Track market-moving stories before they get noisy

Ethereum [ETH] is showing early signs that investor appetite is rotating in its favor, with capital flowing toward the asset and away from rivals, most notably Bitcoin [BTC].

At press time, ETH was now closing in on the $2,000 mark, having climbed 2.32% over the past 24 hours as steady capital inflows continue to push its price higher.

ETH/BTC ratio breaks a 301-day resistance line Notably, the ETH/BTC ratio has breached a descending resistance line that had capped it for 301 days. The ETH/BTC ratio measures the flow of capital between Ethereum, the second-largest cryptocurrency, and Bitcoin.

When the ratio climbs, it typically signals that investors are rotating capital into Ethereum, preferring Bitcoin. This marked a shift in relative demand between the two assets.

Source: TradingView A closer look at the chart shows the breakout has been building for roughly twenty days.

Over that stretch, sixteen bullish candles have formed against just four sessions that closed below their opening price, a spread that leans heavily toward buyers.

That balance points to sustained momentum rather than a single, one-off move, and it suggests the rally has room to extend further. Should the surge hold its current path, the ratio still needs to clear a resistance hurdle at the 0.032 level before it can press on.

What’s driving Ethereum’s surge The clearest driver traces back to spot U.S. Ethereum exchange-traded funds (ETFs), which have now recorded two consecutive trading days of net inflows.

SoSoValue data shows that between the 14th and 15th of July, these funds pulled in a combined $112 million, split across $58.34 million and $53.83 million, respectively.

Source: CoinGlass The inflows follow a softer-than-expected Consumer Price Index (CPI) reading of 3.5%, below the projected 3.8%, a cooler print that has encouraged capital back into risk assets such as Ethereum. Away from the ETFs, on-chain accumulation has been quietly building on a broader scale.

Ethereum Exchange Reserves, which track how much of the asset sits in exchange wallets and is readily available to sell, have fallen by roughly 225,000 ETH over the twelve days since the 4th of July. It slid from a high of 15.565 million ETH to 15.340 million at press time.

In dollars, investors have moved roughly $428.85 million off exchanges and into private wallets, a shift that reflects the depth of the accumulation.

Is altcoin season setting in? The larger question is whether the market is now edging into an altcoin phase, the stretch in which altcoins begin recording outsized gains against the majors.

That question matters because the ETH/BTC chart often doubles as a proxy for altcoin momentum, and a sharp climb in the ratio has historically tended to precede a broader altcoin run.

Source: CoinGlass For now, CoinGlass’s Altcoin Season Index suggests the market has yet to enter that phase. A reading of 52 points to moderate flows and offers no firm confirmation of a major altcoin rally.

Final Summary Money is quietly moving into Ethereum ahead of rivals, pushing its price back toward $2,000. There are signs that investors are positioning for further gains rather than looking to sell.

One of the EF's most versatile protocol researchers just left for Ethlabs, saying serious protocol work now has "a credible shot" outside the Foundation.

Listen

0

0:00 0:00

Subscribe to Bankless or sign in

Francesco D'Amato, a five-year veteran of Ethereum Foundation Research, announced today he's joining Ethlabs, the independent nonprofit R&D lab founded last month by his former EF colleagues.

Status update: I am moving from the Ethereum Foundation to Ethlabs @ethlabs_org, joining the team to accelerate protocol work in the age of Ethereum adoption.

In 5 years at EF Research, I have worked on research and specification of a wide range of Protocol R&D: mev, consensus,…

— Francesco (@fradamt) July 16, 2026 What's the Scoop?A heavyweight hire: D'Amato's fingerprints are on much of Ethereum's consensus-layer roadmap, e.g. single slot finality research, PeerDAS, MEV work, and censorship-resistance mechanisms like FOCIL. He's known for ranging across hard protocol problems. In his words: On the move, D'Amato wrote that for the first time in his Ethereum research career, there's "a credible shot" at serious protocol work happening outside the EF, which is a big statement from someone who spent half a decade inside the Foundation.Ethlabs' bench deepens: The lab was founded by senior ex-EF researchers including Ansgar Dietrichs and Barnabé Monnot, with backing from Bitmine, Sharplink, and Joe Lubin (the same trio anchoring this week's EthSystems launch). Their aim is to accelerate Ethereum as the settlement layer for the global economy while publishing research openly.The bigger migration: The move continues a talent flow out of the EF amid its downsizing and refocus this year, with spin-outs like Ethlabs, EthSystems, and Ethereum Institutional each claiming a lane that the leaner Foundation is vacating. As such, Ethereum's R&D scene is quietly restructuring from a single foundation into a network of specialized, well-funded nodes.
0

Written by Bankless

796 Articles • View all      

It’s time to break up with your bank, and join the movement for a better world.

No Responses

Search Bankless

Ethereum captures 74% of tokenized ETF market as inflows surge over past year

MegaETH shuts down Mega Mafia incubation program, says 'most successful projects are no longer built on it'

Apple closed up 1.76% to hit another all-time high, with positive momentum from Apple Intelligence's China localization continuing to build.

According to market data from BIT (bit.com), Apple closed 1.76% higher in U.S. stock trading, hitting a record high of $333.26 per share, and rose an additional 0.47% in after-hours trading. On the news front, on July 15, Apple Intelligence completed its first domestic generative AI filing in China. Alibaba’s Qianwen AI will be integrated into Apple Intelligence as its AI capability, providing Chinese users of iOS, iPadOS, macOS, and visionOS with services including text and image understanding, content generation, and more—allowing users to experience these features directly without switching between apps. In addition to Alibaba’s Qianwen AI, Baidu’s AI capabilities will also be integrated into Apple Intelligence, marking the official implementation of Apple’s localized AI strategy in the Chinese market.

5 minutes ago

Japanese storage chip firm Kioxia dropped over 10% intraday, with its market capitalization now halved from its June peak.

According to Bitget market data, Japanese storage stock Kioxia plunged more than 10% intraday, its market capitalization has halved from the June peak, and the Nikkei 225 index is currently down 2.18% intraday.

5 minutes ago

The first Federal Reserve official to call for interest rate hikes since Powell took office has emerged, with Lorie Logan backing rate increases to combat high inflation.

The first Federal Reserve official to call for a rate hike since Walsh assumed office has emerged. Earlier today, Fed official Logan said the central bank should raise interest rates to tackle high inflation – a remark signaling she may be prepared to vote against keeping rates unchanged later this month. Logan added that June inflation data released Tuesday shows price growth is moderating, but not enough to convince her inflation has returned to the Fed’s 2% target trajectory.

5 minutes ago

Morgan Stanley and JPMorgan Chase will provide $50 billion in acquisition financing and serve as advisors for the PayPal acquisition deal.

Sources say JPMorgan Chase and Morgan Stanley will provide $50 billion in acquisition financing and act as advisors for the PayPal (PYPL.O) takeover. Fifteen days prior, Stripe — the world’s largest private payments company — and U.S. private equity firm Advent International jointly proposed to acquire the long-standing online payments giant PayPal at $60.5 per share, valuing the company at over $530 billion total, a roughly 28% premium over PayPal’s Tuesday closing price, backed by approximately $50 billion in financing commitments from multiple banks. Under the deal terms, Stripe and Advent will each hold a 50% stake in PayPal.

5 minutes ago

JPMorgan: Strategy’s increased cash reserves send a positive signal, and demand for Bitcoin futures has also improved.

JPMorgan analysts noted in a recent report that Strategy has recently increased its U.S. dollar reserves from $2.55 billion to $3 billion, enough to cover roughly 20 months of preferred stock dividend payments, an encouraging sign for Bitcoin’s outlook. If Strategy can rebuild its U.S. dollar reserves to a level covering two to three years of dividends, it will ease market concerns that the company may be forced to sell Bitcoin in the future to cover preferred stock dividend payments. Meanwhile, despite sharp recent volatility in spot Bitcoin ETF flows, both Bitcoin futures and perpetual contracts on the Chicago Mercantile Exchange (CME) recorded net inflows this week—flows typically driven by institutional investors rather than retail, in contrast to the outflows seen in spot ETFs. Additionally, leveraged ETFs linked to Strategy have seen relatively stable, positive net flows over the past seven weeks, driven mainly by retail buying, which has supported Strategy’s common stock price and prevented it from falling below the net asset value of its Bitcoin holdings. Strategy President and CEO Phong Le stated earlier this week that the company’s balance sheet is very secure; it will only begin to worry about debt-related risks if Bitcoin falls to roughly the $8,000–$10,000 range, and plans to issue more shares after STRC preferred stock returns to its $100 par value to further accumulate Bitcoin and expand its U.S. dollar reserves. JPMorgan also reiterated that Strategy is not a major structural threat to Bitcoin; a larger risk lies in the promotion of blockchain technology through permissioned systems, which does not benefit public blockchains or their tokens.

5 minutes ago

The Nikkei 225 index opened sharply down 3.00%.

According to Bitget market data, the Nikkei 225 index plunged 3.00% at opening and is currently trading at 64,828.46 points. South Korean stock markets are closed today for Constitution Day.

5 minutes ago

After its earlier rally failed to create a sustainable market structure, Cash Cat is still under a lot of pressure. At $0.098, which is below all three of the hourly chart's exponential moving averages, CASHCAT is trading hands. At roughly $0.105, the short-term EMA is the closest dynamic resistance. 

Cash Cat slows downAbove that, the medium-term averages are located close to $0.125 and $0.133, forming a wide cluster of resistance that buyers would have to overcome before a plausible trend reversal could occur. The current bearish structure is strengthened by their downward slopes. Since hitting the $0.22-$0.23 range, CASHCAT has created a series of lower highs and lower lows. 

CASHCAT/USDT Chart by TradingViewFollowing the token's loss of the $0.14 region and subsequent sharp decline toward $0.10, the strongest recent breakdown took place. The repeated failure of attempts to stabilize above $0.10 indicates that sellers continue to be active whenever the price experiences a slight rebound. 

HOT Stories

At the psychologically significant $0.10 level, the token is currently consolidating. There is immediate support between $0.093 and $0.095, where buyers have previously generated multiple rebounds. CASHCAT may be exposed to the most recent low of $0.087 if it moves decisively below this region. 

You Might Also Like

Before about $0.08, losing that level would leave little technical support. The Relative Strength Index is still below the neutral level of 50, but it has recovered from oversold territory to close to 42. This suggests that bearish momentum has somewhat abated without giving buyers back control. 

CASHCAT must first recover $0.105 and remain above the declining short-term EMA in order to improve its short-term outlook. It would be necessary to move above $0.125 for a more robust recovery. Until then, the current consolidation does not appear to be the start of a long-term reversal, but rather a brief stabilization within a broader downtrend.

Dogecoin's Most Recent LowsDue to buyers' inability to create sufficient momentum for a significant recovery, Dogecoin is still stuck close to its recent lows. On the daily chart, DOGE is trading at $0.0737, near the lower edge of its current range and below all significant exponential moving averages. 

The first immediate resistance level is the 20-day EMA, which is currently close to $0.0765. Stronger resistance is still present close to the 100-day EMA at $0.0893, while the 50-day EMA is situated around $0.0819. At about $0.1057, the 200-day EMA is significantly higher. The fact that all four averages are falling indicates that sellers are still in the lead overall. 

DOGE/USDT Chart by TradingViewDogecoin's most recent drop started in late May when the price was unable to stay above $0.10. The breakdown that followed forced DOGE through the $0.09 support area and below $0.08. The token has mostly moved sideways between roughly $0.071 and $0.078 since late June, indicating that selling pressure has decreased but buyers have not yet established a reversal. 

You Might Also Like

The Relative Strength Index is nearly 40. Although it is still below 50, this is an improvement over earlier oversold readings and does not indicate a clear shift toward bullish momentum. During the consolidation, trading volume has also decreased, indicating less involvement as opposed to aggressive accumulation. The area between $0.070 and $0.072 is the most crucial support. 

The psychological $0.06 level may then become significant if DOGE breaks cleanly below this range and moves toward $0.065. Recovering $0.0765 would be the first indication of improvement. The wider bearish structure would then need to be challenged by DOGE breaking above $0.082. The current sideways movement is susceptible to another downward extension until those levels are restored. 

Ethereum's Comeback FueledFrom the June lows of about $1,500 to nearly $1,950, Ethereum has experienced one of its strongest comebacks in months. ETH's short-term structure has significantly improved as a result of the rally, but it is now getting close to a significant technical barrier that will decide whether this move is a relief rally or a complete trend reversal. 

Ethereum's successful comeback above the 20-day and 50-day exponential moving averages is the most significant development. These averages, which are at roughly $1,776 and $1,746, respectively, have moved from resistance to support. Throughout early July, buyers consistently defended these levels, laying the groundwork for the most recent breakout. 

ETH/USDT Chart by TradingViewThe true difficulty, though, is directly overhead. Recently, ETH tested the 100-day EMA close to $1,944 and faced selling pressure right away. Given that every significant attempt at recovery since the start of the wider decline has been capped by the 100-day average, the current rejection is not shocking. During the most recent push higher, volume has increased, which is beneficial. 

This rally has drawn significant participation as opposed to merely short-covering activity, in contrast to earlier bounces. Simultaneously, the RSI has increased to roughly 63, indicating significant momentum without entering extremely overbought territory. The sessions that follow are crucial. The road to the psychologically significant $2,000 level opens up swiftly if Ethereum can recover and stay above $1,950. 

You Might Also Like

The asset would be within striking distance of the 200-day EMA near $2,215, which continues to be the ultimate trend-defining resistance level, if it broke above $2,000. Support is currently between $1,775 and $1,800 on the downside. 

Bulls maintain control of the short-term trend as long as ETH stays above that level. As of right now, Ethereum's chart appears to be in the best shape since the June crash. Before declaring a full trend reversal, the market must demonstrate that it can get past the dense resistance cluster around $1,950–$2,000.

Stellar's Important SetupAmong the bigger altcoins, Stellar is quietly developing a strong technical setup. XLM is currently trading right inside a significant moving-average cluster, which could be a volatility implosion point for the upcoming weeks, in contrast to many assets that are still stuck below important averages. 

XLM/USDT Chart by TradingViewThe token is trading around $0.192, comfortably above its 50-day EMA at $0.187 and above its 20-day EMA at $0.191. After months of consolidation, these levels are now providing support. More significantly, the 100-day and 200-day moving averages are currently being contested by Stellar in the vicinity of $0.198–$0.201. 

Throughout June and July, advances have been repeatedly thwarted by that resistance zone. Sellers haven't been able to push XLM back below $0.18, but every attempt to create a breakout above $0.20 has failed. As a result, a larger directional move is frequently preceded by a tightening range. 

You Might Also Like

With the RSI close to 51, the market is balanced and lacks a definite momentum advantage. Since it provides ample opportunity for momentum expansion in either direction, this neutral reading actually supports a breakout scenario. 

The recent consolidation following Stellar's explosive rally in late May is one positive indication. Rather than completely reversing course, XLM has taken several weeks to absorb gains while holding onto the majority of its higher price range. In general, this behavior is healthier than a sharp retracement. 

The key level is still $0.20 for bulls. Stellar would be above both its 100-day and 200-day moving averages at the same time if it maintained a close above that area. This would create a strong technical signal that might lead to a move toward $0.22 and possibly $0.24. 

Support stays close to $0.187 and then $0.18 if resistance holds again. Stellar continues to have a positive outlook and is one of the few altcoins that actively challenges long-term resistance rather than trading significantly below it, as long as those levels remain intact.

@TRowePrice, the $1.8 trillion asset manager, has listed the T. Rowe Price Active Crypto ETF under the ticker $TKNZ on NYSE Arca, marking what the firm describes as the first actively managed multi-token spot crypto ETF to reach the market.

How the Fund Works Unlike passive index-tracking products, $TKNZ can hold between 5 and 15 digital assets from an eligible universe of 15 tokens, with portfolio managers rotating among them based on fundamentals, valuations, and momentum. The eligible universe includes Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others.

Blue Macellari leads the ETF alongside four co-portfolio managers, leveraging T. Rowe Price's research-driven active investment strategy. She is joined by Stefan Hubrich (21 years of experience), David Kroger (9 years), Sean McWilliams (17 years), and Dante Pearson (13 years).

The ETF carries a 0.75% management fee, with a fee waiver in place through May 31, 2027. That puts it at a clear premium over passive single-coin Bitcoin funds, though the active mandate is the explicit justification for the higher cost.

Why It Matters It marks the first time a traditional asset manager of T. Rowe Price's scale, a firm that oversees approximately $1.9 trillion in assets predominantly for pension funds, retirement savers, and institutional clients, has received regulatory clearance to offer a regulated crypto product to its distribution network.

The active management structure differentiates $TKNZ from existing passive products, allowing the portfolio team to reduce exposure during downturns and increase it during periods of structural support, a feature that could appeal to institutional risk managers who have flagged volatility as the primary barrier to allocation.

For U.S. retail investors accustomed to accessing markets through mutual funds and ETFs, the product offers a way to gain diversified crypto exposure without opening a dedicated crypto exchange account. Single-coin ETFs opened the door for institutional participation in digital assets. With $TKNZ, the stock pickers are now inside.

Sources:
T. Rowe Price official press release: Active Crypto ETF launch
SEC filing: T. Rowe Price Active Crypto ETF (TKNZ) Form FWP
Crypto Times: T. Rowe Price Debuts Active Crypto ETF TKNZ

Bitcoin

16 July 2026 | 20:23 E*TRADE from Morgan Stanley completed the rollout of spot cryptocurrency trading on July 16, allowing eligible US clients to buy, sell, and hold Bitcoin, Ethereum, and Solana through its website and mobile application.

Key Takeaways E*TRADE has completed the rollout of spot trading for Bitcoin, Ethereum, and Solana. Trades carry a flat 0.50% commission with no additional spread fee or markup from E*TRADE. Crypto is currently held in a separate Zero Hash account and cannot yet be transferred to an external wallet. Solana gains access to a large brokerage audience, but that does not immediately translate into activity on the Solana network. According to the official information from the company, clients do not need to fund a separate crypto balance manually. Cash in the linked brokerage account provides the buying power, with funds moving between the accounts when a trade settles.

Morgan Stanley reported 8.7 million self-directed households as of June 30, 2026. That figure describes the service’s potential distribution network rather than the number of immediate crypto users. Clients must still qualify for and open a separate non-brokerage account provided by Zero Hash.

The Distribution Is More Important Than the Asset List Bitcoin and Ethereum are increasingly standard additions to institutional crypto products. Solana’s inclusion is more notable because E*TRADE launched with only three supported assets, placing SOL beside the two largest cryptocurrencies rather than introducing it through a broader catalogue.

The immediate advantage is reduced friction. An investor who already holds cash or securities at E*TRADE can add direct crypto exposure without opening and funding an account at a dedicated exchange. Crypto positions can also be viewed alongside the rest of the investor’s portfolio.

That convenience could expand demand for all three assets, but the size of E*TRADE’s customer base should not be treated as expected trading volume. Morgan Stanley has not disclosed how many households have opened crypto accounts, how much volume the service has processed, or how activity is divided between BTC, ETH, and SOL.

What the 0.50% Fee Costs Against Rivals According to E*TRADE’s official crypto pricing, every transaction carries a commission equal to 0.50% of its notional value. E*TRADE says there is no additional spread fee or markup.

$100 trade: $0.50 commission $1,000 trade: $5 commission $10,000 trade: $50 commission The comparison with other platforms is less straightforward. Coinbase Advanced varies its maker and taker fees according to order type and 30-day trading volume, so some users may pay less than 0.50% and others more.

Robinhood does not charge a separately stated commission under its default market-maker routing, but the execution spread still creates a cost. In Robinhood’s own example, a $100 purchase with a 0.96% buy spread carries $0.96 in spread cost. Applied to a $1,000 order, the same illustrative spread would equal $9.60, although the actual spread changes with the asset and market conditions.

For an occasional investor, E*TRADE’s advantage is predictability: a $1,000 order costs $5 before any later sale. Frequent traders should calculate both sides of the transaction, because buying and later selling $1,000 of crypto would produce approximately $10 in commissions if the value remained unchanged.

What Customers Can and Cannot Do The service is currently available through the main E*TRADE website and mobile application. Support for Power E*TRADE is still listed as coming soon.

According to E*TRADE’s crypto account documentation, the main trading conditions are:

Platform Specifications Assets

BTC, ETH, SOL

Trading Hours

24/7 Always Open

Order Types

Market & Limit

Order Size

$10 – $500k

Precision

8 Decimal Places

Transfers

Not Available

Who Is E*TRADE Crypto Actually For? The service is most useful for investors who already manage stocks, funds, and cash through E*TRADE and want a small allocation to BTC, ETH, or SOL without opening and funding a separate crypto exchange account.

It May Be a Good Fit For: Existing E*TRADE clients who want crypto displayed beside their traditional portfolio. Occasional buyers who prefer a fixed and visible commission over a variable fee structure. Investors seeking price exposure without managing wallet addresses, private keys, or blockchain transactions. Users focused only on BTC, ETH, and SOL rather than a broad selection of smaller assets. It Is a Weaker Fit For: Active traders whose cumulative 0.50% commissions could become expensive. Self-custody users who want to control their own private keys. Onchain participants who intend to stake SOL, use Ethereum applications, access DeFi, or send crypto to another person. Altcoin investors who need access beyond the three supported assets. The product is therefore closer to an integrated brokerage service than a full crypto platform. Its strongest feature is convenience, while its main limitation is the lack of control and utility available through a self-custodied wallet.

How Existing E*TRADE Clients Activate Crypto Trading E*TRADE clients do not receive crypto trading automatically. They must open a separate Zero Hash account and link it to an eligible individual brokerage account.

According to E*TRADE’s official account and trading walkthrough, an existing client follows this route:

1

Navigate to Profile

Log in to etrade.com and head straight to your Profile section.

2

Access Trading Features

Go to “Account Preferences,” then select “Additional Trading Features.”

3

Select Crypto Option

Choose “Crypto powered by Zero Hash” from the list.

4

Link Your Account

Pick the brokerage account you want to connect to the crypto portal.

5

Accept & Confirm

Review the agreements and wait for your application approval.

On the web platform, users open Trading and select Crypto. In the mobile application, they tap Trade, select Crypto under Security Type, and choose BTC/USD, ETH/USD, or SOL/USD.

The order ticket supports market and limit orders. Before submission, the preview screen displays the estimated commission, total cost, selected quantity, and available purchasing power.

Crypto Taxes Are Easier to Track, but Not Automatic Trading through a traditional brokerage interface does not place crypto outside US tax rules. Selling BTC, ETH, or SOL for dollars generally creates a reportable capital gain or loss based on the difference between the sale proceeds and the investor’s adjusted cost basis.

E*TRADE states that Zero Hash will furnish Form 1099-DA and make it available through the E*TRADE Tax Center. The form reports proceeds from digital-asset dispositions and may also include cost-basis information where applicable.

That should make record collection easier than trading across several exchanges and wallets, but it does not calculate the investor’s final tax liability. The IRS requires taxpayers to report their digital-asset income, gains, and losses even when a form is missing or does not contain all the necessary basis information.

For a simple buy-and-hold investor, the process may remain relatively manageable. Frequent buying and selling can produce many separate taxable disposals, making the transaction history, acquisition dates, commissions, and cost basis important at tax time.

The 0.50% trading fee also affects the calculation. Transaction costs may be included when determining the acquisition basis or the amount realized on a sale, depending on the transaction. Investors with substantial activity should confirm the treatment with a qualified US tax professional.

No Withdrawals Means No Onchain Control E*TRADE clients can buy, sell, and hold the three supported assets, but they cannot currently transfer them to an external wallet. In plain English, customers receive economic exposure to the assets without direct control over their private keys.

That Creates Practical Limitations: ETH bought through E*TRADE cannot be used to pay Ethereum network fees. SOL cannot be moved into a personal wallet for staking or use across Solana applications. BTC cannot be transferred to a hardware wallet for self-custody. None of the supported assets can currently be sent to another person or deposited into a DeFi protocol. Solana’s inclusion is still notable because E*TRADE launched with only three assets, placing SOL beside Bitcoin and Ethereum. For now, however, that creates brokerage demand rather than direct activity across Solana applications, staking protocols, decentralized exchanges, or payment services.

The assets are held in the customer’s separate Zero Hash account rather than being custodied by Morgan Stanley. They are not covered by FDIC insurance or SIPC protection.

Morgan Stanley expects transfer functionality to launch later in 2026, but final details such as withdrawal limits, supported wallet types, transfer fees, and eligibility requirements have not yet been published.

Until transfers become available, the service is best understood as a convenient way to trade crypto prices inside E*TRADE, not as a replacement for a wallet or a full crypto exchange.

Morgan Stanley Is Building More Than a Trading Feature The E*TRADE rollout is one part of a broader digital-asset strategy.

In April, Morgan Stanley Investment Management launched the Morgan Stanley Bitcoin Trust with a 0.14% sponsor fee. Later that month, it introduced a Stablecoin Reserves Portfolio designed for regulated issuers that need eligible reserve assets.

Strategic Business Pillars

Direct Retail Trading:
Empowering individual investors through seamless integration with E*TRADE.

Regulated Investment:
Providing structured Bitcoin exposure via the MSBT investment vehicle.

Reserve Management:
Specialized cash management services tailored for stablecoin issuers.

Digital Custody:
Future-proofing asset security via Morgan Stanley Digital Trust.

Morgan Stanley’s announcement states that the E*TRADE digital-asset service is eventually expected to transition from Zero Hash to Morgan Stanley Digital Trust, National Association, which remains in organization. Until that transition takes place, Zero Hash continues to provide the crypto account, execution infrastructure, and custody.

What Would Make the Rollout Material The launch expands access, but access alone does not establish adoption. The next evidence should come from disclosed account openings, trading volume, client assets, and the share of activity generated by each supported cryptocurrency.

Three developments would make the rollout more consequential:

A meaningful number of E*TRADE households activating linked crypto accounts. The launch of external transfers, especially for ETH and SOL users seeking onchain access. An expansion beyond the initial three assets or the addition of services such as staking. The rollout’s importance will ultimately be measured by activated accounts, trading volume, client assets, and whether Morgan Stanley expands the service beyond basic buying and selling. E*TRADE has opened a large distribution channel for crypto, but the size of its customer base alone does not establish adoption.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

In brief Eligible E*Trade customers can now trade spot Bitcoin, Ethereum, and Solana. Crypto trades are executed through Zero Hash, which also provides custody. The launch follows Morgan Stanley's ETF filings, tokenization plans, and stablecoin initiatives announced earlier this year. Morgan Stanley has launched spot cryptocurrency trading on its E*TRADE platform, allowing eligible customers to buy, sell, and hold Bitcoin, Ethereum, and Solana through a partnership with digital asset infrastructure provider Zero Hash.

In a post on Thursday, Morgan Stanley said the new offering lets investors view their cryptocurrency holdings alongside stocks and other investments in E*TRADE. Digital assets are held in linked Zero Hash accounts rather than by Morgan Stanley. The company said trades will carry a 50-basis-point fee, while crypto transfer functionality is expected later this year.

“Our clients’ needs are evolving, and they want to invest, trade, bank, and plan for the future all in one place,” Matt Jones, Head of E*TRADE, said in a statement. “Whether they’re buying their first share, exploring crypto, participating in an IPO, or planning for retirement, our job is to meet them where they are – with the confidence and trust that comes from being part of Morgan Stanley.”

The rollout coincides with a broader platform update that includes retirement planning tools, fractional share trading, an updated IPO Center, and new features for active traders.

"With the rollout of crypto trading on E*TRADE we're advancing our digital assets strategy and bringing new capabilities to clients in an integrated way," Chad Turner, head of Morgan Stanley Wealth Management Platforms, said in a statement.

The launch follows several crypto-related initiatives by Morgan Stanley this year.

In January, the firm filed registration statements with the SEC for spot Bitcoin and Solana exchange-traded funds, marking its move toward offering branded crypto investment products. In April, Morgan Stanley said it was exploring tokenization, tokenized money market funds, and tax-management tools for digital assets. Later that month, the bank introduced a money market fund designed for stablecoin issuers to manage reserves under the GENIUS Act.

Morgan Stanley first disclosed plans to bring crypto trading to E*TRADE in September 2025, saying it would initially support Bitcoin, Ethereum, and Solana through Zero Hash. The rollout completes that plan, adding direct spot crypto trading to the firm's brokerage platform as it continues to expand its digital asset offerings.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Morgan Stanley’s brokerage firm, E*TRADE, has completed the rollout of its spot crypto trading offering following an initial pilot earlier this year. This comes as the Wall Street giant continues to deepen its push into the crypto space, with the imminent launch of two new crypto ETFs.

Morgan Stanley Completes Rollout of Spot BTC, ETH, SOL Trading In a press release, E*TRADE announced that it had completed the rollout of spot trading in digital assets. Its eligible clients will now be able to trade Bitcoin, Ethereum, and Solana directly on its platform through its partnership with Zerohash.

The Morgan Stanley brokerage firm will charge a fee of 50 bps on each trade as its clients buy, sell, and hold crypto in a linked Zerohash account. The firm added that it expects to launch transfer functionality later this year.

The full rollout of spot crypto trading on the E*TRADE platform follows the initial pilot program in May. Meanwhile, it is worth noting that the firm had first announced plans to offer spot crypto trading last year.

This move deepens Morgan Stanley’s push into the crypto space. As CoinGape reported, Morgan Stanley Ethereum and Solana ETFs are nearing launch after the bank filed amended S-1 filings. The bank became the first to offer a crypto ETF after it launched its Bitcoin ETF earlier this year. The BTC Fund currently boasts net assets of $384 million, according to SoSoValue data.

Plans For The National Trust Bank E*TRADE stated that its crypto services will transition to Morgan Stanley’s national trust bank, Morgan Stanley Digital Trust. The firm made this note in relation to launching the transfer functionality later this year.

Earlier this year, Morgan Stanley applied for a crypto-focused national trust bank with the OCC, joining crypto firms such as Ripple, Crypto.com, and Coinbase that have also applied for trust charters. However, it is worth noting that firms such as Ripple have already received conditional approvals.

Meanwhile, USDC issuer Circle recently received approval from the OCC to launch its national crypto bank. Like Ripple, the stablecoin issuer had received conditional approval last year, alongside BitGo, Fidelity, and Paxos.

Please check out our page on Best Regulated Crypto Exchanges in the USA

Ethereum price today: $1,870Ethereum has outperformed crypto majors Bitcoin, XRP, SOL and HYPE following a market boost from cooling inflation reports.The Robinhood Chain launch, ETH ETF inflows, BitMine's accumulation and Clarity Act discussions are spurring the outperformance.ETH saw a rejection at the 100-day EMA after rising 10% over the past week.Ethereum (ETH) has outperformed the top 10 cryptocurrencies since the crypto market began a recovery last week. On a weekly timeframe, the top altcoin is seeing an 8% gain, compared to 2.4%, 1.4%, 1.6%, -1.8% and -3.5% for Bitcoin (BTC), BNB, XRP, Solana (SOL) and Hyperliquid (HYPE).

While cooling inflation reports and declining energy prices were primarily responsible for the recent broad rally across the crypto market, ETH's outperformance stems from several other key factors.

ETH vs Top Cryptos. Source: CoinGeckoWhy Ethereum is outperforming other top cryptosThe Robinhood Chain, launched on July 1 as an Ethereum Layer 2 (L2), has been spurring demand for native ETH. The amount of ETH bridged from the L1 to the L2 chain has surpassed $164 million, a 10x increase in the past week, according to onchain analytics platform Token Terminal.

"If adoption continues, the chain could become a meaningful new source of demand for Ethereum," the platform stated in a Thursday X post.

The chain has seen strong demand over the past week, attracting token launchpads and memecoin activity. In 2024, Solana saw a similar upsurge in memecoin activity before going on a run that outperformed major cryptocurrencies.

Beyond that, Ethereum is also attracting institutional capital again, with $96 million in net inflows over the past three days. Last week, US spot ETH ETFs ended an eight-week outflow streak after recording $84.4 million in net inflows, per SoSoValue data. Since the beginning of the month, the products have only seen two outflow days, while XRP and Solana products are struggling to attract capital.

Similarly, US spot BTC ETFs have posted four outflow days so far in July and are on track to end the week on negative flows.

In addition, Ethereum treasury firm BitMine Immersion has remained a consistent source of demand for the top altcoin, accumulating roughly 70,000 ETH in the past two weeks.

Strategy, on the other hand, which has been a major demand driver for Bitcoin, flipped to distribution over the past two weeks after it sold $216 million worth of BTC. The firm also failed to log any buying activity last week.

Increased discussion and positive sentiment around the Clarity Act are also filtering into Ethereum, as it hosts the majority of onchain activity. The L1 is the largest chain by total value locked (TVL) and tokenized assets, with $40.9 billion and $14.8 billion, respectively, according to DefiLlama data.

Despite several positive developments surrounding ETH currently, the broader crypto market recovery remains fragile amid resumed geopolitical tensions in the Middle East. Bitfinex analysts also noted that ETH ETF inflows are not yet strong enough to drive prices.

"The $96 million total sits against a market capitalization above $220 billion, which makes it a rounding error even allowing for the illiquid spot market. A bid concentrated in one issuer remains too narrow to call a regime," the analyst wrote in a Thursday market commentary.

"Whether Ether ETFs continue to draw buyer interest remains to be seen; they have struggled to do so across nearly two years since launch."

Bitfinex added that sustained improvements in onchain activity are a "stronger catalyst" for an L1 like Ethereum.

Ethereum Price Forecast: ETH fails to reclaim 100-day EMA despite 10% jumpOn the daily chart, ETH/USDT trades at $1,874, maintaining a constructive bullish bias as price remains above the 20- and 50-day Exponential Moving Averages (EMAs) at $1,780 and $1,810, respectively. The altcoin remains capped by the longer-term 100-day EMA at $1,948 after a 10% rise over the past week, suggesting room for further upside only if this barrier is reclaimed.

Momentum stays supportive, with the 14-day Relative Strength Index (RSI) around 60 and the Stochastic hovering in the low 70s, hinting at a cooldown after a strong rally.

On the topside, immediate resistance is located at the horizontal level of $1,909, followed by $2,018 and $2,107, where prior supply converges. Above these, additional resistance is seen at $2,211 and then $2,388.

ETH/USDT daily chartOn the downside, initial support emerges at $1,806, ahead of the nearby dynamic floors offered by the 50- and 20-day EMAs. Below these, more substantial demand is seen at $1,741, with deeper supports at $1,524, $1,404 and $1,155 in the event of a broader corrective slide.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

A total of $1.45 billion in Bitcoin and Ethereum options are set to expire this week on Deribit, the world’s largest cryptocurrency options exchange by volume and open interest. Market participants are closely monitoring this event, as large-scale options expiries often lead to spikes in volatility across digital asset markets.

Key expiry numbers and market impactDeribit reported that $1.23 billion in Bitcoin options contracts and $218 million in Ethereum options will expire at 08:00 UTC on Friday. Historically, the expiration of such significant volumes can cause traders to adjust, roll over, or close their positions, resulting in increased market activity and price swings.

Options are financial derivatives providing traders the right, but not the obligation, to buy or sell an asset at a predetermined price by a certain date. The expiry process often triggers strategic moves such as hedging or repositioning, which can amplify spot price movements in both directions.

Deribit stated that these expiries can “flood the market with liquidity and volatility, creating prime conditions for trading short-dated options.”

In the lead-up to expiry, traders are focusing on the put-to-call ratio to gauge market sentiment. Data shows Bitcoin’s put-to-call ratio is currently 0.86, indicating more outstanding call options than puts. This points to a generally bullish outlook among traders holding BTC positions into the expiry date.

Meanwhile, Ethereum’s put-to-call ratio stands at 1.54, suggesting a higher demand for protective puts and, therefore, a more cautious or bearish stance from market participants.

AssetOptions ExpiringPut/Call RatioMax Pain LevelBitcoin$1.23 billion0.86$62,500Ethereum$218 million1.54$1,750The ‘max pain’ level for Bitcoin options is $62,500, while for Ethereum options it is $1,750. Max pain refers to the strike price at which the largest number of options contracts expire worthless, often seen as a gravitational point for prices as expiry approaches, though markets do not always move in this direction.

Rising demand for short-dated strategiesDeribit highlighted increased activity and open interest in short-dated, or weekly, options. The exchange reported that substantial interest is building into this week’s expiring contracts, particularly among traders who use short-term strategies to benefit from heightened volatility.

Short-dated options have gained popularity through strategies such as gamma scalping, which involves rapidly buying and selling the underlying asset to hedge options exposures and capitalize on sharp price swings.

Mini dictionary: Deribit – A leading cryptocurrency derivatives exchange specializing in options and futures products, widely used by institutional and professional traders for its deep liquidity and advanced features.

Activity in these shorter-term contracts is expected to further contribute to market volatility as the expiry event unfolds.

Deribit observed, “Big open interest is building into tomorrow’s weekly expiry,” emphasizing the swelling participation in weekly options contracts.

With both large expiring volumes and a surge in short-dated options activity, traders are preparing for potential sharp moves in $BTC and $ETH prices as expiry nears.

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.

Cryptocurrencies are broadly consolidating on Thursday, while Bitcoin (BTC) retreats toward support at $64,000. Ethereum (ETH) hovers below $1,800, with its upside seemingly limited, following a macro-driven rally. Meanwhile, Ripple (XRP) sits on top of the reclaimed $1.10 support, reflecting the broader cool-down in the market.

Retail interest softens, weighing on broader market sentimentRetail interest in Bitcoin is losing momentum, as the perpetual futures Open Interest (OI) has shrunk to 747,000 BTC on Thursday, down from 755,000 BTC the previous day.  If the current correction persists, overhead pressure could limit BTC’s recovery and deepen the pullback below $64,000.

Bitcoin Futures OI | Source: CoinGlassEthereum derivatives paint a picture similar to Bitcoin's, with perpetual futures OI rising marginally to 14.36 million ETH on Thursday from 14.3 million ETH the day before. However, a broader scope shows a persistent decline from nearly 16 million ETH on May 28.

Ethereum Futures OI | Source: CoinGlassRetail demand also shows marginal improvement, as perpetual futures OI expands to 2.21 billion XRP on Thursday, up from 2.2 billion XRP the previous day.

Despite the mild increase, CoinGlass data shows that the OI holds below the June peak of 2.28 billion XRP. This implies that steady retail demand is critical to stabilizing XRP’s short- to medium-term outlook.

XRP Futures OI | Source: CoinGlassBitcoin analysis: Bitcoin rallies remain vulnerable Bitcoin trades above $64,000 following a correction from its weekly high of $65,600. The price holds below the 50-day, 100-day and 200-day Moving Average Exponential (EMA) at $65,119, $68,446 and $74,480 respectively. This alignment of key EMAs overhead suggests rallies remain vulnerable, even as the Relative Strength Index (RSI) indicator at 53 and the Moving Average Convergence Divergence (MACD) above zero with a positive line reading around 431 hint at mildly improving momentum rather than a decisive bullish shift.

BTC/USDT daily chartInitial resistance lies at the 50-day EMA near $65,119, followed by the 100-day EMA at $68,446 and then the 200-day EMA at $74,480 as a broader trend cap. On the downside, the Parabolic SAR at $62,272 offers the first notable support, and a daily close below this level would likely expose deeper retracement as buyers lose their most immediate technical floor.

Altcoins outlook: XRP struggle to build momentumEthereum hovers near $1,900, retaining a bullish near-term bias as price holds above the 50-day Exponential Moving Average (EMA) at $1,811 and the Parabolic SAR at $1,773. The pair is still capped by the 100-day EMA at $1,944., while the longer-term 200-day EMA at $2,190 looms as a broader structural barrier.

Momentum remains constructive, with the RSI at 63 leaning toward overbought territory and the MACD above zero with a positive reading around 24, which together suggest persistent buying interest but also raise the risk of a pause or shallow correction.

ETH/USDT daily chartImmediate support is lies at the 50-day EMA near $1,811, followed by the latest Parabolic SAR signal at about $1,773, where dip-buying could re-emerge if volatility picks up. On the topside, initial resistance aligns at the 100-day EMA around $1,944. A sustained break above this level would open the door for a push toward the 200-day EMA near $2,190, a zone that would likely attract profit-taking and test the strength of the current recovery phase.

XRP, on the other hand, trades above $1.10, retaining a bearish near-term bias as price sits beneath the key moving averages. The 50-day EMA at $1.16 is the first overhead cap, followed by the Bollinger Bands upper band near $1.17, while the 100-EMA at $1.25 and 200-EMA at $1.46 reinforce a broader downtrend structure.

The RSI at 48 is neutral, and the MACD holds slightly positive territory with a modestly bullish reading, hinting that downside pressure is moderating rather than reversing.

ETH/USDT daily chartOn the downside, immediate support aligns with the Bollinger Bands middle band at $1.10, just below spot, with the lower band near $1.03 acting as a deeper cushion if selling resumes. On the topside, a sustained break above the 50-EMA at $1.16 would be the first signal that bears are losing control, opening the way toward the $1.17 Bollinger upper band. A recovery above the 100-EMA at $1.25 would start to challenge the prevailing bearish framework defined by the distant 200-EMA at $1.46.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Open Interest, funding rate FAQs Higher Open Interest is associated with higher liquidity and new capital inflow to the market. This is considered the equivalent of increase in efficiency and the ongoing trend continues. When Open Interest decreases, it is considered a sign of liquidation in the market, investors are leaving and the overall demand for an asset is on a decline, fueling a bearish sentiment among investors.

Funding fees bridge the difference between spot prices and prices of futures contracts of an asset by increasing liquidation risks faced by traders. A consistently high and positive funding rate implies there is a bullish sentiment among market participants and there is an expectation of a price hike. A consistently negative funding rate for an asset implies a bearish sentiment, indicating that traders expect the cryptocurrency’s price to fall and a bearish trend reversal is likely to occur.

Enso says it found two real pools, on Ethereum and Polygon, engineered to pass a wallet’s pre-trade simulation with an attractive quote and then execute at a worse rate.

Posted July 16, 2026 at 9:00 am EST.

A new piece of research says some DeFi liquidity pools are built to lie to the software that routes a user’s trade.

Enso, an onchain development firm, published research on Thursday describing what it calls “toxic pools,” malicious pools that show an accurate, attractive price when a wallet or trading app simulates a swap, then deliver a materially worse result once the transaction is mined.

How the trick works Most wallets and aggregators decide which route offers the best price by simulating a trade before sending it. A toxic pool is engineered to game that step: it returns a strong quote during the simulation, so routing systems pick it, then behaves differently on-chain. Unlike ordinary slippage or MEV, the deception targets the quote itself, Enso said.

“The industry has spent years optimizing price discovery,” said Milos Costantini, Enso’s co-founder and chief product officer, in a statement accompanying the report he co-authored. “Our findings suggest the next challenge is verifying execution integrity. If transaction simulations can be manipulated while real execution tells a different story, we need better ways to verify what users actually receive.”

What the data shows Enso documented two cases. A manipulated Curve pool on Ethereum processed more than 129,000 swaps at worse-than-quoted rates, which Enso estimated overstated quotes by roughly $225,000 and burned close to $30,000 in gas on failed transactions. A separate Uniswap v4 hook on Polygon failed 99.1% of the time, repeatedly luring routers before reverting. Enso put the attacker’s realized profit across both pools at about $34,600.

Both pools have since gone quiet, with the Polygon one disabled in May and the Curve pool active through late June. But Enso said the same operator deployed other contracts, suggesting the technique can be repeated, and it found the Ethereum pool alternated between honest and manipulated behavior, so a single check would not catch it.

A vendor with a fix The disclosure comes as Enso expands Enso Shield, a product it sells to detect exactly this kind of manipulation. The company, which says it has helped settle more than $15 billion onchain, framed the finding as an industry-wide problem and called for independent validation, noting it worked with contacts at Curve and Oku.

Unchained has previously covered how MEV bots quietly extract value from ordinary DeFi trades.

Related Listen: DEX in the City: Why the Market Structure Bill May Not Be Good for DeFi

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Altcoins

16 July 2026 | 16:51 Ethereum is retesting key Fibonacci level after a breakout attempt, with bullish momentum and whale profitability supporting continuation while overhead moving averages keep nearby reversal risk elevated.

Ethereum broke above two resistance levels on July 15 but failed to secure a daily close above the second, triggering a pullback toward the breakout area. ETH is now trading near $1,876 on July 16, almost directly on the 0.382 Fibonacci retracement at approximately $1,872.

The level has shifted from resistance into potential support. Holding it could confirm that buyers remain in control after the breakout, while losing it will probably expose the former July consolidation ceiling near $1,810.

Key Takeaways $1,872 now defines breakout confirmation. $1,940-1,960 is the first upside target. Losing $1,810 reopens lower support. Whale profitability supports, but cannot confirm, reversal. The Breakout Now Depends on $1,872 The failure to close above the second resistance level does not invalidate the breakout on its own. Price has returned to the first important support created by the move rather than falling immediately back into the previous range.

According to post on X from Filip Vantchev, owner of Coindoo, successful retest of $1,872 would establish the 0.382 Fibonacci level as support and increase the probability of another advance. The first upside area sits between $1,940 and $1,960, followed by a stronger confluence between $1,985 and $2,000, where the 0.5 Fibonacci retracement meets the 100-day simple moving average.

Daily Ethereum technical chart. The $1,810 level previously capped ETH for nearly 10 days before the breakout. A daily close below it is able place price back under the July consolidation ceiling and open a deeper pullback toward $1,720–1,745, where the 0.236 Fibonacci level aligns with the 50-day SMA.

Momentum Favors Buyers Without Looking Overheated The 14-day Relative Strength Index stands at 60.9 and remains above its signal line. Momentum therefore favors the bullish scenario, but the reading is not yet high enough to indicate an overheated market.

That gives ETH room to continue higher if the retest succeeds. Momentum alone cannot establish a broader trend reversal, particularly with the 100-day SMA near $2,000 and the 200-day SMA around $2,100 still above price.

Those moving averages form the more important structural test. ETH can confirm a short-term breakout above $1,872 while still remaining inside a broader downtrend until it begins reclaiming the resistance clustered around $2,000 and $2,100.

Whales Have Returned to Unrealized Profit CryptoQuant data shared by analyst Darkfost adds support to the bullish case. Ethereum whales holding more than 100,000 ETH have returned to an unrealized-profit state following the rebound, while their holding ratios have reached record highs.

ETH whales’ unrealized profit ratio chart. Historically, periods in which this cohort moved into unrealized losses were rare and appeared near cycle bottoms. Previous returns to profitability coincided with either a broader rally or a shorter-term market rebound.

The metric suggests that the recovery has moved large holders back above their estimated cost basis. That can reduce immediate financial pressure on the cohort and is consistent with an improving market structure.

The historical sample is limited, however. The pattern is based on roughly three previous episodes, too few to establish that whale profitability reliably identifies a lasting bottom. It also cannot override the technical resistance created by the 100-day and 200-day moving averages.

ETH’s Breakout Has a Narrow Window to Prove Itself The cleanest confirmation would be a daily close holding above $1,872 within the next days.

A daily close below $1,810 would deny the setup. Price could return beneath the July consolidation ceiling, repeating the failure pattern that restricted ETH through early July and shifting attention toward the $1,720-1,745 support zone.

Until either condition is met, the setup remains constructive but unconfirmed. Momentum and whale profitability favor buyers, while the broader downtrend and overhead moving averages continue to limit how far the current rebound can be interpreted as a structural reversal.

The information provided in this article is for educational purposes only and does not constitute financial, investment or trading advice.

Author

Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.

Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Roughly $1.45 billion worth of Bitcoin and Ethereum options are set to expire on Deribit.

Traders will be closely watching this event since it could trigger more volatility. 

According to Deribit, approximately $1.23 billion in Bitcoin options and $218 million in Ethereum options will expire at 08:00 UTC on Friday. 

HOT Stories

What an options expiry meansOptions are derivative contracts that make it possible for traders the right to buy or sell an asset at a predetermined price before a specified expiration date.

Traders often close, roll over, or hedge their positions when options contracts expire. Hence, this repositioning can potentially increase volatility. 

You Might Also Like

Deribit noted that the event could create favorable conditions for traders using short-dated options. "This floods the market with liquidity and volatility, creating prime conditions for trading short-dated options on Deribit."

What the metrics showTraders typically pay close attention to the put-to-call ratio, which compares bearish put options with bullish call options.

Bitcoin's ratio of 0.86 indicates there are more call options than puts outstanding. Market players remain relatively bullish on BTC heading into expiry.

Ethereum, by contrast, has a 1.54 put-to-call ratio. This shows greater demand for downside protection or bearish positioning.

For this expiry, Bitcoin's max pain level stands at $62,500 (Ethereum's is $1,750). Markets do not necessarily gravitate toward these levels, but traders often monitor them due to the fact that prices can sometimes drift toward max pain. 

Short-dated options gain popularityDeribit has also noted that there is growing activity in weekly contracts. "Big open interest is building into tomorrow's weekly expiry on Deribit."

The exchange added that short-dated options have become increasingly popular among traders employing gamma scalping. This is a strategy involving buying and selling the underlying asset to hedge options exposure and profit from sharp price movements.

Pi Network price held above $0.075 on Thursday as buyers defended the lower boundary of a falling channel. Selling pressure eased near $0.073, while broader market weakness limited recovery momentum. 

Bitcoin price traded near $64,000, Ethereum stayed above $1,870, and XRP held $1.10. Meanwhile, traders focused on the Protocol v25 upgrade scheduled for July 22 across the expanding ecosystem.

Upcoming Protocol v25 Upgrade Brings New Features Pi Coin price confirmed Protocol v25 will launch on July 22 after several weeks without a major development update. The launch focuses on enhanced network stability, reliability, and smart contract performance throughout its mobile-first blockchain ecosystem.

On July 22, Pi is scheduled to upgrade to Protocol v25, which primarily focuses on improving network stability and reliability, and supports new capabilities for more efficient, privacy-preserving smart contracts.

Go to the Pi mining app to learn more! pic.twitter.com/Btg8aEFAFh

— Pi Network (@PiCoreTeam) July 15, 2026

The protocol release will provide developers with BN254 cryptography and Poseidon hashing. The tools facilitate zero-knowledge applications and secure user information throughout the execution of the contract and blockchain interactions.

Smart contracts that are privacy-preserving may assist applications to handle sensitive data without revealing personal information on public records. The protocol v25 can also be used to facilitate faster transactions as Pi Network targets wider ecosystem milestones.

Adoption will however, be pegged on the activity of the developers, the growth of the applications, and also the stable performance once it is fully activated.

Pi Network Price Outlook Shows Rebound Potential Pi Network price is within a falling channel, but the recent stagnation indicates bearish consolidation is weakening. The support is being defended by buyers at around $0.073 and may give support to a short term recovery.

A long-term push beyond $0.075 can lead to the buyers attacking the middle level of the channel.

However, the crypto market remains pressured after losing 1.67% and falling toward a $2.21 trillion valuation. Bitcoin price consolidation near $64,000 has also reduced risk appetite across smaller digital assets.

Pi Network has a chance to recover in case Protocol v25 becomes more confidence-enhancing and the situation with the wider market stabilizes. The inability to hold $0.073 could put the token at risk of renewed selling and further downside force.

PI Coin Price Consolidates at $0.077: Is a Major Recovery Ahead? PI coin price stood at 0.077 on Thursday and was near a major four-hour support zone. The MACD line has crossed above the signal line, creating a small positive histogram reading.

This crossover indicates that selling pressure is weakening, but both lines are below the level of the neutral. The Chaikin Money Flow is close to less than 0.01, indicating that the selling and buying flows are almost equal.

PI needs to regain the $0.080 level to solidify its emerging recovery and draw new purchasing attention. A prolonged rally beyond the $0.080 level would reveal the recent swing zone between the $0.083 to $0.085.  Additional gains can be then aimed at $0.090 that once served as a significant support level.

Source: Tradingview Breaking $0.090 could open the path toward the major psychological resistance at $0.10 as per the future Pi coin outlook. But any failure to hold $0.074 may undermine the recovery and pressure it more towards $0.070. Further depreciation can bring the recent market minimum of around $0.066 back into the focus of traders.

T. Rowe Price, which manages nearly $2 trillion in assets, has launched the first active crypto ETF, which provides exposure to crypto assets such as Bitcoin, Ethereum, XRP, and Hyperliquid. Bloomberg analyst Eric Balchunas had previously said that this launch was notable because the asset manager was the largest active manager to enter the crypto space.

T. Rowe Price Unveils First Active Crypto ETF In a press release, the asset manager announced the launch of the first active crypto ETF, which began trading on the NYSE Arca today under the ticker TKNZ. “The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace,” the firm noted.

The T. Rowe Price Active Crypto ETF notably offers exposure to Bitcoin, Ethereum, BNB, XRP, Solana, and Hyperliquid. The Fund will also hold top meme coins Dogecoin and Shiba Inu, making it the first U.S. Fund to offer spot exposure to SHIB.

The asset manager also noted that the crypto ETF is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets. Meanwhile, the Fund will offer a net fee waiver, which will be effective until May 31, 2027. The management fee during this period will be 0.75%.

The T. Rowe Price Active Crypto ETF joins a host of other crypto ETFs that have launched this year, including the Hyperliquid ETFs. As CoinGape reported, Morgan Stanley’s Ethereum and Solana ETFs are about to launch, with the Wall Street giant filing amendments to its S-1.

‘Smart Timing’ For The ETF Launch Bloomberg analyst Eric Balchunas commended T. Rowe Price for the timing of the launch of its active crypto ETF. “I think they were smart with the timing- waiting till the Oct selloff dust settled a bit,” he said in an X post.

T Rowe Price’s Active Crypto ETF $TKNZ is ready for launch. Any day now, I’d guess Thursday. I think they were smart with the timing- waiting till the Oct selloff dust settled a bit. pic.twitter.com/5LZO5WHrqn

— Eric Balchunas (@EricBalchunas) July 14, 2026

It is worth noting that the SEC had approved the crypto ETF last month but waited until now to launch the Fund. The asset manager had first filed for the month in October last year, around the time of the infamous crypto crash.

Meanwhile, Balchunas had previously said that the T. Rowe Price Active Crypto ETF was notable because the asset manager was “by far the biggest active manager to apply their active prowess to this space.”

The rollout is the first time Aave’s new Hub and Spoke architecture has run on a chain other than Ethereum, though the tokenized-asset markets it is built for remain a stated plan.

Posted July 16, 2026 at 5:39 am EST.

Aave has deployed Aave V4, the newest version of its lending protocol, on Avalanche. This is the first time the software has run on a blockchain other than Ethereum.

The rollout extends Aave’s Hub and Spoke architecture, the redesign that launched on Ethereum in March, to a network where Aave’s older V3 markets have operated for years. Aave said the move is a template for expanding V4 to other chains where it already has users rather than copying identical markets everywhere.

What actually shipped The live deployment is the lending infrastructure itself. The feature Aave is promoting most heavily, a dedicated market for borrowing against tokenized real-world assets such as U.S. Treasuries, money market funds, private credit, and corporate bonds, is not yet running. Founder Stani Kulechov said it is on the way, not live.

“Avalanche is a natural destination for the first expansion of Aave V4 beyond Ethereum because it combines a mature Aave lending market with a rapidly growing ecosystem for tokenized assets,” Kulechov said in the announcement. “That’s exactly why one of the first markets we plan to launch on Avalanche is a dedicated credit market for tokenized assets.”

Why Avalanche Aave’s V4 design keeps each market’s collateral and risk rules separate while letting them draw on shared liquidity, an approach pitched at institutions that want tighter controls. Avalanche has courted that same audience, positioning itself as a network for institutional finance and tokenized assets.

“As more financial institutions adopt tokenized assets, they’ll need the infrastructure to borrow against them, access liquidity, and use them as effectively as they do in traditional markets,” said John Wu, president of Ava Labs, in the announcement.

Aave first brought V4 to Ethereum on March 30 after more than two years of development. Aave says the protocol has taken in more than $1 trillion in cumulative deposits over its history. Whether the Avalanche deployment draws meaningful borrowing will depend on the tokenized-asset markets Aave has yet to turn on.

Related Listen: Why Any DeFi Protocol ‘Lives and Dies by Its Oracle’ and How to Strengthen Them

AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.

Aave V4 has officially gone live on the Avalanche network, marking the decentralized finance (DeFi) protocol’s first deployment outside of the Ethereum mainnet. Avalanche, a fast-growing layer-1 blockchain, announced that the launch sets the stage for a new generation of on-chain credit markets that could include tokenized and traditional assets in the future.

Aave brings Hub and Spoke model to AvalancheThe Aave V4 deployment introduces its Hub and Spoke framework to Avalanche. This architecture separates shared liquidity pools from individual lending markets, each operating with specialized risk parameters. By using this structure, Aave aims to improve capital efficiency and provide customized financial products for various types of borrowers and collateral.

Aave Labs stated that Avalanche was a natural fit for expansion due to its established DeFi environment and strong track record of supporting Aave V3 since 2022. The network has successfully managed liquidations, oracle updates, and periods of market stress, which helped build confidence in bringing V4 to the Avalanche ecosystem.

Avalanche Foundation has committed up to $15 million in milestone-based incentives to encourage rapid adoption and growth. These rewards are tied to the launch of new liquidity hubs and reaching specific market growth benchmarks.

The launch of Aave V4 on Avalanche introduces specialized lending infrastructure with robust risk controls and shared liquidity, setting a foundation for expanded credit markets that may include tokenized assets.

Details of the liquidity hub and spokesAave V4’s initial rollout on Avalanche features one central Liquidity Hub and three Spokes, each designed to facilitate different lending and borrowing arrangements. The main Liquidity Hub offers a shared pool of assets including wAVAX, sAVAX, BTC.b, USDC, USDT, wETH.e, and EURC. Users can supply or access liquidity with these core assets, connecting borrowers and lenders across the network.

The Main Spoke aligns with the hub’s asset list for both borrowing and collateral requirements, giving users seamless interaction with the most widely used cryptocurrencies and stablecoins. Additionally, the AVAX Correlated Spoke focuses on sAVAX and WAVAX as collateral options, with WAVAX as the key borrowable asset. Meanwhile, the Forex Spoke is designed for stablecoin trading and supports EURC, USDC, and USDT for both collateralization and loan origination.

SpokeCollateral AssetsBorrowable AssetsMain SpokewAVAX, sAVAX, BTC.b, USDC, USDT, wETH.e, EURCwAVAX, sAVAX, BTC.b, USDC, USDT, wETH.e, EURCAVAX Correlated SpokesAVAX, WAVAXWAVAXForex SpokeEURC, USDC, USDTEURC, USDC, USDTThis multi-layered structure aims to offer flexibility for different user needs while preserving the integrity and efficiency of liquidity across the protocol.

Planned RWA hub and governance stepsA proposal for a new RWA (real-world asset) Hub is expected following the initial launch. This hub would be focused on institutional-grade collateral sourced from tokenized real-world assets such as investment funds or traditional financial products, but placed entirely on-chain. The RWA Hub will be governed separately, with distinct asset lists, risk control parameters, and a dedicated oracle setup.

LlamaRisk, an independent risk consulting provider, will perform community feedback gathering and risk analysis before any final governance decisions are made. The process will proceed through the ARFC Snapshot phase before potentially reaching a full Aave Improvement Proposal (AIP) vote for affirmation.

Mini dictionary: RWA (Real World Assets): Refers to tangible or traditional financial products, such as investment funds or bonds, that are tokenized and represented on a blockchain for integration with decentralized finance protocols.

By isolating institutional-grade collateral from the main retail liquidity pools, the RWA Hub seeks to mitigate cross-market risks and facilitate greater participation from institutions.

Aave, one of the largest decentralized lending and borrowing protocols globally, continues to expand its reach by leveraging Avalanche’s robust DeFi infrastructure, signaling a potential shift for how on-chain credit markets develop in the coming years.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Bitcoin rose above $64,000 following weaker-than-expected US CPI and PPI data. However, further gains are limited due to simultaneous selling by both long-term and short-term investors.

While Bitcoin, Ethereum, and altcoins are also experiencing gains, noteworthy statements have come from the US banking giant Morgan Stanley.

At this point, a Morgan Stanley analyst compared Solana to Ethereum, the largest altcoin.

And here, SOL has historically been highlighted as a better diversification tool than ETH.

Speaking to Coindesk, Morgan Stanley investment strategist Denny Galindo argued that Solana has historically been a superior diversification asset compared to Ethereum.

Galindo notes that with the rise of spot Bitcoin ETFs, followed by Ethereum and Solana ETFs, the question of which digital assets investors should include in their portfolios alongside Bitcoin has come to the forefront.

Galindo also stated that the correlation coefficient between Bitcoin and ETH is 0.78 until April 2026, while the correlation between Bitcoin and SOL is 0.72, explaining that the BTC-SOL correlation is lower.

According to the analyst, this suggests that Solana is slightly less likely to move in the same direction as Bitcoin. The lower correlation indicates a higher probability of Solana moving independently of Bitcoin, and therefore contributing more to portfolio diversification.

The analyst also notes that Solana’s correlation with the S&P 500 is slightly lower compared to Bitcoin and Ethereum.

Based on these historical correlations, Galindo concluded that SOL could be a better diversification asset than ETH. However, the analyst pointed out that Solana has higher price volatility than Ethereum, and investors should consider this risk factor when evaluating the diversification advantage.

*This is not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

Ripple’s Agentic Push May Not Save XRP Price From a 13% Drop

TLDR Bitcoin retreated to $64,000 after reaching a three-week high near $65,600. Ethereum fell below $1,900 after briefly approaching a six-week peak of $1,950. Lower-than-expected US inflation data initially supported gains across the crypto market. Bitcoin maintained a 56.7% market dominance despite its latest price decline. Ondo gained 17%, while Bitcoin Cash and DeXe led losses among larger cryptocurrencies. Total cryptocurrency market capitalization dropped by $40 billion to approximately $2.27 trillion. Bitcoin price returned to $64,000 after briefly reaching a three-week high near $65,600. Ethereum also reversed from a six-week peak near $1,950 and slipped below $1,900. Meanwhile, the broader crypto market lost about $40 billion from its latest daily peak.

Bitcoin Reverses After CPI-Fueled Advance Bitcoin price had traded near $64,000 during a relatively calm and positive weekend. However, renewed tension between the United States and Iran pressured markets when trading resumed. Bitcoin then fell below $62,000 by Tuesday morning as traders assessed the weekend strikes.

Bitcoin price recovered sharply after June inflation figures came below market expectations. It reclaimed $64,000 and later crossed $65,000 as buying activity strengthened across major exchanges. The advance then peaked near $65,600, marking Bitcoin’s highest level in roughly three weeks.

Sellers regained control after the peak, and the Bitcoin price dropped by about $1,500. The asset returned to approximately $64,000, erasing much of the inflation-driven increase. Its market value also declined to about $1.285 trillion, according to CoinGecko data.

Ethereum Retreats From Six-Week High Ethereum outperformed several large-cap assets as it climbed toward $1,950 during the broader rebound. The move placed ETH at its highest level since early June. However, selling pressure later pushed the token below the $1,900 mark.

Bitcoin price remained comparatively stable while Ethereum recorded the stronger short-term move. BNB edged closer to $580, but XRP slipped slightly while contesting the $1.10 level. These mixed results showed limited follow-through among several leading alternative cryptocurrencies.

Solana, Tron, Hyperliquid, Rain, Zcash, Canton, Litecoin, and Cardano all posted daily losses. Bitcoin Cash and DeXe recorded sharper declines among larger assets. In contrast, Ondo gained about 17% as the Bitcoin price stabilized near $64,000.

Crypto Market Value Declines The total cryptocurrency market value fell by roughly $40 billion from its daily peak. It later stood near $2.270 trillion as selling spread across several major tokens. The Bitcoin price decline contributed to the broader pullback after the earlier market advance.

Bitcoin maintained a 56.7% share of the total cryptocurrency market despite the decline. Therefore, its dominance stayed unchanged even as several alternative assets recorded deeper losses. The Bitcoin price remained above levels seen during Tuesday’s early decline below $62,000.

The market ended the period with Bitcoin near $64,000 and Ethereum below $1,900. The Bitcoin price held part of its CPI-driven recovery but remained below Wednesday’s three-week peak. Overall market value also stayed lower as the Bitcoin price rally lost momentum.

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.

This site is protected by reCAPTCHA.

US spot Bitcoin ETFs attracted $107.8 million in net inflows on Wednesday, while their Ethereum counterparts pulled in $53.8 million.

The numbers in context Earlier in July, Bitcoin ETFs pulled in $181.1 million on a single day, July 14. So Wednesday’s figure represents a moderation from that pace, though still firmly positive.

Advertisement

Cumulative net inflows into US spot Bitcoin ETFs have now surpassed $51 billion since their January 2024 launch.

At $53.8 million, Wednesday’s ether ETF inflows represented roughly half the Bitcoin figure. Ether ETFs launched several months after their Bitcoin predecessors.

Recovery from a rocky start to the year Earlier in 2026, both Bitcoin and ether ETFs experienced multi-week outflow streaks. The summer months have brought a clear reversal, with funds flowing back into both product categories.

BlackRock, Fidelity, and Grayscale have continued to attract the lion’s share of flows.

What this means for investors When the SEC approved spot Bitcoin ETFs in January 2024, the optimistic projections called for maybe $10 billion in the first year. The actual numbers have blown past even the most bullish forecasts, with cumulative net inflows now exceeding $51 billion.

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