas site capable of supporting up to 2 gigawatts of capacity for AI and digital infrastructure projects. The company said the expansion will increase its ability to serve artificial intelligence workloads alongside its existing mining operations.
Earlier in the week, TeraWulf announced a 20-year data center lease agreement with AI startup Anthropic. According to TeraWulf, the contract could generate about $19 billion in revenue over its lifetime, highlighting the growing interest among mining companies in long-term AI infrastructure deals.
While several competitors are directing more resources toward AI data centers, Bitdeer continues expanding both its mining operations and supporting infrastructure. The Nevada facility adds manufacturing to that strategy by giving the company greater control over the production of its own mining hardware.
Separately, Bitdeer’s latest production update showed the company mined 921 Bitcoin during May. According to Bitdeer, the figure represents a 370% increase compared with the same month a year earlier, underscoring the rapid growth of its mining business as it adds new infrastructure and equipment.
The combination of higher Bitcoin production and domestic manufacturing comes as mining companies continue adjusting their business models after the latest Bitcoin halving. While many firms are pursuing AI-related contracts to diversify earnings, Bitdeer’s latest investment keeps its manufacturing expansion closely tied to its core Bitcoin mining business while increasing its presence in the United States.
The collapse of the U.S.-Iran ceasefire on July 8 sent prices back toward $62k, from a brief move into the $64k resistance zone. AMBCrypto reported that shortly after the news broke out, $300 million worth of long positions had been liquidated.
The rising leverage and inclination from derivatives traders to catch the market lows, without structural support, was a warning sign of deeper drawdown.
There was another factor to keep an eye on.
Stablecoin liquidity increases price sensitivity to bearish catalysts Crypto analyst Crypto Onchain drew attention to the liquidity drain seen in the centralized exchange Binance. USD Coin reserves have fallen by 21% over the past month, and Tether saw massive single-day outflows.
Source: CryptoQuant Anomalous outflows of $997 million on June 26 and $838 million on July 7 were seen. Together, they have taken Binance stablecoin outflows to a figure of –$115 million per day for the past week.
Stablecoin reserves on exchanges can be thought of as “dry powder”. This ammunition can be useful in buying local or cyclical crypto bottoms. Sustained stablecoin outflows mean holders are exiting the market.
Liquidity is migrating to DeFi, cold storage, and OTC desks, the analyst concluded. This could leave crypto vulnerable to localized bouts of volatility.
The 21% Bitcoin decline since May is a direct result of the fuel shortage Crypto analyst Axel Adler Jr. pointed out that stablecoin inflows to exchanges were drying up. The monthly average inflow fell 18%, from $3.20 billion to $2.65 billion.
Source: Axel Adler Jr The combined market capitalization of USDT and USDC has been falling in recent weeks. It showed a decreasing dollar base in the crypto market.
In mid-May, the 30-day market cap change was at zero, but fell to -$4.2 billion in early June, and was at -$3.2 billion now. Rather than being reallocated across assets, the stablecoin capitalization is actually shrinking.
Capital is leaving the system, the metrics confirmed. This loss of liquidity helps explain the market sentiment and why Bitcoin is down after the bounce to $83k.
Final Summary The liquidity drain in the form of stablecoin outflow from exchanges could leave crypto vulnerable to sudden bouts of volatility. Stablecoins are the fuel for crypto growth. Falling stablecoin market capitalization points to capital fleeing the crypto sphere.
Bitcoin’s downside support is getting stronger, even as a trillion-dollar AI spending spree and stalled crypto legislation create headwinds for the market. That’s the read from Bitwise’s Juan Leon, who laid out a surprisingly bullish case on July 9 for why the largest cryptocurrency’s price floor keeps ratcheting higher.
Leon, Bitwise’s Senior Investment Strategist, pointed to a split among institutional investors that tells an interesting story. One camp is treating recent price pullbacks as a buying opportunity. The other is parked on the sidelines, waiting for US regulators and lawmakers to provide the operational clarity they need before deploying capital.
The institutional tug of war During previous market downturns, institutional holders of Bitcoin ETFs, including Bitwise’s own BITB product, displayed what the firm describes as “diamond hands.” They held through volatility rather than panic-selling, a behavior that naturally creates a rising floor under the asset’s price.
Advertisement
The more cautious players are waiting specifically for movement on the Clarity Act and other pending crypto legislation that has been grinding through Congress. These are the types of allocators who need a clear legal framework before their compliance teams will sign off on meaningful positions.
AI is eating crypto’s lunch, at least temporarily Hyperscale companies have been pouring money into AI infrastructure at a staggering rate, with capital expenditure in the AI sector projected to exceed $1 trillion across 2025 and 2026. For asset allocators with finite budgets and limited risk appetite, AI has been the shinier object.
Leon acknowledged this dynamic but framed it as temporary rather than structural. The AI boom doesn’t diminish Bitcoin’s value proposition, it just delays the timeline for broader institutional adoption.
Stablecoins tell the real story By mid-June 2026, the total stablecoin market cap had reached $322 billion, a figure that reflects deep and growing institutional engagement with on-chain finance. Stablecoins serve as the plumbing of the crypto economy. When their market cap expands, it typically means more capital is being parked on-chain, more transactions are flowing through decentralized rails, and more institutions are experimenting with tokenization.
What this means for investors The risk is that regulatory clarity takes longer than anyone expects, or arrives in a form that disappoints. If the Clarity Act gets watered down or delayed into 2027, the cautious institutional capital sitting on the sidelines stays there.
Bitwise’s positioning here is also worth noting. The firm manages the Bitwise Bitcoin ETF and has a direct commercial interest in institutional adoption of crypto. The most useful signal isn’t what any single strategist says. It’s the behavior of the ETF holders themselves, who have consistently chosen to hold through drawdowns rather than exit.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
BitGo has introduced a suite of quantum risk management tools for institutional Bitcoin wallets, aiming to help clients identify, assess and reduce potential exposure to future quantum computing threats before they become a practical concern.
The tools expand BitGo's multi-signature custody platform with operational controls designed to improve wallet security, strengthen address management and reduce public key exposure across UTXO-based Bitcoin wallets, according to a statement on Thursday.
Quantum-risk tools target future computing threatsThe launch comes as concerns grow over the long-term implications of quantum computing on cryptocurrency protocols. While quantum computers capable of breaking Bitcoin's cryptography do not yet exist, security experts have increasingly urged institutions to prepare well in advance for the possibility.
"BitGo is investing in the foundation required for a post-quantum future for our clients," said BitGo CEO and co-founder Mike Belshe.
The firm noted that its multi-signature wallet architecture already minimizes unnecessary key exposure by using strict address hygiene and generating new addresses for Bitcoin transactions. The latest release adds new tools that provide institutions with greater visibility into wallet exposure and workflows for reducing potential risks at scale.
BitGo expands wallet risk management capabilitiesAmong the new features is a Quantum Risk Score that measures potential quantum-related exposure across supported Bitcoin wallets. The platform also introduces a smart UTXO selection method that groups and prioritizes unspent transaction outputs by address, helping reduce exposure that can arise from partial Bitcoin spends.
"We believe the safest key is one whose public key has never been revealed onchain. These capabilities give institutions a practical way to understand and reduce quantum exposure while continuing to rely on the proven security of multi-signature,” Belshe added.
BitGo has also added a guided "Fix Exposed Addresses" workflow, allowing institutions to move funds from addresses with elevated exposure into newly generated addresses with improved key hygiene.
In addition, updated default address-type controls are designed to reduce reliance on Bitcoin address formats and transaction patterns that may introduce additional quantum-related considerations.
The company noted that the tools are intended to complement, rather than replace, future protocol-level upgrades that could introduce post-quantum cryptographic protections to the Bitcoin network.
"Nobody has a quantum computer that can touch Bitcoin today, but that's exactly why the work should start now, while it's calm and optional rather than urgent and forced," Blockstream co-founder Adam Back stated.
BitGo noted that the new capabilities apply to supported UTXO-based assets and multi-signature wallet configurations, enabling institutions to proactively manage address-level risks using currently available technologies.
Bitcoin miner equity valuations used to move almost lockstep with the price of BTC. That story is now changing fast. According to a market note from CoinDesk, Compass Point analysts Michael Donovan and Ed Engel argue that AI compute contracts—not bitcoin mining economics—are becoming the primary valuation driver for publicly traded miners.
The analysts name Cipher Mining and TeraWulf as standout examples. Both stocks, they say, trade below the implied value of their signed AI hosting leases. Despite billions of dollars already locked into multi-year contracts, equity investors are applying a steep discount—a gap that the Compass Point team calls irrational.
The pivot toward AI infrastructure is not happening in isolation. Across the broader tech landscape, decentralized computing networks are attracting serious capital—partnerships like UXLINK and Origins Network show how scalable AI compute is being built on Web3 rails, while demand for AI data storage is turning projects like Filecoin into serious infrastructure plays. Bitcoin miners with low-cost power and industrial-scale cooling are well positioned to serve these clients, yet the market still prices them like pure-play crypto proxies.
Why the Contracts Are Being Ignored One reason is inertia. Wall Street has spent years modeling miners as leveraged bitcoin bets. Analysts and traders still reflexively mark their positions when BTC moves 5%, ignoring the fact that a growing slice of revenue is now dollar-denominated and uncorrelated to crypto spot prices. At Cipher and TeraWulf, existing AI hosting agreements cover multiple years and carry creditworthy counterparties. Compass Point’s work suggests that summing the net present value of those contracts alone yields a figure well above the companies’ enterprise values.
The market is treating those leases as aspirational rather than binding, perhaps because many miners entered the AI space hastily, converting surplus capacity without a track record. Yet the commitments are legally enforceable and, in several cases, involve blue-chip technology tenants. If anything, the infrastructure bottlenecks facing AI labs mean that miners with ready-to-use data center space command stronger negotiating power than the equity market credits them for.
The repricing of miner stocks echoes a larger trend where traditional asset classes are bleeding into on-chain value—real-world asset tokenization just crossed $20 billion, and institutions are now pricing everything from treasury bills to compute power as tokenized contracts. Mining companies that can bridge that gap between physical energy and digital contracts sit at a structural inflection point.
What Remains Uncertain Still, buying the miners on an AI thesis is not risk-free. Reconfiguring a bitcoin facility for high-density AI compute requires substantial capital upgrades—power distribution, networking, redundancy—and the execution has not been flawless across the sector. Permitting delays, equipment lead times, and the sheer complexity of operating in a 24/7 hyperscale environment separate the potential from the reality.
There is also the question of contract durability. AI demand is white-hot now, but if the hyperscaler capex cycle cools, extensions and escalators built into today’s leases could look less attractive. Compass Point assumes reasonable renewal probabilities, but the early-stage nature of the market means that even sophisticated models carry wide error bars. Investors will need to watch quarterly updates for conversion rates from signed intent to live revenue-generating racks.
For now, the disconnect between contract value and stock price is glaring. If the Compass Point analysis is even directionally correct, Cipher and TeraWulf represent mispriced optionality in a theme that is only just beginning to reshape the mining industry. The catalyst may not come from bitcoin’s next move, but from the next earnings call that proves AI cash flows are already here.
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.
TLDR: BitGo announces Quantum Risk Score to measure exposure across Bitcoin wallet addresses. New Fix Exposed Addresses workflow moves funds into keys with stronger hygiene practices. UTXO selection method groups addresses by wallet to limit exposure from partial spends. Belshe says safest key is one whose public key stays unrevealed on the blockchain. BitGo is announcing new quantum risk management capabilities for bitcoin wallets. The launch adds a Quantum Risk Score, a guided workflow for exposed addresses, a new UTXO selection method, and updated default controls. These tools build on BitGo’s existing multi-signature architecture for institutional clients.
BitGo Rolls Out Quantum-Focused Wallet Controls Built On Multi-Signature Security BitGo Holdings, Inc., trading as NYSE: BTGO, confirmed the launch as an expansion of its long-standing wallet security model.
The company built its reputation on multi-signature custody, a structure designed to remove single points of failure. This announcement adds quantum-focused tools directly into that same framework.
The centerpiece of the release is the Quantum Risk Score, a scoring system built into BitGo’s platform. It allows institutions to assess exposure levels across supported Bitcoin wallets in one place.
Clients can identify which addresses carry elevated risk due to public keys already visible on-chain. The score does not require a change to existing custody arrangements to be useful.
Paired with the score, BitGo introduced a guided remediation workflow named Fix Exposed Addresses. This tool walks clients through moving funds from higher-risk addresses into newly generated ones.
The new addresses follow improved key hygiene practices from the moment they are created. For institutions managing large wallet volumes, this removes much of the manual work involved.
Mike Belshe, CEO and Co-founder of BitGo, explained the reasoning behind the release. “We believe the safest key is one whose public key has never been revealed on-chain,” he said.
“These capabilities give institutions a practical way to understand and reduce quantum exposure while continuing to rely on the proven security of multi-signature.”
Additional Tools Target UTXO Handling And Wallet Defaults Alongside the risk score, BitGo announced a new UTXO selection method aimed at reducing exposure from partial spends.
This method groups and prioritizes unspent transaction outputs by address instead of handling them separately. The approach limits how often public keys get revealed during normal wallet activity.
BitGo was clear that some address types fall outside this particular tool’s scope. Formats like Taproot and Pay-to-Public-Key expose a public key from the moment they are created.
Funds already held in those address types require separate remediation steps, a distinction BitGo highlighted directly in its announcement.
The company also announced updated default address-type controls as part of the same release. These changes adjust how new wallets behave by default, reducing reliance on patterns tied to added quantum-related exposure. BitGo positioned this update as a companion to future protocol-level changes rather than a substitute for them.
Adam Back, Co-Founder and CEO of Blockstream and BSTR, weighed in on the timing of the release. “Nobody has a quantum computer that can touch Bitcoin today, but that’s exactly why the work should start now, while it’s calm and optional rather than urgent and forced,” he said.
Belshe echoed that same view when describing the broader strategy behind the launch. “We believe institutions do not need to wait for a quantum event to begin managing quantum risk,” he added.
“The right approach is to reduce exposure now, harden wallet operations, and prepare for the migration from today’s security models to future post-quantum standards.”
BitGo maintained that institutions do not need to wait for an actual quantum event before acting. The announcement frames quantum risk management as routine operational hygiene, one step in a longer migration toward post-quantum wallet standards.
[SINGAPORE] Bitcoin has fallen about 28 per cent this year, with its latest slide to a 21-month low sparked by Strategy unloading the cryptocurrency.
The world’s largest corporate holder of Bitcoin sold 3,588 tokens worth about US$216 million between Jun 29 and Jul 5 to fund dividends on its digital credit securities. The trades work out to an average of US$60,000 per Bitcoin.
The disposal marked its largest Bitcoin sale since 2022, despite long-time Bitcoin advocate and company chief Michael Saylor’s repeated declarations that the company would not sell its holdings.
The move has raised concerns that if Strategy continues to trim its Bitcoin holdings to raise cash, it could trigger prolonged volatility in the world’s largest cryptocurrency.
Even so, market observers believe the latest weakness is temporary, with some saying the recent pullback could present a buying opportunity for investors in South-east Asia.
A headwind or a tactical move?The optics of a staunch Bitcoin advocate liquidating a not-insignificant amount of tokens have raised fears that cash-raising sales could become a structural headwind.
Carsten Menke, head of next-generation research at Julius Baer, wrote in a Jul 2 note: “Forced selling by treasury companies is an overhang not only for Bitcoin, but digital assets more broadly.”
However, Vincent Chok, chief executive of digital assets custodian First Digital, pointed out that Saylor’s sale was likely a tactical manoeuvre designed to satisfy traditional credit rating agencies, rather than a fundamental loss of conviction.
Hassan Ahmed, Singapore country director of crypto platform Coinbase, also noted that the sale has not triggered a broader change in strategy among other large corporate holders. Danny Chong, co-chairman of non-profit Digital Assets Association (DAA), agreed that there is no evidence of broad institutional capitulation. “Some institutional selling is inevitable as Bitcoin becomes more widely held by funds, corporates and treasury investors,” he noted.
SEE ALSO
More
Instead, he said the key question is whether the selling is driven by a loss of conviction or simply by liquidity needs, portfolio rebalancing or treasury management.
So why is Bitcoin low now?Ahmed attributed Bitcoin’s near-term softness to broader macroeconomic forces. The cryptocurrency is a highly liquidity-driven asset, making it sensitive to hawkish US Federal Reserve signals.
Chong echoed this sentiment, cautioning against attributing the recent drop to a single factor. While Strategy’s sale may have triggered headlines, Chong pointed out that the broader drivers are macro conditions, capital flows and risk sentiment.
“As institutional participation grows, Bitcoin is increasingly affected by portfolio allocation decisions that also influence equities, gold and other major asset classes,” Chong said.
Despite the price drop, the underlying structure of the largest cryptocurrency’s market is showing signs of resilience, said experts.
Ahmed said that Bitcoin has matured significantly as an asset class. Because it now takes substantially more capital to move the market, historical volatility is dampening.
While previous market cycles suffered drawdowns of 60 to 80 per cent, Ahmed suggested that the current cycle’s maximum drawdown might cap out much lower, potentially around 53 per cent from its peak.
Chong agreed that Bitcoin’s fundamentals have not weakened.
“Adoption continues to grow, institutional participation is increasing, and market infrastructure is much more mature than before,” he said, noting that recent price movements reflect sentiment and positioning rather than a deterioration in Bitcoin itself.
Because Bitcoin is becoming more institutionalised and access is improving through regulated products, Chong said that long-term investors may be encouraged to step in during periods of weakness, “making a sustained trend of lower lows less likely over the medium to long term”.
Rebound to comeDespite the short-term fear, sentiment remains opportunistic for Bitcoin.
First Digital’s Chok expects Bitcoin to begin rebounding around or after the end of the year, projecting a near-term price floor around US$52,000 to US$53,000. The cryptocurrency was trading at about US$63,000 on Thursday (Jul 9).
Ahmed pointed to a potential market turnaround by late Q3 or Q4, provided macro indicators such as inflation and jobs data begin to ease.
South-east Asian investors are also increasingly viewing the recent dip as an entry point, said Chok.
They have historically been more open to the relatively newer asset class and often favour holding tokens natively in cold wallets, he added.
For retail and South-east Asian investors navigating the current market, DAA’s Chong said that short-term institutional selling should not automatically alter a long-term investment thesis. However, investors must remain realistic about the inherent volatility.
Ultimately, while the temptation to sell now and buy back lower is high, both Ahmed and Chok warned against actively trading the volatility.
“Time in the market is just way more important than timing the market,” said Ahmed.
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.
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.
PANews, July 10 – According to CoinDesk, in June alone, U.S. spot Bitcoin ETFs saw net outflows of $4 billion, led by BlackRock’s IBIT, as funds rotated into AI trades and the SpaceX IPO, among other opportunities. Bitcoin fell about 14% in the second quarter, dipping below $60,000 and recording its third consecutive quarterly loss. However, these outflows pale in comparison to the $2 trillion private credit market. In Q2, private credit redemption requests hit $15.6 billion, with 10 out of 16 business development companies (BDCs) breaching the 5% quarterly cap, and most investors received only partial payouts. Fitch expects redemptions to persist in the coming months, and unmet requests will keep many firms under sustained pressure.
Bitcoin ETFs are highly liquid, and outflows directly impact BTC prices; private credit BDCs, by contrast, are illiquid, long-duration instruments. The simultaneous redemption wave reflects broad market anxiety over liquidity and risk. Energy markets are also flashing risk-off signals, with the U.S. Strategic Petroleum Reserve at its lowest level since 1983. QCP Capital summed it up: “Different asset classes, same pattern: market buffers are shrinking.” It noted that the SPR near empty, Strategy selling BTC for the first time to pay dividends, and private credit redemptions breaching thresholds all point to a tougher environment for risk assets.
According to official announcements, OKX will launch spot trading for Solstice (SLX) at 20:00 on July 10. Users can start depositing assets at 10:00 the same day, pre-place orders for SLX/USDT between 19:00 and 20:00, and withdrawals will open at 22:00.
8 minutes ago
The AI arms race has driven record bond issuance by tech giants, with six major tech companies issuing $182 billion in investment-grade bonds this year.
The Kobeissi Letter noted in a post that the AI arms race is driving large technology companies to borrow at record levels. Data shows that since the start of 2026, Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued a record $182 billion in investment-grade bonds, a 1,300% jump from roughly $13 billion in the same period of 2025. These six firms account for nearly 15% of total U.S. corporate bond issuance so far this year, and contribute over 50% of the growth in this year’s corporate bond market. Meanwhile, the U.S. market has seen a record seven bond transactions worth $25 billion or more, matching the total number of such deals between 2019 and 2025. Six of these seven large bond deals came from the aforementioned six companies, with the remaining one from Salesforce. AI-related capital demand is reshaping the corporate bond market.
8 minutes ago
A whale opened a long position on SK Hynix worth $22.8 million, likely betting that its US ADRs will continue rising after tonight's market opening.
According to on-chain analyst firm Yu Jin Monitoring, half an hour ago, crypto whale "AllegraSeam" transferred 20.32 million USDC to Hyperliquid and opened a long position in SKHX (SK Hynix) worth roughly $22.8 million at a price of $1,480. The day before yesterday, another whale also opened a long position in SKHX valued at around $30 million at $1,411. The market appears to be betting that SK Hynix’s US-listed ADR will continue rising after tonight’s opening. SK Hynix’s US ADR is priced at $149, corresponding to a Korean stock price of approximately $1,490, and SKHX’s current price is near this level.
8 minutes ago
MiniMax Founder: Will No Longer Draw a Salary, Allocates 5% of Personal Company Shares for Team Incentives and Open-Source Support
MiniMax founder and CEO Yan Junjie has released an internal all-staff letter addressing recent market volatility, stressing the company’s long-term direction remains unchanged. In the letter, Yan announced that effective immediately, he will forgo all salary from the company until the day MiniMax achieves AGI. Over the next four years, he will allocate 4% of his personal shareholding in the firm to incentivize team members who have long stood by the company and co-created value. Additionally, he will set aside 1% of his shares to establish a special fund to continuously support the development of relevant open-source communities. (Jinshi)
8 minutes ago
South Korea’s KOSPI index climbed more than 4% intraday, with Samsung Electronics surging over 5%.
According to Bitget data, South Korea’s KOSPI index rose 4.52% intraday, now standing at 7596.58 points. In terms of individual stocks, SK Hynix gained 2.6% and Samsung Electronics increased by over 5%.
8 minutes ago
Whale Who Previously Shorted 16 Altcoins to Net $3.5 Million Suspected of Selling $13.69 Million Worth of ETH Again
On-chain analyst Ai Yi (@ai_9684xtpa) has detected that the Hyperliquid whale—who previously shorted 16 altcoins to pocket $3.5 million—is suspected of continuing to offload Ethereum (ETH). The address 0x410…75d08 withdrew 7,863 ETH from Spark an hour ago, worth roughly $13.69 million, then deposited all of it into Binance, likely for selling. A week prior, the same address transferred 6,860 ETH, valued at approximately $10.8 million, to a trading platform.
According to official announcements, OKX will launch spot trading for Solstice (SLX) at 20:00 on July 10. Users can start depositing assets at 10:00 the same day, pre-place orders for SLX/USDT between 19:00 and 20:00, and withdrawals will open at 22:00.
8 minutes ago
The AI arms race has driven record bond issuance by tech giants, with six major tech companies issuing $182 billion in investment-grade bonds this year.
The Kobeissi Letter noted in a post that the AI arms race is driving large technology companies to borrow at record levels. Data shows that since the start of 2026, Amazon, Alphabet, Nvidia, Meta, Oracle, and SpaceX have issued a record $182 billion in investment-grade bonds, a 1,300% jump from roughly $13 billion in the same period of 2025. These six firms account for nearly 15% of total U.S. corporate bond issuance so far this year, and contribute over 50% of the growth in this year’s corporate bond market. Meanwhile, the U.S. market has seen a record seven bond transactions worth $25 billion or more, matching the total number of such deals between 2019 and 2025. Six of these seven large bond deals came from the aforementioned six companies, with the remaining one from Salesforce. AI-related capital demand is reshaping the corporate bond market.
8 minutes ago
A whale opened a long position on SK Hynix worth $22.8 million, likely betting that its US ADRs will continue rising after tonight's market opening.
According to on-chain analyst firm Yu Jin Monitoring, half an hour ago, crypto whale "AllegraSeam" transferred 20.32 million USDC to Hyperliquid and opened a long position in SKHX (SK Hynix) worth roughly $22.8 million at a price of $1,480. The day before yesterday, another whale also opened a long position in SKHX valued at around $30 million at $1,411. The market appears to be betting that SK Hynix’s US-listed ADR will continue rising after tonight’s opening. SK Hynix’s US ADR is priced at $149, corresponding to a Korean stock price of approximately $1,490, and SKHX’s current price is near this level.
8 minutes ago
MiniMax Founder: Will No Longer Draw a Salary, Allocates 5% of Personal Company Shares for Team Incentives and Open-Source Support
MiniMax founder and CEO Yan Junjie has released an internal all-staff letter addressing recent market volatility, stressing the company’s long-term direction remains unchanged. In the letter, Yan announced that effective immediately, he will forgo all salary from the company until the day MiniMax achieves AGI. Over the next four years, he will allocate 4% of his personal shareholding in the firm to incentivize team members who have long stood by the company and co-created value. Additionally, he will set aside 1% of his shares to establish a special fund to continuously support the development of relevant open-source communities. (Jinshi)
8 minutes ago
South Korea’s KOSPI index climbed more than 4% intraday, with Samsung Electronics surging over 5%.
According to Bitget data, South Korea’s KOSPI index rose 4.52% intraday, now standing at 7596.58 points. In terms of individual stocks, SK Hynix gained 2.6% and Samsung Electronics increased by over 5%.
8 minutes ago
Whale Who Previously Shorted 16 Altcoins to Net $3.5 Million Suspected of Selling $13.69 Million Worth of ETH Again
On-chain analyst Ai Yi (@ai_9684xtpa) has detected that the Hyperliquid whale—who previously shorted 16 altcoins to pocket $3.5 million—is suspected of continuing to offload Ethereum (ETH). The address 0x410…75d08 withdrew 7,863 ETH from Spark an hour ago, worth roughly $13.69 million, then deposited all of it into Binance, likely for selling. A week prior, the same address transferred 6,860 ETH, valued at approximately $10.8 million, to a trading platform.
Public companies went on a Bitcoin shopping spree in Q2 2026 that makes their prior accumulation look like a warm-up lap. Over the quarter, publicly traded firms collectively scooped up 110,000 BTC, a figure that’s 1.8 times the total they acquired across the previous two quarters combined.
Total corporate Bitcoin holdings now exceed 1.26 million BTC, valued at roughly $79 billion. That’s more than 6% of Bitcoin’s hard-capped 21 million supply locked up in public company balance sheets.
Corporations are outpacing the miners Year-to-date through early July 2026, public companies have added a net 166,984 BTC to their reserves. During that same stretch, Bitcoin miners produced approximately 81,153 BTC.
In English: corporations are buying more than twice the amount of new Bitcoin entering existence. When a growing number of buyers compete for a shrinking pool of available coins, the float gets squeezed.
Advertisement
Who’s doing the buying No surprise at the top of the leaderboard. Strategy, the firm formerly known as MicroStrategy, remains the undisputed heavyweight champion of corporate Bitcoin accumulation. The company holds approximately 843,775 to 847,000 BTC.
Interestingly, even Strategy isn’t purely in accumulation mode anymore. The company sold 3,588 BTC in late June and early July, a tiny fraction of its total stack but notable because it represents one of the few times the firm has moved coins out the door rather than in.
Behind Strategy, two names have emerged as serious contenders. Twenty One Capital holds around 43,500 BTC, while Metaplanet has built a position of roughly 43,000 BTC.
The concentration is worth noting. Strategy alone accounts for roughly two-thirds of all publicly held corporate Bitcoin. The remaining third is spread across a growing but still relatively small cohort of companies.
What this means for investors The supply-demand imbalance is the headline risk and opportunity. With corporate buyers absorbing more than double the new supply being mined, Bitcoin’s available float is shrinking in real time.
There’s a reflexivity problem worth watching. Many of these companies fund their Bitcoin purchases by issuing equity or convertible notes. That works beautifully when Bitcoin’s price is rising and investor appetite for these instruments is strong. It works considerably less well during drawdowns, when the same companies face margin pressure and potentially need to sell into weakness. Strategy’s small sale in late June could be a one-off, or it could be a preview of what happens when even the most committed holders need liquidity.
The 6% supply concentration in public company hands also introduces a new category of systemic risk. If a major holder ever faced a forced liquidation, whether from regulatory action, a corporate restructuring, or a leveraged position gone wrong, the market impact could be severe. Bitcoin has never had this much supply held by entities subject to quarterly earnings calls and SEC filings.
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.
Bitcoin [BTC] is beginning to regain demand. This comes after weeks of persistent selling pressure weakened participation across both spot and derivatives markets.
Over the past week, the 30-day cumulative demand rebounded sharply from nearly -500,000 BTC to around -75,000 BTC. This shift signaled that risk appetite is gradually returning.
Source: CryptoQuant Notably, futures demand recovered from roughly -295,000 BTC to slightly above neutral. Despite that, spot demand remained weak near -78,000 BTC, showing long-term investors are still waiting for stronger confirmation. Moreover, that divergence suggests traders are positioning for higher prices before meaningful capital enters the spot market.
Although sentiment has clearly improved, Bitcoin’s recovery will remain vulnerable until spot accumulation strengthens, reinforcing derivatives-driven momentum with broader investor conviction.
Downside fears begin to ease Bitcoin’s options market nuances cautious spot participation, although investors are no longer pricing downside risk as aggressively compared to the previous sell-offs.
During the February and June selloffs, put implied volatility surged as traders rushed to hedge against deeper losses. July presents a different picture. In contrast, in July, as Bitcoin traded between $60,000 and $65,000, downside premiums have cooled noticeably.
Such a divergence indicates that expectations are shifting from another capitulation toward a slower bottoming process.
Source: Glassnode This shift reflects a market that has already experienced significant declines over several months. As a result, reducing the urgency for costly downside protection. Even so, investors should be cautious since calmer options pricing does not necessarily translate to renewed conviction.
Additionally, ETF participation remains inconsistent while spot accumulation has fallen behind derivative demand. Therefore, until fresh capital flows back into spot markets, improved sentiment could face challenges in generating widespread buying needed for a durable recovery.
Distribution remains a market headwind Even as downside fears continue easing, Bitcoin’s recovery is still meeting resistance from holders taking profits accumulated during the previous cycle. Long-term holder realized losses remain elevated on the 30-day Moving Average, although they have moderated from the extreme spikes recorded during the 2022 bear market.
Source: Glassnode Meanwhile, realized profit and loss data shows short-term holders continue accounting for a larger share of market activity, reflecting uncertainty among newer investors as prices stabilize.
That combination suggests supply is gradually rotating from experienced holders to fresh participants rather than disappearing altogether. Furthermore, an increase in demand for bitcoin is absorbing most of the distribution of supply.
However, until long-term holder selling slows further, Bitcoin’s recovery is likely to remain gradual instead of accelerating into a sustained bullish trend.
Final Summary Bitcoin recovery remains incomplete as spot demand continues trailing derivatives activity. BTC still faces long-term holder selling despite easing downside fears and improving market sentiment.
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.
Decentralized finance (DeFi) tokens have held up unusually well against Bitcoin over the past month, suggesting the market may be “quietly re-rating” the sector, says crypto index fund maker Bitwise.
Bitcoin (BTC) fell about 22% in June, while Bitwise’s index tracking tokens from major DeFi protocols fell only 4% over the same period, Bitwise said in a report Thursday.
“DeFi usually swings much harder than Bitcoin, so holding up this well is unusual, and almost no one is talking about it,” it said.
DeFi tokens have a reputation for being highly volatile during crypto market swings, as they’re the first to be sold by risk-averse traders. However, Bitwise said this is changing as traditional institutions have begun to use the protocols, which have stabilized the wider DeFi ecosystem.
“We think DeFi is quietly re-rating,” Bitwise said. “Token economics are improving, the gap between usage and token value is closing, and real institutions are building on names like Morpho and Jupiter, with Aave alone generating ~$900 million in the past year.”
“We expect DeFi’s outperformance to keep playing out in Q3, the kind of shift the market tends to notice late,” it added.
Source: Bitwise
Bitwise’s DeFi index fund weighs assets by market capitalization, and its current holdings are weighted 61% toward Hyperliquid (HYPE), the native token used by the crypto perpetuals exchange of the same name that has gained more than 160% so far this year.
The index also holds Uniswap (UNI), Ondo (ONDO) and Aave (AAVE), among others, all of which have fallen by double-digit percentages year to date.
DeFi value locked drops over 2026While HYPE has propped up the value of DeFi tokens, total value locked in DeFi has fallen nearly 40% so far this year through June, declining to just over $70 billion from roughly $115 billion in January, CryptoRank reported June 24.
The crypto data aggregator attributed the market decline to the major correction in early October, which came after the crypto market peak, when Bitcoin hit a high of more than $126,000.
However, the company said the current drawdown remains smaller than during the 2022 bear market, suggesting a more resilient DeFi market.
Bitwise says expect stablecoins, volatility if CLARITY failsIn its report, Bitwise also noted key upcoming events it expects will affect the crypto market.
It said it expects “a steady run of large firms to announce stablecoin projects” ahead of the GENIUS Act, a stablecoin-regulating bill the US made law last year that takes effect in January 2027.
Stablecoin supply has held amid the crypto market downturn, it added, and their growth will positively affect blockchains such as Ethereum and Solana this quarter as regulators finalize their rules for the GENIUS Act.
Bitwise said it also expects the next three months will be “make-or-break for the CLARITY Act,” the crypto market structure bill currently under review and negotiation in the Senate that Bitwise said has an unlikely chance of passing before the November elections.
“If it passes, we believe it likely marks this bear market’s bottom,” Bitwise said. “If it fails, expect volatility initially, then a clearing of uncertainty as the industry keeps building under a pro-crypto SEC and CFTC.”
Features: DeFi hacks shake institutional confidence as risks outpace yields
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.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The Ripple-linked XRP token continues its multi-month slide against Bitcoin (BTC), according to the recent market data.
In fact, it is currently on the verge of securing its lowest close against the leading cryptocurrency since the beginning of the year.
The XRP/BTC meltdown After a brief period of consolidation and a minor relief rally in June, the pair has completely rolled over in early July, breaking down toward multi-month lows.
HOT Stories
The pair currently hovers at 0.00001735 BTC. It is precariously near its lowest levels of the year.
XRP/BTC via TradingViewXRP has shed 53% of its value over the past year in USD terms, a weakness that is magnified when denominated against a stronger Bitcoin.
There is a clear pattern of lower highs and lower lows, with every attempt at a bullish reversal being eventually sold off by traders.
You Might Also Like
As reported by U.Today, there is a sudden cooling of institutional appetite in the traditional markets. On July 8, spot XRP exchange-traded funds (ETFs) snapped a period of relative resilience by logging a substantial $7.29 million net outflow.
Intriguingly, the downward price pressure comes amid a tightening supply dynamic on centralized exchanges. According to on-chain analytics provider CryptoQuant, the Binance XRP Scarcity Index recently spiked to approximately 0.77 over a three-day period.
This is the highest level of supply scarcity observed on the world's largest crypto exchange since mid-2024.
Good news fails to boost XRP As reported by U.Today, Ripple recently finalized a historic five-year sponsorship agreement with the University of Kansas that places the XRP asset in front of millions of mainstream sports fans.
On the institutional plumbing side, European post-trade giant Clearstream officially expanded its regulated custody offering to include XRP.
Unfortunately for XRP holders, the top altcoin is currently struggling to hold its ground despite the aforementioned positive developments.
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 extended gains after Robinhood launched its blockchain, with the company touting it as ideal for both real-world assets and meme coins.
Notable Statistics:
Coinglass data shows 55,831 traders were liquidated in the past 24 hours for $148.86 million. SoSoValue data shows net outflows of $84.9 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $70.5 million. In the past 24 hours, top gainers include Arbitrum, Celestia and Canton. Notable Developments:
Trader Notes:
Trader Jelle noted Bitcoin is flashing a weekly death cross, a signal that has historically appeared late in bear markets rather than at the beginning.
The analyst argues that past occurrences have often coincided with the final stages of Bitcoin’s downturn, suggesting the bear market may be nearing its end. With multiple bullish indicators aligning, he believes starting a dollar-cost averaging strategy a few weeks ago was the right move.
Trader Titan said that regardless of whether Bitcoin has already bottomed or has further downside ahead, history suggests accumulating around a weekly death cross has typically been a favorable long-term strategy.
Trader AshCrypto explained Bitcoin has reclaimed its 200-week moving average, a key long-term bear market support, and is holding above $60,000 after bouncing from $57,000.
The analyst says maintaining this level could pave the way for a historically strong July-August rally.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Why Is B3 Adding More Crypto Derivatives? Brazil’s B3 stock exchange has expanded its regulated crypto derivatives offering with options on bitcoin, ether, and solana futures, giving local traders and asset managers another venue to manage digital asset exposure without moving into offshore crypto markets.
The new contracts became available for trading on July 6, according to a B3 circular. The rollout includes call and put options on bitcoin futures denominated in Brazilian reais, while ether and solana futures are denominated in U.S. dollars.
The launch adds another layer to Brazil’s growing regulated crypto market structure. Rather than offering spot crypto custody or direct token settlement, B3 is building listed derivatives linked to crypto benchmarks. That approach allows institutional participants to trade price exposure, volatility, and hedging strategies through exchange-traded instruments while staying inside a regulated market environment.
The timing also matters. Brazil is already one of Latin America’s most active crypto markets, with strong demand for stablecoins, crypto investment products, and regulated trading access. By expanding futures-linked options, B3 is positioning itself as a local infrastructure provider for crypto risk management rather than leaving more advanced trading activity to offshore venues.
How Do The New Contracts Work? The options settle into the underlying futures contracts, not into bitcoin, ether, or solana themselves. B3 said the products do not involve custody, transfer, or administration of spot cryptoassets.
That distinction is central to the product design. Settlement into futures allows the exchange to offer crypto-linked exposure while avoiding the operational issues tied to holding tokens directly. It also gives brokers, asset managers, and professional traders a clearer framework for margining, clearing, and risk management.
The contracts trade independently from 9 a.m. to 6:30 p.m. local time, according to B3’s derivatives trading schedule. Exercise is automatic at expiration when the option finishes in the money, unless the holder blocks exercise.
All 3 products reference Nasdaq crypto indexes, according to the announcement. B3’s bitcoin futures contract is denominated in reais, while its ether and solana futures are denominated in U.S. dollars. That split gives bitcoin exposure a local currency structure, while ether and solana remain linked to dollar-denominated pricing.
Investor Takeaway B3’s new crypto options give Brazilian investors a regulated way to trade volatility and hedge exposure without taking custody of tokens. The structure keeps the products closer to traditional derivatives markets than offshore spot crypto trading.
What Does This Mean For Traders And Asset Managers? For traders, the main change is access to local listed options tied to major crypto futures. That makes it easier to build directional positions, hedge futures exposure, trade implied volatility, and structure more complex strategies around bitcoin, ether, and solana.
For asset managers, the products can help manage portfolio risk without relying on offshore crypto options venues. A local listed market may also reduce operational friction for firms that face internal restrictions on custody, counterparty risk, or trading outside regulated exchanges.
The automatic exercise feature also brings the products closer to standard derivatives market practice. When an option expires in the money, it is exercised into the underlying futures contract unless the holder blocks exercise. That can simplify execution for professional users, though it also requires active margin and position management around expiration.
The product design may appeal most to participants that already understand futures-based crypto exposure. Since the options settle into futures rather than tokens, users must manage the risks of the underlying futures contracts, including leverage, margin calls, basis, and currency denomination.
Why Does This Matter For Brazil’s Crypto Market? The launch extends B3’s push into regulated crypto products after earlier moves to list bitcoin options, ether and solana futures, and prepare bitcoin-linked event contracts. The exchange is building a broader toolkit around digital assets while keeping the products inside the structure of listed derivatives.
That strategy reflects a wider trend in institutional crypto adoption. Regulated venues are not only offering direct exposure to crypto prices. They are also building the instruments needed for hedging, volatility trading, and structured allocation. Options are an important part of that market because they allow investors to manage downside risk, express views on volatility, and create defined-risk positions.
Brazil’s market is especially relevant because local demand for crypto exposure has grown alongside regulatory efforts to bring digital asset activity into formal financial channels. B3’s expansion gives domestic participants more tools, but it also increases the importance of liquidity, transparent pricing, and risk controls.
The new options do not remove crypto’s underlying volatility or regulatory uncertainty. They do, however, give professional investors a more familiar way to manage that volatility inside Brazil’s exchange infrastructure. For B3, the rollout strengthens its role as the country’s main regulated gateway for crypto-linked derivatives.
¿Por qué la B3 suma más derivados cripto? La bolsa de valores brasileña B3 ha ampliado su oferta regulada de derivados cripto con opciones sobre futuros de bitcoin, ether y solana, ofreciendo a los traders locales y gestores de activos otra vía para gestionar su exposición a activos digitales sin recurrir a mercados cripto extraterritoriales.
Los nuevos contratos comenzaron a operarse el 6 de julio, según una circular de B3. El lanzamiento incluye opciones call y put sobre futuros de bitcoin denominados en reales brasileños, mientras que los futuros de ether y solana están denominados en dólares estadounidenses.
El lanzamiento añade una capa más a la creciente estructura del mercado cripto regulado de Brasil. En lugar de ofrecer custodia de cripto al contado o liquidación directa de tókenes, B3 está construyendo derivados listados vinculados a índices de referencia cripto. Este enfoque permite a los participantes institucionales operar exposición al precio, volatilidad y estrategias de cobertura mediante instrumentos cotizados en bolsa, manteniéndose dentro de un entorno de mercado regulado.
El momento también es relevante. Brasil ya es uno de los mercados cripto más activos de América Latina, con una fuerte demanda de stablecoins, productos de inversión cripto y acceso regulado al trading. Al ampliar las opciones vinculadas a futuros, B3 se posiciona como un proveedor local de infraestructura para la gestión de riesgo cripto, en lugar de dejar la actividad de trading más avanzada a plataformas extraterritoriales.
¿Cómo funcionan los nuevos contratos? Las opciones se liquidan en los contratos de futuros subyacentes, no en bitcoin, ether o solana propiamente. B3 señaló que los productos no implican custodia, transferencia ni administración de criptoactivos al contado.
Esa distinción es central en el diseño del producto. La liquidación en futuros permite a la bolsa ofrecer exposición vinculada a cripto evitando los problemas operativos asociados a la tenencia directa de tókenes. También brinda a brókers, gestores de activos y traders profesionales un marco más claro para el margen, la compensación y la gestión de riesgo.
Los contratos se negocian de forma independiente de 9:00 a 18:30, hora local, según el calendario de negociación de derivados de B3. El ejercicio es automático al vencimiento cuando la opción termina dentro del dinero (in the money), salvo que el titular bloquee el ejercicio.
Los 3 productos hacen referencia a índices cripto de Nasdaq, según el anuncio. El contrato de futuros de bitcoin de B3 está denominado en reales, mientras que sus futuros de ether y solana están denominados en dólares estadounidenses. Esa división le da a la exposición en bitcoin una estructura en moneda local, mientras que ether y solana permanecen vinculados a precios denominados en dólares.
Conclusión para el inversor Las nuevas opciones cripto de B3 dan a los inversores brasileños una forma regulada de operar volatilidad y cubrir su exposición sin tomar custodia de los tókenes. La estructura acerca los productos a los mercados de derivados tradicionales, más que al trading de cripto al contado en plataformas extraterritoriales.
¿Qué significa esto para traders y gestores de activos? Para los traders, el principal cambio es el acceso a opciones locales cotizadas vinculadas a los principales futuros cripto. Eso facilita construir posiciones direccionales, cubrir la exposición en futuros, operar con la volatilidad implícita y estructurar estrategias más complejas en torno a bitcoin, ether y solana.
Para los gestores de activos, los productos pueden ayudar a gestionar el riesgo de cartera sin depender de plataformas de opciones cripto extraterritoriales. Un mercado local cotizado también puede reducir la friccion operativa para las firmas que enfrentan restricciones internas en materia de custodia, riesgo de contraparte o trading fuera de bolsas reguladas.
La función de ejercicio automático también acerca los productos a la práctica estándar del mercado de derivados. Cuando una opción vence dentro del dinero, se ejerce hacia el contrato de futuros subyacente, salvo que el titular bloquee el ejercicio. Eso puede simplificar la ejecución para usuarios profesionales, aunque también exige una gestión activa del margen y de las posiciones en torno al vencimiento.
El diseño del producto puede resultar más atractivo para los participantes que ya comprenden la exposición cripto basada en futuros. Dado que las opciones se liquidan en futuros y no en tókenes, los usuarios deben gestionar los riesgos de los contratos de futuros subyacentes, incluidos el apalancamiento, los margin calls, la base y la denominación en divisas.
¿Por qué esto importa para el mercado cripto de Brasil? El lanzamiento extiende el impulso de B3 hacia productos cripto regulados, tras movimientos previos para listar opciones de bitcoin, futuros de ether y solana, y preparar contratos de eventos vinculados a bitcoin. La bolsa está construyendo un conjunto de herramientas más amplio en torno a los activos digitales, manteniendo los productos dentro de la estructura de los derivados cotizados.
Esa estrategia refleja una tendencia más amplia en la adopción institucional de cripto. Las plataformas reguladas no solo ofrecen exposición directa a los precios de las criptomonedas. También están construyendo los instrumentos necesarios para la cobertura, el trading de volatilidad y la asignación estructurada. Las opciones son una parte importante de ese mercado porque permiten a los inversores gestionar el riesgo a la baja, expresar opiniones sobre la volatilidad y crear posiciones de riesgo definido.
El mercado brasileño es especialmente relevante porque la demanda local de exposición cripto ha crecido junto con los esfuerzos regulatorios para llevar la actividad de activos digitales hacia canales financieros formales. La expansión de B3 brinda a los participantes locales más herramientas, pero también aumenta la importancia de la liquidez, la fijación de precios transparente y los controles de riesgo.
Las nuevas opciones no eliminan la volatilidad subyacente de las criptomonedas ni la incertidumbre regulatoria. Sin embargo, sí dan a los inversores profesionales una forma más familiar de gestionar esa volatilidad dentro de la infraestructura bursátil de Brasil. Para B3, el lanzamiento refuerza su papel como la principal puerta de entrada regulada del país para los derivados vinculados a cripto.
Por Que a B3 Está Ampliando os Derivativos de Cripto? A bolsa brasileira B3 expandiu sua oferta regulada de derivativos de criptoativos com opções sobre futuros de bitcoin, ether e solana, oferecendo a traders locais e gestores de ativos mais um ambiente para gerenciar exposição a ativos digitais sem precisar migrar para mercados de cripto no exterior.
Os novos contratos passaram a ser negociados em 6 de julho, de acordo com um comunicado da B3. O lançamento inclui opções de compra e venda sobre futuros de bitcoin denominados em reais, enquanto os futuros de ether e solana são denominados em dólares americanos.
O lançamento adiciona mais uma camada à crescente estrutura do mercado regulado de cripto no Brasil. Em vez de oferecer custódia de cripto à vista ou liquidação direta de tokens, a B3 está construindo derivativos listados vinculados a benchmarks de cripto. Essa abordagem permite que participantes institucionais negociem exposição a preços, volatilidade e estratégias de hedge por meio de instrumentos negociados em bolsa, permanecendo dentro de um ambiente de mercado regulado.
O momento também é relevante. O Brasil já é um dos mercados de cripto mais ativos da América Latina, com forte demanda por stablecoins, produtos de investimento em cripto e acesso regulado à negociação. Ao expandir as opções vinculadas a futuros, a B3 está se posicionando como um provedor de infraestrutura local para gestão de risco em cripto, em vez de deixar as atividades de negociação mais avançadas para plataformas no exterior.
Como Funcionam os Novos Contratos? As opções são liquidadas nos contratos futuros subjacentes, não em bitcoin, ether ou solana propriamente ditos. A B3 informou que os produtos não envolvem custódia, transferência ou administração de criptoativos à vista.
Essa distinção é central para o desenho do produto. A liquidação em futuros permite que a bolsa ofereça exposição vinculada a cripto evitando os problemas operacionais associados à posse direta de tokens. Isso também dá a corretoras, gestores de ativos e traders profissionais um framework mais claro para margem, compensação e gestão de risco.
Os contratos são negociados de forma independente das 9h às 18h30, horário local, de acordo com o cronograma de negociação de derivativos da B3. O exercício é automático no vencimento quando a opção está dentro do dinheiro (in the money), a menos que o titular bloqueie o exercício.
Os 3 produtos referenciam índices de cripto da Nasdaq, segundo o anúncio. O contrato futuro de bitcoin da B3 é denominado em reais, enquanto seus futuros de ether e solana são denominados em dólares americanos. Essa divisão dá à exposição em bitcoin uma estrutura em moeda local, enquanto ether e solana permanecem vinculados à precificação em dólares.
Resumo para Investidores As novas opções de cripto da B3 dão aos investidores brasileiros uma forma regulada de negociar volatilidade e proteger exposição sem precisar tomar custódia dos tokens. A estrutura mantém os produtos mais próximos dos mercados de derivativos tradicionais do que da negociação de cripto à vista no exterior.
O Que Isso Significa Para Traders e Gestores de Ativos? Para os traders, a principal mudança é o acesso a opções listadas localmente vinculadas aos principais futuros de cripto. Isso facilita a construção de posições direcionais, o hedge de exposição em futuros, a negociação de volatilidade implícita e a estruturação de estratégias mais complexas envolvendo bitcoin, ether e solana.
Para gestores de ativos, os produtos podem ajudar a gerenciar o risco de portfólio sem depender de plataformas de opções de cripto no exterior. Um mercado listado local também pode reduzir o atrito operacional para empresas que enfrentam restrições internas sobre custódia, risco de contraparte ou negociação fora de bolsas reguladas.
O recurso de exercício automático também aproxima os produtos das práticas padrão do mercado de derivativos. Quando uma opção vence dentro do dinheiro, ela é exercida no contrato futuro subjacente, a menos que o titular bloqueie o exercício. Isso pode simplificar a execução para usuários profissionais, embora também exija gestão ativa de margem e posição próximo ao vencimento.
O desenho do produto pode atrair principalmente participantes que já compreendem a exposição a cripto baseada em futuros. Como as opções são liquidadas em futuros, e não em tokens, os usuários precisam gerenciar os riscos dos contratos futuros subjacentes, incluindo alavancagem, chamadas de margem, base e denominação em moeda.
Por Que Isso Importa Para o Mercado de Cripto do Brasil? O lançamento amplia a aposta da B3 em produtos regulados de cripto, após movimentos anteriores de listar opções de bitcoin, futuros de ether e solana, e preparar contratos de evento vinculados ao bitcoin. A bolsa está construindo um conjunto de ferramentas mais amplo em torno de ativos digitais, mantendo os produtos dentro da estrutura de derivativos listados.
Essa estratégia reflete uma tendência mais ampla na adoção institucional de cripto. Plataformas reguladas não estão apenas oferecendo exposição direta aos preços de cripto. Elas também estão construindo os instrumentos necessários para hedge, negociação de volatilidade e alocação estruturada. As opções são uma parte importante desse mercado porque permitem que os investidores gerenciem o risco de queda, expressem visões sobre volatilidade e criem posições de risco definido.
O mercado brasileiro é especialmente relevante porque a demanda local por exposição a cripto tem crescido junto com os esforços regulatórios para trazer a atividade de ativos digitais para canais financeiros formais. A expansão da B3 dá aos participantes domésticos mais ferramentas, mas também aumenta a importância da liquidez, da precificação transparente e dos controles de risco.
As novas opções não eliminam a volatilidade subjacente das criptomoedas nem a incerteza regulatória. Elas, no entanto, oferecem aos investidores profissionais uma forma mais familiar de gerenciar essa volatilidade dentro da infraestrutura de bolsa do Brasil. Para a B3, o lançamento fortalece seu papel como o principal portal regulado do país para derivativos vinculados a cripto.
BitMEX Research, the research division of a prominent crypto derivatives exchange, BitMEX, has issued its official Q2 2026 Derivatives Report. The report highlights that the market structure is shaping the differences across diverse perpetual futures markets instead of trader sentiment.
BitMEX Research’s report detects collateral design, oracle construction, and exchange demographics as the key factors impacting consistent funding disparities. Particularly, such structural differences provide recurring opportunities to let traders capitalize on diverse funding spreads.
BitMEX’s Quarterly Report Indicates Market Structure and Margin as Key Factors Responsible for Funding Rate Gaps BitMEX Research’s Q2 2026 Derivatives Report has pointed out the structural drivers leading to the gaps in the rates within the perpetual futures funding landscape. The report also reveals the impact of these dynamics on tokenized commodity and cryptocurrency perpetuals. Funding rates denote the periodic payments that are exchanged between short and long traders to maintain the alignment between perpetual futures prices and the core asset.
Though structural characteristics normally underscore indicators of bearish or bullish market sentiment, they often play a significantly bigger role in outlining their behavior. Examining such factors can deliver more dependable insights in comparison with depending just on market sentiment. One of the top findings of the report deals with margin currency. The report drew a comparison between $BTC-margined XBTUSD perpetual contract and $USDT-margined $XBTUSDT contract for a period of 3.5 years.
Funding Rate Disparities Provide Exclusive Trading Strategies Irrespective of tracking the same asset, these 2 contracts witnessed an average yearly funding spread of almost 3.93%. Specifically, the spread remained negative during up to 94% of the ninety-day phases. The report associates the respective difference with exclusive trader behavior. In this respect, $BTC-collateralized traders usually tend to hedge, whereas stablecoin consumers are more inclined to focus on leveraged long positions.
According to BitMEX Research’s report, from 2023 to 2026, the $BTC perpetual contracts of Hyperliquid traded at 7.17% in terms of an average yearly funding premium in comparison with Binance. Simultaneously, Ether perpetuals recorded an average premium of approximately 5.31%. In line with the report, decentralized exchanges gain a more long-biased and retail-driven trading community.
On the other hand, centralized exchanges leverage more effective arbitrage and more institutional participation. Overall, the report signifies that making a distinction between provisional event-led dislocations and long-term systematic funding differences can assist traders in better examining opportunities existing in the world of perpetual futures.
AUTHOR
Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Strategy, led by Michael Saylor, has launched an interactive credit model that allows investors to calculate the resilience of its debt obligations in real time. The release came just two days after the company officially confirmed the sale of 3,588 BTC worth $216 million to secure dollar liquidity and payments on preferred shares.
The publication of the simulator seems to be Michael Saylor's direct response to renewed Wall Street discussions about the risks of his business model, designed to show analysts exactly how many years the company can hold out without a Bitcoin rally.
Digital Credit is transparent because the principal market risk factor is Bitcoin, an observable, homogeneous asset. Analysts can assess BTC-related credit risk continuously, and investors can apply their own statistical models to inform valuation and trading decisions. $STRC pic.twitter.com/6Xo63MEmeM
— Michael Saylor (@saylor) July 9, 2026 Another goal might be a demonstration that controlled monetization of reserves is part of a new systemic capital architecture, the Digital Credit Capital Framework, rather than an emergency rescue from a shortage of funds.
The math behind Strategy's 30-year dividend bufferThe baseline parameters entered into the interface clearly show the current limits of the capital structure's resilience and answer the key question: What happens if Bitcoin completely stops growing?
HOT Stories
A 30-year payment reserve: The key BTC Years of Dividends metric shows that even if market growth stops completely, the company's existing crypto reserves worth $52.87 billion and accumulated dollar cushion, the USD Reserve, of $2.55 billion would be enough for exactly 30 years of uninterrupted payments on dividend obligations.3.33% for perpetual breakeven: The BTC Breakeven ARR metric shows that, for stable servicing of all coupons and dividends without raising new capital, the market does not even need an aggressive rally. Bitcoin only needs to rise by an average of 3.33% per year.A twofold coverage ratio: Total obligations on convertible bonds ($6.714 billion) and preferred shares ($15.464 billion) amount to $22.178 billion. At the same time, the current asset coverage indicator, BTC Rating, stands at 2.7x, which guarantees the safety of payments to investors even in the event of a prolonged market correction. You Might Also Like
For a long time, Michael Saylor's strategy was built on uncompromising Bitcoin accumulation, but the launch of the STRC debt instrument changed the rules of the game. By July, the volume-weighted average market price of STRC shares had fallen below the $100 par value, forcing the company to raise the dividend rate to 12.00% in order to protect the market price.
Payments at such rates require a regular inflow of fiat, which is why Strategy used the BTC monetization program of up to $1.25 billion approved by its board of directors.
Instead of classic passive holding, Saylor has moved to flexible asset management. In this context, the interactive model appears designed to strip traditional agencies, such as S&P with their "junk" ratings for the company, of their monopoly on risk assessment and to clearly show investors the transparent mathematics of debt sustainability in conditions where the crypto market is not constantly growing.
New Hampshire’s executive council voted down a proposal to bring the first Bitcoin-backed bond to the municipal market.
The bond sale, managed by Jefferies through private placement, failed to win approval on Wednesday from the council that would have allowed a conduit issuer to sell the bonds. The New Hampshire Business Finance Authority’s proposal to sell $100 million of taxable municipal bonds failed to pass, according to results posted on the council’s website.
Councilors expressed concern that the bonds wouldn’t deliver concrete benefits to New Hampshire and weighed if the authority should have a role in facilitating a transaction ...
Learn more about Bloomberg Law or Log In to keep reading: See Breaking News in Context Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber? Log in to keep reading or access research tools and resources.
New Hampshire’s executive council voted down a proposal to bring the first Bitcoin-backed bond to the municipal market.
The bond sale, managed by Jefferies through private placement, failed to win approval on Wednesday from the council that would have allowed a conduit issuer to sell the bonds. The New Hampshire Business Finance Authority’s proposal to sell $100 million of taxable municipal bonds failed to pass, according to results posted on the council’s website.
Bitcoin pushed back above $63K on Thursday, gaining 2.1% in 24 hours as falling oil prices and retreating bond yields gave risk assets some breathing room. The move came as tensions around the Iran conflict showed signs of cooling, and institutional custody provider BitGo quietly dropped a toolkit that might matter a lot more in five years than it does today.
Here’s the thing: the crypto market is still deep in “extreme fear” territory, with the Fear & Greed Index sitting at 22. That’s barely up from last week’s reading of 19. So while Bitcoin is bouncing, nobody is exactly popping champagne.
Oil cools, crypto warms The macro setup heading into Thursday was straightforward. Oil prices pulled back from recent highs driven by Iran-related supply fears, and bond yields followed suit. When those two variables ease up, money tends to flow back into riskier corners of the market. Crypto, being the riskiest corner of them all, benefited accordingly.
BTC’s 7-day change came in at +2.2%, suggesting the recovery wasn’t just a one-day blip but part of a slightly broader stabilization. Ethereum followed with a more modest 1.1% gain over 24 hours, hovering just below the $2K mark. Solana picked up 1.5% to trade near $78, and XRP held above $1.
None of these moves are going to make anyone’s year. But in a market defined by extreme fear, not losing ground counts as a win.
The geopolitical backdrop matters here. When conflict escalation drives oil higher, it feeds into inflation expectations, which pushes bond yields up, which makes “risk-free” returns more attractive relative to volatile assets like Bitcoin. Reverse that chain, even temporarily, and crypto gets a bid. That’s essentially what happened Thursday.
Advertisement
BitGo’s quantum play While traders focused on the macro relief rally, BitGo made a move that speaks to a very different kind of threat. The institutional custody provider rolled out quantum-resistance tools designed specifically for Bitcoin wallets.
The toolkit does two things. First, it scores the quantum risk of a given wallet. Second, it identifies and helps remediate wallets with exposed public keys, which are the ones most vulnerable to a future quantum computing attack.
Look, quantum computing isn’t breaking Bitcoin’s encryption tomorrow. Or next year. Probably not even in five years. But the threat is real enough that serious institutional players are starting to prepare, and that preparation tells you something about how long-term holders are thinking about their positions.
The core vulnerability is this: Bitcoin addresses that have had their public keys exposed on the blockchain (typically because they’ve sent a transaction) could theoretically be cracked by a sufficiently powerful quantum computer. Addresses that have never sent funds and only have their public key hash exposed are safer. BitGo’s tool essentially separates the former from the latter and helps institutions move funds to safer configurations.
In English: if your Bitcoin wallet has ever sent a transaction, a quantum computer could eventually figure out your private key from the public key that got broadcast. BitGo is helping big players identify which wallets have this problem and fix it before quantum hardware catches up.
It’s the crypto equivalent of upgrading your locks before burglars invent a master key. Probably premature, definitely prudent.
The fear isn’t gone Despite the price recovery, the market’s mood remains grim. An extreme fear reading of 22 means most participants are still defensive, reluctant to add risk, and watching for the next shoe to drop.
For context, the index was at 19 just a week ago, so the improvement is marginal at best. The DeFi category, which led all sectors over the past seven days, managed a grand total of 0.0% change. That’s not a typo. The best-performing category essentially went nowhere.
This kind of environment, where Bitcoin bounces on macro relief but sentiment stays frozen, tends to produce choppy, range-bound trading. Bulls can point to the fact that BTC held above key support levels. Bears can point to the Fear & Greed Index and ask why nobody seems convinced.
What this means for investors The short-term story is macro-driven and could flip on a single headline out of the Middle East. If oil prices resume their climb or bond yields spike again, Thursday’s recovery could evaporate just as quickly as it appeared. Risk-on moves built on geopolitical de-escalation are inherently fragile because geopolitics doesn’t follow a script.
The more interesting signal might be BitGo’s quantum toolkit. Institutional infrastructure providers don’t build features for fun. They build them because clients ask for them. The fact that there’s enough demand to justify a quantum-risk scoring product suggests that large holders are thinking about Bitcoin security on a decade-long time horizon, not a quarter-long one.
That kind of long-term institutional commitment tends to matter more than any single day’s price action, even if it doesn’t make for exciting charts. The firms preparing for quantum threats aren’t the ones panic-selling on oil spikes. They’re the ones quietly building positions they intend to hold through multiple market cycles.
For retail investors, the practical takeaway is simpler. The macro environment remains uncertain, sentiment is weak, and price action is being driven by external forces rather than crypto-native catalysts. A 2.1% daily move in either direction barely registers in Bitcoin’s historical volatility range. Until the Fear & Greed Index climbs out of extreme fear territory and stays there, caution is probably the right default setting.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Bitcoin (BTC) saw intraday highs after Thursday’s Wall Street open as US stocks rebounded on fresh Iran peace hopes.
Key points:
Bitcoin joins a risk-asset rebound as US President Donald Trump said that Iran "wants to make a deal" after the ceasefire breakdown.Crypto short liquidations near $100 million over 24 hours.Traders see important BTC price levels coming as soon as the daily close.Crypto, stocks rise as Trump teases new Iran "deal"Data from TradingView showed BTC/USD rising back above $63,000, up by nearly 1.5% on the day.
US stocks were in the green across the board, helping to erase Wednesday’s downside as US President Donald Trump said that the Iran peace deal was “over.”
“They called a little while ago; they want to make a deal so badly,” Trump subsequently said in comments quoted by trading resource The Kobeissi Letter and others.
Crypto markets joined the sense of relief, helping push 24-hour short liquidations to nearly $100 million, per data from CoinGlass.
BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass
Commenting on the latest BTC price setup, trader Killa described their view as “not bearish at all.”
“In my view, we still have a few more months of choppy PA,” an X post stated, eyeing $68,000 for a potential short entry.
Source: Killa/X
Fellow trader Jelle saw ongoing strength from bulls, with a support reclaim still possible.
“Looks like bulls aren't giving up on the reclaim just yet,” he told X followers.
“Get back above, and we likely push for 65-70k again. Reject, and sub-60k is back on the menu for $BTC.”BTC/USD 12-hour chart. Source: Jelle/X
Continuing, trader Daan Crypto Trades emphasized $64,700 for the daily close.
“$BTC is ranging $61.3K-$64.7K range and spent this morning climbing back up after yesterday's risk-off flush,” his latest X analysis read.
“A daily close above $64.7K flips the story and would make for a larger relief rally across the board. A close under $61.3K opens the road to the lows again and kills the momentum.”BTC/USD one-hour chart. Source: Daan Crypto Trades/X
As Cointelegraph reported, opinions on the bear-market bottom being in continue to diverge.
This week, analysis described a “textbook” bottom formation now underway, while BTC price-cycle comparisons continued to demand a deeper macro floor.
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.
Singapore’s Temasek Holdings on Wednesday announced that crypto remains off limits as the sovereign wealth fund targets lifts AI exposure from 6% to 15% of its portfolio by 2031.
FTX’s Shadow Still Hangs Over Temasek’s Crypto StanceTemasek President of Global Investments Nagi Hamiyeh told CNBC the firm holds no direct crypto investments and cited regulatory uncertainty as the reason for staying out.
“I can’t forecast what happens in the future, and the role that crypto is going to play in the main economy, depending on the different regulations that might happen,” Hamiyeh said.
The 2022 FTX writedown of $275 million drew sharp public criticism in Singapore, with then-Deputy Prime Minister Lawrence Wong calling the loss disappointing and damaging to the country’s reputation.
Temasek’s current focus stays on blockchain infrastructure and what the technology can deliver for the real economy, stopping well short of direct token or exchange exposure.
AI Is Where Temasek Is Putting Its Long-Term ConvictionHamiyeh said when choosing between frontier AI models and AI adoption, he bets on adoption every time.
“Not every situation needs frontier models. It’s all about the applications, and it’s all about the companies that embrace AI and build a moat,” he said.
His longest-term wager is on the physical side of AI, covering automation, robotics, and industrial process optimization.
Temasek invests across the full AI value chain including energy infrastructure and data centers, where long-term contracts with highly rated counterparties keep risk low.
The firm wants AI at 15% of its portfolio by 2031, up from 6% in the fiscal year ended March 2026.
Europe Is Temasek’s Second Largest Allocation After The USTemasek deployed roughly 12 billion euros, or about $14 billion, into Europe over the past two years, second only to the US.
Hamiyeh pointed to European luxury brands, consumer names, energy transition plays, and family-owned industrials as areas where Temasek brings patient long-term capital.
On the Middle East, Hamiyeh said the long-term transformation story remains intact but the full consequences of the current conflict haven’t played out yet.
On defense, Temasek takes a case-by-case approach, focusing on dual-use technologies with civilian applications while ruling out biological and chemical weapons entirely. Its only current defense exposure is ST Engineering.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
The 1,200-acre Matagorda County site was previously slated for a $7 billion HIF Global e-fuels plant backed by Texas Gov. Greg Abbott before HIF pivoted to power computing instead.
MARA Holdings said Thursday it signed a definitive agreement with HIF to acquire a powered land site of more than 1,200 acres in Matagorda County, Texas, in a post on its official X account. The site will carry up to 1 gigawatt of grid capacity by October 2027 and up to 2 gigawatts by April 2028, subject to approval from Texas grid operator ERCOT.
The deal is not an upfront cash purchase. It is structured as up to $600 million in milestone-based payments tied to regulatory approvals, land access and eventually a signed data-center tenant, according to an SEC filing MARA disclosed, as reported by The Block. MARA shares rose roughly 14% in early trading Thursday on the news, The Block reported.
HIF Global had promoted the site as the first large e-fuels plant in the United States, a roughly $7 billion project backed by Texas Governor Greg Abbott that would split water to make cleaner shipping fuel, BeInCrypto reported. HIF had already secured full permits and grid rights for about 1.8 gigawatts before the deal, and will retain a minority stake in the site once MARA signs a high-performance-computing tenant.
Doubling The Power PipelineMARA plans to develop the campus through its existing partnership with Starwood Digital Ventures, which handles design, construction and tenant sourcing. Combined with MARA's pending Long Ridge Energy gas-plant acquisition, full energization of the Texas site would push the miner's total power portfolio to roughly 4.8 gigawatts, The Block reported. MARA Chairman and CEO Fred Thiel said sites with access to reliable, scalable power will become increasingly valuable, according to the same report.
Michael Saylor’s company Strategy has launched an interactive credit model, enabling investors to assess the company’s debt resilience in real time. The announcement landed just two days after Strategy confirmed it had sold 3,588 BTC for $216 million to bolster dollar liquidity and cover preferred share payments. Formerly known as MicroStrategy, the company is widely recognized for holding significant amounts of Bitcoin on its balance sheet as part of its enterprise software and treasury operations.
Credit model introduced after Wall Street scrutinyThe new simulator comes as a direct response to renewed risk debates on Wall Street about Strategy’s business model. It is designed to provide analysts with tangible data on how long the company can sustain its debt obligations even if there’s no significant uptrend in Bitcoin’s value.
Strategy emphasizes that converting reserves to cash is not a desperate move but rather part of a broader capital structure it describes as the digital credit capital framework.
The model released by Strategy allows investors to see exactly under what circumstances the company can meet its dividend and coupon commitments, even if Bitcoin growth comes to a standstill.
Cash buffer for 30 years takes the spotlightThe underlying data in the simulator reveals the limits of Strategy’s current capital structure. Even in a scenario where Bitcoin’s value stagnates for decades, the company’s $52.87 billion in crypto reserves and $2.55 billion in USD reserves would allow all dividend payments to be honored for a full 30 years without interruption.
One particularly notable metric is the annual breakeven return. According to the BTC Breakeven ARR, Bitcoin does not have to stage a dramatic rally for Strategy to meet all its coupon and dividend payments without tapping new capital—an average annual increase of just 3.33% would keep the commitments solvent.
IndicatorDataBTC sold3,588 BTCSales proceeds$216 millionCrypto reserves$52.87 billionUSD reserves$2.55 billionPayment buffer30 yearsAnnual breakeven growth3.33%Debt commitments and new financial toolsStrategy is currently managing $6.714 billion in convertible bond debt and an additional $15.464 billion tied to preferred shares. These obligations bring its total debt load to $22.178 billion, while the company’s BTC Rating—a measure of assets to liabilities—stands at 2.7 times.
Michael Saylor’s long-standing approach centered on relentless Bitcoin accumulation. However, the arrival of the STRC debt instrument has altered this dynamic. As of July, the volume-weighted average market price of STRC shares fell below their par value of $100, prompting the company to increase the dividend rate to 12.00% in order to defend market prices.
The company acknowledged that higher dividend rates require consistent fiat cash inflow, so it has utilized up to $1.25 billion worth of BTC-to-cash conversion, as approved by its board of directors.
This shift signals a move away from passive holding towards a more flexible asset management strategy. Strategy’s new interactive model aims to limit the influence of traditional credit agencies and provide investors with a transparent, data-driven view of debt sustainability—even in a non-rallying crypto market environment.
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.
Bitcoin shows signs of bottoming, but capitulation, ETF outflows, and defensive options markets still threaten recovery.
Bitcoin’s market appears to be in the later stages of a bear market, but the signals confirming a broader turnaround have not yet emerged. On-chain data shared by Glassnode shows the asset has recovered from $57,800 to nearly $63,000 over the past week, but it remains below both the True Market Mean of $76,600 and the Short-Term Holder Cost Basis of $72,200.
This leaves the asset in a “deep value” zone.
BTC Bottoming Bitcoin has now spent about five months trading below both of these levels – one of the longest discount periods in its history. According to Glassnode, such long periods have historically provided the foundation for cyclical bottoms as investors accumulate at prices below the average cost of recent buyers and the broader active market. However, a further decline toward the Realized Price of roughly $53,000 remains possible.
The report identified long-term holders as the primary source of current selling pressure. Since early February, the share of realized value attributed to long-term holder losses has increased from 15% to 43%, which makes this cohort’s capitulation the largest contributor to downside pressure. These investors largely bought near the cycle peak and, after holding through months of losses, are increasingly selling as the downturn tests their conviction.
Glassnode said that this steady wave of distribution has prevented Bitcoin from reclaiming the upper end of its current trading range. The report added that long-term holders’ realized losses, measured on a 30-day moving average basis, recently climbed to around $280 million per day, which is the highest level since December 2022. This was the second major spike recorded during the current bear market.
Unlike the previous spike, however, this wave of capitulation has not yet begun to cool. Glassnode believes that a decline in this metric will be necessary before a credible transition back to bullish conditions can be considered.
Off-chain indicators also continue to point to weak institutional demand despite exhibiting modest improvement. The 30-day average of US spot Bitcoin ETF net flows has remained negative since mid-May. The average daily outflows declined from a peak of $193 million in early June to approximately $88.9 million.
You may also like: Peter Schiff: Bitcoiners Are In Denial About Strategy’s BTC Sale Bitcoin Is Stuck in ‘No Man’s Land’ as $63K Emerges as Major Barrier Altcoin Market Reaches Extreme Underperformance, 40% of Coins Trade Near Their ATL While the slower pace of withdrawals is viewed as a “tentative positive,” institutions are still reducing exposure overall, which means demand has yet to stabilize. ETF trading activity also remains low, as daily volume ranges between $650 million and $950 million, roughly 80% below the $4.4 billion daily peak recorded in October 2025.
According to the report, both stronger trading activity and a return to neutral or positive ETF flows would be needed to confirm renewed institutional participation.
Defensive Positioning Derivatives markets present a mixed picture. The options put/call ratio has fallen to 0.56, its lowest level this year, while perpetual futures funding rates indicate traders have cautiously rebuilt long positions after earlier de-risking. Despite this, the options market remained defensive.
“The 25-delta skew, the premium of downside protection over upside, is bid across every tenor. Every selloff since the winter has re-bid it, and late June’s spike to 24% was the most defensive the front end has been since the February selloff. Traders are still paying up to hedge each dip, even as the book leans long.”
Bitcoin also trades about 6% below the options market’s aggregated max pain level of $66,000, the price at which the greatest number of outstanding options would expire worthless and around which spot price has often gravitated as expiry approaches.
MARA Holdings has expanded its AI and digital infrastructure footprint by acquiring a 1,200-acre powered land site in Texas, helping lift its shares more than 12% as the Bitcoin miner continues to outperform many publicly traded crypto companies.
Summary
MARA has acquired a 1,200-acre powered site in Texas with up to 2 GW of planned grid capacity. The company plans to build an AI and high-performance computing campus alongside Bitcoin mining operations. MARA shares jumped more than 12% after the announcement, extending gains to over 45% this year. According to a company press release, MARA has signed a definitive agreement to acquire the Texas property from HIF. The site is expected to provide access to an initial 1 gigawatt of grid capacity by October 2027, with total available capacity projected to reach 2 gigawatts by April 2028.
The company said the location is designed to support large-scale digital infrastructure alongside its existing Bitcoin mining operations.
The announcement extends MARA’s investment in artificial intelligence infrastructure, an area that has attracted increasing attention from Bitcoin miners looking to diversify revenue sources.
Yahoo Finance data showed MARA shares climbing to $13.77 following the announcement, leaving the stock up more than 14.6% on the day and over 53% year to date despite continued weakness across much of the crypto mining sector.
Source: Yahoo Finance Texas site adds capacity for AI and Bitcoin mining Beyond expanding its mining operations, MARA said it plans to develop the property with Starwood Digital Ventures into a large-scale digital infrastructure campus capable of supporting high-performance computing workloads, flexible compute services and Bitcoin mining. The company added that the site has already generated interest from potential high-performance computing tenants.
Once an HPC lease is executed, MARA said HIF will retain a minority ownership stake in the project. Construction is expected to begin in phases later this year, subject to regulatory approvals.
Earlier this year, MARA strengthened its digital infrastructure portfolio by acquiring Long Ridge Energy & Power in a $1.5 billion transaction, adding another large energy asset to support its computing strategy. The Texas purchase builds on that expansion as the company continues investing in facilities that can serve both blockchain and AI workloads.
Bitcoin miners continue expanding AI infrastructure MARA joins a growing list of publicly traded Bitcoin miners investing in AI-focused infrastructure instead of relying solely on cryptocurrency mining. As crypto.news reported earlier, IREN Limited recently completed its acquisition of Spain-based Ingenostrum, also known as Nostrum Group, adding roughly 490 megawatts of secured grid-connected power and establishing its first operating base in Europe for AI cloud services.
Meanwhile, crypto.news previously reported that TeraWulf signed a 20-year data center lease with AI company Anthropic. According to TeraWulf, the agreement could generate nearly $19 billion in revenue over its lifetime, highlighting the growing commercial demand for high-performance computing capacity.
The trend extends beyond infrastructure operators into corporate Bitcoin treasury strategies. Earlier this week, crypto.news reported that American Bitcoin Corp. increased its Bitcoin holdings to more than 8,000 BTC.
BitcoinTreasuries data ranked the company among the largest publicly traded corporate Bitcoin holders in the United States, ahead of GD Culture Group and Galaxy Digital, illustrating how companies across the sector are pursuing different approaches to strengthen their positions as institutional interest in digital assets and AI computing continues to grow.
The US dollar is having a moment. Speculative traders have piled into the greenback with a conviction not seen in over a decade, pushing aggregate net long futures positions to approximately $39.7 to $39.8 billion as of June 30, 2026.
That figure, drawn from the CFTC’s Commitments of Traders report, represents the most bullish positioning on the dollar since roughly 2015-2016.
Eight weeks and counting Net long positions have increased for eight consecutive weeks, and speculative traders, including hedge funds and asset managers, have maintained net long positioning for 13 straight weeks through mid-June.
Advertisement
The primary catalyst is geopolitical. Fraught dynamics between the US and Iran in the Middle East have amplified demand for the dollar as a safe-haven asset.
Resilient US economic indicators and shifting rate expectations have also contributed. Earlier in 2026, the dollar experienced some weakness, but the combination of haven demand and relatively hawkish monetary conditions has reversed that trajectory.
What the dollar’s surge means for Bitcoin Bitcoin and the US Dollar Index have exhibited a strong negative correlation of approximately -0.85 during the first half of 2026. A correlation that strong means the two assets move in nearly opposite directions almost all the time.
A stronger dollar tightens global financial conditions. Borrowing in dollar-denominated debt becomes more expensive. Emerging market currencies weaken, reducing capital available for speculative investments. Liquidity gets slowly squeezed.
What’s particularly interesting is how little attention this dollar positioning story has received in crypto media. Major digital asset outlets have barely connected the CFTC data to Bitcoin’s outlook, treating the dollar’s resurgence as a traditional finance narrative.
Traders monitoring BTC should watch the DXY closely as a leading indicator. The smart play is watching CFTC positioning updates every Friday, with data released around July 6, 2026 for the June 30 period.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
JPMorgan just told investors to stop worrying about the wrong thing. The bank’s latest analysis, led by analyst Nikolaos Panigirtzoglou, argues that Strategy (formerly MicroStrategy) isn’t the structural threat to Bitcoin that everyone keeps nervously eyeing. The real risk? Institutional blockchain adoption that routes entirely around public chains like Bitcoin, funneling trillions through private, permissioned networks instead.
Strategy is big, but not the boogeyman Strategy has accumulated roughly $8.2 billion worth of Bitcoin in 2026 alone. That figure accounts for approximately 70% of estimated net digital asset inflows this year, according to JPMorgan’s analysis dated July 9. The company’s total holdings now represent about 4.2% of Bitcoin’s entire supply. A July 2 report from the same bank flagged “two-way flow risks” stemming from Strategy’s updated monetization policy, which now allows for selective BTC sales to cover corporate obligations.
The quiet rise of permissioned chains JPMorgan’s own Kinexys platform, a permissioned blockchain network, has now processed over $4 trillion. That’s not a pilot program. That’s real institutional plumbing moving real money at scale, entirely outside the public blockchain ecosystem.
Advertisement
The JPMorgan analysts’ July 9 note emphasizes that this pattern, where institutional adoption of blockchain bypasses permissionless networks altogether, represents a more fundamental structural risk to Bitcoin’s long-term value proposition than any single holder’s trading behavior.
Why this matters more than it sounds JPMorgan’s analysis challenges the argument that as blockchain technology goes mainstream, the rising tide lifts all boats, including native tokens on public networks. If the world’s largest banks and financial institutions adopt blockchain at scale but exclusively through permissioned systems they control, the technology wins but the tokens don’t necessarily come along for the ride.
JPMorgan has every incentive to promote a world where Kinexys matters and public blockchains matter less. But the $4 trillion in processed transactions is hard to wave away. If institutions satisfy their blockchain needs through private networks, the institutional demand that was supposed to drive Bitcoin’s next leg up might not materialize the way bulls expect.
What investors should actually watch Strategy’s selective selling policy introduces short-term volatility risk, but the company has been transparent about its approach, and the market has had time to digest the implications of a single entity controlling over 4% of Bitcoin’s supply.
Investors should monitor how quickly platforms like Kinexys expand their capabilities into areas that currently rely on public chains, particularly in tokenized assets, cross-border payments, and settlement infrastructure. If permissioned networks start absorbing those use cases, the impact won’t show up as a dramatic crash. It’ll show up as a persistent discount to where Bitcoin trades based on adoption metrics that no longer apply.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin (BTC) reclaimed the $63,000 mark on Thursday, but traders fear a correction ahead of Friday’s $1.4 billion options expiry on Deribit. The concerns stem from the US government bond yield climbing toward a level that many view as a warning sign. Is the $62,000 support level at risk?
Key takeaways:
Rising US Treasury yields signal debt concerns, negatively pressuring risk assets.Balanced Bitcoin options put-to-call volumes suggest limited downside from the $62,000 level.US 10-year Treasury yield (left) vs. Bitcoin/USD (right). Source: TradingView
Bitcoin ETF outflows are not a concern ahead of the Bitcoin options expiryThe 10-year Treasury yield’s approach to 4.6% signals investor anxiety over the expansion of US government debt and prospects for further monetary policy expansion to avert an economic recession. Bitcoin has felt the impact, trading sideways while the Nasdaq-100 Index sits merely 4% below its all-time high.
The AI sector's bullish momentum keeps pulling capital toward equities. Asian chipmaker SK Hynix oversubscribed IPO in the US helped push the sector higher on Thursday, led by Arm Holdings (ARM) 10% gains, Advanced Micro Devices (AMD) 7% rally and Micron’s 7% intraday gains.
Wednesday brought $85 million in net outflows from spot Bitcoin ETFs, ending a short three-day inflow run. Still, the figure does not confirm a reversal in institutional flows. More importantly, demand for Bitcoin options has stayed balanced between calls (buy) and puts (sell).
Bitcoin options put-to-call volumes ratio at Deribit. Source: Laevitas
Call options volume has outpaced put instruments over the past four days, reflecting reduced demand for downside movements. However, the upcoming weekly options expiry features an interesting setup as calls up to $62,500 total $137 million, while puts above $61,000 are at $121 million.
Deribit BTC options open interest for July 10, BTC. Source: Deribit
Bitcoin bulls would gain significant ground with a move above $63,500 by the 8:00 AM UTC expiry on Friday, boosting their advantage to $190 million. Bears hold a smaller $100 million edge below $61,000, limiting their incentive without additional catalysts.
Oil price decline could strengthen the demand for risk-on assetsA temporary truce in the Middle East could ease recession fears and shift money from fixed income into risk markets, likely pushing Bitcoin price higher. In contrast, continued strength in the AI sector drains capital from other investments while traders fear large Treasury issuance to cover growing debt.
Crude WTI oil futures (left) vs. Nasdaq 100 Index futures (right). Source: TradingView
Traders should closely monitor whether Treasury yields will subside over the next week and if an aggravated war in Iran pushes oil prices higher. But with Bitcoin put options buying remaining restrained in recent sessions, the market appears positioned to strengthen the $62,000 support level.
Bitcoin sits in a delicate spot where a successful expiry resolution above $63,500 could provide short-term relief, but sustained upward momentum would require a boost from the macro side. As long as these dynamics persist, the odds favor limited bullish momentum for Bitcoin in the near term.
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.
US President Donald Trump’s declaration that the ceasefire between the US and Iran had ended sent shockwaves through the cryptocurrency market on July 8. As renewed military tensions flared up in the Middle East, investors began turning away from riskier assets, with Bitcoin quickly losing over 2% of its value within hours.
Geopolitical unrest puts pressure on the marketDuring a NATO summit in the Turkish capital Ankara, Trump announced the termination of the ceasefire. The announcement triggered an immediate downturn not only in Bitcoin, but across the wider crypto market, as major digital assets followed Bitcoin’s lead amid a spike in geopolitical uncertainty.
While declaring that the ceasefire had ended, Donald Trump also emphasized that Washington stands ready to take additional military steps if deemed necessary.
A ceasefire, which had temporarily calmed months of escalating conflict as of June 2026, had remained in effect for about a month. The latest wave of tensions erupted after Iranian forces resumed attacks on commercial vessels navigating the strategic Strait of Hormuz.
Mini glossary: The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the Gulf of Oman. As a major corridor for global oil shipments, any disruption in this region tends to cause rapid price swings in both energy and financial markets.
US response and market reactionUS Central Command (CENTCOM) confirmed that it had carried out retaliatory strikes against Iranian targets. Known as the regional command overseeing US military operations in the Middle East, CENTCOM’s involvement and Washington’s openness to further military options combined to dampen risk appetite in the financial markets even further.
The retreat in the cryptocurrency market did not stem from any digital asset-related event directly, but rather from investors scaling back risk positions amid mounting uncertainty.
The wave of selling strengthened the trend of moving towards safer haven assets. Even though no specific crypto project, exchange, or blockchain network was directly affected by the conflict, digital assets, like other sensitive market instruments, remained under heavy selling pressure triggered by broader risk aversion.
All eyes on the Strait of Hormuz and potential sanctionsAttention in the global markets now centers on possible developments in the Strait of Hormuz. Any fresh disruptions to commercial shipping could stoke concerns about global energy supply and dramatically increase financial market volatility.
Investors are also closely monitoring the possibility of new US sanctions that could target Iran’s oil exports, as well as any moves against countries still buying Iranian crude. Additional sanctions or further military escalation are expected to weigh heavily on global markets in the near term.
With the situation on the ground continuing to evolve, the crypto market is likely to remain sensitive to news flows from the region. In periods of global instability, investors’ rapid repositioning consistently emerges as a major driver of volatility in cryptocurrencies.
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.
