Two key divergences show why Ethereum’s [ETH] outperformance against Bitcoin [BTC] may only be beginning.
Notably, Lookonchain flagged consecutive whale accumulation, with one whale withdrawing over 74,000 ETH and another more than 10,000 ETH. The key detail? Both whales staked 100% of the ETH they accumulated, marking a clear divergence from a typical whale accumulation setup. Simply put, instead of leaving the ETH idle, they’re locking it into staking, reducing the liquid supply while signaling long-term conviction.
Ethereum’s staking data only reinforces that trend. As the chart below shows, the validator exit queue currently sits at zero, while the entry queue has climbed to 2.4 million ETH. At the same time, total staked ETH has climbed to a record 40.8 million, with 33.5% of the total ETH supply now sitting in staking. To put that into perspective, users have added nearly 600,000 ETH to staking in less than ten days.
Source: ValidatorQueue In that context, these two whales staking 100% of their newly accumulated ETH isn’t an isolated event.
Instead, it aligns with a broader trend of supply being locked away, further tightening liquid ETH as staking demand continues to grow. And the impact is starting to show on the technical side.
On the daily chart, the rise in ETH staking flows has lined up with ETH/BTC breaking above the 0.025 resistance level, showing that stronger supply dynamics are beginning to translate into better Ethereum performance against Bitcoin.
Now, looking at the second divergence. While staking flows highlight long-term conviction, Ethereum’s DeFi ecosystem adds another important layer by shaping liquidity and on-chain activity across the network, creating another tailwind for Ethereum’s performance against Bitcoin.
Ethereum accumulation signals a bigger move Random accumulation doesn’t really mean much on its own.
However, Ethereum’s whale accumulation is telling a much bigger story. While staking flows support long-term conviction, combining that with strong DeFi flows adds another layer of strength to Ethereum’s ecosystem. Currently, this combination could be highlighting ETH’s underlying demand.
As the chart below shows, Wrapped Ethereum (WETH) recorded 113k whale transactions above $100k over the past week, marking its highest level since May 2021. This shows that large players are becoming more active on-chain. With Ethereum’s TVL also increasing by over $5 billion in less than ten days, the data points to rising liquidity and stronger activity across the Ethereum ecosystem.
Source: Santiment And the impact is starting to show.
On the technical side, Ethereum just posted its strongest weekly close against Bitcoin in eleven weeks. With the ETH/BTC ratio now approaching the key 0.03 resistance zone, the ongoing supply squeeze is adding more strength to the breakout setup, setting the stage for the next leg of ETH’s outperformance against BTC.
Final Summary Whales are buying ETH and locking it into staking, reducing available supply while DeFi activity continues to grow. ETH/BTC is showing strength, with the ratio nearing key resistance as supply tightening supports a potential breakout.
Ethereum posted a 7% price increase as Fundstrat co-founder Tom Lee doubled down on his thesis that ETH will serve as the foundational settlement layer for artificial intelligence. The rally comes amid a broader market rotation, with capital shifting away from overheated semiconductor stocks and toward blockchain infrastructure plays.
Lee, who also chairs Bitmine Immersion Technologies, described Ethereum as a “key narrative in the AI downstream sector” on July 17, 2026. His argument is straightforward: as AI agents become more autonomous, they’ll need a neutral, trustless system for identity verification, payments, and ownership. Lee argues that consumers simply won’t trust banks or bureaucracies to provide those safeguards for machine-to-machine transactions.
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The Amazon-before-AWS analogy Lee compared Ethereum’s current position to Amazon before it launched AWS, the cloud computing division that eventually became the company’s profit engine. The implication is that Ethereum’s real value proposition hasn’t fully materialized yet.
Lee reiterated his long-term ETH price target of $250,000, calling current prices “future optionality at a discount.” For context, that target implies a roughly 50x increase from where ETH trades today.
What’s driving the capital rotation Fundstrat’s analysis ties Ethereum’s upside potential to several converging forces: ETF inflows, whale staking activity, decentralized finance growth, and what the firm describes as “multi-trillion-dollar growth opportunities” driven by AI adoption.
Lee has also put his money where his mouth is. Recent disclosures indicate he has increased his personal Ethereum holdings.
What this means for investors Investors watching this space should track three indicators closely: ETH ETF flow data for signs of sustained institutional demand, staking participation rates as a proxy for holder conviction, and on-chain metrics showing actual AI-related smart contract deployment.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Base, an Ethereum layer-2 network developed by Coinbase, is working with its parent company to introduce tokenized stocks backed one-to-one by actual shares. Jesse Pollak, founder of Base, outlined the plans in a recent post, revealing ongoing product development in collaboration with Coinbase.
Coinbase and Base pursue fully backed tokenized equitiesPollak stressed that the upcoming product aims to represent direct equity ownership, distinguishing it from synthetic stock tokens that merely follow share prices. “Robinhood made the right call bringing tokenized equities to EVM. We fell behind, but we’re very close to fixing it with Coinbase,” he stated. However, neither Pollak nor Coinbase disclosed a launch date or technical specifics.
Coinbase, a leading US-based cryptocurrency exchange, had previously announced its intention to launch tokenized equities for international clients. The company specified that these digital assets will be fully backed by underlying shares, with associated shareholder rights and dividends. Coinbase also confirmed that US residents will not have access to the product at launch. However, there has been no official explanation about the mechanics of issuing, storing, or transferring these tokenized stocks.
Pollak acknowledged Robinhood for moving quickly to bring tokenized equities to Ethereum infrastructure but indicated that Base’s upcoming product is designed for direct ownership: “We’re very close to fixing it with Coinbase.”
Details on custody, regulatory frameworks, and supported stock markets remain unannounced. Pollak explained that a 1:1-backed issuance could improve institutional trust and capital efficiency, but operational aspects are yet to be revealed.
Robinhood Chain sets early pace in tokenized stocksRobinhood, a prominent retail trading platform for stocks and cryptocurrencies, deployed Robinhood Chain in early July as an Ethereum-compatible blockchain. Their tokenized stock solution, called Classic Stock Tokens, operates as regulated derivatives under Europe’s MiFID II standards. Users gain exposure to price movements, but do not receive actual share ownership or rights such as voting.
According to Robinhood, the assets behind these contracts are safeguarded via a US-licensed institution, and users access them solely as derivatives. In contrast, Base and Coinbase are targeting direct tokenization of shares, aiming to give investors onchain ownership rather than synthetic exposure.
Mini dictionary: MiFID II (Markets in Financial Instruments Directive II) is a European Union regulatory framework designed to increase transparency and investor protection in financial markets, impacting trading and reporting standards for investment services.
PlatformToken TypeOwnershipShareholder RightsRegulatory FrameworkBase/Coinbase1:1-backed tokenized stocksDirectYesUndisclosedRobinhood ChainClassic Stock Tokens (derivatives)NoNoMiFID II (EU)Tokenized equities market heats upWith interest in real-world asset tokenization accelerating across the industry, competition for onchain equity products is intensifying. Data from recent industry research values the total tokenized stock market at approximately $1.85 billion. The broader market for tokenized real-world assets, excluding stablecoins, has reached between $31 billion and $34 billion.
Alongside Coinbase and Robinhood, platforms like Backpack and XStocks, supported by crypto exchange Kraken, are also rolling out tokenized equity offerings. This growing activity underlines the sector’s race to attract both retail and institutional investors to blockchain-based share ownership.
Despite Pollak’s signals about imminent progress, major questions remain about the details of Base’s product, including its launch timeline, supported stock exchanges, integration with traditional markets, and availability to US users. Coinbase recently secured approval in the United Kingdom to offer investment services beyond crypto, potentially laying the groundwork for new regulated products in equities and derivatives.
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.
Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy.The project came under scrutiny after a market-making deal enabled the rapid sale of 66 million MOVE tokens, triggering a steep price drop and prompting investigations and a token buyback.Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy, marking the latest setback for a crypto project that has spent much of the past year navigating governance disputes, a token market-making controversy and a failed strategic reset.
The company said in a bankruptcy filing that it had under 1,000 creditors, somewhere between $100,000 and $500,000 in assets and north of $1 million in liabilities. Its largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue, Anchorage Digital and other entities.
The filing follows months of turmoil for Movement, an Ethereum layer-2 network built using the Move programming language, which was originally developed at Meta. The project launched with the goal of bringing Move-based smart contracts to Ethereum (ETH) while offering faster and cheaper transactions through a scaling network.
Its troubles began shortly after the December launch of the MOVE token.
An April 2025 CoinDesk investigation found that Movement was examining whether it had been misled into signing a market-making agreement that handed a single counterparty unusual influence over MOVE's circulating supply. Internal documents reviewed by CoinDesk at the time showed the arrangement allowed 66 million MOVE tokens to be sold into the market one day after the token debuted, contributing to a sharp decline in price.
The controversy centered on Rentech, a little-known intermediary that appeared in contracts connected to Chinese market maker Web3Port. According to documents obtained by CoinDesk, Movement executives later questioned whether the foundation believed Rentech was affiliated with Web3Port when it was not. Rentech has denied any wrongdoing or misrepresentation.
The fallout extended beyond Movement. Binance banned the market-making account involved in the token launch for what it described as misconduct, while Movement launched a token buyback program and hired outside firm Groom Lake to review the events surrounding the deal.
Movement Labs and co-founder Rushi Manche separated in May 2025.
More recently, the company attempted to chart a new course.
In June, Move Industries, a separate legal entity from MVMT Labs, the company that filed for bankruptcy, announced it would pivot away from competing with other Ethereum scaling networks and instead focus on cross-border payments, remittances and stablecoin settlement. The company said it had secured access to licensed payment infrastructure in the U.S., Canada and the European Union as it sought to build services aimed at emerging markets.
The strategy reflected a wider trend across the crowded layer-2 sector, where blockchain projects have increasingly shifted toward real-world financial applications as competition among scaling networks has intensified.
CORRECTION (July 21, 2026, 18:26 UTC): Corrects that Move Industries and not Movement Labs pivoted from Ethereum scaling.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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TRON Network - Q2 2026
TRON Network - Q2 2026
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
11 hours ago
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Why it matters:
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
@RobinhoodCrypto launched its Ethereum Layer 2 blockchain on July 1, and the numbers coming out of the network just three weeks later are difficult to ignore. DeFi TVL has climbed to $278.81 million, up nearly 10% in a single day, while stablecoins on the network have reached approximately $433 million after a 32% weekly jump.
For context, the chain started with just $39 million in locked capital three days after going live. That kind of trajectory, multiplying several times over in weeks, has drawn comparisons to some of the fastest Layer 2 ramps on record.
Trading Activity AcceleratingThe volume figures are equally striking. Robinhood Chain has reached a cumulative DEX trading volume of $4 billion since its launch, according to DefiLlama data. Weekly DEX volume has now cleared $4.2 billion, perps volume is up 146% on the week, and bridged value has crossed $950 million. The chain processed $3.1 billion in DEX volume over a seven-day window, ranking it among the top five chains, according to Bernstein.
Robinhood Chain generated about $878 million in 24-hour DEX volume on July 12, briefly leapfrogging Coinbase's Base and Ethereum, according to DefiLlama. At one point it even overtook Hyperliquid in daily DEX volume, a result that would have seemed unlikely when the chain was still just an announcement.
What Is Driving the GrowthRobinhood Chain launched as a permissionless Ethereum Layer 2 built on the Arbitrum stack, the same technology base that powers several of DeFi's largest ecosystems. It runs 100-millisecond block times and uses ETH for gas with no proprietary native token, and launched with three day-one protocol integrations: Uniswap for spot trading, Chainlink for price oracles, and Morpho for lending.
Robinhood is covering gas fees for the first 90 days, which has clearly encouraged experimentation. The chain's broader offering includes 95 tradeable stock tokens, a zero-fee DEX built by the dYdX team, and a roughly 7% APY lending product with Lloyd's of London smart contract insurance.
The bigger unlock may still be ahead. Robinhood argues that its opportunity is not to take volume from established crypto-native venues, but to leverage its more than 27.6 million funded customers to bring new investors into tokenized assets and onchain derivatives. With tens of millions of retail accounts sitting one step away from the chain, the early metrics may only be a preview.
Bernstein said the launch strengthens Robinhood's strategy to expand tokenized equities and other real-world assets through DeFi.
Sources:
CoinDesk: Robinhood Chain scores strong debut, Bernstein says
CoinDesk: Inside Robinhood's high-stakes bet to onboard millions onto blockchain finance
DefiLlama: Robinhood Chain on-chain data
Ethereum has just regained a level of dominance it had not reached for months. By crossing again the 10% threshold of the total market capitalization, the second largest global crypto records a surge that exceeds that of the ten biggest assets over a week. This comeback reignites speculations about a new bullish phase, especially since no major event seems, at first glance, to explain such a movement.
In brief Ethereum rises back above the 10% global crypto market dominance threshold. A nearly 9% increase in one week, outperforming Bitcoin and the entire top 10. Arthur Hayes invests more than 2.5 million dollars in Ether for the second time in one month. More than 75% of block transactions on derivatives are oriented towards call options. Ether: the spot market’s upswing Market data confirm a clear acceleration of Ethereum’s valuation, whose market capitalization now stands around 233.2 billion dollars. This recovery fits into a positive overall dynamic, with the total crypto capitalization having appreciated by nearly 2% to slightly exceed 2.34 trillion dollars.
In his analysis note released on July 21, Markus Thielen, analyst at BIT, describes crossing this 10% market share as a psychologically important threshold. The analyst furthermore notes that such a recovery in ETH dominance has historically coincided with favorable buyer phases, although he emphasizes that this time there was no immediate catalyst behind the rise in this dominance. Over 24 hours, the asset recorded an increase of more than 4%, confirming several days of continuous buying pressure.
On a weekly time scale, Ether tops the ranking of the ten largest cryptos by market capitalization. Spot market indicators highlight this momentum :
7-day performance : an increase of about 8.8%, keeping the price well above 1,900 dollars ; 30-day performance : a cumulative gain exceeding 12%, clearly outpacing the rest of the market ; Top 10 comparison : a clear outperformance against XRP (+6%) and Bitcoin (+5.7%) over the same weekly period ; Trading volume : a spectacular rise of more than 31% in daily volume reaching 11.6 billion dollars. Whale accumulation and macroeconomic context While the spot market reflects the price appreciation, the explanation of the movement also lies in large investor transactions and BIT’s weekly report macroeconomic interpretation. BitMEX co-founder Arthur Hayes made an impression by spending more than 2.5 million dollars to acquire 1,332.5 ETH, a transaction performed following a first massive purchase of 1,293 tokens on June 16 for a similar amount. This direct investment by a major industry figure illustrates the return of buyer appetite focused on Ether.
At the same time, the macroeconomic environment played a decisive supporting role. According to BIT’s study, the situation cleared up thanks to U.S. inflation figures which corrected a difficult start of the week marked by geopolitical tensions between the United States and Iran, temporarily pushing Bitcoin below 62,000 dollars.
Thanks to this respite, Bitcoin closed the week above 65,000 dollars (+4%), while Ethereum posted more than 7% over the same period. This second consecutive week of ETH outperformance versus BTC brought the ETH/BTC ratio to 0.0293, moving clearly away from its low point of 0.0264 recorded in June.
Derivative market structure and investor behavior Analysis of the internal structure of derivative markets provides essential insight into understanding the exact nature of this rise. Unlike chaotic speculative bubble phases, perpetual funding rates have remained close to neutral despite recent price increases, and implied volatility has stayed relatively contained. This indicates that the market is not disturbed by excessive leverage, which theoretically gives greater robustness to the current price structure.
Furthermore, the BIT report reveals a distinct strategy depending on the typology of options market participants. Institutional actors have clearly favored call options, which represent more than three-quarters of block trades made on Ether. On their side, retail investors have mainly oriented towards “call spreads” strategies, aiming to expose themselves to upside potential while capping their entry cost and risks.
Ultimately, Ethereum’s reconquest of the 10% dominance threshold witnesses a strategic and structured liquidity reallocation rather than a wave of irrational euphoria. The neutrality of funding rates, coupled with the massive repositioning of institutional investors on derivatives and whale accumulation, lays healthy technical foundations. Although the absence of a unique fundamental catalyst calls for caution, the firmness of the ETH/BTC ratio and strength of spot volumes indicate that Ether has solid arguments to maintain its tactical leadership in the forthcoming sessions.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
CRCL, BMNR, and MSTR stock prices have seen a surge over the past 24 hours following the crypto market surge
Bitcoin price rose to over $66,000, and Ethereum reached over $1,900 and XRP price rose to over $1.14.
The total crypto market cap increased 2.08% to $2.26 trillion within 24 hours.
The investor mood was lifted by new steps toward more definitive United States digital asset regulation. CRCL, BMNR, and MSTR stocks gained during Tuesday’s session as cryptocurrency prices strengthened across the market.
The anticipations about the CLARITY Act also favored firms that had high exposure to cryptocurrency markets.
What’s Next For CRCL, BMNR and MSTR Stock Price Ahead of FOMC Meeting The Federal Reserve will meet on July 28 and July 29, with markets expecting unchanged interest rates. Investors will closely watch Chairman Kevin Warsh’s comments for guidance on inflation, growth, and future policy decisions.
FedWatch data Bitcoin and crypto-related equities could be backed by a balanced message, such as CRCL, BMNR, and MSTR. Nevertheless, the hawkish cues can put pressure on the digital assets and lead to profit-taking in these stocks. The short-term trend will likely be determined by whether Bitcoin will remain above $66,000 following the meeting.
Circle Internet Group (CRCL) CRCL stock jumped 6.91% to $69.97 on Tuesday, strengthening its short-term outlook before the upcoming FOMC meeting. The stock shot up on opening, and was momentarily touching the $72.50 resistance area.
The breakout also saw a significant increase in trading volume, which justified a high level of buying interest at the start of the market. The price however, consolidated around $70 later on when the early momentum faded.
CRCL stock A long-run above $70 would lead to the reopening of the route to $72.50. Additional gains can be aimed at $74 should buyers retain control following the Fed decision.
The nearest support is around $67.50, where buyers have supported the trend in the past. Further pullback might reveal $65.45, undermining the bullish arrangement. The volatility can be high during the time of the policy announcement.
Bitmine Immersion Technologies, Inc. (BMNR) BMNR stock rose at $17.02, with a share gain of 2.35%, as investors evaluated the growing Ethereum treasury of BitMine prior to the FOMC meeting. BitMine purchased 7,430 ETH in the week, increasing total holdings to 5.78 million tokens. The company has staked 4.92 million ETH, representing about 85% of its holdings.
It also repurchased 5.5 million shares at an average price of $15.62. Cumulative crypto, cash, and investments were $11.5 billion.
BitMine Adds 7,430 ETH, Holdings Reach 5.78M ETH
BitMine said it acquired 7,430 ETH over the past week, bringing total holdings to 5,777,468 ETH, or about 4.8% of Ethereum’s supply. The company has staked 4.92 million ETH, representing roughly 85% of its holdings, and also… pic.twitter.com/5fBRTYIuar
— Wu Blockchain (@WuBlockchain) July 20, 2026
Technically, BMNR has a resistance of about $17 and $17.20. Breakout may be at $18. The support is about $16.90, then $16.80 and $16.63 in the event of a rise in selling pressure. The FOMC action can decide whether momentum will further build up.
Strategy Inc (MSTR) MSTR stock climbed 4% to $102.39 on Tuesday after Strategy reported a stronger cash reserve position. Shares gained $4.57 as buyers defended the important $100 level during active trading.
Michael Saylor said Strategy increased its dollar reserves by $225 million. The company now holds 843,775 Bitcoin and $3.2 billion in cash reserves.
Strategy has increased its USD Reserve by $225 million. As of 7/19/2026, we hodl ₿843,775 in our BTC Reserve and $3.2 billion in our USD Reserve. $MSTR $STRC https://t.co/sci7bZHzsy
— Michael Saylor (@saylor) July 20, 2026
Technical momentum is still in a positive state as long as the stock is above $100. A break out over $105 may hit $107 then clear a road to $110 this week. But a drop to even less than $100 can also reveal support at 97.82. Further downward movement would break the existing bullish pattern and decrease the short-term upward potential.
Definica today introduced its Ethereum-native protocol, designed to connect ETH staking with liquidity and, over time, collateralized borrowing infrastructure. The protocol’s initial product is a pooled ETH staking layer built on established Ethereum infrastructure, with additional liquidity and borrowing modules planned for subsequent phases of development.
The Ethereum-native protocol is being developed to connect ETH staking with productive liquidity and, over time, collateralized borrowing markets, beginning with a pooled staking layer built on proven infrastructure.
What happens to ETH after it is staked? For many participants, it earns staking rewards. Definica is being developed around the concept that the same staked position could eventually become part of a broader liquidity and borrowing framework while remaining connected to Ethereum’s staking economy.
The protocol is being developed as an Ethereum-native infrastructure layer designed to connect ETH staking with productive liquidity and, in later phases, collateralized borrowing markets. Rather than introducing every planned component simultaneously, Definica begins with the foundation of pooled ETH staking.
A Staking Layer Built on Proven Infrastructure
In the first stage, users will be able to deposit ETH through the Definica interface and gain proportional exposure to rewards generated by Ethereum validator activity. Deposited assets are grouped within a dedicated staking structure, with each participant’s position determined by their share of the total pool. Rewards from validator operations are distributed proportionally among participants, influenced by protocol fees, validator performance, and the general conditions of Ethereum staking.
As part of this setup, Definica plans to integrate a dedicated StakeWise Vault. The vault-based system provides established infrastructure for ETH deposits, validator management, reward tracking, and withdrawal processing, giving the protocol a foundation for its initial staking layer.
From Staking Foundation to Liquidity Framework
Staking is intended as the starting point rather than the endpoint. Definica’s longer-term aim is to build additional financial infrastructure around staked Ethereum, allowing these positions to participate in a larger on-chain ecosystem instead of remaining confined to a single staking product.
As the protocol develops, its initial staking layer is expected to support osETH integration with Aave-compatible liquidity markets, aEthosETH positions, the Main Liquidity Module, protocol incentives, and eventually borrowing markets built around ETH-linked collateral. Within this system, osETH is StakeWise’s liquid staking token, while aEthosETH represents osETH supplied to an Aave liquidity market. These components are intended to connect Definica’s staking foundation with the liquidity mechanisms planned for later phases.
A Modular, Phased Design
Definica plans to build the protocol step by step, keeping the initial staking layer distinct from future liquidity and borrowing components. This modular design is intended to allow each part of the system to be reviewed, tested, and deployed independently as the ecosystem expands.
Security and Transparency
Definica states that security and transparency remain central to its approach. The project intends to emphasize transparent on-chain accounting, clearly defined protocol roles, limited administrative rights, and independently audited smart contracts. It also plans to use static core contracts where possible and to publicly disclose risks associated with staking and third-party integrations.
Roadmap
Phase 1 — Establish pooled ETH staking. Phase 2 — Introduce the Main Liquidity Module and aEthosETH functionality. Phase 3 — Introduce borrowing infrastructure for ETH-correlated collateral. By starting with Ethereum staking and gradually building layers around it, Definica positions its first product not as the final goal but as the entry point into a broader liquidity framework. The question is no longer only whether ETH can earn staking rewards — it is what else that staked capital might eventually accomplish.
About Definica
Definica is an Ethereum-native protocol in development, designed to connect ETH staking with liquidity and, over time, collateralized borrowing infrastructure. The project’s initial product is a pooled ETH staking layer, with liquidity and borrowing modules planned for subsequent phases.
Explore Definica and follow the protocol’s development at Definica.com.
Bitcoin’s move above $66,000 has lifted CRCL, BMNR and MSTR by as much as 8.6% as investors position for the Federal Reserve’s July meeting.
Summary
Bitcoin’s move above $66,000 lifted CRCL, BMNR and MSTR during Tuesday’s trading. CRCL and BMNR broke descending resistance, while MSTR reclaimed the key $100 level. The Federal Reserve’s July decision could determine whether the three stock rallies continue. According to data from crypto.news, Bitcoin climbed past $66,000 on July 21, while Ethereum traded above $1,900 and XRP recovered beyond $1.14. The combined value of all cryptocurrencies increased 2.08% within 24 hours to reach $2.26 trillion.
Stocks tied to digital assets followed the market higher during Tuesday’s session. Circle Internet Group gained 8.6%, BitMine Immersion Technologies advanced 3.61%, and Strategy rose 4.22%, according to the daily TradingView charts supplied with the report.
Investor interest also increased as U.S. lawmakers moved closer to establishing clearer rules for digital assets. As such, expectations surrounding the CLARITY Act supported companies with direct exposure to cryptocurrency prices, stablecoin activity and corporate crypto holdings.
Crypto strength has lifted all three stocks Circle Internet Group recorded the largest gain among the three companies, with CRCL closing at $71.08 after opening at $68.94. TradingView data showed that the stock reached an intraday high of $72.68 and a low of $68.65 before ending the session 8.6% higher.
CRCL also moved above the upper boundary of a descending channel that had controlled its price since early June. The supplied daily chart places the former channel resistance near $65, making that level the first area buyers may need to defend if the breakout faces a retest.
Circle daily price chart — July 21 | Source: TradingView Momentum indicators support the recovery, although money flow remains a concern. CRCL’s Aroon Up reading reached 85.71%, while Aroon Down fell to zero, which the TradingView chart identifies as stronger upward momentum; however, the Chaikin Money Flow reading remained negative at -0.25, showing that buying pressure has not yet produced sustained capital inflows.
Based on the visible chart structure, the next resistance range sits between $75 and $80. A move back below the broken channel boundary near $65 would weaken the breakout, while the recent base around $60 provides the next visible support area.
BitMine Immersion Technologies closed at $17.23, rising 3.61% after trading between $16.69 and $17.24. The advance came as investors assessed BitMine’s latest Ethereum purchases and its share-repurchase program ahead of the Fed meeting.
BitMine daily price chart — July 21 | Source: TradingView According to the company figures cited in the report, BitMine acquired another 7,430 ETH during the week, raising its holdings to 5.78 million tokens. The company has staked 4.92 million ETH, equal to about 85% of its Ethereum treasury, while its combined crypto assets, cash, and investments stood at $11.5 billion.
BitMine also repurchased 5.5 million shares at an average price of $15.62, according to the same company update. Its daily chart showed BMNR breaking above a descending trendline that had capped the stock since May, while the price also crossed the Supertrend level at $16.53.
BMNR’s Relative Strength Index rose to 58.71, compared with its signal average of 47.17, according to TradingView. Since the RSI remains below the 70 overbought threshold, the indicator leaves room for an advance toward the visible $18 resistance, followed by the previous consolidation area near $20; a close below $16.53 would weaken the reversal setup, with additional support shown at $13.83.
Strategy shares ended Tuesday at $101.95 after rising 4.22%, TradingView data showed. MSTR traded as high as $104.60 and briefly fell to $99.95, but buyers returned around the psychologically important $100 level before the close.
Michael Saylor disclosed that Strategy increased its U.S. dollar reserves by $225 million, bringing the company’s cash reserve to $3.2 billion. The report also placed Strategy’s Bitcoin holdings at 843,775 BTC, keeping MSTR closely exposed to changes in the cryptocurrency’s market value.
Fed guidance will test the new breakouts MSTR has reclaimed the Bollinger Bands midpoint at $94.79 and is approaching the upper band at $105.36, according to the supplied daily chart. A confirmed move above that upper boundary could open the area around $110, while a rejection would keep $100 and the middle band near $95 as the first support levels.
MSTR daily price chart — July 21 | Source: TradingView Despite Tuesday’s recovery, MSTR’s Average Directional Index stood at 18.77. TradingView’s indicator reading shows that the stock does not yet have a strong directional trend, leaving the breakout vulnerable if Bitcoin loses momentum or the Fed delivers a more restrictive policy message.
The Federal Reserve is scheduled to meet on July 28 and 29, with markets expecting policymakers to leave interest rates unchanged, according to the report. Investors will instead examine Chair Kevin Warsh’s comments for clues about inflation, economic growth and the timing of future policy changes.
A balanced policy message could help Bitcoin and crypto-linked equities preserve Tuesday’s gains. More hawkish guidance could encourage profit-taking, placing CRCL’s channel breakout, BMNR’s Supertrend reversal and MSTR’s recovery above $100 under immediate pressure.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Ether (ETH) climbed to $1,950 on Tuesday for the first time in seven weeks, resulting in $62 million worth of liquidations among leveraged bearish positions. This marks a 29% gain from its recent low of $1,500 on June 26, mirroring a broader shift toward risk-on sentiment that also sent Bitcoin (BTC) above $66,500. With this upward momentum, market participants are watching closely to see if ETH can break through the $2,100 threshold.
Equities rally and tech earnings drive optimismMajor gains across the US stock market on Tuesday helped ease concerns about overheated valuations following a strong rally in artificial intelligence-linked stocks. Traders are increasingly optimistic about the upcoming wave of corporate earnings, particularly after 3M Company reported earnings results on Tuesday morning.
Alphabet, the parent company of Google, is also set to release its quarterly results on Wednesday once the markets close. Analysts are looking for 64% growth in the company’s cloud services, driven by robust investment in artificial intelligence. Positive earnings could boost investor confidence and provide fresh impetus to the cryptocurrency market. Some see a strong tech performance as key in helping push total crypto market capitalization back above the $2 trillion mark.
Ethereum’s onchain metrics reveal stagnant demandDespite the recent increase in price, Ethereum’s onchain metrics remain weak. Data show that demand for blockchain processing has not bounced back to levels recorded six months ago. The decline correlates with decreased interest in memecoins and utility tokens, leading to significant losses in prominent projects such as Ethena (ENA), Mantle (MNT), and Arbitrum (ARB), each down over 50% year-to-date.
Weekly revenue generated by Ethereum decentralized applications (DApps) dropped to $9.8 million, the lowest level since September 2024. One of the best performers, Sky (previously known as MakerDAO), earned $3.2 million, while Chainlink brought in $1.2 million in the same period. Overall, decentralized exchange (DEX) volumes fell to $7.2 billion weekly, highlighting ongoing trader caution.
MetricCurrent Value6 Months AgoDApps Weekly Revenue$9.8 millionHigherDEX Weekly Volume$7.2 billionHigher% of ETH Staked34%~27%Ethereum’s onchain stagnation is also reflected in subdued derivatives activity.
Derivatives data and staking trendsThe annualized funding rate for ETH perpetual futures has struggled to stay within the neutral 6% to 12% range over the past month. However, this marks an improvement from the negative rates seen in late June, which indicated strong bearish pressure.
Growing enthusiasm for Ethereum staking has contributed to a shift in trader sentiment. Data from Staking Rewards show that 34% of the total ETH supply is currently staked, up from 33% just one month ago. Bitmine Immersion, a company led by Tom Lee, has accumulated 156,719 ETH in the past month and now holds 4.8% of the available supply.
Analysts believe that increased staking reduces sell pressure, as more ETH is locked in staking contracts and less is available for trading. Despite these positive signals, ETH remains 61% below its all-time high from August 2025, which has left traders cautious about the potential for a sustained rally.
Ether’s ability to reach and hold the $2,100 mark may hinge on a further reduction in overall risk aversion, especially as markets await Google’s revenue guidance on Wednesday evening.
Recent Ethereum price gains have not been matched by a recovery in onchain activity, with DApp revenue and DEX volumes reaching multi-month lows even as staking participation sets new records.
Mini dictionary: Bitmine Immersion — a digital asset infrastructure company led by financial analyst Tom Lee, specializing in large-scale cryptocurrency mining and staking management.
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.
Bankruptcy Filing Caps a Year of TurmoilMovement Labs, the company behind the Move-based Ethereum layer-2 network, has filed for Chapter 11 bankruptcy, drawing a line under one of the more turbulent episodes in recent crypto history. MVMT Labs, Inc. filed for Chapter 11 in the District of Delaware on July 15, 2026 (case #26-11113). The company disclosed under 1,000 creditors, assets of between $100,000 and $500,000, and liabilities exceeding $1 million. Its largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue, and Anchorage Digital.
The problems began almost immediately after the $MOVE token launched in December 2024. A market maker sold 66 million $MOVE tokens, worth approximately $38 million and roughly 2.64% of the total circulating supply at the time, on the day of the token's Binance listing. Legal counsel for the Movement Foundation had flagged the underlying contract as deeply problematic, yet the deal was approved, and within 24 hours of the December 9 debut the tokens were sold into the open market.
Scandal, Leadership Change, and a Late PivotBinance banned the market-making account involved in the token launch for what it described as misconduct, while Movement launched a token buyback program and hired outside firm Groom Lake to review the events surrounding the deal. The lack of transparency surrounding the deal prompted both Binance and Coinbase to take action, with Binance blacklisting the market maker and Coinbase deciding to suspend trading of the $MOVE token.
Movement Labs suspended co-founder Rushi Manche on May 2, 2025, and later announced his termination. Movement also announced that it would form a new company called Move Industries. In June, Move Industries, a separate legal entity from MVMT Labs, announced it would pivot away from competing with other Ethereum scaling networks and instead focus on cross-border payments, remittances, and stablecoin settlement. The company said it had secured access to licensed payment infrastructure in the U.S., Canada, and the European Union as it sought to build services aimed at emerging markets. The pivot proved too little, too late.
Chapter 11 allows Movement Labs to keep operating while it works through a restructuring plan, but it leaves the network, its ecosystem partnerships, and the payments strategy in an uncertain position. A second-day hearing has been scheduled for August 27, 2026.
Sources:
CoinDesk: Movement Labs files for Chapter 11 months after token scandal
BankruptcyObserver: MVMT Labs Chapter 11 case #26-11113
The Block: Movement Labs terminates co-founder Rushi Manche
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Ark Invest purchased 16,665 shares of Securitize on Tuesday, worth approximately $125,700.
According to market data from BIT (bit.com), Ark Invest, the firm led by Cathie Wood, purchased 16,665 shares of Securitize (ticker: SECZ), BlackRock’s real-world asset (RWA) platform, on Tuesday, for a total value of approximately $125,700. SECZ gained 13.9% that day, closing at $7.54.
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Trump endorses crypto ethics bill: Prohibits federal officials from issuing cryptocurrencies, with the U.S. Department of Justice serving as the lead enforcement agency.
According to multiple sources familiar with the matter, the crypto ethics provision signed by Trump will bar federal officials—including members of Congress, the president, and vice president—from issuing digital assets, and designate the U.S. Department of Justice (DOJ) as the primary enforcement authority for the provision, rather than state attorneys general. This arrangement could become a new point of contention in advancing the CLARITY Act, as Democrats have long argued that states should retain certain enforcement powers. Maryland Democratic Senator Angela Alsobrooks, one of the lead negotiators for the bill, issued a statement earlier Tuesday: “The DOJ enforcing ethics provisions? This is not a serious proposal. If the language stays this way, I will not support the bill.” Her concerns over enforcement powers specifically target Trump’s personal meme coin and his family’s firm, World Liberty Financial. The ethics provision has been the final sticking point for the CLARITY Act after months of legislative hurdles. Patrick Witt, a senior White House advisor for crypto affairs, revealed the details of the ethics language during an industry call on Tuesday afternoon. The White House has not confirmed the exact text, but an official attributed the potential impasse to Democrats in an email: “If Senate Democrats block this historic legislation after the administration has gone to great lengths to accommodate their concerns, industry players should recognize that it is Democrats holding up the bill, as they have never taken legislative outcomes seriously.” Currently, both sides continue negotiations based on the current draft, and it remains unclear whether an agreement can be reached before the Senate adjourns.
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A crypto whale closed out a $35 million long position in MU, booking a profit of $1.71 million.
According to EmberCN's monitoring, a whale went long on Micron Technology worth $35 million yesterday, and closed the position six hours ago, locking in a profit of $1.71 million. The entry price was $918, and the exit price stood at $964.
According to market data from BIT (bit.com), U.S. space stock Rocket Lab (RKLB) closed up 5.14% and gained over 7% in after-hours trading. The company has secured a $266 million contract from the U.S. Air Force to launch 12 suborbital vehicles, with an optional additional 6 launches. The missions will be conducted in Alaska and are scheduled for completion by the end of 2028. Separately, SpaceX rose more than 3%, ending its 7-day consecutive losing streak, and added another 1.3% in after-hours trading. SpaceX will release its Q2 2026 earnings report and hold a live earnings webcast on August 4, with the market currently focused on Starship’s next test flight.
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Crypto whale sets 10 take-profit targets, locks in approximately $6 million in profits via position closures, and reaffirms its bullish trend outlook remains unchanged.
Contract whale "First Set 10 Big Goals" closed out its position for profit in the early hours, earning $6.019 million. The trader held an actual long position of 4,006.47 BTC, with the $258 million long position opened at $64,614.7 and closed at $66,160.47. "The uptrend remains intact; I’m locking in profits on this trade to secure gains and will take a two-day break," the trader said. Per on-chain analyst Ai Yi (@ai_9684xtpa), "First Set 10 Big Goals" has accumulated $9.96 million in profits from four long trades since June 25, with three wins and one loss, moving closer to its 10 big goals. Yesterday, the trader noted that in its previous round, it used 150 BTC to open positions targeting $150 million, hitting a maximum realized profit of $120 million. However, it misjudged the direction during a pullback from $120,000 at the last minute, wiping out all profits and ultimately preserving its principal plus a small gain. For this round, it used 300 BTC to open positions targeting $300 million, and has now realized $60 million in profits.
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SK Hynix surged 8.7%, and Korea Exchange activated the suspension of program trading for the KOSPI index.
According to Bitget market data, South Korean exchanges have activated the algorithmic trading pause mechanism for the KOSPI index. The KOSPI index is currently up 5.85%, Samsung Electronics rose 5.6%, and SK Hynix gained 8.7%.
United Stables has appointed Chainlink as the official data oracle and cross-chain infrastructure provider for its U stablecoin, which is expanding operations across BNB Chain, Ethereum, and TRON. The partnership aims to enhance the reliability of market data, transparency of reserves, and seamless interoperability as U’s footprint grows among major blockchain networks.
Integration aims to boost transparency and efficiencyExecutives at United Stables stated that the current supply of the U stablecoin has exceeded $1 billion, with daily trading volume surpassing $2.5 billion. The company is working with Chainlink to ensure real-time access to transparent market data and to provide accurate reserve information, key factors regarded as vital to maintaining user trust amid rapid adoption.
In addition to the initial integration with Chainlink’s data oracles, United Stables plans to introduce Chainlink’s Cross-Chain Interoperability Protocol (CCIP) in the future. The goal is to simplify transfers between multiple blockchains and reduce friction in managing liquidity across different networks.
U is structured as a US dollar-pegged stablecoin, backed by a mix of fiat and digital assets held with regulated custodians. United Stables reported that its total value locked (TVL) climbed above $1 billion within three months of launch, making it one of the larger new entrants in the market.
Mini dictionary: Chainlink, a leading decentralized oracle network, provides tamper-proof external data to smart contracts on various blockchains, supporting secure and reliable cross-chain communication.
Reserve transparency in the spotlight for stablecoinsThe rapid rise of algorithmic and asset-backed stablecoins has intensified the focus on reserve transparency. Incidents in recent years, such as the collapse of TerraUSD in 2022 and the brief depegging of USDC in 2023, have highlighted the potential for loss of investor confidence if questions arise about what backs a stablecoin or where reserves are held.
For example, USDC dropped below $0.90 when Circle revealed $3.3 billion of its reserves were at the failed Silicon Valley Bank. The situation stabilized after US regulators intervened to secure depositors, but the episode demonstrated how stablecoins are susceptible to confidence-driven volatility even if the blockchain infrastructure itself remains secure.
Real-time and verifiable reserve reporting is quickly becoming a minimum expectation for any stablecoin aiming for large-scale adoption. The presence of transparent market data and reliable reserve audits is now often as important as the number of exchanges supporting a coin.
Although United Stables emphasizes transparency, stability ultimately depends on the quality and accessibility of reserves during times of stress. Users are cautioned to consider not only reported figures but also the nature, location, and liquidity of backing assets.
Liquidity and utility remain critical for adoptionDespite its $1 billion reported supply, U faces the ongoing challenge of increasing active circulation. The practical value of a stablecoin depends on its real-world utility, including liquidity in decentralized finance (DeFi) protocols, ease of use across exchanges, and reliability for large transfers without significant price impact.
Chainlink recently launched a market data product designed to facilitate the integration of U.S. equities and other traditional assets into blockchain applications. This could further strengthen the infrastructure available for stablecoins such as U by allowing greater access to off-chain data and assets in decentralized systems.
StablecoinCirculating SupplyReserve TransparencyBlockchain SupportU$1 billionReal-time via ChainlinkBNB Chain, Ethereum, TRONUSDCOver $24 billionRegular attestationEthereum, Solana, othersTerraUSD (historical)N/A (collapsed)Algorithmic (failed)Terra NetworkUnited Stables positions itself as a high-transparency stablecoin for multi-chain adoption. However, ongoing scrutiny of reserves and the utility of U across decentralized applications will likely define its long-term role in the growing sector.
As stablecoins expand their reach, user confidence hinges not just on transparent reserves, but also on the availability of robust liquidity and reliability under stress.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoin Provides Defensive ExposureBlue Macellari, T. Rowe Price’s head of digital assets and the ETF’s lead portfolio manager, said the fund reflects the company’s longstanding emphasis on active management and fundamental research.
"We were never going to launch just a Bitcoin ETF," Macellari said during an appearance on the Crypto Prime podcast on Monday.
Its initial portfolio was led by Bitcoin at roughly 41% and ETH at about 18%, followed by positions in BNB, SOL XRP, HYPE and smaller allocations to other assets.
Macellari described the current market as a crypto winter and noted the fund is positioned relatively defensively, explaining its substantial Bitcoin weighting.
‘Tokenization Good, Crypto Bad’ Is A False DivideMacellari argued that Wall Street often tries to separate tokenization from cryptocurrencies by claiming tokenization is valuable while native digital assets are not.
She rejected that distinction.
If stocks, funds and other financial products migrate to public blockchains, their activity could create value for the networks and native tokens underpinning those systems.
The broader portfolio reflects T. Rowe Price’s bullish outlook on what she called "on-chain finance."
Macellari highlighted Hyperliquid’s revenue model as particularly compelling because it can be understood and valued using metrics familiar to traditional investors.
ETH and SOL may also benefit as financial institutions move tokenized assets and around-the-clock markets onto blockchain networks, she predicts.
Crypto Winter May Approach Its Final StageMacellari explained that the market has been in a persistent downturn since the October 2025 selloff, marking the first crypto winter experienced by many investors through spot exchange-traded products.
Bitcoin has suffered a drawdown of about 50%, while Ethereum, Solana and other altcoins have faced deeper declines.
However, she said the selloff has created more attractive asymmetric opportunities in projects whose underlying adoption and economics remain intact.
The key difference from previous winters is that banks, asset managers and financial platforms have continued developing digital-asset infrastructure rather than abandoning the sector.
Macellari expects choppy conditions and the possibility of further declines through the summer but believes the market could begin emerging from crypto winter heading into Q4.
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Ethereum’s blockchain has registered an exceptional surge in large transactions, as Wrapped Ethereum (WETH) recorded 113,000 whale transfers exceeding $100,000 within the past week. This figure marks the most active whale movement since May 2021 and suggests substantial capital flows across Ethereum’s trading venues, lending markets, and decentralized finance protocols.
Institutional demand on the riseSeveral demand-side factors have contributed to this spike in on-chain activity. U.S. spot Ether exchange-traded funds have seen an uptick in inflows, while BlackRock’s ETH investment products continue to capture new capital from institutional investors. Market participants are interpreting these developments as potential triggers for further network and price growth.
Robinhood Chain’s adoption of ETH as a gas fee currency has also increased the utility of Ethereum in the decentralized exchange landscape, making ETH an even more integral asset for transaction fees and liquidity provision.
In a reflection of this momentum, Bitmine reportedly strengthened its Ethereum reserves to around 5.8 million ETH, signaling a move to position itself ahead of anticipated institutional demand. This action is viewed as part of a broader trend among corporate treasuries leveraging Ethereum’s ecosystem for capital allocation.
Strategic moves and robust network activityAdditional investments from players such as SharpLink and Ethlabs, the latter backed by Joe Lubin, further reinforce expectations of institutional interest within the Ethereum space. These entities see an opportunity in the convergence of ETF adoption, growing Layer 2 development, and increasing corporate engagement.
With numerous technical indicators and capital inflows in play, analysts warn that a sustained upward price movement is not necessarily assured. However, the recent upsurge in high-value transactions highlights a network environment ripe for strategic moves from both retail and institutional users.
The convergence of ETF adoption, Layer 2 expansion, and growing institutional allocations presents a critical point for Ethereum, making its network activity and whale behavior important signals to monitor for market shifts.
Extreme fear underscores current market sentimentDespite the significant on-chain action, market sentiment remains cautious, with indicators currently reading Extreme Fear. This situation amplifies the potential influence of whale activity on price volatility and trader psychology.
At the time of writing, Ethereum trades at approximately $1,932, reflecting a market dynamic shaped by both new institutional accumulation and prevailing uncertainty in sentiment. The balance between these factors could drive further volatility in the days ahead.
In light of heightened transaction volumes and shifting market signals, tools providing real-time analytics and alerts are becoming increasingly essential for active participants trying to stay informed amid rapid market changes. CryptoAppsy, which requires no account creation hassle, combines your crypto investments with real-time prices, detailed charts, and multi-currency portfolio management on a single screen. With this all-in-one financial assistant, you can instantly seize opportunities by setting up smart price alerts, filter news specific to your coins, discover newly listed altcoins without missing them, and always stay one step ahead of the market with critical macroeconomic data such as Fed interest rates.
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.
Robinhood Chain isn’t wasting time trying to prove its relevance. Just three weeks after launch, the Ethereum-compatible Layer 2 has already accumulated around $700 million in onchain assets, signaling that Robinhood’s push to bring traditional finance onchain is gaining early traction.
Built on Arbitrum technology, Robinhood Chain is designed as a permissionless network that combines crypto, tokenized equities, ETFs, and other real-world assets within a single ecosystem. Rather than building another isolated blockchain, the project aims to move trading activity directly onchain while keeping the user experience closely integrated with Robinhood’s existing platform.
Stablecoins Dominate Early Capital InflowsThe largest share of capital has flowed into stable assets. According to Entropy Advisors dune dashboard, $433 million of the $700 million in onchain assets consists of stablecoins, highlighting that liquidity providers have become early participants in the network.
Meanwhile, roughly $500 million has already been deployed across DeFi protocols, suggesting users are actively putting capital to work instead of simply holding assets idle.
A significant portion of that liquidity approximately $204 million has been deposited into Morpho, earning an estimated 7% yield through Steakhouse Financial. Notably, Morpho is integrated directly into the Robinhood app, allowing users to access yield opportunities without separately using Robinhood Wallet.
Network Activity Continues Building MomentumBeyond capital inflows, network usage is also expanding. The dashboard shows 97 million cumulative successful transactions, excluding failed transactions, alongside 1.65 million cumulative active addresses.
Those figures suggest users are interacting consistently with the network rather than generating isolated bursts of activity.
At the same time, tokenized real-world assets (RWAs) on the network have reached $17.76 million, reinforcing Loading profile preview ‘s broader objective of bringing traditional financial assets onto blockchain infrastructure.
Robinhood Chain Pushes Its Onchain Strategy ForwardThree weeks isn’t enough time to judge the long-term success of any blockchain. Still, the early numbers indicate that Robinhood Chain has attracted meaningful liquidity, active users, and DeFi participation shortly after launch. If capital inflows, transaction activity, and tokenized asset adoption continue expanding together, the network could strengthen its position as Robinhood’s bridge between traditional finance and onchain markets.
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Arthur Hayes, co-founder of BitMEX, has resumed building his Ethereum position, according to recent onchain data. After selling down his holdings in June, wallet records show that Hayes began accumulating ETH again in July, signaling renewed appetite among high-profile investors.
Hayes’ return to ETH after June sell-offLookonchain, a blockchain data analytics platform, reported that on July 15, Hayes acquired 1,293 ETH after receiving 646 ETH from Galaxy Digital, a prominent crypto investment firm. Further acquisitions over the next two days brought his cumulative July purchases to over 1,900 ETH, estimated at $3.7 million in total value.
This buying spree followed Hayes’ decision to sell 6,000 ETH in June, a transaction that reportedly resulted in a loss exceeding $600,000. Market observers often watch Hayes’ wallet activity closely as a gauge of prevailing sentiment, given his high profile in the cryptocurrency sector.
Hayes’ activity reflects a broader increase in institutional and whale interest as Ethereum trades near $1,935. The renewed accumulation is seen alongside sustained flows from large investors and institutions.
On July 21, Ethereum traded at approximately $1,906, as trackers highlighted not only Hayes’ renewed exposure but the parallel movement among other large holders.
Whale wallets and staking flows intensifyRecent wallet activity points to broader accumulation of Ethereum by so-called whales. One dormant address, identified as 0x4cee, bought 10,501 ETH with 20 million USDC after a three-month pause, paying around $1,905 per coin.
At the same time, a newly created wallet, 0xf23c, withdrew 12,800 ETH from Binance and promptly staked these funds to the Ethereum network. Such activity aligns with a growing trend toward staking, which leaves a smaller liquid supply in circulation and may tighten price dynamics in the longer term.
Mini dictionary: BitMEX — BitMEX is a cryptocurrency exchange specializing in derivatives, co-founded by Arthur Hayes and based in Seychelles. The platform is known for offering leveraged trading products.
Reports indicate the staking share of Ethereum has now reached 33% of the total ETH supply, according to ethereum.org. Increased staking can remove a significant number of tokens from active trading, serving as a potential bullish signal for holders seeking long-term upside.
Added institutional momentum comes from BlackRock’s iShares Staked Ethereum Trust ETF (ETHB), which was launched on Nasdaq on March 12, 2026. BlackRock, a leading global asset manager, set up the fund to offer ETH exposure and yield from staking rewards in a regulated brokerage format.
Wallet/EntityETH AcquiredFunding SourceNotable ActionArthur Hayes1,900+Galaxy DigitalAccumulated post-June sell0x4cee10,501USDC (20M)Bought after inactivity0xf23c12,800Binance withdrawalStaked all ETHAccording to BlackRock’s latest fact sheet, ETHB is designed to track both ether’s price action and the rewards earned from staking, offering institutional investors a new channel for ETH exposure.
With these developments, Ethereum remains a focal point for both crypto-native investors and traditional finance institutions.
ETH price holds near key supportEthereum’s market price supported the flurry of onchain accumulation. Between July 20 and July 21, ETH climbed from $1,905.20 to $1,934.89, marking incremental gains at a time when large wallets were moving in. CoinGecko data reflected strong price action, with the coin dipping to the mid-$1,800s before rebounding back near $1,900, matching increased buying and staking activity.
Despite the latest recovery, ETH remains well below its peak from August 2025. The most recent price was recorded at $4,886.03, suggesting the cryptocurrency is still working through a broader recovery phase.
The ongoing demand from influential market participants and the launch of new institutional products appear to be shaping Ethereum’s current price landscape.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Bitcoin climbed back above the $66,000 mark after the White House reportedly reached an agreement on an ethics package tied to the CLARITY Act.
Up until now, Democrats demanded stronger guardrails on Trump’s crypto business ties as a non-negotiable condition for their votes. The bill needs 60 Senate votes to advance, making bipartisan support mathematically necessary.
The rally also pushed crypto sentiment into the Neutral zone (40) for the first time in nearly a month after an extended period of Fear and Extreme Fear.
Notable Statistics Coinglass data shows 73,177 traders were liquidated in the past 24 hours for $225.70 million. SoSoValue data shows net inflows of $226.9 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net inflows of $38.09 million. In the past 24 hours, top losers include DeXe, Pi and Pyth Network. Latest DevelopmentsTrader NotesCrypto Poseidon highlighted that Bitcoin bottomed near $60,000 despite calls for $45,000, but renewed euphoria at the range high could signal another reversal. He expects BTC to peak around $70,000 before gradually falling back toward $60,000 by September.
CryptosBatman sees Bitcoin testing the daily 50-day EMA, a level that has capped every major rally this year. A decisive breakout could signal a broader trend reversal, while another rejection would reinforce the prevailing bearish structure.
MN Fund founder Michael van de Poppe noted Bitcoin has climbed to its highest level in more than a month, signaling improving market momentum, but the rally has yet to accelerate.
The analyst says a decisive break above last month’s $67,000 high could open the path toward $73,000.
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The proposed fund would hold WLD tokens directly and seek a Nasdaq listing under the ticker GWLD. Grayscale chose Nasdaq’s generic listing standards, a route that could shorten the regulatory review process. The filing highlights regulatory scrutiny surrounding World Network and concentration risks within the token’s supply. WLD rose following the announcement but remains well below its historical peak. ETF Would Track Worldcoin Price Directly According to the S-1 registration statement, the proposed ETF would passively hold Worldcoin (WLD) and track its performance using the CoinDesk Worldcoin Benchmark Rate, excluding fees and expenses. The fund would not use leverage, derivatives or active portfolio management.
If approved, the product would rely on several established financial institutions:
Ticker: GWLD Exchange: Nasdaq Custodian: BitGo Bank & Trust Administrator and transfer agent: BNY Mellon Trustee: CSC Delaware Trust Company Grayscale established the underlying Delaware statutory trust on July 10 before submitting its formal registration statement to the SEC on July 20.
Rather than pursuing a bespoke exchange rule change, the asset manager filed under Nasdaq’s generic listing standards, an approach that could reduce the time required for regulatory review. The preliminary prospectus leaves several details to be finalized through future amendments, including the management fee, seed capital and the share-to-token ratio.
Prospectus Details Risks Facing World Network The registration statement devotes significant attention to risks associated with the World Network ecosystem.
Among them is ongoing regulatory scrutiny of the project’s biometric identity verification system, which uses Orb devices to scan users’ irises. The filing notes that authorities in Germany, Spain, Portugal, Brazil, Hong Kong, Kenya and Indonesia have imposed restrictions, launched investigations or temporarily suspended aspects of the project.
Grayscale also points to token concentration as a potential risk. According to the prospectus, roughly 90% of circulating WLD is controlled by a relatively small group of wallets, while scheduled token unlocks for early investors and project contributors are expected to continue through mid-2028, increasing future supply.
The filing arrives as issuers continue broadening the range of crypto investment products available to U.S. investors following the approval of spot Bitcoin and Ethereum ETFs. A successful Worldcoin ETF would mark another step toward bringing smaller digital assets into regulated investment vehicles.
Technical Picture Improves, but Resistance Remains The ETF filing helped trigger a short-term recovery in WLD, with the token climbing roughly 3.5%–4.5% to trade around $0.38.
Source: TradingView The move lifted the price back above its 20-period moving average on the four-hour chart, a level that has recently acted as near-term support.
Momentum indicators also strengthened. The Relative Strength Index (RSI) rebounded to around 55, recovering from oversold conditions seen earlier in the week and signaling renewed buying interest without yet entering overbought territory.
Despite the rebound, the broader technical picture remains mixed. WLD continues to trade below its 50-period moving average near $0.389, while the 100-period ($0.394) and 200-period ($0.448) moving averages remain significantly higher. Those levels could act as resistance if the rally extends.
A sustained move above the 50-period moving average would be the first indication that short-term momentum is shifting in buyers’ favor. Breaking above the 100-period average could strengthen that view, while reclaiming the 200-period average would signal a broader trend reversal after weeks of downward price action.
For now, the recent bounce appears to reflect improving sentiment following the ETF filing rather than a confirmed change in the longer-term trend. Price remains well below the levels where WLD traded earlier this year, leaving buyers with several technical hurdles before a broader recovery can be established.
One-third of all Ethereum is now locked up in staking contracts. Ethereum’s staking ratio climbed to 33.9% by mid-July 2026, an all-time high that represents roughly 40.7 million ETH committed to securing the network. The ratio sat at 30% in January and 32.4% by early June.
The yield paradox and what’s driving participation The annualized staking reward rate has compressed to approximately 1.74%. Validator entry queues have grown longer at times, suggesting demand to join the network isn’t slowing, while validator exits remain relatively low.
ETH itself has been trading in a range between $1,940 and $2,000 during recent weeks.
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Lido’s dominance and the centralization question Lido currently manages around 19.4% of the total staked ETH, making it the single largest staking operator by a wide margin. Behind it, centralized exchanges like Binance and Coinbase hold significant shares, alongside decentralized protocols such as ether.fi and Figment.
If a small number of operators control a disproportionate share of validators, they could theoretically coordinate to censor transactions or, in extreme scenarios, attempt to reorganize blocks.
From 30% to 34%: the growth trajectory The jump from 30% in January to 33.9% in July appears to be organic rather than triggered by any specific protocol upgrade or incentive change. No new staking rewards were introduced and no major technical update lowered the barrier to entry.
Liquid staking tokens, which let users stake ETH while maintaining liquidity through derivative tokens, have made the process accessible to anyone with a wallet. Pooling protocols allow staking without the requirement of 32 ETH to run an individual validator.
What this means for investors With 40.7 million ETH locked in validators, that’s a significant chunk of circulating supply removed from active trading. Staked ETH can be unstaked, but the process takes time, acting as a speed bump against mass liquidation events.
At 1.74%, Ethereum staking yields are now lower than many alternatives in DeFi, and dramatically lower than what some competing Layer 1 networks offer their stakers.
A higher staking ratio means a higher cost for any attacker trying to accumulate the 33% threshold needed to disrupt consensus.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Tokenized ETFs just crossed a milestone that would have sounded absurd two years ago. The total market cap of exchange-traded funds living on blockchains hit $526.4 million, an all-time high, with Ethereum hosting 62.2% of those assets.
That’s a jump from roughly $430 million in mid-May, meaning the sector added nearly $100 million in market cap in about two months.
Ondo Finance is running the show When one player controls roughly 66.4% of an entire market, they’re not just a participant. They’re the market. That player is Ondo Finance, whose Ondo Global Markets platform launched in September 2025 and now offers more than 440 tokenized US stocks and ETFs.
The platform’s cumulative trading volume has exceeded $9 billion, attracting tens of thousands of holders, primarily non-US individuals. People outside the United States are using blockchain rails to access American financial products around the clock, something traditional brokerages still can’t offer.
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Ondo rolled out a 24/7 mint and redeem feature in June 2026. Users can create or cash out tokenized ETF positions at any hour, any day, with continuous access to financial instruments that traditionally operate on a 9:30-to-4 schedule, Monday through Friday.
One of Ondo’s specific offerings, IVVon, posted gains of approximately 150% in a single month. The product essentially mirrors BlackRock’s iShares Core S&P 500 ETF but lives on-chain, which means it can be composed into DeFi protocols, used as collateral, or traded without the friction of traditional settlement.
Why Ethereum and not somewhere else Ethereum’s 62.2% dominance in tokenized ETFs isn’t accidental. When BlackRock launched its BUIDL tokenized fund, it chose Ethereum. When Franklin Templeton moved its money market fund on-chain, same choice.
Ondo Finance is expanding beyond Ethereum to Solana and BBN Chain, which signals that the market may not stay so concentrated forever.
What this means for investors $526.4 million sounds impressive until you remember that traditional ETFs manage trillions of dollars globally. The tokenized version represents a rounding error in the broader ETF universe.
Ondo Finance filed for SEC registration in February 2026, which suggests the company is positioning for a future where US investors can legally participate. Right now, the user base skews heavily toward non-US holders, but regulatory clarity could open the floodgates to American capital.
The 24/7 trading capability eliminates the gaps created when traditional markets close for weekends, holidays, and overnight hours, which matters most during periods of volatility when the ability to exit a position at 2 AM on a Sunday could be the difference between a manageable loss and a catastrophic one.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
US-listed spot Ethereum exchange-traded funds (ETFs) attracted $105 million in net inflows during the week of July 13 to July 17, marking their strongest weekly performance since April. This figure also represents the second consecutive week of net creations, signaling a shift in investor sentiment after eight straight weeks of outflows. The prior week saw about $84 million in new investments, based on data from multiple flow tracking firms.
Institutional demand shifts as net outflows endThe recent back-to-back inflows highlight a notable change among institutional allocators who had been steadily withdrawing capital from Ethereum exposure through late spring and early summer. While these renewed flows remain measured, they indicate a potential stabilization in the previously declining Ethereum ETF market.
Across the range of Ethereum ETFs, BlackRock’s iShares Ethereum Trust (ETHA) has emerged as the primary driver of these net creations. Reporting for the week revealed that ETHA accounted for the majority of positive daily flows. In one session tracked, overall net inflows reached approximately $53.8 million, with ETHA being responsible for the vast majority of that amount.
ETHA’s dominance is attributed to BlackRock’s established institutional brand and the product’s streamlined distribution, which make it a popular choice for investors seeking Ethereum exposure without direct custody and operational complexities.
Mini dictionary: BlackRock iShares Ethereum Trust (ETHA), an exchange-traded fund offering institutional investors regulated access to spot Ethereum, is managed by BlackRock, one of the world’s largest asset managers.
“ETHA’s distribution and brand make it the easiest on-ramp for institutions that want ETH beta without custody or operational overhead. But it also means the category’s ‘recovery’ is fragile—if ETHA slows, the whole complex can tip back into net outflow quickly.”
Technical levels in focus for Ethereum priceEthereum’s price traded in the mid-$1,800s throughout the recent inflow period, with spot prices clustered between $1,845 and $1,850, based on several price aggregators. Analysts have been watching $1,800 as a crucial demand support, while resistance is identified near the 100-day exponential moving average around $1,938.
ETF structures have a direct mechanical impact on markets: to create new ETF shares, providers must acquire and hold actual ETH, meaning sustained inflows translate into continuous buy-side pressure. However, the latest inflow volumes—between $80 million and $105 million per week—are significant mainly because they reverse a prior negative trend, rather than representing a new high in market activity.
WeekNet ETF InflowsEthereum Price RangeJuly 6–12$84 million$1,845–$1,850July 13–17$105 million$1,845–$1,850Next steps watched as trend stabilizesInvestors now face a clear test: whether weekly inflows into Ethereum ETFs can continue through late July and whether buying can diversify beyond one dominant product. Should positive flows persist or broaden, the narrative could shift from a short-term bounce toward renewed accumulation, giving ETH a stronger chance to approach resistance near $1,900.
Conversely, if inflows lose momentum, Ethereum’s technical support near $1,800 could come under renewed pressure, limiting short-term price recovery. While the current trend does not match previous ETF surges, it signals renewed institutional engagement with spot Ethereum exposure.
“The near-term test is simple: do weekly inflows persist through late July, and do they broaden beyond one dominant product? If flows fade, ETH’s support near $1,800 loses an important prop. If they build, the narrative shifts from ‘bounce’ to ‘re-accumulation,’ and ETH has a clearer shot at reclaiming levels above $1,900.”
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 chatter has collapsed to 2020 levels while banks build on the chain and a nonprofit teaches institutions to buy it. The token trades as if neither audience exists. Three groups are pricing three different assets, and only one of them is right.
Summary
Retail attention on Ethereum has collapsed: tweet volume is at 12-month lows near 40,000 mentions, levels last seen in 2020, NFT activity has gone quiet, and daily active addresses have fallen from above 1.5 million in January toward 544,000. Institutional commitment is moving the opposite way: a dedicated nonprofit launched to onboard institutions, tokenization is a headline topic in traditional finance, ETF flows turned positive again in July, and BlackRock, JPMorgan, and Robinhood all build on Ethereum rails. The price has ignored both signals, trading near $1,800, down roughly 42% this year and about 64% from its August peak near $5,000, while network fee revenue sits near cycle lows. The loudest defection came from inside: Bankless co-founder David Hoffman sold his remaining ETH in May, arguing the money thesis has run its course, and doubled down this month on the fee problem behind it. The divergence resolves through one question, value accrual: whether the activity institutions bring ever becomes fees the token captures. Retail priced a story that died. Institutions price rails that work. The token prices cash flows that keep falling. Three different groups of people are currently looking at Ethereum, and they are not seeing the same asset. The first group, crypto-native retail, has mostly stopped looking: social mentions of Ethereum have fallen to roughly 40,000, a level last recorded in 2020 when Wall Street did not know the chain existed, and the loud consumer corners of the ecosystem, NFTs above all, have gone quiet enough to hear the servers hum. The second group, institutional finance, is arriving in the opposite direction, with a purpose-built nonprofit teaching banks how to hold ETH, tokenization on every conference agenda, and the largest asset managers in the world settling real products on Ethereum rails. And the third participant, the market itself, is pricing the token as if neither group matters: ETH trades near $1,800, down about 42% on the year and nearly two-thirds below its August peak, while the chain’s fee revenue scrapes along at cycle lows. In May, the divergence produced its emblematic moment, when one of Ethereum’s most committed public advocates announced he had sold every coin he owned while insisting he still believed in the network. All three groups are behaving rationally. They are simply pricing three different things, and working out which of the three the token actually is has become the most consequential question in crypto’s second-largest asset.
The retail exit, measured The evidence that ordinary crypto users have checked out of Ethereum is not anecdotal; it shows up in every proxy for attention and grassroots usage at once.
The cleanest measure is the crudest: how much people talk about it. Tweet volume for Ethereum has fallen to fresh 12-month lows around 40,000 mentions, with Bitcoin near 130,000, and the comparison point is what makes the number land, because attention this low was last seen in 2020, before the ETFs, before the Merge, before the institutional era the industry spent a decade demanding. Social chatter is a rough instrument, but it has historically tracked retail capital and marked cycle temperature, and its collapse while institutional adoption sets records is precisely the inversion that makes this moment strange. Rising mentions once meant rising retail inflows; now the crowd that generates mentions has left the theater.
On-chain, the story repeats with better instrumentation. Daily active addresses, above 1.5 million in January, have trended down toward 544,000, a fall of nearly two-thirds that tracks the price drawdown from above $3,400 in December to under $2,000. The consumer economy that once made Ethereum a cultural object, NFT trading, consumer mints, the speculative long tail, has thinned to the point where daily NFT volumes measure in the hundreds of thousands of dollars against a $41 billion DeFi treasury sitting largely still. The capital stayed; the crowd left. Total value locked has barely budged through the attention collapse, which tells you who remains: professional and semi-professional capital that thinks in quarters, parked in lending markets and liquid staking, indifferent to vibes.
The generous reading of the exit is rotation, that retail attention went to memecoins on faster chains and to the AI trade, and rotations reverse. The harsher reading is that Ethereum’s retail base was loyal to a story, the ultrasound money, world-computer, ETH-is-money story, and stories do not survive a 64% drawdown from peak while the supply inflates and the burn sits idle. Either way, the measurable fact stands: the audience that carried Ethereum through every previous cycle is not currently in the building.
The institutional entry, measured Run the same exercise on institutions and every needle points the other way, which is what makes this a divergence, not a decline.
The most explicit signal is organizational: the launch of Ethereum Institutional, a nonprofit created specifically to educate banks, asset managers, and corporates on adopting Ethereum, with contributors drawn from the ecosystem’s core. Institutions do not get dedicated onboarding bodies for networks in decline; the entity exists because inbound demand outgrew the ecosystem’s capacity to answer it. Around it sits a thickening layer of professional evangelism, Etherealize pitching Wall Street directly, with its leadership publicly arguing that institutional engagement has moved past pilots into production, and a restructured Ethereum Foundation spinning out ETH Systems as a for-profit focused on institutional privacy tooling, funded by trading firms and treasuries. The ecosystem is visibly reorganizing itself around the client it now serves.
The client, meanwhile, keeps shipping. The tokenization wave that dominates traditional-finance conferences runs disproportionately on Ethereum and its L2s: BlackRock’s tokenized fund complex, JPMorgan’s settlement infrastructure reaching public rails, Robinhood building its chain as an Ethereum L2, stablecoin issuance concentrating on the network that hosts the deepest collateral markets. For more context on the institutional product driving adoption, crypto.news has explained how tokenized money market funds are moving regulated cash instruments on-chain. Even the flow data, the weakest leg of the institutional case, has stopped arguing against it: after a heavy second quarter of net outflows, US spot ETH ETFs turned positive again in July, with inflow days in the tens of millions, uneven but real. And the treasury bid persists through the drawdown, with corporate and fund vehicles continuing to accumulate at prices the retail cycle would have considered a catastrophe.
Institutions, in short, are doing exactly what the industry spent years saying it wanted: adopting the infrastructure, at scale, without asking permission from the price. Which sharpens the puzzle instead of resolving it, because their arrival has coincided with the asset’s worst sustained underperformance of the modern era.
The defection that named the problem The reason the price ignores both audiences was articulated most clearly by the person whose exit hurt the narrative most.
David Hoffman spent years as one of Ethereum’s most effective advocates, co-founding Bankless and popularizing the ETH-is-money thesis, the argument that Ethereum’s token would become the internet’s base money, scarce, productive, and re-rated accordingly. On May 21 he sold the last of his personal ETH, and his explanation was more damaging than the sale: the thesis, he argued, has largely run its course, with ETH unlikely to be re-rated meaningfully higher or lower from here, money to some degree, but not the maximally successful version the ecosystem set out to build. Former core developer Eric Connor’s response compounded it, noting ETH has grossly underperformed the broader crypto market for years and attributing the lag to relentless supply from early millionaires, not protocol failure, an explanation that manages to be reassuring about the technology and damning about the asset simultaneously.
Hoffman has kept pressing the underlying point since, arguing this month that Ethereum faces a false choice between maximizing fees and being money, and that while it hesitates, distribution-rich competitors, Robinhood’s chain among them, are positioned to eat the revenue base out from under it. That is the distribution rival eating the revenue base. Strip the personalities away and his case reduces to an arithmetic claim: layer-one tokens are ultimately priced on the fees their block space earns, Ethereum deliberately pushed activity to L2s that pay almost nothing back, mainnet fee revenue has fallen from roughly $40 million a day in early 2025 toward $10 million, and no amount of institutional construction on top of the network changes the token’s cash flows if the construction happens where the token does not collect rent. It is the value-accrual critique, delivered by someone who spent five years selling the opposite conclusion, which is exactly why it landed.
Three prices for three assets Here is the resolution of the divergence, and it requires taking all three groups seriously at once, because each is pricing a real thing.
Retail priced the story, and the story died. The asset retail owned was ultrasound money: a supply that shrinks with use, a burn that turns adoption into scarcity, a meme that fit on a sticker and compounded reflexively. That asset genuinely existed for a stretch after the Merge and genuinely does not now, with the burn collapsed, supply mildly inflating, and the December blob-fee floor a patch on the leak, not a restoration. That is the monetary mechanics under this divergence. Attention followed the story out. Retail is not wrong to be gone; the thing it bought is gone.
Institutions price the rails, and the rails work. The asset institutions are adopting is not the token’s monetary narrative but the network’s properties: the deepest liquidity, the most battle-tested settlement, the compliance tooling, the credible neutrality that lets BlackRock and a DeFi protocol share infrastructure. That asset is thriving, and nothing in the price contradicts it, because most institutional use, tokenized funds, L2 settlement, stablecoin rails, consumes Ethereum’s security while paying trivially for it. Institutions are not wrong to build; the thing they are buying works regardless of what ETH costs.
The market prices the cash flows, and the cash flows are falling. The token, stripped of both stories, is a claim on fees plus a staking yield plus a monetary premium the market is currently revoking. Fee revenue down roughly three-quarters from early 2025, activity migrated to venues that remit almost nothing, and a persistent seller overhang from the early-holder class Connor described: the price is not ignoring the fundamentals, it is agreeing with them, and its verdict is that until institutional construction becomes token revenue, construction is not a bull case.
Which means the entire divergence compresses into one testable question: does the institutional economy on Ethereum ever start paying Ethereum? The mechanisms are known and partly shipped, the blob-fee floor reconnecting L2 growth to burn, mainnet settlement of high-value tokenized assets that does pay real fees, staking demand from treasuries and ETFs that locks supply. If tokenization scales and its settlement gravity pulls value to mainnet, the fee line inflects, and the market re-rates the token toward what institutions already believe about the network. If the activity stays where the rent is lowest, Ethereum becomes magnificent public infrastructure attached to a stagnant asset, the outcome Hoffman priced when he sold. Both futures are live. The tape, for now, is voting with him, and the burden of proof sits, for the first time in Ethereum’s history, on the bulls’ arithmetic rather than their story.
One more actor deserves a paragraph before the watchlist, because the divergence is reorganizing Ethereum’s own institutions in real time. The Ethereum Foundation, historically the ecosystem’s ambivalent center, has spent the year restructuring around exactly the split this piece describes: research and protocol work continuing in the nonprofit core, a new institutional-outreach apparatus forming at arm’s length, and ETH Systems spinning out as a for-profit, funded by trading firms and corporate treasuries, to build the privacy and compliance tooling institutional users keep requesting. Longtime contributors have scattered across the new entities, and the ecosystem’s own commentators describe the reorganization with a candor that borders on gallows humor. The institutional turn, in other words, is not something happening to Ethereum from outside; it is something Ethereum’s leadership has chosen, budgeted, and staffed, accepting the retail exit as a completed fact and reallocating toward the audience that stayed. That choice has consequences for the token question this piece turns on. An ecosystem organized around institutional settlement will prioritize exactly the upgrades, privacy, compliance hooks, high-value mainnet settlement, most likely to make institutional activity pay mainnet fees, which is the bull path. It will also, inevitably, deprioritize the consumer-facing culture that once generated the monetary meme, which forecloses the old path back. The foundation has effectively placed the ecosystem’s bet for it: that the second audience can be converted into revenue before the absence of the first audience becomes terminal for the asset’s premium. The fee line, again, will grade the wager.
What to watch Three lines on three charts settle this faster than any debate.
The fee line. Daily network fee revenue near $10 million is the bear case in one number; a sustained inflection, driven by blob-fee floors under growing L2 volume or high-value mainnet settlement, is the single cleanest signal the value-accrual gap is closing. Watch the trend through the fall, not any single week. That is where the fee line actually comes from.
The flow composition. ETF inflows resumed in July after a negative quarter; whether they compound, and whether staking-enabled vehicles and treasuries keep locking supply through price weakness, tests whether the institutional bid extends from the network to the token. Uneven, headline-driven flows extend the stalemate; a durable streak changes the supply math. Crypto.news has also explained how the flow machinery works.
The attention floor. Retail metrics this depressed have historically marked accumulation zones as often as terminal decline, and tweet volume at 2020 levels with institutional adoption at record highs is a configuration crypto has simply never printed before. If price ever starts responding to the institutional story, the crowd’s return would be the accelerant. Its continued absence is the cheapest real-time measure of how dead the old narrative remains.
Ethereum’s strange summer is best understood as an estate in probate. The old asset, the retail money-meme, has died, and its heirs have left. The new asset, institutional settlement infrastructure, is thriving but pays no rent to the name on the deed. And the token is the estate itself, valued daily by a market that only counts income. The network has never been more used or less loved, and the gap between those two facts is either the buying opportunity of the cycle or the proof that usage was never the same thing as value. Three audiences have placed their bets. The fee line will grade them.
Frequently asked questions What does the retail exit from Ethereum look like? Tweet volume for Ethereum has fallen to roughly 40,000 mentions, a 12-month low last seen in 2020, while Bitcoin sits near 130,000. Daily active addresses have declined from above 1.5 million in January toward 544,000, NFT activity has thinned to daily volumes in the hundreds of thousands of dollars, and the consumer-speculative corners of the ecosystem have gone broadly quiet, even as DeFi’s roughly $41 billion in locked value stays put.
What is the evidence institutions are moving in? A dedicated nonprofit, Ethereum Institutional, launched to onboard banks and asset managers, alongside Etherealize’s direct Wall Street outreach and the Ethereum Foundation spinning out a for-profit institutional tooling arm. BlackRock’s tokenized funds, JPMorgan’s settlement rails, and Robinhood’s L2 all build on Ethereum, tokenization dominates traditional-finance agendas, ETH ETF flows turned positive again in July, and treasury vehicles kept accumulating through the drawdown.
Why did David Hoffman sell his ETH? The Bankless co-founder sold his remaining ETH on May 21, arguing the ETH-is-money thesis has largely run its course and that he does not expect the market to re-rate the asset meaningfully in either direction. He has since pressed the structural point: layer-one tokens are priced on fees, Ethereum’s activity moved to L2s that pay almost nothing back, and competitors with distribution are positioned to erode the remaining revenue base.
Why is the ETH price ignoring institutional adoption? Because most institutional use pays the token almost nothing. Tokenized funds, L2 settlement, and stablecoin rails consume Ethereum’s security while generating minimal mainnet fees, and daily fee revenue has fallen from roughly $40 million in early 2025 toward $10 million. The market prices the token on cash flows plus monetary premium, and with the premium fading and fees falling, the price tracks the arithmetic, not the adoption headlines.
Is this different from the ultrasound money problem? It is the same root with a different face. The ultrasound story broke because cheap L2 data ended the fee burn that made ETH deflationary, which is monetary mechanics. This divergence is about audiences: retail owned the monetary story and left when it died, institutions own the infrastructure story and keep building, and the token’s price follows fees rather than either narrative. The December blob-fee floor addresses both by reconnecting L2 growth to mainnet revenue, at a baseline level.
What would make the price start responding? A durable inflection in fee revenue is the cleanest trigger: growing L2 volume paying meaningful blob fees under the December floor, high-value tokenized-asset settlement on mainnet, and staking demand locking supply through ETFs and treasuries. If institutional activity starts converting into token cash flows, the market has something to re-rate. Without that conversion, adoption and price can stay decoupled indefinitely.
Could retail attention at 2020 levels be a buy signal? Historically, deeply depressed attention has coincided with accumulation zones as often as with terminal decline, and the current configuration, record institutional adoption against 2020-level retail interest, has no precedent to price from. Low attention removes a reflexive bid but also exhausts sellers. It is a condition, not a signal, and its resolution depends on the fee and flow lines rather than on sentiment itself. This is not investment advice.
What are the key numbers to track from here? Daily network fee revenue against the roughly $10 million cycle low, the persistence of ETH ETF inflows after July’s turn positive, staking and treasury accumulation as a share of supply, active addresses against the 544,000 area, and the growth of tokenized-asset settlement that pays mainnet fees. Together they answer the only question that closes the divergence: whether use of Ethereum ever becomes revenue for ETH.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. It describes market conditions and network metrics that change quickly, and past patterns do not guarantee future outcomes. Nothing here is a recommendation to buy, sell, or hold any asset. Always do your own research. Information is accurate as of July 21, 2026.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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While everyone was busy chasing the next Nvidia, Ethereum quietly ate AI hardware’s lunch. Over the past month, ETH outperformed the Roundhill Memory ETF (DRAM), a basket of global memory chip companies tied to the AI boom, by 55 percentage points, according to Fundstrat’s Tom Lee.
The case for ETH as AI infrastructure Tom Lee laid out his thesis around July 17, framing Ethereum not as a speculative crypto bet but as critical infrastructure for the AI economy. His argument hinges on a simple idea: as autonomous AI agents proliferate, they need a neutral, programmable system to move money around. Lee says Ethereum provides exactly that, acting as the “guardrails” of consumer trust in a world where machines increasingly transact with other machines.
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The Roundhill Memory ETF launched on April 2 and focuses on global memory chip companies, the kind of firms that supply the physical hardware powering AI workloads.
Institutional money is noticing Significant inflows have been reported into spot ETH ETFs, with BlackRock’s ETHA drawing particular attention.
Both KuCoin and Binance have recently amplified this narrative through their research and media channels, reinforcing the idea that Ethereum occupies a unique position in the AI-related financial ecosystem.
What this means for investors Lee’s core argument represents a strategic pivot: instead of betting purely on which chipmaker wins the AI hardware race, investors could gain exposure to the transactional layer that all AI agents will eventually need, regardless of which hardware they run on.
There is also competitive risk. Ethereum isn’t the only blockchain vying to become the settlement layer for machine-to-machine transactions. Solana, various Layer 2 networks, and even purpose-built AI chains are all competing for the same role.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Ethereum price today: $1,930Ethereum has gained more than 20% since triggering the MVRV Buy Signal.On-chain and ETF data show investors favor the top altcoin, but buying remains modest.ETH could reclaim the $2,000 level if it clears the 100-day EMA resistance.Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity.
The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
ETH MVRV and Realized Price. Source: CryptoQuantHistorically, ETH has rallied by roughly 245% if, after triggering the MVRV Buy Signal, it successfully clears and holds above the realized price (average on-chain investors' cost basis) resistance.
In November 2022 and April 2025, the top altcoin rallied by 270% and 220% in subsequent months before seeing a correction after hitting the MVRV sell signal.
ETH accumulation is improving but not yet intenseInvestors are potentially following the signal as exchange reserves of the top altcoin have dropped by 370K ETH in July. A decline in an asset's exchange reserves shows that investors are moving coins from exchanges to private wallets, reducing available sell-side supply.
ETH Exchange Reserves. Source: CryptoQuantRecent data from on-chain analytics tools align with the move as whale wallets have been accumulating and staking ETH over the past few days.
Two new wallets staked their entire holdings after withdrawing 74,033 ETH and 12,800 ETH from Gemini and Binance, respectively, on Monday, according to Arkham data cited by Lookonchain. Wallets linked to BitMEX co-founder Arthur Hayes also bought 1,332.5 ETH, while another wallet acquired 10,501 ETH.
As a result, the total value of staked ETH has continued to rise to new highs, reaching 40.89 million ETH, per data from Validator Queue.
Despite buying activity, changes in wallets across several cohorts indicate that investors have yet to demonstrate conviction.
Wallets with a balance of 10K-100K ETH, who were major buyers during the early stages of the downtrend, have only accumulated a net of 110K ETH since the beginning of the month. This cohort reduced their buying pace after further price declines in February.
ETH Balance by Holder Value. Source: CryptoQuantLarge-scale retail wallets, with a balance of 1K-10K ETH, are showing signs of a flip from selling toward buying, scooping 100K ETH so far in July. However, wallets with a balance of 100-1K ETH continue to distribute, reducing their holdings by 190K ETH in the same period.
On the institutional side, interest continues to improve as US spot ETH exchange-traded funds (ETFs) saw $38.09 million in net inflows on Monday, a second consecutive trading day of net buying. The products have only seen three days of outflows so far in July, compared to 15 and 17 outflow days in May and June, respectively.
US Spot ETH ETF Flows. Source: SoSoValueEthereum price forecast: ETH could reclaim $2,000 if it clears the 100-day EMAOn the daily chart, ETH is testing the 100-day Exponential Moving Average (EMA) at $1,939, which caps the topside and keeps the near-term tone broadly neutral. The Relative Strength Index (RSI) near 65 and the Stochastic Oscillator (Stoch) above 90 hint at strong but potentially overextended bullish momentum as price tests this immediate EMA barrier.
On the topside, initial resistance is defined by the 100-day EMA, which hampered the rally last week. Above the EMA is a cluster of horizontal levels at $2,018 and $2,107, ahead of a thicker band at $2,211 and $2,388. Higher up, $2,746 and $3,411 remain distant medium-term caps.
ETH/USDT daily chartOn the downside, first support emerges at $1,909, with further demand seen at $1,806 and $1,741. Below these, deeper floors sit at $1,524 and $1,404, ahead of a major base near $1,155.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitmine drastically reduced the amount of Ethereum [ETH] it was accumulating last week, buying just 7,430 ETH—its lowest weekly purchase since May. This action was taken to prioritize the returns to shareholders.
For perspective, the company spent roughly $13 million on new ETH purchases. However, instead of aggressively growing its ETH treasury, it spent about $86 million repurchasing 5.5 million common shares at an average price of $15.62.
With 5,777,468 ETH, or 4.8% of Ethereum’s total circulating supply, Bitmine’s treasury is still massive despite the slower buying pace. In fact, it is also very close to its long-term objective of owning 5% of all ETH.
Remarking on the same, Thomas “Tom” Lee, Chairman of Bitmine, said,
We view the purchase of our common shares as accretive to shareholder value.
Bitmine’s goals achieved so far With this pace, Bitmine is just 0.2 percentage points short of its declared objective of “Alchemy of 5%.”
That said, Bitmine has almost reached this milestone in just 12 months since introducing its Ethereum treasury strategy in June 2025.
As for staking, Bitmine has already staked 4.92 million ETH, or about 85% of its holdings, through its institutional-grade MAVAN (Made in America Validator Network) platform.
Additionally, the company is projecting $247 million in staking revenue annually at current staking yields of 2.67%, which could increase to about $290 million once its whole ETH treasury is staked.
This occurs as the price of ETH was trading at $1,929.35 at the time of writing, following a 7.44% increase over the previous week.
Will Strategy’s weakening BTC strategy impact Bitmine? While this happens in the Ethereum space, Michael Saylor’s Strategy is making headlines, creating countless hubbubs in the crypto space. Needless to say, in the case of Strategy, every dollar raised went toward buying more Bitcoin [BTC].
Each rally served to support the model. Additionally, the corporate treasury continued to grow, which seemed to justify the dilution of shareholders. But now the financial force that started the unrelenting accumulation is asking more of the treasury that it was created to expand.
Yet, despite all the strain, Strategy still has 843,775 BTC (approximately $55.8 billion). This stack of Bitcoin follows this year’s sales of 3620 BTC and the addition of 171,278 BTC.
Source: BitcoinTreasuries.NET Final Summary Instead of expanding its ETH treasury, Bitmine spent about $86 million repurchasing 5.5 million common shares. This happens while ETH’s price surged by 7.44% in the past week.
Altcoin season signals are beginning to improve, but the market has not confirmed a broad rotation. Bitcoin dominance remains high, and the ETH/BTC pair is still testing long-term support after years of underperformance.
MemeToro is building before that decision through a Stage 4 presale tied to AI-created memecoins, discovery dashboards, and planned trading products.
Ethereum Must Reverse Against Bitcoin Ethereum has underperformed Bitcoin since December 2021. Analysts view the ETH/BTC chart as the most important confirmation signal for a sustainable altcoin season.
Different market snapshots place the pair near long-term levels around 0.028 to 0.038 BTC. The precise figure changes with market timing, but the broader point remains the same: Ethereum must establish a bottom and begin outperforming Bitcoin.
Benjamin Cowen believes ETH/BTC is entering its final capitulation phase. He argues that altcoin season discussions remain premature until the pair firmly reverses.
A similar structure developed between 2019 and early 2021 before Ethereum led the previous major altcoin rally. That historical comparison is encouraging, but it does not ensure the same outcome in 2026.
Macro Conditions Are Slowly Improving Softer inflation has improved the wider case for risk assets. Core inflation recorded its largest decline in more than four years, reducing expectations for another Federal Reserve rate increase.
Bitcoin, Ethereum, gold, and silver initially responded positively. Easier policy would make cash less attractive and could improve liquidity for cryptocurrencies.
Global liquidity indicators are also becoming more supportive. Japan’s M2 money supply has historically led Bitcoin by roughly 84 days, while the US Dollar Index is testing resistance. A weaker dollar could provide additional room for crypto capital flows.
Altcoins outside the top 10 have recovered around 17% from their February bottom. Broader altcoin performance against Bitcoin has improved by approximately 23% since December, showing that the gap is beginning to narrow.
MemeToro Combines Two Active Narratives MemeToro is positioned around AI agents and memecoin infrastructure rather than waiting for every altcoin to rise.
Its AI agent monitors social activity, communities, and global news for narratives gaining momentum. It can then generate the token name, concept, branding, visuals, and marketing content.
The planned benefits include:
AI-powered trend detection Automated token creation No insider pre-allocation Early tracking dashboards PancakeSwap migration Creator trading-fee rewards MemeToro plans to connect these launches with staking, swaps, prediction markets, and news discovery. This gives $MT several potential uses if the platform gains active users.
Stage 4 Creates A Breakout Setup The MemeToro presale has raised $80,178.47 in Stage 4, reaching 73.28% of its $109,411.90 goal.
Buyers can currently obtain $MT for $0.00232. The project has scheduled a launch price of $0.01875, about 8.08 times the Stage 4 rate.
This creates a possible pricing catalyst, but it does not guarantee that the public market will maintain the launch valuation. A breakout requires sufficient liquidity and buyer demand.
Participants can use BNB, ETH, stablecoins, or bank cards. Their allocations are expected to become claimable when MemeToro officially launches.
Altcoin Season Signals Remain Conditional A MemeToro breakout would benefit from stronger altcoin conditions, but the project cannot depend only on market rotation.
Ethereum must first reverse against Bitcoin, broader liquidity must improve, and Bitcoin dominance needs to decline before a full altcoin season becomes convincing.
MemeToro has its own catalyst because Stage 4 is approaching capacity and its platform targets two active sectors. AI agents are gaining blockchain use, while the memecoin market is shifting toward products with trading and discovery infrastructure.
The current altcoin season signals support cautious optimism. MemeToro is positioned before a possible rotation, but product delivery will determine whether it can turn favorable timing into sustained performance.
FAQs What Could Trigger Altcoin Season? A firm ETH/BTC reversal, lower Bitcoin dominance, softer monetary policy, and improving global liquidity could support a wider altcoin rally.
Why Could MemeToro Benefit? MemeToro combines AI agents with memecoin utility, giving it a focused narrative if capital begins rotating into smaller cryptocurrencies.
More Information on MemeToro ($MT) Presale Here:
Website: https://memetoro.com/
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Telegram: https://t.me/memetoro_mt
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Analysts note that ETH's jump in dominance has unfolded without a single obvious catalyst, making the recent rally harder to explain.
Ethereum’s market dominance climbed back above 10% on Tuesday after weeks below that level, while the token outperformed every other top-10 cryptocurrency with an almost 9% gain in the last seven days.
The move has rekindled bullish sentiment around ETH, even though one analyst is cautioning that no single event appears to have triggered the latest rally.
ETH Retakes 10% Market Share as Sentiment Improves Data from CoinGecko shows Ethereum’s market cap at around $233.2 billion, with the total crypto market up nearly 2% and valued at just over $2.34 trillion. That put ETH’s share of the market at slightly more than 10%, a figure BIT analyst Markus Thielen described as a “psychologically important” threshold in a July 21 update.
Thielen also noted that when ETH dominance rose in the past, it often coincided with conditions that favored bullish traders. Indeed, at the time of writing, ETH had gained over 4% in 24 hours, but according to the analyst, there was “no immediate catalyst” behind the rise in dominance.
Some big names in the market appear to have picked up on the changing mood, with BitMEX co-founder and avid crypto trader Arthur Hayes spending over $2.5 million on 1,332.5 ETH earlier today. That was his second multi-million dollar splurge on the token in a week after earlier buying 1,293 others for a similar amount on June 16.
BIT’s weekly market watch, also published on July 21, argued that last week’s softer-than-expected US inflation data had reversed a rough start to the week, one that had briefly pushed Bitcoin (BTC) under $62,000 after conflict between the US and Iran flared again. BTC closed that week above $65,000, up almost 4%, while ETH added over 7% in the same period, ending up above $1,900 and marking its second consecutive week of outperforming Bitcoin. This also lifted the ETH/BTC ratio to 0.0293 from a June low of 0.0264.
Institutional Positioning Shifts Toward Ethereum At the time of writing, the world’s second-largest cryptocurrency was still trading well over the $1,900 mark, having gained about 8.8% in one week and more than 12% in the last 30 days.
You may also like: Wrapped Ethereum Just Logged a Five-Year Whale Record: Here’s Why It Matters for ETH Tom Lee’s Bitmine Slashes Weekly Ethereum Purchases by 76% – Here’s Why Analyst Says Long-Term Bullish Setup Could Take Ethereum to $22K That weekly performance was the best among the top ten digital assets by market cap, with XRP and BTC following closely after jumping more than 6% in XRP’s case and about 5.7% in BTC’s case in that period. ETH’s daily trading volume also saw a huge uptick, adding more than 31% to the previous day’s amount to hit $11.6 billion.
Beyond spot prices, BIT’s report said perpetual funding rates have remained close to neutral despite ETH’s gains, while implied volatility stayed relatively subdued.
It also noted that institutional investors appeared to favor call options, with buy-call activity accounting for more than three-quarters of Ethereum block trades, while retail participants largely opted for call spreads to gain upside exposure with limited cost.
Aztec has launched the alpha version of its v5 execution layer, introducing a programmable privacy framework that allows Ethereum applications to process both public and private state within the same layer-2 environment.
Summary
Aztec has released the alpha version of its v5 execution layer, bringing programmable privacy to Ethereum through zero knowledge powered smart contracts. The new architecture processes private computations on user devices while verifying transactions on chain without exposing sensitive data. Aztec said the execution layer supports confidential decentralized applications with features designed to reduce front running and MEV risks. Aztec Labs announced the alpha release of its v5 execution layer, describing it as a step toward making privacy-native smart contracts practical on Ethereum.
The new architecture allows developers to build decentralized applications that combine confidential user data with public blockchain state while relying on zero-knowledge proofs to verify transactions without exposing sensitive information.
Unlike Ethereum’s base layer, where every validator processes and stores transaction inputs, outputs, and execution data to reach consensus, Aztec’s execution layer moves private computation to the user’s device. Instead of revealing transaction details to the network, the system generates cryptographic proofs locally before submitting them for verification on-chain, reducing the amount of visible transaction data while preserving Ethereum’s security guarantees.
Client-side execution changes how private transactions are processed At the center of the release is a client-side zero-knowledge execution engine integrated with Noir, Aztec’s domain-specific programming language for private smart contracts. Rather than executing confidential transactions across every network node like the Ethereum Virtual Machine, the system performs private computations on user hardware before generating recursive Succinct Non-Interactive Arguments of Knowledge, or SNARKs.
Those proofs allow the network to verify that state changes are valid without exposing plaintext inputs, transaction values, or account identities. According to Aztec Labs, the model cuts unnecessary data disclosure while maintaining mathematical guarantees that transactions have been executed correctly.
The architecture also introduces a hybrid state model designed to overcome one of the biggest engineering challenges facing privacy-focused blockchains. Purely private execution environments often struggle when multiple users attempt to update the same public state at the same time, creating state contention that limits interaction with shared decentralized finance infrastructure.
To address that limitation, Aztec separates private and public state management. Private assets are stored in UTXO-like note trees, while public data is maintained through key-value trees. During execution, private functions can generate deferred public function calls that are processed later within the same transaction lifecycle, allowing confidential and public operations to work together without sacrificing deterministic execution or creating race conditions.
The execution model is intended to support applications that require confidential computation while still interacting with Ethereum’s public ecosystem, including shared liquidity pools and other decentralized finance protocols.
Privacy model targets decentralized finance and enterprise applications Beyond transaction privacy, the execution layer introduces features that could reduce several long-standing issues in blockchain execution.
According to Aztec Labs, transaction details remain hidden before state commitment, making it significantly harder for external observers to reorder pending transactions or exploit visible transaction data through Maximal Extractable Value strategies.
The architecture also provides building blocks for applications such as confidential order matching, private liquidity provisioning, and selective compliance systems that disclose only required information through viewing keys instead of exposing complete user records.
Those capabilities build on Aztec’s long-standing focus on programmable privacy rather than simple anonymous token transfers.
Speaking to crypto.news in April 2025, Aztec Labs co-founder and CEO Zac Williamson said blockchain privacy should go beyond hiding wallet addresses.
He described user privacy, confidential transaction data, and private smart contract execution as the three pillars needed for practical on-chain privacy, calling them “the holy grail of blockchain privacy.”
Williamson also argued that privacy should not be treated as a separate segment of the industry, saying, “all crypto will be private” as programmable privacy becomes part of mainstream blockchain applications.
Discussing compliance, Williamson said privacy preserving systems should rely on selective disclosure instead of complete anonymity. He pointed to ZKPassport as an example, explaining that users can tap an NFC enabled passport to generate a zero knowledge proof and choose “what information you want to disclose,” whether it is nationality, age, or other identity attributes.
He said the technology is “permissionless, it’s privacy preserving, and it ensures strong compliance,” adding that such systems are “a lot more powerful” than existing privacy solutions because they combine privacy with programmable compliance.
That vision expanded further in May 2026 when Aztec Labs acquired ZKPassport while committing to keep the passport verification platform open source. The acquisition brought the privacy-focused identity infrastructure directly into Aztec’s ecosystem, allowing developers to combine programmable privacy with zero-knowledge identity verification across Ethereum-compatible networks.
The technology had already been tested on Aztec’s network to help reduce Sybil attacks by allowing participants to prove they were unique individuals without revealing their identities. It was also used during the AZTEC token sale to perform sanctions screening while keeping participant information private.
Alpha release follows security incidents involving legacy products The execution layer arrives shortly after Aztec Labs dealt with security issues involving products that had already been retired.
Earlier this month, Aztec Labs disclosed that it was investigating a potential exploit involving a deprecated payments product launched in 2021 after roughly $2 million was transferred from an immutable smart contract. The company said the affected system had been discontinued in 2022 and operated without administrator keys, preventing the team from pausing or upgrading the contract.
Separately, another deprecated product, Aztec Connect, lost approximately $2.1 million after attackers exploited an old immutable RollupProcessorV3 contract. Aztec Labs said the incidents were unrelated to the active Aztec network.
The Aztec Foundation also stated that neither exploit had any connection to the current network or the AZTEC ERC-20 token, emphasizing that the affected contracts belonged to legacy infrastructure that had remained live on Ethereum after the products were sunset.
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.
While the leading cryptocurrency Bitcoin has climbed above $66,000 with the upward momentum it has gained in recent days, the picture also looks positive for altcoins.
However, Santiment warns against the rise in the short term for BTC and some major altcoins.
In this context, the cryptocurrency analysis platform Santiment examined MVRV ratios. As recovery signals for BTC and altcoins strengthen, the 30-day MVRV ratio of the cryptocurrencies with the highest market capitalization has risen back above the neutral level.
According to Santiment, major cryptocurrencies, including Bitcoin (BTC), Ethereum, and XRP, have entered profit-taking territory in the last 30 days. This indicates that investors who bought BTC, ETH, XRP, Cardano (ADA), and Chainlink (LINK) in the last 30 days have made a slight profit rather than incurring losses.
Santiment analysts believe that the recovery is driven by lower-than-expected inflation data, increased risk appetite in global markets, and renewed demand for spot Bitcoin ETFs.
While the MVRV ratio entering positive territory is considered a positive development, Santiment warned that this could trigger increased selling pressure in the short term due to profit-taking. This means that even if prices continue to rise, selling pressure could intensify.
According to Santiment, positive MVRV data supports the idea that the recovery is progressing healthily, but if the upward momentum weakens, short-term investors may want to realize their profits, increasing price volatility.
“…Positive MVRVs tell us that the recovery is real, while also reminding bulls that short-term gains could lead to faster sell-offs if momentum starts to cool.”
*This is not investment advice.
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Whale WETH activity is breaking multi-year records as ETF, L2, treasury, and institutional narratives are heating up.
Wrapped Ethereum (WETH) recorded 113,000 whale transactions worth more than $100,000 over the past week. This figure is its highest level since May 2021, according to on-chain analytics platform Santiment.
The surge indicates that significant capital is moving through Ethereum’s trading, lending, liquidity, and decentralized finance (DeFi) infrastructure rather than remaining idle in wallets.
WETH Whale Activity Santiment, in its latest post on X, revealed that the increase coincides with several signs of rising demand for Ethereum. These include accelerating inflows into US spot Ether ETFs, with BlackRock’s ETH products absorbing a large share of recent inflows, as well as growing activity on Robinhood Chain, which uses ETH for gas and has processed heavy decentralized exchange (DEX) volume since its July 1 launch.
The analytics firm also pointed to increasing corporate treasury participation, as it highlighted Bitmine’s holdings of around 5.8 million ETH and backing from Bitmine, SharpLink, and Joe Lubin for Ethlabs to cater to the increasing institutional demand for Ethereum.
While they do not guarantee a price rally, these factors are worth paying attention to.
Next Key Levels As for ETH’s price, the world’s largest altcoin by market cap, climbed to $1,934 on Wednesday, rising by almost 9% on the week and 4.5% on the day. Earlier, crypto analyst Ali Martinez said Ethereum remains above the “must hold” level of $1,850; its next upside target would be $2,300.
MN Trading founder Michaël van de Poppe also believes that if the crypto asset holds the crucial support zone above $1,800, it should “trigger a continuation upwards.”
You may also like: Tom Lee’s Bitmine Slashes Weekly Ethereum Purchases by 76% – Here’s Why Analyst Says Long-Term Bullish Setup Could Take Ethereum to $22K Ethereum Drops 4%, but Analysts Still See a Path Toward $2,245 and Beyond A similar projection was made by another analyst, Tony Research, who said ETH could first climb above $2,000, with a move toward the $2,200 area possible if Bitcoin reaches $70,000. However, the rally is expected to be followed by seven to 10 days of distribution before Ethereum falls into a final bottom zone between $1,260 and $890, which the analyst described as a dollar-cost averaging (DCA) opportunity.
According to the forecast, that decline would pave the way for a new bull cycle, with Ethereum eventually targeting $7,000.
The Japanese yen's exchange rate against the US dollar has hit its lowest level since 1986.
According to Bitget market data, the Japanese yen weakened against the U.S. dollar, hitting 162.89, marking its lowest level since 1986.
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An unnamed whale has been steadily adding to its WBTC and ETH positions this month, now sitting on over $12 million in unrealized gains.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale that has accumulated over $109 million in positions since July added an additional $9.87 million worth of WBTC in the past 24 hours. The whale currently holds 49,500 ETH and 600 WBTC, with a total value of $122 million, an average cost basis of approximately $1,706 per ETH and $63,950 per WBTC, and an unrealized profit of $12.593 million.
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SemiAnalysis: The power gap in AI data centers is widening, and reciprocating engines may become the leading technology for behind-the-meter power supply.
Independent semiconductor and AI research firm SemiAnalysis reports that the rapid growth in AI computing power demand is transforming power supply models for data centers. Reciprocating engines, historically used primarily as backup power during grid outages, are being repositioned as baseload power sources operating around the clock. This year, reciprocating engine manufacturers have signed contracts for roughly 1GW of behind-the-meter (BTM) power projects, with annual new supply volumes projected to exceed 4GW in 2027 and 2028. After modeling U.S. grid capacity, SemiAnalysis notes that existing power reserves are expected to be exhausted between 2027 and 2028, and planned additions to utility-scale power generation capacity through 2030 remain insufficient to meet the new load demand from data centers. Combining its data center model, SemiAnalysis estimates that roughly 140GW of potential data center projects have not yet finalized power supply contracts, and many of these will likely adopt behind-the-meter power models to bypass grid expansion bottlenecks. Among behind-the-meter power technologies including reciprocating engines, aeroderivative gas turbines, and fuel cells, SemiAnalysis projects reciprocating engines will capture the largest market share. The firm cites their combination of low cost, rapid deployment, modular scalability, and stronger financing capabilities as key advantages, while equipment manufacturers including Caterpillar, INNIO, and Cummins are expanding production capacity to support large-scale deployments in the coming years. As AI data centers continue to expand, on-site self-generated power is evolving from a traditional backup resource to critical energy infrastructure, and reciprocating engines are poised to become a key solution for bridging power gaps in the computing power era.
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Venezuela’s largest fintech firm Cashea completes $100 million funding round.
According to Bloomberg, Venezuela’s largest fintech company Cashea has raised a total of $100 million across two financing rounds. Global investors are betting on the firm’s ability to achieve growth in a market long plagued by credit constraints. Cashea announced it closed a $60 million Series B round in June, led by FinSight Ventures, with participation from Endeavor Catalyst, Plug and Play, U.S. university funds including Washington University in St. Louis, and Latin American investors. Earlier, Cashea completed a $40 million Series A round in March, led by Spice Expeditions. The round included $20 million in equity financing and $20 million in debt financing provided by Architect Capital.
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WTI crude oil's intraday gain has widened to 3%.
Per Bitget's market data, WTI crude oil's intraday gain has widened to 3%, now trading at $85.40 per barrel. Brent crude oil climbed 2.16% to $89.4 per barrel.
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Ionic Digital to list on Nasdaq on July 28 under stock ticker IOND.
Ionic Digital expects its shares to begin trading on the Nasdaq Global Select Market on July 28, after the U.S. Securities and Exchange Commission (SEC) declared its registration statement effective, clearing the final major regulatory hurdle for the company’s long-planned listing. According to a company statement, Ionic’s stock ticker will be “IOND”. The firm opted for a direct listing rather than a traditional initial public offering (IPO), meaning it will not issue new shares nor receive any proceeds from the transaction; instead, existing registered shareholders will be able to sell their holdings on the public market. Ionic was originally formed to take over Bitcoin mining assets from the Celsius estate, before pivoting to position itself as a broader digital infrastructure company serving artificial intelligence (AI) and high-performance computing (HPC) workloads. The company first submitted its Form S-1 registration statement earlier this month. Ahead of the listing, Ionic has raised roughly $400 million to support data center construction and fuel its business shift from Bitcoin mining to a wider digital infrastructure focus.
In the US, spot ETFs have been launched for many altcoins, following Bitcoin and Ethereum.
These altcoins include XRP, Solana, and HYPE, while an ETF application has also been filed for a very surprising altcoin.
In this context, crypto asset management company Grayscale has filed an application with the SEC to launch the first Worldcoin ETF in the US.
If the application is approved, the fund will be the first ETF to offer direct investment in WLD on US markets.
According to the S-1 filing submitted to the SEC, the Grayscale Worldcoin ETF will hold WLD directly. If approved, the fund is planned to be listed on the Nasdaq Exchange under the ticker symbol “GWLD”.
Thus, investors will be able to gain exposure to Worldcoin through a regulated investment product without having to directly buy or hold the WLD token.
The application states that the fund will follow a passive investment strategy, not using derivatives or leverage, and that custody services will be provided by BitGo Bank & Trust.
The announcement of an ETF application for WLD has stirred the market and its price. Following the news, the WLD price rose by approximately 4-5% during the day, and investors began closely monitoring the approval process.
Experts say that a potential approval could accelerate Worldcoin’s adoption by institutional investors.
With this application, the total number of cryptocurrency ETFs managed by Grayscale has risen to 18. Previously, they had ETFs for assets such as Bitcoin (BTC), XRP, Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), and Chainlink (LINK).
*This is not investment advice.
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Key Takeaways Ethereum maintains position above the critical $1,825 support zone following a decisive break of resistance, with bullish targets set at $2,500 U.S. spot Ethereum ETFs recorded their second consecutive week of positive flows, accumulating $105.44 million in net inflows Aggregate assets under management in Ethereum ETFs climbed to $9.97 billion, approaching the significant $10 billion threshold The ETH/BTC trading pair is challenging the upper limit of a 12-month downward channel Market analyst Ali Charts identifies $1,850 as the critical support level that must hold for a rally toward $2,300 Ethereum is currently changing hands near $1,865 following a notable rebound from its June bottom around $1,505. Throughout July, the digital asset has established a pattern of ascending peaks and troughs, leaving market participants focused on whether momentum can carry prices beyond the $2,000 threshold.
Ethereum (ETH) Price The nearest overhead resistance barrier is positioned at $1,900. Successfully breaching this level would place the psychologically significant $2,000 milestone directly in view, representing a previous supply zone that buying pressure must overcome to validate the ongoing recovery trend.
Should ETH maintain its footing above $1,825 while continuing to establish progressively higher lows, market analysts project a potential advance toward the $2,465-$2,620 range. The extended bullish objective zone is mapped between $2,500 and $2,620.
Market analyst Ali Charts indicated that should Ethereum be constructing a double bottom pattern, the $1,850 level represents a critical support threshold. Ali Charts emphasized that maintaining this floor would open the door to a subsequent rally targeting $2,300.
Technical analyst Ted Pillows observed that ETH has successfully recaptured its 6-month descending trendline and that the weekly MACD indicator has reversed into bullish territory. He highlighted that prominent investor Tom Lee alongside various institutional players continue accumulating positions, suggesting that sustained support at $1,850 may fuel an additional 10% upward move.
Institutional Capital Returns Via ETF Channels U.S. spot Ethereum exchange-traded funds captured $105.44 million in net positive flows during the week concluding July 17, building on the prior week’s $84.42 million intake. This marks a reversal from five straight weeks of net redemptions that occurred between mid-May and the end of June.
Source: SoSoValue Total cumulative net inflows across all Ethereum ETF products now register at $11.08 billion. Combined assets held by these funds reached $9.97 billion, positioned just beneath the $10 billion benchmark.
BlackRock’s ETHA product dominated inflows, attracting $31.68 million on July 17 by itself and currently overseeing $5.22 billion in net assets, representing over half of the entire U.S. spot Ethereum ETF marketplace. Fidelity’s FETH contributed an additional $5.05 million during the same period.
Ethereum vs. Bitcoin: Momentum Shift Emerging The ETH/BTC ratio is currently testing the upper constraint of a yearlong descending channel formation near the 0.0285-0.029 BTC range. The pair bounced from long-term support around 0.0262 BTC, and a confirmed breakout above resistance could propel it toward 0.030 BTC initially, with 0.032 BTC as the subsequent target.
A durable upward movement in the ETH/BTC ratio would likely catalyze positive momentum throughout the broader Ethereum ecosystem and associated tokens.
Examining the weekly chart, the Relative Strength Index hovers around 40, demonstrating recovery from oversold territory but remaining beneath the neutral 50 threshold. On the daily timeframe, RSI has advanced to 58.
The $1,800 level has emerged as the primary support zone to monitor. BlackRock’s ETHA fund registered $31.68 million in single-day inflows on July 17, representing the latest session with published data.
21 July 2026 | 11:00 Ethereum is approaching the psychologically important $2,000 level after extending its recovery from the June low near $1,505. The altcoin trades around $1,930 at the time of writing after 2% daily gains, while continuing to form higher lows inside an ascending channel.
The level ahead is more than a round-number barrier. Three separate technical resistances converge in the same area, making the next reaction particularly important for the short-term structure.
Institutional demand also remained supportive. After two consecutive weeks of net inflows, US spot Ethereum ETFs opened the new week with another $38.09 million on Monday, July 20, led by BlackRock’s ETHA with approximately $34.31 million, per SoSoValue. The continued inflows strengthen the recovery backdrop, although one positive day does not confirm a lasting trend.
Ethereum is not advancing alone. According to CoinMarketCap, over the past 24 hours, HYPE gained approximately 2%, Solana rose 2.3% and XRP added 1.8%, showing that the move forms part of a broader recovery across major altcoins rather than an ETH-only breakout.
Three Resistance Levels Meet Near $2,000 The first obstacle is the 100-day simple moving average, currently positioned near $1,985. ETH remains below this longer-term trend measure despite already reclaiming the faster 50-day average.
The same area also contains the 0.5 Fibonacci retracement of the wider decline and the upper boundary of the rising channel that has guided the recovery since early July.
When several technical levels overlap, traders often treat the zone as stronger resistance than any individual indicator would provide on its own. A temporary rejection or consolidation near $2,000 would therefore not immediately invalidate the recovery.
Momentum remains constructive, with the daily Relative Strength Index near 65. That shows improving demand without placing ETH clearly above the traditional overbought threshold of 70.
Daily Ethereum price chart / Source: TradingView What Happens if Ethereum Is Rejected? The first support to monitor sits around $1,920, close to the recently reclaimed horizontal resistance and the lower half of the rising channel.
If buyers defend that area, ETH could consolidate before attempting another move through $2,000. Holding $1,920 would also preserve the current sequence of higher lows.
A daily break below that level and the channel support would weaken the immediate bullish setup. Attention would then shift toward the 0.382 Fibonacci retracement near $1,870, which previously acted as resistance before the latest advance.
The next major support below that area is near $1,730, where the 50-day moving average currently sits. A move that deep would represent a more substantial deterioration in the recovery structure.
A Breakout Still Needs Confirmation A move above $2,000 alone would not fully confirm the breakout. ETH would need to remain above the resistance cluster and successfully retest it as support.
That sequence would show that sellers around the 100-day average and the Fibonacci level had been absorbed. It would also move Ethereum outside the current ascending channel, increasing the possibility of a broader advance toward the next horizontal resistance near $2,100.
Until that confirmation appears, $2,000 remains the main decision area. A rejection would keep the recovery intact as long as $1,920 holds, while a confirmed breakout would mark a stronger shift in Ethereum’s medium-term structure.
This article is provided for informational purposes only and does not constitute financial or investment advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
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.
After weeks of steady decline, Shiba Inu has shown a slight but noteworthy recovery, with the well-known meme asset rising by about 1.7% during the most recent trading session. The move is notable because it came after a protracted period of diminishing momentum and almost constant selling pressure, even though it is insufficient to change SHIB's overall bearish trend.
SHIB has recovered from local lows set earlier in July and is currently trading at about $0.0000114. The rebound occurs as the token makes an effort to hold steady above a crucial support area that has drawn buyers on multiple occasions over the previous few weeks. Technically speaking, the shift seems to be motivated more by seller fatigue than by aggressive new purchases.
SHIB/USDT Chart by TradingViewSHIB is still below all significant moving averages, according to the chart. The long-term market structure is still bearish because the 50-day EMA is close to $0.0000118 and the 100-day and 200-day trend indicators are still significantly higher. Nonetheless, a number of indicators suggest that the downward momentum has started to wane. The RSI is now getting close to the 42 level after recovering from oversold territory.
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This shows that selling pressure is no longer controlling the market to the same extent as it was in June and early July, even though it is still below neutral. The concept of stabilization is also supported by volume dynamics. Speculative mania is not driving the current rebound because trading activity has not skyrocketed. Rather, SHIB seems to be establishing a short-term base following a protracted decline. Overhead resistance continues to be the largest obstacle for bulls.
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The $0.0000118 and $0.0000120 resistance levels have now turned into resistance zones. A successful move above those levels could pave the way for the 100-day moving average and would be buyers' first significant technical victory in months.
On the downside, SHIB would soon be vulnerable to another test of recent lows if support were not maintained at current levels. Traders should not assume that a single green session signals the start of a more significant trend reversal, due to the asset's propensity for extreme volatility.
Ethereum Yet to Be TestedAs the second-largest cryptocurrency continues to recover from the severe June sell-off, Ethereum is getting close to what might be its most significant resistance test in recent months. ETH has risen back toward the $1,900 area after recovering from lows close to $1,550, putting it squarely below a significant technical barrier that may decide whether a move toward $2,000 materializes.
Ethereum is currently trading at about $1,870 and has established a series of higher highs and higher lows throughout July. Growing momentum and a successful recovery of the 50-day and 100-day moving averages have bolstered this comeback. Bulls now have a stronger base than they did a few weeks ago because the 50-day EMA around $1,796 and the 100-day EMA around $1,732 have moved into support. The most significant obstacle is still ahead.
ETH/USDT Chart by TradingViewThe 200-day moving average for Ethereum is currently being tested close to $1,936, a level that has frequently served as resistance throughout 2025. This region is more significant than just a moving average. Additionally, ETH would return above a crucial psychological threshold and greatly improve market sentiment if it broke above the 200-day trend line. The current price structure indicates a rise in buyer aggression.
Despite sporadic profit-taking, Ethereum formed a robust V-shaped recovery after the capitulation event in June and has continued to push higher. Throughout the advance, trading volume has stayed high, suggesting real participation as opposed to a purely speculative bounce.
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Momentum metrics lend credence to the bullish argument. The RSI has increased to about 60, indicating that demand is getting stronger, while it is still below overbought territory. In the event that resistance starts to wane, this allows for another leg higher.
The $2,000 level, which is still the next important psychological and technical target, would probably be reached with a clear close above $1,936. If the price breaks above $2,000, more momentum buying may occur, forcing sidelined investors to return to the market. Failure at current levels, though, might cause a brief decline toward support at $1,800. Such a move would postpone Ethereum's attempt to recover one of the most significant price levels in the market, even though it would not necessarily invalidate the recovery.
Bitcoin's Momentum Is ThereAfter recovering from its dramatic June correction, Bitcoin is quietly gaining momentum. The current technical structure indicates that the market still has room to rise before running into significant resistance. As buyers continue to defend higher lows, the path toward $68,000 seems more plausible, with Bitcoin currently trading at $64,600.
Bitcoin's successful comeback above the 50-day and 100-day moving averages is the chart's most significant development. In contrast to the market structure observed only a few weeks ago, the 50-day EMA near $63,700 and the 100-day EMA around $63,100 are now functioning as support rather than resistance.
BTC/USDT Chart by TradingViewAfter Bitcoin briefly fell below $60,000 due to a sharp sell-off, buyers intervened forcefully, setting off a series of higher lows. The recovery has been gradual rather than rapid, which frequently provides a stronger basis for long-term upward movement. Technically speaking, the next major barrier does not appear until the $68,000 range.
This region is in line with the 200-day moving average, which is currently close to $68,100. Traders are likely to see this zone as the first significant test for the continuing recovery, since long-term trend indicators frequently attract significant selling activity. The bullish argument is still supported by momentum indicators.
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The RSI has increased above 54, indicating that demand is improving without entering overbought territory. This is significant because it implies that Bitcoin still has potential to grow before its momentum becomes stretched.
Following the June panic, volume has also stabilized, suggesting that the market is no longer going through the aggressive liquidation phase that defined the previous decline. Rather, as confidence reappears, participants seem to be progressively rebuilding their positions. But the overall trend is still uneven.
Even though the short-term outlook has significantly improved, Bitcoin is still far from the highs set earlier in the year and is still trading below its 200-day moving average. Bulls must demonstrate that the current comeback is more than just a passing rally. Technically, a move toward $68,000 seems warranted if the current support levels hold.
Reclaiming the 200-day trend line could significantly boost market sentiment and bolster the case for a more significant recovery during the second half of the year, making such a rally a crucial turning point. With $68,000 emerging as the next significant target, Bitcoin's chart currently indicates that the market still has unresolved business to the upside.
