Most major cryptocurrencies are trading lower on July 24, 2026, with Bitcoin down 0.85% to $65,104.61 and sharper declines across Ethereum, XRP, and Solana, all off more than 2%. Two forces are compounding today: a broader risk-off move across financial markets tied to rising oil prices and escalating US-Iran military tensions, and fading confidence in the CLARITY Act’s path through the US Senate, with prediction-market odds for 2026 passage falling to 38% from 46% just a day earlier.
Key Takeaways Crypto is trading broadly lower today, with Bitcoin down 0.85% and sharper declines of more than 2% across Ethereum, XRP, and Solana. Rising oil prices tied to escalating US-Iran military tensions have pushed Treasury yields higher and pressured risk assets broadly, including crypto and equities like the Nasdaq. The CLARITY Act’s Senate outlook has darkened, with prediction markets cutting implied 2026 passage odds to 38% after Senate Democrats criticized the latest draft’s ethics and consumer-protection language. Dogecoin (DOGE) is down more sharply than other majors today, continuing its pattern of amplifying broader market moves in both directions. Not every asset is down — Monero (XMR) remains up sharply for the week, a reminder that today’s decline isn’t uniform across the entire market. Today’s Main Drivers Macro pressure and geopolitical risk. Oil prices have surged toward $88.60 a barrel amid escalating US military action linked to Iran, pushing Treasury yields higher and dampening risk appetite across both crypto and equities — the Nasdaq fell over 2% this week on the same pressures. This kind of broad risk-off move tends to hit crypto alongside, not separately from, traditional risk assets.
CLARITY Act uncertainty deepens. The bill’s Senate outlook, which looked genuinely promising just days ago on reports of a White House ethics-package agreement, has darkened after Senate Democrats criticized the latest draft as insufficient on ethics and consumer protections. Senate Majority Leader John Thune has acknowledged the bill will likely miss its pre-recess deadline, and prediction markets have responded by cutting implied 2026 passage odds to 38%. For the fullest picture, see Crypto News Today and Crypto Market Today.
Other Factors Worth Noting Uneven declines across assets. Dogecoin is down more sharply than Bitcoin or Ethereum today, consistent with its history of amplifying broader market moves in both directions due to lower relative liquidity and a heavily retail trading base.
Monero moving against the trend. XMR remains up sharply for the week even as most of the market pulls back, a reminder that today’s decline reflects broad market pressure rather than a uniform, asset-by-asset sell-off.
Bitcoin ETF inflows remain positive. Despite today’s price action, Bitcoin ETFs have logged seven consecutive days of net inflows — a genuinely supportive signal that institutional demand hasn’t broken down alongside the price pullback.
Is This a Bad Sign, or Normal Volatility? Today’s declines, while broader than some recent sessions, remain within the range of normal crypto volatility. Bitcoin is still up 3.58% for the week despite today’s drop, and the immediate catalysts — oil prices, geopolitical tensions, and a specific legislative timeline — are identifiable rather than mysterious. That said, the combination of deteriorating CLARITY Act odds and rising macro pressure is a genuine, not merely cosmetic, shift from the more optimistic mood earlier in the week, and it’s worth taking seriously rather than dismissing as routine noise.
What Would Reverse Today’s Trend? A CLARITY Act stabilization. Any sign that Senate leadership has found a path to address Democrats’ ethics and consumer-protection concerns, or confirmation that floor action will begin before the recess, would likely ease some of today’s regulatory-driven pressure.
Easing geopolitical tensions. A de-escalation in US-Iran military tensions and a pullback in oil prices would remove one of the two compounding pressures currently weighing on risk assets broadly.
Continued ETF inflows. An eighth consecutive day of Bitcoin ETF inflows would reinforce the case that institutional demand remains intact despite today’s price weakness and darkening regulatory outlook.
This article is for informational purposes only and does not constitute financial advice. Always conduct independent research before making investment decisions.
Frequently Asked Questions Why is Bitcoin down today specifically? Bitcoin is down 0.85% today as rising oil prices tied to US-Iran tensions and fading CLARITY Act passage odds combine to pressure risk assets broadly across the market. It's a genuine shift from the more optimistic mood earlier in the week, though BTC remains up 3.58% for the week despite today's decline.
Is today's crypto dip something to worry about? The decline is broader than some recent sessions but still falls within normal volatility ranges, and Bitcoin remains up for the week overall. The underlying catalysts — oil prices, geopolitical tensions, and a specific legislative timeline — are identifiable and worth monitoring rather than dismissing, but don't yet signal a deeper structural problem.
Which cryptocurrencies are down the most today? Dogecoin has fallen more sharply than Bitcoin, Ethereum, or XRP today, consistent with its tendency to amplify broader market moves due to lower relative liquidity. Ethereum, XRP, and Solana are all down more than 2%, while Bitcoin's decline has been comparatively more modest by comparison. This detail matters most for anyone actively tracking today's market movements.
When will crypto recover from today's dip? There's no fixed timeline. The clearest potential catalysts are a stabilization in the CLARITY Act's Senate outlook, an easing of US-Iran geopolitical tensions and oil prices, or continued Bitcoin ETF inflows extending their current seven-day streak, any of which could shift sentiment relatively quickly given how closely the market has been tracking these stories.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
Ethereum has reclaimed key support levels, with the $2,100 price point looming as a potential pivot. Analysts remain split on whether the recent momentum can power Ethereum toward $2,500, or if resistance ahead could trigger another downward move.
Key support reclaimed, upside targets in playAfter rebounding from the $1,505 zone, Ethereum climbed back above the $1,825 threshold, a development seen as significant by market watchers. Prominent crypto analyst Michaël van de Poppe pointed to this recovery as maintaining the overall target between $2,500 and $2,620, despite market volatility in recent sessions.
Technical analysis shows Ethereum’s price recovering above its short-term moving averages. Turning the $1,825 area from resistance into support could strengthen bullish sentiment. The next critical resistance lies near $2,465, and breaking above this level would increase the likelihood of reaching the broader target range.
A daily close under $1,825 could undermine the recent recovery and bring the $1,700 zone into focus. Larger support remains near $1,505, a level hit during June’s market lows. If Ethereum fails to hold above $1,825, the rally could stall and set up a retest of lower levels.
For now, market attention remains on whether Ethereum can maintain this reclaimed support and push on toward $2,000 and higher targets, or if renewed selling will shift the outlook bearish.
$2,100 test marks decisive moment for trendAnother prominent analyst, CobraTrader, shared an Elliott Wave analysis suggesting Ethereum might extend its rebound up to $2,100 before risk of a major correction resurfaces. The $2,100 region, situated near the 0.31 Fibonacci retracement, represents a pivotal resistance according to this perspective.
CobraTrader’s setup identifies this move as a potential fourth-wave top within the Elliott Wave cycle. A sustained breakout above $2,100 could weaken the case for a deeper correction. However, failure to overcome this resistance may trigger a fifth downward wave, with price targets in the $1,000 to $1,250 range.
Additional support appears around $1,505, where Ethereum previously found long-term buyers. A breach of this level could sharpen the bearish case and shift focus to the lower accumulation zone, where more pronounced buying interest may emerge.
Despite the short-term uncertainty, the long-term outlook remains cautiously optimistic. The Elliott Wave model indicates a possible major recovery post-correction, projecting potential moves above $3,400 and even toward $5,000 if macro conditions improve.
At present, Ethereum’s fate rests at the $2,100 mark. Bulls must clear this hurdle to maintain upward momentum, while failure to do so could mean a swift return to recent lows.
Mini dictionary: Elliott Wave — A technical analysis tool first outlined by Ralph Nelson Elliott that identifies recurring wave patterns in markets, often used to forecast likely support, resistance, and reversal points in asset prices.
Support/ResistancePrice LevelMajor support (June low)$1,505Reclaimed support$1,825First major resistance$2,100Secondary resistance$2,465Target range$2,500-$2,620Bearish scenario support$1,000-$1,250Long-term bullish target$3,400-$5,000Hanging onto the $1,825 support remains key for Ethereum as it sets its sights on $2,000 and possibly higher, though a failure to hold may trigger a return to June lows near $1,505.
Technical models project that while $2,100 could be reached during the current rebound, rejection at that level may open the door for a deeper correction before any potential move toward all-time highs.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum’s price faced downward pressure on July 24, but technical signals suggest that further gains are possible if the cryptocurrency can maintain its position above a key support level. Analysts and investors are monitoring ETH’s status above $1,850, which is currently viewed as a critical threshold for the asset’s near-term direction.
Price action and key technical levelsAs of the latest trading session, Ethereum is priced at $1,891.58, representing a 1.13% decline over the previous 24 hours. The coin’s daily trading volume reached $19.26 billion, with a total market capitalization of $228.9 billion. Despite the minor decrease in value, Ethereum remains above a significant technical support region that may dictate its next price movement.
Ali Martinez, a widely followed cryptocurrency analyst, published an update on July 24 reflecting his latest technical assessment of Ethereum. According to Martinez, after retesting its lower price channel, Ethereum experienced a rebound. He believes the $1,850 level serves as essential support and that as long as Ethereum stays above this mark, any upward attempt could set $2,060 as the next resistance to watch.
Ali Martinez identified $1,850 as a crucial support. Sustaining this level could pave the way for a rebound toward $2,060, while any move below would weaken the technical outlook.
At present, Ethereum’s trajectory remains within its established trading channel. Observers said the coming days may prove pivotal in determining whether the current rebound signals a more substantive market recovery.
Derivatives market signals and investor positioningThe derivatives market surrounding Ethereum continues to present a balanced scenario, even following its recent dip.
Open interest, a key measure reflecting open derivative contracts, slipped by 1.50% to $27.34 billion. This change suggests some unwinding of leveraged positions after recent market fluctuations, with less short-term speculation in the market. Meanwhile, trading volume recorded a 7.78% rise to $37.07 billion, reflecting robust market engagement.
MetricCurrent ValueChangePrice$1,891.58-1.13%Market Cap$228.90 billion—Daily Trading Volume$19.26 billion—Open Interest$27.34 billion-1.50%Total Trading Volume$37.07 billion+7.78%This dynamic, where volume increases as open interest drops, indicates that while some investors are closing positions, new participants continue to enter the market. Another notable metric, the OI-weighted funding rate, remained stable at around 0.0005%. This near-zero figure shows a balanced market, with little premium for those taking long or short positions—suggesting buyers and sellers are evenly matched.
Mini dictionary: OI-weighted funding rate, a measure in crypto derivatives that indicates the interest rate paid between long and short position holders, weighted by open interest. It helps signal market bias between buyers and sellers.
Short-term outlook and support levelsThe next several trading sessions could be crucial in establishing Ethereum’s near-term trend. Market participants are watching to see if buyers can sustain momentum above the $1,850 level, while trading activity remains high.
If Ethereum maintains its hold above this support, there is potential for a gradual move toward the resistance at $2,060, as identified by Martinez. Should selling pressure increase and trigger a drop below $1,850, focus may shift to lower support areas.
Currently, Ethereum’s technical framework remains resilient. Analysts note, however, that renewed buyer interest and strong price action would be necessary to signal a convincing recovery in the near term.
Despite current technical strength, sustaining buyer momentum and confirmation through price action will be important for an extended move higher.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Ethereum price has retreated to $1,880 after failing to clear $2,000, as profit-taking, rising derivatives leverage and a sharp U.S. technology-stock sell-off weakened market sentiment.
Summary
Ethereum price fell toward $1,880 after failing to break the key $2,000 resistance. Spot ETH ETFs logged $26.3 million in inflows despite weaker market sentiment. Holding $1,850 could support a rebound toward $1,950 and eventually $2,060. According to data from crypto.news, Ethereum (ETH) price traded near $1,882 at press time, down about 3% over the previous 24 hours after reaching the $1,935–$1,950 region earlier in the week. Sellers emerged below the psychological $2,000 barrier and the 100-day exponential moving average, ending a rally that began near $1,560 in late June.
Wall Street’s technology rout added pressure during Thursday’s session. The Magnificent Seven stocks fell 4.8% and erased about $797 billion in market value, their worst day since the tariff-driven sell-off in April 2025. The S&P 500 dropped 1.2%, while the Nasdaq 100 lost 1.9%, according to CoinDesk.
Alphabet’s decision to raise its 2026 capital-spending forecast to as much as $205 billion and weaker-than-expected profits at Tesla drove the equity decline. High-beta assets came under pressure as investors questioned whether returns from artificial-intelligence spending could justify the sector’s rising costs.
Ether absorbed a steeper loss than Bitcoin, which held near $65,400 with a decline of less than 1%. The difference showed that investors remained more cautious toward altcoins as capital moved away from riskier trades.
ETF inflows and rising leverage have kept Ethereum’s recovery intact U.S. spot Ethereum exchange-traded funds recorded $26.3 million in net inflows on July 23, extending their positive run to five consecutive sessions. BlackRock’s ETHA received $8.5 million, Fidelity’s FETH attracted $14.9 million, and Grayscale’s mini Ether fund added $2.9 million, according to Farside Investors.
The latest total followed inflows of $38 million, $37.5 million and $72.7 million during the first three sessions of the week. Although ETF demand has remained positive, Thursday’s figure dropped sharply from the previous day and failed to offset selling in the spot market.
Institutional access also expanded in Switzerland after BancaStato integrated Sygnum’s digital-asset infrastructure. The cantonal bank’s clients can now trade Bitcoin, Ether, Solana and USD Coin through its existing web and mobile banking platforms, adding another regulated distribution channel for ETH.
Derivatives traders increased their exposure as Ether approached resistance. Open interest climbed by 600,000 ETH over two days to 14.6 million ETH, its highest level since June 7, according to CoinGlass data.
Funding rates, positive through most of July, briefly turned negative on Thursday for the first time since June 29. The change occurred as $41.55 million in leveraged positions were liquidated over 24 hours, including $34.4 million in longs. A rise in open interest alongside negative funding leaves both bullish and bearish positions exposed to forced closures.
U.S. spot demand has yet to match the ETF recovery. CryptoQuant’s Coinbase Premium Index has remained negative for nearly three months, which means Ether has continued to trade at a discount on Coinbase compared with offshore exchanges.
Ethereum must defend $1,850 to preserve its ascending channel The 4-hour chart places ETH at the lower boundary of an ascending parallel channel that has guided its recovery since early July. Immediate support sits between $1,850 and $1,880, while the channel’s upper boundary could reach approximately $2,060 if buyers reclaim $1,950.
Ethereum 4-hour price chart — July 24 | Source: crypto.news According to crypto analyst Ali Martinez, the latest reaction has kept the channel structure valid.
“As long as this support at $1,850 continues to hold, I’m watching for a move back toward the upper boundary near $2,060.”
Short-term momentum remains weak. The 4-hour relative strength index has fallen to 44.06, below its moving average of 52.62, while the MACD line at minus 1.48 sits beneath its 5.42 signal line. Its negative histogram reading of 6.90 shows that sellers still control the immediate move.
On the daily chart, ETH trades near the Ichimoku conversion line at $1,879 and above the forward cloud’s $1,816 upper boundary. The Chaikin Money Flow remains positive at 0.07, showing that net capital has not fully left the market despite the pullback.
Ethereum price daily chart — July 24 | Source: crypto.news CoinGlass’s weekly liquidation heatmap places the closest concentration of leveraged positions around $1,900–$1,910. A larger overhead cluster sits near $1,955–$1,965, where a price advance could force short liquidations and reopen the path toward $2,000.
Ethereum liquidation heatmap | Source: CoinGlass Downside liquidity has accumulated around $1,840–$1,850, followed by another concentration near $1,820. A 4-hour close below the channel boundary and $1,850 would invalidate the immediate recovery setup, exposing $1,816 and then $1,750–$1,730.
Persistent equity weakness, higher bond yields or renewed inflation pressure could deepen that breakdown. Bulls instead need to reclaim $1,910 and break the $1,950–$1,965 supply zone before Ethereum can make another credible attempt at $2,000.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Whale 0x446B Dumps 8,010 ETH After Eight Months of SilenceAn Ethereum wallet identified as 0x446B executed a full liquidation of its $ETH holdings on July 24, 2026, offloading 8,010 ETH worth $15.11 million into open market liquidity. On-chain analytics platform Lookonchain confirmed the transaction, noting that the wallet had been completely dormant for eight months before the sudden exit.
The sale resulted in a realized loss of $10.8 million, equivalent to a 37% drawdown from the entity's original cost basis. The figures indicate the wallet accumulated its position at a significantly higher average price, only to exit well below that entry point after an extended period of inactivity.
A Broader Pattern of ETH Whale LossesThe 0x446B exit is not an isolated case. Lookonchain data from early July showed a separate whale selling 2,468 ETH at an average price of $1,572, realising a loss of $4.33 million after originally purchasing the same coins at $3,327. That whale sold 2,468 ETH for $3.88 million, having bought the same position at $3,327 per coin, amounting to $8.21 million.
The pattern reflects a difficult year for longer-term Ethereum holders. An Ethereum whale holding 9,389 ETH for roughly four years is sitting on a $23.8 million unrealized loss, according to Lookonchain. ETH has been trading near $1,780, down roughly 32% year-to-date.
Not all large holders are capitulating. Large withdrawals from centralized exchanges are often interpreted as bullish signals in the cryptocurrency market, and recent weeks have seen a separate cohort of whales moving $ETH off exchanges and into staking rather than selling. Ethereum's staking ratio reached a record 33.9%, representing roughly one-third of the network's circulating supply. The divergence between holders exiting at a loss and others accumulating underscores the uncertainty currently surrounding Ethereum's price outlook.
Sources:
Bitget News: Whale Sold 2,468 ETH, Incurring $4.33 Million Loss (Lookonchain data)
Bitcoin.com: ETH Whale Holds 9,389 ETH at $23.8 Million Unrealized Loss
The Coin Republic: Ethereum Staking Ratio Hits Record 33.9%
Ethereum remains under pressure on the higher timeframes despite showing signs of stabilization over the past several weeks. The daily structure continues to trade below key moving averages, while the 4-hour chart shows buyers attempting to build a higher low above a key support area. On-chain data also continues to provide a constructive backdrop as exchange balances keep declining.
Ethereum Price Analysis: The Daily Chart The daily chart shows ETH trading around $1.86K after recovering from the June sell-off that briefly pushed the price into the major demand zone around $1.5K. Although that support area successfully halted the decline, the broader trend has yet to shift decisively in favor of the bulls.
The asset sits just above the higher trendline of the long-term descending channel after the recent breakout. However, both the 100-day and 200-day moving averages are still overhead, indicating that sellers still control the higher timeframe structure. The recent test of the 100-day moving average around $2k has been rejected, which leaves ETH trapped beneath several technical barriers.
The first resistance sits around the $2K supply zone, where the key moving averages also converge. A stronger resistance zone is located roughly around $2.4K, which capped the previous recovery attempt in April. Reclaiming these levels would be required to suggest that the broader downtrend is losing momentum.
ETH/USDT 4-Hour Chart The lower timeframe presents a more constructive picture. Since the early July rebound, ETH has been printing higher highs and higher lows while respecting a rising trendline (white) that continues to support the advance.
Yet, following the rejection from the higher boundary of the ascending channel (yellow), the asset has pulled back toward the white trendline, where buyers have so far stepped in. These trendlines form a short-term rising wedge, and as long as price remains above the lower bound and the $1.75K support zone, the short-term bullish structure remains intact.
The next objective for buyers is another test of the recent highs around $1.9K to $1.95K. A decisive breakout above that region and the channel could open the path toward the daily supply zone at $2K.
On the other hand, a breakdown below the white ascending trendline would weaken the short-term structure and increase the probability of a deeper retracement toward $1.75K, with $1.7K and $1.6k serving as the next notable support levels.
On-Chain Analysis The Exchange Supply Ratio continues to trend lower, reaching fresh lows despite Ethereum’s prolonged corrective phase. This metric measures the proportion of ETH held on centralized exchanges, and a declining reading generally indicates that coins are leaving exchanges and moving into private wallets or long-term storage.
The persistent decline suggests that sell-side liquidity available on exchanges continues to shrink. Historically, sustained exchange outflows have often reflected improving investor conviction and reduced immediate selling pressure.
Although this alone does not guarantee an upside reversal, the on-chain backdrop appears considerably healthier than the current price structure. If demand begins to strengthen while exchange balances remain depressed, the reduced available supply could provide additional support for a broader recovery once ETH overcomes its key technical resistance levels.
Fu Peng, the newly appointed chief economist of Xinhuo Group, shared his views yesterday, noting that global assets—including the fundamentals of mainstream cryptocurrencies—are tied to liquidity. The current shift from loose to tight liquidity has triggered a "shrinking circle" market trend, with funds flowing into high-certainty core assets. Fu Peng believes the AI industry has reached a critical inflection point, moving from the capital-burning hardware infrastructure phase to value validation. Major players like Google have seen their free cash flow drop to zero, and capital markets no longer endorse the logic of mere capital expenditure expansion. “The AI industrial chain is divided into upstream, midstream, and downstream segments, each with its own independent industry lifecycle, and clear sector rotation shifts and allocation windows. Never treat AI as a 'faith' to hold blindly long-term; turning the AI sector into pure concept speculation will definitely lead to pitfalls.” “The full AI industry cycle spans roughly 20 to 25 years, with the first 10 years already completed. The first decade’s core focus was upstream hardware infrastructure, while the next decade’s will be end-user applications. However, a cycle gap exists currently, and the next 10 to 18 months will be the industry transition window. During this window, do not go all-in; strictly follow industry cycle rules for allocation to avoid volatility risks.” On the other hand, the crypto market will follow liquidity contraction. After the winnowing process, core assets such as Bitcoin and Ethereum will stabilize, while junk coin speculation will become ineffective. Investors need to allocate in stages according to industry cycles and be wary of leverage risks.
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Gemini and Bitfinex have recorded significant outflows, while Binance’s holdings have remained mostly stable, according to CryptoQuant analyst Amr Taha.
658,600 Fewer ETH on Exchanges Data shared by Taha shows Gemini’s Ethereum reserve fell to 384,400 ETH on July 24. This marks its lowest level since March 2024.
Notably, the exchange has lost about 188,600 ETH, or 32.9%, since holding 573,000 ETH on April 23.
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Funding rates represent the cost traders pay to maintain leveraged positions. A rising positive funding rate usually signals stronger demand for long positions and growing bullish sentiment.
According to Arab Chain, the indicator has reversed after declining for several months. The shift comes as Ethereum has recently recovered in price.
ETH is trading at $1,885, down 2.3% over the past day but remains up 2.56% over the past week. Moreover, the monthly chart shows ETH is up 13%.
Essentially, the move in the derivative markets suggests traders are willing to pay to hold long positions, reflecting expectations that ETH could continue moving higher.
However, Arab Chain noted that funding rates are still below the elevated levels that have historically appeared before major market corrections.
He added that continued increases could signal rising leverage in the market. This may increase the risk of widespread liquidations if Ethereum faces a sharp price decline.
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He also contends that despite the topic being pushed to the background, resolving it could provide a strong upside for prices. “It’s somewhat counterintuitively an upside catalyst potential,” Edwards says, noting that existing Bitcoin Improvement Proposals have yet to deliver a real solution.
Capriole Investments, founded by Edwards in 2019 and based in Melbourne, is a hedge fund specializing in Bitcoin and digital assets. The firm employs a mix of quantitative analysis, artificial intelligence, and macroeconomic research to shape its investment decisions.
Mini dictionary: Capriole Investments is a digital asset hedge fund that uses data-driven strategies and macroeconomic analysis, focusing primarily on Bitcoin and blockchain-related assets.
Market impact and estimated discount from quantum riskEdwards argues that regulatory uncertainty and quantum-related fears have weighed on Bitcoin’s price. At the time of publication, Bitcoin is trading at $65,270, representing a drop of about 49% from its October peak of $126,100.
MetricCurrent ValueAll-Time HighDiscount (%)Bitcoin price$65,270$126,10049%Estimated fair value discount40%––Quantum risk discount30%––According to Edwards, Bitcoin trades roughly 40% below its fair value, attributing about 30% of this discount specifically to quantum risk. He argues this is already accounted for in current pricing, in line with available information on quantum computing progress.
He clarifies that these risk assessments depend on anticipated timelines for so-called “Q Day”. Quantum computing specialists and technology companies currently predict that quantum systems capable of breaking cryptographic security could emerge within four to five years, though Edwards allows for considerable uncertainty in both directions.
Mini dictionary: Q Day refers to the moment when quantum computers become powerful enough to compromise existing cryptographic security protocols, allowing adversaries to derive private keys from public addresses.
Ethereum’s developers are reportedly on track to implement their own quantum-resistant upgrade by 2029, which many believe will increase scrutiny of Bitcoin’s response in the coming years.
Edwards also considers the lengthy process required to develop and implement a technical solution for Bitcoin, referencing BIP-360 author Ethan Heilman’s view that it could take years to deploy effective defenses.
While Edwards says that the quantum risk is already reflected in the market, he warns that the situation could change suddenly if major firms such as Google demonstrate unexpected advances in quantum research. At the same time, he suggests the probability of positive developments for Bitcoin remains greater than the risk of deeper losses from here.
“I think the risk falls significantly if a roadmap to a solution is announced, but it could grow if there is rapid progress in the quantum computing field,” Edwards noted.
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.
TLDR: Ethereum price retreated toward $1,880 after sellers blocked its recovery below the psychological $2,000 resistance level. The $1,850 support zone now protects Ethereum’s ascending channel and could determine whether the recent rebound stays intact. Spot Ethereum ETFs recorded $26.3 million in daily inflows, extending their positive flow streak to five trading sessions. Rising open interest and negative funding rates increase liquidation risks as traders build leveraged positions near key price levels. Ethereum price fell toward $1,880 on July 24 after failing to break the psychological $2,000 resistance level. The decline erased part of the recovery that started near $1,560 in late June.
Ether traded near $1,882 at press time, down about 3% over 24 hours. Sellers emerged after ETH reached the $1,935 to $1,950 region earlier this week.
The broader technology-stock sell-off also weakened risk appetite. Major U.S. technology companies lost nearly $797 billion in market value during Thursday’s session.
Bitcoin declined less than 1% and traded near $65,400. Ether’s sharper drop showed that investors continued reducing exposure to higher-risk altcoins.
Ethereum Price Faces Pressure From Leverage and Tech Losses The Ethereum price weakened as Wall Street investors questioned growing artificial-intelligence spending. Alphabet raised its 2026 capital expenditure forecast to as much as $205 billion.
Weaker Tesla earnings also added pressure to technology stocks. The Nasdaq 100 dropped 1.9%, while the S&P 500 declined 1.2%.
Crypto derivatives showed that traders increased exposure before the rejection. Ethereum open interest rose by 600,000 ETH within two days.
Total open interest reached 14.6 million ETH, its highest level since June 7. Rising leverage increased the risk of forced liquidations during sharp price moves.
Funding rates briefly turned negative on Thursday for the first time since June 29. Around $41.55 million in leveraged positions faced liquidation over 24 hours.
Long traders accounted for about $34.4 million of that total. The figures showed that bullish positions absorbed most of the damage during the pullback.
Spot Ethereum ETFs still recorded $26.3 million in net inflows on July 23. The result extended their positive streak to five consecutive trading sessions.
Fidelity’s FETH received $14.9 million, while BlackRock’s ETHA attracted $8.5 million. Grayscale’s mini-Ether fund added another $2.9 million.
The daily total fell from earlier weekly inflows of $38 million, $37.5 million, and $72.7 million. ETF demand therefore failed to offset selling across spot markets.
Ethereum Price Must Hold $1,850 to Protect Recovery Ethereum technical analysis places ETH near the lower boundary of an ascending channel. That structure has guided the recovery since early July.
Ethereum $ETH has rebounded after testing the lower boundary of its channel.
As long as this support at $1,850 continues to hold, I'm watching for a move back toward the upper boundary near $2,060. pic.twitter.com/3H29SDOprG
— Ali Charts (@alicharts) July 24, 2026
Immediate ETH support sits between $1,850 and $1,880. Holding this area could allow buyers to target $1,910 before challenging the $1,950 supply zone.
Crypto analyst Ali Martinez says the channel remains valid while Ethereum holds $1,850. The upper boundary could reach approximately $2,060 during another rebound.
Momentum indicators still favour, sellers in the short term. The four-hour relative strength index dropped to 44.06, below its moving average of 52.62.
The MACD line also fell below its signal line. Its negative histogram showed that bearish momentum continued during the latest session.
The Ethereum price remains above the forward Ichimoku cloud boundary near $1,816 on the daily chart. Chaikin Money Flow stayed positive at 0.07, suggesting capital has not fully left the market.
Liquidation data shows significant leveraged positions near $1,900 and $1,910. Another large liquidity cluster sits between $1,955 and $1,965.
A break above those levels could force short liquidations and reopen the route toward $2,000. Buyers must first reclaim $1,910 with stronger spot volume.
Source: Coinglass Downside liquidity has formed between $1,840 and $1,850, followed by another cluster near $1,820. A four-hour close below $1,850 could expose $1,816.
Further selling could then push ETH toward the $1,750 to $1,730 region. Continued equity weakness or higher bond yields could increase pressure around those lower levels.
The crypto derivatives market just served up another painful reminder that leverage is a double-edged sword. Over the past 24 hours, $271 million in total positions were liquidated across perpetual futures platforms, according to data from Coinglass.
The damage was overwhelmingly one-sided. Long positions accounted for $228.2 million of the carnage, while shorts contributed a comparatively modest $42.8 million.
Bitcoin and Ethereum led the bloodbath Bitcoin longs took the biggest hit, with $120.2 million wiped out. That’s roughly half of all long liquidations in a single asset. Bitcoin shorts, by contrast, only saw $22.1 million liquidated.
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Ethereum wasn’t far behind in the pain department. Long positions on ETH accounted for $45.7 million in liquidations, while short liquidations came in at $12.2 million.
The ratio tells the story. For every dollar of short liquidations, roughly $5.33 in longs got blown out. That kind of asymmetry typically signals a swift downward price move that caught leveraged bulls off guard, triggering a cascade of margin calls that fed on itself.
What this means for investors The dominance of long liquidations suggests that bullish sentiment had gotten ahead of itself. The $228.2 million in liquidated longs versus just $42.8 million in shorts tells you the market was leaning hard to one side, and it snapped back.
Coinglass, which aggregates liquidation data across major perpetual futures platforms, monitors exchanges in real time and provides granular breakdowns by asset and position direction, giving traders and analysts a clear view of where leverage is building up and where it’s getting unwound.
One thing is clear: the derivatives market remains a dominant force in crypto price action. When $271 million gets liquidated in a single day, that’s not just a footnote. It’s a market-moving event that feeds directly into spot prices and shapes the trading environment for everyone, leveraged or not.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The price of Ethereum [ETH] was down 1.77% in the past 24 hours. Daily trading volume dipped by just over 6%, and Open Interest has slid by 3.2%. CoinGlass data showed that long liquidations might help explain the recent price drop.
The bullish derivatives traders faced around $67 million in liquidations, measured from July 22. These liquidations forced sell orders to close the position in perpetual markets, increasing the sell pressure on ETH.
CryptoQuant data showed that the funding rate was positive but declining. Since the first week of July, the 7-day moving average of the funding rate has dipped from +0.0088% to +0.0054%, a mildly positive reading.
Source: CryptoQuant The taker buy/sell ratio measures the proportion of aggressive [market] buying versus selling volume. This metric fell deep into negative territory recently. However, its 7-day moving average has not slipped below zero, as it did in May.
The Ethereum price action is likely to turn bearish now AMBCrypto reported on whale accumulation and improved ETF demand recently. The network’s validator queue has also dropped to zero with no waiting time, signaling conviction from long-term stakers.
Source: ETH/USDT on TradingView The price charts told a different story. On the 1-day timeframe, the swing structure remains firmly bearish. A breakdown below the February low at $1,742 in early June confirmed this.
At the time of writing, Ethereum was experiencing a price bounce, but has not managed to reach key Fibonacci retracement levels.
Traders’ call to action- Sell Source: ETH/USDT on TradingView Another set of Fibonacci retracement levels was plotted based on the late May-early June selloff. Back then, the Ethereum price raced lower from $2,043 to $1,510. Earlier this week, the 78.6% retracement level had been tested.
ETH bulls have faced a setback from the resistance level at $1,929. The 4-hour and 1-day timeframes were in agreement on a bearish bias. As things stand, a price drop toward $1,510 appeared likely.
A rally beyond $2,043 would invalidate this bearish case.
Final Summary The Ethereum whale accumulation and cleared validator queues signaled long-term conviction, but the price charts remained bearish. The derivatives market saw aggressive sell pressure in the past 48 hours, and the funding rate has been sliding lower, showing a cool-off in demand.
The Verus Ethereum Bridge has been targeted by a major security breach for the second time in just over two months, resulting in the theft of approximately $7.54 million in various crypto assets. The incident occurred on July 23 when attackers exploited a vulnerability, once again raising concerns about the security of cross-chain protocols in decentralized finance (DeFi).
Attacker Drains Bridge’s Ethereum ReservesThe breach allowed the attacker to abuse the bridge’s submitImports function, which triggered Ethereum-side payouts without equivalent assets being locked on the Verus blockchain. This vulnerability enabled the unauthorized extraction of funds from the bridge’s reserves.
Blockchain security firm Blockaid and independent researcher exvulsec both confirmed and investigated the exploit. According to on-chain data, roughly 1,137 ETH, as well as tBTC, USDC, USDT, EURC, MKR, and scrvUSD, were drained from the bridge reserves at around 03:45 UTC. The stolen assets were quickly swapped through decentralized exchanges, then consolidated into nearly 3,916 ETH before parts of the funds were routed through Tornado Cash.
Mini dictionary: Tornado Cash, a decentralized non-custodial privacy solution on Ethereum, is designed to break the on-chain link between source and destination addresses, making transaction tracing more difficult.
AssetAmount stolenEstimated valueETH1,137Included in $7.54M totaltBTCUnknownUSDCUnknownUSDTUnknownEURCUnknownMKRUnknownscrvUSDUnknown Investigators noted that by exploiting the same contract, function entry point, and vulnerability as a previous May breach, the attacker bypassed standard cross-chain verification and triggered unbacked payouts, draining several digital assets from Verus’ Ethereum bridge reserves.
Recurring Security Flaws and Recent HistoryThe latest breach revived scrutiny over Verus’ handling of a previous exploit in May, which resulted in an $11.58 million loss. Experts stated that this attack exploited the exact vulnerability from the earlier incident, indicating that core issues may have remained unaddressed. Blockaid observed that while this latest event involved a different attacker wallet, the method and targeted contract remained unchanged.
Following the May attack, the same attacker returned 4,052 ETH—about 75% of the stolen funds—after reaching an agreement with Verus. Despite that partial restitution, the repetition of the exploit has heightened doubts regarding the bridge’s security remediation process.
Experts pointed out that the repeated vulnerability likely resulted from an incomplete technical fix after the earlier breach, leaving Verus exposed to additional attacks. There is growing pressure for the protocol team to publish a thorough incident report and technical breakdown.
Ongoing Investigations and Broader RisksThe Verus incident is one of several recent DeFi bridge attacks highlighted by on-chain monitoring services. Lookonchain reported that combined losses from incidents involving Verus, AFX Trade, and B² Network have climbed to approximately $35.55 million.
Mini dictionary: Lookonchain is an on-chain analytics platform known for monitoring blockchain transactions and identifying patterns related to hacks, large movements, and abnormal activities.
Security analysts explained that bridge protocols are increasingly targeted due to logical flaws in cross-chain messaging mechanisms, which, if exploited, can allow fund withdrawals without equivalent collateralization.
Next Steps for Verus and UsersAmid the investigation, Verus halted all bridge operations but has not announced a compensation plan or released a detailed technical report. The absence of a clear official explanation has drawn criticism from the user community.
Observers expect the Verus team to prioritize closing the technical vulnerability, improve their validation process, and offer a roadmap to locate and potentially recover missing assets. Until these steps are made public, scrutiny around trust and transparency in the protocol will likely continue.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
A closer look at everything most interesting surrounding ADA, BTC, and ETH.
Cardano’s ADA has rebounded over the past week, with some key factors supporting a more substantial upward trend ahead. Another element, though, suggests a renewed correction might be on the way.
Several analysts believe Bitcoin (BTC) has yet to reach its bottom for this cycle, while the recent exodus from exchanges hints that Ethereum (ETH) might be gearing up for a rally.
ADA Stuck in an Indecisive Zone Earlier this week, Cardano’s native token soared to a two-week high of around $0.18 before retracing to the current $0.166 (per CoinGecko). This represents a 5% weekly increase, while the latest whale activity hints at a further upswing in the near future.
The large investors recently boosted their total holdings to 25.6 billion coins (the highest level since February). The stash translates into roughly 70% of the token’s circulating supply. Moreover, whales have bought 30 million ADA (worth more than $5 million) over the last 30 days.
These market participants rarely make intuitive decisions, as some believe they enter the ecosystem after careful research or inside information that others lack. That said, their activity may encourage smaller players to hop on the bandwagon, too.
Another bullish ADA element is its Relative Strength Index (RSI), which yesterday (July 23) slipped to 28 and now stands at 31. It remains quite close to the oversold zone that is usually seen as a buying opportunity.
On the other hand, exchange inflows have recently exceeded outflows, meaning that investors have moved some of their holdings to centralized platforms, thereby increasing immediate selling pressure.
You may also like: Bitcoin’s Sharpe Ratio Signals an ‘Optimal’ Spot Accumulation Window Ethereum (ETH) Is Cheap, But Not at Bottom Yet: Analysts Ethereum’s Next Leg Higher? Historic Indicator and Whale Activity Align Major BTC Warning The bear market over the past several months has been quite persistent, briefly dragging Bitcoin’s price below $60K. It currently trades at nearly $65,000, and every resurgence gives some investors hope that the bulls might finally regain full control.
However, X user BATMAN poured cold water on these expectations, drawing a parallel between BTC’s current performance and that of the autumn of 2022, which was later followed by a massive collapse to roughly $16,000.
Other short-term skeptics include Kabuki and Ali Martinez. The former predicted a plunge to $47,000 by August, while the latter noted that the following month has historically been an unfavorable period for BTC, resulting in a correction every time since 2022.
ETH’s Next Move? Earlier this week, the second-largest cryptocurrency made another attempt to surpass the $2,000 psychological level but was rejected and currently trades at around $1,880.
Still, the declining amount of ETH stored on exchanges suggests the bears may soon loosen their grip. Over the past month, investors have withdrawn approximately 1 million units (worth over $1.8 billion at ongoing rates) from centralized platforms. The total figure dropped to a 10-year low of roughly 15.1 million ETH as the development results in reduced immediate selling pressure.
Analysts on crypto X remain largely optimistic about the asset. Not long ago, Arthur Hayes acquired ETH for over $2.5 million, while popular pundits like KALEO think the price could rise toward $2,400 within the next month. However, the latter warned that the pump might be short-lived and followed by a major crash to nearly $1,200 by September.
Cardano (CRYPTO: ADA) founder Charles Hoskinson says the next phase of cryptocurrency adoption will be driven less by faster blockchains and more by safety, governance and consumer protections.
Ethereum ‘Keeps Doing Things Wrong’In an interview with CoinDesk on July 23, Hoskinson, a co-founder of Ethereum (CRYPTO: ETH) before launching Cardano, was sharply critical of the network’s governance model.
He argued Ethereum lacks an on-chain treasury capable of sustainably funding long-term development and instead depends on a handful of influential organizations.
"If Ethereum was to just take 5% of protocol revenue and give it to the Ethereum Foundation, they’d have $390 million a year to work with," he said.
Hoskinson also criticized Ethereum’s reliance on large companies to shape development priorities, arguing that meaningful decentralization requires token holders, not corporations, to determine the network’s future through on-chain voting.
He said Cardano’s governance framework, while slower to develop, provides a more sustainable long-term model.
"People are starting to wake up, especially in the age of AI hacking where everything is getting broken, that speed to market is not necessarily the most desirable thing," Hoskinson said.
Crypto Needs An Insurance LayerFollowing a recent bridge exploit involving Cardano-related infrastructure, Hoskinson said the industry’s biggest missing component is insurance.
He proposed optional insurance products for crypto wallets and cross-chain bridges, funded through premiums and backed by collateral pools.
Under the model, users would pay recurring fees while protocols meeting defined security standards could qualify for coverage.
Insurance would compensate victims after hacks and encourage better software practices across the industry, he said.
"You need financial systems with rule of law and checks and balances and the ability to get restitution when bad things happen," Hoskinson said.
Hoskinson expects the next wave of crypto adoption to come from integrating blockchain with identity, privacy, insurance and real-world financial infrastructure rather than simply increasing transaction throughput.
Image: Shutterstock
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A crypto market analyst has highlighted that Bitcoin, Ethereum, and Cardano are nearing a pivotal technical crossroads at a time when U.S. Senate action on the Clarity Act and renewed tensions involving Iran signal a period of heightened uncertainty for the digital asset market.
Regulatory moves and geopolitical uncertaintyCurrent uncertainty centers on both the evolving situation in the Middle East, where the U.S. continues to strike Iranian military positions, and the lack of clear progress in Washington on the Clarity Act, a crypto market structure bill before the Senate. The market observer noted that digital assets historically react poorly to extended periods of uncertainty, and stressed the importance of imminent news from the U.S. Senate.
On the legislative front, Patrick Witt, a lead negotiator for the Clarity Act, reportedly expressed confidence about the bill advancing, but Senate Majority Leader John Thune cast doubt, reportedly telling reporters the measure remains unlikely to reach a floor vote before the August recess.
The risk of indefinite delays in the Senate could sustain recent volatility and extend ongoing price consolidation in the crypto market. Market participants are paying close attention to the possibility that Senate leadership may decline to call the bill to a vote prior to the recess, which could postpone regulatory clarity.
The analyst identified the next several business days as especially critical, with August 7 cited as the latest practical deadline before the U.S. Senate breaks for recess. Positive signals from lawmakers or easing geopolitical tension could help digital assets break out of their current patterns, while negative developments are likely to reinforce risk-off sentiment.
Technical set-ups for Bitcoin, Ethereum, and CardanoFrom a technical perspective, Bitcoin is now forming a potential inverse head-and-shoulders pattern, which has historically been viewed as a bullish reversal signal. However, the analyst noted this formation has not yet been confirmed and depends on Bitcoin’s ability to hold or move higher. A push toward the 200-day moving average, now close to $72,000, would mark a significant bullish development and could reverse weeks of declining momentum.
Key support for Bitcoin lies in the $61,000 to $59,000 range. A sustained breakdown below this area could push the asset toward a broader Fibonacci retracement band from approximately $48,000 to $57,000, with $56,000 highlighted as a crucial pivot level.
AssetKey ResistanceInitial SupportCritical Support ZoneBitcoin$72,000$61,000-$59,000$48,000-$57,000Ethereum$2,100Near downtrend line$1,500CardanoTesting moving averages$0.13$0.10-$0.12Ethereum currently trades just above a descending trendline, while its 20-day moving average attempts to cross above the 50-day average. The analyst cautioned that similar patterns have failed in the past, but a solid rally toward the 200-day average near $2,100 would be a notable bullish signal. Conversely, if weakness returns, Ethereum may target the $1,500 zone.
Cardano is also grappling with declining momentum, testing key moving averages after several unsuccessful reversal attempts. A sharp downturn could cause ADA to revisit $0.13 or even fall toward the $0.10 to $0.12 range.
Legislation, charts, and investor strategyThe analyst emphasized that while regulatory developments are not the only factor shaping market direction, they are arriving at a moment when technical indicators for major cryptocurrencies are at critical levels. This convergence makes support, resistance, and proactive allocation strategies increasingly important for investors in the coming weeks.
As markets await clarity from U.S. lawmakers, traders are closely monitoring geopolitical updates and technical inflection points on major crypto charts. Outcomes over the next business days may set the tone for price action into the end of the summer.
Mini dictionary: Clarity Act, a proposed U.S. law aiming to define the regulatory status of digital assets and clarify the roles of federal agencies regarding cryptocurrency oversight.
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.
All REP holders must migrate their tokens by August 1, 2026, to remain part of the active Augur ecosystem Augur, one of Ethereum’s earliest decentralized prediction-market and oracle projects, today announced that the second and final phase of its Moon Fork is entering its final days, with the two-month migration window for all holders of its REP token closing on August 1.
REP holders must migrate their tokens 1:1 into an outcome-specific version of REP by August 1, 2026. Migration is one-way and irreversible. Tokens that remain in the legacy Augur universe after the window closes will no longer be able to follow the active protocol and are likely to lose their economic value. After that point, unmigrated REP can no longer be converted.
Migration tooling is available through Augur’s official fork interface at 6.augurfork.eth.limo, together with a step-by-step guide and frequently asked questions.
The fork is a live demonstration of how a decentralized system can defend a truthful outcome without any central authority ruling on the result. That security depends on participation: REP only protects the protocol when its holders act.
A live test of Augur’s economic security model The Moon Fork began on April 8 with an intentionally escalated dispute over the question: Did the Artemis II mission successfully lift off in the first week of April?
The dispute was initiated by longtime Augur community member Micah Zoltu to test the protocol’s full resolution process under real economic conditions. The correct outcome was “Yes.”
The process was designed to test the mechanism from beginning to end, including participant incentives, capital formation, dispute escalation and token migration. Augur entered the fork after enough REP was committed across successive dispute rounds to activate the protocol’s final resolution backstop.
The fork consists of two phases.
Phase one: The escalation game From April through early June, REP holders could stake on competing answers through a series of increasingly expensive dispute rounds.
Each round required more capital than the one before it. Participants staking on the ultimately accepted outcome were eligible to earn a return funded by the losing side, creating a financial incentive for the wider market to oppose manipulation.
“Most people will interact with Augur during the escalation game, which lets outcomes battle it out by seeing who can raise more money. The losers pay out the winners. Since it’s easier to raise money on an outcome people believe to be true, that’s the one with the advantage. So in this phase we try to outspend the attacker, and if we can’t, we go to phase two,” said Phill Monastirsky, co-founder of the Lituus Foundation, which stewards Augur.
The escalation process continued until the dispute reached Augur’s fork threshold. Phase one is now complete.
Phase two: Mandatory REP migration The protocol has now split into separate outcome-specific universes. Every REP holder must choose a universe and migrate their REP into the corresponding token.
“Failing to outspend the attacker, we now try to maximize their cost by forcing them into a worthless token,” said Phill. “The protocol splits into tokens corresponding to the possible outcomes, with 51% required to win. Since future Augur fees only continue on the truthful token, the attacker is forced to move 51% of the token supply into something worthless. In the Augur Lituus design, this rises to near 100%. As long as it costs them more to do that than they gain from misresolving the market, we are safe.”
Future official Augur development funded by the Lituus Foundation will continue on the universe corresponding with the truthful outcome: that Artemis II successfully lifted off during the period specified by the market.
The Foundation has migrated its own holdings and added liquidity to the corresponding token.
What REP holders need to do REP holders should take the following steps before August 1:
Hold REP in a self-custodied Ethereum wallet or confirm that their exchange will support the migration Visit 6.augurfork.eth.limo/#/migration Connect the wallet holding REP Migrate REP 1:1 into the outcome-specific token corresponding with the truthful result Confirm receipt of the new REP token in the connected wallet Migration cannot be reversed once completed.
REP held on centralized exchanges may require action by the exchange rather than the individual user. The Lituus Foundation has been working with exchanges to support migration on behalf of their users. Kraken has confirmed support; other exchanges have not, and holders should not assume support unless their exchange states it explicitly. Current exchange-support status is maintained at v3.augur.net/#exchange-support.
Exchange support may change during the migration period. Holders who cannot confirm support should withdraw their REP to a self-custodied wallet and complete the migration directly.
Why the fork matters Prediction-market platforms ultimately depend on a resolution process to determine which outcome occurred and where funds should be paid.
Many systems rely on companies, committees, token votes, multisigs or discretionary intervention. Augur was designed around a different model: an open economic process in which participants can challenge an outcome and are financially rewarded for defending the result the broader market recognizes as true.
When a dispute reaches the fork stage, REP separates into tokens associated with each possible outcome. Holders decide which universe will carry the protocol’s future economic activity by migrating into it.
The design shifts the security question away from whether a sufficiently wealthy attacker can temporarily influence a vote. Instead, it asks whether an attacker is willing to acquire and sacrifice enough REP to support a false universe that users, developers and liquidity providers may subsequently abandon.
Demonstrating the mechanism behind Augur’s next chapter The Moon Fork is testing Augur v2’s dispute architecture. Future implementations will differ from the original system, but the live exercise demonstrates the escalation-and-fork pattern underpinning Augur’s continuing oracle research.
That work includes Augur Lituus, a proposed modular resolution layer designed to allow prediction markets and other applications to outsource disputed real-world outcomes to an open, economically secured oracle.
The Lituus Foundation is funding continued work on Augur’s decentralized resolution infrastructure. The prediction-market platform under development through the separate Dark Florist workstream is expected to support the branches created through the fork, rather than the legacy unmigrated REP token.
The live migration provides a practical demonstration of Augur’s core thesis: a prediction market should not depend on any single party having the authority to declare what happened.
Important migration information Migration deadline: August 1, 2026
Migration ratio: 1:1
Migration status: Mandatory for holders who want to remain part of the active Augur ecosystem
Migration direction: One-way and irreversible
Migration portal: 6.augurfork.eth.limo/#/migration
Holders should consult the official migration interface and Augur channels for the latest technical instructions and exchange-support updates.
About Augur Augur is a decentralized prediction-market and oracle project originally built on Ethereum. Its dispute system uses open participation and economic incentives, with algorithmic forking as a final backstop, to resolve contested real-world outcomes.
About the Lituus Foundation The Lituus Foundation stewards the revival and continued development of Augur. The Foundation supports open-source development carrying Augur’s oracle research and engineering forward.
Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.
Morgan Stanley has gained approval to list and trade its Ethereum and Solana ETFs on NYSE Arca as the issuer submitted 8-A and other filings with the US SEC. The Wall Street giant could soon launch its spot Ethereum and Solana ETFs.
Morgan Stanley Ethereum ETF Gains Approval According to the latest SEC filing, Morgan Stanley has gained approval to list shares of its spot Ethereum ETF from NYSE Arca. The ETF will list and trade on NYSE Arca under the ticker symbol MSSE.
Morgan Stanley has also filed 424B3, with no details on the fee waiver. The filing has become auto-effective pursuant to Section 12(b) of the Exchange Act, pending CERT filing for details on the trading date.
As CoinGape earlier reported, Morgan Stanley updated delegated sponsor, Coinbase Prime, Coinbase custodial and trade finance agreements. The latest amendment indicates the Morgan Stanley Ethereum ETF could become effective soon.
The spot Ethereum ETF will levy a sponsor fee of 0.14%. Also, it plans to stake 50-80% of holdings via providers such as Figment, Galaxy Blockchain, and Coinbase Canada. Notably, staking services providers and custodians are to receive only 5% of the staking rewards.
Morgan Stanley Investment Management, the delegated sponsor, said it will not receive or retain the remaining staking rewards, resulting in higher earnings for investors.
Moreover, The Bank of New York Mellon and Coinbase Custody will serve as custodians for the Morgan Stanley Ethereum ETF.
NYSE Arca Approves Wall Street Giant’s Solana ETF Listing Morgan Stanley also filed 8-A and 424B3 with the US SEC for its spot Solana ETF. NYSE Arca has also approved Morgan Stanley Solana ETF to list and trade under the ticker MSOL.
Notably, the approval comes as $10 trillion Morgan Stanley’s brokerage firm E*TRADE completed the rollout of spot Bitcoin, Ethereum, and Solana trading. Clients can buy, sell, and hold crypto in a linked Zerohash account.
Morgan Stanley Solana ETF will have a 0.14% management fee. Also, the issuer plans to stake up to 100% of SOL holdings through Figment, Galaxy Blockchain, and Coinbase Canada.
The staking rewards distribution mechanism for staking service providers, custodians, and investors is the same as in the Morgan Stanley Ethereum ETF. Cash custodians, crypto custodians, administrator, transfer agent, and marketing agent are similar to those of its Morgan Stanley Bitcoin ETF.
The MSBT holds over $391 million in total assets, with BTC holdings worth over $396 million. MSBT saw $5 million in inflows in the latest session, while spot Bitcoin ETFs recorded $255.18 million in outflows.
While Morgan Stanley plans to capture passive yields internally for its ETF, retail investors looking for direct control over their assets can explore the best crypto staking platforms to earn competitive APYs on their Ethereum and Solana holdings.
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.
PANews July 24 news, according to Greeks.live, July 24 options expiry data shows that 19,000 BTC options will expire today, with a Put Call Ratio of 0.89, a max pain point of $64,500, and a notional value of $1.2 billion. 125,000 ETH options will expire today, with a Put Call Ratio of 1.25, a max pain point of $1,875, and a notional value of $230 million.
Analysis indicates that Bitcoin briefly broke through $66,000 this week, but upward resistance is strong — the $65,000 to $80,000 range was a dense trading area early this year, and it remains to be seen when capital will flow into the crypto market. U.S. stock SpaceX continues to decline, and the storage sector is experiencing sharp oscillations. In the options market, about 4% of options expire this week, with most indicators nearly flat compared to last week, and overall IV has fallen back to around 35%. BTC’s GEX is concentrated at $65,000 and $72,000, while ETH’s is concentrated between $1,900 and $2,200, with a more dispersed distribution than last week. Recently, some traders have attempted to bottom-fish using shallow out-of-the-money options. The ETH Put/Call Ratio has fallen back to 1.29, but the proportion of put options has exceeded 1 for six consecutive weeks, the longest stretch on record, reflecting strong demand for puts alongside active put-selling to bottom-fish. The crypto market has experienced an eight-month bear market, with scarce trading opportunities. From a cyclical perspective, there may be a rebound in the second half of the year.
Bitcoin (BTC) stalls near the 50-day Exponential Moving Average (EMA) at $65,145 after a mild correction earlier this week. Meanwhile, Ethereum (ETH) and Ripple (XRP) face rejection at key resistance levels, keeping the short-term technical outlook bearish.
Bitcoin could recover if 50-day EMA holds as supportBitcoin price trades at $65,300 on Friday, with a neutral-to-slightly bullish near‑term tone as spot action holds just above the 50‑day Exponential Moving Average (EMA) at $65,145 while still trading beneath the 100‑day and 200‑day EMAs at $67,980 and $74,094, respectively. This configuration suggests the bounce from the recent base is gaining traction but remains a corrective move within a broader capped structure.
The Relative Strength Index (RSI) at around 54 points to steady, non‑overbought upside momentum, while the positive Moving Average Convergence Divergence (MACD) reading above the zero line suggests bullish pressure is improving but not yet strong enough to challenge the higher daily trend barriers.
On the downside, immediate support is located at the reclaimed 50‑day EMA near $65,145, with a stronger demand zone emerging at the prior horizontal floor around $64,004 if sellers regain control.
On the topside, initial resistance is seen at the 100‑day EMA clustered near $67,980, ahead of the more decisive medium‑term hurdle at the 200‑day EMA around $74,094; a sustained break above these levels would be needed to reopen the path toward the distant horizontal resistance at $84,410.
Ethereum faces rejection from the 100-day EMAEthereum price trades at $1,875 on Friday and holds above the 50-day EMA at $1,831, hinting at a modestly constructive short-term tone, but remains capped beneath the 100-day EMA at $1,938 and the distant 200-day EMA at $2,187, which keep the broader recovery in check.
The RSI at 56 sits in positive but non-extreme territory. At the same time, the MACD remains in positive territory, together suggesting steady but not explosive bullish momentum as long as price holds above the 50-day EMA.
On the topside, immediate resistance is at the 100-day EMA near $1,938, with a break there exposing the psychological horizontal barrier at $2,000, then the 200-day EMA at $2,188.
On the downside, initial support is provided by the 50-day EMA around $1,831, ahead of a more distant structural floor at $1,385, where buyers would be expected to re-emerge on a deeper pullback.
XRP sits below key EMAsXRP price trades at $1.111 on Friday, holding a bearish near-term bias as it sits below the 50-, 100-, and 200-day EMAs clustered overhead. The 50-day EMA at $1.143 is the nearest dynamic cap, with the longer 100-day EMA at $1.232 and the 200-day EMA at $1.440 reinforcing a broader downside structure, even as the RSI hovers near a neutral 49, and the MACD remains marginally positive, hinting at only modest countertrend buying interest.
On the topside, initial resistance is at the 50-day EMA near $1.143, followed by the 100-day EMA near $1.232; a stronger recovery would face further hurdles at the $1.300 horizontal barrier, ahead of the 200-day EMA at $1.440 and the distant $1.900 resistance line.
On the downside, the first significant support emerges at the $1.000 psychological and horizontal level, where bulls would be expected to defend the broader range if selling pressure resumes.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Cryptocurrency metrics FAQs The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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.
Ethereum [ETH] is currently seeing strong staking demand compared to the market distress in Q4 2025.
According to analytics platform Arkham, the Ethereum validator exit queue has dropped to zero with no waiting time, signaling that stakers have ‘long-term conviction.’
For comparison, during the market crash late last year, ETH queued for exit peaked at 2.6M ETH, and the waiting time was about 44 days. Now, it takes 0 minutes to withdraw staked ETH.
Source: Validator Queue Will Ethereum staking demand boost ETH value? In contrast, the entry queue is taking nearly 44 days to get into the staking ecosystem. About 2.5 million ETH is currently waiting to be staked, underscoring a massive divergence between demand and exit. For Arkham, this was a bullish signal.
This imbalance demonstrates robust demand to stake ETH. This development supports tighter ETH supply dynamics, as more capital flows into staking than leaves it.
Source: Validator Queue Worth noting that staked ETH has surged to 40.9 million ETH, marking a 14% year-on-year (YoY) increase. This translates to a record high of 33.97% in the staking ratio relative to the overall ETH supply.
But staking is just one side of the demand line. In fact, part of the staking demand comes from the U.S. spot ETH ETF and treasury firms like Bitmine.
Speaking of the U.S. Spot ETH ETF, the products have been positive in the past two weeks, lifting the price from below $1.8K to nearly $2K.
Source: Glassnode If the flows remain green, perhaps the $2K psychological level could be decisively reclaimed as support.
And institutional positioning in the Options market signaled a similar stance. In the past 24 hours, calls (bullish bets) were the most dominant trading volume for the September and early August option expiries, eyeing $2.4K and $2K targets, respectively.
Source: Arkham As of writing, the altcoin was valued at $1.926K as the market focused on the CLARITY Act passage ahead of Congress’ August recess. If the bill stalls, ETH price will likely slip lower.
However, any resolutions on key issues like ethics and subsequent passage of the bill would eventually lift the entire market. In other words, regulatory developments could remain a key catalyst in Q3.
Final Summary ETH validator exit queue has dropped to zero while the entry line hit 2.5M ETH with a 44-day waiting period. Option traders were betting on an ETH rally to $2K-$2.4K despite uncertainty on CLARITY Act passage.
Ethereum is trading at a discount to its realized price, but there could be a final capitulation, according to CryptoQuant.
“Ethereum is cheap, but the data says the bottom isn’t in yet,” said onchain analytics platform CryptoQuant on Thursday. ETH is trading around 17% below its realized price, “but only two of five signals have reached historical bottoming levels,” they added.
“Selling pressure is easing. Capitulation is still missing.”
ETH realized price – which is a measure of the average price at which every token currently in circulation last moved onchain – is currently at $2,300.
Historically, trading below the realized price signals holder losses that tend to exhaust sellers and mark bottoms.
ETH/BTC Metrics Still Not Bottoming The analysts said trading below the aggregate cost basis means the marginal holder is sitting on losses, “which historically exhausts sellers and compresses downside.”
However, cheapness alone has never been sufficient since the timing of a bottom has depended on Ethereum’s position relative to Bitcoin. This can be measured by the ETH/BTC MVRV ratio, which has fallen from “extreme overvaluation to neutral,” but not to extreme cheapness.
Additionally, the exchange inflow ratio has also dropped from over 1.5 to about 0.8 as selling pressure eased, but it hasn’t reached the ~0.4 low-pressure zone seen at past bottoms, they said.
Spot volume ratios have also collapsed to levels last seen in ETH/BTC bottoms, but the three other signals are not there yet.
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“ETH is approaching undervalued levels relative to Bitcoin, which points to lower downside pressure ahead.”
Fundamentally, Ethereum remains strong with growing real-world asset tokenization and agentic AI payment narratives.
“Ethereum has the characteristics that institutions need,” said Sharplink CEO Joseph Chalom on Thursday.
“I don’t know a lot for certain in life, but I spent 20 years at BlackRock. And I know for sure, before you move financial rails that are 40, 50, 60 years old, you want it to move to something that’s trusted, always on, secure, with the most liquidity.”
Sharplink resumed its Ethereum buying in late June, scooping up 10,000 ETH worth around $16 million.
ETH Price Outlook Despite the bullish fundamentals, ETH prices have retreated this week. The asset has fallen back from a seven-week high of $1,950 on Wednesday to $1,860 in early Asian trading on Friday morning.
ETH has lost almost 3% on the day but remains up 12% over the past 30 days. It needs to reclaim the $2,000 psychological barrier to measure any further momentum.
Key Takeaways Ethereum hovers around $1,927, unable to reclaim the critical $2,000 threshold despite climbing 27% from June’s bottom Surging crude oil costs are amplifying inflation concerns, driving September Federal Reserve rate hike probability to 79% Spot Ethereum ETFs in the United States registered $72.64 million in net inflows on July 22, with BlackRock contributing $53.47 million BitMEX’s September 23 closure introduces additional uncertainty regarding leverage trading and market liquidity for ETH Data from CryptoQuant indicates ETH is trading 17% under its realized price of approximately $2,300, a zone often associated with historical undervaluation Ethereum finds itself trapped in a consolidation zone beneath the psychologically important $2,000 mark. On July 23, the asset exchanged hands near $1,927 following an intraday peak of $1,941. While this represents a substantial 27% climb from the June nadir around $1,514, persistent rejections near $1,955 have blocked any meaningful push toward the $2,000 milestone.
Ethereum (ETH) Price The primary drag on price action stems from developments in energy markets. Escalating geopolitical tensions across the Middle East have propelled crude prices upward for five consecutive trading sessions. West Texas Intermediate crossed the $90 per barrel threshold after Houthi militants targeted Saudi oil infrastructure, sparking fresh supply disruption concerns. Elevated energy costs threaten to reignite inflationary pressures and constrain the Federal Reserve’s flexibility on monetary policy.
Market participants have already recalibrated their expectations. CME FedWatch data reveals the implied probability of a September interest rate increase has jumped from 68% to 79%. Such a tightening monetary backdrop typically creates headwinds for speculative assets including cryptocurrencies.
Institutional Flows Provide a Floor Even with challenging macroeconomic conditions, institutional capital continues entering the market. According to SoSoValue, U.S. spot Ethereum exchange-traded funds attracted $72.64 million in net inflows on July 22. BlackRock’s iShares Ethereum Trust dominated the flow, capturing $53.47 million of that figure.
According to SoSoValue, U.S. spot Bitcoin ETFs recorded total net inflows of USD 68.99 million on July 23, led by BlackRock’s IBIT with USD 38.78 million. Spot Ethereum ETFs drew USD 72.64 million, with BlackRock’s ETHA posting the largest single-day inflow at USD 53.47 million.… pic.twitter.com/wHHDMkqnLj
— Wu Blockchain (@WuBlockchain) July 23, 2026
Market analyst Ted Pillows highlighted the persistence of spot buying pressure. He stated: “Spot demand is strong and the key support zone hasn’t been lost. IMO, Ethereum could begin its next move up in a few days.” Pillows identified $2,030 as the initial upside objective, with more significant resistance concentrated around $2,400.
Independent trader Daan Crypto Trades observed that Ethereum has demonstrated relative strength versus Bitcoin. He suggested that ETH/BTC dominance could experience a rotation if Ethereum maintains its outperformance, although Bitcoin dominance has yet to exhibit signs of weakening.
Blockchain Metrics and Emerging Challenges A recent CryptoQuant analysis reveals ETH is trading approximately 17% beneath its realized price near $2,300. This valuation zone has historically aligned with long-term market bottoms. That said, only two out of CryptoQuant’s five bottom confirmation indicators have triggered thus far.
In separate developments, BitMEX declared it will cease operations on September 23. The platform has facilitated trading for more than 2 million users since its 2014 launch. Clients have been instructed to liquidate open positions and withdraw their assets before the shutdown date.
According to Staking Rewards, a record 34% of Ethereum’s circulating token supply is currently locked in staking contracts. Tom Lee’s Bitmine Immersion Technologies has accumulated 325,000 ETH within the past month and has stated its ambition to control 5% of total ETH supply.
For bullish momentum to resume, ETH requires a 4-hour candle close above $1,955, which would establish a pathway toward the $2,000–$2,030 range. A breakdown below $1,860 would compromise the current recovery pattern.
Ethereum traded at $1,927 on July 23, remaining below the key $2,000 level despite rebounding 27% from June’s low around $1,514. The asset reached an intraday high of $1,941, but repeated rejections near $1,955 have prevented any sustained move beyond the psychological threshold.
Inflation fears rise with energy costsRecent volatility in energy markets has exerted downward pressure on Ethereum’s price. Five consecutive sessions of rising crude oil prices followed attacks on Saudi Arabian oil infrastructure by Houthi militants, fueling concerns of supply disruptions in the Middle East. On the same day, West Texas Intermediate oil climbed above $90 per barrel, heightening global inflation risks.
Elevated energy prices have led market observers to expect tighter US monetary policy. Data from CME’s FedWatch tool indicated that the implied chance of a Federal Reserve rate hike in September climbed to 79%, up from 68%. Such an outlook generally weighs on risk assets, including cryptocurrencies.
ETF inflows provide support for EthereumDespite challenging macroeconomic signals, institutional capital continued to enter Ethereum. Analytics firm SoSoValue reported net inflows of $72.64 million into US spot Ethereum exchange-traded funds (ETFs) on July 22. BlackRock’s iShares Ethereum Trust, one of the world’s largest asset managers, contributed $53.47 million of this total.
Spot demand for Ethereum remains strong, and the key support area has held. Some analysts noted that if this persists, the next upward move could start soon, with $2,030 as an initial target and further resistance around $2,400.
Independent market observers also highlighted Ethereum’s resilience. Trader Daan Crypto Trades pointed out that ETH has recently outperformed Bitcoin, suggesting a potential rotation in ETH/BTC market dominance if the trend continues.
ETF ProductNet Inflows (July 22)BlackRock iShares Ethereum Trust$53.47 millionAll US Spot Ethereum ETFs$72.64 millionOn-chain signals and upcoming challengesData from research platform CryptoQuant showed that ETH is trading 17% below its realized price of about $2,300, a zone historically aligned with periods of undervaluation. However, only two out of five on-chain bottom indicators tracked by CryptoQuant have confirmed a market bottom so far.
BitMEX, a major derivatives exchange that has served more than 2 million users since 2014, announced it will cease operations on September 23. The closure adds uncertainty for traders relying on leverage and affects overall market liquidity.
Figures from Staking Rewards indicated that 34% of Ethereum’s circulating supply is now locked in staking contracts. Bitmine Immersion Technologies, directed by Tom Lee, accumulated 325,000 ETH over the past month and aims to control 5% of the total ETH supply.
For Ethereum to regain bullish momentum, chart analysts point to a necessary close above $1,955 on the 4-hour chart, which could target the $2,000–$2,030 area. A drop below $1,860 may disrupt the ongoing recovery pattern.
Mini dictionary: Realized price, a metric defining the average price at which each coin in the network was last moved, helps gauge whether market participants are predominantly in profit or loss at current levels.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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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.
Although Ethereum holders have gone through one of the worst times in the asset's history, the most recent on-chain data indicates that this protracted suffering might eventually serve as the basis for the upcoming bullish phase.
Ethereum's capitulation isn't criticalSwissblock's Supply in Profit/Loss model indicates that Ethereum has been in "capitulation" for almost six months running. The bulk of the ETH supply has been underwater since late January, which means that more coins were held at a loss than at a profit.
ETH/USDT Chart by TradingViewSellers swiftly regained control and forced another wave of unrealized losses across the network, even though the April–May recovery momentarily moved a sizable portion of supply back toward breakeven. The current figures continue to show high levels of stress. There are still about 45.7 million ETH in losses as opposed to just 31.6 million in gains.
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The market is only starting to recover from months of pressure, as evidenced by the average breakeven price rising back toward $1,880. Ironically, long-lasting market bottoms are frequently caused by these circumstances. Ethereum's price has made a remarkable comeback from its capitulation low in June, which was close to $1,500, according to the daily chart. After recovering the 26-day and 50-day moving averages, ETH is currently trading at about $1,890.
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These indicators of the shorter-term trend have become support, indicating that buyers have taken back control of the intermediate trend. The next challenge is right above. Around $1,935, Ethereum is testing the declining 100-day EMA, which has rejected multiple attempts to move higher. The recovery would be greatly strengthened by a decisive close above that level, which might also draw attention to the psychologically significant $2,000 level.
Momentum saves ETHDespite recent consolidation, momentum is still positive. The RSI is between 58 and 60, which shows strong buying pressure without going into overbought territory. This allows bulls to keep rising if general market conditions stay favorable. The current arrangement is especially intriguing because of the discrepancy between positioning and sentiment. Long stretches of time during which the majority of holders stay underwater have historically correlated with accumulation rather than distribution.
Longer-term investors absorb supply at reduced prices while weak hands gradually withdraw. It seems like that process is starting up again. The network is gradually recovering from the worst of the strain, despite the fact that Ethereum owners have gone through one of the longest capitulation phases in history.
Although the market seldom rewards investors when conditions are comfortable, the pain has not entirely subsided. The months of capitulation that deterred investors could instead serve as the starting point for the next significant increase if Ethereum manages to break through the $1,935 resistance level and more supply returns to profit.
Ethereum is showing signs of recovery after enduring nearly six months of intense selling pressure, according to recent on-chain data. Despite significant losses for many holders, the current market situation could potentially set the stage for a new bullish phase.
Six months of capitulationSwissblock, a blockchain analytics provider, reported that Ethereum’s supply in loss has dominated since late January, with the majority of tokens held at a loss rather than at a profit. The “Supply in Profit/Loss” model shows that this drawn-out period of capitulation has resulted in about 45.7 million ETH being underwater compared to 31.6 million ETH held at a gain.
A brief recovery between April and May did shift some of the supply back toward breakeven, but sellers quickly took control again, sparking another wave of unrealized losses across the network. Analysts note that the extended pressure is reflected in the average breakeven price, which has increased to $1,880. Market observers point out that such periods, where most investors are at a loss, often precede major market bottoms.
During the recent recovery, Ethereum’s average breakeven price rose to $1,880, marking a key shift after months of losses and indicating growing buyer support at these levels.
Mini dictionary: Swissblock is an analytics firm specializing in providing blockchain and cryptocurrency market data, including on-chain indicators and supply analytics for major assets like Ethereum and Bitcoin.
Technical resistance levels in focusEthereum’s price staged a strong comeback from its June low, rebounding from near $1,500 and reclaiming both the 26-day and 50-day moving averages. As of the latest data, ETH is trading close to $1,890, supported by these shorter-term trend indicators. This suggests that buyers have regained some control over the market’s intermediate trend.
However, Ethereum faces a significant technical barrier near $1,935, where the declining 100-day exponential moving average (EMA) has blocked several prior rally attempts. A decisive close above this level could not only reinforce the bullish trend but also refocus market attention on the psychological $2,000 mark.
Moving AverageStatusPrice Level26-day MASupport$1,89050-day MASupport$1,890100-day EMAResistance$1,935Investor sentiment and accumulationPositive momentum remains despite recent price consolidation. The relative strength index (RSI) currently ranges between 58 and 60, signaling steady buying demand without entering overbought conditions. Market watchers suggest that this leaves room for continued gains if broader conditions remain supportive.
Historically, extended periods in which most Ethereum holders are at a loss tend to lead to increased accumulation, as longer-term investors acquire more ETH at reduced prices. Meanwhile, short-term or weaker holders often exit the market. Data indicates this accumulation phase may be resuming as the network recovers from its prolonged slump.
Long-term investors appear to be absorbing available supply, while those unable to withstand recent losses are leaving the market.
If Ethereum successfully breaks above the $1,935 resistance and more of the circulating supply returns to profit, the prolonged period of capitulation could ultimately mark the onset of a significant upward move. However, the process is ongoing, and the full effects of the prior downturn have yet to fully dissipate.
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 dived alongside stocks on Thursday as elevated Middle East tensions trimmed investors’ risk appetite.
Crypto Market in RedBitcoin fell back to the mid-$64,000s, while Ethereum dropped to around $1,800, reversing earlier weekly gains. XRP and Dogecoin also broke to the downside.
Over $250 million was liquidated from the cryptocurrency market in the last 24 hours, with $188 million in bullish long positions alone wiped out, according to Coinglass data.
Bitcoin’s open interest fell 2.85% over the last 24 hours. A falling open interest with falling prices typically indicates that traders are exiting their long positions rather than new sellers taking over.
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The global cryptocurrency market capitalization stood at $2.25 trillion, following a dip of 0.59% over the last 24 hours.
Stocks Edge LowerStocks extended the decline on Thursday. The Dow Jones Industrial Average fell 506.93 points, or 0.97%, to end at 51,711.65. The S&P 500 slid 1.21% to 7,408.30, while the tech-heavy Nasdaq Composite lost 2.15% to close at 25,137.69
U.S. strikes on Iran entered their 13th consecutive day, while Yemen’s Iran-backed Houthi militia announced a maritime embargo on Saudi Arabia, raising fresh worries about oil exports transiting the Red Sea, another key oil shipping route
Time to Accumulate?Ali Martinez, a widely followed cryptocurrency analyst and trader, noted that Bitcoin’s Sharpe ratio—which measures the reward per unit of risk—has dived into the negative territory, creating an “asymmetric” entry point for long-term investors.
“Past instances where the ratio compressed to these levels, such as during the 2015, 2019, and 2022 bear market bottoms, marked final capitulation phases,” the analyst added.
Michaël van de Poppe, another prominent cryptocurrency influencer, said that Ethereum’s $2,500 target remains intact, while admitting that the latest correction “isn’t great for the markets.”
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Dogecoin Price fell to $0.0690 after losing 4.75% during the latest 24-hour trading period. The fall was due to more general market deleveraging and the U.S.-Iran war crisis. The total crypto market value declined by 0.96% to reach $2.22 trillion as liquidations compounded the broader macro-sell off.
Bitcoin price hovered near mid $65,000 and Ethereum price fall to the 1,880 level after undoing previous weekly gains. XRP and Dogecoin also faltered, with the investors lessening their exposure to riskier digital assets. DOGE is currently in testing of support levels last observed in late 2024.
The token also remains close to its lowest trading range of 2025. Traders are monitoring whether new spot ETF inflows can help in promoting a rebound. Nevertheless, poor sentiment, mixed expectations of the Federal Reserve, and poor technical conditions are still constraining the short-term recovery. Long-term purchasing is required before the momentum can be determined.
Dogecoin ETFs Record First Inflows Since June 17 as DOGE Funds Recover Spot Dogecoin ETFs reported net inflows of $345,130 on July 21, the first day of inflows since June 17.
The inflow followed more than one month of flat activity and one outflow session on July 2. However, SoSoValue data showed daily net inflows returned to zero by July 23.
Source: SoSoValue data The cumulative net inflows were 12.12 million and the cumulative net assets were 9.88 million. The assets constituted approximately 0.09% of the market capitalization of Dogecoin.
This was a cumulative trading worth of 265,040 in the last reported session. The GDOG of Grayscale was the leader with cumulative inflows of $11.30 million and assets of $6.78 million.
TDOG managed by 21Shares was introduced to inflows and asset respectively with 2.19 million and 2.65 million. BWOW of Bitwise noted a cumulative outflow of 1.38 million and assets of some 453,880. The three funds all closed negative and had a daily loss of between 4.61% and 4.92%.
Dogecoin Price Falls Below $0.070—Is a Rebound Coming Next? At the time of writing, the DOGE price traded at $0.0693 after losing 1% on the four-hour chart. Dogecoin price slipped below the $0.07 support after heavy selling volume pushed prices toward the lower range.
Short-term support is now right around 0.0680, with buyers possibly making another attempt at recovery. The RSI dropped to 34.51 and has weak momentum, and it is tending towards an oversold state. However, the CMF remains positive at $0.08, suggesting some capital continues entering the market.
Source: Tradingview DOGE price must reclaim $0.070 to improve its short-term outlook and challenge resistance at $0.0720.
A confirmed move above $0.0720 could open targets near $0.0740 and $0.0760 as per the Future Dogecoin outlook. Loss of $0.0680 would undermine the framework and put DOGE at risk of falling to $0.0660.
Bitcoin hovered near the $65,000 mark on Friday as escalating Middle East tensions weighed on sentiment in the cryptocurrency market, while Ethereum also traded lower.
Bitcoin was trading at $65,345, while Ethereum was at $1,877.
Over the past 24 hours, Bitcoin declined 0.43% and Ethereum fell 2.23%. Among major altcoins, BNB, XRP, Solana, Hyperliquid, Dogecoin and Cardano dropped by as much as 4.09%, while Tron edged up 0.05%.
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Nischal Shetty, founder of WazirX, said that Bitcoin remained under pressure as geopolitical tensions in the Middle East dampened investor sentiment, prompting a shift toward safer assets. Ethereum also weakened, with traders closely monitoring institutional positioning and broader market uncertainty.
“Bitcoin's daily technical indicators remain neutral, with immediate support around $64,200–$64,500, while Futures traders are watching whether BTC can sustain a move back toward $66,000. For Ethereum traders, $1,840–$1,860 remains the key support zone, while $1,900 is the next major resistance,” Shetty further said.
The global crypto market capitalisation went down 0.7% to $2.22 trillion, according to CoinMarketCap.
Akshat Siddhant, Lead quant analyst, Mudrex said fresh attacks in the Middle East have pushed crude oil above $90 a barrel, while driving US bond yields to their highest levels in 18 months, weighing on risk assets.
Despite the weakness in price, US spot Bitcoin ETFs extended their inflow streak to seven consecutive sessions, attracting nearly $1 billion in total, Siddhant further said.
In the past week, Bitcoin and Ethereum were up 2.98% and 1.58% respectively. Among the major altcoins, BNB, Hyperliquid, and Dogecoin corrected upto 4.17% whereas XRP, Solana, Tron, and Cardano gained upto 4.47%.
Crypto markets are also facing pressure from tighter financial conditions. Bitcoin remains relatively stronger than Ethereum and major altcoins, with its four-hour structure constructive above $65,000, said Riya Sehgal, Research Analyst, Delta Exchange.
Here is what other analyst say
Vikram Subburaj, CEO, Giottus: Institutional demand has improved materially. US spot Bitcoin ETFs recorded approximately $999.3 million in inflows across seven consecutive positive sessions from July 14 to July 22. These inflows more than offset the $424.7 million outflow recorded on July 13. July 23 showed a preliminary $22.6 million outflow, although BlackRock’s IBIT figure remained unavailable.
Also Read | Dixon Technologies, Paras Defence among 14 new stocks added by this one-year topper mutual fund in June
Avinash Shekhar, Co-Founder & CEO, Pi42: The latest correction across the crypto market reflects how quickly global geopolitical developments can influence investor sentiment across asset classes. Bitcoin’s pullback towards the mid $64,000 range, alongside weakness in Ethereum and other leading digital assets, comes amid heightened uncertainty following the escalation in the Iran conflict and a broader shift away from high-growth assets.
CoinSwitch Markets Desk: The July recovery could lose momentum if BTC fails to reclaim $65K, with the 21-day moving average near $64K acting as key support and $68K as the next major resistance. Investors may prefer disciplined positioning, limited leverage and gradual accumulation near support rather than chasing short-term rebounds.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.
Ethereum (ETH) Ethereum moved higher by 3% this week as buyers gained control of the price action since late June. This relief rally started once the support at $1,500 was tested and held.
At the time of this post, ETH is facing some resistance as the price approaches the key psychological level at $2,000. It is likely to bring back sellers and could send the price into a pullback.
Looking ahead, the cryptocurrency remains in a macro downtrend. While this rally is a positive change, sustaining it beyond $2,000 seems a big ask right now. Only if $2,000 turns into support does ETH have a good shot at breaking the prevailing downtrend.
Source: TradingView Ripple (XRP) XRP also managed to book a 3% gain this week as buyers have kept the price well above the key support at $1. The current resistance is at $1.2, and until it is broken, it is unlikely this cryptocurrency can make sustained gains.
With volume declining steadily month-over-month, XRP currently lacks the momentum for a major breakout. Market participants seem to have retreated since the drop in February and have not returned to date.
Looking ahead, the current consolidation above $1 is a positive development. However, it can equally be a pause taken by sellers before they attempt another go at the key support.
Source: TradingView Cardano (ADA) ADA had a positive week, closing 6% higher. This comes after the price made a head and shoulders reversal pattern with the key support around $0.15. As long as that level holds, buyers have the advantage.
Nevertheless, Cardano still has to make clear higher lows and higher highs before we can be confident in a reversal and end to the current macro downtrend. For that to happen, the price will have to move beyond $0.25.
Looking ahead, the weekly momentum indicators such as the MACD are giving a bullish bias. This is a promising sign that sellers could be exhausted here, which may allow buyers to take back control for a longer period.
Source: TradingView Binance Coin (BNB) Binance Coin looks weak throughout the past seven days and made no gains. The price still needs to break the resistance at $580, which has kept buyers in check over the past month. Without a clear breakout, BNB is forced to move sideways or even seek lower levels to find buyers.
The price also saw decreased volatility and volume. This could also be related to the recent regulatory changes that forced EU users to find a new exchange. That is bearish for the BNB price as it lowers demand for the token.
Looking ahead, this cryptocurrency is found in a downtrend with no signs that this will end any time soon. As such, watch the support at $500, which could be tested in the future before buyers return.
Source: TradingView Hype (HYPE) Surprisingly, HYPE was flat this week and lost 5% of its valuation in the past month. This highlights that the uptrend may be over. The price is also under $60 at the time of this post, which is concerning since it may encourage sellers to push even lower.
If this cryptocurrency loses its macro uptrend, then a larger and more significant correction could follow. Right now, the longer the price sits under $60, the higher the chance that HYPE will fall much lower. Key support levels are found at $56 and $52.
Looking ahead, HYPE had a fantastic rally in the first half of 2026, and it seems the second part of the year could end up in a major correction. That may see HYPE revisit previous levels under $50. If so, this can also be a key buying opportunity.
Ethereum has further consolidated its lead in decentralized finance, with its share of total cryptocurrency total value locked (TVL) rising to 54.39% during the past month. The increase, up from 53% one month prior, represents a gain of more than one percentage point despite persistent competition from other blockchain protocols, according to data from DefiLlama shared by staking provider Everstake.
Ethereum’s TVL Growth and Market ImpactTVL, a key metric for measuring participation in blockchain-based financial applications, tracks the value of assets deposited within smart contracts across various DeFi platforms. The most recent change means billions of dollars in digital assets have moved into Ethereum-based protocols, underscoring the platform’s ongoing appeal in lending, decentralized exchanges, and staking services.
Everstake highlighted, “When one network now secures 54.39% of the entire crypto TVL, it’s a reminder of just how significant Ethereum’s position has become.” The staking provider attributed this continued supremacy to years of progressive ecosystem expansion, ongoing protocol upgrades, and robust developer activity that have attracted new applications and liquidity to Ethereum.
Everstake commented that Ethereum’s steady growth in TVL points to the network’s years of expansion, upgrades, and adoption by both developers and users, reinforcing its vital role within DeFi.
Rival Blockchains Maintain Diverse DeFi EcosystemWhile Ethereum’s dominance remains substantial, alternative public blockchain networks continue to hold considerable TVL market shares. According to DefiLlama, Solana currently controls 6.49% of the total, with Tron and BNB Smart Chain each holding 6.30%. Base, a rising layer-2 solution backed by Coinbase, accounts for 6.03%, while Bitcoin-based DeFi stands at 5.61% of TVL.
These figures reflect a diversified landscape, as Solana accelerates adoption through user-focused applications, and Base leverages synergies with Coinbase’s broader ecosystem. Tron, meanwhile, has established a niche in stablecoin transfers, particularly for USDT. Each network addresses unique market segments, signaling that capital allocation is spread across multiple platforms based on their respective strengths and user bases.
BlockchainTVL Share (%)Ethereum54.39Solana6.49Tron6.30BNB Smart Chain6.30Base6.03Bitcoin5.61Technical Upgrades Drive Ethereum AdoptionEthereum’s high TVL levels have been strengthened by a constant flow of technical improvements and a strong developer community. Flagship DeFi protocols, such as Aave, Maker, Uniswap, and Lido, anchor substantial liquidity on Ethereum, bolstering overall network TVL and activity.
Continuous upgrades aimed at boosting scalability and reducing transaction fees, especially via Layer-2 networks, have made Ethereum more attractive for institutional investors and retail participants alike. This broader appeal supports the deployment of additional decentralized applications, all while maintaining Ethereum’s well-regarded security profile.
Mini dictionary: Layer-2 networks, often referred to as L2s, are secondary frameworks built atop Layer-1 blockchains like Ethereum. These solutions process transactions off the main chain and submit bundled results to the base layer, effectively reducing congestion and lowering fees without compromising security.
For market participants, rising total value locked is commonly viewed as an indicator of growing trust in a blockchain’s DeFi ecosystem. However, analysts recommend evaluating TVL alongside other factors such as user activity, transaction volume, protocol revenues, and fee generation before forming conclusions about overall network health.
ETH’s Role as Primary DeFi Settlement LayerEthereum’s expanding share of TVL reflects its pivotal position as the main settlement and liquidity hub for DeFi applications. Higher TVL levels generally result in increased liquidity, enabling broader lending markets and more efficient decentralized trading for users and institutions.
This development is particularly relevant as institutional interest in Ethereum has accelerated since the approval of spot ETH exchange-traded funds (ETFs) in the United States. While ETF inflows do not directly count toward DeFi TVL, greater mainstream exposure to ETH has further boosted awareness and interest across its diverse ecosystem.
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.
LayerZero and Keeta have partnered to make tokenized commercial bank deposits transferable across Ethereum, Solana, Base and the Keeta Network.
Summary
Keeta stablecoins will represent commercial bank deposits and move across four networks through LayerZero infrastructure. Nine fiat currencies are scheduled to launch across supported public blockchains later during July 2026. Bivo will hold backing deposits while issuers retain control over contracts, transfers, and compliance requirements. The companies plan to launch the service later in July 2026, giving institutions a way to move bank-backed digital money across several public blockchains.
(1/8) Keeta has partnered with @LayerZero_Core to bring tokenized commercial bank money to major blockchains.
Together, we’re the first to combine regulated, compliance-native infrastructure with omnichain interoperability, enabling financial institutions to move bank-grade… pic.twitter.com/QKPJff0b7N
— Keeta (@KeetaNetwork) July 23, 2026 The system will use Keeta Stablecoins, which the companies describe as tokenized commercial bank money. Commercial bank deposits held through Bivo and its partner-bank network will back the tokens. The initial release will cover the U.S. dollar and eight other fiat currencies.
Keeta Stablecoins target multichain settlement According to the official LayerZero announcement, the first currencies will include USD, EUR, JPY, CNY, GBP, CAD, MXN, AED and HKD. The companies did not provide a specific launch date or name the institutions that will use the product at launch.
The product targets treasury, payment and settlement work. An institution could hold a token linked to a commercial bank deposit and transfer it between supported networks. Keeta CEO Ty Schenk said, “The future of institutional money isn’t a walled garden.” He said Keeta wants regulated bank money to move across chains rather than remain inside one closed system.
LayerZero supplies the cross-chain token standard Keeta Stablecoins will use LayerZero’s Omnichain Fungible Token Standard. LayerZero’s technical documentation says the OFT model lets one fungible token exist across several chains while maintaining one global supply. A transfer removes tokens from circulation on the source network and credits the same amount on the destination network.
The partnership says the issuing institution will retain contract authority across the supported networks. LayerZero also offers stablecoin controls such as transfer restrictions, rate limits, pause functions and separate operational roles. These controls allow an issuer to apply internal policies while keeping the token available on more than one blockchain.
Bivo provides the deposit and payment connection Bivo will provide access to U.S. payment rails and its partner-bank network. Keeta identifies Bivo as a licensed money transmitter with NMLS number 2572288. California’s Department of Financial Protection and Innovation also lists Bivo as a regulated money transmitter in the state.
The announcement does not state whether every token holder will receive deposit insurance or hold a direct claim against a named bank. It only says that commercial bank deposits held through Bivo will back the tokens. The companies also did not disclose reserve reporting rules, redemption fees, minimum transaction sizes or which entities will issue each currency.
The structure differs from many stablecoins that hold cash, Treasury bills or other reserve assets outside a customer deposit account. Keeta and LayerZero still use the term “stablecoins” for the product, but they describe the backing as commercial bank money rather than a mixed reserve portfolio.
Tokenized deposit projects gain wider attention Banks and crypto firms have tested several forms of tokenized deposits in 2026. JPMorgan and other large U.S. banks have worked on a shared network for tokenized deposits, with a possible 2027 launch. That project would operate through a bank-led system rather than distribute deposits across several public chains.
In another model, Custodia Bank and Vantage Bank tested a dual-purpose token that acts as a bank deposit inside their Hazel network and as a stablecoin when it moves outside the network. The Keeta and LayerZero plan instead focuses on issuing several fiat-linked assets across Ethereum, Solana, Base and Keeta from the start.
LayerZero already supports cross-chain distribution for payment and tokenized-asset products. As previously reported, PayPal expanded PYUSD to additional networks through LayerZero infrastructure. Ondo Finance also used LayerZero for cross-chain transfers of tokenized stocks and exchange-traded funds.
Cross-chain systems also carry technical and operational risks. In April, attackers drained about $292 million from Kelp DAO’s rsETH bridge after compromising infrastructure used by a LayerZero verifier. LayerZero said the attack affected Kelp DAO’s single-verifier setup rather than the core protocol. The company later stopped signing messages for applications using one-verifier configurations and urged projects to use several independent verifiers.
Keeta will also add LayerZero as an anchor inside its network. Keeta uses anchors to connect blockchains and traditional payment systems. The company says its network reached 11.2 million transactions per second during a public stress test conducted with Google’s Spanner engineering team, although that result does not represent normal production volume.
The companies have not disclosed launch partners, expected transaction volume or pricing. Their July rollout will test whether institutions want tokenized commercial bank money that can move across public chains while the issuer keeps control over transfers and compliance settings.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Boardwalk, a protocol built around fee protection and transparent token economies, has flipped the switch on its BMX-to-BWLK migration module. The tool, now live on the project’s website, lets eligible holders of BMX tokens on Base convert them into staked BWLK tokens on Ethereum at a clean 1:1 ratio.
How the migration works BMX holders connect to the migration module, submit their tokens, and receive staked BWLK in return. The 1:1 exchange rate removes guesswork.
Boardwalk first announced the migration on July 15, followed by a timeline confirmation on July 20. The module itself went live on July 23, sticking to the announced schedule.
The migration window will remain open for approximately six months.
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BWLK is being deployed across multiple platforms, including Ethereum, Base, Robinhood, and Arbitrum. Native liquidity incentives are part of the rollout, designed to bootstrap trading activity across these venues.
The supply math behind BWLK BWLK was originally launched through a Uniswap Continuous Clearing Auction, or CCA. The initial planned supply was 3,150,000 tokens.
Boardwalk burned 160,222 tokens, bringing the current total supply down to 2,989,778 BWLK — about 5% of the planned supply permanently removed before the migration module went live.
The burn aligns with Boardwalk’s stated focus on maintaining a “balanced supply” while keeping its community actively involved in governance decisions. The project has implemented public snapshot reviews and staked token distributions as part of this framework.
Why cross-chain migrations matter The inclusion of Robinhood in the deployment list is particularly notable. Robinhood’s crypto platform caters to retail users who may never interact with a DEX or bridge, opening BWLK to an audience outside traditional DeFi.
Boardwalk has been sharing official links through its Discord and other community channels specifically to help users avoid scam contracts that impersonate migration tools.
The staked nature of the received BWLK tokens means migrated tokens are immediately put to work within the protocol’s staking mechanism. Holders should understand any lock-up periods or unstaking delays before committing.
What this means for investors For existing BMX holders, the migration offers six months to convert at a guaranteed 1:1 rate into a token with a current supply of 2,989,778 — live on Ethereum, Base, Arbitrum, and Robinhood.
A supply of just under 3 million tokens is already quite small by crypto standards. Thin order books on a low-supply token can lead to violent price swings in either direction.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Brian Armstrong, Coinbase CEO, said the SEC settlement agreement is a huge win for crypto. (Jesse Hamilton/CoinDesk)Summary
The Securities and Exchange Commission agreed to pay $150,000 and produce remaining records to settle a FOIA lawsuit over its investigations into Ethereum.History Associates Inc., working on behalf of Coinbase, had sued in June 2024 after the SEC failed to fully respond to records requests about Ethereum’s shift to proof-of-stake and earlier crypto enforcement actions.The case, which forced the SEC to turn over thousands of documents and revealed the deletion of texts and data from phones of top officials including Gary Gensler, will be dismissed once final production is complete.The U.S. Securities and Exchange Commission (SEC) agreed to pay $150,000 to settle a federal Freedom of Information Act (FOIA) lawsuit over its investigations into Ethereum, according to a joint status report filed July 22.
History Associates Inc. and the SEC asked the U.S. District Court for the District of Columbia to dismiss the case after reaching a settlement deal. Under the agreement, the agency will produce the remaining responsive documents and pay the flat fee to cover the plaintiff's legal fees.
History Associates, which provides professional historical research, writing and archival services to government agencies, filed the lawsuit in June 2024. Working on behalf of Coinbase, the firm had submitted three public records requests the year before. Those filings sought documents on SEC investigations into Zachary Coburn and Enigma MPC, along with records on how Ethereum shifted to a proof-of-stake system.
The lawsuit compelled the SEC to hand over thousands of documents, with the court explicitly ordering the agency to prioritize all records and communications sent, received or evaluated by then SEC Chair Gary Gensler concerning Ethereum's migration from a proof-of-work blockchain to a proof-of-stake network.
The document fight stalled in September 2025 as the SEC’s Inspector General reported that the agency accidentally deleted Gary Gensler’s text messages from October 2022 to September 2023. Later court updates showed the agency wiped 21 phones belonging to top officials, of which five belonged to the same staff members targeted in the Coinbase case. The SEC told the National Archives about the deleted phones in July 2025.
Brian Armstrong, Coinbase CEO tied the ruling it to an FDIC case around buried evidence during the 2023 banking crisis.
“The Gensler SEC deleted texts at the height of the anti-crypto campaign, FDIC buried evidence - it was all uncovered after we fought to expose the truth,” he wrote in a post on X. “This is not only for us, but for every American and every American company expecting transparency and accountability from the government.”
The dismissal brings to a close more than two years of litigation over the document requests. Once the SEC completes production of the remaining records, the case will be formally dismissed.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Jul 22, 2026
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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.
BitMine Immersion Technologies has gone from staking 0.41 million ETH to over 4.9 million, catapulting its annualized revenue from roughly $34 million to an estimated $244 million. For a company that used to be known primarily as a Bitcoin miner, that’s quite the career change.
The NYSE-listed firm (ticker: BMNR), co-founded by Fundstrat’s Tom Lee, now holds approximately 5.77 million ETH tokens. That’s about 4.8% of Ethereum’s entire circulating supply, making BitMine the largest corporate Ethereum treasury on the planet, valued at roughly $11.1 billion at recent prices.
From pickaxes to proof-of-stake BitMine’s pivot began around June 30, 2025, when the company restructured its operations to focus almost entirely on ETH accumulation and staking.
The vehicle for this transformation is MAVAN, BitMine’s proprietary validator network built to handle large-scale staking operations. Over 85% of the company’s ETH holdings, more than 4.9 million tokens, are now actively staked through this infrastructure.
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In the fiscal quarter ended May 31, 2026, BitMine reported total revenues of $46.5 million, a 22x increase year-over-year. Ethereum staking contributed $45.7 million of that total, representing 98% of all revenue.
Annualized projections for staking revenue land somewhere between $235 million and $284 million, depending on yield assumptions.
The Alchemy of 5% BitMine has branded its accumulation strategy the “Alchemy of 5%,” targeting ownership of 5% of Ethereum’s total supply. At 4.8%, they’re essentially there already.
The institutional backing behind this bet is notable. ARK Invest, Founders Fund, and Pantera are all counted among BitMine’s investors.
BitMine’s approach mirrors what MicroStrategy (now Strategy) did with Bitcoin, but with a critical difference. Staked ETH generates yield. Bitcoin sitting in a corporate treasury does not.
The risks no one wants to talk about Accumulating nearly 5% of any asset’s supply creates concentration risk that cuts both ways. BitMine’s position is large enough to influence staking yields across the Ethereum network, and any forced selling, whether due to regulatory pressure, operational issues, or liquidity needs, could move the market in ways that would hurt the company itself.
One specific concern worth flagging: BitMine has entered a decade-long partnership agreement with Ethereum Tower. The details of that arrangement raise questions about how easily BitMine could exit its staking positions if circumstances required it.
There’s also the yield compression issue. As more capital flows into Ethereum staking, rewards per validator trend downward. The difference between the low and high end of their annualized revenue estimate, $235 million versus $284 million, essentially reflects this uncertainty.
Slashing risk, while statistically rare for well-run validators, also scales with the size of the operation. Running thousands of validators through MAVAN means thousands of opportunities for something to go wrong, and at BitMine’s scale, penalties would translate into millions of dollars in losses.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ether is becoming increasingly attractive from a valuation standpoint, particularly relative to Bitcoin, but onchain data suggests the market has yet to reach a definitive cycle bottom, according to CryptoQuant.
In its latest weekly report, the analytics company said Ether (ETH) is trading roughly 17% below its realized price, or the average onchain acquisition cost of all ETH in circulation, of about $2,300. Historically, ETH trading below its realized price has coincided with periods of market undervaluation and long-term bottoms.
Ether is also showing signs of improving relative to Bitcoin (BTC). CryptoQuant said that ETH’s market value-to-realized value (MVRV) ratio has retreated from extreme overvaluation, exchange inflows have declined, exchange-traded fund (ETF) holdings have begun to recover after months of weakness, and ETH/BTC spot trading volumes have fallen into a range historically associated with market bottoms.
CryptoQuant says two of five key ETH bottoming indicators have been confirmed. Source: CryptoQuant
Even so, only two of CryptoQuant’s five bottoming indicators have reached historical reversal levels. The remaining metrics are improving but have yet to reach the extremes that have marked previous cycle lows, suggesting Ethereum’s bottom may still be forming.
The report comes as Ether briefly climbed above $1,950 this week and Bitcoin topped $67,000, buoyed by optimism surrounding the US CLARITY Act. At the same time, some market analysts have pointed to the potential for capital to rotate out of richly valued AI stocks and back into crypto, a shift that could further support Ether if risk appetite broadens.
The ETH/BTC MVRV ratio has fallen from nearly 0.95 in August 2025 to around 0.65, signaling that Ethereum has become significantly cheaper relative to Bitcoin. Source: CryptoQuant
Ethereum supply tightens as exchange outflows and staking climbEthereum has shown several constructive onchain signals over the past month. During the week beginning June 29, withdrawal activity on Binance, the world’s largest crypto exchange by trading volume, climbed to its highest level in more than three years.
Analysts generally interpret sustained exchange outflows as a sign that investors are moving assets into self-custody or staking rather than keeping them on exchanges for potential sale, although such flows do not guarantee accumulation.
Meanwhile, a record 34% of Ethereum’s circulating supply is now staked, according to Staking Rewards. As Cointelegraph previously reported, higher staking participation reduces the amount of ETH readily available for trading, potentially easing short-term selling pressure if demand remains resilient.
Tom Lee’s Bitmine Immersion Technologies, the biggest corporate ETH holder, continues to accumulate Ether, boosting its holdings by 325,000 ETH over a one-month period, despite sitting on large unrealized losses. It has set a target to hold 5% of the second-biggest crypto.
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