The bankruptcy filing lands. User funds get frozen. Lawyers start arguing over who owns what. For anyone who has followed crypto since 2014, the choreography is depressingly predictable. At BTC Prague 2026, Blockstream CEO Adam Back told the audience that Bitcoin markets keep replaying a script that should have been retired years ago. He pointed to the FTX collapse and, before it, Mt. Gox as evidence that the industry still refuses to adopt the basic structural safeguards that traditional finance built over centuries.
Back’s remarks, first highlighted in the original report, did not just blame bad actors. He argued that the deeper flaw is an architectural one: exchanges that commingle custody with trading, creating a single point of failure that sweeps up customer assets whenever a platform implodes. This model has no equivalent in mature capital markets, where broker-dealers, custodians, and exchanges are legally and operationally distinct. Even when a prime broker fails, client assets held at a third-party custodian are protected from the bankruptcy estate.
Crypto has ignored that separation almost from the start. Mt. Gox ran wallets and an order book inside the same corporate entity. FTX did the same, with a layer of offshore obfuscation. When the balance sheets cracked, customers became unsecured creditors, often waiting years for recovery. The pattern is so consistent that Back called it a playbook—something that keeps replaying not because it is clever, but because users and builders have not forced the system to change.
Why Traditional Markets Don’t Collapse This Way Equity and derivatives markets learned hard lessons after the 1929 crash and again after Lehman Brothers in 2008. Custodial segregation, capital buffers, and clearinghouse protections became mandatory. A retail investor holding stocks at a broker that fails does not normally lose those stocks. The custodian simply transfers the assets to another institution. This is not a matter of trust; it is a legal framework enforced by regulators. Back’s point is that Bitcoin markets, for all their talk of being trustless, have recreated the most fragile version of centralized intermediation.
The pushback from exchanges is predictable. Many argue that integrated custody allows faster settlement and lower fees. But what users save in basis points, they can lose entirely in a Chapter 11 proceeding. The trade-off stops looking reasonable once the exchange freezes withdrawals. And yet, even after FTX, the majority of retail crypto volume still sits on platforms that control both the trading engine and the private keys.
This isn’t a quiet oversight. It’s a business model decision. Exchanges profit from the float on customer deposits, from lending out assets, and from the inability of users to easily verify on-chain reserves. Proof of reserves has been offered by some, but as a voluntary, unaudited snapshot, it often fails to capture liabilities or off-chain obligations. Back’s critique was that the industry keeps treating each meltdown as an isolated fraud case—Sam Bankman-Fried this time, some other bad actor the next—while avoiding the structural revision that would actually stop the cycle.
Regulation is not entirely absent. The U.S. legislative process has seen repeated attempts to bring exchanges under clearer custody rules, as evidenced by recent developments where Banks Are Trying to Kill the Biggest Crypto Bill in US History Four Days Before the Senate Vote. However, such efforts often stall under lobbying pressure or because lawmakers struggle to reconcile decentralized ideals with enforceable mandates.
The Custody Separation Nobody Wants Back’s solution is straightforward: mandate that exchanges cannot hold customer assets, or at least that users have a clear, immediate path to withdraw funds into self-custody without being dragged into bankruptcy. In practice, this means forcing venues to act as pure marketplaces, not as hybrid wallet providers. Some institutional platforms already operate this way, but retail-facing giants have little incentive to adopt it voluntarily. The risk of another FTX is priced in—by shareholders and founders whose downside is capped, not by users.
What remains uncertain is whether the next wave of enforcement will target the structural problem rather than just singling out individual frauds. Regulators globally are still focused on anti-money laundering and securities classification, while the issue of exchange custody lags behind. Back’s critique suggests that even the most technically sophisticated Bitcoin community members are frustrated by how little has changed since 2014.
Part of the inertia is cultural. Bitcoin’s ethos includes “be your own bank,” but many users find self-custody intimidating. Solutions like multi-signature wallets and social recovery are improving, yet the default remains leaving coins on an exchange. That default feeds the very vulnerability Back wants to eliminate. Meanwhile, blockchain infrastructure continues to advance. As the Top 10 Blockchains by Developer Activity This Week shows, Ethereum, Solana, and others are pushing throughput and smart wallet capabilities that could make non-custodial trading more practical. But until exchanges are restructured, better technology at the base layer won’t protect funds held inside a centralized black box.
On-chain tokenization of real-world assets, as tracked in the Weekly Tokenization Roundup, is bringing more institutional capital into the space. Those inflows often require proper custody separation as a prerequisite. If tokenized Treasury funds start demanding independent custodians, it could pressure the entire industry to follow suit. But that shift will take years, and in the meantime, the playbook Back described remains ready for its next run.
The question for users isn’t whether they trust an exchange today—it’s whether they trust it in six months under market stress, and whether their assets would survive a restructure if they don’t. Back’s warning from Prague is that almost nothing in the architecture of major venues suggests the answer has changed.
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Bitcoin has signaled a rebound after reacting strongly to the lower edge of its weekly Bollinger Bands. The cryptocurrency finding support in this area suggests that buyers are regaining their strength following several weeks of sluggish price action. However, ongoing short term volatility means a smooth upward trajectory should not be assumed just yet.
Bollinger Bands set the stage for the 70,000 dollar thresholdOn the weekly chart, Bitcoin’s lower Bollinger Band sits near 57,247 dollars. The swift turnaround from this zone indicates that downward pressure may have been contained for now. Technically, all eyes are now on the middle band at 69,892 dollars, which stands out as the next important level on the chart.
Mini dictionary: The Bollinger Band is a technical indicator that illustrates a price’s average pattern over a chosen period, together with the upper and lower boundaries that reflect volatility. The middle band usually shows the 20-period moving average, while the upper and lower bands set the boundaries for price swings.
A prominent analyst known as Sky noted that this price reaction could signal a bottom and suggested that the next target might hover around 70,000 dollars. Regaining this level would offer a stronger signal that buyers are reclaiming dominance over the market.
Sky believes the bounce from the weekly lower Bollinger Band has strengthened the case for a potential bottom, and says that if momentum continues, the 70,000 dollar region near the middle band could come back into play.
If Bitcoin clears the middle band near 69,892 dollars, the next major resistance will be the upper weekly Bollinger Band, which stands at 82,538 dollars. However, this bullish scenario would require not just a technical recovery but also strong momentum and broader market support.
Support and liquidity zones at 62,700 and 65,600 dollars could set the short term courseTurning to the short term outlook, analyst Kaz anticipates that Bitcoin may mount another move upwards before facing any deeper pullback. The first key support identified by Kaz is at 62,700 dollars, while the major liquidity target overhead sits at 65,600 dollars.
Kaz observes that while Bitcoin approached the 60,000 to 61,000 dollar range, it recovered before fully entering this support zone. According to the analyst, buyers stepped in sooner than expected, causing the price to bounce back toward 64,000 dollars without a direct test of the lower support area.
LevelSignificance62,700 dollarsKey short term support zone65,600 dollarsLiquidity region and possible rejection point60,500 dollarsPotential downside target for a pullbackKaz also notes that the 62,700 dollar level aligns with the monthly point of control and a fair value gap, underscoring its importance as a support area in the coming days. If the price holds above this threshold, new highs above 65,600 dollars could be within reach. Still, analysts caution that such a move alone may not yet confirm a lasting breakout.
Kaz views the 65,600 dollar region as both a zone of liquidity and possible rejection; their outlook expects a test of this level, potentially followed by renewed pressure down to 60,500 dollars.
In the current setup, the most probable scenario appears to be Bitcoin first defending 62,700 dollars as support, then heading towards 65,600 dollars. The strength of the price reaction at this level could determine whether the 70,000 dollar target remains viable or if sellers will try to regain control of the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
The crypto market may be sitting on a fragile foundation. According to a recent market health assessment from the CEO of Alphractal, unliquidated long positions have piled up across Bitcoin, Ethereum, XRP, and Solana, creating conditions where even a modest pullback could trigger a broader wave of selling.
The concern isn’t that prices have already collapsed. It’s that leveraged traders continue betting on higher prices while the market has produced only a weak advance. That imbalance, if left unresolved, could become the catalyst for a much sharper move lower.
Long Positions Continue To Stack UpLeverage has been doing most of the heavy lifting lately. The diagnosis suggests that BTC, ETH, XRP, and SOL now carry a significant buildup of long positions accumulated over the past month. These trades all depend on continued upside momentum, but without a strong breakout, they become increasingly vulnerable.
When too many traders are positioned on the same side of the market, price weakness can quickly turn into forced liquidations.
Domino Effect Could Hit Multiple AssetsThe warning extends beyond a single cryptocurrency. If a meaningful pullback begins, the analyst believes liquidations could spread rapidly across both derivatives and spot markets, amplifying selling pressure through a chain reaction. Among the major assets, Ethereum, Solana, and XRP are viewed as carrying greater short-term leverage risk than Bitcoin because of the heavier concentration of long positions.
That doesn’t guarantee a correction, but it does increase market sensitivity to negative price momentum.
Why A Cleanup May MatterOnce again, unliquidated Long positions are dominating BTC, ETH, XRP, and SOL.
The market has moved up very weakly over the past few days, and the current moment deserves a bit more attention.
Any slip in the next few hours could allow bears to take control, triggering a new… pic.twitter.com/PsDowAswSY
— Joao Wedson (@joao_wedson) July 7, 2026 The crypto market has seen this pattern before. Excess leverage often fuels sharp volatility, but it can also clear out speculative positions.
According to the assessment, removing excessive leverage may ultimately create healthier market conditions and lay the groundwork for a stronger recovery later. Until then, however, traders could face additional downside pressure and elevated fear if long positions begin unwinding across the market.
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A new round of debate is gaining momentum on X over why investors should hold base-layer network tokens at all. In the crypto community, the view has taken hold that only Bitcoin has established itself as a valuable asset, while all other tokens are just attempts to build technology platforms that cannot retain value and do not provide compound returns.
Solana founder Anatoly Yakovenko tried to put an end to the latest discussion in a new post, explaining why this myth is wrong and why there are "true tokens" on the market with a fundamentally different form of ownership.
Why holding 'true tokens' isn't useless: Solana's Yakovenko explainsAccording to Yakovenko's logic, traditional stocks provide only legal rights, which any government can freeze with a single click. In contrast, the head of Solana points to infrastructure tokens, which provide not paper promises of profit but real mathematical power.
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For him, network rights in a blockchain are legally unenforceable, because no one in the world is obligated to run someone else's software, but they also cannot be taken away if anyone who wants to can run that software.
True tokens exist, as apposed to bad equity or debt. Network rights are unenforceable because no one has the obligation to run your software. But also cannot be taken away when anyone can run it. You have no rights, but you have all the power to enforce your own guarantees.…
— toly 🇺🇸 (@toly) July 7, 2026 In Yakovenko's view, the holder of such a token enforces their own economic guarantees without relying on courts. The blockchain developer describes the blockchain itself as a "Schelling point" — a neutral digital space where millions of people coordinate capital simply because the rules of the game are the same for everyone and cannot be forged.
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The market reality shown by current CoinMarketCap statistics clearly highlights this debate. On the one hand, the total capitalization of assets based on Solana stands at $195.71 billion, meaning that large capital clearly believes in the reliability of this coordination environment.
On the other hand, the network's native token, SOL, is trading at around $81.67 — a price level that lags behind record operational activity, which is exactly what fuels the arguments of skeptics.
Market capitalization of Solana ecosystem, Source: CoinMarketCapThis gap between infrastructure utility and asset value is forcing developers to move from discussion to code. To prove the ability of technology platforms to accumulate capital, Solana is currently changing its tokenomics.
Through new technical proposals, including SIMD-547 on burning base fees, the network is introducing mechanisms for stronger value retention. The goal is to support the mathematical freedom of tokens described by Yakovenko with economic logic that investors can understand, proving through action that value can belong not only to Bitcoin.
The mood around crypto investment products has started to improve after one of the darkest periods for institutional demand this year. Fresh inflows into Bitcoin, Solana, and Hyperliquid ETFs suggest investors may be regaining confidence, although it remains too early to conclude that the broader market has fully recovered.
Bitcoin Leads the Recovery As shown by SoSoValue data, U.S. spot Bitcoin ETFs recorded $265.69 million in net inflows yesterday, their strongest daily performance since May 5. The rebound follows a difficult stretch in which Bitcoin ETFs lost billions of dollars as investors reduced exposure during the recent market downturn.
Bitcoin has also stabilized after briefly falling below $60,000 in late June. It is currently trading around $63,000 today after an overnight move above $64,000 faded. Despite the pullback, the asset remains up about 7% over the past week.
The recovery has also held despite Strategy selling 3,588 $BTC, worth about $216 million, in its largest Bitcoin sale since abandoning its previous never-sell approach.
Solana and Hyperliquid See Matching Inflows U.S. spot Solana ETFs attracted $8.36 million in net inflows yesterday, July 6, their strongest daily inflow in nearly 2 months. Every dollar came through Bitwise's $BSOL fund.
Hyperliquid ETFs recorded $8.43 million in net inflows during the same session, with Bitwise's $BHYP accounting for the entire amount.
The nearly identical flows into $BSOL and $BHYP have also appeared at other times over recent days. The pattern has led some market observers to speculate that a single investor may be allocating capital equally between Bitwise's Solana and Hyperliquid ETFs.
Meanwhile, $SOL climbed as high as $83.50 earlier today and has continued to trade above $80 after recovering from recent lows near $60.
A Sharp Contrast From June The renewed buying marks a significant change from late June, when crypto ETFs experienced one of their weakest periods since spot products launched in the United States.
Bitcoin, Ethereum, Solana, and XRP investment products collectively lost about $5 billion over 30 days as Bitcoin fell below $60,000. June also became the first month in which U.S. spot Solana ETFs posted net monthly outflows, while Bitcoin ETFs recorded their largest monthly withdrawals on record.
Are We Back? The recent improvement in ETF flows offers an encouraging sign, but it does not yet confirm that institutional demand has fully returned.
Earlier this year, Hunter Horsley, CEO of Bitwise, argued that Solana and Hyperliquid are both benefiting from the broader shift of capital markets onto blockchain networks. He suggested their long-term success depends less on competing with each other and more on the continued adoption of onchain capital markets.
For now, the return of meaningful ETF inflows suggests sentiment has improved from the lows seen just weeks ago. Whether this marks the beginning of a sustained recovery or only a temporary rebound will depend on several factors. One of which is whether or not institutional buying continues in the weeks ahead.
Read More on SolanaFloor $20M of Treasury Funds Lost in BonkDAO Governance Blunder
Solana Reclaims No. 1 Spot for Network REV After 4 Months as Onchain Demand Explodes
Binance introduces BTC yield product. (Web Summit/CC By 2.0)Summary
Binance debuts a bitcoin yield product exclusively for BTC holders. The product runs a systematic covered call strategy, bringing yield-generation strategies to a wider pool of potential investors.Returns are not guaranteed, especially if bitcoin's price rises and the call options are exercised.Binance has introduced a product for bitcoin BTC$64,081.00 holders looking to earn extra yield on their investment without selling any of it, joining the likes of BlackRock in helping them maximize returns.
The product, BTC Yield, is available inside Binance Earn and is designed exclusively for people who already hold bitcoin.
Users deposit their bitcoin into the product and receive an internal position called BTCY, which tracks their share in the strategy. Everything remains denominated in BTC, and the product cannot be funded with stablecoins or other assets.
Binance holds the deposited bitcoin as collateral while systematically selling BTC call options, that is, it writes insurance against price rallies in BTC. The call seller, or writer, gets compensated with a premium. Binance collects those premiums and shares most of them with participants.
This covered-call approach, common in crypto and traditional finance, has typically required deep options knowledge to execute. Binance’s version makes it accessible to regular traders by handling everything behind the scenes.
Two types of returnThe product generates potential returns in two ways.
First, a portion of the collected premiums is converted to bitcoin and distributed to users’ spot accounts every Friday as a possible weekly payout.
The remaining premiums stay inside the strategy and gradually increase the value of each BTCY unit. As the retained premiums accumulate, each unit slowly represents more actual BTC. When users eventually redeem, they receive this higher BTC amount, providing a second form of return.
“Covered call strategies have long been used in traditional finance, but they can be complex for retail users to access directly,” Shunyet Jan, head of exchange and trading at Binance, said in a statement shared with CoinDesk. "With BTC Yield, we are simplifying that experience for Bitcoin holders who want income potential without actively trading the market.”
The debut comes as traditional finance embraces similar ideas. BlackRock, for example, recently introduced a Bitcoin income ETF that also uses a covered-call strategy to generate additional returns for holders.
Binance's takeLike any options-based product, BTC Yield carries costs and risks.
Binance takes a 15% share of gross option premiums before calculating user yield, and redemption fees apply when exiting. The product offers no principal protection, weekly distributions are not guaranteed and can be zero, and the strategy can limit upside during strong bitcoin rallies because calls may get exercised. In big bull markets, simply holding spot BTC will often outperform it.
Overall, BTC Yield gives long-term holders a straightforward way to seek income on idle bitcoin, but it is best suited for those comfortable with the trade-offs.
Bitcoin holders sitting on idle spot balances now have a fresh reason to keep their coins on Binance. On Tuesday, the exchange introduced BTC Yield, a covered call strategy designed exclusively for users who already hold Bitcoin, the original report from CoinDesk confirmed. The product arrives as crypto exchanges intensify competition for yield‑seeking capital, a segment that has reshaped the market since decentralized finance protocols first demonstrated the appetite for passive income on digital assets.
BTC Yield employs a covered call options structure. In traditional finance, selling covered calls generates premium income against an existing stock position by capping upside beyond a set strike price. Binance appears to be applying the same logic to Bitcoin, likely using out‑of‑the‑money call options on Bitcoin futures or spot‑backed derivatives. The exchange hasn’t disclosed the exact mechanics, but the core promise is straightforward: users keep their Bitcoin and receive periodic yield while accepting a ceiling on extraordinary price gains. It’s a trade that suits a low‑volatility or sideways market much better than a raging bull run.
Why Bitcoin Yield Products Are Multiplying The launch didn’t happen in a vacuum. Bitcoin has evolved from a purely speculative asset into a collateral‑grade holding for many long‑term participants. Yet, Bitcoin itself pays no dividends or staking rewards, unlike proof‑of‑stake tokens. That gap pushed users toward centralized lending, DeFi bridges, and now exchange‑issued structured products. Binance already operates Binance Earn, which offers simple staking and DeFi farming, but BTC Yield carves out a defined options‑based income stream that avoids the complexity of self‑custodied wrapped Bitcoin.
Competitors like Bybit and OKX have released similar option‑linked products over the past year, turning the covered call format into a recognizable shelf item on centralised venues. Binance, with its enormous Bitcoin reserves and user base, is now scaling the idea. The exclusive focus on existing BTC holders suggests the exchange is less interested in attracting new Bitcoin deposits than in preventing outflows to decentralized alternatives and locking in activity.
Risk and Reward for Users Covered calls are not risk‑free. While the strategy generates yield in sideways conditions, it surrenders all upside beyond the strike price if Bitcoin rallies sharply. Early assignment risk and the credit risk of the option counterparty also come into play, even when Binance acts as the intermediary. Users who opt in will need to accept that a sudden price explosion could leave them with substantially lower net returns than a simple buy‑and‑hold approach. Binance is likely to rotate option expiries to manage that exposure, but the underlying trade‑off remains.
On the regulatory front, any yield‑bearing product that promises returns based on trading strategies could draw attention from authorities who continue to scrutinize exchange‑issued financial instruments. Binance has confronted multiple regulatory challenges, and while BTC Yield is marketed purely as a crypto‑native product, the line between an investment contract and a utility token arrangement can blur quickly under the eyes of U.S. and European regulators.
Centralised Exchanges and the Yield Battleground The move highlights how centralised exchanges are metamorphosing into full‑spectrum asset platforms. Spot trading volume alone no longer locks users in; instead, recurring income, margin services, and structured products have become the retention tools. Binance’s own BNB Chain continues to rank consistently among the top blockchains by developer activity, as shown in recent ecosystem reports, reinforcing the exchange’s capacity to integrate new product layers. The launch of BTC Yield echoes that strategy: use Bitcoin’s deep liquidity to offer a low‑effort yield proposition that keeps users on the platform.
Whether BTC Yield can attract serious volume will depend on how competitive the payouts are and how well Binance communicates the risk‑return profile. If Bitcoin enters a long phase of accumulation and grinding price growth, demand for such products could swell. If volatility spikes, the strategy’s limitations may become apparent fast. For now, the product opens yet another front in the fight among exchanges to become the default hub for every possible interaction with digital assets.
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Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Bitcoin is approaching two major forks scheduled for August 2026. The first, BIP-110, aims to limit certain data recorded on the network. The second, eCash, aims to create a separate chain with new rules. Two very different projects, but the same risk: reigniting the debate about what Bitcoin should remain.
In brief Bitcoin is facing two distinct forks in August 2026. BIP-110 aims to limit certain data recorded on the network. eCash aims to create a separate chain with an asset distributed to BTC holders. Bitcoin faces two very different forks Bitcoin could experience a more political than technical August. The first case concerns BIP-110, a Bitcoin fork of the soft fork type. It seeks to temporarily tighten certain rules without automatically creating a new currency.
The second case concerns eCash. This time, it is an acknowledged hard fork. The project does not seek to modify Bitcoin from within. It wants to create a separate chain, with its own asset, distributed to BTC holders at the moment of separation.
The difference is crucial. A soft fork remains compatible with old nodes if the activation goes smoothly. A hard fork, on the other hand, creates a break. Nodes that do not follow the new rules reject the new chain. BIP-110 targets uses linked to Ordinals, inscriptions, and BRC-20 type tokens. Its goal is to limit certain forms of data integration in Bitcoin transactions.
The proposal would invalidate several technical constructions deemed too heavy. It would notably limit certain witness elements, some scriptPubKey outputs, and the use of undefined Taproot versions. The stated goal is to refocus Bitcoin on its monetary function.
This debate is not new. Since the arrival of Bitcoin Ordinals, part of the community believes that non-financial data unnecessarily clogs blocks. Others on the contrary defend the idea that a block paid for by fees must remain neutral. BIP-110 adds a nuance: it would be temporary. The expected duration is around one year. This is not enough to calm critics, because embedding this type of filter in consensus remains a heavy precedent.
eCash wants to create a new chain The eCash project is led by Paul Sztorc, known for his work on Drivechain. Unlike BIP-110, eCash does not depend on adoption by the main Bitcoin network. It must exist as a separate chain.
The launch is scheduled around block 964,000, likely August 21. BTC holders would receive an equivalent balance on eCash. A coin separation tool is planned to avoid errors between the two assets.
eCash’s big promise is based on Drivechains. These mechanisms, linked to BIP-300 and BIP-301, would allow connecting multiple sidechains to a model close to Bitcoin. Targeted uses range from privacy to specialized markets, including financial experiments.
But the project is already divisive. Some see it as a way to test functions impossible to integrate into Bitcoin Core. Others denounce a risk of confusion, new fragmentation, and controversial economic choices around some old UTXOs.
Bitcoin holders must remain cautious For BIP-110, there is no new asset to claim if activation follows the classic scenario. The main issue concerns wallet, node, and transaction compatibility using advanced constructions.
Miner signaling levels remain low. This reduces chances of smooth activation but does not eliminate the risk of tension. A difficult coordination period between miners, exchanges, and nodes could be enough to create uncertainty.
For eCash, the situation is different. Bitcoins held on a platform or ETF will not necessarily give rights to the new asset. Exchanges can choose not to credit anything, or only allow withdrawals later.
Self-custody users will have more control but also more responsibilities. Reliable tools, replay protection, and clear wallet support must be awaited before any claim attempt.
These two forks remind us that Bitcoin remains a living system. Its strength does not only come from its code. It also depends on social coordination between miners, developers, holders, companies, and institutions. August 2026 may not decide Bitcoin’s future, but it will once again test its capacity to absorb disagreements without losing its course. The eCash project will especially show if a fork can still mobilize a real economic base in a market now dominated by ETFs and major custodians.
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Lydie M.
Enseignante et ingénieure IT, Lydie découvre le Bitcoin en 2022 et plonge dans l’univers des cryptomonnaies. Elle vulgarise des sujets complexes, décrypte les enjeux du Web3 et défend une vision d’un futur numérique ouvert, inclusif et décentralisé.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Legal questions over which federal department can lawfully manage a national crypto trove have complicated President Donald Trump’s Strategic Bitcoin Reserve, more than a year after he ordered its creation.
Trump directed the reserve into existence last year as part of his pledge to make the United States “crypto capital of the world.” The plan has since run into a structural problem.
Which Agency Can Legally Hold America’s Bitcoin Remains UnresolvedThe order intended the reserve to sit inside the Treasury Department. Bitcoin (BTC) would come from federal asset seizures. The order also empowered the Treasury and Commerce secretaries to design budget-neutral ways to buy more Bitcoin, provided the purchases cost American taxpayers nothing.
Concerns then surfaced over whether Treasury could legally manage the assets, Bloomberg reported, citing people familiar with the matter. Housing the reserve inside the Commerce Department is now one option.
Another open question is whether Bitcoin can be held indefinitely, as the order intended, given its price swings.
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The Justice Department’s Office of Legal Counsel is working with both departments to “determine legally available options to accomplish the president’s policy of establishing a strategic Bitcoin reserve.”
White House spokesperson Liz Huston addressed the matter in a statement shared with BeInCrypto. She said the administration was still working out the right setup for the reserve.
“President Trump campaigned on a vision of cementing America as the global capital of cryptocurrency and other cutting-edge technologies,” Huston said. “To deliver on the president’s vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.”
The US government ranks among the largest holders of Bitcoin worldwide. Its holdings exceed $20 billion at current prices, according to Arkham Intelligence.
US Government Bitcoin Holdings. Source: ArkhamHow the administration resolves the authority question will determine whether one of its signature crypto commitments takes shape or stays on paper.
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Key Highlights BTC recovered to surpass $64,000 following a dip to approximately $62,000 early Monday Strategy divested 3,588 BTC totaling $216 million to cover dividend obligations BlackRock’s IBIT ETF attracted $209.4 million — marking its first positive flow in several weeks Combined U.S. spot Bitcoin ETF inflows reached $265.7 million within 24 hours Trump declared himself a “big crypto guy” during a White House announcement Bitcoin’s value slipped from approximately $64,000 on Sunday down to roughly $62,000 by Monday’s opening hours. This decline followed a SEC disclosure revealing Strategy’s divestment of 3,588 BTC valued at $216 million.
Bitcoin (BTC) Price Strategy executed the sale in two tranches. The firm liquidated 1,363 BTC during June 29–30, generating $80.8 million at an average price of $59,256 per token. Subsequently, between July 1–5, another 2,225 BTC were sold for $135.2 million at $60,773 each. Proceeds were allocated toward preferred shareholder dividends and replenishing operational cash reserves.
JUST IN: Michael Saylor announces Strategy sold 3,588 Bitcoin for $216 million to fund dividends for their digital credit securities 👀 pic.twitter.com/QQl2Jih71A
— Bitcoin Magazine (@BitcoinMagazine) July 6, 2026
Michael Saylor’s company simultaneously disclosed an $8.32 billion impairment on digital asset holdings for the quarter concluding June 30. Strategy maintains $1.25 billion in remaining authorized sale capacity.
Sunday’s advance toward $64,000 was predominantly fueled by derivatives activity. Net futures accumulation approached $415 million, while spot market flows registered marginally negative. This imbalance rendered the rally vulnerable, resulting in a swift reversal following Monday’s Strategy disclosure.
Market Reacts to Strategy’s Divestment Futures liquidation activity surged to approximately $456 million during a concentrated four-hour period after the filing emerged. Liquidations affected both directional positions — roughly $42 million in longs and $49 million in shorts were eliminated.
The subsequent afternoon recovery demonstrated stronger fundamentals. Futures accumulation of approximately $568 million coincided with spot purchases totaling $143 million — representing the first substantial spot participation recently observed.
Bitcoin’s funding rate maintained positive territory despite the selloff, with open futures interest hovering around $20.6 billion. This indicates leveraged long positions remain densely concentrated.
Market analyst Daan Crypto Trades (@DaanCrypto) provided perspective on the movement, highlighting Bitcoin’s recapture of its weekly 200-day moving average closure. He stated he “would not be surprised if price just hangs around this $60K–$70K region for a while,” referencing the concentration of significant timeframe levels within that range and noting summer typically delivers choppy trading conditions.
$BTC Did get its close above the Weekly 200MA again after the week below before.
I would not be surprised if price just hangs around this $60K-$70K region for a while seeing how many high timeframe levels we have sitting here.
Especially going into the summer which is generally… https://t.co/6uxkE64oYF pic.twitter.com/ilPTEsVNL6
— Daan Crypto Trades (@DaanCrypto) July 6, 2026
ETF Capital Returns Alongside Trump’s Crypto Comments Market sentiment pivoted later Monday when President Trump addressed attendees at a White House ceremony introducing “Trump Accounts” — a government-backed investment program designed for American children. Responding to questions about potential Bitcoin inclusion in these accounts, Trump stated, “well…I’ve become a big crypto guy.”
This statement catalyzed BTC’s recovery above $64,000, with pricing stabilizing around $64,183.
BlackRock’s iShares Bitcoin Trust (IBIT) captured $209.4 million in capital inflows on July 7, representing its first positive session following extended outflow periods. Fidelity’s FBTC, ARK 21Shares’ ARKB, and Grayscale’s Mini ETF contributed additional inflows. Aggregate U.S. spot Bitcoin ETF net inflows totaled $265.7 million for the session — the most robust single-day performance in recent weeks.
According to SoSoValue data, on July 6 (Eastern Time), Bitcoin spot ETFs recorded a total net inflow of USD 266 million, with BlackRock’s IBIT posting the largest single-day net inflow at USD 209 million. Ethereum spot ETFs recorded a total net inflow of USD 29.082 million, led… pic.twitter.com/LspHuB2ki8
— Wu Blockchain (@WuBlockchain) July 7, 2026
Grayscale’s GBTC diverged from the pattern with $44.5 million in redemptions.
IBIT has now accumulated over $60 billion in total inflows. Spot ETF products have registered positive flows across two consecutive trading sessions.
Research firm BIT observed that Bitcoin commenced July with historically favorable seasonal momentum. The firm identifies initial resistance for BTC at $65,955.
The Federal Reserve will publish minutes from its June policy meeting on Wednesday. Current market pricing reflects a 75.6% probability that rates will remain anchored at 3.50%–3.75% throughout July.
While crypto Twitter was consumed by Strategy’s latest bitcoin selloff rumors, a less noisy but more telling shift was underway. According to the Santiment update, altcoins across the board notched a strong weekly climb—MemeCore surged 89%, Cardano added 25%, and Bitcoin Cash tacked on 22%. Bitcoin itself held close to $64.5K after defending the psychologically important $60K level yet again. The relief rally caught many traders off guard, precisely because crowd sentiment had been so bearish.
What made the move stand out wasn’t just the size of the green candles. It was the rotation. As Bitcoin stabilized, capital began flowing back into riskier altcoin names that had been battered in late June. This week’s movement echoes patterns seen in other weekly top gainers roundups, where selective altcoin outperformance often signals a shift in speculative appetite. The crowd’s excessive focus on the Strategy FUD acted as a perfect distraction, letting big buyers quietly re-enter pockets of the market that had become oversold.
Rotation into Riskier Names Santiment’s data screener highlighted that gains were not restricted to a single sector. The list included MemeCore, Cardano, DEXE, Bitcoin Cash, and exchange token WhiteBIT—a mix that points to broad-based rebalancing rather than isolated pumps. Such breadth matters because it suggests institutional actors, not just retail degens, are dipping back in. When sentiment hit its late-June trough, the stage was set for a contrarian bounce. The $60K level for Bitcoin has now held multiple times, providing a floor that emboldened dip buyers across the altcoin space.
Still, not everything flashed green. One token, $M, dropped 17%, reminding traders that even during relief rallies, risk remains unevenly distributed. Developer activity remains concentrated on networks that have seen steady building through market cycles, but short-term speculative flows often ignore those fundamentals. The Santiment update noted that while most assets swam in a sea of green, those with thin liquidity or ongoing negative catalysts continued to bleed.
What the Crowd Might Be Missing Regulatory noise has been a persistent headwind. Despite regulatory uncertainty in Washington that recently saw banks pushing against landmark crypto legislation, on-chain signals haven’t aligned with the fear narrative. The combination of Bitcoin defending its key support and altcoins bouncing despite negative headlines hints that the sell-side pressure may have been exhausted—at least for now. The crowd’s hyper-focus on Strategy-related fear left it blind to accumulating strength elsewhere.
What remains uncertain is whether this rotation has legs. Historically, summer altcoin rallies can fizzle without a strong macro tailwind. But the fact that big buyers stepped in when sentiment was at its worst suggests that the move is not purely a short-squeeze. If the $60K floor continues to hold, the next test will be whether altcoin gains can sustain without a broader breakout above $67K for Bitcoin. For now, the market is quietly rewarding the bullish minority that bet against the prevailing doom.
AUTHOR
Freelance writer and crypto enthusiast with a focus on Web3, delivering clear and engaging articles. Known for his well-researched articles and insightful analysis, Shayan covers a broad range of topics including market trends, blockchain technology, decentralized finance (DeFi), and emerging crypto projects. His writing aims to educate both beginners and experts, providing clear, engaging content that helps readers stay informed about the fast-evolving crypto space. Shayan's expertise and dedication make him a trusted voice in the blockchain community.
Strategy has sold another large batch of Bitcoin, prompting comparisons with its only previous major BTC sale in late 2022.
A popular post on X noted that the last time Michael Saylor’s company sold a significant amount of Bitcoin, BTC later climbed roughly fivefold from its bear-market low. Some traders believe history could repeat itself.
Strategy Sells 3,588 BTC to Fund Dividends On Monday, Michael Saylor announced that Strategy sold 3,588 BTC for approximately $216 million. The proceeds will fund dividends on the company’s Digital Credit securities. After the sale, Strategy said it still holds:
843,775 BTC in its Bitcoin reserves. $2.55 billion in U.S. dollar reserves. The latest transaction follows the sale on June 30, when Strategy sold 1,363 BTC for about $80.77 million at an average price of $59,256 per BTC. Meanwhile, the company also sold 2,225 BTC for $135.22 million at an average price of $60,773.
In total, the company has sold 3,588 BTC within a week. Based on Strategy’s average purchase price of $75,651 per BTC, the BTC sale resulted in a realized loss of more than $55.44 million.
Earlier in June, the company also sold a much smaller 32 BTC for about $2.47 million at an average price of $77,135.
First Major Sales Since the 2022 Bear Market Before this recent selling activity, Strategy’s only notable Bitcoin sale came in December 2022. The company sold 704 BTC at roughly $16,500 per coin as part of a tax-loss harvesting strategy. The sale generated approximately $11.8 million.
The move was short-lived. Strategy soon repurchased 810 BTC, leaving its long-term Bitcoin strategy largely unchanged. Aside from that transaction, the company had not made any significant Bitcoin sales until this year’s activity.
The timing has drawn attention because both selling periods occurred during bear markets. Notably, Bitcoin traded near $16,400 during the December 2022 sale and later reached $126,200 in October 2026. This represents over 7.7x price expansion.
Meanwhile, the recent sales came after BTC had fallen about 50% from its all-time high, trading near $58,000 before rebounding. At press time, Bitcoin had recovered about 6% to around $63,010.
Source: saylortracker What Another 5x Rally Would Look Like If Bitcoin’s price repeats the roughly 7.7x rally that followed the 2022 bear market low, BTC could reach about $484,800 from its current price of around $63,010.
With approximately 20.05 million BTC in circulation, that price would value Bitcoin at roughly $9.72 trillion. However, whether such a rally happens remains uncertain.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
The play is straightforward in concept. Hold Bitcoin, sell call options against it, collect premium income. The only catch is that you agree to sell if the price rockets past a certain level.
BlackRock launched its iShares Bitcoin Premium Income ETF, ticker BITA, on June 16, 2026, built entirely around a covered call strategy designed to deliver monthly income to shareholders.
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Grayscale’s Bitcoin Covered Call ETF, trading under BTCC, has been reporting a distribution rate of 47.60% as of late June 2026. Roundhill’s Bitcoin Covered Call Strategy ETF, YBTC, has been promoting distribution rates north of 30% using synthetic covered calls on spot Bitcoin.
How covered calls actually work A covered call strategy involves owning the underlying asset, in this case Bitcoin, and simultaneously selling call options at a predetermined strike price. The seller collects a premium upfront, which becomes their yield. If Bitcoin stays below the strike price when the option expires, the seller keeps both the Bitcoin and the premium. If Bitcoin blows past the strike, the seller has to hand over their coins at the agreed price, missing out on further upside.
Distribution rates in this space currently range from about 12% to over 30% annually, depending on market volatility and how aggressively the strike prices are set.
The competitive landscape is getting crowded Ribbon Finance’s Theta Vaults popularized automated covered call strategies on BTC and ETH from 2023 through 2025.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Binance Earn is excited to launch BTC Yield, a BTC-denominated yield strategy designed for long-term BTC holders. BTC Yield gives a simple way to seek weekly BTC income without actively trading options. BTC Yield is powered by options strategies – specifically, a covered call approach which aims to generate option premium by selling BTC call options. Simply subscribe with BTC in exchange for BTCY, maintain BTC-denominated exposure through BTCY, and become eligible for potential weekly BTC distributions. With competitive APY, large quotas, and direct access through Binance Earn, BTC Yield offers an intuitive way to capture returns from an institutional-grade strategy. Product Highlights: Weekly Distributions: The product seeks to automatically distribute BTC to your Spot Account every week.BTC-related exposure: Your BTCY holdings are BTC-denominated, maintaining BTC-denominated exposure.Professionally Managed Strategy: Executed by Binance team using a covered call strategy that continuously harvests option premiums as yield.Flexible Redemption: Supports both Fast Redemption and Scheduled Redemption (bi-weekly settlement) to meet different liquidity needs.Open-Ended Structure: No fixed maturity date. Yield Mechanism: Users subscribe with BTC in exchange for BTCY; principal and yield are settled in BTC upon redemption. The strategy systematically sells BTC call options and distributes the collected premiums as yield to holders. Realized option premiums each week may be distributed to BTC Yield holders in two ways: BTC Distribution: A portion of yield is automatically distributed weekly to the holder's Spot Account in BTC, proportional to their BTCY holdings. Strategy Value Appreciation: A portion of yield remains in BTC-denominated Yield and is reflected in the daily-updated value, so the BTC amount represented by each BTCY value increases over time. Risk Warning: BTC Yield is not principal-protected. The value of BTCY may fluctuate with market and strategy performance, and loss of your BTC principal is possible. BTC distributions are not guaranteed. How to Get Started: AppStep 1: Tap [More] on the App homepage.Step 2: Go to [Earn] > [BTC Yield].Step 3: Tap [Subscribe] and enter the amount of BTC to commit.Step 4: Read and agree to the terms and tap [Confirm].WebsiteStep 1: Navigate to the [Earn] section, select [Advanced Earn] and click [BTC Yield].Step 2: Click [Subscribe] and enter the amount of BTC to commit.Step 3: Read and agree to the terms and click [Confirm]. Important Risk Warning: BTC Yield is a high-risk product and is not principal protected. Users are exchanging their BTC for BTCY. The value of BTCY may rise or fall as denominated in BTC, and users may receive back less BTC than they originally allocated, including in some cases a significant loss of value or loss of the full amount allocated. Any weekly BTC distribution is not guaranteed and may be zero. BTC Yield uses a covered call strategy, which may limit participation in upward BTC price movements. As a result, BTC Yield may underperform a direct holding of BTC, particularly in strongly rising markets. The product may also be affected by market volatility, options pricing, execution factors, fees, costs and Binance’s valuation methodology. Redemptions of BTC Yield are subject to processing rules, valuation timing, liquidity, operational availability and possible delays. The BTC amount returned on exit is determined by the applicable valuation at the relevant processing time, not the value displayed when the request is submitted. Fast Exit or Scheduled Exit may be unavailable, delayed or subject to limits and fees. BTC Yield is an on-platform book-entry product. It is not an on-chain token, cannot be withdrawn off-platform and cannot be transferred to another user. Participation in BTC Yield also exposes users to Binance credit risk. In the event of Binance’s insolvency, operational failure, or if BTC Yield is suspended or discontinued, users may be unable to exit promptly or recover some or all of their allocated BTC. Users should read the BTCY Product Terms, FAQ, and General Risk Warning. BTC Yield Launch Promotion: Subscribe to BTC Yield with BTC and Share a 100,000 USDC Valued Prize Pool To celebrate the launch of BTC Yield, Binance Earn is running a limited-time exclusive campaign. Eligible users who hold BTCY during the Promotion Period will share a 100,000 USDC valued prize pool, to be allocated to a Discount Buy position. To clarify, rewards are in the form of, and will be automatically distributed, as a Discount Buy position to eligible users’ Earn Accounts. Promotion Period: 2026-07-07 08:00 (UTC) to 2026-07-21 23:59 (UTC) Reward Rules: During the Promotion Period, the system will automatically snapshot eligible users’ BTCY holding balance daily at 16:00 (UTC). After the Promotion Period ends, users will receive airdrop rewards in Discount Buy positions based on their daily average BTCY holding and the rewards structure and caps below. Reward Structure: Eligible Users’ BTCY Daily Average Holding of During the Promotion PeriodShared Prize Pool Amount (Equally Shared, Subject to a Per-User Cap)Per-User Cap0.5 BTCY ≤ Daily average holding < 1 BTCY15,000 USDC50 USDC1 BTCY ≤ Daily average holding < 10 BTCY40,000 USDC300 USDC10 BTCY ≤ Daily average holding < 30 BTCY20,000 USDC1,000 USDCDaily average holding ≥ 30 BTCY25,000 USDC2,500 USDC Reward Calculation: The prize pool for each tier will be equally shared, subject to the per-user cap, among all eligible users of that tier after the campaign ends. Every eligible user within the same tier will receive the same reward amount;Per-User Reward = Tier Prize Pool / Total Number of Eligible Users in that Tier, rounded down to the nearest whole unit;Per-User Cap: The reward for each eligible user in each tier is capped at the maximum reward amount specified in the table above.If the calculated per-user share exceeds the cap, each user will receive only the cap amount, and any remaining pool will not be further distributed.The more eligible users, the smaller each user's share; the fewer eligible users, the larger each user's share (up to the per-user cap).The final list of eligible users and per-user reward amount will be subject to platform verification, including a risk review of all qualifying accounts. Example 1 (below cap): If a tier's shared prize pool amount is 40,000 USDC, the per-user cap is 300 USDC, and 200 users are qualified, each user will receive 40,000 / 200 = 200 USDC (below the per-user cap, each user will receive the full amount).Example 2 (cap triggered): If a tier's prize pool is 25,000 USDC, the per-user cap is 2,500 USDC, and only 8 users are qualified, the calculated share would be 25,000 / 8 = 3,125 USDC, which exceeds the cap. Each user will therefore receive 2,500 USDC only (cap applied). Notes: Minimum Threshold: Users must maintain a daily average BTCY holding greater than or equal to (≥) 0.5 BTCY.Flexible Holding: Subscribe or redeem at any time during the Promotion Period; rewards are calculated based on the daily average of the snapshots.Account Aggregation: Holdings of the master account and its sub-accounts will be aggregated for calculation and are subject to a single reward cap; sub-accounts are not eligible for a separate allocation. Reward Distribution: Rewards will be automatically distributed as a Discount Buy position to eligible users’ Earn Accounts within 14 days (2026-08-04) after the Promotion Period ends.Disclaimer: Discount Buy is a high risk product and your position may go up or down resulting in you not getting back the amount invested. You may be required to trade at a less favourable rate on the Settlement Date. More Information: BTC Yield Product PageFrequently Asked Questions on BTC YieldBTC Yield Product Terms Terms and Conditions: These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification and confirm their participation during the Promotion Period can qualify for rewards in the Promotion. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Holdings of the master account and its sub-accounts shall be aggregated and subject to a single reward cap. Sub-accounts shall not be entitled to a separate allocation.The BTC Yield Terms apply.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-07 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramWhatsAppXFacebookInstagramDiscord Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices can be highly volatile. The value attributable to your BTCY strategy position may go down or up, and you may not receive back the amount of BTC you allocated. By participating in BTC Yield, you are converting your subscribed BTC to BTCY. BTC Yield is not capital protected, and you may lose some or all of your BTC. Any BTC Credits, APY, realised APY, illustrative yield, or similar figures shown in connection with BTCY are for information purposes only, are not guaranteed, may be zero, and refer to BTC-denominated amounts only rather than actual or predicted returns in fiat or any other digital asset such as BTC. BTC Yield uses a strategy that may underperform holding BTC directly, including in periods of strong BTC price appreciation. When you exit BTC Yield, the amount of BTC returned to you will depend on the applicable valuation at the relevant processing time, and this may be higher or lower than the valuation shown when you submitted your request. Fast Exit may be unavailable, and Standard Exit may be subject to processing windows, capacity limits, delays and fees. Binance does not provide financial, legal, tax or investment advice, and you are solely responsible for your investment decisions. For more information, please see the BTCY Terms, Terms of Use and Risk Warning.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
7 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
7 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
7 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
7 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
7 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
7 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
7 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
7 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
7 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
7 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
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.
[PRESS RELEASE – Zug, Switzerland, July 7th, 2026]
Premium virtual assets pioneer BTCS (Middle East) Ltd. is now fully authorized by the Financial Services Regulatory Authority (FSRA) of ADGM, enabling regulated institutional services across the UAE.
Building on its position as Switzerland’s leading crypto financial services provider, Bitcoin Suisse is further accelerating its international expansion. Bitcoin Suisse Group’s subsidiary, BTCS (Middle East) Ltd. (“BTCS ME”) has received Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of ADGM, the international financial centre of Abu Dhabi, marking another significant step toward the Group’s international growth strategy becoming a leading global wealth management partner.
The FSP marks the completion of a thorough, multi-stage licensing process and enables BTCS ME to deliver a comprehensive suite of regulated digital asset financial services to institutional and professional clients in the United Arab Emirates. Bitcoin Suisse brings more than a decade of experience across multiple digital asset market cycles to the UAE. The Group currently safeguards USD 3.7 billion in crypto assets and ranks as the fourth-largest staking operator globally.
With the FSP, clients benefit from the same foundations that have made Bitcoin Suisse a trusted partner to investors, institutions, and blockchain innovators for more than a decade. Across multiple market cycles, Bitcoin Suisse has built a reputation for resilience, combining a robust, proprietary infrastructure with a service philosophy centered on long-term client relationships.
Institutional and professional clients can access a regulated digital asset financial infrastructure designed for sophisticated needs, including managing and hedging digital asset exposure, in a fully compliant environment, institutional-grade custody, and trading approved virtual assets. All supported by a dedicated relationship manager, ensuring access not only to institutional-grade technology and regulatory clarity, but also to personal attention, continuity, and deep expertise. As the market evolves, BTCS ME is also positioned to support clients in accessing tokenized real-world assets in the future.
By combining regulatory strength, operational depth, and a highly personalized approach to client service, BTCS ME is designed to support clients through the next phase of institutional adoption.
Ceyda Majcen, Chief Executive Officer and SEO of BTCS ME, leads Bitcoin Suisse Group’s expansion in the Middle East and brings extensive, long-standing senior leadership experience across the Group.
Receiving the FSP from the FSRA is a major milestone in our international growth strategy. The authorization reflects more than a decade of experience building resilient infrastructure, risk frameworks, and trusted client relationships. We are excited to bring our unique combination of institutional-grade capabilities and highly personalized service to the UAE, one of the world’s most dynamic hubs for digital assets.”
Arvind Ramamurthy, Chief Market Development Officer at ADGM, said “We congratulate Bitcoin Suisse on receiving its FSP from the FSRA. Its expansion into ADGM reinforces the strength and maturity of our digital assets’ ecosystem, which continues to attract leading global institutions seeking regulatory clarity, market access and long-term growth opportunities. As Abu Dhabi further strengthens its position as a leading financial hub in the region, ADGM remains committed to enabling innovation within a robust, internationally recognized regulatory environment.”
About Bitcoin Suisse
Bitcoin Suisse is a leading premium digital assets financial services provider. Founded in 2013 by digital asset experts, it provides a cohesive suite of trading, custody, staking and lending services for institutional clients, digital asset foundations, family offices, asset managers and high-net-worth individuals. Bitcoin Suisse is headquartered in Zug with over 200 employees in Switzerland, Liechtenstein, the United Arab Emirates, and Bermuda. www.bitcoinsuisse.com
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
7 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
7 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
7 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
7 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
7 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
7 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
7 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
7 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
7 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
7 minutes ago
US stock storage sector is generally down in pre-market trading, with Western Digital falling more than 6%.
According to BIT (bit.com) market data, the US stock market's storage sector is seeing broad pre-market declines, with Seagate Technology (STX) down 4.96%, Western Digital (WDC) down 6.14%, SanDisk (SNDK) down 5.43%, and Micron Technology (MU) down 5.46%.
Blockchain trade association the Digital Chamber filed an amicus brief in the New York lost property case seeking ownership of thousands of dormant Bitcoin addresses.
The Monday filing is the second amicus brief in the case. It opposes the claims of ownership, arguing that treating dormant wallets as abandoned property would create a “pervasive cloud on title across self-custody wallets.”
Digital Chamber argues that a ruling based on the plaintiffs’ theory would undermine the “foundational principles of digital property ownership, with negative ripple effects reaching the traditional finance industry.”
The amicus brief was filed in a lawsuit brought by "Noah Doe" and two Wyoming-based companies in late May, seeking ownership of 39,069 dormant Bitcoin addresses, in what could become a test of how inactive crypto may be treated under the state’s lost-property law.
The listed addresses hold an estimated 3.7 million Bitcoin (BTC) worth about $234 billion and include some of the wallet addresses associated with Bitcoin creator Satoshi Nakamoto, according to Sani, founder of analytics platform Timechain Index.
The Digital Chamber files an amicus brief to dismiss the case seeking ownership of 39,069 Bitcoin wallets. Source: iapps.court.state.ny.us
The Digital Chamber describes itself as the oldest and largest digital asset trade association representing over 250 members, including crypto exchanges, banks, investment firms and other industry participants.
Dormant Bitcoin wallets awaken after lawsuitSome of the long-dormant Bitcoin wallets named in the lawsuit have been waking up.
At least 31 of the listed addresses moved 17,527 Bitcoin in June, up from five addresses that transferred 4,834 BTC in February, according to Galaxy Digital head of research Alex Thorn.
Source: Alex Thorn
Bitcoin address "1KV47" transferred 30 BTC, worth about $1.88 million, on Saturday, marking the wallet’s first movement in almost 15 years, since August 2011.
Regardless of the lawsuit's outcome, it is unclear how the plaintiffs could gain control of the assets without holding the private keys to the wallets.
On Thursday, a pseudonymous defendant filed a notice of appearance and motion to dismiss, claiming they control one of the dormant wallets named in the lawsuit.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Vocal cryptocurrency critic and gold advocate Peter Schiff has labelled digital asset treasury Strategy company's evolving business model a "mid-cycle Ponzi."
Schiff has slammed the company's move to sell parts of its Bitcoin reserves in order to fund dividend payments and service corporate debt.
A 'completely different business model'During the initial phases of the company's Bitcoin accumulation, Michael Saylor's firm issued convertible debt and sold stock to purchase the digital asset. Now, Schiff notes, the flow of capital has reversed.
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"Strategy now has a completely different business model," Schiff stated. "Instead of selling common and preferred stock and issuing debt to buy Bitcoin, the new strategy is to sell Bitcoin to pay interest and dividends, pay off debt, buy back shares it sold, and hope that Bitcoin’s price goes way up."
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He pointed out that Strategy spent roughly $17 billion purchasing Bitcoin since October 2025. Yet, the asset's price still experienced severe drawdowns. "If Bitcoin was that weak with Strategy buying $17B, imagine how much weaker it will be with Strategy selling $3.25B, plus more to maintain its minimum U.S. dollar reserve," he warned.
The dividend spiralAccording to Schiff, the current yield on $STRC has spiked to roughly 15% due to price depreciation. "That means to get the price back up to $100, Strategy must raise the dividend rate," Schiff explained.
Schiff believes this creates a negative feedback loop: declining preferred stock prices force higher dividend payouts, which in turn require heavier Bitcoin liquidations. This ultimately puts even more pressure on the asset's price.
Looming downside risks Schiff predicted that Bitcoin's technical support levels are in jeopardy due to fresh selling pressure.
The analyst believes that the $58,000 support level might now hold. "Once it gives way, Bitcoin could collapse below $50,000, testing the August 2024 low," he projected.
Blockchain trade association the Digital Chamber filed an amicus brief in the New York lost property case seeking ownership of thousands of dormant Bitcoin addresses.
The Monday filing is the second amicus brief in the case. It opposes the claims of ownership, arguing that treating dormant wallets as abandoned property would create a “pervasive cloud on title across self-custody wallets.”
Digital Chamber argues that a ruling based on the plaintiffs’ theory would undermine the “foundational principles of digital property ownership, with negative ripple effects reaching the traditional finance industry.”
The amicus brief was filed in a lawsuit brought by "Noah Doe" and two Wyoming-based companies in late May, seeking ownership of 39,069 dormant Bitcoin addresses, in what could become a test of how inactive crypto may be treated under the state’s lost-property law.
The listed addresses hold an estimated 3.7 million Bitcoin (BTC) worth about $234 billion and include some of the wallet addresses associated with Bitcoin creator Satoshi Nakamoto, according to Sani, founder of analytics platform Timechain Index.
The Digital Chamber files an amicus brief to dismiss the case seeking ownership of 39,069 Bitcoin wallets. Source: iapps.court.state.ny.us
The Digital Chamber describes itself as the oldest and largest digital asset trade association representing over 250 members, including crypto exchanges, banks, investment firms and other industry participants.
Dormant Bitcoin wallets awaken after lawsuitSome of the long-dormant Bitcoin wallets named in the lawsuit have been waking up.
At least 31 of the listed addresses moved 17,527 Bitcoin in June, up from five addresses that transferred 4,834 BTC in February, according to Galaxy Digital head of research Alex Thorn.
Source: Alex Thorn
Bitcoin address "1KV47" transferred 30 BTC, worth about $1.88 million, on Saturday, marking the wallet’s first movement in almost 15 years, since August 2011.
Regardless of the lawsuit's outcome, it is unclear how the plaintiffs could gain control of the assets without holding the private keys to the wallets.
On Thursday, a pseudonymous defendant filed a notice of appearance and motion to dismiss, claiming they control one of the dormant wallets named in the lawsuit.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
The Trump administration’s ambition to establish a Strategic Bitcoin Reserve is running into the hard reality of Washington’s legal machinery. The U.S. Treasury, which was supposed to manage the reserve, now faces internal doubts about whether it even has the statutory authority to hold and manage the government’s Bitcoin, according to the original report citing Bloomberg. That legal gap has thrown the project into a bureaucratic review, with officials exploring alternative structures—including shifting custody and oversight to the Commerce Department. The Justice Department’s Office of Legal Counsel is now working with both agencies to find a legally viable path forward.
The uncertainty over the Treasury’s authority reflects a broader problem: the U.S. government still lacks a clear, codified framework for holding digital assets as sovereign reserves. While the Department of Justice routinely seizes Bitcoin via criminal forfeiture and the U.S. Marshals Service auctions it off, the notion of the Treasury actively managing a long-term Bitcoin portfolio crosses into uncharted fiscal territory. That distinction matters. For a reserve to function as anything more than a holding account, the managing agency would need explicit authority to custody, transact, and potentially rebalance the asset—powers that current statutes do not explicitly grant.
The Authority Question The Treasury’s hesitation is not just bureaucratic foot-dragging. The department operates under tightly defined mandates, and introducing a volatile, non-sovereign asset into the government’s balance sheet raises novel legal questions about fiduciary duty, accounting treatment, and liability. The Office of Legal Counsel’s involvement signals that the administration is treating this as a serious structural question, not a political talking point. Moving the reserve to the Commerce Department could sidestep some of those restrictions, but it would also shift the asset away from the financial arm of the government, potentially weakening its perceived stability.
For market participants, the legal tangle is a reality check. The idea of a U.S. Bitcoin reserve has been a component of the bullish institutional narrative for months, helping to anchor the view that sovereign demand would eventually provide a floor for Bitcoin’s price. The revelation that the plan lacks immediate legal grounding could temper that narrative, at least in the short term. It also highlights a disconnect: while Washington debates whether the Treasury can hold Bitcoin, private and public companies, ETFs, and foreign governments continue to build positions. El Salvador’s daily purchases and MicroStrategy’s treasury strategy have become routine, yet the world’s largest economy cannot figure out which department is allowed to hold the keys.
Market Implications of a Delayed Reserve The bureaucratic friction arrives at a sensitive moment for crypto legislation more broadly. A landmark crypto bill is facing intense last-minute resistance from banking lobbyists, illustrating how entrenched financial interests can stall even bipartisan efforts. If a bill with broad industry support struggles to clear the Senate, the path for a strategic Bitcoin reserve—which carries far more political and legal weight—looks even steeper. The delay also raises uncomfortable questions for the administration’s broader digital asset strategy. Without a legal foundation, the reserve concept risks becoming a reputational liability, a headline-grabbing announcement that cannot be implemented without congressional action or a novel legal interpretation that could be challenged in court.
The contrast with the private sector’s embrace of tokenized assets is stark. As the government wrestles with custody authority, traditional finance has quietly moved forward. On-chain real-world assets have crossed $20 billion, with major institutions like JPMorgan and Bullish executing live settlements and large-scale acquisitions. The infrastructure for institutional-grade digital asset management exists; the government just isn’t plugged into it.
What Comes Next for the Idea The next few weeks will clarify whether the administration can force a resolution through executive action or whether the idea requires quiet legislative work behind the scenes. The Office of Legal Counsel’s opinion will be pivotal. A narrow reading of Treasury authority could kill the reserve outright, while a broader interpretation could open the door but invite lawsuits. If the Commerce Department emerges as the designated manager, the structure would be unconventional but possibly faster to implement. The longer the review drags on, the more the market will discount the reserve as a near-term catalyst, treating it instead as a multi-year regulatory puzzle.
What remains uncertain is how the government will handle the Bitcoin it already controls. The U.S. Marshals Service has historically sold seized Bitcoin in batches, a practice that periodically unsettles spot markets. A shift toward a holding strategy—even without a formal reserve designation—would mark a significant change in supply dynamics. For now, the only certainty is that the legal machinery grinds slowly, and Bitcoin’s path to becoming a U.S. sovereign asset is far from assured.
AUTHOR
Farhan Karim is a technology writer and content strategist with 15+ years of experience writing thousands of articles, blogs, whitepapers, and ebooks on Blockchain, Cryptocurrency, and other tech niches. His expertise in content strategy, SEO, and a keen eye on the ever-evolving tech space have led him to work with companies like Pepsi, Huawei, Arab News, and now Blockchain Reporter.
From its all-time high of $126,198 in October 2025, Bitcoin has fallen over 51% to its current price of slightly above $62,000.
Recent releases from three on-chain datasets that came out in quick succession paint a picture that goes beyond a simple price chart: this correction seems to be structurally distinct from the ones that came before it.
The Efficiency Problem Is Real, And It's Not Going Away
On July 1, Ki Young Ju, CEO of CryptoQuant, offered a comprehensive examination of capital efficiency over Bitcoin's cycles.
This research offers a different viewpoint on the idea that "Bitcoin still has 10x left" regarding its potential for growth.
The astounding return of 55,436% was the product of $2.7 billion in net inflows in 2011. A return of around 2,000% was achieved on an investment of $365 billion between 2018 and 2021.
A meager 689% gain has been produced by $697 billion in realised-cap growth in the current cycle.
An injection of about $5 million in fresh cash was necessary in 2011 to accomplish a doubling of the price. Currently, $101 billion is the anticipated sum needed.
It's time to reevaluate Bitcoin's essence, and that's not merely a minor point.
Institutional investors are now needed to make a dent in a market where millions used to be enough to make a dent.
Ju's analysis emphasizes how dire the situation is: Bitcoin needs to gain more than $1 trillion in fresh market capitalization to experience another parabolic leap.
This calls for seeing it as an essential macro allocation instead of just an ETF transaction aimed at ordinary investors.
The market value of gold is over $27 trillion.
About $1.3 trillion is the market capitalization of Bitcoin.
While the gap suggests a bright future, the difficulties in streamlining processes are to blame for the slower pace of development and higher capital needs compared to the plans for 2017 or 2021.
Even if the monetary quantities involved are historically unprecedented, the technical conclusion is that future rallies will look less steep in percentage terms when compared to the last one.
Some important mathematical discoveries were recently brought to light by CryptoQuant, which makes it difficult for anybody to predict if Bitcoin will maintain its 2017 percentage increases.
The Float Is Drying Up - And That Cuts Both Ways
There is a change on the supply side that is arguably more closely related to the present price fluctuations than the efficiency narrative.
A record high of 79% of the supply was held by long-term investors, according to a study published June 15 by K33 Research.
Furthermore, as of June 6, just 218,421 BTC that had been dormant for more than two years were activated, which is the lowest amount seen since the same date in 2012, when just 70,600 BTC had migrated.
During what K33 calls a distribution phase in June 2024, 1.18 million BTC were released from cold storage.
Contrarily, according to on-chain tracker Alphractal, the percentage of long-term holders has risen to 78% from 74% in the last cycle.
Also, in the past few months, some 830,000 BTC have been moved out of temporary wallets.
K33's Vetle Lunde argues that record holder concentration, low reactivation, and dropping trading volume are not signs of fresh selling forces but rather a tendency that usually emerges in the later stages of Bitcoin downturn markets.
Logic dictates that there will be fewer coins available for trade when over 80% of them are dormant.
So, because the order book isn't as strong, prices are more affected by any spike in demand, be it from institutions, individual investors, or ETFs.
The way one sees liquidity dynamics is rather bullish, but it doesn't show whether demand will come through or not.
Investments from ETFs, stablecoin growth, and institutional interest have not yet reached levels that would suggest a long-term recovery, and this is the key point that businesses like Bitfinex, Wintermute, and Glassnode have been stressing.
Although supply-side tightening is critical, it is not sufficient to ensure a market bottom on its own.
CoinDesk data from late June showed that long-term investors were holding almost 5.58 million BTC at a loss, which was the second-highest total ever recorded, second only to March 2020.
Despite this group's total percentage of supply continuing to expand, this occurs. In the same tales, one will find both confidence and hardship.
The P&L Signal: Fourth Time This Metric Has Flashed Since 2022
Among the data points published by CryptoQuant on July 3, the most recent and important aspect stands out.
The realized profit-and-loss ratio of Bitcoin has dropped to -0.35, the lowest level in 43 months.
This slump is reminiscent of December 2022, just after the FTX collapse, when BTC was worth less than $16,000.
Significant market rallies followed readings below -0.35 in 2015 and 2019, according to CryptoQuant's historical data.
This indicator shows how much of the total supply is now making money as opposed to losing money, as calculated on a realized basis.
Capitulation has already taken place, not that it is imminent; according to readings, this is negative.
Crucial is the context.
With a low of around $57,950 achieved on July 1, BTC hit its lowest price in 652 days. In the duration after, it saw a 7% bounce and is now trading between $61,000 and $63,000.
Adam Livingston of Swan Bitcoin points out that the current price of Bitcoin is just 16% higher than its realized value.
Returns of 41% for six months and 81% for twelve months have been achieved in the past thanks to this spread.
Matt Hougan, CIO of Bitwise, brought up the unwinding of Strategy's Stretch (STRC) preferred shares in a recent thread.
There were worries regarding the long-term viability of dividends connected to Michael Saylor's treasury concept when this stock dropped below its $100 par value to about $75 in June.
Instead of portending imminent stress, Hougan posited that this occurrence could have contributed to the system's elimination of unnecessary risk.
The market is currently assessing a clearly defined barrier.
Despite four separate tests this year, $60,000 support has remained strong, and centralized exchange inflows have remained around 50,000 BTC per day, suggesting a tendency of exhaustion rather than aggressive selling, whenever selling pressure has escalated.
If one looks at the daily and weekly charts, one could see a potential "W" reversal forming.
This would coincide with the lower Bollinger Band and show tiny fractal patterns inside the bigger framework, according to experienced technician John Bollinger.
If the price falls below $60,000, it will expose the realized-price region around $53,000, which proponents of the capitulation bottom argument must defend if it is to remain valid.
The Macro Overlay
All of these deals take place within a larger macro framework.
BlackRock's IBIT has led the way in redemptions, with spot Bitcoin ETFs marking their worst month since their launch in June, seeing net outflows of over $4.5 billion.
K33 reports that sales have slowed but have not yet translated into cash inflows.
The markets are still adjusting to the idea of a Federal Open Market Committee headed by Kevin Warsh, and the change in leadership at the Federal Reserve creates substantial uncertainty.
Interest rate policy has always been a major short-term driver for Bitcoin.
There has been a little reduction in the probability of rate rises following a June employment report that was disappointing, adding just 57,000 jobs instead of the expected 100,000+.
With the launch of meinKrypto by DZ Bank for Bitcoin trading and custody under MiCA and the preparations underway for a similar rollout by DekaBank across about 340 German savings banks, institutional plumbing is slowly but surely evolving at the periphery.
But this is more of a demand driver than a flow catalyst.
A future upward rise, should it materialize, will require far more institutional finance than earlier cycles to accomplish comparable percentage increases, according to the synthesis: declining capital efficiency.
The amount of accessible float to absorb that capital is more constrained than ever before due to record-long-term holder concentration.
The market has probably taken a lot of surrender into consideration, as the P&L reading is at a 43-month low.
When taken independently, each data point provides unique insights.
Taken as a whole, they show how the market is structured to facilitate bottom-forming, but a key component, institutional demand on a broad scale, is still up in the air.
Michael Saylor and Strategy faced criticism after announcing the latest BTC sales, as Bitcoin price tumbled to $61K lows before bouncing back. Grayscale argues Strategy’s recent BTC sales are positive for Bitcoin’s long-term price stability and broader markets, rather than bearish.
Grayscale Research Supports Strategy’s Latest BTC Sales $216 million BTC sales by Michael Saylor’s Strategy, a leading Bitcoin digital asset treasury (DAT), may reduce financing risk, Grayscale Research noted.
The crypto firm claimed it would restore market confidence over Strategy’s financing structure as there is nothing wrong with its balance sheet. The largest Bitcoin treasury now holds 843,775 BTC worth nearly $53 billion and has almost $7 billion in debt.
Notably, annual dividend obligations on its preferred equities are less than $2 billion. “Strategy clearly has sufficient financial resources to service its debt and dividend obligations,” said Grayscale Head of Research Zach Pandl.
In addition, Grayscale claimed these BTC sales will support Bitcoin price stability. “In our view, it may help Bitcoin’s price find a more durable bottom,” Pandl added.
STRC Stock Closes Higher Despite Bitcoin Sales Grayscale revealed that the recent $216 million BTC sale by Strategy boosted US dollar reserves to cover almost 17 months of dividend payments. The company now has $2.55 billion in cash reserves.
The Bitcoin treasury announced a framework and monetization program to confirm it would issue shares and sell Bitcoin as needed to maintain sufficient US Dollar reserve cover for its dividend obligations.
Moreover, STRC stock closed 0.81% higher at $88.58 on Monday, suggesting investors are responding positively to the decision. The stock is up 0.51% at $89 in premarket trading on Tuesday. Meanwhile, Binance launched STRC stock trading, allowing traders to gain exposure without needing traditional brokerage accounts.
STRC Stock Rises amid USD Reserve Buildup. Source: Grayscale Meanwhile, MSTR stock is trading 0.80% lower at $99.97 in premarket today. The stock is still up almost 18% in a week as analysts remain bullish on the MSTR stock price. Cantor Fitzgerald has maintained a buy rating on MSTR stock, with a 12-month price target of $212.
Bitcoin price is trading above $63K, with a 24-hour low and high of $61,275 and $64,597, respectively. The positive momentum comes amid first inflows into BlackRock Bitcoin ETF after weeks and seasonality. Furthermore, trading volume has increased by 77% over the last 24 hours.
Navigate the fluctuations of the crypto market by following the trades of experienced traders with our recommendations for Best Crypto Copy Trading Platforms.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
3 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
3 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
3 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
3 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
3 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
3 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
3 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
3 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
3 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
3 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
UBS Group has assigned a "Buy" rating to SpaceX, with a target price of $210.
UBS Group initiates research coverage on SpaceX (SPCX.O), assigns a Buy rating, and sets a target price of $210.
3 minutes ago
Coinbase Secures UK MiFID License, Enabling It to Offer Investment Services in the UK
According to official announcements, Coinbase today announced it has received authorization from UK regulators to offer investment services in the UK. In simple terms, this means Coinbase is no longer limited to crypto-related services, and can now provide traditional financial investment products to UK users. This authorization is not merely a regulatory milestone, but will bring more investment options to UK users. Going forward, institutional investors and professional traders will be able to trade derivatives including cryptocurrencies, stocks, and commodity perpetual futures; retail users will also be able to trade stocks on the Coinbase platform for the first time. Coinbase noted this is just the first step in its product expansion, with more investment services planned for launch in the future.
3 minutes ago
Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
3 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
3 minutes ago
He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
3 minutes ago
Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
While most institutional investors bet on bitcoin, BitMine chooses a different path. This tech giant listed on the stock exchange has just strengthened its position on Ethereum with a purchase of 74 million dollars. For many crypto analysts, this choice contrasts with the Strategy approach. But not only! It could also redefine Ethereum’s place (currently considered the second largest cryptocurrency worldwide) in company balance sheets.
In Brief BitMine has acquired approximately 74 million more dollars in Ethereum. The company now holds 5.74 million ETH, nearly 4.8% of the circulating supply. Over 4.87 million ETH are already staked on Ethereum, generating recurring income. Its chairman Tom Lee believes that the evolution of the US regulatory framework could accelerate institutional adoption of Ethereum. This strategy contrasts with Strategy’s, which remains largely focused on bitcoin. Ethereum: BitMine Approaches Its Goal of 5% of Supply According to data published on July 5, BitMine now holds 5,742,237 ETH. This represents an increase of 42,197 tokens compared to its previous report. The reference price is about $1,759 per token at the time of declaration. This means that the latest Ethereum purchase by BitMine amounts to nearly 74 million dollars.
This announcement is particularly important as it places BitMine at 4.8% of the Ethereum supply. Thus, the company has already covered about 95% of the path towards its stated goal: 5% of the total crypto treasury of the network.
It is even evident that BitMine’s buying pace has accelerated significantly compared to the previous week. The data shows the acquisition of only 27,084 ETH then. However, this latest acquisition remains lower than the six-figure pace that BitMine Immersion Technologies maintained earlier this year.
Good to know: the group’s total holdings now reach $11.1 billion. These include its stakes in Beast Industries and Eightco Holdings, cash, crypto assets, and various investments.
Ethereum Outperforms Bitcoin Thanks to the CLARITY Act According to data, Ethereum outperformed Bitcoin by 6% last week. BitMine chairman Tom Lee attributes this momentum to growing optimism among crypto investors about the imminent adoption of the Clarity Act. On Polymarket, for example, the likelihood that this legislation will be passed by the end of the year is evaluated at about 48 to 50%. This is the highest level in two weeks.
Some crypto figures hope for a vote by the end of summer. This is notably the case for Scott Benson. Note that this bill requires 60 votes to pass. This threshold is uncertain given reservations from several Democratic lawmakers on ethical questions.
For his part, Lee said:
We believe that regulatory clarity is an important step that will allow cryptocurrencies, and particularly smart contract platforms like Ethereum, to benefit from their growing integration into our daily lives.
According to him, the increase in the ETH/BTC ratio in recent days is a sign: the crypto market already anticipates a more favorable adoption of the legislation. To support this thesis, Tom Lee even cites the growing use of Layer 2 Ethereum networks. They now process USDC transactions for players like Shopify and Visa.
Breakdown: the technology is already integrating into mainstream payment infrastructures.
Graph showing the evolution of the ETH/BTC ratio over a 7-day period (Source: TradingView) Ethereum Staking: BitMine’s Financial Engine Versus Strategy Strategy has just sold 3,588 BTC for about 216 million dollars to:
finance its dividends; keep a reserve of 2.55 billion dollars. BitMine’s strategy is quite different. It finances its own distributions through the yield generated by Ethereum staking.
Of its 5.74 million ETH, 4,879,157 tokens are currently staked via the MAVAN platform. This equates to roughly 8.8 billion dollars, or 85% of the company’s total holdings. The seven-day staking yield stands at 2.68% annualized. This has generated a projected income of 235 million dollars per year. This figure could rise to 277 million dollars once all positions switch to MAVAN. This revenue stream funds the BMNP preferred stock payment, whose weekly dividend reaches a rate of 9.5%.
Thus, BitMine and Strategy display two distinct philosophies in crypto treasury management:
on one side, selling assets to meet financial commitments; on the other, generating native yield via Ethereum without having to liquidate the principal capital. A Notable Point: Ethereum Rises, but BitMine Stock Remains Under Pressure Despite this favorable momentum on Ethereum, the BMNR stock still struggles to convince financial markets. The proof: the stock currently trades 49.3% below its 200-day moving average. Data also highlight the formation of a death cross since January. Even worse! June recorded the annual low, close to $12.80.
For investors tracking BMNR, the 20-day moving average level at $15.23 constitutes the first resistance to overcome to trigger a sustainable technical rebound. Conversely, a break below June’s low would reopen the path to a new bearish phase, with no major support identified below this threshold.
This discrepancy between the conviction shown on Ethereum by management and BitMine’s market valuation illustrates ongoing market caution toward crypto treasury strategies, even when the underlying token’s fundamentals improve.
In any case, BitMine’s accumulation of Ethereum reflects a bet on American regulatory clarity. It remains to be seen if the Senate will approve the CLARITY Act. This awaited vote could sustainably redefine the balance between Bitcoin and Ethereum in the crypto market.
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
President Donald Trump has once again thrown his support behind Bitcoin and crypto, giving the market another boost just as blockchain activity continues to strengthen. According to one analyst, Trump’s latest comments, combined with record stablecoin usage and Ethereum’s growing role in finance, suggest the next phase of the crypto bull market could be getting closer.
Trump Says the U.S. Must Lead CryptoDuring a recent speech, Trump called himself a “big fan of crypto” and said the U.S. needs to stay ahead of China.
He said he wasn’t always convinced about crypto but changed his mind after watching the industry grow.
According to Trump, “I’m a big crypto guy only for one reason. If we don’t have it, China is going to have it. They would like to have it. I wasn’t initially. I didn’t know much about it. But I watched it grow, and it’s a huge industry.”
Trump also criticized the previous administration’s handling of crypto, saying regulators tried to hurt the industry through investigations and enforcement. He added that crypto has a “tremendous audience” and suggested his pro-crypto stance helped him win support from the community.
“I went very pro-crypto, as you know, Biden was totally against it. But he had no idea what crypto is. They were very violently against it. What they were doing to crypto was horrible. It’s amazing it survived that onslaught.” Trump said.
The comments came alongside the launch of the new Trump Accounts savings program. While Bitcoin isn’t included yet, Trump hinted that crypto could play a bigger role in the future, keeping investors hopeful.
Stablecoin Activity Hits a RecordAdding to the current crypto outlook, the analyst also pointed to another bullish sign that is stablecoin adoption.
Stablecoin transaction volume reached a record $1.79 trillion in June, indicating that more money continues to flow through blockchain networks.
June 2026 was another record month for stablecoin transaction volume (according to the Allium measure), just ahead of February 2026 pic.twitter.com/oEuT6ueuai
— Zach Pandl (@LowBeta) July 5, 2026 USDT and USDC remain the biggest stablecoins, while Ethereum, Tron, and Solana continue to host most of the supply. According to the analyst, Ethereum and Solana are especially well positioned as the U.S. pushes further into regulated stablecoin adoption.
Ethereum’s Long-Term Story Remains StrongEthereum also received another major vote of confidence from Vivek Raman, who thinks ETH’s long-term potential is much bigger than many investors realize.
Raman said Ethereum could eventually power trillions of dollars in tokenized assets and financial products, making ETH one of the most valuable assets in the crypto economy.
He also repeated his long-term $250,000 Ethereum price target, saying the market still has plenty of room to grow even if it takes time to get there.
With Trump continuing to support digital assets, stablecoin usage reaching new highs, and Ethereum’s fundamentals improving, the analyst says the market is showing signs that the next bull run could be starting rather than ending.
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ETH $ 1,768.06 (0.23%) Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
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Ethereum has recovered from yesterday’s sharp sell-off and is once again testing the crucial $1,800 resistance level. After falling to nearly $1,728 following Strategy’s $216 million Bitcoin sale, ETH has bounced back toward $1,800.
However, this price zone has rejected Ethereum five times over the past month. So, will this be the breakout that finally sends ETH toward $2,245?
What Needs to Happen for Ethereum to Rally?Ethereum’s recent recovery has brought it back to one of its biggest resistance levels. Over the past month, ETH has failed five times to move above the $1,800–$1,830 range, with sellers stepping in every time the price attempted a breakout.
Now, crypto analyst Ali Martinez believes Ethereum is testing the same level again.
According to him, Ethereum is currently testing the 0.8 MVRV Pricing Band, located around $1,796, which has become one of the most important resistance levels on the chart.
Martinez explained that Ethereum’s bullish rally could begin once it successfully closes above the $1,796 resistance and turns it into support.
Martinez Point $2,245 Next As A Major Target Further into the analysis, he also pointed out that another key resistance, known as the TD Sequential Risk Line, sits near $1,816.
If Ethereum breaks above both levels, the next resistance comes around $1,844, which marks the top of the current trading channel.
According to Martinez, clearing all three resistance levels could open the door for a move toward Ethereum’s Realized Price near $2,245.
Ethereum Begins To Outperform BitcoinBacking Martinez’s analysis, popular crypto trader Michael van de Poppe also believes Ethereum is showing improving momentum.
“I don’t think that the bearish divergences are actually applicable to the markets. ETH has a completely different picture at this point; it shows much more strength.”
Looking at the Ethereum daily price chart, ETH is forming a W-shaped recovery pattern, while its recent performance against Bitcoin has been the strongest in more than a year.
He also noted that the bearish divergence seen across many altcoins is not appearing on Ethereum, suggesting ETH continues to show relative strength.
Instead of expecting another major drop, Van de Poppe believes Ethereum has room to move higher in the coming weeks.
Ethereum ETF Saw Inflow For Straight Three DaysIt’s not just Ethereum’s price showing signs of recovery, as institutional interest is also picking up.
According to Farside Investors, U.S. spot Ethereum ETFs recorded $20.7 million in net inflows on July 6, marking the third consecutive day of positive flows. Total inflows over the three days have now reached $64.5 million.
BlackRock’s iShares Ethereum Trust (ETHA) led the inflows, attracting $23.3 million in fresh capital.
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Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
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In recent days, the cryptocurrency market has seen a wave of rebound buying, creating distinct technical patterns among three major assets. While attempts at recovery in Dogecoin and Bitcoin have so far been limited, XRP’s daily chart has shown a noteworthy RSI divergence—a potential early sign of a reversal. Despite these movements, trading volumes across all three cryptocurrencies remain insufficient to confirm a strong market rebound.
Dogecoin’s recovery lacks strong volumeDogecoin has managed to bounce from its local low around $0.07, clawing back some recent losses. However, the technical outlook suggests this is more of a brief relief rally than the beginning of a lasting trend reversal. Low trading activity remains the weakest link in Dogecoin’s latest upward attempt.
Despite modest gains in recent sessions, purchasing interest in Dogecoin lags behind levels seen during past recoveries. Historically, significant Dogecoin rallies have coincided with clear spikes in trading volume. The current situation indicates that buyers have yet to return to the market in force.
The latest green candles on Dogecoin’s chart have formed with relatively low participation, leading analysts to view the move as a temporary reaction rather than a sustained rally.
DOGE continues to trade below all major moving averages, maintaining a bearish technical structure. Even if a short-term bounce materializes, strong selling pressure is expected between $0.08 and $0.09. Since the May peak, Dogecoin’s price action has consistently set lower highs and lower lows, a classic hallmark of a downtrend.
XRP’s bullish RSI divergence stands outXRP has delivered one of the most notable technical signals in recent weeks. Even as its price touched a new local low near $1.05, the RSI indicator did not confirm the drop. This setup, known in the market as a bullish divergence, is often interpreted as an early hint of a potential reversal.
Glossary: RSI, or Relative Strength Index, is a momentum indicator. When price makes a new low but RSI does not, this divergence can signal weakening selling pressure.
This pattern suggests that while sellers can still push XRP to short-term lows, the downside momentum appears to be fading. Nonetheless, the broader trend has yet to turn positive. XRP continues to trade beneath all major moving averages, with the 50-day exponential moving average now acting as the nearest dynamic resistance.
XRP’s bullish RSI divergence is currently the most promising positive signal on its chart, though a meaningful reversal will require both a breakout above resistance and strong trading volume.
Should XRP reclaim ground above the 50-day average, the $1.20 to $1.30 range may come back into play. This area aligns with the 100-day moving average and former support-turned-resistance levels. For now, however, normal trading volumes indicate that the latest recovery has yet to attract broad-based buying.
Bitcoin’s cautious recovery keeps sentiment in checkBitcoin has rebounded from its recent low near $59,000, but current price action fails to confirm a strong trend reversal. The end of June’s sharp sell-off offered the market a brief respite, but the wider technical picture still calls for caution rather than optimism.
The break of the trendline that had supported April and May’s climb triggered a sharp wave of liquidations, erasing much of the preceding gains. While rapid drops can sometimes lead to short-lived rebounds, most analysts do not see the latest move as evidence of a lasting turnaround. Notably, the strongest trading volumes of recent weeks have taken place during sell-offs, indicating distribution rather than accumulation.
For Bitcoin to signal a more reliable comeback, it must first reclaim the 50-day exponential moving average around $63,000, followed by the 100-day average near $66,000. Until these levels are recovered, the current upswing will be viewed as a technical relief rally within a broader downtrend.
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.
Leading cryptocurrencies moved sideways on Monday as high-profile Bitcoin sell-offs were offset by growing optimism for a Strategic Bitcoin Reserve.
Bitcoin Dips And Then RipsEthereum oscillated between $1,728 and $1,820 throughout the day, with trading volume surging 43% over the last 24 hours.
Over $500 million was liquidated from the cryptocurrency market in the last 24 hours, with nearly $300 million in bearish short positions erased, according to Coinglass data
Market sentiment improved from “Extreme Fear” to “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
The global cryptocurrency market capitalization stood at $2.21 trillion, following a modest increase of 0.48% over the last 24 hours.
Stocks Rally To Kick Off Big WeekStocks started the fresh trading week on a high. The Dow Jones Industrial Average rallied 136.46 points, or 0.26%, for a record close of 52,319.20. The S&P 500 gained 0.79% to close at 7,499.36, while the tech-heavy Nasdaq Composite
lifted 1.52% to settle at 26,213.72.
What To Expect Next?Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, reaffirms his Bitcoin thesis, noting a higher low formed and potential tests of recent highs in the days ahead.
“There’s a lot of upside to come if Bitcoin breaks back in the range, as the liquidity will likely flow towards altcoins rather than Bitcoin,” the analyst projected.
Ali Martinez, another influential cryptocurrency commentator, flagged $1,796 as the immediate resistance for Ethereum, with a daily close and hold above it strengthening the case for a rally to the realized price target of $2,245.
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USDT is coming home. Tether is issuing its flagship stablecoin natively on Bitcoin using the RGB protocol, marking a full-circle moment for a token that was literally born on Bitcoin back in 2014 before migrating to Tron and Ethereum.
The commercial rollout is being led by UTEXO, a Bitcoin-native execution and settlement layer that secured $7.5 million in seed funding in March 2026, primarily from Tether itself. The launch is expected within weeks of July 6, 2026, with plans to support various wallets and exchanges including Tether Wallet.
From Omni to RGB: the long road back USDT launched on Bitcoin in 2014 via the Omni Layer, back when Tether was still a scrappy newcomer and Bitcoin was the only game in town.
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Then 2017 happened. Bitcoin’s network got congested, fees spiked, and USDT migrated to faster, cheaper chains. Tron eventually became the dominant rail for stablecoin transfers.
The RGB protocol changes the calculus entirely. Version v0.11.1 has reached mainnet, and it introduces client-side validation. Instead of broadcasting every transaction detail to the entire blockchain, RGB keeps most of the data off-chain while still anchoring settlements to Bitcoin’s security model. The result is faster transactions, lower costs, and meaningfully better privacy.
Lightning Network compatibility is the other headline feature. By routing USDT transfers through Lightning, users get near-instant settlements at minimal cost.
What UTEXO actually does UTEXO is designed as a full execution and settlement layer built specifically for Bitcoin, integrating RGB’s privacy features with Lightning’s speed.
The architecture works by creating new UTXOs for each USDT transfer, while leveraging off-chain routing for the actual movement of funds. This means BTC and USDT swaps could happen without the kind of transaction slippage that plagues on-chain trading on congested networks.
Tether didn’t just invest in UTEXO — it led the $7.5 million seed round. A range of additional integrations are planned beyond basic transfers. Yield products and wallet SDKs are reportedly on the roadmap.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Tether has confirmed that USDT will return to Bitcoin as a native asset through the RGB protocol, with the launch expected within weeks after more than eight years of protocol development.
Summary
Tether is preparing to launch native USDT on Bitcoin through the RGB protocol, with the rollout expected within weeks. The RGB integration will allow USDT to move over Bitcoin and the Lightning Network with native addresses, improved privacy, and lower transaction friction. UTEXO said the launch will bring USDT back to Bitcoin after years of development that allowed Tron to dominate stablecoin transfers. According to an exclusive interview published by Bitcoin Magazine, Tether is working with software company UTEXO to issue USDT natively on Bitcoin using RGB protocol version v0.11.1, bringing the stablecoin back to the blockchain where it originally launched in 2014 through the Omni-Mastercoin Layer.
The rollout is being led commercially by UTEXO, which describes itself as the issuer and distributor of Bitcoin-native USDT in partnership with Tether. Speaking to Bitcoin Magazine, UTEXO co-founder Viktor Ihnatiuk said the company had spent years building the technology needed to make the launch possible with Tether’s support.
RGB brings USDT to Bitcoin and Lightning Built around Bitcoin’s UTXO model, RGB combines client-side validation with the Lightning Network to let users send and receive USDT through native Bitcoin addresses while enabling instant off-chain payments with compatible wallets. According to Bitcoin Magazine, the design also improves privacy because Bitcoin creates fresh addresses for transactions instead of relying on reusable account addresses commonly seen on networks such as Ethereum, Tron and Solana.
The publication added that routing payments through Lightning leaves fewer traces on the public blockchain, while UTEXO’s direct integration with Tether reduces the number of intermediaries involved in issuing and moving the stablecoin.
“We built Utexo so that USDT could move on Bitcoin the way money is supposed to move: instantly, privately, with no surprises on costs,” Ihnatiuk told Bitcoin Magazine, adding that businesses integrating the platform would have more control over transaction costs through its APIs.
Bitcoin Magazine reported that UTEXO has also developed software components needed for commercial adoption, including APIs, a software development kit, user interface tools, and a live mint bridge that allows users to move USDT across multiple blockchains with deterministic low fees through direct integration with Tether. The RGB protocol itself was developed by Bitfinex Research and Development Strategist Federico Tenga.
According to Bitcoin Magazine, Bitcoin-native USDT through RGB is expected to launch within weeks, possibly during July, with wallets, including Tether Wallet, planning support alongside integrations from cryptocurrency exchanges. Ihnatiuk described the release as bringing USDT “back home” to Bitcoin, adding that its success would be important for establishing Bitcoin as a settlement layer for digital assets.
UTEXO targets Tron-dominated stablecoin market RGB has been under development since at least 2016, but repeated delays meant the protocol was not ready during the 2017 cryptocurrency bull market. Bitcoin Magazine said this allowed Tron to become the dominant blockchain for USDT transfers, particularly across developing markets, where it continues to process much of the stablecoin’s activity.
Speaking to the publication, Ihnatiuk argued that users currently face several layers of costs when swapping between Bitcoin and USDT through existing services, including wallet fees, swap provider charges and slippage. He said placing both Bitcoin and USDT on the same settlement layer through Lightning could enable near-instant swaps without the additional costs commonly associated with third-party services.
The report also noted that Tron users must typically maintain TRX solely to pay network fees, creating extra friction for transactions. By comparison, running USDT directly on Bitcoin removes the need for a separate fee token while relying on Bitcoin’s long-established security model.
Historically, RGB traces its origins to Peter Todd’s single-use seals proposal in 2014 before being formalised by Giacomo Zucco and Riccardo Casatta in 2016. Bitcoin Magazine said Tether had explored the protocol years earlier, but adoption was delayed as development progressed under previous teams.
The upcoming rollout follows several Bitcoin-focused products introduced by Tether this year. In April, the companyopen-sourced its Bitcoin-focused Mining Development Kit, giving miners a programmable software layer to manage Bitcoin ASIC fleets and automate operations, while more recently it introduced the self-custodial tether.wallet application with support for Bitcoin, Lightning and USDT.
Tether is looking to re-enter the Bitcoin network with its USDT stablecoin as of RGB protocol v0.11.1. It marks a return to the blockchain where the asset was originally launched in 2014 as part of the Omni-Mastercoin layer.
Tether’s USDT To Make Comeback On Bitcoin UTEXO is spearheading the rollout as they partner with Tether to mint and distribute Bitcoin-based USDT. It is expected to launch in the coming weeks, and wallet providers and crypto exchanges are already working to support the integration.
In his conversation with Bitcoin Magazine, UTEXO’s co-founder, Viktor Ihnatiuk, called the achievement one that had taken years to come to fruition. “Finally, after eight years of development—if not more—we are the company that is launching USDT over Bitcoin with strong support from Tether,” he said.
The RGB protocol is a combination of Bitcoin UXTO security model, client-side validation, and Lightning Network. This will enable users to send and receive USDT from Bitcoin native addresses and facilitate faster off-chain transactions. The design also enhances privacy by bypassing the accounts-based structure that is prevalent on networks like Tron, Ethereum, and Solana.
According to UTEXO, it has developed a software stack. This contains APIs, developer tools, UI components, and a mint bridge for transfers between supported blockchains. Moreover, the company noted they can minimize additional intermediaries and transaction fees through direct integration with Tether.
What Do Officials Say? “We built Utexo so that USDT could move on Bitcoin the way money is supposed to move: instantly, privately, with no surprises on costs,” Ihnatiuk explained the objective, per Bitcoin Magazine report.
The executive also noted the lack of ease with which people are currently able to switch between Bitcoin and USDT on existing platforms. Further, they highlighted how users sometimes end up paying many layers of fees and slippage. He said combining both assets via Lightning would allow for quicker swaps with no such inefficiencies.
After years of delays, RGB was finished by a joint venture between Boosty Venture Studio, Fulgur Ventures and Tether Investments, called UTEXO.
Ihnatiuk emphasized that the launch was crucial and said: “For the first time in eight years or nine years, USDT is coming back home. We have no chance to fail.”
However, before this feat, the USDT stablecoin made an exit from the EU market after not receiving the MiCA license.
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Morningstar: Samsung Electronics' revenue expectations may disappoint investors.
Morningstar analyst Jing Jie Yu said investors may feel somewhat disappointed with Samsung Electronics' revenue outlook. He noted that the company’s projected operating profit is in line with market expectations, but its revenue forecast of 171 trillion won is slightly below the consensus. This underperformance is likely due to DRAM price increases falling short of expectations, which may have spooked investors who were increasingly betting on a structural rally in memory chip prices. As investors grew more cautious, Samsung Electronics’ stock closed down 6.9%, trimming its year-to-date gain to just under 150%.
8 minutes ago
Citi assigns SpaceX a "Buy" rating, with a target price of $200.
Citigroup initiates coverage on SpaceX (SPCX.O), assigning a Buy rating and setting a target price of $200.
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He Yi: Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders.
Binance co-founder He Yi stated in a social media post that "A key metric I’ve long focused on is the value created for users. Since 2022, Binance Earn has cumulatively distributed over $1.2 billion in yields to stablecoin holders. In the long run, the real opportunity lies not only in providing users with market access, but also in helping them continuously generate value from their assets."
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Strive CEO: No need to sell the company's reserve Bitcoin holdings even if Bitcoin falls to 1 cent.
Strive CEO Matt Cole said in an interview that even if Bitcoin falls to 1 cent and remains at that level for 18 months, Strive will face no issues, does not need to take any action, and will not have to sell a single BTC. No price level will trigger a forced liquidation for Strive.
8 minutes ago
US stock storage sector is generally down in pre-market trading, with Western Digital falling more than 6%.
According to BIT (bit.com) market data, the US stock market's storage sector is seeing broad pre-market declines, with Seagate Technology (STX) down 4.96%, Western Digital (WDC) down 6.14%, SanDisk (SNDK) down 5.43%, and Micron Technology (MU) down 5.46%.
8 minutes ago
Nansen has integrated Hyperliquid perpetual contract trading, supporting smart money and on-chain data analysis.
According to official announcements, blockchain analytics platform Nansen has officially launched Hyperliquid Perpetual (Perp) trading functionality, now available to all web and mobile users. Users can execute Hyperliquid perpetual trades directly within Nansen while tracking on-chain activities of Smart Money, whale addresses, and prominent investors, with real-time access to key metrics including funding rates, long-short position ratios, and wallet-level position distributions—enabling an integrated "research-to-trade" experience. Nansen added that the platform has also launched the Hyperliquid Perps Leaderboard, which supports filtering by Smart Money, whales, and top traders, and sorting by performance over the past 7 days, 30 days, or all-time, helping users quickly identify top-performing wallet addresses. Additionally, users can deposit funds from external wallets within the app, bridge assets from connected Solana or Base wallets to Hyperliquid, and receive asset transfers directly from other Hyperliquid addresses. Beyond trading features, Nansen has expanded its data coverage of the Hyperliquid ecosystem, including on-chain activity monitoring for HyperFND and the Hyperliquid Data API. Users can track real-time active HyperEVM addresses, contract deployments, and ecosystem growth, while development teams can access real-time Smart Money perpetual positions, unrealized profit and loss (PnL), account health, full transaction history, and performance data via the API—supporting quantitative analysis, strategy development, and application building.
South Korea’s leading cryptocurrency exchanges, Upbit, Bithumb, and Coinone, have announced they have added the Solana-based memecoin Bonk (BONK) to their delisting watchlist. This decision raises questions about BONK’s future in the South Korean market and serves as a significant risk warning for investors.
Exchanges have announced that BONK has been added to a “delisting watchlist.” Such lists typically indicate that the asset will be more closely examined in terms of its project structure, market performance, liquidity, regulatory risks, or investor protection. The review process may result in the token continuing to be traded, or it may be delisted entirely from exchanges.
The fact that major South Korean platforms with high trading volumes, such as Upbit, Bithumb, and Coinone, are simultaneously taking a similar step for BONK increases the significance of this development for the market. This is because South Korean exchanges can sometimes have a decisive influence on trading volume and price movements, especially in the altcoin and memecoin markets.
Bonk has emerged as one of the best-known memecoin projects in the Solana ecosystem, attracting attention with its strong price increases in the past. However, the inherently high volatility of memecoins can lead to closer monitoring by exchanges. Its inclusion in the delist watchlist indicates that BONK is now considered to be in a higher-risk category.
Experts say that in such situations, investors should focus not only on price movements but also closely monitor official announcements from exchanges, the reasons for the review process, and potential delisting schedules. While BONK’s inclusion on the watchlist is considered a development that could create selling pressure on the token in the short term, the final decision will depend on the exchanges’ subsequent review results.
*This is not investment advice.
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Predict.fun World Cup Knockout Stage: Argentina's Advancement Probability Reaches 85%, Egypt's Upset Probability Only 14%
According to data from prediction market platform Predict.fun, the 2026 FIFA World Cup Round of 16 will feature Argentina vs Egypt. As of press time, the market gives Argentina an approximately 85% chance of advancing, while Egypt holds a roughly 14% probability, with traders generally favoring defending champions Argentina to reach the quarterfinals. Notably, both sides fought 120 minutes to narrowly advance in their previous rounds: Argentina eliminated Cape Verde in extra time, leaving their defensive line and physical condition somewhat tested; Egypt defeated Australia via penalty shootout, securing their best World Cup performance in team history. This match will also mark the first direct World Cup showdown between Messi and Salah.
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Former Tether Chief Investment Officer plans to sell a portion of their 1.26% stake.
Former Tether Chief Investment Officer Richard Heathcote plans to sell part of his stake in Tether, which currently stands at approximately 1.26%. The secondary equity sale is being handled by PJT Partners, and the firm is currently in talks with potential buyers.
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An ETH whale is suspected of exiting via stop-loss, facing a $2.785 million loss if it sells.
According to monitoring by on-chain tracker ai_9684xtpa, address 0x907…CC0a9 deposited 1,988 ETH to Bybit four hours ago, valued at roughly $3.53 million. The address previously built a position of 6,000 ETH at an average price of $3,178.78 on January 20 this year. If it sells all the ETH deposited in this transfer, it will suffer a loss of approximately $2.785 million. Calculated at the current deposit price of around $1,777.49, its position has shrunk by about 44% over more than five months.
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A crypto whale deposited $6.3 million in USDC to Hyperliquid, adding to its short position in HYPE worth $49 million.
According to OnchainLens monitoring, whale address "0xf822" deposited approximately $6.3 million worth of USDC to Hyperliquid roughly 3 hours ago and opened a 3x leveraged HYPE short position. Currently, the address holds around 692,200 HYPE short contracts, with a position value of about $49 million, an entry price of $66.02, a stop-loss price of $70.78, and an unrealized loss of roughly $3.3 million. The address currently has a total of 5 positions, with total holdings valued at approximately $126.8 million and cumulative realized profits of around $4.39 million.
16 minutes ago
Following a slight rebound, selling pressure above SK Hynix has intensified, with over $12 million in short positions suspected to have been placed at the high.
According to Hyperinsight monitoring, South Korean semiconductor stocks plunged today before a slight rebound. On Hyperliquid, SK Hynix (ticker: SKHX) did not see stronger long-term bottom-buying walls; instead, larger sell orders have been placed above the rebound. Calculated based on levels $50 away from the current price: sell orders for SKHX above $1512 total approximately $14.19 million, while buy orders below $1412 are around $8.457 million, making the sell wall roughly 1.68 times the size of the buy wall. The most concentrated sell wall lies in the $1610–$1650 range, with 81 orders totaling ~7,536.813 units, valued at ~$12.189 million. Below, buy orders in the $1300–$1390 range amount to ~$5.737 million, with support scale significantly lower than the selling pressure above. -HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group, set it as an administrator (enable message sending permission), and it will automatically sync on-chain information.
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SpaceX secures the first batch of buy ratings from global brokerages, with Morgan Stanley leading by setting a $300 price target.
Global brokerages have initiated research coverage on Elon Musk’s SpaceX (SPCX.O), with Wall Street forming an initial consensus of a "buy" rating for the stock. At least six brokerages, including Morgan Stanley, Goldman Sachs, and UBS, have assigned buy ratings, citing confidence in SpaceX’s long-term growth prospects, though concerns remain over its profitability and valuation. Morgan Stanley analysts stated in a July 7 report: "SpaceX can massively convert energy into intelligence and commercialize it through consumer and enterprise solutions in the AI era." Its $300 price target ranks first among Wall Street investment banks, implying an 87% upside from Monday’s closing price of $160.42. The bank’s analysts project SpaceX’s stock could trade as low as $75 in a bear case and as high as $600 in a bull scenario, with its revenue expected to reach $319 billion by 2030 and $3.3 trillion by 2040. (Jinshi)
Semiconductor stocks beat both Big Tech and crypto in the first half of 2026. The Philadelphia Semiconductor Index gained 102%, while the Magnificent Seven fell 2% and Bitcoin (BTC) lost 33%, according to Deutsche Bank and CoinGecko data.
Wall Street banks now disagree about the second half. Goldman Sachs expects investors to keep backing chipmakers, while Morgan Stanley argues the trade has already started to unwind.
How Semiconductors Beat Big Tech and Crypto in H1 2026Deutsche Bank’s half-year scoreboard ranked the Philadelphia Semiconductor Index as the best-performing major asset in the world. The benchmark gained 102% between January and June, according to a chart shared by Schaeffer’s Investment Research.
Korea’s chip-heavy KOSPI followed with an 89% gain, while Japan’s Nikkei added 35%. In contrast, the Nasdaq rose just 13% and the S&P 500 slightly under 10%.
The Magnificent Seven, the group that carried US markets for two years, ended the half 2% lower.
H1 2026 returns by asset, showing semiconductors beat Big Tech and crypto / Source: BeInCryptoCrypto fared even worse. Bitcoin slid 33% in the first half, falling from roughly $87,500 to below $59,000, CoinGecko data shows. Ether (ETH) dropped 47%, and Solana (SOL) fell 41%. Traditional hedges offered no shelter either, as gold slipped 7% and silver lost 18%.
ETF flows tell the same story. The VanEck Semiconductor ETF climbed 72%, and the iShares Semiconductor ETF gained 99%, while the Roundhill Magnificent Seven ETF declined slightly.
Meanwhile, a shortage of memory and storage has led chipmakers to raise prices as the industry approaches $1 trillion in annual revenue.
SOX vs MAGS / Source: TradingviewGoldman Backs the Earners While Crypto Trades Like a SpenderGoldman Sachs derivatives specialist Brian Garrett explained the divergence in a client note last week, as reported by Stocktwits.
“One of the reasons for the decrease in Mag7 exposure seems almost too simple as it’s been hiding in plain sight for months. The market is rightly rewarding the names that earn (capex beneficiaries, semiconductors, etc) while at the same time questioning the names that spend (hyperscalers).”
Hyperscalers such as Microsoft, Amazon, Meta, and Google pour hundreds of billions of dollars into data centers. Markets increasingly treat that spending as a cost without a proven payoff.
Meanwhile, companies that sell chips, memory, and equipment recognize revenue today.
That logic hits crypto hardest. Bitcoin earns nothing from the AI buildout, so it traded alongside the spenders rather than the earners. The pressure intensified after Michael Burry’s bubble warning sent memory stocks sliding this month.
The same split appeared inside the crypto market. Render (RNDR) gained 17%, and NEAR Protocol (NEAR) added 18% in the first half, while most majors fell over 30%, per CoinGecko. Both tokens sell exposure to computing power, the scarcest resource of this cycle. However, the pattern is not universal, as Bittensor (TAO) and Fetch.ai (FET) still declined.
H1 2026 crypto returns, AI compute tokens vs majors / Source: BeInCryptoBitcoin miners occupy the middle ground. Riot Platforms keeps selling BTC while funding its AI pivot, and rival miners chase similar data center deals.
Morgan Stanley Sees the Chip Trade TurningMorgan Stanley strategist Michael Wilson argued on Monday that chip momentum is fading as investors rotate toward hyperscalers, Bloomberg reported. The Philadelphia index has dropped almost 14% from its June record, though it remains 123% higher since September.
Cracks appeared before July. A blowout Micron forecast failed to sustain the rally, and the KOSPI triggered circuit breakers in June. Wilson, therefore, favors hyperscalers in the near term and expects them to soften spending plans.
JPMorgan strategist Mislav Matejka believes the rally will broaden beyond technology in the second half.
“AI is unlikely to be the only story in town.”
For crypto, this debate matters more than it appears. If capital exits the crowded chip trade and hunts laggards, Bitcoin ranks among the largest liquid laggards available. The token trades near $61,626 after a weekend short squeeze briefly lifted it toward $64,000.
Still, no major bank has named digital assets as the next rotation target. The coming weeks will show whether hyperscaler earnings confirm the turn, and whether any freed capital finds its way back to crypto.
