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Although Bitcoin is yet to regain momentum, trading consistently in a downside trajectory, it appears that its long-term holders are stepping into the market again.

Latest onchain data from CryptoQuant shows that Bitcoin's long-term holders, known for retaining their positions even through diverse market cycles, have been increasingly stacking up Bitcoin again.

Bitcoin sees strong accumulation despite downtrend The data shows that Bitcoin's Long-Term Holder (LTH) Net Position Change has marked its largest green reading in over six years, reaching 1.29 million BTC over a 30-day period on May 24, 2026.

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While this marks its highest level in six years, the metric has surpassed the previous record achieved during the 2017 bull market, sparking questions about whether the Bitcoin bull market is already near.

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It is important to note that the Bitcoin LTH Net Position Change metric measures how much Bitcoin long-term investors have added to or reduced from their holdings over the past month. 

While a red reading on the Bitcoin LTH Net Position Change suggests that investors are selling, such a high green reading in the metric shows that smart money holders are accumulating aggressively.

What to expect?Unlike in previous cycles, the strong accumulation from Bitcoin long-term holders this time arrived when Bitcoin was trading near its weakest levels.

Although speculative traders had massively distributed their assets, smart money holders are buying instead, suggesting that seasoned investors viewed the market downturn as an opportunity to buy and hold rather than a reason to exit.

The data further showed that the strong accumulation from long-term holders sparked a massive 15% rebound in the price of Bitcoin, surging from about $58,000 to $66,000.

While such strong accumulation typically reduces the amount of Bitcoin available for sale, it drives a potential rally in the price of the asset, suggesting that Bitcoin may be set for a further rally to $70,000 if the buying persists.

19h00 ▪ 5 min read ▪ by Evans S.

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Bitget has registered as a Financial Services Provider in New Zealand, adding another jurisdiction to its international compliance framework. The registration covers services ranging from foreign exchange and money transfers to custody and portfolio management. It also supports Bitget’s wider ambition to connect crypto, tokenized assets and traditional markets through its Universal Exchange model.

In brief Bitget has registered as a Financial Services Provider in New Zealand. The registration covers FX, transfers, custody and several management services. Bitget has also joined the independent IFSO dispute-resolution scheme. Bitget expands its regulated international footprint Bitget has been added to New Zealand’s Financial Service Providers Register, known as the FSPR. The move follows other compliance steps, including Bitget’s recent Argentina PSAV registration. The registered service categories cover foreign currency exchange, domestic and international money transfers, client asset custody, portfolio management and money management. They also include the execution of financial products or foreign exchange transactions for clients.

This scope fits Bitget’s evolution beyond a crypto-only exchange. The platform now offers access to digital assets, tokenized stocks, commodities, foreign exchange and other market products. A broader product range requires a more structured legal and operational base.

The wording around the registration matters. Appearing on the FSPR does not mean that New Zealand’s government, Financial Markets Authority or Registrar has endorsed Bitget or guaranteed its products.

The FSPR is primarily a public register of financial service providers. Depending on the services offered and the clients targeted, providers may also face rules covering anti-money laundering, counter-terrorist financing and fair dealing.

IFSO membership adds an external dispute channel Bitget therefore gains an important compliance layer, but not a universal stamp of approval. Product availability will still depend on local laws, customer eligibility and the precise structure of each service. This distinction is useful for customers. Regulatory registration can increase transparency and accountability. It does not remove market risk, guarantee investment returns or make every product available to every user in New Zealand.

Bitget has also joined New Zealand’s Insurance and Financial Services Ombudsman Scheme. IFSO provides an independent channel through which eligible customers can raise complaints against participating financial service providers.

That step adds a practical element to the registration. Compliance is not only about appearing in a database. It also involves creating processes for customers when a dispute cannot be resolved directly with the company.

For a platform combining crypto, custody, transfers and traditional market products, dispute resolution becomes increasingly important. The more services an exchange offers, the more complex customer issues can become. Bitget has taken similar steps elsewhere. Its Mexican registrations reflected the same strategy: enter important markets through local compliance structures rather than relying on a single global operating model.

Bitget prepares compliance for the UEX expansion Bitget describes itself as a Universal Exchange, or UEX. The model brings crypto, tokenized equities, commodities, foreign exchange and other financial instruments into one trading environment. This creates an obvious regulatory challenge. A platform dealing only with crypto spot trading has one type of exposure. A platform combining custody, cross-border payments, FX and portfolio services enters several overlapping financial categories.

The New Zealand registration helps Bitget build the infrastructure required for that broader model. It supports the operational side of its expansion while giving the company a clearer framework for offering eligible services.

Still, registration alone will not determine the success of the strategy. Bitget must maintain strong custody systems, transparent product information, effective risk controls and reliable customer support. The UEX model becomes more useful as it expands, but also harder to manage.

New Zealand therefore represents more than another flag on Bitget’s compliance map. It tests whether the exchange can translate its global multi-asset strategy into locally structured services. That challenge will grow as Bitget moves deeper into traditional markets and promotes financial education through initiatives such as TradFi 101.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

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.

The National Fraternal Order of Police became the latest organization to throw its support behind the long-awaited Clarity Act. 

In a statement Friday, specifically addressed to Democratic senators Elizabeth Warren and Timothy Eugene Scott, the fraternal organization wrote that it approved of the latest bill. The FOP works to improve the working conditions of law enforcement officers.

The newest draft bans officials and their families from issuing or promoting crypto, something opposition lawmakers previously had issue with. On Wednesday, Senator Warren, a long-time crypto critic, said that the latest bill would allow President Donald Trump to make money from crypto, as well as benefit criminals. 

JUST IN: 🇺🇸 The world's largest organization of sworn law enforcement officers now officially endorses the passage of the Clarity Act: pic.twitter.com/N10g5jIZ0M

— Bitcoin Magazine (@BitcoinMagazine) July 24, 2026 “The latest version of the ‘Clarity Act’ includes several provisions that improve the ability of State and local law enforcement to protect consumers, investigate financial crimes, and coordinate with their Federal partners,” the letter read. 

“The revised bill establishes safeguards aimed at addressing fraud and victimization involving digital asset kiosks and related activity while also providing for anti-money laundering and sanctions compliance obligations across the digital asset ecosystem.”

U.S. lawmakers are currently mulling over the latest draft of the Clarity Act — a crypto market structure bill aims to set in stone digital asset regulation. 

More support for the bill  Top crypto advocacy groups the Crypto Council for Innovation, Blockchain Association, and the Digital Chamber also threw their support behind the latest draft of the Clarity Act on Friday. 

The trade associations said that passing the bill is necessary to establish the “first comprehensive federal consumer protection framework for digital asset markets” as more Americans begin to use and invest in crypto. 

The Clarity Act, which Republicans passed last year, has been in a deadlock mainly because banking chiefs raised concerns over stablecoins and the yield they would potentially pay customers. 

America’s biggest crypto exchange, Coinbase, pulled support for the bill in January after clashing with banking chiefs who said that earning yield on stablecoins should be banned. 

U.S. banks have said they could lose customers if crypto exchanges offer more attractive products for their deposit base. 

A new bill has been circulating this week and it is expected it will head to floor vote. 

The latest draft bans officials and their families from issuing or promoting crypto — a sore point for Democratic politicians who have argued that President Donald Trump’s family has unfairly benefited from crypto ventures.

President Trump campaigned on a ticket to help the crypto space but his digital asset ventures have raised eyebrows among Washington lawmakers who think the Trump family has unfairly profited from crypto businesses. 

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

In brief Poolin Technology filed for Chapter 11 bankruptcy on July 22. The largest single debt, $163.7 million, is owed to about 11,700 users. Thor CALAP LLC has placed a $52 million stalking-horse bid for Poolin's two West Texas mining sites, setting the floor for a court-supervised auction. Poolin Technology Pte. Ltd., the Singapore-based company that once ran one of Bitcoin's largest mining pools, filed for Chapter 11 bankruptcy on July 22—the U.S. legal process that lets a company operate under court supervision while it reorganizes or, in this case, sells off its remaining assets and shuts down.

The filing, in the U.S. Bankruptcy Court for the District of New Jersey, covers Poolin alongside two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC. Court documents list roughly prepetition obligations of more than $100 million against less than $10 million in assets.

A mining pool lets individual Bitcoin miners combine their hashrate—the raw computing power machines burn through to solve the cryptographic puzzles that add new blocks to the blockchain—so the group wins rewards more often than any single miner could alone.

Poolin was founded in Beijing in 2017 by Zhibiao "Kevin" Pan, along with Fa Zhu and Tianzhao Li, all veterans of mining-hardware maker Bitmain, and it grew into one of the world's biggest pools. At its peak, the company controlled nearly a fifth of the network's global hashrate, before expanding into crypto lending and interest-bearing accounts through a product called Poolin Wallet.

The trouble started in September 2022, when Poolin froze withdrawals for Poolin Wallet and Pool Account users. The company said at the time it was "facing some liquidity issues," tied to a wave of withdrawal demand during that year's broader crypto crash. Rather than making customers whole, Poolin issued IOU tokens as placeholders for real Bitcoin, and those debts never got repaid.

Those unpaid IOUs are now the largest liability in the bankruptcy case. About 11,700 wallet holders are owed $163.7 million, according to a court declaration from Chief Restructuring Officer Michael DuFrayne. Poolin's Texas mining and hosting operations, run through Lonestar Dream, shut down entirely on July 10, and the company says it does not intend to resume.

To repay what it can, Poolin is auctioning its two West Texas sites, with Thor CALAP LLC offering a $52 million stalking-horse bid—an opening offer that sets the floor price other bidders must beat in a court-supervised sale. That amount covers only the physical mining infrastructure, not the frozen wallet balances, and falls well short of what users are owed. The Texas units had already piled up roughly $45.9 million in losses since they opened, plus another $8.8 million from selling equipment at discounted prices between fiscal 2023 and 2025.

Recovery for the 11,700 IOU holders now depends largely on what the Texas auction brings in, more than three years after their withdrawals were first frozen.

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https://theenergymag.com/news/2026-07-23/poolin-chapter-11-bitcoin-pool

Poolin, a major Bitcoin mining pool operator based in Singapore, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey. The filing lists liabilities of approximately $173.1 million, with assets ranging between $1 million and $10 million, and between 10,001 to 25,000 creditors. Poolin’s decision to auction its Texas mining sites, featuring a $52 million stalking-horse bid from Thor CALAP LLC, is part of a broader strategy to repay its 11,700 users. The bankruptcy filing indicates a significant shift in the Bitcoin mining landscape, as Poolin was once among the industry leaders.

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Key Takeaways Poolin’s bankruptcy filing suggests a major shift in Bitcoin mining operations, potentially increasing market uncertainty. The sale of Poolin’s Texas mining sites appears consistent with efforts to liquidate assets and repay creditors. Market pricing indicates a potential decrease in Bitcoin price predictions, reflecting concerns over increased mining sell-pressure. What to Watch The auction of Poolin’s mining assets will be a key event to monitor, as the outcome could influence market sentiment and Bitcoin’s price trajectory. Watch for any additional announcements regarding the liquidation process or potential buyers for the assets. Additionally, any shifts in market pricing for Bitcoin, especially in response to changing mining operations, could further impact predictions on Bitcoin reaching price targets in July.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 0.2% — — View market → August 1 2026 24.5% — — View market → August 1 2026 6.6% — — View market → August 1 2026 4.9% — — View market → August 1 2026 0.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.2% — — View market → August 1 2026 2.2% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.9% — — View market → August 1 2026 2.4% — — View market → August 1 2026 0.4% — — View market → August 1 2026 0.4% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →

20h05 ▪ 4 min read ▪ by Lydie M.

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India has ordered GitHub to remove several repositories related to Bitchat, the decentralized messaging created by Jack Dorsey. Authorities blame the application for complicating user identification and surveillance. This decision places Bitcoin and censorship-resistant technologies at the center of a new conflict between public safety and digital freedom.

In brief India requests the removal of three GitHub repositories related to Bitchat. The messaging can work offline and relay Bitcoin transactions. Its decentralized architecture complicates surveillance and legal interceptions. An application linked to Bitcoin is in India’s sights Bitchat is a peer-to-peer messaging capable of working without Internet, phone number, or central server. Jack Dorsey introduced it in 2025 as a secure and decentralized messaging, suited for network outages and crisis areas. The Indian Cyber Crime Coordination Centre, attached to the Indian Ministry of Home Affairs, requested GitHub to disable three repositories associated with the project. The notification is based on section 79(3)(b) of the Indian Information Technology Act.

Authorities believe that the lack of registration, centralized logging, and classic identifiers complicates legal interceptions. Bitchat thus becomes difficult to monitor with the tools used for ordinary platforms. Bitchat is not a Bitcoin application in the strict sense. Its main function remains the exchange of encrypted messages between nearby phones. This remains possible thanks to low-energy Bluetooth and a relay system between devices.

Its link to Bitcoin comes from an additional feature. The application can carry an offline signed BTC transaction, then relay it from phone to phone. As soon as a device regains connection, the transaction can be broadcast to the Bitcoin network.

This mechanism follows one of the principles defended by Jack Dorsey: allowing users to communicate and transfer value without fully depending on a central infrastructure. Even if Bitchat does not directly rely on the Bitcoin blockchain for its messages, its architecture shares the same pursuit of autonomy.

Protests accelerate the adoption of Bitchat The Indian decision comes in the context of student protests in New Delhi. Internet shutdowns were reportedly imposed around some gatherings, pushing participants towards offline-capable tools. Bitchat and other Bluetooth messengers allow phones to create a small local network. Each device can pass a message to the next. This gradually expands the communication zone without going through a mobile operator.

This scenario recalls the adoption of Bitchat by protesters in Nepal and Indonesia. The more authorities cut traditional channels, the more users seek decentralized solutions. The order sent to GitHub does not guarantee the software’s disappearance. The code is open source and can be copied on other platforms. At the time of the announcement, the application was also still downloadable on major mobile stores.

The case goes beyond Bitchat. It raises a simple question: can a state truly block a decentralized tool when its code can be freely duplicated and shared? Removal from GitHub can reduce the project’s visibility and slow its development. It does not destroy copies already downloaded, nor versions hosted elsewhere. This technical limitation often turns a ban into a perpetual race between authorities and developers.

For governments, these applications create a real problem. They can protect citizens during an outage or crisis, but also complicate investigations against illegal activities. The challenge is to regulate abuse without imposing general surveillance. Jack Dorsey has been building a strategy focused on Bitcoin, decentralized payments, and censorship-resistant tools for several years. His company Block itself holds BTC and is preparing payment services linked to bitcoin, as shown by its development around Block and Bitcoin.

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Lydie M.

Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.

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.

Japanese spot Bitcoin (CRYPTO: BTC) ETF market could grow to around $18.4 billion by fiscal 2028 under a bullish adoption scenario.

In a July 24 morning edition, Nikkei noted that the estimate is based on the size of Japan’s household financial assets, its investment fund market, participation in the country’s tax-advantaged NISA investment accounts, and existing domestic demand for cryptocurrencies.

Japanese households hold roughly $14.6 trillion in financial assets.

An $18.4 billion Bitcoin ETF market would account for only about 0.13% of that, suggesting that even a relatively small shift in household portfolios could create a sizable market.

It would also represent around 1% of Japan’s public equity investment fund market, which exceeds $1.8 trillion.

The estimate assumes three primary sources of investment demand.

The first would come from existing cryptocurrency investors seeking BTC exposure through a regulated and familiar investment product; the second would be new retail investors; and lastly, wealthy individuals, corporations, and institutional investors making portfolio allocations to Bitcoin.

Access Could Be The Key CatalystThe central argument behind the $18.4 billion scenario is not that Japanese investors will suddenly make large speculative allocations to Bitcoin. Rather, ETF approval could unlock demand by making the asset easier to purchase and hold through financial systems investors already use.

Japanese investors could gain Bitcoin exposure without directly managing wallets, seed phrases, or crypto exchange accounts. That accessibility could be particularly important for institutions and corporations that require regulated custody, reporting and risk-management structures before allocating capital.

In early July, Japanese crypto exchange SBI VC Trade highlighted that registered accounts surpassed 2 million, indicating rising domestic demand for digital assets. The firm said Japanese companies are also increasingly using Bitcoin and XRP (CRYPTO: XRP) in shareholder benefit programs.

Image: Shutterstock

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Page Last Reviewed: July 24, 2026

Most major cryptocurrencies are trading lower on July 24, 2026, with Bitcoin down 0.85% to $65,104.61 and sharper declines across Ethereum, XRP, and Solana, all off more than 2%. Two forces are compounding today: a broader risk-off move across financial markets tied to rising oil prices and escalating US-Iran military tensions, and fading confidence in the CLARITY Act’s path through the US Senate, with prediction-market odds for 2026 passage falling to 38% from 46% just a day earlier.

Key Takeaways Crypto is trading broadly lower today, with Bitcoin down 0.85% and sharper declines of more than 2% across Ethereum, XRP, and Solana. Rising oil prices tied to escalating US-Iran military tensions have pushed Treasury yields higher and pressured risk assets broadly, including crypto and equities like the Nasdaq. The CLARITY Act’s Senate outlook has darkened, with prediction markets cutting implied 2026 passage odds to 38% after Senate Democrats criticized the latest draft’s ethics and consumer-protection language. Dogecoin (DOGE) is down more sharply than other majors today, continuing its pattern of amplifying broader market moves in both directions. Not every asset is down — Monero (XMR) remains up sharply for the week, a reminder that today’s decline isn’t uniform across the entire market. Today’s Main Drivers Macro pressure and geopolitical risk. Oil prices have surged toward $88.60 a barrel amid escalating US military action linked to Iran, pushing Treasury yields higher and dampening risk appetite across both crypto and equities — the Nasdaq fell over 2% this week on the same pressures. This kind of broad risk-off move tends to hit crypto alongside, not separately from, traditional risk assets.

CLARITY Act uncertainty deepens. The bill’s Senate outlook, which looked genuinely promising just days ago on reports of a White House ethics-package agreement, has darkened after Senate Democrats criticized the latest draft as insufficient on ethics and consumer protections. Senate Majority Leader John Thune has acknowledged the bill will likely miss its pre-recess deadline, and prediction markets have responded by cutting implied 2026 passage odds to 38%. For the fullest picture, see Crypto News Today and Crypto Market Today.

Other Factors Worth Noting Uneven declines across assets. Dogecoin is down more sharply than Bitcoin or Ethereum today, consistent with its history of amplifying broader market moves in both directions due to lower relative liquidity and a heavily retail trading base.

Monero moving against the trend. XMR remains up sharply for the week even as most of the market pulls back, a reminder that today’s decline reflects broad market pressure rather than a uniform, asset-by-asset sell-off.

Bitcoin ETF inflows remain positive. Despite today’s price action, Bitcoin ETFs have logged seven consecutive days of net inflows — a genuinely supportive signal that institutional demand hasn’t broken down alongside the price pullback.

Is This a Bad Sign, or Normal Volatility? Today’s declines, while broader than some recent sessions, remain within the range of normal crypto volatility. Bitcoin is still up 3.58% for the week despite today’s drop, and the immediate catalysts — oil prices, geopolitical tensions, and a specific legislative timeline — are identifiable rather than mysterious. That said, the combination of deteriorating CLARITY Act odds and rising macro pressure is a genuine, not merely cosmetic, shift from the more optimistic mood earlier in the week, and it’s worth taking seriously rather than dismissing as routine noise.

What Would Reverse Today’s Trend? A CLARITY Act stabilization. Any sign that Senate leadership has found a path to address Democrats’ ethics and consumer-protection concerns, or confirmation that floor action will begin before the recess, would likely ease some of today’s regulatory-driven pressure.

Easing geopolitical tensions. A de-escalation in US-Iran military tensions and a pullback in oil prices would remove one of the two compounding pressures currently weighing on risk assets broadly.

Continued ETF inflows. An eighth consecutive day of Bitcoin ETF inflows would reinforce the case that institutional demand remains intact despite today’s price weakness and darkening regulatory outlook.

This article is for informational purposes only and does not constitute financial advice. Always conduct independent research before making investment decisions.

Frequently Asked Questions Why is Bitcoin down today specifically? Bitcoin is down 0.85% today as rising oil prices tied to US-Iran tensions and fading CLARITY Act passage odds combine to pressure risk assets broadly across the market. It's a genuine shift from the more optimistic mood earlier in the week, though BTC remains up 3.58% for the week despite today's decline.

Is today's crypto dip something to worry about? The decline is broader than some recent sessions but still falls within normal volatility ranges, and Bitcoin remains up for the week overall. The underlying catalysts — oil prices, geopolitical tensions, and a specific legislative timeline — are identifiable and worth monitoring rather than dismissing, but don't yet signal a deeper structural problem.

Which cryptocurrencies are down the most today? Dogecoin has fallen more sharply than Bitcoin, Ethereum, or XRP today, consistent with its tendency to amplify broader market moves due to lower relative liquidity. Ethereum, XRP, and Solana are all down more than 2%, while Bitcoin's decline has been comparatively more modest by comparison. This detail matters most for anyone actively tracking today's market movements.

When will crypto recover from today's dip? There's no fixed timeline. The clearest potential catalysts are a stabilization in the CLARITY Act's Senate outlook, an easing of US-Iran geopolitical tensions and oil prices, or continued Bitcoin ETF inflows extending their current seven-day streak, any of which could shift sentiment relatively quickly given how closely the market has been tracking these stories.

AUTHOR

Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.

Duan Yongping has sold SpaceX put options with a strike price of $92.

Renowned investor Duan Yongping stated yesterday in response to a community user's question that he has started selling put options on SpaceX. This is his typical "potential acquisition" strategy. According to the live trading records of the SpaceX put options Duan shared, his quoted price was around 23.20, with actual execution at 23.26 (1,000 contracts), earning him a premium of approximately $2.32 million. Calculated over a 5-month term, the yield is roughly 25.35%, with an annualized return of about 60%. He noted, "I want to support Elon Musk's dream."

1 hours ago

The United States and the United Kingdom plan to discuss forming an international alliance to protect maritime shipping in the Strait of Hormuz.

According to AXIOS: European diplomats say the U.S. and the U.K. are discussing holding a high-level meeting in London next week, with the meeting focusing on a potential plan to establish an international coalition to protect maritime shipping in the Strait of Hormuz.

1 hours ago

A prominent trader says Bitcoin’s cycle is accelerating, and firmly believes this cycle will still hit a new high before the halving.

Renowned trader Killa (@KillaXBT) stated in a post that Bitcoin’s cycle is accelerating. The previous cycle took just 476 days to rise from its bottom to a new all-time high (ATH), far faster than the two prior cycles. He forecasts this cycle will also hit a new high ahead of the next halving. Killa, a BTC-focused quantitative trader, accurately predicted the peak of the current bull market in May 2025 and boasts over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688 before switching to long positions during the broad market sell-off on June 5.

1 hours ago

Qualcomm notifies its customers it can no longer absorb price hikes, and will raise prices by double-digit percentages.

Bloomberg cited a letter reporting that Qualcomm has informed its clients it can no longer absorb price hikes and will implement double-digit percentage price increases. Following the news, BIT (bit.com) market data shows Qualcomm’s decline narrowed, while Nvidia climbed 1.2% to hit a new daily high.

1 hours ago

OpenAI CEO: Hopes the U.S. wins in the open-source AI sector, and is "pleased to see" Jensen Huang's remarks.

OpenAI CEO Sam Altman said he hopes the U.S. will lead in both open-source AI and proprietary AI models, adding that he "welcomes" the statement Nvidia’s CEO made on social media regarding the open letter jointly issued by over 20 U.S. tech companies.

1 hours ago

The crypto derivatives market just served up another painful reminder that leverage is a double-edged sword. Over the past 24 hours, $271 million in total positions were liquidated across perpetual futures platforms, according to data from Coinglass.

The damage was overwhelmingly one-sided. Long positions accounted for $228.2 million of the carnage, while shorts contributed a comparatively modest $42.8 million.

Bitcoin and Ethereum led the bloodbath Bitcoin longs took the biggest hit, with $120.2 million wiped out. That’s roughly half of all long liquidations in a single asset. Bitcoin shorts, by contrast, only saw $22.1 million liquidated.

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Ethereum wasn’t far behind in the pain department. Long positions on ETH accounted for $45.7 million in liquidations, while short liquidations came in at $12.2 million.

The ratio tells the story. For every dollar of short liquidations, roughly $5.33 in longs got blown out. That kind of asymmetry typically signals a swift downward price move that caught leveraged bulls off guard, triggering a cascade of margin calls that fed on itself.

What this means for investors The dominance of long liquidations suggests that bullish sentiment had gotten ahead of itself. The $228.2 million in liquidated longs versus just $42.8 million in shorts tells you the market was leaning hard to one side, and it snapped back.

Coinglass, which aggregates liquidation data across major perpetual futures platforms, monitors exchanges in real time and provides granular breakdowns by asset and position direction, giving traders and analysts a clear view of where leverage is building up and where it’s getting unwound.

One thing is clear: the derivatives market remains a dominant force in crypto price action. When $271 million gets liquidated in a single day, that’s not just a footnote. It’s a market-moving event that feeds directly into spot prices and shapes the trading environment for everyone, leveraged or not.

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

A closer look at everything most interesting surrounding ADA, BTC, and ETH.

Cardano’s ADA has rebounded over the past week, with some key factors supporting a more substantial upward trend ahead. Another element, though, suggests a renewed correction might be on the way.

Several analysts believe Bitcoin (BTC) has yet to reach its bottom for this cycle, while the recent exodus from exchanges hints that Ethereum (ETH) might be gearing up for a rally.

ADA Stuck in an Indecisive Zone Earlier this week, Cardano’s native token soared to a two-week high of around $0.18 before retracing to the current $0.166 (per CoinGecko). This represents a 5% weekly increase, while the latest whale activity hints at a further upswing in the near future.

The large investors recently boosted their total holdings to 25.6 billion coins (the highest level since February). The stash translates into roughly 70% of the token’s circulating supply. Moreover, whales have bought 30 million ADA (worth more than $5 million) over the last 30 days.

These market participants rarely make intuitive decisions, as some believe they enter the ecosystem after careful research or inside information that others lack. That said, their activity may encourage smaller players to hop on the bandwagon, too.

Another bullish ADA element is its Relative Strength Index (RSI), which yesterday (July 23) slipped to 28 and now stands at 31. It remains quite close to the oversold zone that is usually seen as a buying opportunity.

On the other hand, exchange inflows have recently exceeded outflows, meaning that investors have moved some of their holdings to centralized platforms, thereby increasing immediate selling pressure.

You may also like: Bitcoin’s Sharpe Ratio Signals an ‘Optimal’ Spot Accumulation Window Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts Ethereum’s Next Leg Higher? Historic Indicator and Whale Activity Align Major BTC Warning The bear market over the past several months has been quite persistent, briefly dragging Bitcoin’s price below $60K. It currently trades at nearly $65,000, and every resurgence gives some investors hope that the bulls might finally regain full control.

However, X user BATMAN poured cold water on these expectations, drawing a parallel between BTC’s current performance and that of the autumn of 2022, which was later followed by a massive collapse to roughly $16,000.

Other short-term skeptics include Kabuki and Ali Martinez. The former predicted a plunge to $47,000 by August, while the latter noted that the following month has historically been an unfavorable period for BTC, resulting in a correction every time since 2022.

ETH’s Next Move? Earlier this week, the second-largest cryptocurrency made another attempt to surpass the $2,000 psychological level but was rejected and currently trades at around $1,880.

Still, the declining amount of ETH stored on exchanges suggests the bears may soon loosen their grip. Over the past month, investors have withdrawn approximately 1 million units (worth over $1.8 billion at ongoing rates) from centralized platforms. The total figure dropped to a 10-year low of roughly 15.1 million ETH as the development results in reduced immediate selling pressure.

Analysts on crypto X remain largely optimistic about the asset. Not long ago, Arthur Hayes acquired ETH for over $2.5 million, while popular pundits like KALEO think the price could rise toward $2,400 within the next month. However, the latter warned that the pump might be short-lived and followed by a major crash to nearly $1,200 by September.

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Amid Gaza Ruins, One Trader Keeps His Crypto Screens Running

Home / Price Analysis / Crypto Market Brief July 24: $280M Liquidations, BTC ETF Outflows, $1.4B Options Expiry and a Bankruptcy Filing

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Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.

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Highlights

The crypto market is down today as bearish headwinds dominate. The drop comes amid BTC ETF outflows and surging long liquidations. Bitcoin mining pool Poolin Technologies has filed for Chapter 11 bankruptcy in the US. Crypto prices are down today, July 24, as outflows to Bitcoin (BTC) ETFs, rising odds of a Fed rate hike, and another bankruptcy filing caused $280 million in market liquidations.

Top Crypto Market Movers Solana is the biggest loser among the top ten largest cryptos by market cap with a 2.83% drop, followed closely by XRP with a 2.5% decline. Crypto Market Prices (Source: CoinMarketCap) SOL price is falling despite the SEC granting Morgan Stanley approval to launch a SOL ETF on the NYSE Arca under the ticker “MSOL.” The total meme coin market cap is down by 7.24% to $%22 billion, with Dogecoin (DOGE) dropping by 3.45% despite returning inflows to DOGE ETFs. CASHCAT defies the bearish market sentiment, with a 19% gain to trade at $0.05. $1.43 billion on Bitcoin and Ethereum options expire today, July 24, per Deribit data. Biggest News of the Day Poolin Technology, which was once the largest Bitcoin mining pool, has submitted a Chapter 11 bankruptcy filing in the US The filing shows liabilities between $100 million and $500 million and estimates creditors to be between 10,001 and 25,000 The filing comes a day after one of the biggest derivatives exchanges, BitMEX, announced shutting down on September 30. Crypto Market Data Total Market Cap: $2.21 trillion (-1.17%) 24-Hour Trading Volumes: $61.74 billion Bitcoin: $64,988 (-0.95%) Ethereum: $1,880 (-2.36%) Bitcoin Dominance: $58.9% Ethereum Dominance: 10.3% Total Liquidations: $282 million ($192 million in long liquidations and $90 million in short liquidations) Fear and Greed Index: 28 What to Watch in the Crypto Market Today Bitcoin ETFs saw their first outflows in seven days on July 23 despite the price remaining above $64,000 BTC ETF outflows topped $225 million despite Ethereum posting $26 million inflows Bitcoin ETF Flows (Source: SoSoValue) Traders should watch today’s ETF inflow/outflow data to assess whether institutional demand is weakening amid bearish macro pressures An increase in ETF outflows could push the crypto market lower due to increasing sell-side pressure Catch up on yesterday’s biggest moves in our Crypto Market Brief for July 23.

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Frequently Asked Questions (FAQs)

1. Why is the crypto market down today?

The crypto market is down today as returning ETF outflows, retail selling pressure and geopolitical tensions weigh on prices.

2. What are the top movers in the crypto market today?

The top movers in the crypto market today are Solana, XRP, Dogecoin and CASHCAT.

3. What is the biggest news in the crypto market today?

The biggest news in the crypto market today is the Chaper 11 bankruptcy filing by Poolin Technologies.

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About Author

About Author

Muthoni Mary is a seasoned crypto market analyst and writer with over three years of experience decoding blockchain trends, price movements, and market dynamics. She holds a Bachelor’s Degree in Commerce (Finance) from Kenyatta University, blending a solid academic foundation with a sharp eye for technical analysis and a deep understanding of on-chain data. Her work delivers clear, data-driven insights that empower investors to navigate the fast-evolving digital asset space with confidence. When she’s not analyzing the markets, Mary enjoys reading and travelling.

Wedbush, a multibillion-dollar US investment firm, still rates three of the market’s hottest quantum stocks a buy. Yet there is a catch, because institutional money is quietly leaving them.

Every one of these stocks has corrected sharply this month, down between 24% and 36%. Yet the buy ratings still stand from spring and have not been cut to hold or sell. Meanwhile, the money-flow data tells the opposite story.

IonQ (NYSE: IONQ)The stock has dropped 36% this month to $34.07, far below its $84.64 high, yet it is still the biggest of the three by market value, near $12.7 billion.

IonQ Monthly Price Performance: Google FinanceIts business is also growing fast. IonQ reported that first-quarter revenue jumped 755% to $64.7 million, that its order backlog, meaning work sold but not yet delivered, rose 554% to about $470 million, and that it held roughly $3.1 billion in cash. The company also said it sold its first 256-qubit quantum computer to the University of Cambridge.

Even after the drop, analysts have not cut their calls, keeping buy ratings with Rosenblatt near $100, Wedbush at $75, and Northland at $70, though those targets date to May and June.

IonQ Analyst Ratings: TipRanksDan Ives, the widely followed former-Wedbush analyst whose AI ETF topped $500 million within months of launch, is the loudest voice here. He calls quantum a derivative play on the AI boom, and he even expects the Trump administration to take an equity stake in names like IonQ. However, these drivers are a tad dated. But the new ones surprisingly agree with these.

Note: Wedbush still runs and manages the IVES ETF, despite Daniel Ives’ departure.

IonQ’s put-call ratio, which weighs bearish put bets against bullish call bets, collapsed from 2.69 on July 16 to 0.45 by July 23, so options traders turned sharply bullish.

IonQ Put-Call Ratio: BarchartHowever, Chaikin Money Flow, a proxy for institutional buying and selling, sat deep in the red near -0.46.

IonQ Chaikin Money Flow: TradingViewThat gap hints at a near-term catalyst that traders expect, while the money flow says larger holders are selling.

One tracked account even flagged IonQ option sentiment above 70 for the first time.

Rigetti Computing (NASDAQ: RGTI)Rigetti has fallen 24% this month to $14.85, and it leans on government money more than sales.

Monthly Price Performance: Google FinanceThe company said it secured $100 million from the US Department of Commerce over three years, part of a wider federal package, in return for a small ownership stake. Rigetti also launched a 108-qubit quantum computer, called Cepheus-1, on major cloud platforms.

Even so, coverage stays thin, and the buy ratings near $40 from Rosenblatt and Wedbush simply linger with no downgrade after the drop.

Rigetti Analyst Ratings: TipRanksThe same split appears again. Rigetti’s put-call ratio fell from 1.09 on July 16 to 0.48 on July 23, a clear bullish tilt in options.

Rigetti Put-Call Ratio: BarchartHowever, its Chaikin Money Flow also stayed negative near -0.24, so the outflows contradict the optimism on the screen.

Rigetti Chaikin Money Flow: TradingViewThis pattern again shows that the institutional investors aren’t currently banking on the quantum stocks.

D-Wave Quantum (NYSE: QBTS)The company stock has fallen 26% this month to $17.10, yet it already makes money from paying customers.

D-Wave Monthly Price Performance: Google FinanceThe company reported revenue from more than 100 customers in the first quarter, most of them businesses, with new orders up about 2,000% to $33.4 million even as revenue fell 81% to $2.9 million. Its machines are built for optimization problems like scheduling, not code-breaking. This shows that the current wave of interest around quantum stocks isn’t about breaking Bitcoin.

Here the push and pull is easiest to read. Ten analysts keep buy ratings up to $43 (no hold or sell), but Barchart’s own technical model flashes a 72% Strong Sell. Wedbush again appears on the list.

D-Wave Analyst Ratings: TipRanksD-Wave Technical Opinion: BarchartThat bearish call matches the flows. D-Wave’s Chaikin Money Flow sits negative near -0.24, and its put-call ratio eased only from 1.19 on July 17 to 0.76 on July 23, the weakest bullish shift of the three.

D-Wave Chaikin Money Flow: TradingViewSo its old buy ratings look the most stretched.

D-Wave Put-Call Ratio: BarchartPart of the bull case is that the science keeps advancing. Google Research said last week that it improved quantum error correction 3.5 times, a step toward quantum machines that work reliably.

Today we announce a new paradigm for quantum control. By integrating reinforcement learning with quantum error correction, we enabled a quantum computer to continuously adapt to drift, stabilizing the system during computation. This improved logical stability 3.5x. Learn more:… pic.twitter.com/R6u32w47tf

— Google Research (@GoogleResearch) July 22, 2026 Even so, the same doubt sits under all three names. Insiders have sold about $988 million of stock since 2021, with almost no buying, even as retail options turn bullish.

Quantum Computing Stocks IonQ, Rigetti, and D-Wave Are Sending Shockwaves Through Wall Street With This $988 Million Warning https://t.co/0QUlVL7Nf2

— The Right News, Right Now. (@BradPorcellato) July 22, 2026 So the buy ratings and bullish options pull one way, while selling by insiders and institutions pulls the other. Whether these quantum stocks keep their gains likely depends on real earnings arriving before that patience runs out.

Well-known trader: Bitcoin’s 'protective' buy wall reappears on Binance

Well-known trader Killa (@KillaXBT) posted screenshots describing the situation as "textbook-like". Binance’s plunge protection team is back. Typically, when large bid orders start clustering just below the price, market makers and algorithms tend to temporarily front-run them. The screenshots show multiple horizontal lines appearing below Bitcoin’s current price starting around $62,000, with the densest, most prominent buy orders forming from roughly $58,000 downwards. As of press time, Bitcoin is trading at $64,803.44 according to HTX data, with a 0.46% drop over the past hour. After Bitcoin plunged below $60,000 on June 6, large buy orders emerged below BTC’s market price on Binance, an event Killa referred to as the "plunge protection team" returning. Killa, a BTC-focused quantitative trader, previously predicted the peak of this bull run in May 2025 and boasts over 200,000 followers on X. In mid-April, he shorted Bitcoin at $74,688 and shifted to long positions during the broad market sell-off on June 5.

1 seconds ago

Fu Peng: Global assets, including the underlying fundamentals of major cryptocurrencies, are tied to liquidity. The current tightening of funding conditions is triggering a "liquidity squeeze" market.

Fu Peng, the newly appointed chief economist of Xinhuo Group, shared his views yesterday, noting that global assets—including the fundamentals of mainstream cryptocurrencies—are tied to liquidity. The current shift from loose to tight liquidity has triggered a "shrinking circle" market trend, with funds flowing into high-certainty core assets. Fu Peng believes the AI industry has reached a critical inflection point, moving from the capital-burning hardware infrastructure phase to value validation. Major players like Google have seen their free cash flow drop to zero, and capital markets no longer endorse the logic of mere capital expenditure expansion. “The AI industrial chain is divided into upstream, midstream, and downstream segments, each with its own independent industry lifecycle, and clear sector rotation shifts and allocation windows. Never treat AI as a 'faith' to hold blindly long-term; turning the AI sector into pure concept speculation will definitely lead to pitfalls.” “The full AI industry cycle spans roughly 20 to 25 years, with the first 10 years already completed. The first decade’s core focus was upstream hardware infrastructure, while the next decade’s will be end-user applications. However, a cycle gap exists currently, and the next 10 to 18 months will be the industry transition window. During this window, do not go all-in; strictly follow industry cycle rules for allocation to avoid volatility risks.” On the other hand, the crypto market will follow liquidity contraction. After the winnowing process, core assets such as Bitcoin and Ethereum will stabilize, while junk coin speculation will become ineffective. Investors need to allocate in stages according to industry cycles and be wary of leverage risks.

1 seconds ago

Over the past seven days, Hyperliquid has repurchased and burned 130,900 HYPE tokens, valued at $7.65 million.

According to Onchain Lens monitoring, Hyperliquid repurchased and burned 130,900 HYPE tokens over the past seven days, valued at roughly $7.65 million, with an average repurchase price of $58.45. A total of 130,900 HYPE tokens were removed from circulation this week.

1 seconds ago

The updated draft of the U.S. CLARITY Act will reduce users’ risk of being classified as general unsecured creditors.

U.S. Senator Cynthia Lummis has released an updated draft of the CLARITY Act, which would require digital commodity exchanges, brokers, and dealers to segregate customer assets and prohibit using customer funds and assets as the platforms’ own property. The draft also proposes classifying digital commodities and other assets held by platforms for customers as "customer property" in bankruptcy liquidation proceedings, reducing users’ risk of being categorized as general unsecured creditors.

1 seconds ago

BlackRock’s Bitcoin ETF has deposited 3,126 bitcoins worth $203 million into Coinbase Prime.

According to monitoring by Onchain Lens, BlackRock’s Bitcoin ETF deposited 3,126 Bitcoin into Coinbase Prime over the past hour, valued at $203 million.

1 seconds ago

Bank of America Strategist: Market Ignoring Risks, Warn of Backlash from AI Investments

US Bank (BofA) European Equity Strategist Sebastian Raedler recently issued a stark warning: current stock market pricing logic is entirely predicated on an "everything is perfect" assumption. This extreme optimism has not only pushed market valuations to elevated levels but also left investors’ risk exposures completely unprotected. Raedler pointed out that the market’s expectations for core metrics including profit margins and five-year forward earnings growth have surged to all-time highs. In stark contrast, the "risk premium"—a gauge of market risk aversion—has dropped to a 20-year low. Raedler advised investors to decisively exit cyclical sectors with high valuations and fragile fundamentals, shifting instead to high-quality defensive stocks that have been long overlooked by the market. He specifically highlighted the healthcare and consumer staples sectors.

1 seconds ago

BlackRock, Coinbase and others launch $15 million Bitcoin Quantum Defense Fund.

BlackRock, Coinbase, Strategy, Anchorage Digital, ARK Invest, Block, Blockstream, Fidelity Digital Assets, and Galaxy have formed the Bitcoin Security Consortium, pledging a combined $15 million over three years to fund Bitcoin security research and open-source development focused on quantum computing defense. The consortium does not hold or allocate funds; each member will directly select developers and researchers to support. It noted that it will not guide Bitcoin development or take positions on protocol changes. Mike Schmidt of Brink, a nonprofit developer funding organization, will coordinate the work on a volunteer basis. Currently, no quantum computer exists that can crack Bitcoin’s cryptography. Approximately 6.9 million BTC, worth $450 billion, are held in addresses that could be affected if such quantum computers emerge. Fixing this issue will require coordination among wallets, exchanges, miners, and users. Relevant efforts include proposals like BIP 360, which designs a new output type to limit public key exposure and pairs with post-quantum signature schemes. Robert Mitchnick, head of digital assets at BlackRock, stated that Core developers do important work, and the organization will provide additional funding for Bitcoin’s long-term security.

7 minutes ago

BlackRock’s Bitcoin ETF has deposited 3,126 bitcoins worth $203 million into Coinbase Prime.

According to monitoring by Onchain Lens, BlackRock’s Bitcoin ETF deposited 3,126 Bitcoin into Coinbase Prime over the past hour, valued at $203 million.

7 minutes ago

Bank of America Strategist: Market Ignoring Risks, Warn of Backlash from AI Investments

US Bank (BofA) European Equity Strategist Sebastian Raedler recently issued a stark warning: current stock market pricing logic is entirely predicated on an "everything is perfect" assumption. This extreme optimism has not only pushed market valuations to elevated levels but also left investors’ risk exposures completely unprotected. Raedler pointed out that the market’s expectations for core metrics including profit margins and five-year forward earnings growth have surged to all-time highs. In stark contrast, the "risk premium"—a gauge of market risk aversion—has dropped to a 20-year low. Raedler advised investors to decisively exit cyclical sectors with high valuations and fragile fundamentals, shifting instead to high-quality defensive stocks that have been long overlooked by the market. He specifically highlighted the healthcare and consumer staples sectors.

7 minutes ago

The EU’s 21st round of sanctions against Russia has expanded to cover 14 crypto-related platforms.

The European Union (EU) has expanded its sanctions against Russia, targeting the A7 cross-border payment network and its newly established African links, as well as the A7A5 stablecoin used for evading sanctions. The latest sanctions package extends transaction bans to 14 crypto-related platforms in countries including Georgia, the United Arab Emirates, and Panama, and introduces a tool to fully prohibit Russia from using crypto asset services. Beyond digital asset measures, the EU has imposed asset freezes and transaction bans on 94 banks and major financial institutions, and extended transaction bans to another 33 Russian credit and financial institutions.

7 minutes ago

Glassnode: Defensive positions in Bitcoin options are being unwound, and demand for bearish hedging is weakening.

Glassnode released Bitcoin options market data showing that the Bitcoin put/call open interest ratio has dropped sharply from around 0.76 at the end of June to 0.52, indicating that defensive positions are being unwound, while BTC price remains stable near $67,000. At-the-money (ATM; BlockBeats note: An at-the-money option refers to an option whose strike price is closest to the current price of the underlying asset) implied volatility remains compressed: 34.3% for 1-month tenors and 40.8% for 6-month tenors, with the term structure sloping upward, signaling that short-term event risks are being underestimated by the market. The short-term 25-delta skew has plummeted to around 4%, reflecting weakened recent demand for bearish hedging, though medium- and long-term skew still holds at a defensive premium level of 11-12%.

7 minutes ago

Whale 0x446B sells 8,010 $ETH ($15.11M) after 8 months inactivity, realizes $10.8M loss

Whale 0x446B sold 8,010 $ETH($15.11M) 2 hours ago after 8 months of inactivity, incurring a loss of $10.8M (-37%).

7 minutes ago

The crypto market ended the week higher even as U.S. equities slipped.

Summary

Bitcoin gained 4.16% as total crypto capitalization rose 2.30% to $2.22 trillion during the week. CLARITY Act passage odds improved despite resistance over ethics, enforcement powers and political conflict concerns. Bridge attacks drained AFX and Allbridge while BitMEX scheduled its September exchange shutdown for users. CoinMarketCap’s six-part recap placed total crypto capitalization at $2.22 trillion, up 2.30%, with Bitcoin gaining 4.16% and Ether rising 2.98%. The S&P 500 lost 0.53%, while the Nasdaq Composite barely moved. Altcoins also posted selective gains during the week.

CMC Market Pulse: Crypto Market Seeks Clarity

BTC +4.16%, ETH +2.98%. Market cap climbs to $2.22T as crypto decouples from weak equities. All eyes on the CLARITY Act as a potential market catalyst.

Let's break down this week's top crypto narratives 🧵

1/6 pic.twitter.com/b69e4RUdZG

— CoinMarketCap (@CoinMarketCap) July 24, 2026 CoinMarketCap described the week’s theme as “crypto market seeks clarity.” Liquidations remained contained, with shorts closing earlier and longs later. Funding rates stayed near neutral, suggesting leverage had not reached levels seen during sharper market swings.

Bitcoin leads while policy returns to focus Bitcoin and Ether led the recovery as traders watched the latest U.S. market structure bill. Senator Cynthia Lummis released updated CLARITY Act text on July 22 after Senate Banking and Agriculture committees merged their work. The draft covers regulator duties, developer protections, stablecoin rules, ethics, anti-money laundering controls and law enforcement provisions.

Lummis called the coming weeks the “last real chance” to pass the legislation for years. However, Senator Elizabeth Warren and other Democrats criticized its ethics language and enforcement structure. As crypto.news previously reported, disputes over political conflicts, decentralized finance protections and crime investigations have repeatedly slowed the bill, even as prediction-market estimates for passage rose.

Corporate balance-sheet activity added another signal. Strategy increased its U.S. dollar reserve by $225 million to roughly $3.2 billion after selling common shares, while keeping 843,775 BTC. The reserve supports preferred-stock dividends and debt interest rather than new Bitcoin purchases.

Shutdowns and project changes reshape the sector BitMEX announced that it will close on Sept. 23 at 04:00 UTC after reviewing its business and the wider market. The derivatives platform stopped new registrations and will block new positions from Aug. 26. Users can reduce positions and withdraw assets before the final shutdown.

The closure ends an 11-year run for a platform that helped popularize perpetual swaps and high-leverage crypto derivatives. As crypto.news reported before the announcement, BitMEX replaced senior executives in June while reports of a possible sale continued. The shutdown added pressure to smaller centralized exchanges competing for liquidity and paying higher compliance costs.

Other projects also changed direction. CoinMarketCap’s project update said Hyperliquid outlined permissionless HIP-4 outcome markets requiring 500,000 HYPE in staking support. Pump.fun introduced BOOST Mode for new launches, while ENS DAO activated a two-year security council able to stop transactions considered malicious.

Bridge attacks bring security risks back into view Several cross-chain systems reported attacks. AFX Trade lost about $24.15 million in USDC after attackers obtained enough validator signatures to approve a bridge withdrawal. Arbitrum said the attack did not affect its native bridge. AFX paused operations while investigators reviewed the compromised signing setup.

Allbridge also halted its core bridge after a $1.65 million flash-loan attack on Solana liquidity pools. The attacker manipulated pool balances, withdrew assets at favorable rates and moved proceeds toward Ethereum. Across Protocol faced a separate Solana incident, but the project said the loss affected a Risk Labs-operated relayer rather than customer funds. It later restored Solana deposits.

The incidents returned bridge design and key management to the center of DeFi security. As crypto.news reported in earlier coverage, attacks have continued through 2026, including losses involving Kelp DAO and Axelar routes connected to Secret Network.

Institutional capital and tokenization continue expanding Institutional deals provided a different market narrative. Crypto.com announced a $400 million investment from Citadel Securities at a $20 billion valuation. The company said it will use the funding to expand tokenized securities, derivatives and other asset classes across a planned 24/7 financial platform.

S&P Dow Jones Indices and Pantera Capital also launched the S&P Pantera Digital Asset Index. The benchmark uses a rules-based method focused on productive blockchain assets and companies with measurable use or revenue, rather than relying only on token popularity or price momentum.

Meanwhile, xStocks moved beyond U.S. shares by adding tokenized exposure to Hong Kong-listed equities through Payward and GTN. The companies plan to consider U.K., European and South Korean securities after securing required approvals. Tokenized equity value and trading activity have expanded as exchanges and traditional firms build around-the-clock products.

The week combined a market rebound with unresolved policy talks, security failures and infrastructure investment. Bitcoin and Ether finished higher, but stronger prices did not remove operational risks. The next market test will depend on the CLARITY Act’s Senate path, responses to bridge attacks and whether institutional funding converts into sustained trading and settlement activity. Traders will also watch funding rates and liquidation pressure closely.

Cameron and Tyler Winklevoss, the co-founders of cryptocurrency exchange Gemini, have donated more than $10 million in Bitcoin ($BTC) to MAGA Inc., the Super PAC aligned with President Donald Trump. The contributions landed weeks after federal regulators moved to unwind a penalty the exchange had fought for years.

Two Contributions, One Day According to MAGA Inc.'s July report to the Federal Election Commission, Gemini Trust Company sent two separate contributions of more than $5 million in Bitcoin on June 19, disclosed in a July FEC filing. The precise breakdown, confirmed by FEC records, shows Cameron's records total $5,006,604.47 and Tyler's total $5,011,860.44. After receiving the Bitcoin, the FEC filing shows that the committee sold the donated Bitcoin through Gemini. Under FEC rules, a political committee selling donated Bitcoin must name the exchange, though the buyer can remain anonymous and does not count as a contributor.

Together, the contributions add up to a $10 million political commitment, one of the most significant crypto donations ever reported to the FEC. The contributions were made in Bitcoin, a relatively novel form of campaign finance that Super PACs are permitted to accept, and MAGA Inc. can deploy the funds for independent expenditures in support of President Donald Trump.

The Regulatory Backdrop The donation was recorded about three weeks after the CFTC filed a joint motion with Gemini in federal court in an attempt to reverse a January 2025 settlement over the company allegedly making false or misleading statements. The CFTC took the rare step of attempting to reverse the $5 million settlement it reached with Gemini in January 2025. In its motion, the CFTC acknowledged the original complaint was largely based on a whistleblower's account "known to be lacking in credibility," calling the exchange a "fraud victim."

CFTC Chair Michael Selig claimed at the time that the agency under former President Joe Biden "politically targeted" the Winklevosses through enforcement actions. Importantly, the donation came 23 days after the CFTC joined Gemini's effort to undo parts of its 2025 judgment, although the filing offers no evidence linking the two events, and the records provide no clear evidence that the donations caused or influenced the CFTC's action.

The Winklevoss brothers have a long track record of supporting Trump politically. In addition to the recent MAGA Inc. contributions, the Winklevoss brothers each donated $1 million to Trump's 2024 election campaign and supported the then-candidate through social media posts. Following Trump taking office in January 2025, the twins attended the signing ceremony for the GENIUS Act stablecoin payments bill and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to support the administration's efforts related to crypto policy. Gemini has now emerged as one of the largest crypto-aligned political donors backing the current administration.

Sources:
Cointelegraph: Gemini Sent $10M in Bitcoin to Trump PAC after Joint Motion with CFTC
CNBC: U.S. Regulator Moves to Withdraw $5 Million Penalty Against Winklevoss' Crypto Exchange
Decrypt: CFTC, Gemini File Joint Motion to Reverse $5M Settlement

The native token of Hyperliquid, HYPE, remains under the spotlight as its price structure signals continued bullish momentum, even amid short-term volatility. Observers have stated that a major support level could determine whether buyers sustain the rally or if the token will correct lower in the near term. Meanwhile, Hyperliquid’s ecosystem is expanding through the launch of new artificial intelligence (AI)-focused decentralized investment offerings via HYPER EVM.

HYPE technical outlook and support levelsAt press time, HYPE is trading at $57.88. The token registered a 24-hour trading volume of $320.77 million and boasts a market capitalization of $14.62 billion. Despite a 2.33% decline on the day, the price structure has shown resilience, suggesting that bullish continuation is still possible if support levels hold.

Technical analyst Wick assessed that HYPE surged from below $50, reaching the $160 resistance zone. However, this move has placed the token at a local peak, a level where profit-taking and corrective selling could emerge. Wick drew parallels to two earlier market moves and identified a likely demand region between $72 and $100, forming part of a recurring rally-correction-recovery pattern seen before.

Wick highlighted that if buyers defend the $72 to $100 support, HYPE could attract new demand and resume gains aiming for targets between $120 and $150.

Below this support, a breakdown could trigger a deeper correction, with the next significant accumulation area identified around $40.

Support LevelUpside TargetDownside Risk$72-$100$120-$150$40Analysts have noted that the overall direction of the token is currently influenced by the broader cryptocurrency market, which has seen downward pressure as Bitcoin begins to retreat.

Ecosystem growth: New AI investment productsBeyond price movements, the Hyperliquid platform continues to innovate. New decentralized investment products focused on artificial intelligence have recently been deployed through HYPER EVM. This blockchain-based protocol now supports “AI agent tokens,” which are backed by baskets of perpetual futures contracts.

These AI agent tokens give users exposure to select AI-driven cryptocurrencies, diversifying investor portfolios and increasing capital efficiency within the DeFi sector. Market data from PerpGame indicated that these products aim to expand user participation and broaden the platform’s reach.

Participants are now able to engage with AI agent tokens collateralized by baskets of perpetual contracts, gaining structured exposure to this emerging asset class.

Mini dictionary: HYPER EVM is a blockchain environment within the Hyperliquid platform that enables smart contracts and supports the launch of decentralized applications, including AI-based investment products.

Market context and outlookDespite active network development and positive expansion in decentralized finance, HYPE has faced additional downward pressure following a general downturn in the crypto market. Bitcoin’s recent slide has contributed to the cautious sentiment surrounding emerging tokens, including HYPE.

The broader market environment is adding volatility to HYPE’s outlook, and its near-term path will depend on whether traders can defend critical support levels and ride the next wave of buying momentum.

Traders are watching closely to see if HYPE can build on its technical structure and ecosystem growth, or if the correction will deepen toward the next accumulation region.

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.

COINTELEGRAPH: Bitcoin ETFs snap seven-day inflow streak with $225M in outflows

In This Article Bitcoin ETF News: Seven Days of Inflows Snapped by -$225M OutflowWhy IBIT Keeps Winning Despite Not Being the Cheapest OptionBitcoin ETF News: Grayscale GBTC, The Fund That Still Drags the Whole ComplexThe CLARITY Act Catalyst and What It Actually Moved In Bitcoin news today, US spot BTC ETF funds recorded nearly $1Bn in net inflows over seven consecutive sessions through July 22, 2026 – their longest positive run in 11 weeks, with BlackRock IBIT capturing $319.16M of the $499.05M added this week alone.

However, that streak has already come to an end, as yesterday’s session closed with -$225M in outflows, even as Bitcoin has held steady above $65,000 despite ETF sell pressure.

Bitcoin climbed above $66,000 during the streak’s strongest two sessions, July 20 and July 21, according to 247 Wall St. The catalyst was news that President Trump had agreed to the ethics rules holding up the CLARITY Act.

This bipartisan digital-asset legislation, which would establish clearer regulatory boundaries for crypto markets, appeared to unlock a wave of institutional demand.

Bitcoin ETF News: Seven Days of Inflows Snapped by -$225M Outflow

(SOURCE: CoinGlass)

The last outflow day was July 13, when investors pulled $424.66M, the heaviest single-day withdrawal of the month. Since then, money has come back in every session, but not uniformly.

Flows on July 14 reached $181.08M, then faded to $107.80M on July 15, $79.15M on July 16, and recovered to $132.30M on July 17, according to CoinGlass data.

The two dominant sessions arrived with the CLARITY Act headlines. July 20 logged $226.92M, and July 21 added $203.14M as Bitcoin price pushed through $66,000.

By July 22, daily inflows had retreated to $68.99M, the weakest session of the entire streak. That deceleration pattern was telling, as yesterday saw -$225M in outflows, snapping the seven-day streak as a result.

The last time institutional demand for Bitcoin through ETF vehicles sustained this kind of multi-day consistency was in early October 2025, when Bitcoin was trading near its all-time high of approximately $126,000.

Why IBIT Keeps Winning Despite Not Being the Cheapest Option BREAKING: Bitcoin ETFs attracted +$900 million in inflows last week, the largest weekly inflow since early May.

This marks a sharp acceleration from +$197 million in inflows in the prior week.

The largest Bitcoin ETF, $IBIT, led the surge, attracting +$193 million last week,… pic.twitter.com/tr8lo363oX

— The Kobeissi Letter (@KobeissiLetter) July 22, 2026

The fee structure alone doesn’t account for IBIT’s dominance. Despite Fidelity FBTC charging no management fees and holding $11.38Bn in AUM, IBIT leads with $48.86Bn in AUM. Over ten years, the 0.25% annual fee for IBIT compounds significantly for long-term investors.

247 Wall St. attributes IBIT’s success to its distribution advantages. BlackRock’s products are familiar to pension managers and registered advisers, making purchasing IBIT a seamless experience with minimal compliance hurdles, rendering the fee less important.

Trading volume also highlights this concentration: on July 22, IBIT accounted for nearly 79% of the $1.11Bn in total trading across all 13 spot Bitcoin ETFs. IBIT holds 3.70% of all Bitcoins, while the other twelve ETFs combined hold only 2.38%, indicating significant institutional activity in IBIT during this period.

DISCOVER: The Next 1000x Crypto Gem Before It Lists on Binance

Bitcoin ETF News: Grayscale GBTC, The Fund That Still Drags the Whole Complex In other Bitcoin ETF news, Grayscale GBTC, the Grayscale Bitcoin Trust that converted from a closed-end fund to a spot ETF, remains the single largest structural headwind to the ETF complex’s net position. Since converting to ETF format, GBTC has shed $27.42Bn in cumulative outflows. On July 22 alone, another $38.30M left the fund.

The fee differential is the root cause. Grayscale charges 1.50% annually. IBIT charges 0.25%. For an investor holding $100,000 for five years, that 1.25 percentage-point gap compounds to roughly $6,500 in additional fees, before considering any performance difference.

The cumulative effect is that GBTC’s outflows have overwhelmed the genuine demand visible in IBIT and, to a lesser extent, other competitors.

Total net inflows across all 13 Bitcoin ETF funds stand at $51.85Bn since launch, but that figure is what remains after subtracting $ 27.42Bn from GBTC. Without GBTC’s drag, the headline numbers for the ETF complex would look considerably stronger.

$BTC — If we somehow deviate back and reclaim 65.5K on 4HR TF, we'll quickly see 70Ks!

Else chop continues till 64K.

I'm optimistic about upside movement due to the relative strength our orange coin had despite SPY weakness yesterday.

70K+ $BTC is programmed in the next few… pic.twitter.com/Ug9eGaGPUX

— Friedrich 🧲 (@FriedrichBtc) July 24, 2026

Trade BTC on ByBit and Join 99Bitcoin’s Exclusive $1000 USDT Airdrop

The CLARITY Act Catalyst and What It Actually Moved The CLARITY Act, or Digital Asset Market Clarity Act, had been stalled due to ethics-related disputes. Reports on July 20 about President Trump’s agreement to the ethics rules spurred significant inflows into the market.

Regulatory clarity reduces compliance risks, potentially allowing institutional investors like pension funds and insurance companies to hold Bitcoin ETFs more freely.

The $226.92M and $203.14M inflow days on July 20 and 21 indicate that institutions were anticipating this change, although yesterday’s large outflow has capped any bullish momentum built on a seven-day inflow streak.

However, if procedural delays arise again, the momentum could continue to flip red, as seen in the reduced $68.99M inflow on July 22, followed by yesterday’s outflow, both lacking fresh regulatory support.

EXPLORE: Best Crypto Presales With Asymmetric Upside in the Current Market

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Alex Ioannou

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Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More

Key Takeaways Matt Hougan, Bitwise CIO, identifies Hyperliquid and Robinhood as primary catalysts for crypto’s upcoming bull market Hyperliquid has experienced a 146% surge in 2026 with projected annual revenue reaching $800 million Robinhood Chain debuted July 1, attracting $300 million in deposits in just 14 days Bitcoin has climbed 9% throughout July while the Nasdaq-100 declined 6% Demand indicators for Bitcoin are showing renewed positive momentum, according to Bitwise analysis The Chief Investment Officer at Bitwise, Matt Hougan, anticipates a fundamental shift in the next cryptocurrency bull market. Rather than speculative fervor powering price appreciation, he foresees revenue-producing platforms and traditional financial sector integration taking center stage.

Matt Hougan: hyperliquid:native could double and still be fairly valued.

crypto’s next bull market may not be about “crypto vs tradfi”

it may be about crypto becoming the rails for tradfi.

stablecoins, tokenized stocks, 24/7 markets, instant settlement, and DeFi are all… pic.twitter.com/Ee9HLZlgWC

— Hyperliquid Daily (@HYPERDailyTK) July 23, 2026

In a Wednesday market analysis, Hougan outlined his perspective, highlighting two particular drivers: Hyperliquid and Robinhood.

Hyperliquid’s Revenue Generation Captures Industry Attention Originally launching as a cryptocurrency derivatives exchange, Hyperliquid has evolved into a comprehensive Layer 1 blockchain platform. Approximately half of its current trading activity now involves traditional assets including oil futures, silver, and S&P 500 exposure.

In June, the platform achieved a milestone of $1 billion in cumulative revenue and projects roughly $800 million in earnings for the current year. The protocol allocates 99% of these revenues toward HYPE token buybacks, creating deflationary pressure and price support.

This approach has proven effective. HYPE has surged approximately 146% during 2026, substantially outperforming the wider cryptocurrency sector.

Hougan additionally highlighted Uniswap, Aave, and Morpho as protocols adopting comparable revenue-sharing token economics.

Robinhood Chain Brings Crypto Trading to Global Markets Robinhood unveiled its proprietary Layer 2 blockchain network, Robinhood Chain, on July 1. The infrastructure enables users across 120 nations to access tokenized equity trading around the clock.

In its first two weeks, the blockchain attracted more than $300 million in user deposits and facilitated 3.6 million transactions daily. The platform also provides access to decentralized finance protocols such as Uniswap and Morpho.

Hougan acknowledged that initial usage has centered on meme coins rather than tokenized securities, though he anticipates equity trading volume will expand progressively.

Looking beyond Robinhood, Hougan recognized Coinbase and BlackRock as entities with substantial blockchain engagement. He also mentioned Visa, Stripe, and JPMorgan as organizations worth monitoring.

Bitcoin has appreciated 9% since early July, contrasting with a 6% decline in the Nasdaq-100 during the identical timeframe. Hougan interprets this performance gap as an initial indicator of market stabilization.

Bitcoin’s apparent demand indicator, which calculates the differential between freshly mined coins and supply dormant for more than a year, is displaying signs of improvement. Andre Dragosch, Bitwise’s European research director, characterized the movement as “re-accelerating.”

Capital flows into Bitcoin exchange-traded funds have also reversed to positive territory following a stretch of withdrawals, suggesting renewed institutional participation.

Hougan maintained an optimistic outlook overall. “I suspect the coming bull market will be big enough to lift most of the sector,” he stated, expressing confidence in Bitcoin, Ethereum, and Solana.

He acknowledged, however, that increased traditional finance integration introduces additional vulnerabilities, including heightened exposure to macroeconomic disruptions and evolving regulatory frameworks.

Poolin has filed for Chapter 11 bankruptcy protection in the United States as it moves to sell its Texas bitcoin mining assets under a court-supervised process while carrying about $173 million in prepetition obligations.

Summary

Poolin has filed for Chapter 11 bankruptcy while seeking to sell its Texas bitcoin mining assets through a court supervised auction. About $163.7 million of Poolin’s $173.1 million in prepetition obligations relates to IOUs issued after wallet withdrawals were suspended in 2022. Interest from AI infrastructure operators has helped drive bidding for the company’s power assets as miners increasingly repurpose data centers beyond bitcoin mining. According to filings in the U.S. Bankruptcy Court for the District of New Jersey, Singapore-based Poolin and its U.S. subsidiaries, Lonestar Dream Inc. and Lonestar Taproot LLC, filed voluntary Chapter 11 petitions on July 22. The debtors said the proceedings are intended to facilitate an orderly sale of their remaining assets rather than revive the business as an operating mining company.

Court records show Poolin estimated it has between 10,001 and 25,000 creditors, assets worth between $1 million and $10 million, and liabilities ranging from $100 million to $500 million.

A declaration filed by Chief Restructuring Officer Michael DuFrayne states that the companies owed approximately $173.1 million before bankruptcy. About $163.7 million of that total relates to unsecured IOUs issued to Poolin Wallet customers after withdrawals were suspended during the cryptocurrency market downturn in 2022.

Mining and hosting operations at the company’s Pyote and Tarbush facilities in West Texas ended on July 10, with only a small workforce remaining to secure the sites and assist with the sale process, according to the declaration.

Texas assets head to auction Meanwhile, the debtors have already signed separate asset purchase agreements with Thor CALAP LLC, establishing a combined stalking-horse bid of $52 million for the Texas assets.

The agreements include a $15 million offer for the Pyote property together with its related power rights and equipment, while a separate $37 million bid covers the Tarbush site’s power rights and equipment. Court filings note that the Tarbush transaction does not include the property’s surface-use agreement.

Under Section 363 of the U.S. Bankruptcy Code, the stalking-horse agreements set the minimum price for the auction while allowing higher competing offers before any final sale receives court approval. Each mining site may also be sold independently if separate bids provide better value for creditors.

Before reaching the proposed transactions, the debtors spent roughly three months marketing the assets to more than 335 prospective buyers and investors. According to the court declaration, the outreach targeted cryptocurrency miners, artificial intelligence and high-performance computing operators, hyperscale data center companies, private equity firms and real estate investment trusts.

The marketing effort resulted in 28 signed nondisclosure agreements and seven letters of intent covering both individual facilities and the combined portfolio.

Court filings state that interest from AI infrastructure operators increased the potential value of the sites because of their existing electrical systems and power capacity, even though Poolin’s own mining and hosting business had become unprofitable. Since their formation, Lonestar Dream and Lonestar Taproot accumulated losses of approximately $45.9 million.

Wallet collapse left customers with IOUs Founded in China in 2017 by Zhibiao “Kevin” Pan, Fa Zhu and Tianzhao Li, Poolin grew into one of the world’s largest bitcoin mining pools and held the top position globally by September 2019.

Alongside mining, the company expanded into financial services through Poolin Wallet, which allowed customers to borrow USDT against cryptocurrency collateral before later introducing interest-bearing deposit products.

The business model came under increasing pressure after China prohibited bitcoin mining in 2021 and digital asset prices declined sharply the following year.

According to the Chapter 11 declaration, Poolin transferred customer collateral to Antalpha Technologies and borrowed roughly $213 million against cryptocurrency valued at approximately $355.8 million at the time.

The filing states that the borrowed funds supported construction of the Texas mining facilities, purchases of mining machines, customer withdrawals, interest payments and day-to-day operating expenses.

As cryptocurrency prices continued falling, Poolin Wallet suspended withdrawals in September 2022 and distributed IOU tokens representing customers’ frozen balances.

Around 11,700 wallet users held balances exceeding $100 when approximately $163.7 million worth of IOUs were issued, according to the declaration.

The court filing further states that Antalpha liquidated Poolin’s collateral in November 2022, when management estimated the company owed about $260 million against digital assets then valued at roughly $265 million.

Since then, Poolin has not resumed normal business operations. Its remaining assets now include approximately $1.2 million held in a New Jersey bank account, an office lease and an intercompany claim. Certain Poolin Wallet users have also filed legal claims against the debtors in both the United States and Singapore.

Mining infrastructure attracts AI interest While the bankruptcy centers on creditor recoveries, the sale process also shows how mining infrastructure has become valuable for buyers outside the cryptocurrency industry.

According to the Chapter 11 declaration, many parties approached during the marketing process were focused on artificial intelligence and high-performance computing rather than bitcoin mining alone, as existing power connections and electrical infrastructure have become increasingly attractive for AI data center projects.

Poolin’s bankruptcy also comes months after another major mining operator entered insolvency proceedings. Earlier this year, Russian miner BitRiver faced court-supervised bankruptcy over unpaid debts tied to power supply, data center operations and service contracts.

The interest follows a pattern already emerging across publicly listed mining companies. Earlier this week, Ionic Digital secured SEC approval for its planned Nasdaq listing after repositioning much of its business toward AI infrastructure. The company, created from Celsius Network’s bankruptcy restructuring, has converted part of its Texas campus from bitcoin mining to AI computing under a long-term agreement with AI cloud provider Nscale.

A similar strategy has been adopted by IREN, which acquired Spain’s Nostrum Group in June to add approximately 490 megawatts of grid-connected power for AI cloud expansion across Europe. The company has reported rising AI cloud revenue even as bitcoin mining income declined. HIVE Digital and Bitdeer have also announced projects converting mining facilities into high-performance computing infrastructure.

Poolin’s case differs from those companies because it is liquidating assets through Chapter 11 rather than expanding into AI operations itself. Still, the court filings indicate that demand from AI-focused buyers has strengthened interest in the Texas properties during the auction process.

The debtors said unsecured creditors, including Poolin Wallet customers, could receive distributions if the auction produces successful sales. According to the Chapter 11 filings, however, the final recovery will depend on competing bids, administrative expenses, sale costs and court approval of a liquidation plan.

Matt Hougan, Chief Investment Officer at Bitwise, expects the upcoming cryptocurrency bull market to be spearheaded by platforms generating real revenue and by deeper integration with traditional finance, rather than solely by speculation. Hougan outlined his views in a recent market analysis, drawing attention to two platforms he believes are pivotal: Hyperliquid and Robinhood.

Hyperliquid expands beyond crypto derivativesHyperliquid, which initially operated as a cryptocurrency derivatives exchange, has evolved into a multifunctional Layer 1 blockchain platform. According to recent data, roughly half of Hyperliquid’s current trading activity now includes exposure to traditional assets such as oil futures, silver, and the S&P 500, marking a significant expansion from digital assets to legacy markets.

In June, Hyperliquid surpassed $1 billion in cumulative revenue and is predicting annual earnings of $800 million for 2026. The platform’s protocol is structured to use 99% of these revenues for HYPE token buybacks, a strategy that has introduced deflationary pressures and strong support for the token’s price.

This mechanism appears to be effective: the value of HYPE has increased by about 146% in 2026, far outpacing many other digital assets during the same period.

Hougan also identified other protocols—namely Uniswap, Aave, and Morpho—as adopting similar models for sharing revenue with token holders.

Mini dictionary: Hyperliquid is a blockchain-based platform that started as a derivatives exchange and has transitioned to a Layer 1 blockchain supporting a range of asset classes, including both digital and traditional financial instruments.

PlatformRevenue Model2026 Revenue/ProjectionKey FeatureHyperliquidToken buybacks$800 million (projected)TradFi and crypto assetsUniswapFee distributionNot specifiedDecentralized exchangeAaveProtocol feesNot specifiedLending platformMorphoYield enhancementNot specifiedDeFi optimizationRobinhood Chain opens global access to tokenized tradingRobinhood, a commission-free trading platform known for popularizing equity trading among retail investors, launched its proprietary Layer 2 blockchain, Robinhood Chain, on July 1. The network supports 24/7 access to tokenized equities and is available to users in 120 countries, bringing traditional stocks to the blockchain sector.

In just 14 days, Robinhood Chain has attracted more than $300 million in user deposits and processed an average of 3.6 million transactions daily. The new blockchain integrates with decentralized finance applications including Uniswap and Morpho, broadening its utility for users.

Although early user activity has largely centered on meme coin trading rather than tokenized equities, Hougan suggested that trading in equities is likely to grow as adoption widens.

Mini dictionary: Robinhood is an American financial services company that provides commission-free trading of stocks, exchange-traded funds, and cryptocurrencies, now expanding into blockchain infrastructure with Robinhood Chain.

Bitcoin sees renewed demand amid institutional interestBeyond these two platforms, Hougan called attention to major institutions such as Coinbase and BlackRock, as well as financial giants including Visa, Stripe, and JPMorgan, who are also increasing their activity within blockchain and digital assets.

Bitcoin has recorded a 9% price rise through July, contrasting with a 6% fall in the Nasdaq-100 over the same period. Hougan interprets this outperformance as a sign of improving sentiment for digital assets.

A key demand indicator for Bitcoin—measuring the difference between newly mined coins and coins held dormant for over a year—is also improving. Andre Dragosch, Bitwise’s European research lead, described this trend as “re-accelerating.”

Recent data shows that fund inflows into Bitcoin exchange-traded funds have turned positive after a period of withdrawals, suggesting renewed interest from professional investors.

Hougan remains optimistic about the sector, projecting that the next bull market will be broad enough to benefit much of the industry, including Bitcoin, Ethereum, and Solana.

Still, he cautioned that closer integration with traditional finance brings additional risks—such as heightened exposure to overall economic trends and shifting regulatory requirements.

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.

Strategy (NASDAQ: MSTR) stock price dropped by 6.38% on July 24, to close trading at $93. The drop occurred as Strategy announced a change to how it measures Bitcoin exposure to common shareholders, saying that the exposure will be measured in terms of the net BTC reserve and not the gross holdings.

The change comes ahead of the company’s earnings for the period between April 2026 and June 2026 that are coming out on July 30.

Strategy Unveils New Bitcoin Valuation Framework In a recent explanatory video posted on X, Strategy said that it will be using the net Bitcoin per share to calculate the mNAV, and not the company’s gross holdings that it used before.

The Bitcoin treasury company will calculate this Net BTC per share after deducting the company’s net debt and preferred liabilities from the value of the Bitcoin that it holds.

Data from Strategy now shows that the company holds 554,569 in net Bitcoin, while its gross holdings stand at 843,775 BTC.

These changes come shortly after Strategy CEO Phong Le said that the company will not buy more Bitcoin until the STRC preferred stock reaches $100. He said the company was doing this at the behest of shareholders.

Strategy has also been selling MSTR stock and Bitcoin holdings to increase its USD reserve to help bring back the STRC price to the par price of $100.

Still, Strategy recently moved to establish a Bitcoin Security Consortium alongside Coinbase, BlackRock and ARK Invest to improve BTC security, suggesting that the company remains committed to its treasury plans.

MSTR Stock Price Crashes Below Key Support MSTR stock price closed below the support of $94 on July 23. The drop occurred due to selling pressure around US stocks caused by escalating geopolitical tensions that also pushed the S&P 500 index to 7,408 points.

If Strategy share price closes below this support of $94 for three straight days, it might drop to the June 26 low of $81.

The CMF reading of -0.11 suggests that this drop to $81 might occur because the selling pressure remains more than the buying pressure.

However, this CMF line is rising, suggesting that sellers are gradually losing momentum. This might create room for buyers to step in and defend the support of $94.

MSTR Price Chart (Source: TradingView) If MSTR stock closes above $94, the shares might move to the 20-day EMA of $99. But such gains would depend on a rise in buying pressure.

Cantor Fitzgerald Reiterates $212 Target for MSTR Stock Cantor Fitzgerald, an asset management firm with $13 billion in assets under management, has reiterated a $212 target for the MSTR stock.

The asset manager says that the recent changes that Strategy is making to increase its cash reserves could drive gains for STRC and MSTR stocks.

It also adds that there is no risk to Strategy selling Bitcoin because the market could easily absorb the sold coins.

Still, Cantor says that Strategy’s market share as a crypto treasury company could be eroded by other firms because of STRC’s de-peg from its par of $100. A decline in Bitcoin price could also pull MSTR stock down, per the asset manager.