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.
Bitcoin's elusive creator, known by the pseudonym Satoshi Nakamoto, received roughly $5,000 worth of BTC over the past 24 hours as someone sent funds to wallet addresses widely attributed to the network's creator.
Blockchain data tracked by Arkham Intelligence shows a sequence of transactions originating from a shared Revolut hot wallet. The sender first made several tiny test transfers worth only a few cents before sending a final payment of approximately 0.033 BTC, valued at about $2,170 at current prices.
Combined with the earlier transactions, the transfers totaled roughly $5,000.
Revolut hot wallet transactions to Satoshi Nakamoto's genesis address, Source: Arkham Intelligence
Because the funds originated from Revolut's shared wallet infrastructure, the identity of the sender cannot be determined from publicly available blockchain data alone.
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The recipient addresses are part of the collection of wallets long associated with Nakamoto. Those wallets are estimated to hold approximately 1.11 million BTC, a stash that remains untouched more than 15 years after Bitcoin's launch.
Trending on TheStreet Roundtable:Tesla sends a quiet but powerful message on BitcoinWhite House official postpones military duty right before a major voteAnalyst reveals Bitcoin is massively undervalued at $65,000With Bitcoin trading around $64,700, those holdings are worth roughly $71.81 billion. During Bitcoin's rally in 2025, the estimated value briefly exceeded $110 billion, placing Satoshi's paper wealth among the largest fortunes in the world.
Such a transfer to Satoshi-linked wallets can be understood as a symbolic gesture, gift, or attempts to permanently remove Bitcoin from circulation by sending it to addresses that are considered dormant.
Whether the latest transaction was intended as a tribute, an experiment, or something else remains unknown.
BTC/USD, Source: Decibel
Bitcoin was exchanging hands at $64,662 at the time of writing, as per Decibel.
Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.
Poolin’s court filing shows that the mining pool operator has estimated liabilities of $100 million to $500 million, assets of $1 million to $10 million and 10,001 to 25,000 creditors.
Poolin and its affiliates are also seeking court approval to sell two West Texas mining sites to Thor CALAP LLC under a proposed $52 million stalking-horse bid. This includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including the power rights, equipment and all other assets tied to the mining facilities.
The proposed sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed bidding procedures.
Poolin was once the world’s largest Bitcoin mining pool in 2019. It now ranks as the 17th largest mining pool operator by hashrate, with a 0.2% market share, according to Hashrate Index.
Bitcoin miners increasingly turn to restructuring and AIBitcoin mining operations are facing growing financial constraints due to rising electricity costs, forcing some operations to shut down while others are seeking new revenue sources.
In February, NFN8 Group and two of its affiliates filed for Chapter 11 bankruptcy in the Western District of Texas.
Other miners have sought to diversify into AI infrastructure. In November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations to pivot to AI and high-performance computing data centers.
On Monday, Bitcoin mining companies Hut 8 and IREN announced major AI infrastructure deals. Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus and IREN disclosed $2.8 billion in cloud services contracts with AI developers. Earlier in July, MARA Holdings announced plans to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business.
Wealth management company Bernstein said that deals with third-party providers, such as Bitcoin miners, will be necessary for AI companies seeking to address the computing power limits of AI data centers.
Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Singapore-based Bitcoin mining pool Poolin and two of its US affiliates filed for Chapter 11 bankruptcy in a New Jersey court on Wednesday.
Poolin’s court filing shows that the mining pool operator has estimated liabilities of $100 million to $500 million, assets of $1 million to $10 million and 10,001 to 25,000 creditors.
Poolin and its affiliates are also seeking court approval to sell two West Texas mining sites to Thor CALAP LLC under a proposed $52 million stalking-horse bid. This includes $37 million for the Tarbush assets, including assumed liabilities, and $15 million for the Pyote site, including the power rights, equipment and all other assets tied to the mining facilities.
The proposed sale would be subject to a court-supervised auction, with a bid deadline of Sept. 8 under the proposed bidding procedures.
Poolin was once the world’s largest Bitcoin mining pool in 2019. It now ranks as the 17th largest mining pool operator by hashrate, with a 0.2% market share, according to Hashrate Index.
Bitcoin miners increasingly turn to restructuring and AIBitcoin mining operations are facing growing financial constraints due to rising electricity costs, forcing some operations to shut down while others are seeking new revenue sources.
In February, NFN8 Group and two of its affiliates filed for Chapter 11 bankruptcy in the Western District of Texas.
Other miners have sought to diversify into AI infrastructure. In November 2025, Bitfarms initiated a complete wind-down of its Bitcoin mining operations to pivot to AI and high-performance computing data centers.
On Monday, Bitcoin mining companies Hut 8 and IREN announced major AI infrastructure deals. Hut 8 announced a 15-year, $9.8 billion lease for its AI data center campus and IREN disclosed $2.8 billion in cloud services contracts with AI developers. Earlier in July, MARA Holdings announced plans to acquire a Texas site with up to 2 gigawatts of capacity to expand its AI and digital infrastructure business.
Wealth management company Bernstein said that deals with third-party providers, such as Bitcoin miners, will be necessary for AI companies seeking to address the computing power limits of AI data centers.
Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
TL;DRPoolin Falls From Bitcoin Mining Leader to Bankruptcy ProtectionPoolin’s 2022 Liquidity Crisis Triggered Customer LossesWest Texas Mining Sites Put up For Sale Poolin filed Chapter 11 bankruptcy with approximately $173.1 million in debt. The amount includes $163.7 million owed through customer IOUs. The former top Bitcoin mining pool plans to sell two West Texas mining sites with a combined opening bid of $52 million. Poolin’s collapse follows its 2022 liquidity crisis when it suspended wallet withdrawals and issued IOUs to affected users. Poolin, once the world’s largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States, marking another major collapse in the crypto mining sector following years of market pressure, liquidity challenges, and declining profitability.
The company, along with two U.S. affiliates, submitted bankruptcy filings in New Jersey and plans to auction two mining facilities in West Texas with a combined opening bid of approximately $52 million. Court documents show Poolin faces around $173.1 million in total liabilities, including roughly $163.7 million in IOUs issued to Poolin Wallet customers after withdrawals were suspended in 2022.
Former No. 1 Bitcoin Mining Pool Poolin Files for Chapter 11
Poolin and two U.S. affiliates have filed for Chapter 11 bankruptcy protection in New Jersey and plan to sell two West Texas mining sites with a combined opening bid of USD 52 million. Court filings show approximately… pic.twitter.com/e1nP49dZuE
— Wu Blockchain (@WuBlockchain) July 24, 2026
The bankruptcy represents a dramatic reversal for a company that briefly controlled the largest share of Bitcoin mining pool activity in 2019 and became one of the most recognized names in the global mining industry.
Poolin Falls From Bitcoin Mining Leader to Bankruptcy Protection Founded in 2017, Poolin quickly became one of the most powerful Bitcoin mining pools by attracting miners with competitive payout structures and infrastructure designed for large-scale operations.
At its peak in 2019, Poolin ranked as the world’s largest Bitcoin mining pool, accounting for a significant portion of Bitcoin’s total network hashrate. Mining pools are essential in Bitcoin’s ecosystem because they allow individual miners to combine computing power and receive more consistent rewards compared with solo mining.
However, the company’s position weakened as the mining industry entered a period of intense financial pressure. Rising electricity costs, declining Bitcoin prices during bear markets, increasing mining difficulty, and the 2022 crypto downturn placed significant stress on mining companies worldwide.
The bankruptcy filing now puts Poolin’s remaining assets under court supervision as creditors await the outcome of the planned asset sale.
Poolin’s 2022 Liquidity Crisis Triggered Customer Losses Poolin’s financial troubles became public in September 2022 when the company suspended withdrawals from its Poolin Wallet service, citing liquidity issues.
At the time, Poolin said it was working to preserve assets and stabilize operations while developing solutions for affected users. The company later introduced IOU tokens representing outstanding balances owed to customers.
The withdrawal freeze affected miners and customers who held Bitcoin and other digital assets through Poolin’s custodial wallet platform. The incident became another reminder of the risks associated with storing crypto assets with centralized service providers.
The outstanding IOU obligations now represent the largest portion of Poolin’s reported debt, accounting for more than $160 million of the company’s liabilities.
West Texas Mining Sites Put up For Sale As part of the restructuring process, Poolin plans to sell two mining sites located in West Texas.
The facilities will be auctioned with a combined starting bid of $52 million, as the company attempts to generate funds for creditors and maximize recovery value through Chapter 11 proceedings.
Texas became one of the world’s biggest Bitcoin mining hubs after China’s 2021 mining crackdown forced many operators to relocate. The state attracted miners due to its abundant energy resources, deregulated electricity market, and crypto-friendly policies.
However, the region has also faced challenges, including grid reliability concerns, competition for power resources, and periods of reduced profitability during Bitcoin market downturns.
Poolin’s asset sale highlights the broader consolidation taking place across the mining industry, where smaller and financially weaker operators have struggled to survive against larger firms with cheaper energy access and stronger balance sheets.
PANews July 24 news, according to Greeks.live, July 24 options expiry data shows that 19,000 BTC options will expire today, with a Put Call Ratio of 0.89, a max pain point of $64,500, and a notional value of $1.2 billion. 125,000 ETH options will expire today, with a Put Call Ratio of 1.25, a max pain point of $1,875, and a notional value of $230 million.
Analysis indicates that Bitcoin briefly broke through $66,000 this week, but upward resistance is strong — the $65,000 to $80,000 range was a dense trading area early this year, and it remains to be seen when capital will flow into the crypto market. U.S. stock SpaceX continues to decline, and the storage sector is experiencing sharp oscillations. In the options market, about 4% of options expire this week, with most indicators nearly flat compared to last week, and overall IV has fallen back to around 35%. BTC’s GEX is concentrated at $65,000 and $72,000, while ETH’s is concentrated between $1,900 and $2,200, with a more dispersed distribution than last week. Recently, some traders have attempted to bottom-fish using shallow out-of-the-money options. The ETH Put/Call Ratio has fallen back to 1.29, but the proportion of put options has exceeded 1 for six consecutive weeks, the longest stretch on record, reflecting strong demand for puts alongside active put-selling to bottom-fish. The crypto market has experienced an eight-month bear market, with scarce trading opportunities. From a cyclical perspective, there may be a rebound in the second half of the year.
Bitcoin (BTC) stalls near the 50-day Exponential Moving Average (EMA) at $65,145 after a mild correction earlier this week. Meanwhile, Ethereum (ETH) and Ripple (XRP) face rejection at key resistance levels, keeping the short-term technical outlook bearish.
Bitcoin could recover if 50-day EMA holds as supportBitcoin price trades at $65,300 on Friday, with a neutral-to-slightly bullish near‑term tone as spot action holds just above the 50‑day Exponential Moving Average (EMA) at $65,145 while still trading beneath the 100‑day and 200‑day EMAs at $67,980 and $74,094, respectively. This configuration suggests the bounce from the recent base is gaining traction but remains a corrective move within a broader capped structure.
The Relative Strength Index (RSI) at around 54 points to steady, non‑overbought upside momentum, while the positive Moving Average Convergence Divergence (MACD) reading above the zero line suggests bullish pressure is improving but not yet strong enough to challenge the higher daily trend barriers.
On the downside, immediate support is located at the reclaimed 50‑day EMA near $65,145, with a stronger demand zone emerging at the prior horizontal floor around $64,004 if sellers regain control.
On the topside, initial resistance is seen at the 100‑day EMA clustered near $67,980, ahead of the more decisive medium‑term hurdle at the 200‑day EMA around $74,094; a sustained break above these levels would be needed to reopen the path toward the distant horizontal resistance at $84,410.
Ethereum faces rejection from the 100-day EMAEthereum price trades at $1,875 on Friday and holds above the 50-day EMA at $1,831, hinting at a modestly constructive short-term tone, but remains capped beneath the 100-day EMA at $1,938 and the distant 200-day EMA at $2,187, which keep the broader recovery in check.
The RSI at 56 sits in positive but non-extreme territory. At the same time, the MACD remains in positive territory, together suggesting steady but not explosive bullish momentum as long as price holds above the 50-day EMA.
On the topside, immediate resistance is at the 100-day EMA near $1,938, with a break there exposing the psychological horizontal barrier at $2,000, then the 200-day EMA at $2,188.
On the downside, initial support is provided by the 50-day EMA around $1,831, ahead of a more distant structural floor at $1,385, where buyers would be expected to re-emerge on a deeper pullback.
XRP sits below key EMAsXRP price trades at $1.111 on Friday, holding a bearish near-term bias as it sits below the 50-, 100-, and 200-day EMAs clustered overhead. The 50-day EMA at $1.143 is the nearest dynamic cap, with the longer 100-day EMA at $1.232 and the 200-day EMA at $1.440 reinforcing a broader downside structure, even as the RSI hovers near a neutral 49, and the MACD remains marginally positive, hinting at only modest countertrend buying interest.
On the topside, initial resistance is at the 50-day EMA near $1.143, followed by the 100-day EMA near $1.232; a stronger recovery would face further hurdles at the $1.300 horizontal barrier, ahead of the 200-day EMA at $1.440 and the distant $1.900 resistance line.
On the downside, the first significant support emerges at the $1.000 psychological and horizontal level, where bulls would be expected to defend the broader range if selling pressure resumes.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Cryptocurrency metrics FAQs The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
Leading cryptocurrencies dived alongside stocks on Thursday as elevated Middle East tensions trimmed investors’ risk appetite.
Crypto Market in RedBitcoin fell back to the mid-$64,000s, while Ethereum dropped to around $1,800, reversing earlier weekly gains. XRP and Dogecoin also broke to the downside.
Over $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $188 million in bullish long positions alone wiped out, according to Coinglass data.
Bitcoin’s open interest fell 2.85% over the last 24 hours. A falling open interest with falling prices typically indicates that traders are exiting their long positions rather than new sellers taking over.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.25 trillion, following a dip of 0.59% over the last 24 hours.
Stocks Edge LowerStocks extended the decline on Thursday. The Dow Jones Industrial Average fell 506.93 points, or 0.97%, to end at 51,711.65. The S&P 500 slid 1.21% to 7,408.30, while the tech-heavy Nasdaq Composite lost 2.15% to close at 25,137.69
U.S. strikes on Iran entered their 13th consecutive day, while Yemen’s Iran-backed Houthi militia announced a maritime embargo on Saudi Arabia, raising fresh worries about oil exports transiting the Red Sea, another key oil shipping route
Time to Accumulate?Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin’s Sharpe ratio—which measures the reward per unit of risk—has dived into the negative territory, creating an “asymmetric” entry point for long-term investors.
“Past instances where the ratio compressed to these levels, such as during the 2015, 2019, and 2022 bear market bottoms, marked final capitulation phases,” the analyst added.
Michaël van de Poppe, another prominent cryptocurrency influencer, said that Ethereum’s $2,500 target remains intact, while admitting that the latest correction “isn’t great for the markets.”
Photo Courtesy: Marc Bruxelle on Shutterstock.com
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Bitcoin maintained stability near $65,400 during Friday’s Asian trading, even as U.S. technology companies faced their steepest collective loss in months. Despite a sharp sell-off in the stock market, the largest cryptocurrency moved less than 1% lower, signaling a rare moment of divergence from the equity rout.
U.S. tech stocks see dramatic lossesThe Magnificent Seven, referring to the group of leading U.S. megacap technology stocks that have driven much of Wall Street’s performance since 2022, lost approximately $797 billion in market value on Thursday. This plunge, reported by Bloomberg, marked their worst single-day loss since April 2025. The S&P 500 fell 1.2%, while the Nasdaq 100 declined by 1.9%. The tech group now sits 11% below its peak from late May, erasing nearly $2 trillion in value.
The Magnificent Seven dropped 4.8% on Thursday, their most severe session since the tariff-driven selloff of April 2025, highlighting the market’s heightened sensitivity to aggressive spending in AI infrastructure.
AI spending triggers market fearsA major driver behind the tech-sector selloff has been concern over capital expenditures on artificial intelligence. Alphabet, the parent company of Google, raised its annual spending target to as much as $205 billion. Meanwhile, Elon Musk, chief executive of Tesla, described 2026 as “a massive capex year” after the company posted profits well below analysts’ expectations.
Investors have grown uneasy with the rapid pace at which technology companies are investing in AI infrastructure, fearing that profit growth may not keep up with such high outlays. This anxiety had been closely linked to performance in both technology stocks and Bitcoin over the past month: the cryptocurrency has tended to rise alongside chip stocks and fall when those shares weaken, moving as a proxy for the broader AI investment cycle.
Mini dictionary: The Magnificent Seven, a term widely used in financial media, refers to the group of the largest and most influential U.S. technology companies, typically including Apple, Microsoft, Alphabet, Amazon, Nvidia, Tesla, and Meta Platforms (formerly Facebook).
Cryptocurrencies remain steady amid equity sell-offWhile the equities market experienced sharp losses, Bitcoin limited its decline to less than 1% for the day, staying within the $65,000 range, and was up 3% across the week. Ether retreated 3% to $1,879. Other leading cryptocurrencies also recorded losses, but their moves were notably small compared with the tech sector’s decline.
Dogecoin registered the steepest drop among the major cryptocurrencies, down 5% to $0.069 for the day and 4% over the week. XRP slipped 2% to $1.11, Solana lost 3% to $76, and Hyperliquid‘s HYPE token dropped to $58, falling 4% across seven days. Despite red numbers, the cryptocurrency market’s losses were mild relative to the technology sector.
AssetDaily ChangeWeekly ChangeCurrent PriceBitcoin-1%+3%$65,400Ether-3%—$1,879Dogecoin-5%-4%$0.069XRP-2%—$1.11Solana-3%—$76HYPE—-4%$58Potential decoupling from AI tradeThe synchronized movement between cryptocurrency prices and technology equities has been one of the defining market features in recent months. Bitcoin, in particular, often responded to swings in semiconductor and AI-related stocks. Some analysts cautioned that the trend might be changing after Bitcoin showed notable independence during the most recent rout in U.S. tech shares.
Whether this signals a longer-term decoupling between Bitcoin and the AI-driven tech cycle remains uncertain, but the divergence seen in the latest session is an important indicator for market watchers.
Bitcoin miners have increasingly diversified into operating AI data centers. Should major technology companies begin to scale back AI spending, the effects would eventually be felt in the cryptocurrency mining sector, though the lag may be longer than during market rallies.
Recent crypto market developmentsMarket composition has shifted since June, with Binance, the world’s largest crypto exchange by trading volume, retaining around 55% of user funds and 24% of spot market activity. The exchange drew net inflows in early July, contrary to outflows seen elsewhere.
Among other recent developments: the Clarity Act, addressing crypto regulation, may miss legislative approval before Congress’ summer break; Robinhood CEO Vlad Tenev’s X account was compromised in a token promotion scheme; and BlackRock, Coinbase, and Strategy formed a group pledging $15 million for Bitcoin’s quantum security efforts.
Crypto markets have paused for breath, with industry observers watching for signs of further divergence from traditional tech stock trajectories as July progresses.
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.
Dogecoin Price fell to $0.0690 after losing 4.75% during the latest 24-hour trading period. The fall was due to more general market deleveraging and the U.S.-Iran war crisis. The total crypto market value declined by 0.96% to reach $2.22 trillion as liquidations compounded the broader macro-sell off.
Bitcoin price hovered near mid $65,000 and Ethereum price fall to the 1,880 level after undoing previous weekly gains. XRP and Dogecoin also faltered, with the investors lessening their exposure to riskier digital assets. DOGE is currently in testing of support levels last observed in late 2024.
The token also remains close to its lowest trading range of 2025. Traders are monitoring whether new spot ETF inflows can help in promoting a rebound. Nevertheless, poor sentiment, mixed expectations of the Federal Reserve, and poor technical conditions are still constraining the short-term recovery. Long-term purchasing is required before the momentum can be determined.
Dogecoin ETFs Record First Inflows Since June 17 as DOGE Funds Recover Spot Dogecoin ETFs reported net inflows of $345,130 on July 21, the first day of inflows since June 17.
The inflow followed more than one month of flat activity and one outflow session on July 2. However, SoSoValue data showed daily net inflows returned to zero by July 23.
Source: SoSoValue data The cumulative net inflows were 12.12 million and the cumulative net assets were 9.88 million. The assets constituted approximately 0.09% of the market capitalization of Dogecoin.
This was a cumulative trading worth of 265,040 in the last reported session. The GDOG of Grayscale was the leader with cumulative inflows of $11.30 million and assets of $6.78 million.
TDOG managed by 21Shares was introduced to inflows and asset respectively with 2.19 million and 2.65 million. BWOW of Bitwise noted a cumulative outflow of 1.38 million and assets of some 453,880. The three funds all closed negative and had a daily loss of between 4.61% and 4.92%.
Dogecoin Price Falls Below $0.070—Is a Rebound Coming Next? At the time of writing, the DOGE price traded at $0.0693 after losing 1% on the four-hour chart. Dogecoin price slipped below the $0.07 support after heavy selling volume pushed prices toward the lower range.
Short-term support is now right around 0.0680, with buyers possibly making another attempt at recovery. The RSI dropped to 34.51 and has weak momentum, and it is tending towards an oversold state. However, the CMF remains positive at $0.08, suggesting some capital continues entering the market.
Source: Tradingview DOGE price must reclaim $0.070 to improve its short-term outlook and challenge resistance at $0.0720.
A confirmed move above $0.0720 could open targets near $0.0740 and $0.0760 as per the Future Dogecoin outlook. Loss of $0.0680 would undermine the framework and put DOGE at risk of falling to $0.0660.
Bitcoin hovered near the $65,000 mark on Friday as escalating Middle East tensions weighed on sentiment in the cryptocurrency market, while Ethereum also traded lower.
Bitcoin was trading at $65,345, while Ethereum was at $1,877.
Over the past 24 hours, Bitcoin declined 0.43% and Ethereum fell 2.23%. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano dropped by as much as 4.09%, while Tron edged up 0.05%.
Crypto Tracker
TOP COINS (₹)
96 (-0.06%)
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Nischal Shetty, founder of WazirX, said that Bitcoin remained under pressure as geopolitical tensions in the Middle East dampened investor sentiment, prompting a shift toward safer assets. Ethereum also weakened, with traders closely monitoring institutional positioning and broader market uncertainty.
“Bitcoin's daily technical indicators remain neutral, with immediate support around $64,200–$64,500, while Futures traders are watching whether BTC can sustain a move back toward $66,000. For Ethereum traders, $1,840–$1,860 remains the key support zone, while $1,900 is the next major resistance,” Shetty further said.
The global crypto market capitalisation went down 0.7% to $2.22 trillion, according to CoinMarketCap.
Akshat Siddhant, Lead quant analyst, Mudrex said fresh attacks in the Middle East have pushed crude oil above $90 a barrel, while driving US bond yields to their highest levels in 18 months, weighing on risk assets.
Despite the weakness in price, US spot Bitcoin ETFs extended their inflow streak to seven consecutive sessions, attracting nearly $1 billion in total, Siddhant further said.
In the past week, Bitcoin and Ethereum were up 2.98% and 1.58% respectively. Among the major altcoins, BNB, Hyperliquid, and Dogecoin corrected upto 4.17% whereas XRP, Solana, Tron, and Cardano gained upto 4.47%.
Crypto markets are also facing pressure from tighter financial conditions. Bitcoin remains relatively stronger than Ethereum and major altcoins, with its four-hour structure constructive above $65,000, said Riya Sehgal, Research Analyst, Delta Exchange.
Here is what other analyst say
Vikram Subburaj, CEO, Giottus: Institutional demand has improved materially. US spot Bitcoin ETFs recorded approximately $999.3 million in inflows across seven consecutive positive sessions from July 14 to July 22. These inflows more than offset the $424.7 million outflow recorded on July 13. July 23 showed a preliminary $22.6 million outflow, although BlackRock’s IBIT figure remained unavailable.
Also Read | Dixon Technologies, Paras Defence among 14 new stocks added by this one-year topper mutual fund in June
Avinash Shekhar, Co-Founder & CEO, Pi42: The latest correction across the crypto market reflects how quickly global geopolitical developments can influence investor sentiment across asset classes. Bitcoin’s pullback towards the mid $64,000 range, alongside weakness in Ethereum and other leading digital assets, comes amid heightened uncertainty following the escalation in the Iran conflict and a broader shift away from high-growth assets.
CoinSwitch Markets Desk: The July recovery could lose momentum if BTC fails to reclaim $65K, with the 21-day moving average near $64K acting as key support and $68K as the next major resistance. Investors may prefer disciplined positioning, limited leverage and gradual accumulation near support rather than chasing short-term rebounds.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Lombard Finance has launched its Bitcoin Onchain Credit Strategy with Flow Traders as an early institutional participant.
Summary
Flow Traders can borrow stablecoins while Bitcoin Earn deposits provide collateral coverage through Cap’s platform. Bitcoin holders receive underwriting premiums alongside vault returns, linking yield directly to institutional borrowing demand. Chainlink CCIP moves BTC.b from Avalanche into Ethereum, widening cross-chain access to the credit strategy. The product lets the market maker borrow stablecoins without posting its own collateral directly onchain. Instead, Bitcoin supplied through Lombard’s Bitcoin Earn vault provides separate collateral coverage through Cap’s credit platform.
The model connects Flow Traders’ demand for stablecoin financing with Bitcoin holders seeking yield. Borrowing premiums paid by the trading firm flow to depositors whose assets support the credit. Lombard said the new allocation sits inside Bitcoin Earn, which has recorded more than $1 billion in deposits from over 38,500 users.
Flow Traders borrows through Bitcoin depositors Flow Traders accesses stablecoins through Cap’s automated credit marketplace on Ethereum. Bitcoin Earn depositors supply the assets that cover the loan, while Symbiotic provides the shared-security layer. Cap’s documents say approved operators can borrow reserve assets after receiving enough collateral from delegators. Each operator receives isolated coverage rather than sharing the same collateral across several borrowers.
If a covered loan falls below its required safety level, Cap can liquidate or slash the delegated assets to repay debt. Lombard CEO Jacob Phillips said, “By separating the borrower from the collateral provider, the parties involved have made it possible for regulated, institutional trading firms to tap into onchain credit for the first time.”
Flow Traders executive Michael Lie said the strategy links Bitcoin holders with financing demand that is “less correlated to DeFi market conditions.”Flow Traders has traded digital assets since 2017 and provides liquidity across exchange-based and bilateral institutional markets.
Bitcoin Earn adds institutional credit premiums Bitcoin Earn operates as a managed meta-vault. Users can deposit LBTC, BTC.b, WBTC or native Bitcoin and receive BTCe receipt tokens. Professional managers allocate the pooled assets across several strategies rather than one lending market. Sentora manages the initial vault, while Veda supplies its infrastructure.
Lombard launched Bitcoin Earn in February 2026 as a managed Bitcoin yield product. The new credit strategy becomes one allocation within that structure. Flow Traders’ fixed annualized premium adds another source of return alongside other vault strategies, whose yields can change with market conditions.
Lombard’s documentation says BTCe withdrawals may take up to 14 days and settle in LBTC, regardless of the asset originally deposited. The company also lists smart contract, strategy and liquidity risks. Audits may reduce technical risk, but they cannot remove the chance of code failures, losses or delayed withdrawals.
Cap also states that delegators face slashing risk if an operator becomes undercollateralized. The yield therefore reflects defined credit and technical exposure rather than a guaranteed return. Cap’s risk disclosures warn that malicious or undercollateralized operators may put delegated assets at risk.
Chainlink moves BTC.b into the Ethereum vault Lombard uses Chainlink’s Cross-Chain Interoperability Protocol to move BTC.b from Avalanche into the Ethereum vault used by the strategy. CCIP lets supported applications transfer tokens and messages between blockchains. This allows the credit product to draw Bitcoin liquidity from Avalanche while Cap manages borrowing on Ethereum.
The cross-chain step follows Lombard’s May decision to use CCIP for more than $1 billion in LBTC and BTC.b assets. The company said the change aimed to standardize transfers as its Bitcoin products expanded across more networks.
As crypto.news reported, Lombard moved LBTC and BTC.b to Chainlink CCIP as its exclusive cross-chain infrastructure after reviewing its bridge setup. Lombard said the migration replaced LayerZero across several networks.
The BTC.b route follows Lombard’s acquisition of the asset and its infrastructure from Ava Labs in October 2025. As previously reported, the deal included BTC.b’s existing Avalanche integrations and user base. Lombard planned to expand the 1:1 Bitcoin asset to Ethereum, Solana and other networks.
Pilot tests a different lending structure Traditional DeFi loans usually require borrowers to post more collateral than they receive. Lombard’s structure separates the borrower from the collateral provider. Flow Traders receives stablecoins, Bitcoin Earn depositors provide coverage, and Cap’s contracts track the loan, collateral level and possible liquidation.
The setup does not remove lending risk. It depends on Lombard’s vaults, Cap’s credit contracts, Symbiotic’s collateral system, Chainlink’s cross-chain service and Flow Traders meeting its repayment duties. Problems in any connected system could affect returns, withdrawals or deposited assets.
Lombard has not disclosed the pilot loan’s size, duration, stablecoin type or interest rate. It has also not named other borrowers. The launch extends Lombard’s Bitcoin products beyond staking and standard DeFi lending, while testing whether Bitcoin depositors can support institutional stablecoin credit through an onchain structure.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Injective (INJ) remains in a recovery phase despite a mild daily decline, with technical indicators signaling renewed buying interest. The INJ token now benefits from improved accessibility after its integration with Coinbase, boosting exposure as traders monitor key resistance levels.
Technical outlook and key price levelsINJ is currently trading at $5.16, accompanied by a 24-hour trading volume of $62.96 million and a market capitalization of $513.67 million. Although the token posted a 2.08% drop in value over the past 24 hours, its price structure suggests the possibility of a near-term bullish reversal.
Abundance, a crypto analyst, observed that INJ has rebounded from a recent bottom at $4.45 and is forming a series of higher highs and higher lows on the daily chart. This pattern, combined with the token’s movement above a rising moving average, reinforces market optimism. Abundance highlighted the $5.05–$5.10 range as critical short-term support, reflecting growing buyer confidence.
The recent upward move stalled at the $5.30–$5.40 range due to increased selling pressure. Nevertheless, subdued candle bodies suggest consolidation rather than a significant reversal. If INJ remains above $5.05, analysts expect another attempt to challenge the next supply zone near $5.84, which now stands as the principal resistance.
Holding above the $5.05 line could encourage another test of the $5.84 supply zone, while a decisive break above $5.84 may set the stage for further gains toward $6.50. Conversely, a decline below $5.05 could lead to a retreat to support levels at $4.85, $4.60, and $4.45.
Price LevelRole$5.05–$5.10Immediate support$5.30–$5.40Short-term resistance$5.84Major resistance$6.50Key resistance/target$4.85/$4.60/$4.45Support levels on breakdownCoinbase integration and ecosystem expansionAccording to Injective, native INJ is now officially available on Coinbase. This integration gives Coinbase users the ability to deposit, withdraw, and trade INJ directly, streamlining participation in the Injective ecosystem. As the largest US-based cryptocurrency exchange by trading volume, Coinbase’s support is expected to boost awareness and liquidity for the INJ token.
Injective is a layer-1 blockchain focused on building decentralized finance (DeFi) applications, enabling cross-chain trading and robust interoperability between networks. The protocol allows developers to create exchanges, derivatives, and other financial products with strong performance and minimal fees.
Mini dictionary: Injective is a decentralized blockchain protocol designed for finance, providing a platform for building dApps focused on trading, derivatives, lending, and more. It is optimized for cross-chain interoperability and low fees, attracting DeFi projects that require customizable modules for financial services.
The partnership with Coinbase simplifies movement of assets into the Injective protocol and is anticipated to spark increased involvement in the token ecosystem. As more exchanges introduce direct support for native INJ, the project expects to benefit from expanded liquidity and broader participation.
Native INJ is now live on Coinbase, and users can seamlessly transfer the asset between Coinbase and the Injective ecosystem through direct deposits and withdrawals, giving traders improved accessibility and flexibility.
Market context and outlookDespite the market optimism and fresh exchange listing, INJ continues to face downward pressure, reflecting broader weakness in the cryptocurrency market. Bitcoin (BTC) has also started to trend lower, which has contributed to recent soft performance in INJ and similar tokens.
Analysts have issued positive technical outlooks based on Injective’s recovery from local lows, but emphasize that market conditions remain volatile. Price movements may continue to mirror trends in leading digital assets until INJ establishes a decisive move above major resistance levels.
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.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Marathon Digital has launched a small Bitcoin mining pilot in Utah powered by landfill methane gas, and while the project is not huge, it is a useful example of where mining infrastructure may be heading.
The project, built with Nodal Power, uses off-grid landfill methane to generate electricity for Bitcoin mining. Marathon’s announcement describes the facility as a 280 kW pilot, or 0.28 MW, with reported uptime of 92% and power costs around $0.03 per kWh.
That is not a massive hashrate deployment.
But scale is not really the point here. The point is that Marathon is testing whether waste methane, which would otherwise be an environmental liability, can be turned into a low-cost power source for mining.
That is the kind of energy story Bitcoin miners need more of, especially as political and environmental scrutiny around mining continues.
TL;DR Marathon Digital and Nodal Power launched a 280 kW landfill methane Bitcoin mining pilot in Utah. The project uses off-grid landfill gas to generate electricity. The facility is small, so the environmental impact should not be overstated, but the model is strategically interesting. Bitcoin Mining Needs Better Energy Narratives Bitcoin mining has always been tied to electricity.
That makes it easy to criticize and sometimes hard to explain. Critics focus on energy consumption, grid pressure, and emissions. Miners respond by pointing to stranded power, renewables, demand response, and the ability to monetize energy that would otherwise be wasted.
Both sides can be selective.
The reality is that mining’s environmental profile depends heavily on where the power comes from, how the facility interacts with the grid, and whether the project solves a real energy problem or simply consumes cheap electricity.
That is why landfill methane projects are interesting.
Methane is a potent greenhouse gas. If it escapes into the atmosphere, it creates environmental harm. Capturing it and using it for electricity can turn a waste problem into an energy source. If that electricity is off-grid and would not otherwise be used efficiently, Bitcoin mining can act as a flexible buyer.
That is the theory Marathon is testing.
Small Pilot, Bigger Implications A 280 kW project is tiny compared with large industrial mining sites.
Some major facilities run at tens or hundreds of megawatts. So this Utah deployment should not be presented as a major shift in Marathon’s overall energy footprint. It is a pilot, and a small one.
But pilots matter because they test operational viability.
Can the gas supply be reliable? Can the generators run efficiently? Can mining equipment operate with enough uptime? Are maintenance costs manageable? Does the power price stay competitive? Can the model be repeated at other landfill sites?
Those are practical questions, not marketing questions.
The reported 92% uptime and roughly $0.03 per kWh power cost suggest the pilot has enough promise to watch. If those economics can be repeated, landfill gas mining could become a useful niche for miners looking for cheap energy and stronger environmental positioning.
Why Off-Grid Power Is Attractive Off-grid power matters because it reduces the argument that miners are competing directly with households or businesses for electricity.
If a mining facility uses power that is stranded, wasted, or difficult to deliver to the grid, the economics look different. Mining becomes a buyer of last resort, or a way to monetize energy at the source.
That flexibility has always been one of Bitcoin mining’s stronger arguments.
Miners can locate near energy rather than near customers. They can shut down quickly if needed. They can operate in remote areas. They can turn irregular or stranded energy into revenue.
Landfill methane fits that model because the fuel source is location-specific and often underused.
If Bitcoin mining helps capture and consume methane that would otherwise be vented or flared, the environmental conversation becomes more complicated than “mining uses electricity.”
The Industry Still Needs Proof At Scale The challenge is scale.
One pilot does not transform Bitcoin mining’s environmental record. It does not prove every landfill gas project will work. It does not erase concerns about mining facilities that rely on fossil-heavy grids.
Marathon and other miners need to show that these models can scale, remain profitable, and produce measurable environmental benefits.
That last part is important. If miners want credit for emissions reduction, they need credible measurement. How much methane was captured? What would have happened without the project? How much electricity was produced? What emissions were avoided?
Without those numbers, the story can become vague.
Mining Is Becoming An Energy Infrastructure Business The bigger shift is that Bitcoin miners increasingly look like energy infrastructure operators, not just data-center companies.
They negotiate power contracts, work with stranded energy, participate in grid programs, evaluate generation sources, and compete with AI data centers for access to electricity. The winners may not simply be the miners with the newest machines. They may be the miners that understand energy markets best.
Marathon’s landfill gas pilot fits that direction.
It is small, but it shows the kind of practical experimentation that could shape the next mining cycle. Instead of only chasing cheap grid power, miners are looking for energy problems they can help monetize.
That may be the strongest long-term argument for Bitcoin mining.
Not that every mining operation is clean. Not that energy concerns do not matter. But that mining can sometimes turn wasted or stranded energy into economic value.
The Utah pilot will not settle the debate. It does, however, give the industry a better kind of example to point to.
This article is based on Marathon Digital’s announcement of its Utah landfill methane gas Bitcoin mining pilot.
This article was written by the News Desk and edited by Samuel Rae.
Bitcoin mining pools have traditionally operated on a simple bargain: you give us your hashpower and your personal information, and we give you a dashboard. Ocean Mining just decided that second part is unnecessary.
The decentralized mining pool launched Portal on July 22 at the Mining Disrupt 2026 conference in Miami, introducing what it calls a permissionless, end-to-end encrypted dashboard for miners. The tool requires no account creation, no email, and no KYC verification. All a miner needs is a Bitcoin address.
What Portal actually does The dashboard lets miners aggregate multiple Bitcoin addresses into a single view, complete with site and worker statistics, payout tracking in both Bitcoin and fiat, and advanced reporting tools.
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Ocean President Mark Artymko introduced the tool live on stage at the Miami Airport Convention Center. The core pitch is straightforward: miners should be able to monitor their operations without surrendering data sovereignty to the pool itself.
The privacy layer runs on something Ocean calls its Sub-space Locker, a locally executed encryption method. In English: your data gets encrypted on your own device before it ever touches Ocean’s infrastructure. The pool literally cannot see what you’re looking at.
Portal also includes human-readable labels for addresses.
Ocean’s broader play for miner sovereignty The pool, developed by parent company Mummolin, Inc., has built its identity around non-custodial mining and transparent payouts. Its leadership team includes Luke Dashjr as Chairman and CTO and Jason Hughes as VP of Engineering.
The pool currently operates at approximately 28.44 Eh/s of hashrate.
On the compliance front, Ocean has acquired both SOC 2 Type 1 and SOC 1 Type 1 security attestations.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin is showing signs of recovery, but this time, it is not a speculative bubble. Hyperliquid and Robinhood are accelerating the convergence between traditional finance and crypto, and BTC is the first beneficiary, according to Bitwise. A revolution is underway…
In brief Bitcoin benefits from the convergence between crypto and traditional finance, driven by players like Hyperliquid and Robinhood. Hyperliquid and Robinhood boost the market with innovations (perpetual derivatives, tokenized stocks 24/7). Opportunities and risks: Bitcoin becomes an institutional asset, but volatility and regulatory challenges persist. The winning Trio of the Upcoming Bull Run is Bitcoin, Hyperliquid, and Robinhood Bitcoin is back, and this time, it is not alone. According to Matt Hougan from Bitwise, the next bull market will be driven by the massive integration of crypto into traditional finance, with BTC at the forefront. But two key players will play a decisive role: Hyperliquid and Robinhood.
Hyperliquid, with its perpetual derivatives market, has extended its influence to traditional assets (oil, S&P 500), while maintaining strong demand for bitcoin. Its token, HYPE, jumped 146% in 2026, thanks to a model where 99% of revenues are used to buy back and burn tokens, reducing supply and supporting the price. A dynamic that indirectly benefits Bitcoin, as it strengthens the credibility of crypto assets.
Meanwhile, Robinhood launched its own blockchain (Layer 2) on July 1, 2026, enabling 24/7 trading of tokenized stocks in 120 countries. Within two weeks, $300 million was deposited. An adoption that legitimizes bitcoin as a central asset in this new financial era. In short, bitcoin is the symbol of this convergence, and Hyperliquid and Robinhood are its catalysts.
Is Bitcoin the Gauge of an Impending Revolution? While Hyperliquid and Robinhood embody innovation, bitcoin remains the market barometer. Since July 2026, its price has risen 9%, despite the Nasdaq-100 falling 6%. Moreover, Bitcoin ETF flows have turned positive again, and apparent demand follows an upward trend.
Apparent demand for Bitcoin. However, bitcoin is no longer just a store of value. It is becoming an institutional asset, adopted by major managers and recognized by regulators… But volatility persists. Bitcoin is therefore at the heart of this mutation, where crypto moves from a niche market to a pillar of global finance. But beware. Although the convergence with traditional finance is an opportunity, it also exposes BTC to new systemic risks.
Bitcoin, Hyperliquid, and Robinhood are redefining finance according to Bitwise. A historic opportunity looms, but the challenges are immense. And you, do you think that besides BTC, another crypto asset can become the safe haven of this new era?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
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.
Bitcoin (BTC) fell below $65,000 on Thursday as US stocks slid amid another round of escalation in Iran.
Key points:
Several days of US-Iran escalation are beginning to take their toll on crypto and stock market performance.Bitcoin sees three-day lows under $65,000 as traders diverge on the near-term outlook.A 21-day moving average trend line becomes important nearby support.Bitcoin wobbles as Iran destabilizes stocks, oil and US bond yieldsData from TradingView showed BTC/USD hitting three-day lows of $64,799 on Bitstamp.
Risk assets felt the strain on the day as US President Donald Trump warned that he would blame Iran for recent Houthi strikes on Saudi Arabian commercial vessels.
In a post on Truth Social, Trump said that he was “very disappointed” in the Houthis, referencing attacks on US ships from 2025.
Source: Donald Trump on Truthsocial.com
By the close of New York trading, the S&P 500 had fallen 1.2% and the Nasdaq had shed 2.2%, while oil prices rallied to their highest since early June, with Brent crude topping $100 a barrel.
CFDs on Brent crude oil one-day chart. Source: Cointelegraph/TradingView
“Inflation expectations and interest rates are rising sharply again,” trading resource The Kobeissi Letter wrote in a response on X.
Ahead of the Federal Reserve’s next interest-rate decision, data from CME Group’s FedWatch Tool showed an increasing chance of officials hiking by 0.25% — traditionally a headwind for crypto markets. Odds neared 40% on Thursday, while a week prior, they were closer to 12%.
Fed target-rate probability comparison for July FOMC meeting. Source: CME Group
Kobeissi, meanwhile, noted 18-month highs in US 10-year bond yields in a sign of fresh economic strain.
BTC price analysis offers hope of $73,000Bitcoin traders showed an increasing split over what short-term BTC price action would bring.
Commentator Exitpump argued that the Bitcoin relief rally is likely to end by late July, reinforcing an established theory that has already gained traction.
“July rally is coming to end, price is at resistance, close your longs, go short once price breaks below 65K,” they told X followers late on Wednesday.
BTC/USDT perpetual contract four-hour chart. Source: Exitpump on X.com
Others were more hopeful, with trader Jelle arguing that price was “still making progress.”
“Clear this local area and that void towards $70k opens up - could be a quick move to form the new range. Patience remains my game,” he reported.
BTC/USD chart. Source: Jelle on X.com
According to crypto trader and analyst Michaël van de Poppe, the 21-week simple moving average (SMA) at $64,073 was key.
“Theoretically, the target area for Bitcoin is reached. However, as long as this stays above the 21-Day MA, I’m sure there will be a higher valuation for Bitcoin in the near-term,” an X post on the day stated, adding:
“It’s facing the final hurdle for a big breakout, which is the $68,000 resistance zone. It’s been tested once, and this is the second test that we’ll be facing.”BTC/USDT one-day chart. Source: Michaël van de Poppe on X.com
Van de Poppe gave a $73,000 target should bulls successfully break through resistance.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.
The Smarter Web Company, a technology firm listed on the London Stock Exchange, has sold part of its Bitcoin holdings totaling $11.7 million in order to settle a convertible debt facility held by the asset management group TOBAM. The move was positioned as a step toward greater balance-sheet flexibility and an alternative to issuing new equity.
Debt repayment through Bitcoin saleThe company sold 177.8909127 BTC at an average price of $65,762, generating proceeds of $11,698,540 to fully repay the convertible debt known as the “Smarter Convert.” This payment was made approximately two weeks before the scheduled maturity date. Following this transaction, Smarter Web maintains a Bitcoin treasury of 2,700 BTC.
Smarter Web stated that the purpose of this sale was to clear the debt obligation and avoid the alternative scenario of issuing 7,718,551 ordinary shares. Conversion of the debt into equity would have diluted the stakes of existing shareholders.
For shareholders, a sale of Bitcoin to repay debt preserves their equity, while a new issue of shares would have led to immediate dilution of per-share value.
By choosing to sell a portion of its BTC, the company reduced its liabilities without altering its equity structure. Smarter Web emphasized that this action represented a financial decision aimed at strengthening its balance sheet, rather than a change in its commitment to Bitcoin.
Context of treasury managementPublicly traded companies with significant Bitcoin reserves usually gain attention for accumulating more digital assets rather than divesting them. Sales of such assets can sometimes spark speculation about a company’s confidence in Bitcoin, especially in volatile markets.
Management clarified that the sale was not driven by a liquidity crisis or a loss of confidence but was a specific response to a maturing financial instrument. The transaction was not prompted by any weakness in Bitcoin itself, but by a desire to prevent shareholder dilution.
Smarter Web’s management ultimately selected the option that would have the least negative effect on its shareholders. The company’s decision demonstrates an approach to treasury management that weighs the effects of asset sales on capital structure.
Despite the reduction, Smarter Web’s remaining BTC holdings confirm it still maintains substantial exposure to Bitcoin as a reserve asset.
Mini dictionary: TOBAM is a global asset management company based in Paris that focuses on diversified investment strategies, including digital assets and alternative investments.
MetricBefore SaleAfter SaleBTC holdings~2,878 BTC2,700 BTCConvertible Debt$11.7 million$0Shares issuedNo dilutionNo dilutionThe company reiterated that its sale was a one-time action tailored to meet a specific obligation, and not an indication of a broader shift away from digital asset exposure.
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.
Matt Hougan, Chief Investment Officer at Bitwise, has shifted focus toward specific investment categories poised to capitalize on the anticipated next wave of cryptocurrency growth. With signs of market stabilization emerging—such as Bitcoin’s recent gains amid broader equity weakness and renewed ETF inflows—Hougan urges investors to look beyond traditional narratives and target areas where blockchain technology is merging with traditional finance.
Hougan outlines two primary pathways for the upcoming cycle. The first, often referred to as the “Hyperliquid approach,” centers on decentralized financial applications that deliver substantial real-world revenues and feature token models tightly aligned with platform performance.
These projects stand out by expanding derivatives trading into traditional asset classes, including commodities, equity indices, and pre-IPO shares, while operating around the clock with near-instant settlement.
Hyperliquid exemplifies this model.
The platform recently crossed $1 billion in cumulative revenue and projects roughly $800 million for the current year.
Notably, nearly all of its fee income—about 99%—funds open-market repurchases of its native token, creating a direct mechanism that rewards holders as activity grows.
This structure contrasts sharply with earlier decentralized apps that prioritized user acquisition over sustainable value accrual.
Hougan anticipates similar mechanics becoming more widespread, positioning such protocols as leaders in the fusion of on-chain efficiency and institutional-grade trading tools like stablecoins, asset tokenization, and DeFi for professional users.
The second pathway, dubbed the “Robinhood model,” highlights established financial firms aggressively integrating blockchain infrastructure into their core operations rather than pursuing limited experiments.
These companies leverage their user bases and regulatory familiarity to scale tokenized assets and decentralized services.
Robinhood’s recent rollout of its dedicated Layer 2 blockchain serves as a prime illustration.
Launched on July 1, the chain quickly amassed over $300 million in deposits and handled millions of daily transactions within its first couple of weeks.
By enabling features such as tokenized stocks and perpetual markets, it demonstrates how traditional brokers can bridge retail investors with blockchain capabilities, fostering 24/7 access and reducing friction in settlement processes.
Hougan notes that entities committing at this scale gain invaluable operational insights as markets evolve, outpacing cautious peers stuck in proof-of-concept phases.
This dual emphasis reflects broader expectations for the crypto sector’s maturation.
As on-chain and legacy finance converge, drivers like continuous trading, tokenized real-world assets, and institutional DeFi could fuel outsized returns.
While market recovery remains tentative, improving sentiment suggests preparation for leadership from these innovative hybrids.
Hougan’s outlook underscores a shift from hype-driven cycles to those grounded in tangible utility and revenue generation. Investors may benefit from monitoring projects and firms embodying these traits, as they could define the contours of the next significant expansion phase in digital assets.
Democratic Senator Elizabeth Warren has blasted the Clarity Act draft bill, claiming it would allow criminals and cartels to move money.
Speaking in a video statement on X Wednesday, Warren hinted that the potential law would allow President Donald Trump to make money from crypto.
Lawmakers are currently mulling over the latest draft of the Clarity Act, which aims to set in stone digital asset regulation. The latest draft bans officials and their families from issuing or promoting crypto.
“This latest draft bill would make it easier for criminals, oh, and cartels and terrorists to move money and finance their operations — and it fails to protect investors and our financial system,” Warren said in the video.
The new draft of the Senate GOP crypto bill does nothing to stop President Trump from making his next $1.4 billion from crypto.
It’ll supercharge Trump’s crypto corruption.
This bill should be dead on arrival. pic.twitter.com/HuNY52n3ex
— Elizabeth Warren (@SenWarren) July 22, 2026 “It’s going to a vote on the floor. There’s a glaring omission: it does not stop Donald Trump from cashing in on his presidency.”
“This isn’t regulation — this is a giveaway. This bill should be dead on arrival,” added Warren.
But X users added clarification to Warren’s video, highlighting that the Senate GOP’s updated draft includes ethics provisions banning federal officials from issuing or sponsoring digital assets.
Trump’s crypto ventures Warren has long been a crypto critic, initially arguing that billions of dollars go missing every year thanks to tax dodging crypto users.
Most recently, Warren has called for a probe into the Trump family’s top crypto ventures.
President Trump campaigned on a ticket to help the crypto space but some Washington lawmakers have criticized the way the Trump family has profited from digital asset ventures, such as the Republican’s meme coin, TRUMP, and World Liberty Financial project.
Trump and the White House have always denied any conflicts of interest.
Latest Clarity Bill Senate Republicans began circulating new text of the bill this week, ahead of a possible floor vote.
US banking representatives, regulators and crypto bigwigs have been meeting at the White House to work on the Clarity Act since last year.
The bill was passed by the House of Representatives but banking chiefs raised concerns over stablecoins and the yield they will potentially pay customers.
Banking representatives have warned they could lose their deposit base and, in turn, their ability to lend to U.S. businesses if companies are allowed to pay rewards on stablecoins.
On Thursday, Goldman Sachs chairman and CEO David Solomon became one of the first big bankers to throw his support behind the bill.
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.
Crypto analyst Ali Martinez said that the sharp decline in Bitcoin’s Sharpe ratio, a risk-return indicator, could signal a favorable period for long-term buying in the spot market.
According to data shared by Martinez, Bitcoin’s Sharpe ratio has fallen to minus 23. The Sharpe ratio, which measures the return an investment provides in relation to the risk or volatility undertaken, indicates strong returns relative to risk when it is positive, while negative values point to periods where investors face significant losses.
The analyst noted that a reading of -23 doesn’t necessarily mean the decline in Bitcoin will continue indefinitely; rather, it suggests that sellers may have largely exhausted their options. According to Martinez, this creates an asymmetrical entry opportunity for long-term Bitcoin investors, where the risk is more limited compared to the potential gain.
Martinez stated that past data also revealed a similar picture, recalling that the Sharpe ratio had fallen to similar levels during the lows of the 2015, 2019, and 2022 bear markets. He noted that these periods coincided with the final capitulation and intense selling phases in the market.
On the other hand, according to on-chain data, Bitcoin has formed a strong support zone between $63,111 and $61,840. URPD data shows that more than 1.3 million BTC changed hands within this price range.
Martinez noted that as long as this support zone is maintained, Bitcoin does not face a significant supply wall up to $84,569. Approximately 582,000 BTC have traded at this level previously. Therefore, the analyst added, maintaining the region between $61,840 and $63,111 is critical for Bitcoin’s medium-term outlook.
*This is not investment advice.
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RAS AL KHAIMAH, UAE, July 23, 2026: BFM Company Limited today introduced Bitcoinist.App, a non-custodial Bitcoin mining app and Learn-to-Mine platform released exclusively for iOS. Available from the Apple App Store, Bitcoinist.App gives people a simple way to learn how Bitcoin mining works, access real hashpower, create private Bitcoin mining pools, and receive payouts directly to a wallet they control. Onboarding uses Sign in with Apple, and users can begin from an iPhone without buying mining hardware or entering payment information.
Most people will never run a miner at home. In some regions, particularly parts of the developing world, high room temperatures can cause mining equipment to overheat, while the electricity needed to run air conditioning around the clock can make home mining prohibitively expensive. Noise and the miner’s own continuous power draw add to the barrier. In many parts of the world, people access the internet primarily through mobile data on a phone, without a practical wired connection for dedicated mining equipment. A physical miner also needs a stable network connection. Bitcoinist.App lowers those barriers with a simple iOS interface for learning about Bitcoin and directing real, remotely hosted hashpower through three modes:
Learn and unlock. The built-in Bitcoin Academy offers a 31-lesson video curriculum that explains Bitcoin and mining in practical terms. Educational videos and optional rewarded ads can unlock free mining rental time, so users can start mining from day one without a purchase. Rent or connect. Paid access is offered through an in-app subscription. Users can access hashpower in 1 TH/s increments from miners hosted in UAE data centers and third-party facilities, or from capacity supplied through third-party hashpower marketplaces. Mining does not run on the iPhone. The app is a simple control layer for real hashpower, and pricing is published in the app. Support for connecting user-owned hardware, including home miners like the Bitaxe, is planned. Route and pool. Users can create a private mining pool, invite friends and family to combine hashpower, and compete with the global hashrate. They can also mine solo or route miners to the Ocean pool for steadier payouts. Bitcoinist.App is strictly non-custodial. There is no internal wallet or platform balance. Users choose an external self-custody wallet for payouts; mined bitcoin is sent to that address rather than held inside the app. Bitcoinist.App does not hold user private keys or mined funds.
Bitcoinist.App provides mining infrastructure and education, not a yield product, investment scheme, or custodial wallet. An in-app subscription or ad-supported access provides mining time, not bitcoin and not a promised return. Mining outcomes depend on network difficulty, pool performance, transaction fees, and deployed hashpower. Some hosting and hashpower capacity comes from third parties, so availability and performance can vary by provider. Nothing in this release guarantees any amount of mined bitcoin.
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Japan’s latest crypto law changes have revived the country’s spot Bitcoin ETF discussion, but the important part is the timeline. This is not an approval story today. It is a regulatory groundwork story, and that means investors need to be patient.
The Japanese Cabinet submitted the Bill for Partially Amending the Financial Instruments and Exchange Act and the Payment Services Act to the 221st session of the National Diet, moving crypto assets toward treatment as financial assets under the FIEA rather than only payment instruments under the Payment Services Act.
That sounds technical, because it is. But it could matter a lot.
If crypto assets sit under a financial-assets framework, Japan’s Financial Services Agency has a clearer path to build rules for investment products, including the kind of structure that could eventually support spot Bitcoin ETFs.
The key word is eventually.
TL;DR Japan is moving crypto assets toward treatment under the Financial Instruments and Exchange Act. The change may help create a regulatory foundation for future spot Bitcoin ETFs. Spot Bitcoin ETFs are not currently approved or trading in Japan. Why Reclassification Matters Legal classification shapes what financial products can exist.
If crypto is treated mainly as a payment instrument, regulators focus on exchange use, transfers, custody, and consumer protection. If crypto is treated as a financial asset, the conversation widens into investment products, disclosure rules, market conduct, taxation, investor eligibility, and fund structures.
That is why Japan’s FIEA shift matters.
It does not automatically create a Bitcoin ETF. But it moves crypto closer to the legal category where investment trust rules and securities-market oversight can do the work.
For asset managers, that is important because ETF products need a clear regulatory foundation. They need rules around custody, valuation, creation and redemption, market surveillance, disclosures, and investor protection. Those rules are hard to build if the underlying asset sits in the wrong legal bucket.
Japan’s latest legislation starts to solve that structural problem.
Japan Has Been Cautious For A Reason Japan has a long history with crypto, and not all of it has been easy.
The country was one of the earliest major markets to regulate crypto exchanges seriously, partly because of painful exchange failures in earlier cycles. That history made Japanese regulators cautious, especially around retail investor protection and custody standards.
So Japan moving slowly on spot Bitcoin ETFs is not surprising.
The US approved spot Bitcoin ETFs after years of rejection, litigation, surveillance-sharing debates, and market-structure scrutiny. Other jurisdictions have taken their own routes. Japan’s process was always likely to be careful, rule-heavy, and tied to broader legal reforms.
That may frustrate traders who want a quick ETF headline, but it is consistent with how Japan tends to handle financial regulation.
The upside is that once a framework is in place, it may be more durable.
2028 Is A Target, Not A Trading Date The 2028 timeline needs to be treated properly.
A target launch window does not mean products are approved. It does not mean investors can buy a Japanese spot Bitcoin ETF now. It does not mean every asset manager is ready to launch immediately.
It means regulators and financial institutions have a possible runway.
That runway could involve final rules, investment trust amendments, tax adjustments, custody standards, market infrastructure, and product filings. Firms such as large brokers and asset managers may prepare in anticipation, but preparation is not approval.
This is where crypto headlines often get too excited.
“Japan moves toward Bitcoin ETFs” is fair. “Japan approves Bitcoin ETFs” is not.
The difference matters because investors can misread regulatory progress as immediate market access.
Tax And Product Design May Be Just As Important Japan’s crypto ETF discussion is not only about listing permission.
Tax treatment matters too. If crypto products are taxed in a way that makes them unattractive compared with other investment vehicles, ETF demand may be weaker than expected. If tax rules become more investor-friendly, regulated products could become more competitive.
Product design also matters.
Will Japan allow only Bitcoin first? Could Ethereum follow? What custody rules will apply? Will products be available to retail investors? What disclosure standards will asset managers face? How will exchanges and market makers support liquidity?
Those details will determine whether a future ETF market is meaningful or merely symbolic.
Japan Could Become A Major Asian ETF Market If the framework develops properly, Japan could become an important Asian market for regulated crypto investment products.
It has deep capital markets, a large retail investor base, major financial institutions, and a strong regulatory culture. A spot Bitcoin ETF in Japan would not only be another product. It would signal that one of Asia’s most important financial systems is comfortable putting Bitcoin into a mainstream investment wrapper.
That would matter for regional adoption.
But the path is still long.
The latest legislation is a foundation, not the finished building. The FSA still needs to shape the rules, institutions need to prepare products, and lawmakers may still need to settle related tax and investor-protection questions.
So the right takeaway is measured optimism.
Japan is not racing into spot Bitcoin ETFs. It is creating the legal conditions that could make them possible later. For a market as cautious and important as Japan, that is still a meaningful step.
This article is based on Japan Financial Services Agency materials relating to the FIEA and Payment Services Act amendments.
This article was written by the News Desk and edited by Samuel Rae.
The interest in crypto was up 300% compared to the preceding five years. At least, according to the popularity of the search term “crypto” on Google Trends.
In the long-run, the baseline popularity of crypto has grown fourfold, even as the price of Bitcoin [BTC] struggles to break out of a downturn that began last October.
This popularity can be explained by the rise of institutional investment, spot exchange-traded funds [ETFs], and developments such as real-world assets being onboarded onchain through tokenization.
Increasingly, crypto is seen as an attractive investment option. The Charles Schwab 2025 Modern Wealth Survey found that two-thirds of the surveyed American investors believe that they must look beyond traditional investment products for better investing success.
Breaking down portfolio allocation into crypto On average, stocks comprise 25% of investors’ portfolios, followed by mutual funds at 13%, bonds at 8%, and cryptocurrencies at 10%. Half the Americans surveyed agreed that investing today requires more short-term risk than it did in the past.
The high volatility crypto has seen since its inception meant that 53% of all crypto investors considered it a high-risk venture.
With high risk, there can be big rewards.
Source: TradingView Since July 2017, the total crypto market cap has grown by around 2,600%, from $77 billion to $2.19 trillion. As a nascent asset class, its quick growth is expected to slow down over time, but still continue upward.
What you must ask yourself before considering crypto as an investment The rewarding nature of crypto investment can easily mask the thousands upon thousands of traders and investors burnt by exchange hacks, rug pulls, scams, stolen wallet passwords, and just plain bad investment timing.
Whether crypto is good for an investor comes down to their goals, investment targets, risk appetite, and time horizon.
Investors should remember to only invest in crypto what they can afford to lose. This means that limiting the size of crypto in their portfolio to acceptable levels, per their tolerance. For example, BlackRock recommends a 1-2% allocation to Bitcoin.
Time horizon is something to consider. Those with a multi-year outlook would be less likely to react to market hype and panic cycles, while shorter-term investors might want to see steadier returns.
Depending on where crypto is in its cycle, such expectations could be pleasantly satisfied or face disastrous results.
Having some idea of dollar-cost averaging into bear markets and being comfortable with price swings, while occasionally keeping up with crypto market trends, could be a good way for investors to get some exposure to this alternative investment class.
Whether the investor chooses established exchanges and buys top-cap crypto assets, or chooses to go towards ETFs, consistency, risk management, and financial knowledge would remain key, just like with any other investment options.
Final Summary Crypto can be a solid investment option, but there are many questions an investor must ask themselves before entering. Rising popularity of crypto meant that 41% of surveyed Americans consider crypto a good investment, but they still view it as high risk.
The Trump administration announced new global tariffs of up to 12.5% which will go into effect just after midnight ET on Friday. The new responsibilities will supplant temporary 10% tariffs for all countries and are aimed at dozens of countries concerning forced labor allegations.
Bitcoin Slips As Trump Moves To Impose New Global Tariff Rates The tariff rates will be 10%-12.5% and will be imposed on 60 countries representing more than 99% of U.S. trade, according to senior administration officials. The Office of the U.S. Trade Representative did not go so far as to attempt to calculate the revenue that the new tariffs would generate, per CNBC report.
It’s the “the most sweeping international labor rights action the United States has ever taken — that any country has ever taken,” said a senior Trump administration official. The official also noted the new taxes on steel and aluminum will not “stack” on top of the existing Section 232 tariffs imposed on steel and aluminum for national security reasons.
It happened at the time of ongoing bearish sentiment on the crypto market. Bitcoin fell to $64,985.16, down 1.37% at the time of writing on Thursday, July 23. BTC had already trampled the $65,000 mark earlier today as the US-Iran war tensions grew. Moreover, the lower-than-expected U.S. initial jobless claims data also weighed on the market.
Thereafter, it recovered above the crucial $65,000 zone but the rebound was shortlived as the Trump tariffs news rattled the market. The 15-minute timeframe chart shows formation of red candles for Bitcoin. Also, the crypto market saw notable long liquidations amid bearish macro developments.
U.S. President’s Trade Policy Continues Facing Backlash The new steps come as a further step up in President Donald Trump’s trade policy. However, some of his tariff measures were struck down owing to legal challenges earlier this year.
One of the arguments pushed by the administration has been that tariffs are meant to correct unfair trade practices. Furthermore, the Trump administration believes that such a move will give U.S. a leverage in negotiations with trading partners.
More recently, there have been tariff increases on most imports from Brazil. These charges went into effect on Wednesday at the rate of 25%. In addition, Trump levied 50% tariffs on the wide variety of Canadian imports that will take effect next month.
Previously, the administration had revealed the new tariff policy in early June. This move the White House’s findings that the affected nations had not adequately banned forced labor in U.S. trade. The latest guidelines will replace the temporary global tariff system as soon as it expires early Friday.
For decentralized futures trading, visit our page on Perp DEXs.
With a court set to consider a reversal of a $5 million settlement from the US Commodity Futures Trading Commission’s (CFTC’s) case with cryptocurrency exchange Gemini, the company has sent $10 million in Bitcoin (BTC) to a super political action committee (PAC) supporting President Donald Trump.
According to the MAGA Inc. Super PAC’s July report to the Federal Election Commission (FEC) filed on Monday, the Gemini Trust Company run by co-founders Cameron and Tyler Winklevoss sent two separate contributions of more than $5 million in Bitcoin on June 19.
The donation, which the PAC may use for independent expenditures to support Trump, 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. CFTC Chair Michael Selig claimed at the time that the agency under former US President Joe Biden “politically targeted” the Winklevosses through enforcement actions.
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 a stablecoin payments bill, the GENIUS Act, backed his sons’ crypto mining venture American Bitcoin and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to “support President Trump and his administration’s efforts” related to crypto policy.
Since attorneys filed the joint CFTC-Gemini motion with the US District Court for the Southern District of New York in May, there has been no decision posted to the public docket. Cointelegraph reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson told Cointelegraph in June that both sides “agreed that the $5 million penalty will not be returned to Gemini” if granted by the court.
In a June letter to Selig, Senator Elizabeth Warren called the joint motion for reversal and other factors as “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity.”
As of June 30, MAGA Inc. reported receiving more than $397 million.
Selig remains sole CFTC commissioner with no nominations announcedThe CFTC chair, a Republican who was confirmed by the US Senate in December 2025, remains the only member in what is usually a bipartisan group of five commissioners heading the agency.
Many lawmakers have been pressing Trump to announce additional nominations for the financial regulator as Congress considers comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act. The bill is expected to give the CFTC significant authority in regulating and overseeing digital assets.
As of Thursday, the White House had not announced any nominations for CFTC commissioners, leaving Selig to largely direct the agency’s agenda.
Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
With a court set to consider a reversal of a $5 million settlement from the US Commodity Futures Trading Commission’s (CFTC’s) case with cryptocurrency exchange Gemini, the company has sent $10 million in Bitcoin (BTC) to a super political action committee (PAC) supporting President Donald Trump.
According to the MAGA Inc. Super PAC’s July report to the Federal Election Commission (FEC) filed on Monday, the Gemini Trust Company run by co-founders Cameron and Tyler Winklevoss sent two separate contributions of more than $5 million in Bitcoin on June 19.
The donation, which the PAC may use for independent expenditures to support Trump, 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. CFTC Chair Michael Selig claimed at the time that the agency under former US President Joe Biden “politically targeted” the Winklevosses through enforcement actions.
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 a stablecoin payments bill, the GENIUS Act, backed his sons’ crypto mining venture American Bitcoin and contributed $21 million in Bitcoin to the Digital Freedom Fund PAC in an effort to “support President Trump and his administration’s efforts” related to crypto policy.
Since attorneys filed the joint CFTC-Gemini motion with the US District Court for the Southern District of New York in May, there has been no decision posted to the public docket. Cointelegraph reached out to the CFTC and Gemini’s counsel, Avi Perry, for comment on the $10 million contribution but did not receive an immediate response. A CFTC spokesperson told Cointelegraph in June that both sides “agreed that the $5 million penalty will not be returned to Gemini” if granted by the court.
In a June letter to Selig, Senator Elizabeth Warren called the joint motion for reversal and other factors as “concerning signs of a CFTC beholden to political pressures and interests of the wealthy insiders, unbound by the rule of law and failing to protect investors and market integrity.”
As of June 30, MAGA Inc. reported receiving more than $397 million.
Selig remains sole CFTC commissioner with no nominations announcedThe CFTC chair, a Republican who was confirmed by the US Senate in December 2025, remains the only member in what is usually a bipartisan group of five commissioners heading the agency.
Many lawmakers have been pressing Trump to announce additional nominations for the financial regulator as Congress considers comprehensive crypto market structure legislation, the Digital Asset Market Clarity (CLARITY) Act. The bill is expected to give the CFTC significant authority in regulating and overseeing digital assets.
As of Thursday, the White House had not announced any nominations for CFTC commissioners, leaving Selig to largely direct the agency’s agenda.
Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Bitcoin may have already reached its low as analysts increasingly question whether the four-year cycle still applies today.
The debate over when Bitcoin’s bear market will end is largely split between two views. One camp still holds on to the traditional four-year cycle, while the other believes that the bottom may already be in.
Grayscale, for one, favors the latter.
Macro Over Market Cycles The supporters of the four-year cycle theory see Bitcoin halving events as the main driver of price movements and expect the current downturn to follow the same pattern as previous bear markets. Historically, the crypto asset has reached its bottom around one year after a cyclical peak and roughly two and a half years after a halving event, with cumulative declines averaging about 80%.
Based on that framework, Bitcoin’s price could still fall further and reach a bottom in September or October. Grayscale, however, said it subscribes to an alternative view that BTC has matured as an asset and is now increasingly driven by broader macroeconomic forces, similar to other major asset classes.
The firm noted that previous bear markets have coincided with periods of slowing economic growth and rising real interest rates, and added that this year’s downturn has unfolded alongside shifting expectations for US Federal Reserve policy and higher real interest rates.
Under this macro-driven framework, Grayscale said the asset’s price could find its bottom when those broader economic conditions begin to improve. The firm even added that if the Federal Reserve refrains from further rate hikes and economic growth remains resilient, BTC’s price may have already reached its low, making a further decline unnecessary despite expectations under the four-year cycle model.
Grayscale is not the only one arguing that the cryptocurrency could be approaching a turning point.
You may also like: Analyst: Bitcoin Stuck Near $65K Because Capital Is Flowing to AI Bitcoin Could Rally to $173K if This Pattern Plays Out: Analyst China Pumps Billions in Tech ETFs: What Does It Mean for Bitcoin Miners? More Analysts Back Early Bottom Thesis Crypto trader Killa also said Bitcoin’s market structure suggests the bottom may already be in, although he remains “50/50” because of the cycle’s timing. The trader explained that BTC has now “swept the dead cat base low” and completed the same five-wave corrective structure seen throughout previous bear markets. However, earlier bear markets took roughly 365 days to reach their final trough, whereas the current cycle would have bottomed in around 260 days.
Despite this, Killa said the “mistake is assuming” cycle lengths never change and believes Bitcoin is more likely to form higher lows than make significant new lows.
Earlier this week, crypto analyst Ali Martinez said the monthly chart is displaying the same combination of technical signals seen near the end of the 2015, 2019, and 2022 bear markets. While Martinez acknowledged that on-chain metrics such as MVRV and CVDD still leave room for a decline toward the $40,000-$50,000 range, he observed the current technical setup has historically identified a dominant accumulation zone with a favorable risk-to-reward profile for spot BTC buyers.
A similar argument was made by crypto analyst Doctor Profit, who warned that investors waiting for a traditional four-year cycle bottom in September or October could end up missing the market’s next move. While Bitcoin could still revisit the $54,000 area, the analyst said he does not expect a drop below $50,000 and believes gradual accumulation already offers an attractive risk-reward profile.
Bitcoin has fallen below $65,000 after the Trump administration announced tariffs of 10% to 12.5% on imports from 60 trading partners covering more than 99% of U.S. trade.
Summary
Bitcoin fell below $65,000 after Trump announced new tariffs covering 60 major trading partners. Strong U.S. jobless claims data and rising Treasury yields added pressure on risk assets. Crypto liquidations reached about $162 million as leveraged long traders absorbed most of the losses. CNBC reported that the duties will take effect at 12:01 a.m. ET on Friday, replacing the temporary 10% global tariff scheduled to expire the same day. The Office of the U.S. Trade Representative has linked the measures to what it described as inadequate enforcement against goods made with forced labor.
Bitcoin traded as low as $64,985 on Thursday, July 23, before briefly recovering above $65,000. crypto.news data showed the asset down about 1.5% over 24 hours, with its market capitalization standing near $1.3 trillion.
Selling resumed after details of the tariff plan emerged, leaving the rebound above $65,000 short-lived. Short-interval charts showed consecutive bearish candles during the decline, while CoinGlass recorded rising liquidations of leveraged long positions as traders faced another risk-off development.
The tariff announcement arrived during a difficult session for risk assets. The Nasdaq Composite fell about 2.2% to a four-week low, while the S&P 500 lost 1.2% and the Dow Jones Industrial Average dropped about 507 points.
Escalating tensions between the United States and Iran had already pressured Bitcoin earlier in the day. Al Jazeera reported that President Donald Trump had threatened an unprecedented “massive attack” on Iran as military exchanges continued across the region.
Strong labor data has added pressure on Bitcoin Fresh U.S. employment data gave traders another reason to reassess interest-rate expectations. The Labor Department reported that initial jobless claims fell by 22,000 to 187,000 in the week ending July 18, the lowest total since September 1969.
Economists surveyed by Reuters had expected claims to rise to 212,000. Continuing claims also fell by 2,000 to 1.796 million, according to the department, showing that layoffs remained limited despite slower hiring and uncertainty surrounding trade policy.
Stronger labor figures can reduce the urgency for the Federal Reserve to ease monetary policy because they suggest that the economy can withstand restrictive borrowing costs. Interest-rate futures indicated that traders were considering the possibility of a Fed rate increase by September, Reuters reported, as higher oil prices added to inflation concerns.
Treasury yields climbed alongside those expectations, with the 10-year yield reaching about 4.70%, according to Investors Business Daily. Higher bond yields can weigh on cryptocurrencies because they raise the return available from traditional assets that carry less risk than Bitcoin.
Leveraged traders took most of the immediate damage from the decline. CoinGlass data showed that 62,869 crypto traders were liquidated over 24 hours, with total liquidations reaching about $162 million. Separate Coinalyze figures placed Bitcoin liquidations near $28.7 million, including roughly $26.2 million in long positions.
Bitcoin’s fall followed a brief advance toward $67,000 earlier in the week. BTC was approaching a seven-week high on July 21 despite the conflict with Iran and the pending tariff decision, but buyers failed to maintain that move as macroeconomic pressure intensified.
New tariffs have rebuilt Trump’s trade barrier The administration has imposed the tariffs under Section 301 of the Trade Act of 1974, which allows Washington to respond to trade practices it considers unfair. The legal route differs from the emergency powers used for an earlier set of tariffs that the Supreme Court struck down in February.
A senior administration official described the measures as the most extensive international labor-rights trade action ever taken by any country. According to the administration, the rates depend on how much progress each trading partner has made in restricting imports produced with forced labor.
Countries and territories that have introduced partial restrictions or made related commitments will face a 10% rate. USTR documents show that the group includes Canada, Mexico, the European Union, the United Kingdom, Taiwan, Argentina and several Southeast Asian and Latin American economies.
A 12.5% tariff will apply to partners that the USTR determined had made less progress, including China, India, Japan, South Korea, Vietnam, Australia and New Zealand. U.S. Trade Representative Jamieson Greer has argued that weak enforcement abroad forces American workers to compete against goods linked to abusive labor practices.
Several major product groups will remain outside the new duties. Reuters reported that the exemptions include crude oil, petroleum products, pharmaceuticals, rare-earth materials, aircraft parts and some foods, while goods already covered by Section 232 tariffs will not face an additional charge.
Canadian and Mexican products that comply with the U.S.-Mexico-Canada Agreement will also be exempt. Administration officials said the new steel and aluminum duties would not stack on top of existing national-security tariffs.
The USTR has not published an estimate of how much revenue the tariff package will produce, according to CNBC. Trading partners can potentially secure lower rates by strengthening their forced-labor import rules, although officials said no country currently enforces a complete prohibition.
For Bitcoin, the announcement has added trade uncertainty to a session already shaped by geopolitical tension, rising oil prices, stronger labor data and higher Treasury yields. CoinGecko data placed BTC close to $65,000 at the time of reporting, leaving the level as the immediate test for buyers after the latest decline.
Gemini Trust Company, a prominent cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, has contributed $10 million in Bitcoin to a super PAC backing US President Donald Trump, according to financial filings released this week.
Major Bitcoin donation tied to CFTC case developmentsThe contribution was disclosed in MAGA Inc. Super PAC’s July report to the Federal Election Commission. The filing reveals that Gemini sent two separate Bitcoin donations, each exceeding $5 million, on June 19. MAGA Inc., a political action committee supporting Trump, can use the funds for independent expenditures during the 2024 presidential campaign.
This significant donation was recorded just weeks after the Commodity Futures Trading Commission (CFTC) and Gemini jointly requested a federal court to consider reversing a $5 million settlement reached in January 2025. The case centers on allegations that Gemini provided false or misleading statements.
Michael Selig, CFTC Chair and the agency’s only current commissioner, has asserted that previous enforcement actions against Gemini were politically motivated under former President Joe Biden’s administration, targeting the Winklevoss brothers.
The CFTC, led by Selig, claimed that the Biden administration “politically targeted” the Winklevosses through enforcement, highlighting tensions surrounding regulatory action in the crypto sector.
Beyond the $10 million donation, the Winklevoss twins previously contributed $1 million each to Trump’s 2024 campaign and have shown vocal support for his presidency on social media. After Trump’s return to office in January 2025, the brothers appeared at the signing ceremony for the GENIUS Act, a stablecoin payments bill, and backed his sons’ crypto mining venture, American Bitcoin. They have also contributed $21 million in Bitcoin to the Digital Freedom Fund PAC, aimed at advancing crypto-friendly policies.
Ongoing court proceedings and political reactionsNo final decision has been made public regarding the joint CFTC-Gemini request, which was filed with the US District Court for the Southern District of New York in May. The CFTC stated in June that if the court grants reversal, the $5 million penalty will not be returned to Gemini.
Senator Elizabeth Warren sent a letter to CFTC Chair Selig in June, raising concerns that the joint motion and recent actions suggest the agency may be influenced by political pressures and wealthy insiders, warning of risks to market integrity and investor protection.
As of June 30, MAGA Inc. reported total receipts exceeding $397 million.
RecipientAmountAssetDateMAGA Inc. Super PAC$10 millionBitcoin (BTC)June 19, 2025Trump 2024 Campaign$2 millionUSDPrior to June 2025Digital Freedom Fund PAC$21 millionBitcoin (BTC)Prior to June 2025Selig’s unique position and crypto regulationMichael Selig, a Republican who was confirmed as CFTC Chair in December 2025, is currently serving as the sole commissioner on the panel, which is traditionally composed of five bipartisan members. The Commodity Futures Trading Commission is responsible for regulating US derivatives markets, including those related to digital assets.
Lawmakers from both parties have urged President Trump to nominate additional commissioners to restore the commission’s normal composition, especially as Congress debates the Digital Asset Market Clarity (CLARITY) Act. The pending bill would expand the CFTC’s authority over digital asset markets, establishing clearer rules and oversight mechanisms.
As of the latest updates, the White House had not put forward new nominations for the CFTC, meaning Selig continues to manage the agency’s regulatory agenda.
Mini dictionary: Commodity Futures Trading Commission (CFTC), an independent US government agency that regulates derivatives markets, including futures, options, and swaps, and increasingly digital assets. It plays a key role in establishing legal frameworks for crypto-related trading.
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.
A recent report by Forbes details how a $30,000 bill has marked the end of an era for crypto influencers, who were once pivotal in promoting digital assets. This development comes amid increasing regulatory scrutiny globally, with Indonesia leading the charge through new regulations requiring influencers to hold certifications or licenses to promote crypto assets. The shift reflects a broader move away from the loosely regulated environment that previously allowed influencers to engage in undisclosed paid promotions. Market observers suggest this regulatory landscape change could dampen enthusiasm and reduce promotional activity within the crypto sector.
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Key Takeaways Pricing suggests participants view the end of crypto influencer promotions as potentially impactful on market enthusiasm, which may indicate a decline in Bitcoin’s price momentum. The introduction of strict regulations in Indonesia and elsewhere appears consistent with a reduction in undisclosed crypto promotions, a shift that markets may interpret as limiting speculative activity. The current market pricing for Bitcoin reaching $72,000 by July 26 is notably low, with activity suggesting skepticism about achieving this target in the current environment. What to Watch Observers will be monitoring further regulatory developments in key markets such as the U.S. and EU, where similar restrictions could emerge. The reaction of key industry figures, such as MicroStrategy’s Michael Saylor and Ark Invest’s Cathie Wood, will be crucial in assessing the market’s resilience. Additionally, any significant moves in Bitcoin’s price may be influenced by macroeconomic indicators or regulatory actions, suggesting that market participants are cautious about the near-term prospects for significant price gains.
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Term Structure
Contract Odds Δ since publish Volume 24h July 27 2026 0.5% — — View market → July 27 2026 0.2% — — View market → July 27 2026 11.5% — — View market → July 27 2026 10.5% — — View market → July 27 2026 2.4% — — View market → July 27 2026 0.2% — — View market → July 27 2026 2.8% — — View market → July 27 2026 0.8% — — View market →
Bitcoin [BTC], the largest cryptocurrency by market capitalization at $1.35 trillion, has moved through one of the most unprofitable stretches in its history. Notably, BTC’s slump has now extended across three separate quarters and two calendar years.
That performance has broken away from the equities market over the same window, leaving a wide band of investors holding positions below their entry price. One relationship has held through the divergence, that of the $4.8 trillion technology giant Apple [AAPL].
Bitcoin-AAPL ratio could frame the next cycle A chart from Alphractal plotting Bitcoin against AAPL shares has surfaced a correlation that traders can use to map where both assets sit in their respective cycles. The ratio has traded inside an ascending channel that stretches back to 2017, giving the structure close to a decade of price history to lean on.
Parallel ascending support and resistance lines define that channel, with the lower boundary historically marking undervaluation for Bitcoin and the upper boundary marking overvalued territory.
Source: Alphractal Every long-term Bitcoin cycle over that period has respected those boundaries, and the Alphractal data places the ratio close to the support line once again, with the remaining gap now narrow.
A move into that region, should it play out as it has in previous instances, would put Bitcoin back in the accumulation zone that preceded each of its earlier expansion phases.
Bitcoin-S&P correlation breaks! Bitcoin and the equities market, represented here by the S&P 500, have tracked each other on an annual basis since 2017, with 2025 standing as the single break in an otherwise consistent pattern.
The relationship shows up most clearly in annual returns, where a positive year for Bitcoin has coincided with a positive year for the S&P 500, and the reverse has held as well, with Bitcoin delivering the larger move in either direction.
However, that pattern broke in 2025, when Bitcoin closed the year down 6% against an 18% gain for the S&P 500. Roughly $1 trillion left Bitcoin’s market capitalization between October and December of that year alone.
Source: Curvo The Nasdaq 100 returns the same result, placing the break across the broader equities complex.
Bitcoin’s sharper reaction to a sequence of macro shocks accounts for the gap, including the October 10 liquidation event, the tariff dispute with China, and the U.S.-Israel-Iran conflict. This pushes investors out of risk assets and into safer alternatives.
Those events sit outside the eight years of alignment that came before them, which leaves the longer structure and the channel the Bitcoin-AAPL ratio still trades within intact.
On-chain signal to watch The Bitcoin-AAPL relationship gives traders a way to anticipate a rally, while on-chain data offers the confirmation needed to time one.
Dry powder in the form of stablecoins ranks among the more reliable indicators here, since stablecoin flows onto exchanges signal capital rotating back into the crypto market ahead of an expansion. Moreover, Bitcoin has captured the largest share of those inflows in past cycles.
Notably, DeFiLlama data shows $1.42 billion in stablecoins moving into the market over the last seven days, a figure that sits well below the level associated with previous rallies. It falls short against the more than $10 billion withdrawn across the past thirty days.
Final Summary The Bitcoin-AAPL ratio has traded inside an ascending channel since 2017. Stablecoin inflows of $1.42 billion over seven days sit well under the $10 billion pulled from the market across 30 days.
Bitcoin fell to $64,000 as a broader risk-off move swept through crypto markets after disappointing technology earnings weighed on equities. The pullback pushed crypto market sentiment back into the Fear zone.
Notable Statistics Coinglass data shows 74,657 traders were liquidated in the past 24 hours for $240.79 million. SoSoValue data shows net inflows of $68.99 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net inflows of $72.6 million. In the past 24 hours, top gainers include Audiera, Midnight and World Liberty Financial. Latest DevelopmentsTrader NotesTed Pillows noted Bitcoin trading below its 200-week EMA has historically marked a long-term accumulation zone. If the traditional four-year cycle holds, the market bottom could form in Q4.
However, the analyst notes that major catalysts, such as a potential CLARITY Act approval, could alter the cycle, much like spot Bitcoin ETF approval led to a pre-halving all-time high for the first time.
Analyst and trader Kevin sees Bitcoin’s key support in the $56,000–$44,000 range but questions whether the market will first sweep a major liquidity pocket built over the past two years.
He cautions that seemingly “untouchable” support zones have often been broken before reversals, raising the possibility of one final sharp selloff before Bitcoin’s next major move.
Trader KillaXBT expects Bitcoin to trade in a range for the next one to one-and-a-half months, maintaining that the cycle’s key bottom has already formed around $57,000.
He believes any brief move below that level would likely be bought aggressively. After this consolidation, the outlook calls for a rally toward $80,000, followed by another extended period of sideways trading before the next leg higher.
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Ether is becoming increasingly attractive from a valuation standpoint, particularly relative to Bitcoin, but onchain data suggests the market has yet to reach a definitive cycle bottom, according to CryptoQuant.
In its latest weekly report, the analytics company said Ether (ETH) is trading roughly 17% below its realized price, or the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms.
Ether is also showing signs of improving relative to Bitcoin (BTC). CryptoQuant said that ETH’s market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund (ETF) holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.
CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuant
Even so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the extremes that have marked previous cycle lows, suggesting Ethereum’s bottom may still be forming.
The report comes as Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act. At the same time, some market analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, a shift that could further support Ether if risk appetite broadens.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin. Source: CryptoQuant
Ethereum supply tightens as exchange outflows and staking climbEthereum has shown several constructive onchain signals over the past month. During the week beginning June 29, withdrawal activity on Binance, the world’s largest crypto exchange by trading volume, climbed to its highest level in more than three years.
Analysts generally interpret sustained exchange outflows as a sign that investors are moving assets into self-custody or staking rather than keeping them on exchanges for potential sale, although such flows do not guarantee accumulation.
Meanwhile, a record 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards. As Cointelegraph previously reported, higher staking participation reduces the amount of ETH readily available for trading, potentially easing short-term selling pressure if demand remains resilient.
Tom Lee’s Bitmine Immersion Technologies, the biggest corporate ETH holder, continues to accumulate Ether, boosting its holdings by 325,000 ETH over a one-month period, despite sitting on large unrealized losses. It has set a target to hold 5% of the second-biggest crypto.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Ether is becoming increasingly attractive from a valuation standpoint, particularly relative to Bitcoin, but onchain data suggests the market has yet to reach a definitive cycle bottom, according to CryptoQuant.
In its latest weekly report, the analytics company said Ether (ETH) is trading roughly 17% below its realized price, or the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms.
Ether is also showing signs of improving relative to Bitcoin (BTC). CryptoQuant said that ETH’s market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund (ETF) holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.
CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuant
Even so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the extremes that have marked previous cycle lows, suggesting Ethereum’s bottom may still be forming.
The report comes as Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act. At the same time, some market analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, a shift that could further support Ether if risk appetite broadens.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin. Source: CryptoQuant
Ethereum supply tightens as exchange outflows and staking climbEthereum has shown several constructive onchain signals over the past month. During the week beginning June 29, withdrawal activity on Binance, the world’s largest crypto exchange by trading volume, climbed to its highest level in more than three years.
Analysts generally interpret sustained exchange outflows as a sign that investors are moving assets into self-custody or staking rather than keeping them on exchanges for potential sale, although such flows do not guarantee accumulation.
Meanwhile, a record 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards. As Cointelegraph previously reported, higher staking participation reduces the amount of ETH readily available for trading, potentially easing short-term selling pressure if demand remains resilient.
Tom Lee’s Bitmine Immersion Technologies, the biggest corporate ETH holder, continues to accumulate Ether, boosting its holdings by 325,000 ETH over a one-month period, despite sitting on large unrealized losses. It has set a target to hold 5% of the second-biggest crypto.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
AMD officially launches rack-mounted AI system Helios, set to begin shipping soon.
The AMD Advancing AI Conference was held in San Francisco from July 22 to 23. At the event, AMD CEO Lisa Su announced that Helios has entered full production and will begin shipping soon. OpenAI’s Head of Infrastructure stated that the company plans to deploy AMD Helios at scale, and OpenAI will collaborate with AMD to develop the MI500 series AI chips and their subsequent products. Additionally, Su said AMD is partnering with chip design firm Cerebras to deliver high-speed inference capabilities via Cerebras’ cloud services. The joint product of AMD and Cerebras will hit the market later this year. The AMD-Cerebras system will launch an AI inference solution combining AMD Helios GPU server racks and Cerebras’ wafer-scale chips. CNBC analysis points out that a year ago, Su projected the 2028 AI accelerator market would reach $500 billion. The latest forecast puts the market size at the end of this decade roughly equivalent to the current entire semiconductor market. Su noted that GPUs will account for the majority of this share.
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Trump: To use Iranian funds to compensate for ship and cargo losses
US President Trump stated, "Until further notice, effective immediately, all and any damages caused to vessels, cargo, or any related items shall be compensated using Iranian funds currently held and controlled by the United States. Although such compensation amounts may be substantial, this remains a fair and reasonable approach."
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The United States has imposed additional tariffs ranging from 10% to 12.5% on 60 economies, with the measures taking effect today.
The Office of the United States Trade Representative (USTR) issued a notice on local time the 23rd, announcing that under Section 301 of the Trade Act of 1974, it would impose additional tariffs of 10% to 12.5% on dozens of countries and regions under the pretext of so-called "forced labor" to replace the expiring global import tariffs. The new tariffs will take effect at 12:00 noon ET on the 24th (12:00 noon Beijing time on the same day). The USTR stated that as the 10% global tariff is set to expire, this round of tariffs will be levied on 60 economies, covering more than 99% of U.S. trade volume. Senior U.S. officials added that tariff measures for goods in transit will take effect at 12:01 a.m. ET on July 28 (12:01 noon Beijing time on the same day). Imported goods including fuel, food, and fertilizers will be exempt from the new tariffs; products subject to specific industry-specific tariffs (such as automobiles, metals, and pharmaceuticals) are also excluded from the levy. Additionally, goods covered by the United States-Mexico-Canada Agreement (USMCA) will also be granted exemptions. U.S. officials noted that the new tariffs will not be imposed in tandem with existing steel and aluminum import taxes, namely the "Section 232" tariffs implemented by the Trump administration last year on national security grounds.
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Intel's revenue and outlook beat expectations, with its stock rising 13% in after-hours trading.
Intel (INTC.O) released an unexpectedly strong revenue forecast, indicating that surging data center spending is helping the chipmaker achieve its long-awaited recovery. The company said it expects third-quarter sales to reach $15.8 billion to $16.8 billion. Even the lower end of this range easily exceeds analysts’ average forecast of $15.1 billion. This forecast highlights Intel’s growth momentum among data center customers, who are urgently needing chips to meet AI computing demands. Last quarter, sales in this segment surged 59%, more than twice Intel’s overall revenue growth. After the earnings release, Intel’s stock rose 13% in after-hours trading. Additionally, Intel’s second-quarter revenue of $16.13 billion also exceeded the market expectation of $14.43 billion.
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Iraqi Prime Minister: Iraq will not allow actions threatening Iran to be launched from its territory.
According to a statement released by Iraq's Prime Minister's Press Office on the 23rd, Iraqi Prime Minister al-Zaidi visited Iran that day and held talks with Iranian President Pezeshkian in Tehran, the capital of Iran. Al-Zaidi stated that Iraq and Iran's security are closely linked, and Iraq will never allow any actions threatening Iran to be launched from its territory. Pezeshkian noted that security and stability are of great significance to the development of bilateral relations.
Swiss cantonal bank BancaStato has launched regulated crypto trading through an integration with digital asset bank Sygnum and banking software provider Avaloq.
The service allows BancaStato clients to buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Solana directly through the bank’s existing web and mobile banking applications, according to an announcement Thursday.
Clients can place market orders based on either the quantity of crypto they want to purchase or its value in US dollars. Transactions are executed through Sygnum’s business banking API within BancaStato’s Avaloq infrastructure.
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The integration does not require a separate order management system, which Sygnum said reduces operating costs and complexity while allowing trading features to be adjusted to support the bank’s risk management requirements.
BancaStato is the first bank using Avaloq’s software as a service environment to let clients trade crypto directly through Sygnum’s API, the companies said. The bank joins more than 25 banks and international financial institutions using Sygnum’s business banking platform.
Client assets will be stored through Sygnum’s custody infrastructure, which uses hardware and software controls, governance procedures, and external audits. The assets are held off BancaStato’s balance sheet, providing additional protection if the bank enters bankruptcy proceedings.
Founded in 1915, BancaStato serves customers across the Swiss canton of Ticino. The integration allows clients to view and manage their traditional investments and digital assets through the same banking platform.
The launch follows Sygnum Europe’s receipt of a crypto asset service provider license in Liechtenstein on June 30 under the European Union’s Markets in Crypto Assets framework. The authorization allows Sygnum to provide regulated digital asset infrastructure to banks across the European Union.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Bitcoin Collateral Meets Institutional Credit@Lombard_Finance has launched its Bitcoin Onchain Credit Strategy, opening a new route for institutional players to access stablecoin liquidity using Bitcoin as collateral. The product lets $LBTC and native $BTC holders earn fixed premiums by providing collateral that backs institutional stablecoin credit facilities. The strategy gives regulated firms a way to post Bitcoin as collateral and borrow stablecoins through a private underwriting structure on Cap, an automated credit marketplace.
The strategy uses @Chainlink CCIP to accept $BTC.b deposits from @Avax into a vault operating on Ethereum, reducing the need for investors to manually bridge, exchange, or reissue their Bitcoin-linked assets before entering the strategy. Lombard had already selected CCIP as the exclusive interoperability system for more than $1 billion of Bitcoin-backed assets, including $LBTC and BTC.b.
Flow Traders Steps Onchain as Inaugural CounterpartyFlow Traders, one of the more recognizable names in institutional digital asset trading, serves as the pilot partner for the rollout. Established in 2004, Flow Traders is a leading multi-asset market maker and liquidity provider that has been publicly listed on the Euronext Amsterdam Stock Exchange since 2015. The firm handles billions of dollars in daily trading volume and is one of the main market makers in ETFs, ETPs, equities, fixed income, commodities, and crypto.
The partnership allows a regulated institution to access decentralized capital in a functional, traceable, and automatically secured manner, marking a real shift as institutions move from viewing DeFi from the outside to using it for concrete financial operations.
Founded in 2024, Lombard pioneered Bitcoin's integration into DeFi with $LBTC, the leading yield-bearing Bitcoin asset secured by a consortium of 14 digital asset institutions. LBTC reached $1 billion in TVL in just 92 days and became the first Bitcoin LST trusted by blue-chip protocols including Aave, Spark, and EigenLayer. The protocol operates across Ethereum, Base, and Solana, which matters because institutional allocators increasingly want cross-chain exposure without managing the operational complexity of bridging assets themselves.
Sources:
Crypto Briefing: Lombard Finance launches Bitcoin onchain credit strategy with Flow Traders
AlexaBlockchain: Lombard Opens Bitcoin-Backed Credit Vault With Flow Traders as First Borrower
Lombard Finance: Lombard and Chainlink Partner to Set the Industry Standard for Bitcoin in DeFi
The Stacks ecosystem just took a meaningful step toward letting Bitcoin holders earn yield without handing over their keys. The PoX-5 public testnet is now live, giving builders and developers a sandbox to stress-test Bitcoin staking before the protocol’s mainnet hard fork, currently penciled in for around July 29, 2026.
PoX stands for Proof of Transfer, a consensus mechanism that has been running on Stacks since January 2021. Miners on Stacks spend BTC to mine blocks, and that BTC gets distributed as rewards to participants who lock up their STX tokens. The system has maintained over 99.9% uptime since launch, distributing more than 4,200 BTC in rewards over its lifetime.
PoX-5 builds on that foundation but introduces the ability to stake actual Bitcoin alongside STX. The BTC stays on Bitcoin’s own blockchain, secured by a timelock rather than a custodian. The public testnet phase follows a private testnet that kicked off on July 16, 2026. During that earlier phase, integration partners confirmed the protocol bond lifecycle worked correctly under accelerated conditions.
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The mainnet activation hinges on a Bitcoin block height target of approximately block 907,740. Two governance proposals, SIP-044 (Clarity 6) and SIP-045 (Bitcoin Staking), cleared the community vote with an approval rate exceeding 99.99%.
Bootstrap phase parameters and what comes next The initial rollout won’t be a free-for-all. Stacks is implementing a bootstrap phase with a 3,000 BTC capacity cap, a projected yield of around 3% APY paid in BTC, and a minimum STX pairing ratio of 5%.
After PoX-5 stabilizes, the roadmap points toward PoX-6, which would transition the system into a permissionless auction model. The team is also planning to release what they’re calling the Genesis Bond, described as the first Bitcoin Protocol Bond, with a target date in late August 2026.
What this means for investors The 5% minimum STX pairing ratio creates a structural demand floor. If the 3,000 BTC bootstrap cap gets filled, that implies a need for STX equivalent to at least 5% of the staked BTC value to be locked alongside it.
Timelocks on Bitcoin are elegant in theory, but any mechanism that involves locking capital introduces liquidity risk. If BTC price moves sharply while tokens are locked, stakers can’t react. The 3% APY needs to compensate for that illiquidity premium.
STX price action has already shown sensitivity to Bitcoin staking narratives. The Genesis Bond release in late August could serve as the next major catalyst if the mainnet launch goes smoothly.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
