Track market-moving stories before they get noisy

The Nasdaq listed company said it sold 1,400 BTC since May 7 at an average price of $62,200 per Bitcoin, generating about $87.1 million in gross proceeds. The sale left Empery with 1,514 BTC and about $73.9 million in cash as of July 10.

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The proceeds are being used to repay debt, fund a previously announced property acquisition, cover legal expenses tied to ongoing stockholder litigation and support operations. Empery said it repaid $10 million of outstanding debt on July 7 and still has $45 million outstanding on its debt facility.

The move marks a sharp reversal for a company that adopted a Bitcoin treasury strategy last year. Empery, formerly Volcon, said in August 2025 that it held more than 4,018 BTC and described its strategy as becoming a low cost, capital efficient aggregator of Bitcoin.

The company had already disclosed that Bitcoin sales could be part of its capital strategy. In its annual report, Empery said it had sold 722 BTC for $50 million from January 1 through March 25, 2026, and warned that future Bitcoin sales could affect its results and financial condition.

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

Japan’s Finance Minister Satsuki Katayama announced at the Open QUICK 2026 seminar, organized by leading financial information provider QUICK on July 10, that the government is progressing as scheduled in the process to legalize crypto asset exchange-traded funds (ETFs) in the country. This development follows growing international interest in similar financial products abroad.

Regulatory shift for crypto assetsRecently, Japan’s House of Representatives approved a regulatory change transferring the oversight of spot crypto assets from the Payment Services Act to the Financial Instruments and Exchange Act. This move paves the way for crypto assets to be classified as fully regulated financial products, aligning their legal framework more closely with that of equities and bonds.

Finance Minister Satsuki Katayama confirmed that the government is proceeding with the legalization of crypto asset ETFs as originally intended.

The new regulation strengthens the legal basis for crypto asset ETFs to be listed and traded on Japanese exchanges. Under the current timetable, these products may begin trading on Japan’s markets as early as next year.

SBI develops two innovative fund offeringsIn May, SBI Holdings announced the launch of a new crypto asset ETF. The company’s plans include a dual-asset ETF structure that will provide investors with regulated access to both Bitcoin and XRP. As one of Japan’s largest financial groups, SBI operates across banking, brokerage, and asset management services.

In addition, SBI proposed a hybrid investment fund bringing together gold-based ETFs and crypto asset ETFs. In this structure, 51% of the portfolio would be allocated to gold ETFs, while the remaining 49% would be dedicated to crypto assets such as Bitcoin ETFs. This approach targets more cautious institutional and retail investors seeking diversified exposure.

ProductContentTarget audienceDual-asset ETFBitcoin and XRPInvestors seeking regulated crypto accessHybrid fund51% gold-based ETF, 49% crypto asset ETFMore cautious institutional and retail investorsAmbitious asset growth and competitionSBI aims to reach approximately 5 trillion yen, equivalent to $32 billion in assets under management, within three years of launching these products. This target represents a bold step for crypto-themed investment products within Japan’s financial sector and signals significant anticipated demand.

The company also hopes to secure an early market advantage by moving ahead of major Japanese financial groups such as Nomura and Rakuten Securities. With expanding regulatory clarity, competition in the crypto ETF space in Japan is expected to intensify in the coming period.

Ripple partnership comes to the foreSBI’s inclusion of XRP in its ETF plan aligns with its longstanding corporate partnership with Ripple. Known for its XRP-focused payment solutions, Ripple has established close business relationships in the Japanese market, and this collaboration continues to play a significant strategic role for SBI.

SBI is developing a structure uniting Bitcoin and XRP within the same fund, while also introducing a separate model that combines gold and crypto asset ETFs in a single portfolio.

Through these initiatives, SBI seeks to attract both aggressive crypto investors and more risk-averse clients, offering diverse routes to engage with digital assets under a regulated framework.

Market analysts expect SBI’s pioneering approach and regulatory developments to spur wider adoption of crypto ETFs in Japan, potentially altering the landscape for both institutional and retail participation in the coming years.

As Japan prepares to launch crypto asset ETFs, the convergence of traditional finance and blockchain technology is poised to reshape investment options in the country, with major players vying for leadership in a rapidly evolving sector.

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

New Hampshire’s Executive Council voted 3-2 to reject a proposed $100 million Bitcoin-backed municipal bond, preventing what would have been the first state-authorized issuance of its kind.

The decision comes despite the bond receiving a provisional Ba2 credit rating from Moody’s earlier this year.

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The decision came months after the state’s Business Finance Authority (BFA) approved the groundbreaking bond structure, which aimed to bring Bitcoin-backed financing to the municipal bond market.

The proposed financing, developed by Wave Digital Assets in partnership with Rosemawr Management and the BFA, would have seen the BFA issue taxable municipal bonds backed by $175 million in Bitcoin collateral provided by CleanSpark, with BitGo Trust acting as custodian.

If Bitcoin’s value dropped below $140 million, the collateral would have been liquidated to ensure bondholders were repaid in full, without exposing taxpayers to losses.

Council members said the proposal failed to demonstrate meaningful benefits for New Hampshire and raised concerns about lending state legitimacy to a transaction tied to a highly volatile asset class.

Meanwhile, backers argued that the decision was a missed opportunity and urged officials to revisit the proposal.

“It was an extremely short-sighted decision,” New Hampshire House Majority Floor Leader Keith Ammon, who has long championed crypto initiatives in the state, said in a post on X. “They should gather all relevant facts and information and reconsider their vote at a future meeting.”

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

Strategy, the company formerly known as MicroStrategy, sold 3,588 BTC for approximately $216 million between July 1 and July 5. That’s the largest single Bitcoin liquidation in the company’s history, and it came from the man who once made “never sell” sound like a blood oath.

Michael Saylor’s firm still holds 843,775 BTC after the sale.

From diamond hands to dynamic allocation Strategy didn’t sell Bitcoin because Saylor suddenly lost faith in his thesis. The company sold to replenish USD reserves earmarked for preferred-stock dividends on its Digital Credit securities.

The board authorized potential sales of up to $1.25 billion in Bitcoin on June 29, giving management room to sell significantly more if cash needs escalate. The goal, according to the company’s filings, is to avoid issuing additional equity, which would dilute existing shareholders.

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Strategy had already broken the seal in late May 2026, selling 32 BTC for $2.5 million. Selling 3,588 coins at roughly $60,000 each is not a rounding error.

The average sale price of approximately $60,000 per Bitcoin is worth noting because Strategy’s overall cost basis sits above that level — they sold at a loss relative to what they paid for much of their stack. The company reported an $8.32 billion loss in Q2 2026 related to digital assets.

Strategy is now framing this shift as “dynamic capital allocation” designed to improve Bitcoin-per-share metrics.

Why the market cares more than the math suggests 3,588 BTC represents roughly 0.4% of Strategy’s total holdings.

MSTR shares declined several percent intraday on July 6, though they stabilized afterward. Bitcoin itself saw modest selling pressure.

The board authorized up to $1.25 billion in potential Bitcoin sales. That’s roughly 20,800 BTC at current prices, or about 2.5% of the company’s total stack.

The institutional contagion risk The $8.32 billion quarterly loss on digital assets underscores how painful this Bitcoin winter has been for corporate holders who bought aggressively during the bull market. Strategy accumulated the vast majority of its 843,775 BTC at prices that now look elevated compared to current trading levels.

The Bitcoin-per-share metric that Strategy is now optimizing for could actually benefit remaining shareholders if executed well, since selling Bitcoin to avoid equity dilution preserves each share’s claim on the remaining stack.

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

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.

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.

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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.

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.

Wall Street giant Wells Fargo revealed massive crypto holdings via exchange-traded funds (ETFs) and stocks. The banks revealed exposure to Bitcoin, Ethereum (ETH), Solana, Strategy (MSTR), Bitmine (BMNR) and other crypto stocks.

Wells Fargo Reveals Bitcoin, ETH, Solana ETFs Exposure In its latest SEC filing, $2.5 trillion AUM Wells Fargo disclosed 6.5 million shares in BlackRock Bitcoin ETF (IBIT). It also revealed a new call position and an increase in put position in IBIT amid growing uncertainty during the US-Iran war.

IBIT holdings dropped by 75,102 shares compared to the Q4 quarter. Moreover, the Wall Street giant cut its exposure to the Invesco Galaxy Bitcoin ETF (BTCO), Ark 21Shares Bitcoin ETF, and the Fidelity Bitcoin ETF (FBTC).

While Wells Fargo decreased holdings in IBIT, Bitcoin exposure increased in Grayscale Bitcoin Mini ETF, Bitwise’s BITB, and GBTC. Notably, BITB holdings climbed 24% quarter-on-quarter.

Meanwhile, Wells Fargo boosts Ethereum ETF holdings with a 65% rise in BlackRock Ethereum ETF (ETHA) shares. The bank now holds more than 1.10 million ETHA shares worth $17.56 million.

In addition, the banking firm holds 257,157 Bitwise Ethereum ETF, 4,637 Grayscale Ethereum Staking ETF, and 623 VanEck’s ETHV shares.

Also, Wells Fargo disclosed new exposure to Solana ETFs. It scooped 13,280 in Grayscale’s GSOL and 1,638 in Fidelity Solana Fund (FSOL).

Holding in Strategy’s MSTR, Bitmine, and other Crypto Stocks On the crypto stocks side, Wells Fargo significantly ramped up its position in Michael Saylor’s Strategy (MSTR). The bank boosted its MSTR shares by 125% to almost 726,000 shares, adding an estimated $41.5 million in exposure. Notably, Strategy plans sell Bitcoin, but Grayscale claims Strategy’s Bitcoin sales are good for markets.

It also revealed new holdings in the Trump family’s American Bitcoin Corp (ABTC) and Strive (ASST). This move highlights a preference for established Bitcoin treasury companies over direct mining or trading firms.

The bank significantly increased its holdings in Bitmine Immersion’s BMNR from 2,323 to 21,547 stocks. This makes an 828% rise in Ethereum treasury exposure to $426K.

Robinhood (HOOD) shareholdings jumped from 65% to 2.56 million shares. Wells Fargo also opened put option positions for almost $116K. As CoinGape reported earlier, Robinhood CEO Vlad Tenev sold HOOD shares earlier this week.

In contrast, the bank sharply reduced its stake in Galaxy Digital by about 97% and 25% in Coinbase (COIN). This signals a strategic shift away from certain crypto stocks.

Also Read: 11 Best Crypto Copy Trading Platforms in July 2026

9h10 ▪ 6 min read ▪ by Luc Jose A.

Summarize this article with:

After weeks of massive outflows, institutional investors seem to be changing course. Crypto investment products listed on Wall Street (Bitcoin ETFs) are recording a significant slowdown in selling pressure, a signal the market was waiting for to hope to stop its correction. This reversal, still fragile, offers a glimpse into the mindset of major investors facing economic uncertainties and could mark the start of a new sequence for cryptos.

In brief Bitcoin ETFs end eight weeks of capital outflows, with $510 million in inflows rekindling hope of a market turnaround. Institutional investors remain under pressure, as the average acquisition cost of ETFs remains well above Bitcoin’s current price. Whale sales are slowing, but Fed monetary policy and geopolitical tensions continue to weigh on market outlooks. The return of capital marks an encouraging signal, though several obstacles could still hinder a lasting Bitcoin recovery. The return of capital to Wall Street after a historic disengagement Bitcoin-backed ETFs have just interrupted an unprecedented downward spiral thanks to a marked reversal in investor activity. The latest market reports reveal particularly precise numerical indicators for the recent period :

Capital injections : investment products attracted about $510 million in net inflows over three consecutive days ; The end of withdrawals : this movement ends a continuous sequence of eight weeks of outflows during which ETFs lost a total of $8 billion ; The interim annual balance : following this prolonged purge, the net outflow balance since the beginning of the year now stands at $2.8 billion. Asked about this change in trajectory, James Butterfill, research director at asset manager CoinShares, confided: “it seems that sentiment is turning”. The researcher also provided a major quantitative detail on the end of this bearish cycle by stating: “these are the largest inflows we’ve seen since the start of outflows at the beginning of May, suggesting we may have passed the worst”.

Regarding the structure of this disengagement, the analysis shows that the capital retraction proportionally represented 8% of the total assets under management of Bitcoin ETFs. This behavior faithfully mirrors capital capitulations observed at cycle lows in 2018. Although spectacular in duration, this unwinding of positions remains technically comparable to the episode in February last year, during which institutional investors withdrew a total of $5.2 billion from these same financial vehicles.

Institutional unrealized losses and the technical review of the purge Beyond recent cash flows, the financial reality of current ETF allocators reveals a critical situation. According to Glassnode calculations based on the average acquisition cost of these financial instruments, the average buyer of these products is currently in an unrealized loss position.

On-chain data indicate that investors mostly gained exposure when Bitcoin was trading around $83,800. This setup explains the current market’s great caution, while the asset is currently trading around $62,000, showing a 4% increase over a week but still affected by its correction to $58,000 at the beginning of the month and its continuous decline from the $126,000 peak set last October.

However, the intensity of this institutional capitulation deserves to be tempered compared to major crises experienced by the ecosystem in the past. Despite the severity and duration of the recent price drop, the peak net daily outflows for these funds stabilized at $733 million. This important psychological threshold did not exceed the absolute disengagement records recorded multiple times throughout last year.

This shows that while outflows set a duration record, daily panic remained relatively contained. Institutional investors thus managed their positions in a more algorithmic and orderly way than in previous cycles.

Whale movements and macroeconomic drags from the Fed The hopes for a structural recovery face underlying market forces and a particularly tight global monetary environment. Alongside ETFs, selling pressure has intensified from whales holding at least 1,000 Bitcoins. These large wallets have liquidated over $40 billion in assets since last year’s price peak.

James Butterfill notes that this major source of devaluation and specific selling pressure has just eased, offering technical relief to the market. However, the U.S. Federal Reserve continues its restrictive policy to fight inflation, while geopolitical tensions in the Middle East keep weighing on risky assets.

James Butterfill highlights the limits of short-term excessive optimism: “we are not in a situation where we can say the Fed is about to cut rates, and that would be very favorable for bitcoin”. The expert reminds the crypto’s intrinsic dependence on central bankers’ decisions concluding : “bitcoin remains very, very sensitive to inflation outlooks, and by extension, the war in Iran and Fed prospects”.

The cross-analysis of this data demands a nuanced reading of market prospects. On one side, the return of inflows at $510 million, despite eight weeks of capital outflows, shows that institutional investors perceive the current zone as a relevant entry point. On the other, the fact that the average cost base is at $83,800 creates psychological resistance, with many players simply waiting to break even in an uncertain macroeconomic context.

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Luc Jose A.

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

DISCLAIMER

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

https://www.fintechweekly.com/magazine/articles/russia-crypto-reserves-bitcoin-vs-gold-yuan

Russia’s State Duma has approved a revised cryptocurrency oversight bill that eliminates the requirement for users to disclose wallet addresses to authorities, setting a cap on retail investment at 300,000 rubles annually, and introducing a 48-hour delay on large foreign transfers. This legislative move marks a significant shift from previous drafts by reducing regulatory burdens on crypto usage. The Central Bank of Russia is designated as the regulatory body, with the law expected to take effect on September 1, 2026. Analysts suggest that these changes could foster a more favorable environment for cryptocurrency markets within Russia, potentially influencing global crypto sentiment.

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Key Takeaways Russia’s revised bill appears to reduce regulatory burdens by removing the requirement to disclose wallet addresses. The legislation suggests a more controlled approach with a cap on retail crypto investments and a delay on large transfers. Market pricing suggests that these developments could influence optimism about Bitcoin’s future price trajectory. What to Watch Observers will closely monitor the implementation of this legislation to assess its impact on the Russian crypto market and global sentiment. The Central Bank of Russia’s role as the regulatory body will be crucial in determining how these changes affect market dynamics. Developments in U.S. crypto legislation and Federal Reserve rate decisions could further impact market perceptions and Bitcoin’s price outlook.

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Term Structure

Contract Odds Δ since publish Volume 24h December 31 1.6% — — View market → December 31 1.9% — — View market → December 31 2.4% — — View market → December 31 3.4% — — View market → December 31 5.5% — — View market → January 1 2027 10% — — View market → January 1 2027 36.5% — — View market → January 1 2027 5.5% — — View market → January 1 2027 1.8% — — View market → January 1 2027 1.9% — — View market → January 1 2027 3.2% — — View market → January 1 2027 3.4% — — View market → January 1 2027 6.5% — — View market → January 1 2027 71.5% — — View market → January 1 2027 12.5% — — View market → January 1 2027 1.4% — — View market → January 1 2027 4% — — View market → January 1 2027 48.5% — — View market → January 1 2027 24% — — View market → January 1 2027 9.5% — — View market → January 1 2027 3.6% — — View market → January 1 2027 3.9% — — View market → January 1 2027 2.8% — — View market → January 1 2027 1.2% — — View market → January 1 2027 0.9% — — View market → January 1 2027 12.5% — — View market → January 1 2027 22.5% — — View market → January 1 2027 32.5% — — View market → January 1 2027 47.5% — — View market → January 1 2027 66.5% — — View market →

SpaceX moved Bitcoin (BTC) on-chain for the first time in six months on Tuesday. The company sent an $88 test transaction between two of its tagged wallets, blockchain tracker Arkham Intelligence reported.

The tiny transfer instantly revived a familiar question. SpaceX holds 18,712 BTC, and Elon Musk’s companies rarely touch their coins without drawing market attention.

Is SpaceX Moving Its Bitcoin?Arkham flagged the transaction on Wednesday. The funds traveled from a legacy “15atF” address to a newer “bc1q9” address.

SpaceX Bitcoin test transaction between tagged wallets. Source: Arkham “A tagged SpaceX address just moved Bitcoin for the first time in 6 months. SpaceX (15atF) made a test transaction of $88 of BTC to SpaceX (bc1q9). Is SpaceX about to move more BTC?” Arkham posed.

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The question posed by Arkham itself fuels speculation. Tiny test sends are a standard custody step that verifies a new address before larger sums follow.

SpaceX has followed this playbook before. In October 2025, Arkham research recorded 2,495 BTC, worth $257 million, landing in two fresh wallets after months of quiet. That followed a $300 million shift to Coinbase Prime custody in July 2025.

SPACEX MOVING $250 MILLION BTC

SpaceX has just moved a total of $268.5 Million BTC. This involves them moving 90 and 10 BTC to separate wallets, with the other $257.7M remaining in SpaceX wallets.

What is SpaceX doing with 100 BTC? pic.twitter.com/Hb4rPBx7Ma

— Arkham (@arkham) October 21, 2025 Traders also remember that SpaceX has sold before. Arkham’s records show it offloaded two large chunks of its stack during the 2022 crypto winter. Tesla, by contrast, has left its 11,509 BTC untouched since 2024.

No Evidence of a Sale as Holdings Stay at 18,712 BTCStill, nothing currently points to selling. BitcoinTreasuries shows 18,712 BTC, unchanged since the May 21 S-1 filing that preceded SpaceX’s June 12 IPO.

SpaceX BTC Holdings. Source: Bitcoin TreasuriesThat filing also reframed what wallet watchers can see. On-chain trackers had estimated roughly 8,285 BTC, so the disclosure revealed 10,427 BTC they had never traced. In other words, Arkham’s tagged addresses cover less than half the treasury.

Ownership concentrates the decision further. Musk was expected to keep a controlling stake above 85%, leaving any accumulation or disposal at his discretion.

The timing adds intrigue. SpaceX stock joined the Nasdaq-100 this week, while BTC trades near $62,060, roughly half its October peak of $126,080. Consequently, the stash is worth about $1.2 billion, down from $1.45 billion at the time of disclosure.

Wallet data can move sentiment fast. Reports of MicroStrategy’s larger-than-reported sales showed as much just last week. Similarly, activity from long-dormant Bitcoin wallets tends to signal consolidation rather than selling.

If precedent holds, the $88 send points to custody housekeeping rather than an exit. However, follow-up transfers from the new address in the coming days would reveal whether a larger reshuffle is underway.

Published Wed, Jul 8, 2026 · 09:16 PM

[NEW YORK] Bitcoin tumbled as renewed geopolitical tensions rattled digital asset markets, eclipsing what had been a muted reaction to Strategy Inc’s latest sale of the token earlier in the week.

The largest cryptocurrency fell more than 3 per cent to around US$61,691 on Wednesday (Jul 8) as tensions flared up once more between the US and Iran. The selloff picked up steam after US President Donald Trump said the tentative ceasefire with Iran was over, raising the prospect of renewed military conflict between the two countries. Other cryptocurrencies, including Ether and Solana, also fell.

Bitcoin later pared some of its losses and was trading at around US$62,100 in early morning New York.

“Bitcoin took a quick dive after Trump’s comments, as the market frets about further fuel-linked inflation and potential rate hikes to counter it,” said Caroline Mauron, co-founder of Orbit Markets. “We expect some support around US$61,500, but the market is likely to remain volatile as the geopolitical and macro situations develop.”

Brent crude advanced nearly 6 per cent to US$78.55 a barrel. Stocks extended declines, with the MSCI Asia Pacific Index dropping as much as 1 per cent and India’s Nifty 50 Index sliding 1.5 per cent. S&P 500 futures slid 1 per cent.

Trump’s comments came after the US carried out strikes on Iran, which followed attacks on commercial ships transiting the Strait of Hormuz. Both sides accused the other of violating the ceasefire.

Bitcoin had been looking stronger in July after a 20 per cent drop in June, its worst month in four years. The token is up about 5.5 per cent so far this month.

The cryptocurrency had been relatively resilient after Strategy – the Michael Saylor-founded company that has become the token’s largest corporate buyer – disclosed a US$216 million Bitcoin sale on Monday. Markets barely reacted to the news, a far cry from last month, when Strategy’s disclosure of its first Bitcoin sale since 2022 precipitated a selloff.

“A forced seller of that size not denting the market is a real signal worth noting,” said Sean Rose, an account executive at market intelligence firm Glassnode.

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Some long-term Bitcoin holders had also resumed buying before the latest Middle East flare-up, adding as many as 31,800 tokens per day to their holdings from June 20 to July 6, according to Glassnode. 

US-listed spot Bitcoin exchange-traded funds, meanwhile, have added more than US$500 million in three consecutive days of inflows. Investors had pulled more than US$4.5 billion from the funds in June, their worst month since launching in early 2024.

Still, Bitcoin remains down more than 50 per cent since reaching a high above US$126,000 last October. The upside, however, may be lower risk. Glassnode’s Bitcoin Risk Index fell to 0.56 on July 6 from its maximum reading of 1 at the start of the month, which Rose said is “a real de-risking signal.”

Another sign is emerging. Bitcoin has been shaken in recent months by long-term holders taking profit when the token starts to recover, but there are signs that opportunities to do so may be drying up. Net unrealised profit/loss now sits at 0.17, according to a report from Bitrue Research Institute, suggesting most Bitcoin holders have little profit left to take.

As for Strategy, traders may no longer be viewing its decisions with the same apprehension, after having withstood two recent sales. The company has also announced structural changes, which give it broader authority to preserve liquidity and sell Bitcoin when issuing new stock becomes less attractive. It also greenlit the repurchase of US$1 billion of its preferred securities and an additional US$1 billion of common stock.

By reorganising its balance sheet, Strategy “may have finally gotten out of its own way,” Jeff Dorman, chief investment officer at Arca, wrote in a report published on Monday.

The question remains whether Bitcoin’s brittle recovery this month can hold, particularly as geopolitical tensions continue to unsettle global markets. Financial institutions that have been drawn to digital assets are now increasingly looking at stablecoins and other uses of blockchain as ways of growing their presence in the sector instead.

“Institutions are not necessarily looking to take more directional exposure to tokens right now, but they are increasingly interested in using blockchain rails to make financial markets more efficient, programmable, and globally accessible,” said Boris Alergant, an executive at Babylon Labs. BLOOMBERG

Bitcoin financial services platform Strike has launched a “volatility-proof” Bitcoin-backed loan that eliminates margin calls and forced liquidations amid the depths of a bear market, but only for those who can pay on time and handle a 14% interest rate.

In an announcement on Tuesday, Strike CEO Jack Mallers said the offering came in response to broad customer feedback on Strike’s first Bitcoin loan product, which launched in May 2025 and triggered many liquidations during a timeframe in which Bitcoin (BTC) dropped 54% from peak to trough.

“No margin calls. No price liquidations. No matter how far bitcoin falls, your bitcoin doesn't move,” Strike CEO Jack Mallers said of the new Bitcoin loan product. The trade-off is an expensive interest rate, a shorter six-month loan term, and an obligation to pay on time to avoid liquidation, Mallers said.

Strike’s Jack Mallers is presenting the new Bitcoin-backed loan product. Source: Jack Mallers

The Bitcoin industry has spent the better part of a decade racing to build financial products that expand Bitcoin's use case beyond a savings technology. A report in June from crypto lending platform Ledn, however, found that while 88% of surveyed crypto investors said they would consider a crypto-backed loan, only 14% use them.

Ledn said confidence in crypto-lending products and market volatility are among the main reasons for this 6-to-1 “crypto collateral gap” that has slowed adoption.

Volatility has been one of the biggest obstacles behind that push, with Bitcoin dropping 30% or more in 10 of the past 12 years, while also experiencing a 50% or more drawdown four times since 2014, Mallers noted.

Other crypto market participants offering Bitcoin-backed loans are Binance, Coinbase, Nexo and Xapo Bank.

Strike charges double-digit interestThe maximum initial loan-to-value ratio for the volatility-proof loans is 45%, meaning that a customer who puts up $100,000 in Bitcoin as collateral can borrow up to $45,000, while the annual percentage rate (APR) is also 2.95 percentage points higher than Strike’s standard loan product.

“The secret sauce is that we’re taking the extra charge that we’re giving you guys and we’re putting it on extra hedges in the market to protect all of us.”Strike’s standard Bitcoin loans charge an annual percentage rate between 7.75% and 11.25%, meaning the volatility-proof products could carry interest between 10.7% and 14.2%. 

"If you're OK with a slightly shorter term and a little bit higher of a fee, there is no price move that can liquidate you," Mallers said.

Over the past year, Bitcoin has fallen 54% from its all-time high of $126,080 in October to $58,190 on June 25.

Bitcoin investor Fred Krueger said the loan product "could eliminate one of Bitcoin's biggest structural problems: forced selling during market crashes." 

“Instead of volatility causing automatic liquidations, defaults would be driven by borrowers' inability to service debt rather than by temporary price swings," he said.

“Great product for those who need near-term liquidity and don’t want to risk liquidation,” added Vibes Capital Management executive chairman Rob Topping, though he also acknowledged the 14% APR was expensive. 

Customers must pay up or face consequencesIf a client misses a payment, they have 10 days to make the payment or contact Strike to explain their financial situation, Mallers said.

Failing to pay after that 10-day period may mean Strike starts liquidating their Bitcoin to cover the overdue amount, Mallers warned.

“If we don’t hear from you for a few weeks, then I may have no choice but to sell off some of the Bitcoin because it seems like you’re doing a hit-and-run.”“That’s why we call it ‘volatility-proof,’ not ‘liquidation-proof,’” Mallers added.

The Bitcoin loans are offered in most US states and can be taken out in both personal and business names. They can be used for new loans, refinancing or consolidating.

While the minimum loan amount varies from state to state, the minimum loan offered through personal loans is $10,000, while businesses in certain states can access loans as low as $5,000.

Features: Bitcoin miners are pivoting to AI, so why is the hashrate near ATHs?

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Story Ends Here

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

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

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

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

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

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

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

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

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

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

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

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

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

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Term Structure

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

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

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

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

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

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

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

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

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

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

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

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

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

The market value of gold is over $27 trillion.

About $1.3 trillion is the market capitalization of Bitcoin.

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

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

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

The Float Is Drying Up - And That Cuts Both Ways

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Crucial is the context.

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

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

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

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

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

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

The market is currently assessing a clearly defined barrier.

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

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

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

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

The Macro Overlay

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

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

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

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

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

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

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

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

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

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

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

When taken independently, each data point provides unique insights.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Summary

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

For more details, visit the official SEC platform.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

🚨🇦🇺 AUSTRALIA MAKES XRP OFFICIAL 🇦🇺🚨

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

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

Adoption continues. 👀 pic.twitter.com/gJmALhkHYE

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

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

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

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

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

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

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