Major cryptocurrencies rose on Tuesday as investors digested reports that the White House agreed to an ethics package accompanying the cryptocurrency Clarity Act.
Some Clarity Finally?Bitcoin rallied to a 5-week high above $66,900, and is now up 13% month-to-date. Ethereum hit an intraday high of $1,950, while XRP and Dogecoin also climbed.
The spike followed reports that the White House agreed to add an ethics provision to the Clarity Act, a key sticking point that has kept the bill tied up amid President Donald Trump’s cryptocurrency business interests.
Over $200 million was liquidated from the cryptocurrency market in the last 24 hours, with $160 million in bearish shorts erased, according to Coinglass data
Bitcoin’s open interest jumped 4.21% to over $50 billion, indicating an influx of new money into the derivatives market. Retail and whale futures traders on Binance were positioned “Neutral” on BTC.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.27 trillion, representing a 1.28% increase over the last 24 hours.
Stock Market ReboundsStocks rallied sharply on Tuesday. The Dow Jones Industrial Average spiked 385.38 points, or 0.74%, to end at 52,224.64. The S&P 500 climbed 0.89% to close at 7,509.20, while the tech-focused Nasdaq Composite gained 1.29% to end at 25,837.21.
U.S. forces, meanwhile, carried out their eleventh consecutive day of strikes against Iranian military assets, while reiterating that the Strait of Hormuz remains open to commercial shipping.
Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin has faced repeated rejections at the Short-Term Holder Realized Price since November, framing it as the apex cryptocurrency’s biggest test.
“With BTC back near $66,000, all eyes are now on $69,340,” the analyst added. “If history repeats, that’s where the bulls will have to prove themselves.”
On-chain analytics firm CryptoQuant said that wallets holding between 1,000 and 10,000 BTC just accelerated their buying “at the fastest pace in months
“The total balance of this cohort has returned to the same level as before the February drop, 3.09 million Bitcoins, even with the price much lower now,” the research firm said. “This is the type of institutional trading pattern.”
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Bitcoin is trading at $66,259 as of Tuesday morning, up 1.3% over the past 24 hours and roughly 6% since bottoming near $62,517 earlier this week, according to CoinGecko data. Ether has climbed alongside it, trading at $1,930.83, up 0.4% on the day and 3.3% over the past week, marginally outperforming bitcoin's seven-day gain of 2.5%.
The move extends a rally that began last week on the back of soft U.S. labor market data, and has picked up further this week on renewed optimism that Congress may finally advance crypto market structure legislation before its August recess.
The CLARITY Act, which would establish a federal framework dividing oversight of digital assets between the SEC and CFTC, passed the House by a 294-134 vote in July 2025 and was advanced by the Senate Banking Committee in a 15-9 vote in May. Since then it has stalled, with Democratic senators including Angela Alsobrooks and Ruben Gallego withholding support over the bill's ethics provisions.
Reports this week of a potential compromise on those ethics terms have revived hopes that a floor vote could happen before the recess, a deadline lawmakers and industry groups have flagged as critical: missing it risks pushing the bill into next year, when its prospects would likely worsen.
Macro conditions have added a second tailwind. A weaker-than-expected June jobs report, which showed the U.S. economy adding only 57,000 positions against consensus estimates of roughly double that, combined with recent comments from Federal Reserve officials suggesting AI-driven productivity gains could help ease inflation, have strengthened bets that the Fed will cut rates later this year. Softer inflation prints in the weeks since have reinforced that view, adding to the risk-on backdrop that has lifted bitcoin, ether and other major tokens together.
Trading volume has moved with the price. Bitcoin's 24-hour volume sits at $31.68 billion, up roughly 1% on the day, while ether's has risen more sharply, up 11% to $11.7 billion. Both remain well below bitcoin's all-time high of $126,080 set in October 2025 and ether's all-time high of $4,946.05 set last August, with bitcoin still down 47% and ether down 61% from those peaks respectively.
Whether the rally holds likely depends on whether the Senate actually schedules a CLARITY Act vote in the coming days, and whether upcoming economic data continues to support the case for a Fed cut. A stalled vote or a hotter-than-expected inflation reading could just as quickly take the momentum back out of the market.
Bitcoin price has retreated from nearly $67,000 after escalating U.S.-Iran hostilities pushed oil prices higher and tempered optimism created by progress on the CLARITY Act.
Summary
Bitcoin pulled back after briefly touching $66,965 as sellers defended the $67,000 resistance level. CLARITY Act progress, ETF inflows and short liquidations fueled BTC’s rapid advance. Rising oil prices and the U.S.-Iran conflict threaten a sustained breakout toward $70,000. According to data from crypto.news, Bitcoin (BTC) price rose from an intraday low of $65,149 to $66,965 on July 21 before sellers forced the price back to about $66,440. The asset remained up 1.8% on the day, but its failure to hold $67,000 showed that traders were unwilling to chase the rally as energy and inflation risks returned.
CLARITY Act progress and ETF inflows have fueled Bitcoin’s rally Bitcoin’s advance began after the White House and Senate negotiators reached an agreement on an ethics provision that had delayed the Digital Asset Market Clarity Act. Treasury Secretary Scott Bessent described negotiations as being at the “1-yard line,” while senators suggested the bill was close to a final vote.
The proposed ethics rules address concerns about elected officials and senior government figures holding or promoting crypto assets while in office. Reports that President Donald Trump had accepted the provision helped crypto-linked stocks rally, with Coinbase and Circle shares gaining as much as 10% during the session.
U.S. spot Bitcoin exchange-traded funds added another source of demand. According to SoSoValue data, the funds recorded about $227 million in net inflows on July 20, their fifth consecutive positive session and their longest inflow run since April.
The ETF streak followed a difficult June, when investors withdrew billions of dollars from the products. Five days of fresh allocations have helped absorb available supply while Bitcoin has recovered from its June low near $58,000.
Spot activity also remained firm during the latest advance. Commenting on the order flow, analyst Ted Pillows wrote:
“Consistent spot buying for BTC now. This looks much better.”
Leverage amplified the initial breakout. Market data showed roughly $223 million in crypto positions liquidated over 24 hours, including about $181 million in shorts. Forced purchases by bearish traders helped Bitcoin clear $65,000 and accelerate through the $66,000 resistance area.
A separate derivatives event later exposed the rally’s fragility. According to trader Daan Crypto Trades, a position worth more than $100 million appeared to close at market, erasing over $250 million in Bitcoin open interest within one minute.
$BTC Massive $100M+ long just seemingly market closed.
$250M+ in Open Interest gone in a single 1 minute candle on BTC alone.
Meanwhile price retraced most of it minutes later.
Wonder what the idea was there, can't imagine that was a desired execution on that position. Fat… pic.twitter.com/he1nQXsP5n
— Daan Crypto Trades (@DaanCrypto) July 21, 2026 BTC briefly fell toward $65,900 before recovering most of the decline, which Daan attributed to a possible execution error or an attempt to trigger cascading liquidations.
Oil risks and overhead supply have blocked a clean $67,000 breakout Oil prices have complicated the bullish setup. U.S. crude climbed about 2.6% to $84.70 per barrel, its highest level since June 12, as supply fears grew across the Strait of Hormuz and the Red Sea.
Washington carried out a tenth consecutive day of strikes against Iran, while Trump warned that Tehran “will pay” for attacks that killed American soldiers. Reuters also reported damage to a tanker near the Strait of Hormuz and disruption involving Saudi crude shipments after threats from Iran-aligned Houthi forces.
Higher energy costs could feed into July inflation and give the Federal Reserve less room to support financial markets. The dollar strengthened as traders reassessed the chances of higher interest rates, creating a potential headwind for Bitcoin and other speculative assets.
On the daily chart, BTC has moved above the Bollinger Band midpoint at $63,839 and briefly exceeded the upper band near $66,100. Trading above the upper band confirms strong buying pressure, but the rejection from $66,965 raises the risk of a pullback toward the band’s midpoint.
Bitcoin daily price chart — July 22 | Source: crypto.news The Average Directional Index stood at 23.08. A reading below 25 means the daily trend has not yet gained enough strength to confirm a sustained directional move, despite Bitcoin’s recovery from the June trough.
Bitcoin has also reached the upper boundary of an ascending parallel channel on the four-hour chart. Resistance sits between $67,000 and $67,800, while the channel floor runs near $64,000. A four-hour close above $67,800 would clear the structure and expose $69,500, followed by the psychological $70,000 level.
Bitcoin 4-hour price chart — July 22 | Source: crypto.news Momentum still favors buyers. The four-hour MACD line stood at 592.66, above its 441.46 signal line, while the positive histogram reached 151.19. The Chaikin Money Flow reading of 0.35 showed that capital continued to enter the market despite the rejection.
CoinGlass’ three-day liquidation heatmap places the closest overhead leverage around $66,800 to $67,300, with another concentration near $68,000. A move through those levels could force additional short closures. Below price, liquidation pools appear around $65,300, $64,800, and $64,200.
Bitcoin liquidation heatmap | Source: CoinGlass The bullish case would weaken if BTC closes below the channel floor and loses the daily Bollinger midpoint near $63,800. Such a breakdown could expose the lower daily band at $61,578, while renewed oil gains, further military escalation, or declining ETF inflows would add pressure. Bitcoin must therefore convert $67,000 into support before the latest recovery can extend toward $70,000.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
You might have heard about BIP-110; here’s why this fork is not just bad for Bitcoin, but it is built on a misunderstanding of what a Bitcoin node is and what it is good for. As well as why, because of this misunderstanding, BIP-110 will fail.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
BIP-110 is a Bitcoin Improvement Proposal titled as a Reduced Data Temporary Softfork. The BIP proposes a consensus change to Bitcoin, which attempts to limit the types and amounts of arbitrary data that can be added to consensus-valid transactions by limiting a wide range of Bitcoin’s scripting capabilities. BIP-110 is led by a pseudonymous developer known as Dathon Ohm and is widely supported by the Knots community, an alternative implementation of Bitcoin led by one of Bitcoin Core’s earliest contributors, Luke Dashjr and its supporters.
The BIP-110 consensus change is headed towards a mandatory signaling period in the coming weeks and thus a potential fork with the main consensus rules as implemented in Bitcoin Core. The proposal needs to gain a great deal of support from miners within the coming weeks to change Bitcoin consensus. As of the time of writing, miner signaling for BIP-110 stands at less than one percent.
The Knots community, widely made up of Bitcoiners running nodes on machines like Start9 and Umbrel, has rallied around Knots in protest of a series of development decisions made by Bitcoin Core, the primary open source development community and reference implementation of Bitcoin. While a majority of senior Bitcoin developers are either opposed or apathetic to the changes proposed by BIP-110, the movement has gained enough steam to become an ongoing topic of discussion on social media.
Supporters of BIP-110 believe that by running Bitcoin full nodes that signal for the consensus change, they alone can change Bitcoin. Here are the main concepts being debated, the biggest misconceptions about Bitcoin consensus, what a Bitcoin node is, and why BIP-110 is almost certain to fail.
The Power and Limits of a Bitcoin Node Many of the disagreements and misconceptions in this recent cultural conflict within Bitcoin revolve around the idea of a Bitcoin full node. Influencers like Knut Svanholm, author and podcaster, have elevated the role of the full node to heights perhaps too close to the sun.
Knut recently tweeted: “Every person on Earth is a node in the Bitcoin network. Most to a minuscule extent, of course, but every node is first and foremost a person, not a machine. Which tools we use to interact with the network (and, by extension, to which extent they influence the network) is entirely dependent on the choices we make.”
Statements of this sort are poetically beautiful, philosophically grand, romantic even, but nevertheless technically incoherent and fundamentally meaningless. Knut’s tweet attempts to redefine what a ‘Bitcoin node’ means and fails at it, instead diluting the value of the term entirely. He might as well have said that every atom in the universe is a Bitcoin node, since apparently to him the term is all-encompassing.
Knut, though well-intentioned, is wrong. A Bitcoin node is something very specific. It is a full copy of all of Bitcoin’s transaction history, block headers and transaction-related data. Its purpose is very specific: to let users verify the integrity of Bitcoin’s supply and transaction history in relation to Bitcoin’s consensus rules.
Bitcoin nodes grant users a variety of benefits, such as privacy. Third-party wallet providers query their copy of the Bitcoin blockchain for the user’s balance and serve it back to the user via the wallet app. Most mobile wallets function this way, with users asking a third-party server for their balances; some, very few, can connect to a user-run local Bitcoin node, in which case the user’s public addresses and balances are not shared with any third-party wallet company.
Another benefit Bitcoin nodes grant users is the ability to check whether they are in consensus with the rest of the network, staying in sync. If the user mines Bitcoin or contributes any significant amount of hashing power to Bitcoin’s proof-of-work network, the node also provides the opportunity to assemble a block, choosing which transactions go into it. This is only possible if the user manages to mine a Bitcoin block, which is quite an achievement today, given the difficulty and steep competition.
Even new kinds of mining pools like Ocean, which attempt to decentralize block template production, letting retail miners have more influence over which transactions enter the chain, still need enough hashing power to win the proof-of-work race, resulting in sporadic blocks being mined and thus limited influence over the blockchain.
Bitcoin nodes also relay transactions across the network, with tens of thousands of them communicating via a flood network; this results in a censorship-resistant system where a small number of nodes can get controversial transactions to miners, bypassing any kind of filters, as demonstrated by Peter Todd’s relay libre. Thus, Bitcoin nodes can not easily filter which transactions enter the blockchain.
Even a large majority of Bitcoin nodes alone can not, however, change Bitcoin consensus. Not without having a large amount of economic activity entering the Bitcoin network through them, as exchanges do on behalf of millions of users. Not without having the protocol and application developer community behind them. Not without having the investor community behind them. Bitcoin is not a node democracy, contrary to popular memes today.
Bitcoin nodes do not grant you ‘citizenship’ in the ‘Bitcoin nation’. Satoshi Nakamoto was quite clear about this in the Bitcoin white paper. Bitcoin’s ultimate security and governance structure is: one CPU cycle, one vote, not one Bitcoin node, one vote. And miners, who run the CPU cycles over Bitcoin’s proof-of-work, are very sensitive to investor sentiment and the broader developer community, resulting in a distributed global protocol for money that is very difficult to change.
Bitcoin nodes ultimately let you know if you are connected to the network with the most accumulated proof-of-work and that its consensus rules are being followed, but a node alone does not let you change the consensus rules. Users who change the consensus rules of their Bitcoin node are, by definition, no longer running Bitcoin. As a result, changing Bitcoin consensus as a node runner is very difficult, and that’s a feature, not a bug. Bitcoin is money for enemies.
History and Bitcoin Consensus Games Deep work has been done, trying to understand Bitcoin consensus, its various pillars and interest groups. Ren Crypto Fish, Steve Lee and Lyn Alden identified six of them in BCAP, an open-source effort to analyze Bitcoin consensus and risks in protocol upgrades. BCAP identified stakeholders such as Economic Nodes, Investors, Media Influencers, Miners and Protocol Developers, and Users and Application Developers
Historically, in the case of a consensus crisis, it is true that Bitcoin nodes have been used to signal support for one version of Bitcoin over another. Fork events like 2017’s Bitcoin Cash fork are often cited as examples of economic nodes winning against opposition by miners. 2017’s legendary User Activated Soft Fork (UASF) faced major opposition in theory; a large majority of mining pools and their corresponding collective hashrate supported the Segwit2x version of Bitcoin, with many exchanges and corporations having signed the infamous New York Agreement.
The Bitcoin node-supported soft fork won nonetheless, bluffing the Segwit2x version from a contested blockchain altogether. But that’s the thing: while the Bitcoin nodes technically won, they did so by having massive support from protocol developers, investors and media influencers: these nodes really had economic weight and rough consensus. BIP-110, on the other hand, does not have the protocol developers, nor does it have enough investors behind it. Michael Saylor has come out against it, with many industry leaders also openly opposing it or staying out of the matter entirely.
In fact, during the Bitcoin Cash fork, the limits of retail Bitcoin nodes were clearly understood. A Bitcoin node run by an exchange is orders of magnitude more influential than that of a retail user, as it introduces large amounts of new transactions to the Bitcoin network. The Bitcoin node of a major mining pool is far more influential than that of a hobbyist solo miner, as it more often assembles blocks and chooses which transactions settle to the blockchain.
Most Bitcoiners outside of exchanges use mobile wallets to access their Bitcoin. Such users and investors can ‘vote’ with their money, so to speak, by moving their bitcoins and economic activity elsewhere, be it to a wallet that supports their vision of Bitcoin, or their own full node. But while users remain on mobile wallets that talk to third-party nodes, those users have little individual influence over Bitcoin consensus. And the vast majority of mobile wallets are using a Bitcoin core-compatible back end.
The same goes for exchanges; their users effectively delegate consensus decisions to the exchange operators. In some cases, exchanges have put consensus issues to a user vote, weighed by their total holdings, returning that decision to end users weighed by capital; we may see this happen again with BIP-110.
Votes of the sort have started happening with Foundry today. One of the biggest Bitcoin mining pools in the world, Foundry, recently emailed its miners informing them that they can vote on the proposal with their hashrate. A high enough support could result in Foundry signaling for BIP-110, though that remains unlikely. Users who do not vote will effectively signal against BIP-110, defending the status quo. Thus apathy about the topic of BIP-110 would be a win for Bitcoin Core by default. BIP-110 supporters need to culturally win over a majority of the Foundry hash rate, who then must act to vote against the Bitcoin Core developer consensus, the most popular Bitcoin implementation and best supported codebase.
Today, miners are not signaling support for BIP-110 in any significant way. In fact, according to some data, this is one of the least supported soft fork attempts by miner signaling in Bitcoin’s history. Less than one percent of the blocks mined in the current difficulty adjustment period are signaling for BIP110.
Concluding Thoughts BIP-110 has so far failed to gain consensus across major interest groups within Bitcoin; neither developers, investors, miners, nor large economic nodes support the consensus change. The result is likely to be a chain split in the coming weeks, which could have significant consequences for lightning wallets running on BIP-110-compliant nodes, ultimately resulting in a new, yet small blockchain that would probably have to change the proof-of-work used to stay alive.
Jack Dorsey, the billionaire technology entrepreneur and co-founder of Block, has introduced a new group chat platform called Buzz, aiming to provide an open-source and decentralized alternative to existing workspace tools such as Slack.
Buzz: A Decentralized Workspace SolutionDorsey described Buzz as a platform designed “for teams of people and agents of all sizes,” highlighting its model-agnostic, decentralized, self-sovereign, and open-source features. The tool is structured to enable users to chat with teammates and specialized agents within a single digital workspace. From there, users can move between messaging, planning, project management, coding, and pull requests without leaving the app.
Buzz is built for teams of any size, offering a familiar interface for those who have used modern team communication tools, while prioritizing openness and decentralized architecture.
The parent company Block, previously known as Square, stated that Buzz is built on the Nostr protocol, a decentralized social networking infrastructure designed to provide censorship-resistant communications.
Mini dictionary: Nostr protocol, an open protocol that enables decentralized and censorship-resistant social media platforms by allowing users to communicate without relying on central servers.
Commitment to Open and Transparent ToolsBradley Axen, head of AI capabilities at Block, emphasized the company’s direction, noting that every organization will eventually need a space where humans and AI agents work together. He pointed out the critical difference between proprietary and open systems, stressing that Block built Buzz to ensure that such collaborative spaces can remain open to all.
Block believes the answer to whether future workplaces are proprietary or open lies in open platforms, leading to Buzz’s development as a fully open-source solution.
Dorsey’s Vision for Decentralized Finance and TechnologyJack Dorsey, who previously founded Twitter, has consistently advocated for decentralized solutions in the tech industry. Following his departure from Twitter in 2021, Dorsey shifted his focus to expanding Bitcoin adoption and transforming payment technologies through Block and its subsidiary companies Square and Cash App.
Cash App allows users to send, receive, buy, and sell Bitcoin, while Square’s point-of-sale terminals have integrated Bitcoin payments via the Lightning Network, a layer two solution optimizing Bitcoin transactions.
Dorsey has also expressed admiration for the foundational principles of Bitcoin, characterizing Satoshi Nakamoto’s white paper as “poetry” and promoting the idea of Bitcoin as a universal currency for everyday use.
Further reflecting this vision, Block in 2023 launched a Bitcoin mining rig with modular, swappable components, aiming to help miners reduce repair and replacement costs by upgrading only specific parts instead of full units.
These efforts reflect Dorsey’s broader strategy to accelerate adoption of decentralized technologies, reduce dependency on centralized services, and empower individuals and teams with open-source alternatives across various domains.
PlatformOwnershipSource ModelFocusBuzzBlock (Jack Dorsey)Open-sourceDecentralized chat & agent collaborationSlackSalesforceProprietaryTeam communicationDisclaimer: 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.
Glassnode reported improving derivatives activity despite muted spot trading in the Bitcoin market.
Speculative activity in the Bitcoin market is showing signs of recovery even as spot market participation remains subdued, according to Glassnode’s latest findings.
The analytics firm said spot trading activity continues to lack conviction, as Spot Volume fell below the lower statistical band of $4.5 billion, which was indicative of persistently weak liquidity and muted investor participation. Such low trading volumes typically accompany periods of consolidation, where markets struggle to build enough momentum for a decisive breakout.
At the same time, Spot Cumulative Volume Delta (CVD) showed that aggressive taker selling has eased compared to the previous week. Although the metric remains in negative territory, the narrowing deficit signals that sellers are becoming less aggressive. The reading is now sitting comfortably within its statistical range as traders reassess their market direction.
While spot markets remain quiet, derivatives data points to a gradual return of speculative appetite.
Derivatives Activity Picks Up Futures Open Interest, for one, has climbed to $32 billion. Glassnode said the steady increase indicates traders are gradually re-establishing leveraged positions, which has led to higher participation across the futures market.
Long-Side Funding Payments, however, have declined to $1.7 million and are now close to the upper statistical threshold. According to the report, this suggests bullish positioning is still dominant, but traders are paying a smaller premium to maintain long positions. This means that aggressive bullish conviction has moderated compared to recent sessions.
Meanwhile, Perpetual CVD has recovered sharply and has reversed from a net selling bias to a positive $123.2 million. The move into positive territory points to a shift in taker behavior, as aggressive buyers are now exerting greater influence on price action than sellers.
You may also like: Crude Oil Spikes Above $91: What It Means for Bitcoin (BTC) Bitcoin Just Triggered Three Rare Signals That Previously Marked Market Bottoms Bitcoin Has Exited Capitulation Regime as Momentum Rebuilds: Analysts Options Positioning Shifts Activity in the options market has also strengthened. Options Open Interest rose to $30 billion, as capital committed to derivatives positions increased, although the figure remains slightly below the lower statistical band of $30.3 billion. Glassnode said the trend suggests traders are actively opening new positions. This potentially raises the chances of volatility around major options strike prices.
Simultaneously, the Volatility Spread has narrowed sharply and now sits comfortably within its statistical range, which indicates that implied volatility has largely aligned with realized market movements and that options traders are demanding a smaller risk premium.
This trend was also evident in the Options 25-Delta Skew, which has retreated significantly amidst weaker demand for protective put options and a moderation in bearish hedging activity as sentiment becomes more neutral.
As Bitcoin [BTC] shows relative strength, some long-term holders are starting to make moves. In fact, one whale has captured market attention after shifting away from accumulation.
Onchain Lens reported that a whale who has been aggressively accumulating Bitcoin over the past six years finally moved his assets. According to the on-chain monitor, $130.5 million worth of Bitcoin was transferred.
Source: Arkham The associated wallet moved 800 BTC worth $52.2 million to Cumberland for OTC. At the same time, the wallet moved 1200 BTC worth $78.3 million to new addresses.
The whale’s decision to move some holdings to Cumberland signaled the intention to sell. While OTC hardly directly affects the market supply, it could significantly affect market sentiment. However, the transfer of the large amount to a new address suggested the whale is not fully exiting but repositioning.
Any impact on BTC? Usually, a major transfer from long-term holders is closely watched by market players. Despite the attention, it seems the transfer had no negative impact on Bitcoin’s price action.
On the contrary, BTC has continued with its bullish streak, rising to a monthly high of $66,314 before a slight pullback. At press time, Bitcoin was trading around $66,195, after rising by 3.02% on the daily charts.
Source: TradingView With BTC holding within an uptrend since $62k a day ago, the momentum has strengthened extensively. The Stochastic Momentum Index (SMI) hiked to 67 after forming a bullish crossover two days ago.
At these levels, the current trend is relatively strong. Furthermore, the Squeeze Momentum Indicator has held and remained positive over the past week, reflecting strengthening momentum.
Often, when these indicators move in such a manner, the prevailing trend is likely to continue. If the momentum holds, Bitcoin will flip $67k and target a move above $70k.
Does Bitcoin still face rising pressure? Although the whale transfers have had little to no impact on Bitcoin, the upward trajectory has incentivized profit takers to return.
For starters, the Bitcoin Fund Flow Ratio has been on the rise over the past week, climbing to a high of $0.06 at press time.
Source: CryptoQuant A rising Fund Flow Ratio suggests more coins have recently flowed into exchanges. Higher exchange flows increase the risk of short-term bearishness. This trend was further confirmed as Exchange Netflow turned positive, rising to 4.7K.
Source: CryptoQuant A positive Netflow suggests more BTC has recently flowed into exchanges. Historically, increased exchange inflows have preceded a weakened market structure.
Therefore, if sellers continue to offload, the pressure could weaken momentum and likely push it to $64,800.
Final Summary A Bitcoin whale moved 2,000 BTC worth $130.5 million, moving 800 BTC to Cumberland OTC and 1,200 to fresh addresses. Rising Fund Flow Ratio and positive Netflow signal growing exchange inflows, raising short‑term bearish risk for Bitcoin.
Bitcoin (BTC) whales (accounts holding between 1,000 and 10,000 BTC) have been consistently accumulating the cryptocurrency since late May. This period of accumulation began in early May, when prices were around $80,000, and has continued even as prices declined 17.25% to a current $66,256.
Whales load up on Bitcoin despite market swings Unlike previous months, the period since May shows unprecedented, continuous accumulation despite geopolitical and macroeconomic headwinds. In the last month alone, this cohort has accumulated 48,000 Bitcoins. This brings their total stash to 3.09 million Bitcoins, similar to the amount they held in February of this year.
Source: Crypto Quant
These whales likely represent institutions that thrive on Dollar-Cost Averaging (DCA) rather than timing markets for ripe entry levels.
Even then, these whales are likely anticipating a major market turnaround following recent developments in global crypto regulation and technical setups.
US President Donald Trump recently signed an ethics package barring him and any other high-ranking officials from profiting off the crypto policies they shape. Despite this development, nations such as Japan and Russia are way ahead of America in terms of crypto regulation. This builds pressure for swift policy legalization, seeing as the US aims to lead the crypto industry on a global scale.
Technical setupsOn-chain metrics such as MVRV (Market Value to Realized Value) and CVDD (Cumulative Value-Days Destroyed) suggest a potential cycle bottom between $40,000 and $50,000.
However, one technical trifecta indicates we may have arrived at a historically dominant accumulation zone.
Source: Ali Charts
The monthly Relative Strength Index (RSI) is below 43.65, the Chande Momentum Oscillator is at -71, and BTC is actively trading around its 50-month moving average. The combination of these offers a highly favorable risk-to-reward ratio, driving whale attention away from shorting and into accumulation.
Story Ends Here
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The Digital Chamber has filed a lawsuit against Illinois’ Digital Asset Tax Act, aiming to halt the law before its scheduled implementation on January 1, 2027. The act imposes a 0.2% tax on digital asset business activities, marking the first state tax of its kind in the U.S. The Chamber’s complaint argues that the law unfairly singles out blockchain transactions for different tax treatment compared to traditional financial transactions. This legal action places Illinois’ crypto tax regime under broader regulatory scrutiny and highlights the ongoing debate over state-level digital asset taxation.
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The lawsuit could have implications for the cryptocurrency market, particularly Bitcoin, as it suggests potential regulatory pushback against state-level crypto taxes. Markets are assessing this legal challenge’s impact on Bitcoin’s future price, with some indicating it could positively influence Bitcoin’s market perception. Current market data shows a range of probabilities for Bitcoin reaching various price points by the end of 2026, reflecting the uncertainty surrounding regulatory developments.
Key Takeaways The Digital Chamber’s lawsuit against Illinois’ Digital Asset Tax Act suggests potential regulatory challenges for state-level crypto taxation. Market pricing indicates that participants view the lawsuit as consistent with scenarios where Bitcoin’s market perception could be positively affected. Bitcoin markets currently show varied probabilities for reaching certain price targets by December 31, 2026, reflecting uncertainty in regulatory outcomes. What to Watch The outcome of the Digital Chamber’s lawsuit against Illinois will be a key indicator of how state-level crypto taxes may evolve. Markets will be closely monitoring any developments in this legal case, as its resolution could significantly impact market perceptions and pricing scenarios. Additionally, ongoing regulatory discussions at both state and federal levels could further influence Bitcoin’s path to reaching significant price milestones by the end of 2026.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 2.1% — — View market → December 31 2.2% — — View market → December 31 2.8% — — View market → December 31 3.2% — — View market → December 31 6% — — View market → January 1 2027 11% — — View market → January 1 2027 20.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 2.4% — — View market → January 1 2027 2.2% — — View market → January 1 2027 3.7% — — View market → January 1 2027 4% — — View market → January 1 2027 7% — — View market → January 1 2027 45.5% — — View market → January 1 2027 10.5% — — View market → January 1 2027 1.4% — — View market → January 1 2027 2.1% — — View market → January 1 2027 31.5% — — View market → January 1 2027 15.5% — — View market → January 1 2027 8.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 1.9% — — View market → January 1 2027 1.9% — — View market → January 1 2027 1.4% — — View market → January 1 2027 0.9% — — View market → January 1 2027 13.5% — — View market → January 1 2027 24.5% — — View market → January 1 2027 35.5% — — View market → January 1 2027 61.5% — — View market → January 1 2027 80.5% — — View market →
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’s miner-linked over-the-counter [OTC] balances continue shrinking. That means – fewer coins remain available for large private transactions.
Since November 2021, holdings have dropped from 500,000 BTC to 139,700 BTC, a decline of nearly 72%. Miners drew down their inventory over time without meaningfully rebuilding it after the 2024 halving.
Source: CryptoQuant As a result, OTC supply tightened while miner-to-exchange flows declined. Naturally, it suggested lower visible selling pressure on Bitcoin.
Meanwhile, Bitcoin’s [BTC] price has advanced despite declining OTC inventories, highlighting stronger demand against a shrinking pool of available supply. Yet, if institutions and whales continue accumulating under these conditions, tighter liquidity could amplify Bitcoin’s upside sensitivity in the coming quarters.
Bitcoin supply tightens beyond miner OTC desks The tightening supply picture extends beyond miner-linked OTC desks and is now visible across centralized exchanges.
On the 20th of July, Bitcoin recorded $686 million in Exchange Netflows. By the way, Binance led with $570 million in net outflows, marking its largest withdrawal since April.
Source: CryptoQuant Furthermore, Bybit contributed $65 million, Coinbase another $48 million, and HTX nearly $3 million.
Ultimately, it meant there were coordinated withdrawals rather than isolated activity. As more BTC leaves exchange wallets, the pool of coins readily available for spot-market selling continues to shrink.
This trend complements declining OTC inventories, reinforcing a tighter market structure. If demand continues strengthening, reduced exchange liquidity could amplify Bitcoin’s upside sensitivity in the months ahead.
Are long-term holders selling? Even as Bitcoin rebounded from recent lows, long-term holders showed little interest in distributing older coins into the market. The trend of Coin Days Destroyed (CDD), which measures the number of days old coins are sold into circulation, remains flat at 16.4 million.
Source: CryptoQuant Those brief increases failed to develop into sustained selling, suggesting most dormant holdings remained untouched despite changing market conditions. Therefore, it is likely that most of the older coins continue to remain unliquidated regardless of changes in the markets.
As older coins stay inactive, the burden of driving price discovery shifts toward fresh spot demand instead of recycled supply.
Thus, the next price movement for Bitcoin could potentially be driven by whether or not sufficient capital is available in the market. That demand must absorb the majority of the coins remaining within the increasingly smaller tradable float.
Final Summary Bitcoin [BTC] tradable supply continues shrinking as sell-side liquidity remains constrained. Bitcoin needs stronger spot demand to unlock its tightening supply advantage.
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.
In brief Shareholders voted by more than 90% to sell the company's 668 BTC, return capital, and cancel its London Stock Exchange listing This marks the end of a Bitcoin treasury experiment in under twelve months. Satsuma raised £163.6 million in August 2025 but expects to return only £26.8 to £30 million after wind-down costs. The shareholders of Satsuma Technology, a U.K.-based Bitcoin treasury company, have voted to liquidate the company's entire Bitcoin position and shut down the business, overruling four of its six board members.
More than 90% of votes cast backed the dual resolutions to sell 668 BTC—worth roughly $43.5 million—and cancel the company's London Stock Exchange listing, per a Monday filing. The move unwinds the digital asset treasury, or DAT for short—the latest such company to call it a day after the DAT trend picked up steam in 2025.
Satsuma started life as TAO Alpha, a small AI firm, before rebranding and hiring Mark Moss in August 2025 as its Chief Bitcoin Strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers known for advising institutions on how to buy and hold Bitcoin as a corporate treasury asset—essentially, a company's rainy-day fund, but in crypto.
The same month, Satsuma raised £163.6 million ($218 million) through convertible notes—debt instruments investors can either reclaim as cash or convert into company shares—led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken joining in. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash.
The stock peaked around £14 per share, roughly £66 million in market cap, in June 2025. Bitcoin then hit its $126,000 all-time high in October before entering a months-long slide in what became the current crypto winter, dragging the rest of the market—including Satsuma’s stock—with it.
By December, Satsuma was already selling assets to stay solvent: 579 BTC went for £40 million to ensure it had enough cash to repay noteholders who chose not to convert their debt into shares by year-end.
The unravelingThe company’s CFO departed in February 2026; the CEO followed in March. By April, shares had lost more than 99% of their June 2025 value—trading at fractions of a penny—and Pantera Capital, holding about 6.7% of Satsuma's stock, began pushing publicly for full liquidation.
The logic was direct: Satsuma's market cap—the total combined dollar value of all its shares—had fallen well below the value of the Bitcoin sitting on its own balance sheet, the point where owning the stock is strictly worse than owning the coin directly. A group of shareholders representing more than 20% of issued capital formally put the resolution to a vote.
The board split hard. Four of six directors opposed the liquidation, arguing Satsuma was still a viable listed Bitcoin vehicle. Two sided with shareholders pushing to wind down. Shareholders overruled the board majority by a wide margin.
The wind-down runs through a "B Share Scheme," a U.K. legal mechanism for distributing cash assets back to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million—legal fees, severance, delisting charges, and run-off insurance.
Combined with the £40 million from the December BTC sale, total capital recovered lands around £66–£70 million against the £163.6 million originally raised. And because convertible note holders rank above common equity in any payout structure—meaning they get paid first—ordinary shareholders could walk away with considerably less than even those numbers suggest.
Satsuma is currently the second-largest U.K.-listed Bitcoin treasury company by holdings. The first is The Smarter Web Company, which holds 2,878 BTC and has not suggested it’s winding down.
U.K. High Court hearings to approve the capital return are set for August and September 2026. The delisting is expected mid-September, with shareholder payments due by late September.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Shareholders voted by more than 90% to sell the company's 668 BTC, return capital, and cancel its London Stock Exchange listing This marks the end of a Bitcoin treasury experiment in under twelve months. Satsuma raised £163.6 million in August 2025 but expects to return only £26.8 to £30 million after wind-down costs. The shareholders of Satsuma Technology, a U.K.-based Bitcoin treasury company, have voted to liquidate the company's entire Bitcoin position and shut down the business, overruling four of its six board members.
More than 90% of votes cast backed the dual resolutions to sell 668 BTC—worth roughly $43.5 million—and cancel the company's London Stock Exchange listing, per a Monday filing. The move unwinds the digital asset treasury, or DAT for short—the latest such company to call it a day after the DAT trend picked up steam in 2025.
Satsuma started life as TAO Alpha, a small AI firm, before rebranding and hiring Mark Moss in August 2025 as its Chief Bitcoin Strategist. Moss is an American Bitcoin commentator with over 700,000 YouTube subscribers known for advising institutions on how to buy and hold Bitcoin as a corporate treasury asset—essentially, a company's rainy-day fund, but in crypto.
The same month, Satsuma raised £163.6 million ($218 million) through convertible notes—debt instruments investors can either reclaim as cash or convert into company shares—led by ParaFi Capital, with Pantera Capital, Digital Currency Group, and Kraken joining in. Investors contributed 1,097 BTC directly in place of roughly $97 million in cash.
The stock peaked around £14 per share, roughly £66 million in market cap, in June 2025. Bitcoin then hit its $126,000 all-time high in October before entering a months-long slide in what became the current crypto winter, dragging the rest of the market—including Satsuma’s stock—with it.
By December, Satsuma was already selling assets to stay solvent: 579 BTC went for £40 million to ensure it had enough cash to repay noteholders who chose not to convert their debt into shares by year-end.
The unravelingThe company’s CFO departed in February 2026; the CEO followed in March. By April, shares had lost more than 99% of their June 2025 value—trading at fractions of a penny—and Pantera Capital, holding about 6.7% of Satsuma's stock, began pushing publicly for full liquidation.
The logic was direct: Satsuma's market cap—the total combined dollar value of all its shares—had fallen well below the value of the Bitcoin sitting on its own balance sheet, the point where owning the stock is strictly worse than owning the coin directly. A group of shareholders representing more than 20% of issued capital formally put the resolution to a vote.
The board split hard. Four of six directors opposed the liquidation, arguing Satsuma was still a viable listed Bitcoin vehicle. Two sided with shareholders pushing to wind down. Shareholders overruled the board majority by a wide margin.
The wind-down runs through a "B Share Scheme," a U.K. legal mechanism for distributing cash assets back to shareholders. Satsuma expects to return between £26.8 million and £30 million after estimated termination costs of £2.7 million—legal fees, severance, delisting charges, and run-off insurance.
Combined with the £40 million from the December BTC sale, total capital recovered lands around £66–£70 million against the £163.6 million originally raised. And because convertible note holders rank above common equity in any payout structure—meaning they get paid first—ordinary shareholders could walk away with considerably less than even those numbers suggest.
Satsuma is currently the second-largest U.K.-listed Bitcoin treasury company by holdings. The first is The Smarter Web Company, which holds 2,878 BTC and has not suggested it’s winding down.
U.K. High Court hearings to approve the capital return are set for August and September 2026. The delisting is expected mid-September, with shareholder payments due by late September.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
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.
Satsuma Technology shareholders have voted overwhelmingly to liquidate the company’s remaining Bitcoin holdings and steps to dissolve the business, marking a decisive end to the short-lived experiment of running a listed Bitcoin treasury on the London Stock Exchange.
More than 90% of votes cast at a recent meeting favored two key measures: selling all 668 BTC—currently valued at about $43.5 million—and canceling Satsuma’s listing on the London Stock Exchange. The decision passed despite opposition from a majority of the board, with four directors arguing that Satsuma could still serve as a viable publicly-traded Bitcoin investment vehicle.
Satsuma, based in the U.K., joins a wave of digital asset treasury (DAT) companies that have opted to wind down operations after a surge in the DAT trend earlier in 2025. The move comes as Satsuma’s stock performance and Bitcoin holdings diverged throughout the second half of the year, sharply reducing shareholder value.
Satsuma’s market capitalization fell far below the value of its Bitcoin assets on hand, creating a scenario where holding company shares appeared less attractive than owning BTC directly.
Origins and FundingThe company originally operated as TAO Alpha, a small artificial intelligence firm, before rebranding and recruiting Mark Moss as Chief Bitcoin Strategist in August 2025. Moss, an American Bitcoin advocate with over 700,000 YouTube followers, is recognized for guiding institutions interested in acquiring and managing Bitcoin as corporate treasury assets.
That same month, Satsuma secured £163.6 million ($218 million) through a convertible note offering led by ParaFi Capital and joined by Pantera Capital, Digital Currency Group, and Kraken. Notably, investors contributed 1,097 BTC in lieu of approximately $97 million in cash, reflecting strong enthusiasm for the Bitcoin treasury model at the time.
The stock climbed to a high of around £14 per share in June 2025, giving Satsuma a market capitalization near £66 million. However, as Bitcoin reached a record price of $126,000 in October 2025 before declining, Satsuma’s shares and broader crypto markets entered a prolonged downturn.
Mini dictionary: Convertible note – A form of short-term debt that can convert into equity, typically in connection with a future financing round. Investors can reclaim their money as cash or choose to become shareholders.
By December 2025, Satsuma was forced to sell 579 BTC for £40 million to meet its obligations to noteholders opting for repayment rather than equity conversion.
EventBTC SoldCash Raised (£)Shares ValueConvertible Notes Raised1,097 BTCPart of £163.6 millionPeak at £66 millionAsset Sale (Dec 2025)579 BTC£40 millionN/AFinal Liquidation668 BTCEstimated £26.8–£30 million after costsNear zero (shares plummeted)Market Rout and Leadership DeparturesThroughout early 2026, Satsuma’s financial and leadership stability deteriorated. The company’s CFO left in February, and the CEO resigned the following month. By April, Satsuma shares had lost over 99% of their June 2025 value and were trading at fractions of a penny. Pantera Capital, a U.S.-based investment firm that owns about 6.7% of the company, called publicly for a total wind-down, citing the discrepancy between the company’s Bitcoin assets and its market capitalization.
A shareholder group representing over 20% of issued capital initiated a formal vote for liquidation. The board split 4-2, with most directors pushing to continue operations, but the shareholder majority prevailed decisively.
Settlement and Remaining UK Bitcoin TreasuriesSatsuma will conduct the payout using a “B Share Scheme,” a UK legal framework used to distribute cash assets to shareholders. The company expects to return between £26.8 million and £30 million after deducting around £2.7 million in wind-down fees, including legal services, severance pay, delisting expenses, and insurance.
In total, Satsuma’s combined capital returns—including the December Bitcoin sale—amount to an estimated £66–£70 million, a significant shortfall compared to the £163.6 million originally raised. Since convertible note holders receive priority in the payout process, ordinary shareholders are likely to recover less than the final post-liquidation cash figure.
Satsuma ranks as the second-largest listed Bitcoin treasury company in the United Kingdom by holdings. The top position is held by The Smarter Web Company, which retains 2,878 BTC and has not publicly considered a wind-down.
Approval for Satsuma’s capital return plan now goes to U.K. High Court hearings scheduled for August and September 2026. The company is expected to delist from the LSE in mid-September, with shareholder payments following later that month.
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.
Ethereum Improvement Proposal (EIP) 8222 is set to adopt a STARK-based cryptographic scheme to enhance on-chain privacy for institutional stakers.
EIP-8222, an Ethereum Improvement Proposal, proposes to adopt a STARK-based cryptographic scheme to weaken the traceable correlation between staking deposit addresses, validators, and withdrawal credentials, with the goal of enhancing on-chain privacy for institutional stakers. Digital asset bank Sygnum Bank stated that this move could help attract more institutions to participate in staking, though it may also result in higher execution costs, slower asset operation processes, and additional compliance and audit requirements. The proposal remains in the discussion stage, and no launch timeline has been confirmed.
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A crypto whale has placed a limit order for BTC, planning to go long with an intended entry price of around $66,000.
According to OnchainLens monitoring, a crypto whale deposited $3.71 million worth of USDC into Hyperliquid and placed a long limit order for BTC worth $2.68 million. The whale plans to go long on 40.58 BTC at a price range of $65,945 to $66,214. Current positions: 14x long positions on CL (US Oil), with a profit of $752,400; 11x long positions on BRENTOIL (Brent Oil), generating a profit of $361,700.
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Ark Invest purchased 16,665 shares of Securitize on Tuesday, worth approximately $125,700.
According to market data from BIT (bit.com), Ark Invest, the firm led by Cathie Wood, purchased 16,665 shares of Securitize (ticker: SECZ), BlackRock’s real-world asset (RWA) platform, on Tuesday, for a total value of approximately $125,700. SECZ gained 13.9% that day, closing at $7.54.
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Trump endorses crypto ethics bill: Prohibits federal officials from issuing cryptocurrencies, with the U.S. Department of Justice serving as the lead enforcement agency.
According to multiple sources familiar with the matter, the crypto ethics provision signed by Trump will bar federal officials—including members of Congress, the president, and vice president—from issuing digital assets, and designate the U.S. Department of Justice (DOJ) as the primary enforcement authority for the provision, rather than state attorneys general. This arrangement could become a new point of contention in advancing the CLARITY Act, as Democrats have long argued that states should retain certain enforcement powers. Maryland Democratic Senator Angela Alsobrooks, one of the lead negotiators for the bill, issued a statement earlier Tuesday: “The DOJ enforcing ethics provisions? This is not a serious proposal. If the language stays this way, I will not support the bill.” Her concerns over enforcement powers specifically target Trump’s personal meme coin and his family’s firm, World Liberty Financial. The ethics provision has been the final sticking point for the CLARITY Act after months of legislative hurdles. Patrick Witt, a senior White House advisor for crypto affairs, revealed the details of the ethics language during an industry call on Tuesday afternoon. The White House has not confirmed the exact text, but an official attributed the potential impasse to Democrats in an email: “If Senate Democrats block this historic legislation after the administration has gone to great lengths to accommodate their concerns, industry players should recognize that it is Democrats holding up the bill, as they have never taken legislative outcomes seriously.” Currently, both sides continue negotiations based on the current draft, and it remains unclear whether an agreement can be reached before the Senate adjourns.
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A crypto whale closed out a $35 million long position in MU, booking a profit of $1.71 million.
According to EmberCN's monitoring, a whale went long on Micron Technology worth $35 million yesterday, and closed the position six hours ago, locking in a profit of $1.71 million. The entry price was $918, and the exit price stood at $964.
According to market data from BIT (bit.com), U.S. space stock Rocket Lab (RKLB) closed up 5.14% and gained over 7% in after-hours trading. The company has secured a $266 million contract from the U.S. Air Force to launch 12 suborbital vehicles, with an optional additional 6 launches. The missions will be conducted in Alaska and are scheduled for completion by the end of 2028. Separately, SpaceX rose more than 3%, ending its 7-day consecutive losing streak, and added another 1.3% in after-hours trading. SpaceX will release its Q2 2026 earnings report and hold a live earnings webcast on August 4, with the market currently focused on Starship’s next test flight.
Bitcoin has risen 2.2% to $66,681, and XRP has gained 3.6% to $1.152 as both assets test chart resistance while Iran claims it struck Amazon’s data infrastructure in Bahrain.
Summary
Bitcoin approached $67,257 Fibonacci resistance as bullish momentum strengthened on its daily chart. XRP broke above a symmetrical triangle, opening a possible move toward $1.30. Iran’s unverified Amazon strike claim added geopolitical risk to both crypto rallies. IRNA, Iran’s state news agency, has reported that the Islamic Revolutionary Guard Corps used several cruise missiles to attack what it described as Amazon’s central data infrastructure in Bahrain on July 21. The IRGC claimed the facility was destroyed, although Amazon and Bahraini authorities had not confirmed the reported damage at the time of writing.
As part of the ongoing 24th wave of Operation Nasr-2, and in retaliation for the US recent attack on civilian sites in Darkhoveyn, the IRGC Aerospace Force launched multiple cruise missiles against Amazon’s central data infrastructure in Bahrain, completely destroying it.
— IRNA News Agency ☫ (@IrnaEnglish) July 21, 2026 According to the IRGC, the operation came in response to a US attack on the construction site of Iran’s Darkhovin nuclear power plant. The Iranian force has also threatened 18 American technology companies, including Microsoft, Intel, Cisco and Google, over their alleged links to US military and intelligence activity.
Amazon Web Services facilities in Bahrain and the United Arab Emirates have already faced attacks during the conflict. In April, an Amazon cloud facility in Bahrain had sustained damage in an Iranian attack, while service interruptions affected AWS infrastructure elsewhere in the region.
Investors reacted cautiously because the latest IRGC account lacked independent confirmation. Amazon shares had closed Monday 1.12% higher at $249.99, but US stock futures later surrendered part of their earlier gains as reports of the alleged attack circulated.
Military action continued while Pakistan pursued another diplomatic effort. The US Central Command had completed a new series of attacks on Iran, extending the American campaign to a tenth consecutive night.
CENTCOM listed Iranian command centers, maritime assets, missile and drone launch sites, and air-defense systems among the targets. The US military stated that the strikes were intended to reduce Iran’s ability to attack commercial vessels passing through the Strait of Hormuz.
At the same time, the Associated Press reported that Pakistan was trying to restart ceasefire negotiations. Those efforts continued as Iran attacked targets in Bahrain, Kuwait and Jordan and fighting disrupted commercial traffic through the Strait of Hormuz.
Bitcoin recovery runs into Fibonacci resistance Bitcoin (BTC) rose from a daily low of $65,149 to an intraday high of $66,956 on Binance, according to the supplied TradingView chart. The move placed BTC directly below the 61.8% Fibonacci retracement at $67,257, calculated from the decline between $82,485 and $57,845.
Bitcoin daily price chart — July 21 | Source: crypto.news TradingView’s daily setup identifies $67,257 as the immediate technical barrier. A daily close above it would expose the 50% retracement at $70,165, while another advance could bring the 38.2% level at $73,073 into view.
Failure to clear the 61.8% line would leave Bitcoin inside the recovery range formed since its late-June low. The same chart places the closest marked downside level at $63,118, which corresponds with the 78.6% Fibonacci retracement and overlaps with recent consolidation.
Momentum has improved alongside the rebound. Bitcoin’s relative strength index stands at 61.91, above its moving average of 53.05 but still below the overbought threshold of 70, according to TradingView.
The daily MACD also remains positive, with the MACD line at 508.46, the signal line at 406.09 and the histogram at 102.37. TradingView’s readings show bullish momentum, although the small gap between the two lines means BTC still requires follow-through above $67,257 to strengthen the signal.
Bitcoin’s latest candle opened at $65,255 and remained positive when the chart was captured. However, the unfinished daily candle means the attempted break cannot be confirmed until the session closes.
XRP breakout points toward $1.30 XRP (XRP) price has moved above the descending boundary of a symmetrical triangle on its Binance daily chart. TradingView data shows the token advancing from a session low of $1.111 to an intraday high of $1.158 after several weeks of contracting price action.
XRP daily price chart — July 21 | Source: crypto.news The pattern developed between falling resistance from the mid-June swing high and ascending support extending from the late-June low. XRP’s move above the upper trendline indicates a breakout attempt, although confirmation still depends on a daily close outside the formation.
Based on the measured height displayed on the supplied chart, the triangle carries a projected move of about $0.2845. Applying that distance to the breakout area places the first marked target near $1.30.
A second resistance line appears at $1.374, which acted as a trading area before XRP’s sharp decline in early June. The chart therefore shows $1.30 as the first target and $1.374 as the next barrier if buyers maintain control.
TradingView’s Aroon indicator supports the bullish attempt, with Aroon Up at 100% and Aroon Down at 42.86%. Chaikin Money Flow has also climbed to 0.08, indicating that buying pressure has returned during the breakout.
A move back below the triangle’s upper boundary near $1.10 would weaken the pattern and place its rising support at risk. Sustained trading above the breakout line would preserve the chart’s path toward $1.30, though the unverified Amazon strike claim and continued US-Iran attacks could increase volatility across both XRP and Bitcoin.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
HomeCryptoMARKETSFarmers & Merchants Investment Inc. discloses major crypto holdings.
Farmers & Merchants Investment Inc., a bank holding company with assets under management (AUM) worth $4.1 billion, disclosed exposure to Bitcoin (BTC), XRP, and Robinhood Markets (Nasdaq: HOOD).
While Bitcoin is the world's largest cryptocurrency, XRP is the sixth-largest cryptocurrency.
Robinhood is a Menlo Park, California-based e-trading brokerage platform that is best-known for its stock, cryptocurrency, and tokenized stock offerings.
Farmers & Merchants Investment Inc. revealed in a 13F filing with the U.S. Securities and Exchange Commission (SEC) that the bank holding company holds stakes in BlackRock's iShares Bitcoin Trust ETF (Nasdaq: IBIT), Bitwise XRP ETF (NYSE Arca: XRP), and Robinhood.
IBIT: $8,689XRP: $27,681HOOD: $47,633Scroll to Continue
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Trending on TheStreet Roundtable:Bitcoin miner stock surges on $9.8 billion AI dealAnalyst cuts crypto firm's price target after 25% layoffsXXI stock plunges 18% after CEO's abrupt exitTracking long-term price actionBlackRock's IBIT fund was launched in January 2024 following the SEC's approval and is the biggest spot ETF in the U.S. to offer Bitcoin exposure. The fund, which hit the all-time high (ATH) of $71.82 on Oct. 6, 2025, was trading around 50% lower at $37.53 at the time of writing.
The Bitwise XRP fund was launched in November 2025, following the success of multiple crypto ETFs. The fund, which hit the ATH of $26.88 on Jan. 6, 2026, was trading more than 50% lower at $12.92.
It was in July 2021 that Robinhood went public. In September last year, the stock joined the coveted S&P 500 index. The HOOD stock, which hit the ATH of $153.86 on Oct. 6, 2025, was trading 30% lower at $106.69.
Farmers & Merchants Investment Inc.'s latest disclosure only shows how much traditional finance (TradFi) firms have come to embrace digital assets.
XRP price moved higher as renewed progress on the CLARITY Act improved confidence across the cryptocurrency market.
Bitcoin price gained 2% to $66,310, helping major digital assets extend their recovery during Tuesday’s session. The total crypto market value rose 1.25% to $2.25 trillion within the latest 24-hour period.
The sentiment was reinforced when the White House was reported to have accepted an ethics package as attached to the legislation.
The agreement eliminated a significant barrier to the expansion of United States crypto regulation. XRP price could target the $2 level if buying pressure continues.
White House Reaches Ethics Deal on CLARITY Act The White House has reportedly reached an agreement on ethics provisions connected to the CLARITY Act.
Journalist Eleanor Terrett disclosed that officials exchanged new verbiage with top Republicans in the Senate. The progress could eliminate the significant barrier that slowed down the negotiation.
🇺🇸🚨 CLARITY UPDATE 🚨🇺🇸
According to Eleanor Terrett, the White House has reached an agreement on the ethics package tied to the CLARITY Act and has already shared the updated text with key Senate Republicans.
The updated bill could be released very soon. ⏳ pic.twitter.com/CzTy3SNutJ
— John Squire (@TheCryptoSquire) July 21, 2026
The updated package is undergoing review by lawmakers before the bill goes through the legislative process again. The revised text can be published any time in the future, but there is no publication date mentioned by officials.
The CLARITY Act seeks to establish clearer federal rules for digital assets. It continues to be a closely monitored development in the cryptocurrency sector.
XRP ETFs Attract $2.49 Million as Total Inflows Reach $1.49 Billion XRP exchange-traded funds recorded $2.49 million in daily net inflows as of July 20, led entirely by Bitwise. The fund also had the biggest total assets of 320.82 million assets, the biggest amount of listed XRP products.
Source: Sosovalue data The cumulative net inflows of all funds were at $1.49 billion. The combined net assets were 1.02 billion, which is 1.46% of the market capitalization of XRP. The total trading value amounted to 11.67 million and Canary, Franklin, 21Shares, and Grayscale had no new daily inflows. The daily price increases were also made in all the listed products.
XRP Price Prediction: Can Bulls Push XRP Toward $2? As of the reporting, the XRP price surged to $1.16, extending gains inside a rising four-hour channel. Buyers forced the XRP past the $1.12 resistance, making the level an immediate support.
The most recent action puts the next significant upside target of $1.20. A long term breakout of above $1.20 might open the way to $1.25. And if bulls mount more pressure, the XRP price could surge to $1.80-$1.90 in the near term
Momentum indicators however indicate that the rally can be short-term cooled. The RSI stood at 78.46, which means that XRP was squarely in the overbought region. Meanwhile, the MACD line remains above its signal line, supporting continued bullish momentum.
Source: XRP/USDT 4-hour chart: TradingView The pullback might re-test $1.12 then buyers will make another move forward. Failure to hold that level may expose XRP price to $1.07 support. A close under $1.07 would negatively affect the structure of the bullishness and make the downward risks more risky.
The Russian State Duma has advanced new legislation aimed at regulating major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, officially classifying them as property. The proposed law would allow these digital assets to be traded commercially among businesses, while restricting retail investors to an annual cap of 300,000 rubles, approximately $3,800.
Retail limits and commercial use definedIf enacted, the new regulation would enable merchants to accept selected cryptocurrencies for commercial transactions. However, private citizens would remain prohibited from using Bitcoin, Ethereum, Solana, or XRP for in-store purchases or online payments for goods and services. Regulators reportedly view major-cap crypto primarily as investment assets or as payment vehicles for cross-border trade, rather than for retail consumption in the domestic economy.
Under the measures, Russian citizens would only be permitted to invest in or use these cryptocurrencies in strictly regulated ways, while businesses could leverage them for commercial transactions, especially in international contexts.
The restrictions reflect Russia’s ongoing preference for maintaining the ruble as the exclusive means of payment within its borders, while seeking greater flexibility for international settlements amid continuing Western sanctions.
New tiered investor system and reporting rulesThe bill, titled “On Digital Currency and Digital Rights,” is scheduled for completion by July 22, 2026. It introduces a tiered system for retail investors, who must pass a knowledge-based assessment to access higher limits. Successful participants can reportedly purchase up to 3 million rubles in crypto and transfer up to 1 million rubles abroad each year.
In 2024, Russian President Vladimir Putin approved a law legalizing crypto mining, indicating continued regulatory experimentation rather than an outright ban in the sector.
The latest draft of the legislation also proposes easing certain disclosure requirements. Retail holders would no longer need to report individual wallet addresses; instead, regulatory focus would shift to aggregate wallet balances and transaction volumes.
Despite these changes, the Bank of Russia will continue overseeing all cryptocurrency transactions, with the legislation expected to take effect on September 1, 2026. The country’s approach mirrors aspects of the SWIFT international payment system, aiming to facilitate external trade while maintaining oversight.
Mini dictionary: State Duma – The lower house of the Federal Assembly of Russia (the Russian parliament) responsible for drafting and passing legislation.
CategoryCommercial UseRetail LimitPermitted cryptocurrenciesBTC, ETH, SOL, XRPBTC, ETH, SOL, XRPAnnual capNo cap for merchants300,000 rubles (~$3,800)In-store/online paymentsAllowed for merchants (B2B)Not permitted for individualsGlobal context and parallel approachesRussia has increasingly used digital assets to circumvent Western sanctions, particularly following the disconnection from major European financial networks in 2022. This year, significant European financial institutions introduced multi-chain ledgers for cross-border payments, reflecting a broader move toward digital solutions for global finance.
Japan recently finalized its digital asset regulatory framework, reclassifying Bitcoin, Ethereum, and XRP as financial instruments. This move aligns with the growing global trend of establishing formal oversight for digital assets.
Meanwhile, the United States continues to consider new regulations. The CLARITY Act, which could see adoption by August 2026, is under discussion amid broader ethics reforms in the White House. The U.S. market sees widespread use of crypto both as investment and for transferring money among the public. Notably, American stablecoins such as USDC and RLUSD play a key role in tokenization and digital finance.
Unlike Russia, the United States allows wider use of digital assets for everyday transactions, and American stablecoins remain prominent in domestic and international markets.
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.
Two key divergences show why Ethereum’s [ETH] outperformance against Bitcoin [BTC] may only be beginning.
Notably, Lookonchain flagged consecutive whale accumulation, with one whale withdrawing over 74,000 ETH and another more than 10,000 ETH. The key detail? Both whales staked 100% of the ETH they accumulated, marking a clear divergence from a typical whale accumulation setup. Simply put, instead of leaving the ETH idle, they’re locking it into staking, reducing the liquid supply while signaling long-term conviction.
Ethereum’s staking data only reinforces that trend. As the chart below shows, the validator exit queue currently sits at zero, while the entry queue has climbed to 2.4 million ETH. At the same time, total staked ETH has climbed to a record 40.8 million, with 33.5% of the total ETH supply now sitting in staking. To put that into perspective, users have added nearly 600,000 ETH to staking in less than ten days.
Source: ValidatorQueue In that context, these two whales staking 100% of their newly accumulated ETH isn’t an isolated event.
Instead, it aligns with a broader trend of supply being locked away, further tightening liquid ETH as staking demand continues to grow. And the impact is starting to show on the technical side.
On the daily chart, the rise in ETH staking flows has lined up with ETH/BTC breaking above the 0.025 resistance level, showing that stronger supply dynamics are beginning to translate into better Ethereum performance against Bitcoin.
Now, looking at the second divergence. While staking flows highlight long-term conviction, Ethereum’s DeFi ecosystem adds another important layer by shaping liquidity and on-chain activity across the network, creating another tailwind for Ethereum’s performance against Bitcoin.
Ethereum accumulation signals a bigger move Random accumulation doesn’t really mean much on its own.
However, Ethereum’s whale accumulation is telling a much bigger story. While staking flows support long-term conviction, combining that with strong DeFi flows adds another layer of strength to Ethereum’s ecosystem. Currently, this combination could be highlighting ETH’s underlying demand.
As the chart below shows, Wrapped Ethereum (WETH) recorded 113k whale transactions above $100k over the past week, marking its highest level since May 2021. This shows that large players are becoming more active on-chain. With Ethereum’s TVL also increasing by over $5 billion in less than ten days, the data points to rising liquidity and stronger activity across the Ethereum ecosystem.
Source: Santiment And the impact is starting to show.
On the technical side, Ethereum just posted its strongest weekly close against Bitcoin in eleven weeks. With the ETH/BTC ratio now approaching the key 0.03 resistance zone, the ongoing supply squeeze is adding more strength to the breakout setup, setting the stage for the next leg of ETH’s outperformance against BTC.
Final Summary Whales are buying ETH and locking it into staking, reducing available supply while DeFi activity continues to grow. ETH/BTC is showing strength, with the ratio nearing key resistance as supply tightening supports a potential breakout.
CRCL, BMNR, and MSTR stock prices have seen a surge over the past 24 hours following the crypto market surge
Bitcoin price rose to over $66,000, and Ethereum reached over $1,900 and XRP price rose to over $1.14.
The total crypto market cap increased 2.08% to $2.26 trillion within 24 hours.
The investor mood was lifted by new steps toward more definitive United States digital asset regulation. CRCL, BMNR, and MSTR stocks gained during Tuesday’s session as cryptocurrency prices strengthened across the market.
The anticipations about the CLARITY Act also favored firms that had high exposure to cryptocurrency markets.
What’s Next For CRCL, BMNR and MSTR Stock Price Ahead of FOMC Meeting The Federal Reserve will meet on July 28 and July 29, with markets expecting unchanged interest rates. Investors will closely watch Chairman Kevin Warsh’s comments for guidance on inflation, growth, and future policy decisions.
FedWatch data Bitcoin and crypto-related equities could be backed by a balanced message, such as CRCL, BMNR, and MSTR. Nevertheless, the hawkish cues can put pressure on the digital assets and lead to profit-taking in these stocks. The short-term trend will likely be determined by whether Bitcoin will remain above $66,000 following the meeting.
Circle Internet Group (CRCL) CRCL stock jumped 6.91% to $69.97 on Tuesday, strengthening its short-term outlook before the upcoming FOMC meeting. The stock shot up on opening, and was momentarily touching the $72.50 resistance area.
The breakout also saw a significant increase in trading volume, which justified a high level of buying interest at the start of the market. The price however, consolidated around $70 later on when the early momentum faded.
CRCL stock A long-run above $70 would lead to the reopening of the route to $72.50. Additional gains can be aimed at $74 should buyers retain control following the Fed decision.
The nearest support is around $67.50, where buyers have supported the trend in the past. Further pullback might reveal $65.45, undermining the bullish arrangement. The volatility can be high during the time of the policy announcement.
Bitmine Immersion Technologies, Inc. (BMNR) BMNR stock rose at $17.02, with a share gain of 2.35%, as investors evaluated the growing Ethereum treasury of BitMine prior to the FOMC meeting. BitMine purchased 7,430 ETH in the week, increasing total holdings to 5.78 million tokens. The company has staked 4.92 million ETH, representing about 85% of its holdings.
It also repurchased 5.5 million shares at an average price of $15.62. Cumulative crypto, cash, and investments were $11.5 billion.
BitMine Adds 7,430 ETH, Holdings Reach 5.78M ETH
BitMine said it acquired 7,430 ETH over the past week, bringing total holdings to 5,777,468 ETH, or about 4.8% of Ethereum’s supply. The company has staked 4.92 million ETH, representing roughly 85% of its holdings, and also… pic.twitter.com/5fBRTYIuar
— Wu Blockchain (@WuBlockchain) July 20, 2026
Technically, BMNR has a resistance of about $17 and $17.20. Breakout may be at $18. The support is about $16.90, then $16.80 and $16.63 in the event of a rise in selling pressure. The FOMC action can decide whether momentum will further build up.
Strategy Inc (MSTR) MSTR stock climbed 4% to $102.39 on Tuesday after Strategy reported a stronger cash reserve position. Shares gained $4.57 as buyers defended the important $100 level during active trading.
Michael Saylor said Strategy increased its dollar reserves by $225 million. The company now holds 843,775 Bitcoin and $3.2 billion in cash reserves.
Strategy has increased its USD Reserve by $225 million. As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve. $MSTR $STRC https://t.co/sci7bZHzsy
— Michael Saylor (@saylor) July 20, 2026
Technical momentum is still in a positive state as long as the stock is above $100. A break out over $105 may hit $107 then clear a road to $110 this week. But a drop to even less than $100 can also reveal support at 97.82. Further downward movement would break the existing bullish pattern and decrease the short-term upward potential.
Bitcoin’s move above $66,000 has lifted CRCL, BMNR and MSTR by as much as 8.6% as investors position for the Federal Reserve’s July meeting.
Summary
Bitcoin’s move above $66,000 lifted CRCL, BMNR and MSTR during Tuesday’s trading. CRCL and BMNR broke descending resistance, while MSTR reclaimed the key $100 level. The Federal Reserve’s July decision could determine whether the three stock rallies continue. According to data from crypto.news, Bitcoin climbed past $66,000 on July 21, while Ethereum traded above $1,900 and XRP recovered beyond $1.14. The combined value of all cryptocurrencies increased 2.08% within 24 hours to reach $2.26 trillion.
Stocks tied to digital assets followed the market higher during Tuesday’s session. Circle Internet Group gained 8.6%, BitMine Immersion Technologies advanced 3.61%, and Strategy rose 4.22%, according to the daily TradingView charts supplied with the report.
Investor interest also increased as U.S. lawmakers moved closer to establishing clearer rules for digital assets. As such, expectations surrounding the CLARITY Act supported companies with direct exposure to cryptocurrency prices, stablecoin activity and corporate crypto holdings.
Crypto strength has lifted all three stocks Circle Internet Group recorded the largest gain among the three companies, with CRCL closing at $71.08 after opening at $68.94. TradingView data showed that the stock reached an intraday high of $72.68 and a low of $68.65 before ending the session 8.6% higher.
CRCL also moved above the upper boundary of a descending channel that had controlled its price since early June. The supplied daily chart places the former channel resistance near $65, making that level the first area buyers may need to defend if the breakout faces a retest.
Circle daily price chart — July 21 | Source: TradingView Momentum indicators support the recovery, although money flow remains a concern. CRCL’s Aroon Up reading reached 85.71%, while Aroon Down fell to zero, which the TradingView chart identifies as stronger upward momentum; however, the Chaikin Money Flow reading remained negative at -0.25, showing that buying pressure has not yet produced sustained capital inflows.
Based on the visible chart structure, the next resistance range sits between $75 and $80. A move back below the broken channel boundary near $65 would weaken the breakout, while the recent base around $60 provides the next visible support area.
BitMine Immersion Technologies closed at $17.23, rising 3.61% after trading between $16.69 and $17.24. The advance came as investors assessed BitMine’s latest Ethereum purchases and its share-repurchase program ahead of the Fed meeting.
BitMine daily price chart — July 21 | Source: TradingView According to the company figures cited in the report, BitMine acquired another 7,430 ETH during the week, raising its holdings to 5.78 million tokens. The company has staked 4.92 million ETH, equal to about 85% of its Ethereum treasury, while its combined crypto assets, cash, and investments stood at $11.5 billion.
BitMine also repurchased 5.5 million shares at an average price of $15.62, according to the same company update. Its daily chart showed BMNR breaking above a descending trendline that had capped the stock since May, while the price also crossed the Supertrend level at $16.53.
BMNR’s Relative Strength Index rose to 58.71, compared with its signal average of 47.17, according to TradingView. Since the RSI remains below the 70 overbought threshold, the indicator leaves room for an advance toward the visible $18 resistance, followed by the previous consolidation area near $20; a close below $16.53 would weaken the reversal setup, with additional support shown at $13.83.
Strategy shares ended Tuesday at $101.95 after rising 4.22%, TradingView data showed. MSTR traded as high as $104.60 and briefly fell to $99.95, but buyers returned around the psychologically important $100 level before the close.
Michael Saylor disclosed that Strategy increased its U.S. dollar reserves by $225 million, bringing the company’s cash reserve to $3.2 billion. The report also placed Strategy’s Bitcoin holdings at 843,775 BTC, keeping MSTR closely exposed to changes in the cryptocurrency’s market value.
Fed guidance will test the new breakouts MSTR has reclaimed the Bollinger Bands midpoint at $94.79 and is approaching the upper band at $105.36, according to the supplied daily chart. A confirmed move above that upper boundary could open the area around $110, while a rejection would keep $100 and the middle band near $95 as the first support levels.
MSTR daily price chart — July 21 | Source: TradingView Despite Tuesday’s recovery, MSTR’s Average Directional Index stood at 18.77. TradingView’s indicator reading shows that the stock does not yet have a strong directional trend, leaving the breakout vulnerable if Bitcoin loses momentum or the Fed delivers a more restrictive policy message.
The Federal Reserve is scheduled to meet on July 28 and 29, with markets expecting policymakers to leave interest rates unchanged, according to the report. Investors will instead examine Chair Kevin Warsh’s comments for clues about inflation, economic growth and the timing of future policy changes.
A balanced policy message could help Bitcoin and crypto-linked equities preserve Tuesday’s gains. More hawkish guidance could encourage profit-taking, placing CRCL’s channel breakout, BMNR’s Supertrend reversal and MSTR’s recovery above $100 under immediate pressure.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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In brief Jack Mallers stepped down as CEO of Twenty One Capital, announcing his return to Bitcoin payments firm Strike—which will remain an independent company. Tether's plan to merge Twenty One, Strike, and Elektron Energy into a single publicly traded Bitcoin giant has been abandoned. XXI shares fell nearly 18% on Tuesday, extending a decline that has taken the stock down more than 80% from its highs of last year. Jack Mallers has stepped down as CEO of Twenty One Capital, and investors didn't take it well.
Shares of the Bitcoin treasury company—a publicly traded firm that holds Bitcoin on its balance sheet, letting regular investors gain exposure to the cryptocurrency without buying it directly—dropped nearly 15% on Tuesday.
Mallers co-founded Twenty One alongside Tether—the issuer of USDT, the world's most widely used dollar-pegged stablecoin (a digital token that holds a fixed value of one dollar and functions as the backbone of crypto trading)—and listed the company on the New York Stock Exchange in December 2025 through a SPAC merger. A SPAC, or special purpose acquisition company, is a blank check shell firm created specifically to take other companies public faster than a traditional IPO allows.
Twenty One still holds 43,514 BTC. At current prices, that balance sheet is worth more than $4 billion, ranking it second among all public companies for Bitcoin holdings, just behind Michael Saylor's Strategy. Strategy is the company that effectively pioneered the corporate Bitcoin treasury playbook in 2020—borrowing money to buy Bitcoin at scale and daring anyone to tell them it was a bad idea.
The merger that never happenedMallers' exit comes packaged with worse news. Tether's plan to merge three Bitcoin businesses into a single publicly traded entity has officially collapsed, per Bloomberg. The proposed combination would have united Twenty One's treasury operations, Strike's Bitcoin payments and lending platform (which operates in more than 100 countries), and Elektron Energy's mining infrastructure under one publicly listed company.
Tether first pitched the idea in April 2026 at the Bitcoin Conference, and Mallers endorsed it publicly. As Decrypt reported, the deal was billed as a move to create "the premier listed Bitcoin company in the world," combining mining, payments, and treasury management in one stock. Mallers was set to lead the combined entity; Elektron Energy founder Raphael Zagury was slated to become president.
That structure is done. Strike will remain a standalone company. Twenty One and Elektron are still in early discussions about a potential two-way deal, but no agreement has been confirmed or guaranteed.
Mallers kept it brief on X. "This wasn't an easy decision, but it was the right one," he wrote. "My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues."
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
Raphael Zagury—founder of Elektron Energy and a former managing director at Deutsche Bank and Merrill Lynch and a vice president at Goldman Sachs—has been named the new CEO. His message to investors sounds nothing like Mallers'.
Where Mallers built Twenty One’s identity around aggressive Bitcoin accumulation, Zagury is promising institutional discipline. Per Tether's official announcement, Zagury said Twenty One "should be measured by the cash flow it generates and the discipline with which it allocates capital."
Bitcoin treasury companies as a category have faced growing skepticism since their initial surge. Twenty One company shares hit a 52-week high of $31.51 before sliding to a low of $4.81. In May 2026, Tether moved to consolidate control by buying out SoftBank's roughly 25% stake—a position the Japanese investment giant had originally paid $999.3 million to acquire.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Jack Mallers stepped down as CEO of Twenty One Capital, announcing his return to Bitcoin payments firm Strike—which will remain an independent company. Tether's plan to merge Twenty One, Strike, and Elektron Energy into a single publicly traded Bitcoin giant has been abandoned. XXI shares fell nearly 18% on Tuesday, extending a decline that has taken the stock down more than 80% from its highs of last year. Jack Mallers has stepped down as CEO of Twenty One Capital, and investors didn't take it well.
Shares of the Bitcoin treasury company—a publicly traded firm that holds Bitcoin on its balance sheet, letting regular investors gain exposure to the cryptocurrency without buying it directly—dropped nearly 15% on Tuesday.
Mallers co-founded Twenty One alongside Tether—the issuer of USDT, the world's most widely used dollar-pegged stablecoin (a digital token that holds a fixed value of one dollar and functions as the backbone of crypto trading)—and listed the company on the New York Stock Exchange in December 2025 through a SPAC merger. A SPAC, or special purpose acquisition company, is a blank check shell firm created specifically to take other companies public faster than a traditional IPO allows.
Twenty One still holds 43,514 BTC. At current prices, that balance sheet is worth more than $4 billion, ranking it second among all public companies for Bitcoin holdings, just behind Michael Saylor's Strategy. Strategy is the company that effectively pioneered the corporate Bitcoin treasury playbook in 2020—borrowing money to buy Bitcoin at scale and daring anyone to tell them it was a bad idea.
The merger that never happenedMallers' exit comes packaged with worse news. Tether's plan to merge three Bitcoin businesses into a single publicly traded entity has officially collapsed, per Bloomberg. The proposed combination would have united Twenty One's treasury operations, Strike's Bitcoin payments and lending platform (which operates in more than 100 countries), and Elektron Energy's mining infrastructure under one publicly listed company.
Tether first pitched the idea in April 2026 at the Bitcoin Conference, and Mallers endorsed it publicly. As Decrypt reported, the deal was billed as a move to create "the premier listed Bitcoin company in the world," combining mining, payments, and treasury management in one stock. Mallers was set to lead the combined entity; Elektron Energy founder Raphael Zagury was slated to become president.
That structure is done. Strike will remain a standalone company. Twenty One and Elektron are still in early discussions about a potential two-way deal, but no agreement has been confirmed or guaranteed.
Mallers kept it brief on X. "This wasn't an easy decision, but it was the right one," he wrote. "My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues."
I've decided to step down as CEO of Twenty One.
This wasn't an easy decision, but it was the right one. This experience brought tremendous clarity about who I am and what I want to build.
My life's work remains Bitcoin. My Bitcoin company is @Strike.
The work continues. pic.twitter.com/L70YFYPt11
— Jack Mallers (@jackmallers) July 21, 2026
Raphael Zagury—founder of Elektron Energy and a former managing director at Deutsche Bank and Merrill Lynch and a vice president at Goldman Sachs—has been named the new CEO. His message to investors sounds nothing like Mallers'.
Where Mallers built Twenty One’s identity around aggressive Bitcoin accumulation, Zagury is promising institutional discipline. Per Tether's official announcement, Zagury said Twenty One "should be measured by the cash flow it generates and the discipline with which it allocates capital."
Bitcoin treasury companies as a category have faced growing skepticism since their initial surge. Twenty One company shares hit a 52-week high of $31.51 before sliding to a low of $4.81. In May 2026, Tether moved to consolidate control by buying out SoftBank's roughly 25% stake—a position the Japanese investment giant had originally paid $999.3 million to acquire.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
After a decline that dominated the majority of the year, XRP is alive again. On the daily chart, the asset, which is currently trading at $1.13, has clearly formed an ascending triangle. This pattern is frequently linked to bullish continuation or reversal attempts.
The structure indicates that buying pressure is steadily building even though the breakout has not yet happened. The sequence of higher lows that have developed throughout July is the most prominent aspect of XRP's present configuration. There is a rising support line beneath price action because buyers have been drawn to each pullback earlier than the last.
XRP/USDT Chart by TradingViewConcurrently, XRP is still testing resistance from a group of moving averages that are directly above it. Usually, a powerful directional movement resolves this compression between support and resistance. Near the 50-day EMA at $1.17 is the first significant barrier. The focus would shift to the 100-day EMA around $1.24 if a close above that level were successful.
HOT Stories
After that, bulls would move on to the psychologically significant $1.30 area. Additionally, momentum indicators are improving. After months of weakness, the RSI has risen above the neutral 50 level, indicating a change in sentiment. However, trading volume is still low, suggesting that the market is still awaiting confirmation before making large capital commitments.
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While XRP is trading below its longer-term moving averages, especially the 200-day EMA around $1.44, the overall trend is still negative. However, this is one of the strongest price structures seen in a few months.
XRP may enter a much longer recovery phase if buyers are able to overcome the current resistance. On the other hand, the asset would be vulnerable to another decline toward the $1.05–$1.00 support zone if the rising trendline support were lost, invalidating the bullish setup.
Cardano's recovery potentialOne of Cardano's longest stretches of persistent weakness is slowly coming to an end. ADA, which is currently trading at $0.175, has spent the past few weeks regaining important short-term moving averages while laying a foundation above its June lows. The technical picture has significantly improved, even though the asset is still far below significant long-term resistance levels.
ADA's breakout from the horizontal consolidation range that dominated price action for the majority of the spring is among the most significant developments. Before eventually drawing enough buying pressure to move higher, the asset moved sideways for months in the $0.15-$0.16 area. A higher low structure was established by that breakout, which also turned the momentum back to buyers.
ADA/USDT Chart by TradingViewFollowing the initial recovery rally, price action has stabilized thanks to the support provided by the 20-day and 50-day EMAs. In the meantime, the RSI has risen above 56, suggesting that bullish momentum is getting stronger without getting close to overbought territory. If market conditions continue to be favorable, this allows for further upside. The next important level is located around $0.20, close to the 100-day EMA.
This region denotes a significant psychological threshold as well as technical resistance. ADA's outlook would be greatly enhanced by a clear move above $0.20, which might also lead to a wider advance toward the $0.22-$0.25 range.
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Additionally, volume activity has improved since the first half of the year, indicating a resurgence of market participation. Even though the long-term trend is still improving, ADA seems to be building a foundation for a more significant reversal later in the year.
The $0.16 support zone is still crucial for the time being. The current recovery will continue as long as Cardano stays above that area, and there is a high likelihood that it will continue to rise toward higher resistance levels.
Stellar's clear recoveryAmong the major altcoins, Stellar is quietly building up one of the cleanest recovery structures in a while. After rising from its June lows, the asset has been consolidating above important moving averages for the past few weeks, currently trading close to $0.19. The technical picture has significantly improved since the first half of the year, even though the overall trend is still cautious.
The convergence of the 20-, 50-, and 100-day EMAs around current price levels is one of the most significant developments. This compression frequently indicates an impending increase in volatility, and XLM seems to be getting close to that turning point. Despite multiple attempts by sellers to drive it lower, the asset has consistently maintained the $0.18 support zone. Market participants are once again paying attention to Stellar, as evidenced by the enormous volume spikes in June.
XLM/USDT Chart by TradingViewEven though those rallies were initially rejected, the pullbacks that followed did not result in lower lows, indicating that buyers are progressively absorbing supply. This narrative is supported by momentum indicators. Before overbought conditions become a concern, the RSI is holding close to 52, providing ample opportunity for additional upside.
The next targets appear close to $0.23 and $0.25, where prior rallies stalled, if bulls can push XLM above the $0.20–$0.21 resistance zone. The key level is currently $0.18. By staying above it, the recovery is maintained and the potential for a more significant trend reversal is preserved.
Any significant breakout attempt would be postponed if there were a breakdown below that support, which would probably draw attention back to the $0.16 region.
Bitcoin is reboundingThe top cryptocurrency, Bitcoin, is currently trading at about $66,300 as it continues to rebound from its severe decline in June. After being under pressure for weeks, Bitcoin has finally started to establish a sequence of higher lows, indicating that buyers are progressively taking back control of the market.
BTC/USDT Chart by TradingViewBitcoin's market structure has significantly improved as a result of the recent recovery, which has propelled it back above both its short- and medium-term moving averages. But the biggest obstacle is still directly above. Throughout the recent decline, the 100-day EMA, which is now close to $68,000, has frequently halted attempts at upside.
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This means that in the near future, the $68,000 area will be the crucial battlefield for Bitcoin. A clear breakout above it could pave the way for the $72,000-$75,000 range and greatly bolster bullish momentum. After months of decline, such a move would also put BTC back in a stronger medium-term trend.
The RSI has risen above 60, indicating a rise in buying pressure without entering overheated territory. Additionally, volume has stabilized, indicating that the panic selling that occurred in June has mostly stopped.
Support between $63,000 and $64,000 is still crucial on the downside. The current recovery is sustained as long as Bitcoin stays above that range. Whether Bitcoin can reclaim the $68,000 mark and demonstrate that a more sustainable advance is in progress is currently the market's main concern.
Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.
Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.
Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.
‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.
She rejected that distinction.
If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.
The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."
Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.
ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.
Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.
Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.
However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.
The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.
Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.
Image: Shutterstock
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TLDR: Binance Bitcoin reserves fell to around 650K BTC, nearing a multi-month low point. Reserves declined even as Bitcoin price rose 1.58% in 24 hours, reaching $66,185. Falling reserves suggest investors favor long-term storage over active exchange trading. ETFs and institutional custody growth continue pulling Bitcoin away from exchange wallets. Binance Bitcoin reserves continue to decline, falling to around 650,000 BTC in recent weeks. This marks one of the lowest levels recorded in recent months.
The drop comes as Bitcoin trades at $66,185, up 1.58% over 24 hours and 2.75% for the week. CryptoQuant data shows the trend raises questions about what it means for the broader market.
What Declining Reserves Reveal About Investor Behavior Exchange reserves track the total Bitcoin held on a trading platform at any point. When Binance Bitcoin reserves fall, it often signals that holders are moving coins elsewhere.
Many choose long-term storage over keeping assets ready for quick trades. This shift changes how much Bitcoin sits available for immediate selling.
Source: Cryptoquant
The current decline has taken place while Bitcoin recovers from a recent correction. Prices have climbed even as reserves on Binance keep shrinking.
This pairing suggests withdrawals are not tied to fear or short-term exits. Instead, it points to holders choosing to store coins during a period of price strength.
Binance remains the largest cryptocurrency exchange by trading volume worldwide. Its reserve patterns often mirror sentiment across the broader crypto market.
A steady decline rarely comes from one trader or a small group acting alone. Analysts treat this data as a wider signal of market direction.
Cryptoquant analyst summarized the sentiment online: “Reserves dropping while price climbs tells you where conviction lies.” Posts like this have circulated widely as the trend continues to draw attention from market watchers.
Market Implications as Reserves Keep Falling Persistent declines in Binance Bitcoin reserves generally reduce coins available for quick sale. Lower reserves can tighten supply if buying demand holds steady or grows. This is not treated as a direct signal to buy. Still, it removes one possible source of future selling pressure.
Spot Bitcoin ETFs have expanded steadily, drawing coins away from exchange wallets. Institutional custody options have grown alongside this trend as well.
Both developments give large holders more paths to store Bitcoin off exchanges. Binance Bitcoin reserves have moved lower as these options gain wider adoption.
Bitcoin’s price has stayed resilient throughout this period of reserve decline. Coins continue leaving Binance while the market holds firm overall.
This combination may show accumulation slowly absorbing available supply. If demand keeps rising as reserves fall, liquidity could tighten further across trading platforms.
Reserve data works best alongside other market indicators for full context. ETF flows, stablecoin liquidity, and derivatives positioning all shape the picture.
Binance Bitcoin reserves remain a key figure for tracking investor conviction. As this trend continues, it stands as one signal worth watching closely in the months ahead.
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.
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Tether International announced on Tuesday that Twenty One Capital has appointed Raphael Zagury as its chief executive, succeeding Jack Mallers, who is leaving the role to focus on Strike, the Bitcoin payments company he founded.
The companies said the transition will be managed through an orderly transfer of responsibilities and confirmed they are no longer proceeding with plans unveiled in April to combine Twenty One Capital, Strike and Elektron Energy. Strike will continue as an independent company.
The abandoned proposal would have created a single Bitcoin-focused company with exposure to mining, payments and capital markets. Mallers had been expected to remain CEO of the combined business, while Zagury was slated to become president.
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The transaction was also expected to increase Twenty One Capital’s Bitcoin holdings by incorporating Strike’s Bitcoin treasury but those plans have now been shelved.
The leadership change comes after Mallers oversaw the creation and public listing of Twenty One Capital, helping establish the firm as one of the world’s largest corporate Bitcoin holders. Twenty One Capital currently holds 43,514 Bitcoin worth approximately $2.9 billion.
“I’m grateful to everyone at XXI and everyone who believed in what we built,” Mallers stated. “Serving Bitcoiners has always been the mission, and that doesn’t change. Strike is where I carry it forward.”
“On behalf of the Board of Directors, I would like to thank Jack for his vision and leadership in founding Twenty One Capital, and for guiding the company through its business combination and successful listing on the New York Stock Exchange in December 2025,” Tether CEO Paolo Ardoino stated. “He took conviction in Bitcoin and turned it into a public company, and we’re grateful for that.”
The company said it will now build on that foundation by expanding into Bitcoin-focused financial services, lending, capital markets products and educational programs, with further details on its strategic direction expected in the coming months.
Zagury, who currently heads the team managing Elektron Energy, has served on Twenty One Capital’s board and will remain a director after assuming the CEO role. His background includes senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch, as well as leadership roles at fintech lender OpenCo and investment bank One Partners.
“Now that we embark on the next chapter, Rapha is one of the best operators in this industry, with a track record of building businesses with strong cash flows and disciplined execution. He brings exactly the operating standards XXI needs as it enters its next phase of growth,” Ardoino added.
Zagury said his focus will be on applying institutional standards of governance, operational rigor and disciplined capital allocation to maximize the value of the company’s Bitcoin-backed balance sheet.
“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury commented on the move. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution. I believe our business will perform best when we also focus on the cash flow we generate and the rigor with which we allocate capital, not only by the Bitcoin we hold.”
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Leadership Change And Merger CollapseFounder and Chief Executive Officer Jack Mallers stepped down after board disagreements over corporate strategy, handing leadership to Wall Street veteran Raphael Zagury.
Coinciding with the leadership shift, the company’s planned combination with payments platform Strike and Bitcoin miner Elektron Energy was officially terminated.
Strategy Shift Raises Investor ConcernsInvestor sentiment appeared to weaken following several changes to the company’s original strategy. Jack Mallers resigned as CEO to focus full-time on Strike, the Bitcoin payments network he co-founded, while Strike will remain an independent company instead of joining Twenty One, removing its transaction network from the company’s planned Bitcoin-native platform.
Investors also face uncertainty over a potential acquisition of Elektron Energy, which remains at a preliminary stage with no assurance a deal will be completed. Any transaction would also be subject to heightened scrutiny because new CEO Raphael Zagury co-founded and leads Elektron, requiring related-party review and board approval.
Raphael Zagury Brings Wall Street ExperienceZagury, whose appointment took effect July 20, previously served as an independent director and interim Audit Committee chair for Twenty One. He resigned from his committee roles to take the chief executive position but remains on the board.
Before joining Twenty One, Zagury held senior positions at Goldman Sachs, Deutsche Bank and Merrill Lynch. He also co-founded boutique firm One Partners, Brazilian lender OpenCo and Elektron Energy.
Twenty One Refocuses On Institutional Bitcoin StrategyUnder Zagury, Twenty One is shifting its strategy away from the previously proposed combination with Strike and toward building an institutional Bitcoin operating company focused on cash flow and disciplined capital allocation.
“Twenty One holds one of the largest Bitcoin balance sheets in the public markets,” Zagury said. “My job is to build the operating company around it, with the discipline, governance, and executional rigor of an institution.”
Moving forward, the company plans to prioritize positive cash flow, disciplined capital allocation, Bitcoin-backed financial products and corporate lending.
Twenty One Capital Price ActionXXI Stock Price Activity: Twenty One Capital shares were down 9.78% at $4.80 at the time of publication on Tuesday, according to Benzinga Pro data.
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The reported progress on the CLARITY Act is perhaps the most surprising.
July has been historically a positive month for bitcoin and this edition hasn’t disappointed so far. The cryptocurrency began the month on the wrong foot, dipping below $58,000 for the first time in nearly two years, but it rebounded swiftly in the following weeks.
Earlier today, it rocketed past $66,000 for the first time in over a month, gaining over $8,000 since that July 1 low. Here are some of the possible reasons behind it.
Whale and ETF Accumulation As June was coming to an end and it became known that it would be a highly painful month for the asset with a nosedive of over 20%, we outlined several factors that had to change in July for a price resurgence. One of them was the ETF inflows. The financial vehicles went on a violent eight-week withdrawal-only streak, which was finally snapped a couple of weeks ago.
Moreover, investors continued to pour funds into the ETFs, which ended two weeks in the green in a row for the first time in months. July 20 extended the streak as the funds attracted almost $227 million.
The second major reason for the price revival is whale behavior. Data shared by CryptoQuant indicated that large market participants holding between 1,000 and 10,000 BTC increased their 60-day net accumulation to roughly 66,700 units, which is close to the recent record seen a month ago.
“This is the cohort’s strongest accumulation reading since February 17, when net accumulation briefly exceeded 106,000 BTC.”
News From the US The third reason has a more macro scent. It came a week ago when the US CPI numbers for June were announced, showing softer-than-expected inflation rates. BTC rallied immediately after the news went live as lower inflation reduced the pressure on the Fed to hike interest rates. Similar market conditions are regarded as beneficial for risk-on assets like bitcoin.
Last but perhaps most importantly at the moment comes a development on the CLARITY Act. After the odds of approval dropped toward 30% just days ago, reports emerged that the White House had agreed on an ethics package for the key legislation and sent the language to certain Senate republicans for further validation.
You may also like: Bitcoin Has Exited Capitulation Regime as Momentum Rebuilds: Analysts Bitcoin and Risk Assets Under Pressure as 30-Year Yields Push Above 5% What Does $2.3B Stablecoin Exodus From Binance and Bybit Mean for Bitcoin Although the details are still scarce, industry experts believe this is a major step in the right direction for the bill, and it increases the chances for a 2026 approval.
Bitcoin (CRYPTO: BTC) rallied above $66,000 to its highest level in over a month, as a technical trifecta that has historically marked every major cycle bottom flashed on the monthly chart.
What Is The Macro Bottom Signal Showing?Crypto analyst Ali Martinez identified three conditions on Bitcoin’s monthly chart that have aligned at every major cycle bottom since 2015.
The three signals:
Monthly RSI dropping to approximately 43.65 Chande Momentum Oscillator cooling to around -71 Price testing the 50-month moving average Last month, Bitcoin’s correction to $58,000 triggered all three simultaneously for the first time since December 2022.
How Has This Signal Performed Historically?The trifecta has appeared three times before, each time marking a durable accumulation zone rather than a precise price floor:
2015 — Signal printed at $235 in March. Price briefly dipped to $162 before an 8,300% expansion followed 2019 — Signal triggered at $3,333 in January, just above the $3,124 absolute low set a month prior, preceding a 1,911% rally 2022 — Signal fired at $16,270 in December near the 50-month moving average, launching a 675% rally Ali Martinez noted that on-chain metrics including MVRV and CVDD still point to a potential cycle bottom between $40,000 and $50,000, leaving open the possibility that price sweeps lower before the next leg higher.
The technical signal historically printed slightly above the absolute bottom rather than at the exact low.
What Is Driving Tuesday’s Rally?Fox Business reporter Eleanor Terrett reported Monday that President Donald Trump agreed to a crucial ethics provision for the crypto market structure bill, with the specific language shared with a group of Senate Republicans.
The ethics provision has been the primary obstacle blocking Senate passage for months.
Meanwhile, Bitcoin ETFs added $227 million in net inflows on July 20, marking the fifth consecutive day of positive flows, according to SoSoValue data. That pushed the five-day total to roughly $727.3 million.
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Bitcoin is holding near $66,000 and technical signals suggest the broader market may be entering a new phase. A break above current resistance opens the path toward $72,000 to $73,000 in the near term, with $80,000 a possibility if the 200-day moving average gives way.
The Altcoin SetupAfter months of sideways accumulation, altcoins are beginning to break daily downtrends. The pattern forming across the altcoin market total cap chart is a bullish reversal flag rather than a continuation of the bear move, suggesting the next leg could add over $100 billion to altcoin market capitalization from current levels.
Ethereum is leading the rotation out of Bitcoin dominance, a historically positive sign for the broader altcoin market. Important levels across major altcoins:
ETH: Entry zone $1,700 to $1,800, targets at $2,200 then $2,400SOL: Entry zone $76 to $78, targets $88 then $98XRP: Breaking out, target push toward $1.40AVAX: Currently in the entry zone, targets $7.50 then $8.30Chainlink: Longer-term spot entry at $10 to $11, could take several weeksSUI: Breaking out, target $1.00, representing approximately 31% upsideDogecoin: Daily close confirmation still pending, target area around 10 cents higher over coming weeksCardano: Early stages, watching for a larger trend break that could target 40 centsBroader Market StructureShort-side liquidations at the $66,000 level have largely been wiped out, with a smaller cluster forming around $62,000. Analysts watching liquidation maps say the absence of a large concentration of short positions above current prices is a constructive sign, as it removes a potential ceiling on the rally.
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Bitcoin climbed back above the $66,000 mark after the White House reportedly reached an agreement on an ethics package tied to the CLARITY Act.
Up until now, Democrats demanded stronger guardrails on Trump’s crypto business ties as a non-negotiable condition for their votes. The bill needs 60 Senate votes to advance, making bipartisan support mathematically necessary.
The rally also pushed crypto sentiment into the Neutral zone (40) for the first time in nearly a month after an extended period of Fear and Extreme Fear.
Notable Statistics Coinglass data shows 73,177 traders were liquidated in the past 24 hours for $225.70 million. SoSoValue data shows net inflows of $226.9 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $38.09 million. In the past 24 hours, top losers include DeXe, Pi and Pyth Network. Latest DevelopmentsTrader NotesCrypto Poseidon highlighted that Bitcoin bottomed near $60,000 despite calls for $45,000, but renewed euphoria at the range high could signal another reversal. He expects BTC to peak around $70,000 before gradually falling back toward $60,000 by September.
CryptosBatman sees Bitcoin testing the daily 50-day EMA, a level that has capped every major rally this year. A decisive breakout could signal a broader trend reversal, while another rejection would reinforce the prevailing bearish structure.
MN Fund founder Michael van de Poppe noted Bitcoin has climbed to its highest level in more than a month, signaling improving market momentum, but the rally has yet to accelerate.
The analyst says a decisive break above last month’s $67,000 high could open the path toward $73,000.
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Russia’s State Duma has approved a significant crypto bill that legalizes the use of cryptocurrencies for foreign trade and cross-border settlements. This legislative move marks a strategic shift as Russia seeks to circumvent Western sanctions by establishing a licensed infrastructure for international crypto payments. The bill, however, maintains a strict ban on domestic crypto payments. It is set to officially take effect on September 1, 2026, pending President Vladimir Putin’s signature. Markets will have until July 1, 2027, to comply with a transition period that involves obtaining necessary licenses and registration with the Central Bank of Russia.
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Key Takeaways Markets appear to view the advancement of Russia’s crypto bill as supportive of increased Bitcoin legitimacy for international transactions. Current pricing suggests a potential boost in market confidence for Bitcoin, although domestic restrictions remain stringent. The move could indicate a broader trend of countries turning to crypto solutions amid geopolitical tensions and economic sanctions. What to Watch The bill’s impact on the Bitcoin market remains an area of interest, with markets watching for President Putin’s expected signature to finalize the legislation. The implementation of the law could influence Bitcoin’s price trajectory as markets assess its implications for global crypto trade. Additionally, any further geopolitical developments or changes in Western sanctions could alter the landscape and influence market pricing towards YES or NO outcomes in related Bitcoin price prediction markets.
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What Price Will Bitcoin Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 2.1% — — View market → December 31 2.2% — — View market → December 31 2.8% — — View market → December 31 3.4% — — View market → December 31 5.5% — — View market → January 1 2027 9.5% — — View market → January 1 2027 20.5% — — View market → January 1 2027 4.5% — — View market → January 1 2027 2.4% — — View market → January 1 2027 2.2% — — View market → January 1 2027 2.9% — — View market → January 1 2027 3.9% — — View market → January 1 2027 6.5% — — View market → January 1 2027 45.5% — — View market → January 1 2027 10.5% — — View market → January 1 2027 1.4% — — View market → January 1 2027 2.7% — — View market → January 1 2027 32.5% — — View market → January 1 2027 15.5% — — View market → January 1 2027 8.5% — — View market → January 1 2027 4.2% — — View market → January 1 2027 1.9% — — View market → January 1 2027 1.9% — — View market → January 1 2027 1.4% — — View market → January 1 2027 0.9% — — View market → January 1 2027 12.5% — — View market → January 1 2027 23.5% — — View market → January 1 2027 36% — — View market → January 1 2027 60.5% — — View market → January 1 2027 83.5% — — View market → What Price Will Hyperliquid Hit Before 2027
Contract Odds Δ since publish Volume 24h December 31 30% — — View market → January 1 2027 6.2% — — View market → January 1 2027 3.2% — — View market → January 1 2027 54.5% — — View market → January 1 2027 9.1% — — View market → January 1 2027 3.6% — — View market →
CoinShares, a leading European digital asset investment firm, has introduced its inaugural UCITS exchange-traded fund (ETF) designed to provide investors exposure to publicly listed Bitcoin mining companies. The CoinShares Bitcoin Mining UCITS ETF is domiciled in Ireland and began trading on Deutsche Börse Xetra under the ticker MINE.
ETF structure and market debutThe new ETF is physically replicated and tracks the CoinShares Bitcoin Mining Index. This rules-based index comprises a basket of Bitcoin mining firms, and Solactive AG serves as the administrator of the index. CoinShares highlighted that the fund’s total expense ratio stands at 0.65%, and portfolio rebalancing will occur on a quarterly basis.
At launch, the ETF was priced at €19.50, equivalent to $21.74 per share. Initial trading saw 60 units exchanged on Xetra, amounting to a total turnover of €1,184.
CoinShares stated that the new ETF provides a gateway for European investors seeking indirect exposure to the Bitcoin mining sector via regulated, listed securities.
The fund is issued under the UCITS regulatory structure, offering wide availability across European markets through an Irish platform.
Comparisons with existing productsCoinShares’ existing US-listed ETF, also focused on Bitcoin mining firms and trading under the ticker WGMI, has accumulated net assets of $343.6 million. The UCITS ETF aims to bring a similar investing experience to European clients, recognizing different regulatory environments and investor preferences.
ETFRegionNet AssetsExchangeTickerCoinShares Bitcoin Mining UCITS ETFEuropeN/ADeutsche Börse XetraMINECoinShares Bitcoin Mining ETFUS$343.6 millionN/AWGMIBoth ETFs offer exposure to companies engaged in the Bitcoin mining industry, but the UCITS version responds to European regulations and investor demand for harmonized products.
About UCITSUCITS, or Undertakings for Collective Investment in Transferable Securities, is the European Union’s standardized regulatory framework for investment funds. This regime allows funds compliant with its rules to be marketed and sold across multiple EU member states without the need for country-by-country registration.
UCITS structures are widely preferred by asset managers in Europe as they ensure a high standard of investor protection and transparency.
Mini dictionary: UCITS (Undertakings for Collective Investment in Transferable Securities) is the principal European framework that allows investment funds to operate across EU borders under a unified set of regulations, designed to enhance cross-border fund distribution while protecting investors.
CoinShares underlined that the MINE ETF broadens its product offering for European investors looking for sector-specific digital asset exposure within a regulated investment structure.
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.
Moonshot AI, the Chinese startup that just dropped one of the most impressive AI models the industry has seen, is now looking to cash in. The company is finalizing a pre-IPO funding round targeting a valuation north of $30 billion, a sharp jump from the $20 billion price tag it carried after raising $2 billion in May 2026.
Kimi K3, the model Moonshot launched on July 17, has already sent shockwaves through both traditional equities and digital asset markets. It’s a 2.8 trillion parameter model built on an open-weight Mixture-of-Experts architecture, meaning it selectively activates only the parts of itself needed for a given task, and anyone can inspect its weights.
The model has reportedly matched or exceeded coding benchmarks set by OpenAI and Anthropic. But the real kicker is the cost: Kimi K3 operates at roughly 1% the price of comparable US frontier models. Demand has been so intense that Moonshot AI temporarily paused new Kimi subscriptions.
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Moonshot AI was founded in 2023, which means it went from incorporation to potential $30 billion-plus valuation in roughly three years. The company has raised approximately $4 billion in total funding.
The market fallout is already here The release of Kimi K3 didn’t happen in a vacuum. Both Bitcoin and tech stocks experienced increased volatility in the aftermath. If a Chinese startup can deliver frontier-level AI performance at 1% of the cost, what does that mean for the pricing power of American AI companies? And if the valuations of those companies get questioned, what happens to the broader risk-on trade that has propped up everything from Nvidia stock to Bitcoin?
The IPO and what investors should watch Moonshot AI is reportedly planning a Hong Kong IPO within six months. The pre-IPO round currently being finalized would be the company’s last private raise before going public. Shareholder approvals and market conditions will determine the exact timeline.
A Hong Kong listing positions Moonshot within Asia’s capital markets ecosystem while maintaining proximity to mainland China’s massive user base. It also avoids the regulatory complexity that Chinese companies have faced when listing in the US.
The $30 billion-plus target valuation represents at least a 50% premium over the company’s May 2026 valuation of $20 billion, a figure backed by Kimi K3’s performance metrics and the subscription demand that forced a temporary sales halt.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
