Track market-moving stories before they get noisy

Wedbush, a multibillion-dollar US investment firm, still rates three of the market’s hottest quantum stocks a buy. Yet there is a catch, because institutional money is quietly leaving them.

Every one of these stocks has corrected sharply this month, down between 24% and 36%. Yet the buy ratings still stand from spring and have not been cut to hold or sell. Meanwhile, the money-flow data tells the opposite story.

IonQ (NYSE: IONQ)The stock has dropped 36% this month to $34.07, far below its $84.64 high, yet it is still the biggest of the three by market value, near $12.7 billion.

IonQ Monthly Price Performance: Google FinanceIts business is also growing fast. IonQ reported that first-quarter revenue jumped 755% to $64.7 million, that its order backlog, meaning work sold but not yet delivered, rose 554% to about $470 million, and that it held roughly $3.1 billion in cash. The company also said it sold its first 256-qubit quantum computer to the University of Cambridge.

Even after the drop, analysts have not cut their calls, keeping buy ratings with Rosenblatt near $100, Wedbush at $75, and Northland at $70, though those targets date to May and June.

IonQ Analyst Ratings: TipRanksDan Ives, the widely followed former-Wedbush analyst whose AI ETF topped $500 million within months of launch, is the loudest voice here. He calls quantum a derivative play on the AI boom, and he even expects the Trump administration to take an equity stake in names like IonQ. However, these drivers are a tad dated. But the new ones surprisingly agree with these.

Note: Wedbush still runs and manages the IVES ETF, despite Daniel Ives’ departure.

IonQ’s put-call ratio, which weighs bearish put bets against bullish call bets, collapsed from 2.69 on July 16 to 0.45 by July 23, so options traders turned sharply bullish.

IonQ Put-Call Ratio: BarchartHowever, Chaikin Money Flow, a proxy for institutional buying and selling, sat deep in the red near -0.46.

IonQ Chaikin Money Flow: TradingViewThat gap hints at a near-term catalyst that traders expect, while the money flow says larger holders are selling.

One tracked account even flagged IonQ option sentiment above 70 for the first time.

Rigetti Computing (NASDAQ: RGTI)Rigetti has fallen 24% this month to $14.85, and it leans on government money more than sales.

Monthly Price Performance: Google FinanceThe company said it secured $100 million from the US Department of Commerce over three years, part of a wider federal package, in return for a small ownership stake. Rigetti also launched a 108-qubit quantum computer, called Cepheus-1, on major cloud platforms.

Even so, coverage stays thin, and the buy ratings near $40 from Rosenblatt and Wedbush simply linger with no downgrade after the drop.

Rigetti Analyst Ratings: TipRanksThe same split appears again. Rigetti’s put-call ratio fell from 1.09 on July 16 to 0.48 on July 23, a clear bullish tilt in options.

Rigetti Put-Call Ratio: BarchartHowever, its Chaikin Money Flow also stayed negative near -0.24, so the outflows contradict the optimism on the screen.

Rigetti Chaikin Money Flow: TradingViewThis pattern again shows that the institutional investors aren’t currently banking on the quantum stocks.

D-Wave Quantum (NYSE: QBTS)The company stock has fallen 26% this month to $17.10, yet it already makes money from paying customers.

D-Wave Monthly Price Performance: Google FinanceThe company reported revenue from more than 100 customers in the first quarter, most of them businesses, with new orders up about 2,000% to $33.4 million even as revenue fell 81% to $2.9 million. Its machines are built for optimization problems like scheduling, not code-breaking. This shows that the current wave of interest around quantum stocks isn’t about breaking Bitcoin.

Here the push and pull is easiest to read. Ten analysts keep buy ratings up to $43 (no hold or sell), but Barchart’s own technical model flashes a 72% Strong Sell. Wedbush again appears on the list.

D-Wave Analyst Ratings: TipRanksD-Wave Technical Opinion: BarchartThat bearish call matches the flows. D-Wave’s Chaikin Money Flow sits negative near -0.24, and its put-call ratio eased only from 1.19 on July 17 to 0.76 on July 23, the weakest bullish shift of the three.

D-Wave Chaikin Money Flow: TradingViewSo its old buy ratings look the most stretched.

D-Wave Put-Call Ratio: BarchartPart of the bull case is that the science keeps advancing. Google Research said last week that it improved quantum error correction 3.5 times, a step toward quantum machines that work reliably.

Today we announce a new paradigm for quantum control. By integrating reinforcement learning with quantum error correction, we enabled a quantum computer to continuously adapt to drift, stabilizing the system during computation. This improved logical stability 3.5x. Learn more:… pic.twitter.com/R6u32w47tf

— Google Research (@GoogleResearch) July 22, 2026 Even so, the same doubt sits under all three names. Insiders have sold about $988 million of stock since 2021, with almost no buying, even as retail options turn bullish.

Quantum Computing Stocks IonQ, Rigetti, and D-Wave Are Sending Shockwaves Through Wall Street With This $988 Million Warning https://t.co/0QUlVL7Nf2

— The Right News, Right Now. (@BradPorcellato) July 22, 2026 So the buy ratings and bullish options pull one way, while selling by insiders and institutions pulls the other. Whether these quantum stocks keep their gains likely depends on real earnings arriving before that patience runs out.

TLDR Table of Contents

TLDRCloud business drives revenue growth and backlog expansionProfit rises as acquisitions influence outlookCash flow strengthens as share repurchases continueGet 3 Free Stock Ebooks SAP stock falls despite strong Q2 cloud revenue and earnings growth. Cloud ERP revenue jumps 25% as cloud backlog reaches €22.9 billion. Free cash flow climbs 27% to €3 billion in the second quarter. Total revenue rises 9% as cloud business offsets software declines. SAP updates 2026 outlook after Dremio and Prior Labs acquisitions. SAP SE (SAP) shares closed at $146.38, down 1.59%, before rising 1.79% to $149.00 in after-hours trading after second-quarter earnings. The software company reported stronger cloud growth, higher profit, and expanding free cash flow despite slower software license sales. The results also reflected continued demand for cloud enterprise products and AI-driven business software.

SAP SE, SAP

Cloud business drives revenue growth and backlog expansion SAP reported current cloud backlog of €22.9 billion during the second quarter. The figure increased 27% year over year and 26% at constant currencies. Moreover, the company said cloud backlog benefited slightly from the Reltio acquisition.

Cloud revenue reached €6.28 billion during the quarter. That result increased 22% from the previous year and 24% at constant currencies. Cloud ERP Suite revenue climbed 25% and 27% at constant currencies.

Cloud and software revenue increased 11% to €8.85 billion.  Total revenue rose 9% to €9.88 billion and 11% at constant currencies. Services revenue declined 3% to €1.03 billion, while software license revenue dropped 32% to €131 million.

Software support revenue also declined 8% to €2.44 billion. Stronger cloud performance offset those declines across the broader business. Consequently, cloud products remained SAP’s primary growth driver during the quarter.

Profit rises as acquisitions influence outlook SAP generated IFRS operating profit of €2.64 billion during the quarter. The result increased 8% from the previous year. Non-IFRS operating profit reached €2.74 billion, rising 7% and 9% at constant currencies.

Profit after tax increased 26% under IFRS to €2.21 billion. Basic earnings per share also climbed 30% to €1.89. Non-IFRS earnings per share increased 6% to €1.59.

Cloud gross profit reached €4.66 billion, increasing 22% year over year. The IFRS cloud gross margin declined slightly to 74.3% from 74.7%. Gross profit rose 9% to €7.23 billion despite modest margin pressure.

SAP updated its 2026 non-IFRS operating profit outlook after completing the Dremio and Prior Labs acquisitions. The company said those acquisitions created a dilutive effect on expected operating profit. It also noted sequential operating profit growth slowed because of increased research spending, stock-based compensation changes and acquisition impacts.

Cash flow strengthens as share repurchases continue SAP generated €3.15 billion in operating cash flow during the quarter. Free cash flow reached €3.00 billion, representing a 27% increase from the previous year. Those gains reflected stronger operating performance despite continued investment spending.

For the first six months of 2026, total revenue reached €19.43 billion. Cloud revenue increased 21% to €12.24 billion during the period. Operating profit also advanced 12% under both IFRS and non-IFRS reporting.

Free cash flow for the first half reached €6.25 billion. Operating cash flow increased 5% to €6.67 billion. Basic IFRS earnings per share rose 19% to €3.55 over the six-month period.

SAP also continued its previously announced share repurchase program. The company repurchased more than 16.28 million shares by June 30. Those purchases totaled about €2.6 billion at an average price of €161.16 per share under the €10 billion program announced in January 2026.

SAP has continued shifting its business toward recurring cloud revenue over recent years. That strategy has reduced reliance on traditional software licensing while expanding subscription-based enterprise software. The latest quarterly results showed that cloud demand continued supporting revenue growth, profitability, and cash generation despite acquisition costs and ongoing investments in AI and research.

Ethereum breaks through $1,900

According to HTX market data, Ethereum has broken through the $1900 level, with a 0.92% decline in the past 24 hours.

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Analyst: If ETH holds the $1,850 support level, it may rebound to $2,060.

Crypto analyst Ali Charts posted that Ethereum rebounded after testing the lower boundary of its price channel. The current key support level stands at $1,850; as long as this level holds, Ethereum could rally back toward the channel’s upper boundary, around $2,060.

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CXMT is 3 days away from its IPO, as newly opened whale positions partially cut their CXMT long positions.

According to Hyperinsight monitoring, CXMT on Hyperliquid is currently trading at $6.4658, down roughly 0.8% over 24 hours, equivalent to ~￥43.93. This is 5.07 times the ￥8.66 IPO price of Changxin Technology, representing a ~407% premium. Changxin Technology is set to list on the STAR Market on July 27 (next Monday), with stock code 688825. Its total post-IPO share count is ~668.81 billion, of which ~45.03 billion shares will be tradable from the first day of listing. Calculated at CXMT’s current price, its implied market cap is ~￥2.94 trillion, ~￥2.36 trillion higher than the IPO valuation of ￥579.188 billion. CXMT futures launched on July 15, hitting a high of $8.64 (~￥58.70) from $6 on its first day, at one point trading at a 577.8% premium to the IPO price, with its implied market cap once approaching ￥3.93 trillion. The current price has fallen 25.2% from that peak, but remains 7.8% higher than its launch price. Open interest for CXMT on the platform stands at ~$50.1 million, with 24-hour trading volume of ~$11.566 million. On the address front, the largest existing position is held by address 0xf29, which is short $8.53 million worth of CXMT at 1x leverage, with an average entry price of $6.6, unrealized profit of $170,000, and liquidation price of $15. Meanwhile, the largest recent million-dollar position (a whale address starting with 0x8e09) has started reducing its long positions; after 13:00 today, it sold a small portion of 30,000 units. As of press time, this address still holds 204,100 CXMT long positions in isolated mode at 5x leverage, with a position value of ~$1.19 million, average entry price of $6.57, unrealized loss of ~$17,000, and a return of ~-7.9%. Although this position is marked as 5x leverage, it has posted ~$1.196 million in isolated margin, resulting in an effective leverage of only ~1.1x; it is currently labeled "Hanba Xiaolong" on Hyperliquid.

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Roundup of Stablecoin Demand Deposit Yields on Major CEXs: USDT Offers Up to 10% for Small-Tier Deposits, USDC Up to 8%

According to the latest compiled data on flexible savings and earn products of major centralized crypto exchanges (CEXs), platforms including HTX, Binance, OKX, and Bitget continue to offer stablecoin current yields structured as "high returns for small amounts, tiered reduction for excess amounts". For USDT: HTX’s 0-200 USDT tier has an annualized yield of 10%, dropping to 1.95% for amounts over 200 USDT; Bitget’s 0-300 USDT tier yields 6.25%, with excess amounts at 1.59%; Binance’s 0-200 USDT tier is 4.54%, excess at 1.54%; OKX’s is 1.63%. For USDC: HTX’s 0-200 USDC tier offers an annualized yield of 8%, falling to 2.75% above 200 USDC; Bitget’s 0-300 USDC tier is 6.66%, excess at 1.73%; Binance’s 0-200 USDC tier is 6.51%, excess at 1.51%; OKX’s is 1.68%. For other stablecoins: HTX’s USDT VIP tier has an annualized yield of 6%-9%, while Bitget’s USDT VIP 0-300,000 tier is 1.88%; USDE’s annualized yields on HTX, Binance, and Bitget are tiered at 5%/3%, 4.00%, and 1.81% respectively; HTX’s USDD is 4.00%; Binance’s U product has an annualized yield of 8.53% for the 0-10,000 tier, dropping to 0.53% for excess amounts. Overall, current high yields on stablecoin flexible savings products of major CEXs remain concentrated in small amounts, with yields generally lower for large sums. When comparing related products, users should not only consider the nominal annualized yield, but also note tier limits, interest calculation rules, supported currencies, and real-time product availability. The above data is displayed yield rates and does not constitute investment advice.

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South Korea’s Mirae Asset Group has acquired a 97.15% stake in Korbit, and plans to develop it into a smart investment platform.

South Korea’s Mirae Asset Group has completed the acquisition of a 97.15% stake in Korbit, a veteran South Korean cryptocurrency exchange, and plans to rebrand the platform as Digital X. The deal was finalized after securing approval from South Korea’s Fair Trade Commission, and the group currently has no plans to acquire the remaining shares. Mirae Asset stated that Digital X will be positioned as a "smart investment platform" that integrates real-world assets (RWA), security token offerings (STOs), stablecoins, traditional assets, and digital assets into a unified investment ecosystem, while connecting knowledge, information, and in-depth investment research. The "X" in the name represents the unknown future and infinite possibilities arising from the convergence of different value forms. Korbit currently holds less than 1% of South Korea’s domestic crypto market share, far trailing Upbit and Bithumb. Mirae Asset emphasized that its goal is not to outperform other exchanges, but to combine its global investment expertise with Korbit’s digital asset capabilities to drive the steady, sustainable development of the digital asset industry in South Korea and globally. The group also plans to strengthen investor education, research capabilities, and institutional-grade infrastructure, while strictly adhering to anti-money laundering (AML), know-your-customer (KYC), and fraud detection standards across all operations to serve both institutional clients and retail traders.

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Controversy over Morgan Stanley’s bearish stance on South Korea’s semiconductor sector intensifies, weighing on its investment banking business in the country.

South Korea’s stock market posted sharp declines today, with SK Hynix plunging over 8% and Samsung Electronics falling more than 7%. Some analysts attribute the sell-off to a recent bearish report on memory chips released by Shawn Kim, head of Asia Tech Research at Morgan Stanley, though others argue the report may not be the direct cause of the market drop. In his July 21 report, Kim noted that the AI-driven memory chip boom is nearing an inflection point, with memory contract prices likely to peak in the fourth quarter, and the share of upward earnings revisions has dropped from 92% to 77%. The report also pointed out that NAND module manufacturers’ inventories have risen to around 13 weeks, approaching the peak of roughly 15 weeks recorded during the pandemic, and put forward the trading logic: "Sell DRAM when NAND turns down." Separately, Morgan Stanley was excluded from the joint lead underwriter lineup for SK Hynix’s roughly $265 billion American Depositary Receipt (ADR) listing. The selected underwriters are Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, leaving Morgan Stanley as the only top-tier investment bank left out. At a 0.5% underwriting fee rate, the total commission for the project is approximately $130 million. Multiple banking sources said Morgan Stanley’s Seoul office has launched internal reflection on whether its consistent negative semiconductor reports have harmed its investment banking business. Beyond the SK Hynix deal, Morgan Stanley has recently been embroiled in disputes over SpaceX’s share placement and the sale of IGIS Asset Management in South Korea. These incidents further highlight the tension between the research department’s independence and the commercial interests of investment banking, and have amplified its reputation and business pressure in the South Korean market.

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Key Highlights Table of Contents

Key HighlightsPostpaid segment drives revenue expansion and earnings momentumIndustry-leading network quality and customer satisfaction metrics persistElevated cash flow outlook demonstrates operational resilienceGet 3 Free Stock Ebooks Postpaid service revenue surged 13% year-over-year in Q2 2026.

Company elevated its operating and free cash flow projections for the year.

Core Adjusted EBITDA expanded 12% amid sustained earnings strength.

Wireless carrier captured premier network accolades from multiple testing firms.

Share price declined 6.13% following the quarterly earnings announcement.

T-Mobile US delivered its second-quarter 2026 financial performance featuring enhanced service revenue figures, expanded profitability margins, and strengthened cash generation capabilities. The telecommunications provider simultaneously increased specific cash flow targets while maintaining its subscriber growth projections. Nevertheless, TMUS stock experienced a 6.13% decline to $179.24 despite the positive quarterly metrics.

Postpaid segment drives revenue expansion and earnings momentum T-Mobile advanced its postpaid operations through consistent account additions and enhanced customer monetization. The wireless provider secured 277,000 net postpaid account additions throughout the second quarter. This figure represented a decrease from the 318,000 net additions reported in the comparable period last year.

Average revenue per postpaid account climbed to $152.91 during the three-month period. This metric showed a 2% year-over-year increase. Total postpaid accounts concluded the quarter at 34.7 million following standard base reconciliations.

Service revenue demonstrated robust growth trends throughout the organization. Aggregate service revenue rose 9% compared to the prior year, reaching $19.0 billion. Meanwhile, postpaid service revenue jumped 13% to $15.9 billion, driven by ongoing subscriber base expansion and improved account economics.

Net income totaled $3.2 billion for the quarter even with merger-related charges associated with the UScellular acquisition. Diluted earnings per share grew 5% to $2.99. Core Adjusted EBITDA posted a 12% year-over-year gain, reaching $9.5 billion.

Operating cash flow similarly strengthened during the quarter. Net cash generated from operating activities rose 7% to $7.5 billion. Concurrently, Adjusted Free Cash Flow increased 4% to $4.8 billion despite elevated capital expenditure levels.

Capital investments grew 13% to $2.7 billion as infrastructure enhancement efforts progressed. The telecommunications company distributed $3.3 billion to shareholders via dividends and share buybacks. Additionally, it executed another $392 million in stock repurchases during the third quarter through mid-July.

Industry-leading network quality and customer satisfaction metrics persist T-Mobile advanced its market positioning through superior network capabilities and customer satisfaction levels. The carrier achieved a record wireless Net Promoter Score of 46 during the second quarter. This achievement marked its highest rating among the top three wireless providers in the United States.

Third-party testing authorities validated T-Mobile’s network excellence across numerous metrics. Ookla designated the company as the Best Mobile Network for three consecutive reporting cycles. Furthermore, Opensignal recognized T-Mobile throughout quality, network performance, and 5G experience categories.

P3 additionally crowned T-Mobile as its Test Champion for the second quarter evaluation period. The carrier swept all 13 available award categories, including the AI Services Champion designation. These accolades reinforced management’s strategy of expanding wireless and broadband service offerings.

T-Mobile emphasized its ongoing commitment to network infrastructure modernization and technological advancement. Company leadership indicated these investments underpin sustainable growth across consumer, broadband, and developing enterprise segments. Management also referenced strengthening customer relationships through elevated service delivery standards.

The organization held steady its postpaid net account guidance range of 950,000 to 1.05 million for 2026. It similarly maintained Core Adjusted EBITDA expectations between $37.1 billion and $37.5 billion. These forecasts aligned with previously communicated targets.

Elevated cash flow outlook demonstrates operational resilience T-Mobile upgraded multiple financial guidance metrics following its second-quarter results. The carrier now anticipates operating cash flow within a range of $28.4 billion to $28.8 billion. This updated range reflects a $200 million increase from prior guidance.

Adjusted Free Cash Flow expectations similarly received a $200 million upward revision. The refreshed guidance now spans $18.4 billion to $18.8 billion. Anticipated capital expenditures remain unchanged at approximately $10.0 billion for the complete fiscal year.

The telecommunications provider preserved its effective tax rate forecast between 25% and 26%. It also sustained its profitability expectations notwithstanding integration expenses from the UScellular transaction. While these costs influenced reported earnings, they did not alter comprehensive operating projections.

T-Mobile’s quarterly financial performance showcased persistent growth in premium customer accounts and service revenue streams. Robust operating cash production additionally enabled increased capital returns to shareholders and revised financial guidance. Despite these positive developments, investors responded negatively, driving TMUS stock lower following the earnings disclosure.

Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]

Ripple has announced a strategic investment in Notabene, a regulated on-chain transaction network, as part of efforts to promote the adoption of RLUSD in institutional stablecoin payments.

Partnership aims for compliance and scaleThrough this collaboration, Ripple will integrate RLUSD, its dollar-backed stablecoin, into Notabene Flow, Notabene’s dedicated B2B stablecoin payments platform. Notabene’s system focuses on providing regulated transaction infrastructure and compliance tools to financial institutions.

By integrating RLUSD within Notabene Flow, both companies intend to streamline stablecoin-based payments for enterprises while addressing regulatory requirements and risk controls.

Ripple, best known for its global payments and blockchain solutions, developed RLUSD to offer financial institutions a compliant and efficient stablecoin option for business transactions.

Mini dictionary: Notabene, a Swiss-based company, connects regulated financial institutions and digital asset platforms worldwide with a focus on on-chain transaction compliance and verification.

Infrastructure and regulatory obligationsNotabene operates a network that enables regulated digital asset transactions, connecting over 2,300 institutions across more than 100 jurisdictions. The platform reportedly supports $2 trillion in annualized transaction volume and offers comprehensive compliance, identity verification, and transaction authorization tools required by financial institutions.

As more financial entities explore stablecoins for payments, they face increasing challenges related to regulatory standards, compliance, and verification of transaction parties. Notabene’s solution seeks to address these hurdles before any fund transfers take place.

CompanyCore ServiceInstitutions ConnectedJurisdictionsAnnual Transaction VolumeNotabeneOn-chain transaction compliance2,300+100+$2 trillionRippleEnterprise payments, stablecoinsN/A (focus on global enterprise)GlobalN/AVoices from Ripple and NotabeneJack McDonald, Senior Vice President of Stablecoin at Ripple, emphasized the need for robust compliance and identity procedures, stating that technological efficiency alone is not enough for stablecoins to achieve widespread institutional adoption. He pointed to the importance of transaction authorization and ongoing compliance for enabling responsible and scalable use.

Jack McDonald explained that settlement rails must be supported by strong compliance, identity, and transaction authorization for institutional stablecoins to move fully into the mainstream.

Pelle Braendgaard, CEO of Notabene, observed that most institutions have progressed past the evaluation stage and are now focused on integrating stablecoins into their operations while fulfilling complex regulatory and compliance requirements.

Pelle Braendgaard noted that financial institutions are now focused on implementing stablecoins within their existing workflows and maintaining regulatory compliance, rather than simply assessing their utility.

Outlook and regulatory momentumThis investment by Ripple comes as regulated stablecoin infrastructure sees significant expansion, driven by new frameworks including the GENIUS Act in the United States and Europe’s MiCA rules. Both Ripple and Notabene indicated plans to continue building out Notabene Flow’s availability for financial institutions worldwide, aiming to facilitate compliant, cross-border stablecoin payments at larger scale.

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.

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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Bitcoin financial products startup Lombard Finance (BARD) is launching a new product called the Bitcoin Onchain Credit Strategy with global trading firm Flow Traders (Euronext: FLOW) as a pilot partner. 

The offering will enable Flow to borrow stablecoins for market-making without posting its own onchain collateral. Instead, bitcoin deposited into Lombard’s Bitcoin Earn yield product will act as the collateral coverage through an underwriting setup run on Cap’s private-credit platform, according to an announcement on Thursday.

"Liquidity providers like Flow Traders use stablecoin financing to efficiently support their digital asset trading operations," Global Head of Digital Assets at Flow Traders Michael Lie said. "Lombard’s Bitcoin Onchain Credit Strategy connects Bitcoin holders with institutional financing activity, driven by real institutional demand and less correlated to DeFi market conditions."

Bitcoin-Backed Stablecoin Borrowing Bitcoin Earn is Lombard’s bitcoin yield product designed to enable users to deposit tokens like LBTC, BTC.b, WBTC, or native BTC into a single vault, currently operated by professional managers Sentora and powered by Veda infrastructure, in exchange for BTCe receipt tokens, according to its documentation.

Bitcoin Earn operates as a so-called meta-vault, or fund-of-funds architecture, for bitcoin yield, where the Bitcoin Onchain Credit Strategy operates as just one allocation sitting inside it.

The vault has attracted over $1 billion in deposits from more than 38,500 users total, and compounds returns BTCe, and also can earn rewards paid in BARD tokens.

With the new Bitcoin Onchain Credit Strategy, Lombard depositors can now earn yield directly from the underwriting premiums Flow Traders pays, arguably offering a more stable return driven by real institutional demand over the typical DeFi setups on Aave, Morpho and others.

The announcement notes Cap’s automated marketplace for private credit “uses smart contracts rather than manual intervention to allocate access to capital,” helping to ensure “each loan is independently vouched for and guaranteed and allows for unique use cases such as Lombard’s Bitcoin Onchain Credit Strategy.”

The announcement notes Lombard has tapped Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to secure cross-chain deposits of BTC.b directly from Avalanche into an Ethereum vault.

Lombard is the provider behind Ledger’s "bitcoin yield" feature, and also provides infrastructure for Binance and Bybit. The startup acquired Avalanche’s bridged bitcoin asset and infrastructure BTC.b last October. 

Founded in 2024, Lombard previously raised $17 million in seed funding led by Polychain Capital, with participation from Franklin Templeton, Bybit, YZi Labs (previously Binance Labs), and others.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Key Takeaways Tesla’s Q2 2026 earnings announcement arrives Wednesday after market close, with analysts forecasting revenue between $26.2 billion and $27.3 billion, representing approximately 16% annual growth Second quarter vehicle deliveries reached 480,126 units, marking a 25% year-over-year increase powered by the refreshed Model Y production ramp, aggressive pricing strategies, and diminishing political controversy Consensus estimates point to adjusted earnings per share of $0.50–$0.55; adjusted EBITDA anticipated around $4 billion versus $2.3 billion in the prior-year period Analysts project deeply negative free cash flow of approximately -$3.25 billion as capital expenditures surge to $6.7 billion for Optimus robot manufacturing, Cybercab development, and artificial intelligence infrastructure TSLA shares have declined roughly 16% in 2026; the company has fallen short of adjusted EPS consensus in five out of eight recent quarters Tesla’s second quarter 2026 financial results arrive Wednesday evening, and unlike previous reporting periods, automotive sales aren’t generating the most anxiety. Trading at $378.93 before Wednesday’s session, the stock has surrendered approximately 16% of its value since January.

Tesla, Inc., TSLA

Analyst consensus calls for quarterly revenue landing between $26.21 billion and $27.3 billion, representing roughly 16% growth versus the comparable 2025 period. On the bottom line, Wall Street anticipates adjusted earnings per share in the $0.50 to $0.55 range, improving from $0.40 one year earlier. Adjusted EBITDA estimates center around $4 billion, approaching double the $2.3 billion recorded in Q2 2025.

Vehicle delivery figures have already been disclosed, and they exceeded expectations. Tesla announced Q2 deliveries totaling 480,126 units, climbing 25% annually and significantly surpassing Bloomberg’s consensus forecast of 397,466 vehicles.

Multiple factors contributed to the outperformance. Production of the redesigned Model Y has reached full capacity following last year’s factory retooling that temporarily constrained output. The company has implemented aggressive price reductions across global markets, stimulating customer demand. Energy storage installations also surged, reaching 13.5 GWh — exceeding Q1’s 8.8 GWh by more than 50%.

Geographic performance shows divergence. Domestic US sales face headwinds, with Cox Automotive estimating a 20% decline following the elimination of federal EV tax incentives. European markets tell a different story. Registrations across Greater Europe jumped nearly 108% in May, with EU-specific registrations more than doubling. Tesla’s response included announcing expanded production capacity at its German Gigafactory.

Chinese market dynamics remain supportive. Deutsche Bank analyst Edison Yu identified Europe as “the standout driver” while noting China continues providing meaningful contribution.

Deepwater Investment’s Gene Munster attributed strengthening demand to the conclusion of what he termed “the EV winter that started in March of 2024,” combined with elevated gasoline prices and waning political controversies associated with DOGE.

Cash Flow Takes Center Stage Wednesday’s primary concern isn’t top-line growth or unit volumes — it’s liquidity. Consensus estimates project Q2 free cash flow deteriorating to approximately -$3.25 billion. This represents a stark reversal from positive FCF of nearly $5.6 billion in Q2 2025. Capital expenditures are forecast at $6.7 billion for the current quarter.

Tesla’s investment spans several initiatives simultaneously: Optimus humanoid robot manufacturing infrastructure, artificial intelligence data center construction, and Cybercab production scaling. For full-year 2026, Tesla has communicated guidance of $25 billion in capital spending, more than doubling the sub-$10 billion invested during 2025.

Automotive gross margins, excluding regulatory credit revenue, are projected around 18%, declining approximately one percentage point sequentially from Q1.

Musk’s AI Commentary Takes Priority The earnings conference call commences at 5:30 p.m. Eastern time. CEO Elon Musk’s participation is anticipated, and market observers suggest his remarks regarding artificial intelligence initiatives — Robotaxi development, Optimus progress, data center expansion — will influence investor sentiment more than quarterly financial metrics.

Morgan Stanley analyst Andrew Percoco articulated the situation directly: “As capex more than doubles and free cash flow turns negative, investors are increasingly focused on evidence that Tesla’s spending is strengthening its physical AI moat.”

An additional consideration entering the announcement: Tesla has underperformed adjusted EPS consensus estimates in five of the previous eight quarters.

Key Takeaways GEV shares declined 2.7% in premarket activity following a Q2 adjusted EPS of $2.47, falling short of the $3.04 analyst estimate Quarterly revenue reached $11.1 billion, representing a 22% year-over-year increase and surpassing the $10.73 billion forecast Company elevated full-year 2026 revenue projections to a range of $45.5–$46.5 billion Free cash flow forecast significantly upgraded to $11.5–$12.5 billion, up from the previous $6.5–$7.5 billion range New orders jumped 88% organically to $24.2 billion, driven primarily by the Power and Electrification divisions GE Vernova unveiled its Q2 2026 financial results on Wednesday, delivering mixed outcomes that exceeded revenue expectations while falling short on earnings. Shares retreated 2.7% during premarket hours following the announcement.

GE Vernova Inc., GEV

The company’s adjusted earnings per share registered at $2.47, significantly trailing the Street’s consensus forecast of $3.04. On the top line, quarterly revenue totaled $11.1 billion, exceeding projections of $10.73 billion and marking a 22% increase compared to the prior-year period.

This expansion was primarily fueled by robust performance in the Power and Electrification divisions, which demonstrated 12% organic growth. These two business units have served as the foundation of GEV’s growth narrative over recent quarters.

$GEV Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $11.10B (Est. $10.7B) 🟢; +22% YoY
🔹 Orders: $24.2B; +88% organic
🔹 Backlog: $176B; +$13B QoQ
🔹 Data Center Orders: Over $5B YTD, more than double 2025 total

FY Guide:
🔹 Revenue: $45.5B-$46.5B (Est. $45.45B) 🟢
🔹 Free Cash Flow:… pic.twitter.com/jXoghJLt1W

— Wall St Engine (@wallstengine) July 22, 2026

Notwithstanding the earnings shortfall, company leadership elevated its full-year 2026 revenue outlook to $45.5–$46.5 billion. This represents an increase from the previous forecast of $44.5–$45.5 billion, positioning the midpoint slightly above the analyst consensus of $45.45 billion.

Cash Flow Guidance Sees Dramatic Upgrade Perhaps the most significant development emerged in cash generation projections. GEV boosted its full-year free cash flow guidance to $11.5–$12.5 billion, representing a substantial increase from the earlier projection of $6.5–$7.5 billion.

During the second quarter, free cash flow totaled $5.1 billion — surpassing the company’s entire 2025 annual generation. Management attributed this performance to enhanced working capital management and robust EBITDA growth.

The order book provided additional positive momentum. Total orders climbed 88% organically to $24.2 billion for the quarter, versus $12.4 billion in the corresponding period last year. Within the Power division, the company secured 20 GW worth of new gas equipment agreements, expanding its backlog to 116 GW.

Chief Executive Scott Strazik indicated the company anticipates having no fewer than 125 GW of gas equipment under contract by the close of 2026, while maintaining its trajectory to achieve annual gas turbine production capacity of 20 GW in Q3 2026, with further expansion to 24 GW planned for 2028.

Wind Division Continues to Underperform The results weren’t uniformly positive across all segments. The Wind division remained challenged, posting a 10% revenue decline alongside an EBITDA deficit of $275 million. Elevated Offshore Wind project expenses and reduced Onshore Wind equipment shipments were identified as primary headwinds.

By contrast, the Electrification division delivered strong results. Core profit surged to $671 million from $314 million in the year-ago quarter. Year-to-date data center orders surpassed $5 billion, more than doubling the complete 2025 fiscal year total.

The Power division generated core profit of $1.03 billion, representing approximately 31% year-over-year growth.

GEV acknowledged that international tariffs are projected to introduce $100–$200 million in additional costs during 2026, even accounting for contractual protections and mitigation initiatives.

The company reaffirmed its adjusted EBITDA margin guidance range of 12%–14% for the complete fiscal year.

The overall backlog currently totals $176 billion.

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11h35 ▪ 7 min read ▪ by Luc Jose A.

Summarize this article with:

A few hours before the World Cup final played this Sunday at MetLife Stadium, another match is taking place far from the pitch. Prediction platforms have already recorded $5.57 billion in cumulative trading volumes, an unprecedented level that far exceeds the world of traditional sports betting. This rush to predictive markets illustrates the rise of a new ecosystem where decentralized finance, regulated event contracts, and football passion converge. Such a shift could redefine how the public anticipates major sporting events.

In brief $5.5 billion wagered on the Spain–Argentina final. Spain dominates predictive market forecasts. Polymarket and Kalshi concentrate strong activity around the match. Traders anticipate a clear victory for the Spanish team. Spain crowned favorite by Polymarket and Kalshi order books The numbers verdict shows a perfect convergence between decentralized finance and centralized platforms. Volumes and probabilities are distributed precisely as follows :

Polymarket : the main contract linked to the final winner of the competition recorded a historic business volume of $4.28 billion, with a Spanish share trading at 59 cents against 40 cents for Argentina ; Kalshi : the market dedicated to the final captured $1.25 billion in transactions (out of a total of $1.29 billion for its World Cup category), valuing Spain at 59% chance of victory against 41.6% for the Albiceleste ; Platform consensus : both interfaces show an identical estimate concerning the probabilities of Spain winning the title, stabilized at 59%. Behind this apparent uniformity of odds, capital flows reveal a major behavioral divergence among operators. Polymarket traders have indeed committed $123.5 million on a favorable outcome for Spain, against a higher amount of $158 million backed on Argentina.

This configuration indicates that the speculative money supply massively chooses to support the underdog, hoping for a higher return on investment despite a lower mathematical probability. Kalshi also allows refining predictions by isolating regulation time, excluding extra time and penalty kicks. In this strict framework, the Spanish victory falls to 43%, the draw stands at 32%, and the Argentine victory at 28%.

The battle of stars : intense speculation on the individual crowning of soccer stars Beyond team fate, secondary markets focus with unprecedented intensity on the individual performances of key players. The best player of the tournament trophy enjoys an almost absolute consensus for Lionel Messi. The Argentine captain collects a 91% evaluation on Polymarket, supported by $11 million in volume.

On the Kalshi platform side, on-chain data shows that the trend remains identical with 90% probability in his favor, relegating Spanish midfielder Rodri to a marginal score of only 6% of the votes on the $5.73 million of recorded transactions. This stock market hegemony illustrates the impact of individuals on Web3 financial markets.

The race for the competition’s top scorer title, however, is much more competitive and uncertain against Kylian Mbappé. Lionel Messi is valued at 57 cents against 42 cents for the French forward on the Polymarket platform, a market that has already generated $66 million in global volume.

On Kalshi, the gap narrows slightly with an estimate of 56% for the Argentine against 44% for the Frenchman, for a trading volume of $21.67 million. Goalkeepers also face traders’ arbitration: the trophy clearly leans towards Unai Simon, rated at 85 cents on Polymarket and 83% on Kalshi, while Emiliano Martinez stagnates at 15%. Finally, the Fair Play award places Norway ahead at 79% on Polymarket and 80% on Kalshi.

Behind the scenes at MetLife Stadium: ticket prices, audiences, and geopolitical uncertainties The third dimension of this financial confrontation concerns the purely logistical, cultural, and structural aspects of the event. The announced presence of US President Donald Trump in the stands of MetLife Stadium is almost certain on the order books. Polymarket estimates this probability at 97% on a volume of $855,000.

Kalshi shows a very close statistic at 96%, but supported by a much larger financial mass amounting to $6.14 million. Predictions on the minimum entry cost at the stadium vary. Polymarket estimates a 45% chance of a ticket between $7,500 and $8,000 or over $9,000, while Kalshi forecasts a 52% chance of a starting price above $9,500.

Major gaps also appear in markets dedicated to the halftime show and TV audiences. Kalshi favors a performance by singer Sabrina Carpenter at 23% and Swae Lee at 18% for a volume of $3.59 million. Oppositely, Polymarket traders place massive trust in Shakira and her song “Dai Dai” at 73%, far ahead of BTS’s “Dynamite” rated at 45%, and Madonna’s “Like a Prayer” at 34%.

Regarding American territory viewership, Kalshi estimates a 66% chance of exceeding the threshold of 42 million viewers for this World Cup final. Polymarket’s decentralized order book is much more conservative, assigning only a 28% chance to the hypothesis of an audience surpassing 58 million individuals.

In light of these numerical data, the explosion of trading volumes on order books demonstrates that predictive markets are now imposing themselves as sociological and financial analysis tools much more agile and reactive than traditional polls. However, the strictest caution remains necessary for risk managers and speculators, as markets can be heavily mistaken about this World Cup final.

A large number of bettors on predictive markets and bookmakers had placed a lot of money on a French victory, which ultimately turned into a huge failure. The final financial settlement will depend exclusively on the official FIFA reports. This technological maturity lays major milestones for the future. In case of flawless operational success during this final, these decentralized and centralized platforms could definitively establish themselves as indispensable coverage and pricing infrastructures for the sports, entertainment, and international major risk management industries.

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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.

Cardone Capital has added another 10.5 Bitcoin (CRYPTO: BTC) to its treasury using rental income from its real estate portfolio.

Dollar-Cost Average ApproachIn an X post on July 16, Grant Cardone said the company remains committed to converting a portion of its free cash flow into Bitcoin through a dollar-cost averaging strategy.

The latest purchase comes just a week after the firm announced it had acquired 107 BTC.

“Despite the fact BTC has not performed well this year, it is just a matter of time," Cardone wrote.

Over the past year, BTC prices dropped 47% as it plunged from its peak levels touched in October 2025.

Cardone Capital has accumulated more than 2,700 BTC across its real estate-Bitcoin hybrid investment strategy. At current prices, the holdings are worth around $170 million.

Analysts Praise The StrategyTechnical analyst Crypto Patel said the firm’s disciplined approach could outperform discretionary investment decisions over the long run.

"A rules-based capital allocation framework often outperforms discretionary decisions over the long term. Converting excess cash flow into Bitcoin on a recurring basis reflects that philosophy well," Patel said.

Bitcoin author Adam Livingston also praised the latest purchase, calling it a capital allocation decision that "is going to pay off extremely well."

Plan AheadCardone has outlined an ambitious roadmap for expanding the firm’s Bitcoin treasury.

The company is targeting 3,000 BTC by the end of this year and 10,000 BTC over the longer term, Bitcoin News reported. It has also said it plans to acquire an additional 1,000 BTC after receiving a planned $600 million institutional investment.

If completed, that purchase would significantly boost Cardone Capital’s standing among corporate Bitcoin holders while reinforcing its strategy of pairing income-producing real estate with recurring Bitcoin accumulation.

Image: Shutterstock

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NextDecade Corporation (NEXT) has quietly recovered toward $8 while the market fixates on the Strait of Hormuz. The reason is a building gas supply shock, and this overlooked LNG stock sits directly in its path.

NEXT Share Price: Google FinanceMost investors are trading the crisis through oil tankers. That trade, however, is already crowded. The longer prize, by contrast, sits with American gas exporters.

What the Tanker Trade MissesThe tanker trade is simple. Investors buy the companies that own the ships hauling crude oil. When Hormuz turns dangerous, rerouting and war insurance push tanker rents higher, so those shares climb.

Want more insights like this? Sign up for Editor Harsh Notariya’s Daily Newsletter here.

That move, however, is late. Analysts at Evercore previously cut Frontline and DHT Holdings to hold, citing reversion risk. The easy money has likely gone. Even as the US-Iran standoff flares again, tanker rate spikes tend to fade fast.

The trade also misses the deeper wound. Iran’s strikes damaged close to 20% of Qatar’s liquefaction supply at Ras Laffan during early 2026. Unlike shipping delays, broken plants do not recover when a ceasefire holds.

A Qatari LNG tanker was struck while exiting the Strait of Hormuz 🇶🇦🚨

🚢 The laden ship (Al Rekayyat) was traversing the Omani route when it was hit by a projectile. The tanker was dark at the time
⚠️ This threatens Qatar's plans to rapidly revive LNG exports from Ras Laffan pic.twitter.com/sMMJEJoWGU

— Stephen Stapczynski (@SStapczynski) July 7, 2026 Indeed, Iran’s navy closed the strait again on July 12. Tanker crossings have plunged to near 33 a day, versus about 130 before the war.

Why LNG Is the Real PrizeLiquefied Natural Gas (LNG) is gas chilled into liquid form. That cooling shrinks its volume about 600 times, which lets tankers carry it across oceans.

Qatar is a top supplier, and about one fifth of the world’s LNG passes through Hormuz. As a result, buyers now scramble for supply from safer regions.

An armada of US LNG shipments are heading to Asia
🇺🇸🇺🇸🇺🇸

The near-closure of Hormuz has forced Asian LNG importers to scramble for alternatives. US supply has largely filled the gap

West>East LNG flows via Cape of Good Hope is at a seasonal high (+80% from last year) pic.twitter.com/4JbdIDMYwS

— Stephen Stapczynski (@SStapczynski) July 6, 2026 The United States fits that need. It is the biggest LNG exporter and sits an ocean away from Iran. Meanwhile, Shell expects global LNG demand to rise about 65% by 2050.

NextDecade is building the Rio Grande LNG plant in Brownsville, Texas. The site holds about 48 million tonnes of yearly capacity under development, with first cargoes due in early 2027.

That timing lands just as the shortage bites. The firm could become a top-four US exporter early next decade. In July, XRG, the investment arm of Abu Dhabi’s state oil producer ADNOC, boosted its stake.

Wall Street, however, has barely moved. Citi set a Buy rating and an $11 target on May 13 and has not changed it since, showing how overlooked a stock NEXT is. That stale call predates the latest closure, so the case has strengthened while the number sat still.

Citi Called A Buy: TipRanksToday, the stock trades near $7.99, roughly 40% below that target.

What the Money Flow and Options SignalMoney flow is turning. The Chaikin Money Flow fell from a mid-May peak to a June 18 low, then recovered to near minus 0.03.

The last time it crossed above zero, on April 30, the stock rose about 7% into mid-May. Another cross would repeat that signal, and price has already recovered while flow lags.

NextDecade Chaikin Money Flow Near Zero: BeInCryptoOptions traders lean bullish too. Last week the put-call volume ratio sat near 0.27, with open interest near 0.21. Both low readings mean far more bets on gains than on losses.

Still, that can shift fast. NextDecade reports second-quarter results on July 30, which may confirm construction progress and new contracts.

NEXT Options Positioning: BarchartUltimately, the tanker trade priced the crisis in days, because shipping rates spike then fade. The LNG trade works on a longer clock. Qatar’s plants take years to rebuild, so buyers need new supply well into the decade.

That is why NextDecade matters. Its Texas plant starts shipping in 2027, just as that gap widens. Yet the market still values it like a pre-revenue project, which keeps this hidden LNG stock overlooked.

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.

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Crypto ETF flow reporting paused on Friday, July 3, because U.S. equity markets were closed for the Independence Day holiday, leaving Thursday’s session as the latest available fund-flow snapshot for U.S.-listed Bitcoin, Ether and Solana exchange-traded products.

The New York Stock Exchange and Nasdaq were closed on July 3, 2026, because Independence Day fell on Saturday and was observed by U.S. markets on Friday. As a result, U.S.-listed spot crypto ETFs did not trade and did not generate a normal daily creation-and-redemption flow print for the date. Crypto spot markets remained open through the holiday, but ETF flow data was effectively paused until trading resumed on Monday, July 6.

The last available session before the holiday showed a broad recovery in crypto ETF demand. According to Farside Investors, U.S. spot Bitcoin ETFs recorded $223.5 million of net inflows on July 2, reversing two consecutive outflow sessions earlier in the week. Ether ETFs added $29.0 million, while Solana ETFs brought in $2.2 million.

Bitcoin Funds Rebound Before Holiday Bitcoin ETFs produced the strongest move in the latest available session. The $223.5 million inflow on July 2 followed $296.0 million of outflows on July 1 and $222.6 million of outflows on June 30. That three-session sequence showed how quickly institutional flows can shift around macro data, liquidity conditions and short-term price positioning.

At the fund level, Fidelity’s FBTC led the July 2 Bitcoin ETF flows with $166.0 million of inflows. Ark and 21Shares’ ARKB added $91.8 million, while WisdomTree’s BTCW brought in $4.4 million and VanEck’s HODL added $1.7 million. BlackRock’s IBIT recorded $40.4 million of outflows, while several other products, including Bitwise’s BITB, Grayscale’s GBTC and Grayscale’s BTC, were flat.

The split was notable because Bitcoin demand returned even as flows were concentrated in a small number of products. Fidelity and Ark absorbed most of the day’s capital, while BlackRock saw a modest redemption. That suggests investors were not making a uniform allocation decision across the category, but rotating between issuers, cost structures and liquidity preferences.

Ether and Solana Stay Positive Ether ETFs also remained positive, with Farside showing $29.0 million of net inflows on July 2. BlackRock’s ETHA accounted for most of the activity with $29.7 million of inflows. Fidelity’s FETH added $0.8 million and VanEck’s ETHV added $1.2 million, while Grayscale’s ETHE posted $2.7 million of outflows. The remaining Ether funds were flat.

Solana ETFs posted a smaller but still positive session, with $2.2 million of net inflows on July 2. The entire gain came from Bitwise’s BSOL, while other listed Solana products showed no flow for the day.

The holiday timing makes the data easy to misread. There were no Friday ETF flows because there was no U.S. market session. The relevant signal is therefore the July 2 pre-holiday setup: Bitcoin ETFs recovered from heavy outflows, Ether demand remained constructive and Solana products continued to attract incremental capital.

The next important print will show whether that demand carried into the post-holiday trading week or mainly reflected short-term rebalancing before the long weekend.

Bitcoin (BTC) spot ETFs pulled in $221.7 million on July 2, their first positive day in 10 sessions, catching up to a wave of whale buying that had built since late June.

That single green day came after weeks of institutional selling drained roughly $2.7 billion from the funds. On-chain buyers, meanwhile, had been absorbing that supply all along.

Whales Bought While Institutions SoldLarge holders started the move well before Wall Street did. CryptoQuant’s Spot Average Order Size, a metric that tracks the typical size of spot trades to flag when big players dominate, shows large whale orders arriving every single day since June 30.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

That buying carried on through July 5, when one tracked order reached about 857 BTC near $63,600. Across the stretch, big orders, not retail trades, drove the reading higher. As the Bitcoin price is up almost 7% over the past week, it would be safe to assume that the whale orders were buy-focused.

Bitcoin Spot Order Size: CryptoQuantThe metric climbs when a few large trades outweigh many small ones. Here it points to deep-pocketed buyers setting the pace while the retail crowd stayed quiet.

The steady flow points to conviction and also echoes earlier phases when whales hit yearly highs while smaller buyers stepped back.

ETFs Finally Took the Whales’ CueInstitutions spent 10 straight sessions pulling money out. SoSoValue data shows US spot Bitcoin ETFs bled about $2.7 billion before July 2, when the $221.72 million inflow snapped the outflow streak.

Wall Street heavyweights like Fidelity’s FBTC led the return with $165.96 million, and ARKB added $91.84 million. BlackRock’s IBIT, the largest fund, still saw $40.43 million leave.

Bitcoin Spot ETF Flow: SoSoValueThe turn arrived a day after weak June payrolls of 57,000 jobs cooled the odds of another rate hike. Even so, June ranked as the worst month on record for the funds, and year-to-date flows stay negative near $5.4 billion.

BREAKING: The US economy adds 57,000 jobs in June, well below expectations of 114,000.

The unemployment rate fell to 4.2%, below expectations of 4.3%.

May's jobs number was also revised down by -43,000 jobs.

The labor market remains in a volatile situation.

— The Kobeissi Letter (@KobeissiLetter) July 2, 2026 One green session does not erase that damage. Still, the pattern of whales feasting on supply while funds sold has shown up near past cycle lows, and July 2 hints the two sides may be moving together again.

On-Chain Data Leaves Bitcoin Price a Thin CeilingBoth groups could now be watching the same on-chain map. Glassnode’s UTXO Realized Price Distribution, or URPD, plots the price levels where the current bitcoin supply last changed hands, marking where clusters of coins are held.

Those clusters matter because holders who bought at a level often sell into a bounce to exit near breakeven. Where few coins changed hands, that selling pressure thins out.

The map shows light cover just overhead. Only about 0.72% of supply last moved near $64,373, one of the smallest bands on the chart, so little stands in the way there.

Bitcoin URPD On-Chain Distribution And Resistance: GlassnodeBelow the market, the walls are thicker. Roughly 2.09% of supply sits around $61,849 and about 2.13% around $60,587, zones where large amounts of coins were bought and where these on-chain bottom signals tend to firm up support.

In plain terms, the path higher meets less supply than the floor below. That layout does not promise a move, but it shows where buyers and sellers last drew their lines.

Bitcoin URPD On-Chain Distribution: GlassnodeFor now, whales and institutions are possibly reading the same chart from the same side. Whether that thin band overhead gives way as easily as the structure suggests may define the days ahead.