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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
South Korean securities firm KIS says Samsung Electronics is "significantly undervalued," raising its target price by 10% to 650,000 won.
South Korean brokerage Korea Investment Securities released a research report on July 31, raising Samsung Electronics' target price by 10% to 650,000 won and maintaining a "buy" rating. The firm noted that the market is still pricing Samsung based on traditional cyclical stock logic, but is overlooking that long-term supply agreements are driving its memory business to transition from "cycle-driven" to "order-driven". It added that Samsung’s earnings stability, performance predictability, and valuation center are all expected to improve, with its current stock price deemed "significantly undervalued".
20 minutes ago
Meme coin ASTEROID's market cap drops below $3 million, falling more than 50% in 20 minutes.
According to GMGN market data, the meme coin ASTEROID on BNB Chain has seen its market capitalization fall below $3 million, with a 52.59% decline in 20 minutes. In an earlier report, BNB Chain officials stated that a former employee had issued the new meme token ASTEROID without authorization using the original official test wallet, and legal action has been taken.
20 minutes ago
BNB Chain: Former Employee Unauthorized to Issue New Meme Tokens via Original Official Test Wallet, Legal Action Taken
BNB Chain released an official statement saying a wallet address was previously created by a former employee, who used it to issue a meme token named TST as part of video tutorials. The employee is no longer with the company. After leaving his position, he retained unauthorized access to the associated seed phrase and used it to generate new private keys. BNB Chain has now learned that the same address is being independently used for activities related to a new meme token, ASTEROID, on BNB Chain. BNB Chain did not create, authorize, promote or participate in the issuance of this token, nor does it have any control over the token or the wallet address. These matters are unrelated to BNB Chain and have not been endorsed by the platform. BNB Chain is taking legal action against the former employee and cooperating with relevant government agencies regarding the incident. Earlier reports noted that the BSC ecosystem meme token ASTEROID hit a $10 million market cap in just four hours after its launch.
20 minutes ago
Morgan Stanley: Semiconductor boom cycle far from over, cloud capital expenditure could surge to $1.3 trillion by 2027
Morgan Stanley’s latest Greater China semiconductor report, released on July 31, notes that AI semiconductors remain in a high-growth cycle, and the current market rally is expanding beyond pure GPU demand to cover advanced process technology, advanced packaging, memory, testing equipment, ASICs, and China’s AI chip industry chain. Morgan Stanley makes a very aggressive forecast: the global cloud AI semiconductor market could reach $485 billion by 2026, and further expand to around $753 billion by 2030. Meanwhile, the global semiconductor market is projected to hit $1.5 trillion by 2030, meaning AI semiconductors will account for nearly half of the total market size. Using its proprietary cloud capital expenditure (capex) tracking model, Morgan Stanley projects that the world’s top 14 listed cloud service providers may see their cloud capex reach nearly $1.3 trillion in 2027, a figure that excludes sovereign AI projects.
20 minutes ago
Analyst: The "fuel" for Bitcoin's forced selling has been exhausted, and investors should watch for signals of capital inflows into Bitcoin ETFs.
TLDR: Bitcoin price is testing the $63,150 Fibonacci support after losing most of its recovery from July’s $66,900 high and facing further downside risk. US spot Bitcoin ETFs still gained about $172.4 million in July, despite a $265.4 million net outflow during the final trading session. Momentum remains weak as Bitcoin trades below the four-hour Bollinger midpoint, while money flow and the daily MACD favor sellers. BTC dominance has broken a weekly trendline, but a broad altseason still needs stronger liquidity, market breadth, and sustained altcoin gains. Bitcoin price entered August under pressure after retreating from July’s $66,900 peak. The asset traded near $63,000 after briefly slipping below that mark. Sellers now test the $63,150 Fibonacci support, which separates consolidation from a deeper pullback. A daily close below it could expose $62,000 and later $60,000.
However, July’s institutional flow picture stayed positive. US spot Bitcoin ETFs collected about $172.4 million during the month. That gain survived heavy selling during the final sessions. The result suggests large investors reduced exposure selectively rather than abandoning Bitcoin.
Bitcoin (BTC) Price Bitcoin traded near $62,979 early Saturday, with an intraday low around $62,426. Price must reclaim $64,000 before short-term pressure eases. The next important resistance sits between $65,000 and $66,000.
Bitcoin Price Holds Support as ETF Demand Survives July Bitcoin ETFs recorded a $265.4 million net outflow on July 31. BlackRock’s IBIT led withdrawals with $122.7 million. Fidelity’s FBTC lost $54.8 million, while GBTC posted $52.6 million in outflows. Bitwise and ARK products also recorded smaller withdrawals.
JUST IN:
Bitcoin ETFs finished July in the green.
Despite late-month selling, US spot Bitcoin ETFs still recorded $172.4M in inflows.
The interesting part:
Institutions are not stepping away from Bitcoin.
They are still positioning, even while price remains stuck below major… pic.twitter.com/F7IOSkOxLT
— That Martini Guy ₿ (@MartiniGuyYT) August 1, 2026
Even so, the full-month balance stayed green. That contrast matters because late-month selling followed several strong inflow sessions. July 20 brought $226.8 million, while July 21 added $203.2 million. Funds also attracted $233.1 million on July 30.
The monthly result shows institutions still use weakness to adjust positions. It does not guarantee an immediate Bitcoin price rebound. ETF flows can support demand, yet derivatives and macro conditions often control shorter moves.
Momentum indicators currently favor sellers. The daily relative strength index sits near 45, below its recent average. Meanwhile, the daily MACD has crossed lower, with its histogram moving into negative territory.
BTC/USD daily chart. Source: TradingView The four-hour chart also shows weakening capital flow. Chaikin Money Flow fell to minus 0.22, suggesting persistent distribution. Bitcoin trades below the Bollinger midpoint near $63,886. The lower band around $62,489 now acts as immediate support.
Liquidation clusters sharpen those levels. Leveraged long positions gather near $62,000, while short exposure builds between $65,000 and $66,000. A downside sweep could trigger forced selling before buyers attempt another recovery.
Policy uncertainty adds another risk layer. The Senate has limited time before its August recess, while the CLARITY Act still needs bipartisan support. Prediction markets show reduced confidence in passage during 2026.
Bitcoin Price Risks $62K Sweep as BTC Dominance Weakens BTC dominance has also drawn attention after a weekly trendline breakdown and failed retest. According to market data, the measure is near 58.95%. However, dominance readings vary across platforms because providers calculate the broader crypto market differently.
Source: CryptoPatel on X The bearish dominance setup supports growing altseason expectations. Traders often interpret falling BTC dominance as capital rotation toward Ethereum and smaller tokens. Similar declines accompanied major altcoin rallies during 2018 and 2021.
Still, a dominance breakdown alone cannot confirm another broad altseason. Altcoins continue losing ground while Bitcoin chops below its 21-day moving average. Rotation needs stronger breadth, improving liquidity, and sustained gains across several sectors.
Bitcoin’s price therefore remains the market anchor. Holding above $60,000 would preserve a higher low against June’s $57,884 bottom. That structure would also support the bullish divergence highlighted by some traders.
Very boring state of mind with #Bitcoin, as it's chopping around and #Altcoins generally continue to fall.
It's not holding above the 21-Day MA, and therefore, the risk of another sweep of the lows have increased.
Other than that, it's been the last day of the month, and it's… pic.twitter.com/4Hg3Px3AdD
— Michaël van de Poppe (@CryptoMichNL) August 1, 2026
A recovery starts with the four-hour midpoint near $63,886. Clearing $64,000 could open $65,000 and the upper Bollinger band near $65,284. Stronger momentum would then target $65,800 to $66,000.
The broader breakout remains incomplete below July’s $66,900 high. Buyers must also clear the $67,284 Fibonacci level. Failure at $63,150 would instead expose $62,000. The next downside levels sit at $60,000 and June’s $57,884 low.
South Korean securities firm KIS says Samsung Electronics is "significantly undervalued," raising its target price by 10% to 650,000 won.
South Korean brokerage Korea Investment Securities released a research report on July 31, raising Samsung Electronics' target price by 10% to 650,000 won and maintaining a "buy" rating. The firm noted that the market is still pricing Samsung based on traditional cyclical stock logic, but is overlooking that long-term supply agreements are driving its memory business to transition from "cycle-driven" to "order-driven". It added that Samsung’s earnings stability, performance predictability, and valuation center are all expected to improve, with its current stock price deemed "significantly undervalued".
15 minutes ago
PlanB: Bitcoin has started bottoming out, a process that typically takes 1 to 3 months.
Renowned crypto analyst PlanB posted that Bitcoin closed at $62,818 in July, with its 200-week moving average standing at $63,000. It appears Bitcoin has entered a bottoming process, which typically takes 1 to 3 months, during which BTC could dip to lower levels.
15 minutes ago
Meme coin ASTEROID's market cap drops below $3 million, falling more than 50% in 20 minutes.
According to GMGN market data, the meme coin ASTEROID on BNB Chain has seen its market capitalization fall below $3 million, with a 52.59% decline in 20 minutes. In an earlier report, BNB Chain officials stated that a former employee had issued the new meme token ASTEROID without authorization using the original official test wallet, and legal action has been taken.
15 minutes ago
BNB Chain: Former Employee Unauthorized to Issue New Meme Tokens via Original Official Test Wallet, Legal Action Taken
BNB Chain released an official statement saying a wallet address was previously created by a former employee, who used it to issue a meme token named TST as part of video tutorials. The employee is no longer with the company. After leaving his position, he retained unauthorized access to the associated seed phrase and used it to generate new private keys. BNB Chain has now learned that the same address is being independently used for activities related to a new meme token, ASTEROID, on BNB Chain. BNB Chain did not create, authorize, promote or participate in the issuance of this token, nor does it have any control over the token or the wallet address. These matters are unrelated to BNB Chain and have not been endorsed by the platform. BNB Chain is taking legal action against the former employee and cooperating with relevant government agencies regarding the incident. Earlier reports noted that the BSC ecosystem meme token ASTEROID hit a $10 million market cap in just four hours after its launch.
15 minutes ago
Morgan Stanley: Semiconductor boom cycle far from over, cloud capital expenditure could surge to $1.3 trillion by 2027
Morgan Stanley’s latest Greater China semiconductor report, released on July 31, notes that AI semiconductors remain in a high-growth cycle, and the current market rally is expanding beyond pure GPU demand to cover advanced process technology, advanced packaging, memory, testing equipment, ASICs, and China’s AI chip industry chain. Morgan Stanley makes a very aggressive forecast: the global cloud AI semiconductor market could reach $485 billion by 2026, and further expand to around $753 billion by 2030. Meanwhile, the global semiconductor market is projected to hit $1.5 trillion by 2030, meaning AI semiconductors will account for nearly half of the total market size. Using its proprietary cloud capital expenditure (capex) tracking model, Morgan Stanley projects that the world’s top 14 listed cloud service providers may see their cloud capex reach nearly $1.3 trillion in 2027, a figure that excludes sovereign AI projects.
15 minutes ago
Analyst: The "fuel" for Bitcoin's forced selling has been exhausted, and investors should watch for signals of capital inflows into Bitcoin ETFs.
XRP and Bitcoin price trends weakened as the crypto market fell 1.51% to $2.16 trillion within 24 hours.
Bitcoin price hovered near $63,000, while XRP traded around $1.06 as traders reduced exposure amid macroeconomic uncertainty.
Ethereum remained under pressure near $1,860 after July ended with renewed selling around resistance zones.
CLARITY Act Faces Crucial Weekend as Trump Reviews Ethics Proposal The White House is expected to review a bipartisan ethics proposal for the CLARITY Act this weekend.
The reaction of President Trump may spell the difference between Senate leaders moving the bill to a cloture vote next week.
Lawmakers have only six days before leaving Washington for the summer recess, increasing pressure on negotiations.
The compromise would allow state attorneys general to challenge the Justice Department over unenforced federal ethics rules.
That provision concerns a Democratic issue and may rejuvenate the digital asset market structure bill which has been stalled.
🚨NEW: 🇺🇸 White House is expected to review the latest bipartisan ethics proposal for the CLARITY Act this weekend.
President Trump’s decision could determine whether the Senate moves to a key vote next week.
Senate has 6 days before leaving for summer recess. pic.twitter.com/Ku2Wag7mhK
— Crypto India (@CryptooIndia) August 1, 2026
But the movement will need 60 Senate votes, or at least seven Democrats to join the Republicans. The biggest challenge is still political divisions, even though there is consensus on more specific rules regarding digital asset markets.
A White House nod would relinquish the doorway to bipartisan backing prior to the Senate starting its August break.
The bill may impact the institutional involvement in tokenized assets, stablecoins, exchanges, and other regulated crypto products
The traders of prediction markets are still not optimistic of the chances of the legislation in the current congressional calendar.
Polymarket data places the CLARITY Act’s chance of becoming law in 2026 at 27%.
Polymarket cap data That likelihood has just dropped 38%, showing skepticism on whether disputes can be resolved by the time they go back on recess.
Bitcoin and XRP price might be volatile as traders evaluate regulatory developments and the overall economic risks.
XRP ETFs Extend Inflow Streak as Bitcoin ETFs Shed $265M On July 31, XRP exchange-traded funds registered 7.69 million in net inflows daily, and cumulative inflows totaled 1.51 billion. The total trading value was 8.62 million and the net assets were 988.78 million. Bitwise contributed the highest inflows to XRP funds amounting to 7.12 million, and Franklin Templeton came in with 576 520.
In the meantime, spot Bitcoin ETFs recorded a combined net outflow of 265 million in the session. The IBIT of BlackRock reflected the withdrawals of $123 million. Spot Ethereum ETFs had net inflows of 9.03 million.
Spot Bitcoin ETFs Record $265 Million in Net Outflows on July 31
On July 31 (ET), spot Bitcoin ETFs recorded total net outflows of $265 million, led by BlackRock’s IBIT with $123 million in net outflows. Spot Ethereum ETFs recorded total net inflows of $9.0295 million, led by… pic.twitter.com/RxijlhmoGT
— Wu Blockchain (@WuBlockchain) August 1, 2026
BlackRock Ethereum products BlackRock Ethereum products Ethereum products posted a net loss of $15.38 million, led by Ethereum products. Figures were used to represent institutional demand which was mixed in products.
XRP and Bitcoin Price Outlook: Will CLARITY Act Review Trigger a Crypto Rebound? XRP and Bitcoin price movements remained weak as traders assessed technical support levels and the CLARITY Act review. BTC price fell 1.97% to $63,069 during the past 24 hours, hovering near the crucial $63,000 support zone.
Holding this level may aid in consolidation before another recovery attempt towards $65,000. Increased buying pressure can push the rebound to $65,800 as per the future Bitcoin outlook. However, a clear break below $63,000 could expose Bitcoin to $62,800. The sustained selling pressure can then drive the price to $62,000.
Source: BTC/USDT 4-hour chart: TradingView XRP price declined 1.41% to $1.07 during the same period. The token continues to trade above a Fibonacci support level of between $1.04 and $1.05. The range would enable XRP to re-test $1.10. Failure can lead to a downturn to $1.00. Another market trigger that traders observe is the White House review of the CLARITY Act
Bitcoin and Ethereum, after closing July with gains, entered August with historically weak performance data. Past monthly returns suggest that the possibility of a negative August close for both cryptocurrencies should not be ruled out.
Ethereum outperformed Bitcoin in July, gaining 18.5%, compared to Bitcoin’s 7% rise. Thus, ETH’s monthly return was approximately 11.5 percentage points higher than Bitcoin’s.
However, Ethereum’s August performance since 2016 presents a more mixed picture. Of the 10 Augusts examined, ETH only finished 4 with gains, while it experienced losses in 6 periods.
Ethereum’s strongest performance in August was seen in 2017, when ETH rose by 92.86%. The sharpest decline occurred in 2018, with Ethereum losing 34.79% of its value on a monthly basis.
Ethereum’s average return in August since 2016 is 6.74 percent. However, the median return of -1.74 percent suggests that the positive average is largely due to a few strong periods, such as the extraordinary surge in 2017.
Bitcoin’s historical August performance also doesn’t offer a clear bullish signal for investors. According to the data, Bitcoin’s average return in August is 1.06%, while the median return is -6.99%.
Although Bitcoin’s average return remained positive to a limited extent, the negative median data indicates that loss-making closes are more typical in August. Bitcoin has also exhibited volatile behavior in August recently. The asset rose 8.13% in August 2025, gained 2.95% in 2024, and declined 4.02% in 2023.
While historical data shows that average returns for both Bitcoin and Ethereum were positive in August, it’s noteworthy that median returns were in negative territory. This suggests that strong rallies push averages upward, but a more ordinary August might have resulted in a higher probability of negative performance.
*This is not investment advice.
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Bitget has upgraded its Bitcoin-backed BGBTC asset with daily BTC-denominated rewards, cross-chain transfers through Chainlink CCIP, and independent oversight from Gauntlet.
Summary
BGBTC holders will receive daily rewards denominated in Bitcoin following the upgrade. Chainlink CCIP will serve as BGBTC’s canonical cross-chain infrastructure. Gauntlet will independently oversee the asset’s underlying yield strategies. BGBTC remains backed by Bitcoin at a 1:1 ratio, according to Bitget. Bitget said the upgraded BGBTC will distribute daily rewards denominated in BTC to token holders. The asset is designed to maintain a 1:1 peg with Bitcoin while allowing users to earn yield without selling their underlying exposure.
BGBTC just got a major upgrade.
Backed 1:1 by BTC, it now offers daily BTC rewards, fast redemption at scale, and utility across trading, margin, loans, Launchpool, and PoolX.
— Bitget (@bitget) July 31, 2026 The exchange is positioning BGBTC as an alternative to holding idle Bitcoin or moving BTC into separate yield strategies. Those strategies can require users to transfer assets between platforms, manage additional protocols, or accept reduced liquidity.
BGBTC already has several uses within the Bitget ecosystem. Holders can use the asset as futures margin, lending collateral or for participation in the exchange’s Launchpool and PoolX products.
The upgrade also introduces support for large-volume and faster redemptions, according to Bitget. The company said it has added institutional-grade risk controls and greater transparency, although specific reward rates and redemption thresholds were not provided in the announcement.
Rewards remain tied to the performance and sustainability of the underlying yield strategies. A Bitcoin-backed token can also carry platform, custody, smart-contract and liquidity risks that differ from holding BTC directly.
Chainlink CCIP supports cross-chain BGBTC transfers Bitget selected Chainlink’s Cross-Chain Interoperability Protocol as the canonical infrastructure for distributing BGBTC across multiple blockchain networks.
CCIP provides the messaging layer needed to move the asset between supported chains. The integration could allow holders to access decentralized applications and financial services outside Bitget’s centralized platform while retaining exposure to the Bitcoin-backed token.
Bitget already uses Chainlink Proof of Reserve to verify the assets supporting BGBTC. Proof of Reserve provides on-chain data intended to help users assess whether sufficient collateral exists behind the issued supply.
Combining Proof of Reserve with CCIP addresses two separate functions. The reserve system focuses on collateral verification, while CCIP handles communication and token transfers across blockchains.
Bitget did not identify every blockchain that will initially support BGBTC through CCIP or provide a schedule for additional network deployments.
Gauntlet will oversee BGBTC yield strategies Gauntlet has been appointed as BGBTC’s independent curator and will supervise the strategies used to generate rewards for holders.
The quantitative risk-management firm will monitor the underlying portfolio, assess risks and help determine how capital is deployed. Bitget said the framework is intended to support the long-term sustainability of BGBTC’s yield rather than relying on an unmanaged set of strategies.
Independent curation adds another layer of oversight, but it does not eliminate losses. Reward levels may change based on market conditions, available strategies, and the performance of the assets or protocols involved.
Bitget is also working with infrastructure providers, including Chainlink and Morph, as it seeks to connect centralized and decentralized financial services through a broader Bitcoin yield network.
The company cited USDGO Holderyield as another part of its effort to let users earn returns from assets that would otherwise remain idle.
What the upgrade means for Bitcoin holders BGBTC combines Bitcoin exposure, daily rewards and cross-chain utility in a single token. Users can potentially earn BTC-denominated returns while deploying the asset as collateral, margin or capital in supported decentralized applications.
For US investors, access to BGBTC and related Bitget services may depend on geographic and product restrictions. Users should confirm whether the exchange, token, and associated yield products are available in their jurisdiction before transferring funds.
Yield paid in BTC may also create tax-reporting obligations for US holders, depending on how the rewards are classified and when users gain control of them. Bitget did not announce any US-specific rollout or regulatory approval alongside the upgrade.
Future adoption will depend on the reward rate, redemption performance, supported networks, and transparency around the underlying strategies. Bitget has not yet disclosed a fixed annual yield or a complete cross-chain deployment timeline.
The tokenized asset markets reach a new milestone with a strong increase in trading volumes. Perpetual contracts backed by stocks and commodities now compete with Bitcoin-related products on Hyperliquid and Binance. This evolution illustrates a gradual diversification of trading on specialized platforms. The latest data also show that this momentum continues, driven by growing demand for continuously accessible trading instruments.
In brief Perpetual contracts on tokenized assets generated $61.7 billion in volume in one week. Tokenized stocks represent nearly 58% of trades, ahead of commodities. Hyperliquid records RWA volume higher than all its other categories of perpetual contracts combined. Early figures for the week show that RWA contracts now exceed Bitcoin perpetual contract volume. Tokenized asset perpetuals challenge Bitcoin as a new trading powerhouse Perpetual contracts backed by real-world assets (RWA) now report volume close to that of Bitcoin contracts on Hyperliquid and Binance. Data from Talos, reported by Cointelegraph, show these products quickly gaining ground, illustrating a shift in activity on the two main specialized platforms.
Here are the key figures released by Talos that illustrate the scale of this progression:
$61.7 billion cumulative volume over seven days for RWA perpetual contracts, or 99.2% of Bitcoin perpetual contract volume on Hyperliquid and Binance. 57.8% of trades involve tokenized stocks. 28.2% are linked to tokenized commodities. $36.8 billion value for real-world on-chain tokenized assets, excluding stablecoins. Tokenized stocks dominate trades, ahead of commodities. Meanwhile, platforms are gradually enriching their offerings by adding more real-world tokenized assets alongside traditional cryptocurrencies.
On Hyperliquid, RWA perpetual contracts generated $25.1 billion in volume between July 13 and 19 according to Blockworks data. This result surpasses the combined volume of all other categories of derivatives offered on the platform. This growth highlights increasing investor interest in these new financial instruments.
Hyperliquid confirms the unstoppable momentum behind tokenized perpetuals Early figures for the current week show that this trend is not slowing down. The volume of RWA perpetual contracts already reaches $37.2 billion. This amount now exceeds Bitcoin contracts by about 9%, according to the Talos dashboard.
Tokenized stocks account for $22.8 billion of this volume. Commodities follow with $9.1 billion, while indices reach $4.2 billion. ETFs contribute approximately $338 million. Forex operations, pre-IPO contracts, and other weighted assets complete the remainder of observed trades.
Jeremy Allaire, co-founder and CEO of Circle, said in an article published on X a few days ago that “this progress reflects an evolution of crypto markets.” According to him, the growth of RWA trading on Hyperliquid shows a gradual shift of activity towards tokenized assets linked to the real economy. This evolution accompanies the ongoing expansion of the offerings provided by platforms.
Markets turn their attention to the explosive potential of tokenized products At the beginning of July, Pantera Capital indicated that perpetual contracts could be established beyond cryptocurrencies. The fund highlights several features, including 24/7 trading availability, no position expiration, simplified management, and continuous price formation. These elements strengthen the interest of many players in this category of products.
Hyperliquid’s growth also attracts traditional finance attention. Jeffrey Sprecher, CEO of Intercontinental Exchange, calls on authorities to establish fair competition conditions for perpetual contracts continuously available on blockchain. He considers that current structures must not hinder the development of these new markets.
Despite this acceleration, RWA perpetual contracts still represent a limited share of all crypto derivatives. Talos estimates total futures volume at about $821.4 billion over the last seven days. The followed RWA products thus represent nearly 7.5% of this market, leaving significant room for growth.
If this momentum is confirmed in the coming weeks, perpetual contracts backed by tokenized assets could continue gaining ground against products centered on Bitcoin. The evolution of volumes on Hyperliquid and Binance will measure if this diversification sustainably joins investors’ trading habits.
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Ghiles A.
Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin is approaching a critical resistance zone near $65,000, a convergence point defined by a 78.6% Fibonacci retracement and a descending trendline, placing the cryptocurrency at a key decision level for its short-term trajectory.
Bitcoin approaches decisive resistance clusterAfter recovering from a recent local low, Bitcoin is now testing the $65,073.57 level, which marks the 78.6% Fibonacci retracement. Chart analysis shows that BTC was last trading around $64,619, just above the 61.8% retracement but still below the crucial resistance.
This narrow price corridor forms an immediate decision zone. A clear move above $65,074 would signal increasing momentum from buyers. However, a descending trendline stretching down from the prior peak near $66,000 still presents an additional barrier, so both resistance levels need to be surpassed for a confirmed breakout.
If Bitcoin successfully breaks through these levels, the next upside targets are identified at $66,291, aligned with the 38.2% retracement of a broader range. Further resistance stands at $69,166 and $72,165. These projections remain conditional, as current price action has yet to confirm a breakout above the resistance cluster.
Should BTC fail to clear $65,074 and remain under the descending trendline, the risk of a pullback increases. Immediate support lies around $63,000, with further downside anchored by Fibonacci support at $62,533.71, $61,592.50, and $60,665.46. The lowest major support indicated on the chart is at $59,369.64.
Elliott Wave analysis suggests that a deeper corrective move is possible towards these lower support levels, though this remains hypothetical without clear confirmation from price action.
Spot and derivatives markets eye a breakoutMarket flow indicators suggest that spot and perpetual futures demand for Bitcoin has improved since the recent sell-off following the Federal Open Market Committee (FOMC) meeting. However, analysts note that $65,000 remains a pivotal confirmation point as open interest has not yet signaled a decisive trend among traders.
At the time of reporting, Bitcoin hovered near $64,886, recovering from lows close to $63,000. Price action showed repeated reclaiming of local highs, indicating buyer strength in absorbing earlier selling pressure.
Spot cumulative volume delta (CVD)—a metric tracking aggressive buying versus selling—rose sharply from its trough, pointing to renewed direct demand for Bitcoin even though it remained slightly negative. Meanwhile, perpetual-futures CVD also advanced, signaling that derivatives traders are joining the recovery.
Open interest remained volatile, oscillating between local highs and lows and reflecting uncertainty in market positioning. This leaves the direction of the next significant move up to the outcome of the $65,000 test.
A bullish scenario would see Bitcoin break above $65,000 as spot CVD returns to positive territory and open interest rises in step with the price. That combination may trigger a rally towards $67,000 to $68,000, as fresh buying supports the move rather than mere short covering.
Conversely, a rejection at $65,000, especially if accompanied by fading CVD and spiking open interest on a decline, could lead to long liquidations and push the price back to the $62,000–$63,000 support zone.
Analysts also mention an upside fair value gap that could briefly draw prices higher before any renewed downside, particularly around the start of the new month, potentially setting the stage for a reversal toward the $60,000–$62,000 region.
The outcome at $65,000 is considered crucial. A sustained break above this level with improving spot demand and rising open interest would likely confirm the bullish scenario. Otherwise, another rejection and weakening buying pressure may reinforce the risk of a renewed downturn.
LevelSupport/ResistanceKey Chart Feature$72,165ResistanceMajor upside target$69,166ResistanceUpper resistance$66,291Resistance38.2% retracement of large range$65,073Resistance78.6% retracement / Descending trendline$63,000SupportConsolidation floor$62,534SupportFibonacci support$61,593SupportFibonacci support$60,665SupportFibonacci support$59,370SupportMajor downside targetPrice direction at $65,000 is set to determine Bitcoin’s next move, with spot and derivatives flows providing crucial confirmation. Bulls seek a breakout supported by genuine buying, while a failed test could reopen the path to lower support 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.
The crypto market has struggled through much of the year amid limited capital inflows. Now, it could face tighter conditions capable of squeezing more liquidity from the space.
The outlook followed rising U.S. bond yields, which increased the appeal of lower-risk assets. This shift could leave crypto holdings such as Bitcoin [BTC] and altcoins off investors’ preferred list.
Bitcoin has already shed over $675 billion in market value since its January high.
Could rising bond yields hurt crypto? The 30-year U.S. Treasury yield climbed to 5.234% during the early hours of the 30th of July. That move marked its highest level since July 2007. The yield eased to 5.185% on the 31st of July.
Higher bond yields typically make government debt more attractive relative to risk assets. This competition for capital rarely favors crypto, especially when market liquidity is already thin.
Source: TradingView The climb followed the Federal Open Market Committee’s decision to hold interest rates between 3.5% and 3.75%. The committee described the economy as strong, supported by productivity and capital investment.
However, it flagged energy-driven inflation as a lingering concern.
Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy.
The energy shock followed the closure of the Strait of Hormuz during the Middle East conflict involving the U.S. The committee stressed that its priority remained price stability.
Are U.S. investors turning cautious? U.S. investors have already adjusted their positions as yields climbed and inflation remained above the 2% target.
At the same time, Netflows across listed U.S. crypto products posted a sharp drop.
SoSoValue tracked a combined inflow of $24.7 million across six asset classes. These included Bitcoin [BTC], Ethereum [ETH], Hyperliquid [HYPE], and Solana [SOL].
The figure marked the lowest buy-side Netflow since the 8th of July. This suggested investors had grown broadly cautious with their trades.
Source: SoSoValue Bitcoin’s Coinbase Premium Index also remained negative, pointing to softer demand from U.S.-based investors. Strong U.S. demand last appeared during a brief positive spike on the 18th of May.
Could weakness last until elections? In a recent report, AMBCrypto noted that the bearish market could drag on further.
The report found that a bull run may remain unlikely until the period surrounding the U.S. midterm elections. This view was also based on Realized Profit and Loss data.
Historically, Bitcoin has attracted renewed inflows around midterm election periods. With the next vote due in November, the market could keep ranging or slide further until then. Bitcoin may still print local highs during this period. However, those moves could fall short of a broader bull run.
Final Summary The 30-year U.S. Treasury yield reached its highest level since 2007, increasing competition for crypto capital. U.S. crypto Netflows fell to $24.7 million, while the Coinbase Premium Index remained negative.
Strategy Inc., led by Michael Saylor, has announced a substantial increase in its Bitcoin holdings and a significant rise in STRC issuance this year. The company reported purchasing 48 times more Bitcoin than it has sold, while issuing 300 times more STRC than it has repurchased. This activity comes as Strategy continues its approach of managing liquidity through a combination of stock sales, preferred-share issuance, and selective Bitcoin sales.
Strategy’s recent disclosures indicate a relative slowdown in Bitcoin sales compared to purchases, suggesting a focus on accumulating the cryptocurrency. The company held approximately 843,775 BTC by early July and had repurchased 288,930 STRC shares, maintaining a strong cash reserve. The firm’s capital allocation approach appears to prioritize Bitcoin accumulation and STRC issuance to support its financial strategies.
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Market participants appear to interpret these moves as potentially supportive of STRC price increases, although recent market odds for STRC reaching $100 by December 31 have slipped slightly, now priced at 32% YES, a decrease from previous levels. This reflects uncertainty about whether the company’s aggressive Bitcoin acquisition strategy will translate into the anticipated market outcomes for STRC.
Key Takeaways Strategy Inc.’s Bitcoin purchases appear to exceed its sales significantly, indicating an accumulation-focused approach. The substantial issuance of STRC suggests a strategic use of equity to manage liquidity and support financial operations. Market pricing suggests participants are evaluating the impact of these actions on STRC’s potential to reach $100 by year-end. What to Watch Watch for any future announcements from Strategy Inc. regarding further Bitcoin acquisitions or changes in STRC issuance strategies. Any significant increase in Bitcoin purchases or strategic shifts could influence market perceptions and pricing of STRC. Additionally, updates on the company’s financial performance and strategic direction under Michael Saylor’s leadership may impact market expectations for STRC’s potential price movements.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 32% — — View market → September 30 15% — — View market →
31 July 2026 | 23:01 Bitcoin trades at $62,980, down 2.7% over 24 hours, having lost the support band it was defending only hours earlier.
Key Takeaways Bitcoin lost the $63,400 support it defended this afternoon, trading at $62,980. The yen gained 2.91% this week on two interventions, squeezing yen-funded positions. The 30-year Treasury yield trades at 5.275%, heading for its highest monthly close since 2007. Three Fed dissenters, the first such split since 2016, told markets the policy anchor is contested. The end of the week was supposed to be easy one. The Federal Reserve held on July 29, the Bank of Japan held on July 31, and the rate shock that would have squeezed leveraged positioning never came.
It came from the currency market instead, and from a bond market that spent July repricing without waiting for anyone’s permission.
The Yen Squeeze Was Live This Week The carry trade we wrote about this morning did not stay theoretical.
Across five sessions the yen gained 2.9% against the dollar, its biggest weekly rise since February, in two near-vertical moves. On Thursday, Japanese authorities reportedly intervened to the tune of roughly 8.45 trillion yen, around $53 billion, among the largest single-day currency actions on record, pulling the yen off a four-decade low near 163.94. The BOJ then held at 1.0% on Friday morning and the yen weakened back above 160, before the US Treasury informed banks through the New York Fed that it may intervene and they should “stand ready for future action.” The yen strengthened to 159.61.
It held both moves, closing the week at its strongest level rather than retracing the way single interventions usually do.
A funding currency appreciating 2.9% in a week makes every yen-borrowed position more expensive to repay. Traders closing those positions raise cash by selling their most liquid holdings, and Bitcoin fell 1.85% across the same week, with 2.68% drop in the last 24 hours as the yen made its second jump. Two markets moving apart across one window proves nothing on its own. It is the pattern the carry-unwind mechanism predicts, appearing in the week the mechanism was most active.
Why Japan’s Defence Reaches the Bond Market Japan is the largest foreign holder of US government debt, which turns a yen crisis into a US borrowing-cost crisis through three channels.
Forced selling: Defending the yen means buying it, and Tokyo funds that partly by selling reserves weighted heavily toward US government bonds. Carry unwind: Funds closing yen-borrowed positions sell assets to repay the loans, which is the channel that most likely reached crypto this week. Repatriation: Japanese life insurers and pension funds have anchored demand for US long-duration debt for decades. With domestic yields at multi-year highs and another BOJ hike expected, holding low-yield American paper stops making sense. Japan 10-Year Bond Yield performance chart from September 2025 to August 2026. The reported Thursday’s operation probably ran through the first of those. Dollars on that scale come from reserves, and Japan’s reserves are Treasuries.
What happens next depends on who acts. If Japan defends the yen alone, it sells more US debt to raise dollars and pushes yields higher. If Washington acts through its Exchange Stabilization Fund, which held roughly $217 billion at the end of June, Tokyo faces less pressure to liquidate and that supply channel narrows. The last US intervention to support the yen came in 2011, a G7 action after the earthquake and tsunami.
American participation might be the better outcome for crypto, and it arrives with an immediate cost. Coordinated intervention forces yen shorts to close fast, and a rapid unwind produces turbulence across bonds and equities that reaches crypto first.
The Other Pressure: Yields Repricing All Month The currency move landed on a market already absorbing the steepest long-end repricing in years.
The 30-year Treasury yield trades at 5.275%, and tonight’s monthly close will be the highest since 2007. It opened July at 4.955% and has added 32.4 basis points, a 6.5% move in four weeks, with the steepest part arriving after the Fed’s decision.
US 30-Year Government Bond yield long-term historical chart. That rise comes from two separate mechanisms, and reading them as one obscures what each means.
The 2-year yield trades at 4.291%, up 0.96% today and roughly 89 basis points above its early March level near 3.40%. That end of the curve tracks Fed expectations, and it is rising because traders think a hike is coming. CME FedWatch puts roughly 65% odds on a September 16 increase against 35% for another hold.
Daily US 2-Year Government Bond yield chart. The long end responds to fiscal supply. Bloomberg’s framing of the July 9 auction named it directly: swelling bond supply is driving investors to demand higher returns. Those bonds cleared at 5.058%, the highest auction yield since 2007, though below pre-auction trading levels. Demand exceeded expectations at that price, which describes a market finding a new equilibrium rather than one breaking down.
US federal debt runs near $40 trillion, annual interest costs have passed $1 trillion, and the deficit sits around $2 trillion a year, which is why that equilibrium keeps moving higher. Every basis point raises the cost of rolling the existing stock and funding the next round.
The 10-year, which sets mortgage rates rather than the Fed’s overnight rate, trades near 4.73% after sitting below 4% before the Iran energy shock. That is the number reaching households, and it has moved further in proportional terms than the long bond.
Front end pricing policy, long end pricing debt, both rising together. A policy-driven move can reverse when inflation cools. A supply-driven one persists as long as governments keep borrowing.
What That Does to an Asset Paying Nothing Bitcoin produces no yield. In an environment of cheap money that is a technical detail. At 5.275% it becomes an allocation problem.
Put it in cash terms. $100,000 in the 30-year now pays roughly $5,275 a year, guaranteed, for three decades. The same amount in Bitcoin pays nothing and is currently worth about half what it was at the peak. That comparison sits in front of every institution holding crypto through a mandate, and institutions are the holders who can be required to act on it rather than simply choosing to wait.
Every percentage point available on government debt raises what an investor gives up by holding something that pays nothing. When the long bond sat near 0.7% in 2020, the comparison was academic. A guaranteed return above 5% over three decades competes hardest with exactly the argument crypto needs during a drawdown: hold and wait.
The faster channel is portfolio flow. Allocators rebalancing toward fixed income reduce their riskiest positions, and crypto trades around the clock at the far end of that spectrum. The mechanism needs no Fed decision and no crypto-specific news, which is why a support level can break on a day when nothing happened in crypto.
The Support Broke as the Month Closed This afternoon Bitcoin was holding a support confluence near $63,400, where the 0.236 Fibonacci retracement and the 50-day moving average sat within $200 of each other. The session low reached $63,546 and buyers pushed it back.
That defence has since failed. Price sits roughly $420 below the 50-day average, and the level that stopped every pullback for a week is overhead rather than underneath.
Nothing in crypto explains it. The CoinMarketCap 20 index is down 2.4% over the same 24 hours, and Bitcoin’s weekly loss sits alongside a 1.20% decline across the broader basket. The catalysts were in Tokyo and the US debt market.
The Bond Vigilantes Are Back Three regional Fed presidents dissented on July 29 in favour of an immediate quarter-point increase: Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas. Dissents are usually one voice, occasionally two. Three members breaking from the majority and all demanding the same thing has not happened since September 2016.
Chair Kevin Warsh, in the role since May 22, repeated that the Fed would not hesitate to return inflation to 2% while declining to say how or when. Inflation has run above target for more than five years and worsened after the Iran energy shock, and Warsh acknowledged that parts of the business community now expect the target itself to be loosened.
Investors who sell bonds to force discipline on a central bank have a name from the 1980s. Ed Yardeni, who coined “bond vigilantes,” described the current move as the market keeping order because the Fed will not.
His conclusion runs against intuition. To bring long-term yields down, the Fed may have to raise short-term rates first, because long yields depend less on the policy rate than on confidence that inflation will be controlled. That is one analyst’s reading, and it explains why sessions without a clear tightening signal have pushed yields higher.
For crypto it complicates the usual playbook. A hawkish September would tighten the front of the curve, which hurts. It might also ease pressure at the long end, which helps. The two effects pull against each other, and which dominates is genuinely unclear.
The Debasement Case, and Why It Arrives Late A serious counter-argument runs the other way.
If long yields are rising because investors doubt governments can fund themselves without debasing the currency, that is the scenario Bitcoin was built for. Fiscal dominance is a monetary-integrity story, and monetary-integrity stories favour fixed-supply assets. Crypto-native analysts have made this case repeatedly and it is not wrong in principle.
The difficulty is sequencing. When long-end bond markets sell off disorderly, liquidity drains before narratives assert themselves. Margin gets called, allocators raise cash, correlations converge toward one, and the liquid volatile assets go first. Bitcoin has repeatedly been among them, and today’s break fits that pattern rather than the hedge one.
Both readings can hold across different horizons. Weeks of tightening favour the opportunity-cost story. Years of fiscal deterioration favour the debasement story. A trader positioned for the second while the first plays out gets the thesis right and the timing wrong, which in a leveraged market produces the same outcome as being wrong.
What Crypto Traders Should Watch Three signals matter from here, each hitting a different part of the market.
The first is whether Washington actually intervenes. Another yen spike would force more investors to close positions they funded with cheap Japanese loans, and crypto usually takes the hit early. It trades every hour of every day, so selling can start immediately, while an investor wanting to sell stocks or bonds has to wait for those markets to open. Smaller coins suffer most, because there are fewer buyers waiting and the same amount of selling pushes prices down further.
The second is September 16. FedWatch prices a Fed hike at roughly 65%, and on Yardeni’s logic the effect is not the simple one crypto usually assumes. Higher short-term rates make borrowing to trade more expensive, which traders feel in days through the funding costs on leveraged positions. Any relief at the long end works far more slowly and reaches large investors rather than traders.
The third is 5.396%, the monthly high from June 2007. Clearing it would put the long bond at levels unseen since 2024, and the damage there comes from investors quietly reallocating rather than being forced out. Pension funds and asset managers reviewing where to put money, against a safe return that keeps rising, are what turns into ETF outflows over the following months.
Two of those three depend on decisions taken in Tokyo and Washington. The levels that matter for Bitcoin in August are being set by people who are not thinking about Bitcoin at all.
Disclaimer: This article reflects market conditions as of Friday, July 31, 2026 and is for informational purposes only. It does not constitute financial or investment advice. Currency intervention decisions can change conditions rapidly, and historical correlations do not guarantee future outcomes. Methodology: Bitcoin and CMC20 prices are from CoinMarketCap. Yield figures come from the monthly US30Y and daily US02Y charts on TradingView. Yen movement is from JPY/USD daily and five-day charts. Rate-hike probabilities are from CME FedWatch, the July 9 auction result from Bloomberg, debt figures from the US Debt Clock, and the Treasury notice from Reuters via Yahoo Finance. Cycle-model references are from CryptoQuant contributor Rei Researcher and Glassnode, both published July 31. Ed Yardeni’s bond vigilante framing is his own analytical view. Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Since over $70 million in Bitcoin was stolen yesterday by an attack that exploited a fault in the Coldcard’s system, it has been reported that the thief used a top blockchain services provider for help.
Writing on X Friday, engineer at payments company Block, Clay Garrett, said that the provider — who he did not name at the request of the services provider — had been contacted after finding blockchain movements matched the “suspected workflow” of the attacker.
“During our investigation of the Coldcard drain yesterday, we identified an unusual pattern in the sweeps,” Garrett said.
“That pattern led us to a hypothesis that has since been confirmed: the operator used a paid account at a well-known blockchain-services provider to query the source addresses and perform other related activity during the sweeps,” Garrett continued, adding that the authorities had been notified.
Galaxy Digital’s research arm also wrote on X that the thief had an unusual pattern of moving the coins.
“The pattern tells us these were all the same attacker — it does not capture the attack itself, which looks the same as if a coin owner chose to move coins,” the company said, adding that Bitcoiners should move funds out of single-signature Coldcard addresses and into secure custody.
After over $35 million in Bitcoin was drained from wallets on Thursday, Coinkite said that a firmware bug in Coldcard Mk3 devices — starting with version 4.0.1 in March 2021 — caused seed generation to fall back to a weak software Pseudorandom Number Generator instead of the hardware true random number generator.
This allowed private keys for many single-signature wallets (especially those created without dice rolls or a strong BIP-39 passphrase) predictable enough for attackers to brute-force.
Later on Friday, Coinkite admitted all of its models were vulnerable following more thefts. Over $70 million has so far been swiped and engineers have warned that more Bitcoin addresses could be at risk.
The company makes a number of Bitcoin products, including cold storage hardware wallets.
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.
Bitcoin price fell below $63,000 on Friday as a short-lived rebound in Asian semiconductor stocks faded, adding pressure as the cryptocurrency entered its historically weak August trading period.
Summary
Bitcoin price dropped 3% in 24 hours, extending its weekly loss to about 2%. Samsung and SK Hynix surrendered momentum after surging roughly 25% on Thursday. Bitcoin’s median August return stands near negative 8%, placing $58,000 in focus. The Crypto Fear & Greed Index fell to 25, signaling “Extreme Fear.” Bitcoin price falls below $63K as risk assets weaken Bitcoin traded below $63,000 after losing approximately 3% over the previous 24 hours. The decline followed renewed weakness in Asian technology shares, particularly companies tied to the artificial intelligence and semiconductor sectors.
Ethereum fell 2.8% to around $1,860, while Solana declined 2% to approximately $73. XRP traded near $1.06 as selling spread across large-cap cryptocurrencies.
The pullback came one day after Samsung Electronics and SK Hynix rallied roughly 25%, helping South Korea’s KOSPI recover from a steep multiweek decline. That rebound initially suggested investors were returning to semiconductor stocks following heavy selling.
Momentum failed to carry into Friday, however, raising concerns that Thursday’s advance was a temporary relief rally rather than the start of a sustained recovery.
Why faltering AI stocks are weighing on crypto Crypto assets and AI-related equities have increasingly traded as part of the same risk-sensitive market. Both sectors rely heavily on speculative capital and tend to weaken when investors reduce exposure to high-valuation assets.
Recent pressure on semiconductor stocks has centered on questions about whether AI infrastructure spending can continue at its current pace. Investors are also examining whether future demand for memory chips and computing hardware can support valuations reached during the AI investment boom.
Those concerns are not directly related to Bitcoin’s network or adoption. However, broad risk reduction can still affect crypto as institutional traders rebalance portfolios, reduce leverage and move funds into cash or defensive assets.
For US investors, the next moves in Nvidia and other AI-linked shares could provide an important signal for crypto sentiment. Continued losses across the Nasdaq and semiconductor sector may limit Bitcoin’s ability to recover even without a crypto-specific negative catalyst.
Extreme fear compounds Bitcoin’s August risk Market sentiment has deteriorated alongside prices. Alternative’s Crypto Fear & Greed Index stood at 25, placing the market in the “Extreme Fear” category. The index was at 28 one week earlier.
CoinGecko category data also showed limited strength across the crypto market. Decentralized finance showed limited relative resilience, but the sector remained under pressure alongside the broader crypto market.
That flat performance suggests investors may be favoring yield-generating or market-neutral DeFi strategies over directional exposure. It does not necessarily indicate that traders expect an immediate market recovery.
Bitcoin’s entry into August adds another risk. Historical data over the past 4 years places its average return for the month near negative 10%, making August one of the cryptocurrency’s weakest calendar periods.
August hasn't been kind to Bitcoin.
Over the past four years, $BTC has posted an average decline of 10% during the month.
Will this August break the trend? pic.twitter.com/ELkMVc5BiI
— Ali Charts (@alicharts) July 31, 2026 Thin summer liquidity can magnify price swings as participation falls. Traders may also reduce exposure ahead of a month associated with repeated losses, creating additional selling pressure through a self-reinforcing seasonal pattern.
Bitcoin price could test $58K if weakness persists An 8% decline from Bitcoin’s current level near $63,000 would place the asset around $58,000. That area is likely to attract attention as a possible support zone if selling continues.
A break below $58,000 could expose Bitcoin to a deeper correction, particularly if weak liquidity combines with leveraged long liquidations. Conversely, a recovery above $63,000 would be an early sign that buyers are absorbing supply.
The more important test may come from outside the crypto market. A sustainable floor in AI and semiconductor shares could help restore broader risk appetite, while another sharp decline would increase the likelihood of further pressure on Bitcoin.
Extreme fear has historically appeared near favorable medium-term entry points, but it does not identify an exact market bottom. Bitcoin’s August seasonality, weak technology shares and cautious investor positioning leave the near-term setup tilted toward volatility.
A major security breach has shaken the Bitcoin community, as more than $70 million in Bitcoin was stolen following an exploit targeting Coldcard hardware wallets. Investigations indicate that the attacker relied on one of the industry’s leading blockchain services providers to facilitate the theft.
Unusual transaction patterns alert investigatorsClay Garrett, an engineer at payments technology company Block, stated that after detecting suspicious Bitcoin movements, the team reached out to a prominent blockchain services provider. Garrett reported that analysis of the transaction activity uncovered a distinctive pattern during the attacker’s sweeping of funds.
Garrett explained that this pattern led to the conclusion that the thief maintained a paid account with a well-known blockchain services provider. This enabled the individual to systematically query source addresses and perform related operations as part of the theft’s workflow. Authorities have been notified as part of the ongoing investigation.
Garrett described how the sequence of transactions revealed that “the operator used a paid account at a well-known blockchain-services provider to query the source addresses and perform other related activity during the sweeps,” noting that this has since been confirmed and law enforcement had been informed.
The blockchain services company’s name has not been revealed, per requests from its representatives. However, the transaction patterns have raised questions about the role such platforms might play in facilitating large-scale illicit movements of digital assets.
Galaxy Digital, a diversified financial services and investment management company focused on digital assets, also highlighted these transaction patterns. Its research division remarked that the attacker’s approach to moving coins was distinctive, though not unique enough to reveal the method used for the hack itself.
According to Galaxy Digital’s researchers, “The pattern tells us these were all the same attacker — it does not capture the attack itself, which looks the same as if a coin owner chose to move coins,” and advised Bitcoin users to transfer funds from single-signature Coldcard addresses into more secure custody solutions.
Coldcard vulnerability: Firmware bug exposed walletsCoinkite, which manufactures the Coldcard hardware wallet, reported that a firmware bug in the Coldcard Mk3 devices enabled the breach. The flaw, introduced with version 4.0.1 in March 2021, caused the devices to rely on a weaker software-based Pseudorandom Number Generator (PRNG) for seed creation, instead of a hardware-based true random number generator. This made it possible for attackers to predict wallet seeds and brute-force private keys, especially for accounts lacking dice roll entropy or a robust BIP-39 passphrase.
Mini dictionary: Pseudorandom Number Generator (PRNG) — A software algorithm used to generate sequences of numbers that appear random but are actually determined by an initial value, making them less secure than true random number generators which use unpredictable physical processes.
Initially, Coinkite said that the vulnerability was confined to certain models and firmware versions. However, the company later admitted that all Coldcard models carried similar risks after additional thefts were discovered. The company has since advised users to update firmware and move assets from affected wallets.
Device/VersionVulnerabilityRiskColdcard Mk3 (v4.0.1+)PRNG bug in seed generationHighOther Coldcard modelsSimilar vulnerabilitiesHighWarnings have been issued that additional Bitcoin wallets could still be at risk, as engineers continue to assess the extent of the compromise. To date, at least $70 million worth of Bitcoin has been siphoned from compromised wallets.
What is Coinkite?Coinkite is a Canadian company specializing in Bitcoin security solutions, including cold storage hardware wallets such as Coldcard. Its products are widely used in the cryptocurrency sector for secure offline storage of digital assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoin (CRYPTO: BTC) is showing early signs of separating from equities as crypto infrastructure, tokenization and institutional access lay the foundation for the market’s next growth cycle.
Why Snyder Has ‘Never Been More Bullish‘In an interview with Scott Melker on July 30, 21Shares co-founder Ophelia Snyder said Bitcoin’s muted reaction to a hawkish Federal Reserve meeting could indicate that it has absorbed much of the selling pressure from nervous investors.
"It feels like Bitcoin’s oversold to some extent," Snyder noted. "The people who want out have gotten out at this pricing."
Melker added that events that previously would have triggered steep declines are no longer having the same effect on Bitcoin.
For Bitcoin, she pointed to a gradual global shift away from the U.S. dollar as a reserve asset, increasing central-bank interest in gold and growing questions about the future composition of national reserves.
That environment could allow BTC to play a larger role in global trade and reserve discussions, particularly if geopolitical fragmentation encourages countries to seek politically neutral assets and settlement systems.
Crypto Faces A Product-Market-Fit ReckoningSnyder warned that the industry is moving beyond an era in which projects could attract capital based primarily on access, incentives or ambitious visions.
The next generation of successful crypto protocols will need measurable usage, sustainable economics and clear product-market fit.
"Ten years is a really long time to live on vision," Snyder added. "Show me the numbers."
She highlighted Hyperliquid as an example of a platform that can demonstrate real activity and economics, adding that investors increasingly need metrics comparable to earnings per token.
Also, Snyder said the crypto industry’s first decade was primarily a battle to provide access.
Companies such as Coinbase Global Inc. (NASDAQ:COIN), Binance and 21Shares grew by giving investors exposure to assets they could not obtain through traditional brokerage platforms.
Now that major financial institutions are adding cryptocurrency trading and investment products, the industry is entering a second phase centered on utility and execution.
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Bitcoin hardware wallet manufacturer Coinkite has announced the discovery of a critical security vulnerability that could affect the security of seed expressions generated on some Coldcard Mk3 devices. The company advises users who may be at risk to immediately transfer their funds to a new and secure wallet.
According to Coinkite, the issue stems from the seed generation process on Coldcard Mk3 devices running firmware versions 4.0.1 to 5.0.3. Users who have previously generated seeds on these devices should consider all Bitcoin addresses associated with that same seed potentially at risk.
The warning comes amid ongoing investigations into an attack in which a large amount of BTC was stolen from hundreds of single-signature Bitcoin wallets. While initial reports indicated approximately 594 BTC were stolen, Galaxy Research’s broader analysis suggests that 1,196 wallets were completely emptied, with a total of 1,082.65 BTC compromised. This amount was estimated to be worth approximately $70.2 million at the time of the transaction.
According to Galaxy Research, the wallets were emptied in just 41 minutes on July 30th. The fact that the same 30 sat/vB fee was used in all transactions and that no change was printed out for any transaction suggested that the transfers may have been carried out not manually by users, but by an automated tool scanning compromised private keys.
The stolen Bitcoins were reportedly consolidated into four different addresses, and so far, no activity has been observed from these addresses. It is noteworthy that the attack occurred approximately 30 hours before Coinkite publicly disclosed the Coldcard Mk3 vulnerability.
Security experts recommend that users of Coldcard Mk3 who have created a seed on the device no longer consider the old seed expression secure. Users are advised to create a new seed in a reliable and up-to-date hardware wallet, and then transfer all funds to this new address. Simply changing devices is not considered sufficient; the old seed expression should not be transferred to the new wallet.
*This is not investment advice.
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Block’s engineering team has identified the entity behind the COLDCARD hardware wallet exploit, tracing the attacker to a blockchain services provider that was used during the theft.
The breach, which occurred on July 30, drained approximately 594 BTC, worth roughly $38M, from around 500 wallets in a 25-minute window between 01:31 and 01:56 UTC.
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A five-year-old firmware bug made it all possible The root cause traces back to a firmware update from March 2021, specifically version 4.0.0, which deactivated the hardware random number generator on affected COLDCARD devices. The hardware RNG was replaced with a predictable software fallback that used non-secret seed values, meaning an attacker who understood the flaw could replicate wallet seeds derived from device-specific metadata. The affected devices were primarily Mk3 models and some Mk2 units where seeds had been generated under the compromised firmware.
The attacker apparently sat on this knowledge for years, targeting dormant accounts. The 25-minute execution window suggests extensive preparation, with the attacker having pre-computed the vulnerable seeds and scripted the draining process.
Block and Coinkite coordinated urgent disclosure Block’s engineers, working alongside Coinkite (the company that manufactures COLDCARD), traced the attacker’s on-chain activity to a blockchain services provider. The collaboration enabled what both parties described as urgent disclosure of the vulnerability before full technical details were made public.
Coinkite issued an immediate advisory for users of Mk3 and older models who had generated seeds under the compromised firmware versions. The company’s preliminary assessment indicated that newer models, including Mk4, Q, and Mk5, were not affected by the RNG flaw. The recommended action was to generate entirely new seeds on unaffected hardware and migrate all funds immediately.
What this means for hardware wallet users and the broader market Bitcoin was trading above $64K during the incident, and the market impact was minimal. The firmware update that introduced the vulnerability was v4.0.0, applied in March 2021. Users who applied that update thought they were improving their security but were instead generating seeds with a compromised RNG.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Investigators are uncovering a wider impact from the recently disclosed Coldcard seed-generation flaw, with blockchain analytics firm Chainalysis linking the vulnerability to more than $38 million in stolen Bitcoin.
The latest findings build on Coinkite’s earlier security advisory, which warned that a firmware error reduced the randomness used to generate wallet seeds.
Independent analyses from Block and Galaxy Research also concluded that the flaw could allow attackers to reconstruct affected private keys under certain circumstances.
Firmware error weakened seed generation According to Coinkite’s technical analysis, the issue stemmed from a firmware integration error that prevented the intended hardware random number generator from contributing to seed creation.
Instead, the affected process relied on a deterministic software fallback in MicroPython, which generated entropy from device information and timing data rather than from a cryptographically secure hardware source.
Coinkite estimated that affected Coldcard Mk3 devices generated seeds with roughly 40 bits of effective entropy.
Later Mk4, Mk5, and Q devices incorporated additional entropy from their secure elements, increasing the effective search space to approximately 72 bits. However, this remained below the intended 128-bit security target.
Researchers at Block independently reached similar conclusions, stating that the flaw could allow attackers to reconstruct private keys under certain conditions.
Chainalysis traces more than $38 million in stolen Bitcoin Chainalysis described the incident as a “$38M+ Coldcard hack”, saying the attacker systematically targeted higher-value wallets before expanding to smaller balances.
The company identified 1,196 affected UTXOs, including one worth approximately $1.8 million.
According to its analysis, the attacker stole roughly $30 million in the first 10 minutes, then swept around 500 wallets in just 25 minutes.
Chainalysis said it continues to monitor the attacker’s wallets and associated consolidation addresses as additional victims are identified.
Different firms estimate different losses Separate analysis from Galaxy Research suggested the total losses may be even higher.
Galaxy identified 1,196 addresses containing approximately 1,082.65 BTC, valued at around $70.2 million, that were drained over a 41-minute period.
The two estimates should not be treated as directly comparable.
Chainalysis and Galaxy appear to be measuring different transaction sets and using different methodologies, meaning the higher estimate does not necessarily replace the earlier $38 million figure.
Coinkite urges users to replace affected seeds Coinkite said the issue affects Mk3 firmware versions 4.0.1 through 4.1.9, while its updated advisory also includes seeds generated on Mk4, Mk5, and Q devices before the latest firmware fixes.
The company stressed that installing updated firmware does not repair an existing seed.
Instead, affected users should first update their device, generate a new seed, and transfer funds only after verifying the replacement wallet.
Final Summary Chainalysis linked more than $38 million in stolen Bitcoin to private keys believed to have been generated by vulnerable Coldcard devices. At the same time, Galaxy Research estimated a larger set of affected addresses worth about $70.2 million. Coinkite says affected users should generate entirely new wallet seeds because firmware updates alone cannot repair previously created keys.
How Hormuz Safe Operated The Treasury Department named Hormuz Safe as a platform that openly solicited bitcoin and other digital assets to insure vessels transiting the Strait of Hormuz, according to the original report. The service was allegedly built to support shipping interests controlled by the Islamic Revolutionary Guard Corps (IRGC), which the U.S. has long sanctioned. By taking crypto, the platform attempted to bypass the traditional financial rails that would normally block such transactions.
This is not a simple case of a darknet market. Hormuz Safe functioned as an insurance intermediary, something that legitimate shipping companies rely on to protect cargo and hulls. The decision to accept bitcoin turns a routine financial service into a sanctions-evasion tool. For exchanges and custodians, it raises the stakes on monitoring for entities that might be using digital assets to underwrite geopolitical risks.
Growing Pattern of Crypto Sanctions Enforcement OFAC has designated crypto addresses and platforms before, from Russian darknet markets to Iranian ransomware groups, but this action targets a service embedded in one of the world’s most critical energy chokepoints. The Strait of Hormuz handles roughly a fifth of global oil flows, and any financial infrastructure tied to it becomes a national security concern. The Treasury’s move signals that crypto used in maritime trade, even in forms that mimic conventional insurance, will draw attention.
Meanwhile, U.S. legislators are wrestling with a far-reaching crypto framework bill that has drawn opposition from traditional banks, as reported by BlockchainReporter in a recent article on the Senate vote. The dual pressures of enforcement actions like this and the legislative struggle reveal a government still calibrating how to control crypto’s role in illicit finance without strangling innovation. The Hormuz Safe case gives enforcement agencies a tangible example to argue for tighter compliance obligations on virtual asset service providers.
What the Market Will Watch Next Compliance teams at major exchanges are likely to scrutinize any wallet addresses linked to the designated entity. While bitcoin’s transparent ledger makes tracing funds possible, the platform may have already moved assets through mixers or layered transactions. Whether substantial volumes were insured before the Treasury moved remains an open question. The real risk for the industry is not a single designation but the precedent it sets for treating crypto-denominated insurance as a sanctions violation.
Another unknown is how Iran will respond. The IRGC has previously leaned on crypto to fund operations, and blocking one platform rarely stops the flow. It simply pushes the activity deeper underground. Still, the designation makes it harder for any legitimate shipping participant to interact with the platform, shrinking its operational surface.
The action lands at a moment when tokenized real-world assets are attracting billions in institutional capital, as detailed in a recent BlockchainReporter roundup. The contrast between that trend and the continued use of crypto for sanctions evasion is stark. It reminds the market that while blockchain’s transparency can be a check on abuse, it also demands a level of diligence that many participants are not yet accustomed to.
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Researchers at Galaxy Digital say about $70 million has been stolen due to an exploit in the popular Bitcoin wallet Coldcard.
The attack was enabled by a firmware bug that dramatically reduced the randomness of how the wallet creates its secret recovery phrase.
According to Galaxy, the vast majority of the funds were stolen in less than an hour.
“While new attacks are likely to occur if users do not migrate their funds out of affected Coldcard-generated addresses, the initial attack is identifiable onchain. Note that this analysis may not be complete, but it represents our best-efforts attempt at scoping the initial impact…
The full event spans six blocks and 41 minutes. Three intervening blocks contain no sweep activity at all, suggesting the transactions were broadcast in batches rather than streamed…
The loss profile is dominated by sub-1 BTC addresses in count, but by 1-50 BTC addresses in value. This is the shape of individual self-custody, not institutional or exchange holdings.”
Coinkite, the company behind Coldcard, says it takes full accountability for the firmware bug and has apologized to affected users.
The company has released emergency firmware updates for all affected models: version 4.2.0 or later for Mk3, 5.6.0 or later for Mk4 and Mk5, and 1.5.0Q or later for the Coldcard Q.
These updates remove the vulnerable software fallback path and ensure new seeds use the intended hardware true random number generator.
Critically, a firmware update alone does not secure existing seeds. Users must generate an entirely new recovery phrase on the fixed firmware and migrate their BTC.
Bitcoin slipped below $63,000 on July 31, landing at its lowest price in roughly 10 days after a one-two punch that crypto bulls really didn’t need. Coinbase posted a revenue miss that sent its shares tumbling after hours, and the Clarity Act, the legislative effort meant to finally sort out who regulates what in crypto, hit a wall in the Senate.
Meanwhile, Strategy Inc., the corporate Bitcoin whale formerly known as MicroStrategy, added its own underwhelming earnings to the pile.
Coinbase’s quarter came up short Coinbase reported second-quarter revenue of $1.22 billion. That number was down 19% year over year and missed analyst estimates of roughly $1.3 billion. The company also posted a net loss of $359.5 million.
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Investors responded accordingly. Coinbase shares dropped between 7% and 14% in after-hours trading on July 30, depending on the moment you checked.
Coinbase is often treated as a proxy for the health of the broader crypto market. Trading volumes drive Coinbase’s business, and lower volumes mean fewer people are buying and selling crypto.
The Clarity Act stalls at the worst possible time The Clarity Act, which is designed to draw clear jurisdictional lines between the SEC and CFTC over digital assets, ran into renewed trouble in the Senate during the final days of July. State-level opposition and tight time constraints ahead of the August recess combined to slow the bill’s progress to a crawl.
The Senate’s August recess creates a hard deadline problem. Lawmakers leaving Washington without advancing the bill means weeks of inaction.
Strategy Inc. adds to the gloom Strategy Inc., which holds one of the largest corporate Bitcoin treasuries in the world, reported its own set of disappointing results. The company’s earnings added to the negative sentiment already swirling around major corporate Bitcoin holders.
What this means for investors Coinbase’s revenue miss is particularly telling for anyone trying to gauge market participation. A 19% year-over-year revenue decline suggests that the trading activity fueling the crypto market has meaningfully contracted.
Traders should watch for two things in the coming weeks. First, whether Bitcoin can hold the $60,000 level, which has served as psychological support in prior selloffs. Second, any signals from Senate leadership about whether the Clarity Act gets prioritized when Congress returns from recess.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Robinhood Chain’s launch platform Pons has officially launched its v2 version.
Robinhood Chain’s launchpad Pons has officially launched its v2 version. According to prior public disclosures, the v2 version features deep integration with Uniswap V4. Besides ETH, tokens issued by the platform can now be directly paired with tokenized stocks.
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OpenAI is preparing to launch a new model series named Astra, which focuses on multi-agent long-term task collaboration.
According to three people familiar with the matter, OpenAI is preparing to launch a new model series tentatively named "Astra", which will feature enhanced capabilities for completing long-cycle tasks. OpenAI founder Sam Altman presented Astra to policymakers and regulators in Washington this week. Reportedly, OpenAI touts that the model enables multiple AI agents to collaborate over extended periods to solve highly complex problems, with applications in projects or advanced mathematical tasks. Astra will be a new category of models for OpenAI, following Sol, Terra, and Luna. It remains unclear when OpenAI plans to release the model. The company has also not yet decided whether to brand Astra as GPT-6 or an add-on to the GPT-5 series, such as GPT-5.7. According to one insider, while the models are already in testing, they are expected to be among the first AI models submitted under a new framework planned by the Trump administration, which requires AI models to be filed with the federal government before public release. The administration has set a self-imposed deadline of the end of this week, aiming to finalize the framework by then. Reportedly, OpenAI also plans to release a report in the near term detailing how it solved 10 previously unsolved mathematical problems, to showcase the capabilities of its most advanced AI. (The Information)
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It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 10,464 $ETH ($19.48M). A newly created wallet received 10,464 $ETH($19.48M) from #FalconX 9 hours ago.
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Former U.S. Congressman reaches $35,000 settlement with CFTC over prediction market manipulation
Former U.S. Congressman George Santos has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC alleges that Santos engaged in manipulative trading practices while trading a prediction market contract on Kalshi related to whether he would attend the February 2026 State of the Union address, earning over $17,500 in profits from the activity. According to the CFTC’s Friday announcement, Santos is required to pay $35,000 as part of the settlement, though he neither admitted nor denied the regulator’s findings.
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The Trump administration is weighing ethics-focused counter-proposals. If an ethics compromise is reached, the Clarity Act is poised to advance.
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Quantum computers could one day break Bitcoin (BTC), yet the same physics could also build money that is impossible to forge. Two experts argue that quantum money, not the blockchain, may be the final form of digital cash.
Stefano Gogioso and Daniela Herrmann made the argument during the latest BeInCrypto Experts Council. Their case rests on an idea older than crypto itself, and on a single law of physics.
Money Has Always Been a Story About TrustA companion analysis asked when quantum computers might break Bitcoin. This piece asks the opposite question. What if the same technology builds something better than the money we use today?
The answer begins with a line from Gogioso that reframes the debate. Consensus, he says, is “the last middleman.”
To see why, it helps to trace how money lost its trust in the first place.
Physical cash needs no middleman. A gold coin proves itself, and a buyer does not have to trust a bank, a ledger, or a network to accept it. Cash, however, cannot travel down a wire.
Digital money solved distance, but it brought the middlemen back. Every online payment now trusts an intermediary to confirm that the same unit is not spent twice.
Bitcoin answered that problem by replacing institutions with math and consensus. Thousands of computers agree on one shared history, so no central party is needed.
The idea of using physics instead of trust, however, is older than Bitcoin. It is older than the modern internet.
In the late 1960s, a Columbia University graduate student named Stephen Wiesner wrote a manuscript called “Conjugate Coding.” Journals rejected it, and it stayed unpublished until 1983.
Wiesner proposed money that could not be counterfeited, protected by physics rather than by a bank. It was the first real use anyone had imagined for quantum information.
That work later inspired the 1984 protocol known as BB84, which launched quantum cryptography. In effect, the whole field grew out of an attempt to make unforgeable money.
Security From Physics, Not SecrecyClassical cryptography rests on hard math problems. A code stays safe because solving it would take too long. Quantum cryptography works on a different footing.
Its guarantee comes from a physical law called the no-cloning theorem. Physicists William Wootters and Wojciech Zurek proved it in 1982. An unknown quantum state cannot be perfectly copied.
The mechanism is elegant. Any attempt to copy the state disturbs it. The forgery fails, and the tampering shows.
Gogioso has spent years turning that law into working tools. At an earlier BeInCrypto interview in Naples, he described keys that defend themselves. If someone intercepts a quantum key, it is destroyed in transit, and the receiver sees the protocol break.
On the Council panel, he pushed the idea to its limit.
“You can build applications that do not need to trust the very hardware they run on. You can literally commission the hardware from your attacker, and as long as the application passes its self-testing, you are guaranteed security. Worst case, it simply refuses to run. And this is provably impossible classically.”
Specialists call this device-independent cryptography. The security holds even if the manufacturer is hostile. That property matters because complex hardware is exactly where backdoors tend to hide.
Why Unforgeable Keys Become MoneyThe step from security to money is short. Cheating and forgery are the same problem in different words.
If you cannot copy a quantum state, you cannot counterfeit it. And a thing that cannot be counterfeited can serve as money.
Gogioso drew the line directly.
“A different way of saying you cannot cheat is saying you cannot copy or forge. From the very same family of techniques, you get quantum money, or quantum financial instruments. New ways of doing digital finance with far fewer trust assumptions on intermediaries, networks, and counterparties.”
His team has already built the smallest version of the concept. In Naples, he demonstrated keys that work only once. To spend one, you have to destroy it, which stops an attacker from replaying an old payment.
A single-use key is a tiny piece of unforgeable value. Scale that principle up, and you reach what researchers call quantum money.
The theory is not new. In 2012, Scott Aaronson and Paul Christiano proposed the first public-key quantum money scheme. It lets anyone verify a note, not only the bank that issued it. Their framing echoed Wiesner almost exactly, describing money that cannot be counterfeited according to the laws of physics.
Quantum Money and the Last MiddlemanNow the pieces meet. Bitcoin removed the banks, but it did not remove trust. It shifted that trust onto a network and a shared ledger. Something still has to agree on which payments are real.
Gogioso views that agreement as the final intermediary. Web3 and zero-knowledge tools clawed back some of the trust that digital money gave away, he says, yet consensus still does the last job of preventing forgery.
That job carries a cost. Consensus demands coordination, energy, and a crowd of participants who must broadly agree. A physical guarantee needs none of those things.
Quantum money, in his telling, removes the middleman completely.
“Quantum money is the next and final evolution of that story. You recover something digital that you can transact at a distance, but without trusting intermediaries, global ledgers, or someone deciding which transactions go into an Ethereum (ETH) block. The physics gives you the unforgeability directly. In that sense, consensus is truly the last middleman.”
The claim is large, so it is worth stating plainly. If it holds, quantum money would be to Bitcoin what Bitcoin was to the bank.
There is a symmetry worth noting. The physics that threatens Bitcoin’s signatures is the same physics that could retire the need for consensus altogether.
The One Defense That Survives Smarter AttackersThere is a further reason the timing matters. Artificial intelligence is getting better at breaking things.
Most security today assumes the attacker is not clever enough, or that a problem is simply too hard to solve in time. Gogioso argues that this assumption looks fragile in an age of capable AI.
Physics offers a different kind of promise.
“What quantum really buys you is security based on the laws of the universe. It doesn’t matter how smart the AI is. You can’t break it. Worst case, you can stop it from happening, but you cannot forge it.”
That is the deeper appeal of the approach. A quantum guarantee does not depend on the attacker’s limits. It depends on the structure of reality, which no amount of intelligence can rewrite.
Quantum Money: Not Here Yet, but Within ReachBoth guests were careful not to oversell the idea. Herrmann, whose firm builds commercial quantum tools, marked the boundary clearly.
“Quantum money is the vision, once this all plays out. Right now, quantum money as such isn’t available yet. But as soon as the chips advance, these things have to be handled with real responsibility.”
The main obstacle is quantum memory. Holding a fragile quantum state is difficult, and today the best systems keep one for only seconds. Gogioso has said that the limit still puts full quantum money out of reach, though the same hardware already suits short-lived tasks.
Even so, the direction is set. Laboratory experiments have begun to demonstrate quantum tokens and related schemes, moving the idea off the page.
Gogioso closed the panel on that note.
“Within five, six, seven years we could live in a world where we use quantum resources to do things that are provably impossible today. Not just hard, not just slow, actually impossible. And this is software we can start building today, not in five years. The future is absolutely within reach.”
More than half a century after Wiesner sketched money that physics itself would guard, the idea is finally leaving the whiteboard. If Gogioso and Herrmann are right, the last middleman may not survive the decade.
Bitcoin and Ethereum edged higher into July 31, while a small shift in market dominance suggested traders were again watching whether capital was rotating toward major altcoins.
The validated notes show Bitcoin rising 0.29% to about $64,145.86, while Ethereum traded around the $1,890 to $1,920 range, briefly dipping below $1,900 before recovering. At the same time, BTC and ETH dominance slipped slightly, pointing to a modest move into other crypto assets.
That is not enough to declare “altseason,” and it would be lazy to pretend otherwise.
But it is enough to say the market is becoming more selective. Bitcoin and Ethereum remain the anchors, while traders are scanning altcoins for relative strength, fresh narratives, and clearer catalysts.
For more details, visit the official Coinmarketcap platform.
TL;DR Bitcoin edged higher to roughly $64,145 on July 31. Ethereum traded near the $1,900 area after a brief dip. Slightly lower BTC and ETH dominance suggests traders are watching altcoin rotation, but not enough to call a broad altseason. Rotation Is Usually Messier Than The Headline Crypto traders love simple market-cycle labels.
The reality is usually much messier. Capital rotates in stages, not all at once. Large caps may move first, then higher-quality altcoins, then more speculative assets. Sometimes rotation lasts days. Sometimes it fades quickly. Sometimes it is only a pause in Bitcoin dominance before BTC takes control again.
That is why the current market deserves a careful read.
Bitcoin and Ethereum are still holding the center. A slight dominance dip does not mean traders have abandoned them. It may simply mean that some capital is searching for better short-term setups elsewhere.
That can happen even while BTC and ETH move higher.
Bitcoin Still Sets The Tone Bitcoin remains the first asset most traders watch.
When BTC is stable or rising gently, risk appetite often improves. Traders may become more comfortable moving into Ethereum, Solana, XRP, BNB, Chainlink, Sui, or other large-cap altcoins. When Bitcoin drops sharply, that appetite can vanish quickly.
So a modest BTC gain can create room for altcoin movement.
That does not make Bitcoin irrelevant. It makes Bitcoin the weather system the rest of crypto trades under.
At around $64,000, Bitcoin’s position is still strong enough to keep market confidence alive, but not necessarily explosive enough to absorb all attention. That can create the conditions for selective altcoin bids.
Ethereum’s Role Is Different Ethereum’s position is a little more complicated.
ETH remains the largest smart-contract asset and a major institutional focus, but its market narrative now involves Layer 2s, ETF flows, stablecoins, DeFi revenue, mainnet fees, and competition from faster chains.
When Ethereum trades near $1,900, the market does not just ask whether ETH is rising. It asks whether Ethereum’s broader ecosystem is attracting capital.
If ETH stabilizes, some traders may look further down the ecosystem stack: Uniswap, Aave, ENS, Layer 2s, liquid staking, and other DeFi or infrastructure names. That is how Ethereum strength can sometimes spill into altcoins.
But again, that spillover is not automatic.
ETH can rise without DeFi tokens following. DeFi tokens can rally while ETH stalls. Rotation is never as clean as traders want it to be.
The Altcoin Market Is More Selective Now The biggest difference from earlier cycles is selectivity.
In older bull phases, almost everything could move once traders decided risk was back. Now, the market is more fragmented. Liquidity is thinner in many assets. Investors are more sensitive to token unlocks, revenue, governance, emissions, legal risk, and actual usage.
That means altcoin rotation may favor stronger narratives rather than every token.
Real-world assets, stablecoin infrastructure, DeFi fee switches, AI compute, exchange-linked tokens, and major ecosystem upgrades may attract more attention than generic price charts.
This is healthier, even if it feels less euphoric.
A market where traders ask “what is the catalyst?” is more mature than one where every ticker moves simply because Bitcoin paused.
Watch Dominance, Not Just Price The next useful signal is dominance.
If BTC and ETH keep rising while dominance continues to slip, that suggests broader participation. If dominance rebounds sharply, altcoin strength may fade. If BTC rolls over, most altcoins will likely struggle regardless of their individual setups.
So the right read is cautious optimism.
Bitcoin and Ethereum are steady enough to support risk appetite, and there are signs of selective rotation. But the market has not given enough evidence for a sweeping altseason call.
For now, traders are looking beyond the two largest assets, but they are not ignoring them.
That balance may define the next phase of the market.
This article is based on July 31 public crypto market data covering BTC, ETH, and market dominance.
This article was written by the News Desk and edited by Samuel Rae.
Robinhood Chain’s launch platform Pons has officially launched its v2 version.
Robinhood Chain’s launchpad Pons has officially launched its v2 version. According to prior public disclosures, the v2 version features deep integration with Uniswap V4. Besides ETH, tokens issued by the platform can now be directly paired with tokenized stocks.
1 seconds ago
OpenAI is preparing to launch a new model series named Astra, which focuses on multi-agent long-term task collaboration.
According to three people familiar with the matter, OpenAI is preparing to launch a new model series tentatively named "Astra", which will feature enhanced capabilities for completing long-cycle tasks. OpenAI founder Sam Altman presented Astra to policymakers and regulators in Washington this week. Reportedly, OpenAI touts that the model enables multiple AI agents to collaborate over extended periods to solve highly complex problems, with applications in projects or advanced mathematical tasks. Astra will be a new category of models for OpenAI, following Sol, Terra, and Luna. It remains unclear when OpenAI plans to release the model. The company has also not yet decided whether to brand Astra as GPT-6 or an add-on to the GPT-5 series, such as GPT-5.7. According to one insider, while the models are already in testing, they are expected to be among the first AI models submitted under a new framework planned by the Trump administration, which requires AI models to be filed with the federal government before public release. The administration has set a self-imposed deadline of the end of this week, aiming to finalize the framework by then. Reportedly, OpenAI also plans to release a report in the near term detailing how it solved 10 previously unsolved mathematical problems, to showcase the capabilities of its most advanced AI. (The Information)
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South Korea's DRAM export unit price hits a record high in July.
According to data from Citrini, South Korea's DRAM export unit price rose to $91,931 per kilogram in July, hitting a new all-time high.
1 seconds ago
Galaxy Research: Coldcard Wallet Vulnerability Causes Over $70 Million in Losses
Following the Coldcard wallet hack, Galaxy Research has released its findings, revealing that a total of 1,196 addresses were fully drained, resulting in the loss of 1,082.65 Bitcoin valued at over $70 million. The attack unfolded over 41 minutes and occurred roughly 30 hours before Coldcard publicly issued a warning about the incident.
1 seconds ago
Tom Lee's Bitmine buys 10,464 $ETH for $19.48M
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 10,464 $ETH ($19.48M). A newly created wallet received 10,464 $ETH($19.48M) from #FalconX 9 hours ago.
1 seconds ago
Former U.S. Congressman reaches $35,000 settlement with CFTC over prediction market manipulation
Former U.S. Congressman George Santos has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC alleges that Santos engaged in manipulative trading practices while trading a prediction market contract on Kalshi related to whether he would attend the February 2026 State of the Union address, earning over $17,500 in profits from the activity. According to the CFTC’s Friday announcement, Santos is required to pay $35,000 as part of the settlement, though he neither admitted nor denied the regulator’s findings.
Bitcoin struggled to gain momentum on Friday despite tis week’s robust spot ETF inflows.
Notable Statistics:
Coinglass data shows 94,015 traders were liquidated in the past 24 hours for $359.33 million. SoSoValue data shows net inflows of $233.1 million from spot Bitcoin ETFs on Thursday. Spot Ethereum ETFs saw net inflows of $13.3 million. In the past 24 hours, top gainers include MemeCore, Audiera and Pump.fun. Notable Developments:
Trader Notes:
CryptosBatman says Bitcoin’s broader market structure is weakening as it continues to form lower highs while holding a key trendline support. A confirmed breakdown below that support could trigger a move toward the $58,000 level.
Trader KillaXBT notes Bitcoin has fallen 2.8% since the FOMC meeting, in line with historical post-FOMC weakness.
Since six of the last seven FOMC events saw average declines of 4%–5%. The analyst expects a possible retest of the $60,000–$61,000 range, warning that a break below $60,000 could trigger a sweep of the recent lows.
Michael van de Poppe explained that Bitcoin often sees a pullback on the last trading day of the month, even when broader market strength remains intact.
He views the current retracement as a normal range-bound move, advising investors to accumulate during weakness, stay patient, and avoid overreacting to short-term volatility.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
OpenAI is preparing to launch a new model series named Astra, which focuses on multi-agent long-term task collaboration.
According to three people familiar with the matter, OpenAI is preparing to launch a new model series tentatively named "Astra", which will feature enhanced capabilities for completing long-cycle tasks. OpenAI founder Sam Altman presented Astra to policymakers and regulators in Washington this week. Reportedly, OpenAI touts that the model enables multiple AI agents to collaborate over extended periods to solve highly complex problems, with applications in projects or advanced mathematical tasks. Astra will be a new category of models for OpenAI, following Sol, Terra, and Luna. It remains unclear when OpenAI plans to release the model. The company has also not yet decided whether to brand Astra as GPT-6 or an add-on to the GPT-5 series, such as GPT-5.7. According to one insider, while the models are already in testing, they are expected to be among the first AI models submitted under a new framework planned by the Trump administration, which requires AI models to be filed with the federal government before public release. The administration has set a self-imposed deadline of the end of this week, aiming to finalize the framework by then. Reportedly, OpenAI also plans to release a report in the near term detailing how it solved 10 previously unsolved mathematical problems, to showcase the capabilities of its most advanced AI. (The Information)
10 minutes ago
South Korea's DRAM export unit price hits a record high in July.
According to data from Citrini, South Korea's DRAM export unit price rose to $91,931 per kilogram in July, hitting a new all-time high.
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Galaxy Research: Coldcard Wallet Vulnerability Causes Over $70 Million in Losses
Following the Coldcard wallet hack, Galaxy Research has released its findings, revealing that a total of 1,196 addresses were fully drained, resulting in the loss of 1,082.65 Bitcoin valued at over $70 million. The attack unfolded over 41 minutes and occurred roughly 30 hours before Coldcard publicly issued a warning about the incident.
10 minutes ago
Tom Lee's Bitmine buys 10,464 $ETH for $19.48M
It seems that Tom Lee(@fundstrat)'s #Bitmine bought another 10,464 $ETH ($19.48M). A newly created wallet received 10,464 $ETH($19.48M) from #FalconX 9 hours ago.
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Former U.S. Congressman reaches $35,000 settlement with CFTC over prediction market manipulation
Former U.S. Congressman George Santos has reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC alleges that Santos engaged in manipulative trading practices while trading a prediction market contract on Kalshi related to whether he would attend the February 2026 State of the Union address, earning over $17,500 in profits from the activity. According to the CFTC’s Friday announcement, Santos is required to pay $35,000 as part of the settlement, though he neither admitted nor denied the regulator’s findings.
10 minutes ago
The Trump administration is weighing ethics-focused counter-proposals. If an ethics compromise is reached, the Clarity Act is poised to advance.
According to crypto journalist Eleanor Terrett, the Trump administration is weighing a bipartisan ethics counter-proposal introduced by Senator Tillis and Representative Gallego. The bill would grant state attorneys general new authority to sue the Department of Justice if the DOJ fails to enforce ethics laws against federal officials. The Clarity Act, a bipartisan cryptocurrency market structure bill that has cleared Senate committee review and includes a stablecoin revenue compromise provision, may see its fate hinge on the White House’s response to the ethics proposal this weekend—a response that will determine whether to advance a cloture vote. If an ethics compromise is reached, the Clarity Act is expected to move forward, delivering regulatory clarity such as Bank Secrecy Act exemptions for non-custodial developers; otherwise, parts of the GENIUS Act could be triggered, leading to heightened regulatory uncertainty for stablecoins.
Bitget, the exchange group that claims more than 125 million registered users, is giving its customer base direct access to on-chain yield without requiring them to leave its platform. The move comes through a partnership with payments network Morph, lending protocol Morpho, and risk management firm Gauntlet.
How the integration works Morph, a payments network purpose-built for digital asset transactions, has announced the collaboration with on-chain credit protocol Morpho and yield optimization firm Gauntlet. The integration allows Bitget customers to deposit USDC and Bitcoin directly through their existing accounts to access curated yield strategies powered by Morpho and Gauntlet's Aera vaults on Morph's infrastructure.
Users will be able to earn approximately 18% annual percentage yield on USDC deposits and 3% APY on bgBTC, Bitget's wrapped Bitcoin product, without surrendering custody or navigating external decentralized finance protocols. The bgBTC yield strategy launched on Bitget Exchange on July 31, while the USDC yield strategy will become available on the self-custodial Bitget Wallet starting August 3.
The infrastructure behind the yield Morpho is a decentralized lending protocol built around the principle that lending infrastructure and lending strategy belong on different layers. Gauntlet sits in the strategy layer, acting as what the industry calls a vault curator. Using Morpho Vaults, Gauntlet deploys and curates institutional-grade yield strategies through the Morpho Curator App. With vaults deployed, Gauntlet focuses on curating risk-reward to offer the best risk-adjusted returns for vault suppliers.
The firm launched its first Morpho vaults in 2024 and by early 2026 had grown to more than 30 vaults with cumulative supply over $500 million and over $2 billion in total vault TVL across Morpho, Drift, and Kamino. All underlying complexity is abstracted through Morph's infrastructure, enabling users to maintain their Bitcoin positions while participating in yield-generating activities.
The partnership is part of a broader trend of centralised exchanges embedding DeFi yield directly into their products. The collaboration with Morpho reflects Bitget's broader UEX vision, in which users can access crypto-native and traditional financial opportunities through a single intelligent trading and asset management platform.
Sources:
Metaverse Post: Morph, Morpho and Gauntlet Partner to Deliver Institutional On-Chain Yield to Bitget's 125M Users
Morpho: Gauntlet on Morpho Vault Curation
Bitget Blog: Bitget Collaborates with Morpho and Arbitrum on On-Chain Earn Products
Nearly $30M in Bitcoin Exits BitMEX After Shutdown AnnouncementOn-chain data flagged by Onchain Lens shows a newly created wallet withdrew 468.30 $BTC, valued at approximately $29.88M, from @BitMEX on July 31, 2026. According to the data, this represents the first outflow exceeding $10M from the exchange since its formal closure notice was issued, with capital moving directly into a fresh on-chain address in what analysts described as a high-priority exit of exchange-held liquidity.
The timing is significant. BitMEX announced on July 23, 2026 that it will permanently cease operations at 04:00 UTC on September 23, 2026. The board of HDR Global Trading Limited, owner and operator of BitMEX, said the decision followed a strategic review of the business and the broader crypto industry. The withdrawal observed on July 31 came just eight days after that notice was made public.
What the Closure Timeline Means for Remaining Users Starting August 26, 2026, at 04:00 UTC, accounts will switch to reduce-only mode, and the exchange will begin force-closing open positions in batches. KYC-verified users who fail to withdraw assets by the closure time will be charged an account fee of USD 50 equivalent or 1% per annum, whichever is greater, billed monthly on the remaining balance.
The main challenge BitMEX faces is how user assets are transferred, as network congestion on the Bitcoin blockchain could cause significant withdrawal delays. The company has also warned users to be alert to phishing attempts that may exploit the closure announcement, noting that no expedited or priority withdrawal service exists, and that additional review procedures will be applied to withdrawal requests during the wind-down period.
The company's current proof of reserves indicates that platform liabilities are fully covered by customer assets. The exit marks the end of an 11-year run for the digital asset derivatives venue, which maintained a clean security record and lost no user funds to hacks or smart-contract exploits despite years of intense regulatory enforcement actions.
The large outflow underscores a broader trend of users accelerating withdrawals in the weeks before major exchange wind-downs, as holders seek to move assets to self-custody or alternative venues ahead of a hard deadline.
Sources:
BitMEX Official Closure Announcement
CoinDesk: BitMEX Notifies Users of Shutdown After 11-Year Run
The Paypers: BitMEX to Shut Down Crypto Exchange by September 2026
Bitcoin (CRYPTO: BTC) could be approaching another period of weakness after posting a double-digit gain in July if it follows a familiar midterm-year bear market pattern.
July Often Acts As ReliefIn a July 31 podcast, crypto analyst Benjamin Cowen noted that Bitcoin gained around 10% in July, consistent with prior midterm-election years when the cryptocurrency staged relief rallies after sharp declines in June.
“July in midterm years often acts as some relief,” Cowen said.
He pointed to similar patterns in 2018 and 2022, when Bitcoin rebounded from June lows before renewed selling pressure emerged during August and September.
In 2022, Bitcoin gained nearly 20% in July before declining in each of the following two months.
A similar sequence occurred in 2018, when July’s nearly 38% rally was followed by losses in August and September.
Cowen said Bitcoin’s 2026 year-to-date performance has closely tracked its 2018 trajectory, though the timing of the next decline remains uncertain.
"The next window of weakness is going to start sometime in the next two to three weeks," he said.
Can Bitcoin Reach Key Resistance?Cowen noted that it remains unclear whether Bitcoin will reach its bear market resistance band or 200-day moving average before another correction begins.
During the 2018 bear market, Bitcoin reached its resistance band following the June low but failed to touch the 200-day moving average. In 2022, it did not reach either level during the summer rebound.
The analyst said the current rally could extend into early or mid-August, but history suggests selling pressure will likely intensify later in the quarter.
Cowen said, “We’ll see Bitcoin come back down as we get later into the month of August and notably September."
Rising Treasury Yields Add RiskCowen also highlighted rising U.S. Treasury yields as a potential headwind for Bitcoin.
He compared the current environment with 2023, when Bitcoin weakened after July as the 10-year Treasury yield climbed.
Cowen believes that renewed pressure from higher yields could weigh on risk assets even without additional interest-rate hikes from the Fed.
If Bitcoin follows the patterns seen in 2014, 2018, 2022 or 2023, Cowen believes another correction could unfold during the latter part of the third quarter.
Image: Shutterstock
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Bitcoin dropped below $64,000 today even as several altcoins pushed higher, a divergence that’s playing out against a backdrop of rising oil prices and a major currency intervention out of Japan.
Bitcoin Slips, But the Selloff Looks Like Repositioning
Bitcoin fell 2.77% over the past 24 hours, now trading near $63,257.38 overall. Open interest remains elevated and trading volume has picked up, a combination that suggests traders are actively repositioning rather than showing fresh directional conviction.
That distinction matters for where price goes next. If spot demand starts backing the move and open interest keeps expanding, the current weakness could turn into a more convincing breakdown. If it doesn’t, this could still prove to be a short-term reaction rather than the start of a larger move lower.
The important level to watch is the 200-week moving average, sitting near $63,300. If Bitcoin holds above it, a rebound toward $65,000 resistance becomes possible. A break below $62,500, on the other hand, opens the door to a drop toward $60,000.
Hyperliquid Leads the Altcoin Rally
Hyperliquid climbed 4.26% to $55.30, well outperforming the broader market too. The move is being driven by strong on-chain fundamentals, including record trading volume and continued revenue growth across the platform.
Cardano Breaks Out on Technical Signals
Cardano rose 2.36% to $0.170, with no clear news catalyst behind the move. Instead, the rally appears driven by chart-based buying. Cardano broke out of a symmetrical triangle pattern, confirmed by higher volume, specifically a 37.7% jump in trading volume that lent weight to the breakout.
Pump.fun Extends Its Run
Pump.fun gained 6.31% to $0.00207, significantly outperforming the wider market. The rally is being tied to a strong utility narrative built around the token’s revenue and buyback program, along with notable accumulation from larger wallets and broader momentum across Solana-based meme coins.
Analysts are watching $0.0019 as near-term support. If PUMP holds above that level and buyback activity continues, a test of $0.0022 looks possible. A break below that support, especially if broader market fear deepens, risks a slide toward $0.0018.
The Macro Backdrop
Despite Bitcoin’s pullback, US stocks added more than $580 billion in value today, even as oil reclaimed $85 a barrel following an Iranian strike on cargo ships in the Strait of Hormuz and a reported retaliatory attack on Kuwait.
Japan reportedly spent a record $53 billion in one single day to defend the yen, according to Bloomberg, in what may be the largest single-day intervention in the country’s history. Despite the scale of the move, the yen was back above 160 against the dollar within 24 hours.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
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31 July 2026 | 16:47 Bitcoin started on July 31 at $64,700, reached $65,340, and trades at $63,660 at the time of writing, down roughly $1,050 on the session.
That high sits well below the $66,900 peak set ten days earlier, continuing a pattern of lower highs that has defined the past two weeks.
Rejected at the Channel, Retesting the Floor Those descending peaks form a channel whose upper boundary has turned back every rally attempt since the $66,900 high.
Coindoo’s owner Filip Vantchev, posting on X, described the setup directly: BTC was “rejected at the descending channel resistance and is now retesting the 0.2 Fib and 50 SMA – a strong support confluence.”
Daily Bitcoin/USD technical chart showing lower highs. “Bulls need to defend this level,” he wrote. “If they don’t, the lower boundary of the channel becomes the next downside target where we can see a support. If the current support holds we can see another breakout attempt of the descending channel resistance line.”
Two independent markers sit within roughly $200 of each other there. The 0.236 Fibonacci retracement, measured from the $57,750 low to the $66,900 high, runs near $63,600, and the 50-day simple moving average sits at $63,400.
Today’s low reached $63,550, taking price next to both before buyers pushed it back. That first test held, though the daily candle has not closed and the defence is provisional until it does.
The 100-day average sits near $69,050 and the 200-day at $71,460, roughly 8% and 12% overhead, both sloping down.
Two Models Say the Bottom Is Still Ahead Separate analyses published on July 31 reached the same conclusion from different directions.
CryptoQuant contributor normalised the price path from each halving to the eventual low and compared where the current cycle sits against previous ones. On that measure, 2024 has not reached the window in which 2016 and 2020 found their floors. “For now, the cycle data only suggests that downside risk remains,” the post reads. “It is still too early to conclude that a bottom has formed.”
CryptoQuant chart illustrating Bitcoin normalized price paths from halving across multiple cycles. Glassnode measured something else entirely and landed nearby. Its chart tracks drawdown from the all-time high across four cycles, and this one is currently 49% down. “By depth, it is the mildest on record so far,” the firm posted on X. “By the clock it isn’t finished: prior bear markets ran about 1/3 longer before reaching the lows.”
Every previous bear bottomed in a band far below 49%, and each took roughly a third more time than this one has. Depth and duration both point the same way.
The methods share a limitation. Three prior cycles is a thin sample, and both require choices about scaling and start dates that other analysts make differently. What they offer is a frame rather than a forecast.
Glassnode chart comparing current Bitcoin drawdowns from all-time highs with past bear markets. That frame changes what a defended floor is worth. If this cycle has already bottomed, $63,400 holding looks like the base of a recovery. If it hasn’t, the same outcome looks more like a pause. Nobody knows which applies until afterwards, which is why two models converging matters less as a prediction than as a reason to treat a bounce here cautiously.
Potential Moves Bitcoin sits on two overlapping supports after a rejection at channel resistance, with all three major moving averages overhead. The $69,050 and $71,460 averages would more convincingly signal a trend change, and both continue to slope down. On that basis, a hold at support looks closer to a defensive result than the start of a reversal.
Upside scenario A daily close above $63,600 keeps the floor intact and puts the channel’s upper boundary back in play. Clearing that line would break the sequence of lower highs running since $66,900.
Downside scenario A close below $63,400 removes the Fibonacci marker and the 50-day average at once, leaving the lower channel boundary as the next area where buyers have a defined reason to act.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Technical levels can fail, and cycle models describe historical patterns rather than predicting outcomes. Methodology: Price levels, moving averages and Fibonacci retracements come from the BTC/USD daily chart on Bitstamp, dated July 31, 2026, with the session still open at the time of writing. The channel and support reading is from Filip Vantchev’s published analysis on X. The cycle-bottom model is from CryptoQuant contributor Rei Researcher and represents one analyst’s interpretation of normalised halving-to-bottom price paths. Author
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
Perpetual futures based on tokenized stocks and commodities have surged in popularity, generating trading volumes nearly matching those of Bitcoin perpetuals on major venues Hyperliquid and Binance during the past week, according to institutional trading platform Talos.
Strong demand lifts tokenized assetsData shared by Talos indicates that the combined seven-day trading volume for real-world asset (RWA) perpetual futures on Hyperliquid and Binance reached $61.7 billion. This figure equates to 99.2% of Bitcoin perpetual futures volume on those platforms, reflecting a sharp increase in trader interest beyond volatility in cryptocurrencies alone.
Of these RWA perpetual trades, equity-linked contracts made up 57.8% while commodities accounted for 28.2%. The remaining share included indexes, ETFs, foreign exchange, and pre-IPO contracts. According to RWA.xyz, the total value of onchain RWAs, excluding stablecoins, now stands at $36.8 billion as exchanges expand offerings to include tokenized stocks and more.
Mini dictionary: Real-world asset (RWA) perpetual futures — Derivatives contracts that track the price of physical-world assets, such as stocks or commodities, in tokenized form. These allow round-the-clock trading and do not expire, distinguishing them from traditional futures contracts.
Hyperliquid leads growth in RWA derivativesDuring the week of July 13 to July 19, Hyperliquid reported $25.1 billion in RWA perpetual trading volume. This amount surpassed the combined volume of all other perpetual trading categories on its platform, signaling a pattern of users prioritizing tokenized contracts that track stocks and commodities.
Circle, a company best known for issuing the USDC stablecoin, has also turned attention to this trend. CEO Jeremy Allaire emphasized in a post on X that increasing RWA activity on Hyperliquid may indicate the crypto market is moving “away from speculating on endogenous digital commodities.”
Jeremy Allaire highlighted that the rise of RWA perpetual futures on Hyperliquid suggests a shift in crypto market engagement, focusing more on real-world financial assets rather than internal digital commodities.
Talos data indicates the trend is holding steady into the current week. Early figures show RWA perpetual trading volume reached $37.2 billion, outpacing Bitcoin perpetual volume by approximately 9% on Hyperliquid and Binance.
InstrumentTrading Volume (Current Week)Equity-linked contracts$22.8 billionCommodities$9.1 billionIndexes$4.2 billionETFs$338 millionTraditional finance weighs regulatory responseInterest from major financial market players continues to grow. Jeffrey Sprecher, CEO of Intercontinental Exchange — the parent company of the New York Stock Exchange — recently advocated for regulation that ensures equal footing for 24/7 onchain perpetual futures. Sprecher argued that regulators should not allow existing market structures to block blockchain-based trading innovation.
Pantera Capital, an institutional crypto asset manager, previously stated that perpetual futures could become the dominant trading product outside the digital asset sector. The firm pointed to advantages such as round-the-clock availability, no contract expiries, easier position management, and continuous price discovery.
Pantera Capital argued that perpetual futures’ features, including 24/7 trading and continuous price discovery, make them an attractive instrument for a wide range of assets.
Despite rapid growth, Talos data shows that RWA perpetuals still represent a relatively small portion of the broader derivatives market. Total seven-day futures trading volume reached $821.4 billion, with RWA perpetuals accounting for around 7.5% of this total.
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.
BTC slipped 2.5% Friday as equities surged, closing a July in which the Fed's fifth straight hold and 3.7% PCE inflation shut the door on near-term rate cuts. Uniswap led weekly gainers; Worldcoin sank.
Crypto closed out July on the back foot, sitting out Friday's stock rally as the Federal Reserve's hawkish stance and stubbornly high inflation pushed the rate cut that bulls were counting on further out of reach.
Bitcoin fell 3.5% over 24 hours to $62,464, CoinGecko data shows, while the S&P 500 climbed 1.7% to 7,437 and the Nasdaq gained 2.8%. Ether dropped 3.1% to $1,863, and total crypto market capitalization slipped 2.3% to $2.24 trillion. Bitcoin still gained 4.3% in July, bouncing from under $58,000 early in the month, and the broader CoinDesk 20 index posted its first positive month in three, but the market is limping into August.
Warsh Draws the LineThe Federal Reserve held rates at 3.50%–3.75% on Wednesday, its fifth consecutive hold, on a 9–3 vote in which all three dissenters — Beth Hammack, Neel Kashkari and Lorie Logan — preferred a hike, the first trio of same-direction dissents since 2016.
Chair Kevin Warsh, in his second meeting leading the committee, was blunt: "There is no soft inflation target, there is no soft implicit target — not on this Committee's watch," he said, adding that "this Fed will not waver."
The data backed him up a day later. June PCE inflation came in at 3.7% year-over-year, down from 4.1% on falling energy prices, with core at 3.3%, but far above the 2% target.
Second-quarter GDP grew 3.0%, beating forecasts, and the White House confirmed finalized tariffs of 10% to more than 40% on dozens of countries take effect Aug. 7.
With growth solid and inflation sticky, nothing in the data forces the Fed's hand. The backdrop rewards equities on earnings strength and leaves crypto without its catalyst.
ETF Bid FadesSpot Bitcoin ETFs took in a net $233.1 million on Thursday, the strongest day in more than three weeks, snapping a four-day outflow streak that drained $526.5 million, Farside Investors data shows. Even so, July is on track for the products' smallest monthly net inflows since launch. Ether funds have held up better: in the week ended July 24, ETH ETFs pulled in $103.9 million, roughly three times Bitcoin's haul.
Options traders are positioned for a rough August. After Friday's $10 billion expiry on Deribit, the $60,000 Bitcoin put is the largest open interest position at $1.17 billion notional, displacing the $70,000 and $72,000 calls that dominated before the Fed meeting. History argues for caution too: since 2013, Augusts that follow a positive July have delivered a median 7.5% decline.
UNI Rallies, WLD DivesUniswap's UNI was the standout among large-cap gainers, up about 13% on the week to $4.30 after the DEX unveiled Launches, a web app feature that aggregates tokens across launchpads, while stock token volume on Uniswap-powered Robinhood Chain climbed to $250 million. The v4 fee switch, which the DAO activated through the UNIfication proposal in December, gives the rally a structural underpinning: protocol fees now buy and burn UNI, so every uptick in volume tightens supply. UNI open interest climbed to 75.8 million tokens, its highest since BlackRock listed its tokenized Treasury fund BUIDL on the DEX in February.
Worldcoin's WLD went the other way, down 18.5% on the week to $0.31 after the World Foundation raised $52.5 million in a Pantera-led round that included a WLD token sale, stoking supply concerns that a 43% cut to daily issuance last week failed to offset.
Elsewhere, PUMP rose about 11% on the week on continued buybacks, shrugging off Friday's report that Pump.fun laid off staff ahead of token vesting, while privacy coins cooled from a strong run, with ZEC down 8% over seven days.
Corporate holders offered no support. Strategy reported an $8.22 billion second-quarter net loss on Thursday as its roughly 846,000 BTC — acquired at an average cost of $75,578 — sits underwater, and the firm disclosed it has sold about $218 million of Bitcoin this year to fund preferred dividends.
A separate blow to sentiment landed Friday: a key-generation flaw in Coldcard hardware wallets let an attacker drain 594 BTC, about $38 million, from roughly 500 wallets in a 25-minute sweep.
Strategy Inc’s newest financial instrument is doing exactly what it was designed to do. STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, is climbing toward its $90 IPO price, while MSTR common shares are sliding more than 7% intraday.
The preferred stock doing its job STRC has been trading between $88 and $89.50, showing steady upward momentum toward the $90 level. That $90 figure matters because it was the IPO price when the offering closed on July 29, 2025.
The initial public offering raised approximately $2.521 billion in gross proceeds, with net proceeds landing around $2.474 billion. That makes it one of the largest US exchange-listed perpetual preferred offerings in recent memory.
Strategy used those proceeds to buy 21,021 Bitcoin at an average price of approximately $117,256 per coin. The company essentially created a yield instrument, sold it to income-hungry investors, and immediately converted the cash into Bitcoin.
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STRC currently pays an annualized dividend rate of 12%, variable and adjusted monthly by the board. The target par value sits at $100, which means buyers at current levels are getting the stock at a discount while collecting a double-digit yield.
MSTR takes the opposite path While STRC inches upward, MSTR common shares have been doing the opposite. The stock fell over 7% intraday, trading in the low $90s.
One important detail that often gets overlooked: STRC is not collateralized by Strategy’s Bitcoin holdings. None of the company’s preferred share series are. Investors are buying into the company’s creditworthiness and its ability to keep paying dividends, not a direct claim on the Bitcoin sitting in its treasury.
The bigger picture for Strategy Inc Strategy Inc, formerly known as MicroStrategy, rebranded in August 2025 to signal its evolution into what it calls a Bitcoin Treasury Company.
The 12% annualized yield on STRC, with some market estimates putting the effective yield around 13.4% at recent trading levels, is unusually generous for a preferred stock. For context, most traditional preferred stocks from large US companies yield somewhere in the 5% to 8% range.
What investors should watch For STRC holders, the key variable is whether Strategy can sustain that 12% dividend. The board adjusts the rate monthly to keep the stock trading near par, which means the yield could go up or down depending on market conditions.
The risk that gets less attention is the structural one. Strategy has built a capital stack where preferred shareholders are paid from corporate cash flows, not from Bitcoin itself. If Bitcoin’s price drops significantly and stays down, the company would need to either sell Bitcoin at a loss to cover dividends, reduce the variable rate, or find alternative revenue sources. The monthly board adjustment mechanism provides flexibility, but flexibility is just a polite word for “we might cut your yield.”
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The US Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on two Iranian maritime firms accused of running a scheme that forces commercial vessels to purchase mandatory “insurance” to transit the Strait of Hormuz, with one firm accepting Bitcoin and other digital assets as payment.
Iranian firms sanctioned for insurance schemeOFAC stated that both companies are linked to the Islamic Revolutionary Guard Corps (IRGC), a powerful branch of Iran’s armed forces. Vessels passing through the Strait of Hormuz, a vital chokepoint that handles around 20% of the world’s oil shipments, are required by the IRGC to secure maritime insurance coverage. This policy is approved by the Persian Gulf Strait Authority, which was designated by Washington in May, and policies are brokered by the Persian Gulf Marine Insurance Company, a state-backed entity.
According to the Treasury, the insurance primarily protects against dangers created by the actions of the Iranian government itself, such as the potential seizure of vessels. US officials have described the requirement as an extortion mechanism designed to generate funds for the Iranian regime and its affiliates.
Iran’s Treasury Secretary Scott Bessent emphasized that the regime is “desperate for cash,” with economic conditions deteriorating and inflation running into triple digits. Bessent warned that the US will not allow Iran to “hold global commerce hostage.”
Bitcoin and digital assets used to bypass sanctionsThe second targeted firm, HormuzSafe Marine Services Authority, was set up by Iran’s Ministry of Economy. It promotes itself as a provider of traffic control, security, emergency response, and insurance for vessels in the Strait, and accepts Bitcoin and other cryptocurrencies for payments related to these services. According to the Treasury, accepting digital assets is a deliberate move to bypass Western financial sanctions.
Babak Morteza Zanjani, an Iranian financier who was sanctioned earlier this year, has openly promoted HormuzSafe to his online followers.
Mini dictionary: OFAC (Office of Foreign Assets Control) is a US Treasury unit that administers and enforces economic and trade sanctions to support national security and foreign policy objectives.
Earlier this year, media reports indicated Iran intended to introduce a crypto-based toll system for ships passing through the strait, starting at $1 per barrel. However, blockchain analysts expressed skepticism about whether digital assets were being used on any significant scale for these transactions. TRM Labs policy lead Ari Redbord said there was no data showing large-scale crypto payments being used for the Hormuz toll. Others noted that the spokesperson cited in media reports did not represent the Iranian government directly. The Treasury’s recent move clarifies that at least one government-backed firm now officially accepts Bitcoin for these transactions.
Blockchain analysts noted that, as of April, there was no substantial evidence of cryptocurrencies being used widely to pay for Hormuz tolls, despite earlier announcements by Iranian officials.
Sanctions expand to tankers and shadow fleetAs part of the same action, OFAC also sanctioned eight oil tankers and their operators over alleged involvement in shipping Iranian crude and petroleum products. Most of these companies are registered in Hong Kong. The US said it has now sanctioned over 100 vessels connected to Iran’s so-called “shadow fleet” since January.
According to the Treasury, Iran’s maritime insurance schemes are intended to replace revenue lost as a result of Operation Epic Fury, an earlier US effort that targeted illegal oil shipments from the country.
The Strait of Hormuz remains a focal point for global energy markets, with ongoing tensions impacting security and commercial activity in the region.
EntitySanctioned ActivityRolePayment MethodPersian Gulf Marine Insurance CompanyMandatory insurance for Hormuz transitInsurance brokerConventional currencyHormuzSafe Marine Services AuthorityMandatory insurance for Hormuz transitInsurance, traffic, securityBitcoin and digital assetsDisclaimer: 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.
The Japan’s yen is back in focus after it reportedly spent up to $59 billion in one day to support its currency. Now, the U.S. Treasury has warned major banks to stand ready for possible market intervention on Friday, a move that could also affect the dollar, Treasury yields and Bitcoin.
U.S. Treasury Signals Possible Yen Market ActionThe U.S. Treasury, working through the Federal Reserve Bank of New York, has reportedly told several major banks to “stand ready for future action” in the foreign exchange market.
The warning comes just one day after Japanese authorities stepped in to support the yen.
US TREASURY HAS INFORMED BANKS THAT IT MAY INTERVENE IN YEN MARKET ON FRIDAY – SOURCE FAMILIAR WITH THE MATTER
US TREASURY TOLD A NUMBER OF BANKS VIA NEW YORK FED THAT BANKS SHOULD STAND BY FOR 'FUTURE ACTIONS' – SOURCE FAMILIAR WITH THE MATTER
— *Walter Bloomberg (@DeItaone) July 31, 2026 Japan’s intervention is estimated at around $53 billion to $59 billion, making it one of the largest single-day currency interventions on record. The move helped the yen recover from levels near a four-decade low against the U.S. dollar. As of now, the yen is trading around 159.61 per dollar, up 0.06%.
The possible U.S. involvement adds another layer to the currency battle and suggests officials are becoming increasingly concerned about sharp moves in the yen.
Why the U.S. Is Watching the YenU.S. Treasury Secretary Scott Bessent said the yen appears “very undervalued” and warned that excessive volatility is not healthy for markets.
Bessent also said the yen had moved well beyond what could be considered its normal or “equilibrium” value. His comments suggest the U.S. is focused less on forcing a specific exchange rate and more on preventing extreme currency moves from creating wider market problems.
The last time the U.S. Treasury directly intervened to support the yen was in 2011, when G7 countries acted together after Japan was hit by a devastating earthquake and tsunami.
How Yen Intervention Could Impact BitcoinThe bigger question for crypto investors is what happens to the dollar and global liquidity if Japan continues selling U.S. Treasuries to support the yen.
Japan holds a large amount of U.S. government debt. If it sells some of those bonds to raise dollars for the intervention, heavy selling could put pressure on Treasury prices and influence bond yields.
At the same time, a weaker dollar could make Bitcoin more attractive to investors looking for alternatives to traditional dollar based assets.
If global liquidity improves and investors move away from cash and defensive assets, Bitcoin could become an early beneficiary.
A stronger BTC trend could then push traders toward Ethereum and smaller altcoins as risk appetite spreads across the crypto market.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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BlackRock’s iShares Bitcoin Trust is back in accumulation mode. After weeks of institutional investors heading for the exits, IBIT pulled in roughly $319 million in inflows between July 20 and 22 alone, making it the dominant force behind a $499 million weekly haul across all US spot Bitcoin ETFs.
The recent buying spree recovers only about 15% of the damage done during June’s sell-off, and total Bitcoin ETF flows for 2026 are still sitting at negative $4.76 billion.
From panic selling to cautious buying During the week of June 22 to 26, IBIT accounted for approximately 73% of total Bitcoin ETF outflows, bleeding roughly $1.30 billion in a single week.
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On July 6, IBIT recorded $209.4 million in inflows as part of a broader $265.7 million daily total across Bitcoin ETFs. The week before that saw approximately $204 million flow into the fund. And now, the latest weekly figures show the buying pressure accelerating further.
As of July 30, IBIT held approximately 739,066 BTC, valued at around $47.67 billion in net assets. That’s roughly 3.5% of all Bitcoin that will ever exist, locked up in a single ETF wrapper.
The institutional sentiment barometer IBIT has consistently led the pack among US spot Bitcoin ETFs in both directions, attracting the lion’s share of inflows during bullish periods and absorbing the brunt of outflows during downturns. Its dominance in the current recovery is consistent with that pattern.
A $319 million weekly inflow sounds impressive until you remember it’s following $1.3 billion in outflows from a single week in June.
What this means for investors The $4.76 billion net negative flow figure for 2026 represents real capital that left the Bitcoin ETF ecosystem and hasn’t come back. For sustained price appreciation, Bitcoin needs not just a return to positive weekly flows but enough cumulative buying to offset the hole created earlier this year.
IBIT’s outsized role in both inflows and outflows means BlackRock’s client base is effectively setting the tone for the entire Bitcoin ETF market. That concentration of influence in a single product creates both opportunity and fragility.
The pattern worth monitoring is whether weekly inflows can consistently stay above the $200 million threshold. Two consecutive weeks above that level would be the most bullish signal Bitcoin ETFs have produced since the early months of 2026.
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31 July 2026 | 18:56 Bitcoin and most major cryptocurrencies fell sharply on July 31 after a Reuters report said the U.S. Treasury had told banks to prepare for possible intervention in the yen market.
Key Takeaways Bitcoin fell 3.5% over 24 hours as losses spread across most major cryptocurrencies. A Reuters report on possible U.S. intervention in the yen market triggered a sudden reversal in U.S. equities. Apple fell about 9.3% in regular trading despite reporting record quarterly revenue, as chip and memory constraints weighed on its outlook. U.S. stocks recovered much of the initial decline, while Bitcoin remained below its previous support area. The headline revived concern over yen-funded carry trades and triggered a sudden reversal in U.S. equities. Apple added pressure during the same session, falling about 9% in regular trading even after reporting record fiscal third-quarter revenue.
The currency channel was outlined in our previous analysis of how Japanese policy can reach Bitcoin through global funding markets. This time, the concern came from possible currency intervention rather than Bank of Japan rate policy
Stocks Recovered After the Yen Headline A widely circulated Bull Theory post showed the S&P 500 moving from a 0.7% intraday gain to a 1.2% loss within approximately 40 minutes of the Reuters report.
🚨 Nearly $1 TRILLION wiped off US stocks in 40 minutes after Reuters reported a possible intervention by the US in the YEN market.
The S&P 500 was up 0.70% on the day and had added $540 billion to its market cap.
Then it crashed 1.20% in just 40 minutes, wiping out $920… pic.twitter.com/djAklecP6u
— Bull Theory (@BullTheoryio) July 31, 2026
The selling then eased. At approximately 11:14 a.m. EDT, Yahoo Finance data showed the index at 7,448, up 0.14%, after reaching an intraday low of 7,399.
The recovery makes it difficult to treat the initial decline as evidence of a sustained liquidation across U.S. equities. The report prompted a sharp reduction in risk, but the selling did not continue at the same pace.
S&P 500 Index 5-day market performance chart. Crypto Did Not Follow the Equity Recovery Bitcoin traded at $62,400 according to CoinMarketCap data, down 3.5% over 24 hours.
Other cryptocurrencies lost:
Zcash: −4.30% at $454.79 Ethereum: −3.3% at $1,853.13 XRP: −2.8% at $1.06 Solana: −2.4% at $72.82 Dogecoin: −1.9% at $0.06914 Hyperliquid remained 0.3% higher, while BNB and TRON limited their declines to less than 1%.
The recovery in U.S. equities did not carry into crypto. Gains in companies such as Amazon could offset Apple’s fall inside the S&P 500, while Bitcoin had no comparable counterweight. Crypto derivatives also continued trading throughout the reaction, allowing pressure to remain after selling in the cash equity market had begun to ease.
Bitcoin also moved below the support area that had contained its previous pullbacks. The band was formed by the 50-day simple moving average near $63,400 and the 0.236 Fibonacci retracement around $63,600.
Trading near $62,410 placed BTC below both levels. Recovering that area would reduce the importance of the break, while continued trading underneath it would leave the recent structure weaker.
Why Possible Yen Intervention Matters Reuters reported that the U.S. Treasury had informed several banks, through the Federal Reserve Bank of New York, that they should be prepared for possible intervention in the yen market.
The report concerned preparations for potential action. It did not confirm that the United States had already entered the currency market.
Investors can borrow at relatively low rates in yen and move the capital into assets offering higher returns. If intervention strengthens the Japanese currency, the dollar value of those liabilities rises and leveraged positions become more expensive to maintain.
Reducing that exposure may require investors to sell liquid assets and buy yen to repay the original funding. The synchronized market reaction is consistent with a broader reduction in risk, although the available data does not identify which investors sold or show how their positions were financed.
Apple’s Supply Warning Overshadowed Record Results Apple entered the session after reporting its strongest June quarter on record. Revenue reached $109.4 billion, up 16% year over year, while iPhone, Mac and Services each set June-quarter revenue records.
The market’s concern centered on the months ahead rather than the quarter Apple had just completed. The company projected revenue growth of 9% to 11% for the September quarter, below Wall Street expectations of approximately 12%.
Apple also warned that limited advanced chipmaking capacity and memory shortages were restricting its ability to meet demand. Higher memory costs added another concern for future margins.
The company described the problem as a supply constraint rather than weak customer demand. Even so, the warning suggested that Apple might be unable to convert all available demand into sales during the following quarter.
The latest data showed Apple trading near $302, down 9.2% at 11:26 a.m. EDT. That was a regular-session reading rather than the initial after-hours response. Shares had fallen about 5.5% after hours before the decline widened during Friday morning trading.
Apple Inc. (AAPL) stock price chart showing a sharp market decline. The 9.3% move should therefore not be read as a rejection of Apple’s quarterly performance. The results exceeded expectations, but investors were weighing slower projected growth, supply limitations and their potential effect on future revenue and margins.
Because of Apple’s weight in major U.S. indexes, the decline added pressure during the same period that markets were reacting to the yen report. Gains elsewhere, including Amazon’s post-earnings rally, later helped the broader index recover.
The Carry-Trade Risk Is Not Yet Confirmed The market reaction shows that the possibility of yen intervention was enough to trigger rapid de-risking. It does not establish that a sustained carry-trade unwind had already begun.
The S&P 500 stabilized after its initial decline, the Reuters report described preparation rather than completed intervention, and there is no direct evidence that the cryptocurrency sellers were closing yen-funded positions.
A continued rise in the yen, renewed weakness across global equities and falling crypto open interest alongside large long liquidations would provide stronger evidence of a broader deleveraging event. Bitcoin remaining below the $63,400–$63,600 support area would add technical weight to that interpretation.
Until then, the move is better understood as a sharp reaction to overlapping risks: concern over global funding conditions, pressure from one of the market’s largest technology companies and Bitcoin’s break below short-term support.
Disclaimer: This article is for informational and analytical purposes only and does not constitute financial or investment advice. Currency intervention, equity-market volatility and leveraged crypto trading can produce rapid price movements. Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
